BBCN Bancorp's (BBCN) CEO Kevin Kim on Q2 2014 Results - Earnings Call Transcript

Jul.22.14 | About: BBCN Bancorp, (BBCN)

BBCN Bancorp, Inc. (NASDAQ:BBCN)

Q2 2014 Earnings Conference Call

July 22, 2014 12:30 PM ET

Executives

Angie Yang – Senior Vice President-Investor Relations

Kevin S. Kim – Chairman, President & Chief Executive Officer

Kyu S. Kim – Senior Executive Vice President and Chief Operating Officer

Douglas J. Goddard – Executive Vice President and Chief Financial Officer

Analysts

Aaron James Deer – Sandler O'Neill & Partners, L.P.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

Timothy Coffey – FIG Partners

Gary P. Tenner – D.A. Davidson

Albert Brossard – BMO Capital Markets

Donald A. Worthington – Raymond James & Associates, Inc.

Operator

Good day, and welcome to the BBCN Bancorp Second Quarter 2014 Conference Call and Webcast. All participants will be in listen-only mode. (Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference call over to Ms. Angie Yang, Investor Relations for BBCN. Ms. Yang, the floor is yours, ma’am.

Angie Yang

Thank you, Mike. Good morning, everyone, and thank you for joining us for the BBCN 2014 second quarter investor conference call. Before we begin, I’d like to make a brief statement regarding forward-looking remarks.

The call today may contain forward-looking projections regarding future events and the future financial performance of the Company. These statements constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and are not statements of historical facts.

We wish to caution you that such forward-looking statements reflect our expectations based on information currently available, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess. Actual results may differ materially as a result of risks and uncertainties that pertain to the Company’s business.

We refer you to the documents the Company files periodically with the SEC, as well as the Safe Harbor statements in the press release issued yesterday. BBCN assumes no obligation to revise any forward-looking projections that may be made on today’s call. The Company cautions that the complete financial results to be included in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, could differ materially from the financial results being reported today. As usual, we have allotted one hour for this call.

Presenting from the management side today will be Kevin Kim, BBCN Bancorp’s Chairman and CEO; Kyu Kim, our Chief Operating Officer; and Doug Goddard, our Chief Financial Officer. Chief Credit Officer, Mark Lee; Chief Lending Officer, Jason Kim; and Chief Retail Banking Officer, Cha Park are also here with us today and will participate in the Q&A session.

With that, let me turn the call over to Kevin Kim. Kevin?

Kevin S. Kim

Thank you, Angie. Good morning, everyone, and thank you for joining us today. Let me begin today with some brief comments on the quarter before asking Kyu and Doug to provide more details on the financial results. When they have finished, I will close with some final comments before we open up the call for questions.

Overall, we executed very well in the second quarter, delivering an all around solid quarter and generating $22.3 million in net income or $0.28 per share. We were able to generate significant balance sheet growth, which was all organic, resulting in a 10% increase in spread income over the prior year, while improving credit quality.

We continued our strong business development momentum in the second quarter, originating $344 million in new loans. This represents a 50% increase from the first quarter of this year, and a much more significant 65% increase overall loan production in the second quarter a year ago.

While the competitive environment remains particularly intense, our business development teams continue to do an excellent job of retaining our most valued customer relationships, while also developing referral resources that are leading to new customer wins and further penetration in our core markets. Our position as the pre-eminent bank in the Korean-American market with the greatest lending capacity, the most convenient and the largest team of experienced bankers continues to be a substantial competitive advantage and developing new relationships and winning business.

And the results of our second quarter loan production, our total loan increased to $5.35 billion as of June 30, 2014, which equates to organic growth of 12% on an annualized basis. Through the first half of 2014, our loan portfolio has increased more than 5% which puts us ahead of the growth that shift last year and on track to at least repeat or exceed our 2013 organic growth rate of 9%.

Now, let me turn the call over to Kyu to provide additional details on our business development efforts in the second quarter. Kyu?

Kyu S. Kim

Thank you, Kevin. As Kevin mentioned we had $344 million in loan originations for the second quarter. Commercial real estate continues to be the area of lending with a height of demand are coming for 88% of our total loan productions in the quarter. The CIB loan opportunities continue to be primarily to have driven by refinancing. And the competition in this market remains fierce, coming from both the mainstream banks as well as other Korean-American peers.

Within the commercial real estate portfolio, we have seen growth across almost all property types that we saw the strongest growth this quarter in the hotel/motel segment which end of period balance increased 10% from March 31.

We also continue to make progress in our C&I lending efforts, with loans to customers in the manufacturing industry being the strongest area across this quarter. We had $37 million in C&I loan originations during the second quarter. In terms of total C&I loan commitments made during the quarter, we extended $67 million in commitments to commercial customers. Overall, we have $1.1 billion in total credit commitments offsetting to commercial customers with a utilization rate of 66% on line for the credit as June 30, 2014.

Our SBA loan business was a strong contributor to total loan originations this quarter. Of the $344 million in loan production for the second quarter, $85 million were SBA loans. Of this amount $62 million were saleable SBA 7(a) loans.

From a geographic perspective, most of the loan production came from the Southern California, and the New York, New Jersey market, as usual. Northern California is continuing to have meaningful contributions and we are now beginning to see higher lending volumes from our business development teams in the Pacific Northwest.

Although the average rate of new loan originations were 4.52% in the second quarter, down 31 basis points from the preceding quarter. Fixed rate loans accounted for 61% of new loan origination with a variable rate loans representing 39%.

Aggregate payoffs and pay downs were $231 million during the second quarter, up from $198 million in the prior quarter, relatively in line with $223 million as year-ago in the second quarter. We also have a very strong quarter of deposit growth, which was partially attributable to seasonal deposit inflow that we see in the second quarter following the tax season as well as a successful deposit campaign.

Our total deposits increased by $135 million, which represents 10% growth on an annualized basis. We have solid improvement in our deposit mix as 92% of the total deposit growth was in our core deposits. Non-interest bearing deposits increased 5% in the quarter, while money market accounts increased to 4%. At the end of the second quarter the true deposit categories accounted for 54.2% of our total deposit.

With that let me turn the call over to Doug to go over our financial results with more detail. Doug?

Douglas J. Goddard

Thank you, Kyu. We provided quite a bit of detail in our press release and the quarter was relatively consistent with recent performance. So let me just discuss a few items where I think some additional color is warranted. Our net interest income increased by 4% from the preceding first quarter. This was attributable to a 5% increase in our average earning assets plus one additional day in the quarter versus the first. These factors more than offset the compression in our net interest margin, resulting in the increase in net interest income.

Compared with the first quarter of 2014, our net interest margin decreased by 9 basis points to 4.2%. On a core basis, excluding the effects of purchase accounting adjustments, our net interest margin decreased by 10 basis points to 3.72%. The decrease in our net interest margin, both as reported and on a core basis, was primarily attributable to a less favorable mix of earning assets as we had a higher balance of cash and cash equivalents in our balance sheet in the second quarter.

We recognized $6.7 million in accretable discount on both performing and credit impaired acquired loans in the second quarter compared with $5.8 million in the preceding quarter. At June 30, we had $33 million in accretable discount remaining on all of the acquired portfolios. While there are fluctuations quarter-to-quarter, we would expect the trend and the discount recognized each quarter will trend lower, although not necessarily on a linear basis.

Moving on to non-interest income, we were relatively consistent with the prior quarter in most categories with the exception of the net gain on sales of OREO with the preceding first quarter for which there were no equivalents in the current quarter. Our net gain on sales of SBA loans was $2.8 million, up about $100,000 from last quarter. During the second quarter we sold $31.3 million in SBA loans versus $30.3 million in the prior quarter. The premium in the wholesale market has held up and averaged approximately 10% for sales in the second quarter.

Turning to non-interest expense, the most notable differences from the prior quarter included the following: our salaries and employee benefits were down about $800,000, primarily due to the separation payments related to the retirement of the bank’s prior CEO that increased our first quarter expenses. Our advertising and marketing expenses was up about $400,000, which is just a function of timing and when the spending occurred and not indicative of a higher run rate.

And credit related expenses, which were previously included in other expenses, were up $1.6 million. This was primarily due to approximately $1.5 million of past due property taxes and loans acquired in the Foster Bank’s transaction. While there will always be some property tax payments each quarter we would not expect this level to reoccur in the foreseeable future.

Turning to asset quality, we saw general improvement in the portfolio during the second quarter. Our total non-performing loans, which is comprised primarily of non-accrual loans and accruing restructured loans, increased slightly in absolute dollar terms, but declined as a percentage of total loans.

At June 30, non-performing loans were $86.6 million or 1.62% of total loans, compared with $84.8 million or 1.63% of total loans at the end of the prior quarter. Non-accrual loans at June 30, 2014 declined to $42.7 million or 0.8% of loans receivable, from $47.3 million or 0.91% of loans receivable at March 31, 2014.

As stated in our earnings news release, a restructured non-accrual loan with an outstanding balance of $5 million moved to accrual status during the quarter as an accruing restructured loan. While this contributed to a reduction in our non-accrual loan balances at the end of 2014 second quarter, conversely it resulted in increase in accruing restructured loans at June 30, 2014.

For the second consecutive quarter we saw a decline in our total classified assets. At June 30, classified loans were $242 million, down approximately $11 million from the end of the prior quarter. We had $27 million flow out of the classified loan category in the second quarter and just $16 million of inflow. The outflow is primarily related to upgrades based on improvements in cash flows that we saw from updated financials received during the current quarter.

Our net loan charge-offs were $1.8 million or 14 basis points of average loans on an annualized basis, down from 36 basis points in the prior quarter. For the first half of the year, our net charge-offs were running at 24 basis points of average loans on an annualized basis.

With the low level of charge-offs and general stability in the portfolio, our provision requirement for the quarter was $3 million. This level of provision provides for the strong growth in the portfolio we had this quarter as well as covering our charge-offs. This put our allowance to total loans at 1.25% and our coverage of non-performing loans at 77.3% at June 30, 2014.

With that, I will turn the call back to Kevin.

Kevin S. Kim

Thanks, Doug. Overall, we are very pleased with our performance in the second quarter and I believe the consistency of our financial performance underscores a couple of points. The first is strong execution by best-in-class executive management team. I have spent considerable amount of energy over the last year to build a team that will lead BBCN to become a $10 billion plus regional bank. The second is the strength of our business development team. As has been reported, we experienced some turbulence last summer with the departure of some senior officers.

Notwithstanding this event, our teams stayed focus on their responsibilities and we have not mistakes that in terms of new business development international performance. As part of our strategic vision for BBCN, we are highly focused in expanding our products and service offerings in order to become a more diversified financial services company, able to provide our customers with a broader array of services more inline with larger mainstream banks.

The second quarter was our first full quarter of offering commercial equipment leasing to our customer base. The deals we have seen to-date have been for smaller ticket items ranging in the $50,000 to $100,000 range, which reflects the typical commercial equipment needs of image derivative of our customers. Given the size of this yields, we would not expect the commercial equipment leasing business to move the needle on a more than $5 billion loan portfolio. But we have received a very positive response from our customers to at least to know that we now have this capability.

Ultimately, we believe this product offering will help deepen the relationship with our customers, help us capture a greater share of their total banking business and further differentiate BBCN from our smaller Korean-American competitors.

We also recently began offering interest rates swaps to our commercial real estate customers and we build our first swaps income related to this product line in the second quarter. In addition to further positioning BBCN as a bank capable of providing services, providing customers with more sophisticated product, than they can typically find in the Korean-American market, we believe that interest rate swaps can eventually develop into a meaningful source of fee income for the bank.

We have had a strong first half thus far and with the progress we’re making with our strategic imitatives, we look forward to keeping the price of our steady progress, strengthening our leadership position as the preeminent Korean-American bank in the United States.

With that, let’s open up the call to answer any questions you may have. Operator, please open up the call.

Question-and-Answer Session

Operator

Okay, thank you, sir. We will now begin the question-and-answer session. (Operator Instructions) The first question we have comes from Aaron Deer of Sandler O'Neill & Partners. Please go ahead.

Aaron James Deer – Sandler O'Neill & Partners, L.P.

Hi, good morning every one.

Kevin S. Kim

Good morning, Aaron.

Kyu S. Kim

Good morning, Aaron.

Douglas J. Goddard

Good morning, Aaron.

Aaron James Deer – Sandler O'Neill & Partners, L.P.

Pardon me if this was discussed earlier on the call, I jumped on late, but like I guess, I wonder if you could give a sense of what the impact was the excess liquidity on the margin this quarter. And if you anticipate kind of redeployment of that getting back that basis point impact in the third quarter?

Douglas J. Goddard

Sure this is Doug, Yes, we are expecting more towards a more normal mix of loans to other earning assets in the second half of the year. April’s are most volatile deposit month and we tend to carry more cash in the second quarter. So, I don’t have the exact calculation, but it depends on exact cash number with six or seven basis points. So the decline will be calculated again.

Aaron James Deer – Sandler O'Neill & Partners, L.P.

Okay, that’s great. And then it’s kind of I guess looking at the shift that you had in the loan production over the past year. Can you talk about the fixed rate production, I am kind of curious to know of the fixed rate loans that have originated this past quarter, what percentage of those had terms exceeding five years. And then how do you kind of think about the risk price. And does the 56 basis point variance between your fixed rate production and your variable rate of production. Is that compensating you for the interest rate risks that you’ve taken with the fixed rate loans?

Douglas J. Goddard

Well, we price all our new production to be indifferent to the interest rate risks. So, yes, little deeper the same ROE, regardless of whether we get a prime loans or five year fix. Anything over five years would be an exception and it would and is not a significant part of our portfolio with all. So really on the fixed portion, with on our balance sheet the actual duration is probably three year to 3.5 years of what is remaining. That, yes I mean that is complicated with where we run a balanced focused or is the interest rate risk.

Aaron James Deer – Sandler O'Neill & Partners, L.P.

Okay, great. I will step back, thanks for taking my questions.

Operator

Next we have Julianna Balicka of KBW.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

Good morning.

Kevin S. Kim

Good morning.

Kyu S. Kim

Good morning.

Douglas J. Goddard

Good morning.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

I wanted to ask some follow-up questions, one, you mentioned that the strongest growth in CRE came from hotel/motel segment. Could you elaborate on that as far as property types, geography, some of the underwriting characteristics? A little bit more color since that portfolio has not always been in your footprint, et cetera.

Mark H. Lee

This is Mark. Good morning. The hospitality, yes, we saw a large increase. Most of these were under residence per standard underwriting criteria once these are within our traditional territory. In terms of the value, I would say it’s less than 70% with the [TCR] (ph) more 1.34 higher.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

And what drove the greater growth? Is it the more demand from hotel/motel? I mean, like why this quarter versus before, I mean this is one area that has had traditionally higher loss content for banks in general. So I’m just kind of trying to figure out like if incrementally the fundamentals are changing for that segment, or if it just happened to be this quarter?

Mark H. Lee

Well, surprisingly the hospitality among all our CRE portfolio is the one that’s performing the best right now. I’m looking at the hospitality segment in terms of performance and let me just give you one slight number. Among all our non-performing hospitality, it’s only 0.79% of our total non-performing. It’s not only the entire hospitality portfolio, only 0.79% is non-performing. So compared to other segment it is actually performing much stronger.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

Very good. And then one more follow-up and I’ll step back. On this strong deposit growth that you have this quarter, can you elaborate may be on some of the qualitative factors driving that, any particularly large relationships or any additional color that you can provide?

Mark H. Lee

All right. Basically we don’t see anything unusual in that activity. We’ve something back of deep relationships and there’s some ebb and flow on those balances that we consider this a continuation of normal activity.

Julianna Balicka – Keefe, Bruyette & Woods, Inc.

Excellent. Good to see. Thank you.

Operator

The next question we have comes from Tim Coffey of FIG Partners.

Timothy Coffey – FIG Partners

Thank you. Good morning, everybody.

Kevin S. Kim

Good morning.

Kyu S. Kim

Good morning.

Timothy Coffey – FIG Partners

I wonder if can get a little color on what’s your outlook for the net interest margin on a core basis? It look like new production was coming on right around where it was last year or rather last quarter, but albeit a little bit lower than our core loan yields.

Kevin S. Kim

Well, you answered your own question I think.

Timothy Coffey – FIG Partners

Okay, so marginally likely lower than.

Kevin S. Kim

Yes, I mean our originations 452 in that range in the last couple of quarters, 20, 25 basis points below what’s our portfolio is, the core is still showing very slow compression, much slower than what two quarters built but it’s still – it is still down probably few basis points for the next couple of quarters.

Timothy Coffey – FIG Partners

Okay. And Doug, as I follow-up on your comments about the non-interest expenses it seems like you are kind of the impression I was getting, so there could be a little lower from here, but bumpy quarter-to-quarter, is that right.

Douglas J. Goddard

The non-interest expense, yes, I mean particularly the credit related expense was higher than normal for a couple of the reasons. One is, we want to make property taxes right here. But the other is there is definitely clean of effort there involve in the Foster portfolio requirement. There was more than unusual price year event, so that line can always have function it, but we would expect this to be an unusual third quarter.

Timothy Coffey – FIG Partners

Okay. And then, on the pay-offs, is it only seasonality that you find quarter-to-quarter loan pay-offs.

Douglas J. Goddard

Well, looking around the tabulation here not a clear seasonality of tax tends to be more other factors, but what’s going on with interest rates, what’s going on with competition, what’s going on with the evaluation of properties. I think we are in a range now, but it is not particularly unusual and sourced to pay-offs.

Timothy Coffey – FIG Partners

Okay. Those are my questions, I appreciate it.

Kyu S. Kim

Thank you.

Operator

(Operator Instructions) Next we have Gary Tenner of D.A. Davidson.

Gary P. Tenner – D.A. Davidson

Good morning. Doug, I had a follow-up question on the margin and deposit question from earlier. You mention that you thought you recover some of the margin hit on your liquidity this quarter. I guess how do you – you guys have been little more aggressive last couple of quarters with deposit programs and things of that nature at all kind of lower the loan deposit ratio. Should we now expect that remain the case in the back half of the year?

Douglas J. Goddard

Well, I think we’re certainly off the bottom as first cost of deposits visiting like one basis point or two basis points increase in our average cost of deposits for them. That would not be surprising trends next couple of quarters say essentially flat, but it is not following. So it’s really the other side of the equation, the loan is going to drive whatever it will embedded in our benefits margins.

Gary P. Tenner – D.A. Davidson

Well. What just in thinking about the impact of kind of bills of deposits and how that would impact the margin? It sounds like you’re expecting excess liquidity to get used via loan growth over the next couple of quarters as opposed to continuing to build some liquidity through deposit programs. Is that accurate?

Douglas J. Goddard

Well, I mean we’re trying to keep the growth of the deposits and loans going at sort of equal rates on both sides of the balance sheet. There will be a little of adjustment in the next quarter, we think, because as they’re lowering earning cash we’ll probably decline $50 million, $60 million. But other than that the end will be totally up. Both sides of the balance we’re trying to keep strong organic growth going. If you look at the cost of funding, it’s fairly similar to where it is now.

Gary P. Tenner – D.A. Davidson

Okay. Okay, thank you.

Operator

Next we have Lana Chan of BMO Capital Markets.

Albert Brossard – BMO Capital Markets

Hi, this is Albert Brossard in for Lana. Good morning.

Kyu S. Kim

Hi, Albert.

Albert Brossard – BMO Capital Markets

I was wondering if you had any update on the residential mortgage platform you guys are developing. I think last we had talked it was a second half event. That’s still on track?

Cha Y. Park

This is Cha. I can answer that. Yes, we’ve been making solid progress developing our residential and mortgage loan strategy and we are going to be pilot launching as we planned in the second half of the year. And it will be done is various geographies. So invest and the full bank wide launch will be during 2015.

Albert Brossard – BMO Capital Markets

Okay. And as a follow-up unrelated note, I think, last quarter you guys said you’ve access to capital position. You were considering dividend increase and buybacks aside the dividend increase. Are you still considering buybacks?

Kevin S. Kim

Well, this Kevin. In terms of capital deployment we have focused on three main areas and the first one is our organic loan growth. We have been generating strong levels of loan originations and our pipeline today is also growing. And the second is strategic acquisitions and where the transactions completed since last year, the number of prime Korean-American acquisition targets is down from a year ago. But as I have mentioned before, in addition to Korean-American targets we are also interested in mainstream banks, which are located in desired geographic markets, like Texas or Atlanta, for example. So we continue to actively monitor and analyze our opportunities.

And the third is the cash dividend. Given the consistency of our financial performance, our Board declared an increase in the quarterly dividend as announced this morning. And while many factors will determine this, I do believe the Board would like to be in a position to make incremental increases in cash and dividend on regular basis. So, overall, we believe the opportunities for BBCN are growing and strong and we currently assess that the return for our shareholders by way of this three methods is greater again that for a buyback program. So the buyback possibility is kind of remote at this time.

Albert Brossard – BMO Capital Markets

Okay. Thanks for taking my questions.

Operator

Next we have Don Worthington of Raymond James.

Donald A. Worthington – Raymond James & Associates, Inc.

Good morning, everyone.

Kevin S. Kim

Good morning.

Kyu S. Kim

Good morning.

Donald A. Worthington – Raymond James & Associates, Inc.

I’m just curious about SBA lending and kind of where you see production levels going versus this quarter, which was pretty strong.

Jason K. Kim

Hi, good morning, Don. This is Jason.

Donald A. Worthington – Raymond James & Associates, Inc.

Hi, Jason.

Jason K. Kim

Hello. Yes, we do have a very strong second quarter. The SBA loan origination from our experience tends to be higher in the second half compared to the first half. So we expect the level of second tier origination to continue in the second half of the year.

Donald A. Worthington – Raymond James & Associates, Inc.

Okay. And then, I mean it’s a relatively small item, but service fees on deposits were down linked quarter while the deposit growth was pretty strong. Any particular reason for that?

Jason K. Kim

Basically nothing. No one item we could identify. That number does bounce around this all a bit.

Donald A. Worthington – Raymond James & Associates, Inc.

Okay. Okay, that’s all I had. Thank you.

Operator

(Operator Instructions) So it appears that we have no further questions at this time. We will go ahead and conclude our question-and-answer session. I will now like turn the conference back over to management for any closing remarks.

Kevin S. Kim

Okay. Once again, thank you all for joining us today. And we look forward to speaking with you again next quarter.

Douglas J. Goddard

Thank you.

Kyu S. Kim

Thank you.

Operator

And we thank you to the management team for your time today. The conference call is now concluded. We thank you all for attending today’s presentation. At this time, you may disconnect your lines. Thank you and have a great day everyone.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

BBCN Bancorp (NASDAQ:BBCN): Q2 EPS of $0.28 misses by $0.01. Revenue of $77.98M (+7.2% Y/Y) beats by $0.53M.