BBCN Bancorp Inc (NASDAQ:BBCN) said it had a largely successful year in 2015 and looks forward to continued growth in 2016. The management reported 4Q2015 and full-year 2015 earnings that improved from a year ago. At the same time, BBCN Bancorp announced that its board of directors had approved a quarterly cash dividend of $0.11 a share.
The $0.11/share dividend will be paid out to shareholders on February 19. However, the payout will only capture shareholders of record as of February 5. The dividend declaration is part of the efforts by BBCN Bancorp to return value to shareholders. The declaration of the dividend also followed a solid 4Q2015 and fiscal 2015 in which key performance metrics improved, sometimes beyond expectations.
4Q2015 performance highlight
BBCN Bancorp Inc (NASDAQ:BBCN) reported 4Q net income of $22.9 million or EPS of $0.29 after taking into account $1.4 million of expenses linked to the merger with Wilshire Bancorp. In Q3, the company generated net income of $25.1 million or EPS of $0.32. There was no major financial hit in the quarter as in the latest one. A year ago, BBCN Bancorp’s net income was $22.7 million or EPS of $0.29.
As such, net income of $22.9 million in the latest quarter exceeded $22.7 million in the same quarter last year.
BBCN Bancorp Inc (NASDAQ:BBCN)’s fiscal 2015 net income of $92.3 million surpassed the annual income of $88.6 million in the previous year. On an adjusted basis, 2015 EPS was $1.16, compared to $1.11 a year ago.
According to BBCN Bancorp Inc (NASDAQ:BBCN)’s CEO, Kevin S. Kim, new loan origination of $550 million hit a record and led to loan receivable jump of 12% compared to 2014. New loan bookings of $1.69 billion also rose 27% over last year’s figure.
BBCN Bancorp Inc (NASDAQ:BBCN) hit the performance milestones despite intense competition in its industry. Following the merger with Wilshire Bancorp, BBCN Bancorp is looking forward to a much brighter future in 2016 and beyond.