OP Bancorp Q1 net income $7.5M ($0.48 EPS); dividend raised 20% to $0.12

OP Bancorp

2023-Q1 EPS reported $0.48 revenue$418,000

Net income $7.5M ($0.48 diluted EPS) vs $8.2M ($0.53) in Q1 2022, down 7.6%.
Net interest margin narrowed to 3.56% from 4.12%; net interest income $17.9M vs $17.3M.
Board declared $0.12 quarterly dividend (20% increase from $0.10), payable May 25 to holders of record May 11.
Nonperforming loans rose to $4.36M (0.26% of loans) from $2.81M (0.20%) a year ago.
Adopted CECL on Jan 1, adding $2.1M to allowance; reversed $338K credit losses vs $341K provision in Q1 2022.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

OP Bancorp reported first quarter ended March 31, 2023 results: net income Net income of $7.5 million, EPS diluted earnings per share of $0.48.

Period: first quarter ended March 31, 2023
Net income: Net income of $7.5 million
EPS: diluted earnings per share of $0.48
Result: reported results

Exact text from the filing

On April 27, 2023, OP Bancorp, (the “Company”), the holding company of Open Bank, issued a press release announcing preliminary unaudited results for the first quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001628280-23-013650

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