$OPBK

OP Bancorp

CIK:0001722010|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST INCOME
Interest and fees on loans	$ 35,731	$ 34,263	$ 70,610	$ 65,952
Interest on AFS debt securities	1,824	1,437	3,585	2,933
Other interest income	638	1,965	2,535	3,639
Total interest income	38,193	37,665	76,730	72,524
Interest expense
Interest on deposits	16,891	17,475	33,736	34,083
Interest on borrowings	744	469	1,423	1,302
Interest on subordinated note	490	0	980	0
Total interest expense	18,125	17,944	36,139	35,385
Net interest income	20,068	19,721	40,591	37,139
(Reversal of) provision for credit losses	(149)	1,206	263	1,942
Net interest income after provision for credit losses	20,217	18,515	40,328	35,197
NONINTEREST INCOME
Service charges on deposits	515	1,017	978	2,017
Loan servicing fees, net of amortization	974	900	1,696	1,907
Gains on sale of loans	3,370	1,441	5,420	3,460
Other income	792	610	1,589	1,400
Total noninterest income	5,651	3,968	9,683	8,784
NONINTEREST EXPENSE
Salaries and employee benefits	9,733	9,075	19,009	17,851
Occupancy and equipment	1,901	1,584	3,712	3,165
Data processing and communication	380	306	791	602
Professional fees	454	418	853	825
FDIC insurance and regulatory assessments	387	506	805	993
Promotion and advertising	104	232	224	388
Directors’ fees	164	198	308	378
Foundation donation and other contributions	811	636	1,536	1,192
Other expenses	892	1,082	1,821	2,457
Total noninterest expense	14,826	14,037	29,059	27,851
INCOME BEFORE INCOME TAX EXPENSE	11,042	8,446	20,952	16,130
Income tax expense	3,064	2,113	5,740	4,237
NET INCOME	$ 7,978	$ 6,333	$ 15,212	$ 11,893
BASIC EARNINGS PER SHARE("EPS") (USD per share)	$ 0.54	$ 0.42	$ 1.02	$ 0.79
DILUTED EPS (USD per share)	$ 0.53	$ 0.42	$ 1.02	$ 0.79

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 15,212	$ 11,893
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Provision for credit losses	263	1,942
Deferred income tax expense	329	1,287
Depreciation, amortization and accretion, net	3,816	2,596
Gains on sale of loans	(5,420)	(3,460)
Stock-based compensation	373	313
Earnings on company owned life insurance	(359)	(347)
Origination of loans held-for-sale	(97,922)	(73,911)
Proceeds from sales of loans held-for-sale	88,024	60,685
Net change in:
Accrued interest receivable and other assets	(1,747)	(2,466)
Accrued interest payable and other liabilities	(2,163)	129
Net cash provided by (used in) operating activities	406	(1,339)
Cash flows from investing activities
Net change in loans receivable	(55,598)	(100,678)
Proceeds from matured, called, or paid-down AFS debt securities	22,706	14,118
Purchase of loans	(5,426)	(13,778)
Purchase of AFS debt securities	(34,491)	0
Purchase of FHLB stock	(1,592)	(540)
Purchase of premises and equipment, net	(241)	(2,144)
Net change in investments in low-income housing partnerships	(1,851)	(2,607)
Net cash used in investing activities	(76,493)	(105,629)
Cash flows from financing activities
Net change in deposits	87,792	227,443
Proceeds from FHLB advances	40,000	50,000
Repayment of FHLB advances	(40,000)	(95,000)
Repurchase of common stock	0	(713)
Cash dividend paid on common stock	(3,871)	(3,560)
Payments related to tax-withholding for vested restricted stock awards	(94)	(757)
Net cash provided by financing activities	83,827	177,413
Net change in cash and cash equivalents	7,740	70,445
Cash and cash equivalents at beginning of period	167,311	134,943
Cash and cash equivalents at end of period	175,051	205,388
Income taxes
Federal	3,420	1,600
Total income taxes paid	6,091	3,496
Interest	34,785	35,733
Supplemental noncash disclosure:
Initial recognition of right-of-use assets	41	3,536
New commitments to low income housing partnership investment	0	5,000
California
Income taxes
State/Local	2,560	1,840
All other states
Income taxes
State/Local	$ 111	$ 56

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 21,812	$ 10,911
Interest-bearing deposits with banks	153,239	156,400
Cash and cash equivalents	175,051	167,311
Available-for-sale ("AFS") debt securities, at fair value	202,506	192,785
Other investments	18,824	17,208
Loans held-for-sale	21,305	11,443
Net loans (net of allowance for credit losses on loans of $28,100 and $27,975)	2,230,961	2,165,694
Premises and equipment, net	5,298	5,744
Accrued interest receivable	10,172	10,482
Servicing assets	10,280	10,057
Company owned life insurance	23,975	23,616
Deferred tax assets, net	12,456	12,438
Operating right-of-use assets	7,732	8,804
Other assets	25,746	24,644
TOTAL ASSETS	2,744,306	2,650,226
Deposits:
Noninterest-bearing	552,300	520,865
Interest-bearing:
Money market and others	426,501	388,066
Time deposits greater than $250	746,386	683,956
Other time deposits	643,152	687,660
Total deposits	2,368,339	2,280,547
Federal Home Loan Bank ("FHLB") advances	75,000	75,000
Subordinated note (net of unamortized debt issuance cost of $371 and $414)	24,629	24,586
Accrued interest payable	15,949	14,595
Operating lease liabilities	9,865	11,175
Other liabilities	11,881	16,430
Total liabilities	2,505,663	2,422,333
SHAREHOLDERS' EQUITY
Preferred stock – no par value; 10,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock – no par value; 50,000,000 shares authorized; 14,926,750 and 14,889,540 shares issued and outstanding	73,018	73,018
Additional paid-in capital	12,128	11,849
Retained earnings	164,624	153,283
Accumulated other comprehensive income (loss) ("AOCI"), net of tax	(11,127)	(10,257)
Total shareholders’ equity	238,643	227,893
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,744,306	$ 2,650,226