LOS ANGELES--(BUSINESS WIRE)--
Open Bank (OTCBB:OPBK) today announced a net income of $271 thousand for
the third quarter of 2011 and $1.4 million for the nine months of 2011.
Min Kim, President and Chief Executive Officer said, “We are very
pleased with our third quarter results, which is in line with our plan
and mark three consecutive quarters of profits for the bank. We continue
to focus on building new customer relationship through core deposits,
maintaining a strong capital position while improving the quality of our
overall loan portfolio and reducing the bank’s exposure to
non-performing loans.”
Third Quarter 2011 Highlights
-
Net income of $271 thousand for the three months ended September 30,
2011.
-
Net income of $1.4 million for the nine months ended September 30,
2011.
-
Net interest margin improved significantly to 4.21% for the third
quarter of 2011, compared from 3.54% for third quarter of 2010.
-
Total deposits increased 11.1% to $115.1 million, with 67.0% growth in
demand deposits to $31.9 million from December 31, 2010.
-
Allowance for Loan Losses to Gross Loans was 4.47% at September 30,
2011.
-
Non-Performing Loans to Total Loans was 2.55% of gross loans at
September 30, 2011, compared to 3.16% at September 30, 2010.
-
The Total risk-based capital ratio, tier 1 capital ratio and tier 1
leverage ratio were 18.71%, 17.43% and 14.42%, respectively at
September 30, 2011.
-
Efficiency ratio improved to 62.70% for the third quarter of 2011,
compared to 113.11% for the third quarter of 2010.
About Open Bank
Open Bank (the "Bank") is engaged in the general commercial banking
business in Los Angeles County and is focused on serving the banking
needs of small- and medium-sized businesses, professionals, and
residents with a particular emphasis on the Korean and other ethnic
minority communities. The Bank commenced its operations on June 10, 2005
as First Standard Bank and changed its name to Open Bank on September
20, 2010. Its headquarters are located at 1000 Wilshire Blvd., Suite 100
Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.comMember FDIC, Equal Housing Lender
Safe Harbor
This press release contains certain forward-looking information about
Open Bank that is intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact are forward-looking statements. These forward-looking
statements may include, but are not limited to, such words as
"believes," "expects," "anticipates," "intends," "plans," "estimates,"
"may," "will," "should," "could," "predicts," "potential," "continue,"
or the negative of such terms and other comparable terminology or
similar expressions and may include statements about the bank’s focus on
customer relationship, maintaining a strong capital position, improving
the quality of the overall loan portfolio and reducing exposure to
non-performing loans. Forward-looking statements are not guarantees.
Such statements involve inherent risks and uncertainties, many of which
are difficult to predict and are generally beyond the control of Open
Bank. Open Bank cautions readers that a number of important factors
could cause actual results to differ materially from those expressed in,
or implied or projected by, such forward-looking statements. If any of
these risks or uncertainties materializes or if any of the assumptions
underlying such forward-looking statements proves to be incorrect, Open
Bank’s results could differ materially from those expressed in, or
implied or projected by such forward-looking statements. Open Bank
assumes no obligation to update such forward-looking statements, except
as required by law.
|
| |
| |
| |
| |
| Balance Sheet | | | | | | | | |
|
(Dollars in thousand, except per share data)
| | June 30, 2011 | | December 31, 2010 | | June 30, 2010 | | |
| | (Unaudited) | | (Audited) | | (Unaudited) | | |
| Assets | | | | | | | | |
| | | | | | | |
|
|
Cash and due from banks
| |
$
|
23,358
| | |
$
|
7,099
| | |
$
|
19,803
| | | |
|
Federal fund sold/overnight investment
| | |
4,300
| | | |
3,500
| | | |
2,000
| | | |
|
Interest-bearing deposits in other banks
| | |
-
| | | |
245
| | | |
1,715
| | | |
|
Investment securities
| | |
4,994
| | | |
7,868
| | | |
10,103
| | | |
|
Loans held for sale
| | |
8,139
| | | |
16,906
| | | |
2,565
| | | |
|
Loans receivable
| | |
95,076
| | | |
91,578
| | | |
90,246
| | | |
|
Allowance for loan losses
| | |
4,158
| | | |
4,121
| | | |
3,940
| | | |
|
Net loans
| | |
90,918
| | | |
87,456
| | | |
86,305
| | | |
|
Bank premises and equipment, net
| | |
334
| | | |
313
| | | |
321
| | | |
|
Accrued interest receivable
| | |
386
| | | |
241
| | | |
275
| | | |
|
Other real estate owned
| | |
-
| | | |
400
| | | |
197
| | | |
|
FHLB and Pacific Coast Bankers Bank Stock, at cost
| | |
737
| | | |
785
| | | |
835
| | | |
|
Servicing assets
| | |
985
| | | |
295
| | | |
175
| | | |
|
Other assets
| |
|
972
|
| |
|
386
|
| |
|
421
|
| | |
|
Total Assets
| |
$
|
135,124
|
| |
$
|
125,494
|
| |
$
|
124,715
|
| | |
| | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | |
| | | | | | | |
|
|
Noninterest bearing demand
| |
$
|
28,616
| | |
$
|
19,120
| | |
$
|
13,114
| | | |
|
Savings
| | |
2,377
| | | |
2,471
| | | |
2,184
| | | |
|
Money market and others
| | |
28,101
| | | |
8,558
| | | |
9,083
| | | |
|
Time deposits of $100,000 or more
| | |
24,440
| | | |
28,513
| | | |
52,125
| | | |
|
Other time deposits
| |
|
30,664
|
| |
|
44,936
|
| |
|
36,357
|
| | |
|
Total deposits
| | |
114,198
| | | |
103,598
| | | |
112,863
| | | |
|
Secured borrowings
| | |
-
| | | |
7,852
| | | |
-
| | | |
|
Other liabilities
| | |
2,035
| | | |
671
| | | |
555
| | | |
|
Total liabilities
| | |
116,233
| | | |
112,120
| | | |
113,419
| | | |
|
Total shareholders' equity
| |
|
18,892
|
| |
|
13,374
|
| |
|
11,297
|
| | |
|
Total Liabilities and Shareholders' Equity
| |
$
|
135,124
|
| |
$
|
125,494
|
| |
$
|
124,715
|
| | |
| | | | | | | |
|
| Statement of Operations | | | | | | | | |
|
(Dollars in thousand, except per share data)
| | | | | | | | |
| | Three months ended | | Six months ended |
| | June 30, 2011 | | June 30, 2010 | | June 30, 2011 | | June 30, 2010 |
|
Interest income
| |
$
|
1,668
| | |
$
|
1,427
| | |
$
|
3,319
| | |
$
|
3,031
| |
|
Interest expense
| |
|
311
|
| |
|
463
|
| |
|
636
|
| |
|
975
|
|
|
Net interest income
| |
|
1,357
|
| |
|
963
|
| |
|
2,683
|
| |
|
2,056
|
|
|
Provision for loan losses
| | |
198
| | | |
2,024
| | | |
780
| | | |
2,226
| |
|
Non interest income
| | |
1,730
| | | |
165
| | | |
3,043
| | | |
324
| |
|
Non interest expense
| |
|
2,049
|
| |
|
1,220
|
| |
|
3,709
|
| |
|
2,368
|
|
|
Income before income taxes
| | |
840
| | | |
(2,116
|
)
| | |
1,237
| | | |
(2,214
|
)
|
|
Provision for income taxes
| |
|
67
|
| |
|
1
|
| |
|
108
|
| |
|
1
|
|
|
Net income (loss)
| |
$
|
773
|
| |
$
|
(2,117
|
)
| |
$
|
1,130
|
| |
$
|
(2,215
|
)
|
| | | | | | | |
|
|
Book Value
| |
$
|
2.64
| | |
$
|
2.53
| | |
$
|
2.64
| | |
$
|
2.53
| |
|
Basic EPS
| |
$
|
0.11
| | |
$
|
(0.65
|
)
| |
$
|
0.17
| | |
$
|
(0.68
|
)
|
|
Diluted EPS
| |
$
|
0.09
| | |
$
|
(0.65
|
)
| |
$
|
0.14
| | |
$
|
(0.68
|
)
|
| | | | | | | |
|
| Key Ratios | | | | | | | | |
|
Return on average assets *
| | |
2.39
|
%
| | |
-6.70
|
%
| | |
1.80
|
%
| | |
-3.56
|
%
|
|
Return on average equity *
| | |
17.03
|
%
| | |
-89.10
|
%
| | |
13.68
|
%
| | |
-41.52
|
%
|
|
Net interest margin *
| | |
4.42
|
%
| | |
3.17
|
%
| | |
4.48
|
%
| | |
3.43
|
%
|
|
Efficiency ratio
| | |
66.37
|
%
| | |
108.11
|
%
| | |
64.77
|
%
| | |
99.51
|
%
|
| | | | | | | |
|
|
Tier I leverage
| | |
14.54
|
%
| | |
8.86
|
%
| | |
14.54
|
%
| | |
8.86
|
%
|
|
Tier I risk-based capital
| | |
18.13
|
%
| | |
11.49
|
%
| | |
18.13
|
%
| | |
11.49
|
%
|
|
Total risk-based capital
| | |
19.41
|
%
| | |
12.78
|
%
| | |
19.41
|
%
| | |
12.78
|
%
|
| | | | | | | |
|
| Asset Quality | |
| 6/30/2011 |
| |
| 3/31/2011 |
| |
| 12/31/2010 |
|
|
| 6/30/2010 |
|
|
Loans 90 days or more past due, accruing
| | |
-
| | | |
-
| | | |
-
| | | |
-
| |
|
Nonaccrual Loans
| |
| 502 |
| |
| 995 |
| |
| 2,159 |
| |
| 3,652 |
|
|
Total Non-Performing Loans
| | |
502
| | | |
995
| | | |
2,159
| | | |
3,652
| |
|
Other Real Estate Loans (OREO)
| | |
-
| | | |
-
| | | |
400
| | | |
197
| |
|
Accruing Restructured Loans
| |
| 2,238 |
| |
| 2,266 |
| |
| 2,634 |
| |
| 2,791 |
|
|
Total Non-Performing Assets
| | |
2,740
| | | |
3,261
| | | |
5,193
| | | |
6,640
| |
| | | | | | | |
|
|
Non-Performing Loans/Total Loans
| | |
0.53
|
%
| | |
0.97
|
%
| | |
2.47
|
%
| | |
3.87
|
%
|
|
Non-Performing Assets/Total Assets
| | |
2.03
|
%
| | |
2.49
|
%
| | |
4.14
|
%
| | |
5.32
|
%
|
|
Allowance for Loan Losses/Gross Loans
| | |
4.37
|
%
| | |
4.42
|
%
| | |
4.71
|
%
| | |
4.18
|
%
|
|
Allowance for Loan Losses/Non-Performing Loans
| | |
828
|
%
| | |
456
|
%
| | |
191
|
%
| | |
108
|
%
|
| | | | | | | |
|
|
YTD Net Charge-offs
| |
$
|
743
| | |
$
|
620
| | |
$
|
4,390
| | |
$
|
3,490
| |
|
YTD Net Charge-offs to Average Loans *
| | |
1.49
|
%
| | |
2.55
|
%
| | |
4.56
|
%
| | |
7.75
|
%
|
| | | | | | | |
|
|
* Annualized
| | | | | | | | |
| | | | | | | |
|
Open Bank
Christine Oh, 213-892-1192
Christine.oh@myopenbank.com
Source: Open Bank