Originally published at www.seclive.com
BBCN Bancorp, Inc. (BBCN) announced its financial results for the first fiscal quarter of 2014, reporting a rise in net income from the year-ago quarter. The Los Angeles-based bank posted an increase in net interest income, from $59.7M to $65.0M while noninterest income rose from $9.9M to $11.1M. Net income improved from $17.5M and $0.22 per share last year to $22.2M and $0.28 per share. Total deposits rose to $5.3B from $4.6B with net loans receivable rising to $5.1B from $4.4B. Chairman and CEO Kevin Kim remarked that the company is very pleased with its start to the year and attributes a large amount of its forward progress to its two recent acquisitions last year that helped propel revenue and loan production.
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