secwatch.observer — SEC 8-K summary
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Issuer:     OP Bancorp (OPBK)
CIK:        0001722010
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001628280-24-018225
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1722010/000162828024018225/0001628280-24-018225-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1722010/000162828024018225/opbk-20240425.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-018225

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