OP Bancorp reported unaudited earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income of $11,077,000, net interest income of $9,701,000, income before income taxes of $5,086,000, net income of $1,900,000 or $0.13 per diluted share, return on average assets of 0.87% and return on average equity of 8.33% compared to the interest income of $8,766,000, net interest income of $7,879,000, income before income taxes of $3,661,000, net income of $2,254,000 or $0.16 per diluted share, return on average assets of 1.21% and return on average equity of 11.27% for the same quarter a year ago. The increase in net interest income was primarily due to a 15.2% increase in average loans, including loans held-for-sale, coupled with a 53 basis point increase in average loan yields from 5.10% for the fourth quarter of 2016, offset by an 18 basis point increase in average cost of funds.

For the year, the company reported interest income of $40,283,000, net interest income of $35,710,000, income before income taxes of $17,128,000, net income of $9,236,000 or $0.66 per diluted share, return on average assets of 1.13% and return on average equity of 10.63% compared to the interest income of $31,701,000, net interest income of $28,330,000, income before income taxes of $12,321,000, net income of $7,427,000 or $0.53 per diluted share, return on average assets of 1.08% and return on average equity of 9.69% for the same period a year ago. Book Value per share was $6.94 as on December 31, 2017 against $6.30 as on December 31, 2016.

For the quarter, the company reported net charge-offs of $92,000 against $71,000 a year ago.