Opus Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Reports Net Charge-Offs for the Second Quarter of 2017
For the six months, the company reported net interest income of $112.1 million compared to $121.6 million for the six months ended June 30, 2016. Income before income tax expense was $41,691,000 against $55,043,000 a year ago. Net income was $25,896,000 or $0.69 per share diluted against $33,429,000 or $0.97 per share diluted a year ago. Return on average assets 0.67% against 0.96% a year ago. Return on average stockholders equity was 5.33% against 7.39% a year ago. Book value per as converted common share was $26.78 against $27.73 per share a year ago. Return on average tangible equity was 8.74% against 11.30% a year ago. Tangible book value per as converted common share was $16.63 against $16.60 a year ago.
Net charge-offs recorded during the second quarter of 2017 totaled $17.4 million, compared to $5.1 million during the first quarter of 2017 and $24,000 during the second quarter of 2016.