Business
OP Bancorp Reports Second Quarter Result of 2020
2020 Second Quarter Highlights: Net income totaled $2.4 million or $0.16 per diluted common share, compared to $3.8 million or $0.23 per diluted common share
About this update from Op Bancorp
[{"type":"text","content":"\n2020 Second Quarter Highlights:\n\n\n\nNet income totaled $2.4 million or $0.16 per diluted common share, compared to $3.8 million or $0.23 per diluted common share for the second quarter of 2019\n\n\nNet interest margin was 3.55% compared to 4.26% for the second quarter of 2019\n\n\nReturn on average assets was 1.15% and return on average equity was 10.45% compared to 1.39% and 11.50%, respectively, for the second quarter of 2019 \n\n\nTotal assets increased 14.2% to $1.29 billion at June 30, 2020, from $1.13 billion at June 30, 2019\n\n\nNet loans receivable increased 9.9% to $1.03 billion at June 30, 2020, from $937.5 million at June 30, 2019\n\n\nTotal deposits increased 15.0% to $1.12 billion at June 30, 2020, from $974.7 million at June 30, 2019\n\n\nNonperforming assets to total assets was 0.08% at June 30, 2020, compared to 0.14% at June 30, 2019\n\n\nTotal risk-based capital ratio and leverage ratio were 15.15% and 10.98%, respectively, at June 30, 2020, compared to 15.45% and 12.24%, respectively, at June 30, 2019\n\n\nRecorded provision for loan losses of $2.0 million, compared to $401,000 for the second quarter of 2019, in response to changes in economic and business conditions amid COVID-19 pandemic\n\n\nPre-tax pre-provision income was $5.4 million compared to $5.5 million for the second quarter of 2019\n\n\nOriginated 924 SBA PPP loans for an aggregate loan balance of $64.9 million during the second quarter of 2020\n\n\nProcessed 155 loan deferments for an aggregate of $191 million loan balances, which is approximately 18% of loan portfolio as of June 30, 2020\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nOP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported unaudited financial results for the second quarter of 2020. Net income for the second quarter of 2020 was $2.4 million, or $0.16 per diluted common share, compared to net income of $3.3 million, or $0.21 per diluted common share for first quarter of 2020, and net income of $3.8 million, or $0.23 per diluted common share for the second quarter of 2019.\n\n\n“As COVID-19 has continued to weigh down on national and local economies and is adversely impacting many businesses, we provided an additional loan loss reserve of $2.0 million during the second quarter, reflecting further adjustments to qualitative factors. We wi...