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OP Bancorp (OPBK+0.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total assets increased to $2.39 billion, up 11.2% from $2.15 billion as of December 31, 2023. Gross loans grew by 9.4% to $1.93 billion, and total deposits rose by 14.2% to $2.06 billion.
Net interest income for the quarter was $16.5 million, a decrease of 4.7% from $17.3 million in the same quarter the previous year. The decrease was primarily due to higher interest expense on deposits.
Provision for credit losses was $448 thousand for the quarter, compared to $1.4 million in the previous year. The decrease was attributed to changes in historical loss factors and loan balances.
Noninterest income increased to $4.2 million, up 63% from $2.6 million in the previous year, driven by higher gains on loan sales and service charges on deposits.
Noninterest expense rose to $12.7 million from $11.5 million, mainly due to increased salaries and employee benefits.
Net income for the quarter was $5.4 million, up from $5.1 million in the previous year, with earnings per diluted share rising to $0.36 from $0.33.
OP Bancorp's allowance for credit losses was $23.0 million as of September 30, 2024, reflecting changes in loan portfolio composition and economic conditions.
The filing details OP Bancorp's capital ratios, with the Bank exceeding all regulatory capital requirements and considered well-capitalized as of the end of the quarter.
The report also discusses the company's liquidity management, noting an increase in cash and cash equivalents to $166.8 million and available borrowings totaling $705.4 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OP Bancorp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.