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  Title	OP Bancorp Reports Net Income for 2024 Third Quarter of $5.4 Million and Diluted Earnings Per Share of $0.36
  ID	3566296
  External ID	7244517413
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  Published Date	Oct. 24, 2024, 4:10 p.m.
  Summary	LOS ANGELES--(BUSINESS WIRE)--Oct 24, 2024-- OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the third quarter of 20
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  Content	LOS ANGELES--(BUSINESS WIRE)--Oct 24, 2024-- OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the third quarter of 2024. Net income remained relatively the same for both the third quarter and second quarter of 2024 at $5.4 million, or $0.36 per diluted common share, compared with $5.1 million, or $0.33 per diluted common share, for the third quarter of 2023. Min Kim, President and Chief Executive Officer “We continued to grow our loans and deposits at double digit annualized rates in this quarter while maintaining ample liquidity, stable net interest margin, and strong credit quality. As the Fed's easing cycle began in the quarter, the pressure on funding cost and net interest margin is diminishing, and we believe we are well positioned to prolong our growth and performance to achieve our long term strategic goals,” said Min Kim, President and Chief Executive. ($ in thousands, except per share data) As of and For the Quarter % Change 3Q2024 vs. Selected Income Statement Data: Net interest income Provision for credit losses Noninterest income Noninterest expense Income tax expense Net income — Diluted earnings per share — Selected Balance Sheet Data: Gross loans Total deposits Total assets Average loans (1) Average deposits Credit Quality: Nonperforming loans Nonperforming loans to gross loans Criticized loans (2) to gross loans Net charge-offs (recoveries) (3) to average gross loans (1) Allowance for credit losses to gross loans Allowance for credit losses to nonperforming loans Financial Ratios: Return on average assets (3) Return on average equity (3) Net interest margin (3) Efficiency ratio (4) Common equity tier 1 capital ratio Leverage ratio Book value per common share Includes loans held for sale. Includes special mention, substandard, doubtful, and loss categories. Annualized. Represents noninterest expense divided by the sum of net interest income and noninterest income. Net Interest Income and Net Interest Margin ($ in thousands) For the Three Months Ended % Change 3Q2024 vs. Interest Income Interest income Interest expense Net interest income ($ in thousands) For the Three Months Ended Yield Change 3Q2024 vs. Interest and Fees Yield/Rate (1) Interest and Fees Yield/Rate (1) Interest and Fees Yield/Rate (1) Interest-earning Assets: Loans Total interest-earning assets Interest-bearing Liabilities: Interest-bearing deposits Total interest-bearing liabilities Ratios: Net interest income / interest rate spreads — Net interest margin Total deposits / cost of deposits Total funding liabilities / cost of funds Annualized. ($ in thousands) For the Three Months Ended Yield Change 3Q2024 vs. Interest & Fees Yield (1) Interest & Fees Yield (1) Interest & Fees Yield (1) Loan Yield Component: Contractual interest rate Accretion of SBA loan discount (2) Amortization of net deferred fees — — — Amortization of premium — Net interest recognized on nonaccrual loans — Prepayment penalty income and other fees (3) Yield on loans Annualized. Includes discount accretion from SBA loan payoffs of $426 thousand, $564 thousand and $666 thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Includes prepayment penalty income of $114 thousand and $26 thousand for the three months ended September 30, 2024 and June 30, 2024, respectively, from Commercial Real Estate (“CRE”) loans. Third Quarter 2024 vs. Second Quarter 2024 Net interest income increased $312 thousand, or 1.9%, primarily due to higher interest income on loans but partially offset by higher interest expense on interest-bearing deposits and lower interest income on interest-bearing deposits in other banks. Net interest margin was 2.95%, a decrease of 1 basis point from 2.96%. Third Quarter 2024 vs. Third Quarter 2023 Net interest income decreased $807 thousand, or 4.7%, primarily due to higher interest expense on interest-bearing deposits, partially offset by higher interest income on loans and higher interest-bearing deposits in other banks, as our deposit costs repriced quicker than our interest-earning asset yields following the Federal Reserve's rate increases. Net interest margin was 2.95%, a decrease of 43 basis points from 3.38%. Provision for Credit Losses ($ in thousands) For the Three Months Ended Provision for credit losses on loans Provision for (reversal of) credit losses on off-balance sheet exposure Total provision for credit losses Third Quarter 2024 vs. Second Quarter 2024 The Company recorded $448 thousand in total provision for credit losses, a decrease of $169 thousand, compared with $617 thousand. Provision for credit losses on loans decreased $393 thousand and provision for credit losses on off-balance sheet exposure increased $224 thousand. Provision for credit losses on loans of $234 thousand was primarily due to a $215 thousand increase in the qualitative reserve driven by declining collateral values for collateral dependent CRE loans and weakening economic and business conditions. Provision for credit losses on off-balance sheet exposure of $214 thousand was primarily due to increases in unfunded commitment balance and utilization of commitment. Third Quarter 2024 vs. Third Quarter 2023 The Company recorded $448 thousand in total provision for credit losses, a decrease of $911 thousand, compared with $1.4 million. Noninterest Income ($ in thousands) For the Three Months Ended % Change 3Q2024 vs. Noninterest Income Service charges on deposits Loan servicing fees, net of amortization Gain on sale of loans Other income Total noninterest income Third Quarter 2024 vs. Second Quarter 2024 Noninterest income increased $56 thousand, or 1.3%, primarily due to higher loan servicing fees and higher service charges on deposits, partially offset by lower gain on the sale of loans. Third Quarter 2024 vs. Third Quarter 2023 Noninterest income increased $1.6 million, or 63.0%, primarily due to higher gain on sale of loans, higher service charges on deposits, and higher loan servicing fees. Noninterest Expense ($ in thousands) For the Three Months Ended % Change 3Q2024 vs. Noninterest Expense Salaries and employee benefits Occupancy and equipment Data processing and communication Professional fees FDIC insurance and regulatory assessments Promotion and advertising — Directors' fees Foundation donation and other contributions Other expenses Total noninterest expense Third Quarter 2024 vs. Second Quarter 2024 Noninterest expense increased $531 thousand, or 4.4%, primarily due to higher salaries and employee benefits, and data processing and communication. Third Quarter 2024 vs. Third Quarter 2023 Noninterest expense increased $1.2 million, or 10.3%, primarily due to higher salaries and employee benefits, and data processing and communication. Income Tax Expense Third Quarter 2024 vs. Second Quarter 2024 Income tax expense was $2.1 million, resulting in an effective tax rate of 28.3%, compared to income tax expense of $2.1 million, resulting in an effective tax rate of 28.2%. Third Quarter 2024 vs. Third Quarter 2023 Income tax expense was $2.1 million, resulting in an effective tax rate of 28.3%, compared to income tax expense of $1.9 million, resulting in an effective tax rate of 27.1%. The effective tax rate for the third quarter of 2023 was lower primarily due to adjustments for differences between the prior year tax provision and the final tax returns that were applied in the quarter. Loans ($ in thousands) As of % Change 3Q2024 vs. CRE loans SBA loans C&I loans Home mortgage loans Consumer & other loans Gross loans The following table presents new loan originations based on loan commitment amounts for the periods indicated: ($ in thousands) For the Three Months Ended % Change 3Q2024 vs. CRE loans SBA loans C&I loans Home mortgage loans Gross loans The following table presents changes in gross loans by loan activity for the periods indicated: ($ in thousands) For the Three Months Ended Loan Activities: Gross loans, beginning New originations Net line advances Purchases Sales Paydowns Payoffs Decrease (increase) in loans held for sale — Other Total Gross loans, ending As of September 30, 2024 vs. June 30, 2024 Gross loans were $1.93 billion as of September 30, 2024, up $60.9 million from June 30, 2024, primarily due to new loan originations, partially offset by loan sales, payoffs and paydowns. New loan originations, loan sales, and loan payoffs and paydowns were $152.7 million, $35.6 million, and $54.4 million, respectively, for the third quarter of 2024, compared with $101.1 million, $32.1 million, and $56.6 million, respectively, for the second quarter of 2024. As of September 30, 2024 vs. September 30, 2023 Gross loans were $1.93 billion as of September 30, 2024, up $171.5 million, from September 30, 2023, primarily due to and increase in new loan originations of $472.3 million, partially offset by loan sales of $132.6 million and loan payoffs and paydowns of $214.9 million. The following table presents the composition of gross loans by interest rate type accompanied with the weighted average contractual rates as of the periods indicated: ($ in thousands) As of Rate Rate Rate Fixed rate Hybrid rate Variable rate Gross loans The following table presents the maturity of gross loans by interest rate type accompanied with the weighted average contractual rates for the periods indicated: ($ in thousands) As of September 30, 2024 Within One Year One Year Through Five Years After Five Years Total Amount Rate Amount Rate Amount Rate Amount Rate Fixed rate Hybrid rate Variable rate Gross loans Allowance for Credit Losses The following table presents allowance for credit losses and provision for credit losses as of and for the periods presented: ($ in thousands) As of and For the Three Months Ended Change 3Q2024 vs. Allowance for credit losses on loans, beginning Provision for credit losses Gross charge-offs — Gross recoveries Net (charge-offs) recoveries Allowance for credit losses on loans, ending Allowance for credit losses on off-balance sheet exposure, beginning Provision for (reversal of) credit losses Allowance for credit losses on off-balance sheet exposure, ending Asset Quality ($ in thousands) As of and For the Three Months Ended Change 3Q2024 vs. Loans 30-89 days past due and still accruing As a % of gross loans Nonperforming loans (1) Nonperforming assets (1) Nonperforming loans to gross loans Nonperforming assets to total assets — Criticized loans (1)(2) Criticized loans to gross loans Allowance for credit losses ratios: As a % of gross loans As a % of nonperforming loans As a % of nonperforming assets As a % of criticized loans — Net charge-offs (recoveries) (3) to average gross loans (4) Excludes the guaranteed portion of SBA loans that are in liquidation totaling $11.1 million, $3.5 million and $5.2 million as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Consists of special mention, substandard, doubtful and loss categories. Annualized. Includes loans held for sale. Overall, the Bank continued to maintain low levels of nonperforming loans and net charge-offs. Our allowance remained strong with an allowance to gross loans ratio of 1.19%. Deposits ($ in thousands) As of % Change 3Q2024 vs. Amount Amount Amount Noninterest-bearing deposits Money market deposits and others Time deposits Total deposits Estimated uninsured deposits As of September 30, 2024 vs. June 30, 2024 Total deposits were $2.06 billion as of September 30, 2024, reflecting an increase of $123.8 million from June 30, 2024, primarily due to increases of $69.4 million in time deposits and $43.3 million in noninterest-bearing deposits. Customers' preference for high-rate deposit products continued to drive the increase in time deposits. The increase in noninterest-bearing deposits was mostly driven by balance increases in existing customers, including escrow and 1031 exchanges accounts. The composition of noninterest-bearing deposits also increased to 27.2% of total deposits from 26.7%. As of September 30, 2024 vs. September 30, 2023 Total deposits were $2.06 billion as of September 30, 2024, up $239.4 million from September 30, 2023, primarily driven by a $288.8 million increase in time deposits, offset by decreases of $43.7 million in noninterest-bearing deposits and $5.7 million in money market deposits. Noninterest-bearing deposits, as a percentage of total deposits, decreased to 27.2% from 33.2%. The composition shift to time deposits was primarily due to customers' preference for high-rate deposit products driven by market rate increases as a result of the Federal Reserve's rate increases. The following table sets forth the maturity of time deposits as of September 30, 2024: As of September 30, 2024 ($ in thousands) Within Three Months Three to Six Months Six to Nine Months Nine to Twelve Months After Twelve Months Total Time deposits (greater than $250) Time deposits ($250 or less) Total time deposits Weighted average rate Liquidity The Company maintains ample access to liquidity, including highly liquid assets on our balance sheet and available unused borrowings from other financial institutions. The following table presents the Company's liquid assets and available borrowings as of dates presented: ($ in thousands) Liquidity Assets: Cash and cash equivalents Available-for-sale debt securities Liquid assets Liquid assets to total assets Available borrowings: Federal Home Loan Bank—San Francisco Federal Reserve Bank Pacific Coast Bankers Bank Zions Bank First Horizon Bank Total available borrowings Total available borrowings to total assets Liquid assets and available borrowings to total deposits Capital and Capital Ratios On October 24, 2024, the Company's Board of Directors declared a quarterly cash dividend of $0.12 per share of its common stock. The cash dividend is payable on or about November 21, 2024 to all shareholders of record as of the close of business on November 7, 2024. The payment of the dividend is based primarily on dividends from the Bank to the Company, and future dividends will depend on the Board's assessment of the availability of capital levels to support the ongoing operating capital needs of both the Company and the Bank. The Company also repurchased 4,610 shares of its common stock at an average price of $10.09 per share during the third quarter of 2024 under the stock repurchase program announced in August 2023. Since the announcement of the stock repurchase program in August 2023, the Company repurchased a total of 428,628 shares of its common stock at an average repurchase price of $9.37 per share through September 30, 2024. OP Bancorp (1) Open Bank Minimum Well Capitalized Ratio Minimum Capital Ratio+ Conservation Buffer (2) Risk-Based Capital Ratios: Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 ratio Leverage ratio The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose. An additional 2.5% capital conservation buffer above the minimum capital ratios are required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonuses to executive officers. OP Bancorp Change 3Q2024 vs. Risk-Based Capital Ratios: Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 ratio Leverage ratio Risk-weighted Assets ($ in thousands) OP Bancorp, the holding company for Open Bank (the “Bank”), is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Bank is engaged in the general commercial banking business in Los Angeles, Orange, and Santa Clara Counties in California, the Dallas metropolitan area in Texas, and Clark County in Nevada 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 eleven full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, and Santa Clara, California, Carrollton, Texas and Las Vegas, Nevada. The Bank also has five loan production offices in Pleasanton, California, Atlanta, Georgia, Aurora, Colorado, Lynnwood, Washington, and Fairfax, Virginia. 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 Certain matters set forth herein constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including forward-looking statements relating to the Company's current business plans and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to: the effects of substantial fluctuations in, and continuing elevated levels of, interest rates on our borrowers' ability to perform in accordance with the terms of their loans and on our deposit customers' expectation for higher rates on deposit products; cybersecurity risks, including the potential for the occurrence of successful cyberattacks and our ability to prevent and to mitigate the harms resulting from any such attacks; infrastructure risks and similar circumstances that affect our and our customers' ability to communicate and to engage in routine online banking activities; business and economic conditions, particularly those affecting the financial services industry and our primary market areas; risks of international conflict, terrorism, civil unrest and domestic instability; the continuing effects of inflation and monetary policies, particularly those relating to the decisions and indicators of intent expressed by the Federal Reserve Open Markets Committee, as those circumstances impact our operations and our current and prospective borrowers and depositors; our ability to balance deposit liabilities and liquidity sources (including our ability to reprice those instruments and balancing our borrowings and investments to keep pace with changing market conditions) so as to meet current and expected withdrawals while promoting strong earning capacity; our ability to manage our credit risk successfully and to assess, adjust and monitor the sufficiency of our allowance for credit losses; factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary market areas, the financial health of our commercial borrowers, the success of construction projects that we finance, including any loans acquired in acquisition transactions; the impacts of credit quality on our earnings and the related effects of increases to the reserve on our net income; our ability effectively to execute our strategic plan and manage our growth; interest rate fluctuations, which could have an adverse effect on our profitability; external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits, which may have an adverse impact on our financial condition; continued or increasing competition from other banks and from credit unions and non-bank financial services companies, many of which are subject to less restrictive or less costly regulations than we are; challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services; practical and regulatory constraints on the ability of Open Bank to pay dividends to us; increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; a failure in the internal controls we have implemented to address the risks inherent to the business of banking; including internal controls that affect the reliability of our publicly reported financial statements; inaccuracies in our assumptions about future events, which could result in material differences between our financial projections and actual financial performance, particularly with respect to the effects of predictions of future economic conditions as those circumstances affect our estimates for the adequacy of our allowance for credit losses and the related provision expense; changes in our management personnel or our inability to retain motivate and hire qualified management personnel; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems; disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions; an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies; risks related to potential acquisitions; political developments, uncertainties or instability, catastrophic events, or natural disasters, such as earthquakes, fires, drought, pandemic diseases (such as the coronavirus) or extreme weather events, any of which may affect services we use or affect our customers, employees or third parties with which we conduct business; incremental costs and obligations associated with operating as a public company; the impact of any claims or legal actions to which we may be subject, including any effect on our reputation; compliance with governmental and regulatory requirements, including the Dodd-Frank Act and others relating to banking, consumer protection, securities and tax matters, and our ability to maintain licenses required in connection with commercial mortgage origination, sale and servicing operations; changes in federal tax law or policy; and our ability the manage the foregoing and other factors set forth in the Company's public reports. We describe these and other risks that could affect our results in Item 1A. “Risk Factors,” of our latest Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent filings with the Securities and Exchange Commission. CONSOLIDATED BALANCE SHEETS (unaudited) ($ in thousands) As of % Change 3Q2024 vs. Assets Cash and due from banks Interest-bearing deposits in other banks Cash and cash equivalents Available-for-sale debt securities, at fair value Other investments Loans held for sale — n/m CRE loans SBA loans C&I loans Home mortgage loans Consumer loans Gross loans receivable Allowance for credit losses Net loans receivable Premises and equipment, net Accrued interest receivable, net Servicing assets Company owned life insurance Deferred tax assets, net Other real estate owned — — n/m Operating right-of-use assets Other assets Total assets Liabilities and Shareholders' Equity Liabilities: Noninterest-bearing Money market and others Time deposits greater than $250 Other time deposits Total deposits Federal Home Loan Bank advances Accrued interest payable Operating lease liabilities Other liabilities Total liabilities Shareholders' equity: Common stock Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity CONSOLIDATED STATEMENTS OF INCOME (unaudited) ($ in thousands, except share and per share data) For the Three Months Ended % Change 3Q2024 vs. Interest income Interest and fees on loans Interest on available-for-sale debt securities Other interest income Total interest income Interest expense Interest on deposits Interest on borrowings Total interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Noninterest income Service charges on deposits Loan servicing fees, net of amortization Gain on sale of loans Other income Total noninterest income Noninterest expense Salaries and employee benefits Occupancy and equipment Data processing and communication Professional fees FDIC insurance and regulatory assessments Promotion and advertising — Directors' fees Foundation donation and other contributions Other expenses Total noninterest expense Income before income tax expense Income tax expense Net income — Book value per share Earnings per share - basic — Earnings per share - diluted — Shares of common stock outstanding, at period end — Weighted average shares: - Basic - Diluted For the Three Months Ended % Change 3Q2024 vs. Return on average assets (ROA) (1) — — Return on average equity (ROE) (1) Net interest margin (1) — Efficiency ratio Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 ratio Leverage ratio — Annualized. CONSOLIDATED STATEMENTS OF INCOME (unaudited) ($ in thousands, except share and per share data) For the Nine Months Ended % Change Interest income Interest and fees on loans Interest on available-for-sale debt securities Other interest income Total interest income Interest expense Interest on deposits Interest on borrowings Total interest expense Net interest income Provision for credit losses Net interest income after provision for credit losses Noninterest income Service charges on deposits Loan servicing fees, net of amortization Gain on sale of loans Other income Total noninterest income Noninterest expense Salaries and employee benefits Occupancy and equipment Data processing and communication Professional fees FDIC insurance and regulatory assessments Promotion and advertising Directors' fees Foundation donation and other contributions Other expenses Total noninterest expense Income before income tax expense Income tax expense Net income Book value per share Earnings per share - basic Earnings per share - diluted Shares of common stock outstanding, at period end Weighted average shares: - Basic - Diluted For the Nine Months Ended % Change Return on average assets (ROA) (1) Return on average equity (ROE) (1) Net interest margin (1) Efficiency ratio Total risk-based capital ratio Tier 1 risk-based capital ratio Common equity tier 1 ratio Leverage ratio Annualized. ($ in thousands) As of and For the Three Months Ended Nonaccrual loans (1) Loans 90 days or more past due, accruing — — — Nonperforming loans — Nonperforming assets Criticized loans by risk categories: Special mention loans Classified loans (1)(2) Total criticized loans Criticized loans by loan type: CRE loans SBA loans C&I loans — Home mortgage loans — Total criticized loans Nonperforming loans / gross loans Nonperforming assets / gross loans plus OREO Nonperforming assets / total assets Classified loans / gross loans Criticized loans / gross loans Allowance for credit losses ratios: As a % of gross loans As a % of nonperforming loans As a % of nonperforming assets As a % of classified loans As a % of criticized loans Net charge-offs (recoveries) Net charge-offs (recoveries) (3) to average gross loans (4) Excludes the guaranteed portion of SBA loans that are in liquidation totaling $11.1 million, $3.5 million and $5.2 million as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Consists of substandard, doubtful and loss categories. Annualized. Includes loans held for sale. ($ in thousands) Accruing delinquent loans 30-89 days past due 30-59 days 60-89 days Total For the Three Months Ended ($ in thousands) Average Balance Interest and Fees Yield/ Rate (1) Average Balance Interest and Fees Yield/ Rate (1) Average Balance Interest and Fees Yield/ Rate (1) Interest-earning assets: Interest-bearing deposits in other banks Federal funds sold and other investments Available-for-sale debt securities, at fair value CRE loans SBA loans C&I loans Home mortgage loans Consumer loans Loans (2) Total interest-earning assets Noninterest-earning assets Total assets Interest-bearing liabilities: Money market deposits and others Time deposits Total interest-bearing deposits Borrowings Total interest-bearing liabilities Noninterest-bearing liabilities: Noninterest-bearing deposits Other noninterest-bearing liabilities Total noninterest-bearing liabilities Shareholders' equity Total liabilities and shareholders' equity Net interest income / interest rate spreads Net interest margin Cost of deposits & cost of funds: Total deposits / cost of deposits Total funding liabilities / cost of funds Annualized. Includes loans held for sale. For the Nine Months Ended ($ in thousands) Average Balance Interest and Fees Yield/ Rate (1) Average Balance Interest and Fees Yield/ Rate (1) Interest-earning assets: Interest-bearing deposits in other banks Federal funds sold and other investments Available-for-sale debt securities, at fair value CRE loans SBA loans C&I loans Home mortgage loans Consumer & other loans Loans (2) Total interest-earning assets Noninterest-earning assets Total assets Interest-bearing liabilities: Money market deposits and others Time deposits Total interest-bearing deposits Borrowings Total interest-bearing liabilities Noninterest-bearing liabilities: Noninterest-bearing deposits Other noninterest-bearing liabilities Total noninterest-bearing liabilities Shareholders' equity Total liabilities and shareholders' equity Net interest income / interest rate spreads Net interest margin Cost of deposits & cost of funds: Total deposits / cost of deposits Total funding liabilities / cost of funds Annualized. Includes loans held for sale. View source version on businesswire.com: https://www.businesswire.com/news/home/20241024516652/en/ CONTACT: Investor Relations OP Bancorp Christine Oh Christine.oh@myopenbank.com INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: OP Bancorp Copyright Business Wire 2024. http://www.businesswire.com/news/home/20241024516652/en
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