Business
OP Bancorp Reports Net Income for Second Quarter 2022 of $8.5 Million and Diluted Earnings Per Share of $0.54
2022 Second Quarter Highlights compared with 2021 Second Quarter: Financial Results: Net income of $8.5 million, up $2.1 million, or 33% Diluted earnings per
About this update from Op Bancorp
[{"type":"text","content":"\n2022 Second Quarter Highlights compared with 2021 Second Quarter:\n\n\nFinancial Results:\n\n\nNet income of $8.5 million, up $2.1 million, or 33%\n\n\nDiluted earnings per share of $0.54, up $0.12, or 29%\n\n\nNet interest income of $19.1 million, up $4.5 million, or 31%\n\n\nProvision for loan losses of $996 thousand, up $2.1 million\n\n\nNoninterest income of $5.4 million, up $3.1 million, or 141%\n\n\nNoninterest expense of $11.5 million, up $2.7 million, or 31%\n\n\nPre-provision net revenue (1) of $12.9 million, up $4.9 million, or 61%\n\n\nTotal assets of $1.93 billion, up $332.4 million, or 21%\n\n\nTotal loans (2) of $1.55 billion, up $237.7 million, or 18%; Average loans (2) of $1.56 billion, up $318.0 million, or 26%\n\n\nTotal deposits of $1.74 billion, up $307.5 million, or 21%; Average deposits of $1.70 billion, up $354.0 million, or 26%\n\n\nNoninterest-bearing deposits to total deposits of 47.1%, up from 46.6%\n\n\nNet interest margin of 4.21%, up from 3.98%\n\n\nReturn on average equity of 20.29%, up from 17.10%\n\n\nReturn on average assets of 1.79%, up from 1.68%\n\n\nEfficiency ratio of 47.07%, an improvement from 52.30%\n\n\n\n\nCredit Quality:\n\n\nAllowance for loan losses to gross loans of 1.19%, compared to 1.18%\n\n\nAdjusted allowance to gross loans (1) of 1.25%, compared to 1.46%\n\n\nNet loan recoveries to average gross loans of 0.01%\n\n\nNonperforming loans to gross loans of 0.15%, compared to 0.06%\n\n\nCriticized loans (3) to gross loans of 0.20%, down from 0.67%\n\n\n\n\nCapital Levels:\n\n\nQuarterly cash dividend of $0.12 per share, a 20% increase from $0.10 per share\n\n\nCapital position well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.29%.\n\n\nBook value per common share of $11.16, up 11%\n\n\n\n\n__________________________________________________________\n\n(1) See reconciliation of GAAP to non-GAAP financial measures.\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, today reported its financial results for the second quarter of 2022. Net income for the second quarter of 2022 was $8.5 million, or $0.54 per diluted common share, compared with $8.2 million, or $0.53 per diluted common share, for the f...