Opus Bank Reports Earnings Results for the First Quarter of 2018; Reports Net Charge-Offs for the First Quarter of 2018; Provides Earnings Guidance for the Year 2018
For the first quarter of 2018, the company reported gross charge-offs of $14.2 million, which were offset by $2.2 million in recoveries, resulting in $12 million in net charge-offs.
The company provided earnings guidance for the year 2018. The company expects net interest margin to gradually increase during the year to a range of 3.20% to 3.25%. The company anticipates that effective tax rate will be approximately 25% in 2018 based on evaluation of the effect of the recently enacted tax legislation. The company expects, as a result of its focus on operational excellence in both expense and revenue-generating strategies, that efficiency ratio will gradually improve with the goal of being below 65% in 2018.