Opus Bank (OPB) Tops Q4 EPS by 14c

Opus Bank (NASDAQ: OPB) reported Q4 EPS of $0.51, $0.14 better than the analyst estimate of $0.37.

Paul W. Taylor, President and Chief Executive Officer of Opus Bank, stated, \"The steps we took during 2019 to reduce expenses and improve Opus’ profitability are beginning to yield positive results, as we reported fourth quarter 2019 earnings per diluted share of $0.53, an ROAA of 1.02% and an efficiency ratio of 61.3%. Noninterest expense decreased 1% from the prior quarter, while continued credit quality improvement resulted in a negative provision for loan losses of $2.7 million for the fourth quarter of 2019.\"

Mr. Taylor continued, “Our Commercial Banking division increased quarterly loan fundings in the fourth quarter to $130 million, up from $99 million last quarter, and we anticipate continued progress in growing our commercial loan and deposit portfolios. I am confident that profitability and growth will continue to improve in 2020.”

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

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