Profit improved at both BBCN Bancorp and Wilshire Bancorp in the second quarter, about two weeks ahead of the closing date for the Los Angeles companies' merger.
Net income at the $8.3 billion-asset BBCN rose by 2% to $23.4 million from a year earlier. Earnings per share were unchanged at 29 cents.
The $4.8 billion-asset Wilshire's net income rose 12% to $17.4 million. Earnings per share rose 11% to 22 cents.
-
BBCN Bancorp in Los Angeles has agreed to buy Wilshire Bancorp in Los Angeles.
December 7 -
C.K. Hong used his resignation letter to issue a scathing rebuke of the Los Angeles company's $1 billion acquisition, while claiming that he had been on a "dysfunctional board characterized by factionalism and a lack of transparency." BBCN strongly disagreed, claiming that Hong was upset that plans were already in place to remove him from the board.
January 28 -
BBCN Bancorp in Los Angeles will rebrand itself as Hope Bancorp after buying Wilshire Bancorp. The $8.1 billion-asset BBCN also plans to change the name of its banking subsidiary to Bank of Hope after the deal closes.
May 13
BBCN agreed in December
At BBCN, net interest income before the loan-loss provision rose 5% to $71 million on increases in average loans receivable and average securities available for sale. Those gains were offset by a $2 million decrease in acquisition accounting adjustments. BBCN's noninterest income rose 2% to $10.7 million.
Wilshire's net interest income before the provision rose 4.5% to $39.2 million, and its noninterest income fell 14% to $9.7 million. Net interest income was boosted by an increase in business and construction lending, offset by a drop in commercial real estate lending, Jae-Whan Yoo, Wilshire's chief executive, said in a news release.
