Opus Bank (NASDAQ:OPB) Q2 2019 Earnings Conference Call - Final Transcript

Jul 29, 2019 • 11:00 am ET

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Opus Bank (NASDAQ:OPB) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to the Opus Bank Second Quarter 2019 Earnings Conference Call. My name is Dikitriya [Phonetic] and I will be your conference operator today. [Operator Instructions] Speaking on today's call will be Paul Taylor, President and Chief Executive Officer; Kevin Thompson, Executive Vice President and Chief Financial Officer; Brian Fitzmaurice, Vice Chairman and Senior Chief Credit Officer.

Today's discussion will cover the Company's performance during the second quarter of 2019 and information contained in the earnings press release issued earlier this morning. A slide show presentation that will -- that accompanies today's call is available on the Opus Bank Investor web page at investor.opusbank.com/presentations.

The call will be recorded and may available for replay after 2 o'clock Eastern Time on July 29th 2019 through August 29th 2019 at 11:59 p.m. Eastern Time, by dialing 1855 859 2056, passcode 6638938.

The discussion during the call today 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 MCIC filings and in the earnings press release issued earlier this morning.

Today's call will include a question-and-answer session following management's prepared remarks.

Now I will turn the call over to Paul Taylor, President and CEO, for opening remarks. Sir, you may begin your conference.

Executive
Paul W. Taylor

Thank you, Dikitra, and good morning to everyone listening to our second quarter earnings conference call. I am Paul Taylor, President and CEO of Opus Bank.

Since this is my first earnings conference call at Opus, I would like to briefly introduce myself and provide some of my background and experience. I'll then hand the floor to Kevin Thompson, Executive Vice President and Chief Financial Officer; and Brian Fitzmaurice, Vice Chairman and Senior Chief Credit Officer, who will go into details of our financial performance and credit metrics.

To begin with, let me first say that I'm pleased to be presenting today with my colleagues, both Kevin and Brian, and I'm excited to be working with all of the Opus and PENSCO team members located in California, Washington, Oregon, Arizona, and Colorado.

I joined the Bank on May 1st this year as President and CEO, succeeding Paul Greig, who served as interim President and CEO, and will continue exclusively as Chairman of the Board. Prior to joining Opus, I was the President and CEO of Guaranty Bancorp in Denver, Colorado, for approximately eight years and also served as the company's Chief Financial Officer for several years before that. While at Guaranty, I managed the acquisition of six banks, approximately doubled the size of the bank and improved the company's profitability, which had been struggling when I first took it over as CEO.

For the first quarter of 2019, Opus recorded net income of $8.7 million or $0.23 per diluted share, compared to net income of $10.9 million or $0.28 per diluted share in the first quarter of 2019. During the quarter, we