Last10K.com

Op Bancorp (OPBK) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

SEC Filings

OPBK Valuations

Intrinsic Value
Financial Stability
Financial Ratios
Insider Trades
Manager Portfolios
Notifications

OPBK Annual Reports

  • 10-K Annual Report March 2024
    • 10-K Annual Report March 2023
    10-K Annual Report March 2022
    10-K Annual Report March 2021
    10-K Annual Report March 2020
    10-K Annual Report March 2019

OPBK Quarterly Reports

OPBK Corporate News

Op Bancorp

HISTORY TOOLS
CIK: 1722010 Ticker: OPBK

Exhibit 99.1
glszw3dnp04p000001.jpg

OP BANCORP REPORTS NET INCOME FOR 2023 FOURTH QUARTER
OF $5.2 MILLION AND DILUTED EARNINGS PER SHARE OF $0.34

2023 Fourth Quarter Highlights compared with 2023 Third Quarter:
•Financial Results:
◦Net income of $5.2 million, compared to $5.1 million
◦Diluted earnings per share of $0.34, compared to $0.33
◦Net interest income of $16.2 million, compared to $17.3 million
◦Net interest margin of 3.12%, compared to 3.38%
◦Provision for credit losses of $0.6 million, compared to $1.4 million
◦Total assets of $2.15 billion, compared to $2.14 billion
◦Gross loans of $1.77 billion, compared to $1.76 billion
◦Total deposits of $1.81 billion, compared to $1.83 billion
•Credit Quality:
◦Allowance for credit losses to gross loans of 1.25%, compared to 1.23%
◦Net charge-offs(1) to average gross loans(2) of 0.04%, compared to 0.11%
◦Nonperforming loans to gross loans of 0.34%, compared to 0.24%
◦Criticized loans(3) to gross loans of 0.76%, compared to 0.78%
•Capital Levels:
◦Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.52%
◦Book value per common share increased to $12.84, compared to $12.17
◦Repurchased 150,000 shares of common stock at an average price of $8.72
◦Paid quarterly cash dividend of $0.12 per share for the periods
___________________________________________________________
(1)    Annualized.
(2)    Includes loans held for sale.
(3)    Includes special mention, substandard, doubtful, and loss categories.
LOS ANGELES, January 25, 2024 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the fourth quarter of 2023. Net income for the fourth quarter of 2023 was $5.2 million, or $0.34 per diluted common share, compared with $5.1 million, or $0.33 per diluted common share, for the third quarter of 2023, and $8.0 million, or $0.51 per diluted common share, for the fourth quarter of 2022. Net income for the full year of 2023 was $23.9 million, or $1.55 per diluted common share, compared with $33.3 million, or $2.14 per diluted common share, for the full year of 2022.
1
The following information was filed by Op Bancorp (OPBK) on Thursday, January 25, 2024 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.

View differences made from one year to another to evaluate Op Bancorp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Op Bancorp.

Continue

Assess how Op Bancorp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Op Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Legal
Financial
Revenue
Other
Filter Subcategory:
All
Earnings
Expense
Debt
Product
Shares
Income
Cash Flow
Other
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 - Schedule Of Borrowings Available To The Company From Institutions (Details)
Business And Basis Of Presentation
Business And Basis Of Presentation (Policies)
Business And Basis Of Presentation (Tables)
Business And Basis Of Presentation - Additional Information (Details)
Business And Basis Of Presentation - Schedule Of New Accounting Pronouncements Adopted (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Schedule Of Balance And Total Unfunded Commitments Related To Investment In Low Income Housing Partnerships (Details)
Commitments And Contingencies - Schedule Of Distribution Of Undisbursed Credit-Related Commitments (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 - Schedule Of 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 - Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis (Details)
Fair Value Of Financial Instruments - Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments (Details)
Fair Value Of Financial Instruments - Schedule 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 - Schedule 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 - Schedule 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 - Schedule Of Effective Tax Rates Differ From Federal Statutory Rates (Details)
Income Taxes - Schedule Of Income Tax Expense (Details)
Income Taxes - Schedule Of Net Deferred Tax Assets Included In Statement Of Financial Position (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Other Information Related To Operating Leases (Details)
Leases - Schedule Of Remaining Contractually Obligated Lease Payments And Reconciliation To Lease Liability (Details)
Loans And Allowance For Credit Losses On Loans
Loans And Allowance For Credit Losses On Loans (Tables)
Loans And Allowance For Credit Losses On Loans - Additional Information (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Activity In Allowance For Credit Losses On Loans By Portfolio Segment (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Aging Analysis Of Recorded Investment In Past Due Loans (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Allowance For Credit Losses On Loans And Recorded Investment By Portfolio Segment And Impairment Methodology (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Amortized Cost By Loan Type (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Collateral Dependent Loans (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Composition Of Loan Portfolio (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Credit Risk Ratings By Portfolio Segment (Details)
Loans And Allowance For Credit Losses On Loans - Schedule Of Modified Loans (Details)
Loans And Allowance For Credit Losses On Loans - 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 Credit Losses On Loans - Schedule Of Recorded Investment Of Individually Impaired Loans And Specific Allowance For Credit Losses (Details)
Parent Company Condensed Financial Statements
Parent Company Condensed Financial Statements (Tables)
Parent Company Condensed Financial Statements - Schedule Of Condensed Balance Sheets (Details)
Parent Company Condensed Financial Statements - Schedule Of Condensed Statements Of Cash Flows (Details)
Parent Company Condensed Financial Statements - Schedule Of Condensed Statements Of Income And Comprehensive Income (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Additional Information (Details)
Premises And Equipment - Schedule Of Premises And Equipment (Details)
Regulatory Capital Matters
Regulatory Capital Matters (Tables)
Regulatory Capital Matters - Additional Information (Details)
Regulatory Capital Matters - Schedule 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 Unrealized Losses On Afs Debt Securities (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 - Schedule Of Changes In Non-Vested Restricted Stock Awards (Details)
Stock-Based Compensation - Schedule Of Information Related To Stock Option Plan (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Stock Options Activity (Details)
Ticker: OPBK
CIK: 1722010
Form Type: 10-K Annual Report
Accession Number: 0001628280-24-013750
Submitted to the SEC: Fri Mar 29 2024 1:26:30 PM EST
Accepted by the SEC: Fri Mar 29 2024
Period: Sunday, December 31, 2023
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media
SEC.gov

Bookmark the Permalink:
https://last10k.com/sec-filings/opbk/0001628280-24-013750.htm