Opus Bank Announces Third Quarter 2019 Financial Results

IRVINE, Calif.--(BUSINESS WIRE)--Opus Bank ("Opus") (Nasdaq: “OPB”) announced today net income of $22.0 million, or $0.57 per diluted share, for the third quarter of 2019, compared to net income of $8.7 million, or $0.23 per diluted share, for the second quarter of 2019. Net income during the third quarter of 2019 included gains of $220,000 on the sale of securities, loans and other assets, and additional income tax expense related to the previously announced expense reduction initiative undertaken in the second quarter of 2019 that increased our effective tax rate by approximately one percentage point. Together, these items negatively impacted earnings by $0.01 per diluted share for the third quarter.