OP Bancorp (OPBK: OTCQB) | OP Bancorp Announces Record Q3 Earnings of $2.05 Million and Reports Unaudited Third Quarter 2016 Results

OP Bancorp Announces Record Q3 Earnings of $2.05 Million and Reports Unaudited Third Quarter 2016 Results

Oct 27, 2016

OTC Disclosure News Service

OP Bancorp (the “Company”) (OTCQB: OPBK), the holding company of Open
Bank (the “Bank”), today reported that net income for the third quarter
of 2016 was $2.05 million, or $0.15 per diluted common share. This
compares with net income of $1.80 million, or $0.14 per diluted share,
for the second quarter of 2016, and net income of $1.52 million, or
$0.12 per diluted share, for the third quarter of 2015. Pre-tax
pre-provision income was $4.1 million for the third quarter 2016, up
18.9% from $3.5 million for the second quarter 2016, and 34.3% from $3.1
million for the third quarter 2015.

“We are very pleased to report record third quarter financial results.
Our net interest income before provisions for loan losses for the three
and nine months ended September 30, 2016 totaled $7.4 million and $20.5
million respectively. Our non-interest income for the three and nine
months ended September 30, 2016 totaled $2.4 million and $6.5 million
respectively. Our net income was equally impressive, at $2.1 million and
$5.2 million respectively for the three and nine months ended September
30, 2016. We also had very strong growth in both loans and deposits,
with an over 20% year over year increase. We are especially pleased with
the continued growth in our non-interest bearing deposits, which grew
over 10% in Q3 alone and now accounts for over 36% of total deposits.
Our net interest margin also continues to improve, marking the highest
level in years.” stated Min Kim, President and Chief Executive Officer.

 

Quarter Financial Highlights

(in thousands, except per share data)

 

As of or for the Three Months Ended

September 30,
2016

 

June 30,
2016

 

September 30,
2015

 

Income Statement Data:

Net interest income

$

7,421

$

6,810

$

5,953

Provision for loan losses

677

452

476

Non-interest income

2,400

2,266

1,944

Non-interest expense

5,703

 

5,613

 

4,881

 

Income before taxes

3,441

3,011

2,590

Provision for income taxes

1,389

 

1,210

 

1,067

 

Net Income

$

2,052

 

$

1,801

 

$

1,523

 

Balance Sheet Data:

Loans held for sale

$

2,231

$

3,425

$

300

Gross loans, net of unearned income

627,171

583,175

506,307

Allowance for loan losses

7,615

7,079

6,387

Total assets

721,667

673,267

606,224

Deposits

626,878

581,736

509,717

Shareholders’ equity

78,792

76,511

70,820

Credit Quality:

Nonperforming loans

$

968

$

1,025

$

1,003

Nonperforming assets

968

1,025

1,003

Performance Ratios:

Net interest margin

4.46

%

4.30

%

4.29

%

Efficiency ratio

58.07

%

61.84

%

61.43

%

Pre-tax pre-provision income to average assets (annualized)

2.37

%

2.07

%

2.11

%

Net charge-offs to average gross loans (annualized)

0.09

%

0.00

%

-0.03

%

Nonperforming assets to gross loans plus OREO

0.15

%

0.18

%

0.20

%

ALLL to nonperforming loans

787

%

691

%

637

%

ALLL to gross loans

1.21

%

1.21

%

1.26

%

Capital Ratios:

Tangible common equity to tangible assets

10.92

%

11.36

%

11.68

%

Leverage ratio

11.29

%

11.41

%

11.99

%

Common Equity Tier 1 ratio

12.70

%

13.02

%

13.80

%

Tier 1 risk-based capital ratio

12.70

%

13.02

%

13.80

%

Total risk-based capital ratio

13.95

%

14.24

%

15.05

%

 

Results of Operations

Net interest income before loan loss provision was $7.4 million for the
three months ended September 30, 2016, compared to $6.8 million for the
second quarter of 2016, and $6.0 million for the third quarter of 2015.
The increases from the second quarter of 2016 and the third quarter of
2015 were primarily the result of continued growth in interest earning
assets, mostly loans. Average gross loans were $608 million for the
third quarter of 2016, an increase of $51 million, or 9.1%, from $557
million for the second quarter of 2016 and an increase of $114 million,
or 23.2%, from $493 million for the third quarter of 2015.

The net interest margin for the third quarter of 2016 was 4.46%, a 16
basis point increase from 4.30% for the second quarter of 2016, and a 17
basis point increase from 4.29% for the third quarter of 2015. Excluding
impacts from loan payoffs, the net interest margin for the third quarter
of 2016 was 4.28%, compared to 4.09% for the second quarter of 2016, and
4.06% for the third quarter of 2015. The net interest margin expansions
were attributable to improved mix of earning assets and lower cost of
funds.

Average gross loans, net of unearned income, increased to 92% of earning
assets for the third quarter 2016, compared to 88% for the second
quarter 2016, and 90% for the third quarter 2015. Total cost of funds,
including non-interest bearing deposits and borrowings, decreased to
0.54% for the third quarter of 2016, compared to 0.57% for the second
quarter 2016, and 0.58% for the third quarter 2015, as average
non-interest bearing deposits increased to 36% of total deposit for the
third quarter 2016 from 32% for the second quarter 2016, and 31% from
the third quarter 2015.

The following table shows the asset yields, liability costs, spreads and
margins.

 

Three Months Ended

September 30,
2016

 

June 30,
2016

 

September 30,
2015

 

Yield on net loans

5.31

%

5.37

%

5.29

%

Yield on interest-earning assets

4.96

%

4.83

%

4.83

%

Cost of interest-bearing liabilities

0.83

%

0.84

%

0.83

%

Cost of deposits

0.54

%

0.58

%

0.58

%

Cost of funds

0.54

%

0.57

%

0.58

%

Net interest spread

4.13

%

3.99

%

4.00

%

Net interest margin

4.46

%

4.30

%

4.29

%

 

Non-interest income was $2.4 million for the third quarter of 2016, up
5.9% compared to $2.3 million for the second quarter of 2016, and up
20.4% from $2.0 million for the third quarter of 2015. The increases
were primarily attributable to higher net gains on sale of SBA loans and
increased service fees on deposits.

Net gain on sale of SBA loans totaled $1.54 million for the third
quarter of 2016, $1.50 million for the second quarter of 2016 and $1.22
million for the third quarter of 2015. Sale of SBA loans for the third
quarter of 2016 was $25.3 million, compared to $24.1 million for the
second quarter of 2016 and $18.3 million for the third quarter of 2015.
The average premium on the sale of SBA loans for the third quarter of
2016 was 8.3%, compared to 9.4% for the second quarter of 2016 and 8.9%
for the third quarter of 2015.

Non-interest expense was $5.7 million for the third quarter of 2016,
compared to $5.6 million for the second quarter of 2016. Non-interest
expense has been consistent from quarter to quarter during the year.

Non-interest expense for the third quarter of 2016 increased $823
thousand from $4.9 million for the third quarter of 2015. The increase
from the third quarter of 2015 was primarily due to increased operating
expenses to support continued growth of the Company.

Total salaries and employee benefits expenses for the third quarter of
2016 increased $399 thousand to $3.4 million from $3.0 million for the
third quarter of 2015, reflecting an increased number of full time
equivalent employees of 126.5 at September 30, 2016, compared to 116.5
at September 30, 2015. FFE expenses, professional services fees and
data processing expenses for the third quarter of 2016 increased $39
thousand, $64 thousand, and $31 thousand, respectively, compared to the
third quarter of 2015, primary due to the Company’s continued expansion.

The effective tax rate for the third quarter of 2016 was 40.4%, compared
to 40.2% for the second quarter of 2016 and 41.2% for the third quarter
of 2015.

Balance Sheet

Total assets were $721.7 million at September 30, 2016, an increase of
$48.4 million, or 7.2% from $673.3 million at June 30, 2016, and an
increase of $115.4 million, or 19.0%, from $606.2 million at September
30, 2015. Gross loans, net of unearned income, were $627.2 million at
September 30, 2016, an increase of $44.0 million, or 7.5%, from $583.2
million at June 30, 2016, and an increase of $120.9 million, or 23.9%,
from $506.3 million at September 30, 2015.

New loan originations for the third quarter of 2016 totaled $93.2
million, including SBA loan originations of $21.5 million, compared to
$116.7 million, including SBA loan originations of $39.9 million for the
second quarter of 2016. New loan originations for the third quarter of
2015 were $97.8 million, including SBA loan originations of $20.7
million.

Total deposits were $626.9 million at September 30, 2016, an increase of
$45.1 million, or 7.8% from $581.7 million at June 30, 2016, and an
increase of $117.2 million, or 23.0%, from $509.7 million at September
30, 2015. Non-interest bearing deposits were $227.7 million at September
30, 2016, an increase of $22.4 million, or 10.9%, from $205.4 million at
June 30, 2016, and an increase of $72.8 million, or 47.0% from $155.0
million at September 30, 2015.

Borrowings from the Federal Home Loan Bank (“FHLB”) at September 30,
2016 were $10.0 million, compared to $10.0 million at June 30, 2016 and
$20.0 million at September 30, 2015.

Non-interest bearing deposits accounted for 36.3% of total deposits at
September 30, 2016, compared to 35.3% at June 30, 2016 and 30.4% at
September 30, 2015.

 

 

 

 

 

 

September 30,
2016

 

June 30,
2016

 

September 30,
2015

 

Non-interest bearing deposits

36.3

%

35.3

%

30.4

%

Interest bearing demand deposits

34.3

%

34.4

%

33.6

%

Savings

0.4

%

0.5

%

0.4

%

Time deposits over $250,000

12.4

%

12.0

%

23.7

%

Other time deposits

16.6

%

17.8

%

11.9

%

Total deposits

100.0

%

100.0

%

100.0

%

 

At September 30, 2016, the Company continued to exceed all regulatory
capital requirements to be classified as “well-capitalized,” as
summarized in the following table.

 

 

 

 

 

 

September 30,
2016

 

June 30,
2016

 

September 30,
2015

 

Tier 1 leverage capital ratio

11.29%

11.41%

11.99%

CET 1 capital ratio

12.70%

13.02%

13.80%

Tier 1 risk-based capital ratio

12.70%

13.02%

13.80%

Total risk-based capital ratio

13.95%

14.24%

15.05%

 

At September 30, 2016, the tangible common equity represented 10.92% of
tangible assets, compared to 11.36% at June 30, 2016 and 11.68% at
September 30, 2015. 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 third quarter of 2016 was $677 thousand,
compared to $452 thousand for the second quarter of 2016 and $476
thousand for the third quarter of 2015. Non-performing assets were $1.0
million, or 0.13% of total assets, at September 30, 2016 and $1.0
million, or 0.15% of total assets, at June 30, 2016 and $1.0 million, or
0.17% of total assets, at September 30, 2015. There was no other real
estate owned (“OREO”) at September 30, 2016, June 30, 2016, or September
30, 2015.

Non-performing loans to gross loans were 0.15% at September 30, 2016,
compared to 0.18% at June 30, 2016 and 0.20% at September 30, 2015.
Total classified loans were $0.8 million, or 0.13% of gross loans, at
September 30, 2016, compared to $1.2 million, or 0.21% of gross loans,
at June 30, 2016 and $0.8 million, or 0.15% of gross loans, at September
30, 2015.

The allowance for loan losses was $7.6 million at September 30, 2016,
compared to $7.1 million at June 30, 2016 and $6.4 million at September
30, 2015. The allowance for loan losses was 1.21% of gross loans at
September 30, 2016 and June 30, 2016 and 1.26% at September 30, 2015.

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 Flushing, New York. 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.

 

Balance Sheet

 

 

 

 

 

 

 

(Dollars in thousand, except per share data)

September 30, 2016

June 30, 2016

$

change

% change

 

September 30, 2015

$

change

% change

 

(Unaudited)

(Unaudited)

(Audited)

Assets

 

Cash and due from banks

$

29,986

$

23,050

$

6,936

30.1

%

$

49,247

$

(19,261

)

-39.1

%

Investment securities

38,038

40,052

(2,014

)

-5.0

%

26,200

11,838

45.2

%

Loans held for sale

2,231

3,425

(1,194

)

-34.9

%

300

1,931

643.7

%

Gross loans, net of unearned income

627,171

583,175

43,996

7.5

%

506,307

120,864

23.9

%

Allowance for loan losses

(7,615

)

(7,079

)

(536

)

-7.6

%

(6,387

)

(1,228

)

-19.2

%

Net loans receivable

619,556

576,096

43,460

7.5

%

499,920

119,636

23.9

%

Bank premises and equipment, net

5,311

5,518

(207

)

-3.8

%

5,566

(255

)

-4.6

%

Accrued interest receivable

1,767

1,635

132

8.1

%

1,489

278

18.7

%

FHLB and Pacific Coast Bankers Bank Stock, at cost

3,438

3,438

0

0.0

%

2,655

783

29.5

%

Servicing assets

6,415

6,025

390

6.5

%

5,202

1,213

23.3

%

Net deferred taxes

1,436

1,357

79

5.8

%

2,858

(1,422

)

-49.8

%

Other assets

 

13,489

 

 

12,671

 

 

818

 

6.5

%

 

12,787

 

 

702

 

5.5

%

Total assets

$

721,667

 

$

673,267

 

$

48,400

 

7.2

%

$

606,224

 

$

115,443

 

19.0

%

 

Liabilities and Shareholders’ Equity

 

Noninterest bearing deposits

$

227,745

$

205,391

$

22,354

10.9

%

$

154,965

$

72,780

47.0

%

Savings

2,668

2,855

(187

)

-6.5

%

2,052

616

30.0

%

Money market and others

214,582

200,457

14,125

7.0

%

170,989

43,593

25.5

%

Time deposits over $250,000

77,696

69,710

7,986

11.5

%

121,023

(43,327

)

-35.8

%

Other time deposits

 

104,187

 

 

103,323

 

 

864

 

0.8

%

 

60,688

 

 

43,499

 

71.7

%

Total deposits

626,878

581,736

45,142

7.8

%

509,717

117,161

23.0

%

Other borrowings

10,000

10,000

0

0.0

%

20,000

(10,000

)

-50.0

%

Other liabilities

 

5,997

 

 

5,020

 

 

977

 

19.5

%

 

5,687

 

 

310

 

5.5

%

Total liabilities

642,875

596,756

46,119

7.7

%

535,404

107,471

20.1

%

Total shareholders’ equity

 

78,792

 

 

76,511

 

 

2,281

 

3.0

%

 

70,820

 

 

7,972

 

11.3

%

Total Liabilities and Shareholders’ Equity

$

721,667

 

$

673,267

 

$

48,400

 

7.2

%

$

606,224

 

$

115,443

 

19.0

%

 

Statement of Operations

(Dollars in thousand, except per share data)

 

Three Months Ended

 

Nine Months Ended

September 30, 2016

 

June 30, 2016

 

% change

 

 

September 30, 2015

 

% change

 

September 30, 2016

 

September 30, 2015

 

% change

 

Interest income

$

8,254

$

7,649

7.9

%

$

6,691

23.4

%

$

22,935

$

18,381

24.8

%

Interest expense

 

833

 

839

-0.7

%

 

738

12.9

%

 

2,484

 

1,840

35.0

%

Net interest income

 

7,421

 

 

6,810

9.0

%

 

5,953

24.7

%

 

20,451

 

16,541

23.6

%

Provision for loan losses

677

452

49.8

%

476

42.2

%

1,359

553

145.8

%

Non interest income

2,400

2,266

5.9

%

1,994

20.4

%

6,474

5,990

8.1

%

Non interest expense

 

5,703

 

5,613

1.6

%

 

4,881

16.8

%

 

16,920

 

14,485

16.8

%

Income before income taxes

3,441

3,011

14.3

%

2,590

32.9

%

8,646

7,493

15.4

%

Provision for income taxes

 

1,389

 

1,210

14.8

%

 

1,067

30.2

%

 

3,474

 

3,085

12.6

%

Net income (loss)

$

2,052

$

1,801

13.9

%

$

1,523

34.7

%

$

5,172

$

4,408

17.3

%

 

Pre-tax Pre-provision Income

$

4,118

$

3,463

18.9

%

$

3,066

34.3

%

$

10,005

$

8,046

24.3

%

 

Book Value

$

6.12

$

6.00

2.0

%

$

5.59

9.4

%

$

6.12

$

5.59

9.4

%

Basic EPS

$

0.16

$

0.14

13.0

%

$

0.12

32.5

%

$

0.41

$

0.35

15.1

%

Diluted EPS

$

0.15

$

0.14

12.8

%

$

0.12

33.4

%

$

0.39

$

0.34

16.4

%

 

Shares of common stock outstanding

12,873,906

12,747,100

1.0

%

12,660,080

1.7

%

12,873,906

12,660,080

1.7

%

Weighted Average Shares:

– Basic

12,840,826

12,732,265

0.9

%

12,625,784

1.7

%

12,757,629

12,511,895

2.0

%

– Diluted

13,285,855

13,148,362

1.0

%

13,157,639

1.0

%

13,178,890

13,072,160

0.8

%

 

 

 

Three Months Ended

 

Nine Months Ended

September 30, 2016

 

June 30, 2016

 

% change

 

 

September 30, 2015

 

% change

 

September 30, 2016

 

September 30, 2015

 

% change

 

Key Ratios

Return on average assets (ROA)*

1.18

%

1.08

%

0.10

%

1.05

%

0.13

%

1.04

%

1.07

%

-0.03

%

Return on average equity (ROE) *

10.51

%

9.58

%

0.93

%

8.72

%

1.79

%

9.13

%

8.61

%

0.52

%

Net interest margin *

4.46

%

4.30

%

0.16

%

4.29

%

0.17

%

4.49

%

4.30

%

0.19

%

Efficiency ratio

58.07

%

61.84

%

-3.77

%

61.43

%

-3.36

%

62.84

%

64.29

%

-1.45

%

Pre-tax Pre-provision Income to average assets

2.37

%

2.07

%

0.30

%

2.11

%

0.26

%

2.01

%

1.96

%

0.05

%

 

Tangible common equity to tangible assets

10.92

%

11.36

%

-0.44

%

11.68

%

-0.76

%

10.92

%

11.68

%

-0.76

%

Tier 1 Leverage Ratio

11.29

%

11.41

%

-0.12

%

11.99

%

-0.70

%

11.29

%

11.99

%

-0.70

%

Common Equity Tier 1 Ratio

12.70

%

13.02

%

-0.32

%

13.80

%

-1.10

%

12.70

%

13.80

%

-1.10

%

Tier 1 Capital Ratio

12.70

%

13.02

%

-0.32

%

13.80

%

-1.10

%

12.70

%

13.80

%

-1.10

%

Total Risk Based Capital Ratio

13.95

%

14.24

%

-0.29

%

15.05

%

-1.10

%

13.95

%

15.05

%

-1.10

%

 

Average Balances

Investments

$

54,617

$

79,389

-31.2

%

$

57,253

-4.6

%

$

70,402

$

59,738

17.9

%

Gross loans, including loans held for sale

607,636

556,881

9.1

%

493,220

23.2

%

562,973

457,691

23.0

%

Interest earning assets

662,252

636,270

4.1

%

550,473

20.3

%

633,375

517,429

22.4

%

Total assets

$

694,998

$

667,751

4.1

%

$

581,973

19.4

%

$

665,116

$

547,840

21.4

%

 

Noninterest bearing deposits

$

213,023

$

183,977

15.8

%

$

152,926

39.3

%

$

185,709

$

152,435

21.8

%

Interest bearing deposits

380,038

384,624

-1.2

%

337,286

12.7

%

379,561

302,728

25.4

%

Total deposits

593,061

568,601

4.3

%

490,212

21.0

%

565,270

455,163

24.2

%

Interest bearing liabilities

398,914

403,416

-1.1

%

354,135

12.6

%

398,783

322,729

23.6

%

Shareholders’ equity

78,051

75,190

3.8

%

69,829

11.8

%

75,524

68,227

10.7

%

Net interest earning assets

$

263,338

$

232,854

13.1

%

$

196,338

34.1

%

$

234,592

$

194,700

20.5

%

 

 

Asset Quality

 

 

9/30/2016

 

 

 

6/30/2016

 

 

 

3/31/2016

 

 

 

12/31/2015

 

 

 

9/30/2015

 

Nonaccrual Loans

597

650

624

657

617

Loans 90 days or more past due, accruing

Accruing Restructured Loans

 

371

 

 

375

 

 

379

 

 

382

 

 

386

 

Total Non-Performing Loans

968

1,025

1,003

1,039

1,003

Other Real Estate Loans (OREO)

 

 

 

 

 

 

 

 

 

 

Total Non-Performing Assets

968

1,025

1,003

1,039

1,003

 

Classified Loans

793

1,225

1,203

827

758

 

Non-Performing Assets/Total Assets

0.13

%

0.15

%

0.15

%

0.17

%

0.17

%

Non-Performing Assets/(Gross Loans +OREO)

0.15

%

0.18

%

0.19

%

0.20

%

0.20

%

Non-Performing Loans/Gross Loans

0.15

%

0.18

%

0.19

%

0.20

%

0.20

%

Allowance for Loan Losses/Non-Performing Loans

787

%

691

%

660

%

615

%

637

%

Allowance for Loan Losses/Non-Performing Assets

787

%

691

%

660

%

615

%

637

%

Allowance for Loan Losses/Gross Loans

1.21

%

1.21

%

1.26

%

1.26

%

1.26

%

Classified Loans/Gross Loans

0.13

%

0.21

%

0.23

%

0.16

%

0.15

%

 

Net Charge-offs

$

141

$

(6

)

$

(1

)

$

(3

)

$

(31

)

Net Charge-offs to Average Gross Loans *

0.09

%

0.00

%

0.00

%

0.00

%

-0.03

%

 

* Annualized

 

Copyright © 2016 Businesswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/OPBK/news?id=143339

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