Opus Bank (OPB) Misses Q1 EPS by 6c

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Go back to Opus Bank (OPB) Misses Q1 EPS by 6c

Opus Bank Announces First Quarter 2017 Results

April 24, 2017 7:00 AM EDT

IRVINE, Calif.--(BUSINESS WIRE)-- Opus Bank ("Opus") (NASDAQ: OPB) announced today net income of $7.7 million, or $0.21 per diluted share, for the first quarter of 2017 compared to a net loss of $19.0 million, or $(0.55) per diluted share, for the fourth quarter of 2016 and net income of $17.3 million, or $0.51 per diluted share, for the first quarter of 2016. 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... More