OP Bancorp Reports Net Income for 2023 Third Quarter of $5.1 Million and Diluted Earnings Per Share of $0.33

2023 Third Quarter Highlights compared with 2023 Second Quarter:

• Financial Results:
  • Net income of $5.1 million, compared to $6.1 million
  • Diluted earnings per share of $0.33, compared to $0.39
  • Net interest income of $17.3 million, compared to $17.3 million
  • Net interest margin of 3.38%, compared to 3.40%
  • Provision for credit losses of $1.4 million, compared to none
  • Total assets of $2.14 billion, compared to $2.15 billion
  • Gross loans of $1.76 billion, compared to $1.72 billion
  • Total deposits of $1.83 billion, compared to $1.86 billion
• Credit Quality:
  • Allowance for credit losses to gross loans of 1.23%, compared to 1.21%
  • Net charge-offs⁽¹⁾ to average gross loans⁽²⁾ of 0.11%, compared to 0.00%
  • Nonperforming loans to gross loans of 0.24%, compared to 0.20%
  • Criticized loans⁽³⁾ to gross loans of 0.78%, compared to 0.44%
• Capital Levels:
  • Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 12.09%
  • Book value per common share increased to $12.17, compared to $12.16
  • Paid quarterly cash dividend of $0.12 per share for the periods
  • Announced a new program to repurchase up to 750,000 shares of its common stock

___________________________________________________________

⁽¹⁾ Annualized.

⁽²⁾ Includes loans held for sale.

⁽³⁾ Includes special mention, substandard, doubtful, and loss categories.

LOS ANGELES–(BUSINESS WIRE)–OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the third quarter of 2023. Net income for the third quarter of 2023 was $5.1 million, or $0.33 per diluted common share, compared with $6.1 million, or $0.39 per diluted common share, for the second quarter of 2023, and $8.7 million, or $0.55 per diluted common share, for the third quarter of 2022.

Min Kim, President and Chief Executive Officer:

“Recognizing the continued challenges in banking environment, we have been actively engaging with our borrowers to provide support in this high interest rate environment. As we maintain a healthy level of liquidity, our primary emphasis has been on fine-tuning our deposit composition to control costs effectively. Our noninterest-bearing deposits stand at 33% of total deposits showing promising signs of stability in our net interest margin,” said Min Kim, President and Chief Executive.

“We also expanded our branch network by opening our eleventh full service branch in Las Vegas, Nevada during the quarter. Although we anticipate additional challenges in the short term, we remain optimistic about achieving our longer-term goals.”

SELECTED FINANCIAL HIGHLIGHTS

($ in thousands, except per share data)		As of and For the Three Months Ended												% Change 3Q23 vs.
		3Q2023				2Q2023				3Q2022				2Q2023			3Q2022
Selected Income Statement Data:
Net interest income		$	17,313			$	17,252			$	20,344			0.4	%		(14.9	)%
Provision for credit losses			1,359				—				662			n/m			105.3
Noninterest income			2,601				3,605				4,821			(27.9	)		(46.0	)
Noninterest expense			11,535				12,300				12,338			(6.2	)		(6.5	)
Income tax expense			1,899				2,466				3,515			(23.0	)		(46.0	)
Net income			5,121				6,091				8,650			(15.9	)		(40.8	)
Diluted earnings per share			0.33				0.39				0.55			(15.4	)		(40.0	)
Selected Balance Sheet Data:
Gross loans		$	1,759,525			$	1,716,197			$	1,618,018			2.5	%		8.7	%
Total deposits			1,825,171				1,859,639				1,816,811			(1.9	)		0.5
Total assets			2,142,675				2,151,701				2,029,575			(0.4	)		5.6
Average loans(1)			1,740,188				1,725,764				1,614,000			0.8			7.8
Average deposits			1,821,361				1,817,101				1,753,726			0.2			3.9
Credit Quality:
Nonperforming loans		$	4,211			$	3,447			$	1,809			22.2	%		132.8	%
Nonperforming loans to gross loans			0.24	%			0.20	%			0.11	%		20.0			118.2
Criticized loans(2) to gross loans			0.78				0.44				0.19			77.3			310.5
Net charge-offs (recoveries) to average gross loans(3)			0.11				0.00				(0.00	)		0.11			0.11
Allowance for credit losses to gross loans			1.23				1.21				1.14			0.02			0.09
Allowance for credit losses to nonperforming loans			513				603				1015			(90	)		(502	)
Financial Ratios:
Return on average assets(3)			0.96	%			1.15	%			1.77	%		(0.19	)%		(0.81	)%
Return on average equity(3)			11.07				13.27				19.91			(2.20	)		(8.84	)
Net interest margin(3)			3.38				3.40				4.31			(0.02	)		(0.93	)
Efficiency ratio(4)			57.92				58.97				49.03			(1.05	)		8.89
Common equity tier 1 capital ratio			12.09				11.92				11.92			0.17			0.17
Leverage ratio			9.63				9.50				9.52			0.13			0.11
Book value per common share		$	12.17			$	12.16			$	11.19			0.1			8.8

(1)		Includes loans held for sale.
(2)		Includes special mention, substandard, doubtful, and loss categories.
(3)		Annualized.
(4)		Represents noninterest expense divided by the sum of net interest income and noninterest income.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

($ in thousands)		For the Three Months Ended									% Change 3Q23 vs.
		3Q2023			2Q2023			3Q2022			2Q2023			3Q2022
Interest Income
Interest income		$	31,186		$	30,102		$	23,234		3.6	%		34.2	%
Interest expense			13,873			12,850			2,890		8.0			380.0
Net interest income		$	17,313		$	17,252		$	20,344		0.4	%		(14.9	)%

($ in thousands)		For the Three Months Ended
		3Q2023									2Q2023									3Q2022
		Average Balance			Interest and Fees			Yield/Rate(1)			Average Balance			Interest and Fees			Yield/Rate(1)			Average Balance			Interest and Fees			Yield/Rate(1)
Interest-earning Assets:
Loans		$	1,740,188		$	28,250		6.45	%		$	1,725,764		$	27,288		6.34	%		$	1,614,000		$	21,780		5.36	%
Total interest-earning assets			2,038,321			31,186		6.08				2,030,139			30,102		5.94				1,874,516			23,234		4.92
Interest-bearing Liabilities:
Interest-bearing deposits			1,222,099			13,006		4.22				1,201,353			11,920		3.98				947,437			2,889		1.21
Total interest-bearing liabilities			1,301,990			13,873		4.23				1,283,939			12,850		4.01				947,567			2,890		1.21
Ratios:
Net interest income / interest rate spreads						17,313		1.85							17,252		1.93							20,344		3.71
Net interest margin								3.38									3.40									4.31
Total deposits / cost of deposits			1,821,361			13,006		2.83				1,817,101			11,920		2.63				1,753,726			2,889		0.65
Total funding liabilities / cost of funds			1,901,252			13,873		2.90				1,899,687			12,850		2.71				1,753,856			2,890		0.65

(1)

Annualized.

($ in thousands)		For the Three Months Ended																					Yield Change 3Q23 vs.
		3Q2023							2Q2023							3Q2022
		Interest & Fees				Yield(1)			Interest & Fees				Yield(1)			Interest & Fees				Yield(1)			2Q2023			3Q2022
Loan Yield Component:
Contractual interest rate		$	27,319			6.24	%		$	26,411			6.13	%		$	20,419			5.02	%		0.11	%		1.22	%
SBA discount accretion			1,263			0.29				1,078			0.25				1,336			0.33			0.04			(0.04	)
Amortization of net deferred fees			1			—				16			0.01				122			0.03			(0.01	)		(0.03	)
Amortization of premium			(445	)		(0.10	)			(452	)		(0.11	)			(250	)		(0.06	)		0.01			(0.04	)
Net interest recognized on nonaccrual loans			(26	)		(0.01	)			40			0.01				—			—			(0.02	)		(0.01	)
Prepayment penalties(2) and other fees			138			0.03				195			0.05				153			0.04			(0.02	)		(0.01	)
Yield on loans		$	28,250			6.45	%		$	27,288			6.34	%		$	21,780			5.36	%		0.11	%		1.09	%
Amortization of Net Deferred Fees:
PPP loan forgiveness		$	3			—	%		$	—			—	%		$	351			0.04	%		—	%		(0.04	)%
Other			(2	)		—				16			0.01				142			-0.01			(0.01	)		0.01
Total amortization of net deferred fees		$	1			—	%		$	16			0.01	%		$	493			0.03	%		(0.01	)%		(0.03	)%

(1)		Annualized.
(2)		Prepayment penalty income of $110 thousand and $79 thousand for the three months ended June 30, 2023 and September 30, 2022, respectively, was from commercial real estate (“CRE”) and Commercial and Industrial (“C&I”) loans.

Impact of Hana Loan Purchase on Average Loan Yield and Net Interest Margin

During the second quarter of 2021, the Bank purchased an SBA portfolio of 638 loans with an ending balance of $100.0 million, excluding loan discount of $8.9 million from Hana Small Business Lending, Inc. (“Hana”). The following table presents impacts of the Hana loan purchase on average loan yield and net interest margin:

($ in thousands)		For the Three Months Ended
		3Q2023				2Q2023				3Q2022
Hana Loan Purchase:
Contractual interest rate		$	1,383			$	1,409			$	1,114
Purchased loan discount accretion			513				384				594
Other fees			27				16				9
Total interest income		$	1,923			$	1,809			$	1,717
Effect on average loan yield(1)			0.25	%			0.23	%			0.21	%
Effect on net interest margin(1)			0.30	%			0.27	%			0.22	%

($ in thousands)		For the Three Months Ended
		3Q2023									2Q2023									3Q2022
		Average Balance			Interest and Fees			Yield/ Rate			Average Balance			Interest and Fees			Yield/ Rate			Average Balance			Interest and Fees			Yield/ Rate
Average loan yield(1)		$	1,740,188		$	28,250		6.45	%		$	1,725,764		$	27,288		6.34	%		$	1,614,000		$	21,780		5.36	%
Adjusted average loan yield excluding purchased Hana loans(1)(2)			1,688,404			26,327		6.20				1,670,530			25,479		6.11				1,549,313			20,063		5.15
Net interest margin(1)			2,038,321			17,313		3.38				2,030,139			17,252		3.40				1,874,516			20,344		4.31
Adjusted interest margin excluding purchased Hana loans(1)(2)			1,986,537			15,390		3.08				1,974,905			15,443		3.13				1,809,829			18,627		4.09

(1)		Annualized.
(2)		See reconciliation of GAAP to non-GAAP financial measures.

Third Quarter 2023 vs. Second Quarter 2023

Net interest income increased $0.1 million, or 0.4%, primarily due to higher interest income on loans and interest-bearing deposits in other banks, mostly offset by higher interest expense on deposits. Net interest margin was 3.38%, a decrease of 2 basis points from 3.40%.

• A $1.0 million increase in interest income on loans was primarily due to a 11 basis point increase in average yield as a result of the Federal Reserve’s rate increases.

• A $113 thousand increase in interest income on interest-bearing deposits in other banks was primarily due the Federal Reserve’s rate increases.

• A $1.1 million increase in interest expense on interest-bearing deposits was primarily due to a 24 basis point increase in average cost.

Third Quarter 2023 vs. Third Quarter 2022

Net interest income decreased $3.0 million, or 14.9%, primarily due to higher interest expense on deposits, partially offset by higher interest income on loans. Net interest margin was 3.38%, a decrease of 93 basis points from 4.31%.

• A $10.1 million increase in interest expense on deposits was primarily due to a $274.7 million increase in average balance and a 301 basis point increase in average cost driven by the Federal Reserve’s rate increases.

• A $6.5 million increase in interest income on loans was primarily due to a $126.2 million increase in average balance and a 109 basis point increase in average yield as a result of the Federal Reserve’s rate increases.

Provision for Credit Losses

($ in thousands)		For the Three Months Ended
		3Q2023			2Q2023			3Q2022
Provision for credit losses on loans		$	1,303		$	—		$	662
Provision for (reversal of) credit losses on off-balance sheet exposure(1)			56			—			(6	)
Total provision for credit losses		$	1,359		$	—		$	656

(1)

Provision for credit losses on off-balance sheet exposure of $56 thousand for the three months ended September 30, 2023 was included in total provision for credit losses. Prior to CECL adoption, reversal of provisions for credit losses on off-balance sheet exposure of $6 thousand for the three months ended September 30, 2022 was included in other expenses.

Third Quarter 2023 vs. Second Quarter 2023

The Company recorded a $1.4 million provision for credit losses, an increase of $1.4 million, compared with no provision for credit losses. The increase was primarily due to a $488 thousand in net charge-offs, a $356 thousand increase from loan balance and historical loss factor changes, and a $575 thousand increase in qualitative factor adjustments in the third quarter of 2023.

Third Quarter 2023 vs. Third Quarter 2022

The Company recorded a $1.4 million provision for credit losses, compared with a $656 thousand provision for credit losses.

Noninterest Income

($ in thousands)		For the Three Months Ended									% Change 3Q23 vs.
		3Q2023			2Q2023			3Q2022			2Q2023			3Q2022
Noninterest Income
Service charges on deposits		$	575		$	573		$	454		0.3	%		26.7	%
Loan servicing fees, net of amortization			468			595			610		(21.3	)		(23.3	)
Gain on sale of loans			1,179			2,098			3,490		(43.8	)		(66.2	)
Other income			379			339			267		11.8			41.9
Total noninterest income		$	2,601		$	3,605		$	4,821		(27.9	)%		(46.0	)%

Third Quarter 2023 vs. Second Quarter 2023

Noninterest income decreased $1.0 million, or 27.9%, primarily due to lower gain on sale of loans.

• Gain on sale of loans was $1.2 million, a decrease of $919 thousand from $2.1 million, primarily due to a lower SBA loan sold amount and a lower average sales premium. The Bank sold $23.4 million in SBA loans at an average premium rate of 6.50%, compared to the sale of $36.8 million at an average premium rate of 6.64%.

Third Quarter 2023 vs. Third Quarter 2022

Noninterest income decreased $2.2 million, or 46.0%, primarily due to lower gain on sale of loans.

• Gain on sale of loans was $1.2 million, a decrease of $2.3 million from $3.5 million, primarily due to a lower SBA loan sold amount and a lower average sales premium. The Bank sold $23.4 million in SBA loans at an average premium rate of 6.50%, compared to the sale of $59.3 million at an average premium rate of 6.67%.

Noninterest Expense

($ in thousands)		For the Three Months Ended									% Change 3Q23 vs.
		3Q2023			2Q2023			3Q2022			2Q2023			3Q2022
Noninterest Expense
Salaries and employee benefits		$	7,014		$	7,681		$	7,343		(8.7	)%		(4.5	)%
Occupancy and equipment			1,706			1,598			1,537		6.8			11.0
Data processing and communication			369			546			586		(32.4	)		(37.0	)
Professional fees			440			381			602		15.5			(26.9	)
FDIC insurance and regulatory assessments			333			420			238		(20.7	)		39.9
Promotion and advertising			207			159			177		30.2			16.9
Directors’ fees			164			210			170		(21.9	)		(3.5	)
Foundation donation and other contributions			529			594			875		(10.9	)		(39.5	)
Other expenses			773			711			810		8.7			(4.6	)
Total noninterest expense		$	11,535		$	12,300		$	12,338		(6.2	)%		(6.5	)%

Third Quarter 2023 vs. Second Quarter 2023

Noninterest expense decreased $765 thousand, or 6.2%, primarily due to lower salaries and employee benefits, and data processing communication, partially offset by a higher occupancy and equipment.

• Salaries and employee benefits decreased $667 thousand primarily due to a lower accrual on employee incentives.

• Data processing and communication decreased $177 thousand primarily due to an accrual adjustment for a credit received on data processing fees.

• Occupancy and equipment increased $108 thousand primarily due to increases in leasehold improvements and equipment expense accrual adjustments.

Third Quarter 2023 vs. Third Quarter 2022

Noninterest expense decreased $803 thousand, or 6.5%, primarily due to lower foundation donation and other contributions, salaries and employee benefits, and data processing and communication.

• Foundation donations and other contributions decreased $346 thousand, primarily due to a lower donation accrual for Open Stewardship as a result of lower net income.

• Salaries and employee benefits decreased $329 thousand, primarily due to a lower accrual on employee incentives.

• Data processing and communication decreased $217 thousand, primarily due to an accrual adjustment for a credit received on data processing fees.

Income Tax Expense

Third Quarter 2023 vs. Second Quarter 2023

Income tax expense was $1.9 million and the effective tax rate was 27.1%, compared to income tax expense of $2.5 million and the effective rate of 28.8%. The decrease in the effective tax rate was primarily due to adjustments for differences between the prior year tax provision and the final tax returns that were applied in the third quarter of 2023.

Third Quarter 2023 vs. Third Quarter 2022

Income tax expense was $1.9 million and the effective tax rate was 27.1%, compared to income tax expense of $3.5 million and an effective rate of 28.9%. The decrease in the effective tax rate was primarily due to return to provision adjustments applied in the third quarter of 2023.

BALANCE SHEET HIGHLIGHTS

Loans

($ in thousands)		As of									% Change 3Q23 vs.
		3Q2023			2Q2023			3Q2022			2Q2023			3Q2022
CRE loans		$	878,824		$	847,863		$	830,125		3.7	%		5.9	%
SBA loans			240,154			238,785			232,569		0.6			3.3
C&I loans			124,632			112,160			133,855		11.1			(6.9	)
Home mortgage loans			515,789			516,226			419,469		(0.1	)		23.0
Consumer & other loans			126			1,163			2,000		(89.2	)		(93.7	)
Gross loans		$	1,759,525		$	1,716,197		$	1,618,018		2.5	%		8.7	%

The following table presents new loan originations based on loan commitment amounts for the periods indicated:

($ in thousands)		For the Three Months Ended									% Change 3Q23 vs.
		3Q2023			2Q2023			3Q2022			2Q2023			3Q2022
CRE loans		$	33,222		$	29,976		$	43,929		10.8	%		(24.4	)%
SBA loans			39,079			34,312			43,984		13.9			(11.2	)
C&I loans			14,617			25,650			39,720		(43.0	)		(63.2	)
Home mortgage loans			9,137			22,788			68,842		(59.9	)		(86.7	)
Gross loans		$	96,055		$	112,726		$	198,975		(14.8	)%		(51.7	)%

The following table presents changes in gross loans by loan activity for the periods indicated:

($ in thousands)		For the Three Months Ended
		3Q2023				2Q2023				3Q2022
Loan Activities:
Gross loans, beginning		$	1,716,197			$	1,692,485			$	1,484,718
New originations			96,055				112,726				198,975
Net line advances			25,464				(25,961	)			(6,337	)
Purchases			3,415				6,359				37,146
Sales			(22,137	)			(36,791	)			(64,314	)
Paydowns			(22,169	)			(17,210	)			(19,087	)
Payoffs			(36,024	)			(25,969	)			(37,817	)
PPP payoffs			(250	)			—				(7,206	)
Decrease in loans held for sale			—				7,534				30,613
Other			(1,026	)			3,024				1,327
Total			43,328				23,712				133,300
Gross loans, ending		$	1,759,525			$	1,716,197			$	1,618,018

As of September 30, 2023 vs. June 30, 2023

Gross loans were $1.76 billion as of September 30, 2023, up $43.3 million from June 30, 2023, primarily due to new loan originations and net line advances, partially offset by loan sales, and payoffs and paydowns.

New loan originations, net line advances, and loan payoffs and paydowns were $96.1 million $25.5 million, and $58.4 million for the third quarter of 2023, respectively, compared with $112.7 million $(26.0) million and $43.2 million for the second quarter of 2023, respectively.

As of September 30, 2023 vs. September 30, 2022

Gross loans were $1.76 billion as of September 30, 2023, up $141.5 million from September 30, 2022, primarily due to new loan originations of $451.8 million and loan purchases of $71.9 million, primarily offset by loan sales of $136.2 million and loan payoffs and paydowns of $217.2 million.

The following table presents the composition of gross loans by interest rate type accompanied with the weighted average contractual rates as of the periods indicated:

($ in thousands)		As of
		3Q2023						2Q2023						3Q2022
		%			Rate			%			Rate			%			Rate
Fixed rate		36.3	%		4.95	%		36.2	%		4.82	%		35.2	%		4.39	%
Hybrid rate		34.0			5.08			34.7			4.99			34.1			4.59
Variable rate		29.7			9.23			29.1			9.05			30.7			6.97
Gross loans		100.0	%		6.27	%		100.0	%		6.11	%		100.0	%		5.25	%

The following table presents the maturity of gross loans by interest rate type accompanied with the weighted average contractual rates for the periods indicated:

($ in thousands)		As of September 30, 2023
		Within One Year						One Year Through Five Years						After Five Years						Total
		Amount			Rate			Amount			Rate			Amount			Rate			Amount			Rate
Fixed rate		$	77,850		5.84	%		$	316,120		4.82	%		$	243,749		4.83	%		$	637,719		4.95	%
Hybrid rate			—		—				96,038		4.49				502,942		5.19				598,980		5.08
Variable rate			91,108		9.18				113,209		8.83				318,509		9.39				522,826		9.23
Gross loans		$	168,958		7.52	%		$	525,367		5.63	%		$	1,065,200		6.36	%		$	1,759,525		6.27	%

Allowance for Credit Losses

The Company adopted the CECL accounting standard effective as of January 1, 2023 under a modified retrospective approach. The adoption resulted in a $1.9 million increase to the allowance for credit losses on loans, a $184 thousand increase to the allowance for credit losses on off-balance sheet exposure, a $624 thousand increase to deferred tax assets, and a $1.5 million charge to retained earnings.

The following table presents impact of CECL adoption for allowance for credit losses and related items on January 1, 2023:

($ in thousands)		Allowance For Credit Losses on Loans			Allowance For Credit Losses on Off-Balance Sheet Exposure			Deferred Tax Assets			Retained Earnings
As of December 31, 2022		$	19,241		$	263		$	14,316		$	105,690
Day 1 adjustments on January 1, 2023			1,924			184			624			(1,484	)
After Day 1 adjustments		$	21,165		$	447		$	14,940		$	104,206

The following table presents allowance for credit losses and provision for credit losses as of and for the periods presented:

($ in thousands)		As of and For the Three Months Ended												% Change 3Q23 vs.
		3Q2023				2Q2023				3Q2022				2Q2023			3Q2022
Allowance for credit losses on loans, beginning		$	20,802			$	20,814			$	17,702			(0.1	)%		17.5	%
Provision for credit losses			1,303				—				662			n/m			96.8
Gross charge-offs			(492	)			(20	)			—			n/m			n/m
Gross recoveries			4				8				5			(50.0	)		(20.0	)
Net (charge-offs) recoveries			(488	)			(12	)			5			n/m			n/m
Allowance for credit losses on loans, ending(1)		$	21,617			$	20,802			$	18,369			3.9	%		17.7	%
Allowance for credit losses on off-balance sheet exposure, beginning		$	367			$	367			$	195			—	%		88.2	%
Impact of CECL adoption			—				—				—			n/m			n/m
Provision for (reversal of) credit losses			56				—				(6	)		n/m			n/m
Allowance for credit losses on off-balance sheet exposure, ending(1)		$	423			$	367			$	189			15.3	%		123.8	%

(1)

Allowance for credit losses as of September 30, 2023 and June 30, 2023 were calculated under the CECL methodology while allowance for loan losses for September 30, 2022 was calculated under the incurred loss methodology.

Asset Quality

($ in thousands)		As of and For the Three Months Ended												Change 3Q2023 vs.
		3Q2023				2Q2023				3Q2022				2Q2023			3Q2022
Loans 30-89 days past due and still accruing		$	8,356			$	5,215			$	1,205			60.2	%		593.4	%
As a % of gross loans			0.47	%			0.30	%			0.07	%		0.17	%		0.40	%
Nonperforming loans(1)		$	4,211			$	3,447			$	1,809			22.2	%		132.8	%
Nonperforming assets(1)			4,211				3,447				1,809			22.2			132.8
Nonperforming loans to gross loans			0.24	%			0.20	%			0.11	%		0.04			0.13
Nonperforming assets to total assets			0.20	%			0.16	%			0.09	%		0.04			0.11
Criticized loans(1)(2)		$	13,790			$	7,538			$	3,100			82.9	%		344.8	%
Criticized loans to gross loans			0.78	%			0.44	%			0.19	%		0.34			0.59
Allowance for credit losses ratios:
As a % of gross loans			1.23	%			1.21	%			1.14	%		0.02	%		0.09	%
As an adjusted % of gross loans(3)			1.26				1.25				1.18			0.01			0.08
As a % of nonperforming loans			513				603				1,015			(90	)		(502	)
As a % of nonperforming assets			513				603				1,015			(90	)		(502	)
As a % of criticized loans			157				276				593			(119	)		(436	)
Net charge-offs (recoveries)(4) to average gross loans(5)			0.11				0.00				(0.00	)		0.11			0.11

Contacts

Investor Relations

OP Bancorp

Christine Oh

EVP & CFO

213.892.1192

[email protected]

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