OP Bancorp Reports Fourth Quarter 2025 Net Income of $7.1 Million, Diluted EPS of $0.47

1/22/26 4:30:00 PM ET

Major Banks

Finance

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compared with third quarter 2025 net income of $6.7 million, diluted EPS of $0.45, and fourth quarter 2024 net income of $5.0 million, diluted EPS of $0.33

Higher net interest income; lower provision for credit losses

OP Bancorp (the "Company") (NASDAQ:OPBK), parent company of Open Bank, today reported:


	As of and For the Quarter									Fourth Quarter Highlights
($ in thousands, except per share data)	4Q2025			3Q2025			4Q2024			Comparisons reflect 4Q25 vs. 3Q25
Income Statement:										Income Statement
Net interest income	$	20,863		$	20,346		$	16,929		Net interest income increased 3%. Revenue remained relatively stable, and net interest margin was nearly unchanged. Provision for credit losses decreased 61%. Net income increased 5%. Diluted EPS increased $0.02 to $0.47.
Noninterest income		3,418			4,130			4,417
Revenue		24,281			24,476			21,346
Provision for credit losses		463			1,175			1,547
Noninterest expense		14,293			13,629			13,133
Net income	$	7,059		$	6,703		$	4,971
Diluted Earnings Per Share ("EPS")	$	0.47		$	0.45		$	0.33
Net interest margin ⁽¹⁾		3.25	%		3.26	%		2.96	%
Efficiency ratio ⁽²⁾		58.87			55.68			61.52
Balance Sheet:										Balance Sheet
Average loans ⁽³⁾	$	2,204,232		$	2,132,230		$	1,947,653		Average loans increased 3%. Average deposits increased 2%.
Average deposits		2,264,990			2,229,591			2,029,855		Average loans increased 3%. Average deposits increased 2%.
Credit Quality:										Credit Quality
Net recoveries (charge-offs) ⁽¹⁾ to average gross loans		0.03	%		(0.04	)%		(0.00	)%	Net loan recoveries (charge-offs) ratio remained at a low level. Allowance for credit losses to gross loans remained stable.
Allowance for credit losses on loans to gross loans		1.28			1.27			1.27
Selected Ratios:										Performance and Capital
Return on average assets ("ROA") ⁽¹⁾		1.07	%		1.04	%		0.84	%	ROA and ROE improved, reflecting stronger profitability and more efficient utilization of assets and equity.
Return on average equity ("ROE") ⁽¹⁾		12.57			12.36			9.75
Common equity tier 1 capital ("CET1")		10.93			10.92			11.35		CET1 remained robust, reflecting a solid capital position.

(1)		Annualized.
(2)		Represents noninterest expense divided by the sum of net interest income and noninterest income.
(3)		Includes loans held-for-sale.

Sang K. Oh, President and Chief Executive Officer:

"Our fourth-quarter results highlight the continued strength and resilience of our Company. Net interest income increased 3%, and a more favorable economic outlook resulted in a 61% reduction in provision for credit losses while maintaining an adequate reserve level against credit risk. As a result, net income rose 5%, and diluted EPS also increased $0.02 to $0.47. On the balance sheet, average loans grew 3% and average deposits increased 2%, demonstrating the ongoing trust of our customers and the effectiveness of our relationship-driven approach. Asset quality remained stable, and our capital position stayed robust, underscoring the soundness of our risk management framework. As we close out 2025, we remain focused on executing our strategic priorities, supporting our customers and communities, and delivering long-term value for our shareholders," said Sang K. Oh, President and Chief Executive Officer.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin


	For the Three Months Ended						% Change 4Q2025 vs.
($ in thousands)	4Q2025		3Q2025		4Q2024		3Q2025		4Q2024
Interest Income
Interest income	$	39,282	$	38,522	$	35,051	2	%	12	%
Interest expense		18,419		18,176		18,122	1		2
Net interest income	$	20,863	$	20,346	$	16,929	3	%	23	%


	For the Three Months Ended												Average Yield/Rate Change 4Q2025 vs.
	4Q2025				3Q2025				4Q2024				Average Yield/Rate Change 4Q2025 vs.
($ in thousands)	Interest Income/Expense		Average Yield/Rate⁽¹⁾		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Interest Income/Expense		Average Yield/Rate⁽¹⁾		3Q2025	4Q2024
Interest-earning Assets:
Loans	$	35,921	6.48	%	$	35,001	6.52	%	$	31,729	6.49	%	(4) bps	(1) bps
Total interest-earning assets		39,282	6.11			38,522	6.16			35,051	6.12		(5) bps	(1) bps
Interest-bearing Liabilities:
Interest-bearing deposits		17,324	3.97			17,442	4.07			17,182	4.60		(10) bps	(63) bps
Total interest-bearing liabilities		18,419	3.99			18,176	4.06			18,122	4.58		(7) bps	(59) bps
Ratios:
Net interest income / interest rate spreads		20,863	2.12			20,346	2.10			16,929	1.54		2 bps	58 bps
Net interest margin			3.25				3.26				2.96		(1) bps	29 bps
Total deposits / cost of deposits		17,324	3.03			17,442	3.10			17,182	3.37		(7) bps	(34) bps
Total funding liabilities / cost of funds		18,419	3.09			18,176	3.13			18,122	3.41		(4) bps	(32) bps

(1)

Annualized.


	For the Three Months Ended															Average Yield Change 4Q2025 vs.
	4Q2025					3Q2025					4Q2024					Average Yield Change 4Q2025 vs.
($ in thousands)	Interest Income			Average Yield⁽¹⁾		Interest Income			Average Yield⁽¹⁾		Interest Income			Average Yield⁽¹⁾		3Q2025	4Q2024
Loan Yield Component:
Contractual interest rate	$	35,010		6.31	%	$	34,263		6.39	%	$	31,406		6.42	%	(8) bps	(11) bps
Accretion of SBA loan discount⁽²⁾		966		0.17			972		0.18			813		0.17		(1) bps	0 bps
Amortization of net deferred fees		(17	)	(0.00	)		70		0.01			(47	)	(0.01	)	(1) bps	1 bps
Amortization of premium		(301	)	(0.05	)		(244	)	(0.05	)		(363	)	(0.07	)	— bps	2 bps
Amortization of premium - Home mortgage payoffs		(123	)	(0.02	)		(112	)	(0.02	)		—		—		— bps	(2) bps
Net interest recognized on nonaccrual loans		105		0.02			(175	)	(0.03	)		(232	)	(0.05	)	5 bps	7 bps
Prepayment penalty income and other fees⁽³⁾		281		0.05			227		0.04			152		0.03		1 bps	2 bps
Yield on loans	$	35,921		6.48	%	$	35,001		6.52	%	$	31,729		6.49	%	(4) bps	(1) bps

(1)		Annualized.
(2)		Includes discount accretion from SBA loan payoffs of $505 thousand, $499 thousand and $329 thousand for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(3)		Includes prepayment penalty income of $145 thousand, $127 thousand and $45 thousand for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively, from Commercial Real Estate ("CRE") and SBA loans.

Fourth Quarter 2025 vs. Third Quarter 2025

Net interest income increased by $517 thousand, or 3%, primarily driven by loan growth. This increase was partially offset by higher expense associated with the issuance of a new subordinated note and lower yields on the Federal Reserve account. Net interest margin contracted by 1 basis point to 3.25%.

Loans: Interest income increased by $920 thousand, largely attributable to a $72.0 million increase in average loan balances.
Cash and Cash Equivalents: Interest income decreased by $142 thousand, mainly due to a 46 basis point reduction in yields, reflecting the lower rates on the Federal Reserve account following recent rate cuts.
Deposits: Interest expense decreased slightly by $118 thousand, primarily due to a 10 basis point reduction in interest-bearing deposit costs, reflecting the repricing of deposit products following the decline in the federal funds rate. This benefit was mostly offset by a $31.6 million increase in average interest-bearing deposit balances.
Subordinated Note: Interest expense was $278 thousand, attributable to the issuance of $25 million in subordinated debt in November 2025.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Net interest income increased by $3.9 million, or 23%. The increase was largely due to loan growth and lower deposit rates. These changes were partially offset by interest-bearing deposit growth. Net interest margin rose 29 basis points to 3.25%.

Loans: Interest income increased by $4.2 million, largely driven by a $256.6 million increase in average loan balances.
Deposits: Interest expense increased by $142 thousand, mainly driven by a $246.0 million increase in average interest-bearing deposit balances. This increase was mostly offset by a 63 basis point reduction in interest-bearing deposit costs, resulting from the repricing of time deposits in response to the federal funds rate cuts.

Provision for Credit Losses


	For the Three Months Ended									$ Change 4Q2025 vs.
($ in thousands)	4Q2025			3Q2025			4Q2024			3Q2025			4Q2024
Provision for credit losses on loans	$	518		$	1,206		$	1,859		$	(688	)	$	(1,341	)
Reversal of credit losses on off-balance sheet exposure		(55	)		(31	)		(312	)		(24	)		257
Provision for credit losses	$	463		$	1,175		$	1,547		$	(712	)	$	(1,084	)

Fourth Quarter 2025 vs. Third Quarter 2025

Provision for credit losses on loans decreased by $688 thousand, primarily driven by an improved qualitative outlook and lower net charge-offs, partially offset by higher quantitative reserves associated with risk-rating downgrades.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Provision for credit losses on loans decreased by $1.3 million, primarily due to an improved qualitative outlook and lower specific reserves, partially offset by higher quantitative reserves resulting from risk-rating downgrades.

Noninterest Income


	For the Three Months Ended						% Change 4Q2025 vs.
($ in thousands)	4Q2025		3Q2025		4Q2024		3Q2025		4Q2024
Noninterest Income
Service charges on deposits	$	462	$	725	$	967	(36	)%	(52	)%
Loan servicing fees, net of amortization		650		724		858	(10	)	(24	)
Gains on sale of loans		1,573		2,037		2,197	(23	)	(28	)
Other income		733		644		395	14		86
Total noninterest income	$	3,418	$	4,130	$	4,417	(17	)%	(23	)%

Fourth Quarter 2025 vs. Third Quarter 2025

Noninterest income decreased by $712 thousand, or 17%, primarily due to lower gains on sale of loans and service charges on deposits.

Gains on Sale of Loans: Decreased by $464 thousand, primarily driven by lower SBA loan sale activity. During the quarter, the Bank sold $28.5 million in SBA loans at an average premium rate of 6.98%, compared to $36.8 million sold at an average premium rate of 6.71% in the prior period.
Service Charges on Deposits: Decreased by $263 thousand, primarily due to the closure of certain currency exchange-related accounts in the third quarter of 2025 and reduced balances in existing business analysis accounts.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Noninterest income decreased by $999 thousand, or 23%, primarily due to lower gains on sale of loans and service charges on deposits.

Gains on Sale of Loans: Decreased by $624 thousand, primarily driven by lower SBA loan sale activity. During the quarter, the Bank sold $28.5 million in SBA loans at an average premium rate of 6.98%, compared to $34.7 million sold at an average premium rate of 7.82% in the prior period
Service Charges on Deposits: Decreased by $505 thousand, largely driven by lower balances in existing business analysis account and closure of certain currency exchange-related accounts in the third quarter of 2025.

Noninterest Expense


	For the Three Months Ended							% Change 4Q2025 vs.
($ in thousands)	4Q2025			3Q2025		4Q2024		3Q2025		4Q2024
Noninterest Expense
Salaries and employee benefits	$	9,244		$	8,892	$	8,277	4	%	12	%
Occupancy and equipment		1,919			1,676		1,682	14		14
Data processing and communication		591			263		594	125		(1	)
Professional fees		549			419		388	31		41
FDIC insurance and regulatory assessments		362			428		529	(15	)	(32	)
Promotion and advertising		(9	)		126		82	NM		NM
Directors' fees		148			151		151	(2	)	(2	)
Foundation donation and other contributions		707			671		480	5		47
Other expenses		782			1,003		950	(22	)	(18	)
Total noninterest expense	$	14,293		$	13,629	$	13,133	5	%	9	%

NM — Not meaningful

Fourth Quarter 2025 vs. Third Quarter 2025

Noninterest expense increased by $664 thousand, or 5%, primarily driven by higher salaries and employee benefits, data processing and communication, and occupancy and equipment. These increases were partially offset by lower other expenses, and promotion and advertising.

Salaries and Employee Benefits: Increased by $352 thousand, primarily due to higher incentive accruals driven by stronger SBA loan production.
Data Processing and Communication: Increased by $328 thousand, primarily due to adjustments associated with conversion credits from a new core system vendor.
Occupancy and equipment: Increased by $243 thousand, primarily due to the end of a common area maintenance concession on a lease that benefited the prior period.
Other Expenses: Decreased by $221 thousand, primarily due to lower business development expenses.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Noninterest expense increased by $1.2 million, or 9%, primarily due to higher salaries and employee benefits.

Salaries and Employee Benefits: Increased by $967 thousand, mainly driven by staffing growth and annual salary adjustments effective April 2025. Higher incentive accruals further contributed to the increase.

Income Tax Expense

Fourth Quarter 2025 vs. Third Quarter 2025

Income tax expense decreased by $503 thousand to $2.5 million, with the effective tax rate declining to 25.9% from 30.7%. The decreases were primarily driven by a one-time revaluation of deferred tax assets in the prior period, resulting from the adoption of the California's single sales factor apportionment method and the implementation of an enhanced interim state tax apportionment methodology.

Fourth Quarter 2025 vs. Fourth Quarter 2024

Income tax expense increased by $771 thousand to $2.5 million, with the effective tax rate rising to 25.9% from 25.4%. The increase in income tax expense was primarily attributable to higher pre-tax income.

BALANCE SHEET HIGHLIGHTS

Loans


	As of						% Change 4Q2025 vs.
($ in thousands)	4Q2025		3Q2025		4Q2024		3Q2025		4Q2024
CRE	$	1,132,223	$	1,092,808	$	980,247	4	%	16	%
SBA		264,523		256,211		253,710	3		4
C&I		221,270		214,419		213,097	3		4
Home mortgage		574,300		587,641		509,524	(2	)	13
Consumer & other		1,353		138		274	880		394
Gross loans	$	2,193,669	$	2,151,217	$	1,956,852	2	%	12	%

The following table presents loan originations and the corresponding weighted average contractual rates for the periods indicated:


	For the Three Months Ended												% Change in Amounts 4Q2025 vs.
	4Q2025				3Q2025				4Q2024
($ in thousands)	Amount		Rate		Amount		Rate		Amount		Rate		3Q2025		4Q2024
CRE	$	75,750	6.60	%	$	98,799	6.36	%	$	63,717	6.91	%	(23	)%	19	%
SBA		26,748	8.52			15,051	8.72			14,780	9.41		78		81
C&I		6,870	6.57			9,984	6.96			4,606	9.38		(31	)	49
Home mortgage		7,020	6.45			6,861	6.69			18,092	6.42		2		(61	)
Consumer and other		—	—			—	—			—	—		—		—
Gross loans ⁽¹⁾	$	116,388	7.03	%	$	130,695	6.69	%	$	101,195	7.30	%	(11	)%	15	%

(1)

Excludes changes in line utilization.

The following table summarizes the loan activity for the periods indicated:


	For the Three Months Ended
($ in thousands)	4Q2025			3Q2025			4Q2024
Beginning Balance	$	2,151,217		$	2,071,580		$	1,931,007
Originations		116,388			130,695			101,195
Net change in line utilization		34,191			31,167			33,736
Purchases		1,014			8,930			553
Sales		(28,549	)		(36,806	)		(34,715	)
Payoffs & paydowns		(75,506	)		(67,639	)		(79,001	)
Decrease (increase) in loans held-for-sale		(4,963	)		13,536			3,579
Other		(123	)		(246	)		498
Total		42,452			79,637			25,845
Ending balance	$	2,193,669		$	2,151,217		$	1,956,852

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
	4Q2025				3Q2025				4Q2024
($ in thousands)	%		Rate		%		Rate		%		Rate
Fixed rate	31	%	5.69	%	31	%	5.61	%	33	%	5.44	%
Hybrid rate	40		5.93		41		5.89		37		5.66
Variable rate	29		7.64		28		8.02		30		8.47
Gross loans	100	%	6.34	%	100	%	6.40	%	100	%	6.43	%

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 December 31, 2025
	Within One Year				One Year Through Five Years				After Five Years				Total
($ in thousands)	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Fixed rate	$	218,538	5.68	%	$	272,569	6.24	%	$	185,633	4.88	%	$	676,740	5.69	%
Hybrid rate		—	—			202,200	4.78			687,782	6.27			889,982	5.93
Variable rate		95,323	7.18			162,058	6.98			369,566	8.04			626,947	7.64
Gross loans	$	313,861	6.13	%	$	636,827	5.97	%	$	1,242,981	6.59	%	$	2,193,669	6.34	%

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for the periods presented:


	As of and For the Three Months Ended									$ Change 4Q2025 vs.
($ in thousands)	4Q2025			3Q2025			4Q2024			3Q2025			4Q2024
Allowance for credit losses on loans, beginning	$	27,299		$	26,286		$	22,960		$	1,013		$	4,339
Provision for credit losses on loans		518			1,206			1,859			(688	)		(1,341	)
Gross charge-offs		—			(195	)		(29	)		195			29
Gross recoveries		158			2			6			156			152
Net recoveries (charge-offs)		158			(193	)		(23	)		351			181
Allowance for credit losses on loans, ending	$	27,975		$	27,299		$	24,796		$	676		$	3,179

Allowance for credit losses on off-balance sheet exposure, beginning	$	329		$	360		$	672		$	(31	)	$	(343	)
Reversal of credit losses on off-balance sheet exposure		(55	)		(31	)		(312	)		(24	)		257
Allowance for credit losses on off-balance sheet exposure, ending	$	274		$	329		$	360		$	(55	)	$	(86	)

Asset Quality


	As of and For the Three Months Ended									% or Basis Point Change 4Q2025 vs.
($ in thousands)	4Q2025			3Q2025			4Q2024			3Q2025		4Q2024
Accruing loans 30-89 days past due	$	6,292		$	5,386		$	8,964		17	%	(30	)%
As a % of gross loans		0.29	%		0.25	%		0.46	%	4 bps		(17) bps

Nonperforming loans ⁽¹⁾	$	14,071		$	12,312		$	7,820		14	%	80	%
Nonperforming assets ⁽¹⁾		14,071			13,157			9,057		7		55
Nonperforming loans to gross loans		0.64	%		0.57	%		0.40	%	7 bps		24 bps
Nonperforming assets to total assets		0.53			0.50			0.38		3 bps		15 bps

Criticized loans ⁽²⁾⁽³⁾	$	32,060		$	28,075		$	19,570		14.2	%	63.8	%
Criticized loans to gross loans		1.46	%		1.31	%		1.00	%	15 bps		46 bps

Allowance for credit losses ratios:
As a % of gross loans		1.28	%		1.27	%		1.27	%	1 bps		1 bps
As a % of nonperforming loans		199			222			317		(23	)%	(118	)%
As a % of nonperforming assets		199			207			274		(8	)	(75	)
As a % of criticized loans		87			97			127		(10	)	(40	)
Net recoveries (charge-offs) ⁽⁴⁾ to average gross loans		0.03			(0.04	)		(0.00	)	7 bps		3 bps

(1)		Excludes the guaranteed portion of loans that were in liquidation totaling $20.9 million, $17.6 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(2)		Excludes the guaranteed portion of loans that were in liquidation totaling $27.3 million, $20.8 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(3)		Consists of special mention, substandard, doubtful and loss categories.
(4)		Annualized.

Credit quality remained strong during the period, with nonperforming loans at a low 0.64% of gross loans and annualized net recoveries at just 0.03%. The allowance remained adequate at 1.28% of gross loans.

Accruing loans 30-89 days past due increased by $906 thousand, primarily driven by $3.6 million inflows into this category, mainly SBA loans. This increase was partially offset by $1.5 million in payoffs from SBA and C&I loans, as well as $1.0 million transfer to nonaccrual status in SBA and home mortgage loans.
Nonperforming loans increased by $1.8 million, reflecting the migration of $3.2 million in loans across multiple loan categories to nonaccrual status, partially offset by the return of a $1.4 million home mortgage loan to accrual status.
Criticized loans increased by $4.0 million, primarily attributable to $5.2 million in loan downgrades, partially offset by the same $1.4 million home mortgage loan returning to accrual status as discussed above.

Deposits


	As of
	4Q2025				3Q2025				4Q2024				% Change 4Q2025 vs.
($ in thousands)	Amount		%		Amount		%		Amount		%		3Q2025		4Q2024
Noninterest-bearing deposits	$	520,865	23	%	$	543,972	24	%	$	504,928	25	%	(4	)%	3	%
Money market deposits and others		388,066	17			402,891	18			329,095	16		(4	)	18
Time deposits		1,371,616	60			1,326,554	58			1,193,262	59		3		15
Total deposits	$	2,280,547	100	%	$	2,273,417	100	%	$	2,027,285	100	%	0	%	12	%

Estimated uninsured deposits	$	1,093,843	48	%	$	1,131,091	50	%	$	961,687	47	%	(3	)%	14	%

As of December 31, 2025 vs. September 30, 2025

Total deposits increased by $7.1 million, primarily driven by a $45.1 million increase in time deposits, partially offset by a $23.1 million decrease in noninterest-bearing deposits, and a $14.8 million decrease in money market deposits and others. The increase in time deposits reflects new retail customers opening CD accounts and a rise in wholesale CD balances to support loan growth. The declines in noninterest-bearing and money market deposits were primarily attributable to reductions in existing customer balances, reflecting customers' liquidity and investment preferences.

As of December 31, 2025 vs. December 31, 2024

Total deposits increased by $253.3 million or 12%, primarily driven by growth of $178.4 million in time deposits and $59.0 million in money market deposits and others. The increase in time deposits was largely due to new customers opening CD accounts, reflecting a preference for higher-yielding products, along with higher wholesale CD balances. Similarly, the expansion in money market deposits and others was mainly driven by inflows from new customers and increased wholesale money market balances.

The following table sets forth the maturity of time deposits as of December 31, 2025:


	As of December 31, 2025
($ in thousands)	Within Three Months			Three to Six Months			Six to Nine Months			Nine to Twelve Months			After Twelve Months			Total
Time deposits (greater than $250)	$	319,815		$	119,285		$	94,984		$	148,957		$	915		$	683,956
Time deposits ($250 or less)		323,978			141,651			121,394			98,862			1,775			687,660
Total time deposits	$	643,793		$	260,936		$	216,378		$	247,819		$	2,690		$	1,371,616
Weighted average rate		4.10	%		4.20	%		4.18	%		4.01	%		2.47	%		4.11	%

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)	4Q2025			3Q2025			4Q2024
Liquidity Assets:
Cash and cash equivalents	$	167,311		$	166,748		$	134,943
Available-for-sale ("AFS") debt securities		192,785			200,760			185,909
Liquid assets	$	360,096		$	367,508		$	320,852
Liquid assets to total assets		14	%		14	%		14	%

Available Borrowings:
Federal Home Loan Bank ("FHLB") —San Francisco	$	443,629		$	430,887		$	401,900
Federal Reserve Bank		208,859			210,584			215,115
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			25,000
Total available borrowings	$	752,488		$	741,471		$	717,015
Total available borrowings to total assets		28	%		28	%		30	%

Liquid assets and available borrowings to total deposits		49	%		49	%		51	%

Capital and Capital Ratios

On January 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.12 per share of its common stock. The dividend is payable on or about February 19, 2026, to shareholders of record as of the close of business on February 5, 2026. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. During the fourth quarter of 2025, no shares were repurchased under the repurchase program approved in August 2025.

On November 7, 2025, the Company issued a $25 million subordinated note. This qualifies as Tier 2 capital at the consolidated level and Tier 1 capital at the bank level under current regulatory guidelines and interpretations.


	OP Bancorp⁽¹⁾		Open Bank		Well- Capitalized Requirement		Minimum Capital Ratio+ Conservation Buffer⁽²⁾
Risk-Based Capital Ratios ⁽³⁾:
Total capital	13.32	%	13.30	%	10.00	%	10.50	%
Tier 1 capital	10.93		12.05		8.00		8.50
CET1 capital	10.93		12.05		6.50		7.00
Tier 1 leverage	8.99		9.91		5.00		4.00

(1)		The capital requirements are only applicable to the Bank. The Company's ratios are included solely 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. This buffer does not apply and is not included in the tier 1 leverage ratio.
(3)		The Company's December 31, 2025 regulatory capital ratios and risk-weighted assets are preliminary.


											% or Basis Point Change 4Q2025 vs.
OP Bancorp	4Q2025				3Q2025			4Q2024			3Q2025		4Q2024
Risk-Based Capital Ratios:
Total capital		13.32	%	⁽¹⁾		12.17	%		12.60	%	115 bps		72 bps
Tier 1 capital		10.93		⁽¹⁾		10.92			11.35		1 bps		(42) bps
CET1 capital		10.93		⁽¹⁾		10.92			11.35		1 bps		(42) bps
Tier 1 leverage		8.99		⁽¹⁾		9.01			9.27		(2) bps		(28) bps
Risk-weighted Assets ($ in thousands)	$	2,174,800		⁽¹⁾	$	2,127,000		$	1,941,622		2	%	12	%

(1)

The Company's December 31, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

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 operates 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, serving small- and medium-sized businesses, professionals, and local residents with a particular focus on Korean and other Asian communities. The Bank currently operates twelve full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, Garden Grove and Santa Clara, California, Carrollton, Texas and Las Vegas, Nevada. The Bank also has five loan production offices in Pleasanton, California, Atlanta, Georgia, Aurora, Colorado, Lynnwood, Washington, and Fairfax, Virginia. 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, and Rule 3b-6 promulgated thereunder. All statements that are not statements of historical fact are forward-looking, and readers should not construe these statements of assurances of expected or intended results, or of promises that management will take a given course of action or pursue the currently expected strategies and objectives. Forward-looking statements in this report include comments about the Company's current business plans and expectations regarding future operating results, as well as management's statements about expected future events and economic developments, plans, strategies and objectives. All such statements reflect the current intentions, beliefs and expectations of the Company's executive management based on currently available information and current and expected market conditions. Forward-looking statements can sometimes be identified by the use of forward-looking language, such as "likely result in," "expects," "anticipates," "estimates," "forecasts," "projects," "intends to," or may include other similar words or phrases, such as "believes," "plans," "trend," "objective," "continues," "remains," or similar expressions, or future or conditional verbs, such as "will," "would," "should," "could," "may," "might," "can," or similar verbs. Readers should not construe these statements as assurances of a given level of performance, or as promises that we will take the actions our management currently expects.

Our forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected or could cause us to change plans or strategies or otherwise to take actions that differ from those we currently expect. The known risks and uncertainties that may have these effects are described in Part II, Item 1A, of our Quarterly Report on Form 10-Q for the period ended September 30, 2025, and in our other filings with the Securities and Exchange Commission. In addition to those risks, we may face risks from increased interest expense and increased leverage in light of our issuance of $25 million in principal amount of subordinated note in November 2025. You should read all forward-looking statements in the context of the foregoing and should not consider them to be reliable predictions of future events or as assurances of a particular level of performance or intended course of action. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

CONSOLIDATED BALANCE SHEETS (unaudited)

	As of									% Change 4Q2025 vs.
($ in thousands)	4Q2025			3Q2025			4Q2024			3Q2025		4Q2024
Assets
Cash and due from banks	$	10,911		$	10,931		$	12,268		0	%	(11	)%
Interest-bearing deposits with banks		156,400			155,817			122,675		0		27
Cash and cash equivalents		167,311			166,748			134,943		0		24
AFS debt securities, at fair value		192,785			200,760			185,909		(4	)	4
Other investments		17,208			17,164			16,437		0		5
Loans held-for-sale		11,443			6,480			4,581		77		150
CRE		1,132,223			1,092,808			980,247		4		16
SBA		264,523			256,211			253,710		3		4
C&I		221,270			214,419			213,097		3		4
Home mortgage		574,300			587,641			509,524		(2	)	13
Consumer and other		1,353			138			274		880		394
Gross loans		2,193,669			2,151,217			1,956,852		2		12
Allowance for credit losses on loans		(27,975	)		(27,299	)		(24,796	)	2		13
Net loans		2,165,694			2,123,918			1,932,056		2		12
Premises and equipment, net		5,744			6,995			5,449		(18	)	5
Accrued interest receivable		10,482			10,337			9,188		1		14
Servicing assets		10,057			10,429			10,834		(4	)	(7	)
Company owned life insurance		23,616			23,437			22,912		1		3
Deferred tax assets, net		12,438			12,099			14,893		3		(16	)
Other real estate owned ("OREO")		—			845			1,237		(100	)	(100	)
Operating right-of-use assets		8,804			9,347			7,415		(6	)	19
Other assets		24,644			25,655			20,159		(4	)	22
Total assets	$	2,650,226		$	2,614,214		$	2,366,013		1	%	12	%
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing	$	520,865		$	543,972		$	504,928		(4	)%	3	%
Money market and others		388,066			402,891			329,095		(4	)	18
Time deposits greater than $250		683,956			667,883			565,813		2		21
Other time deposits		687,660			658,671			627,449		4		10
Total deposits		2,280,547			2,273,417			2,027,285		0		12
FHLB advances		75,000			75,000			95,000		—		(21	)
Subordinated note		24,586			—			—		NM		NM
Accrued interest payable		14,595			15,968			16,067		(9	)	(9	)
Operating lease liabilities		11,175			11,826			7,857		(6	)	42
Other liabilities		16,430			16,504			14,811		0		11
Total liabilities		2,422,333			2,392,715			2,161,020		1		12
Shareholders' equity:
Common stock		73,018			72,984			73,697		0		(1	)
Additional paid-in capital		11,849			11,658			11,928		2		(1	)
Retained earnings		153,303			148,031			134,781		4		14
Accumulated other comprehensive loss, net of tax		(10,277	)		(11,174	)		(15,413	)	(8	)	(33	)
Total shareholders' equity		227,893			221,499			204,993		3		11
Total liabilities and shareholders' equity	$	2,650,226		$	2,614,214		$	2,366,013		1	%	12	%

NM — Not meaningful

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	For the Three Months Ended									% or Basis Point Change 4Q2025 vs.
($ in thousands, except share and per share data)	4Q2025			3Q2025			4Q2024			3Q2025		4Q2024
Interest income
Interest and fees on loans	$	35,921		$	35,001		$	31,729		3	%	13	%
Interest on AFS debt securities		1,680			1,699			1,551		(1	)	8
Other interest income		1,681			1,822			1,771		(8	)	(5	)
Total interest income		39,282			38,522			35,051		2		12
Interest expense
Interest on deposits		17,324			17,442			17,182		(1	)	1
Interest on borrowings		817			734			940		11		(13	)
Interest on subordinated note		278			—			—		NM		NM
Total interest expense		18,419			18,176			18,122		1		2
Net interest income		20,863			20,346			16,929		3		23
Provision for credit losses		463			1,175			1,547		(61	)	(70	)
Net interest income after provision for credit losses		20,400			19,171			15,382		6		33
Noninterest income
Service charges on deposits		462			725			967		(36	)	(52	)
Loan servicing fees, net of amortization		650			724			858		(10	)	(24	)
Gains on sale of loans		1,573			2,037			2,197		(23	)	(28	)
Other income		733			644			395		14		86
Total noninterest income		3,418			4,130			4,417		(17	)	(23	)
Noninterest expense
Salaries and employee benefits		9,244			8,892			8,277		4		12
Occupancy and equipment		1,919			1,676			1,682		14		14
Data processing and communication		591			263			594		125		(1	)
Professional fees		549			419			388		31		41
FDIC insurance and regulatory assessments		362			428			529		(15	)	(32	)
Promotion and advertising		(9	)		126			82		NM		NM
Directors' fees		148			151			151		(2	)	(2	)
Foundation donation and other contributions		707			671			480		5		47
Other expenses		782			1,003			950		(22	)	(18	)
Total noninterest expense		14,293			13,629			13,133		5		9
Income before income tax expense		9,525			9,672			6,666		(2	)	43
Income tax expense		2,466			2,969			1,695		(17	)	45
Net income	$	7,059		$	6,703		$	4,971		5	%	42	%

Book value per share, at period-end	$	15.31		$	14.88		$	13.83		3	%	11	%
EPS - basic		0.47			0.45			0.33		4		42
EPS - diluted		0.47			0.45			0.33		4		42

Shares of common stock outstanding, at period-end		14,889,540			14,885,614			14,819,866		0	%	0	%
Weighted average shares:
- Basic		14,886,681			14,885,614			14,816,416		0	%	0	%
- Diluted		14,915,677			14,919,474			14,816,416		0		1

ROA ⁽¹⁾		1.07	%		1.04	%		0.84	%	3 bps		23 bps
ROE ⁽¹⁾		12.57			12.36			9.75		21 bps		282 bps
Efficiency ratio ⁽²⁾		58.87			55.68			61.52		319 bps		(265) bps

NM — Not meaningful
(1)		Annualized.
(2)		Represents noninterest expense divided by the sum of net interest income and noninterest income.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	For the Year Ended
($ in thousands, except share and per share data)	2025			2024			% or Basis Point vs.
Interest income
Interest and fees on loans	$	136,874		$	124,361		10	%
Interest on AFS debt securities		6,312			6,227		1
Other interest income		7,142			7,032		2
Total interest income		150,328			137,620		9
Interest expense
Interest on deposits		68,849			68,121		1
Interest on borrowings		2,853			3,891		(27	)
Interest on subordinated note		278			—		NM
Total interest expense		71,980			72,012		0
Net interest income		78,348			65,608		19
Provision for credit losses		3,580			2,757		30
Net interest income after provision for credit losses		74,768			62,851		19
Noninterest income
Service charges on deposits		3,204			3,261		(2	)%
Loan servicing fees, net of amortization		3,281			2,898		13
Gains on sale of loans		7,070			8,313		(15	)
Other income		2,777			1,955		42
Total noninterest income		16,332			16,427		(1	)
Noninterest expense
Salaries and employee benefits		35,987			31,717		13
Occupancy and equipment		6,760			6,673		1
Data processing and communication		1,456			2,245		(35	)
Professional fees		1,793			1,535		17
FDIC insurance and regulatory assessments		1,783			1,672		7
Promotion and advertising		505			533		(5	)
Directors' fees		677			640		6
Foundation donation and other contributions		2,570			2,108		22
Other expenses		4,242			3,076		38
Total noninterest expense		55,773			50,199		11
Income before income tax expense		35,327			29,079		21
Income tax expense		9,672			8,010		21
Net income	$	25,655		$	21,069		22	%

Book value per share, at period-end	$	15.31		$	13.83		11	%
EPS - basic		1.72			1.39		24
EPS - diluted		1.72			1.39		24

Shares of common stock outstanding, at period-end		14,889,540			14,819,866		0	%
Weighted average shares:
- Basic		14,872,429			14,871,876		0	%
- Diluted		14,906,054			14,871,876		0	%

ROA		1.01	%		0.92	%	9 bps
ROE		11.92			10.68		124 bps
Efficiency ratio ⁽¹⁾		58.91			61.19		(228) bps

NM — Not meaningful
(1)		Represents noninterest expense divided by the sum of net interest income and noninterest income.

ASSET QUALITY

	As of and For the Three Months Ended
($ in thousands)	4Q2025			3Q2025			4Q2024
Nonaccrual loans ⁽¹⁾⁽²⁾	$	14,071		$	12,312		$	7,820
Loans 90 days or more past due, accruing		—			—			—
Nonperforming loans		14,071			12,312			7,820
OREO		—			845			1,237
Nonperforming assets	$	14,071		$	13,157		$	9,057

Criticized loans ⁽³⁾ by risk categories:
Special mention loans	$	10,885		$	8,695		$	6,309
Classified loans ⁽⁴⁾		21,175			19,380			13,261
Total criticized loans	$	32,060		$	28,075		$	19,570

Nonperforming loans to gross loans		0.64	%		0.57	%		0.40	%
Nonperforming assets to gross loans & OREO		0.64			0.61			0.46
Nonperforming assets to total assets		0.53			0.50			0.38
Classified loans to gross loans		0.97			0.90			0.68
Criticized loans to gross loans		1.46			1.31			1.00

Allowance for credit losses ratios:
As a % of gross loans		1.28	%		1.27	%		1.27	%
As a % of nonperforming loans		199			222			317
As a % of nonperforming assets		199			207			274
As a % of classified loans		132			141			187
As a % of criticized loans		87			97			127

Net recoveries (charge-offs)	$	158		$	(193	)	$	(23	)
Net recoveries (charge-offs) ⁽⁵⁾ to average gross loans		0.03	%		(0.04	)%		(0.00	)%

(1)		Excludes loans held-for-sale.
(2)		Excludes the guaranteed portion of loans that are in liquidation totaling $20.9 million, $17.6 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(3)		Excludes the guaranteed portion of loans that are in liquidation totaling $27.3 million, $20.8 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(4)		Consists of substandard, doubtful and loss categories.
(5)		Annualized.


($ in thousands)	4Q2025		3Q2025		4Q2024
Accruing delinquent loans 30-89 days past due by loan type:
CRE	$	—	$	—	$	—
SBA		2,562		1,390		370
C&I		—		617		15
Home mortgage		557		852		2,774
Total 30-59 days		3,119		2,859		3,159

CRE		—		—		—
SBA		1,168		378		211
C&I		—		—		—
Home mortgage		2,005		2,149		5,594
Total 60-89 days		3,173		2,527		5,805

CRE		—		—		—
SBA		3,730		1,768		581
C&I		—		617		15
Home mortgage		2,562		3,001		8,368
Total accruing delinquent loans 30-89 days past due	$	6,292	$	5,386	$	8,964

Nonaccrual loans ⁽¹⁾ by loan type:
CRE	$	3,424	$	2,365	$	1,943
SBA		9,840		8,538		5,877
C&I		218		—		—
Home mortgage		589		1,409		—
Total nonaccrual	$	14,071	$	12,312	$	7,820

Criticized loans⁽²⁾ by loan type:
CRE	$	10,364	$	9,345	$	9,042
SBA		18,218		14,925		10,128
C&I		1,338		864		400
Home mortgage		2,140		2,941		—
Total criticized	$	32,060	$	28,075	$	19,570

(1)		Excludes the guaranteed portion of loans that were in liquidation totaling $20.9 million, $17.6 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.
(2)		Excludes the guaranteed portion of loans that were in liquidation totaling $27.3 million, $20.8 million and $16.3 million as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS

	For the Three Months Ended
	4Q2025						3Q2025						4Q2024
($ in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾
Interest-earning assets:
Interest-bearing deposits in other banks	$	135,883	$	1,360	3.92	%	$	134,263	$	1,502	4.38	%	$	120,170	$	1,456	4.74	%
Other investments		17,186		321	7.46			17,112		320	7.48			16,478		315	7.63
AFS debt securities, at fair value		198,335		1,680	3.39			199,766		1,699	3.40			193,738		1,551	3.20
CRE		1,119,031		17,616	6.25			1,065,460		16,689	6.21			960,639		14,653	6.07
SBA		282,501		6,557	9.21			286,556		6,841	9.47			269,842		6,542	9.65
C&I		220,274		3,846	6.93			188,146		3,537	7.46			217,816		4,086	7.46
Home mortgage		581,824		7,889	5.42			591,939		7,931	5.36			499,151		6,441	5.16
Consumer and other		602		13	8.75			129		3	9.86			205		7	13.55
Loans ⁽²⁾		2,204,232		35,921	6.48			2,132,230		35,001	6.52			1,947,653		31,729	6.49
Total interest-earning assets		2,555,636		39,282	6.11			2,483,371		38,522	6.16			2,278,039		35,051	6.12
Noninterest-earning assets		79,743						83,238						85,218
Total assets	$	2,635,379					$	2,566,609					$	2,363,257

Interest-bearing liabilities:
Money market deposits and others	$	389,958	$	3,241	3.30	%	$	425,248	$	3,793	3.54	%	$	335,197	$	3,100	3.68	%
Time deposits		1,342,337		14,083	4.16			1,275,417		13,649	4.25			1,151,112		14,082	4.87
Total interest-bearing deposits		1,732,295		17,324	3.97			1,700,665		17,442	4.07			1,486,309		17,182	4.60
Borrowings		86,905		817	3.73			76,250		734	3.82			86,525		940	4.32
Subordinated note		13,896		278	7.99			—		—	—			—		—	—
Total interest-bearing liabilities		1,833,096		18,419	3.99			1,776,915		18,176	4.06			1,572,834		18,122	4.58
Noninterest-bearing liabilities:
Noninterest-bearing deposits		532,695						528,926						543,546
Other noninterest-bearing liabilities		44,985						43,890						42,925
Total noninterest-bearing liabilities		577,680						572,816						586,471
Shareholders' equity		224,603						216,878						203,952
Total liabilities and shareholders' equity	$	2,635,379					$	2,566,609					$	2,363,257

Net interest income / interest rate spreads			$	20,863	2.12	%			$	20,346	2.10	%			$	16,929	1.54	%
Net interest margin					3.25	%					3.26	%					2.96	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,264,990	$	17,324	3.03	%	$	2,229,591	$	17,442	3.10	%	$	2,029,855	$	17,182	3.37	%
Total funding liabilities / cost of funds		2,365,791		18,419	3.09			2,305,841		18,176	3.13			2,116,380		18,122	3.41

(1)		Annualized.
(2)		Includes loans held-for-sale.


	For the Year Ended
	2025						2024
($ in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate		Average Balance		Interest Income/Expense		Average Yield/Rate
Interest-earning assets:
Interest-bearing deposits in other banks	$	135,551	$	5,882	4.34	%	$	109,579	$	5,766	5.26	%
Other investments		16,934		1,260	7.44			16,371		1,266	7.74
AFS debt securities, at fair value		190,798		6,312	3.31			194,969		6,227	3.19
CRE		1,053,827		65,298	6.20			929,890		56,883	6.12
SBA		279,600		26,223	9.38			263,442		27,978	10.62
C&I		203,997		14,827	7.27			178,533		13,765	7.71
Home mortgage		572,093		30,501	5.33			504,030		25,648	5.09
Consumer & other		261		25	9.62			835		87	10.32
Loans ⁽¹⁾		2,109,778		136,874	6.49			1,876,730		124,361	6.63
Total interest-earning assets		2,453,061		150,328	6.13			2,197,649		137,620	6.26
Noninterest-earning assets		81,066						87,745
Total assets	$	2,534,127					$	2,285,394

Interest-bearing liabilities:
Money market deposits and others	$	394,603	$	13,705	3.47	%	$	346,104	$	14,135	4.08	%
Time deposits		1,273,661		55,144	4.33			1,084,107		53,986	4.98
Total interest-bearing deposits		1,668,264		68,849	4.13			1,430,211		68,121	4.76
Borrowings		72,235		2,853	3.95			88,186		3,891	4.41
Subordinated note		3,502		278	7.93			—		—	—
Total interest-bearing liabilities		1,744,001		71,980	4.13			1,518,397		72,012	4.74
Noninterest-bearing liabilities:
Noninterest-bearing deposits		532,823						528,877
Other noninterest-bearing liabilities		42,152						40,839
Total noninterest-bearing liabilities		574,975						569,716
Shareholders' equity		215,151						197,281
Total liabilities and shareholders' equity	$	2,534,127					$	2,285,394

Net interest income / interest rate spreads			$	78,348	2.00	%			$	65,608	1.52	%
Net interest margin					3.19	%					2.99	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,201,087	$	68,849	3.13	%	$	1,959,088	$	68,121	3.48	%
Total funding liabilities / cost of funds		2,276,824		71,980	3.16			2,047,274		72,012	3.52

(1)

Includes loans held-for-sale.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260122529620/en/

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com

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OP Bancorp filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

Amendment: SEC Form SCHEDULE 13G/A filed by OP Bancorp

OP Bancorp filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Regulation FD Disclosure, Financial Statements and Exhibits

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Director Sohn Myung Shin bought $24,770 worth of shares (2,000 units at $12.38), increasing direct ownership by 10% to 11,400 units (SEC Form 4)

Choi Brian bought $48,888 worth of shares (4,914 units at $9.95), increasing direct ownership by 0.38% to 1,298,520 units (SEC Form 4)

Chief Credit Officer Pak Yeong Gwon covered exercise/tax liability with 413 shares and converted options into 1,283 shares (SEC Form 4)

Chief Operating Officer Oh Christine Yoon converted options into 392 shares, increasing direct ownership by 0.28% to 139,896 units (SEC Form 4)

Chief Technology Officer Won Wesley converted options into 392 shares, increasing direct ownership by 1% to 29,710 units (SEC Form 4)