|Over a week ago|
OP Bancorp reports Q2 EPS 42c, consensus 29c » 17:0207/2207/22/21
Reports Q2 net interest…
Reports Q2 net interest margin of 3.98%, up from 3.55% a year ago.
|Over a quarter ago|
OP Bancorp reports Q1 EPS 33c, consensus 26c » 18:0404/2204/22/21
Q1 NII before provision…
Q1 NII before provision for loan losses was $12.8M, up $574K or 4.7% vs. $12.2M for 4Q20, primarily due to a $317K decrease in interest expense and a $257K increase in interest income. Q1 net interest margin was 3.80% vs. 3.73% for 4Q20 and 3.95% for 1Q20. "I am pleased to report a record quarter with the quarterly net income of $5.1M. During Q1, we have put our priority in assisting our existing and new customers with the second draw of SBA PPP loans and have originated 1,336 loans in the amount of $74.2M. We have also began processing the forgiveness of the first draw of PPP loans which totaled $22.9M during the quarter. We are expecting to close the purchase of SBA loan portfolio of Hana Small Business Lending in Q2. As the vaccine distribution is accelerated and the counties begin to allow reopening and increased capacity of businesses, we are confident that most of our business customers will soon resume their operation to full capacity. The focus in managing risks and maintaining safe and sound banking operations will continue to remain as our highest priority," commented CEO Min Kim.
OP Bancorp upgraded to Outperform from Market Perform at Keefe Bruyette » 04:4702/0802/08/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Kelly Motta upgraded OP Bancorp to Outperform from Market Perform with a price target of $11, up from $9.50. The analyst says the stock's "highly discounted valuation can't be ignored." OP shares should re-rate to where niche peers currently trade given its stronger profitability and the quality of the franchise, Motta tells investors in a research note.
OP Bancorp to acquire SBA loan portfolio for approximately $102M » 09:0802/0302/03/21
OP Bancorp announced the…
OP Bancorp announced the signing of an asset purchase agreement to acquire the SBA portfolio of Hana Small Business Lending, Inc., a wholly-owned subsidiary of Hana Financial. As of January 28, the balance of loans outstanding to be acquired was approximately $105 million, comprised primarily of SBA 7(a) loans with a small balance of SBA PPP loans. The Bank will also acquire a servicing portfolio consisting of guaranteed SBA 7(a) loans sold in the secondary market with a balance of approximately $295 million. The purchase price is based on a formula that will be calculated at closing, including certain price adjustments, but it is estimated at approximately $102M.
OP Bancorp reports Q4 EPS 25c, consensus 23c » 18:3501/2801/28/21
Reports Q4 loan loss…
Reports Q4 loan loss provision $1.8M vs. $1.4M for 3Q20 and $411K for 4Q19. Reports Q4 net charge-offs $0 vs. ($1K) a year ago. Book value per share was $9.55 at quarter end vs. $9.36 at previous quarter end. "I am pleased to report another strong quarter with solid financial results in this challenging environment. We have exceeded our expectations in all key financial areas through proactive management of the risks, margin, and expenses during this historically difficult period. As we start a new year, we will continue to put our best efforts in supporting our customers who are still experiencing many challenges through new PPP, loan deferments, and any other means of assistance. Lastly and most importantly, managing risks and maintaining safe and sound banking operations will continue to be our key focus this year," commented CEO Min Kim.
OP Bancorp reports Q3 EPS 23c, two estimates 18c » 19:1410/2210/22/20
Reports Q3 NII $11.4M vs.…
Reports Q3 NII $11.4M vs. $11.2M last year. Reports Q3 net interest margin 3.66% vs. 4.13% last year. Q3 provision for loan losses was $1.4 million, compared to $2.0 million for the second quarter of 2020 and $290,000 for the third quarter of 2019, in response to changes in qualitative economic and business conditions amid COVID-19 pandemic.
OP Bancorp names Sang Kyo Oh as Chief Credit Officer » 18:1609/3009/30/20
OP Bancorp announced that…
OP Bancorp announced that Sang Kyo Oh has been appointed Executive Vice President of the Company and the Bank and Chief Credit Officer of the Bank, effective October 19, 2020. Mr. Oh fills the role previously held by Steve Park, who resigned effective October 15, 2020. Mr. Oh was formerly with Hope Bancorp, Inc. and Bank of Hope.
OP Bancorp to buy back additional 500K shares of common stock » 16:3109/0909/09/20
OP Bancorp announced that…
OP Bancorp announced that its board approved a new stock repurchase program that authorizes the company to repurchase up to 500,000 shares of its common stock.