OP Bancorp Announces Record Net Income for Q3 of $2.73 Million up 32.9% over 2016

Financial Highlights

  • Net income totaled $2.73 million for the third quarter of 2017, or $0.19 per diluted common share, up 10.8% from $2.46 million for the second quarter of 2017 and 32.9% from $2.05 million for the third quarter of 2016.
  • Net interest margin was 4.68% for the third quarter of 2017, compared to 4.58% for the second quarter of 2017 and 4.46% for the third quarter of 2016.
  • Total assets were $876 million at September 30, 2017, up 4.9% from $835 million at June 30, 2017, and up 21.4% from $722 million at September 30, 2016.
  • Net loans receivable were $727 million at September 30, 2017, up 4.8% from $694 million at June 30, 2017 and up 17.4% from $620 million at September 30, 2016.
  • Total deposits were $755 million at September 30, 2017, up 2.9% from $733 million at June 30, 2017 and up 20.4% from $627 million at September 30, 2016.
  • Non-interest bearing deposits at September 30, 2017 were $289 million or 38.3% of total deposits.
  • Non-performing assets to total assets were 0.08% at September 30, 2017, compared to 0.09% at June 30, 2017 and 0.13% at September 30, 2016.

LOS ANGELES--()--OP Bancorp (the “Company”) (OTCQB: OPBK), the holding company of Open Bank (the “Bank”), today reported that net income for the third quarter of 2017 was $2.73 million, or $0.19 per diluted common share. This compares with net income of $2.46 million, or $0.18 per diluted share, for the second quarter of 2017, and net income of $2.05 million, or $0.15 per diluted share, for the third quarter of 2016.

“We are pleased to announce another successful quarter with the record quarter net income of $2.73 million. I am hopeful that 2017 will be another banner year. The Bank’s profitability continued to improve in the third quarter with the net interest margin expanding to 4.68%, from 4.58% in the second quarter of 2017 and from 4.46% in the third quarter of 2016,” stated Min Kim, President and Chief Executive Officer.

 

Quarter Financial Highlights
(in thousands, except per share data)

   
As of or for the Three Months Ended

September 30,
2017

   

June 30,
2017

   

September 30,
2016

Income Statement Data:
Net interest income $ 9,208 $ 8,594 $ 7,421
Provision for loan losses 278 170 677
Non-interest income 2,255 2,209 2,400
Non-interest expense   6,744     6,552     5,701  
Income before taxes 4,441 4,081 3,443
Provision for income taxes   1,713     1,618     1,391  
Net Income $ 2,728   $ 2,463   $ 2,052  
Balance Sheet Data:
Loans held for sale $ 12,893 $ 3,549 $ 2,231
Gross loans, net of unearned income 736,058 702,413 627,171
Allowance for loan losses 8,909 8,556 7,615
Total assets 876,425 835,418 721,667
Deposits 754,533 732,940 626,878
Shareholders’ equity 89,478 86,738 78,792
Credit Quality:
Nonperforming loans $ 734 $ 781 $ 968
Nonperforming assets 734 781 968
Performance Ratios:
Net interest margin 4.68 % 4.58 % 4.46 %
Efficiency ratio 58.83 % 60.65 % 58.06 %
Pre-tax pre-provision income to average assets (annualized) 2.27 % 2.14 % 2.37 %
Net charge-offs to average gross loans (annualized) -0.04 % 0.00 % 0.09 %
Nonperforming assets to gross loans plus OREO 0.10 % 0.11 % 0.15 %
ALLL to nonperforming loans 1,214 % 1,096 % 787 %
ALLL to gross loans 1.19 % 1.22 % 1.21 %
Capital Ratios:
Tangible common equity to tangible assets 10.21 % 10.38 % 10.92 %
Leverage ratio 10.77 % 10.89 % 11.29 %
Common Equity Tier 1 ratio 12.02 % 12.36 % 12.70 %
Tier 1 risk-based capital ratio 12.02 % 12.36 % 12.70 %
Total risk-based capital ratio 13.23 % 13.60 % 13.95 %
 

Results of Operations

Net interest income before loan loss provision was $9.2 million for the three months ended September 30, 2017, an increase of 7.1% from $8.6 million for the second quarter of 2017, and an increase of 24.1% from $7.4 million for the third quarter of 2016. The increases from the second quarter of 2017 and the third quarter of 2016 were the results of continued growth in interest earning assets, mostly loans, and improvements in net interest margin.

Average gross loans, including held-for-sale loans, were $721 million for the third quarter of 2017, an increase of $27 million, or 4.0%, from $693 million for the second quarter of 2017 and an increase of $113 million, or 18.6%, from $608 million for the third quarter of 2016.

The net interest margin for the third quarter of 2017 was 4.68%, a 10 basis point increase from 4.58% for the second quarter of 2017, and a 22 basis point increase from 4.46% for the third quarter of 2016. Excluding impacts from non-recurring items, such as discount accretions from SBA loan payoffs, FHLB special dividend and non-accrual loans, the net interest margin for the third quarter of 2017 was 4.49%, up 3 basis points compared to 4.46% for the second quarter of 2017, and up 21 basis points from 4.28% for the third quarter of 2016.

The net interest margin expansions from the second quarter of 2017 and the third quarter of 2016 were primarily due to higher increases in average yield on gross loans than increases in average cost of funds. The increases were primarily due to increases in the fed funds rate during the period, which positively impacted our net interest margin. The fed funds rate increased three times, or 75 basis points, since December 2016. Average yield on gross loans for the third quarter of 2017 increased 17 basis points from the second quarter 2017 and 32 basis points from the third quarter of 2016. Average cost of funds for the third quarter of 2017 increased 8 basis points from the second quarter of 2017 and 11 basis points increased from the third quarter of 2016.

The following table shows the asset yields, liability costs, spreads and margins.

   
Three Months Ended

September 30,
2017

   

June 30,
2017

   

September 30,
2016

 
Yield on gross loans 5.57 % 5.40 % 5.25 %
Yield on interest-earning assets 5.29 % 5.11 % 4.96 %
Cost of interest-bearing liabilities 1.01 % 0.91 % 0.83 %
Cost of deposits 0.64 % 0.57 % 0.54 %
Cost of funds 0.65 % 0.57 % 0.54 %
Net interest spread 4.28 % 4.20 % 4.13 %
Net interest margin 4.68 % 4.58 % 4.46 %
 

Loan loss provision for the third quarter of 2017 was $278 thousand, compared to $170 thousand for the second quarter of 2017 and $677 thousand for the third quarter of 2016.

Non-interest income was $2.26 million for the third quarter of 2017, up 2.1% from $2.21 million for the second quarter of 2017, and down 6% from $2.40 million for the third quarter of 2016. The changes were primarily due to changes in net gains on sale of SBA loans for the third quarter of 2017 compared to the second quarter of 2017 and the third quarter of 2016.

Net gain on sale of SBA loans totaled $1.2 million for the third quarter of 2017, compared to $1.1 million for the second quarter of 2017 and $1.5 million for the third quarter of 2016. Sale of SBA loans for the third quarter of 2017 was $15.0 million, compared to $16.2 million for the second quarter of 2017 and $25.3 million for the third quarter of 2016. The average premium on the sale of SBA loans for the third quarter of 2017 was 9.8%, compared to 8.6% for the second quarter of 2017 and 8.3% for the third quarter of 2016.

Non-interest expense increased $192 thousand, or 2.9%, to $6.7 million for the third quarter of 2017, compared to $6.6 million for the second quarter of 2017. Compared to the third quarter of 2016, non-interest expense increased $1.0 million, or 18.3%, primarily due to increased operating expenses to support continued growth of the Company.

Salary & employee benefits expenses increased $139 thousand from the second quarter of 2017 and $851 thousand from the third quarter of 2016 as the number of full time equivalent employees increased to 131.5 at September 30, 2017 from 128.5 at June 30, 2017 and 126.5 at September 30, 2016. The increases in data processing, occupancy, and business development expenses totaled $25 thousand from the second quarter of 2017 and $146 thousand from the third quarter of 2016.

The effective tax rate for the third quarter of 2017 was 38.6%, compared to 39.6% for the second quarter of 2017 and 40.4% for the third quarter of 2016.

Balance Sheet

Total assets were $876.4 million at September 30, 2017, an increase of $41.0 million, or 4.9% from $835.4 million at June 30, 2017, and an increase of $154.8 million, or 21.4%, from $721.7 million at September 30, 2016. Gross loans, net of unearned income, were $736.1 million at September 30, 2017, an increase of $33.6 million, or 4.8%, from $702.4 million at June 30, 2017, and an increase of $108.9 million, or 17.4%, from $627.2 million at September 30, 2016.

New loan originations for the third quarter of 2017 totaled $87.5 million, including SBA loan originations of $34.6 million, compared to $70.0 million, including SBA loan originations of $24.1 million for the second quarter of 2017. New loan originations for the third quarter of 2016 were $93.2 million, including SBA loan originations of $21.5 million. Loan payoffs for the third quarter of 2017 were $28.2 million, compared to $32.4 million for the second quarter of 2017, and $18.8 million for the third quarter of 2016.

Total deposits were $754.5 million at September 30, 2017, an increase of $21.6 million, or 2.9% from $732.9 million at June 30, 2017, and an increase of $127.7 million, or 20.4%, from $626.9 million at September 30, 2016. Non-interest bearing deposits were $289.2 million at September 30, 2017, an increase of $2.3 million, or 0.8%, from $286.9 million at June 30, 2017, and an increase of $61.4 million, or 27.0%, from $227.7 million at September 30, 2016.

Non-interest bearing deposits accounted for 38.3% of total deposits at September 30, 2017, compared to 39.1% at June 30, 2017 and 36.3% at September 30, 2016.

           

September 30,
2017

June 30,
2017

September 30,
2016

 
Non-interest bearing deposits 38.3 % 39.1 %

36.3

%

Interest bearing demand deposits 34.6 % 34.6 % 34.3 %
Savings 0.5 % 0.7 % 0.4 %
Time deposits over $250,000 12.8 % 11.7 % 12.4 %
Other time deposits 13.8 % 13.9 % 16.6 %
Total deposits 100.0 % 100.0 % 100.0 %
 

There was $25 million in borrowing from the Federal Home Loan Bank (“FHLB”) at September 30, 2017, compared to $10 million at June 30, 2017 and $10 million at September 30, 2016.

At September 30, 2017, the Company continued to exceed all regulatory capital requirements to be classified as “well-capitalized,” as summarized in the following table.

           

September 30,
2017

June 30,
2017

September 30,
2016

 
Tier 1 leverage capital ratio 10.77 % 10.89 % 11.29 %
CET 1 capital ratio 12.02 % 12.36 % 12.70 %
Tier 1 risk-based capital ratio 12.02 % 12.36 % 12.70 %
Total risk-based capital ratio 13.23 % 13.60 % 13.95 %
 

At September 30, 2017, the tangible common equity represented 10.21% of tangible assets, compared to 10.38% at June 30, 2017 and 10.92% at September 30, 2016. The tangible common equity to tangible assets ratio is a non-GAAP financial measure that represents common equity less goodwill and other net intangible assets divided by total assets less goodwill and other net intangible assets. Management reviews the tangible common equity to tangible assets ratio to evaluate the Company’s capital levels.

Asset Quality

Loan loss provision for the third quarter of 2017 was $278 thousand, compared to $170 thousand for the second quarter of 2017 and $677 thousand for the third quarter of 2016. Non-performing assets were $734 thousand, or 0.08% of total assets, at September 30, 2017, $781 thousand, or 0.09% of total assets, at June 30, 2017 and $968 thousand, or 0.13% of total assets, at September 30, 2016. There was no other real estate owned (“OREO”) at September 30, 2017, June 30, 2017, or September 30, 2016.

Non-performing loans to gross loans were 0.10% at September 30, 2017, compared to 0.11% at June 30, 2017 and 0.15% at September 30, 2016. Total classified loans were $2.1 million, or 0.29% of gross loans, at September 30, 2017, compared to $2.6 million, or 0.36% of gross loans, at June 30, 2017 and $1.3 million, or 0.21% of gross loans, at September 30, 2016.

The allowance for loan losses was $8.9 million at September 30, 2017, compared to $8.6 million at June 30, 2017 and $7.6 million at September 30, 2016. The allowance for loan losses was 1.19% of gross loans at September 30, 2017 and 1.22% at June 30, 2017 and 1.21% at September 30, 2016.

Use of Non-GAAP Financial Measures. This document may contain GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this earnings release, which can be found on Open Bank’s website at www.myopenbank.com.

About OP Bancorp

OP Bancorp, the holding company for Open Bank, is a California corporation whose common stock is traded on the OTCQB under the ticker symbol, “OPBK.” Open Bank (the "Bank") is engaged in the general commercial banking business in Los Angeles and Orange Counties and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates with seven full branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena and Buena Park. The Bank also has three loan production offices in Seattle, Washington, Dallas, Texas, and Atlanta, Georgia. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender

Safe Harbor Statement

This press release contains certain forward-looking information about OP Bancorp that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements about the Company’s successful implementation of its strategies resulting in significant increase in non-interest bearing deposits. These forward-looking statements may include, but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar expressions and may include statements about the Company’s focus on exploring new opportunities, building customer relationship through core deposits, growing core deposits, and improving asset quality. Forward-looking statements are not guarantees. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of OP Bancorp such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become profitable. OP Bancorp cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, OP Bancorp’s results could differ materially from those expressed in, or implied or projected by such forward-looking statements. OP Bancorp assumes no obligation to update such forward-looking statements, except as required by law.

                               
Balance Sheet
 
(Dollars in thousand, except per share data)

September 30,
2017

June 30,
2017

$ change

% change

September 30,
2016

$ change

% change
(Unaudited) (Unaudited) (Unaudited)
Assets
 
Cash and due from banks $ 53,961 $ 67,533 $ (13,572 ) -20.1 % $ 29,986 $ 23,975 80.0 %
Investment securities 43,578 32,557 11,021 33.9 % 38,038 5,540 14.6 %
Loans held for sale 12,893 3,549 9,344 263.3 % 2,231 10,662 477.9 %
Real Estate Loans 406,084 382,789 23,295 6.1 % 344,469 61,615 17.9 %
SBA Loans 114,924 108,152 6,772 6.3 % 97,597 17,327 17.8 %
C & I Loans 107,186 103,723 3,463 3.3 % 77,448 29,738 38.4 %
Home Mortgage Loans 102,133 102,269 (136 ) -0.1 % 102,219 (86 ) -0.1 %
Consumer & Other Loans   5,731     5,481     250     4.6 %   5,438     293     5.4 %
Gross loans, net of unearned income 736,058 702,413 33,645 4.8 % 627,171 108,887 17.4 %
Allowance for loan losses (8,909 ) (8,556 ) (353 ) -4.1 % (7,615 ) (1,294 ) -17.0 %
Net loans receivable 727,149 693,857 33,292 4.8 % 619,556 107,593 17.4 %
Bank premises and equipment, net 4,442 4,654 (212 ) -4.6 % 5,311 (869 ) -16.4 %
Accrued interest receivable 2,182 2,031 151 7.4 % 1,767 415 23.5 %
FHLB and Pacific Coast Bankers Bank Stock, at cost 4,287 4,287 0 0.0 % 3,438 849 24.7 %
Servicing assets 6,957 6,964 (7 ) -0.1 % 6,415 542 8.4 %
Net deferred taxes 3,546 3,534 12 0.3 % 1,436 2,110 146.9 %
Other assets   17,430     16,451     979     6.0 %   13,489     3,941     29.2 %
Total assets $ 876,425   $ 835,418   $ 41,007     4.9 % $ 721,667   $ 154,758     21.4 %
 
Liabilities and Shareholders' Equity
 
Noninterest bearing deposits $ 289,154 $ 286,900 $ 2,254 0.8 % $ 227,745 $ 61,409 27.0 %
Savings 3,809 5,130 (1,321 ) -25.8 % 2,668 1,141 42.8 %
Money market and others 260,930 253,315 7,615 3.0 % 214,582 46,348 21.6 %
Time deposits over $250,000 96,641 85,918 10,723 12.5 % 77,696 18,945 24.4 %
Other time deposits   103,999     101,677     2,322     2.3 %   104,187     (188 )   -0.2 %
Total deposits 754,533 732,940 21,593 2.9 % 626,878 127,655 20.4 %
Other borrowings 25,000 10,000 15,000 150.0 % 10,000 15,000 150.0 %
Other liabilities   7,414     5,740     1,674     29.2 %   5,997     1,417     23.6 %
Total liabilities 786,947 748,680 38,267 5.1 % 642,875 144,072 22.4 %
Total shareholders' equity   89,478     86,738     2,740     3.2 %   78,792     10,686     13.6 %
Total Liabilities and Shareholders' Equity $ 876,425   $ 835,418   $ 41,007     4.9 % $ 721,667   $ 154,758     21.4 %
 
Statement of Operations
(Dollars in thousand, except per share data)
Three Months Ended     Nine Months Ended

September 30,
2017

June 30,
2017

% change

September 30,
2016

% change

September 30,
2017

September 30,
2016

% change  
Interest income $ 10,419 $ 9,601 8.5 % $ 8,254 26.2 % $ 29,205 $ 22,935 27.3 %
Interest expense   1,211     1,007     20.3 %   833     45.4 %   3,197     2,484   28.7 %
Net interest income 9,208 8,594 7.1 % 7,421 24.1 % 26,008 20,451 27.2 %
Provision for loan losses 278 170 63.5 % 677 -58.9 % 989 1,359 -27.2 %
Non interest income 2,255 2,209 2.1 % 2,400 -6.0 % 6,708 6,474 3.6 %
Non interest expense   6,744     6,552     2.9 %   5,701     18.3 %   19,685     16,907   16.4 %
Income before income taxes 4,441 4,081 8.8 % 3,443 29.0 % 12,042 8,659 39.1 %
Provision for income taxes   1,713     1,618     5.9 %   1,391     23.1 %   4,705     3,487   34.9 %
Net income (loss) $ 2,728   $ 2,463     10.8 % $ 2,052     32.9 % $ 7,337   $ 5,172   41.9 %
 
Pre-tax Pre-provision Income $ 4,719 $ 4,251 11.0 % $ 4,120 14.5 % $ 13,031 $ 10,018 30.1 %
 
Book Value $ 6.80 $ 6.65 2.2 % $ 6.12 11.1 % $ 6.80 $ 6.12 11.1 %
Basic EPS $ 0.20 $ 0.18 10.6 % $ 0.15 32.0 % $ 0.54 $ 0.38 41.1 %
Diluted EPS $ 0.19 $ 0.18 10.4 % $ 0.15 31.6 % $ 0.52 $ 0.37 40.7 %
 
Shares of common stock outstanding 13,162,732 13,045,833 0.9 % 12,873,906 2.2 % 13,162,732 12,873,906 2.2 %
Weighted Average Shares:
- Basic 13,132,237 13,008,985 0.9 % 12,840,826 2.3 % 13,023,145 12,757,629 2.1 %
- Diluted 13,560,140 13,409,230 1.1 % 13,221,598 2.6 % 13,432,746 13,124,438 2.3 %
 
Three Months Ended     Nine Months Ended

September 30,
2017

June 30,
2017

% change

September 30,
2016

% change

September 30,
2017

September 30,
2016

% change  
Key Ratios
Return on average assets (ROA)* 1.31 % 1.24 % 0.07 % 1.18 % 0.13 % 1.22 % 1.04 % 0.18 %
Return on average equity (ROE) * 12.35 % 11.55 % 0.80 % 10.51 % 1.84 % 11.45 % 9.13 % 2.32 %
Net interest margin * 4.68 % 4.58 % 0.10 % 4.46 % 0.22 % 4.58 % 4.31 % 0.27 %
Net Interest Margin, excl. non-recurring items * 4.49 % 4.46 % 0.03 % 4.28 % 0.21 % 4.44 % 4.15 % 0.29 %
Efficiency ratio 58.83 % 60.65 % -1.82 % 58.06 % 0.77 % 60.17 % 62.79 % -2.62 %
Pre-tax pre-provision income to average assets* 2.27 % 2.14 % 0.13 % 2.37 % -0.10 % 2.17 % 2.01 % 0.16 %
 
Tangible common equity to tangible assets 10.21 % 10.38 % -0.17 % 10.92 % -0.71 % 10.21 % 10.92 % -0.71 %
Tier 1 Leverage Ratio 10.77 % 10.89 % -0.12 % 11.29 % -0.52 % 10.77 % 11.29 % -0.52 %
Common Equity Tier 1 Ratio 12.02 % 12.36 % -0.34 % 12.70 % -0.68 % 12.02 % 12.70 % -0.68 %
Tier 1 Capital Ratio 12.02 % 12.36 % -0.34 % 12.70 % -0.68 % 12.02 % 12.70 % -0.68 %
Total Risk Based Capital Ratio 13.23 % 13.60 % -0.37 % 13.95 % -0.72 % 13.23 % 13.95 % -0.72 %
 
Average Balances
Investments $ 60,767 $ 59,203 2.6 % $ 54,617 11.3 % $ 58,977 $ 70,402 -16.2 %
Gross loans, including loans held for sale 720,880 693,466 4.0 % 607,636 18.6 % 699,945 562,973 24.3 %
Interest earning assets 781,647 752,670 3.8 % 662,252 18.0 % 758,921 633,375 19.8 %
Total assets $ 829,834 $ 794,966 4.4 % $ 694,998 19.4 % $ 801,749 $ 665,116 20.5 %
 
Noninterest bearing deposits $ 260,863 $ 258,912 0.8 % $ 213,023 22.5 % $ 252,080 $ 185,709 35.7 %
Interest bearing deposits 454,995 442,526 2.8 % 380,038 19.7 % 449,688 379,561 18.5 %
Total deposits 715,858 701,438 2.1 % 593,061 20.7 % 701,768 565,270 24.1 %
Interest bearing liabilities 474,354 445,330 6.5 % 398,914 18.9 % 458,542 398,783 15.0 %
Shareholders' equity 88,373 85,324 3.6 % 78,051 13.2 % 85,448 75,524 13.1 %
Net interest earning assets $ 307,293 $ 307,339 0.0 % $ 263,338 16.7 % $ 300,379 $ 234,592 28.0 %
 
Asset Quality 9/30/2017 6/30/2017 3/31/2017 12/31/2016 9/30/2016
Nonaccrual Loans 377 421 - 209 597
Loans 90 days or more past due, accruing - - - - -
Accruing Restructured Loans   357     360     364     367     371  
Total Non-Performing Loans 734 781 364 576 968
Other Real Estate Loans (OREO)   -     -     -     -     -  
Total Non-Performing Assets 734 781 364 576 968
 
Classified Loans 2,138 2,561 2,065 2,304 1,297
 
Non-Performing Assets/Total Assets 0.08 % 0.09 % 0.05 % 0.08 % 0.13 %
Non-Performing Assets/(Gross Loans +OREO) 0.10 % 0.11 % 0.05 % 0.09 % 0.15 %
Non-Performing Loans/Gross Loans 0.10 % 0.11 % 0.05 % 0.09 % 0.15 %
Allowance for Loan Losses/Non-Performing Loans 1214 % 1096 % 2302 % 1373 % 787 %
Allowance for Loan Losses/Non-Performing Assets 1214 % 1096 % 2302 % 1373 % 787 %
Allowance for Loan Losses/Gross Loans 1.19 % 1.22 % 1.23 % 1.17 % 1.21 %
Classified Loans/Gross Loans 0.29 % 0.36 % 0.30 % 0.34 % 0.21 %
 
Net Charge-offs $ (75 ) $ (6 ) $ 71 $ 28 $ 141
Net Charge-offs to Average Gross Loans * -0.04 % 0.00 % 0.04 % 0.02 % 0.09 %
 
* Annualized
 

Contacts

OP Bancorp
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com

Contacts

OP Bancorp
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com