Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us


April 27, 2015 10:15 PM ET

Banks

Company Overview of Open Bank

Company Overview

Open Bank provides banking products and services to small and medium-sized businesses, professionals, and residents with a particular emphasis on the multi-ethnic communities in California. It offers personal banking products and services that include checking and savings accounts, money market accounts, certificates of deposit, installment accounts, home mortgage loans; and business banking products and services, such as business checking and savings accounts, business money market accounts, commercial loans, trade finance, and SBA loans. The company also provides cash management, online banking, telephone banking, and fax/E-mail banking services, as well as online forms. Open Bank was form...

1000 Wilshire Boulevard

Suite 250

Los Angeles, CA 90017

United States

Founded in 2005

101 Employees

Phone:

213-892-9999

Fax:

213-892-1199

Key Executives for Open Bank

Open Bank does not have any Key Executives recorded.

Open Bank Key Developments

Open Bank Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2014

Open Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported interest income of $5,134,000, net interest income of $4,730,000, income before income taxes of $1,694,000, net income of $984,000 or $0.08 per diluted share, return on average assets of 0.85% and return on average equity of 1.46% compared to the interest income of $3,565,000, net interest income of $3,230,000, income before income taxes of $675,000, net loss of $472,000 or $0.06 per diluted share, negative return on average assets of 0.62% and negative return on average equity of 5.93% for the same quarter a year ago. Return on average assets (ROA), excluding tax benefit was 1.46% against 0.89% a year ago. Return on average equity (ROE), excluding tax benefit was 10.45% against 8.48% a year ago. The increases in net interest income were primarily the result of increases in average interest earning assets, specifically loans. For the year, the company reported interest income of $18,260,000, net interest income of $16,721,000, income before income taxes of $7,619,000, net income of $4,484,000 or $0.42 per diluted share, return on average assets of 1.09% and return on average equity of 1.85% compared to the interest income of $11,268,000, net interest income of $10,150,000, income before income taxes of $3,410,000, net income of $4,954,000 or $0.65 per diluted share, return on average assets of 1.99% and return on average equity of 1.37% for the same period a year ago. Return on average assets (ROA), excluding tax benefit was 1.85% against 1.37% a year ago. Return on average equity (ROE), excluding tax benefit was 15.45% against 11.49% a year ago. Book Value per share was $5.27 as on December 31, 2014 against was $4.31 as on December 31, 2013. For the quarter, the company reported net charge offs of $467,000 against $32,000 a year ago.

Open Bank (Los Angeles CA) Announces Unaudited Earnings Results for Third Quarter and Nine Months Ended September 30, 2014; Announces Net Charge Offs for the Third Quarter of 2014

Open Bank (Los Angeles CA) announced unaudited earnings results for third quarter and nine months ended September 30, 2014. For the quarter, the company reported interest income of $4,795,000, net interest income of $4,417,000, income before income taxes of $2,148,000, net income of $1,275,000 or $0.1 per diluted share, return on average assets of 1.19%, return on average equity of 8.07% compared to the interest income of $2,967,000, net interest income of $2,678,000, income before income taxes of $965,000, net income of $950,000 or $0.12 per diluted share, return on average assets of 1.47%, return on average equity of 12.40% for the same quarter a year ago. For the nine months period, the company reported interest income of $13,125,000, net interest income of $11,990,000, income before income taxes of $5,925,000, net income of $3,500,000 or $0.35 per diluted share, return on average assets of 1.18%, return on average equity of 10.59% compared to the interest income of $7,702,000, net interest income of $6,919,000, income before income taxes of $2,734,000, net income of $5,426,000 or $0.72 per diluted share, return on average assets of 3.14%, return on average equity of 25% for the same period a year ago. Book value per share as on September 30, 2014 was $5.16 compared to the $4.32 as at September 30, 2013. For the third quarter of 2014, the company announced net charge offs of $11 million.

Open Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Open Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported interest income of $4.325 million compared to $2.419 million a year ago. Net interest income was $3.931 million compared to $2.160 million a year ago. Income before income taxes were $2.027 million compared to $0.933 million a year ago. Net income was $1.202 million or $0.14 per diluted share compared to $0.903 million or $0.12 per diluted share a year ago. Book value per share was $5.09 compared to $4.17 a year ago. Return on average assets was 1.19% compared to 1.58% a year ago. Return on average equity was 13.07% compared to 12.09% a year ago. For six months, the company reported interest income of $8.330 million compared to $4.735 million a year ago. Net interest income was $7.573 million compared to $4.241 million a year ago. Income before income taxes were $3.777 million compared to $1.769 million a year ago. Net income was $2.225 million or $0.27 per diluted share compared to $4.476 million or $0.61 per diluted share a year ago. Return on average assets was 1.18% compared to 4.15% a year ago. Return on average equity was 12.97% compared to 31.88% a year ago.

Similar Private Companies By Industry

Company Name Region
Armstrong Bank United States
FirstMerit Bank, National Association United States
The Farmers State Bank of Westmoreland United States
Grand Bank (Dallas, TX) United States
Hart County Bank and Trust Company United States

Recent Private Companies Transactions

Type
Date
Target
Private Placement
June 23, 2014
--
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Open Bank, please visit www.myopenbank.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.