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Op Bancorp (OPBK) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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OPBK Annual Reports

  • 10-K Annual Report March 2022
  • 10-K Annual Report March 2021
    10-K Annual Report March 2020
    10-K Annual Report March 2019

Op Bancorp

CIK: 1722010 Ticker: OPBK

Exhibit 99.1
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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.

1

The following information was filed by Op Bancorp (OPBK) on Friday, January 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Op Bancorp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Borrowing Arrangements
Borrowing Arrangements (Tables)
Borrowing Arrangements - Additional Information (Details)
Borrowing Arrangements - Summary Of Borrowings Available To The Company From Institutions (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Investments In Low Income Housing Partnerships, Net And Related Unfunded Commitments (Details)
Commitments And Contingencies - Summary Of Distribution Of Undisbursed Credit-Related Commitments (Details)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (Tables)
Condensed Financial Statements Of Parent Company - Condensed Financial Statements Company (Condensed Statements Of Income And Comprehensive Income) (Details)
Condensed Financial Statements Of Parent Company - Condensed Financial Statements Of Parent Company (Condensed Balance Sheets) (Details)
Condensed Financial Statements Of Parent Company - Condensed Financial Statements Of Parent Company (Condensed Statements Of Cash Flows) (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Schedule Of Maturities Of Time Deposits (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Details)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Carrying Amounts And Estimated Fair Values Of Financial Instruments (Details)
Fair Value Of Financial Instruments - Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Of Financial Instruments - Summary Of Fair Value Hierarchy And Fair Value Of Assets That Were Still Held And Had Fair Value Adjustments Measured On A Nonrecurring Basis (Details)
Fair Value Of Financial Instruments - Summary Of Increase (Decrease) In Value Of Certain Assets Held At End Of Respective Reporting Periods Presented For Which A Nonrecurring Fair Value Adjustment (Details)
Fair Value Of Financial Instruments - Summary Of Information About Significant Unobservable Inputs Utilized In Company's Nonrecurring Level 3 Fair Value Measurements (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Summary Of Effective Tax Rates Differ From Federal Statutory Rates (Details)
Income Taxes - Summary Of Income Tax Expense (Details)
Income Taxes - Summary Of Net Deferred Tax Assets Included In Statement Of Financial Position (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Lease Cost (Details)
Leases - Summary Of Other Information Related To Operating Leases (Details)
Leases - Summary Of Remaining Contractually Obligated Lease Payments And Reconciliation To Lease Liability (Details)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (Tables)
Loans And Allowance For Loan Losses - Additional Information (Details)
Loans And Allowance For Loan Losses - Composition Of Loan Portfolio (Details)
Loans And Allowance For Loan Losses - Schedule Of Activity In Allowance For Loan Losses By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Schedule Of Aging Analysis Of Recorded Investment In Past Due Loans (Details)
Loans And Allowance For Loan Losses - Schedule Of Allowance For Loan Losses And Recorded Investment By Portfolio Segment And Impairment Methodology (Details)
Loans And Allowance For Loan Losses - Schedule Of Average Recorded Investment In Impaired Loans And Amount Of Interest Income Recognized On Impaired Loans By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Schedule Of Credit Risk Ratings By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Schedule Of Loan Deferment Status Change By Loan Type (Details)
Loans And Allowance For Loan Losses - Schedule Of Recorded Investment In Nonaccrual Loans And Loans Past Due 90 Or More Days And Still Accruing Interest By Portfolio Segment (Details)
Loans And Allowance For Loan Losses - Schedule Of Recorded Investment Of Individually Impaired Loans And Specific Allowance For Loan Losses (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Details)
Premises And Equipment - Schedule Of Premises And Equipment (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Summarized Unaudited Quarterly Financial Data (Details)
Regulatory Capital Matters
Regulatory Capital Matters (Tables)
Regulatory Capital Matters - Additional Information (Details)
Regulatory Capital Matters - Summary Of Actual And Required Capital Amounts And Ratios, Exclusive Of Capital Conservation Buffer (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Schedule Of Amortized Cost And Estimated Fair Value Of Securities Available For Sale By Contractual Maturity (Details)
Securities - Schedule Of Amortized Cost, Fair Value, And Corresponding Amounts Of Gross Unrealized Gains And Losses For Available For Sale Securities (Details)
Securities - Schedule Of Other Investments (Details)
Securities - Schedule Of Securities With Unrealized Losses Aggregated By Length Of Time In Continuous Unrealized Loss Position (Details)
Servicing Assets
Servicing Assets (Tables)
Servicing Assets - Additional Information (Details)
Servicing Assets - Schedule Of Activity For Loan Servicing Assets (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Summary Of Changes In Non-Vested Restricted Stock Awards (Details)
Stock-Based Compensation - Summary Of Information Related To Stock Option Plan (Details)
Stock-Based Compensation - Summary Of Stock-Based Compensation Stock Options Activity (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Summary Of Consideration Paid For Loan Portfolio And Amounts Of Assets Purchased (Details)
Ticker: OPBK
CIK: 1722010
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-006724
Submitted to the SEC: Fri Mar 18 2022 4:08:38 PM EST
Accepted by the SEC: Fri Mar 18 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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