OP Bancorp Q2 net income rises 26% to $7.98 million year over year; net interest margin narrows 15 bps to 3.08% - OPBK News | RalliesOP Bancorp Q2 net income rises 26% to $7.98 million year over year; net interest margin narrows 15 bps to 3.08%
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OPBK• Q2 earnings and margin
- OP Bancorp posted Q2 net income of $7.98 million, up 26% from a year earlier; basic EPS rose to $0.54.
- Net interest income edged up 2% to $20.07 million, while net interest margin narrowed 15 basis points to 3.08%.
- Provision for credit losses swung to a $149,000 reversal from a $1.21 million expense a year earlier.
Revenue, expenses and balance sheet
- Noninterest income climbed 42% to $5.65 million on higher gains on sale of loans; noninterest expense increased 6% to $14.83 million.
- Total assets rose 4% since Dec. 31 to $2.74 billion, with gross loans up 3% to $2.26 billion; management plans to elect the CBLR framework in Q3.
