OP Bancorp Reports Net Income for 2023 Second Quarter of $6.1 Million and Diluted Earnings Per Share of $0.39

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[{"type":"text","content":"\n2023 Second Quarter Highlights compared with 2022 Second Quarter:\n\n\n\nFinancial Results:\n\n\nNet income of $6.1 million, compared to $8.5 million\n\n\n\nDiluted earnings per share of $0.39, compared to $0.54\n\n\n\nNet interest income of $17.3 million, compared to $19.1 million\n\n\n\nNet interest margin of 3.40%, compared to 4.21%\n\n\n\nNo provision for credit losses, compared to provision for credit losses of $996 thousand\n\n\n\nTotal assets of $2.2 billion, an 11% increase compared to $1.9 billion\n\n\n\nGross loans of $1.7 billion, a 16% increase compared to $1.5 billion\n\n\n\nTotal deposits of $1.9 billion, a 7% increase compared to $1.7 billion\n\n\n\n\n\n\nCredit Quality:\n\n\nAllowance for credit losses to gross loans of 1.21%, compared to 1.19%\n\n\n\nNet charge-offs(1) to average gross loans(2) of 0.00%, compared to net recoveries of 0.01%\n\n\n\nNonperforming loans to gross loans of 0.20%, compared to 0.12%\n\n\n\nCriticized loans(3) to gross loans of 0.44%, compared to 0.18%\n\n\n\n\n\n\nCapital Levels:\n\n\nRemained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 11.92%.\n\n\n\nBook value per common share increased to $12.16, compared to $11.16\n\n\n\nRepurchased 221,494 shares of common stock at an average price of $8.40\n\n\n\nPaid quarterly cash dividend of $0.12 per share, compared to $0.10 per share\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 second quarter of 2023. Net income for the second quarter of 2023 was $6.1 million, or $0.39 per diluted common share, compared with $7.5 million, or $0.48 per diluted common share, for the first quarter of 2023, and $8.5 million, or $0.54 per diluted common share, for the second quarter of 2022.\n\n\nMin Kim, President and Chief Executive Officer:\n\n\n“We continued to maintain strong liquidity, credit quality, and solid capital positions to withstand the recent turmoil in the banking industry. Our liquid assets and available borrowings were more than 47% of total assets,” said Min Kim, President and Chief Executive.\n\n\...

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