Business
OP Bancorp Reports Net Income for 2023 Fourth Quarter of $5.2 Million and Diluted Earnings Per Share of $0.34
2023 Fourth Quarter Highlights compared with 2023 Third Quarter: Financial Results: Net income of $5.2 million, compared to $5.1 million Diluted earnings per
About this update from Op Bancorp
[{"type":"text","content":"\n2023 Fourth Quarter Highlights compared with 2023 Third Quarter:\n\n\n\nFinancial Results:\n\n\nNet income of $5.2 million, compared to $5.1 million\n\n\n\nDiluted earnings per share of $0.34, compared to $0.33\n\n\n\nNet interest income of $16.2 million, compared to $17.3 million\n\n\n\nNet interest margin of 3.12%, compared to 3.38%\n\n\n\nProvision for credit losses of $0.6 million, compared to $1.4 million\n\n\n\nTotal assets of $2.15 billion, compared to $2.14 billion\n\n\n\nGross loans of $1.77 billion, compared to $1.76 billion\n\n\n\nTotal deposits of $1.81 billion, compared to $1.83 billion\n\n\n\n\n\n\nCredit Quality:\n\n\nAllowance for credit losses to gross loans of 1.25%, compared to 1.23%\n\n\n\nNet charge-offs(1) to average gross loans(2) of 0.04%, compared to 0.11%\n\n\n\nNonperforming loans to gross loans of 0.34%, compared to 0.24%\n\n\n\nCriticized loans(3) to gross loans of 0.76%, compared to 0.78%\n\n\n\n\n\n\nCapital Levels:\n\n\nRemained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.52%\n\n\n\nBook value per common share increased to $12.84, compared to $12.17\n\n\n\nRepurchased 150,000 shares of common stock at an average price of $8.72\n\n\n\nPaid quarterly cash dividend of $0.12 per share for the periods\n\n\n\n\n\n\n___________________________________________________________\n\n\n(1) Annualized.\n(2) Includes loans held for sale.\n(3) Includes special mention, substandard, doubtful, and loss categories.\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nOP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the fourth quarter of 2023. Net income for the fourth quarter of 2023 was $5.2 million, or $0.34 per diluted common share, compared with $5.1 million, or $0.33 per diluted common share, for the third quarter of 2023, and $8.0 million, or $0.51 per diluted common share, for the fourth quarter of 2022. Net income for the full year of 2023 was $23.9 million, or $1.55 per diluted common share, compared with $33.3 million, or $2.14 per diluted common share, for the full year of 2022.\n\n\nMin Kim, President and Chief Executive Officer:\n\n\n“Given the continued stress in banking from the high interest rate environment, we have been focusing on managing our funding strategy for balancing effective cost control against the...