OP Bancorp Reports Net Income for 2024 Second Quarter of $5.4 Million and Diluted Earnings Per Share of $0.36

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[{"type":"text","content":"\n2024 Second Quarter Highlights compared with 2024 First Quarter:\n\n\n\nFinancial Results:\n\n\nNet income of $5.4 million, a 4.0% increase compared to $5.2 million\n\n\n\nDiluted earnings per share of $0.36, a 5.9% increase compared to $0.34\n\n\n\nNet interest income of $16.2 million, compared to $16.0 million\n\n\n\nNet interest margin of 2.96%, compared to 3.06%\n\n\n\nProvision for credit losses of $617 thousand, compared to $145 thousand\n\n\n\nTotal assets of $2.29 billion, a 2.5% increase compared to $2.23 billion\n\n\n\nGross loans of $1.87 billion, a 3.6% increase compared to $1.80 billion\n\n\n\nTotal deposits of $1.94 billion, a 2.4% increase compared to $1.90 billion\n\n\n\n\n\n\nCredit Quality:\n\n\nAllowance for credit losses to gross loans of 1.22%, compared to 1.23%\n\n\n\nNet charge-offs(1) to average gross loans(2) of (0.00)%, compared to 0.01%\n\n\n\nLoans past due 30-89 days to gross loans of 0.36%, compared to 0.22%\n\n\n\nNonperforming loans to gross loans of 0.23%, compared to 0.24%\n\n\n\nCriticized loans(3) to gross loans of 0.88%, compared to 0.64%\n\n\n\n\n\n\nCapital Levels:\n\n\nRemained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.01%\n\n\n\nBook value per common share increased to $13.22, compared to $13.00\n\n\n\nRepurchased 224,321 shares of common stock at an average price of $9.64 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 second quarter of 2024. Net income for the second quarter of 2024 was $5.4 million, or $0.36 per diluted common share, compared with $5.2 million, or $0.34 per diluted common share, for the first quarter of 2024, and $6.1 million, or $0.39 per diluted common share, for the second quarter of 2023.\n\n\nMin Kim, President and Chief Executive Officer:\n\n\n“Even with the extended pressure on the business and banking environment, we continued to grow our loans and deposits while improving net income and earnings per share over the last quarter. Our n...

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