• January 22, 2018
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Opus Bank reports 2017 Q4 financial results

Opus Bank announced net income of $1.2 million, or $0.03 per diluted share, for the fourth quarter of 2017 and net income of $47.6 million, or $1.26 per diluted share, for the year ended December 31, 2017, as compared to net income of $20.5 million, or $0.54 per diluted share, for the third quarter of 2017 and net income of $11.5 million, or $0.33 per diluted share, for the year ended December 31, 2016.  Net income for the fourth quarter of 2017 included $9.0 million of additional income tax expense related to the revaluation of Opus' deferred tax assets and other tax reform impacts, $263,000 of strategic initiative related expenses, primarily comprised of infrastructure enhancements and severance expense, and $408,000 of gains on the sale of investment securities and other assets.  These items impacted net income for the fourth quarter and year ended December 31, 2017 by $8.9 million, or $0.23 per diluted share.

Additionally, Opus announced that its Board of Directors has approved the reinstatement and declaration of a quarterly cash dividend of $0.10 per common share payable on February 15, 2018 to common stockholders and to its Series A Preferred stockholders of record as of February 1, 2018.

Re-disseminated by The Asian Banker