Exhibit 99.1

 

OP Bancorp Reports Fourth Quarter and Year End Results For 2020

2020 Fourth Quarter Highlights:

 

Net income totaled $3.9 million, or $0.25 per diluted common share, compared to $3.6 million, or $0.23 per diluted common share, for the third quarter of 2020 and $4.2 million, or $0.26 per diluted common share, for the fourth quarter of 2019

 

Net interest margin was 3.73%, compared to 3.66% for the third quarter of 2020 and 3.99% for the fourth quarter of 2019

 

Return on average assets was 1.15% and return on average equity was 10.86%, compared to 1.11% and 10.22%, respectively, for the third quarter of 2020 and 1.45% and 12.05%, respectively, for the fourth quarter of 2019

 

Total assets increased 2.0% to $1.37 billion at December 31, 2020, from $1.34 billion at September 30, 2020

 

Net loans receivable increased 2.4% to $1.08 billion at December 31, 2020, from $1.06 billion at September 30, 2020

 

Total deposits increased 2.6% to $1.20 billion at December 31, 2020, from $1.17 billion at September 30, 2020

 

Noninterest-bearing deposits accounted for 43.6% of total deposits at December 31, 2020, compared to 41.8% at September 30, 2020

 

Nonperforming assets to total assets was 0.07% at December 31, 2020, compared to 0.02% at September 30, 2020

 

Total risk-based capital ratio and leverage ratio were 14.82% and 10.55%, respectively, at December 31, 2020, compared to 14.93% and 10.85%, respectively, at September 30, 2020

 

The provision for loan losses was $1.8 million, compared to $1.4 million for the third quarter of 2020 and $411,000 for the fourth quarter of 2019

 

The allowance for loan losses, excluding fully guaranteed SBA PPP loans, was 1.48% of gross loans at December 31, 2020, compared to 1.40% of gross loans at September 30, 2020

 

Pre-provision net revenue was $7.2 million, compared to $6.5 million for the third quarter of 2020 and $5.9 million for the fourth quarter of 2019

 

Remaining loan deferments under the CARES Act were 2.7% of our loan portfolio as of December 31, 2020, down from 5.1% of our loan portfolio as of September 30, 2020

2020 Full Year Highlights:

 

Net income totaled $13.2 million, or $0.85 per diluted common share, compared to $16.8 million, or $1.03 per diluted common share, for the full year of 2019. Excluding a one-time gain on company owned life insurance of $1.2 million, net income was $15.5 million, or $0.95 per diluted common share, for the full year of 2019

 

Net interest margin was 3.72% compared to 4.19% for the full year of 2019

 

Return on average assets was 1.04% and return on average equity was 9.38%, compared to 1.51% and 12.42%, respectively, for the full year of 2019. Excluding the one-time gain on

 

1


The following information was filed by Op Bancorp (OPBK) on Friday, January 29, 2021 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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