Welcome to our dedicated page for OP Bancorp news (Ticker: OPBK), a resource for investors and traders seeking the latest updates and insights on OP Bancorp stock.
OP Bancorp Common Stock (Symbol: OPBK) represents the equity shares of OP Bancorp, a community-focused financial institution headquartered in Los Angeles, California. Known for its commitment to relationship banking, OP Bancorp operates under a vision centered on faith-based values and a mission to deliver exceptional customer relationship management, top-tier shareholder returns, employee satisfaction, and community welfare.
OP Bancorp is engaged in the general commercial banking business across several regions, including Los Angeles, Orange, and Santa Clara counties in California, Carrollton in Texas, and Las Vegas in Nevada. With eleven full-service branches, the bank primarily serves small- and medium-sized businesses, professionals, and residents, with a particular focus on Korean and other ethnic minority communities.
Offering a wide range of financial services, OP Bancorp supports the banking needs of its clients through various products, including business loans, personal loans, deposits, and wealth management services. The Bank's strategic emphasis on the ethnic minority communities has established it as a trusted financial partner in these regions.
Recent achievements highlight the bank's robust financial condition and adaptive growth strategies. OP Bancorp has consistently demonstrated strong financial performance with a commitment to enhancing shareholder returns. The bank's initiatives to support community development and improve the quality of life for its residents further cement its role as a pivotal community bank.
In terms of partnerships, OP Bancorp collaborates with various local organizations and businesses to foster economic growth and community support. Current projects are focused on expanding its service offering and enhancing digital banking capabilities to meet the evolving needs of its customers.
Stay updated on the latest news and developments related to OP Bancorp Common Stock and gain insights into the company's performance and strategic initiatives.
OP Bancorp (NASDAQ: OPBK) has appointed Yeong Gwon Pak as Executive Vice President and Chief Credit Officer, effective December 30, 2024. Pak will succeed Sang Oh, who will become CEO in 2025, replacing current CEO Min Kim. Pak, 54, joins from Bank of Hope where he served as Senior Vice President and District Manager. He previously held executive positions at Commonwealth Business Bank, including Executive Vice President and Chief Lending Officer. With over 20 years of banking experience in Los Angeles area community banks, Pak holds a Bachelor's degree in Molecular and Cellular Biology from UC Berkeley.
OP Bancorp reported net income of $5.4 million and diluted earnings per share of $0.36 for Q3 2024, unchanged from Q2 2024. Total assets increased 4.2% to $2.39 billion, with gross loans up 3.3% to $1.93 billion and deposits growing 6.4% to $2.06 billion. Net interest income rose 1.9% to $16.5 million, while net interest margin slightly decreased to 2.95%. Credit quality remained strong with nonperforming loans to gross loans at 0.19%. The bank maintained well-capitalized status with a CET1 ratio of 11.57% and increased book value per share to $13.75.
OP Bancorp (NASDAQ: OPBK), the holding company of Open Bank, has announced a quarterly cash dividend of $0.12 per share of common stock. The dividend will be paid on November 21, 2024, to shareholders of record as of the close of business on November 7, 2024.
OP Bancorp (NASDAQ: OPBK), the holding company of Open Bank, has announced key leadership changes as part of its succession plan. CEO Min Kim will retire on June 30, 2025, after nearly 15 years of service, and will become Chair of the Board. Brian Choi, the current Chairman, will not seek reelection in 2025 and will assume the role of Chairman Emeritus. Sang K. Oh, currently Executive VP and Chief Credit Officer, will succeed Kim as CEO. Oh, 52, brings over 26 years of banking experience, primarily from Bank of Hope. The company views these changes as part of a well-considered plan to ensure exceptional leadership for the future.
OP Bancorp (NASDAQ: OPBK), the holding company of Open Bank, has announced a quarterly cash dividend of $0.12 per share of its common stock. The dividend will be payable on August 22, 2024 to shareholders of record as of the close of business on August 8, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders and may indicate confidence in its financial stability and future prospects.
OP Bancorp (NASDAQ: OPBK) reported its financial results for the second quarter of 2024.
Key highlights include:
- Net income of $5.4 million, a 4.0% increase from $5.2 million in Q1 2024.
- Diluted EPS of $0.36, a 5.9% rise from $0.34 in Q1 2024.
- Net interest income of $16.2 million, up from $16.0 million in Q1 2024.
- Total assets grew by 2.5% to $2.29 billion.
- Gross loans increased by 3.6% to $1.87 billion.
- Total deposits rose by 2.4% to $1.94 billion.
- The net interest margin dropped slightly to 2.96%, down from 3.06%.
Key credit metrics showed stability with allowance for credit losses to gross loans at 1.22%. However, loans past due 30-89 days increased to 0.36% of gross loans. The company remains well-capitalized with a CET1 ratio of 12.01%.
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