BBCN Bancorp – BBCN – Reinstates Quarterly Cash Dividend at $0.05 Per Share

NASDAQ: BBCN), the holding company of BBCN Bank, reported net income available to common stockholders of $18.4 million, or $0.24 per diluted common share, for third quarter 2012. This compares with net income available to common stockholders of $8.7 million, or $0.23 per diluted common share, for third quarter 2011, and net income available to common stockholders of $15.6 million, or $0.20 per diluted common share, for second quarter 2012.

Q3 2012 Summary:

• $18.4 million net income available to common stockholders, or $0.24 per diluted common share
• $195 million net increase in gross loans receivable, or 5% linked quarter
• $41 million increase in non-interest bearing deposits, or 4% linked quarter
• Company reinstates quarterly cash dividend at $0.05 per common share

The Company also announced today that its Board of Directors has approved the reinstatement of a quarterly cash dividend. All stockholders of record as of November 1, 2012 will be paid a cash dividend of $0.05 per common share, payable on or about November 12, 2012.

“The reinstatement of a quarterly cash dividend reflects our growing confidence in BBCN as the leading Korean American bank in the nation,” said Alvin D. Kang, President and Chief Executive Officer. “This confidence is supported by the Company’s overall financial performance, with strong core earnings, increasing loan production and steadily improving asset quality trends. In particular, new loan originations were very strong this quarter at $313 million, resulting in a 5% linked quarter increase in gross loans. We are pleased that the Company’s financial strength and sustainable earnings power positions us to return profits to our shareholders, while at the same time investing in new growth opportunities.”

About BBCN Bancorp, Inc. – BBCN

BBCN Bancorp, Inc. is the parent company of BBCN Bank, the largest Korean American bank in the nation with $5.3 billion in assets as of September 30, 2012. The Company is a result of the merger of equals of Nara Bancorp, Inc. and Center Financial Corporation completed on November 30, 2011. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 40 branches in California, New York, New Jersey, Washington and Illinois, along with five loan production offices in Seattle, Denver, Dallas, Atlanta and Northern California. 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.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.