Opus Bank (NASDAQ:OPB) Q4 2018 Earnings Conference Call - Final Transcript

Jan 28, 2019 • 11:00 am ET


Opus Bank (NASDAQ:OPB) Q4 2018 Earnings Conference Call - Final Transcript


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Good morning. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Opus Bank Quarterly Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) I would now like to turn the call over to Mr. Brett Villaume, Director of Investor Relations. Please go ahead.

Brett G. Villaume

Thank you, Michelle. Good morning, and welcome to Opus Bank's investor webcast and conference call. Today, I'm joined by Paul Greig, Chairman of the Board, Interim Chief Executive Officer and President; Brian Fitzmaurice, Vice Chairman and Senior Chief Credit Officer; and Kevin Thompson, Executive Vice President and Chief Financial Officer.

Our discussion today will cover the Company's performance during the fourth quarter of 2018 and information contained in the earnings press release issued earlier this morning. A slideshow presentation that accompanies today's call is available on the Opus Bank investor webpage at investor.opusbank.com.

Today's discussion may entail forward-looking statements which are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. You'll find a discussion of these forward-looking statements in our recent FDIC filings and on Page 8 of this morning's release. Today's call will include a question-and-answer session following the discussion. For listeners who are participating via WebEx, should you have any questions, you may submit those using the Q&A feature located on the right-hand side of your WebEx window. The white triangle just to the left of the question mark and letters Q&A should be pointing down. By clicking on that triangle, it opens and closes the Q&A dialog box.

Now, I'll turn the call over to Paul Greig, Chairman, Interim CEO and President.

Paul G. Greig

Thank you, Brett. Good morning to everyone, and thanks for attending today's conference call. Before we begin talking about our results for the fourth quarter and the full year of 2018, let me first take a moment to provide background on myself.

As you are likely already aware, I am Chairman of the Board of Opus Bank and have served in that capacity since January 2018. I joined the Board of Opus Bank in April 2017 and was named Lead Independent Director in May of '17. My background includes having previously served as Chairman, President and CEO of FirstMerit Corporation, which is a bank that grew from $10 billion in assets over $26 billion in assets during my tenure. I was also a Director of the Federal Reserve Bank of Cleveland and was a Vice President, member of the Federal Reserve System's Federal Advisory Council.

In addition to my duties as a Board member, I am also currently serving as Interim CEO and President of Opus, following the resignation of our former CEO in November of last year. As we previously announced, the Board of Directors has retained Korn Ferry, a leading executive search firm, to identify a permanent CEO. I'm pleased