Opus Bank Announces Third Quarter 2019 Financial Results

  • Reduced nonperforming assets by $13.7 million, or 65%, from the prior quarter to 0.10% of total assets
  • Enterprise Value loans decreased 44% from the prior quarter to $35.9 million
  • Credit improvement resulted in a negative provision for loan losses of $7.7 million
  • Noninterest expense decreased 13% from the prior quarter following expense reduction initiative undertaken in the second quarter of 2019

IRVINE, Calif.–(BUSINESS WIRE)–$OPB #Earnings–Opus Bank (“Opus”) (Nasdaq: “OPB”) announced today net income of $22.0 million, or $0.57 per diluted share, for the third quarter of 2019, compared to net income of $8.7 million, or $0.23 per diluted share, for the second quarter of 2019. Net income during the third quarter of 2019 included gains of $220,000 on the sale of securities, loans and other assets, and additional income tax expense related to the previously announced expense reduction initiative undertaken in the second quarter of 2019 that increased our effective tax rate by approximately one percentage point. Together, these items negatively impacted earnings by $0.01 per diluted share for the third quarter.

Additionally, Opus announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.11 per common share payable on November 21, 2019 to common stockholders of record as of November 7, 2019, and a common-equivalent payment to its Series A Preferred stockholders.

Earnings Summary

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

For the three months ended

($ in thousands, except per share data)

 

September 30, 2019

 

June 30, 2019

 

September 30, 2018

Net income

 

$

21,998

 

 

$

8,686

 

 

$

9,412

 

Earnings per diluted share

 

 

0.57

 

 

 

0.23

 

 

 

0.25

 

Return on average assets (“ROAA”)

 

 

1.13

%

 

 

0.45

%

 

 

0.51

%

Return on average stockholders’ equity

 

 

8.12

%

 

 

3.29

%

 

 

3.59

%

Return on average tangible common equity1 (“ROATCE”)

 

 

12.88

%

 

 

5.28

%

 

 

5.86

%

Efficiency ratio1

 

 

61.82

%

 

 

71.32

%

 

 

69.49

%

 

 

 

 

 

 

 

Adjusted Earnings1

 

 

 

 

 

 

Adjusted net income

 

$

22,280

 

 

$

13,308

 

 

$

7,636

 

Adjusted earnings per diluted share

 

 

0.58

 

 

 

0.35

 

 

 

0.20

 

Adjusted return on average assets

 

 

1.14

%

 

 

0.68

%

 

 

0.42

%

Adjusted return on average stockholders’ equity

 

 

8.24

%

 

 

5.04

%

 

 

2.91

%

Adjusted return on average tangible common equity

 

 

13.06

%

 

 

8.08

%

 

 

4.75

%

Adjusted efficiency ratio

 

 

61.63

%

 

 

63.55

%

 

 

68.40

%

 

 

 

 

 

 

 

[1] See reconciliation of non-GAAP financial measures to corresponding GAAP measures on pages 15-16.

Paul W. Taylor, President and Chief Executive Officer of Opus Bank, stated, “I am pleased to announce that Opus recorded quarterly earnings per share of $0.57, an increase from $0.23 in the second quarter. As a result of the progress we made in reducing the balances of Enterprise Value loans and nonperforming assets, we recorded a negative provision for loan losses of $7.7 million in the third quarter. Additionally, we significantly reduced overhead expenses after taking the painful but necessary actions in the second quarter to bring Opus more in line with peer efficiency levels. We also generated greater noninterest income from PENSCO and our Escrow and Exchange divisions in the third quarter. These accomplishments resulted in an ROAA of 1.13%, ROATCE of 12.9%, and efficiency ratio of 61.8% for the third quarter of 2019.”

Mr. Taylor continued, “Overall loan growth slowed in the third quarter, due to rate management and elevated payoffs. Yet, our Commercial Banking division originated $99.1 million of loans during the quarter and is continuing to gain traction, despite heavy competition from peers. The intentional runoff of Enterprise Value loans has clouded the progress we are making in remixing our loan portfolio toward a greater percentage of Commercial Business loans, but we expect this headwind will lessen in 2020. In spite of the challenging interest rate environment, I am confident that our profitability will continue to improve.”

Loans

Average loans increased $72.3 million, or 1.3%, from the prior quarter to $5.8 billion for the third quarter of 2019, and increased $725.9 million, or 14.3%, from $5.1 billion for the third quarter of 2018. The increase in loans during the third quarter of 2019 compared to the prior quarter was driven by new loan fundings of $406.1 million, partially offset by loan payoffs of $300.0 million.

Loan Balance Roll Forward

 

 

 

 

(unaudited)

 

Three Months Ended

($ in millions)

 

September 30,
2019

 

June 30,
2019

 

March 31,

2019

 

December 31,

2018

 

September 30,
2018

 

 

 

 

 

 

 

 

 

 

 

Beginning loan balance

 

$

5,789.0

 

 

$

5,461.5

 

 

$

5,165.2

 

 

$

5,159.9

 

 

$

5,072.4

 

New loan fundings

 

 

406.1

 

 

 

703.6

 

 

 

538.0

 

 

 

412.3

 

 

 

435.7

 

Loan payoffs

 

 

(300.0

)

 

 

(192.8

)

 

 

(173.7

)

 

 

(265.3

)

 

 

(197.4

)

Other1

 

 

(93.1

)

 

 

(183.3

)

 

 

(68.0

)

 

 

(141.7

)

 

 

(150.8

)

Ending loan balance

 

$

5,802.0

 

 

$

5,789.0

 

 

$

5,461.5

 

 

$

5,165.2

 

 

$

5,159.9

 

 

 

 

 

 

 

 

 

 

 

 

[1] Includes amortization, planned exits, charge-offs, and transfers to held-for-sale

New loan fundings in the third quarter of 2019 totaled $406.1 million, a decrease of $297.5 million, or 42%, from the second quarter of 2019 and a decrease of $29.6 million, or 7%, from the third quarter of 2018. The decrease in new loan fundings compared to the prior quarter was primarily driven by fewer multifamily loan originations. Our Commercial Banking division funded $99.1 million of new loans during the third quarter of 2019 and has originated $275.2 million of loans through the first nine months of 2019. Loan growth during the third quarter of 2019 was also impacted by elevated loan payoffs of $300.0 million, compared to payoffs of $192.8 million in the second quarter of 2019 and $197.4 million in the third quarter of 2018.

Investment Securities

The average balance of investment securities decreased $37.2 million, or 3.4%, during the third quarter of 2019 to $1.0 billion compared to the prior quarter, and increased $15.9 million, or 1.5%, compared to the third quarter of 2018. The decrease in investment securities compared to the second quarter of 2019 was primarily driven by the sale of lower yielding securities and accelerated amortization from higher paydowns. Investment securities composed 14.8% of average interest earning assets during the third quarter of 2019, as compared to 15.3% during the second quarter of 2019.

Deposits and Borrowings

Average deposits increased $79.8 million, or 1.3%, during the third quarter of 2019 to $6.2 billion compared to the prior quarter, and increased $234.1 million, or 3.9%, compared to the third quarter of 2018. Deposit growth during the third quarter of 2019 was primarily driven by interest-bearing demand, money market, and savings deposits generated by our Retail Banking division, Commercial Banking division, and PENSCO. The average balance of certificates of deposit decreased $13.9 million, or 1.6%, from the prior quarter, and average noninterest-bearing demand deposits decreased $9.6 million, or 1.3%, from the prior quarter. Noninterest-bearing demand deposits measured 12.2% of total deposits as of September 30, 2019, as compared to 11.9% of total deposits as of June 30, 2019.

Our loan to deposit ratio was 92.5% as of September 30, 2019, compared to 93.0% as of June 30, 2019 and 84.0% as of September 30, 2018.

The average balance of Federal Home Loan Bank (FHLB) advances decreased 38% during the third quarter of 2019 to $217.9 million, compared to $351.9 million in the second quarter of 2019, and increased from a zero balance in the third quarter of 2018.

Net Interest Income

Net interest income decreased 1.9% to $49.6 million for the third quarter of 2019, compared to $50.5 million for the second quarter of 2019, and increased 1.4% compared to $48.9 million for the third quarter of 2018. Interest income from loans increased 0.8% to $61.7 million for the third quarter of 2019, compared to $61.2 million for the second quarter of 2019, driven primarily by a net benefit from loan prepayments during the quarter and an increase in the average balance of loans, while interest income from investment securities and interest-earning cash decreased 14.6% to $8.4 million for the third quarter of 2019, compared to $9.8 million for the second quarter of 2019, driven primarily by lower average balances and higher premium amortization.

Interest expense increased 0.1% to $20.5 million for the third quarter of 2019, compared to $20.4 million for the second quarter of 2019, and increased 62% compared to $12.6 million for the third quarter of 2018. Interest expense on deposits increased 5.3% from the prior quarter to $17.2 million, driven by higher average balances and cost of deposits, partially offset by an $849,000 decrease in interest expense on FHLB advances during the third quarter of 2019 due to lower average balances.

Net Interest Margin

The current interest rate environment, including the Federal Reserve’s rate cuts in the third quarter of 2019 and the flattening yield curve, continue to negatively impact our net interest margin (NIM). Taxable equivalent NIM decreased six basis points to 2.82% in the third quarter of 2019 from 2.88% in the second quarter of 2019, and decreased 16 basis points from 2.98% in the third quarter of 2018. The linked-quarter change was primarily driven by a seven basis point decrease in the yield on interest earning assets to 3.97%, primarily resulting from a 26 basis point decrease in the yield on investment securities to 2.84%. Our cost of funds was unchanged from the prior quarter at 1.23%. While our cost of deposits increased three basis points during the third quarter of 2019 to 1.09%, primarily due to higher rates paid on money market and time deposits, our cost of borrowings decreased due to lower average balances of FHLB advances.

Noninterest Income

Noninterest income increased 9% to $13.1 million in the third quarter of 2019 from $12.0 million in the second quarter of 2019, and increased 14% from $11.5 million in the third quarter of 2018. The increase in noninterest income compared to the prior quarter was primarily driven by a 6% increase in trust administrative fees from PENSCO, our alternative asset IRA custodian subsidiary, to $7.2 million, and an 8% increase in escrow and exchange fees to $1.6 million. Noninterest income for third quarter of 2019 included $220,000 in gains on the sale of securities, loans, and other assets, compared to a loss of $50,000 for the second quarter of 2019.

Noninterest Expense

Noninterest expense decreased 13% to $40.1 million in the third quarter of 2019, compared to $46.3 million in the second quarter of 2019, and decreased 8% compared to $43.7 million in the third quarter of 2018. During the second quarter of 2019, we executed a cost reduction initiative and incurred other strategic action related expenses totaling $4.9 million. On an adjusted basis, after giving effect to the expenses described above, noninterest expense decreased 4% compared to the second quarter of 2019. During the third quarter of 2019, the FDIC issued small bank assessment credits based on the reserve ratio of the Deposit Insurance Fund exceeding 1.38%, which resulted in a $397,000 decrease in our deposit insurance and regulatory assessments expense compared to the second quarter of 2019. Our efficiency ratio for the third quarter of 2019 was 61.8%, or 61.6% on an adjusted basis, compared to 71.3% for the second quarter of 2019, or 63.5% on an adjusted basis.

Income Tax Expense

We recorded an income tax expense of $8.3 million in the third quarter of 2019, compared to an income tax expense of $4.2 million in the second quarter of 2019 and a negative income tax expense of $972,000 in the third quarter of 2018. Our effective tax rate for the third quarter of 2019 was 27.3%, compared to 32.7% for the second quarter of 2019 and (11.5)% for the third quarter of 2018. The previously announced expense reduction initiative in the second quarter of 2019 increased our effective tax rate in the third quarter of 2019 by approximately one percentage point due to annual compensation that exceeded the deductible threshold under Internal Revenue Code Section 162(m).

Asset Quality

Total nonperforming assets decreased 65% to $7.4 million as of September 30, 2019, compared to $21.2 million as of June 30, 2019, and decreased 84% compared to $45.1 million as of September 30, 2018. Our ratio of nonperforming assets to total assets decreased to 0.10% as of September 30, 2019, compared to 0.27% and 0.61% as of June 30, 2019 and September 30, 2018, respectively. Total criticized loans decreased $36.6 million, or 27%, to $101.4 million as of September 30, 2019, compared to $137.9 million as of June 30, 2019. Classified loans decreased $40.1 million in the third quarter of 2019, while special mention loans increased $3.5 million from the prior quarter. Total Enterprise Value loans decreased $28.6 million, or 44%, during the third quarter of 2019 compared to the prior quarter and totaled $35.9 million as of September 30, 2019.

Our allowance for loan losses was $45.2 million, or 0.78% of loans, as of September 30, 2019, compared to $57.7 million, or 1.00% of loans, as of June 30, 2019, and $59.0 million, or 1.14% of loans, as of September 30, 2018. Net charge-offs during the third quarter of 2019 were $4.9 million, or 0.33% of average loans annualized, compared to net charge-offs of $4.0 million, or 0.28% of average loans annualized, for the second quarter of 2019, and $8.4 million, or 0.66% of average loans annualized, for the third quarter of 2018. The ratio of the allowance for loan losses to total nonaccrual loans was 609% as of September 30, 2019, compared to 273% as of June 30, 2019 and 131% as of September 30, 2018.

We recorded a negative provision for loan losses of $7.7 million in the third quarter of 2019, compared to a provision expense of $3.3 million and $8.2 million in the second quarter of 2019 and third quarter of 2018, respectively. The negative provision expense during the third quarter of 2019 was primarily driven by planned loan exits and the release of specific reserves related to Enterprise Value loan relationships resolved during the quarter, partially offset by net charge-offs and new loan production.

Capital

As of September 30, 2019, Opus exceeded all minimum regulatory capital requirements under Basel III and was considered to be a “well-capitalized” financial institution, as summarized in the table below:

Capital Ratios

 

As of

 

Well-Capitalized

Regulatory

Requirements

(unaudited)

 

September 30,
2019¹

 

June 30,
2019

 

September 30,
2018

 

Tier 1 leverage ratio

 

9.70

%

 

9.30

%

 

9.89

%

 

5.00%

Common Equity Tier 1 ratio

 

11.71

 

 

11.07

 

 

11.75

 

 

6.50

Tier 1 risk-based capital ratio

 

12.20

 

 

11.56

 

 

12.27

 

 

8.00

Total risk-based capital ratio

 

15.26

 

 

14.77

 

 

15.75

 

 

10.00

Tangible equity to tangible assets ratio

 

9.67

 

 

9.26

 

 

9.47

 

 

NA

Tangible common equity to tangible assets ratio

 

9.28

 

 

8.87

 

 

9.05

 

 

NA

 

[1] Regulatory capital ratios are preliminary until filing of our September 30, 2019 FDIC call report.

Stockholders’ equity totaled $1.1 billion as of September 30, 2019 and increased $21.7 million and $46.0 million compared to June 30, 2019 and September 30, 2018, respectively. Our tangible book value per common share increased $0.62 to $18.94 as of September 30, 2019, compared to $18.32 as of June 30, 2019 and increased $1.31 compared to $17.63 as of September 30, 2018.

Conference Call and Webcast Details

Date: Monday, October 28, 2019

Time: 8:00 a.m. PT (11:00 a.m. ET)

Phone Number: (833) 628-4594

Conference ID: 2222128

Webcast URL: http://investor.opusbank.com/event

Analysts, investors, and the general public may listen to our discussion of Opus’ third quarter performance and participate in the question/answer session by using the phone number listed above or through a live webcast of the conference available through a link on the investor relations page of Opus’ website at: http://investor.opusbank.com/event. It is recommended that participants dial into the conference call or log into the webcast approximately 10 minutes prior to the call.

Replay Information: For those who are not able to listen to the call, an archived recording will be available beginning approximately two hours following the completion of the call. To listen to the call replay, dial (855) 859-2056, or for international callers dial (404) 537-3406. The access code for either replay number is 2222128. The call replay will be available through November 28, 2019.

About Opus Bank

Opus Bank is an FDIC insured California-chartered commercial bank with $7.8 billion of total assets, $5.8 billion of total loans, and $6.3 billion in total deposits as of September 30, 2019. Opus Bank provides commercial and retail banking products and solutions to its clients in western markets from its headquarters in Irvine, California and through 46 banking offices, including 28 in California, 16 in the Seattle/Puget Sound region in Washington, one in the Phoenix metropolitan area of Arizona and one in Portland, Oregon. Opus Bank offers a suite of treasury and cash management and depository solutions, and a wide range of loan products, including commercial, healthcare, media and entertainment, corporate finance, multifamily residential, commercial real estate and structured finance, and is an SBA preferred lender. Opus Bank offers commercial escrow services and facilitates 1031 Exchange transactions through its Escrow and Exchange divisions. Additionally, Opus Bank’s wholly-owned subsidiary, PENSCO Trust Company, has approximately $14 billion of custodial IRA assets and approximately 46,000 client accounts, which are comprised of self-directed investors, financial institutions, capital raisers and financial advisors. Opus Bank is an Equal Housing Lender. For additional information about Opus Bank, please visit our website: www.opusbank.com.

Forward Looking Statements

This release and the aforementioned conference call and webcast includes forward-looking statements related to Opus’ plans, beliefs and goals. Forward-looking statements are neither historical facts nor assurances of future performance. Opus generally identifies forward-looking statements by terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this release and the aforementioned conference call and webcast are based on the historical performance of Opus and its subsidiaries or on its current plans, beliefs, estimates, expectations and goals, including without limitation: our expectations regarding lessening headwinds related to the intentional runoff of Enterprise Value loans and expectations regarding improvement in our profitability. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity that could cause actual results to differ materially from those indicated by the forward-looking statements, including, without limitation: market and economic conditions, changes in interest rates, our liquidity position, the management of our growth, the risks associated with our loan portfolio, risks that our expected efficiencies and savings from our expense reduction initiatives will be less than anticipated, local economic conditions affecting retail and commercial real estate, our geographic concentration in the western region of the United States, competition within the industry, dependence on key personnel, government legislation and regulation, the risks associated with any future acquisitions, the effect of natural disasters, risks related to our technology and information systems, and the management of our operating expenses, including the effectiveness of certain strategic cost reduction initiatives. For a discussion of these and other risks and uncertainties, see Opus’ filings with the Federal Deposit Insurance Corporation, including, but not limited to, the risk factors in Opus’ Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation on February 28, 2019. If one or more of these or other risks or uncertainties materialize, or if Opus’ underlying assumptions prove to be incorrect, Opus’ actual results may vary materially from those indicated in these statements. These filings are available on the Investor Relations page of Opus’ website at: investor.opusbank.com.

Opus undertakes no obligation to revise or publicly release any revision to these forward-looking statements, whether as a result of new information, future developments or otherwise.

Consolidated Statements of Income

 

 

 

 

 

 

 

 

(unaudited)

 

For the three months ended

 

For the nine months ended

($ in thousands, except per share amounts)

 

September 30,
2019

 

June 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Interest income:

 

 

 

 

 

 

 

 

 

 

Loans

 

$

 

61,655

 

 

$

 

61,157

 

 

$

 

54,110

 

 

$

 

179,819

 

 

$

 

162,554

 

Investment securities

 

 

7,471

 

 

 

8,359

 

 

 

5,280

 

 

 

24,407

 

 

 

15,422

 

Due from banks

 

 

900

 

 

 

1,447

 

 

 

2,113

 

 

 

3,671

 

 

 

4,390

 

Total interest income

 

 

70,026

 

 

 

70,963

 

 

 

61,503

 

 

 

207,897

 

 

 

182,366

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

17,225

 

 

 

16,359

 

 

 

10,702

 

 

 

47,010

 

 

 

26,125

 

Federal Home Loan Bank advances

 

 

1,316

 

 

 

2,165

 

 

 

(5

)

 

 

4,237

 

 

 

374

 

Subordinated debt

 

 

1,923

 

 

 

1,923

 

 

 

1,923

 

 

 

5,768

 

 

 

5,768

 

Total interest expense

 

 

20,464

 

 

 

20,447

 

 

 

12,620

 

 

 

57,015

 

 

 

32,267

 

Net interest income

 

 

49,562

 

 

 

50,516

 

 

 

48,883

 

 

 

150,882

 

 

 

150,099

 

Provision (negative provision) for loan losses

 

 

(7,698

)

 

 

3,281

 

 

 

8,241

 

 

 

(2,219

)

 

 

11,942

 

Net interest income after provision (negative provision) for loan losses

 

 

57,260

 

 

 

47,235

 

 

 

40,642

 

 

 

153,101

 

 

 

138,157

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

Fees and service charges on deposit accounts

 

 

1,483

 

 

 

1,505

 

 

 

1,735

 

 

 

4,428

 

 

 

5,240

 

Escrow and exchange fees

 

 

1,623

 

 

 

1,506

 

 

 

1,548

 

 

 

4,482

 

 

 

4,407

 

Trust administrative fees

 

 

7,244

 

 

 

6,829

 

 

 

6,884

 

 

 

20,758

 

 

 

20,703

 

Gain (loss) on sale of loans

 

 

218

 

 

 

(56

)

 

 

 

52

 

 

 

(169

)

Gain (loss) on sale of assets

 

 

1

 

 

 

 

 

1

 

 

Gain (loss) from OREO and other repossessed assets

 

 

 

 

 

 

203

 

Gain (loss) on sale of investment securities

 

 

1

 

 

 

6

 

 

 

 

120

 

 

 

182

 

Bank-owned life insurance, net

 

 

1,014

 

 

 

994

 

 

 

1,048

 

 

 

2,987

 

 

 

3,145

 

Other income

 

 

1,485

 

 

 

1,211

 

 

 

246

 

 

 

3,336

 

 

 

3,986

 

Total noninterest income

 

 

13,069

 

 

 

11,995

 

 

 

11,461

 

 

 

36,164

 

 

 

37,697

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

23,316

 

 

 

29,095

 

 

 

26,004

 

 

 

79,286

 

 

 

78,283

 

Professional services

 

 

2,101

 

 

 

1,099

 

 

 

2,489

 

 

 

5,416

 

 

 

6,824

 

Occupancy expense

 

 

3,835

 

 

 

3,581

 

 

 

3,764

 

 

 

11,246

 

 

 

11,521

 

Depreciation and amortization

 

 

1,713

 

 

 

1,704

 

 

 

1,652

 

 

 

5,249

 

 

 

5,014

 

Deposit insurance and regulatory assessments

 

 

122

 

 

 

519

 

 

 

977

 

 

 

1,414

 

 

 

3,066

 

Insurance expense

 

 

334

 

 

 

335

 

 

 

337

 

 

 

1,013

 

 

 

1,011

 

Data processing

 

 

948

 

 

 

1,058

 

 

 

230

 

 

 

2,570

 

 

 

987

 

Software licenses and maintenance

 

 

1,197

 

 

 

1,217

 

 

 

1,371

 

 

 

3,716

 

 

 

3,646

 

Office services

 

 

1,720

 

 

 

1,679

 

 

 

1,642

 

 

 

5,038

 

 

 

5,369

 

Amortization of other intangible assets

 

 

1,211

 

 

 

1,415

 

 

 

1,479

 

 

 

4,041

 

 

 

4,438

 

Advertising and marketing

 

 

838

 

 

 

833

 

 

 

909

 

 

 

2,395

 

 

 

2,709

 

Other expenses

 

 

2,737

 

 

 

3,784

 

 

 

2,809

 

 

 

10,415

 

 

 

8,014

 

Total noninterest expense

 

 

40,072

 

 

 

46,319

 

 

 

43,663

 

 

 

131,799

 

 

 

130,882

 

Income before income tax expense

 

 

30,257

 

 

 

12,911

 

 

 

8,440

 

 

 

57,466

 

 

 

44,972

 

Income tax expense (benefit)

 

 

8,259

 

 

 

4,225

 

 

 

(972

)

 

 

15,921

 

 

 

7,193

 

Net income

 

$

 

21,998

 

 

$

 

8,686

 

 

$

 

9,412

 

 

$

 

41,545

 

 

$

 

37,779

 

Basic earnings per common share

 

$

 

0.58

 

 

$

 

0.23

 

 

$

 

0.25

 

 

$

 

1.09

 

 

$

 

1.00

 

Diluted earnings per common share

 

 

0.57

 

 

 

0.23

 

 

 

0.25

 

 

 

1.08

 

 

 

0.99

 

Weighted average shares – basic

 

 

36,282,166

 

 

 

36,254,474

 

 

 

36,115,204

 

 

 

36,241,645

 

 

 

36,043,060

 

Weighted average shares – diluted

 

 

38,230,784

 

 

 

38,238,324

 

 

 

38,362,739

 

 

 

38,205,990

 

 

 

38,338,423

 

Contacts

Kevin L. Thompson

EVP, Chief Financial Officer

949-251-8196

Brett G. Villaume

SVP, Director of Investor Relations

949-224-8866

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