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BBCN Bancorp in Los Angeles has signed a memorandum of understanding with the city of Seoul aimed at expanding the bank's business in South Korea.
September 23 -
Signature Bank in New York reported higher third-quarter profits driven by an uptick in commercial and multifamily lending.
October 21 -
First Defiance Financial in Defiance, Ohio, reported higher quarterly profit after posting higher fee income.
October 21
BBCN Bancorp in Los Angeles reported
The $6.9 billion asset company's third-quarter profit fell 10% from a year earlier, to $21.4 million. Earnings of 27 cents a share missed the average estimate of analysts polled by Bloomberg by 3 cents.
A 10% increase in operating costs, to $39.4 million, weighed down third-quarter profit. BBCN said in a press release Tuesday that the increased costs were tied to higher salaries and hiring designed "to support BBCN's growing franchise and strategic initiatives."
Loan growth was offset by a rise in payoffs, which jumped by 17%, to $312 million. Total loans increased 7%, to $5.4 billion. The net interest margin compressed by 27 basis points, to 4.15%, mainly from lower yields.
Fee-based revenue increased by 5%, to $11.4 million.
The lower profit comes as BBCN prepares to open an office in Seoul aimed at