Opus Bank (OPB) Posts Q3 Loss of 9c/Share

October 24, 2016 7:02 AM EDT
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Opus Bank (Nasdaq: OPB) reported Q3 EPS of $0.00, $0.63 worse than the analyst estimate of $0.63.

As previously announced on October 17, 2016, earnings for the third quarter of 2016 were negatively impacted by charge-offs recorded on eight loan relationships that reduced the third quarter net income by $0.59 per diluted share. Subsequent to our October 17, 2016 press release that included an estimate of an approximate $(0.05) loss per share, management completed its analysis of the adequacy of the allowance for loan losses and increased specific reserves by $1.7 million, which increased the net loss announced on October 17, 2016 by $0.04 per share. As previously announced, given the net loss, Opus will not be paying a dividend in connection with the third quarter. It is our intention to resume paying a dividend commensurate with our future earnings performance.

For earnings history and earnings-related data on Opus Bank (OPB) click here.

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