August 31, 2014 6:38 AM ET

Banks

Company Overview of Open Bank (Los Angeles CA)

Company Overview

Open Bank (Los Angeles CA) provides commercial banking services to small and medium-sized businesses, professionals, and residents with a particular emphasis on the multi-ethnic communities in Los Angeles County. It offers checking and savings accounts, NOW checking accounts, money market accounts, certificates of deposits, and installment accounts. The company also provides various commercial loans, including business term loan, business line of credit, and commercial real estate term loans; small business administration loans; and home mortgage loans. In addition, it provides trade finance, such as letters of credit, banker’s acceptances, international lines of credit, working capital line...

1000 Wilshire Boulevard

Suite 100

Los Angeles, CA 90017

United States

Founded in 2005

97 Employees

Phone:

213-892-9999

Fax:

213-892-1199

Key Executives for Open Bank (Los Angeles CA)

Open Bank (Los Angeles CA) does not have any Key Executives recorded.

Open Bank (Los Angeles CA) Key Developments

Open Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Open Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported interest income of $4.325 million compared to $2.419 million a year ago. Net interest income was $3.931 million compared to $2.160 million a year ago. Income before income taxes were $2.027 million compared to $0.933 million a year ago. Net income was $1.202 million or $0.14 per diluted share compared to $0.903 million or $0.12 per diluted share a year ago. Book value per share was $5.09 compared to $4.17 a year ago. Return on average assets was 1.19% compared to 1.58% a year ago. Return on average equity was 13.07% compared to 12.09% a year ago. For six months, the company reported interest income of $8.330 million compared to $4.735 million a year ago. Net interest income was $7.573 million compared to $4.241 million a year ago. Income before income taxes were $3.777 million compared to $1.769 million a year ago. Net income was $2.225 million or $0.27 per diluted share compared to $4.476 million or $0.61 per diluted share a year ago. Return on average assets was 1.18% compared to 4.15% a year ago. Return on average equity was 12.97% compared to 31.88% a year ago.

Open Bank Announces Earnings Results for the First Quarter Ended March 31, 2014; Reports Impairment Charges for the First Quarter of 2014

Open Bank announced earnings results for the first quarter ended March 31, 2014. For the quarter, net interest income was $3,642,000 against $2,081,000 a year ago. The increases were primarily the result of increases in average interest earning assets, specifically loans. Income before taxes was $1,750,000 against $836,000 a year ago. Net income was $1,023,000 against $3,573,000 a year ago. Diluted EPS was $0.13 against $0.50 a year ago. Return on average assets was 1.18% against 7.03% a year ago. Return on average equity was 12.86% against 54.41% a year ago. Book Value was $4.49 as at March 31, 2014 against $4.10 as at March 31, 2013. Interest income was $4,005,000 against $2,316,000 a year ago. Net income for the fourth quarter of 2013 included a full year provision for income taxes of $1.1 million. Net income for the first quarter of 2013 included $2.7 million of tax benefits from the reversal of the remaining portion of the deferred tax valuation allowance. The provision for loan losses for the first quarter of 2014 was $210,000, compared to $500,000 for the first quarter of 2013. There was no provision for loan losses for the fourth quarter of 2013. The reduction in the provision for loan losses from the first quarter of 2013 reflected a decrease in net charge-offs, which decreased to $32,000 for the first quarter of 2014, compared to $769,000 for the same quarter of 2013, offset by a provision required for the loan growth.

Open Bank Names Ki Won Yoon as Chief Lending Officer

Open Bank appointed Ki Won Yoon chief lending officer. She joined Open Bank from Los Angeles-based BBCN Bancorp Inc. unit BBCN Bank, where she most recently served as district manager.

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Type
Date
Target
Private Placement
June 23, 2014
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