Opus Bank (“Opus”) (NASDAQ: OPB) announced today net income of
$9.4 million, or $0.25 per diluted share, for the third quarter of
2018 compared to net income of $15.5 million, or $0.40 per diluted
share, for the second quarter of 2018 and net income of $20.5
million, or $0.54 per diluted share, for the third quarter of 2017.
Net income for the nine months ended September 30, 2018 was $37.8
million, or $0.99 per diluted share, compared to $46.4 million, or
$1.23 per diluted share, for the nine months ended September 30,
2017. Net income during the third quarter of 2018 included
severance and retention costs and strategic initiative-related
expenses totaling $525,000 and an income tax benefit item of $2.3
million, which resulted in a negative income tax expense of
$972,000, primarily related to the re-measurement of Opus’ deferred
tax assets during the quarter.
Additionally, Opus announced today that its Board of Directors
has approved the payment of a quarterly cash dividend of $0.11 per
common share payable on November 15, 2018 to common stockholders
and to its Series A Preferred stockholders of record as of November
1, 2018.
Third Quarter 2018 Highlights
- Total loans increased $87.5 million,
or 2%, as quarterly new loan fundings of $435.7 million
outpaced loan prepayments and payoffs of $258.0 million, which
included $60.6 million of planned exits. Excluding planned exits,
total loans increased at a 12% annualized rate.
- New loan fundings increased 47% to
$435.7 million, compared to $295.6 million in the second
quarter of 2018, and increased 16% compared to $375.4 million in
the third quarter of 2017.
- Total assets increased $201.7
million, or 3%, to $7.4 billion.
- Total deposits increased $208.1
million, or 4%, to $6.1 billion, driven by growth across
multiple divisions including Retail Banking, Commercial and
Specialty Banking divisions, Commercial Real Estate Banking, and
PENSCO Trust Company, our alternative asset IRA custodian
subsidiary. Noninterest bearing demand deposits increased by $46.0
million, interest bearing demand deposits increased by $41.2
million, and time deposits increased by $136.7 million.
- Net interest margin decreased nine
basis points to 2.98%, driven primarily by a 14 basis point
increase in the cost of deposits to 0.71% that was partially offset
by a higher average yield on loans and investment securities.
- Total criticized loans decreased
$14.0 million, or 7%, to $185.1 million, and Enterprise Value
loans decreased $75.9 million, or 29%, to $184.5 million.
- Provision for loan losses was $8.2
million, driven primarily by net charge-offs of $8.4 million,
or 0.66% of average loans annualized, on two Enterprise Value
loans, which was unchanged from the prior quarter.
Stephen H. Gordon, Chief Executive Officer and President of Opus
Bank, stated, “Opus’ performance during the third quarter of 2018
included growth in both loans and deposits, increasing loan and
securities yields, a reduction in criticized loans, robust capital
ratios, and strong liquidity to lend out at higher interest rates.
We continue to battle through the industry-wide headwinds of
elevated loan prepayments and rising cost of deposits, which
negatively impacted our net interest margin. Additionally, during
the third quarter we experienced losses on two Enterprise Value
loan relationships which, unlike in prior quarters, were not
equally offset by reserve releases and therefore resulted in an
elevated provision expense for the quarter. Enterprise Value loans
have decreased 80% since the fourth quarter of 2016 to $184.5
million as of September 30, 2018, of which 66% is pass-rated.
Enterprise Value loans have been further reduced to $168.5 million
as of October 19, 2018.”
Mr. Gordon continued, “We are seeing early contributions from
the Commercial Banking team buildout we initiated earlier this year
and expect the team to more fully ramp in 2019, complementing our
existing, high-performing Income Property Banking division. We
anticipate the team will contribute positively to C&I loan and
deposit related growth, enhanced treasury management fee income,
higher net interest margin, and improved efficiency. The associated
comp and benefits expense of the Commercial Banking team investment
will increasingly be deferred and amortized in accordance with FAS
91 as the bankers contribute and become more productive in future
periods.”
Mr. Gordon concluded, “We remain focused on building Opus into
one of the premier commercial banks in the western region, thereby
creating long-term shareholder value and benefiting all of our
constituents, including Opus’ clients, our team members, and the
communities we serve. Based on our quarterly earnings and strong
capital ratios, the Board of Directors has approved the payment of
a quarterly cash dividend of $0.11 per common share.”
Loans
Total loans held-for-investment increased $87.5 million, or 2%,
to $5.2 billion as of September 30, 2018, from $5.1 billion as
of June 30, 2018, and increased $99.3 million, or 2%, from
$5.1 billion as of September 30, 2017. The increase in total
loans during the third quarter of 2018 was driven by new loan
fundings of $435.7 million, partially offset by loan payoffs of
$258.0 million, which included planned exits of $60.6 million.
Loan Balance Roll Forward (unaudited)
Three Months Ended ($ in millions)
September 30,
2018
June 30,
2018
March 31,
2018
December 31,
2017
September 30,
2017
Beginning loan balance $ 5,072.4 $ 5,229.0 $ 5,173.2 $
5,060.6 $ 5,218.1 New loan fundings 435.7 295.6 452.3 502.3 375.4
Loan payoffs (197.4 ) (299.5 ) (219.2 ) (237.8 ) (267.1 )
Loan sales1
— — — — (6.0 ) Planned exits (60.6 ) (58.5 ) (52.2 ) (80.6 ) (161.2
)
Other2
(90.2 ) (94.2 ) (125.1 ) (71.3 ) (98.6 ) Ending loan balance $
5,159.9 $ 5,072.4 $ 5,229.0 $ 5,173.2 $
5,060.6
[1]
Loan sales that were not planned exits
[2]
Includes normal amortization, paydowns,
and charge-offs
New loan fundings in the third quarter of 2018 totaled $435.7
million, an increase of $140.1 million, or 47%, from the second
quarter of 2018 and an increase of $60.3 million, or 16%, from the
third quarter of 2017. Commercial Business loans comprised $112.8
million, or 26%, of total new loan fundings; and real estate
related loans comprised $319.3 million, or 73%, of total new loan
fundings in the third quarter of 2018.
Loan commitments originated during the third quarter of 2018
totaled $438.6 million, compared to $306.5 million during the
second quarter of 2018 and $367.0 million during the third quarter
of 2017. Our unfunded commitments on originated loans totaled
$400.2 million as of September 30, 2018, compared to $421.3
million as of June 30, 2018 and $455.3 million as of
September 30, 2017.
Our acquired loan portfolio totaled $111.3 million as of
September 30, 2018, a decrease of 8% from $121.6 million as of
June 30, 2018 and a decrease of 21% from $141.1 million as of
September 30, 2017. The acquired loan portfolio had a
remaining discount of $1.8 million as of September 30,
2018.
Cash and Investment Securities
Cash and investment securities totaled $1.6 billion as of
September 30, 2018, an increase of $127.2 million, or 9%, from
June 30, 2018, and unchanged from September 30, 2017. Cash and
cash equivalents as of September 30, 2018 increased $132.3
million, or 33%, to $533.3 million compared to June 30, 2018,
and increased $63.0 million, or 13%, from September 30, 2017.
The increase in cash and cash equivalents in the third quarter of
2018 was primarily driven by deposit growth, as well as paydowns
and amortization within both our loan and securities portfolios.
Investment securities decreased $5.0 million, or 0.5%, as of
September 30, 2018 to $1.0 billion compared to June 30,
2018, and decreased $71.0 million, or 7%, from $1.1 billion as of
September 30, 2017.
Deposits
Deposits increased $208.1 million, or 4%, to $6.1 billion as of
September 30, 2018, from $5.9 billion as of June 30, 2018
and increased $72.5 million, or 1%, from $6.1 billion as of
September 30, 2017. Deposit growth was driven by multiple divisions
within Opus, including Retail Banking, Commercial and Specialty
Banking divisions, Commercial Real Estate Banking, and PENSCO Trust
Company, our alternative asset IRA custodian subsidiary.
Noninterest bearing demand deposits increased by $46.0 million,
interest bearing demand deposits increased by $41.2 million, and
time deposits increased by $136.7 million.
Total demand deposits, including both noninterest bearing and
interest bearing, measured 56% of total deposits as of
September 30, 2018, compared to 57% as of June 30, 2018
and 53% as of September 30, 2017. As of September 30,
2018, business deposits represented 63% of total deposits.
Our loan to deposit ratio was 84% as of September 30, 2018,
compared to 85% as of June 30, 2018 and 83% as of
September 30, 2017.
Net Interest Income
Net interest income was $48.9 million for the third quarter of
2018, compared to $49.5 million for the second quarter of 2018 and
$53.3 million for the third quarter of 2017.
Interest income from loans increased $303,000, or 1%, from the
second quarter of 2018 to $54.1 million for the third quarter of
2018, driven by higher loan yield and greater net benefit from
prepayments, partially offset by lower average balances, interest
reversals due to loans placed on nonaccrual during the quarter, and
the effect of higher-yielding planned loan exits. While planned
exits decrease our potential future credit volatility, they had a
negative impact on our loan interest income. Planned exits of $60.6
million for the third quarter of 2018 had a weighted average rate
of 7.28%.
Interest income from cash and investment securities increased
$1.0 million, or 16%, from the second quarter of 2018 to $7.4
million for the third quarter of 2018. Interest income from cash
increased $787,000 from the second quarter of 2018 to $2.1 million
for the third quarter of 2018, as the average balance of cash
increased $131.0 million, or 44%. Interest income from investment
securities increased $232,000, or 5%, from the second quarter of
2018 to $5.3 million for the third quarter of 2018, driven by lower
premium amortization from fewer prepayments compared to the prior
quarter.
Interest expense increased 18% to $12.6 million for the third
quarter of 2018, compared to $10.7 million for the second quarter
of 2018, and increased 39% compared to $9.0 million for the third
quarter of 2017. The increase in interest expense during the third
quarter of 2018 was driven by higher average balances and rate of
interest bearing deposits, partially offset by lower average
balances of FHLB advances.
Net Interest Margin
Net interest margin on a taxable equivalent basis decreased 9
basis points to 2.98% in the third quarter of 2018 from 3.07% in
the second quarter of 2018, and decreased 19 basis points from
3.17% in the third quarter of 2017. The linked-quarter change was
primarily driven by a 14 basis point increase in the cost of
deposits to 0.71%, partially offset by a 3 basis point increase in
the average yield on loans to 4.24% and a 12 basis point increase
in the average yield on securities to 2.04%. The increase in the
cost of deposits was primarily driven by growth and product mix
within Retail Banking, while deposit growth in Commercial and
Specialty Banking divisions, Commercial Real Estate Banking, and
PENSCO Trust Company did not materially impact the cost of
deposits. The increase in loan yield was driven by the net benefit
from prepayments and repricing, partially offset by planned exits
and interest reversals due to loans placed on nonaccrual. The
increase in securities yield was driven by lower premium
amortization due to fewer prepayments and purchases of $87.0
million of higher-yielding securities during the quarter.
As of September 30, 2018, approximately 29% of our loan
portfolio was comprised of loans that are contractually scheduled
to mature or reset within the next 12 months. Additionally, the tax
equivalent weighted average rate on new loan fundings during the
third quarter of 2018 was 4.65%, compared to the originated loan
portfolio yield of 4.20% for the third quarter of 2018.
Noninterest Income
Noninterest income decreased 11% to $11.5 million in the third
quarter of 2018 from $12.9 million in the second quarter of 2018,
and decreased 23% from $14.9 million in the third quarter of 2017.
The change in noninterest income from the second quarter of 2018
was primarily driven by Other Income, which included $118,000 from
our Merchant Banking division, compared to $774,000 in the second
quarter of 2018; and a net decrease in equity warrant valuations of
$746,000, compared to a net increase of $91,000 in the second
quarter of 2018. Noninterest income during the third quarter of
2018 included $1.7 million of treasury management and deposit
account fees, $6.9 million in trust administrative fees from our
alternative asset IRA custodian subsidiary, and $1.5 million from
our Escrow and Exchange divisions. Noninterest income made up 19%
of total revenues during the third quarter of 2018, compared to 21%
in the second quarter of 2018 and 22% in the third quarter of
2017.
Noninterest Expense
Noninterest expense increased 1% to $43.7 million in the third
quarter of 2018, compared to $43.1 million in the second quarter of
2018, and decreased 4% from $45.6 million in the third quarter of
2017. The linked-quarter increase in noninterest expense was
primarily driven by an increase in compensation and benefits
expenses due to increased hiring of commercial bankers, as well as
severance and retention costs and strategic initiative related
expenses related to banking office optimization totaling $525,000.
Excluding these items, noninterest expense was unchanged from the
second quarter of 2018.
Income Tax Expense
During the third quarter of 2018, we recorded an income tax
benefit of $972,000, primarily driven by $2.3 million of net
discrete income tax items relating to the re-measurement of our
initial estimate of deferred tax assets in connection with the Tax
Cuts and Jobs Act in the fourth quarter of 2017. Our estimated
full-year 2018 annual effective tax rate is approximately 18%.
Asset Quality
Nonaccrual loans increased $5.1 million, or 13%, to $45.1
million, or 0.87% of total loans, as of September 30, 2018,
compared to $40.0 million, or 0.79% of total loans, as of
June 30, 2018. Total criticized loans decreased $14.0 million,
or 7%, to $185.1 million as of September 30, 2018, compared to
$199.1 million as of June 30, 2018. We also continued to
reduce our exposure to previously de-emphasized loan portfolios
during the third quarter of 2018; total Enterprise Value loans were
reduced by $75.9 million, or 29%, during the third quarter of 2018
and totaled $184.5 million as of September 30, 2018. Planned
exits through loan payoffs and sales totaled $60.6 million in the
third quarter of 2018, as we continued to reduce the balance of
loans we previously announced as targeted for planned exits.
Our allowance for loan losses was $59.0 million, or 1.14% of our
total loan portfolio, as of September 30, 2018, compared to
$59.2 million, or 1.17%, as of June 30, 2018 and $78.2
million, or 1.54%, as of September 30, 2017. The reduction in
the allowance for loan losses during the third quarter of 2018 was
driven by charge-offs of $10.0 million that were partially offset
by a provision for loan losses of $8.2 million and recoveries of
$1.6 million.
We recorded a provision for loan losses of $8.2 million in the
third quarter of 2018, compared to a negative provision expense of
$213,000 in the second quarter of 2018 and a negative provision
expense of $10.6 million in the third quarter of 2017. The
provision expense during the third quarter of 2018 was driven by
$8.4 million of net charge-offs, $2.6 million of additional
specific reserves, $2.5 million due to higher loss factors used to
determine loan loss reserves in accordance with our methodology,
and $1.9 million due to risk rating migration. These factors were
partially offset by a $7.0 million decline in reserves as a result
of the changes in portfolio mix, fundings, and planned exits of
loan relationships, and a $178,000 provision recapture on the
acquired loan portfolio.
We recorded net charge-offs of $8.4 million in the third quarter
of 2018, unchanged from the second quarter of 2018 and compared to
net recoveries of $1.1 million in the third quarter of 2017.
Charge-offs during the third quarter of 2018 were predominantly
comprised of relationships categorized as Enterprise Value
loans.
Total nonperforming assets were $45.1 million, or 0.61% of total
assets, as of September 30, 2018, compared to $40.0 million,
or 0.56% of total assets, as of June 30, 2018, and $65.1
million, or 0.89% of total assets, as of September 30, 2017.
The ratio of the allowance for loan losses to total nonaccrual
loans was 131% as of September 30, 2018, compared to 148% as
of June 30, 2018 and 120% as of September 30, 2017.
Total criticized loans decreased $14.0 million, or 7%, to $185.1
million as of September 30, 2018, compared to $199.1 million
as of June 30, 2018, and decreased $105.5 million, or 36%,
from $290.6 million as of September 30, 2017. The net decrease
in total criticized loans during the third quarter of 2018 was
driven by $11.9 million of upgrades and $45.6 million of loan
exits, including payoffs, charge-offs, and normal amortization
during the quarter, partially offset by $43.5 million of
downgrades. Classified loans decreased $22.8 million in the third
quarter of 2018 and special mention loans increased $8.8 million.
The decrease in classified loans was driven by payoffs,
charge-offs, and normal amortization of $37.6 million, partially
offset by downgrades of $14.7 million. The increase in special
mention loans was driven by $30.8 million of downgrades, partially
offset by $11.9 million of upgrades, $8.1 million of loan payoffs,
charge-offs, and normal amortization, and $2.0 million of loans
downgraded from special mention loans to classified loans.
The net decrease in total criticized loans consisted primarily
of a $22.7 million decrease in commercial business loans, partially
offset by a $7.4 million increase in real estate secured loans and
a $1.3 million increase in SBA loans. Commercial business loans
comprised $11.9 million of loans upgraded out of criticized
categories and $44.9 million of loan exits, including loan payoffs,
charge-offs, and normal amortization, partially offset by $34.1
million of downgrades during the third quarter of 2018. Real estate
secured loans comprised $7.9 million of loans downgraded to
criticized categories, partially offset by $484,000 of loan payoffs
and amortization during the third quarter of 2018.
Capital
As of September 30, 2018, Opus exceeded all regulatory
capital requirements under Basel III and was considered to be a
“well-capitalized” financial institution, as summarized in the
table below:
Capital Ratios As of
Well-Capitalized
Regulatory
Requirements
(unaudited)
September 30,
20181
June 30,
2018
September 30,
2017
Tier 1 leverage ratio 9.89% 9.85% 9.28% 5.00% Common Equity Tier 1
ratio 11.75% 11.85% 11.14% 6.50% Tier 1 risk-based capital ratio
12.27% 12.39% 11.58% 8.00% Total risk-based capital ratio 15.75%
15.94% 15.16% 10.00% Tangible equity to tangible assets ratio 9.47%
9.67% 9.28% NA Tangible common equity to tangible assets ratio
9.05% 9.24% 8.89% NA [1] Regulatory capital
ratios are preliminary until filing of our September 30, 2018 FDIC
call report.
Stockholders’ equity totaled over $1.0 billion as of
September 30, 2018, unchanged from June 30, 2018 and
September 30, 2017. Our tangible book value per as converted
common share was $17.68 as of September 30, 2018 compared to
$17.53 as of June 30, 2018 and $17.22 as of September 30,
2017.
Conference Call and Webcast Details
Date: Monday, October 22, 2018Time: 8:00 a.m. PT (11:00
a.m. ET)
Phone Number: (833) 636-6315Conference ID: 6399838Webcast URL:
http://investor.opusbank.com/event
Analysts, investors, and the general public may listen to our
discussion of Opus’ third quarter performance and participate in
the question/answer session by using the phone number listed above
or through a live webcast of the conference available through a
link on the investor relations page of Opus’ website at:
http://investor.opusbank.com/event.
The webcast will include a slide presentation, enabling conference
participants to experience the discussion with greater impact. It
is recommended that participants dial into the conference call or
log into the webcast approximately 10 minutes prior to the
call.
Replay Information: For those who are not able to listen to the
call, an archived recording will be available beginning
approximately two hours following the completion of the call. To
listen to the call replay, dial (855) 859-2056, or for
international callers dial (404) 537-3406. The access code for
either replay number is 6399838. The call replay will be available
through November 22, 2018.
About Opus Bank
Opus Bank is an FDIC insured California-chartered commercial
bank with $7.4 billion of total assets, $5.2 billion of total
loans, and $6.1 billion in total deposits as of September 30,
2018. Opus Bank provides superior ideas and solutions, and banking
products to its clients through its Retail Bank, Commercial Bank,
and Merchant Bank. Opus Bank offers a suite of treasury and cash
management and depository solutions and a wide range of loan
products, including commercial, healthcare, media and
entertainment, corporate finance, multifamily residential,
commercial real estate and structured finance, and is an SBA
preferred lender. Opus Bank offers commercial escrow services and
facilitates 1031 Exchange transactions through its Escrow and
Exchange divisions. Opus Bank provides clients with financial and
advisory services related to raising equity capital, targeted
acquisition and divestiture strategies, general mergers and
acquisitions, debt and equity financing, balance sheet
restructuring, valuation, strategy and performance improvement
through its Merchant Banking division and its broker-dealer
subsidiary, Opus Financial Partners, LLC, Member FINRA/SIPC. Opus
Bank’s alternative asset IRA custodian subsidiary has approximately
$14 billion of custodial assets and approximately 49,000 client
accounts, which are comprised of self-directed investors, financial
institutions, capital raisers and financial advisors. Opus Bank
operates 48 banking offices, including 29 in California, 16 in the
Seattle/Puget Sound region in Washington, two in the Phoenix
metropolitan area of Arizona and one in Portland, Oregon. Opus Bank
is an Equal Housing Lender. For additional information about Opus
Bank, please visit our website: www.opusbank.com.
Forward-Looking Statements
This release and the aforementioned conference call and webcast
includes forward-looking statements related to Opus’ plans, beliefs
and goals. Forward-looking statements are neither historical facts
nor assurances of future performance. Opus generally identifies
forward-looking statements by terminology such as “outlook,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“could,” “should,” “seeks,” “approximately,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates” or the negative version of
those words or other comparable words. Any forward-looking
statements contained in this release and the aforementioned
conference call and webcast are based on the historical performance
of Opus and its subsidiaries or on its current plans, beliefs,
estimates, expectations and goals, including, without limitation:
our expectations regarding our Commercial Banking team; our
expectations regarding C&I loan and deposit growth, enhanced
treasury management fee income, higher net interest margin, and
improved efficiency; our goal to build Opus into one of the premier
commercial banks in the western region, thereby creating long-term
shareholder value and benefiting all of our constituents, including
our clients, our team members, and the communities we serve; and
estimate regarding our full year effective tax rate. Such
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to our operations, financial
results, financial condition, business prospects, growth strategy
and liquidity that could cause actual results to differ materially
from those indicated by the forward-looking statements, including,
without limitation: market and economic conditions, changes in
interest rates, our liquidity position, the management of our
growth, the risks associated with our loan portfolio, local
economic conditions affecting retail and commercial real estate,
our geographic concentration in the western region of the United
States, competition within the industry, dependence on key
personnel, government legislation and regulation, the risks
associated with any future acquisitions, the effect of natural
disasters, and risks related to our technology and information
systems. For a discussion of these and other risks and
uncertainties, see Opus' filings with the Federal Deposit Insurance
Corporation, including, but not limited to, the risk factors in
Opus' Annual Report on Form 10-K filed with the Federal Deposit
Insurance Corporation on March 14, 2018. If one or more of these or
other risks or uncertainties materialize, or if Opus’ underlying
assumptions prove to be incorrect, Opus’ actual results may vary
materially from those indicated in these statements. These filings
are available on the Investor Relations page of Opus' website at:
investor.opusbank.com.
Opus undertakes no obligation to revise or publicly release any
revision to these forward-looking statements, whether as a result
of new information, future developments or otherwise.
Consolidated Statements of Income
(unaudited)
For the three months ended
For the nine months ended ($ in thousands, except per share
amounts)
September 30,
2018
June 30,
2018
September 30,
2017
September 30,
2018
September 30,
2017
Interest income: Loans $ 54,110 $ 53,807 $ 55,566 $ 162,554 $
173,632 Investment securities 5,280 5,048 5,156 15,422 13,436 Due
from banks 2,113 1,326 1,627 4,390
5,643 Total interest income 61,503 60,181
62,349 182,366 192,711 Interest expense:
Deposits 10,702 8,403 7,099 26,125 21,402 Federal Home Loan Bank
advances (5 ) 332 25 374 117 Subordinated debt 1,923 1,923
1,923 5,768 5,768 Total interest
expense 12,620 10,658 9,047 32,267
27,287 Net interest income 48,883 49,523 53,302 150,099
165,424 Provision (negative provision) for loan losses 8,241
(213 ) (10,646 ) 11,942 (11,776 ) Net interest income after
provision (negative provision) for loan losses 40,642 49,736
63,948 138,157 177,200 Noninterest
income: Fees and service charges on deposit accounts 1,735 1,783
1,863 5,240 5,770 Escrow and exchange fees 1,548 1,498 1,510 4,407
4,447 Trust administrative fees 6,884 6,841 6,961 20,703 20,060
Gain (loss) on sale of loans — (100 ) (3 ) (169 ) (209 ) Gain
(loss) on sale of assets — — 3,862 — 3,778 Gain (loss) from OREO
and other repossessed assets — 84 (4,798 ) 203 (4,859 ) Gain on
sale of investment securities — — 618 182 1,175 Bank-owned life
insurance, net 1,048 1,045 865 3,145 2,640 Other income 246
1,776 4,040 3,986 9,352 Total
noninterest income 11,461 12,927 14,918 37,697
42,154 Noninterest expense: Compensation and benefits
26,004 25,472 25,515 78,283 81,465 Professional services 2,489
2,619 4,005 6,824 14,733 Occupancy expense 3,764 3,751 3,777 11,521
11,664 Depreciation and amortization 1,652 1,763 1,755 5,014 5,429
Deposit insurance and regulatory assessments 977 959 1,208 3,066
4,082 Insurance expense 337 335 335 1,011 1,046 Data processing 230
318 858 987 2,463 Software licenses and maintenance 1,371 1,126
1,123 3,646 3,408 Office services 1,642 1,847 2,016 5,369 6,233
Amortization of other intangible assets 1,479 1,479 1,479 4,438
4,438 Advertising and marketing 909 843 587 2,709 1,831 Other
expenses 2,809 2,629 2,958 8,014 7,620
Total noninterest expense 43,663 43,141 45,616
130,882 144,412 Income before income tax
(benefit) expense 8,440 19,522 33,250 44,972 74,942 Income tax
(benefit) expense (972 ) 4,058 12,705 7,193
28,500 Net income $ 9,412 $ 15,464 $ 20,545
$ 37,779 $ 46,442 Basic earnings per common
share $ 0.25 $ 0.41 $ 0.55 $ 1.00 $ 1.26 Diluted earnings per
common share 0.25 0.40 0.54 0.99 1.23 Weighted average shares -
basic 36,115,204 36,027,569 36,715,035 36,043,060 36,599,924
Weighted average shares - diluted 38,362,739 38,316,721 38,089,306
38,338,423 37,611,591
Consolidated Balance
Sheets (unaudited)
As of ($ in thousands, except share
amounts)
September 30,
2018
June 30,
2018
September 30,
2017
Assets Cash and due from banks $ 57,126 $ 58,516 $ 42,918
Due from banks – interest-bearing 476,129 342,483 427,289
Investment securities available-for-sale, at fair value 1,018,855
1,023,882 1,089,844 Loans held-for-investment 5,159,881 5,072,366
5,060,556 Less allowance for loan losses (59,029 ) (59,197 )
(78,176 ) Loans held-for-investment, net 5,100,852 5,013,169
4,982,380 OREO and other repossessed assets — — — Premises and
equipment, net 24,955 25,718 27,935 Goodwill 331,832 331,832
331,832 Other intangible assets, net 40,362 41,842 46,280 Deferred
tax assets, net 22,847 26,450 48,379 Cash surrender value of bank
owned life insurance, net 153,289 152,215 136,613 Accrued interest
receivable 21,680 19,915 19,534 Federal Home Loan Bank stock 17,250
17,250 17,250 Other assets 129,897 140,054 157,946
Total assets $ 7,395,074 $ 7,193,326 $
7,328,200
Liabilities and Stockholders’ Equity
Deposits: Noninterest-bearing demand $ 890,925 $ 844,905 $ 849,886
Interest-bearing demand 2,564,737 2,523,488 2,351,910 Money market
and savings 2,031,468 2,047,309 2,462,268 Time deposits 655,172
518,481 405,787 Total deposits 6,142,302
5,934,183 6,069,851 Federal Home Loan Bank advances — — 10,000
Subordinated debt, net 132,944 132,877 132,678 Accrued interest
payable 2,350 4,008 2,144 Other liabilities 80,428 89,201
90,525 Total liabilities 6,358,024 6,160,269
6,305,198 Stockholders’ equity: Preferred stock:
Authorized 200,000,000 shares; issued 31,111 and 31,111 and 28,722
shares, respectively 29,110 29,110 26,875 Common stock, no par
value per share: Authorized 200,000,000 shares; issued 36,635,132
and 36,618,447 and 36,432,402 shares, respectively 700,220 700,220
702,455 Additional paid-in capital 68,975 67,980 62,216 Retained
earnings 271,304 266,033 243,805 Treasury stock, at cost; 576,547
and 568,794 and 411,595 shares, respectively (14,965 ) (14,666 )
(10,244 ) Accumulated other comprehensive income (loss) (17,594 )
(15,620 ) (2,105 ) Total stockholders’ equity 1,037,050
1,033,057 1,023,002 Total liabilities and
stockholders’ equity $ 7,395,074 $ 7,193,326 $
7,328,200
Selected Financial Data As of or for the three
months ended As of or for the nine months ended
(unaudited)
September 30,
2018
June 30,
2018
September 30,
2017
September 30,
2018
September 30,
2017
Return on average assets 0.51 % 0.86 % 1.09 % 0.70 % 0.81 % Return
on average stockholders' equity 3.59 6.03 8.02 4.90 6.26
Return on average tangible equity(1)
5.60 9.49 12.79 7.70 10.16
Efficiency ratio(2)
72.36 69.08 66.87 69.69 69.57 Noninterest expense to average assets
2.39 2.40 2.43 2.41 2.51
Yield on interest-earning assets(3)
3.75 3.73 3.70 3.74 3.70
Cost of deposits(4)
0.71 0.57 0.45 0.58 0.44
Cost of funds(5)
0.81 0.70 0.57 0.70 0.55
Net interest margin(3)
2.98 3.07 3.17 3.09 3.18 Loan to deposits 84.01 85.48 83.37 84.01
83.37 (1) See computation in "Non-GAAP
Financial Measures" section. (2) The efficiency ratio is calculated
by dividing noninterest expense by the sum of net interest income
before provision for loan losses and noninterest income. (3) Net
interest margin and yield on interest-earning assets are presented
on a tax equivalent basis using the federal effective tax rate. (4)
Calculated as interest expense on deposits divided by total average
deposits. (5) Calculated as total interest expense divided by
average total deposits, FHLB advances, and subordinated debt.
Loan
Fundings (unaudited)
For the three months ended For
the nine months ended ($ in thousands)
September 30,
2018
June 30,
2018
September 30,
2017
September 30,
2018
September 30,
2017
Loans funded: Real estate mortgage loans: Single-family residential
$ — $ — $ — $ — $ — Multifamily residential 257,775 147,238 229,623
672,314 489,737 Commercial real estate 55,807 48,946 23,340 136,086
50,948 Construction and land loans 5,674 14,856 10,995 22,915
40,142 Commercial business loans 112,791 80,797 110,208 340,246
365,758 Small Business Administration loans 3,644 3,775 1,195
11,997 10,069 Consumer and other loans — — — —
— Total loan fundings $ 435,691 $ 295,612 $
375,361 $ 1,183,558 $ 956,654
Composition of Loan Portfolio As of
(unaudited)
September 30,
2018
June 30,
2018
September 30,
2017
($ in thousands)
Amount
% of
Total loans
Amount
% of
Total loans
Amount
% of
Total loans
Originated loans held-for-investment Real estate mortgage loans:
Single-family residential $ 44,001 0.9 % $ 46,815 0.9 % $ 62,739
1.2 % Multifamily residential 2,808,463 54.4 2,641,314 52.1
2,342,071 46.3 Commercial real estate 1,058,389 20.5 1,060,824 20.9
1,095,996 21.7 Construction and land loans 73,668 1.4 93,697 1.8
96,374 1.9 Commercial business loans 1,030,793 20.0 1,075,271 21.2
1,298,486 25.7 Small Business Administration loans 33,263 0.6
32,815 0.6 23,532 0.5 Consumer and other loans 34 0.0
38 0.0 274 0.0 Total originated loans
5,048,611 97.8 4,950,774 97.6 4,919,472 97.2 Acquired loans
held-for-investment Real estate mortgage loans: Single-family
residential 19,697 0.4 20,758 0.4 27,564 0.5 Multifamily
residential 48,209 0.9 50,038 1.0 53,183 1.1 Commercial real estate
23,413 0.5 24,056 0.5 29,331 0.7 Construction and land loans 288
0.0 1,380 0.0 1,437 0.0 Commercial business loans 6,039 0.1 10,225
0.2 12,253 0.1 Small Business Administration loans 8,907 0.2 10,409
0.2 11,353 0.2 Consumer and other loans 4,717 0.1
4,726 0.1 5,963 0.1 Total acquired
loans 111,270 2.2 121,592 2.4 141,084
2.8 Total gross loans $ 5,159,881 100.0 % $
5,072,366 100.0 % $ 5,060,556 100.0 %
Composition of Deposits As of
(unaudited)
September 30,
2018
June 30,
2018
September 30,
2017
($ in thousands)
Amount
% of
Total deposits
Amount
% of
Total deposits
Amount
% of
Total deposits
Noninterest bearing $ 890,925 14.5 % $ 844,905 14.3 % $
849,886 14.0 % Interest bearing demand 2,564,737 41.8 2,523,488
42.5 2,351,910 38.7 Money market and savings 2,031,468 33.0
2,047,309 34.5 2,462,268 40.6 Time deposits 655,172 10.7
518,481 8.7 405,787 6.7 Total
deposits $ 6,142,302 100.0 % $ 5,934,183 100.0 % $
6,069,851 100.0 %
Consolidated average balance sheet,
interest, yield and rates
For the three months
ended September 30,
For the three months
ended June 30,
For the three months
ended September 30,
(unaudited)
2018 2018 2017 ($ in thousands)
Average
Balance
Interest(1)
Yields/
Rates
Average
Balance
Interest(1)
Yields/
Rates
Average
Balance
Interest(1)
Yields/
Rates
Assets: Interest-earning assets: Due from banks $ 430,991 $ 2,113
1.95 % $ 299,987 $ 1,326 1.77 % $ 506,502 $ 1,627 1.27 % Investment
securities 1,027,950 5,280 2.04 1,054,258 5,048 1.92 1,079,627
5,156 1.89 Acquired loans 116,050 1,807 6.18 124,564 1,797 5.79
145,453 2,427 6.62 Originated Loans 4,975,101 52,665
4.20 5,031,860 52,387 4.18 4,989,405
53,538 4.26 Total loans $ 5,091,151 $
54,472 4.24 $ 5,156,424 $ 54,184
4.21 $ 5,134,858 $ 55,965 4.32
Total interest-earning assets $ 6,550,092 $ 61,865 3.75 $ 6,510,669
$ 60,558 3.73 $ 6,720,987 $ 62,748 3.70 Noninterest-earning assets
704,117 701,454 725,844 Total assets $
7,254,209 $ 7,212,123 $ 7,446,831
Liabilities and stockholders’ equity: Interest-bearing deposits
Interest-bearing demand $ 2,546,443 $ 2,279 0.36 % $ 2,496,827 $
1,801 0.29 % $ 2,361,961 $ 1,089 0.18 % Money market and savings
2,015,781 5,753 1.13 2,127,242 5,028 0.95 2,534,236 4,916 0.77 Time
deposits 594,089 2,670 1.78 445,392
1,574 1.42 426,390 1,094 1.02
Total interest-bearing deposits
$ 5,156,313 $ 10,702 0.82 $ 5,069,461 $ 8,403 0.66 $ 5,322,587 $
7,099 0.53 Subordinated debt 132,909 1,923 5.74 132,843 1,923 5.81
132,641 1,923 5.75 FHLB advances — (5 ) 0.00 69,121
332 1.93 10,000 25 0.99
Total interest-bearing liabilities
$ 5,289,222 $ 12,620 0.95 $ 5,271,425 $ 10,658 0.81 $ 5,465,228 $
9,047 0.66 Noninterest-bearing deposits 855,036 847,027 881,752
Other liabilities 70,443 65,535 83,702 Total
liabilities $ 6,214,701 $ 6,183,987 $ 6,430,682 Total
stockholders’ equity $ 1,039,508 $ 1,028,136 $
1,016,149 Total liabilities andstockholders’ equity $
7,254,209 $ 7,212,123 $ 7,446,831
Net interest spread(2)
2.80 % 2.92 % 3.04 %
Net interest income and margin, tax
equivalent(3, 4)
$ 49,245 2.98 % $ 49,900 3.07 % $ 53,701 3.17
% Reconciliation of tax equivalent net interest income to
reported net interest income Tax equivalent adjustment (362 ) (377
) (399 ) Net interest income, as reported $ 48,883 $ 49,523
$ 53,302 (1) Interest income is
presented on a taxable equivalent basis using the federal effective
tax rate. (2) Net interest spread represents the average yield on
interest-earning assets less the average rate on interest-bearing
liabilities. (3) Net interest margin is computed by dividing net
interest income by total average interest-earning assets. (4) Net
interest margin, tax equivalent has been adjusted to a taxable
equivalent basis using the federal effective tax rate.
Consolidated average balance sheet,
interest, yield and rates For the nine
months ended September 30, 2018
2017 (In thousands)
Average
Balance
Interest(1)
Yields/
Rates
Average
Balance
Interest(1)
Yields/
Rates
Assets: Interest-earning assets Due from banks $ 325,237 $ 4,390
1.80 % $ 741,916 $ 5,643 1.02 % Investment securities 1,061,619
15,422 1.94 906,566 13,436 1.98 Acquired loans 123,789 5,383 5.81
156,702 7,286 6.22 Originated Loans 5,037,072 158,165
4.20 5,185,848 167,083 4.31 Total loans
$ 5,160,861 $ 163,548 4.24 $ 5,342,550
$ 174,369 4.36 Total interest-earning assets $
6,547,717 $ 183,360 3.74 $ 6,991,032 $ 193,448 3.70
Noninterest-earning assets 710,556 696,724 Total
assets $ 7,258,273 $ 7,687,756 Liabilities and
stockholders’ equity: Interest-bearing deposits Interest-bearing
deposits $ 2,525,125 $ 5,356 0.28 % $ 2,416,532 $ 3,376 0.19 %
Money market and savings 2,143,182 15,482 0.97 2,650,565 14,729
0.74 Time deposits 474,488 5,287 1.49 467,310
3,297 0.94
Total interest-bearing deposits
$ 5,142,795 $ 26,125 0.68 $ 5,534,407 $ 21,402 0.52 Subordinated
debt 132,843 5,768 5.81 132,575 5,768 5.82 FHLB advances 28,462
374 1.76 15,842 117 0.99
Total interest-bearing liabilities $ 5,304,100 $ 32,267 0.81 $
5,682,824 $ 27,287 0.64 Noninterest-bearing deposits 845,065
912,496 Other liabilities 78,418 100,999 Total
liabilities $ 6,227,583 $ 6,696,319 Total stockholders’
equity $ 1,030,690 $ 991,437
Total liabilities and stockholders’
equity
$ 7,258,273 $ 7,687,756
Net interest spread(2)
2.93 % 3.06 %
Net interest income and margin, tax
equivalent(3, 4)
$ 151,093 3.09 % $ 166,161 3.18 %
Reconciliation of tax equivalent net interest income to reported
net interest income Tax equivalent adjustment (994 ) (737 ) Net
interest income, as reported $ 150,099 $ 165,424
(1) Interest income is presented on a taxable
equivalent basis using the federal effective tax rate. (2) Net
interest spread represents the average yield on interest-earning
assets less the average rate on interest-bearing liabilities. (3)
Net interest margin is computed by dividing net interest income by
total average interest-earning assets. (4) Net interest margin, tax
equivalent has been adjusted to a taxable equivalent basis using
the federal effective tax rate.
Allowance for Loan Losses (unaudited)
For the three months ended For the
nine months ended ($ in thousands)
September 30,
2018
June 30,
2018
September 30,
2017
September 30,
2018
September 30,
2017
Allowance for loan losses-balance at beginning of period $
59,197 $ 67,842 $ 87,745 $ 75,930 $ 111,410 (Recapture) Provision
for loan losses: Acquired loans (179 ) 434 117 255 21 Originated
loans 8,420 (647 ) (10,763 ) 11,687 (11,797 ) Total
provision for loan losses 8,241 (213 ) (10,646 ) 11,942 (11,776 )
Charge-offs: Acquired loans — — — — — Originated loans (10,023 )
(12,508 ) (472 ) (36,686 ) (23,987 ) Total charge-offs (10,023 )
(12,508 ) (472 ) (36,686 ) (23,987 ) Recoveries: Acquired loans — —
— — — Originated loans 1,614 4,076 1,549 7,843
2,529 Total recoveries 1,614 4,076
1,549 7,843 2,529 Total net recoveries
(charge-offs) (8,409 ) (8,432 ) 1,077 (28,843 ) (21,458 ) Allowance
for loan losses-balance at end of period $ 59,029 $ 59,197
$ 78,176 $ 59,029 $ 78,176
Asset Quality Information (unaudited)
As of ($
in thousands)
September 30,
2018
June 30,
2018
September 30,
2017
Nonperforming assets Nonaccrual loans $ 45,136 $ 39,992 $ 65,082
OREO and other repossessed assets — — — Total
nonperforming assets 45,136 39,992 65,082 Loans 30 - 89 days
past due 9,856 5,761 2,406 Accruing loans 90 days or more past due
390 436 478 Accruing troubled debt restructured loans 138 139 140
Non performing loans to total loans 0.87 % 0.79 % 1.29 % Non
performing assets to total assets 0.61 % 0.56 % 0.89 % Loans 30 -
89 days past due to total loans 0.19 % 0.11 % 0.05 % Allowance for
loan losses to total loans 1.14 % 1.17 % 1.54 %
Allowance for loan losses to nonaccrual
loans
130.78 % 148.02 % 120.1 % Net charge-offs to average loans
(annualized) 0.66 % 0.66 % (0.08 )%
Risk
Rating by Loan Product (Unaudited) ($ in thousands)
Pass
Special
Mention
Classified
Total Loans
Nonaccrual
loans
Total
allowance
As of September 30, 2018 Real estate mortgage loans: Single-family
residential $ 63,199 $ 77 $ 422 $ 63,698 $ — $ 171 Multifamily
residential 2,852,490 2,066 2,116 2,856,672 — 9,677 Commercial real
estate 1,033,707 17,848 30,247 1,081,802 2,512 9,009 Construction
and land loans 60,644 13,313 — 73,957 — 904 Commercial business
loans 930,748 36,105 69,979 1,036,832 35,085 38,966 Small Business
Administration loans 30,028 1,162 10,979 42,169 6,973 295 Consumer
and other loans 3,992 59 700 4,751 566
7 Total loans $ 4,974,808 $ 70,630 $ 114,443
$ 5,159,881 $ 45,136 $ 59,029 As of
June 30, 2018 Real estate mortgage loans: Single-family residential
$ 66,812 $ 78 $ 683 $ 67,573 $ — $ 183 Multifamily residential
2,687,143 2,081 2,128 2,691,352 — 9,395 Commercial real estate
1,042,675 11,096 31,109 1,084,880 2,512 9,282 Construction and land
loans 83,575 11,502 — 95,077 — 1,202 Commercial business loans
956,730 34,859 93,907 1,085,496 36,902 38,506 Small Business
Administration loans 32,337 2,138 8,749 43,224 — 622 Consumer and
other loans 3,990 60 714 4,764 578
7
Total loans
$ 4,873,262 $ 61,814 $ 137,290 $ 5,072,366
$ 39,992 $ 59,197 As of September 30, 2017
Real estate mortgage loans: Single-family residential $ 89,507 $ 81
$ 715 $ 90,303 $ — $ 236 Multifamily residential 2,379,520 12,553
3,181 2,395,254 — 8,990 Commercial real estate 1,042,854 58,454
24,019 1,125,327 11,476 11,067 Construction and land loans 97,811 —
— 97,811 — 1,068 Commercial business loans 1,123,254 49,099 138,386
1,310,739 52,859 56,437 Small Business Administration loans 31,792
872 2,221 34,885 — 356 Consumer and other loans 5,238 63
936 6,237 746 22 Total loans $
4,769,976 $ 121,122 $ 169,458 $ 5,060,556
$ 65,081 $ 78,176
Risk Rating
by Lending Division (Unaudited) ($ in thousands)
Pass
Special
Mention
Classified Total
Loans
Nonaccrual
loans
As of September 30, 2018 Income Property Banking $ 3,368,520 $
9,808 $ 10,855 $ 3,389,183 $ 2,512 Commercial Banking 348,436
15,424 48,849 412,709 19,431 Structured Finance 312,703 22,483 —
335,186 — Healthcare Provider 195,977 — 40,734 236,711 13,359
Healthcare Practice 19,124 — 1,226 20,350 — Corporate Finance
53,162 22,658 4,654 80,474 3,959 Institutional Syndication 329,804
— — 329,804 — Public Finance 225,143 — — 225,143 — Technology
Banking — — 899 899 —
Other divisions(2)
121,939 257 7,226 129,422 5,875 Total
loans $ 4,974,808 $ 70,630 $ 114,443 $
5,159,881 $ 45,136 June 30, 2018 Income Property
Banking $ 3,231,386 $ 6,475 $ 10,901 $ 3,248,762 $ 2,512 Commercial
Banking 395,460 25,838 49,288 470,586 14,272 Structured Finance
294,396 17,262 — 311,658 — Healthcare Provider 217,496 — 47,775
265,271 — Healthcare Practice 20,539 — 946 21,485 — Corporate
Finance 103,321 11,529 12,968 127,818 11,645 Institutional
Syndication 292,657 — — 292,657 — Public Finance 192,180 — —
192,180 — Technology Banking — — 2,000 2,000 —
Other divisions(2)
125,827 710 13,412 139,949 11,563 Total
loans $ 4,873,262 $ 61,814 $ 137,290 $
5,072,366 $ 39,992 As of September 30, 2017 Income
Property Banking $ 3,020,098 $ 19,802 $ 984 $ 3,040,884 $ —
Commercial Banking 388,323 52,340 53,515 494,178 11,543 Structured
Finance 321,618 6,861 13,736 342,215 11,477 Healthcare Provider
222,044 34,075 25,999 282,118 — Healthcare Practice 21,370 2,446
4,688 28,504 1,656 Corporate Finance 225,277 3,845 40,609 269,731
21,773 Institutional Syndication 258,355 — (209 ) 1 258,146 —
Public Finance 127,147 — — 127,147 — Technology Banking 21,497 —
27,613 49,110 17,705
Other divisions(2)
164,247 1,753 2,523 168,523 927 Total
loans $ 4,769,976 $ 121,122 $ 169,458 $
5,060,556 $ 65,081 (1) Represents
unamortized net deferred loan origination fees on syndicated lines
of credit that have no outstanding principal balances at period
end. (2) Other divisions is comprised of single-family residential
loans, consumer and other loans, and specialty banking divisions
including Business Banking and Media and Entertainment Banking.
Non-GAAP Financial Measures
Our accounting and reporting policies conform to generally
accepted accounting principles in the United States ("GAAP"). We
believe that the presentation of certain non-GAAP financial
measures assists investors in evaluating our financial results.
These non-GAAP measures include our return on average tangible
equity, tangible book value per as converted common share, and
tangible common equity ratio. These non-GAAP measures should be
taken together with the corresponding GAAP measures and should not
be considered a substitute of the GAAP measures.
The following tables present a reconciliation of the most
comparable GAAP financial measures and ratios to the non-GAAP
financial measures and ratios:
Non-GAAP return on average tangible equity
(unaudited)
For
the three months ended For the nine months ended ($ in
thousands)
September 30,
2018
June 30,
2018
September 30,
2017
September 30,
2018
September 30,
2017
Average tangible equity: Average stockholders' equity $ 1,039,508 $
1,028,136 $ 1,016,149 $ 1,030,690 $ 991,437 Less: Average goodwill
331,832 331,832 331,832 331,832 331,832 Average other intangible
assets 41,139 42,606 47,105 42,598
48,589 Average tangible equity $ 666,537 $ 653,698 $ 637,212
656,260 611,016 Net income $ 9,412 $ 15,464 $ 20,545 $ 37,779 $
46,442 Return on average stockholders' equity 3.59 % 6.03 % 8.02 %
4.90 % 6.26 % Non-GAAP return on average tangible equity 5.60 %
9.49 % 12.79 % 7.70
%
10.16
%
Non-GAAP tangible book value per as
converted common share (unaudited)
As
of ($ In thousands, except share amounts)
September 30,
2018
June 30,
2018
September 30,
2017
Tangible equity: Total stockholders' equity $ 1,037,050 $ 1,033,057
$ 1,023,002 Less: Goodwill 331,832 331,832 331,832 Other intangible
assets, net 40,362 41,842 46,280 Tangible equity
664,856 659,383 644,890 Shares of common stock outstanding
36,058,585 36,049,653 36,020,807 Shares of common stock to be
issued upon conversion of preferred stock 1,555,550
1,555,550 1,436,100
Total as converted shares of common stock
outstanding(1)
37,614,135 37,605,203 37,456,907 Book value per as
converted common share $ 27.57 $ 27.47 $ 27.31 Tangible book value
per as converted common share 17.68 17.53 17.22 (1)
Common stock outstanding includes additional shares of
common stock that would be issued upon conversion of all
outstanding shares of preferred stock to common stock and excludes
shares issuable upon exercise of warrants and options.
Non-GAAP tangible common equity ratio
(unaudited)
As of ($ In thousands)
September 30,
2018
June 30,
2018
September 30,
2017
Total assets $ 7,395,074 $ 7,193,326 $ 7,328,200 Less: Goodwill
331,832 331,832 331,832 Other intangible assets, net 40,362
41,842 46,280 Tangible assets 7,022,880 6,819,652
6,950,088 Total stockholders' equity 1,037,050 1,033,057
1,023,002 Less: Goodwill 331,832 331,832 331,832 Other intangible
assets, net 40,362 41,842 46,280 Tangible
equity 664,856 659,383 644,890 Less: preferred stock 29,110
29,110 26,875 Tangible common equity 635,746 630,273
618,015 Tangible equity to tangible assets ratio 9.47 % 9.67
% 9.28 % Tangible common equity to tangible assets ratio 9.05 %
9.24 % 8.89 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181022005293/en/
Opus BankKevin L. ThompsonEVP, Chief Financial
Officer949-251-8196orBrett G. VillaumeSVP, Director of Investor
Relations949-224-8866
Opus Bank (NASDAQ:OPB)
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