Open Bank Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2015
January 28, 2016 at 10:00 pm
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Open Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported interest income of $6,811,000, net interest income of $5,962,000, income before income taxes of $2,686,000, net income of $1,582,000 or $0.12 per diluted share, return on average assets of 1.02% and return on average equity of 8.84% compared to the interest income of $5,134,000, net interest income of $4,730,000, income before income taxes of $1,694,000, net income of $984,000 or $0.08 per diluted share, return on average assets of 0.85% and return on average equity of 6.07% for the same quarter a year ago.
For the year, the company reported interest income of $25,192,000, net interest income of $22,503,000, income before income taxes of $10,178,000, net income of $5,990,000 or $0.46 per diluted share, return on average assets of 1.06% and return on average equity of 5.67% compared to the interest income of $18,260,000, net interest income of $16,721,000, income before income taxes of $7,619,000, net income of $4,484,000 or $0.42 per diluted share, return on average assets of 1.09% and return on average equity of 9.09% for the same period a year ago. Book Value per share was $5.72 as on December 31, 2015 against was $5.27 as on December 31, 2014.
For the quarter, the company reported net charge offs of $3,000 against $467,000 a year ago.
OP Bancorp is the holding company for Open Bank (the Bank). The Bank is engaged in commercial banking business in Los Angeles, Orange, and Santa Clara Counties in California, the Dallas metropolitan area in Texas, and Clark County in Nevada. The Bank is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority communities. The Bankâs lending activities are diversified and include commercial real estate, commercial and industrial, small business administration (SBA), home mortgage, and consumer loans. The Bank attracts retail deposits through its branch network which offers a range of deposit products for business and consumer banking customers. The Bank operates about 11 full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, and Santa Clara, California, Carrollton, Texas and Las Vegas, Nevada.
Open Bank Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2015