Opus Bank ("Opus") (Nasdaq: “OPB”) announced today a net loss of $84.8 million, or $(2.34) per diluted share, for the first quarter of 2020, compared to net income of $20.3 million, or $0.53 per diluted share, for the fourth quarter of 2019. Net loss during the first quarter of 2020 included a $96.2 million non-cash impairment charge to write off a portion of the balance of goodwill, as well as $2.9 million of merger related expenses. Together, these items negatively impacted earnings by $2.69 per diluted share for the first quarter of 2020.

Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company”, “Pacific Premier”, “we”, “us” or “our”), the holding company of Pacific Premier Bank, and Opus Bank (NASDAQ: OPB) (“Opus”) today announced they have entered into a definitive agreement under which Pacific Premier will acquire Opus in an all-stock transaction valued at approximately $1.0 billion.

Opus Bank (Nasdaq: OPB) announced today net income of $20.3 million, or $0.53 per diluted share, for the fourth quarter of 2019. Additionally, Opus announced today that its Board of Directors has approved the payment of a quarterly cash dividend of $0.11 per common share.

Opus Bank (“Opus”) (NASDAQ: OPB) will report its financial results for the fourth quarter and year ending December 31, 2019 before the market opens on Monday, January 27, 2020, and will host a conference call to discuss the results at 8:00 a.m. PT the same day.