Financial highlights
- Net income totaled $1.6 million for the fourth quarter of 2015, or
$0.12 per diluted common share, up 61% from $984 thousand for the
fourth quarter of 2014.
- Total assets were $619 million at December 31, 2015, up 2.1% from
$606 million at September 30, 2015, and up 17.1% from $528 million at
December 31, 2014.
- Net Loans receivable were $501 million at December 31, 2015, an
increase of 0.2% from $500 million at September 30, 2015 and an
increase of 22.8% from $408 at December 31, 2014.
- Total deposits were $520 million at December 31, 2015, an increase
of 2.0% from $510 million at September 30, 2015 and an increase of
21.3% from $429 at December 31, 2014.
- Non-performing assets to total assets were 0.17% at December 31,
2015 and at September 30, 2015 and 0.26% at December 31, 2014.
- The seventh full-service branch was opened in Koreatown, Los
Angeles in October of 2015.
LOS ANGELES--(BUSINESS WIRE)--
Open Bank (OTCQB: OPBK) today reported that net income for the fourth
quarter of 2015 was $1.6 million, or $0.12 per diluted share. This
compares with net income of $1.5 million, or $0.12 per diluted share,
for the third quarter of 2015, and net income of $984 thousand, or $0.08
per diluted share, for the fourth quarter of 2014. Pre-tax pre-provision
income was $2.7 million for the fourth quarter 2015, $3.1 million for
the third quarter 2015, and $2.4 million for the fourth quarter 2014.
“We are pleased to report a solid quarter rounding out a strong 2015 in
which we continue to validate our current strategy. Our fourth quarter
2015 net income was up 61% compared to fourth quarter 2014 and our net
interest margin remained above 4.0%, all despite significant competitive
price pressure in both the lending and deposit markets” stated Min Kim,
President and Chief Executive Officer. “In 2016, we intend to continue
to organically grow our market share through our now seven branches and
three loan production offices.”
|
|
| Fourth Quarter Financial Highlights |
(in thousands, except per share data)
|
|
|
|
| | As of or for the Three Months Ended |
| | | December 31,
2015 |
|
| September 30,
2015 |
|
| December 31,
2014 |
| |
|
| Income Statement Data: | | | |
| | |
|
Net interest income
| |
$
|
5,962
| |
$
|
5,953
|
|
$
|
4,730
|
|
Provision for loan losses
| | |
-
| | |
476
| | |
740
|
|
Non-interest income
| | |
2,040
| | |
1,994
| | |
1,831
|
|
Non-interest expense
| | |
5,316
| | |
4,881
| | |
4,127
|
|
Income before taxes
| | |
2,686
| | |
2,590
| | |
1,694
|
|
Provision for income taxes
| | |
1,104
| | |
1,067
| | |
710
|
|
Net Income
| |
$
|
1,582
| |
$
|
1,523
| |
$
|
984
|
| Balance Sheet Data: | | | | | | | | | |
|
Loans held for sale
| |
$
|
5,579
| |
$
|
300
| |
$
|
5,711
|
|
Gross loans, net of unearned income
| | |
507,286
| | |
506,307
| | |
413,527
|
|
Allowance for loan losses
| | |
6,390
| | |
6,387
| | |
5,755
|
|
Total assets
| | |
618,718
| | |
606,224
| | |
528,192
|
|
Deposits
| | |
519,721
| | |
509,717
| | |
428,519
|
|
Shareholders’ equity
| | |
72,506
| | |
70,820
| | |
65,442
|
| Credit Quality: | | | | | | | | | |
|
Nonperforming loans
| |
$
|
1,039
| |
$
|
1,003
| |
$
|
1,349
|
|
Nonperforming assets
| | |
1,039
| | |
1,003
| | |
1,349
|
| Performance Ratios: | | | | | | | | | |
|
Net interest margin
| | |
4.02%
| | |
4.29%
| | |
4.35%
|
|
Efficiency ratio
| | |
66.44%
| | |
61.43%
| | |
62.91%
|
|
Pre-tax pre-provision Income to average assets (annualized)
| | |
1.73%
| | |
2.11%
| | |
2.10%
|
|
Net charge-offs to average gross loans (annualized)
| | |
0.00%
| | |
-0.03%
| | |
0.49%
|
|
Nonperforming assets to gross loans plus OREO
| | |
0.20%
| | |
0.20%
| | |
0.33%
|
|
ALLL to nonperforming loans
| | |
615%
| | |
637%
| | |
427%
|
|
ALLL to gross loans
| | |
1.26%
| | |
1.26%
| | |
1.39%
|
| Capital Ratios: | | | | | | | | | |
|
Tangible common equity to tangible assets
| | |
11.72%
| | |
11.68%
| | |
12.39%
|
|
Leverage ratio
| | |
11.55%
| | |
11.99%
| | |
14.04%
|
|
Common Equity Tier 1 ratio
| | |
14.03%
| | |
13.80%
| | |
N/A
|
|
Tier 1 risk-based capital ratio
| | |
14.03%
| | |
13.80%
| | |
15.52%
|
|
Total risk-based capital ratio
| | |
15.28%
| | |
15.05%
| | |
16.77%
|
| | | | | | | | |
|
Results of Operations
Net interest income was $6.0 million for the three months ended December
31, 2015, compared to $6.0 million for the third quarter of 2015 and
$4.7 million for the fourth quarter of 2014. There was no change from
the prior quarter and an increase of 26.0% from the fourth quarter of
2014. The increase from the fourth quarter of 2014 was primarily the
result of increase in average interest earning assets, mostly loans.
Average gross loans were $506 million for the fourth quarter of 2015 and
$381 million for the fourth quarter of 2014, which represented an
increase of $125 million, or 32.9%.
The net interest margin for the fourth quarter of 2015 was 4.02%, a 27
basis point decrease from 4.29% for the third quarter of 2015, and a 33
basis point decrease from 4.35% for the fourth quarter of 2014. The net
interest margin compression was due to lower yield on interest-earning
assets and increased cost of funds during the fourth quarter of 2015
compared to the third quarter of 2015 and the fourth quarter of 2014.
Lower yield on interest-earning assets was primarily attributable to
higher level of cash balance, which only earned 25 basis points. The
following table shows the asset yields, liability costs, spread and
margin.
|
|
| |
| | |
Three Months Ended
|
| | | December 31,
2015
|
|
| September 30,
2015
|
|
| December 31,
2014
|
| | | | | | | | |
|
|
Yield on net loans
| | |
5.22%
| | |
5.29%
| | |
5.28%
|
|
Yield on interest-earning assets
| | |
4.59%
| | |
4.83%
| | |
4.72%
|
|
Cost of interest-bearing liabilities
| | |
0.87%
| | |
0.83%
| | |
0.70%
|
|
Cost of deposits
| | |
0.62%
| | |
0.58%
| | |
0.41%
|
|
Net interest spread
| | |
3.73%
| | |
4.00%
| | |
4.02%
|
|
Net interest margin
| | |
4.02%
| | |
4.29%
| | |
4.35%
|
| | | | | | | | |
|
Non-interest income was $2.0 million for both the fourth quarter and
third quarter of 2015, compared to $1.8 million for the fourth quarter
of 2014. The increase in non-interest income from the fourth quarter of
2014 was primarily attributable to higher net gain on sale of SBA loans,
which totaled $802 thousand for the fourth quarter 2014.
Net gain on sale of SBA loans totaled $1.2 million for the third and the
fourth quarters of 2015, compared to $802 thousand for the fourth
quarter of 2014. Sale of SBA loans for the fourth quarter of 2015 was
$19.6 million, compared to $18.3 million for the third quarter of 2015
and $7.6 million for the fourth quarter of 2014. The average premium on
the sale of SBA loans for the fourth quarter of 2015 was slightly lower
at 8.32%, compared to 8.89% for the third quarter of 2015 and 10.62% for
the fourth quarter of 2014.
Non-interest expense for the fourth quarter 2015 was $5.3 million,
compared to $4.9 million for the third quarter of 2015 and $4.1 million
for the fourth quarter of 2014. Total salaries and employee benefits
expense was $3.3 million for the fourth quarter of 2015, compared to
$3.0 million for the third quarter of 2015 and $2.5 million for the
fourth quarter of 2014. The increase in salaries and employee benefits
expense during the fourth quarter of 2015 compared to the third quarter
of 2015 was primarily due to accruals for unused vacation and certain
employee incentives. The total number of full time equivalent employees
was 115.5 as of December 31, 2015 and 116.5 as of September 30, 2015.
The increase in non-interest expense from the fourth quarter of 2014 was
primarily due to an increase in salaries and employee benefits expense,
occupancy and FF&E expenses. Salaries and employee benefits expense
increased $797 thousand, or 31%, from $2.5 million for the fourth
quarter of 2014. The increase reflected an increase in the number of
full-time equivalent employees from 100.5 as of December 31, 2014.
Occupancy expense increased $243 thousand, or 57%, from $430 thousand
for the fourth quarter of 2014. The increase was primarily due to
addition of new branch in 2015 as well as increased operating expense
related to the headquarters office, which resulted in higher overall
lease expenses. FF&E expense increased primarily due to the bank’s
continued expansion.
The effective tax rate for the fourth quarter was 41.1%, compared to
41.2% for the third quarter of 2015 and 41.9% for the fourth quarter of
2014.
Balance Sheet
Total assets were $618.7 million at December 31, 2015, an increase of
$12.5 million, or 2.1%, from $606.2 million at September 30, 2015, and
an increase of $90.5 million, or 17.1%, from $528.2 million at December
31, 2014. Gross loans, net of unearned income, were $507.3 million at
December 31, 2015, an increase of $1.0 million, or 0.2%, from $506.3
million at September 30, 2015, and an increase of $93.8 million, or
22.7%, from $413.5 at December 31, 2014. New loan originations for the
fourth quarter of 2015 amounted to $65.7 million, including SBA loan
originations of $32.8 million, compared to $97.8 million, including SBA
loan originations of $20.7 million for the third quarter of 2015. New
loan originations for the fourth quarter of 2014 amounted to $71.0
million, including SBA loan originations of $17.9 million.
Total deposits were $519.7 million at December 31, 2015, an increase of
$10.0 million, or 2.0% from $509.7 million at September 30, 2015, and an
increase of $91.2 million, or 21.3%, from $428.5 million at December 31,
2014. At December 31, 2015, the bank retained its borrowings of $20.0
million from the Federal Home Loan Bank (“FHLB”) which will mature
during the second and the third quarters of 2016.
Non-interest bearing deposits accounted for 29.9% of total deposits at
December 31, 2015, compared to 30.4% at September 30, 2015 and 40.7% at
December 31, 2014.
|
|
|
|
| | | December 31,
2015
|
|
| September 30,
2015
|
|
| December 31,
2014
|
| | | | | | | | |
|
|
Non-interest bearing deposits
| | |
29.9%
| | |
30.4%
| | |
40.7%
|
|
Interest bearing demand deposits
| | |
34.5%
| | |
33.6%
| | |
30.8%
|
|
Savings
| | |
0.4%
| | |
0.4%
| | |
0.3%
|
|
Time deposits over $100,000 | | |
23.8%
| | |
23.7%
| | |
16.4%
|
|
Other time deposits
| | |
11.4%
| | |
11.9%
| | |
11.8%
|
|
Total deposits
| | |
100.0%
| | |
100.0%
| | |
100.0%
|
| | | | | | | | |
|
Effective January 1, 2015, the Basel III capital rules revised the
definition of capital, introduced a minimum CET1 capital ratio and
changed the risk weightings of certain balance sheet and off-balance
sheet assets. The impact of changes in the risk weightings was minimal.
At December 31, 2015, the bank continued to exceed all regulatory
capital requirements to be classified as “well-capitalized”, as
summarized in the following table.
|
|
|
|
| | | December 31,
2015
|
|
| September 30,
2015
|
|
| December 31,
2014
|
| | | | | | | | |
|
|
Tier 1 leverage capital ratio
| | |
11.55%
| | |
11.99%
| | |
14.04%
|
|
CET 1 capital ratio
| | |
14.03%
| | |
13.80%
| | |
N/A
|
|
Tier 1 risk-based capital ratio
| | |
14.03%
| | |
13.80%
| | |
15.52%
|
|
Total risk-based capital ratio
| | |
15.28%
| | |
15.05%
| | |
16.77%
|
| | | | | | | | |
|
At December 31, 2015, the tangible common equity represented 11.72% of
tangible assets, compared to 11.68% at September 30, 2015 and 12.39% at
December 31, 2014. 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
No provision for loan losses was made during the fourth quarter of 2015,
compared to a provision of $476 thousand for the third quarter of 2015
and $740 thousand for the fourth quarter of 2014. Non-performing assets
were $1.0 million, or 0.17% of total assets at December 31, 2015,
compared to $1.0 million, or 0.17% of total assets at September 30, 2015
and $1.3 million, or 0.26% of total assets at December 31, 2014. There
was no other real estate owned (“OREO”) at December 31, 2015, September
30, 2015, or December 31, 2014.
Non-performing loans to gross loans were 0.20% at December 31, 2015,
compared to 0.20% at September 30, 2015 and 0.33% at December 31, 2014.
Total classified loans were $827 thousand, or 0.16% of gross loans, at
December 31, 2015, compared to $758 thousand, or 0.15% of gross loans at
September 30, 2015 and $1.7 million, or 0.42% of gross loans at December
31, 2014.
The allowance for loan losses was $6.4 million at December 31, 2015 and
September 30, 2015, compared to $5.8 million at December 31, 2014. The
allowance for loan losses was 1.26% of gross loans at December 31, 2015,
compared to 1.26% at September 31, 2015 and 1.39% at December 31, 2014.
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, 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 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 Korean and other ethnic minority
communities. The Bank currently operates with seven full branch offices
in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles
Koreatown, Gardena and Buena Park. The Bank also has three loan
production offices in Seattle, Washington; Dallas, Texas; and Flushing,
New York. 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 is 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, including statements
about plans to continue to grow the bank organically. 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, 2015 | | | September 30, 2015 | | | $ change | | | % change | | | December 31, 2014 | | | $ change | | | % change | | | |
| | | (Unaudited) | | | (Unaudited) | | | | | | | | | (Audited) | | | | | | | | | |
| Assets | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Cash and due from banks
| | |
$
|
37,399
| | | |
$
|
49,247
| | | |
$
|
(11,848
|
)
| | | |
-24.1
|
%
| | |
$
|
64,748
| | | |
$
|
(27,349
|
)
| | | |
-42.2
|
%
| | | |
|
Investment securities
| | | |
43,889
| | | | |
26,200
| | | | |
17,689
| | | | |
67.5
|
%
| | | |
22,863
| | | | |
21,026
| | | | |
92.0
|
%
| | | |
|
Loans held for sale
| | | |
5,579
| | | | |
300
| | | | |
5,279
| | | | |
1759.7
|
%
| | | |
5,711
| | | | |
(132
|
)
| | | |
-2.3
|
%
| | | |
|
Gross loans, net of unearned income
| | | |
507,286
| | | | |
506,307
| | | | |
979
| | | | |
0.2
|
%
| | | |
413,527
| | | | |
93,759
| | | | |
22.7
|
%
| | | |
|
Allowance for loan losses
| | | |
(6,390
|
)
| | | |
(6,387
|
)
| | | |
(3
|
)
| | | |
0.0
|
%
| | | |
(5,755
|
)
| | | |
(635
|
)
| | | |
-11.0
|
%
| | | |
|
Net loans receivable
| | | |
500,896
| | | | |
499,920
| | | | |
976
| | | | |
0.2
|
%
| | | |
407,772
| | | | |
93,124
| | | | |
22.8
|
%
| | | |
|
Bank premises and equipment, net
| | | |
5,892
| | | | |
5,566
| | | | |
326
| | | | |
5.9
|
%
| | | |
4,953
| | | | |
939
| | | | |
19.0
|
%
| | | |
|
Accrued interest receivable
| | | |
1,562
| | | | |
1,489
| | | | |
73
| | | | |
4.9
|
%
| | | |
1,175
| | | | |
387
| | | | |
32.9
|
%
| | | |
|
FHLB and Pacific Coast Bankers Bank Stock, at cost
| | | |
2,655
| | | | |
2,655
| | | | |
0
| | | | |
0.0
|
%
| | | |
1,900
| | | | |
755
| | | | |
39.7
|
%
| | | |
|
Servicing assets
| | | |
5,551
| | | | |
5,202
| | | | |
349
| | | | |
6.7
|
%
| | | |
4,670
| | | | |
881
| | | | |
18.9
|
%
| | | |
|
Net deferred taxes
| | | |
3,003
| | | | |
2,858
| | | | |
145
| | | | |
5.1
|
%
| | | |
2,903
| | | | |
100
| | | | |
3.4
|
%
| | | |
|
Other assets
| | |
|
12,292
|
| | |
|
12,787
|
| | |
|
(495
|
)
| | |
|
-3.9
|
%
| | |
|
11,497
|
| | |
|
795
|
| | |
|
6.9
|
%
| | | |
|
Total assets
| | |
$
|
618,718
|
| | |
$
|
606,224
|
| | |
$
|
12,494
|
| | |
|
2.1
|
%
| | |
$
|
528,192
|
| | |
$
|
90,526
|
| | |
|
17.1
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Noninterest bearing deposits
| | |
$
|
155,147
| | | |
$
|
154,965
| | | |
$
|
182
| | | | |
0.1
|
%
| | |
$
|
174,449
| | | |
$
|
(19,302
|
)
| | | |
-11.1
|
%
| | | |
|
Savings
| | | |
2,000
| | | | |
2,052
| | | | |
(52
|
)
| | | |
-2.5
|
%
| | | |
1,394
| | | | |
606
| | | | |
43.5
|
%
| | | |
|
Money market and others
| | | |
179,833
| | | | |
170,989
| | | | |
8,844
| | | | |
5.2
|
%
| | | |
131,659
| | | | |
48,174
| | | | |
36.6
|
%
| | | |
|
Time deposits of $100,000 or more
| | | |
123,558
| | | | |
121,023
| | | | |
2,535
| | | | |
2.1
|
%
| | | |
70,435
| | | | |
53,123
| | | | |
75.4
|
%
| | | |
|
Other time deposits
| | |
|
59,183
|
| | |
|
60,688
|
| | |
|
(1,505
|
)
| | |
|
-2.5
|
%
| | |
|
50,582
|
| | |
|
8,601
|
| | |
|
17.0
|
%
| | | |
|
Total deposits
| | | |
519,721
| | | | |
509,717
| | | | |
10,004
| | | | |
2.0
|
%
| | | |
428,519
| | | | |
91,202
| | | | |
21.3
|
%
| | | |
|
Other borrowings
| | | |
20,000
| | | | |
20,000
| | | | |
0
| | | | |
0.0
|
%
| | | |
30,000
| | | | |
(10,000
|
)
| | | |
-33.3
|
%
| | | |
|
Other liabilities
| | |
|
6,491
|
| | |
|
5,687
|
| | |
|
804
|
| | |
|
14.1
|
%
| | |
|
4,231
|
| | |
|
2,260
|
| | |
|
53.4
|
%
| | | |
|
Total liabilities
| | | |
546,212
| | | | |
535,404
| | | | |
10,808
| | | | |
2.0
|
%
| | | |
462,750
| | | | |
83,462
| | | | |
18.0
|
%
| | | |
|
Total shareholders' equity
| | |
|
72,506
|
| | |
|
70,820
|
| | |
|
1,686
|
| | |
|
2.4
|
%
| | |
|
65,442
|
| | |
|
7,064
|
| | |
|
10.8
|
%
| | | |
|
Total Liabilities and Shareholders' Equity
| | |
$
|
618,718
|
| | |
$
|
606,224
|
| | |
$
|
12,494
|
| | |
|
2.1
|
%
| | |
$
|
528,192
|
| | |
$
|
90,526
|
| | |
|
17.1
|
%
| | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Statement of Operations | | | | | | | | | | | | | | | | | | | | | | | | |
|
(Dollars in thousand, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Twelve Months Ended |
| | | December 31, 2015 | | | September 30, 2015 | | | % change | | | December 31, 2014 | | | % change | | | December 31, 2015 | | | December 31, 2014 | | | % change |
|
Interest income
| | |
$
|
6,811
| | | |
$
|
6,691
| | | | |
1.8
|
%
| | |
$
|
5,134
| | | | |
32.7
|
%
| | |
$
|
25,192
| | | |
$
|
18,260
| | | |
38.0
|
%
|
|
Interest expense
| | |
|
849
|
| | |
|
738
|
| | |
|
15.0
|
%
| | |
|
404
|
| | |
|
110.1
|
%
| | |
|
2,689
|
| | |
|
1,539
|
| | |
74.7
|
%
|
|
Net interest income
| | |
|
5,962
|
| | |
|
5,953
|
| | |
|
0.2
|
%
| | |
|
4,730
|
| | |
|
26.0
|
%
| | |
|
22,503
|
| | |
|
16,721
|
| | |
34.6
|
%
|
|
Provision for loan losses
| | | |
-
| | | | |
476
| | | | |
-100.0
|
%
| | | |
740
| | | | |
-100.0
|
%
| | | |
553
| | | | |
1,000
| | | |
-44.7
|
%
|
|
Non interest income
| | | |
2,040
| | | | |
1,994
| | | | |
2.3
|
%
| | | |
1,831
| | | | |
11.4
|
%
| | | |
8,030
| | | | |
8,493
| | | |
-5.5
|
%
|
|
Non interest expense
| | |
|
5,316
|
| | |
|
4,881
|
| | |
|
8.9
|
%
| | |
|
4,127
|
| | |
|
28.8
|
%
| | |
|
19,802
|
| | |
|
16,595
|
| | |
19.3
|
%
|
|
Income before income taxes
| | | |
2,686
| | | | |
2,590
| | | | |
3.7
|
%
| | | |
1,694
| | | | |
58.6
|
%
| | | |
10,178
| | | | |
7,619
| | | |
33.6
|
%
|
|
Provision for income taxes
| | |
|
1,104
|
| | |
|
1,067
|
| | |
|
3.5
|
%
| | |
|
710
|
| | |
|
55.5
|
%
| | |
|
4,188
|
| | |
|
3,135
|
| | |
33.6
|
%
|
|
Net income (loss)
| | |
$
|
1,582
|
| | |
$
|
1,523
|
| | |
|
3.9
|
%
| | |
$
|
984
|
| | |
|
60.8
|
%
| | |
$
|
5,990
|
| | |
$
|
4,484
|
| | |
33.6
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Pre-tax Pre-provision Income
| | |
$
|
2,686
| | | |
$
|
3,066
| | | | |
-12.4
|
%
| | |
$
|
2,434
| | | | |
10.4
|
%
| | |
$
|
10,731
| | | |
$
|
8,619
| | | |
24.5
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Book Value
| | |
$
|
5.72
| | | |
$
|
5.59
| | | | | | |
$
|
5.27
| | | | | | |
$
|
5.72
| | | |
$
|
5.27
| | | | |
|
Basic EPS
| | |
$
|
0.12
| | | |
$
|
0.12
| | | | | | |
$
|
0.08
| | | | | | |
$
|
0.48
| | | |
$
|
0.45
| | | | |
|
Diluted EPS
| | |
$
|
0.12
| | | |
$
|
0.12
| | | | | | |
$
|
0.08
| | | | | | |
$
|
0.46
| | | |
$
|
0.42
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Shares of common stock outstanding
| | | |
12,682,510
| | | | |
12,660,080
| | | | | | | |
12,411,089
| | | | | | | |
12,682,510
| | | | |
12,411,089
| | | | |
|
Weighted Average Shares:
| | | | | | | | | | | | | | | | | | | | | | | | |
|
- Basic
| | | |
12,662,733
| | | | |
12,625,784
| | | | | | | |
12,400,245
| | | | | | | |
12,549,915
| | | | |
9,944,339
| | | | |
|
- Diluted
| | | |
13,182,377
| | | | |
13,157,639
| | | | | | | |
13,104,355
| | | | | | | |
13,091,941
| | | | |
10,693,083
| | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| | | Three Months Ended | | | Twelve Months Ended |
| | | December 31, 2015 | | | September 30, 2015 | | | % change | | | December 31, 2014 | | | % change | | | December 31, 2015 | | | December 31, 2014 | | | % change |
| Key Ratios | | | | | | | | | | | | | | | | | | | | | | | | |
|
Return on average assets (ROA)*
| | | |
1.02
|
%
| | | |
1.05
|
%
| | | | -0.03 | % | | | |
0.85
|
%
| | | | 0.17 | % | | | |
1.06
|
%
| | | |
1.09
|
%
| | | -0.03 | % |
|
Return on average equity (ROE) *
| | | |
8.84
|
%
| | | |
8.72
|
%
| | | | 0.12 | % | | | |
6.07
|
%
| | | | 2.77 | % | | | |
8.67
|
%
| | | |
9.09
|
%
| | | -0.42 | % |
|
Net interest margin *
| | | |
4.02
|
%
| | | |
4.29
|
%
| | | | -0.27 | % | | | |
4.35
|
%
| | | | -0.33 | % | | | |
4.20
|
%
| | | |
4.32
|
%
| | | -0.12 | % |
|
Efficiency ratio
| | | |
66.44
|
%
| | | |
61.43
|
%
| | | | 5.01 | % | | | |
62.91
|
%
| | | | 3.53 | % | | | |
64.85
|
%
| | | |
65.82
|
%
| | | -0.97 | % |
|
Pre-tax Pre-provision Income to average assets
| | | |
1.73
|
%
| | | |
2.11
|
%
| | | | -0.38 | % | | | |
2.10
|
%
| | | | -0.37 | % | | | |
1.90
|
%
| | | |
2.09
|
%
| | | -0.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Tangible common equity to tangible assets
| | | |
11.72
|
%
| | | |
11.68
|
%
| | | | 0.04 | % | | | |
12.39
|
%
| | | | -0.67 | % | | | |
11.72
|
%
| | | |
12.39
|
%
| | | -0.67 | % |
|
Tier 1 Leverage Ratio
| | | |
11.55
|
%
| | | |
11.99
|
%
| | | | -0.44 | % | | | |
14.04
|
%
| | | | -2.49 | % | | | |
11.55
|
%
| | | |
14.04
|
%
| | | -2.49 | % |
|
Common Equity Tier 1 Ratio
| | | |
14.03
|
%
| | | |
13.80
|
%
| | | | 0.23 | % | | | |
N/A
| | | | | | | |
14.03
|
%
| | | |
N/A
| | | | |
|
Tier 1 Capital Ratio
| | | |
14.03
|
%
| | | |
13.80
|
%
| | | | 0.23 | % | | | |
15.52
|
%
| | | | -1.49 | % | | | |
14.03
|
%
| | | |
15.52
|
%
| | | -1.49 | % |
|
Total Risk Based Capital Ratio
| | | |
15.28
|
%
| | | |
15.05
|
%
| | | | 0.23 | % | | | |
16.77
|
%
| | | | -1.49 | % | | | |
15.28
|
%
| | | |
16.77
|
%
| | | -1.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Average Balances | | | | | | | | | | | | | | | | | | | | | | | | |
|
Investments
| | |
$
|
82,758
| | | |
$
|
57,253
| | | | |
44.5
|
%
| | |
$
|
51,386
| | | | |
61.1
|
%
| | |
$
|
65,540
| | | |
$
|
46,922
| | | |
39.7
|
%
|
|
Gross loans, including loans held for sale
| | | |
505,861
| | | | |
493,220
| | | | |
2.6
|
%
| | | |
380,596
| | | | |
32.9
|
%
| | | |
469,832
| | | | |
339,779
| | | |
38.3
|
%
|
|
Interest earning assets
| | | |
588,619
| | | | |
550,473
| | | | |
6.9
|
%
| | | |
431,982
| | | | |
36.3
|
%
| | | |
535,373
| | | | |
386,701
| | | |
38.4
|
%
|
|
Total assets
| | |
$
|
620,549
| | | |
$
|
581,973
| | | | |
6.6
|
%
| | |
$
|
463,899
| | | | |
33.8
|
%
| | |
$
|
566,167
| | | |
$
|
411,489
| | | |
37.6
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Noninterest bearing deposits
| | |
$
|
156,402
| | | |
$
|
152,926
| | | | |
2.3
|
%
| | |
$
|
162,866
| | | | |
-4.0
|
%
| | |
$
|
153,435
| | | |
$
|
137,031
| | | |
12.0
|
%
|
|
Interest bearing deposits
| | | |
366,801
| | | | |
337,286
| | | | |
8.8
|
%
| | | |
229,256
| | | | |
60.0
|
%
| | | |
318,878
| | | | |
219,211
| | | |
45.5
|
%
|
|
Total deposits
| | | |
523,203
| | | | |
490,212
| | | | |
6.7
|
%
| | | |
392,122
| | | | |
33.4
|
%
| | | |
472,313
| | | | |
356,241
| | | |
32.6
|
%
|
|
Interest bearing liabilities
| | | |
386,804
| | | | |
354,135
| | | | |
9.2
|
%
| | | |
229,589
| | | | |
68.5
|
%
| | | |
338,879
| | | | |
220,376
| | | |
53.8
|
%
|
|
Shareholders' equity
| | | |
71,568
| | | | |
69,829
| | | | |
2.5
|
%
| | | |
64,852
| | | | |
10.4
|
%
| | | |
69,069
| | | | |
49,313
| | | |
40.1
|
%
|
|
Net interest earning assets
| | |
$
|
201,815
| | | |
$
|
196,338
| | | | |
2.8
|
%
| | |
$
|
202,393
| | | | |
-0.3
|
%
| | |
$
|
196,493
| | | |
$
|
166,325
| | | |
18.1
|
%
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
| Asset Quality | | | 12/31/2015 | | | 9/30/2015 | | | 6/30/2015 | | | 3/31/2015 | | | 12/31/2014 | | | | | | | | | |
|
Nonaccrual Loans
| | | |
657
| | | | |
617
| | | | |
767
| | | | |
1,016
| | | | |
951
| | | | | | | | | | |
|
Loans 90 days or more past due, accruing
| | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | |
-
| | | | | | | | | | |
|
Accruing Restructured Loans
| | |
| 382 |
| | |
| 386 |
| | |
| 390 |
| | |
| 394 |
| | |
| 397 |
| | | | | | | | | |
|
Total Non-Performing Loans
| | | |
1,039
| | | | |
1,003
| | | | |
1,157
| | | | |
1,410
| | | | |
1,349
| | | | | | | | | | |
|
Other Real Estate Loans (OREO)
| | |
| - |
| | |
| - |
| | |
| - |
| | |
| - |
| | |
| - |
| | | | | | | | | |
|
Total Non-Performing Assets
| | | |
1,039
| | | | |
1,003
| | | | |
1,157
| | | | |
1,410
| | | | |
1,349
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Classified Loans
| | | |
827
| | | | |
758
| | | | |
1,382
| | | | |
1,651
| | | | |
1,736
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Non-Performing Assets/Total Assets
| | | |
0.17
|
%
| | | |
0.17
|
%
| | | |
0.20
|
%
| | | |
0.25
|
%
| | | |
0.26
|
%
| | | | | | | | | |
|
Non-Performing Assets/(Gross Loans +OREO)
| | | |
0.20
|
%
| | | |
0.20
|
%
| | | |
0.25
|
%
| | | |
0.33
|
%
| | | |
0.33
|
%
| | | | | | | | | |
|
Non-Performing Loans/Gross Loans
| | | |
0.20
|
%
| | | |
0.20
|
%
| | | |
0.25
|
%
| | | |
0.33
|
%
| | | |
0.33
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Non-Performing Loans
| | | |
615
|
%
| | | |
637
|
%
| | | |
508
|
%
| | | |
417
|
%
| | | |
427
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Non-Performing Assets
| | | |
615
|
%
| | | |
637
|
%
| | | |
508
|
%
| | | |
417
|
%
| | | |
427
|
%
| | | | | | | | | |
|
Allowance for Loan Losses/Gross Loans
| | | |
1.26
|
%
| | | |
1.26
|
%
| | | |
1.26
|
%
| | | |
1.37
|
%
| | | |
1.39
|
%
| | | | | | | | | |
|
Classified Loans/Gross Loans
| | | |
0.16
|
%
| | | |
0.15
|
%
| | | |
0.30
|
%
| | | |
0.38
|
%
| | | |
0.42
|
%
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
Net Charge-offs
| | |
$
|
(3
|
)
| | |
$
|
(31
|
)
| | |
$
|
(8
|
)
| | |
$
|
(40
|
)
| | |
$
|
467
| | | | | | | | | | |
|
Net Charge-offs to Average Gross Loans *
| | | |
0.00
|
%
| | | |
-0.03
|
%
| | | |
-0.01
|
%
| | | |
-0.04
|
%
| | | |
0.49
|
%
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
|
|
* Annualized
| | | | | | | | | | | | | | | | | | | | | | | | |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160128005416/en/
Open Bank
Christine Oh, 213-892-1192
EVP & CFO
Christine.oh@myopenbank.com
Source: Open Bank