OP Bancorp Reports Net Income for Third Quarter 2021 of $8.3 Million and Diluted Earnings Per Share of $0.54

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[{"type":"text","content":"\n2021 Third Quarter Highlights compared with 2020 Third Quarter:\n\n\nFinancial Results:\n\n\nNet income of $8.3 million, up $4.7 million, or 129%\n\n\nDiluted earnings per share of $0.54, up $0.31, or 135%\n\n\nNet interest income of $16.6 million, up $5.2 million, or 45%\n\n\nReversal of provision for loan losses of $884 thousand, a $2.3 million decrease in provision for loan losses\n\n\nNoninterest income of $3.5 million, up $521 thousand, or 17%\n\n\nNoninterest expense of $9.5 million, up $1.5 million, or 19%\n\n\nPre-provision net revenue (1) of $10.6 million, up $4.2 million, or 64%\n\n\nTotal assets of $1.68 billion, up $340.1 million, or 25%\n\n\nTotal loans (2) of $1.33 billion, up $212.1 million, or 19%; Average loans (2) of $1.31 billion, up $246.2 million, or 23%\n\n\nTotal deposits of $1.50 billion, up $326.2 million, or 28%; Average deposits of $1.45 billion, up $323.9 million, or 29%\n\n\nNoninterest-bearing deposits to total deposits of 48%, up from 42%\n\n\nNet interest margin of 4.21%, up from 3.66%\n\n\nReturn on average equity of 21.30%, up from 10.22%\n\n\nReturn on average assets of 2.03%, up from 1.11%\n\n\nEfficiency ratio of 47.28%, an improvement from 55.31%\n\n\n\n\n\nCredit Quality:\n\n\nAllowance for loan losses to gross loans of 1.15%, compared to 1.32%\n\n\nAdjusted allowance to gross loans (1) of 1.34%, compared to 1.40%\n\n\nNet loan (recoveries) charge-offs to average gross loans remained minimal at zero percent.\n\n\nNonperforming loans to gross loans of 0.09%, compared to 0.03%\n\n\nCriticized loans (3) to gross loans of 0.18%, down from 0.63%\n\n\n\n\n\nCapital Levels:\n\n\nQuarterly cash dividend of $0.10 per share, a 43% increase from $0.07 per share\n\n\nCapital position remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.63%.\n\n\nBook value per common share of $10.48, up 12%\n\n\nReturned $1.5 million of capital to shareholders through cash dividend\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 third quarter of 202...

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