BBCN Bancorp (BBCN) Reports In-Line Q1 EPS

BBCN Bancorp (NASDAQ: BBCN) reported Q1 EPS of $0.30, in-line with the analyst estimate of $0.30.

"BBCN’s 2016 first quarter results reflect another quarter of solid operational performance,” said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. “While new loan originations are down from the seasonally higher and record fourth quarter, we are pleased with the improved mix of new loans with increased contributions of commercial and consumer loans. We are also seeing stability in the average yield on new loans, which was up 5 basis points linked quarter, and our core net interest margin is holding relatively steady, increasing 1 basis point over the preceding fourth quarter. Notwithstanding lower gains on sales of SBA loans in the first quarter and merger-related expenses, we continued to demonstrate the stability and strength of our earnings platform with net income increasing to $23.6 million for the three months ended March 31, 2016.

“Considering BBCN’s consistent financial performance, our ongoing progress in becoming a more diversified financial institution and the pending combination with the second strongest commercial lender in our space, we remain optimistic about the prospects of our organization and believe we are well positioned to deliver improved value to our customers, employees and shareholders,” said Kim.

For earnings history and earnings-related data on BBCN Bancorp (BBCN) click here.

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