2024 First Quarter Highlights compared with 2023 Fourth
Quarter:
- Financial Results:
- Net income of $5.23 million, compared to $5.17 million
- Diluted earnings per share of $0.34, compared to $0.34
- Net interest income of $16.0 million, compared to $16.2
million
- Net interest margin of 3.06%, compared to 3.12%
- Provision for credit losses of $0.1 million, compared to $0.6
million
- Total assets of $2.23 billion, compared to $2.15 billion
- Gross loans of $1.80 billion, compared to $1.77 billion
- Total deposits of $1.90 billion, compared to $1.81 billion
- Credit Quality:
- Allowance for credit losses to gross loans of 1.23%, compared
to 1.25%
- Net charge-offs(1) to average gross loans(2) of 0.01%, compared
to 0.04%
- Past due 30-89 days to gross loans of 0.22%, compared to
0.54%
- Nonperforming loans to gross loans of 0.24%, compared to
0.34%
- Criticized loans(3) to gross loans of 0.64%, compared to
0.76%
- Capital Levels:
- Remained well-capitalized with a Common Equity Tier 1 (“CET1”)
ratio of 12.34%
- Book value per common share increased to $13.00, compared to
$12.84
- Repurchased 49,697 shares of common stock at an average price
of $10.02 per share
- Paid quarterly cash dividend of $0.12 per share for the
periods
___________________________________________________________
(1) Annualized. (2) Includes loans held for sale. (3) Includes
special mention, substandard, doubtful, and loss categories.
OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company
of Open Bank (the “Bank”), today reported its financial results for
the first quarter of 2024. Net income for the first quarter of 2024
was $5.23 million, or $0.34 per diluted common share, compared with
$5.17 million, or $0.34 per diluted common share, for the fourth
quarter of 2023, and $7.5 million, or $0.48 per diluted common
share, for the first quarter of 2023.
Min Kim, President and Chief Executive Officer:
“Despite the prolonged stress from the high interest rate
environment, we were able to grow loans and deposits in the first
quarter while controlling impacts to net interest margin at a
manageable level. Our credit quality improved noticeably across all
metrics even in the face of significant uncertainties that affect
our borrowers. I’d like to thank our loyal customers and our
dedicated employees for their continuing support of Open Bank, and
we look forward to continuing to grow prudently while maintaining
an optimum risk profile,” said Min Kim, President and Chief
Executive.
SELECTED FINANCIAL HIGHLIGHTS
($ in thousands, except per share
data)
As of and For the Three Months
Ended
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Selected Income Statement Data:
Net interest income
$
15,979
$
16,230
$
17,892
(1.5
)%
(10.7
)%
Provision for (reversal of) credit
losses
145
630
(338
)
(77.0
)
(142.9
)
Noninterest income
3,586
3,680
4,295
(2.6
)
(16.5
)
Noninterest expense
12,157
11,983
11,908
1.5
2.1
Income tax expense
2,037
2,125
3,083
(4.1
)
(33.9
)
Net income
5,226
5,172
7,534
1.0
(30.6
)
Diluted earnings per share
0.34
0.34
0.48
—
(29.2
)
Selected Balance Sheet Data:
Gross loans
$
1,804,987
$
1,765,845
$
1,692,485
2.2
%
6.6
%
Total deposits
1,895,411
1,807,558
1,904,818
4.9
(0.5
)
Total assets
2,234,520
2,147,730
2,170,594
4.0
2.9
Average loans(1)
1,808,932
1,787,540
1,725,392
1.2
4.8
Average deposits
1,836,331
1,813,411
1,867,684
1.3
(1.7
)
Credit Quality:
Nonperforming loans
$
4,343
$
6,082
$
2,504
(28.6
)%
73.4
%
Nonperforming loans to gross loans
0.24
%
0.34
%
0.15
%
(0.10
)
0.09
Criticized loans(2) to gross loans
0.64
0.76
0.34
(0.12
)
0.30
Net charge-offs(3) to average gross
loans(1)
0.01
0.04
0.02
(0.03
)
(0.01
)
Allowance for credit losses to gross
loans
1.23
1.25
1.23
(0.02
)
—
Allowance for credit losses to
nonperforming loans
510
362
831
148.00
(321.00
)
Financial Ratios:
Return on average assets(3)
0.96
%
0.96
%
1.43
%
—
%
(0.47
)%
Return on average equity(3)
10.83
11.18
16.82
(0.35
)
(5.99
)
Net interest margin(3)
3.06
3.12
3.57
(0.06
)
(0.51
)
Efficiency ratio(4)
62.14
60.19
53.67
1.95
8.47
Common equity tier 1 capital ratio
12.34
12.52
12.06
(0.18
)
0.28
Leverage ratio
9.65
9.57
9.43
0.08
0.22
Book value per common share
$
13.00
$
12.84
$
12.02
1.2
8.2
(1)
Includes loans held for sale.
(2)
Includes special mention, substandard,
doubtful, and loss categories.
(3)
Annualized.
(4)
Represents noninterest expense divided by
the sum of net interest income and noninterest income.
INCOME STATEMENT HIGHLIGHTS
Net Interest Income and Net Interest Margin
($ in thousands)
For the Three Months
Ended
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Interest Income
Interest income
$
32,913
$
31,783
$
28,594
3.6
%
15.1
%
Interest expense
16,934
15,553
10,702
8.9
58.2
Net interest income
$
15,979
$
16,230
$
17,892
(1.5
)%
(10.7
)%
($ in thousands)
For the Three Months
Ended
1Q2024
4Q2023
1Q2023
Average Balance
Interest and
Fees
Yield/ Rate(1)
Average Balance
Interest and
Fees
Yield/ Rate(1)
Average Balance
Interest and
Fees
Yield/ Rate(1)
Interest-earning Assets:
Loans
$
1,808,932
$
30,142
6.69
%
$
1,787,540
$
28,914
6.43
%
$
1,725,392
$
26,011
6.10
%
Total interest-earning assets
2,089,627
32,913
6.32
2,071,613
31,783
6.10
2,022,146
28,594
5.71
Interest-bearing Liabilities:
Interest-bearing deposits
1,321,828
15,675
4.77
1,243,446
14,127
4.51
1,196,194
10,382
3.52
Total interest-bearing liabilities
1,430,509
16,934
4.76
1,362,210
15,553
4.53
1,222,362
10,702
3.55
Ratios:
Net interest income / interest rate
spreads
15,979
1.56
16,230
1.57
17,892
2.16
Net interest margin
3.06
3.12
3.57
Total deposits / cost of deposits
1,836,331
15,675
3.43
1,813,411
14,127
3.09
1,867,684
10,382
2.25
Total funding liabilities / cost of
funds
1,945,012
16,934
3.50
1,932,175
15,553
3.19
1,893,852
10,702
2.29
(1)
Annualized.
($ in thousands)
For the Three Months
Ended
Yield Change 1Q2024
vs.
1Q2024
4Q2023
1Q2023
Interest &
Fees
Yield(1)
Interest &
Fees
Yield(1)
Interest &
Fees
Yield(1)
4Q2023
1Q2023
Loan Yield Component:
Contractual interest rate
$
28,877
6.41
%
$
28,596
6.36
%
$
25,477
5.97
%
0.05
%
0.44
%
SBA loan discount accretion
881
0.20
960
0.21
974
0.23
(0.01
)
(0.03
)
Amortization of net deferred fees
54
0.01
(67
)
(0.01
)
79
0.02
0.02
(0.01
)
Amortization of premium
(428
)
(0.10
)
(423
)
(0.09
)
(392
)
(0.09
)
(0.01
)
(0.01
)
Net interest recognized on nonaccrual
loans
492
0.11
(345
)
(0.08
)
(243
)
(0.06
)
0.19
0.17
Prepayment penalties(2) and other fees
266
0.06
193
0.04
116
0.03
0.02
0.03
Yield on loans
$
30,142
6.69
%
$
28,914
6.43
%
$
26,011
6.10
%
0.26
%
0.59
%
(1)
Annualized.
(2)
Prepayment penalty income of $115
thousand, $43 thousand and $3 thousand for the three months ended
March 31, 2024, December 31, 2023 and March 31, 2023, respectively,
was from Commercial Real Estate (“CRE”) and Commercial and
Industrial (“C&I”) loans.
First Quarter 2024 vs. Fourth Quarter
2023
Net interest income decreased $251 thousand, or 1.5%, primarily
due to higher interest expense on deposits, partially offset by
higher interest income on loans. Net interest margin was 3.06%, a
decrease of 6 basis points from 3.12%.
- A $1.5 million increase in interest expense on interest-bearing
deposits was primarily due to a $78.4 million, or 6.3%, increase in
average balance.
- A $1.2 million increase in interest income on loans was
primarily due to a $21.4 million, or 1.2%, increase in average
balance and a $837 thousand increase in net interest recognized on
nonaccrual loans.
First Quarter 2024 vs. First Quarter
2023
Net interest income decreased $1.9 million, or 10.7%, primarily
due to higher interest expense on deposits and borrowings,
partially offset by higher interest income on loans as our deposit
and borrowing costs repriced more quickly than our interest-earning
assets. Net interest margin was 3.06%, a decrease of 51 basis
points from 3.57%.
- A $5.3 million increase in interest expense on interest-bearing
deposits was primarily due to a $125.6 million, or 10.5%, increase
in average balance and a 125 basis point increase in average cost
driven by the Federal Reserve’s rate increases.
- A $939 thousand increase in interest expense on borrowings was
primarily due to a $82.5 million, or 315.3%, increase in average
balance.
- A $4.1 million increase in interest income on loans was
primarily due to a $83.5 million, or 4.8%, increase in average
balance and a 59 basis point increase in average yield as a result
of the Federal Reserve’s rate increases.
Provision for Credit Losses
For the Three Months
Ended
($ in thousands)
1Q2024
4Q2023
1Q2023
Provision for (reversal of) credit losses
on loans
$
193
$
537
$
(258
)
Provision for (reversal of) credit losses
on off-balance sheet exposure
(48
)
93
(80
)
Total provision for (reversal of) credit
losses
$
145
$
630
$
(338
)
First Quarter 2024 vs. Fourth Quarter
2023
The Company recorded a $145 thousand provision for credit
losses, a decrease of $485 thousand, compared with a $630 thousand
provision for credit losses.
Provision for credit losses on loans was $193 thousand,
primarily due to a $1.8 million increase in the quantitative
general reserve, mostly offset by a $1.7 million decrease in the
qualitative reserve. The increase in the quantitative reserve was
due to the increase in the average life of home mortgage loans
because of the slower prepayment rate based on the 2-year look back
period. The decrease in the qualitative reserve was due to
noticeable improvements in various asset quality metrics and
improving economic and business conditions.
First Quarter 2024 vs. First Quarter
2023
The Company recorded a $145 thousand provision for credit
losses, a decrease of $483 thousand, compared with a $338 thousand
reversal of credit losses.
Noninterest Income
($ in thousands)
For the Three Months
Ended
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Noninterest Income
Service charges on deposits
$
612
$
557
$
418
9.9
%
46.4
%
Loan servicing fees, net of
amortization
772
540
846
43.0
(8.7
)
Gain on sale of loans
1,703
1,996
2,570
(14.7
)
(33.7
)
Other income
499
587
461
(15.0
)
8.2
Total noninterest income
$
3,586
$
3,680
$
4,295
(2.6
)%
(16.5
)%
First Quarter 2024 vs. Fourth Quarter
2023
Noninterest income decreased $94 thousand, or 2.6%, primarily
due to lower gain on sale of loans, partially offset by higher loan
servicing fee.
- Gain on sale of loans was $1.7 million, a decrease of $293
thousand from $2.0 million, primarily due to a lower Small Business
Administration (“SBA”) loan sold amount partially offset by a
higher average premium on sales. The Bank sold $24.8 million in SBA
loans at an average premium rate of 8.33%, compared to the sale of
$40.1 million at an average premium rate of 5.99%.
- Loan servicing fees, net of amortization, was $772 thousand, an
increase of $232 thousand from $540 thousand, primarily due to a
decrease in servicing fee amortization driven by lower loan payoffs
in loan servicing portfolio.
First Quarter 2024 vs. First Quarter
2023
Noninterest income decreased $709 thousand, or 16.5%, primarily
due to a lower gain on sale of loans, partially offset by higher
service charges on deposits.
- Gain on sale of loans was $1.7 million, a decrease of $867
thousand from $2.6 million, primarily due to a lower SBA loan sold
amount. The Bank sold $24.8 million in SBA loans at an average
premium rate of 8.33%, compared to the sale of $44.7 million at an
average premium rate of 7.33%.
- Service charges on deposits was $612 thousand, and an increase
of $194 thousand from $418 thousand, primarily due to an increase
in deposit analysis fees from an increase in the number of analysis
accounts.
Noninterest Expense
($ in thousands)
For the Three Months
Ended
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Noninterest Expense
Salaries and employee benefits
$
7,841
$
7,646
$
7,252
2.6
%
8.1
%
Occupancy and equipment
1,655
1,616
1,570
2.4
5.4
Data processing and communication
487
644
550
(24.4
)
(11.5
)
Professional fees
395
391
359
1.0
10.0
FDIC insurance and regulatory
assessments
374
237
467
57.8
(19.9
)
Promotion and advertising
149
86
162
73.3
(8.0
)
Directors’ fees
157
145
161
8.3
(2.5
)
Foundation donation and other
contributions
540
524
753
3.1
(28.3
)
Other expenses
559
694
634
(19.5
)
(11.8
)
Total noninterest expense
$
12,157
$
11,983
$
11,908
1.5
%
2.1
%
First Quarter 2024 vs. Fourth Quarter
2023
Noninterest expense increased $174 thousand, or 1.5%, primarily
due to higher salaries and employee benefits, and FDIC insurance
and regulatory assessments, partially offset by lower data
processing and communication and other expenses.
- Salaries and employee benefits increased $195 thousand,
primarily due to increases in employer payroll taxes and employee
vacation accruals, partially offset by lower employee incentive
accruals.
- FDIC insurance and regulatory assessments increased $137
thousand, primarily due to a lower expense in the fourth quarter of
2023 as a result of an accrual adjustment.
- Data processing and communication decreased $157 thousand,
primarily due to an accrual adjustment for a credit received on
data processing fees in the first quarter of 2024.
First Quarter 2024 vs. First Quarter
2023
Noninterest expense increased $249 thousand, or 2.1%, primarily
due to higher salaries and employee benefits, partially offset by
lower foundation donation and other contributions.
- Salaries and employee benefits increased $589 thousand,
primarily due to an increase from employee salary adjustments in
2023 and an increase in employee health insurance.
- Foundation donations and other contributions decreased $213
thousand, primarily due to a lower donation accrual for Open
Stewardship as a result of lower net income.
Income Tax Expense
First Quarter 2024 vs. Fourth Quarter
2023
Income tax expense was $2.0 million and the effective tax rate
was 28.1%, compared to income tax expense of $2.1 million and the
effective rate of 29.1%. The decrease in the effective tax rate was
primarily due to an increased tax benefits from an increase in low
income housing tax credit investments.
First Quarter 2024 vs. First Quarter
2023
Income tax expense was $2.0 million and the effective tax rate
was 28.1%, compared to income tax expense of $3.1 million and an
effective rate of 29.0%. The decrease in the effective tax rate was
primarily due to an increased tax benefits from an increase in low
income housing tax credit investments.
BALANCE SHEET HIGHLIGHTS
Loans
As of
% Change 1Q2024 vs.
($ in thousands)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
CRE loans
$
905,534
$
885,585
$
833,615
2.3
%
8.6
%
SBA loans
247,550
239,692
238,994
3.3
3.6
C&I loans
147,508
120,970
117,841
21.9
25.2
Home mortgage loans
502,995
518,024
500,635
(2.9
)
0.5
Consumer & other loans
1,400
1,574
1,400
(11.1
)
—
Gross loans
$
1,804,987
$
1,765,845
$
1,692,485
2.2
%
6.6
%
The following table presents new loan originations based on loan
commitment amounts for the periods indicated:
For the Three Months
Ended
% Change 1Q2024 vs.
($ in thousands)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
CRE loans
$
44,596
$
15,885
$
24,200
180.7
%
84.3
%
SBA loans
52,379
51,855
16,258
1.0
222.2
C&I loans
23,775
15,270
7,720
55.7
208.0
Home mortgage loans
2,478
12,417
20,617
(80.0
)
(88.0
)
Consumer & other loans
—
1,500
—
(100.0
)
—
Gross loans
$
123,228
$
96,927
$
68,795
27.1
%
79.1
%
The following table presents changes in gross loans by loan
activity for the periods indicated:
For the Three Months
Ended
($ in thousands)
1Q2024
4Q2023
1Q2023
Loan Activities:
Gross loans, beginning
$
1,765,845
$
1,759,525
$
1,678,292
New originations
123,228
96,927
68,795
Net line advances
15,313
(7,350
)
10,356
Purchases
—
2,371
12,142
Sales
(32,106
)
(40,122
)
(45,021
)
Paydowns
(24,557
)
(19,901
)
(40,190
)
Payoffs
(28,539
)
(23,590
)
(28,326
)
PPP payoffs
—
—
(200
)
Decrease (increase) in loans held for
sale
(14,280
)
(1,795
)
36,802
Other
83
(220
)
(165
)
Total
39,142
6,320
14,193
Gross loans, ending
$
1,804,987
$
1,765,845
$
1,692,485
As of March 31, 2024 vs. December 31,
2023
Gross loans were $1.80 billion as of March 31, 2024, up $39.1
million, from December 31, 2023, primarily due to new loan
originations, partially offset by loan sales, payoffs and
paydowns.
New loan originations, loan sales, and loan payoffs and paydowns
were $123.2 million $32.1 million and $53.1 million, respectively,
for the first quarter of 2024, compared with $96.9 million, $40.1
million and $43.5 million, respectively, for the fourth quarter of
2023.
As of March 31, 2024 vs. March 31,
2023
Gross loans were $1.80 billion as of March 31, 2024, up $112.5
million, from March 31, 2023, primarily due to new loan
originations of $428.9 million and loan purchases of $15.5 million,
primarily offset by loan sales of $132.4 million and loan payoffs
and paydowns of $198.2 million.
The following table presents the composition of gross loans by
interest rate type accompanied with the weighted average
contractual rates as of the periods indicated:
As of
1Q2024
4Q2023
1Q2023
($ in thousands)
%
Rate
%
Rate
%
Rate
Fixed rate
35.1
%
5.17
%
35.1
%
5.07
%
36.5
%
4.76
%
Hybrid rate
32.8
5.22
33.9
5.15
34.2
4.94
Variable rate
32.1
9.16
31.0
9.15
29.3
8.76
Gross loans
100.0
%
6.47
%
100.0
%
6.35
%
100.0
%
5.99
%
The following table presents the maturity of gross loans by
interest rate type accompanied with the weighted average
contractual rates for the periods indicated:
As of March 31, 2024
Within One Year
One Year Through Five
Years
After Five Years
Total
($ in thousands)
Amount
Rate
Amount
Rate
Amount
Rate
Amount
Rate
Fixed rate
$
125,369
5.81
%
$
282,814
4.93
%
$
226,332
5.11
%
$
634,515
5.17
%
Hybrid rate
—
—
138,336
4.17
453,281
5.54
591,617
5.22
Variable rate
113,184
8.79
130,126
9.02
335,545
9.34
578,855
9.16
Gross loans
$
238,553
7.22
%
$
551,276
5.71
%
$
1,015,158
6.70
%
$
1,804,987
6.47
%
Allowance for Credit Losses
The Company adopted the Current Expected Credit Losses (“CECL”)
accounting standard effective as of January 1, 2023 under a
modified retrospective approach. The adoption resulted in a $1.9
million increase to the allowance for credit losses on loans, a
$184 thousand increase to the allowance for credit losses on
off-balance sheet exposure, a $624 thousand increase to deferred
tax assets, and a $1.5 million charge to retained earnings.
The following table presents allowance for credit losses and
provision for credit losses as of and for the periods
presented:
As of and For the Three Months
Ended
% Change 1Q2024 vs.
($ in thousands)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Allowance for credit losses on loans,
beginning
$
21,993
$
21,617
$
19,241
1.7
%
14.3
%
Impact of CECL adoption
—
—
1,924
n/m
n/m
Provision for (reversal of) credit
losses
193
537
(258
)
(64.1
)
(174.8
)
Gross charge-offs
(68
)
(236
)
(116
)
(71.2
)
(41.4
)
Gross recoveries
11
75
23
(85.3
)
(52.2
)
Net charge-offs
(57
)
(161
)
(93
)
(64.6
)
(38.7
)
Allowance for credit losses on loans,
ending
$
22,129
$
21,993
$
20,814
0.6
%
6.3
%
Allowance for credit losses on off-balance
sheet exposure, beginning
$
516
$
423
$
263
22.0
%
96.2
%
Impact of CECL adoption
—
—
184
n/m
n/m
Provision for (reversal of) credit
losses
(48
)
93
(80
)
(151.6
)
(40.0
)
Allowance for credit losses on off-balance
sheet exposure, ending
$
468
$
516
$
367
(9.3
)%
27.5
%
Asset Quality
As of and For the Three Months
Ended
Change 1Q2024 vs.
($ in thousands)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Loans 30-89 days past due and still
accruing
$
3,904
$
9,607
$
4,866
(59.4
)%
(19.8
)%
As a % of gross loans
0.22
%
0.54
%
0.29
%
(0.32
)
(0.07
)
Nonperforming loans(1)
$
4,343
$
6,082
$
2,504
(28.6
)%
73.4
%
Nonperforming assets(1)
5,580
6,082
2,504
(8.3
)
122.8
Nonperforming loans to gross loans
0.24
%
0.34
%
0.15
%
(0.10
)
0.09
Nonperforming assets to total assets
0.25
%
0.28
%
0.12
%
(0.03
)
0.13
Criticized loans(1)(2)
$
11,564
$
13,349
$
5,772
(13.4
)%
100.3
%
Criticized loans to gross loans
0.64
%
0.76
%
0.34
%
(0.12
)
0.30
Allowance for credit losses ratios:
As a % of gross loans
1.23
%
1.25
%
1.23
%
(0.02
)%
—
%
As a % of nonperforming loans
510
362
831
148
(321
)
As a % of nonperforming assets
397
362
831
35
(434
)
As a % of criticized loans
191
165
361
26
(170
)
Net charge-offs(3) to average gross
loans(4)
0.01
0.04
0.02
(0.03
)
(0.01
)
(1)
Excludes the guaranteed portion of SBA
loans that are in liquidation totaling $3.1 million, $2.0 million
and $1.9 million as of March 31, 2024, December 31, 2023 and March
31, 2023, respectively.
(2)
Consists of special mention, substandard,
doubtful and loss categories.
(3)
Annualized.
(4)
Includes loans held for sale.
Overall, the Bank continued to maintain low levels of
nonperforming loans and net charge-offs. Our allowance remained
strong with an allowance to gross loans ratio of 1.23%.
- Loans 30-89 days past due and still accruing were $3.9 million
or 0.22% of gross loans as of March 31, 2024, compared with $9.6
million or 0.54% as of December 31, 2023. Several past due home
mortgage loans were paid off through voluntary sale and several
home mortgage and SBA loans were brought current.
- Nonperforming loans were $4.3 million or 0.24% of gross loans
as of March 31, 2024, compared with $6.1 million or 0.34% as of
December 31, 2023. Several escrows on the nonperforming home
mortgage loans were closed during the quarter with full
payoffs.
- Nonperforming assets were $5.6 million or 0.25% of total assets
as of March 31, 2024, compared with $6.1 million or 0.28% as of
December 31, 2023. Other Real Estate Owned (“OREO”) was $1.2
million as of March 31, 2024, which is secured by a mix-use
property in Los Angeles Koreatown with 90% guaranteed by SBA. We
are in receipt of a few written offers above the OREO balance and
negotiating the terms of the offer.
- Criticized loans were $11.6 million or 0.64% of gross loans as
of March 31, 2024, compared with $13.3 million or 0.76% as of
December 31, 2023. The improvement was due to the payoffs of
several nonperforming home mortgage loans.
- Net charge-offs were $57 thousand or 0.01% of average loans in
the first quarter of 2024, compared to net charge-offs of $161
thousand, or 0.04% of average loans in the fourth quarter of 2023
and of $93 thousand, or 0.02% of average loans in the first quarter
of 2023. The charge-off in the first quarter of 2024 was the
reversal of the accrued interest on three loans totaling $519
thousand that were placed on nonaccrual during the same
quarter.
Deposits
As of
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
($ in thousands)
Amount
%
Amount
%
Amount
%
4Q2023
1Q2023
Noninterest-bearing deposits
$
539,396
28.5
%
$
522,751
28.9
%
$
643,902
33.8
%
3.2
%
(16.2
)%
Money market deposits and others
327,718
17.3
399,018
22.1
436,796
22.9
(17.9
)
(25.0
)
Time deposits
1,028,297
54.2
885,789
49.0
824,120
43.3
16.1
24.8
Total deposits
$
1,895,411
100.0
%
$
1,807,558
100.0
%
$
1,904,818
100.0
%
4.9
%
(0.5
)%
Estimated uninsured deposits
$
1,248,644
65.9
%
$
1,156,270
64.0
%
$
900,579
47.3
%
8.0
%
38.6
%
As of March 31, 2024 vs. December 31,
2023
Total deposits were $1.90 billion as of March 31, 2024, up $87.9
million from December 31, 2023, primarily due to increases of
$142.5 million in time deposits and $16.6 million in
noninterest-bearing deposit, offset by a $71.3 million decrease in
money market deposits. Noninterest-bearing deposits, as a
percentage of total deposits, decreased to 28.5% from 28.9%. The
composition shift to time deposits was primarily due to customers’
continued preference for high-rate deposit products driven by the
Federal Reserve’s rate increases.
As of March 31, 2024 vs. March 31,
2023
Total deposits were $1.90 billion as of March 31, 2024, down
$9.4 million from March 31, 2023, primarily driven by decreases of
$104.5 million in noninterest-bearing deposits and $109.1 million
in money market deposits, offset by a $204.2 million increase in
time deposits. The composition shift to time deposits was primarily
due to customers’ preference for high-rate deposit products driven
by market rate increases as a result of the Federal Reserve’s rate
increases.
The following table sets forth the maturity of time deposits as
of March 31, 2024:
As of March 31, 2024
($ in thousands)
Within Three
Months
Three to Six
Months
Six to Nine Months
Nine to Twelve
Months
After Twelve
Months
Total
Time deposits (more than $250)
$
95,516
$
65,321
$
143,382
$
142,830
$
4,448
$
451,497
Time deposits ($250 or less)
151,358
102,471
186,340
104,481
32,150
576,800
Total time deposits
$
246,874
$
167,792
$
329,722
$
247,311
$
36,598
$
1,028,297
Weighted average rate
4.97
%
4.99
%
5.18
%
5.04
%
4.25
%
5.03
%
OTHER HIGHLIGHTS
Liquidity
The Company maintains ample access to liquidity, including
highly liquid assets on our balance sheet and available unused
borrowings from other financial institutions. The following table
presents the Company's liquid assets and available borrowings as of
dates presented:
($ in thousands)
1Q2024
4Q2023
1Q2023
Liquidity Assets:
Cash and cash equivalents
$
139,246
$
91,216
$
181,509
Available-for-sale debt securities
187,225
194,250
212,767
Liquid assets
$
326,471
$
285,466
$
394,276
Liquid assets to total assets
14.6
%
13.3
%
18.2
%
Available borrowings:
Federal Home Loan Bank—San Francisco
$
331,917
$
363,615
$
406,500
Federal Reserve Bank
185,913
182,989
174,284
Pacific Coast Bankers Bank
50,000
50,000
50,000
Zions Bank
25,000
25,000
25,000
First Horizon Bank
25,000
25,000
24,950
Total available borrowings
$
617,830
$
646,604
$
680,734
Total available borrowings to total
assets
27.6
%
30.1
%
31.4
%
Liquid assets and available borrowings to
total deposits
49.8
%
51.6
%
56.4
%
Capital and Capital Ratios
On April 25, 2024, the Company’s Board of Directors declared a
quarterly cash dividend of $0.12 per share of its common stock. The
cash dividend is payable on or about May 23, 2024 to all
shareholders of record as of the close of business on May 9, 2024.
The payment of the dividend is based primarily on dividends from
the Bank to the Company, and future dividends will depend on the
Board’s assessment of the availability of capital levels to support
the ongoing operating capital needs of both the Company and the
Bank.
The Company also repurchased 49,697 shares of its common stock
at an average price of $10.02 per share during the first quarter of
2024 under the stock repurchase program announced in August 2023.
Since the announcement of the initial stock repurchase program in
January 2019, the Company repurchased a total of 2,069,697 shares
of its common stock at an average repurchase price of $8.63 per
share through March 31, 2024.
Basel III
OP Bancorp(1)
Open Bank
Minimum Well
Capitalized Ratio
Minimum Capital
Ratio+ Conservation Buffer(2)
Risk-Based Capital Ratios:
Total risk-based capital ratio
13.59
%
13.53
%
10.00
%
10.50
%
Tier 1 risk-based capital ratio
12.34
12.28
8.00
8.50
Common equity tier 1 ratio
12.34
12.28
6.50
7.00
Leverage ratio
9.65
9.60
5.00
4.00
(1)
The capital requirements are only
applicable to the Bank, and the Company's ratios are included for
comparison purpose.
(2)
An additional 2.5% capital conservation
buffer above the minimum capital ratios are required in order to
avoid limitations on distributions, including dividend payments and
certain discretionary bonuses to executive officers.
Basel III
Change 1Q2024 vs.
OP Bancorp
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Risk-Based Capital Ratios:
Total risk-based capital ratio
13.59
%
13.77
%
13.27
%
(0.18
)%
0.32
%
Tier 1 risk-based capital ratio
12.34
12.52
12.06
(0.18
)
0.28
Common equity tier 1 ratio
12.34
12.52
12.06
(0.18
)
0.28
Leverage ratio
9.65
9.57
9.43
0.08
0.22
Risk-weighted Assets ($ in thousands)
$
1,715,185
$
1,667,067
$
1,659,584
2.89
3.35
ABOUT OP BANCORP
OP Bancorp, the holding company for Open Bank (the “Bank”), is a
California corporation whose common stock is quoted on the Nasdaq
Global Market under the ticker symbol, “OPBK.” The Bank is engaged
in the general commercial banking business in Los Angeles, Orange,
and Santa Clara Counties in California, the Dallas metropolitan
area in Texas, and Clark County in Nevada 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
eleven 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. The Bank also has four loan production offices in
Pleasanton, California, Atlanta, Georgia, Aurora, Colorado, and
Lynnwood, Washington. 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain matters set forth herein constitute “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, including forward-looking
statements relating to the Company’s current business plans and
expectations regarding future operating results. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results, performance or achievements to
differ materially from those projected. These risks and
uncertainties, some of which are beyond our control, include, but
are not limited to: the effects of substantial fluctuations in, and
continuing elevated levels of, interest rates on our borrowers’
ability to perform in accordance with the terms of their loans and
on our deposit customers’ expectation for higher rates on deposit
products; cybersecurity risks, including the potential for the
occurrence of successful cyberattacks and our ability to prevent
and to mitigate the harms resulting from any such attacks; business
and economic conditions, particularly those affecting the financial
services industry and our primary market areas; risks of
international conflict, terrorism, civil unrest and domestic
instability; the continuing effects of inflation and monetary
policies, particularly those relating to the decisions and
indicators of intent expressed by the Federal Reserve Open Markets
Committee, as those circumstances impact our operations and our
current and prospective borrowers and depositors; our ability to
balance deposit liabilities and liquidity sources (including our
ability to reprice those instruments and balancing our borrowings
and investments to keep pace with changing market conditions) so as
to meet current and expected withdrawals while promoting strong
earning capacity; our ability to manage our credit risk
successfully and to assess, adjust and monitor the sufficiency of
our allowance for credit losses; factors that can impact the
performance of our loan portfolio, including real estate values and
liquidity in our primary market areas, the financial health of our
commercial borrowers, the success of construction projects that we
finance, including any loans acquired in acquisition transactions;
the impacts of credit quality on our earnings and the related
effects of increases to the reserve on our net income; our ability
effectively to execute our strategic plan and manage our growth;
interest rate fluctuations, which could have an adverse effect on
our profitability; external economic and/or market factors, such as
changes in monetary and fiscal policies and laws, including
inflation or deflation, changes in the demand for loans, and
fluctuations in consumer spending, borrowing and savings habits,
which may have an adverse impact on our financial condition;
continued or increasing competition from other banks and from
credit unions and non-bank financial services companies, many of
which are subject to less restrictive or less costly regulations
than we are; challenges arising from unsuccessful attempts to
expand into new geographic markets, products, or services;
practical and regulatory constraints on the ability of Open Bank to
pay dividends to us; increased capital requirements imposed by
banking regulators, which may require us to raise capital at a time
when capital is not available on favorable terms or at all; a
failure in the internal controls we have implemented to address the
risks inherent to the business of banking; including internal
controls that affect the reliability of our publicly reported
financial statements; inaccuracies in our assumptions about future
events, which could result in material differences between our
financial projections and actual financial performance,
particularly with respect to the effects of predictions of future
economic conditions as those circumstances affect our estimates for
the adequacy of our allowance for credit losses and the related
provision expense; changes in our management personnel or our
inability to retain motivate and hire qualified management
personnel; disruptions, security breaches, or other adverse events,
failures or interruptions in, or attacks on, our information
technology systems; disruptions, security breaches, or other
adverse events affecting the third-party vendors who perform
several of our critical processing functions; an inability to keep
pace with the rate of technological advances due to a lack of
resources to invest in new technologies; risks related to potential
acquisitions; political developments, uncertainties or instability,
catastrophic events, or natural disasters, such as earthquakes,
fires, drought, pandemic diseases (such as the coronavirus) or
extreme weather events, any of which may affect services we use or
affect our customers, employees or third parties with which we
conduct business; incremental costs and obligations associated with
operating as a public company; the impact of any claims or legal
actions to which we may be subject, including any effect on our
reputation; compliance with governmental and regulatory
requirements, including the Dodd-Frank Act and others relating to
banking, consumer protection, securities and tax matters, and our
ability to maintain licenses required in connection with commercial
mortgage origination, sale and servicing operations; changes in
federal tax law or policy; and our ability the manage the foregoing
and other factors set forth in the Company’s public reports. We
describe these and other risks that could affect our results in
Item 1A. “Risk Factors,” of our latest Annual Report on Form 10-K
for the year ended December 31, 2023 and in our other subsequent
filings with the Securities and Exchange Commission.
CONSOLIDATED BALANCE SHEETS (unaudited)
As of
% Change 1Q2024 vs.
($ in thousands)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Assets
Cash and due from banks
$
20,513
$
16,948
$
16,781
21.0
%
22.2
%
Interest-bearing deposits in other
banks
118,733
74,268
164,728
59.9
(27.9
)
Cash and cash equivalents
139,246
91,216
181,509
52.7
(23.3
)
Available-for-sale debt securities, at
fair value
187,225
194,250
212,767
(3.6
)
(12.0
)
Other investments
16,264
16,276
12,172
(0.1
)
33.6
Loans held for sale
16,075
1,795
7,534
795.5
113.4
CRE loans
905,534
885,585
833,615
2.3
8.6
SBA loans
247,550
239,692
238,994
3.3
3.6
C&I loans
147,508
120,970
117,841
21.9
25.2
Home mortgage loans
502,995
518,024
500,635
(2.9
)
0.5
Consumer loans
1,400
1,574
1,400
(11.1
)
—
Gross loans receivable
1,804,987
1,765,845
1,692,485
2.2
6.6
Allowance for credit losses
(22,129
)
(21,993
)
(20,814
)
0.6
6.3
Net loans receivable
1,782,858
1,743,852
1,671,671
2.2
6.7
Premises and equipment, net
4,971
5,248
4,647
(5.3
)
7.0
Accrued interest receivable, net
8,370
8,259
7,302
1.3
14.6
Servicing assets
11,405
11,741
12,898
(2.9
)
(11.6
)
Company owned life insurance
22,399
22,233
21,762
0.7
2.9
Deferred tax assets, net
13,802
13,309
12,323
3.7
12.0
Other real estate owned
1,237
—
—
n/m
n/m
Operating right-of-use assets
8,864
8,497
9,459
4.3
(6.3
)
Other assets
21,804
31,054
16,550
(29.8
)
31.7
Total assets
$
2,234,520
$
2,147,730
$
2,170,594
4.0
%
2.9
%
Liabilities and Shareholders'
Equity
Liabilities:
Noninterest-bearing
$
539,396
$
522,751
$
643,902
3.2
%
(16.2
)%
Money market and others
327,718
399,018
436,796
(17.9
)
(25.0
)
Time deposits greater than $250
451,497
433,892
411,648
4.1
9.7
Other time deposits
576,800
451,897
412,472
27.6
39.8
Total deposits
1,895,411
1,807,558
1,904,818
4.9
(0.5
)
Federal Home Loan Bank advances
105,000
105,000
50,000
—
110.0
Accrued interest payable
12,270
12,628
5,751
(2.8
)
113.4
Operating lease liabilities
9,614
9,341
10,513
2.9
(8.6
)
Other liabilities
17,500
20,577
15,731
(15.0
)
11.2
Total liabilities
2,039,795
1,955,104
1,986,813
4.3
2.7
Shareholders' equity:
Common stock
75,957
76,280
79,475
(0.4
)
(4.4
)
Additional paid-in capital
11,240
10,942
10,056
2.7
11.8
Retained earnings
124,280
120,855
109,908
2.8
13.1
Accumulated other comprehensive loss
(16,752
)
(15,451
)
(15,658
)
8.4
7.0
Total shareholders’ equity
194,725
192,626
183,781
1.1
6.0
Total liabilities and shareholders'
equity
$
2,234,520
$
2,147,730
$
2,170,594
4.0
%
2.9
%
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the Three Months
Ended
% Change 1Q2024 vs.
($ in thousands, except share and per share data)
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Interest income
Interest and fees on loans
$
30,142
$
28,914
$
26,011
4.2
%
15.9
%
Interest on available-for-sale debt
securities
1,460
1,484
1,566
(1.6
)
(6.8
)
Other interest income
1,311
1,385
1,017
(5.3
)
28.9
Total interest income
32,913
31,783
28,594
3.6
15.1
Interest expense
Interest on deposits
15,675
14,127
10,382
11.0
51.0
Interest on borrowings
1,259
1,426
320
(11.7
)
293.4
%
Total interest expense
16,934
15,553
10,702
8.9
58.2
Net interest income
15,979
16,230
17,892
(1.5
)
(10.7
)
Provision for (reversal of) credit
losses
145
630
(338
)
(77.0
)
n/m
Net interest income after provision for
credit losses
15,834
15,600
18,230
1.5
(13.1
)
Noninterest income
Service charges on deposits
612
557
418
9.9
46.4
Loan servicing fees, net of
amortization
772
540
846
43.0
(8.7
)
Gain on sale of loans
1,703
1,996
2,570
(14.7
)
(33.7
)
Other income
499
587
461
(15.0
)
8.2
Total noninterest income
3,586
3,680
4,295
(2.6
)
(16.5
)
Noninterest expense
Salaries and employee benefits
7,841
7,646
7,252
2.6
8.1
Occupancy and equipment
1,655
1,616
1,570
2.4
5.4
Data processing and communication
487
644
550
(24.4
)
(11.5
)
Professional fees
395
391
359
1.0
10.0
FDIC insurance and regulatory
assessments
374
237
467
57.8
(19.9
)
Promotion and advertising
149
86
162
73.3
(8.0
)
Directors’ fees
157
145
161
8.3
(2.5
)
Foundation donation and other
contributions
540
524
753
3.1
(28.3
)
Other expenses
559
694
634
(19.5
)
(11.8
)
Total noninterest expense
12,157
11,983
11,908
1.5
2.1
Income before income tax expense
7,263
7,297
10,617
(0.5
)
(31.6
)
Income tax expense
2,037
2,125
3,083
(4.1
)
(33.9
)
Net income
$
5,226
$
5,172
$
7,534
1.0
%
(30.6
)%
Book value per share
$
13.00
$
12.84
$
12.02
1.2
%
8.2
%
Earnings per share - basic
0.34
0.34
0.48
—
(29.2
)
Earnings per share - diluted
0.34
0.34
0.48
—
(29.2
)
Shares of common stock outstanding, at
period end
14,982,555
15,000,436
15,286,558
(0.1
)%
(2.0
)%
Weighted average shares:
- Basic
14,991,835
15,027,110
15,284,350
(0.2
)%
(1.9
)%
- Diluted
14,991,835
15,034,822
15,312,673
(0.3
)
(2.1
)
KEY RATIOS
For the Three Months
Ended
% Change 1Q2024 vs.
1Q2024
4Q2023
1Q2023
4Q2023
1Q2023
Return on average assets (ROA)(1)
0.96
%
0.96
%
1.43
%
—
%
(0.5
)%
Return on average equity (ROE)(1)
10.83
11.18
16.82
(0.4
)
(6.0
)
Net interest margin(1)
3.06
3.12
3.57
(0.1
)
(0.5
)
Efficiency ratio
62.14
60.19
53.67
2.0
8.5
Total risk-based capital ratio
13.59
%
13.77
%
13.27
%
(0.2
)%
0.3
%
Tier 1 risk-based capital ratio
12.34
12.52
12.06
(0.2
)
0.3
Common equity tier 1 ratio
12.34
12.52
12.06
(0.2
)
0.3
Leverage ratio
9.65
9.57
9.43
0.1
0.2
(1)
Annualized.
ASSET QUALITY
As of and For the Three Months
Ended
($ in thousands)
1Q2024
4Q2023
1Q2023
Nonaccrual loans(1)
$
4,343
$
6,082
$
2,504
Loans 90 days or more past due,
accruing(2)
—
—
—
Nonperforming loans
4,343
6,082
2,504
OREO
1,237
—
—
Nonperforming assets
$
5,580
$
6,082
$
2,504
Criticized loans by risk categories:
Special mention loans
$
1,415
$
1,428
$
2,617
Classified loans(1)(3)
10,149
11,921
3,155
Total criticized loans
$
11,564
$
13,349
$
5,772
Criticized loans by loan type:
CRE loans
$
5,292
$
4,995
$
560
SBA loans
6,055
5,864
3,676
C&I loans
—
—
271
Home mortgage loans
217
2,490
1,265
Total criticized loans
$
11,564
$
13,349
$
5,772
Nonperforming loans / gross loans
0.24
%
0.34
%
0.15
%
Nonperforming assets / gross loans plus
OREO
0.31
0.34
0.15
Nonperforming assets / total assets
0.25
0.28
0.12
Classified loans / gross loans
0.56
0.68
0.19
Criticized loans / gross loans
0.64
0.76
0.34
Allowance for credit losses ratios:
As a % of gross loans
1.23
%
1.25
%
1.23
%
As a % of nonperforming loans
510
362
831
As a % of nonperforming assets
397
362
831
As a % of classified loans
218
184
660
As a % of criticized loans
191
165
361
Net charge-offs
$
57
$
161
$
93
Net charge-offs(5) to average gross
loans(6)
0.01
%
0.04
%
0.02
%
(1)
Excludes the guaranteed portion of SBA
loans that are in liquidation totaling $3.1 million, $2.0 million
and $1.6 million as of March 31, 2024, December 31, 2023 and March
31, 2023, respectively.
(2)
Excludes the guaranteed portion of SBA
loans that are in liquidation totaling $246 thousand as of March
31, 2023.
(3)
Consists of substandard, doubtful and loss
categories.
(4)
See the Reconciliation of GAAP to NON-GAAP
Financial Measures.
(5)
Annualized.
(6)
Includes loans held for sale.
($ in thousands)
1Q2024
4Q2023
1Q2023
Accruing delinquent loans 30-89 days past
due
30-59 days
$
801
$
5,945
$
4,866
60-89 days
3,103
3,662
—
Total
$
3,904
$
9,607
$
4,866
AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE
ANALYSIS
For the Three Months
Ended
1Q2024
4Q2023
1Q2023
($ in thousands)
Average Balance
Interest and
Fees
Yield/ Rate(1)
Average Balance
Interest and
Fees
Yield/ Rate(1)
Average Balance
Interest and
Fees
Yield/ Rate(1)
Interest-earning assets:
Interest-bearing deposits in other
banks
$
73,047
$
989
5.35
%
$
78,496
$
1,076
5.36
%
$
74,162
$
846
4.56
%
Federal funds sold and other
investments
16,265
322
7.92
16,115
309
7.66
12,130
171
5.65
Available-for-sale debt securities, at
fair value
191,383
1,460
3.05
189,462
1,484
3.13
210,462
1,566
2.98
CRE loans
901,262
13,729
6.13
892,092
13,104
5.83
840,402
11,179
5.39
SBA loans
259,368
7,213
11.19
255,692
7,055
10.95
274,889
6,982
10.30
C&I loans
134,893
2,670
7.96
122,950
2,416
7.80
121,915
2,200
7.32
Home mortgage loans
512,023
6,495
5.07
515,840
6,315
4.90
486,800
5,633
4.63
Consumer loans
1,386
35
10.10
966
24
9.92
1,386
17
5.07
Loans(2)
1,808,932
30,142
6.69
1,787,540
28,914
6.43
1,725,392
26,011
6.10
Total interest-earning assets
2,089,627
32,913
6.32
2,071,613
31,783
6.10
2,022,146
28,594
5.71
Noninterest-earning assets
87,586
86,874
82,538
Total assets
$
2,177,213
$
2,158,487
$
2,104,684
Interest-bearing liabilities:
Money market deposits and others
$
367,386
$
3,940
4.31
%
$
377,304
$
3,993
4.20
%
$
409,813
$
3,150
3.12
%
Time deposits
954,442
11,735
4.94
866,142
10,134
4.64
786,381
7,232
3.73
Total interest-bearing deposits
1,321,828
15,675
4.77
1,243,446
14,127
4.51
1,196,194
10,382
3.52
Borrowings
108,681
1,259
4.66
118,764
1,426
4.76
26,168
320
4.95
Total interest-bearing liabilities
1,430,509
16,934
4.76
1,362,210
15,553
4.53
1,222,362
10,702
3.55
Noninterest-bearing liabilities:
Noninterest-bearing deposits
514,503
569,965
671,490
Other noninterest-bearing liabilities
39,207
41,312
31,648
Total noninterest-bearing liabilities
553,710
611,277
703,138
Shareholders’ equity
192,994
185,000
179,184
Total liabilities and shareholders’
equity
$
2,177,213
2,158,487
2,104,684
Net interest income / interest rate
spreads
$
15,979
1.56
%
$
16,230
1.57
%
$
17,892
2.16
%
Net interest margin
3.06
%
3.12
%
3.57
%
Cost of deposits & cost of funds:
Total deposits / cost of deposits
$
1,836,331
$
15,675
3.43
%
$
1,813,411
$
14,127
3.09
%
$
1,867,684
$
10,382
2.25
%
Total funding liabilities / cost of
funds
1,945,012
16,934
3.50
1,932,175
15,553
3.19
1,893,852
10,702
2.29
(1)
Annualized.
(2)
Includes loans held for sale.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425010158/en/
Investor Relations OP Bancorp Christine Oh EVP & CFO
213.892.1192 Christine.oh@myopenbank.com
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