GLASTONBURY, Ct. - (10/27/05) -- Credit union outsourcer OpenSolutions Inc. reported Wednesday that a large increase inoperating expenses, 64%, pushed down third quarter earnings by 14%to $3.8 million, or 18 cents a share, compared to the same quarterlast year. The company, which has embarked on more than ahalf-dozen corporate acquisitions over the past two years, saidoperating expenses soared to $20.5 million for the quarter, from$12.5 million in the third quarter last year. At the same time,revenues rose by 74% to $49.2 million, for the quarter. Through thefirst three quarters Opens Solutions reported flat earnings growth,$10.6 million, almost the same as the first nine months last year,despite an 88% surge in revenues to $134 million. The main reasonwas an accompanying 83% surge in operating expenses, to $57.2million.
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Beth Johnson, a self-described math geek, is driving the bank's ESG strategy and training its employees to keep pace with industry trends.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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