Opus Bank reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $60,832,000 compared to $69,332,000 a year ago. Net interest income was $51,986,000 compared to $60,160,000 a year ago. Income before income tax expense was $15,474,000 compared to loss of $33,376,000 a year ago. Net income was $1,201,000 or $0.03 per basic and diluted share compared to loss of $18,954,000 or $0.55 per basic and diluted share a year ago. Return on average assets was 0.06% compared to negative return on average assets of 0.97% a year ago. Return on average assets, tax adjusted was 0.55% compared to negative return on average assets, tax adjusted of 0.97% a year ago. Return on average stockholders' equity was 0.46% compared to negative return on average stockholders' equity of 7.87% a year ago. Return on average stockholders' equity, tax adjusted was 3.91% compared to negative return on average stockholders' equity, tax adjusted of 7.87% a year ago. Return on average tangible equity was 0.73% compared to negative return on average tangible equity of 13.03% a year ago. Return on average tangible equity, tax adjusted was 6.16% compared to negative return on average tangible equity, tax adjusted of 13.03% a year ago. Tax adjusted net income was $10,169,000 or $0.03 per basic and diluted share compared to loss of $18,954,000 or $0.55 per basic and diluted share a year ago.

For the year, the company reported total interest income of $253,543,000 compared to $274,830,000 a year ago. Net interest income was $217,409,000 compared to $242,505,000 a year ago. Income before income tax expense was $90,417,000 compared to $15,841,000 a year ago. Net income was $47,643,000 or $1.26 per diluted share compared to $11,454,000 or $0.33 per diluted share a year ago. Return on average assets was 0.63% compared to 0.16% a year ago. Return on average assets, tax adjusted was 0.74% compared to 0.16% a year ago. Return on average stockholders' equity was 4.76% compared to 1.22% a year ago. Return on average stockholders' equity, tax adjusted was 5.65% compared to 1.22% a year ago. Return on average tangible equity was 7.66% compared to 1.95% a year ago. Return on average tangible equity, tax adjusted was 9.10% compared to 1.95% a year ago. Tax adjusted net income was $56,611,000 or $0.03 per basic and diluted share compared to $11,454,000 or $0.55 per basic and diluted share a year ago. Book value per as converted common share as at December 31, 2017 was $27.31 against $26.99 a year ago. Tangible book value per as converted common share as at December 31, 2017 was $17.26 against $15.84 a year ago.

The company estimates their effective tax rate will be approximately 25% in 2018, compared to 36% in 2017, due to the tax reform bill passed in December 2017, which resulted in an additional $9.0 million of tax expense in the fourth quarter of 2017.

For the quarter, the company reported net charge-offs of $5,201,000 against $19,152,000 a year ago.