Financial Highlights
- Net income totaled $2.26 million for the fourth quarter of 2016, or
$0.17 per diluted common share, up 9.9% from $2.05 million for the
third quarter of 2016 and 44.9% from $1.56 million for the fourth
quarter of 2015.
- Net interest margin was 4.41% for the fourth quarter of 2016,
compared to 4.46% for the third quarter of 2016 and 4.02% for the
fourth quarter of 2015.
- Total assets were $760 million at December 31, 2016, up 5.3% from
$722 million at September 30, 2016, and up 23.1% from $617 million at
December 31, 2015.
- Net loans receivable were $666 million at December 31, 2016, up
7.5% from $620 million at September 30, 2016 and up 33.0% from $501
million at December 31, 2015.
- Total deposits were $662 million at December 31, 2016, up 5.6% from
$627 million at September 30, 2016 and up 27.3% from $520 million at
December 31, 2015.
- Non-interest bearing deposits were $247 million at December 31,
2016, up 8.6% from $228 million at September 30, 2016, and up 59.4%
from $155 million at December 31, 2015.
- Non-performing assets to total assets were 0.08% at December 31,
2016, compared to 0.13% at September 30, 2016 and 0.17% at December
31, 2015.
LOS ANGELES--(BUSINESS WIRE)--
OP Bancorp (the “Company”) (OTCQB: OPBK), the holding company of Open
Bank (the “Bank”), today reported that net income for the fourth quarter
of 2016 was $2.26 million, or $0.17 per diluted common share. This
compares with net income of $2.05 million, or $0.15 per diluted share,
for the third quarter of 2016, and net income of $1.56 million, or $0.12
per diluted share, for the fourth quarter of 2015. Pre-tax pre-provision
income was $4.0 million for the fourth quarter 2016, compared to $4.1
million for the third quarter 2016, and $2.6 million for the fourth
quarter 2015.
“We are very pleased to report record fourth quarter and record year to
date earnings of $2.3 million and $7.4 million, respectively. We
finished the year with total assets of $760 million, a 23% increase from
the prior year-end. We had strong growth in both loans and deposits,
with a 33% increase in net loans and a 27% increase in deposits year
over year. Our non-interest bearing deposits increased 59% from the
prior year-end and accounted for over 37% of total deposits at December
31, 2016. We have managed to grow our loan portfolio and our deposits to
record highs while tightly managing our net interest margin.” stated Min
Kim, President and Chief Executive Officer. “We believe that our strong
growth in both loans and deposits is the result of our high level of
customer service and effective cross selling program.
Quarter Financial Highlights
(in thousands, except per share data)
|
| |
|
| | As of or for the Three Months Ended |
| | December 31,
2016 |
| September 30,
2016 |
| December 31,
2015 |
|
|
| Income Statement Data: | | | | |
|
Net interest income
|
$
|
7,879
| |
$
|
7,421
| |
$
|
5,962
| |
|
Provision for loan losses
| |
323
| | |
677
| | |
0
| |
|
Non-interest income
| |
2,533
| | |
2,400
| | |
1,988
| |
|
Non-interest expense
| |
6,427
|
| |
5,703
|
| |
5,309
|
|
|
Income before taxes
| |
3,662
| | |
3,441
| | |
2,641
| |
|
Provision for income taxes
| |
1,407
|
| |
1,389
|
| |
1,085
|
|
|
Net Income
|
$
|
2,255
|
|
$
|
2,052
|
|
$
|
1,556
|
|
| Balance Sheet Data: | | | | | | |
|
Loans held for sale
|
$
|
1,646
| |
$
|
2,231
| |
$
|
5,579
| |
|
Gross loans, net of unearned income
| |
674,227
| | |
627,171
| | |
507,286
| |
|
Allowance for loan losses
| |
7,910
| | |
7,615
| | |
6,390
| |
|
Total assets
| |
759,658
| | |
721,667
| | |
617,350
| |
|
Deposits
| |
661,784
| | |
626,878
| | |
519,721
| |
|
Shareholders’ equity
| |
81,284
| | |
78,792
| | |
72,479
| |
| Credit Quality: | | | | | | |
|
Nonperforming loans
|
$
|
576
| |
$
|
968
| |
$
|
1,039
| |
|
Nonperforming assets
| |
576
| | |
968
| | |
1,039
| |
| Performance Ratios: | | | | | | |
|
Net interest margin
| |
4.41
|
%
| |
4.46
|
%
| |
4.02
|
%
|
|
Efficiency ratio
| |
61.73
|
%
| |
58.07
|
%
| |
66.78
|
%
|
|
Pre-tax pre-provision income to average assets (annualized)
| |
2.13
|
%
| |
2.37
|
%
| |
1.70
|
%
|
|
Net charge-offs to average gross loans (annualized)
| |
0.02
|
%
| |
0.09
|
%
| |
0.00
|
%
|
|
Nonperforming assets to gross loans plus OREO
| |
0.09
|
%
| |
0.15
|
%
| |
0.20
|
%
|
|
ALLL to nonperforming loans
| |
1,373
|
%
| |
787
|
%
| |
615
|
%
|
|
ALLL to gross loans
| |
1.17
|
%
| |
1.21
|
%
| |
1.26
|
%
|
| Capital Ratios: | | | | | | |
|
Tangible common equity to tangible assets
| |
10.70
|
%
| |
10.92
|
%
| |
11.74
|
%
|
|
Leverage ratio
| |
10.89
|
%
| |
11.29
|
%
| |
11.70
|
%
|
|
Common Equity Tier 1 ratio
| |
12.20
|
%
| |
12.70
|
%
| |
14.28
|
%
|
|
Tier 1 risk-based capital ratio
| |
12.20
|
%
| |
12.70
|
%
| |
14.28
|
%
|
|
Total risk-based capital ratio
| |
13.40
|
%
| |
13.95
|
%
| |
15.53
|
%
|
| | | | | | | | |
|
Results of Operations
Net interest income before loan loss provision was $7.9 million for the
three months ended December 31, 2016, compared to $7.4 million for the
third quarter of 2016, and $6.0 million for the fourth quarter of 2015.
The increases from the third quarter of 2016 and the fourth quarter of
2015 were primarily the result of continued growth in interest earning
assets, mostly loans. Average gross loans were $657 million for the
fourth quarter of 2016, an increase of $49 million, or 8.1%, from $608
million for the third quarter of 2016 and an increase of $151 million,
or 29.9%, from $506 million for the fourth quarter of 2015.
The net interest margin for the fourth quarter of 2016 was 4.41%, a 5
basis point decrease from 4.46% for the third quarter of 2016, and a 39
basis point increase from 4.02% for the fourth quarter of 2015.
Excluding impacts from non-recurring items, such as loan payoffs and
FHLB special dividend, the net interest margin for the fourth quarter of
2016 was 4.29%, up 1 basis point compared to 4.28% for the third quarter
of 2016, and up 40 basis points from 3.89% for the fourth quarter of
2015.
The net interest margin expansion from the fourth quarter of 2015 was
attributable to improved yields on earning assets due to higher average
gross loans and lower average Fed funds in the fourth quarter of 2016,
and lower cost of funds due to significantly higher non-interest bearing
deposits for the fourth quarter of 2016.
Average gross loans, net of unearned income, increased to 92% of earning
assets for the fourth quarter 2016, compared to 86% for the fourth
quarter 2015. Average Fed funds was 2% of earning assets in the fourth
quarter of 2016, compared to 7% in the fourth quarter of 2015. Average
non-interest bearing deposits was 36% of average total deposits for the
fourth quarter of 2016, compared to 30% for the fourth quarter of 2015.
The following table shows the asset yields, liability costs, spreads and
margins.
|
|
|
|
| |
Three Months Ended
|
| | | | | December 31,
2016
|
| September 30,
2016
|
| December 31,
2015
|
| | | | | | | | |
|
| | | |
Yield on net loans
|
5.16
|
%
| |
5.31
|
%
| |
5.22
|
%
|
| | | |
Yield on interest-earning assets
|
4.90
|
%
| |
4.96
|
%
| |
4.59
|
%
|
| | | |
Cost of interest-bearing liabilities
|
0.83
|
%
| |
0.83
|
%
| |
0.87
|
%
|
| | | |
Cost of deposits
|
0.54
|
%
| |
0.54
|
%
| |
0.62
|
%
|
| | | |
Cost of funds
|
0.53
|
%
| |
0.54
|
%
| |
0.62
|
%
|
| | | |
Net interest spread
|
4.07
|
%
| |
4.13
|
%
| |
3.72
|
%
|
| | | |
Net interest margin
|
4.41
|
%
| |
4.46
|
%
| |
4.02
|
%
|
Non-interest income was $2.5 million for the fourth quarter of 2016, up
5.5% compared to $2.4 million for the third quarter of 2016, and up
27.4% from $2.0 million for the fourth quarter of 2015. The increase
from the fourth quarter of 2015 was primarily attributable to higher net
gain on sale of SBA loans.
Net gain on sale of SBA loans totaled $1.5 million for the fourth
quarter of 2016 and for the third quarter of 2016 and $1.2 million for
the fourth quarter of 2015. Sale of SBA loans for the fourth quarter of
2016 was $21.4 million, compared to $25.3 million for the third quarter
of 2016 and $19.6 million for the fourth quarter of 2015. The average
premium on the sale of SBA loans for the fourth quarter of 2016 was
8.2%, compared to 8.3% for the third quarter of 2016 and for the fourth
quarter of 2015.
Non-interest expense was $6.4 million for the fourth quarter of 2016,
compared to $5.7 million for the third quarter of 2016 and $5.3 million
for the fourth quarter of 2015. The increase from the third quarter 2016
was primarily due to increased accruals for unused vacation and
bank-wide campaign incentives, and the increase from the fourth quarter
of 2015 was due to increased operating expenses to support continued
growth of the company.
The effective tax rate for the fourth quarter of 2016 was 38.4%,
compared to 40.4% for the third quarter of 2016 and 41.1% for the fourth
quarter of 2015. The lower fourth quarter tax rate reflects certain tax
adjustments from the prior year.
Balance Sheet
Total assets were $759.7 million at December 31, 2016, an increase of
$38.0 million, or 5.3% from $721.7 million at September 30, 2016, and an
increase of $142.3 million, or 23.1%, from $617.4 million at December
31, 2015. Gross loans, net of unearned income, were $674.2 million at
December 31, 2016, an increase of $47.1 million, or 7.5%, from $627.2
million at September 30, 2016, and an increase of $166.9 million, or
32.9%, from $507.3 million at December 31, 2015.
New loan originations for the fourth quarter of 2016 totaled $82.3
million, including SBA loan originations of $29.5 million, compared to
$93.2 million, including SBA loan originations of $21.5 million for the
third quarter of 2016. New loan originations for the fourth quarter of
2015 were $65.7 million, including SBA loan originations of $32.8
million.
Total deposits were $661.8 million at December 31, 2016, an increase of
$34.9 million, or 5.6% from $626.9 million at September 30, 2016, and an
increase of $142.1 million, or 27.3%, from $519.7 million at December
31, 2015. Non-interest bearing deposits were $247.4 million at December
31, 2016, an increase of $19.6 million, or 8.6%, from $227.7 million at
September 30, 2016, and an increase of $92.2 million, or 59.4% from
$155.1 million at December 31, 2015.
Non-interest bearing deposits accounted for 37.4% of total deposits at
December 31, 2016, compared to 36.3% at September 30, 2016 and 29.9% at
December 31, 2015.
|
|
|
|
| | December 31,
2016
|
| September 30,
2016
|
| December 31,
2015
|
| | | | | | | | |
|
| | | |
Non-interest bearing deposits
|
37.4
|
%
| |
36.3
|
%
| |
29.9
|
%
|
| | | |
Interest bearing demand deposits
|
34.7
|
%
| |
34.3
|
%
| |
34.6
|
%
|
| | | |
Savings
|
0.5
|
%
| |
0.4
|
%
| |
0.4
|
%
|
| | | |
Time deposits over $250,000 |
11.9
|
%
| |
12.4
|
%
| |
13.1
|
%
|
| | | |
Other time deposits
|
15.5
|
%
| |
16.6
|
%
| |
22.0
|
%
|
| | | |
Total deposits
|
100.0
|
%
| |
100.0
|
%
| |
100.0
|
%
|
Borrowings from the Federal Home Loan Bank (“FHLB”) were $10 million at
December 31, 2016 and September 30, 2016, and $20.0 million at December
31, 2015.
At December 31, 2016, the Company continued to exceed all regulatory
capital requirements to be classified as “well-capitalized,” as
summarized in the following table.
|
|
|
|
| |
| December 31,
2016
|
| September 30,
2016
|
| December 31,
2015
|
| | | | | | | | | |
|
| | | |
Tier 1 leverage capital ratio
| |
10.89
|
%
| |
11.29
|
%
| |
11.70
|
%
|
| | | |
CET 1 capital ratio
| |
12.20
|
%
| |
12.70
|
%
| |
14.28
|
%
|
| | | |
Tier 1 risk-based capital ratio
| |
12.20
|
%
| |
12.70
|
%
| |
14.28
|
%
|
| | | |
Total risk-based capital ratio
| |
13.40
|
%
| |
13.95
|
%
| |
15.53
|
%
|
At December 31, 2016, the tangible common equity represented 10.70% of
tangible assets, compared to 10.92% at September 30, 2016 and 11.74% at
December 31, 2015. The tangible common equity to tangible assets ratio
is a non-GAAP financial measure that represents common equity less
goodwill and other net intangible assets divided by total assets less
goodwill and other net intangible assets. Management reviews the
tangible common equity to tangible assets ratio to evaluate the
Company’s capital levels.
Asset Quality
Loan loss provision for the fourth quarter of 2016 was $323 thousand,
compared to $677 thousand for the third quarter of 2016 and no loan loss
provision for the fourth quarter of 2015. Non-performing assets were
$576 thousand, or 0.08% of total assets, at December 31, 2016 and $968
thousand, or 0.13% of total assets, at September 30, 2016 and $1.0
million, or 0.17% of total assets, at December 31, 2015. There was no
other real estate owned (“OREO”) at December 31, 2016, September 30,
2016, or December 31, 2015.
Non-performing loans to gross loans were 0.09% at December 31, 2016,
compared to 0.15% at September 30, 2016 and 0.20% at December 31, 2015.
Total classified loans were $2.3 million, or 0.34% of gross loans, at
December 31, 2016, compared to $1.3 million, or 0.21% of gross loans, at
September 30, 2016 and $0.8 million, or 0.16% of gross loans, at
December 31, 2015.
The allowance for loan losses was $7.9 million at December 31, 2016,
compared to $7.6 million at September 30, 2016 and $6.4 million at
December 31, 2015. The allowance for loan losses was 1.17% of gross
loans at December 31, 2016 and 1.21% at September 30, 2016 and 1.26% at
December 31, 2015.
Use of Non-GAAP Financial Measures. This
document may contain GAAP financial measures and non-GAAP financial
measures where management believes it to be helpful in understanding the
Company’s results of operations or financial position. Where non-GAAP
financial measures are used, the comparable GAAP financial measure, as
well as the reconciliation to the comparable GAAP financial measure, can
be found in this earnings release, which can be found on Open Bank’s
website at www.myopenbank.com.
About OP Bancorp
OP Bancorp, the holding company for Open Bank, is a California
corporation whose common stock is traded on the OTCQB under the ticker
symbol, “OPBK.” Open Bank (the "Bank") is engaged in the general
commercial banking business in Los Angeles and Orange Counties 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 with seven full branch offices in Downtown Los Angeles, Los
Angeles Fashion District, Los Angeles Koreatown, Gardena and Buena Park.
The Bank also has two loan production offices in Seattle, Washington and
Dallas, Texas. 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.comMember FDIC, Equal Housing Lender
Safe Harbor Statement
This press release contains certain forward-looking information about OP
Bancorp that is intended to be covered by the safe harbor for
“forward-looking statements” provided by the Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact are forward-looking statements, including statements
about the Company’s successful implementation of its strategies
resulting in significant increase in non-interest bearing deposits.
These forward-looking statements may include, but are not limited to,
such words as "believes," "expects," "anticipates," "intends," "plans,"
"estimates," "may," "will," "should," "could," "predicts," "potential,"
"continue," or the negative of such terms and other comparable
terminology or similar expressions and may include statements about the
Company’s focus on exploring new opportunities, building customer
relationship through core deposits, growing core deposits, and improving
asset quality. Forward-looking statements are not guarantees. Such
statements involve inherent risks and uncertainties, many of which are
difficult to predict and are generally beyond the control of OP Bancorp
such as the ability of the new branch to attract sufficient number of
customers, deposits and new business to become profitable. OP Bancorp
cautions readers that a number of important factors could cause actual
results to differ materially from those expressed in, or implied or
projected by, such forward-looking statements. If any of these risks or
uncertainties materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, OP Bancorp’s results
could differ materially from those expressed in, or implied or projected
by such forward-looking statements. OP Bancorp assumes no obligation to
update such forward-looking statements, except as required by law.
| Balance Sheet | |
| |
| |
| |
| |
| |
| |
| |
| | | | | | | | | | | | | | |
|
|
(Dollars in thousand, except per share data)
| | December 31, 2016 | | September 30, 2016 | | $ | change | | % change |
| | December 31, 2015 | | $ | change | | % change |
|
| | | (Unaudited) | | (Unaudited) | | | | | | (Audited) | | | | |
| Assets | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
|
Cash and due from banks
| | |
$
|
20,126
| | |
$
|
29,986
| | |
$
|
(9,860
|
)
| |
-32.9
|
%
| |
$
|
37,399
| | |
$
|
(17,273
|
)
| |
-46.2
|
%
|
|
Investment securities
| | | |
35,463
| | | |
38,038
| | | |
(2,575
|
)
| |
-6.8
|
%
| | |
43,889
| | | |
(8,426
|
)
| |
-19.2
|
%
|
|
Loans held for sale
| | | |
1,646
| | | |
2,231
| | | |
(585
|
)
| |
-26.2
|
%
| | |
5,579
| | | |
(3,933
|
)
| |
-70.5
|
%
|
|
Real Estate Loans
| | | |
363,210
| | | |
344,469
| | | |
18,741
| | |
5.4
|
%
| | |
272,893
| | | |
90,317
| | |
33.1
|
%
|
|
SBA Loans
| | | |
102,926
| | | |
97,598
| | | |
5,328
| | |
5.5
|
%
| | |
81,340
| | | |
21,586
| | |
26.5
|
%
|
|
C & I Loans
| | | |
97,541
| | | |
77,448
| | | |
20,093
| | |
25.9
|
%
| | |
70,501
| | | |
27,040
| | |
38.4
|
%
|
|
Home Mortgage Loans
| | | |
104,654
| | | |
102,219
| | | |
2,435
| | |
2.4
|
%
| | |
76,744
| | | |
27,910
| | |
36.4
|
%
|
|
Consumer & Other Loans
| | |
|
5,896
|
| |
|
5,437
|
| |
|
459
|
| |
8.4
|
%
| |
|
5,808
|
| |
|
88
|
| |
1.5
|
%
|
|
Gross loans, net of unearned income
| | |
674,227
| | | |
627,171
| | | |
47,056
| | |
7.5
|
%
| | |
507,286
| | | |
166,941
| | |
32.9
|
%
|
|
Allowance for loan losses
| | | |
(7,910
|
)
| | |
(7,615
|
)
| | |
(295
|
)
| |
-3.9
|
%
| | |
(6,390
|
)
| | |
(1,520
|
)
| |
-23.8
|
%
|
|
Net loans receivable
| | | |
666,317
| | | |
619,556
| | | |
46,761
| | |
7.5
|
%
| | |
500,896
| | | |
165,421
| | |
33.0
|
%
|
|
Bank premises and equipment, net
| | |
5,067
| | | |
5,311
| | | |
(244
|
)
| |
-4.6
|
%
| | |
5,892
| | | |
(825
|
)
| |
-14.0
|
%
|
|
Accrued interest receivable
| | | |
2,001
| | | |
1,767
| | | |
234
| | |
13.2
|
%
| | |
1,562
| | | |
439
| | |
28.1
|
%
|
|
FHLB and Pacific Coast Bankers Bank Stock, at cost
| | |
3,438
| | | |
3,438
| | | |
0
| | |
0.0
|
%
| | |
2,655
| | | |
783
| | |
29.5
|
%
|
|
Servicing assets
| | | |
6,783
| | | |
6,415
| | | |
368
| | |
5.7
|
%
| | |
5,551
| | | |
1,232
| | |
22.2
|
%
|
|
Net deferred taxes
| | | |
1,684
| | | |
1,436
| | | |
248
| | |
17.3
|
%
| | |
1,635
| | | |
49
| | |
3.0
|
%
|
|
Other assets
| | |
|
17,133
|
| |
|
13,489
|
| |
|
3,644
|
| |
27.0
|
%
| |
|
12,292
|
| |
|
4,841
|
| |
39.4
|
%
|
|
Total assets
| | |
$
|
759,658
|
| |
$
|
721,667
|
| |
$
|
37,991
|
| |
5.3
|
%
| |
$
|
617,350
|
| |
$
|
142,308
|
| |
23.1
|
%
|
| | | | | | | | | | | | | | |
|
| Liabilities and Shareholders' Equity | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
|
|
Noninterest bearing deposits
| | |
$
|
247,376
| | |
$
|
227,745
| | |
$
|
19,631
| | |
8.6
|
%
| |
$
|
155,147
| | |
$
|
92,229
| | |
59.4
|
%
|
|
Savings
| | | |
3,207
| | | |
2,668
| | | |
539
| | |
20.2
|
%
| | |
2,000
| | | |
1,207
| | |
60.4
|
%
|
|
Money market and others
| | | |
229,566
| | | |
214,582
| | | |
14,984
| | |
7.0
|
%
| | |
179,833
| | | |
49,733
| | |
27.7
|
%
|
|
Time deposits over $250,000 | | | |
79,024
| | | |
77,696
| | | |
1,328
| | |
1.7
|
%
| | |
68,390
| | | |
10,634
| | |
15.5
|
%
|
|
Other time deposits
| | |
|
102,611
|
| |
|
104,187
|
| |
|
(1,576
|
)
| |
-1.5
|
%
| |
|
114,351
|
| |
|
(11,740
|
)
| |
-10.3
|
%
|
|
Total deposits
| | | |
661,784
| | | |
626,878
| | | |
34,906
| | |
5.6
|
%
| | |
519,721
| | | |
142,063
| | |
27.3
|
%
|
|
Other borrowings
| | | |
10,000
| | | |
10,000
| | | |
0
| | |
0.0
|
%
| | |
20,000
| | | |
(10,000
|
)
| |
-50.0
|
%
|
|
Other liabilities
| | |
|
6,590
|
| |
|
5,997
|
| |
|
593
|
| |
9.9
|
%
| |
|
5,150
|
| |
|
1,440
|
| |
28.0
|
%
|
|
Total liabilities
| | | |
678,374
| | | |
642,875
| | | |
35,499
| | |
5.5
|
%
| | |
544,871
| | | |
133,503
| | |
24.5
|
%
|
|
Total shareholders' equity
| | |
|
81,284
|
| |
|
78,792
|
| |
|
2,492
|
| |
3.2
|
%
| |
|
72,479
|
| |
|
8,805
|
| |
12.1
|
%
|
|
Total Liabilities and Shareholders' Equity
| |
$
|
759,658
|
| |
$
|
721,667
|
| |
$
|
37,991
|
| |
5.3
|
%
| |
$
|
617,350
|
| |
$
|
142,308
|
| |
23.1
|
%
|
| Statement of Operations | | |
| |
| |
| |
| |
| |
| |
| |
|
(Dollars in thousand, except per share data)
| | | | | | | | | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2016 | | September 30, 2016 | |
| % change |
| | December 31, 2015 | |
| % change |
| | December 31, 2016 | | December 31, 2015 | | % change |
|
|
Interest income
| |
$
|
8,766
| | |
$
|
8,254
| | | |
6.2
|
%
| |
$
|
6,811
| | | |
28.7
|
%
| |
$
|
31,701
| | |
$
|
25,192
| | |
25.8
|
%
|
|
Interest expense
| |
|
887
|
| |
|
833
|
| |
|
6.5
|
%
| |
|
849
|
| |
|
4.5
|
%
| |
|
3,371
|
| |
|
2,689
|
| |
25.4
|
%
|
|
Net interest income
| |
|
7,879
|
|
|
|
7,421
|
| |
|
6.2
|
%
| |
|
5,962
|
| |
|
32.2
|
%
| |
|
28,330
|
| |
|
22,503
|
| |
25.9
|
%
|
|
Provision for loan losses
| | |
323
| | | |
677
| | | |
-52.3
|
%
| | |
-
| | | |
0.0
|
%
| | |
1,682
| | | |
553
| | |
204.2
|
%
|
|
Non interest income
| | |
2,533
| | | |
2,400
| | | |
5.5
|
%
| | |
1,988
| | | |
27.4
|
%
| | |
9,007
| | | |
7,978
| | |
12.9
|
%
|
|
Non interest expense
| |
|
6,427
|
| |
|
5,703
|
| |
|
12.7
|
%
| |
|
5,309
|
| |
|
21.1
|
%
| |
|
23,334
|
| |
|
19,795
|
| |
17.9
|
%
|
|
Income before income taxes
| | |
3,662
| | | |
3,441
| | | |
6.4
|
%
| | |
2,641
| | | |
38.7
|
%
| | |
12,321
| | | |
10,133
| | |
21.6
|
%
|
|
Provision for income taxes
| |
|
1,407
|
| |
|
1,389
|
| |
|
1.3
|
%
| |
|
1,085
|
| |
|
29.7
|
%
| |
|
4,894
|
| |
|
4,170
|
| |
17.4
|
%
|
|
Net income (loss)
| |
$
|
2,255
|
| |
$
|
2,052
|
| |
|
9.9
|
%
| |
$
|
1,556
|
| |
|
44.9
|
%
| |
$
|
7,427
|
| |
$
|
5,963
|
| |
24.6
|
%
|
| | | | | | | | | | | | | | | |
|
|
Pre-tax Pre-provision Income
| |
$
|
3,985
| | |
$
|
4,118
| | | |
-3.2
|
%
| |
$
|
2,641
| | | |
50.9
|
%
| |
$
|
14,003
| | |
$
|
10,686
| | |
31.0
|
%
|
| | | | | | | | | | | | | | | |
|
|
Book Value
| |
$
|
6.30
| | |
$
|
6.12
| | | |
3.0
|
%
| |
$
|
5.71
| | | |
10.3
|
%
| |
$
|
6.30
| | |
$
|
5.71
| | |
10.3
|
%
|
|
Basic EPS
| |
$
|
0.18
| | |
$
|
0.16
| | | |
9.6
|
%
| |
$
|
0.12
| | | |
42.5
|
%
| |
$
|
0.58
| | |
$
|
0.48
| | |
22.2
|
%
|
|
Diluted EPS
| |
$
|
0.17
| | |
$
|
0.15
| | | |
9.2
|
%
| |
$
|
0.12
| | | |
42.0
|
%
| |
$
|
0.56
| | |
$
|
0.46
| | |
22.6
|
%
|
| | | | | | | | | | | | | | | |
|
|
Shares of common stock outstanding
| |
12,896,548
| | | |
12,873,906
| | | |
0.2
|
%
| | |
12,682,510
| | | |
1.7
|
%
| | |
12,896,548
| | | |
12,682,510
| | |
1.7
|
%
|
|
Weighted Average Shares:
| | | | | | | | | | | | | | | | |
|
- Basic
| | |
12,879,956
| | | |
12,840,826
| | | |
0.3
|
%
| | |
12,662,733
| | | |
1.7
|
%
| | |
12,788,378
| | | |
12,549,915
| | |
1.9
|
%
|
|
- Diluted
| | |
13,374,569
| | | |
13,285,855
| | | |
0.7
|
%
| | |
13,107,695
| | | |
2.0
|
%
| | |
13,233,582
| | | |
13,025,087
| | |
1.6
|
%
|
| | | | | | | | | | | | | | | |
|
| | Three Months Ended | | Twelve Months Ended |
| | December 31, 2016 | | September 30, 2016 | |
| % change |
| | December 31, 2015 | |
| % change |
| | December 31, 2016 | | December 31, 2015 | | % change |
|
Key Ratios | | | | | | | | | | | | | | | | |
|
Return on average assets (ROA)*
| |
1.21
|
%
| | |
1.18
|
%
| | |
0.03
|
%
| | |
1.00
|
%
| | |
0.21
|
%
| | |
1.08
|
%
| | |
1.16
|
%
| |
-0.08
|
%
|
|
Return on average equity (ROE) *
| |
11.27
|
%
| | |
10.51
|
%
| | |
0.76
|
%
| | |
8.69
|
%
| | |
2.58
|
%
| | |
9.69
|
%
| | |
9.46
|
%
| |
0.23
|
%
|
|
Net interest margin *
| | |
4.41
|
%
| | |
4.46
|
%
| | |
-0.05
|
%
| | |
4.02
|
%
| | |
0.39
|
%
| | |
4.51
|
%
| | |
4.69
|
%
| |
-0.18
|
%
|
|
Efficiency ratio
| | |
61.73
|
%
| | |
58.07
|
%
| | |
3.66
|
%
| | |
66.78
|
%
| | |
-5.05
|
%
| | |
62.50
|
%
| | |
64.94
|
%
| |
-2.44
|
%
|
|
Pre-tax Pre-provision Income to average assets
| |
2.13
|
%
| | |
2.37
|
%
| | |
-0.24
|
%
| | |
1.70
|
%
| | |
0.43
|
%
| | |
2.04
|
%
| | |
2.08
|
%
| |
-0.04
|
%
|
| | | | | | | | | | | | | | | |
|
|
Tangible common equity to tangible assets
| |
10.70
|
%
| | |
10.92
|
%
| | |
-0.22
|
%
| | |
11.74
|
%
| | |
-1.04
|
%
| | |
10.70
|
%
| | |
11.74
|
%
| |
-1.04
|
%
|
|
Tier 1 Leverage Ratio
| | |
10.89
|
%
| | |
11.29
|
%
| | |
-0.40
|
%
| | |
11.70
|
%
| | |
-0.81
|
%
| | |
10.89
|
%
| | |
11.70
|
%
| |
-0.81
|
%
|
|
Common Equity Tier 1 Ratio
| | |
12.20
|
%
| | |
12.70
|
%
| | |
-0.50
|
%
| | |
14.28
|
%
| | |
-2.08
|
%
| | |
12.20
|
%
| | |
14.28
|
%
| |
-2.08
|
%
|
|
Tier 1 Capital Ratio
| | |
12.20
|
%
| | |
12.70
|
%
| | |
-0.50
|
%
| | |
14.28
|
%
| | |
-2.08
|
%
| | |
12.20
|
%
| | |
14.28
|
%
| |
-2.08
|
%
|
|
Total Risk Based Capital Ratio
| | |
13.40
|
%
| | |
13.95
|
%
| | |
-0.55
|
%
| | |
15.53
|
%
| | |
-2.13
|
%
| | |
13.40
|
%
| | |
15.53
|
%
| |
-2.13
|
%
|
| | | | | | | | | | | | | | | |
|
| Average Balances | | | | | | | | | | | | | | | | |
|
Investments
| |
$
|
54,369
| | |
$
|
54,617
| | | |
-0.5
|
%
| |
$
|
82,758
| | | |
-34.3
|
%
| |
$
|
66,372
| | |
$
|
64,164
| | |
3.4
|
%
|
|
Gross loans, including loans held for sale
| |
657,078
| | | |
607,636
| | | |
8.1
|
%
| | |
505,861
| | | |
29.9
|
%
| | |
586,628
| | | |
466,220
| | |
25.8
|
%
|
|
Interest earning assets
| | |
711,448
| | | |
662,252
| | | |
7.4
|
%
| | |
588,619
| | | |
20.9
|
%
| | |
653,000
| | | |
530,384
| | |
23.1
|
%
|
|
Total assets
| |
$
|
746,673
| | |
$
|
694,998
| | | |
7.4
|
%
| |
$
|
620,549
| | | |
20.3
|
%
| |
$
|
685,617
| | |
$
|
561,032
| | |
22.2
|
%
|
| | | | | | | | | | | | | | | |
|
|
Noninterest bearing deposits
| |
$
|
236,249
| | |
$
|
213,023
| | | |
10.9
|
%
| |
$
|
156,402
| | | |
51.1
|
%
| |
$
|
198,413
| | |
$
|
152,968
| | |
29.7
|
%
|
|
Interest bearing deposits
| | |
413,078
| | | |
380,038
| | | |
8.7
|
%
| | |
366,801
| | | |
12.6
|
%
| | |
387,986
| | | |
314,549
| | |
23.3
|
%
|
|
Total deposits
| | |
649,328
| | | |
593,061
| | | |
9.5
|
%
| | |
523,203
| | | |
24.1
|
%
| | |
586,399
| | | |
467,517
| | |
25.4
|
%
|
|
Interest bearing liabilities
| | |
423,405
| | | |
398,914
| | | |
6.1
|
%
| | |
386,804
| | | |
9.5
|
%
| | |
404,972
| | | |
334,550
| | |
21.0
|
%
|
|
Shareholders' equity
| | |
79,991
| | | |
78,051
| | | |
2.5
|
%
| | |
71,568
| | | |
11.8
|
%
| | |
76,647
| | | |
68,798
| | |
11.4
|
%
|
|
Net interest earning assets
| |
$
|
288,043
| | |
$
|
263,338
| | | |
9.4
|
%
| |
$
|
201,815
| | | |
42.7
|
%
| |
$
|
248,028
| | |
$
|
195,834
| | |
26.7
|
%
|
| | | | | | | | | | | | | | | |
|
| Asset Quality | |
| 12/31/2016 |
| |
| 9/30/2016 |
| |
| 6/30/2016 |
| |
| 3/31/2016 |
| |
| 12/31/2015 |
| | | | | | |
|
Nonaccrual Loans
| | |
209
| | | |
597
| | | |
650
| | | |
624
| | | |
657
| | | | | | | |
|
Loans 90 days or more past due, accruing
| |
-
| | | |
-
| | | |
-
| | | |
-
| | | |
-
| | | | | | | |
|
Accruing Restructured Loans
| |
| 367 |
| |
| 371 |
| |
| 375 |
| |
| 379 |
| |
| 382 |
| | | | | | |
|
Total Non-Performing Loans
| | |
576
| | | |
968
| | | |
1,025
| | | |
1,003
| | | |
1,039
| | | | | | | |
|
Other Real Estate Loans (OREO)
|
| - |
| |
| - |
| |
| - |
| |
| - |
| |
| - |
| | | | | | |
|
Total Non-Performing Assets
| | |
576
| | | |
968
| | | |
1,025
| | | |
1,003
| | | |
1,039
| | | | | | | |
| | | | | | | | | | | | | | | |
|
|
Classified Loans
| | |
2,304
| | | |
1,297
| | | |
1,225
| | | |
1,203
| | | |
827
| | | | | | | |
| | | | | | | | | | | | | | | |
|
|
Non-Performing Assets/Total Assets
| |
0.08
|
%
| | |
0.13
|
%
| | |
0.15
|
%
| | |
0.15
|
%
| | |
0.17
|
%
| | | | | | |
|
Non-Performing Assets/(Gross Loans +OREO)
| |
0.09
|
%
| | |
0.15
|
%
| | |
0.18
|
%
| | |
0.19
|
%
| | |
0.20
|
%
| | | | | | |
|
Non-Performing Loans/Gross Loans
| |
0.09
|
%
| | |
0.15
|
%
| | |
0.18
|
%
| | |
0.19
|
%
| | |
0.20
|
%
| | | | | | |
|
Allowance for Loan Losses/Non-Performing Loans
| |
1373
|
%
| | |
787
|
%
| | |
691
|
%
| | |
660
|
%
| | |
615
|
%
| | | | | | |
|
Allowance for Loan Losses/Non-Performing Assets
| |
1373
|
%
| | |
787
|
%
| | |
691
|
%
| | |
660
|
%
| | |
615
|
%
| | | | | | |
|
Allowance for Loan Losses/Gross Loans
| |
1.17
|
%
| | |
1.21
|
%
| | |
1.21
|
%
| | |
1.26
|
%
| | |
1.26
|
%
| | | | | | |
|
Classified Loans/Gross Loans
| | |
0.34
|
%
| | |
0.21
|
%
| | |
0.21
|
%
| | |
0.23
|
%
| | |
0.16
|
%
| | | | | | |
| | | | | | | | | | | | | | | |
|
|
Net Charge-offs
| |
$
|
28
| | |
$
|
141
| | |
$
|
(6
|
)
| |
$
|
(1
|
)
| |
$
|
(3
|
)
| | | | | | |
|
Net Charge-offs to Average Gross Loans *
| |
0.02
|
%
| | |
0.09
|
%
| | |
0.00
|
%
| | |
0.00
|
%
| | |
0.00
|
%
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
* Annualized
| | | | | | | | | | | | | | | | | | | | | | | | | |
View source version on businesswire.com: http://www.businesswire.com/news/home/20170126006111/en/
OP Bancorp
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com
Source: OP Bancorp