OP Bancorp Announces Q2 Earnings of $2.46 Million and Reports Unaudited Second Quarter 2017 Results
Financial Highlights
- Net income totaled $2.46 million for the second quarter of 2017, or $0.18 per diluted common
share, up 14.8% from $2.15 million for the first quarter of 2017 and 36.8% from $1.80 million for the second quarter of
2016.
- Net interest margin was 4.58% for the second quarter of 2017, compared to 4.47% for the first
quarter of 2017 and 4.30% for the second quarter of 2016.
- Total assets were $835 million at June 30, 2017, up 4.4% from $800 million at March 31, 2017, and
up 24.1% from $673 million at June 30, 2016.
- Net loans receivable were $694 million at June 30, 2017, up 3.0% from $674 million at March 31,
2017, and up 20.4% from $576 million at June 30, 2016.
- Total deposits were $733 million at June 30, 2017, up 3.1% from $711 million at March 31, 2017,
and up 26.0% from $582 million at June 30, 2016.
- Non-interest bearing deposits were $287 million at June 30, 2017, up 11.7% from $257 million at
March 31, 2017, and up 39.7% from $205 million at June 30, 2016.
- Non-performing assets to total assets were 0.09% at June 30, 2017, compared to 0.05% at March 31,
2017, and 0.15% at June 30, 2016.
OP Bancorp (the “Company”) (OTCQB: OPBK), the holding company of Open Bank (the “Bank”), today reported that net income for the
second quarter of 2017 was $2.46 million, or $0.18 per diluted common share. This compares with net income of $2.15 million, or
$0.15 per diluted share, for the first quarter of 2017, and net income of $1.80 million, or $0.13 per diluted share, for the second
quarter of 2016. Pre-tax pre-provision income was $4.3 million for the second quarter 2017, compared to $4.1 million for the first
quarter 2017, and $3.5 million for the second quarter 2016.
“We are pleased to announce yet another quarter of strong performance. The growth of our total assets, which have now eclipsed
$800 million, are a reflection of the trust we have built within our local community. As part of preserving this trust, we have
maintained a solid foundation of core deposits, specifically non-interest bearing deposits, which accounted for 39% of our total
deposits, and we have continued to strengthen our credit quality and performance ratios” stated Min Kim, President and Chief
Executive Officer.”
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Quarter Financial Highlights
(in thousands, except per share data)
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As of or for the Three Months
Ended |
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June 30,
2017
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March 31,
2017
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June 30,
2016
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| Income Statement Data: |
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| Net interest income |
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$ |
8,594 |
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$ |
8,207 |
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$ |
6,810 |
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| Provision for loan losses |
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170 |
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541 |
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|
452 |
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| Non-interest income |
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2,209 |
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2,244 |
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2,266 |
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| Non-interest expense |
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6,552 |
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6,389 |
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5,610 |
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| Income before taxes |
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4,081 |
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3,521 |
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3,014 |
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| Provision for income taxes |
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1,618 |
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1,375 |
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1,213 |
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| Net Income |
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$ |
2,463 |
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$ |
2,146 |
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$ |
1,801 |
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| Balance Sheet Data: |
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| Loans held for sale |
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$ |
3,549 |
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$ |
925 |
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$ |
3,425 |
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| Gross loans, net of unearned income |
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702,413 |
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681,937 |
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583,175 |
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| Allowance for loan losses |
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8,556 |
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8,380 |
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7,079 |
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| Total assets |
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835,418 |
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800,188 |
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673,267 |
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| Deposits |
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732,940 |
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711,047 |
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581,736 |
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| Shareholders’ equity |
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86,738 |
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83,781 |
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76,511 |
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| Credit Quality: |
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| Nonperforming loans |
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$ |
781 |
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$ |
364 |
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$ |
1,025 |
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| Nonperforming assets |
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781 |
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364 |
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1,025 |
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| Performance Ratios: |
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| Net interest margin |
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4.58 |
% |
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4.47 |
% |
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4.30 |
% |
| Efficiency ratio |
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60.65 |
% |
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61.13 |
% |
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61.82 |
% |
| Pre-tax pre-provision income to average assets (annualized) |
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2.14 |
% |
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2.08 |
% |
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2.08 |
% |
| Net charge-offs to average gross loans (annualized) |
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0.00 |
% |
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0.04 |
% |
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0.00 |
% |
| Nonperforming assets to gross loans plus OREO |
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0.11 |
% |
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0.05 |
% |
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0.18 |
% |
| ALLL to nonperforming loans |
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1,096 |
% |
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2,302 |
% |
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691 |
% |
| ALLL to gross loans |
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1.22 |
% |
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1.23 |
% |
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1.21 |
% |
| Capital Ratios: |
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| Tangible common equity to tangible assets |
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10.38 |
% |
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10.47 |
% |
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11.36 |
% |
| Leverage ratio |
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10.89 |
% |
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10.74 |
% |
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11.41 |
% |
| Common Equity Tier 1 ratio |
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12.36 |
% |
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12.41 |
% |
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13.02 |
% |
| Tier 1 risk-based capital ratio |
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12.36 |
% |
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12.41 |
% |
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13.02 |
% |
| Total risk-based capital ratio |
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13.60 |
% |
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13.66 |
% |
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14.24 |
% |
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Results of Operations
Net interest income before loan loss provision was $8.6 million for the three months ended June 30, 2017, an increase of 4.7%
from $8.2 million for the first quarter of 2017, and an increase of 26.2% from $6.8 million for the second quarter of 2016. The
increases from the first quarter of 2017 and the second quarter of 2016 were the results of continued growth in interest earning
assets, mostly loans, and improvements in net interest margin.
Average gross loans, including held-for-sale loans, were $693 million for the second quarter of 2017, an increase of $8 million,
or 1.2%, from $685 million for the first quarter of 2017, and an increase of $137 million, or 24.5%, from $557 million for the
second quarter of 2016.
The net interest margin for the second quarter of 2017 was 4.58%, an 11 basis point increase from 4.47% for the first quarter of
2017, and a 28 basis point increase from 4.30% for the second quarter of 2016. Excluding impacts from non-recurring items, such as
loan payoffs, FHLB special dividend and non-accrual loans, the net interest margin for the second quarter of 2017 was 4.46%, up 9
basis points compared to 4.37% for the first quarter of 2017, and up 37 basis points from 4.09% for the second quarter of 2016.
The net interest margin expansions from the first quarter of 2017 and the second quarter of 2016 were primarily due to increases
in average yield on gross loans with stable average cost of funds. Average yield on gross loans for the second quarter of 2017,
excluding non-recurring items, increased 11 basis points from the first quarter 2017 and 21 basis points from the second quarter of
2016. The increase in the average yield on gross loans was primarily due to three hikes in Prime rates since December 2016. Average
cost of funds for the second quarter of 2017 remained the same as the first quarter of 2017 and the second quarter of 2016.
The following table shows the asset yields, liability costs, spreads and margins.
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Three Months Ended |
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June 30,
2017
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March 31,
2017
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June 30,
2016
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Yield on net loans |
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5.46 |
% |
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5.34 |
% |
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5.37 |
% |
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Yield on interest-earning assets |
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5.11 |
% |
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5.01 |
% |
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4.83 |
% |
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Cost of interest-bearing liabilities |
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0.91 |
% |
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0.87 |
% |
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0.84 |
% |
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Cost of deposits |
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0.57 |
% |
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0.57 |
% |
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0.58 |
% |
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Cost of funds |
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0.57 |
% |
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0.57 |
% |
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0.57 |
% |
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Net interest spread |
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4.20 |
% |
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4.14 |
% |
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3.99 |
% |
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Net interest margin |
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4.58 |
% |
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4.47 |
% |
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4.30 |
% |
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Loan loss provision for the second quarter of 2017 was $170 thousand, compared to $541 thousand for the first quarter of 2017
and $452 thousand for the second quarter of 2016.
Non-interest income was $2.21 million for the second quarter of 2017, down 1.6% from $2.24 million for the first quarter of 2017
and down 2.5% from $2.27 million for the second quarter of 2016. The changes were primarily due to decreases in net gains on sale
of SBA loans for the second quarter of 2017, from the first quarter of 2017 and the second quarter of 2016.
Net gain on sale of SBA loans totaled $1.1 million for the second quarter of 2017, compared to $1.2 million for the first
quarter of 2017 and $1.5 million for the second quarter of 2016. Sale of SBA loans for the second quarter of 2017 was $16.2
million, compared to $16.4 million for the first quarter of 2017 and $24.1 million for the second quarter of 2016. The average
premium on the sale of SBA loans for the second quarter of 2017 was 8.6%, compared to 9.4% for the first quarter of 2017 and for
the second quarter of 2016.
Non-interest expense increased $164 thousand, or 2.6%, to $6.6 million for the second quarter of 2017, compared to $6.4 million
for the first quarter of 2017. Compared to the second quarter of 2016, non-interest expense increased $942 thousand, or 16.8%,
primarily due to increased operating expenses to support continued growth of the Company. Salary & employee benefits expenses
increased $725 thousand as the number of full time equivalent employees increased to 128.5 at June 30, 2017, from 125.5 at June 30,
2016. The increases in data processing, occupancy, and other business development related expenses totaled $137 thousand.
The effective tax rate for the second quarter of 2017 was 39.6%, compared to 39.1% for the first quarter of 2017 and 40.2% for
the second quarter of 2016.
Balance Sheet
Total assets were $835.4 million at June 30, 2017, an increase of $35.2 million, or 4.4%, from $800.2 million at March 31, 2017,
and an increase of $162.2 million, or 24.1%, from $673.3 million at June 30, 2016. Gross loans, net of unearned income, were $702.4
million at June 30, 2017, an increase of $20.5 million, or 3.0%, from $681.9 million at March 31, 2017, and an increase of $119.2
million, or 20.4%, from $583.2 million at June 30, 2016.
New loan originations for the second quarter of 2017 totaled $70.0 million, including SBA loan originations of $24.1 million,
compared to $66.7 million, including SBA loan originations of $23.0 million for the first quarter of 2017. New loan originations
for the second quarter of 2016 were $116.7 million, including SBA loan originations of $39.9 million. Loan payoffs for the second
quarter of 2017 was $32.4 million, compared to $28.3 million for the first quarter of 2017, and $21.3 million for the second
quarter of 2016.
Total deposits were $732.9 million at June 30, 2017, an increase of $21.9 million, or 3.1%, from $711.0 million at March 31,
2017, and an increase of $151.2 million, or 26.0%, from $581.7 million at June 30, 2016. Non-interest bearing deposits were $286.9
million at June 30, 2017, an increase of $30.0 million, or 11.7%, from $256.9 million at March 31, 2017, and an increase of $81.5
million, or 39.7% from $205.4 million at June 30, 2016.
Non-interest bearing deposits accounted for 39.1% of total deposits at June 30, 2017, compared to 36.1% at March 31, 2017, and
35.3% at June 30, 2016.
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June 30,
2017
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March 31,
2017
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June 30,
2016
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Non-interest bearing deposits |
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39.1 |
% |
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36.1 |
% |
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35.3
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%
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Interest bearing demand deposits |
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34.6 |
% |
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36.9 |
% |
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34.4 |
% |
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Savings |
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0.7 |
% |
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0.6 |
% |
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0.5 |
% |
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Time deposits over $250,000 |
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11.7 |
% |
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11.6 |
% |
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12.0 |
% |
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Other time deposits |
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13.9 |
% |
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14.8 |
% |
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17.8 |
% |
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Total deposits |
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100.0 |
% |
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100.0 |
% |
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100.0 |
% |
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There was $10 million in borrowing from the Federal Home Loan Bank (“FHLB”) at June 30, 2017, compared to no borrowing at March
31, 2017, and $10 million at June 30, 2016.
At June 30, 2017, the Company continued to exceed all regulatory capital requirements to be classified as “well-capitalized,” as
summarized in the following table.
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June 30,
2017
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March 31,
2017
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June 30,
2016
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Tier 1 leverage capital ratio |
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10.89 |
% |
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10.74 |
% |
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11.41 |
% |
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CET 1 capital ratio |
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12.36 |
% |
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12.41 |
% |
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13.02 |
% |
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Tier 1 risk-based capital ratio |
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12.36 |
% |
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12.41 |
% |
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13.02 |
% |
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Total risk-based capital ratio |
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13.60 |
% |
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13.66 |
% |
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14.24 |
% |
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At June 30, 2017, the tangible common equity represented 10.38% of tangible assets, compared to 10.47% at March 31, 2017, and
11.36% at June 30, 2016. The tangible common equity to tangible assets ratio is a non-GAAP financial measure that represents common
equity less goodwill and other net intangible assets divided by total assets less goodwill and other net intangible assets.
Management reviews the tangible common equity to tangible assets ratio to evaluate the Company’s capital levels.
Asset Quality
Loan loss provision for the second quarter of 2017 was $170 thousand, compared to $541 thousand for the first quarter of 2017
and $452 thousand for the second quarter of 2016. Non-performing assets were $781 thousand, or 0.09% of total assets, at June 30,
2017, $364 thousand, or 0.05% of total assets, at March 31, 2017, and $1.0 million, or 0.15% of total assets, at June 30, 2016.
There was no other real estate owned (“OREO”) at June 30, 2017, March 31, 2017, or June 30, 2016.
Non-performing loans to gross loans were 0.11% at June 30, 2017, compared to 0.05% at March 31, 2017, and 0.18% at June 30,
2016. Total classified loans were $2.6 million, or 0.36% of gross loans, at June 30, 2017, compared to $2.1 million, or 0.30% of
gross loans, at March 31, 2017, and $1.2 million, or 0.21% of gross loans, at June 30, 2016.
The allowance for loan losses was $8.6 million at June 30, 2017, compared to $8.4 million at March 31, 2017, and $7.1 million at
June 30, 2016. The allowance for loan losses was 1.22% of gross loans at June 30, 2017, and 1.23% at March 31, 2017, and 1.21% at
June 30, 2016.
Use of Non-GAAP Financial Measures. This document may contain GAAP financial measures and non-GAAP
financial measures where management believes it to be helpful in understanding the Company’s results of operations or financial
position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the
comparable GAAP financial measure, can be found in this earnings release, which can be found on Open Bank’s website at www.myopenbank.com.
About OP Bancorp
OP Bancorp, the holding company for Open Bank, is a California corporation whose common stock is traded on the OTCQB under the
ticker symbol, “OPBK.” Open Bank (the "Bank") is engaged in the general commercial banking business in Los Angeles and Orange
Counties and 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 Bank currently operates with seven full branch offices in
Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena and Buena Park. The Bank also has three loan
production offices in Seattle, Washington, Dallas, Texas, and Duluth, Georgia. The Bank commenced its operations on June 10, 2005
as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite
500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender
Safe Harbor Statement
This press release contains certain forward-looking information about OP Bancorp that is intended to be covered by the safe
harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements, including statements about the Company’s successful implementation of
its strategies resulting in significant increase in non-interest bearing deposits. These forward-looking statements may include,
but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will,"
"should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar
expressions and may include statements about the Company’s focus on exploring new opportunities, building customer relationship
through core deposits, growing core deposits, and improving asset quality. Forward-looking statements are not guarantees. Such
statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of
OP Bancorp such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become
profitable. OP Bancorp cautions readers that a number of important factors could cause actual results to differ materially from
those expressed in, or implied or projected by, such forward-looking statements. If any of these risks or uncertainties
materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, OP Bancorp’s results
could differ materially from those expressed in, or implied or projected by such forward-looking statements. OP Bancorp assumes no
obligation to update such forward-looking statements, except as required by law.
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|
|
|
|
|
|
|
|
|
|
| Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Dollars in thousand, except per share data) |
|
|
|
June 30,
2017
|
|
|
|
March 31,
2017
|
|
|
|
$
change
|
|
|
|
%
change
|
|
|
|
June 30,
2016
|
|
|
|
$
change
|
|
|
|
%
change
|
|
|
|
|
(Unaudited) |
|
|
|
(Audited) |
|
|
|
|
|
|
|
|
|
|
|
(Audited) |
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
|
|
|
$ |
67,533 |
|
|
|
|
$ |
55,575 |
|
|
|
|
$ |
11,958 |
|
|
|
|
21.5 |
% |
|
|
|
$ |
23,050 |
|
|
|
|
$ |
44,483 |
|
|
|
|
193.0 |
% |
| Investment securities |
|
|
|
|
32,557 |
|
|
|
|
|
33,750 |
|
|
|
|
|
(1,193 |
) |
|
|
|
-3.5 |
% |
|
|
|
|
40,052 |
|
|
|
|
|
(7,495 |
)
|
|
|
|
-18.7 |
% |
| Loans held for sale |
|
|
|
|
3,549 |
|
|
|
|
|
925 |
|
|
|
|
|
2,624 |
|
|
|
|
283.7 |
% |
|
|
|
|
3,425 |
|
|
|
|
|
124 |
|
|
|
|
3.6 |
% |
| Real Estate Loans |
|
|
|
|
382,789 |
|
|
|
|
|
363,392 |
|
|
|
|
|
19,397 |
|
|
|
|
5.3 |
% |
|
|
|
|
320,415 |
|
|
|
|
|
62,374 |
|
|
|
|
19.5 |
% |
| SBA Loans |
|
|
|
|
108,152 |
|
|
|
|
|
106,412 |
|
|
|
|
|
1,740 |
|
|
|
|
1.6 |
% |
|
|
|
|
98,918 |
|
|
|
|
|
9,234 |
|
|
|
|
9.3 |
% |
| C & I Loans |
|
|
|
|
103,723 |
|
|
|
|
|
99,431 |
|
|
|
|
|
4,292 |
|
|
|
|
4.3 |
% |
|
|
|
|
72,950 |
|
|
|
|
|
30,773 |
|
|
|
|
42.2 |
% |
| Home Mortgage Loans |
|
|
|
|
102,269 |
|
|
|
|
|
106,890 |
|
|
|
|
|
(4,621 |
) |
|
|
|
-4.3 |
% |
|
|
|
|
85,241 |
|
|
|
|
|
17,028 |
|
|
|
|
20.0 |
% |
| Consumer & Other Loans |
|
|
|
|
5,481 |
|
|
|
|
|
5,811 |
|
|
|
|
|
(330 |
) |
|
|
|
-5.7 |
% |
|
|
|
|
5,651 |
|
|
|
|
|
(170 |
) |
|
|
|
-3.0 |
% |
| Gross loans, net of unearned income |
|
|
|
|
702,413 |
|
|
|
|
|
681,937 |
|
|
|
|
|
20,476 |
|
|
|
|
3.0 |
% |
|
|
|
|
583,175 |
|
|
|
|
|
119,238 |
|
|
|
|
20.4 |
% |
| Allowance for loan losses |
|
|
|
|
(8,556 |
) |
|
|
|
|
(8,380 |
) |
|
|
|
|
(176 |
) |
|
|
|
-2.1 |
% |
|
|
|
|
(7,079 |
) |
|
|
|
|
(1,477 |
) |
|
|
|
-20.9 |
% |
| Net loans receivable |
|
|
|
|
693,857 |
|
|
|
|
|
673,557 |
|
|
|
|
|
20,300 |
|
|
|
|
3.0 |
% |
|
|
|
|
576,096 |
|
|
|
|
|
117,761 |
|
|
|
|
20.4 |
% |
| Bank premises and equipment, net |
|
|
|
|
4,654 |
|
|
|
|
|
4,823 |
|
|
|
|
|
(169 |
) |
|
|
|
-3.5 |
% |
|
|
|
|
5,518 |
|
|
|
|
|
(864 |
) |
|
|
|
-15.7 |
% |
| Accrued interest receivable |
|
|
|
|
2,031 |
|
|
|
|
|
2,043 |
|
|
|
|
|
(12 |
) |
|
|
|
-0.6 |
% |
|
|
|
|
1,635 |
|
|
|
|
|
396 |
|
|
|
|
24.2 |
% |
| FHLB and Pacific Coast Bankers Bank Stock, at cost |
|
|
|
|
4,287 |
|
|
|
|
|
3,438 |
|
|
|
|
|
849 |
|
|
|
|
24.7 |
% |
|
|
|
|
3,438 |
|
|
|
|
|
849 |
|
|
|
|
24.7 |
% |
| Servicing assets |
|
|
|
|
6,964 |
|
|
|
|
|
6,883 |
|
|
|
|
|
81 |
|
|
|
|
1.2 |
% |
|
|
|
|
6,025 |
|
|
|
|
|
939 |
|
|
|
|
15.6 |
% |
| Net deferred taxes |
|
|
|
|
3,534 |
|
|
|
|
|
3,627 |
|
|
|
|
|
(93 |
) |
|
|
|
-2.6 |
% |
|
|
|
|
1,357 |
|
|
|
|
|
2,177 |
|
|
|
|
160.4 |
% |
| Other assets |
|
|
|
|
16,451 |
|
|
|
|
|
15,568 |
|
|
|
|
|
883 |
|
|
|
|
5.7 |
% |
|
|
|
|
12,671 |
|
|
|
|
|
3,780 |
|
|
|
|
29.8 |
% |
| Total assets |
|
|
|
$ |
835,418 |
|
|
|
|
$ |
800,188 |
|
|
|
|
$ |
35,230 |
|
|
|
|
4.4 |
% |
|
|
|
$ |
673,267 |
|
|
|
|
$ |
162,151 |
|
|
|
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing deposits |
|
|
|
$ |
286,900 |
|
|
|
|
$ |
256,851 |
|
|
|
|
$ |
30,049 |
|
|
|
|
11.7 |
% |
|
|
|
$ |
205,391 |
|
|
|
|
$ |
81,509 |
|
|
|
|
39.7 |
% |
| Savings |
|
|
|
|
5,130 |
|
|
|
|
|
4,011 |
|
|
|
|
|
1,119 |
|
|
|
|
27.9 |
% |
|
|
|
|
2,855 |
|
|
|
|
|
2,275 |
|
|
|
|
79.7 |
% |
| Money market and others |
|
|
|
|
253,315 |
|
|
|
|
|
262,071 |
|
|
|
|
|
(8,756 |
) |
|
|
|
-3.3 |
% |
|
|
|
|
200,457 |
|
|
|
|
|
52,858 |
|
|
|
|
26.4 |
% |
| Time deposits over $250,000 |
|
|
|
|
85,918 |
|
|
|
|
|
82,741 |
|
|
|
|
|
3,177 |
|
|
|
|
3.8 |
% |
|
|
|
|
69,710 |
|
|
|
|
|
16,208 |
|
|
|
|
23.3 |
% |
| Other time deposits |
|
|
|
|
101,677 |
|
|
|
|
|
105,373 |
|
|
|
|
|
(3,696 |
) |
|
|
|
-3.5 |
% |
|
|
|
|
103,323 |
|
|
|
|
|
(1,646 |
) |
|
|
|
-1.6 |
% |
| Total deposits |
|
|
|
|
732,940 |
|
|
|
|
|
711,047 |
|
|
|
|
|
21,893 |
|
|
|
|
3.1 |
% |
|
|
|
|
581,736 |
|
|
|
|
|
151,204 |
|
|
|
|
26.0 |
% |
| Other borrowings |
|
|
|
|
10,000 |
|
|
|
|
|
- |
|
|
|
|
|
10,000 |
|
|
|
|
NA |
|
|
|
|
10,000 |
|
|
|
|
|
0 |
|
|
|
|
0.0 |
% |
| Other liabilities |
|
|
|
|
5,740 |
|
|
|
|
|
5,360 |
|
|
|
|
|
380 |
|
|
|
|
7.1 |
% |
|
|
|
|
5,020 |
|
|
|
|
|
720 |
|
|
|
|
14.3 |
% |
| Total liabilities |
|
|
|
|
748,680 |
|
|
|
|
|
716,407 |
|
|
|
|
|
32,273 |
|
|
|
|
4.5 |
% |
|
|
|
|
596,756 |
|
|
|
|
|
151,924 |
|
|
|
|
25.5 |
% |
| Total shareholders' equity |
|
|
|
|
86,738 |
|
|
|
|
|
83,781 |
|
|
|
|
|
2,957 |
|
|
|
|
3.5 |
% |
|
|
|
|
76,511 |
|
|
|
|
|
10,227 |
|
|
|
|
13.4 |
% |
| Total Liabilities and Shareholders' Equity |
|
|
|
$ |
835,418 |
|
|
|
|
$ |
800,188 |
|
|
|
|
$ |
35,230 |
|
|
|
|
4.4 |
% |
|
|
|
$ |
673,267 |
|
|
|
|
$ |
162,151 |
|
|
|
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Statement of Operations |
| (Dollars in thousand, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30,
2017
|
|
|
March 31,
2017
|
|
|
%
change
|
|
|
June 30,
2016
|
|
|
%
change
|
|
|
June 30,
2017
|
|
|
June 30,
2016
|
|
|
%
change
|
| Interest income |
|
|
|
$ |
9,601 |
|
|
|
$ |
9,185 |
|
|
|
|
4.5 |
% |
|
|
$ |
7,649 |
|
|
|
|
25.5 |
% |
|
|
$ |
18,786 |
|
|
|
$ |
14,681 |
|
|
|
28.0 |
% |
| Interest expense |
|
|
|
|
1,007 |
|
|
|
|
978 |
|
|
|
|
3.0 |
% |
|
|
|
839
|
|
|
|
|
20.0 |
% |
|
|
|
1,985 |
|
|
|
|
1,651 |
|
|
|
20.2 |
% |
| Net interest income |
|
|
|
|
8,594 |
|
|
|
|
8,207 |
|
|
|
|
4.7 |
% |
|
|
|
6,810 |
|
|
|
|
26.2 |
% |
|
|
|
16,801 |
|
|
|
|
13,030 |
|
|
|
28.9 |
% |
| Provision for loan losses |
|
|
|
|
170 |
|
|
|
|
541 |
|
|
|
|
-68.6 |
% |
|
|
|
452 |
|
|
|
|
-62.4 |
% |
|
|
|
711 |
|
|
|
|
682 |
|
|
|
4.3 |
% |
| Non interest income |
|
|
|
|
2,209 |
|
|
|
|
2,244 |
|
|
|
|
-1.6 |
% |
|
|
|
2,266 |
|
|
|
|
-2.5 |
% |
|
|
|
4,453 |
|
|
|
|
4,074 |
|
|
|
9.3 |
% |
| Non interest expense |
|
|
|
|
6,552 |
|
|
|
|
6,389 |
|
|
|
|
2.6 |
% |
|
|
|
5,610 |
|
|
|
|
16.8 |
% |
|
|
|
12,941 |
|
|
|
|
11,205 |
|
|
|
15.5 |
% |
| Income before income taxes |
|
|
|
|
4,081 |
|
|
|
|
3,521 |
|
|
|
|
15.9 |
% |
|
|
|
3,014 |
|
|
|
|
35.4 |
% |
|
|
|
7,602 |
|
|
|
|
5,217 |
|
|
|
45.7 |
% |
| Provision for income taxes |
|
|
|
|
1,618 |
|
|
|
|
1,375 |
|
|
|
|
17.7 |
% |
|
|
|
1,213 |
|
|
|
|
33.4 |
% |
|
|
|
2,993 |
|
|
|
|
2,097 |
|
|
|
42.7 |
% |
| Net income (loss) |
|
|
|
$ |
2,463 |
|
|
|
$ |
2,146 |
|
|
|
|
14.8 |
% |
|
|
$ |
1,801 |
|
|
|
|
36.8 |
% |
|
|
$ |
4,609 |
|
|
|
$ |
3,120 |
|
|
|
47.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-tax Pre-provision Income |
|
|
|
$ |
4,251 |
|
|
|
$ |
4,062 |
|
|
|
|
4.7 |
% |
|
|
$ |
3,466 |
|
|
|
|
22.6 |
% |
|
|
$ |
8,313 |
|
|
|
$ |
5,899 |
|
|
|
40.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value |
|
|
|
$ |
6.65 |
|
|
|
$ |
6.45 |
|
|
|
|
3.1 |
% |
|
|
$ |
6.00 |
|
|
|
|
10.8 |
% |
|
|
$ |
6.65 |
|
|
|
$ |
6.00 |
|
|
|
10.8 |
% |
| Basic EPS |
|
|
|
$ |
0.18 |
|
|
|
$ |
0.16 |
|
|
|
|
14.3 |
% |
|
|
$ |
0.13 |
|
|
|
|
36.0 |
% |
|
|
$ |
0.34 |
|
|
|
$ |
0.23 |
|
|
|
47.1 |
% |
| Diluted EPS |
|
|
|
$ |
0.18 |
|
|
|
$ |
0.15 |
|
|
|
|
14.4 |
% |
|
|
$ |
0.13 |
|
|
|
|
35.5 |
% |
|
|
$ |
0.33 |
|
|
|
$ |
0.22 |
|
|
|
46.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares of common stock outstanding |
|
|
|
|
13,045,833 |
|
|
|
|
12,989,228 |
|
|
|
|
0.4 |
% |
|
|
|
12,747,100 |
|
|
|
|
2.3 |
% |
|
|
|
13,045,833 |
|
|
|
|
12,747,100 |
|
|
|
2.3 |
% |
| Weighted Average Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic |
|
|
|
|
13,008,985 |
|
|
|
|
12,925,946 |
|
|
|
|
0.6 |
% |
|
|
|
12,732,265 |
|
|
|
|
2.2 |
% |
|
|
|
12,967,695 |
|
|
|
|
12,715,573 |
|
|
|
2.0 |
% |
| - Diluted |
|
|
|
|
13,409,230 |
|
|
|
|
13,341,295 |
|
|
|
|
0.5 |
% |
|
|
|
13,085,213 |
|
|
|
|
2.5 |
% |
|
|
|
13,365,453 |
|
|
|
|
13,071,082 |
|
|
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
|
June 30,
2017
|
|
|
March 31,
2017
|
|
|
%
change
|
|
|
June 30,
2016
|
|
|
%
change
|
|
|
June 30,
2017
|
|
|
June 30,
2016
|
|
|
%
change
|
| Key Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets (ROA)* |
|
|
|
|
1.24 |
% |
|
|
|
1.10 |
% |
|
|
|
0.14 |
% |
|
|
|
1.08 |
% |
|
|
|
0.16 |
% |
|
|
|
1.17 |
% |
|
|
|
0.96 |
% |
|
|
0.21 |
% |
| Return on average equity (ROE) * |
|
|
|
|
11.55 |
% |
|
|
|
10.39 |
% |
|
|
|
1.16 |
% |
|
|
|
9.58 |
% |
|
|
|
1.97 |
% |
|
|
|
10.98 |
% |
|
|
|
8.40 |
% |
|
|
2.58 |
% |
| Net interest margin * |
|
|
|
|
4.58 |
% |
|
|
|
4.47 |
% |
|
|
|
0.11 |
% |
|
|
|
4.30 |
% |
|
|
|
0.28 |
% |
|
|
|
4.53 |
% |
|
|
|
4.23 |
% |
|
|
0.30 |
% |
| Efficiency ratio |
|
|
|
|
60.65 |
% |
|
|
|
61.13 |
% |
|
|
|
-0.48 |
% |
|
|
|
61.82 |
% |
|
|
|
-1.17 |
% |
|
|
|
60.89 |
% |
|
|
|
65.51 |
% |
|
|
-4.62 |
% |
| Pre-tax pre-provision income to average assets* |
|
|
|
|
2.14 |
% |
|
|
|
2.08 |
% |
|
|
|
0.06 |
% |
|
|
|
2.08 |
% |
|
|
|
0.06 |
% |
|
|
|
2.11 |
% |
|
|
|
1.81 |
% |
|
|
0.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible common equity to tangible assets |
|
|
|
|
10.38 |
% |
|
|
|
10.47 |
% |
|
|
|
-0.09 |
% |
|
|
|
11.36 |
% |
|
|
|
-0.98 |
% |
|
|
|
10.38 |
% |
|
|
|
11.36 |
% |
|
|
-0.98 |
% |
| Tier 1 Leverage Ratio |
|
|
|
|
10.89 |
% |
|
|
|
10.74 |
% |
|
|
|
0.15 |
% |
|
|
|
11.41 |
% |
|
|
|
-0.52 |
% |
|
|
|
10.89 |
% |
|
|
|
11.41 |
% |
|
|
-0.52 |
% |
| Common Equity Tier 1 Ratio |
|
|
|
|
12.36 |
% |
|
|
|
12.41 |
% |
|
|
|
-0.05 |
% |
|
|
|
13.02 |
% |
|
|
|
-0.66 |
% |
|
|
|
12.36 |
% |
|
|
|
13.02 |
% |
|
|
-0.66 |
% |
| Tier 1 Capital Ratio |
|
|
|
|
12.36 |
% |
|
|
|
12.41 |
% |
|
|
|
-0.05 |
% |
|
|
|
13.02 |
% |
|
|
|
-0.66 |
% |
|
|
|
12.36 |
% |
|
|
|
13.02 |
% |
|
|
-0.66 |
% |
| Total Risk Based Capital Ratio |
|
|
|
|
13.60 |
% |
|
|
|
13.66 |
% |
|
|
|
-0.06 |
% |
|
|
|
14.24 |
% |
|
|
|
-0.64 |
% |
|
|
|
13.60 |
% |
|
|
|
14.24 |
% |
|
|
-0.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
|
$ |
59,203 |
|
|
|
$ |
56,918 |
|
|
|
|
4.0 |
% |
|
|
$ |
79,389 |
|
|
|
|
-25.4 |
% |
|
|
$ |
58,067 |
|
|
|
$ |
78,381 |
|
|
|
-25.9 |
% |
| Gross loans, including loans held for sale |
|
|
|
|
693,466 |
|
|
|
|
685,094 |
|
|
|
|
1.2 |
% |
|
|
|
556,881 |
|
|
|
|
24.5 |
% |
|
|
|
689,303 |
|
|
|
|
540,397 |
|
|
|
27.6 |
% |
| Interest earning assets |
|
|
|
|
752,670 |
|
|
|
|
742,012 |
|
|
|
|
1.4 |
% |
|
|
|
636,270 |
|
|
|
|
18.3 |
% |
|
|
|
747,370 |
|
|
|
|
618,778 |
|
|
|
20.8 |
% |
| Total assets |
|
|
|
$ |
794,966 |
|
|
|
$ |
779,899 |
|
|
|
|
1.9 |
% |
|
|
$ |
667,751 |
|
|
|
|
19.1 |
% |
|
|
$ |
787,474 |
|
|
|
$ |
650,011 |
|
|
|
21.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing deposits |
|
|
|
$ |
258,912 |
|
|
|
$ |
236,194 |
|
|
|
|
9.6 |
% |
|
|
$ |
183,977 |
|
|
|
|
40.7 |
% |
|
|
$ |
247,615 |
|
|
|
$ |
171,902 |
|
|
|
44.0 |
% |
| Interest bearing deposits |
|
|
|
|
442,526 |
|
|
|
|
451,505 |
|
|
|
|
-2.0 |
% |
|
|
|
384,624 |
|
|
|
|
15.1 |
% |
|
|
|
446,991 |
|
|
|
|
379,319 |
|
|
|
17.8 |
% |
| Total deposits |
|
|
|
|
701,438 |
|
|
|
|
687,698 |
|
|
|
|
2.0 |
% |
|
|
|
568,601 |
|
|
|
|
23.4 |
% |
|
|
|
694,606 |
|
|
|
|
551,221 |
|
|
|
26.0 |
% |
| Interest bearing liabilities |
|
|
|
|
445,330 |
|
|
|
|
455,738 |
|
|
|
|
-2.3 |
% |
|
|
|
403,416 |
|
|
|
|
10.4 |
% |
|
|
|
450,505 |
|
|
|
|
398,716 |
|
|
|
13.0 |
% |
| Shareholders' equity |
|
|
|
|
85,324 |
|
|
|
|
82,582 |
|
|
|
|
3.3 |
% |
|
|
|
75,190 |
|
|
|
|
13.5 |
% |
|
|
|
83,961 |
|
|
|
|
74,247 |
|
|
|
13.1 |
% |
| Net interest earning assets |
|
|
|
$ |
307,339 |
|
|
|
$ |
286,274 |
|
|
|
|
7.4 |
% |
|
|
$ |
232,854 |
|
|
|
|
32.0 |
% |
|
|
$ |
296,865 |
|
|
|
$ |
220,062 |
|
|
|
34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset Quality |
|
|
|
6/30/2017 |
|
|
3/31/2017 |
|
|
12/31/2016 |
|
|
9/30/2016 |
|
|
6/30/2016 |
|
|
|
|
|
|
|
|
|
| Nonaccrual Loans |
|
|
|
|
421 |
|
|
|
|
- |
|
|
|
|
209 |
|
|
|
|
597 |
|
|
|
|
650 |
|
|
|
|
|
|
|
|
|
|
| Loans 90 days or more past due, accruing |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
| Accruing Restructured Loans |
|
|
|
|
360 |
|
|
|
|
364 |
|
|
|
|
367 |
|
|
|
|
371 |
|
|
|
|
375 |
|
|
|
|
|
|
|
|
|
|
| Total Non-Performing Loans |
|
|
|
|
781 |
|
|
|
|
364 |
|
|
|
|
576 |
|
|
|
|
968 |
|
|
|
|
1,025 |
|
|
|
|
|
|
|
|
|
|
| Other Real Estate Loans (OREO) |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
| Total Non-Performing Assets |
|
|
|
|
781 |
|
|
|
|
364 |
|
|
|
|
576 |
|
|
|
|
968 |
|
|
|
|
1,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Classified Loans |
|
|
|
|
2,561 |
|
|
|
|
2,065 |
|
|
|
|
2,304 |
|
|
|
|
1,297 |
|
|
|
|
1,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Performing Assets/Total Assets |
|
|
|
|
0.09 |
% |
|
|
|
0.05 |
% |
|
|
|
0.08 |
% |
|
|
|
0.13 |
% |
|
|
|
0.15 |
% |
|
|
|
|
|
|
|
|
|
| Non-Performing Assets/(Gross Loans +OREO) |
|
|
|
|
0.11 |
% |
|
|
|
0.05 |
% |
|
|
|
0.09 |
% |
|
|
|
0.15 |
% |
|
|
|
0.18 |
% |
|
|
|
|
|
|
|
|
|
| Non-Performing Loans/Gross Loans |
|
|
|
|
0.11 |
% |
|
|
|
0.05 |
% |
|
|
|
0.09 |
% |
|
|
|
0.15 |
% |
|
|
|
0.18 |
% |
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses/Non-Performing Loans |
|
|
|
|
1096 |
% |
|
|
|
2302 |
% |
|
|
|
1373 |
% |
|
|
|
787 |
% |
|
|
|
691 |
% |
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses/Non-Performing Assets |
|
|
|
|
1096 |
% |
|
|
|
2302 |
% |
|
|
|
1373 |
% |
|
|
|
787 |
% |
|
|
|
691 |
% |
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses/Gross Loans |
|
|
|
|
1.22 |
% |
|
|
|
1.23 |
% |
|
|
|
1.17 |
% |
|
|
|
1.21 |
% |
|
|
|
1.21 |
% |
|
|
|
|
|
|
|
|
|
| Classified Loans/Gross Loans |
|
|
|
|
0.36 |
% |
|
|
|
0.30 |
% |
|
|
|
0.34 |
% |
|
|
|
0.21 |
% |
|
|
|
0.21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge-offs |
|
|
|
$ |
(6 |
) |
|
|
$ |
71 |
|
|
|
$ |
28 |
|
|
|
$ |
141 |
|
|
|
$ |
(6 |
) |
|
|
|
|
|
|
|
|
|
| Net Charge-offs to Average Gross Loans * |
|
|
|
|
0.00 |
% |
|
|
|
0.04 |
% |
|
|
|
0.02 |
% |
|
|
|
0.09 |
% |
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726005422/en/