OP Bancorp Q1 net income $5.2M flat QoQ, down 30.6% YoY; NIM falls to 3.06%

OP Bancorp

2024-Q1 EPS reported $0.34 revenue$612,000

Net income $5.23M ($0.34 EPS) vs $5.17M ($0.34) Q4 2023 and $7.5M ($0.48) Q1 2023.
Net interest margin 3.06%, down 6bp QoQ and 51bp YoY; net interest income $15.98M, -10.7% YoY.
Gross loans $1.80B (+2.2% QoQ), deposits $1.90B (+4.9% QoQ) with mix shift to higher-cost time deposits.
Credit quality improved: NPLs ratio 0.24% (from 0.34%), criticized loans 0.64% (from 0.76%).
Declared $0.12/share dividend payable May 23; repurchased 49,697 shares at avg $10.02.

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 0.9

OP Bancorp reported preliminary financial results for the first quarter ended March 31, 2024.

Period: the first quarter ended March 31, 2024
Result: preliminary results

Exact text from the filing

issued a press release announcing preliminary unaudited results for the first quarter ended March 31, 2024

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Source: SEC EDGAR

accession 0001628280-24-018225

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