OP Bancorp Reports Net Income for 2024 First Quarter of $5.2 Million and Diluted Earnings Per Share of $0.34

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[{"type":"text","content":"\n2024 First Quarter Highlights compared with 2023 Fourth Quarter:\n\n\n\nFinancial Results:\n\n\nNet income of $5.23 million, compared to $5.17 million\n\n\n\nDiluted earnings per share of $0.34, compared to $0.34\n\n\n\nNet interest income of $16.0 million, compared to $16.2 million\n\n\n\nNet interest margin of 3.06%, compared to 3.12%\n\n\n\nProvision for credit losses of $0.1 million, compared to $0.6 million\n\n\n\nTotal assets of $2.23 billion, compared to $2.15 billion\n\n\n\nGross loans of $1.80 billion, compared to $1.77 billion\n\n\n\nTotal deposits of $1.90 billion, compared to $1.81 billion\n\n\n\n\n\n\nCredit Quality:\n\n\nAllowance for credit losses to gross loans of 1.23%, compared to 1.25%\n\n\n\nNet charge-offs(1) to average gross loans(2) of 0.01%, compared to 0.04%\n\n\n\nPast due 30-89 days to gross loans of 0.22%, compared to 0.54%\n\n\n\nNonperforming loans to gross loans of 0.24%, compared to 0.34%\n\n\n\nCriticized loans(3) to gross loans of 0.64%, compared to 0.76%\n\n\n\n\n\n\nCapital Levels:\n\n\nRemained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.34%\n\n\n\nBook value per common share increased to $13.00, compared to $12.84\n\n\n\nRepurchased 49,697 shares of common stock at an average price of $10.02 per share\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 first quarter of 2024. Net income for the first quarter of 2024 was $5.23 million, or $0.34 per diluted common share, compared with $5.17 million, or $0.34 per diluted common share, for the fourth quarter of 2023, and $7.5 million, or $0.48 per diluted common share, for the first quarter of 2023.\n\n\nMin Kim, President and Chief Executive Officer:\n\n\n“Despite the prolonged stress from the high interest rate environment, we were able to grow loans and deposits in the first quarter while controlling impacts to net interest margin at a manageable level. Our credit quality improved noticeably across all metrics even in the face of s...

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