Opus Bank Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
For the year, the company reported total interest income of $274,830,000 compared to $233,411,000 a year ago. Net interest income was $242,505,000 compared to $208,325,000 a year ago. Income before income tax expense was $15,841,000 compared to $97,778,000 a year ago. Net income was $11,454,000 or $0.33 per diluted share compared to $59,943,000 or $1.79 per diluted share a year ago. Return on average assets was 0.16% compared to 1.03% a year ago. Return on average stockholders' equity was 1.22% compared to 7.15% a year ago. Return on average tangible equity was 1.95% compared to 10.50% a year ago. Tangible book value per as converted common share at December 31, 2016 was $15.84 compared to $18.28 as at December 31, 2015. Book value per as converted common share was $26.99 against $26.65 a year ago.
The company recorded net charge-offs of $19.2 million during the fourth quarter of 2016, compared to $39.0 million during the fourth quarter of 2015. Charge-offs recorded during the fourth quarter of 2016 included $15.9 million for loans that had specific reserves or charge-offs recorded in prior quarters. Technology Banking and Healthcare Practice loans accounted for $12.1 million and $4.8 million of the current quarter charge-offs, respectively.