Opus Bank Announces First Quarter 2017 Results
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Opus Bank (OPB) Misses Q1 EPS by 6c
April 24, 2017 7:01 AM EDTOpus 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
