BBCN Bancorp Reports 2014 First Quarter Financial Results

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 At or for the Three Months Ended
data)
                                       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    $64,966    $66,876    $59,716
for loan losses
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,
2013and 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  $3,202  $4,873     $4,076
loans
Accretion of discount on acquired credit      2,645     2,480        1,522
impaired loans
Amortization of premium on acquired FHLB      92        94           91
borrowings
Accretion of discount on acquired             (91)      (107)        (43)
subordinated debt
Amortization of premium on acquired time      314       369          438
deposits
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       3.82%     3.87%      (0.05)% 3.97%     (0.15)%
accounting adjustments
Acquisition accounting          0.47      0.58       (0.11)  0.52      (0.05)
adjustments
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  4.83%     4.90%      (0.07)% 5.15%     (0.32)%
acquisition accounting
adjustments
Acquisition accounting          0.54      0.69       (0.15)  0.60      0.06
adjustments
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    4.90%     4.99%      (0.09)% 5.47%     (0.57)%
rate
Variable rate loans                                                
As a percentage of total loans  51%       52%        (2)%    60%       (15)%
Weighted average contractual    4.33%     4.37%      (0.04)% 4.49%     (0.16)%
rate

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 0.55%     0.52%      0.03%  0.53%     0.02%
acquisition accounting
adjustments
Acquisition accounting            (0.03)    (0.02)     (0.01) (0.04)    0.01
adjustments
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   $403,111   $316,705   27%       $280,813   44%
banks
Securities
available for sale, 725,229     705,751     3%        717,441     1%
at fair value
Federal Home Loan
Bank and Federal    27,902      27,941      0%        24,308      15%
Reserve Bank stock
Loans held for
sale, at the lower  38,157      44,115      -14%      48,941      -22%
of cost or fair
value
Loans receivable    5,190,794   5,074,176   2%        4,500,046   15%
Allowance for loan  (65,699)    (67,320)    -2%       (73,268)    -10%
losses
Net loans          5,125,095   5,006,856   2%        4,426,778   16%
receivable
Accrued interest    13,410      13,403      0%        13,271      1%
receivable
Premises and        31,290      30,894      1%        22,960      36%
equipment, net
Bank owned life     45,062      44,770      1%        44,079      2%
insurance
Goodwill            105,401     105,401     0%        93,404      13%
Other intangible    4,859       5,184       -6%       3,401       43%
assets, net
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   421,260     421,352     0%        421,632     0%
Bank
Subordinated        42,037      57,410      -27%      45,996      -9%
debentures
Accrued interest    5,740       4,821       19%       4,325       33%
payable
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          79          79          0%        79          0%
outstanding,
79,488,899,
79,441,525 and
78,812,140 at March
31, 2014, December
31, 2013 and March
31, 2013,
respectively
Capital surplus     540,979     540,876     0%        535,091     1%
Retained earnings   294,842     278,604     6%        230,149     28%
Accumulated other
comprehensive       (3,741)     (10,185)    -63%      6,956       -154%
income, net
Total
stockholders'       832,159     809,374     3%        772,275     8%
equity
                                                                
Total liabilities
and stockholders'   $6,667,551 $6,475,199 3%        $5,833,597 14%
equity
                                                                
                                                                
                   Three Months Ended
                   3/31/2014    12/31/2013   % change  3/31/2013    % change
                                                                
Interest income:                                                 
Interest and fees  $68,694    $70,435    -2%       $63,029    9%
on loans
Interest on        4,095       3,971       3%        3,427       19%
securities
Interest on
federal funds       565         510         11%       287         97%
soldand other
investments
Total interest     73,354      74,916      -2%       66,743      10%
income
                                                                
Interest expense:                                                
Interest on        6,690       6,307       6%        5,408       24%
deposits
Interest on other  1,698       1,733       -2%       1,619       5%
borrowings
Total interest     8,388       8,040       4%        7,027       19%
expense
                                                                
Net interest income
before provision    64,966      66,876      -3%       59,716      9%
for loan losses
Provision for loan  3,026       10,950      -72%      7,506       -60%
losses
Net interest income
after provision for 61,940      55,926      11%       52,210      19%
loan losses
                                                                
Noninterest income:                                              
Service fees on    3,472       3,720       -7%       2,875       21%
deposit accounts
Net gains on sales 2,722       2,699       1%        2,694       1%
of SBA loans
Net gains on sales --         --         0%        43          -100%
of other loans
Net gains on sales
of securities       --         --         0%        54          -100%
available-for-sale
Net valuation
gains on interest   --         --         0%        --         0%
swaps and caps
Net gains (loss)   406         (45)        -1002%    2           20200%
on sales of OREO
Other income and   4,495       4,982       -10%      4,272       5%
fees
Total noninterest  11,095      11,356      -2%       9,940       12%
income
                                                                
Noninterest                                                      
expense:
Salaries and       18,938      17,719      7%        16,332      16%
employee benefits
Occupancy          4,623       4,470       3%        4,011       15%
Furniture and      2,014       1,895       6%        1,573       28%
equipment
Advertising and    1,088       1,328       -18%      1,273       -15%
marketing
Data processing    2,122       2,107       1%        1,644       29%
and communications
Professional fees  1,313       1,010       30%       1,301       1%
FDIC assessment    1,023       939         9%        694         47%
Merger and
integration         173         2,540       -93%      1,305       -87%
expenses
Other              4,981       6,156       -19%      5,142       -3%
Total noninterest  36,275      38,164      -5%       33,275      9%
expense
Income before       36,760      29,118      26%       28,875      27%
income taxes
Income tax          14,564      11,047      32%       11,414      28%
provision
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    14,564      11,047      15,117   14,821      11,414
tax
Add back: Provision 3,026       10,950      744      800         7,506
for loan losses
Pre-tax,
pre-provision       $39,786    $40,068    $39,413 $38,292    $36,381
income (PTPP) ^1
PTPP to average     2.44%        2.51%        2.56%     2.60%        2.54%
assets (annualized)
                                                                

^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 earningsadjusted
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      12.52%         10.51%          10.42%
equity ^2
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 believeprovides 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    $5,183,801 $68,694 5.37%      $4,999,586 $70,435 5.59%      $4,444,313 $63,029 5.75%
held for sale
Securities
available for     698,931     4,095    2.34%      702,886     3,971    2.26%      691,984     3,427    1.98%
sale
FRB and FHLB
stock and other   259,107     565      0.87%      258,270     510      0.77%      257,526     287      0.45%
investments
Federal funds    --         --      NA         --         --      NA         --         --      NA
sold
Total interest    $6,141,839 $73,354 4.84%      $5,960,742 $74,916 4.99%      $5,393,823 $66,743 5.01%
earning assets
                                                                                                    
INTEREST BEARING                                                                                     
LIABILITIES:
Deposits:                                                                                           
Demand,          $1,392,300 $2,277  0.66%      $1,327,322 $2,082  0.62%      $1,265,967 $1,873  0.60%
interest-bearing
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       2,225,148   3,813    0.69%      2,130,488   3,568    0.66%      1,857,124   2,781    0.61%
deposits
Total interest   3,834,874   6,690    0.71%      3,684,448   6,307    0.68%      3,309,280   5,408    0.66%
bearing deposits
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           4,308,592   $8,388  0.79%      4,161,220   $8,040  0.77%      3,774,488   $7,027  0.75%
liabilities
Noninterest
bearing demand    1,353,719                      1,379,230                      1,138,690            
deposits
Total funding
liabilities/cost  $5,662,311          0.60%      $5,540,450          0.58%      $4,913,178          0.58%
of funds
Net interest
income/net                    $64,966 4.05%                  $66,876 4.22%                  $59,716 4.26%
interest spread
Net interest                           4.29%                           4.45%                           4.49%
margin
Net interest
margin, excluding                                                                                    
effect of
nonaccrual loan                       4.30%                           4.47%                           4.47%
income (expense)
Net interest
margin, excluding                                                                                    
effect of
nonaccrual loan
income (expense)                       4.26%                           4.44%                           4.46%
and prepayment
fee income
                                                                                                    
Nonaccrual loan
income (reversed)             $(197)                        $(280)                        $236    
recognized
Prepayment fee                309                            537                            63       
income received
Net                          $112                          $257                          $299    
                                                                                                    
Cost of deposits:                                                                                    
Noninterest
bearing demand    $1,353,719 $--              $1,379,230 $--              $1,138,690 $--    
deposits
Interest bearing 3,834,874   6,690    0.71%      3,684,448   6,307    0.68%      3,309,280   5,409    0.66%
deposits
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 $5,183,801 $4,999,586 4%         $4,444,313 17%
for sale
Investments         958,038     961,156     0%         949,510     1%
Interest earning    6,141,839   5,960,742   3%         5,393,830   14%
assets
Total assets        6,525,548   6,393,648   2%         5,727,738   14%
                                                                 
Interest bearing    3,834,874   3,684,448   4%         3,309,280   16%
deposits
Interest bearing    4,308,592   4,161,220   4%         3,774,488   14%
liabilities
Noninterest bearing 1,353,719   1,379,230   -2%        1,138,690   19%
demand deposits
Stockholders'       819,344     810,563     1%         765,230     7%
equity
Net interest        1,833,247   1,799,522   2%         1,619,342   13%
earning assets
                                                                 
                   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  98,895      98,507      0%         48,881      102%
loans
Loans outstanding  5,192,558   5,076,344   2%         4,501,866   15%
Unamortized
deferred loan fees  (1,763)     (2,168)     -19%       (1,820)     -3%
- net of costs
Loans, net of
deferred loan fees  5,190,795   5,074,176   2%         4,500,046   15%
and costs
Allowance for loan  (65,699)    (67,320)    -2%        (73,268)    -10%
losses
Loan receivable,   $5,125,096 $5,006,856 2%         $4,426,778 16%
net
                                                                 
REAL ESTATE LOANS   3/31/2014    12/31/2013   % change   3/31/2013    % change
BY PROPERTY TYPE:
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    534,078     522,198     2%         483,151     11%
washes
Mixed-use           331,571     312,156     6%         303,286     9%
facilities
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      $1,442,348 $1,399,454 3%         $1,182,509 22%
deposits
Money market and   1,391,541   1,376,068   1%         1,269,388   10%
other
Saving deposits    210,973     222,446     -5%        192,208     10%
Time deposits of   1,589,751   1,499,248   6%         1,237,366   28%
$100,000 or more
Other time         699,947     650,841     8%         674,203     4%
deposits
Total deposit      $5,334,560 $5,148,057 4%         $4,555,674 17%
balances
                                                                 
DEPOSIT COMPOSITION 3/31/2014    12/31/2013   3/31/2013              
(%)
Noninterest
bearing demand      27.1%        27.2%        26.0%                  
deposits
Money market and   26.1%        26.7%        27.9%                  
other
Saving deposits    4.0%         4.3%         4.2%                   
Time deposits of   29.8%        29.1%        27.2%                  
$100,000 or more
Other time         13.1%        12.6%        14.8%                  
deposits
Total deposit      100.0%       100.0%       100.0%                 
balances
                                                                 
                                                                 
CAPITAL RATIOS      3/31/2014    12/31/2013   3/31/2013              
Total
stockholders'       $832,159   $809,374   $772,275             
equity
Tier 1 risk-based  13.46%       13.66%       14.63%                 
capital ratio
Total risk-based   14.70%       14.90%       15.88%                 
capital ratio
Tier 1 leverage    11.79%       11.97%       12.64%                 
ratio
Book value per     $10.46     $10.18     $9.79                
common share
Tangible common    $9.08      $8.79      $8.57                
equity per share^3
Tangible common
equity to tangible  11.00%       10.97%       11.77%                 
assets^3


^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 goodwilland 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 marketparticipant 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'  $832,159   $809,374   $772,275            
equity
Less: Common stock   (378)       (378)       (378)                
warrant
Goodwill and other
intangible assets,   (110,260)   (110,585)   (96,805)             
net
Tangible common      $721,521   $698,411   $675,092            
equity
                                                                 
Total assets         $6,667,551 $6,475,199 $5,833,597          
Less: Goodwill and
other intangible     (110,260)   (110,585)   (96,805)             
assets, net
Tangible assets      $6,557,291 $6,364,614 $5,736,792          
                                                                 
Common shares        79,488,899  79,441,525  78,812,140           
outstanding
                                                                 
Tangible common
equity to tangible   11.00%       10.97%       11.77%                
assets
Tangible common     $9.08      $8.79      $8.57               
equity per share
                                                                 
                                                                 
                    Three Months Ended
ALLOWANCE FOR LOAN   3/31/2014    12/31/2013   9/30/2013    6/30/2013 3/31/2013
LOSSES:
Balance at beginning $67,320    $65,715    $71,675    $73,268 $66,941
of period
Provision for loan   3,026       10,950      744         800      7,506
losses
Recoveries           616         605         1,086       507      250
Charge offs         (5,263)     (9,950)     (7,790)     (2,900)  (1,429)
Balance at end of    $65,699    $67,320    $65,715    $71,675 $73,268
period
Net charge
offs/average gross   0.36%        0.75%        0.56%        0.21%     0.11%
loans (annualized)
                                                                 
                    Three Months Ended
NET CHARGED OFF      3/31/2014    12/31/2013   9/30/2013    6/30/2013 3/31/2013
LOANSBY TYPE
                                                                 
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   4,647       9,345       6,204       2,393    1,179
Credit Impaired
Loans
Charge offs on
Acquired Credit      --         --         500         --      --
Impaired Loans
Total net charge    $4,647     $9,345     $6,704     $2,393  $1,179
offs
                                                                 
                                                                 
                                                                 
NONPERFORMING ASSETS 3/31/2014    12/31/2013   9/30/2013    6/30/2013 3/31/2013
Delinquent loans 90
days or more on      $47,314    $39,154    $36,129    $44,987 $42,269
nonaccrual status^4
Delinquent loans 90
days or more on      --         5           948         252      --
accrual status^5
Accruing             37,527      33,903      36,018      36,225   32,249
restructured loans
Total nonperforming  84,841      73,062      73,095      81,464   74,518
loans
Other real estate    20,001      24,288      27,582      9,596    8,419
owned
Total nonperforming  $104,842   $97,350    $100,677   $91,060 $82,937
assets
Nonperforming        1.57%        1.50%        1.59%        1.55%     1.42%
assets/total assets
Nonperforming
assets/loans         2.01%        1.91%        2.04%        2.01%     1.84%
receivable & OREO
Nonperforming        12.60%       12.03%       12.57%       11.66%    10.74%
assets/total capital
Nonperforming
loans/loans          1.63%        1.44%        1.49%        1.80%     1.66%
receivable
Nonaccrual
loans/loans          0.91%        0.77%        0.74%        1.00%     0.94%
receivable
Allowance for loan
losses/loans         1.27%        1.33%        1.34%        1.59%     1.63%
receivable
Allowance for loan
losses/nonaccrual    138.86%      171.94%      181.89%      159.32%   173.34%
loans
Allowance for loan
losses/nonperforming
loans (excludes      77.44%       92.14%       89.90%       87.98%    98.32%
delinquent loans 90
days or more on
accrual status)
Allowance for loan
losses/nonperforming 62.66%       69.15%       65.27%       78.71%    88.34%
assets


^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, 2013and March 31, 2013,
respectively.


BREAKDOWN OF ACCRUING
RESTRUCTURED LOANS BY   3/31/2014  12/31/2013 9/30/2013  6/30/2013  3/31/2013
TYPE:
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
Other^6                 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   3/31/2014  12/31/2013 9/30/2013  6/30/2013  3/31/2013
THAN 90 DAYS PAST DUE
                                                               
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  $2,145   $2,475   $2,437   $2,141   $3,585
due - legacy
                                                               
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  $4,919   $7,619   $5,676   $3,889   $11,136
due - acquired
                                                               
Total delinquent loans
less than 90 days past  $7,064   $10,094  $32,107  $16,305  $29,985
due
                                                               
DELINQUENT LOANS LESS
THAN 90 DAYS PAST DUE   3/31/2014  12/31/2013 9/30/2013  6/30/2013  3/31/2013
BY TYPE
                                                               
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  $2,145   $2,475   $2,437   $2,141   $3,585
due - legacy
                                                               
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  $4,919   $7,619   $5,676   $3,889   $11,136
due - acquired
                                                               
Total delinquent loans
less than 90 days past  $7,064   $10,094  $32,107  $16,305  $29,985
due
                                                               
                                                               
NONACCRUAL LOANSBY     3/31/2014  12/31/2013 9/30/2013  6/30/2013  3/31/2013
TYPE
                                                               
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      $47,314  $39,154  $36,129  $44,987  $42,269
loans
                                                               
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 $167,020 $167,002 $162,363 $164,618 $154,461
- legacy
                                                               
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 $179,876 $188,848 $196,011 $164,847 $187,296
- acquired
                                                               
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

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