Open bank announces first quarter 2012 results and fifth consecutive
quarterly profit
Los angeles--(business wire)--open bank (otcbb:opbk) today announced a net income of $4.3 million for the first quarter of 2012. min kim, president and chief executive officer, said, “we are very pleased with our solid first quarter results. the first quarter results included a reversal of valuation allowance on the deferred tax assets (“dta”) of $4 million. we are also very excited that all of the bank’s regulatory consent orders have now been lifted, allowing us to explore new opportunities to expand our business while continuing to focus on building new customer relationships through core deposits. the focus in improving the quality of our overall loan portfolio and reducing the bank’s exposure to non-performing loans continues to be one of our top priorities.” first quarter 2012 highlights net income of $4.3 million for the three months ended march 31, 2012. reversal of valuation allowance on dta of $4 million. net interest margin was 4.40% for the first quarter of 2012, compared to 4.37% for fourth quarter of 2011 and 4.61% for first quarter of 2011. demand deposits increased 19% to $39.9 million representing 34% of total deposits of $118.1 million at march 31, 2012, from $33.5 million, 28% of total deposits of $121.3 million, at december 31, 2011. allowance for loan losses to gross loans was 4.31% at march 31, 2012. the total risk-based capital ratio, tier 1 capital ratio and tier 1 leverage ratio were 19.35%, 18.07% and 15.72%, respectively at march 31, 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, customer relationship, growing cored deposits, improving the quality of the overall loan portfolio and reducing exposure to non-performing loans. 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. 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. fhlb and pacific coast bankers bank stock, at cost
