EXHIBIT 99.1
BBCN Bancorp Reports 2014 First Quarter Financial Results
Q1 2014 Summary:
- Net income totals $22.2 million, or $0.28 per diluted common share
- New loan production for the quarter amounts to $298 million
- Loans receivable increase to $5.19 billion, reflecting a 2% increase over December 31, 2013
- Total deposits increase to $5.33 billion, reflecting a 4% increase during the quarter
- Total assets increase to $6.67 billion, reflecting a 3% increase over the preceding quarter
LOS ANGELES, April 21, 2014 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported net income of $22.2 million, or $0.28 per diluted common share, for the three months ended March 31, 2014. This compares with net income of $18.1 million, or $0.23 per diluted common share, for the preceding 2013 fourth quarter and $17.5 million, or $0.22 per diluted common share, for the year-ago first quarter.
"We are very pleased to have started off 2014 with another strong quarter of loan production, which, together with the benefits from the two acquisitions completed last year, contributed to a 10% increase in revenue generation over the prior-year period," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "We originated more than $298 million in new loans during the first quarter of 2014, reflecting a 35% increase over the first quarter a year ago. We attribute the robust levels of originations to the dedicated efforts of our skilled relationship managers on our lending teams and our leadership as the dominant Korean-American bank in all five of our core geographic markets. We continue to maintain a high level of profitability, with our annualized pre-tax, pre-provision earnings representing 2.44% of average assets, which is resulting in a significant amount of capital being generated for reinvestment in the Company. Looking forward into 2014, we believe BBCN is well positioned with a best-in-class executive management team and an expanding product and service offering to further the growth of our franchise for the benefit of our customers, employees and shareholders."
Financial Highlights
| (Dollars in thousands, except per share data) | At or for the Three Months Ended |
| | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| Net income | $ 22,196 | $ 18,071 | $ 17,461 |
| Diluted earnings per share | $ 0.28 | $ 0.23 | $ 0.22 |
| Net interest income before provision for loan losses | $ 64,966 | $ 66,876 | $ 59,716 |
| Net interest margin | 4.29% | 4.45% | 4.49% |
| Noninterest income | $ 11,095 | $ 11,356 | $ 9,940 |
| Noninterest expense | $ 36,275 | $ 38,164 | $ 33,275 |
| Net loans receivable | $ 5,125,095 | $ 5,006,856 | $ 4,426,778 |
| Deposits | $ 5,334,560 | $ 5,148,057 | $ 4,555,674 |
| Nonaccrual loans (1) | $ 47,134 | $ 39,154 | $ 42,269 |
| ALLL to loans receivable | 1.27% | 1.33% | 1.63% |
| ALLL to nonaccrual loans (1) | 138.86% | 171.94% | 173.34% |
| ALLL to nonperforming assets (1) (2) | 62.66% | 69.15% | 88.34% |
| Provision for loan losses | $ 3,026 | $ 10,950 | $ 7,506 |
| Net charge offs | $ 4,647 | $ 9,345 | $ 1,179 |
| ROA | 1.36% | 1.13% | 1.22% |
| ROE | 10.48% | 8.92% | 9.13% |
| Efficiency ratio | 47.69% | 48.78% | 47.77% |
| | | | |
| (1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $31.2 million, $27.5 million and $18.6 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. |
| (2) Nonperforming assets exclude acquired credit impaired loans totaling $46.0 million, $43.8 million and $21.6 million at March 31, 2014, December 31, 2013 and March 31, 2013, respectively. |
Operating Results for the First Quarter of 2014
The comparability of BBCN's operating results with past performance is impacted by acquisition accounting adjustments related to past acquisitions. The Company provides the following supplemental information to facilitate a better understanding of past financial performance. Operating results for the three months ended March 31, 2014, December 31, 2013 and March 31, 2013 include the following pre-tax acquisition accounting adjustments related to mergers:
| | Three Months Ended |
| | March 31, | December 31, | March 31, |
| | 2014 | 2013 | 2013 |
| Accretion of discount on acquired performing loans | $ 3,202 | $ 4,873 | $ 4,076 |
| Accretion of discount on acquired credit impaired loans | 2,645 | 2,480 | 1,522 |
| Amortization of premium on acquired FHLB borrowings | 92 | 94 | 91 |
| Accretion of discount on acquired subordinated debt | (91) | (107) | (43) |
| Amortization of premium on acquired time deposits | 314 | 369 | 438 |
| Increase to pre-tax income | $ 6,162 | $ 7,709 | $ 6,084 |
Net Interest Income and Net Interest Margin. Net interest income before provision for loan losses for the first quarter of 2014 totaled $65.0 million, compared with $66.9 million in the preceding fourth quarter of 2013. The Company attributed the decline largely to a decline in the net interest margin. Compared with prior-year first quarter, net interest income before provision for loan losses for the current first quarter increased 9%, largely reflecting a 14% increase in the average interest earning assets.
The net interest margin (net interest income divided by average interest-earning assets) and the impact of acquisition accounting adjustments are summarized in the following table:
| | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | change | 3/31/2013 | change |
| Net interest margin, excluding the effect of acquisition accounting adjustments | 3.82% | 3.87% | (0.05)% | 3.97% | (0.15)% |
| Acquisition accounting adjustments | 0.47 | 0.58 | (0.11) | 0.52 | (0.05) |
| Net interest margin | 4.29% | 4.45% | (0.16)% | 4.49% | (0.20)% |
The net interest margin for the 2014 first quarter decreased 16 basis points from the preceding 2013 fourth quarter to 4.29%. On a core basis, excluding the effect of acquisition accounting adjustments, the net interest margin for the 2014 first quarter decreased only 5 basis points from the preceding 2013 fourth quarter.
Compared with the prior-year period, net interest margin for the 2014 first quarter declined 20 basis points. Excluding the effect of acquisition accounting adjustments, the core net interest margin for the first quarter of 2014 declined 15 basis points from the year-ago period.
The Company largely attributed the declines in the net interest margin from the comparable periods to decreases in the weighted average yield on loans.
The weighted average yield on loans and the impact of acquisition accounting adjustments are summarized in the following table:
| | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | change | 3/31/2013 | change |
| Weighted average yield on loans, excluding the effect of acquisition accounting adjustments | 4.83% | 4.90% | (0.07)% | 5.15% | (0.32)% |
| Acquisition accounting adjustments | 0.54 | 0.69 | (0.15) | 0.60 | 0.06 |
| Weighted average yield on loans | 5.37% | 5.59% | (0.22)% | 5.75% | (0.38)% |
The weighted average yield on loans for the 2014 first quarter decreased 22 basis points from the preceding 2013 fourth quarter, but decreased only 7 basis points on a core basis when excluding the effect of acquisition accounting adjustments. The weighted average yield on new loans originated during the 2014 first quarter was 4.53%, reflecting a 3 basis point increase from 4.50% for the preceding 2013 fourth quarter. Compared with the prior-year period, the weighted average yield on loans for the 2014 first quarter decreased 38 basis points and 32 basis points on a core basis, excluding the effect of acquisition accounting adjustments.
The composition of fixed and variable rate loans and the associated weighted average contractual rates are summarized in the following table:
| | 3/31/2014 | 12/31/2013 | change | 3/31/2013 | change |
| Fixed rate loans | | | | | |
| As a percentage of total loans | 49% | 48% | 2% | 40% | 23% |
| Weighted average contractual rate | 4.90% | 4.99% | (0.09)% | 5.47% | (0.57)% |
| Variable rate loans | | | | | |
| As a percentage of total loans | 51% | 52% | (2)% | 60% | (15)% |
| Weighted average contractual rate | 4.33% | 4.37% | (0.04)% | 4.49% | (0.16)% |
The decrease in the weighted average contractual rate for fixed rate loans for the 2014 first quarter reflects what continues to be a highly competitive rate environment for fixed rate commercial real estate loans in the current interest rate environment.
The weighted average cost of deposits and the impact of acquisition accounting adjustments are summarized in the following table:
| | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | change | 3/31/2013 | change |
| Weighted average cost of deposits, excluding the effect of acquisition accounting adjustments | 0.55% | 0.52% | 0.03% | 0.53% | 0.02% |
| Acquisition accounting adjustments | (0.03) | (0.02) | (0.01) | (0.04) | 0.01 |
| Weighted average cost of deposits | 0.52% | 0.50% | 0.02% | 0.49% | 0.03% |
The weighted average cost of deposits for the 2014 first quarter was relatively stable with the preceding fourth quarter, up 2 basis points on a reported basis and up 3 basis points on a core basis, excluding the effect of amortization of premium on time deposits assumed in mergers. Compared with the prior-year period, the weighted average cost of deposits for the 2014 first quarter increased 3 basis points and increased 2 basis points on a core basis, excluding the effect of premium amortization on time deposits assumed in mergers.
Noninterest Income. Total noninterest income for the 2014 first quarter amounted to $11.1 million, reflecting a 2% decrease from $11.4 million in the preceding 2013 fourth quarter and a 12% increase over $9.9 million in the prior-year first quarter. The modest decrease in noninterest income from the preceding quarter was primarily attributable lower levels of service fees on deposit accounts and other income and fees. The increase in total noninterest income for the 2014 first quarter over the prior-year period predominantly reflects higher levels of service fees on deposit accounts as a result of the Foster and Pacific International acquisitions.
Noninterest Expense. Total noninterest expense for the first quarter of 2014 amounted to $36.3 million, reflecting a 5% decrease from $38.2 million in the preceding 2013 fourth quarter and a 9% increase over $33.3 million in the prior-year first quarter. Salaries and benefits expense for the 2014 first quarter included separation payments related to the retirement of the Bank's former chief executive officer. Compared with the prior-year first quarter, the increase in salaries and benefits expense reflects the increase in FTEs related to Foster, as well as the full quarter impact of the Pacific International the acquisition completed February 15, 2013. The total number of FTEs was 860 as of March 31, 2014, 835 as of December 31, 2013, and 762 as of March 31, 2013.
In addition, the Company noted that total noninterest expenses include merger and integration related expenses, which totaled $173,000, $2.5 million, and $1.3 million for the 2014 first quarter, the 2013 fourth quarter and 2013 first quarter, respectively. Merger and integration related expenses for the 2014 first quarter included miscellaneous expenses associated with the integration of Foster Bankshares.
Income Tax Provision. The effective tax rate for the 2014 first quarter was 39.6%, compared with 37.9% for the preceding 2013 fourth quarter and 39.5% for the 2013 first quarter.
Balance Sheet Summary
Loans receivable totaled $5.19 billion at March 31, 2014, reflecting a 2% increase over $5.07 billion at December 31, 2013, and an increase of 15% over $4.50 billion a year earlier at March 31, 2013.
Total new loan originations during the first quarter of 2014 amounted to $296.7 million, including SBA loan originations of $42.3 million. Sales of SBA loans to the secondary market and gains derived from those sales are based substantially on the production of SBA 7(a) loans. Production of SBA 7(a) loans amounted to $38.1 million for the first quarter of 2014, compared with $35.5 million for the preceding 2013 fourth quarter. During the 2014 first quarter, the Company sold $30.3 million of its SBA loans held for sale.
Aggregate pay offs and pay downs during the 2014 first quarter amounted to $195.9 million, compared with $209.7 million for the preceding fourth quarter and $154.5 million for the year-ago first quarter.
Total deposits amounted to $5.33 billion at March 31, 2014, compared with $5.15 billion at December 31, 2013 and $4.56 billion a year earlier at March 31, 2013. The increase from the end of the prior quarter is attributed to increases across all deposit categories with the exception of savings deposits. Noninterest bearing deposits at March 31, 2014 totaled $1.44 billion and accounted for 27% of total deposits.
Credit Quality
The provision for loan losses for the 2014 first quarter was $3.0 million, compared with $11.0 million for the preceding 2013 fourth quarter and $7.5 million for the prior-year first quarter.
For a more detailed understanding of the changes in the Allowance for Loan and Lease Losses ("ALLL"), the composition of the ALLL has been segmented for disclosure purposes between loans accounted for under the amortized cost method (referred to as "Legacy Loans") and loans acquired through the Center Financial, Pacific International and Foster transactions (referred to as "Acquired Loans"). The Acquired Loans are further segregated between performing and credit impaired loans.
The composition of the ALLL as of March 31, 2014, December 31, 2013, and March 31, 2013 is as follows:
| (dollars in thousands) | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| Legacy Loans (1) | $ 58,203 | $ 59,978 | $ 62,469 |
| Acquired Performing Loans (2) | 1,937 | 2,564 | 6,265 |
| Acquired Credit Impaired Loans (2) | 5,560 | 4,778 | 4,534 |
| Total ALLL | $ 65,700 | $ 67,320 | $ 73,268 |
| | | | |
| Loans receivable | $ 5,190,795 | $ 5,074,176 | $ 4,500,046 |
| ALLL coverage ratio | 1.27% | 1.33% | 1.63% |
(1) Legacy Loans include loans originated by the Bank's predecessor bank, loans originated
by BBCN and loans that were acquired and that have been refinanced as new loans. |
(2) Acquired Loans were marked to fair value at acquisition date, and the allowance for loan
losses reflect provisions for credit deterioration since the acquisition date. |
Following are the components of criticized loan balances as of March 31, 2014, December 31, 2013, and March 31, 2013:
| (dollars in thousands) | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| Special Mention (1) | $ 93,553 | $ 89,489 | $ 112,403 |
| Classified (1) | $ 253,342 | $ 266,361 | $ 229,354 |
| Criticized | $ 346,895 | $ 355,850 | $ 341,757 |
| (1) Balances include Acquired Loans which were marked to fair value on the date of acquisition. |
The Company defines nonperforming loans to include delinquent loans past due 90 days or more on nonaccrual status, plus delinquent loans past due 90 days or more on accrual status (excluding acquired credit impaired loan balances) and accruing restructured loans. Nonperforming loans at March 31, 2014 totaled $84.8 million, or 1.63% of loans receivable. This includes the addition of an aggregate $4.2 commercial credit relationship, which was downgraded to nonaccrual status during the 2014 first quarter, but for which a $2.6 million specific reserve was established and subsequently included in the Company's 2013 fourth quarter financial results, as previously reported. Following a $3.0 million charge off related to this credit, a $1.2 million outstanding balance remains in nonaccrual. In comparison, nonperforming loans totaled $73.1 million, or 1.44% of loans receivable, at December 31, 2013 and $74.5 million, or 1.66% of loans receivable, at March 31, 2013.
Nonperforming assets, including other real estate owned, amounted to $104.8 million at March 31, 2014, or 1.57% of total assets, compared with $97.4 million, or 1.50% of total assets, at December 31, 2013 and $82.9 million, or 1.42% of total assets, at March 31, 2013.
Net loan charge-offs for the 2014 first quarter totaled $4.6 million, including the $3.0 million charge off mentioned above, and equaled 0.36% of average loans on an annualized basis. This compares with net loan charge offs of $9.3 million, or 0.75% of average loans on an annualized basis, for the preceding 2013 fourth quarter and $1.2 million, or 0.11% of average loans on an annualized basis, for the year-ago first quarter.
The allowance for loan losses at March 31, 2014 was $65.7 million, or 1.27% of gross loans receivable (excluding loans held for sale), compared with $67.3 million, or 1.33%, at December 31, 2013 and $73.3 million, or 1.63%, at March 31, 2013. The coverage ratio of the allowance for loan losses to nonperforming loans (excluding acquired loans past due 90 days or more on accrual status) was 77.44% at March 31, 2014, compared with 92.14% at December 31, 2013 and 98.32% at March 31, 2013.
Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collected in accordance with the contractual terms) totaled $121.8 million at March 31, 2014, compared with $116.3 million at December 31, 2013 and $102.0 million at March 31, 2013.
Capital
At March 31, 2014, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table.
| | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| Leverage Ratio | 11.79% | 11.97% | 12.64% |
| Tier 1 Risk-based Ratio | 13.46% | 13.66% | 14.62% |
| Total Risk-based Ratio | 14.70% | 14.90% | 15.88% |
As previously disclosed, on March 17, 2014, the Company redeemed $15.0 million in trust preferred securities issued by Foster.
Tangible common equity per share and as a percentage of tangible assets are summarized in the following table:
| | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| Tangible common equity per share (1) | $9.08 | $8.79 | $8.57 |
| Tangible common equity to tangible assets (1) | 11.00% | 10.97% | 11.77% |
| (1) Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and net other intangible assets divided by total assets less goodwill and net other intangible assets. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. The accompanying financial information includes a reconciliation of the ratio of tangible common equity to tangible assets with stockholders' equity and total assets. |
Investor Conference Call
The Company will host an investor conference call on Tuesday, April 22, 2014 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the first quarter of 2014. Investors and analysts may access the conference call by dialing 800-762-8779 (domestic) or 480-629-9645 (international), passcode 4678728 or "BBCN Bancorp." Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of BBCN Bancorp's website at BBCNbank.com. After the live webcast, a replay will remain available in the Investor Relations section of BBCN Bancorp's website for one year. A replay of the call will be available at 800-406-7325 (domestic) or 303-590-3030 (international) through April 29, 2014, passcode 4678728.
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.7 billion in assets as of March 31, 2014. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 49 branches in California, New York, New Jersey, Illinois, Washington and Virginia, along with six loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California and Annandale, Virginia. BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.
Forward-Looking Statements
This press release contains forward-looking statements, including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.
(tables follow)
| BBCN Bancorp, Inc. |
| Consolidated Financial Statements and Selected Financial Data |
| Unaudited (Dollars in Thousands, Except per Share Data) |
| | | | | | |
| | | | | | |
| Assets | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| | | | | | |
| Cash and due from banks | $ 403,111 | $ 316,705 | 27% | $ 280,813 | 44% |
| Securities available for sale, at fair value | 725,229 | 705,751 | 3% | 717,441 | 1% |
| Federal Home Loan Bank and Federal Reserve Bank stock | 27,902 | 27,941 | 0% | 24,308 | 15% |
| Loans held for sale, at the lower of cost or fair value | 38,157 | 44,115 | -14% | 48,941 | -22% |
| Loans receivable | 5,190,794 | 5,074,176 | 2% | 4,500,046 | 15% |
| Allowance for loan losses | (65,699) | (67,320) | -2% | (73,268) | -10% |
| Net loans receivable | 5,125,095 | 5,006,856 | 2% | 4,426,778 | 16% |
| Accrued interest receivable | 13,410 | 13,403 | 0% | 13,271 | 1% |
| Premises and equipment, net | 31,290 | 30,894 | 1% | 22,960 | 36% |
| Bank owned life insurance | 45,062 | 44,770 | 1% | 44,079 | 2% |
| Goodwill | 105,401 | 105,401 | 0% | 93,404 | 13% |
| Other intangible assets, net | 4,859 | 5,184 | -6% | 3,401 | 43% |
| Other assets | 148,035 | 174,179 | -15% | 158,201 | -6% |
| Total assets | $ 6,667,551 | $ 6,475,199 | 3% | $ 5,833,597 | 14% |
| | | | | | |
| Liabilities | | | | | |
| | | | | | |
| Deposits | $ 5,334,560 | $ 5,148,057 | 4% | $ 4,555,674 | 17% |
| Borrowings from Federal Home Loan Bank | 421,260 | 421,352 | 0% | 421,632 | 0% |
| Subordinated debentures | 42,037 | 57,410 | -27% | 45,996 | -9% |
| Accrued interest payable | 5,740 | 4,821 | 19% | 4,325 | 33% |
| Other liabilities | 31,795 | 34,185 | -7% | 33,695 | -6% |
| Total liabilities | 5,835,392 | 5,665,825 | 3% | 5,061,322 | 15% |
| | | | | | |
| Stockholders' Equity | | | | | |
| Common stock, $0.001 par value; authorized, 150,000,000 shares at March 31, 2014, December 31, 2013 and March 31, 2013; issued and outstanding, 79,488,899, 79,441,525 and 78,812,140 at March 31, 2014, December 31, 2013 and March 31, 2013, respectively | 79 | 79 | 0% | 79 | 0% |
| Capital surplus | 540,979 | 540,876 | 0% | 535,091 | 1% |
| Retained earnings | 294,842 | 278,604 | 6% | 230,149 | 28% |
| Accumulated other comprehensive income, net | (3,741) | (10,185) | -63% | 6,956 | -154% |
| Total stockholders' equity | 832,159 | 809,374 | 3% | 772,275 | 8% |
| | | | | | |
| Total liabilities and stockholders' equity | $ 6,667,551 | $ 6,475,199 | 3% | $ 5,833,597 | 14% |
| | | | | | |
| | | | | | |
| | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| | | | | | |
| Interest income: | | | | | |
| Interest and fees on loans | $ 68,694 | $ 70,435 | -2% | $ 63,029 | 9% |
| Interest on securities | 4,095 | 3,971 | 3% | 3,427 | 19% |
| Interest on federal funds sold and other investments | 565 | 510 | 11% | 287 | 97% |
| Total interest income | 73,354 | 74,916 | -2% | 66,743 | 10% |
| | | | | | |
| Interest expense: | | | | | |
| Interest on deposits | 6,690 | 6,307 | 6% | 5,408 | 24% |
| Interest on other borrowings | 1,698 | 1,733 | -2% | 1,619 | 5% |
| Total interest expense | 8,388 | 8,040 | 4% | 7,027 | 19% |
| | | | | | |
| Net interest income before provision for loan losses | 64,966 | 66,876 | -3% | 59,716 | 9% |
| Provision for loan losses | 3,026 | 10,950 | -72% | 7,506 | -60% |
| Net interest income after provision for loan losses | 61,940 | 55,926 | 11% | 52,210 | 19% |
| | | | | | |
| Noninterest income: | | | | | |
| Service fees on deposit accounts | 3,472 | 3,720 | -7% | 2,875 | 21% |
| Net gains on sales of SBA loans | 2,722 | 2,699 | 1% | 2,694 | 1% |
| Net gains on sales of other loans | -- | -- | 0% | 43 | -100% |
| Net gains on sales of securities available-for-sale | -- | -- | 0% | 54 | -100% |
| Net valuation gains on interest swaps and caps | -- | -- | 0% | -- | 0% |
| Net gains (loss) on sales of OREO | 406 | (45) | -1002% | 2 | 20200% |
| Other income and fees | 4,495 | 4,982 | -10% | 4,272 | 5% |
| Total noninterest income | 11,095 | 11,356 | -2% | 9,940 | 12% |
| | | | | | |
| Noninterest expense: | | | | | |
| Salaries and employee benefits | 18,938 | 17,719 | 7% | 16,332 | 16% |
| Occupancy | 4,623 | 4,470 | 3% | 4,011 | 15% |
| Furniture and equipment | 2,014 | 1,895 | 6% | 1,573 | 28% |
| Advertising and marketing | 1,088 | 1,328 | -18% | 1,273 | -15% |
| Data processing and communications | 2,122 | 2,107 | 1% | 1,644 | 29% |
| Professional fees | 1,313 | 1,010 | 30% | 1,301 | 1% |
| FDIC assessment | 1,023 | 939 | 9% | 694 | 47% |
| Merger and integration expenses | 173 | 2,540 | -93% | 1,305 | -87% |
| Other | 4,981 | 6,156 | -19% | 5,142 | -3% |
| Total noninterest expense | 36,275 | 38,164 | -5% | 33,275 | 9% |
| Income before income taxes | 36,760 | 29,118 | 26% | 28,875 | 27% |
| Income tax provision | 14,564 | 11,047 | 32% | 11,414 | 28% |
| Net income | $ 22,196 | $ 18,071 | 23% | $ 17,461 | 27% |
| | | | | | |
| Earnings Per Common Share: | | | | | |
| Basic | $ 0.28 | $ 0.23 | | $ 0.22 | |
| Diluted | $ 0.28 | $ 0.23 | | $ 0.22 | |
| | | | | | |
| Average Shares Outstanding: | | | | | |
| Basic | 79,489,579 | 79,350,797 | | 78,389,434 | |
| Diluted | 79,639,479 | 79,520,193 | | 78,480,671 | |
| | | | | | |
| | | | | | |
| | Three months ended |
| | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| | | | | | |
| Net Income | $ 22,196 | $ 18,071 | $ 23,552 | $ 22,671 | $ 17,461 |
| Add back: Income tax | 14,564 | 11,047 | 15,117 | 14,821 | 11,414 |
| Add back: Provision for loan losses | 3,026 | 10,950 | 744 | 800 | 7,506 |
| Pre-tax, pre-provision income (PTPP) 1 | $ 39,786 | $ 40,068 | $ 39,413 | $ 38,292 | $ 36,381 |
| PTPP to average assets (annualized) | 2.44% | 2.51% | 2.56% | 2.60% | 2.54% |
| | | | | | |
| 1 While pre-tax, pre-provision income is a non-GAAP performance measure, we believe it is a useful measure in analyzing underlying performance trends, particularly in times of economic stress. It is the level of earnings adjusted to exclude the impact of income tax and provision expense. |
| |
| |
| | At or for the Three Months Ended (Annualized) |
| Profitability measures: | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| ROA | 1.36% | 1.13% | 1.22% |
| ROE | 10.84% | 8.92% | 9.13% |
| Return on average tangible equity 2 | 12.52% | 10.51% | 10.42% |
| Net interest margin | 4.29% | 4.45% | 4.49% |
| Efficiency ratio | 47.69% | 48.78% | 47.77% |
| | | | |
| 2 Average tangible equity is calculated by subtracting average goodwill and average other intangibles from average stockholders' equity. This is non-GAAP measure that we believe provides investors wth information that is useful in understanding our financial performance and position. |
| |
| | Three Months Ended | Three Months Ended | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | 3/31/2013 |
| | | Interest | Annualized | | Interest | Annualized | | Interest | Annualized |
| | Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average |
| | Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost |
| INTEREST EARNING ASSETS: | | | | | | | | | |
| | | | | | | | | | |
| Gross loans, includes loans held for sale | $ 5,183,801 | $ 68,694 | 5.37% | $ 4,999,586 | $ 70,435 | 5.59% | $ 4,444,313 | $ 63,029 | 5.75% |
| Securities available for sale | 698,931 | 4,095 | 2.34% | 702,886 | 3,971 | 2.26% | 691,984 | 3,427 | 1.98% |
| FRB and FHLB stock and other investments | 259,107 | 565 | 0.87% | 258,270 | 510 | 0.77% | 257,526 | 287 | 0.45% |
| Federal funds sold | -- | -- | NA | -- | -- | NA | -- | -- | NA |
| Total interest earning assets | $ 6,141,839 | $ 73,354 | 4.84% | $ 5,960,742 | $ 74,916 | 4.99% | $ 5,393,823 | $ 66,743 | 5.01% |
| | | | | | | | | | |
| INTEREST BEARING LIABILITIES: | | | | | | | | | |
| Deposits: | | | | | | | | | |
| Demand, interest-bearing | $ 1,392,300 | $ 2,277 | 0.66% | $ 1,327,322 | $ 2,082 | 0.62% | $ 1,265,967 | $ 1,873 | 0.60% |
| Savings | 217,426 | 600 | 1.12% | 226,638 | 657 | 1.15% | 186,189 | 754 | 1.64% |
| Time deposits: | | | | | | | | | |
| $100,000 or more | 1,561,170 | 2,679 | 0.70% | 1,468,459 | 2,413 | 0.65% | 1,161,322 | 1,730 | 0.60% |
| Other | 663,978 | 1,134 | 0.69% | 662,029 | 1,155 | 0.69% | 695,802 | 1,051 | 0.61% |
| Total time deposits | 2,225,148 | 3,813 | 0.69% | 2,130,488 | 3,568 | 0.66% | 1,857,124 | 2,781 | 0.61% |
| Total interest bearing deposits | 3,834,874 | 6,690 | 0.71% | 3,684,448 | 6,307 | 0.68% | 3,309,280 | 5,408 | 0.66% |
| FHLB advances | 421,318 | 1,211 | 1.17% | 420,319 | 1,204 | 1.14% | 422,944 | 1,224 | 1.17% |
| Other borrowings | 52,400 | 487 | 3.72% | 56,453 | 529 | 3.67% | 42,264 | 395 | 3.74% |
| Total interest bearing liabilities | 4,308,592 | $ 8,388 | 0.79% | 4,161,220 | $ 8,040 | 0.77% | 3,774,488 | $ 7,027 | 0.75% |
| Noninterest bearing demand deposits | 1,353,719 | | | 1,379,230 | | | 1,138,690 | | |
| Total funding liabilities/cost of funds | $ 5,662,311 | | 0.60% | $ 5,540,450 | | 0.58% | $ 4,913,178 | | 0.58% |
| Net interest income/net interest spread | | $ 64,966 | 4.05% | | $ 66,876 | 4.22% | | $ 59,716 | 4.26% |
| Net interest margin | | | 4.29% | | | 4.45% | | | 4.49% |
| Net interest margin, excluding effect of | | | | | | | | | |
| nonaccrual loan income (expense) | | | 4.30% | | | 4.47% | | | 4.47% |
| Net interest margin, excluding effect of | | | | | | | | | |
| nonaccrual loan income (expense) and prepayment fee income | | | 4.26% | | | 4.44% | | | 4.46% |
| | | | | | | | | | |
| Nonaccrual loan income (reversed) recognized | | $ (197) | | | $ (280) | | | $ 236 | |
| Prepayment fee income received | | 309 | | | 537 | | | 63 | |
| Net | | $ 112 | | | $ 257 | | | $ 299 | |
| | | | | | | | | | |
| Cost of deposits: | | | | | | | | | |
| Noninterest bearing demand deposits | $ 1,353,719 | $ -- | | $ 1,379,230 | $ -- | | $ 1,138,690 | $ -- | |
| Interest bearing deposits | 3,834,874 | 6,690 | 0.71% | 3,684,448 | 6,307 | 0.68% | 3,309,280 | 5,409 | 0.66% |
| Total deposits | $ 5,188,593 | $ 6,690 | 0.52% | $ 5,063,678 | $ 6,307 | 0.50% | $ 4,447,970 | $ 5,409 | 0.49% |
| | | | | | | | | | . |
| | | | | | |
| | Three Months Ended |
| | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| AVERAGE BALANCES | | | | | |
| Gross loans, includes loans held for sale | $ 5,183,801 | $ 4,999,586 | 4% | $ 4,444,313 | 17% |
| Investments | 958,038 | 961,156 | 0% | 949,510 | 1% |
| Interest earning assets | 6,141,839 | 5,960,742 | 3% | 5,393,830 | 14% |
| Total assets | 6,525,548 | 6,393,648 | 2% | 5,727,738 | 14% |
| | | | | | |
| Interest bearing deposits | 3,834,874 | 3,684,448 | 4% | 3,309,280 | 16% |
| Interest bearing liabilities | 4,308,592 | 4,161,220 | 4% | 3,774,488 | 14% |
| Noninterest bearing demand deposits | 1,353,719 | 1,379,230 | -2% | 1,138,690 | 19% |
| Stockholders' equity | 819,344 | 810,563 | 1% | 765,230 | 7% |
| Net interest earning assets | 1,833,247 | 1,799,522 | 2% | 1,619,342 | 13% |
| | | | | | |
| | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| LOAN PORTFOLIO COMPOSITION: | | | | | |
| Commercial loans | $ 1,058,665 | $ 1,073,778 | -1% | $ 1,078,253 | -2% |
| Real estate loans | 4,034,998 | 3,904,059 | 3% | 3,374,732 | 20% |
| Consumer and other loans | 98,895 | 98,507 | 0% | 48,881 | 102% |
| Loans outstanding | 5,192,558 | 5,076,344 | 2% | 4,501,866 | 15% |
| Unamortized deferred loan fees - net of costs | (1,763) | (2,168) | -19% | (1,820) | -3% |
| Loans, net of deferred loan fees and costs | 5,190,795 | 5,074,176 | 2% | 4,500,046 | 15% |
| Allowance for loan losses | (65,699) | (67,320) | -2% | (73,268) | -10% |
| Loan receivable, net | $ 5,125,096 | $ 5,006,856 | 2% | $ 4,426,778 | 16% |
| | | | | | |
| REAL ESTATE LOANS BY PROPERTY TYPE: | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| Retail buildings | $ 1,166,573 | $ 1,140,103 | 2% | $ 914,809 | 28% |
| Hotels/motels | 734,141 | 720,175 | 2% | 642,470 | 14% |
| Gas stations/car washes | 534,078 | 522,198 | 2% | 483,151 | 11% |
| Mixed-use facilities | 331,571 | 312,156 | 6% | 303,286 | 9% |
| Warehouses | 415,635 | 383,979 | 8% | 356,724 | 17% |
| Multifamily | 193,503 | 181,503 | 7% | 147,383 | 31% |
| Other | 659,497 | 643,945 | 2% | 526,909 | 25% |
| Total | $ 4,034,998 | $ 3,904,059 | 3% | $ 3,374,732 | 20% |
| | | | | | |
| DEPOSIT COMPOSITION | 3/31/2014 | 12/31/2013 | % change | 3/31/2013 | % change |
| Noninterest bearing demand deposits | $ 1,442,348 | $ 1,399,454 | 3% | $ 1,182,509 | 22% |
| Money market and other | 1,391,541 | 1,376,068 | 1% | 1,269,388 | 10% |
| Saving deposits | 210,973 | 222,446 | -5% | 192,208 | 10% |
| Time deposits of $100,000 or more | 1,589,751 | 1,499,248 | 6% | 1,237,366 | 28% |
| Other time deposits | 699,947 | 650,841 | 8% | 674,203 | 4% |
| Total deposit balances | $ 5,334,560 | $ 5,148,057 | 4% | $ 4,555,674 | 17% |
| | | | | | |
| DEPOSIT COMPOSITION (%) | 3/31/2014 | 12/31/2013 | 3/31/2013 | | |
| Noninterest bearing demand deposits | 27.1% | 27.2% | 26.0% | | |
| Money market and other | 26.1% | 26.7% | 27.9% | | |
| Saving deposits | 4.0% | 4.3% | 4.2% | | |
| Time deposits of $100,000 or more | 29.8% | 29.1% | 27.2% | | |
| Other time deposits | 13.1% | 12.6% | 14.8% | | |
| Total deposit balances | 100.0% | 100.0% | 100.0% | | |
| | | | | | |
| | | | | | |
| CAPITAL RATIOS | 3/31/2014 | 12/31/2013 | 3/31/2013 | | |
| Total stockholders' equity | $ 832,159 | $ 809,374 | $ 772,275 | | |
| Tier 1 risk-based capital ratio | 13.46% | 13.66% | 14.63% | | |
| Total risk-based capital ratio | 14.70% | 14.90% | 15.88% | | |
| Tier 1 leverage ratio | 11.79% | 11.97% | 12.64% | | |
| Book value per common share | $ 10.46 | $ 10.18 | $ 9.79 | | |
| Tangible common equity per share3 | $ 9.08 | $ 8.79 | $ 8.57 | | |
| Tangible common equity to tangible assets3 | 11.00% | 10.97% | 11.77% | | |
| |
| 3 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and other intangible assets, net divided by total assets less goodwill and other intangible assets, net. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. |
| |
| Reonciliation of GAAP financial measures to non-GAAP financial measures: |
| | | | | | |
| | 3/31/2014 | 12/31/2013 | 3/31/2013 | | |
| Total stockholders' equity | $ 832,159 | $ 809,374 | $ 772,275 | | |
| Less: Common stock warrant | (378) | (378) | (378) | | |
| Goodwill and other intangible assets, net | (110,260) | (110,585) | (96,805) | | |
| Tangible common equity | $ 721,521 | $ 698,411 | $ 675,092 | | |
| | | | | | |
| Total assets | $ 6,667,551 | $ 6,475,199 | $ 5,833,597 | | |
| Less: Goodwill and other intangible assets, net | (110,260) | (110,585) | (96,805) | | |
| Tangible assets | $ 6,557,291 | $ 6,364,614 | $ 5,736,792 | | |
| | | | | | |
| Common shares outstanding | 79,488,899 | 79,441,525 | 78,812,140 | | |
| | | | | | |
| Tangible common equity to tangible assets | 11.00% | 10.97% | 11.77% | | |
| Tangible common equity per share | $ 9.08 | $ 8.79 | $ 8.57 | | |
| | | | | | |
| | | | | | |
| | Three Months Ended |
| ALLOWANCE FOR LOAN LOSSES: | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| Balance at beginning of period | $ 67,320 | $ 65,715 | $ 71,675 | $ 73,268 | $ 66,941 |
| Provision for loan losses | 3,026 | 10,950 | 744 | 800 | 7,506 |
| Recoveries | 616 | 605 | 1,086 | 507 | 250 |
| Charge offs | (5,263) | (9,950) | (7,790) | (2,900) | (1,429) |
| Balance at end of period | $ 65,699 | $ 67,320 | $ 65,715 | $ 71,675 | $ 73,268 |
| Net charge offs/average gross loans (annualized) | 0.36% | 0.75% | 0.56% | 0.21% | 0.11% |
| | | | | | |
| | Three Months Ended |
| NET CHARGED OFF LOANS BY TYPE | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| | | | | | |
| Real estate loans | $ 154 | $ 288 | $ 6,129 | $ 744 | $ 1,014 |
| Commercial loans | 4,414 | 9,139 | 119 | 1,684 | 150 |
| Consumer loans | 79 | (82) | (44) | (35) | 15 |
| Charge offs excluding Acquired Credit Impaired Loans | 4,647 | 9,345 | 6,204 | 2,393 | 1,179 |
| Charge offs on Acquired Credit Impaired Loans | -- | -- | 500 | -- | -- |
| Total net charge offs | $ 4,647 | $ 9,345 | $ 6,704 | $ 2,393 | $ 1,179 |
| | | | | | |
| | | | | | |
| | | | | | |
| NONPERFORMING ASSETS | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| Delinquent loans 90 days or more on nonaccrual status4 | $ 47,314 | $ 39,154 | $ 36,129 | $ 44,987 | $ 42,269 |
| Delinquent loans 90 days or more on accrual status5 | -- | 5 | 948 | 252 | -- |
| Accruing restructured loans | 37,527 | 33,903 | 36,018 | 36,225 | 32,249 |
| Total nonperforming loans | 84,841 | 73,062 | 73,095 | 81,464 | 74,518 |
| Other real estate owned | 20,001 | 24,288 | 27,582 | 9,596 | 8,419 |
| Total nonperforming assets | $ 104,842 | $ 97,350 | $ 100,677 | $ 91,060 | $ 82,937 |
| Nonperforming assets/total assets | 1.57% | 1.50% | 1.59% | 1.55% | 1.42% |
| Nonperforming assets/loans receivable & OREO | 2.01% | 1.91% | 2.04% | 2.01% | 1.84% |
| Nonperforming assets/total capital | 12.60% | 12.03% | 12.57% | 11.66% | 10.74% |
| Nonperforming loans/loans receivable | 1.63% | 1.44% | 1.49% | 1.80% | 1.66% |
| Nonaccrual loans/loans receivable | 0.91% | 0.77% | 0.74% | 1.00% | 0.94% |
| Allowance for loan losses/loans receivable | 1.27% | 1.33% | 1.34% | 1.59% | 1.63% |
| Allowance for loan losses/nonaccrual loans | 138.86% | 171.94% | 181.89% | 159.32% | 173.34% |
| Allowance for loan losses/nonperforming loans (excludes delinquent loans 90 days or more on accrual status) | 77.44% | 92.14% | 89.90% | 87.98% | 98.32% |
| Allowance for loan losses/nonperforming assets | 62.66% | 69.15% | 65.27% | 78.71% | 88.34% |
| |
| 4 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $31.2 million, $27.5 million, $25.2 million, $21.0 million and $18.6 million at March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013, respectively. |
| 5 Excludes Acquired Credit Impaired Loans totaling $46.0 million, $43.8 million, $38.6 million, $18.5 million and $21.6 million at March 31, 2014, December 31, 2013, September 30, 2013, June 30, 2013 and March 31, 2013, respectively. |
| |
| BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| Retail buildings | $ 5,542 | $ 5,576 | $ 6,777 | $ 6,812 | $ 2,556 |
| Hotels/motels | 8,401 | 8,477 | 8,550 | 8,623 | 8,701 |
| Gas stations/car washes | -- | -- | -- | -- | -- |
| Mixed-use facilities | 796 | 802 | 807 | 811 | 816 |
| Warehouses | 812 | 482 | 485 | 489 | 492 |
| Multifamily | -- | -- | -- | -- | 3,247 |
| Other6 | 21,976 | 18,567 | 19,399 | 19,490 | 16,437 |
| Total | $ 37,527 | $ 33,904 | $ 36,018 | $ 36,225 | $ 32,249 |
| | | | | | |
| 6 Includes commercial business and other loans | | | | | |
| | | | | | |
| DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| | | | | | |
| Legacy | | | | | |
| 30 - 59 days | $ 1,700 | $ 2,209 | $ 1,705 | $ 2,056 | $ 1,174 |
| 60 - 89 days | 445 | 266 | 732 | 85 | 2,411 |
| Total delinquent loans less than 90 days past due - legacy | $ 2,145 | $ 2,475 | $ 2,437 | $ 2,141 | $ 3,585 |
| | | | | | |
| Acquired | | | | | |
| 30 - 59 days | $ 4,916 | $ 5,113 | $ 4,013 | $ 1,768 | $ 10,878 |
| 60 - 89 days | 3 | 2,506 | 1,663 | 2,121 | 258 |
| Total delinquent loans less than 90 days past due - acquired | $ 4,919 | $ 7,619 | $ 5,676 | $ 3,889 | $ 11,136 |
| | | | | | |
| Total delinquent loans less than 90 days past due | $ 7,064 | $ 10,094 | $ 32,107 | $ 16,305 | $ 29,985 |
| | | | | | |
| DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| | | | | | |
| Legacy | | | | | |
| Real estate loans | $ 760 | $ 1,375 | $ 1,664 | $ 853 | $ 2,870 |
| Commercial loans | 1,338 | 1,024 | 744 | 1,267 | 692 |
| Consumer loans | 47 | 76 | 29 | 21 | 23 |
| Total delinquent loans less than 90 days past due - legacy | $ 2,145 | $ 2,475 | $ 2,437 | $ 2,141 | $ 3,585 |
| | | | | | |
| Acquired | | | | | |
| Real estate loans | $ 4,036 | $ 6,034 | $ 4,616 | $ 2,695 | $ 9,287 |
| Commercial loans | 598 | 1,228 | 833 | 1,167 | 1,448 |
| Consumer loans | 285 | 357 | 227 | 27 | 401 |
| Total delinquent loans less than 90 days past due - acquired | $ 4,919 | $ 7,619 | $ 5,676 | $ 3,889 | $ 11,136 |
| | | | | | |
| Total delinquent loans less than 90 days past due | $ 7,064 | $ 10,094 | $ 32,107 | $ 16,305 | $ 29,985 |
| | | | | | |
| | | | | | |
| NONACCRUAL LOANS BY TYPE | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| | | | | | |
| Real estate loans | $ 34,070 | $ 28,083 | $ 26,616 | $ 34,577 | $ 33,751 |
| Commercial loans | 12,216 | 10,141 | 8,743 | 9,629 | 7,591 |
| Consumer loans | 1,028 | 930 | 770 | 781 | 927 |
| Total non-accrual loans | $ 47,314 | $ 39,154 | $ 36,129 | $ 44,987 | $ 42,269 |
| | | | | | |
| CRITICIZED LOANS | 3/31/2014 | 12/31/2013 | 9/30/2013 | 6/30/2013 | 3/31/2013 |
| Legacy | | | | | |
| Special mention | $ 52,159 | $ 46,480 | $ 61,804 | $ 66,774 | $ 59,681 |
| Substandard | 111,529 | 120,163 | 100,551 | 97,692 | 94,303 |
| Doubtful | 3,332 | 359 | 8 | 152 | 455 |
| Loss | -- | -- | -- | -- | 22 |
| Total criticized loans - legacy | $ 167,020 | $ 167,002 | $ 162,363 | $ 164,618 | $ 154,461 |
| | | | | | |
| Acquired | | | | | |
| Special mention | $ 41,395 | $ 43,009 | $ 49,827 | $ 42,014 | $ 52,722 |
| Substandard | 134,660 | 138,337 | 143,149 | 121,758 | 133,398 |
| Doubtful | 2,376 | 6,100 | 2,045 | 368 | 327 |
| Loss | 1,445 | 1,402 | 990 | 707 | 849 |
| Total criticized loans - acquired | $ 179,876 | $ 188,848 | $ 196,011 | $ 164,847 | $ 187,296 |
| | | | | | |
| Total criticized loans | $ 346,896 | $ 355,850 | $ 358,374 | $ 329,465 | $ 341,757 |
| | | | | | |
CONTACT: Angie Yang
SVP, Investor Relations
213-251-2219
angie.yang@BBCNbank.com