BBCN Q2 Profit Misses Estimates; On Track To Complete Merger On July 29

(RTTNews) - BBCN Bancorp, Inc. (BBCN), the holding company of BBCN Bank, reported net income of $23.4 million, or $0.29 per share, for the three months ended June 30, 2016 compared to $22.9 million, or $0.29 per share, for the 2015 second quarter. The company noted that the comparability of BBCN's operating results with past performance is impacted by acquisition accounting adjustments and merger-related expenses associated with past and current acquisitions . On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.31 for the quarter. Analysts' estimates typically exclude special items.

Net interest income before provision for loan losses for the 2016 second quarter totaled $71.1 million, rose 5% over $67.4 million in the year-ago second quarter. The company attributed the increase to the benefit of a 12% increase in average loans receivable and a 33% increase in average securities available for sale. Noninterest income for the 2016 second quarter increased to $10.7 million from $10.5 million in the year-ago second quarter. Analysts expected revenue of $82.99 million, for the quarter.

Kevin Kim, Chairman and CEO of BBCN Bancorp, Inc., said: "We made meaningful progress in the second quarter with our planned merger of equals with Wilshire Bancorp, having received all regulatory approvals to move ahead with the transaction. As previously announced, shareholder approvals have been received, and we are on track to complete the merger at the close of business on July 29, 2016."