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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2013
Business Combinations [Abstract] |
Purchase price allocation | The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table:
| (In thousands) |
Consideration paid: |
| BBCN common stock issued in exchange for Foster common stock | $ | 2,567 |
| Cash paid for the redemption of Foster common stock | 1,922 |
| Liability for unredeemed Foster common stock | 276 |
| Total consideration paid | $ | 4,765 |
Assets Acquired: |
| Cash and cash equivalents | $ | 42,883 |
| Investment securities available for sale | 4,844 |
| Loans, net | 255,297 |
| FRB and FHLB stock | 1,714 |
| OREO | 14,251 |
| Premises and equipment | 4,733 |
| Core deposit intangibles | 2,763 |
| Deferred tax assets, net | 21,211 |
| Other assets | 2,353 |
Liabilities Assumed: |
| Deposits | (321,596 | )
| Borrowings | (18,045 | )
| Subordinated debentures | (15,309 | )
| Other liabilities | (5,859 | )
Total identifiable net assets | $ | (10,760 | )
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 15,525 |
The assets and liabilities of Foster were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. The purchase price may change as additional information becomes available and when unredeemed Foster shares are redeemed. The fair values of the net deferred tax assets, loans, and certain liabilities assumed from Foster were provisional and adjustments to the provisional amounts may occur during the measurement period as the Company obtains additional information about the facts and circumstances that existed as of the acquisition date. The $15.5 million of goodwill recognized in the Foster acquisition represent the future economic benefit arising from the acquisition including the creation of a platform that can support future operations and strengthening the Company's existing presence in the Chicago metropolitan market and expansion into the Virginia market. Goodwill is not amortized for book purposes and is not deductible for tax purposes. Acquisition of PIB On February 15, 2013, the Company completed the acquisition of PIB, a Seattle based company, pursuant to an Agreement and Plan of Merger, dated October 22, 2012. The Company acquired PIB in order to increase the Company's presence in terms of branch offices and deposit market share in the Seattle market. PIB's primary subsidiary, Pacific International Bank, a Washington state-chartered bank, operated four bank branches in the Seattle metropolitan area. In connection with the acquisition, the consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table:
| (In thousands) |
Consideration paid: |
| BBCN common stock issued | $ | 8,437 |
| Cash in lieu of fractional shares paid to PIB stockholders | 1 |
| Redemption of Preferred Stock | 7,475 |
| Total consideration paid | $ | 15,913 |
Assets Acquired: |
| Cash and cash equivalents | $ | 25,968 |
| Investment securities available for sale | 7,810 |
| Loans, net | 131,589 |
| FRB and FHLB stock | 1,829 |
| OREO | 3,418 |
| Deferred tax assets, net | 9,886 |
| Core deposit intangibles | 604 |
| Other assets | 2,514 |
Liabilities Assumed: |
| Deposits | (143,665 | )
| Borrowings | (14,698 | )
| Subordinated debentures | (4,108 | )
| Other liabilities | (5,116 | )
Total identifiable net assets | $ | 16,031 |
Bargain purchase gain | $ | 118 |
Fair value of acquired loans | The following table presents loans acquired with deteriorated credit quality as of the date of acquisition:
| Foster |  | PIB
| (In thousands)
Contractually required principal and interest at acquisition | $ | 150,430 |  |  | $ | 54,462 |
Contractual cash flows not expected to be collected (nonaccretable discount) | 37,447 |  |  | 9,687 |
Expected cash flows at acquisition | 112,983 |  |  | 44,775 |
Interest component of expected cash flows (accretable discount) | 14,928 |  |  | 4,945 |
Fair value of acquired impaired loans | $ | 98,055 |  |  | $ | 39,830 |
Pro forma information | The following unaudited combined pro forma information presents the operating results for the year ended December 31, 2013 and 2012, as if the Foster and PIB acquisitions had occurred on January 1, 2012:
| 2013 |  | 2012
| (In thousands, except share data)
Net Interest income | $ | 264,040 |  |  | $ | 264,669 |
Net income | $ | 84,304 |  |  | $ | 74,949 |
Pro forma earnings per share: |  |  |
Basic | $ | 1.07 |  |  | $ | 0.88 |
Diluted | $ | 1.06 |  |  | $ | 0.88 |

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