OP Bancorp(OPBK) - 2024 Q1 - Quarterly Results

Interest-Earning Assets and Liabilities - Total interest-earning assets increased to $2,089,627 thousand in 1Q2024, up from $2,071,613 thousand in 4Q2023 and $2,022,146 thousand in 1Q2023[53] - Total interest-bearing deposits increased to $1,321,828 thousand in 1Q2024, up from $1,243,446 thousand in 4Q2023 and $1,196,194 thousand in 1Q2023[53] Net Interest Income and Margin - Net interest income for 1Q2024 was $15,979 thousand, slightly down from $16,230 thousand in 4Q2023 but significantly lower than $17,892 thousand in 1Q2023[53] - Net interest margin decreased to 3.06% in 1Q2024 from 3.12% in 4Q2023 and 3.57% in 1Q2023[53] Loan Performance - CRE loans grew to $901,262 thousand in 1Q2024, with a yield of 6.13%, up from $892,092 thousand and 5.83% yield in 4Q2023[53] - SBA loans reached $259,368 thousand in 1Q2024, with a yield of 11.19%, compared to $255,692 thousand and 10.95% yield in 4Q2023[53] Cost of Funds - Total funding liabilities cost of funds rose to 3.50% in 1Q2024, up from 3.19% in 4Q2023 and 2.29% in 1Q2023[53] Shareholders' Equity - Shareholders' equity increased to $192,994 thousand in 1Q2024, up from $185,000 thousand in 4Q2023 and $179,184 thousand in 1Q2023[53]