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Opus Bank Swings to Q4 Loss Despite Higher Revenues; Sells $53 Mln of Shares in Private Placement

Opus Bank ( OPB ) reported pre-market Monday it swung to a Q4 loss, missing expectations compiled by Capital IQ, despite improved revenues from a year earlier.

Q4 net loss was $0.55 per share compared to a profit of $0.50 a share in the year-ago quarter. Analysts were expecting a profit of $0.45 a share.

Revenues taken as the sum of net interest income and non-interest income were $87.2 million, up from $62.7 million a year earlier and higher than expectations for $78.9 million.

The lender also said it entered into agreements with various institutional investors for a private sale of $53 million of its common stock at $18.50 per share, for net proceeds of $50 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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