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Press release from GlobeNewswire (a Nasdaq OMX company)

BBCN Bancorp Reports Solid 2013 Third Quarter Financial Results

Monday, October 21, 2013

BBCN Bancorp Reports Solid 2013 Third Quarter Financial Results

18:03 EDT Monday, October 21, 2013

Q3 2013 Summary:

  • Net income totals $23.6 million, or $0.30 per diluted common share
  • Completed the acquisition of Chicago-based Foster Bankshares on August 13, 2013
  • Gross loans increase to $4.90 billion, reflecting a 14% increase year-to-date
  • New loan production for the quarter amounts to $388 million
  • Total deposits increase to $5.02 billion, reflecting a 15% increase year-to-date
  • Total assets increase to $6.34 billion, reflecting a 12% increase year-to-date

LOS ANGELES, Oct. 21, 2013 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported solid financial results for the third quarter of 2013, with net income totaling $23.6 million, or $0.30 per diluted common share. This reflects increases of 4% and 28%, respectively, over the net income in the preceding 2013 second quarter and 2012 third quarter.

"We are very pleased with the consistency of the progress we are making with our corporate objectives," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "The Foster Bankshares transaction marked BBCN's second strategic acquisition, strengthening our presence in existing markets. The addition of eight branches in Illinois, along with an entry point to the Washington, D.C. market, positions BBCN as the dominant Korean-American bank in all five of our core geographic markets.

"In terms of financial performance, BBCN's 2013 third quarter reflects positive trends in most areas of our operations. The Company's total assets grew 8% linked quarter, largely due to the combination of Foster. This growth was further supplemented by new loan originations of $388 million for the three-month period ended September 30, 2013. Our core net interest margin held steady during the quarter and contributed to strong profitability levels. Pre-tax pre-provision earnings amounted to 2.56% of average assets on an annualized basis, and the return on average equity was 12.70%. All together with meaningful improvements in our asset quality on a core basis, we believe the earnings power of BBCN grows stronger each quarter, ultimately enhancing our ability to provide greater returns for all of our stakeholders," said Kim.

Financial Highlights

(Dollars in thousands, except per share data) Three Months Ended
  9/30/2013 6/30/2013 9/30/2012
Net income  $ 23,552  $ 22,671  $ 18,398
Diluted earnings per share  $ 0.30  $ 0.29  $ 0.24
Net interest income before provision for loan losses  $ 64,360  $ 62,103  $ 58,231
Net interest margin 4.42% 4.49% 4.79%
Noninterest income  $ 10,799  $ 10,618  $ 7,664
Noninterest expense  $ 35,746  $ 34,429  $ 28,770
Net loans receivable  $4,833,224  $4,446,447  $4,003,542
Deposits  $5,021,102  $4,576,799  $4,052,524
Nonaccrual loans (1)  $ 36,129  $ 44,987  $ 31,100
ALLL to gross loans 1.34% 1.59% 1.62%
ALLL to nonaccrual loans (1) 181.89% 159.32%  212.06%
ALLL to nonperforming assets (1) 47.18%  65.40% 84.41%
Provision for loan losses  $ 744  $ 800  $ 6,900
Net charge offs  $ 6,704  $ 2,393  $ 6,453
ROA (2) 1.53% 1.54% 1.42%
ROE (2)  12.70% 11.58% 10.11%
Efficiency ratio 47.56% 47.34% 43.66%

(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $25.2 million, $21.0 million and $17.3 million at the close of the 2013 third quarter, 2013 second quarter and 2012 third quarter, respectively.

(2) Based on net income before effects of dividends and discount accretion on preferred stock.

Operating Results for the Third Quarter of 2013

The comparability of BBCN's operating results with past performance is impacted by acquisition accounting adjustments related to the acquisitions of Center Financial Corporation on November 30, 2011, Pacific International Bancorp on February 15, 2013 and Foster Bankshares on August 13, 2013. The Company believes the following supplemental information will be helpful in understanding past financial performance. Operating results for the three months ended September 30, 2013, June 30, 2013 and September 30, 2012 include the following pre-tax acquisition accounting adjustments related to mergers. 

The increase (decrease) of major adjustments to pre-tax income is summarized below. The impact which these adjustments have to certain yields and costs are described in subsequent sections of this release.

  Three Months Ended
  September 30, June 30, September 30,
  2013 2013 2012
Accretion of discount on acquired performing loans 4,074 6,637 4,890
Accretion of discount on acquired credit impaired loans 2,806 1,032 1,215
Amortization of premium on acquired FHLB borrowings 94 92 307
Accretion of discount on acquired subordinated debt (81) (48) (37)
Amortization of premium on acquired time deposits 308 247 650
Increase to pre-tax income  $ 7,201  $ 7,960  $ 7,025

In addition to the items listed above, acquisition accounting adjustments had the effect of reducing the yield on acquired securities portfolios. 

Net Interest Income and Net Interest Margin. The following table summarizes the reported net interest income before provision for loan losses.

  Three Months Ended
  9/30/2013 6/30/2013 %
change
9/30/2012 %
change
Net interest income before provision for loan losses $64,360 $62,103 4% $58,231 11%

Third quarter 2013 net interest income before provision for loan losses increased 4% over the preceding second quarter and rose 11% over the prior-year third quarter. The Company attributed the increases in net interest income to higher levels of interest income on loans as a result of organic and strategic loan growth. 

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
  9/30/2013 6/30/2013 change 9/30/2012 change
Net interest margin, excluding the effect of acquisition accounting adjustments 3.86% 3.86% —% 4.14% (0.28)%
Acquisition accounting adjustments 0.56 0.63 (0.07) 0.65 (0.09)
Reported net interest margin 4.42% 4.49% (0.07)% 4.79% (0.37)%

The net interest margin for the 2013 third quarter equaled 4.42%, down 7 basis points from the preceding second quarter. On a core basis, excluding the effect of acquisition accounting adjustments, the net interest margin for the 2013 third quarter was stable compared with the preceding second quarter. Compared with the prior-year period, net interest margin for the 2013 third quarter declined 37 basis points. Excluding the effect of acquisition accounting adjustments, the core net interest margin for the third quarter of 2013 declined 28 basis points from the year-ago period. The declines largely reflect 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
  9/30/2013 6/30/2013 change 9/30/2012 change
The weighted average yield on loans, excluding the effect of acquisition accounting adjustments 4.96% 5.02% (0.06)% 5.39% (0.43)%
Acquisition accounting adjustments 0.67 0.76 (0.09) 0.72 (0.05)
Reported weighted average yield on loans 5.63% 5.78% (0.15)% 6.11% (0.48)%

The weighted average yield on loans for the 2013 third quarter decreased 15 basis points from the preceding second quarter, but decreased only 6 basis points on a core basis, excluding acquisition accounting adjustments. The weighted average yield on new loans originated during the 2013 second quarter was 4.44%, compared with 4.71% for the preceding second quarter.

Compared with the prior-year period, the weighted average yield on loans for the 2013 third quarter decreased 48 basis points and 43 basis points on a core basis, excluding acquisition accounting adjustments. The reductions reflect reductions in the market rates versus the year-ago period.

The composition of fixed and variable rate loans and the associated weighted average yield, excluding the effect of loan discount accretion, is summarized in the following table:

  9/30/2013 6/30/2013 change 9/30/2012 change
Fixed rate loans          
As a percentage of total loans 45% 40% 5% 38% 7.00%
Weighted average yield 5.16% 5.31% (0.15)% 5.97% (0.81)%
Variable rate loans          
As a percentage of total loans 55% 60% (5)% 62% (7.00)%
Weighted average yield 4.43% 4.50% (0.07)% 4.57% (0.14)%

The sequential decrease in the weighted average yield for fixed rate loans for the 2013 third quarter reflects the highly competitive rate environment for fixed rate commercial real estate loans in the current interest rate environment. 

The weighted average yield on securities available for sale is summarized in the following table:  

  Three Months Ended
  9/30/2013 6/30/2013 change 9/30/2012 change
Weighted average yield on securities available for sale 2.13% 2.00% 0.13% 2.23% (0.10)%

The weighted average yield on securities available for sale for the 2013 third quarter increased 13 basis points from the preceding second quarter, but declined 10 basis points from the year-ago third quarter. 

The weighted average duration and average life of the securities available-for-sale are summarized in the following table: 

  Three Months Ended
  9/30/2013 6/30/2013 %
change
9/30/2012 %
change
Weighted average duration of securities available for sale in years 4.81 4.54 5.95% 3.23 48.92%
Weighted average life of securities available for sale in years 5.50 5.11 7.63% 3.47 58.50%

The weighted average cost of deposits and the impact of acquisition accounting adjustments are summarized in the following table: 

 

  Three Months Ended
  9/30/2013 6/30/2013 change 9/30/2012 change
The weighted average cost of deposits, excluding the effect of acquisition accounting adjustments 0.51% 0.51% —% 0.59% (0.08)%
Acquisition accounting adjustments (0.02) (0.02) (0.07) 0.05
Reported weighted average cost of deposits 0.49% 0.49% —% 0.52% (0.03)%

The weighted average cost of deposits for the 2013 third quarter was stable with the preceding second quarter, both on a reported and on a core basis, excluding the amortization of premium on time deposits assumed in mergers.

Compared with the prior-year period, the weighted average cost of deposits for the 2013 third quarter improved 3 basis points, and improved 8 basis points on a core basis, excluding the effect of premium amortization on time deposits assumed in mergers. 

The weighted average cost of FHLB advances and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  9/30/2013 6/30/2013 change 9/30/2012 change
The weighted average cost of FHLB advances, excluding the effect of acquisition accounting adjustments 1.27% 1.25% 0.02% 1.87% (0.60)%
Acquisition accounting adjustments (0.09) (0.09) (0.31) 0.22
Reported weighted average cost of FHLB advances 1.18% 1.16% 0.02% 1.56% (0.38)%

For the third quarter of 2013, the weighted average cost of FHLB advances increased 2 basis points over the preceding second quarter, both on a reported and on a core basis, excluding the effect of acquisition accounting adjustments. During the 2013 third quarter, the Company added $15.0 million in new FHLB borrowings at a weighted average rate of 1.76%, and the weighted average maturity of these new borrowings was 5.00 years. These new borrowings replaced $15.0 million of FHLB borrowings with a weighted average rate of 3.89%, which matured during the third quarter 2013.

Compared with the prior-year period, the weighted average cost of FHLB advances decreased 38 basis points, and declined 60 basis points on a core basis, excluding the effect of acquisition accounting adjustments. The decreases reflect the addition of $255.0 million in new FHLB borrowings of a weighted average rate of 0.70%, which rate is substantially lower than the weighted average rate of the remaining borrowings. The weighted average original maturity of the new borrowings was 2.27 years. In addition, a total of $294.0 million of FHLB borrowings, with a weighted average rate of 1.12%, matured over the past twelve months.

Noninterest Income.  Total noninterest income for the 2013 third quarter amounted to $10.8 million, reflecting a 2% increase over the preceding second quarter and a 41% increase over the prior-year third quarter.  

The various noninterest income items are summarized in the following table: 

(In thousands) Three Months Ended
  9/30/2013 6/30/2013 %
change
9/30/2012 %
change
Service fees on deposit accounts $3,321 $2,922 14% $3,121 6%
Net gains on sales of SBA loans 2,827 3,295 (14)% n/a
Net gains on sale of other loans 19 (100)% n/a
Net gain on sales of securities available for sale —% 133 (100)%
Net valuation gains on interest swaps and caps —% 11 (100)%
Net gains (losses) on sales of OREO (48) (11) 336% (12) 300%
Other income and fees 4,699 4,393 7% 4,411 7%
Total noninterest income $10,799 $10,618 2% $7,664 41%

The 2% increase in noninterest income over the preceding second quarter largely reflects the completion of the Foster Bankshares transaction on August 13, 2013, offset by a decline in net gains on sale of SBA loans. The 41% increase in total noninterest income for the 2013 third quarter over the prior-year period is predominantly due to no gains on sale of SBA loans during the 2012 third quarter, as the Company did not sell any SBA loans to the secondary market. During the 2013 third quarter, $36.8 million in SBA loans was sold to the secondary market and the Company posted a net gain on sale of SBA loans of $2.8 million.

Noninterest Expense.  Total noninterest expense for the third quarter of 2013 amounted to $35.7 million, reflecting a 4% increase over the preceding second quarter and a 24% increase over the prior-year third quarter. 

The various noninterest expense items are summarized in the following table:

(In thousands) Three Months Ended
      %   %
  9/30/2013  6/30/2013  change 9/30/2012  change
Salaries and employee benefits  $ 16,535  $ 16,219 2%  $ 13,611 21%
Occupancy 4,360 4,835 (10)% 3,910 12%
Furniture and equipment 1,728 1,613 7% 1,495 16%
Advertising and marketing 1,393 1,190 17% 1,159 20%
Data processing and communications 1,983 1,861 7% 1,659 20%
Professional fees 1,440 1,443 —% 876 64%
FDIC assessment 818 858 (5)% 644 27%
Merger and integration expenses 931 385 142% 183 409%
Other 6,558 6,025 9% 5,233 25%
Total noninterest expense  $ 35,746  $ 34,429 4%  $ 28,770 24%

The Company noted that salaries and benefits expense for the 2013 third quarter includes the increase in full-time equivalent employees (FTEs) as a result of the Foster Bankshares transaction completed mid-quarter on August 13, 2013. Compared with the prior-year third quarter, the 21% increase in salaries and benefits expense for the 2013 third quarter reflects the increase of FTEs related to Foster, as well as the acquisition of Pacific International Bancorp completed February 15, 2013. The number of FTEs was 831 as of September 30, 2013, 749 as of June 30, 2013, and 684 as of September 30, 2012.  

In addition, operating results were impacted by merger and integration related expenses, which totaled $931,000, $385,000, and $183,000 for the 2013 third quarter, 2013 second quarter and 2012 third quarter, respectively. Merger and integration related expenses for the 2013 third quarter included expenses associated with the completion and integration of Foster Bankshares.

Income Tax Provision. The effective tax rate for the 2013 third quarter was 39.1%, compared with 39.5% for preceding second quarter and 39.1% for the 2012 third quarter. 

Balance Sheet Summary

Gross loans receivable totaled $4.90 billion at September 30, 2013, reflecting an 8% increase over $4.52 billion at June 30, 2013 and an increase of 20% over $4.07 billion a year earlier at September 30, 2012. 

Total new loan originations during the third quarter of 2013 amounted to $387.6 million, including SBA loan originations of $72.7 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 $45.6 million for the third quarter of 2013, compared with $32.3 million for the preceding second quarter. During the 2013 third quarter, the Company sold $36.8 million of its SBA loans held for sale.

Aggregate pay-offs and pay-downs during the 2013 third quarter amounted to $266.1 million, compared with $222.8 million for the preceding second quarter and $145.1 million for the year-ago third quarter. 

Total deposits amounted to $5.02 billion at September 30, 2013, compared with $4.58 billion at June 30, 2013 and $4.05 billion a year earlier at September 30, 2012. The increase over the preceding second quarter is predominantly attributed to higher balances in noninterest-bearing demand deposits and jumbo time deposits, largely as a result of the Foster transaction. Noninterest-bearing deposits at September 30, 2013 totaled $1.36 billion and accounted for 27% of total deposits.  

Credit Quality

The provision for loan losses for the 2013 third quarter was $744,000, compared with $800,000 for the preceding second quarter and $6.9 million for 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 ALLL for the three months ended September 30, 2013, June 30, 2013 and September 30, 2012 is as follows:

(dollars in thousands) 9/30/2013 6/30/2013 9/30/2012
Legacy Loans (1)  $ 59,773  $ 61,316  $ 61,835
Acquired Loans - Performing (2) 1,964 5,825 2,005
Acquired Loans - Credit Impaired (2) 3,978 4,534 2,112
Total ALLL  $ 65,715  $ 71,675  $ 65,952
       
Gross loans, net of deferred loan fees and costs $ 4,898,939 $ 4,518,122 $ 4,069,494
ALLL coverage ratio 1.34% 1.59% 1.62%

(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 their allowance for loan losses reflect provisions for credit deterioration since the acquisition date.

Following are the special mention, classified and total criticized loan balances as of September 30, 2013, June 30, 2013 and September 30, 2012:

(dollars in thousands) 9/30/2013 6/30/2013 9/30/2012
Special Mention (1) $ 111,631 $ 108,788 $ 95,962
Classified (1) $ 246,743 $ 220,677 $ 198,445
Total Criticized $ 358,374 $ 329,465 $ 294,407

(1)  Balances include Acquired Loans which were marked to fair value on the date of acquisition.

Excluding the impact of the Foster acquisition, the Company's special mention, classified and total criticized loan balances as of September 30, 2013 would have declined on a sequential quarter basis to $99.0 million, $204.5 million and $303.5 million, respectively. 

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 (the preponderance of which reflects acquired nonperforming loan balances), and accruing restructured loans. Nonperforming loans at September 30, 2013 totaled $111.7 million, or 2.28% of total loans, including the addition of $25.9 million of delinquent loans on accrual status related to the Foster transaction. This compares with $100.0 million, or 2.21% of total loans, at June 30, 2013. 

Nonperforming assets at September 30, 2013 amounted to $139.3 million, or 2.20% of total assets, including the addition of $17.7 million in other real estate owned related to the Foster transaction. This compares with $109.6 million, or 1.87% of total assets, at June 30, 2013. 

Net loan charge offs for the third quarter of 2013 totaled $6.7 million, or 0.56% of average loans on an annualized basis. Charge offs for the current third quarter included a $5.0 million commercial real estate-related charge off, which was fully reserved for during the first quarter of 2013. In addition, a $500,000 charge off was recorded in the quarter related to one pool of acquired credit impaired loans. The loss on this pool of loans had been fully reserved since early 2012. For the preceding 2013 second quarter, net loan charge offs totaled $2.4 million, or 0.21% of average loans on an annualized basis.  

The allowance for loan losses at September 30, 2013 was $65.7 million, or 1.34% of gross loans receivable (excluding loans held for sale), compared with $71.7 million, or 1.59%, at June 30, 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 91.1% at September 30, 2013, compared with 88.3% at June 30, 2013.

Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collectible in accordance with the contractual terms) rose slightly to $99.2 million at September 30, 2013 from $98.2 million at June 30, 2013. 

Specific reserves for impaired loans at September 30, 2013 totaled $11.0 million, or 11.1% of the aggregate impaired loan amount, compared with $15.1 million, or 15.4% of the aggregate impaired loan amount, at June 30, 2013. Excluding specific reserves for impaired loans, the allowance coverage on the remaining loan portfolio was 1.14% at September 30, 2013, compared with 1.28% at June 30, 2013.

Capital

At September 30, 2013, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table.  

  9/30/2013 6/30/2013 9/30/2012
Leverage Ratio 12.14% 12.61% 13.15%
Tier 1 Risk-based Ratio 13.74% 14.89% 15.22%
Total Risk-based Ratio 14.99% 16.14% 16.48%

Tangible common equity per share and as a percentage of tangible assets are summarized in the following table: 

  9/30/2013 6/30/2013 9/30/2012
Tangible common equity per share (1) $8.52 $8.65 $8.21
Tangible common equity to tangible assets (1) 10.87% 11.88% 12.23%

(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 22, 2013 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the third quarter of 2013. Investors and analysts may access the conference call by dialing 877-415-3184 (domestic) or 857-244-73 (international), passcode 98283896. 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 be archived in the Investor Relations section of BBCN Bancorp's website for one year. A telephonic replay of the call will be available at 888-286-8010 (domestic) or 617-801-6888 (international) through October 29, 2013, passcode 86493271.

About BBCN Bancorp, Inc.

BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.3 billion in assets as of September 30, 2013. 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, 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 Statements of Financial Condition
Unaudited (Dollars in Thousands, Except per Share Data) 
                   
                   
Assets 9/30/2013 6/30/2013 % change 12/31/2012 % change 9/30/2012 % change    
                   
Cash and due from banks  $ 345,352  $ 296,330 17%  $ 312,916 10%  $ 229,643 50%    
Securities available for sale, at fair value  708,566  725,239 -2%  704,403 1%  687,059 3%    
Federal Home Loan Bank and Federal Reserve Bank stock  27,958  26,261 6%  22,495 24%  23,500 19%    
Loans held for sale, at the lower of cost or fair value  49,480  43,111 15%  51,635 -4%  58,484 -15%    
Loans receivable  4,898,939  4,518,122 8%  4,296,252 14%  4,069,494 20%    
Allowance for loan losses  (65,715)  (71,675) 8%  (66,941) 2%  (65,952) 0%    
Net loans receivable  4,833,224  4,446,447 9%  4,229,311 14%  4,003,542 21%    
Accrued interest receivable  13,108  13,054 0%  12,117 8%  12,881 2%    
Premises and equipment, net  29,747  23,226 28%  22,609 32%  22,672 31%    
Bank owned life insurance  44,593  44,400 0%  43,767 2%  43,416 3%    
Goodwill  119,881  92,288 30%  89,878 33%  89,882 33%    
Other intangible assets, net  5,563  3,125 78%  3,033 83%  3,335 67%    
Other assets  163,515  149,533 9%  148,497 10%  157,565 4%    
Total assets  $ 6,340,987  $ 5,863,014 8%  $ 5,640,661 12%  $ 5,331,979 19%    
                   
Liabilities                  
                   
Deposits  $ 5,021,102  $ 4,576,799 10%  $ 4,384,035 15%  $ 4,052,524 24%    
Borrowings from Federal Home Loan Bank  421,446  421,539 0%  420,722 0%  460,815 -9%    
Subordinated debentures  57,303  41,920 37%  41,846 37%  41,809 37%    
Accrued interest payable  4,827  4,499 7%  4,355 11%  5,451 -11%    
Other liabilities  35,079  37,232 -6%  38,599 -9%  36,925 -5%    
Total liabilities  5,539,757  5,081,989 9%  4,889,557 13%  4,597,524 20%    
                   
Stockholders' Equity                  
                   
Common stock, $0.001 par value; authorized, 150,000,000 shares at September 30, 2013, June 30, 2013, December 31, 2012 and September 30, 2012; issued and outstanding, 79,247,719, 79,205,840, 78,041,511, and 78,016,260 at September 30, 2013, June 30, 2013, December 31, 2012, and September 30, 2012, respectively  79  79 0%  78 1%  78 1%    
Capital surplus  538,062  537,085 -100%  525,354 -100%  524,608 -100%    
Retained earnings  266,478  248,866 7%  216,590 23%  198,964 34%    
Accumulated other comprehensive income, net  (3,389)  (5,005) -32%  9,082 -137%  10,805 -131%    
Total stockholders' equity  801,230  781,025 3%  751,104 7%  734,455 9%    
                   
Total liabilities and stockholders' equity  $ 6,340,987  $ 5,863,014 8%  $ 5,640,661 12%  $ 5,331,979 19%    
                   
  Three Months Ended Nine Months Ended  
  9/30/2013 6/30/2013 % change 9/30/2012 % change 9/30/2013 9/30/2012 % change  
                   
Interest income:                  
Interest and fees on loans  $ 67,747  $ 65,473 3%  $ 61,553 10%  $ 196,249  $ 187,476 5%  
Interest on securities  3,802  3,526 8%  3,782 1%  10,755  12,940 -17%  
Interest on federal funds sold and other investments  486  380 28%  120 305%  1,153  537 115%  
Total interest income  72,035  69,379 4%  65,455 10%  208,157  200,953 4%  
                   
Interest expense:                  
Interest on deposits  5,959  5,647 6%  5,214 14%  17,014  15,862 7%  
Interest on other borrowings  1,716  1,629 5%  2,010 -15%  4,964  6,499 -24%  
Total interest expense  7,675  7,276 5%  7,224 6%  21,978  22,361 -2%  
                   
Net interest income before provision for loan losses  64,360  62,103 4%  58,231 11%  186,179  178,592 4%  
Provision for loan losses  744  800 -7%  6,900 -89%  9,050  16,682 -46%  
Net interest income after provision for loan losses  63,616  61,303 4%  51,331 24%  177,129  161,910 9%  
                   
Non-interest income:                  
Service fees on deposit accounts  3,321  2,922 14%  3,121 6%  9,118  9,550 -5%  
Net gains on sales of SBA loans  2,827  3,295 -14%  --  0%  8,816  5,426 62%  
Net gains on sales of other loans  --   19 -100%  --  0%  62  146 -58%  
Net gains on sales of securities available-for-sale  --   --  0%  133 -100%  54  949 -94%  
Net valuation gains on interest swaps and caps  --   --  0%  11 -100%  --   24 -100%  
Net gains(loss) on sales of OREO  (48)  (11) 336%  (12) 300%  (57)  41 -239%  
Other income and fees  4,699  4,393 7%  4,411 7%  13,364  13,395 0%  
Total non-interest income  10,799  10,618 2%  7,664 41%  31,357  29,531 6%  
                   
Non-interest expense:                  
Salaries and employee benefits  16,535  16,219 2%  13,611 21%  49,086  42,348 16%  
Occupancy  4,360  4,835 -10%  3,910 12%  13,206  11,788 12%  
Furniture and equipment  1,728  1,613 7%  1,495 16%  4,914  4,181 18%  
Advertising and marketing  1,393  1,190 17%  1,159 20%  3,856  4,142 -7%  
Data processing and communications  1,983  1,861 7%  1,659 20%  5,488  4,843 13%  
Professional fees  1,440  1,443 0%  876 64%  4,184  2,558 64%  
FDIC assessment  818  858 -5%  644 27%  2,370  1,732 37%  
Merger and integration expenses  931  385 142%  183 409%  2,621  3,304 -21%  
Other  6,558  6,025 9%  5,233 25%  17,725  15,386 15%  
Total non-interest expense  35,746  34,429 4%  28,770 24%  103,450  90,282 15%  
Income before income taxes  38,669  37,492 3%  30,225 28%  105,036  101,159 4%  
Income tax provision  15,117  14,821 2%  11,827 28%  41,352  39,463 5%  
Net income  $ 23,552  $ 22,671 4%  $ 18,398 28%  $ 63,684  $ 61,696 3%  
Dividends and discount accretion on preferred stock  $ --   $ --  0%  $ --  0%  $ --   $ (5,640) -100%  
Net income available to common stockholders  $ 23,552  $ 22,671 4%  $ 18,398 28%  $ 63,684  $ 56,056 14%  
                   
Earnings Per Common Share:                  
Basic  $ 0.30  $ 0.29    $ 0.24    $ 0.81  $ 0.72    
Diluted  $ 0.30  $ 0.29    $ 0.24    $ 0.80  $ 0.72    
                   
Average Shares Outstanding:                  
Basic  79,223,636  79,062,233    78,015,960    78,914,360  78,004,458    
Diluted  79,334,865  79,236,732    78,103,795    79,122,060  78,082,059    
                   
                   
  Three months ended Nine Months Ended    
  9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 9/30/2013 9/30/2012    
                   
Net Income  $ 23,552  $ 22,671  $ 17,461  $ 21,527  $ 18,398  $ 63,684  $ 61,696    
Add back: Income tax  15,117  14,821  11,414  14,947  11,827  41,352  39,463    
Add back: Provision for loan losses  744  800  7,506  2,422  6,900  9,050  16,682    
Pre-tax, pre-provision income (PTPP) 1  $ 39,413  $ 38,292  $ 36,381  $ 38,896  $ 37,125  $ 114,086  $ 117,841    
PTPP to average assets (annualized) 2.56% 2.60% 2.54% 2.83% 2.87% 2.57% 3.06%    
                   
1 While pre-tax, pre-provision income is a non-GAAP performance measure, we believe it is a useful measure in analyzing underlying performance trends, particularly in times of economic stress. It is the level of earnings adjusted to exclude the impact of income tax and provision expense.    
                   
  (Annualized)
At or for the Three Months Ended
    (Annualized)
At or for the Nine Months Ended
   
Profitability measures: 9/30/2013 6/30/2013 9/30/2012     9/30/2013 9/30/2012    
ROA 2 1.53% 1.54% 1.42%     1.43% 1.60%    
ROE 2 12.70% 11.58% 10.11%     11.34% 10.47%    
Return on average tangible equity 2,3 15.08% 13.21% 11.60%     13.14% 11.89%    
Net interest margin 4.42% 4.49% 4.79%     4.46% 4.97%    
Efficiency ratio 47.56% 47.34% 43.66%     47.56% 43.38%    
                   
                   
2 Based on net income before effect of dividends and discount accretion on preferred stock                  
3 Average tangible equity is calculated by subtracting average goodwill and average other intangibles from average stockholders' equity. This is non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position.        
         
  Three Months Ended Three Months Ended Three Months Ended
  9/30/2013 6/30/2013 9/30/2012
                   
    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 
  (Dollars in thousands) (Dollars in thousands) (Dollars in thousands)            
INTEREST EARNING ASSETS:                  
                   
Gross loans, includes loans held for sale  $ 4,771,022  $ 67,747 5.63%  $ 4,546,461  $ 65,473 5.78%  $ 4,007,402  $ 61,553 6.11%
Securities available for sale  714,660  3,802 2.13%  705,479  3,526 2.00%  679,764  3,782 2.23%
FRB and FHLB stock and other investments  291,672  486 0.65%  296,788  380 0.51%  155,590  120 0.30%
Federal funds sold  --   --  0.00%  --   --  0.00%  --   --  0.00%
Total interest earning assets  $ 5,777,353  $ 72,035 4.95%  $ 5,548,728  $ 69,379 5.01%  $ 4,842,756  $ 65,455 5.38%
                   
INTEREST BEARING LIABILITIES:                  
Deposits:                  
Demand, interest-bearing  $ 1,276,732  $ 1,927 0.60%  $ 1,285,768  $ 1,937 0.60%  $ 1,156,915  $ 1,775 0.61%
Savings  204,050  669 1.30%  185,584  721 1.56%  184,219  820 1.77%
Time deposits:                  
$100,000 or more  1,380,962  2,361 0.68%  1,252,934  1,975 0.63%  843,388  1,533 0.72%
Other  677,352  1,003 0.59%  652,766  1,013 0.62%  672,861  1,086 0.64%
Total time deposits  2,058,314  3,364 0.65%  1,905,700  2,988 0.63%  1,516,249  2,619 0.69%
Total interest bearing deposits  3,539,095  5,959 0.67%  3,377,052  5,646 0.67%  2,857,383  5,214 0.73%
FHLB advances  422,084  1,251 1.18%  421,595  1,218 1.16%  407,325  1,603 1.56%
Other borrowings  48,273  465 3.77%  43,559  411 3.73%  40,407  407 3.95%
Total interest bearing liabilities  4,009,452  $ 7,675 0.76%  3,842,206  $ 7,275 0.76%  3,305,115  $ 7,224 0.87%
Noninterest-bearing demand deposits  1,306,307      1,214,984      1,104,101    
Total funding liabilities / cost of funds  $ 5,315,760   0.57%  $ 5,057,190   0.58%  $ 4,409,216   0.65%
Net interest income / net interest spread    $ 64,360 4.19%    $ 62,104 4.25%    $ 58,231 4.51%
Net interest margin     4.42%     4.49%     4.79%
Net interest margin, excluding effect of nonaccrual loan income (expense)     4.42%     4.49%     4.79%
Net interest margin, excluding effect of nonaccrual loan income (expense) and prepayment fee income     4.37%     4.47%     4.78%
                   
Nonaccrual loan income (reversed) recognized    $ (153)      $ (77)      $ (44)  
Prepayment fee income received    580      306      119  
Net    $ 427      $ 229      $ 75  
                   
Cost of deposits:                  
Noninterest-bearing demand deposits  $ 1,306,307  $ --     $ 1,214,984  $ --     $ 1,104,101  $ --   
Interest bearing deposits  3,539,095  5,959 0.67%  3,377,052  5,646 0.66%  2,857,383  5,214 0.73%
Total deposits  $ 4,845,402  $ 5,959 0.49%  $ 4,592,036  $ 5,646 0.49%  $ 3,961,484  $ 5,214 0.52%
                  .
                   
  Nine Months Ended  Nine Months Ended       
  9/30/2013 9/30/2012      
                   
    Interest Annualized    Interest  Annualized      
  Average Income/ Average Average  Income/  Average      
  Balance Expense Yield/Cost Balance  Expense  Yield/Cost      
  (Dollars in thousands) (Dollars in thousands)              
INTEREST EARNING ASSETS:                  
                   
Gross loans, includes loans held for sale  $ 4,588,464  $ 196,249 5.72%  $ 3,878,080  $ 187,476 6.46%      
Securities available for sale  704,124  10,755 2.04%  699,225  12,940 2.47%      
FRB and FHLB stock and other investments  282,120  1,153 0.54%  205,540  459 0.29%      
Federal funds sold  --   --  N/A  15,136  78 0.68%      
Total interest earning assets  $ 5,574,709  $ 208,157 4.99%  $ 4,797,981  $ 200,953 5.59%      
                   
INTEREST BEARING LIABILITIES:                  
Deposits:                  
Demand, interest-bearing  $ 1,276,195  $ 5,736 0.60%  $ 1,191,213  $ 5,748 0.64%      
Savings  192,006  2,144 1.49%  189,322  2,571 1.81%      
Time deposits:                  
$100,000 or more  1,265,877  6,066 0.64%  806,244  4,428 0.73%      
Other  675,239  3,068 0.61%  682,903  3,115 0.61%      
Total time deposits  1,941,116  9,134 0.63%  1,489,147  7,543 0.68%      
Total interest bearing deposits  3,409,317  17,014 0.67%  2,869,682  15,862 0.74%      
FHLB advances  422,205  3,693 1.17%  358,962  4,832 1.79%      
Other borrowings  44,721  1,271 3.75%  45,981  1,667 4.77%      
Total interest bearing liabilities  3,876,243  $ 21,978 0.76%  3,274,625  $ 22,361 0.91%      
Noninterest-bearing demand deposits  1,220,608      1,037,152          
Total funding liabilities / cost of funds  $ 5,096,851   0.58%  $ 4,311,777   0.69%      
Net interest income / net interest spread    $ 186,179 4.23%    $ 178,592 4.68%      
Net interest margin     4.46%     4.97%      
Net interest margin, excluding effect of nonaccrual loan income(expense)     4.46%     4.99%      
Net interest margin, excluding effect of nonaccrual loan income(expense) and prepayment fee income     4.44%     4.98%      
                   
Nonaccrual loan income (reversed) recognized    $ 6      $ (793)        
Prepayment fee income received    948      433        
Net    $ 954      $ (360)        
                   
Cost of deposits:                  
Noninterest-bearing demand deposits  $ 1,220,608  $ --     $ 1,037,152  $ --         
Interest bearing deposits  3,409,317  17,014 0.67%  2,869,682  15,862 0.74%      
Total deposits  $ 4,629,925  $ 17,014 0.49%  $ 3,906,834  $ 15,862 0.55%      
                   
   For the Three Months Ended   Nine Months Ended   
  9/30/2013 6/30/2013 % change 9/30/2012 % change 9/30/2013 9/30/2012 % change  
AVERAGE BALANCES                  
Gross loans, includes loans held for sale  $ 4,771,022  $ 4,546,461 5%  $ 4,007,402 19%  4,588,464  3,878,080 18%  
Investments  1,006,332  1,002,267 0%  835,354 20%  986,245  919,901 7%  
Interest-earning assets  5,777,353  5,548,728 4%  4,842,756 19%  5,574,709  4,797,981 16%  
Total assets  6,160,132  5,880,737 5%  5,102,769 21%  5,924,397  5,140,591 15%  
                   
Interest-bearing deposits  3,539,095  3,377,052 5%  2,857,383 24%  3,409,317  2,869,682 19%  
Interest-bearing liabilities  4,009,452  3,842,206 4%  3,305,115 21%  3,876,243  3,274,625 18%  
Noninterest-bearing demand deposits  1,306,307  1,214,984 8%  1,104,101 18%  1,220,608  1,037,152 18%  
Stockholders' Equity  741,617  783,181 -5%  823,839 -10%  749,003  785,875 -5%  
Net interest earning assets  1,767,901  1,706,522 4%  1,537,641 15%  1,698,465  1,523,356 11%  
                   
LOAN PORTFOLIO COMPOSITION: 9/30/2013 6/30/2013 % change 12/31/2012 % change 9/30/2012 % change    
                   
Commercial loans  $ 1,068,844  $ 1,060,196 1%  $ 1,073,625 0%  $ 1,076,262 -1%    
Real estate loans  3,736,225  3,412,620 9%  3,174,759 18%  2,940,866 27%    
Consumer and other loans  95,693  47,088 103%  49,954 92%  54,442 76%    
Loans outstanding  4,900,762  4,519,904 8%  4,298,338 14%  4,071,570 20%    
Unamortized deferred loan fees - net of costs  (1,823)  (1,782) -2%  (2,086) 13%  (2,076) -12%    
Loans, net of deferred loan fees and costs  4,898,939  4,518,122 8%  4,296,252 14%  4,069,494 20%    
Allowance for loan losses  (65,715)  (71,675) 8%  (66,941) 2%  (65,952) 0%    
Loan receivable, net  $ 4,833,224  $ 4,446,447 9%  $ 4,229,311 14%  $ 4,003,542 21%    
                   
REAL ESTATE LOANS BY PROPERTY TYPE: 9/30/2013 6/30/2013 % change 12/31/2012 % change 9/30/2012 % change    
Retail buildings  $ 1,089,898  $ 939,442 16%  $ 868,567 25%  $ 852,968 28%    
Hotels/motels  667,206  662,011 1%  609,076 10%  502,186 33%    
Gas stations/ car washes  523,368  486,282 8%  428,997 22%  431,100 21%    
Mixed-use facilities  297,506  284,328 5%  340,433 -13%  278,253 7%    
Warehouses  362,700  352,693 3%  294,421 23%  302,792 20%    
Multifamily  171,489  150,360 14%  142,610 20%  129,192 33%    
Other  624,058  537,504 16%  490,655 27%  444,375 40%    
Total  $ 3,736,225  $ 3,412,620 9%  $ 3,174,759 18%  $ 2,940,866 27%    
                   
DEPOSIT COMPOSITION 9/30/2013 6/30/2013 % Change 12/31/2012 % Change 9/30/2012 % Change    
Noninterest-bearing demand deposits  $ 1,362,675  $ 1,210,563 13%  $ 1,184,285 15%  $ 1,105,161 23%    
Money market and other  1,267,113  1,261,905 0%  1,248,304 2%  1,145,304 11%    
Saving deposits  228,073  181,672 26%  180,686 26%  185,709 23%    
Time deposits of $100,000 or more  1,475,321  1,276,147 16%  1,088,611 36%  892,941 65%    
Other time deposits  687,920  646,512 6%  682,149 1%  723,409 -5%    
Total deposit balances  $ 5,021,102  $ 4,576,799 10%  $ 4,384,035 15%  $ 4,052,524 24%    
                   
DEPOSIT COMPOSITION (%) 9/30/2013 6/30/2013 12/31/2012 9/30/2012          
Noninterest-bearing demand deposits 27.2% 26.4% 27.0% 27.3%          
Money market and other 25.2% 27.6% 28.5% 28.3%          
Saving deposits 4.5% 4.0% 4.1% 4.6%          
Time deposits of $100,000 or more 29.4% 27.9% 24.8% 22.0%          
Other time deposits 13.7% 14.1% 15.6% 17.8%          
Total deposit balances 100.0% 100.0% 100.0% 100.0%          
                   
                   
CAPITAL RATIOS 9/30/2013 6/30/2013 12/31/2012 9/30/2012          
Total stockholders' equity  $ 801,230  $ 781,025  $ 751,104  $ 734,455          
Tier 1 risk-based capital ratio 13.74% 14.89% 14.91% 15.22%          
Total risk-based capital ratio 14.99% 16.14% 16.16% 16.48%          
Tier 1 leverage ratio 12.14% 12.61% 12.76% 13.15%          
Book value per common share  $ 10.10  $ 9.86  $ 9.62  $ 9.41          
Tangible common equity per share4  $ 8.52  $ 8.65  $ 8.43  $ 8.21          
Tangible common equity to tangible assets4 10.87% 11.88% 11.86% 12.23%          
                   
4 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and other intangible assets, net divided by total assets less goodwill and other intangible assets, net. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital.         
                   
Reconciliation of GAAP financial measures to non-GAAP financial measures:                  
                   
  9/30/2013 6/30/2013 12/31/2012 9/30/2012          
Total stockholders' equity  $ 801,230  $ 781,025  $ 751,104  $ 734,455          
Less: Common stock warrant  (378)  (378)  (378)  (378)          
Goodwill and other intangible assets, net  (125,444)  (95,413)  (92,911)  (93,217)          
Tangible common equity  $ 675,408  $ 685,234  $ 657,815  $ 640,860          
                   
Total assets  $ 6,340,987  $ 5,863,014  $ 5,640,661  $ 5,331,979          
Less: Goodwill and other intangible assets, net  (125,444)  (95,413)  (92,911)  (93,217)          
Tangible assets  $ 6,215,543  $ 5,767,601  $ 5,547,750  $ 5,238,762          
                   
Common shares outstanding  79,247,719  79,205,840  78,041,511  78,016,260          
                   
Tangible common equity to tangible assets 10.87% 11.88% 11.86% 12.23%          
Tangible common equity per share  $ 8.52  $ 8.65  $ 8.43  $ 8.21          
                   
                   
   For the Three Months Ended   Nine Months Ended     
ALLOWANCE FOR LOAN LOSSES: 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 9/30/2013 9/30/2012    
Balance at beginning of period  $ 71,675  $ 73,268  $ 66,941  $ 65,952  $ 65,505  $ 66,941  $ 61,952    
Provision for loan losses  744  800  7,506  2,422  6,900  9,050  16,682    
Recoveries  1,086  507  250  587  1,316  1,843  4,078    
Charge offs  (7,790)  (2,900)  (1,429)  (2,020)  (7,769)  (12,119)  (16,760)    
Balance at end of period  $ 65,715  $ 71,675  $ 73,268  $ 66,941  $ 65,952  $ 65,715  $ 65,952    
Net charge offs/average gross loans (annualized) 0.56% 0.21% 0.11% 0.13% 0.64% 0.30% 0.44%    
                   
  For the Three Months Ended Nine Months Ended    
NET CHARGED OFF LOANS BY TYPE 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012 9/30/2013 9/30/2012    
                   
Real estate loans  $ 6,129  $ 744  $ 1,014  $ 651  $ 1,101  $ 7,887  $ 4,089    
Commercial loans  119  1,684  150  627  5,403  1,953  8,191    
Consumer loans  (44)  (35)  15  155  (51)  (64)  402    
Charge offs excluding Acquired Credit Impaired Loans  6,204  2,393  1,179  1,433  6,453  9,776  12,682    
Charge offs on Acquired Credit Impaired Loans  500  --   --   --   --   500  --     
Total net charge offs  $ 6,704  $ 2,393  $ 1,179  $ 1,433  $ 6,453  $ 10,276  $ 12,682    
                   
                   
                   
NONPERFORMING ASSETS 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
Delinquent loans 90 days or more on nonaccrual status  $ 36,129  $ 44,987  $ 42,269  $ 29,653  $ 31,100        
Delinquent loans 90 days or more on accrual status5  39,560  18,786  21,621  17,742  24,111        
Accruing restructured loans  36,018  36,225  32,249  29,849  22,218        
Total nonperforming loans  111,707  99,998  96,139  77,244  77,429        
Other real estate owned  27,582  9,596  8,419  2,698  4,135        
Total nonperforming assets  $ 139,289  $ 109,594  $ 104,558  $ 79,932  $ 81,564        
Nonperforming assets/ total assets 2.20% 1.87% 1.79% 1.42% 1.53%        
Nonperforming assets/ gross loans & OREO 2.83% 2.42% 2.32% 1.86% 2.00%        
Nonperforming assets/ total capital 17.38% 14.03% 13.54% 10.64% 11.11%        
Nonperforming loans/gross loans 2.28% 2.21% 2.14% 1.80% 1.90%        
Nonaccrual loans/gross loans 0.74% 1.00% 0.94% 0.69% 0.76%        
Allowance for loan losses/ gross loans 1.34% 1.59% 1.63% 1.56% 1.62%        
Allowance for loan losses/ nonaccrual loans 181.89% 159.32% 173.34% 225.75% 212.06%        
Allowance for loan losses/ nonperforming loans (excludes delinquent loans 90 days or more on accrual status5) 91.08% 88.26% 98.32% 112.50% 123.70%        
Allowance for loan losses/ nonperforming assets 47.18% 65.40% 70.07% 83.74% 80.86%        
                   
5 All such loans represent acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing as we can reasonably estimate future cash flows on acquired loans and we expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value of these loans and their expected cash flows.        
                   
           
BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
Retail buildings  $ 6,777  $ 6,812  $ 2,556  $ 3,301  $ 1,915        
Hotels/motels  8,550  8,623  8,701  8,774  8,841        
Gas stations/ car washes  --   --   --   --   --         
Mixed-use facilities  807  811  816  --   --         
Warehouses  485  489  492  494  1,045        
Multifamily  --   --   3,247  3,247  --         
Other6  19,399  19,490  16,437  14,023  10,417        
Total  $ 36,018  $ 36,225  $ 32,249  $ 29,839  $ 22,218        
6 Includes commercial business and other loans                  
                   
                   
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
                   
Legacy                  
30 - 59 days  $ 1,705  $ 2,056  $ 1,174  $ 968  $ 3,056        
60 - 89 days  732  85  2,411  349  1,001        
Total delinquent loans less than 90 days past due - legacy7  $ 2,437  $ 2,141  $ 3,585  $ 1,317  $ 4,057        
                   
Acquired                  
30 - 59 days  $ 22,304  $ 8,590  $ 22,552  $ 7,411  $ 5,881        
60 - 89 days  7,366  5,574  3,848  16,835  2,518        
Total delinquent loans less than 90 days past due - acquired7  $ 29,670  $ 14,164  $ 26,400  $ 24,246  $ 8,399        
                   
Total delinquent loans less than 90 days past due7  $ 32,107  $ 16,305  $ 29,985  $ 25,563  $ 12,456        
                   
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
                   
Legacy                  
Real estate loans  $ 1,664  $ 853  $ 2,870  $ 595  $ 2,933        
Commercial loans  744  1,267  692  532  1,107        
Consumer loans  29  21  23  190  17        
Total delinquent loans less than 90 days past due - legacy7  $ 2,437  $ 2,141  $ 3,585  $ 1,317  $ 4,057        
                   
Acquired                  
Real estate loans  $ 18,280  $ 11,433  $ 14,437  $ 21,598  $ 5,481        
Commercial loans  10,679  2,461  11,294  2,533  2,549        
Consumer loans  711  270  669  115  369        
Total delinquent loans less than 90 days past due - acquired7  $ 29,670  $ 14,164  $ 26,400  $ 24,246  $ 8,399        
                   
Total delinquent loans less than 90 days past due7  $ 32,107  $ 16,305  $ 29,985  $ 25,563  $ 12,456        
                   
                   
NONACCRUAL LOANS BY TYPE 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
                   
Real estate loans  $ 26,616  $ 34,577  $ 33,751  $ 20,430  $ 23,397        
Commercial loans  8,743  9,629  7,591  8,253  6,796        
Consumer loans  770  781  927  970  907        
Total nonaccrual loans7  $ 36,129  $ 44,987  $ 42,269  $ 29,653  $ 31,100        
           
CRITICIZED LOANS 9/30/2013 6/30/2013 3/31/2013 12/31/2012 9/30/2012        
Legacy                  
Special mention  $ 61,804  $ 66,774  $ 59,681  $ 25,279  $ 32,709        
Substandard  100,551  97,692  94,303  94,335  94,318        
Doubtful  8  152  455  474  595        
Loss  --   --   22  --   --         
Total criticized loans - legacy7  $ 162,363  $ 164,618  $ 154,461  $ 120,088  $ 127,622        
                   
Acquired                  
Special mention  $ 49,827  $ 42,014  $ 52,722  $ 54,310  $ 63,253        
Substandard  143,149  121,758  133,398  113,610  102,666        
Doubtful  2,045  368  327  415  316        
Loss  990  707  849  245  550        
Total criticized loans - acquired7  $ 196,011  $ 164,847  $ 187,296  $ 168,580  $ 166,785        
                   
Total criticized loans7  $ 358,374  $ 329,465  $ 341,757  $ 288,668  $ 294,407        
                   
7 Excludes the guaranteed portion of delinquent SBA loans as these are 100% guaranteed by the SBA.                
CONTACT: Angie Yang
SVP, Investor Relations
213-251-2219
angie.yang@BBCNbank.com

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