OP Bancorp Q3 net income $5.1M ($0.33 EPS), down 41% YoY; NIM narrows to 3.38%

OP Bancorp

2023-Q3 EPS reported $1.21 revenue$1,566,000

Net income $5.1M, diluted EPS $0.33 vs $6.1M ($0.39) in Q2'23 and $8.7M ($0.55) in Q3'22.
Net interest margin 3.38% vs 3.40% QoQ and 4.31% YoY; provision for credit losses $1.4M vs $0 in Q2.
Nonperforming loans to gross loans 0.24% (up from 0.20% QoQ); criticized loans to gross loans 0.78% (up from 0.44% QoQ).
Book value per share $12.17; CET1 ratio 12.09%; announced share repurchase of up to 750,000 shares.
Quarterly dividend maintained at $0.12 per share, payable Nov 23 to record Nov 9.

item 2.02 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 preliminary financial results for the third quarter ended September 30, 2023.

Period: the third quarter ended September 30, 2023
Result: preliminary results

Exact text from the filing

On October 26, 2023, OP Bancorp, (the “Company”), the holding company of Open Bank, issued a press release announcing preliminary unaudited results for the third quarter ended September 30, 2023.

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Source: SEC EDGAR

accession 0001628280-23-035339

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