Open bank announces opening of new branch and third quarter 2012
results
Los angeles--(business wire)--open bank (otcbb:opbk) today announced a net income of $567 thousand for the third quarter of 2012 and $5.4 million for the nine months ended september 30, 2012, compared to $271 thousand for the third quarter of 2011 and $1.4 million for the nine months ended september 30, 2011. on november 1, 2012, open bank opened its first branch in the downtown los angeles fashion district. min kim, president and chief executive officer said, “we are very pleased to announce another solid quarter of profit. our new branch is designed to offer our customers the increased convenience of a local branch and is part of our overall strategy of focusing on building new customer relationships through core deposits and will allow us to continue to grow our business. we also continue to focus on improving our asset quality and controlling costs. ” third quarter 2012 highlights: net income of $567 thousand for the three months ended september 30, 2012. net income of $5.4 million for the nine months ended september 30, 2012. reversal of valuation allowance on dta of $4 million included. net interest margin was 4.93% for the third quarter of 2012, compared to 4.21% for the third quarter of 2011. demand deposits increased 38.83% to $46.5 million representing 32.34% of total deposits of $143.7 million at september 30, 2012, from $33.5 million, 27.61% of total deposits of $121.3 million, at december 31, 2011. allowance for loan losses to gross loans was 3.79% at september 30, 2012. the total risk-based capital ratio, tier 1 capital ratio and tier 1 leverage ratio were 16.94%, 15.67% and 15.48%, respectively at september 30, 2012. about open bank open bank (the "bank") is engaged in the general commercial banking business in los angeles county and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on the korean and other ethnic minority communities. the bank commenced its operations on june 10, 2005 as first standard bank and changed its name to open bank on september 20, 2010. its headquarters are located at 1000 wilshire blvd., suite 100 los angeles, california 90017. phone 213.892.9999; www.myopenbank.com member fdic, equal housing lender safe harbor this press release contains certain forward-looking information about open bank that is intended to be covered by the safe harbor for “forward-looking statements” provided by the private securities litigation reform act of 1995. all statements other than statements of historical fact are forward-looking statements. these forward-looking statements may include, but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar expressions and may include statements about the bank’s focus on exploring new opportunities, building customer relationship through core deposits, growing core deposits, and improving asset quality. forward-looking statements are not guarantees. such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of open bank such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become profitable. open bank cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. if any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, open bank’s results could differ materially from those expressed in, or implied or projected by such forward-looking statements. open bank assumes no obligation to update such forward-looking statements, except as required by law. * annualized
