Q3 2015 Summary:
- Net income totals a record $25.1 million, or $0.32 per diluted common share
- New loan originations amount to a quarterly record high of $432 million
- Loans receivable increase 3% to $5.97 billion, or 7% year-to-date
- Total deposits increase 5% to $6.03 billion, or 6% year-to-date
- Total assets increase 3% to $7.58 billion, or 6% year-to-date
LOS ANGELES, Oct. 19, 2015 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (NASDAQ:BBCN), the holding company of BBCN Bank (the "Bank"), today reported strong financial results for the three months ended September 30, 2015. Net income for the 2015 third quarter totaled a record $25.1 million, or $0.32 per diluted common share, reflecting a 9% increase over $22.9 million, or $0.29 per diluted common share, for the preceding 2015 second quarter and a 17% increase over $21.4 million, or $0.27 per diluted common share, for the year-ago third quarter.
"We are very pleased to report record financial results for our 2015 third quarter, highlighted by the highest levels of new loan volumes and earnings in our history," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "During the quarter, we experienced robust loan demand and posted $432 million in new loan originations, which represents a 13% increase over the prior-year third quarter. The quarter's results also benefited by continued progress with credit recoveries, which offset our provision requirements for the strong loan growth during the quarter. Notwithstanding the continuing investments to strengthen our overall infrastructure and transform BBCN into a more diversified financial institution, disciplined cost management also contributed to record earnings for the quarter.
"With a growing pipeline of loans, we have strong momentum heading into the final quarter of 2015. As we approach the fourth anniversary of BBCN's creation, we look forward to expanding our presence in the Washington, D.C. metropolitan area with a second branch on track to open later this year. Supported by strong and consistent financial performance and steady execution of our strategic initiatives, we believe BBCN is well positioned to enhance the value proposition to our customers, employees and shareholders as the premier Korean-American bank in the United States," said Kim.
Financial Highlights
| (dollars in thousands, except per share data) | At or for the Three Months Ended | ||
| 9/30/2015 | 6/30/2015 | 9/30/2014 | |
| Net income | $ 25,092 | $ 22,941 | $ 21,420 |
| Diluted earnings per share | $ 0.32 | $ 0.29 | $ 0.27 |
| Net interest income before provision for loan losses | $ 68,761 | $ 67,391 | $ 67,907 |
| Net interest margin | 3.87% | 3.91% | 4.15% |
| Noninterest income | $ 13,227 | $ 10,568 | $ 11,369 |
| Noninterest expense | $ 38,799 | $ 38,698 | $ 39,420 |
| Net loans receivable | $ 5,901,614 | $ 5,745,706 | $ 5,364,612 |
| Deposits | $ 6,028,865 | $ 5,758,290 | $ 5,509,754 |
| Nonaccrual loans (1) | $ 32,446 | $ 39,681 | $ 39,564 |
| ALLL to loans receivable | 1.19% | 1.21% | 1.26% |
| ALLL to nonaccrual loans (1) | 219.16% | 176.70% | 172.46% |
| ALLL to nonperforming assets (1) (2) | 65.80% | 59.63% | 57.44% |
| Provision for loan losses | $ 600 | $ 1,000 | $ 4,256 |
| Net charge offs (recoveries) | $ (392) | $ 476 | $ 2,894 |
| ROA | 1.35% | 1.26% | 1.25% |
| ROE | 10.96% | 10.13% | 9.97% |
| Efficiency ratio | 47.32% | 49.64% | 49.73% |
| (1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $19.9 million, $22.6 million and $28.1 million at September 30, 2015, June 30, 2015, and September 30, 2014, respectively. | |||
| (2) Nonperforming assets exclude acquired credit impaired loans totaling $18.5 million, $23.0 million and $32.7 million at September 30, 2015, June 30, 2015, and September 30, 2014, respectively. | |||
Operating Results for the 2015 Third Quarter
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 financial performance. Net interest income for the three months ended September 30, 2015, June 30, 2015, and September 30, 2014 include the following pre-tax acquisition accounting adjustments related to past acquisitions:
| (dollars in thousands) | Three Months Ended | ||
| 9/30/2015 | 6/30/2015 | 9/30/2014 | |
| Accretion of discount on acquired performing loans | $ 2,496 | $ 2,515 | $ 4,157 |
| Accretion of discount on acquired credit impaired loans | 1,723 | 1,694 | 1,863 |
| Amortization of premium on acquired FHLB borrowings | 97 | 95 | 95 |
| Accretion of discount on acquired subordinated debt | (43) | (42) | (41) |
| Amortization of premium on acquired time deposits | 34 | 49 | 125 |
| Total | $ 4,307 | $ 4,311 | $ 6,199 |
Net Interest Income and Net Interest Margin. Net interest income before provision for loan losses for the 2015 third quarter totaled $68.8 million, up 2% over $67.4 million in the preceding 2015 second quarter, and up 1% over $67.9 million in the year-ago third quarter. Largely reflecting the steady organic growth in loans receivable, the Company posted higher interest income on earning assets versus the comparable periods, which more than offset the diminishing acquisition accounting adjustments and impact of declining yields on 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 | |||||
| 9/30/2015 | 6/30/2015 | change | 9/30/2014 | change | |
| Net interest margin, excluding the effect of acquisition accounting adjustments | 3.60% | 3.63% | (0.03)% | 3.73% | (0.13)% |
| Acquisition accounting adjustments | 0.27 | 0.28 | (0.01) | 0.42 | (0.15) |
| Net interest margin | 3.87% | 3.91% | (0.04)% | 4.15% | (0.28)% |
The net interest margin for the 2015 third quarter declined 4 basis points from the preceding second quarter to 3.87%, or 3 basis points on a core basis when excluding the effect of acquisition accounting adjustments. Compared with the prior-year third quarter, net interest margin decreased 28 basis points, or 13 basis points excluding the effect of acquisition accounting adjustments, largely reflecting the industry-wide declines 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 | |||||
| 9/30/2015 | 6/30/2015 | change | 9/30/2014 | change | |
| Weighted average yield on loans, excluding the effect of acquisition accounting adjustments | 4.62% | 4.64% | (0.02)% | 4.78% | (0.16)% |
| Acquisition accounting adjustments | 0.32 | 0.34 | (0.02) | 0.51 | (0.19) |
| Weighted average yield on loans | 4.94% | 4.98% | (0.04)% | 5.29% | (0.35)% |
The weighted average yield on loans for the 2015 third quarter declined 4 basis points to 4.94% from the preceding 2015 second quarter, or 2 basis points excluding the effect of acquisition accounting adjustments. The weighted average yield on new loans originated during the 2015 third quarter declined to 4.23% from 4.29% in the preceding second quarter, reflecting what continues to be a fiercely competitive market for both fixed and variable rate loans.
Compared with the prior-year period, the weighted average yield on loans decreased 35 basis points, or 16 basis points on a core basis excluding the effect of acquisition accounting adjustments.
The weighted average cost of deposits and the impact of acquisition accounting adjustments are summarized in the following table:
| Three Months Ended | |||||
| 9/30/2015 | 6/30/2015 | change | 9/30/2014 | change | |
| Weighted average cost of deposits, excluding the effect of acquisition accounting adjustments | 0.57% | 0.56% | 0.01% | 0.55% | 0.02% |
| Acquisition accounting adjustments | — | (0.01) | 0.01 | (0.01) | 0.01 |
| Weighted average cost of deposits | 0.57% | 0.55% | 0.02% | 0.54% | 0.03% |
The weighted average cost of deposits for the 2015 third quarter increased 2 basis points from the preceding second quarter, or 1 basis point on a core basis excluding the effect of amortization of premium on time deposits assumed in acquisitions. Compared with the prior-year third quarter, the weighted average cost of deposits increased 3 basis points, or 2 basis points excluding the effect of premium amortization on time deposits assumed in acquisitions.
Noninterest Income. Noninterest income for the 2015 third quarter totaled $13.2 million, an increase of 25% over $10.6 million in the preceding 2015 second quarter and an increase of 16% over $11.4 million in the 2014 third quarter. Aside from normal fluctuations in service fees on deposit accounts and gains on sales of loans and OREO, the Company posted other income and fees of $6.3 million in the 2015 third quarter, which included a higher than normal level of OREO-related rental income of $1.7 million. Other income and fees for both the preceding 2015 second quarter and 2014 third quarter totaled $4.3 million.
Noninterest Expense. Total noninterest expense for the 2015 third quarter was relatively flat at $38.8 million, compared with $38.7 million in the preceding second quarter, and decreased 2% from $39.4 million in the prior-year third quarter. Salaries and employee benefits expense totaled $21.5 million for the 2015 third quarter, compared with $20.9 million for the preceding second quarter and $19.3 million for the third quarter a year ago. The total number of FTEs as of September 30, 2015 was 941, compared with 927 as of June 30, 2015 and 911 as of September 30, 2014.
Income Tax Provision. The effective tax rate for the 2015 third quarter was 41.1%, compared with 40.0% for the preceding 2015 second quarter and 39.8% for the 2014 third quarter.
Balance Sheet Summary
Loans receivable totaled $5.97 billion at September 30, 2015, reflecting a 3% increase over $5.82 billion at June 30, 2015, and a 10% increase over $5.43 billion at September 30, 2014.
Total new loan originations during the 2015 third quarter amounted to $431.9 million, including SBA loan originations of $54.5 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, which amounted to $46.1 million for the third quarter of 2015, compared with $58.3 million for the preceding 2015 second quarter. During the 2015 third quarter, the Company sold $42.4 million of its SBA loans held for sale.
Aggregate pay offs and pay downs for the 2015 third quarter amounted to $267.1 million, compared with $216.5 million for the preceding 2015 second quarter and $312.0 million for the year-ago third quarter.
Total deposits increased 5% to $6.03 billion at September 30, 2015 from $5.76 billion at June 30, 2015, largely reflecting increases in money market accounts and time deposits, offset by lower balances in noninterest bearing demand deposits. While noninterest bearing deposits at the close of the third quarter declined 3% from June 30, 2015 and accounted for 27% of total deposits, the average balance of noninterest bearing deposits for the 2015 third quarter was modestly higher than the preceding second quarter. Compared with September 30, 2014, total deposits increased 9% over $5.51 billion.
Credit Quality
The provision for loan losses for the 2015 third quarter was $600,000, compared with $1.0 million for the preceding 2015 second quarter and $4.3 million for the prior-year third 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 September 30, 2015, June 30, 2015, and September 30, 2014 is as follows:
| (dollars in thousands) | 9/30/2015 | 6/30/2015 | 9/30/2014 |
| Legacy Loans (1) | $ 57,200 | $ 55,563 | $ 60,073 |
| Acquired Loans - Performing (2) | 1,418 | 1,908 | 1,973 |
| Acquired Loans - Credit Impaired (2) | 12,492 | 12,647 | 6,186 |
| Total ALLL | $ 71,110 | $ 70,118 | $ 68,232 |
| Loans Receivable | $ 5,972,724 | $ 5,815,824 | $ 5,432,844 |
| ALLL coverage ratio | 1.19% | 1.21% | 1.26% |
| (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 September 30, 2015, June 30, 2015, and September 30, 2014:
| (dollars in thousands) | 9/30/2015 | 6/30/2015 | 9/30/2014 |
| Special Mention (1) | $ 141,655 | $ 129,795 | $ 113,395 |
| Classified (1) | 178,720 | 195,389 | 231,768 |
| Criticized | $ 320,375 | $ 325,184 | $ 345,163 |
| (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, delinquent loans past due 90 days or more on accrual status (excluding acquired credit impaired loans) and accruing restructured loans. Nonaccrual loans at September 30, 2015 declined to $32.4 million, or 0.54% of loans receivable. This compares with nonaccrual loans of $39.7 million, or 0.68% of loans receivable, at June 30, 2015 and $39.6 million, or 0.73% of loans receivable, at September 30, 2014. Accruing restructured loans declined to $54.3 million at September 30, 2015 from $57.4 million at June 30, 2015 and $56.1 million at September 30, 2014. Total nonperforming loans at September 30, 2015 amounted to $86.7 million, or 1.45% of loans receivable, compared with $97.4 million, or 1.67% of loans receivable, at June 30, 2015 and $95.6 million, or 1.76% of loans receivable, at September 30, 2014.
Nonperforming assets, including nonperforming loans and other real estate owned, amounted to $108.1 million at September 30, 2015, or 1.43% of total assets, compared with $117.6 million, or 1.60% of total assets, at June 30, 2015, and $118.8 million, or 1.71% of total assets, at September 30, 2014.
For the 2015 third quarter, the Company recorded net recoveries of $392,000, or 0.03% of average loans receivable on an annualized basis. This compares with net charge offs of $476,000 for the 2015 second quarter, or 0.03% of average loans receivable on an annualized basis, and $2.9 million, or 0.21% of average loans receivable on an annualized basis, for the year-ago third quarter.
The allowance for loan losses at September 30, 2015 was $71.1 million, or 1.19% of loans receivable (excluding loans held for sale), compared with $70.1 million, or 1.21%, at June 30, 2015 and $68.2 million, or 1.26%, at September 30, 2014. The coverage ratio of the allowance for loan losses to nonperforming loans (excluding acquired credit impaired loans) was 82.00% at September 30, 2015, versus 71.98% at June 30, 2015 and 71.35% at September 30, 2014.
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 $119.5 million at September 30, 2015, compared with $118.7 million at June 30, 2015 and $130.7 million at September 30, 2014.
Capital
At September 30, 2015, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table.
| 9/30/2015 | 6/30/2015 | 9/30/2014 | |
| Common Equity Tier 1 Capital | 12.34% | 12.58% | 13.02% |
| Leverage Ratio | 11.76% | 11.80% | 11.80% |
| Tier 1 Risk-based Ratio | 12.96% | 13.22% | 13.72% |
| Total Risk-based Ratio | 14.05% | 14.34% | 14.93% |
Tangible common equity per share and as a percentage of tangible assets are summarized in the following table:
| 9/30/2015 | 6/30/2015 | 9/30/2014 | |
| Tangible common equity per share (1) | $10.32 | $10.05 | $9.49 |
| Tangible common equity to tangible assets (1) | 10.99% | 11.07% | 11.07% |
| (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, October 20, 2015 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the 2015 third quarter. Investors and analysts are invited to access the conference call by dialing 866-235-9917 (domestic) or 412-902-4103 (international), and asking for the "BBCN Bancorp Call." 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 www.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 telephonic replay of the call will be available at 877-344-7529 (domestic) or 412-317-0088 (international) through October 27, 2015, passcode 10073822.
About BBCN Bancorp, Inc.
BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $7.6 billion in assets as of September 30, 2015. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 50 branches in California, New York, New Jersey, Illinois, Washington and Virginia; eight loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California, Annandale, Virginia, Portland, Oregon and Fremont, California; and a representative office in Seoul, Korea. 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 may contain forward-looking statements, including statements about future operations and projected 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. | |||||||
| Selected Financial Data | |||||||
| Unaudited (dollars in thousands, except per share data) | |||||||
| Assets | 9/30/2015 | 6/30/2015 | % change | 12/31/2014 | % change | 9/30/2014 | % change |
| Cash and due from banks* | $ 278,299 | $ 299,883 | (7)% | $ 462,160 | (40)% | $ 443,320 | (37)% |
| Securities available for sale, at fair value | 976,962 | 875,405 | 12% | 796,523 | 23% | 710,625 | 37% |
| Federal Home Loan Bank, Federal Reserve Bank stock and other investments* | 59,750 | 40,558 | 47% | 28,708 | 108% | 28,744 | 108% |
| Loans held for sale, at the lower of cost or fair value | 25,103 | 33,785 | (26)% | 28,311 | (11)% | 45,695 | (45)% |
| Loans receivable | 5,972,724 | 5,815,824 | 3% | 5,565,192 | 7% | 5,432,844 | 10% |
| Allowance for loan losses | (71,110) | (70,118) | 1% | (67,758) | 5% | (68,232) | 4% |
| Net loans receivable | 5,901,614 | 5,745,706 | 3% | 5,497,434 | 7% | 5,364,612 | 10% |
| Accrued interest receivable | 13,981 | 13,781 | 1% | 13,634 | 3% | 13,142 | 6% |
| Premises and equipment, net | 34,798 | 35,321 | (1)% | 30,722 | 13% | 30,999 | 12% |
| Bank owned life insurance | 46,741 | 46,466 | 1% | 45,927 | 2% | 45,644 | 2% |
| Goodwill | 105,401 | 105,401 | —% | 105,401 | —% | 105,401 | —% |
| Servicing assets | 11,505 | 10,935 | 5% | 10,341 | 11% | 9,523 | 21% |
| Other intangible assets, net | 3,086 | 3,354 | (8)% | 3,887 | (21)% | 4,212 | (27)% |
| Other assets | 125,762 | 122,724 | 2% | 117,282 | 7% | 125,889 | —% |
| Total assets | $ 7,583,002 | $ 7,333,319 | 3% | $ 7,140,330 | 6% | $ 6,927,806 | 9% |
| Liabilities | |||||||
| Deposits | $ 6,028,865 | $ 5,758,290 | 5% | $ 5,693,452 | 6% | $ 5,509,754 | 9% |
| Borrowings from Federal Home Loan Bank | 530,689 | 580,785 | (9)% | 480,975 | 10% | 467,071 | 14% |
| Subordinated debentures | 42,284 | 42,241 | —% | 42,158 | —% | 42,117 | —% |
| Accrued interest payable | 6,231 | 5,954 | 5% | 5,855 | 6% | 6,173 | 1% |
| Other liabilities | 45,364 | 37,461 | 21% | 35,117 | 29% | 38,043 | 19% |
| Total liabilities | 6,653,433 | 6,424,731 | 4% | 6,257,557 | 6% | 6,063,158 | 10% |
| Stockholders' Equity | |||||||
| Common stock, $0.001 par value; authorized, 150,000,000 shares at September 30, 2015, June 30, 2015, December 31, 2014, and September 30, 2014; issued and outstanding, 79,553,460, 79,550,403, 79,503,552 and 79,497,331 shares at September 30, 2015, June 30, 2015, December 31, 2014, and September 30, 2014, respectively | 80 | 80 | —% | 79 | 1% | 79 | 1% |
| Capital surplus | 541,349 | 541,091 | —% | 541,589 | —% | 541,406 | —% |
| Retained earnings | 384,133 | 367,792 | 4% | 339,400 | 13% | 324,664 | 18% |
| Accumulated other comprehensive income (loss), net | 4,007 | (375) | 1,169% | 1,705 | 135% | (1,501) | 367% |
| Total stockholders' equity | 929,569 | 908,588 | 2% | 882,773 | 5% | 864,648 | 8% |
| Total liabilities and stockholders' equity | $ 7,583,002 | $ 7,333,319 | 3% | $ 7,140,330 | 6% | $ 6,927,806 | 9% |
| * - At 6/30/15, the Company had $21.4 million in investments in certificates of deposits that were recorded in Cash and due from banks in the prior quarter. The prior quarter balance in investments in certificates of deposits were reclassified to Federal Home Loan Bank, Federal Reserve Bank stock and other investments. | |||||||
| BBCN Bancorp, Inc. | ||||||||
| Selected Financial Data | ||||||||
| Unaudited (dollars in thousands, except per share data) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| 9/30/2015 | 6/30/2015 | % change | 9/30/2014 | % change | 9/30/2015 | 9/30/2014 | % change | |
| Interest income: | ||||||||
| Interest and fees on loans | $ 73,650 | $ 71,249 | 3% | $ 72,437 | 2% | $ 214,537 | $ 212,818 | 1% |
| Interest on securities | 4,670 | 4,215 | 11% | 3,999 | 17% | 13,105 | 12,171 | 8% |
| Interest on federal funds sold and other investments | 739 | 1,611 | (54)% | 648 | 14% | 3,046 | 1,901 | 60% |
| Total interest income | 79,059 | 77,075 | 3% | 77,084 | 3% | 230,688 | 226,890 | 2% |
| Interest expense: | ||||||||
| Interest on deposits | 8,390 | 7,970 | 5% | 7,419 | 13% | 24,115 | 21,381 | 13% |
| Interest on other borrowings | 1,908 | 1,714 | 11% | 1,758 | 9% | 5,298 | 5,146 | 3% |
| Total interest expense | 10,298 | 9,684 | 6% | 9,177 | 12% | 29,413 | 26,527 | 11% |
| Net interest income before provision for loan losses | 68,761 | 67,391 | 2% | 67,907 | 1% | 201,275 | 200,363 | —% |
| Provision for loan losses | 600 | 1,000 | (40)% | 4,256 | (86)% | 3,100 | 10,278 | (70)% |
| Net interest income after provision for loan losses | 68,161 | 66,391 | 3% | 63,651 | 7% | 198,175 | 190,085 | 4% |
| Noninterest income: | ||||||||
| Service fees on deposit accounts | 3,170 | 3,030 | 5% | 3,456 | (8)% | 9,261 | 10,288 | (10)% |
| Net gains on sales of SBA loans | 3,390 | 3,119 | 9% | 3,578 | (5)% | 9,553 | 9,112 | 5% |
| Net gains on sales of other loans | 26 | 45 | (42)% | — | 100% | 253 | — | 100% |
| Net gains on sales of securities available for sale | — | — | —% | — | —% | 424 | — | 100% |
| Net gains on sales of OREO | 334 | 73 | 358% | 29 | 1,052% | 516 | 466 | 11% |
| Other income and fees | 6,307 | 4,301 | 47% | 4,306 | 46% | 14,993 | 13,091 | 15% |
| Total noninterest income | 13,227 | 10,568 | 25% | 11,369 | 16% | 35,000 | 32,957 | 6% |
| Noninterest expense: | ||||||||
| Salaries and employee benefits | 21,457 | 20,932 | 3% | 19,346 | 11% | 63,570 | 56,428 | 13% |
| Occupancy | 4,941 | 4,810 | 3% | 4,722 | 5% | 14,443 | 14,060 | 3% |
| Furniture and equipment | 2,329 | 2,323 | —% | 1,916 | 22% | 6,915 | 5,942 | 16% |
| Advertising and marketing | 1,309 | 1,484 | (12)% | 1,535 | (15)% | 4,184 | 4,131 | 1% |
| Data processing and communications | 2,192 | 2,463 | (11)% | 2,206 | (1)% | 7,004 | 6,626 | 6% |
| Professional fees | 1,289 | 1,253 | 3% | 1,567 | (18)% | 3,966 | 4,195 | (5)% |
| FDIC assessment | 1,027 | 909 | 13% | 1,135 | (10)% | 3,048 | 3,238 | (6)% |
| Credit related expenses | 1,397 | 1,976 | (29)% | 3,531 | (60)% | 5,562 | 7,969 | (30)% |
| Other | 2,858 | 2,548 | 12% | 3,462 | (17)% | 8,040 | 10,845 | (26)% |
| Total noninterest expense | 38,799 | 38,698 | —% | 39,420 | (2)% | 116,732 | 113,434 | 3% |
| Income before income taxes | 42,589 | 38,261 | 11% | 35,600 | 20% | 116,443 | 109,608 | 6% |
| Income tax provision | 17,497 | 15,320 | 14% | 14,180 | 23% | 47,053 | 43,680 | 8% |
| Net income | $ 25,092 | $ 22,941 | 9% | $ 21,420 | 17% | $ 69,390 | $ 65,928 | 5% |
| Earnings Per Common Share: | ||||||||
| Basic | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.87 | $ 0.83 | |||
| Diluted | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.87 | $ 0.83 | |||
| Average Shares Outstanding: | ||||||||
| Basic | 79,552,873 | 79,549,097 | 79,493,917 | 79,545,681 | 79,486,958 | |||
| Diluted | 79,584,536 | 79,608,405 | 79,601,075 | 79,606,224 | 79,617,317 | |||
| BBCN Bancorp, Inc. | |||||
| Selected Financial Data | |||||
| Unaudited (dollars in thousands, except per share data) | |||||
| At or for the Three Months Ended | |||||
| (Annualized) | At or for the Nine Months Ended | ||||
| Profitability measures: | 9/30/2015 | 6/30/2015 | 9/30/2014 | 9/30/2015 | 9/30/2014 |
| ROA | 1.35% | 1.26% | 1.25% | 1.27% | 1.3% |
| ROE | 10.96% | 10.13% | 9.97% | 10.23% | 10.46% |
| Return on average tangible equity 1 | 12.44% | 11.51% | 11.43% | 11.63% | 12.03% |
| Net interest margin | 3.87% | 3.91% | 4.15% | 3.88% | 4.21% |
| Efficiency ratio | 47.32% | 49.64% | 49.73% | 49.41% | 48.62% |
| 1 Average tangible equity is calculated by subtracting average goodwill and average core deposit intangibles assets from average stockholders' equity. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position. | |||||
| BBCN Bancorp, Inc. | |||||||||
| Selected Financial Data | |||||||||
| Unaudited (dollars in thousands, except per share data) | |||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | |||||||
| 9/30/2015 | 6/30/2015 | 9/30/2014 | |||||||
| 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: | |||||||||
| Loans receivable, including loans held for sale | $ 5,918,005 | $ 73,650 | 4.94% | $ 5,742,153 | $ 71,249 | 4.98% | $ 5,434,815 | $ 72,437 | 5.29% |
| Securities available for sale | 881,054 | 4,670 | 2.12% | 819,820 | 4,215 | 2.06% | 734,282 | 3,999 | 2.18% |
| FRB and FHLB stock and other investments | 261,044 | 739 | 1.11% | 348,690 | 1,611 | 1.83% | 332,643 | 648 | 0.76% |
| Total interest earning assets | $ 7,060,103 | $ 79,059 | 4.44% | $ 6,910,663 | $ 77,075 | 4.47% | $ 6,501,740 | $ 77,084 | 4.71% |
| INTEREST BEARING LIABILITIES: | |||||||||
| Deposits: | |||||||||
| Demand, interest bearing | $ 1,695,709 | $ 3,141 | 0.73% | $ 1,608,495 | $ 2,873 | 0.72% | $ 1,492,175 | $ 2,558 | 0.68% |
| Savings | 196,090 | 419 | 0.85% | 194,053 | 416 | 0.86% | 202,785 | 496 | 0.97% |
| Time deposits: | |||||||||
| $100,000 or more | 1,677,861 | 3,450 | 0.82% | 1,750,089 | 3,514 | 0.81% | 1,601,436 | 3,095 | 0.77% |
| Other | 677,338 | 1,380 | 0.81% | 609,654 | 1,167 | 0.77% | 677,474 | 1,270 | 0.74% |
| Total time deposits | 2,355,199 | 4,830 | 0.81% | 2,359,743 | 4,681 | 0.80% | 2,278,910 | 4,365 | 0.76% |
| Total interest bearing deposits | 4,246,998 | 8,390 | 0.78% | 4,162,291 | 7,970 | 0.77% | 3,973,870 | 7,419 | 0.74% |
| FHLB advances | 532,926 | 1,514 | 1.13% | 481,946 | 1,327 | 1.10% | 462,434 | 1,373 | 1.18% |
| Other borrowings | 40,716 | 394 | 3.79% | 40,670 | 387 | 3.76% | 40,533 | 385 | 3.72% |
| Total interest bearing liabilities | 4,820,640 | $ 10,298 | 0.85% | 4,684,907 | $ 9,684 | 0.83% | 4,476,837 | $ 9,177 | 0.81% |
| Noninterest bearing demand deposits | 1,630,633 | 1,623,922 | 1,483,966 | ||||||
| Total funding liabilities/cost of funds | $ 6,451,273 | 0.63% | $ 6,308,829 | 0.62% | $ 5,960,803 | 0.61% | |||
| Net interest income/net interest spread | $ 68,761 | 3.60% | $ 67,391 | 3.64% | $ 67,907 | 3.89% | |||
| Net interest margin | 3.87% | 3.91% | 4.15% | ||||||
| Net interest margin, excluding effect of nonaccrual loan income (expense) | 3.87% | 3.91% | 4.14% | ||||||
| Net interest margin, excluding effect of nonaccrual loan income (expense) and prepayment fee income | 3.85% | 3.88% | 4.10% | ||||||
| Nonaccrual loan income (reversed) recognized | $ — | $ (21) | $ 63 | ||||||
| Prepayment fee income received | 333 | 457 | 608 | ||||||
| Net | $ 333 | $ 436 | $ 671 | ||||||
| Cost of deposits: | |||||||||
| Noninterest bearing demand deposits | $ 1,630,633 | $ — | $ 1,623,922 | $ — | $ 1,483,966 | $ — | |||
| Interest bearing deposits | 4,246,998 | 8,390 | 0.78% | 4,162,291 | 7,970 | 0.77% | 3,973,870 | 7,419 | 0.74% |
| Total deposits | $ 5,877,631 | $ 8,390 | 0.57% | $ 5,786,213 | $ 7,970 | 0.55% | $ 5,457,836 | $ 7,419 | 0.54% |
| BBCN Bancorp, Inc. | ||||||
| Selected Financial Data | ||||||
| Unaudited (dollars in thousands, except per share data) | ||||||
| Nine Months Ended | Nine Months Ended | |||||
| 9/30/2015 | 9/30/2014 | |||||
| Interest | Annualized | Interest | Annualized | |||
| Average | Income/ | Average | Average | Income/ | Average | |
| Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost | |
| INTEREST EARNING ASSETS: | ||||||
| Loans receivable, including loans held for sale | $ 5,760,376 | $ 214,537 | 4.98% | $ 5,303,478 | $ 212,818 | 5.37% |
| Securities available for sale | 828,088 | 13,105 | 2.11% | 718,291 | 12,171 | 2.26% |
| FRB and FHLB stock and other investments | 339,686 | 3,046 | 1.18% | 339,828 | 1,881 | 0.73% |
| Term federal funds sold | — | — | NA | 4,469 | 20 | 0.60% |
| Total interest earning assets | $ 6,928,150 | $ 230,688 | 4.45% | $ 6,366,066 | $ 226,890 | 4.76% |
| INTEREST BEARING LIABILITIES: | ||||||
| Deposits: | ||||||
| Demand, interest bearing | $ 1,643,539 | $ 8,779 | 0.71% | $ 1,456,348 | $ 7,335 | 0.67% |
| Savings | 195,072 | 1,260 | 0.86% | 209,121 | 1,635 | 1.05% |
| Time deposits: | ||||||
| $100,000 or more | 1,713,631 | 10,340 | 0.81% | 1,596,416 | 8,757 | 0.73% |
| Other | 637,916 | 3,736 | 0.78% | 679,114 | 3,654 | 0.72% |
| Total time deposits | 2,351,547 | 14,076 | 0.80% | 2,275,530 | 12,411 | 0.73% |
| Total interest bearing deposits | 4,190,158 | 24,115 | 0.77% | 3,940,999 | 21,381 | 0.73% |
| FHLB advances | 498,795 | 4,138 | 1.11% | 443,346 | 3,894 | 1.17% |
| Other borrowings | 40,670 | 1,160 | 3.76% | 44,431 | 1,252 | 3.71% |
| Total interest bearing liabilities | 4,729,623 | $ 29,413 | 0.83% | 4,428,776 | $ 26,527 | 0.80% |
| Noninterest bearing demand deposits | 1,599,554 | 1,425,718 | ||||
| Total funding liabilities/cost of funds | $ 6,329,177 | 0.62% | $ 5,854,494 | 0.61% | ||
| Net interest income/net interest spread | $ 201,275 | 3.62% | $ 200,363 | 3.96% | ||
| Net interest margin | 3.88% | 4.21% | ||||
| Net interest margin, excluding effect of nonaccrual loan income (expense) | 3.88% | 4.20% | ||||
| Net interest margin, excluding effect of nonaccrual loan income (expense) and prepayment fee income | 3.86% | 4.17% | ||||
| Nonaccrual loan income (reversed) recognized | $ (45) | $ 138 | ||||
| Prepayment fee income received | 1,300 | 1,523 | ||||
| Net | $ 1,255 | $ 1,661 | ||||
| Cost of deposits: | ||||||
| Noninterest bearing demand deposits | $ 1,599,554 | $ — | $ 1,425,718 | $ — | ||
| Interest bearing deposits | 4,190,158 | 24,115 | 0.77% | 3,940,999 | 21,381 | 0.73% |
| Total deposits | $ 5,789,712 | $ 24,115 | 0.56% | $ 5,366,717 | $ 21,381 | 0.53% |
| BBCN Bancorp, Inc. | ||||||||
| Selected Financial Data | ||||||||
| Unaudited (dollars in thousands, except per share data) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| AVERAGE BALANCES | 9/30/2015 | 6/30/2015 | % change | 9/30/2014 | % change | 9/30/2015 | 9/30/2014 | % change |
| Loans receivable, including loans held for sale | $ 5,918,005 | $ 5,742,153 | 3% | $ 5,434,815 | 9% | $ 5,760,376 | $ 5,303,478 | 9% |
| Investments | 1,142,098 | 1,168,510 | (2)% | 1,066,925 | 7% | 1,167,774 | 1,062,588 | 10% |
| Interest earning assets | 7,060,103 | 6,910,663 | 2% | 6,501,740 | 9% | 6,928,150 | 6,366,066 | 9% |
| Total assets | 7,424,598 | 7,264,687 | 2% | 6,867,468 | 8% | 7,284,661 | 6,739,534 | 8% |
| Interest bearing deposits | 4,246,998 | 4,162,291 | 2% | 3,973,870 | 7% | 4,190,158 | 3,940,999 | 6% |
| Interest bearing liabilities | 4,820,640 | 4,684,907 | 3% | 4,476,837 | 8% | 4,729,623 | 4,428,776 | 7% |
| Noninterest bearing demand deposits | 1,630,633 | 1,623,922 | —% | 1,483,966 | 10% | 1,599,554 | 1,425,718 | 12% |
| Stockholders' equity | 915,702 | 906,310 | 1% | 859,606 | 7% | 904,166 | 840,743 | 8% |
| Net interest earning assets | 2,239,463 | 2,225,756 | 1% | 2,024,903 | 11% | 2,198,527 | 1,937,290 | 13% |
| LOAN PORTFOLIO COMPOSITION: | 9/30/2015 | 6/30/2015 | % change | 12/31/2014 | % change | 9/30/2014 | % change | |
| Commercial loans | $ 1,060,618 | $ 1,085,714 | (2)% | $ 1,038,383 | 2% | $ 1,023,924 | 4% | |
| Real estate loans | 4,827,281 | 4,645,401 | 4% | 4,439,850 | 9% | 4,317,960 | 12% | |
| Consumer and other loans | 88,092 | 87,707 | —% | 89,849 | (2)% | 92,362 | (5)% | |
| Loans outstanding | 5,975,991 | 5,818,822 | 3% | 5,568,082 | 7% | 5,434,246 | 10% | |
| Unamortized deferred loan fees - net of costs | (3,267) | (2,998) | 9% | (2,890) | 13% | (1,402) | 133% | |
| Loans, net of deferred loan fees and costs | 5,972,724 | 5,815,824 | 3% | 5,565,192 | 7% | 5,432,844 | 10% | |
| Allowance for loan losses | (71,110) | (70,118) | 1% | (67,758) | 5% | (68,232) | 4% | |
| Loan receivable, net | $ 5,901,614 | $ 5,745,706 | 3% | $ 5,497,434 | 7% | $ 5,364,612 | 10% | |
| REAL ESTATE LOANS BY PROPERTY TYPE: | 9/30/2015 | 6/30/2015 | % change | 12/31/2014 | % change | 9/30/2014 | % change | |
| Retail buildings | $ 1,236,686 | $ 1,183,866 | 4% | $ 1,244,133 | (1)% | $ 1,233,161 | —% | |
| Hotels/motels | 1,031,931 | 969,980 | 6% | 889,411 | 16% | 846,921 | 22% | |
| Gas stations/car washes | 648,759 | 630,445 | 3% | 602,946 | 7% | 582,725 | 11% | |
| Mixed-use facilities | 349,097 | 349,600 | —% | 334,068 | 4% | 353,395 | (1)% | |
| Warehouses | 500,747 | 499,313 | —% | 450,356 | 11% | 443,418 | 13% | |
| Multifamily | 222,047 | 213,256 | 4% | 205,280 | 8% | 197,902 | 12% | |
| Other | 838,014 | 798,941 | 5% | 713,656 | 17% | 660,438 | 27% | |
| Total | $ 4,827,281 | $ 4,645,401 | 4% | $ 4,439,850 | 9% | $ 4,317,960 | 12% | |
| DEPOSIT COMPOSITION | 9/30/2015 | 6/30/2015 | % change | 12/31/2014 | % change | 9/30/2014 | % change | |
| Noninterest bearing demand deposits | $ 1,631,672 | $ 1,689,137 | (3)% | $ 1,543,018 | 6% | $ 1,503,275 | 9% | |
| Money market and other | 1,783,760 | 1,615,974 | 10% | 1,663,855 | 7% | 1,537,467 | 16% | |
| Saving deposits | 193,895 | 196,998 | (2)% | 198,205 | (2)% | 199,953 | (3)% | |
| Time deposits of $100,000 or more | 1,716,267 | 1,637,673 | 5% | 1,667,367 | 3% | 1,595,213 | 8% | |
| Other time deposits | 703,271 | 618,508 | 14% | 621,007 | 13% | 673,846 | 4% | |
| Total deposit balances | $ 6,028,865 | $ 5,758,290 | 5% | $ 5,693,452 | 6% | $ 5,509,754 | 9% | |
| DEPOSIT COMPOSITION (%) | 9/30/2015 | 6/30/2015 | 12/31/2014 | 9/30/2014 | ||||
| Noninterest bearing demand deposits | 27.1% | 29.3% | 27.1% | 27.3% | ||||
| Money market and other | 29.6% | 28.1% | 29.2% | 27.9% | ||||
| Saving deposits | 3.2% | 3.4% | 3.5% | 3.6% | ||||
| Time deposits of $100,000 or more | 28.5% | 28.4% | 29.3% | 29.0% | ||||
| Other time deposits | 11.6% | 10.8% | 10.9% | 12.2% | ||||
| Total deposit balances | 100.0% | 100.0% | 100.0% | 100.0% | ||||
| BBCN Bancorp, Inc. | |||||||
| Selected Financial Data | |||||||
| Unaudited (dollars in thousands, except per share data) | |||||||
| CAPITAL RATIOS | 9/30/2015 | 6/30/2015 | 12/31/2014 | 9/30/2014 | |||
| Total stockholders' equity | $ 929,569 | $ 908,588 | $ 882,773 | $ 864,648 | |||
| Common Equity Tier 1 ratio | 12.34% | 12.58% | 12.96% | 13.02% | |||
| Tier 1 risk-based capital ratio | 12.96% | 13.22% | 13.64% | 13.72% | |||
| Total risk-based capital ratio | 14.05% | 14.34% | 14.80% | 14.93% | |||
| Tier 1 leverage ratio | 11.76% | 11.80% | 11.62% | 11.80% | |||
| Total risk weighted assets | $ 6,639,958 | $ 6,380,538 | $ 5,956,129 | $ 5,807,854 | |||
| Book value per common share | $ 11.68 | $ 11.42 | $ 11.10 | $ 10.87 | |||
| Tangible common equity to tangible assets 2 | 10.99% | 11.07% | 11.00% | 11.07% | |||
| Tangible common equity per share 2 | $ 10.32 | $ 10.05 | $ 9.72 | $ 9.49 | |||
| 2 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and core deposit intangible assets, net divided by total assets less goodwill and core deposit 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. | |||||||
| Reconciliation of GAAP financial measures to non-GAAP financial measures: | |||||||
| 9/30/2015 | 6/30/2015 | 12/31/2014 | 9/30/2014 | ||||
| Total stockholders' equity | $ 929,569 | $ 908,588 | $ 882,773 | $ 864,648 | |||
| Less: Common stock warrant | — | — | (378) | (378) | |||
| Goodwill and core deposit intangible assets, net | (108,487) | (108,755) | (109,288) | (109,612) | |||
| Tangible common equity | $ 821,082 | $ 799,833 | $ 773,107 | $ 754,658 | |||
| Total assets | $ 7,583,002 | $ 7,333,319 | $ 7,140,330 | $ 6,927,806 | |||
| Less: Goodwill and core deposit intangible assets, net | (108,487) | (108,754) | (109,288) | (109,612) | |||
| Tangible assets | $ 7,474,515 | $ 7,224,564 | $ 7,031,042 | $ 6,818,194 | |||
| Common shares outstanding | 79,553,460 | 79,550,403 | 79,503,552 | 79,497,331 | |||
| Tangible common equity to tangible assets | 10.99% | 11.07% | 11.00% | 11.07% | |||
| Tangible common equity per share | $ 10.32 | $ 10.05 | $ 9.72 | $ 9.49 | |||
| Three Months Ended | Six Months Ended | ||||||
| ALLOWANCE FOR LOAN LOSSES: | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 9/30/2015 | 9/30/2014 |
| Balance at beginning of period | $ 70,118 | $ 69,594 | $ 67,758 | $ 68,232 | $ 66,870 | $ 67,758 | $ 67,320 |
| Provision for loan losses | 600 | 1,000 | 1,500 | 2,360 | 4,256 | 3,100 | 10,278 |
| Recoveries | 2,171 | 975 | 1,461 | 3,225 | 772 | 4,607 | 2,334 |
| Charge offs | (1,779) | (1,451) | (1,125) | (6,059) | (3,666) | (4,355) | (11,700) |
| Balance at end of period | $ 71,110 | $ 70,118 | $ 69,594 | $ 67,758 | $ 68,232 | $ 71,110 | $ 68,232 |
| Net charge offs/average gross loans (annualized) | (0.03)% | 0.03% | (0.02)% | 0.21% | 0.21% | (0.01)% | 0.24% |
| Three Months Ended | Six Months Ended | ||||||
| NET CHARGED OFF LOANS BY TYPE | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 | 9/30/2015 | 9/30/2014 |
| Real estate loans | $ (505) | $ 13 | $ (460) | $ (265) | $ 1,100 | $ (952) | $ 2,019 |
| Commercial loans | (25) | 560 | 111 | 3,104 | 1,803 | 646 | 7,472 |
| Consumer loans | 138 | (97) | 13 | (5) | (9) | 54 | (125) |
| Charge offs excluding Acquired Credit Impaired Loans | (392) | 476 | (336) | 2,834 | 2,894 | (252) | 9,366 |
| Charge offs on Acquired Credit Impaired Loans | — | — | — | — | — | — | — |
| Total net charge offs | $ (392) | $ 476 | $ (336) | $ 2,834 | $ 2,894 | $ (252) | $ 9,366 |
| BBCN Bancorp, Inc. | |||||
| Selected Financial Data | |||||
| Unaudited (dollars in thousands, except per share data) | |||||
| NONPERFORMING ASSETS | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Delinquent loans on nonaccrual status 3 | $ 32,446 | $ 39,681 | $ 38,755 | $ 46,352 | $ 39,564 |
| Delinquent loans 90 days or more on accrual status 4 | — | 333 | — | 361 | — |
| Accruing restructured loans | 54,274 | 57,393 | 57,905 | 57,128 | 56,061 |
| Total nonperforming loans | 86,720 | 97,407 | 96,660 | 103,841 | 95,625 |
| Other real estate owned | 21,350 | 20,187 | 19,606 | 21,938 | 23,162 |
| Total nonperforming assets | $ 108,070 | $ 117,594 | $ 116,266 | $ 125,779 | $ 118,787 |
| Nonperforming assets/total assets | 1.43% | 1.60% | 1.6% | 1.76% | 1.71% |
| Nonperforming assets/loans receivable & OREO | 1.80% | 2.01% | 2.03% | 2.25% | 2.18% |
| Nonperforming assets/total capital | 11.63% | 12.94% | 12.93% | 14.25% | 13.74% |
| Nonperforming loans/loans receivable | 1.45% | 1.67% | 1.69% | 1.87% | 1.76% |
| Nonaccrual loans/loans receivable | 0.54% | 0.68% | 0.68% | 0.83% | 0.73% |
| Allowance for loan losses/loans receivable | 1.19% | 1.21% | 1.22% | 1.22% | 1.26% |
| Allowance for loan losses/nonaccrual loans | 219.16% | 176.70% | 179.57% | 146.18% | 172.46% |
| Allowance for loan losses/nonperforming loans | 82.00% | 71.98% | 72% | 65.25% | 71.35% |
| Allowance for loan losses/nonperforming assets | 65.8% | 59.63% | 59.86% | 53.87% | 57.44% |
| 3 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $19.9 million, $22.6 million, $26.1 million, $28.9 million, and $28.1 million at September, 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. | |||||
| 4 Excludes Acquired Credit Impaired Loans totaling $18.5 million, $23.0 million, $24.1 million, $30.4 million, and $32.7 million, at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. | |||||
| BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Retail buildings | $ 5,631 | $ 5,705 | $ 5,956 | $ 6,050 | $ 5,979 |
| Hotels/motels | 7,632 | 8,012 | 8,095 | 8,172 | 8,246 |
| Gas stations/car washes | — | — | — | — | — |
| Mixed-use facilities | 775 | 844 | 784 | 789 | 792 |
| Warehouses | 5,698 | 5,759 | 6,180 | 5,880 | 5,939 |
| Multifamily | — | — | — | — | — |
| Other 5 | 34,538 | 37,073 | 36,890 | 36,237 | 35,105 |
| Total | $ 54,274 | $ 57,393 | $ 57,905 | $ 57,128 | $ 56,061 |
| 5 Includes commercial business and other loans | |||||
| DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Legacy | |||||
| 30 - 59 days | $ 4,381 | $ 3,457 | $ 4,901 | $ 2,084 | $ 3,936 |
| 60 - 89 days | 2,874 | 1,546 | 1,565 | 1,812 | 1,284 |
| Total delinquent loans less than 90 days past due - legacy | $ 7,255 | $ 5,003 | $ 6,466 | $ 3,896 | $ 5,220 |
| Acquired | |||||
| 30 - 59 days | $ 2,382 | $ 1,553 | $ 1,294 | $ 1,806 | $ 6,911 |
| 60 - 89 days | 148 | 629 | 66 | 436 | 283 |
| Total delinquent loans less than 90 days past due - acquired | $ 2,530 | $ 2,182 | $ 1,360 | $ 2,242 | $ 7,194 |
| Total delinquent loans less than 90 days past due | $ 9,785 | $ 7,185 | $ 7,826 | $ 6,138 | $ 12,414 |
| BBCN Bancorp, Inc. | |||||
| Selected Financial Data | |||||
| Unaudited (dollars in thousands, except per share data) | |||||
| DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Legacy | |||||
| Real estate loans | $ 2,468 | $ 2,240 | $ 2,127 | $ 2,475 | $ 2,768 |
| Commercial loans | 4,737 | 2,734 | 4,082 | 1,385 | 2,221 |
| Consumer loans | 50 | 29 | 257 | 36 | 231 |
| Total delinquent loans less than 90 days past due - legacy | $ 7,255 | $ 5,003 | $ 6,466 | $ 3,896 | $ 5,220 |
| Acquired | |||||
| Real estate loans | $ 2,335 | $ 1,843 | $ 1,145 | $ 1,747 | $ 6,297 |
| Commercial loans | 164 | 333 | 199 | 382 | 884 |
| Consumer loans | 31 | 6 | 16 | 113 | 13 |
| Total delinquent loans less than 90 days past due - acquired | $ 2,530 | $ 2,182 | $ 1,360 | $ 2,242 | $ 7,194 |
| Total delinquent loans less than 90 days past due | $ 9,785 | $ 7,185 | $ 7,826 | $ 6,138 | $ 12,414 |
| NONACCRUAL LOANS BY TYPE | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Real estate loans | $ 23,361 | $ 25,922 | $ 25,126 | $ 30,988 | $ 29,001 |
| Commercial loans | 7,996 | 12,031 | 12,591 | 14,302 | 9,486 |
| Consumer loans | 1,089 | 1,728 | 1,038 | 1,062 | 1,077 |
| Total non-accrual loans | $ 32,446 | $ 39,681 | $ 38,755 | $ 46,352 | $ 39,564 |
| CRITICIZED LOANS | 9/30/2015 | 6/30/2015 | 3/31/2015 | 12/31/2014 | 9/30/2014 |
| Legacy | |||||
| Special mention | $ 116,267 | $ 102,725 | $ 90,041 | $ 96,092 | $ 88,314 |
| Substandard | 97,225 | 103,074 | 111,162 | 114,369 | 113,865 |
| Doubtful | 184 | 220 | 228 | 39 | 470 |
| Loss | — | — | — | — | — |
| Total criticized loans - legacy | $ 213,676 | $ 206,019 | $ 201,431 | $ 210,500 | $ 202,649 |
| Acquired | |||||
| Special mention | $ 25,388 | $ 27,070 | $ 22,257 | $ 26,243 | $ 25,081 |
| Substandard | 79,774 | 90,262 | 96,655 | 107,506 | 114,347 |
| Doubtful | 1,537 | 1,833 | 1,947 | 2,148 | 3,086 |
| Loss | — | — | — | — | — |
| Total criticized loans - acquired | $ 106,699 | $ 119,165 | $ 120,859 | $ 135,897 | $ 142,514 |
| Total criticized loans | $ 320,375 | $ 325,184 | $ 322,290 | $ 346,397 | $ 345,163 |