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OP Bancorp Reports Record Net Income for Fourth Quarter 2021 of $9.1 Million and Diluted Earnings Per Share of $0.59

2021 Fourth Quarter Highlights compared with 2020 Fourth Quarter:

  • Financial Results:Net income of $9.1 million, up $5.3 million, or 140%
    Diluted earnings per share of $0.59, up $0.34, or 136%
    Net interest income of $17.1 million, up $4.9 million, or 40%
    Provision for loan losses of $1.9 million, up $67 thousand, or 4%
    Noninterest income of $7.3 million, up $3.9 million, or 115%
    Noninterest expense of $9.6 million, up $1.2 million, or 14%
    Pre-provision net revenue (1) of $14.8 million, up $7.6 million, or 107%
    Total assets of $1.73 billion, up $359.9 million, or 26%
    Total loans (2) of $1.40 billion, up $277.1 million, or 25%; Average loans (2) of $1.34 billion, up $230.5 million, or 21%
    Total deposits of $1.53 billion, up $334.0 million, or 28%; Average deposits of $1.55 billion, up $365.9 million, or 31%
    Noninterest-bearing deposits to total deposits of 51%, up from 44%
    Net interest margin of 4.07%, up from 3.73%
    Return on average equity of 22.72%, up from 10.72%
    Return on average assets of 2.11%, up from 1.13%
    Efficiency ratio of 39.34%, an improvement from 54.02%

  • Credit Quality:Allowance for loan losses to gross loans of 1.23%, compared to 1.40%
    Adjusted allowance to gross loans (1) of 1.36%, compared to 1.54%
    Net loan charge-offs to average gross loans of 0.05%, compared to 0.00%
    Nonperforming loans to gross loans of 0.24%, compared to 0.09%
    Criticized loans (3) to gross loans of 0.31%, down from 0.71%

  • Capital Levels:Quarterly cash dividend of $0.10 per share, a 43% increase from $0.07 per share
    Capital position well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.42%.
    Book value per common share of $10.92, up 14%
    Returned $1.5 million of capital to shareholders through cash dividend

___________________________________________________________

(1) See reconciliation of GAAP to non-GAAP financial measures.
(2) Includes loans held for sale.
(3) Includes special mention, substandard, doubtful, and loss categories.

January 27, 2022 05:10 PM Eastern Standard Time

LOS ANGELES—(BUSINESS WIRE)—OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank, today reported its financial results for the fourth quarter of 2021. Net income for the fourth quarter of 2021 was $9.1 million, or $0.59 per diluted common share, compared with $8.3 million, or $0.54 per diluted common share, for the third quarter of 2021, and $3.8 million, or $0.25 per diluted common share, for the fourth quarter of 2020. Net income for the full year of 2021 was $28.9 million, or $1.88 per diluted common share, compared with $13.1 million, or $0.85 per diluted common share, for the full year of 2021.

Min Kim, President and Chief Executive Officer:
“We are pleased to report record earnings of $9.1 million, or $0.59 per diluted common share in the fourth quarter. Our loans and deposits grew 25% and 28%, respectively, from a year ago. The loan growth has come from all our loan categories. During the fourth quarter, we have added a new Specialty Deposit Center, which focuses on servicing escrow and trust clients. The growth in our noninterest-bearing deposits during the fourth quarter, which reached a record level at 51% of total deposits, was largely attributable to the Specialty Deposit Center. Our efficiency was also significantly improved as we focused on managing expenses while growing our revenue-generating activities. The economy seems poised for continued growth over the next several quarters despite headwinds related to the Omicron variant, inflation, and supply chain bottlenecks. We remain optimistic about the future and will continue to focus on executing our strategic goals while maintaining appropriate risk and control environment.”

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