Opus Bank (OPB) Reports Q4 EPS of $0.03

Opus Bank (NASDAQ: OPB) reported Q4 EPS of $0.03.

Quarter and Year End 2017 Highlights

• New loan fundings increased 34% from the prior quarter to $502.3 million for the fourth quarter of 2017 and totaled $1.5 billion for the year ended December 31, 2017.
• Our pipeline of new loan originations remains robust entering the first quarter of 2018, despite the high level of new loan originations funded during the fourth quarter of 2017.
• Total loans increased $112.6 million in the fourth quarter of 2017, or 9% on an annualized basis, as new loan fundings of $502.3 million exceeded loan payoffs and sales of $318.2 million, including planned exits of $80.4 million. Excluding planned exits, total loans would have increased by $193.0 million in the fourth quarter of 2017, or 15% on an annualized basis.
• Opus\' cost of deposits was unchanged from the prior quarter at 0.45% and our cost of funds decreased one basis point to 0.56%.
• Enterprise value loans decreased $61.5 million, or 13%, during the fourth quarter to $417.7 million as of December 31, 2017, and have now decreased by nearly $500 million, or 54%, since the end of 2016.
• Total criticized loans decreased $40.8 million, or 14%, during the fourth quarter to $249.8 million as of December 31, 2017, as a result of decreases in both special mention and classified loans. Total criticized loans decreased $109.7 million, or 31%, since their peak in the first quarter of 2017.
• Nonperforming assets decreased 10% during the fourth quarter to $58.3 million, or 0.78% of total assets, and decreased 39% for the full year 2017.
• Provision for loan losses was $3.0 million for the fourth quarter of 2017, primarily driven by $5.2 million of net charge-offs and $5.8 million for net risk rating migration, partially offset by reserves released due to planned exits of $8.1 million.
• We estimate our effective tax rate will be approximately 25% in 2018, compared to 36% in 2017, due to the tax reform bill passed in December 2017, which resulted in an additional $9.0 million of tax expense in the fourth quarter of 2017.

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

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