Financial highlights
- Total assets reached $531 million at December 31, 2014, up 19% from
$447 million at September 30, 2014, and up 55% from $342 million a
year ago.
- Net Loans receivables were $408 million at December 31 2014, an
increase of 14% from $359 million at September 30, 2014 and an
increase of 48% from $276 million at December 31, 2013.
- Total deposits were $429 million at December 31, 2014, an increase
of 14% from $377 million at September 30, 2014 and an increase of 39%
from $309 million at December 31, 2013.
- Non-interest bearing deposits represented 41% of total deposits at
December 31, 2014, compared to 43% at September 30, 2014 and 30% at
December 31, 2013.
- Non-performing assets to total assets was 0.25% at December 31,
2014, compared to 0.33% at September 30, 2014 and 0.46% at December
31, 2013.
LOS ANGELES--(BUSINESS WIRE)--
Open Bank (OTCBB:OPBK) today reported that income before taxes was $1.7
million for the fourth quarter of 2014, up 151.0% from $675 thousand for
the same quarter of 2013, down 21.1% from $2.1 million for the three
months ended September 30, 2014. The net income for the fourth quarter
of 2014 was $984 thousand, or $0.08 per diluted share. This compares
with net income of $1.3 million, or $0.10 per diluted share, for the
third quarter of 2014 and net loss of $472 thousand, or $0.06 per
diluted share, for the fourth quarter of 2013. Pre-tax pre-provision
income was $2.4 million for the fourth quarter 2014, $2.1 million for
the third quarter 2014, and $675 thousand for the fourth quarter 2013.
“I am excited to announce that for the first time in the Bank’s history,
we have surpassed a half a billion dollars in assets, an impressive 55%
year over year increase. Underlying this growth was an almost equally
large 48% year-over-year increase in net loans receivable with
non-interest bearing deposits rising from 30% of total deposits to over
40%,” stated Min Kim, President and Chief Executive Officer. “At the
same time, our net interest margin remains at 4.34%, which we believe is
among the highest in our peer group. This performance is the result of
our concentrated focus on growing our core business combined with our
commitment to serving the banking needs of our community and we feel
well positioned to continue this momentum into 2015. We will continue to
focus on growing our company through existing six full branches and
through the additional planned branch and loan production offices.”
|
|
| Fourth Quarter Financial Highlights | |
| (in thousands, except per share data) | |
|
|
| | |
|
| | |
|
| | | |
| | | | As of or for the Three Months Ended |
|
| | | | December 31, | | | | September 30, | | | |
| December 31, | |
| | | | 2014 | | |
| 2014 | | |
|
| 2013 |
|
| | | | | | | | | | | | |
|
| Income Statement Data: | | | | | | | | | | | | | |
|
Net interest income
| | |
$
|
4,730
| | | |
$
|
4,417
| | | |
$
|
3,230
| |
|
Provision for loan losses
| | | |
740
| | | | |
-
| | | | |
-
| |
|
Non-interest income
| | | |
1,831
| | | | |
2,031
| | | | |
1,024
| |
|
Non-interest expense
| | | |
4,127
|
| | | |
4,300
|
| | | |
3,579
|
|
|
Income before taxes
| | | |
1,694
| | | | |
2,148
| | | | |
675
| |
|
Provision for income taxes
| | | |
710
|
| | | |
873
|
| | | |
1,147
|
|
|
Net Income
| | |
$
|
984
|
| | |
$
|
1,275
|
| | |
$
|
(472
|
)
|
| Balance Sheet Data: | | | | | | | | | | | | | |
|
Loans held for sale
| | |
$
|
5,711
| | | |
$
|
4,120
| | | |
$
|
16,681
| |
|
Gross loans, net of unearned income
| | | |
413,527
| | | | |
364,090
| | | | |
281,251
| |
|
Allowance for loan losses
| | | |
5,755
| | | | |
5,482
| | | | |
5,228
| |
|
Total assets
| | | |
530,892
| | | | |
447,358
| | | | |
342,278
| |
|
Deposits
| | | |
428,519
| | | | |
376,929
| | | | |
309,302
| |
|
Shareholders’ equity
| | | |
65,442
| | | | |
64,024
| | | | |
31,190
| |
| Credit Quality: | | | | | | | | | | | | | |
|
Nonperforming loans
| | |
$
|
1,348
| | | |
$
|
1,466
| | | |
$
|
1,566
| |
|
Nonperforming assets
| | | |
1,348
| | | | |
1,466
| | | | |
1,566
| |
| Performance Ratios: | | | | | | | | | | | | | |
|
Net interest margin
| | | |
4.34
|
%
| | | |
4.31
|
%
| | | |
4.47
|
%
|
|
Efficiency ratio
| | | |
62.91
|
%
| | | |
66.69
|
%
| | | |
84.12
|
%
|
Pre-tax pre-provision Income to average assets (annualized)
| | | |
2.10
|
%
| | | |
2.00
|
%
| | | |
0.89
|
%
|
Net charge-offs to average gross loans (annualized)
| | | |
0.49
|
%
| | | |
- 0.01
|
%
| | | |
- 0.27
|
%
|
Nonperforming assets to gross loans plus OREO
| | | |
0.33
|
%
| | | |
0.40
|
%
| | | |
0.56
|
%
|
|
ALLL to nonperforming loans
| | | |
427
|
%
| | | |
374
|
%
| | | |
334
|
%
|
|
ALLL to gross loans
| | | |
1.39
|
%
| | | |
1.51
|
%
| | | |
1.86
|
%
|
| Capital Ratios: | | | | | | | | | | | | | |
|
Tangible common equity to tangible assets
| | | |
12.33
|
%
| | | |
14.31
|
%
| | | |
9.11
|
%
|
|
Leverage Ratio
| | | |
14.04
|
%
| | | |
14.85
|
%
| | | |
9.43
|
%
|
|
Tier 1 risk-based capital ratio
| | | |
15.42
|
%
| | | |
17.52
|
%
| | | |
9.85
|
%
|
|
Total risk-based capital ratio
| | | |
16.67
|
%
| | | |
18.78
|
%
| | | |
11.11
|
%
|
| | | | | | | | | | | | | | |
|
Results of Operations
Net interest income was $4.7 million for the three months ended December
31, 2014, compared to $4.4 million for the third quarter of 2014 and
$3.2 million for the fourth quarter of 2013. This represents increases
of 7.1% from the third quarter of 2014 and 46.4% from the fourth quarter
of 2013, respectively. The increases were primarily the result of
increases in average interest earning assets, specifically loans.
Average loans, including loans held for sale, increased to $380.6
million for the fourth quarter of 2014, an increase of $37.0 million, or
10.8% from $343.6 million for the third quarter 2014, and an increase of
$114.4 million, or 43.0%, from $266.2 million for the fourth quarter of
2013.
The net interest margin for the fourth quarter of 2014 was 4.34%, a 3
basis point increase from 4.31% for the third quarter of 2014, and a 13
basis decrease from 4.47% for the fourth quarter of 2013. The following
table shows the asset yields, liability cost, spread and margin.
|
|
| |
|
| |
| | |
Three Months Ended
| | |
Twelve Months Ended
|
| | | Dec. 31,
|
|
| Sept. 30,
|
|
| Dec. 31,
| | | Dec. 31,
|
|
| Dec. 31,
|
| | |
2014
| | |
2014
| | |
2013
| | |
2014
| | |
2013
|
| | | | | | | | | | | | | | |
|
|
Yield on Loans
| | |
5.20
|
%
| | |
5.37
|
%
| | |
5.19
|
%
| | |
5.23
|
%
| | |
5.30
|
%
|
|
Yield on interest-earning assets
| | |
4.71
|
%
| | |
4.68
|
%
| | |
4.93
|
%
| | |
4.72
|
%
| | |
4.83
|
%
|
|
Cost of interest-bearing liabilities
| | |
0.70
|
%
| | |
0.70
|
%
| | |
0.70
|
%
| | |
0.70
|
%
| | |
0.72
|
%
|
|
Cost of deposits
| | |
0.41
|
%
| | |
0.42
|
%
| | |
0.49
|
%
| | |
0.43
|
%
| | |
0.51
|
%
|
|
Net interest spread
| | |
4.02
|
%
| | |
3.98
|
%
| | |
4.23
|
%
| | |
4.02
|
%
| | |
4.12
|
%
|
|
Net interest margin
| | |
4.34
|
%
| | |
4.31
|
%
| | |
4.47
|
%
| | |
4.32
|
%
| | |
4.35
|
%
|
| | | | | | | | | | | | | | | | | | | |
|
The bank recorded $740 thousand of provision for loan losses for the
fourth quarter of 2014. No provision for loan losses was recorded for
the third quarter of 2014 as well as for the fourth quarter of 2013. The
bank charged off $477 thousand in loans during the fourth quarter of
2014. This increase was primarily due to one SBA loan of $474 thousand.
There were no charge offs during the third quarter of 2014 and the
fourth quarter of 2013. Loan recovery was $10 thousand for the fourth
quarter of 2014, compared to $11 thousand for the third quarter of 2014,
and $182 thousand for the fourth quarter of 2013.
Non-interest income for the fourth quarter 2014 was $1.8 million,
compared to $2.0 million for the third quarter of 2014 and $1.0 million
for the prior-year fourth quarter. The decrease from the preceding
quarter was primarily attributable to a $487 thousand decrease in net
gains on sale of SBA loans, which was $816 thousand for the fourth
quarter of 2014, compared to $1.3 million for the third quarter of 2014.
Sales of SBA loans for the fourth quarter of 2014 were $7.6 million,
compared to $17.5 million for the third quarter of 2014. Service charges
on deposits increased $95 thousand, or 25%, to $479 thousand for the
fourth quarter of 2014, compared to $384 thousand for the third quarter
of 2014, primarily due to an increase in operational transactions from
one large client.
The increase in non-interest income from the prior year fourth quarter
was primarily due to a $341 thousand increase in net gains on sale of
SBA loans. Sales of SBA loans for the fourth quarter of 2013 were $6.7
million. Service charges and other deposit related fees increased $376
thousand, or 367%, from $103 thousand for the prior-year fourth quarter.
There was a significant increase in the number of demand deposit
accounts as well as transactions such as wire transfers.
Non-interest expense for the fourth quarter 2014 was $4.1 million,
compared to $4.3 million for the third quarter of 2014 and $3.6 million
for the prior-year fourth quarter. The decrease from the preceding
quarter was primarily attributable to a decrease of $171 thousand, or
6%, in salaries and employee benefits, driven by a decrease in bonus
reserves. The total number of full time employees was 101 as of December
31, 2014, 102 as of September 30, 2014, and 84 as of December 31, 2013.
The decrease from the fourth quarter of 2013 was primarily due to a
decrease in professional service expenses. Professional service expenses
were $12 thousand for the fourth quarter of 2014, a decrease of $187
thousand or 94%, compared to $198 thousand for the fourth quarter of
2013.
The effective tax rate for the third and fourth quarters of 2014 was 41%
and 42%, respectively. During the fourth quarter of 2013, the provision
for income taxes was $1.1 million.
Balance Sheet
Total assets were $530.9 million at December 31, 2014, an increase of
$83.5 million or 18.7%, from $447.4 million at September 30, 2014, and
an increase of $188.6 million, or 55.1%, from $342.3 million at December
31, 2013. Gross loans, net of unearned income, were $413.5 million at
December 31, 2014, an increase of $49.4 million, or 13.6%, from $364.1
million at September 30, 2014, and an increase of $132.3 million, or
47.0%, from $281.3 million a year ago. New loan originations for the
fourth quarter of 2014 amounted to $71.0 million, including SBA loan
origination of $17.9 million, compared to $63.6 million, including SBA
loan origination of $20.9 million for the third quarter of 2014. The new
loan originations for the fourth quarter of 2013 amounted to $65.9
million, including SBA loan origination of $27.5 million.
Total deposits were $428.5 million at December 31, 2014, an increase of
$51.6 million, or 13.7%, from $376.9 million at September 30, 2014 and
an increase of $119.2 million, or 38.5%, from $309.3 million at December
31, 2013. The bank borrowed $30.0 million from Federal Loan Home Bank
(“FHLB”); $10.0 million of overnight borrowing and $20.0 million of term
borrowing for six months.
Non-interest bearing deposits accounted for 40.7% of total deposits at
December 31, 2014. This is compared to 42.9% at September 30, 2014 and
29.9% at December 31, 2013.
|
|
| |
|
|
| |
|
|
| |
| | | December 31,
| | | | September 30,
| | | | December 31,
|
| | |
2014
| | | |
2014
| | | |
2013
|
| | | | | | | | | | |
|
|
Non-interest bearing deposits
| | |
40.7
|
%
| | | |
42.9
|
%
| | | |
29.9
|
%
|
|
Interest bearing demand deposits
| | |
30.8
|
%
| | | |
29.0
|
%
| | | |
37.3.
|
%
|
|
Savings
| | |
0.3
|
%
| | | |
0.3
|
%
| | | |
0.3
|
%
|
|
Time deposits over $100,000 | | |
16.4
|
%
| | | |
16.6
|
%
| | | |
16.3
|
%
|
|
Other time deposits
| | |
11.8
|
%
| | | |
11.2
|
%
| | | |
16.2
|
%
|
|
Total deposits
| | |
100.0
|
%
| | | |
100.0
|
%
| | | |
100.0
|
%
|
| | | | | | | | | | | | | |
|
At December 31, 2014, the leverage ratio was 14.04%, compared to 14.85%
at September 30, 2014 and 9.43% at December 31, 2013; Tier 1 risk-based
capital ratio was 15.42%, compared to 17.52% at September 30, 2014 and
9.85% at December 31, 2013; and total risk-based capital ratio was
16.67%, compared to 18.78% at September 30, 2014 and 11.11% at December
31, 2013.
At December 31, 2014, the tangible common equity represented 12.33% of
tangible assets, compared to 14.31% at September 30, 2014 and 9.11% at
December 31, 2013. The tangible common equity to tangible assets ratio
is a non-GAAP financial measure that represents common equity less
goodwill and other net intangible assets divided by total assets less
goodwill and other net intangible assets. Management reviews the
tangible common equity to tangible assets ratio to evaluate the bank’s
capital levels.
Asset Quality
Non-performing assets were $1.3 million, or 0.25% of total assets at
December 31, 2014, compared to $1.5 million, or 0.33% of total assets at
September 30, 2014 and $1.6 million, or 0.46% of total assets at
December 31, 2013. There were no other real estate owned (“OREO”) at
December 31, 2014, September 30, 2014 or December 31, 2013.
Non-performing loans to gross loans decreased to 0.33% at December 31,
2014, compared to 0.40% at September 30, 2014 and 0.56% at December 31,
2013. The decrease versus prior year was primarily attributable to sales
of problem loans during 2013. The allowance for loan losses was $5.8
million at December 31, 2014, compared to $5.5 million at September 30,
2014, and $5.2 million at December 31, 2013.
Total classified loans were $1.7 million, or 0.42% of gross loans, at
December 31, 2014, compared to $1.8 million, or 0.50% of gross loans at
September 30, 2014 and $4.8 million, or 1.71% of gross loans at December
31, 2013.
The allowance for loan losses was 1.39% of gross loans at December 31,
2014, compared to 1.51% at September 30, 2014 and 1.86% at December 31,
2013.
Use of Non-GAAP Financial Measures. This
document may contain GAAP financial measures and non-GAAP financial
measures where management believes it to be helpful in understanding
Open Bank’s results of operations or financial position. Where non-GAAP
financial measures are used, the comparable GAAP financial measure, as
well as the reconciliation to the comparable GAAP financial measure, can
be found in this earnings release, conference call slides, or the Form
8-K related to this document, all of which can be found on Open Bank’s
website at www.myopenbank.com.
About Open Bank
Open Bank (the "Bank") is engaged in the general commercial banking
business in Los Angeles County and Orange 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 has branches in Downtown
Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown,
Gardena and Buena Park. 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 500 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
exploring new opportunities, building customer relationship through core
deposits, growing core deposits, and improving asset quality.
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 such as the ability of
the new branch to attract sufficient number of customers, deposits and
new business to become profitable. 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)
|
|
| December 31,
2014 |
|
| September 30,
2014 |
|
| $ change |
|
| % change |
|
| December 31,
2013 |
|
| $ change |
|
| % change |
|
| |
| | | (Unaudited) | | | (Unaudited) | | | | | | | | | (Audited) | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Cash and due from banks
| | |
$
|
64,748
| | | |
$
|
40,906
| | | |
$
|
23,842
| | | | |
58.3
|
%
| | |
$
|
18,514
| | | |
$
|
46,234
| | | | |
249.7
|
%
| | | |
|
Investment securities
| | | |
22,863
| | | | |
23,311
| | | | |
(448
|
)
| | | |
-1.9
|
%
| | | |
12,463
| | | | |
10,400
| | | | |
83.4
|
%
| | | |
|
Loans held for sale
| | | |
5,711
| | | | |
4,120
| | | | |
1,591
| | | | |
38.6
|
%
| | | |
16,681
| | | | |
(10,970
|
)
| | | |
-65.8
|
%
| | | |
|
Gross loans, net of unearned income
| | | |
413,527
| | | | |
364,090
| | | | |
49,437
| | | | |
13.6
|
%
| | | |
281,251
| | | | |
132,276
| | | | |
47.0
|
%
| | | |
|
Allowance for loan losses
| | | |
(5,755
|
)
| | | |
(5,482
|
)
| | | |
(273
|
)
| | | |
-5.0
|
%
| | | |
(5,228
|
)
| | | |
(527
|
)
| | | |
-10.1
|
%
| | | |
|
Net loans receivable
| | | |
407,772
| | | | |
358,608
| | | | |
49,164
| | | | |
13.7
|
%
| | | |
276,023
| | | | |
131,749
| | | | |
47.7
|
%
| | | |
|
Bank premises and equipment, net
| | | |
4,953
| | | | |
5,084
| | | | |
(131
|
)
| | | |
-2.6
|
%
| | | |
3,148
| | | | |
1,805
| | | | |
57.3
|
%
| | | |
|
Accrued interest receivable
| | | |
1,175
| | | | |
1,056
| | | | |
119
| | | | |
11.3
|
%
| | | |
820
| | | | |
355
| | | | |
43.3
|
%
| | | |
|
FHLB and Pacific Coast Bankers Bank Stock, at cost
| | | |
1,900
| | | | |
1,900
| | | | |
0
| | | | |
0.0
|
%
| | | |
1,075
| | | | |
825
| | | | |
76.7
|
%
| | | |
|
Servicing assets
| | | |
4,670
| | | | |
4,729
| | | | |
(59
|
)
| | | |
-1.2
|
%
| | | |
3,648
| | | | |
1,022
| | | | |
28.0
|
%
| | | |
|
Net deferred taxes
| | | |
5,602
| | | | |
5,675
| | | | |
(73
|
)
| | | |
-1.3
|
%
| | | |
5,757
| | | | |
(155
|
)
| | | |
-2.7
|
%
| | | |
|
Other assets
| | |
|
11,498
|
| | |
|
1,969
|
| | |
|
9,529
|
| | |
|
484.0
|
%
| | |
|
4,149
|
| | |
|
7,349
|
| | |
|
177.1
|
%
| | | |
|
Total assets
| | |
$
|
530,892
|
| | |
$
|
447,358
|
| | |
$
|
83,534
|
| | |
|
18.7
|
%
| | |
$
|
342,278
|
| | |
$
|
188,614
|
| | |
|
55.1
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Noninterest bearing demand
| | |
$
|
174,449
| | | |
$
|
161,832
| | | |
$
|
12,617
| | | | |
7.8
|
%
| | |
$
|
92,394
| | | |
$
|
82,055
| | | | |
88.8
|
%
| | | |
|
Savings
| | | |
1,394
| | | | |
1,164
| | | | |
230
| | | | |
19.8
|
%
| | | |
866
| | | | |
528
| | | | |
61.0
|
%
| | | |
|
Money market and others
| | | |
131,659
| | | | |
109,112
| | | | |
22,547
| | | | |
20.7
|
%
| | | |
115,569
| | | | |
16,090
| | | | |
13.9
|
%
| | | |
|
Time deposits of $100,000 or more
| | | |
70,435
| | | | |
62,724
| | | | |
7,711
| | | | |
12.3
|
%
| | | |
50,437
| | | | |
19,998
| | | | |
39.6
|
%
| | | |
|
Other time deposits
| | |
|
50,582
|
| | |
|
42,097
|
| | |
|
8,485
|
| | |
|
20.2
|
%
| | |
|
50,036
|
| | |
|
546
|
| | |
|
1.1
|
%
| | | |
|
Total deposits
| | | |
428,519
| | | | |
376,929
| | | | |
51,590
| | | | |
13.7
|
%
| | | |
309,302
| | | | |
119,217
| | | | |
38.5
|
%
| | | |
|
Other borrowings
| | | |
30,000
| | | | |
-
| | | | |
30,000
| | | |
NA
| | | |
-
| | | | |
30,000
| | | |
NA
| | | |
|
Other liabilities
| | | |
6,931
| | | | |
6,405
| | | | |
526
| | | | |
8.2
|
%
| | | |
1,786
| | | | |
5,145
| | | | |
288.1
|
%
| | | |
|
Total liabilities
| | | |
465,450
| | | | |
383,334
| | | | |
82,116
| | | | |
21.4
|
%
| | | |
311,088
| | | | |
154,362
| | | | |
49.6
|
%
| | | |
|
Total shareholders' equity
| | |
|
65,442
|
| | |
|
64,024
|
| | |
|
1,418
|
| | |
|
2.2
|
%
| | |
|
31,190
|
| | |
|
34,252
|
| | |
|
109.8
|
%
| | | |
|
Total Liabilities and Shareholders' Equity
| | |
$
|
530,892
|
| | |
$
|
447,358
|
| | |
$
|
83,534
|
| | |
|
18.7
|
%
| | |
$
|
342,278
|
| | |
$
|
188,614
|
| | |
|
55.1
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Statement of Operations |
|
(Dollars in thousand, except per share data)
|
| | | Three Months Ended | | | Twelve Months Ended |
| | | December 31,
2014 | | | September 30,
2014 | | | % change | | | December 31,
2013 | | | % change | | | December 31,
2014 | | | December 31,
2013 | | | % change |
|
Interest income
| | |
$
|
5,134
| | | |
$
|
4,795
| | | | |
7.1
|
%
| | |
$
|
3,565
| | | | |
44.0
|
%
| | |
$
|
18,260
| | | |
$
|
11,268
| | | |
62.1
|
%
|
|
Interest expense
| | |
|
404
|
| | |
|
378
|
| | |
|
6.9
|
%
| | |
|
335
|
| | |
|
20.6
|
%
| | |
|
1,539
|
| | |
|
1,118
|
| | |
37.7
|
%
|
|
Net interest income
| | |
|
4,730
|
| | |
|
4,417
|
| | |
|
7.1
|
%
| | |
|
3,230
|
| | |
|
46.4
|
%
| | |
|
16,721
|
| | |
|
10,150
|
| | |
64.7
|
%
|
|
Provision for loan losses
| | | |
740
| | | | |
-
| | | | |
0.0
|
%
| | | |
-
| | | | |
0.0
|
%
| | | |
1,000
| | | | |
1,376
| | | |
-27.3
|
%
|
|
Non interest income
| | | |
1,831
| | | | |
2,031
| | | | |
-9.8
|
%
| | | |
1,024
| | | | |
78.8
|
%
| | | |
8,493
| | | | |
6,769
| | | |
25.5
|
%
|
|
Non interest expense
| | |
|
4,127
|
| | |
|
4,300
|
| | |
|
-4.0
|
%
| | |
|
3,579
|
| | |
|
15.3
|
%
| | |
|
16,595
|
| | |
|
12,133
|
| | |
36.8
|
%
|
|
Income before income taxes
| | | |
1,694
| | | | |
2,148
| | | | |
-21.1
|
%
| | | |
675
| | | | |
151.0
|
%
| | | |
7,619
| | | | |
3,410
| | | |
123.4
|
%
|
|
Provision for income taxes
| | |
|
710
|
| | |
|
873
|
| | |
|
-18.7
|
%
| | |
|
1,147
|
| | |
|
-38.1
|
%
| | |
|
3,135
|
| | |
|
(1,544
|
)
| | |
303.0
|
%
|
|
Net income (loss)
| | |
$
|
984
|
| | |
$
|
1,275
|
| | |
|
-22.8
|
%
| | |
$
|
(472
|
)
| | |
|
308.5
|
%
| | |
$
|
4,484
|
| | |
$
|
4,954
|
| | |
-9.5
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Pre-tax Pre-provision Income
| | |
$
|
2,434
| | | |
$
|
2,148
| | | | |
13.3
|
%
| | |
$
|
675
| | | | |
260.6
|
%
| | |
$
|
8,619
| | | |
$
|
4,786
| | | |
80.1
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Book Value
| | |
$
|
5.27
| | | |
$
|
5.16
| | | | | | |
$
|
4.31
| | | | | | |
$
|
5.27
| | | |
$
|
4.31
| | | | |
|
Basic EPS
| | |
$
|
0.08
| | | |
$
|
0.10
| | | | | | |
$
|
(0.07
|
)
| | | | | |
$
|
0.45
| | | |
$
|
0.69
| | | | |
|
Diluted EPS
| | |
$
|
0.08
| | | |
$
|
0.10
| | | | | | |
$
|
(0.06
|
)
| | | | | |
$
|
0.42
| | | |
$
|
0.65
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Shares of common stock outstanding
| | | |
12,411,089
| | | | |
12,398,584
| | | | | | | |
7,233,484
| | | | | | | |
12,411,089
| | | | |
7,233,484
| | | | |
|
Weighted Average Shares:
| | | | | | | | | | | | | | | | | | | | | | | | |
|
- Basic
| | | |
12,400,245
| | | | |
12,316,963
| | | | | | | |
7,233,484
| | | | | | | |
9,944,339
| | | | |
7,214,613
| | | | |
|
- Diluted
| | | |
13,104,355
| | | | |
13,078,694
| | | | | | | |
7,868,547
| | | | | | | |
10,693,083
| | | | |
7,600,361
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Key Ratios | | | | | | | | | | | | | | | | | | | | | | | | |
|
Return on average assets (ROA)*
| | | |
0.85
|
%
| | | |
1.19
|
%
| | | | -0.34 | % | | | |
-0.62
|
%
| | | | 1.47 | % | | | |
1.09
|
%
| | | |
1.99
|
%
| | | -0.90 | % |
|
ROA, excluding tax benefit *
| | | |
1.46
|
%
| | | |
2.00
|
%
| | | | -0.54 | % | | | |
0.89
|
%
| | | | 0.57 | % | | | |
1.85
|
%
| | | |
1.37
|
%
| | | 0.48 | % |
|
Return on average equity (ROE) *
| | | |
6.07
|
%
| | | |
8.07
|
%
| | | | -2.00 | % | | | |
-5.93
|
%
| | | | 12.00 | % | | | |
9.09
|
%
| | | |
16.70
|
%
| | | -7.61 | % |
|
ROE, excluding tax benefit *
| | | |
10.45
|
%
| | | |
13.60
|
%
| | | | -3.15 | % | | | |
8.48
|
%
| | | | 1.97 | % | | | |
15.45
|
%
| | | |
11.49
|
%
| | | 3.96 | % |
|
Net interest margin *
| | | |
4.34
|
%
| | | |
4.31
|
%
| | | | 0.03 | % | | | |
4.47
|
%
| | | | -0.13 | % | | | |
4.32
|
%
| | | |
4.35
|
%
| | | -0.03 | % |
|
Efficiency ratio
| | | |
62.91
|
%
| | | |
66.69
|
%
| | | | -3.78 | % | | | |
84.12
|
%
| | | | -21.21 | % | | | |
65.82
|
%
| | | |
71.71
|
%
| | | -5.89 | % |
|
Pre-tax Pre-provision Income to average assets
| | | |
2.10
|
%
| | | |
2.00
|
%
| | | | 0.10 | % | | | |
0.89
|
%
| | | | 1.21 | % | | | |
2.09
|
%
| | | |
1.92
|
%
| | | 0.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Tangible common equity to tangible assets
| | | |
12.33
|
%
| | | |
14.31
|
%
| | | | -1.98 | % | | | |
9.11
|
%
| | | | 3.22 | % | | | |
12.33
|
%
| | | |
9.11
|
%
| | | 3.22 | % |
|
Tier 1 leverage
| | | |
14.04
|
%
| | | |
14.85
|
%
| | | | -0.81 | % | | | |
9.43
|
%
| | | | 4.61 | % | | | |
14.04
|
%
| | | |
9.43
|
%
| | | 4.61 | % |
|
Tier 1 risk-based capital
| | | |
15.42
|
%
| | | |
17.52
|
%
| | | | -2.10 | % | | | |
9.85
|
%
| | | | 5.57 | % | | | |
15.42
|
%
| | | |
9.85
|
%
| | | 5.57 | % |
|
Total risk-based capital
| | | |
16.67
|
%
| | | |
18.78
|
%
| | | | -2.11 | % | | | |
11.11
|
%
| | | | 5.56 | % | | | |
16.67
|
%
| | | |
11.11
|
%
| | | 5.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Asset Quality | | |
| 12/31/2014 |
| | |
| 9/30/2014 |
| | |
| 6/30/2014 |
| | |
| 3/31/2014 |
| | |
| 12/31/2013 |
| | | | | | | | | |
|
Nonaccrual Loans
| | | |
951
| | | | |
1,065
| | | | |
983
| | | | |
1,000
| | | | |
1,077
| | | | | | | | | | |
|
Loans 90 days or more past due, accruing
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | | | | | | | |
|
Accruing Restructured Loans
| | |
| 397 |
| | |
| 401 |
| | |
| 409 |
| | |
| 476 |
| | |
| 489 |
| | | | | | | | | |
|
Total Non-Performing Loans
| | | |
1,348
| | | | |
1,466
| | | | |
1,392
| | | | |
1,476
| | | | |
1,566
| | | | | | | | | | |
|
Other Real Estate Loans (OREO)
| | |
| - |
| | |
| - |
| | |
| - |
| | |
| - |
| | |
| - |
| | | | | | | | | |
|
Total Non-Performing Assets
| | | |
1,348
| | | | |
1,466
| | | | |
1,392
| | | | |
1,476
| | | | |
1,566
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Classified Loans
| | | |
1,736
| | | | |
1,822
| | | | |
2,875
| | | | |
3,904
| | | | |
4,806
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Non-Performing Assets/Total Assets
| | | |
0.25
|
%
| | | |
0.33
|
%
| | | |
0.32
|
%
| | | |
0.38
|
%
| | | |
0.46
|
%
| | | | | | | | | |
|
Non-Performing Loans/Gross Loans
| | | |
0.33
|
%
| | | |
0.40
|
%
| | | |
0.43
|
%
| | | |
0.49
|
%
| | | |
0.56
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Non-Performing Loans
| | | |
427
|
%
| | | |
374
|
%
| | | |
393
|
%
| | | |
366
|
%
| | | |
334
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Non-Performing Assets
| | | |
427
|
%
| | | |
374
|
%
| | | |
393
|
%
| | | |
366
|
%
| | | |
334
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Gross Loans
| | | |
1.39
|
%
| | | |
1.51
|
%
| | | |
1.69
|
%
| | | |
1.80
|
%
| | | |
1.86
|
%
| | | | | | | | | |
|
Classified Loans/Gross Loans
| | | |
0.42
|
%
| | | |
0.50
|
%
| | | |
0.89
|
%
| | | |
1.30
|
%
| | | |
1.71
|
%
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net Charge-offs
| | |
$
|
467
| | | |
$
|
(11
|
)
| | |
$
|
(14
|
)
| | |
$
|
32
| | | |
$
|
(182
|
)
| | | | | | | | | |
|
Net Charge-offs to Average Gross Loans *
| | | |
0.49
|
%
| | | |
-0.01
|
%
| | | |
-0.02
|
%
| | | |
0.04
|
%
| | | |
-0.27
|
%
| | | | | | | | | |
* Annualized
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Open Bank
Christine Oh, EVP & CFO
213-892-1192
Christine.oh@myopenbank.com
Source: Open Bank