Business
OP Bancorp Reports Fourth Quarter and Year End Financial Result of 2019
2019 Fourth Quarter Highlights: Net income totaled $4.2 million or $0.26 per diluted common share, up 4.5%, compared to $4.0 million or $0.24 per diluted
About this update from Op Bancorp
[{"type":"text","content":"\n2019 Fourth Quarter Highlights:\n\n\n\nNet income totaled $4.2 million or $0.26 per diluted common share, up 4.5%, compared to $4.0 million or $0.24 per diluted common share for the third quarter of 2019\n\n\nNet interest margin was 3.99% compared to 4.13% for the third quarter of 2019\n\n\nReturn on average assets was 1.45% and return on average equity was 12.05% compared to 1.41% and 11.74%, respectively, for the third quarter of 2019 \n\n\nTotal assets increased 2.4% to $1.18 billion at December 31, 2019, from $1.15 billion at September 30, 2019\n\n\nNet loans receivable increased 2.7% to $980.1 million at December 31, 2019, from $954.7 million at September 30, 2019\n\n\nTotal deposits increased 2.5% to $1.02 billion at December 31, 2019, from $996.0 million at September 30, 2019\n\n\nNonperforming assets to total assets was 0.13% compared to 0.29% at September 30, 2019\n\n\n\n2019 Full Year Highlights:\n\n\n\nNet income totaled $16.8 million or $1.03 per diluted common share, up 17.6%, compared to $14.3 million or $0.89 per diluted common share for the full year of 2018\n\n\nExcluding a one-time gain on company owned life insurance of $1.2 million, net income totaled $15.5 million or $0.95 per diluted common share, up 9.0%, compared to the full year of 2018\n\n\nNet interest margin was 4.19% compared to 4.49% for the full year of 2018\n\n\nReturn on average assets was 1.51% and return on average equity was 12.42% compared to 1.49% and 12.27%, respectively, for the full year of 2018 \n\n\nExcluding a one-time gain on company owned life insurance of $1.2 million, return on average assets was 1.40% and return on average equity was 11.51%\n\n\nTotal assets increased 13.0% to $1.18 billion at December 31, 2019, from $1.04 billion at December 31, 2018\n\n\nNet loans receivable increased 13.2% to $980.1 million at December 31, 2019, from $865.4 billion at December 31, 2018\n\n\nTotal deposits increased 12.8% to $1.02 billion at December 31, 2019, from $905.2 million at December 31, 2018\n\n\nNonperforming assets to total assets was 0.13% compared to 0.18% at December 31, 2018\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nOP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported unaudited financial results for the fourth quarter of 2019. Net income for the fourth quarter of 2019 was $4.2 mill...