Opus Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest income of $60,181,000 compared to $65,101,000 a year ago. Net interest income was $49,523,000 against $56,031,000 a year ago. Income before income tax expense was $19,522,000 against $29,127,000 a year ago. Net income was $15,464,000 or $0.40 per share diluted against $18,239,000 or $0.48 per share diluted a year ago. Return on average assets 0.86% against 0.94% a year ago. Return on average stockholders equity was 6.03% against 7.35% a year ago. Return on average tangible equity was 9.49% against 11.89% a year ago. Non-GAAP return on average tangible equity was 9.49% compared to 11.89% a year ago.

For the six months, the company reported total interest income of $120,863,000 compared to $130,362,000 a year ago. Net interest income was $101,216,000 compared to $112,122,000 a year ago. Income before income tax expense was $36,532,000 against $41,691,000 a year ago. Net income was $28,367,000 or $0.74 per share diluted against $25,896,000 or $0.69 per share diluted a year ago. Return on average assets 0.79% against 0.67% a year ago. Return on average stockholders equity was 5.57% against 5.33% a year ago. Return on average tangible equity was 8.79% against 8.74% a year ago. Non-GAAP return on average tangible equity was 8.79% compared to 8.74% a year ago. Book value per as converted common share was $27.47 against $26.78 per share a year ago. Tangible book value per as converted common share was $17.53 against $16.63 a year ago.

The company reported recorded net charge-offs of $8.4 million in the second quarter of 2018, compared to net charge-offs of $12.0 million in the first quarter of 2018 and $17.4 million in the second quarter of 2017.

For the 2018, the company reiterating guidance for net interest margin to gradually increase during the year to a range of 3.2% to 3.25%. Efficiency ratio will gradually improve, with the goal of being approximately 65% for the fourth quarter 2018. Therefore guidance is revised from last quarter when projected a 65% efficiency ratio for the full year 2018. Effective tax rate will be approximately 25% in 2018.