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

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[{"type":"text","content":"\n2024 Third Quarter Highlights compared with 2024 Second Quarter:\n\n\nFinancial Results:\n\n\nNet income of $5.4 million, no change compared to $5.4 million\n\n\nDiluted earnings per share of $0.36, no change compared to $0.36\n\n\nNet interest income of $16.5 million, compared to $16.2 million\n\n\nNet interest margin of 2.95%, compared to 2.96%\n\n\nProvision for credit losses of $448 thousand, compared to $617 thousand\n\n\nTotal assets of $2.39 billion, a 4.2% increase compared to $2.29 billion\n\n\nGross loans of $1.93 billion, a 3.3% increase compared to $1.87 billion\n\n\nTotal deposits of $2.06 billion, a 6.4% increase compared to $1.94 billion\n\n\n\n\nCredit Quality:\n\n\nAllowance for credit losses to gross loans of 1.19%, compared to 1.22%\n\n\nNet charge-offs (recoveries)(1) to average gross loans(2) of 0.01%, compared to (0.00)%\n\n\nLoans past due 30-89 days to gross loans of 0.53%, compared to 0.36%\n\n\nNonperforming loans to gross loans of 0.19%, compared to 0.23%\n\n\nCriticized loans(3) to gross loans of 0.85%, compared to 0.88%\n\n\n\n\nCapital Levels:\n\n\nRemained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 11.57%\n\n\nBook value per common share increased to $13.75, compared to $13.23\n\n\nRepurchased 4,610 shares of common stock at an average price of $10.09 per share\n\n\nPaid quarterly cash dividend of $0.12 per share for the periods\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 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 third quarter of 2024. Net income remained relatively the same for both the third quarter and second quarter of 2024 at $5.4 million, or $0.36 per diluted common share, compared with $5.1 million, or $0.33 per diluted common share, for the third quarter of 2023.\n\nMin Kim, President and Chief Executive Officer:\n\n“We continued to grow our loans and deposits at double digit annualized rates in this quarter while maintaining ample liquidity, stable net interest margin, and strong credit quality. As the Fed's easing cycle began in the quarter, the pressure on funding cost and net interest ma...

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