UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on BBCN Bancorp on 1Q13 EPS

In a report published Wednesday, BMO Capital Markets analyst Lana Chan reiterated a Market Perform rating on BBCN Bancorp

, but slightly lowered the price target from $14.00 to $13.00. In the report, Chan noted, “BBCN reported 1Q13 EPS of $0.22. The results included a penny of merger charges. The bottom line missed our estimate of $0.26 (consensus was $0.27) owing to a larger-than-expected loan loss provision and merger charges. Revenue trends slightly exceeded expectations driven by average loan growth of 17% (annualized) from 4Q12 (11% on an organic basis) and $2.7 million of gains on SBA loan sales. Loan growth came mainly from CRE and more than offset another 14 bp of reported net interest margin pressure (9 bp on a core basis). However, on the negative side, noninterest expense exceeded expectations, and the LLP was significantly higher owing to credit quality deterioration. Capital ratios fell modestly owing to the Pacific International acquisition and asset growth.” BBCN Bancorp closed on Tuesday at $12.74.