Opus Bank Announces First Quarter 2017 Results

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 10/10/2026

1. HUM
2. SPCX
3. ALHC
4. T
5. PEP
6. SPY
7. CVS
8. UNH
9. ZETA
10. DAL

Go back to Opus Bank Announces First Quarter 2017 Results

Opus Bank (OPB) Misses Q1 EPS by 6c

April 24, 2017 7:01 AM EDT

Opus Bank (NASDAQ: OPB) reported Q1 EPS of $0.21, $0.06 worse than the analyst estimate of $0.27.

Net income for the first quarter of 2017 included strategic initiative related expenses of $1.8 million, comprised primarily of severance and other expenses associated with the implementation of an overhead reduction strategy to right size and reduce Opus' noninterest expense forward run-rate. Additionally, the adoption of a new accounting standard for the tax impact associated with stock-based compensation that went into effect in 2017 resulted in $248,000 of additional tax expense in the first quarter of 2017 and increased our effective tax rate by... More