OPバンコープの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2025

____________________________________

OP BANCORP

(Exact name of registrant as specified in its charter)

____________________________________


California	001-38437	81-3114676
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1000 Wilshire Blvd, Suite 500, Los Angeles, CA		90017
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (213) 892-9999

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, No Par Value

OPBK

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 2.02 Results of Operations and Financial Condition

On July 24, 2025, OP Bancorp, (the “Company”), the holding company of Open Bank, issued its press release announcing preliminary unaudited financial results for the second quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in this Item 2.02.

The information in this Current Report set forth under this Item 2.02, including exhibit 99.1 hereto, shall not be treated as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), nor shall it be deemed incorporated by reference into any registration statement or other filing pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly stated by specific reference in such filing.

Item 7.01 Regulation FD

On July 24, 2025, the registrant disclosed a presentation containing certain summary financial information that may be used in discussions with investors and analysts. That presentation is furnished herewith as Exhibit 99.3. The presentation shall not be treated as “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any registration statement or other filing pursuant to the Exchange Act or the Securities Act, except as expressly set forth in any such filing.

Item 8.01. Other Events

On July 24, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.12 per share on its common stock, payable on August 21, 2025, to shareholders of record as of August 7, 2025. The Company issued a press release describing the dividend on July 24, 2025, which is attached hereto as Exhibit 99.2 and incorporated herein by reference.

The information set forth in this Item 8.01, including the information in the accompanying press release, shall not be treated as “filed” for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference into any registration statement or other filing pursuant to the Exchange Act or the Securities Act, except as expressly set forth in any such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.


Exhibit Number						Exhibit Description
99.1						Press Release, dated July 24, 2025 - Second Quarter 2025 Results

99.2						Press Release, dated July 24, 2025 - Dividend Declaration

99.3						Earnings Presentation - Second Quarter 2025 Results

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	OP Bancorp

Date: July 24, 2025	By:	/s/ Jaehyun Park
		Jaehyun Park
		Executive Vice President and
		Chief Financial Officer

EX-99.1 2 opbk8-kerx2025xq2xex991.htm EX-99.1 Document

Exhibit 99.1

OP BANCORP REPORTS NET INCOME FOR SECOND QUARTER 2025

OF $6.3 MILLION AND DILUTED EARNINGS PER SHARE OF $0.42

Second Quarter 2025 Highlights compared with First Quarter 2025:

•Financial Results:

◦Net income of $6.3 million, compared to $5.6 million

◦Diluted earnings per share (“EPS”) of $0.42, compared to $0.37

◦Net interest income of $19.7 million, compared to $17.4 million

◦Net interest margin of 3.23%, compared to 3.01%

◦Provision for credit losses of $1.2 million, compared to $736 thousand

◦Total assets of $2.56 billion, compared to $2.51 billion

◦Gross loans of $2.07 billion, compared to $2.04 billion

◦Total deposits of $2.25 billion, compared to $2.19 billion

•Credit Quality:

◦Allowance for credit losses on loans to gross loans of 1.27%, compared to 1.24%

◦Net charge-offs (1) to average gross loans of 0.06%, compared to 0.02%

◦Loans past due 30-89 days to gross loans of 0.47%, compared to 0.32%

◦Nonperforming loans to gross loans of 0.43%, compared to 0.51%

◦Criticized loans (2) to gross loans of 1.15%, compared to 1.13%

•Capital Levels:

◦Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 11.01%

◦Book value per share increased to $14.36, compared to $14.09

◦Paid quarterly cash dividend of $0.12 per share for the periods

___________________________________________________________

(1)Annualized.

(2)Includes special mention, substandard, doubtful, and loss categories.

LOS ANGELES, July 24, 2025 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the second quarter of 2025. The Company reported net income of $6.3 million, or $0.42 diluted EPS, compared with $5.6 million, or $0.37 diluted EPS, for the first quarter of 2025, and $5.4 million, or $0.36 per diluted EPS, for the second quarter of 2024.

Sang K. Oh, President and Chief Executive Officer:

“I am honored to step into the role of Chief Executive Officer. As we look ahead, my priorities will be to strengthen our core banking operations, deepen customer engagement, and uphold the highest standards of trust and compliance. I am committed to delivering long-term value for our shareholders, supporting our customer’s financial goals, empowering our talented teams, and fostering a culture of integrity across the Company,” said Sang K. Oh, President and Chief Executive Officer.

Mr. Oh continued, “This was a solid quarter for OP Bancorp as we continued to execute on our clearly defined path to enhanced profitability. Our results were highlighted by sustained growth in loan and deposit portfolios, an expanded net interest margin, a more favorable deposit mix and an improved efficiency, all while continuing to maintain strong credit quality and capital position. We are also proud to announce the opening of our new full-service branch in Garden Grove, California, further expanding our footprint and enhancing accessibility for our customers in the region,” said Sang K. Oh, President and Chief Executive Officer.”

SELECTED FINANCIAL HIGHLIGHTS



($ in thousands, except per share data)	As of and For the Quarter									% or Basis Point Change 2Q2025 vs.
	2Q2025			1Q2025			2Q2024			1Q2025		2Q2024
Selected Income Statement Data:
Net interest income	$	19,721		$	17,418		$	16,194		13	%	22	%
Provision for credit losses	1,206			736			617			64		95
Noninterest income	3,968			4,816			4,184			(18)		(5)
Noninterest expense	14,037			13,814			12,189			2		15
Income tax expense	2,113			2,124			2,136			(1)		(1)
Net income	6,333			5,560			5,436			14		17
Diluted EPS	0.42			0.37			0.36			14		17
Selected Balance Sheet Data:
Gross loans	$	2,071,580		$	2,043,885		$	1,870,106		1	%	11	%
Total deposits	2,254,728			2,189,871			1,940,821			3		16
Total assets	2,563,595			2,512,971			2,290,680			2		12
Average loans (1)	2,095,168			2,005,044			1,843,284			4		14
Average deposits	2,223,575			2,083,890			1,970,320			7		13
Credit Quality:
Nonperforming loans	$	8,916		$	10,412		$	4,389		(14)	%	103	%
Nonperforming loans to gross loans	0.43		%	0.51		%	0.23		%	(8) bps		20 bps
Criticized loans (2) to gross loans	1.15			1.13			0.88			2 bps		27 bps
Net (charge-offs) recoveries (3) to average gross loans	(0.06)			(0.02)			0.00			(4) bps		(6) bps
Allowance for credit losses on loans to gross loans	1.27			1.24			1.22			3 bps		5 bps
Allowance for credit losses on loans to nonperforming loans	295			244			519			51	%	(224)	%
Financial Ratios:
Return on average assets ("ROA") (3)	1.00		%	0.92		%	0.95		%	8 bps		5 bps
Return on average equity ("ROE") (3)	11.97			10.73			11.23			124 bps		74 bps
Net interest margin (3)	3.23			3.01			2.96			22 bps		27 bps
Efficiency ratio (4)	59.25			62.13			59.81			(288) bps		(56) bps
CET1 capital	11.01			10.97			12.01			4 bps		(100) bps
Tier 1 leverage capital	8.96			9.22			9.28			(26) bps		(32) bps
Book value per common share	$	14.36		$	14.09		$	13.23		2	%	9	%

(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 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Interest Income
Interest income	$	37,665	$	34,859	$	34,357	8	%	10	%
Interest expense	17,944		17,441		18,163		3		(1)
Net interest income	$	19,721	$	17,418	$	16,194	13	%	22	%



($ in thousands)	For the Three Months Ended												Average Yield/Rate Change 2Q2025 vs.
	2Q2025				1Q2025				2Q2024
	Interest Income/Expense		Average Yield/Rate(1)		Interest Income/Expense		Average Yield/Rate(1)		Interest Income/Expense		Average Yield/Rate(1)		1Q2025	2Q2024
Interest-earning Assets:
Loans	$	34,263	6.56	%	$	31,689	6.39	%	$	30,605	6.67	%	17 bps	(11) bps
Total interest-earning assets	37,665		6.18		34,859		6.04		34,357		6.29		14 bps	(11) bps
Interest-bearing Liabilities:
Interest-bearing deposits	17,475		4.18		16,608		4.31		17,343		4.84		(13) bps	(66) bps
Total interest-bearing liabilities	17,944		4.18		17,441		4.31		18,163		4.81		(13) bps	(63) bps
Ratios:
Net interest income / interest rate spreads	19,721		2.00		17,418		1.73		16,194		1.48		27 bps	52 bps
Net interest margin			3.23				3.01				2.96		22 bps	27 bps
Total deposits / cost of deposits	17,475		3.15		16,608		3.23		17,343		3.54		(8) bps	(39) bps
Total funding liabilities / cost of funds	17,944		3.17		17,441		3.27		18,163		3.57		(10) bps	(40) bps

(1)Annualized.



($ in thousands)	For the Three Months Ended												Average Yield Change 2Q2025 vs.
	2Q2025				1Q2025				2Q2024
	Interest Income		Average Yield(1)		Interest Income		Average Yield(1)		Interest Income		Average Yield(1)		1Q2025	2Q2024
Loan Yield Component:
Contractual interest rate	$	33,405	6.39	%	$	31,240	6.30	%	$	29,719	6.48	%	9 bps	(9) bps
Accretion of SBA loan discount(2)	785		0.15		683		0.14		1,087		0.24		1 bps	(9) bps
Amortization of net deferred fees	(42)		(0.01)		(106)		(0.02)		(44)		(0.01)		1 bps	0 bps
Amortization of premium	(392)		(0.07)		(490)		(0.10)		(396)		(0.09)		3 bps	2 bps
Net interest recognized on nonaccrual loans	(36)		(0.01)		43		0.01		(3)		(0.00	)	(2) bps	(1) bps
Prepayment penalty income and other fees(3)	543		0.11		319		0.06		242		0.05		5 bps	6 bps
Yield on loans	$	34,263	6.56	%	$	31,689	6.39	%	$	30,605	6.67	%	17 bps	(11) bps

(1)Annualized.

(2)Includes discount accretion from SBA loan payoffs of $293 thousand, $193 thousand and $564 thousand for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(3)Includes prepayment penalty income of $148 thousand, $67 thousand and $26 thousand for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively, from Commercial Real Estate (“CRE”) loans.

Second Quarter 2025 vs. First Quarter 2025

Net interest income increased $2.3 million, or 13%, primarily due to loan growth, higher loan yields and lower deposit costs, partially offset by deposit growth. Net interest margin increased 22 basis points to 3.23% from 3.01%.

◦Interest income on loans increased $2.6 million, primarily driven by a $90.1 million increase in average loan balances and a 17 basis point improvement in loan yields, reflecting higher new loans rates compared to the prior quarter. The increase in loan yields also benefited from higher prepayment penalties and other related income, and lower amortization of premiums.

◦Interest expense on deposits increased $867 thousand, primarily due to a $114.2 million increase in average interest-bearing deposit balances, partially offset by a 13 basis point decline in interest-bearing deposit costs, reflecting the repricing of time deposits in response to the downward shift in federal funds rate that begun in the latter part of 2024.

Second Quarter 2025 vs. Second Quarter 2024

Net interest income increased $3.5 million, or 22%, primarily due to loan growth. Net interest margin increased 27 basis points to 3.23% from 2.96%.

◦Interest income on loans increased $3.7 million, primarily driven by a $251.9 million increase in average loan balances, partially offset by an 11 basis point decline in loan yields. The decline in loan yields was attributable to new loan originations at lower rates following the recent decrease in the federal funds rate.

◦Interest expense on deposits remained relatively unchanged, as the impact of a $234.9 million increase in average interest-bearing deposit balances was offset by a 66 basis point decline in interest-bearing deposit costs. The decline in deposit costs was primarily due to the repricing of deposit products in response to the recent decrease in federal funds rate.

Provision for Credit Losses



($ in thousands)	For the Three Months Ended						$ Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Provision for credit losses on loans	$	1,255	$	687	$	627	$	568	$	628
Provision for (reversal of) credit losses on off-balance sheet exposure	(49)		49		(10)		(98)		(39)
Provision for credit losses	$	1,206	$	736	$	617	$	470	$	589

Second Quarter 2025 vs. First Quarter 2025

Provision for credit losses on loans increased $568 thousand, primarily due to higher historical loss factors from risk rating downgrades within the CRE portfolio and net charge-offs recognized during the quarter, partially offset by an improved qualitative outlook.

Second Quarter 2025 vs. Second Quarter 2024

Provision for credit losses on loans increased $628 thousand, primarily due to higher historical loss factors from risk rating downgrades and net charge-offs recognized during the quarter, partially offset by an improved qualitative outlook.

Noninterest Income



($ in thousands)	For the Three Months Ended						% Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Noninterest Income
Service charges on deposits	$	1,017	$	1,000	$	793	2	%	28	%
Loan servicing fees, net of amortization	900		1,007		575		(11)		57
Gains on sale of loans	1,441		2,019		2,325		(29)		(38)
Other income	610		790		491		(23)		24
Total noninterest income	$	3,968	$	4,816	$	4,184	(18)	%	(5)	%

Second Quarter 2025 vs. First Quarter 2025

Noninterest income decreased $848 thousand, or 18%, primarily due to lower gains on sale of loans, other income and loan servicing fees.

◦Gains on sale of loans declined $578 thousand, primarily due to reduced SBA loan sale activity and lower average premium rates. During the quarter, the Bank sold $25.3 million in SBA loans at an average premium rate of 7.05%, compared to the sale of $31.1 million at an average premium rate of 8.08%.

◦Other income decreased $180 thousand, primarily due to a reduction in credit-related fees collected.

◦Loan servicing fees, net of amortization, decreased $107 thousand, primarily due to increased amortization of servicing assets, driven by elevated payoff activities in servicing portfolio.

Second Quarter 2025 vs. Second Quarter 2024

Noninterest income decreased $216 thousand, or 5%, primarily due to lower gains on sale of loans, partially offset by higher loan servicing fees and service charges on deposits.

◦Gain on sale of loans declined $884 thousand, primarily due to reduced SBA loan sale activity and lower average premium rates. The Bank sold $25.3 million in SBA loans at an average premium rate of 7.05%, compared to the sale of $32.1 million at an average premium rate of 8.58%.

◦Loan servicing fees, net of amortization, increased $325 thousand, primarily due to reduced amortization expense of servicing assets, resulting from decreased loan payoff activities.

◦Service charges on deposits increased $224 thousand, primarily driven by higher deposit analysis fees, reflecting continued growth in the number of business customer accounts.

Noninterest Expense



($ in thousands)	For the Three Months Ended						% Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Noninterest Expense
Salaries and employee benefits	$	9,075	$	8,776	$	7,568	3	%	20	%
Occupancy and equipment	1,584		1,581		1,660		0		(5)
Data processing and communication	306		296		530		3		(42)
Professional fees	418		407		406		3		3
FDIC insurance and regulatory assessments	506		487		378		4		34
Promotion and advertising	232		156		151		49		54
Directors’ fees	198		180		178		10		11
Foundation donation and other contributions	636		556		539		14		18
Other expenses	1,082		1,375		779		(21)		39
Total noninterest expense	$	14,037	$	13,814	$	12,189	2	%	15	%

Second Quarter 2025 vs. First Quarter 2025

Noninterest expense increased $223 thousand, or 2%, primarily due to higher salaries and employee benefits, foundation donation and other contributions, and promotion and advertising, partially offset by a reduction in other expenses.

◦Salaries and employee benefits increased $299 thousand, primarily due to higher incentive accruals and merit-based salary adjustments, partially offset by lower vacation and payroll tax accruals. Higher health insurance costs and lower loan origination costs also contributed to the increase in employee benefits.

◦Foundation donation and other contributions increased $80 thousand, primarily due to higher donation accruals for the Open Stewardship Foundation, reflecting increased net income.

◦Promotion and advertising increased $76 thousand, primarily due to a one-time accrual adjustment recorded during the second quarter of 2025.

◦Other expenses decreased $293 thousand, primarily reflecting a return to normal credit-related expense level following an abnormally high amount in the prior quarter.

Second Quarter 2025 vs. Second Quarter 2024

Noninterest expense increased $1.8 million, or 15%, primarily due to higher salaries and employee benefits, and other expenses, as well as increased FDIC insurance and regulatory assessments, partially offset by a reduction in data processing and communication.

◦Salaries and employee benefits increased $1.5 million, primarily due to higher incentive accruals as well as staffing growth and annual merit-based salary adjustments.

◦Other expenses increased $303 thousand, primarily due to higher credit-related and business development expenses.

◦FDIC insurance and regulatory assessments increased $128 thousand, primarily due to higher FDIC assessment charges. The increase was largely driven by growth in the Bank’s total assets, which expanded the assessment base, along with higher assessment rates.

◦Data processing and communication decreased $224 thousand, primarily due to contractual credits received following the conversion to a new core banking system in the fourth quarter of 2024.

Income Tax Expense

Second Quarter 2025 vs. First Quarter 2025

Income tax expense was $2.1 million for both periods. The effective tax rate decreased to 25.02% from 27.64%. The decrease in effective tax rate was primarily attributable to the revaluation of deferred tax assets resulting from recent California state tax legislation. Additional contributing factors included changes in estimates related to the adoption of an enhanced interim state tax apportionment methodology and increased tax losses from a new investment in low-income housing partnerships.

Second Quarter 2025 vs. Second Quarter 2024

Income tax expense was $2.1 million for both periods. The effective tax rate decreased to 25.02% from 28.21%. The decrease in effective tax rate was primarily attributable to the revaluation of deferred tax assets resulting from recent California state tax legislation. Additional contributing factors included changes in estimates related to the adoption of an enhanced interim state tax apportionment methodology and higher discrete benefits associated with stock-based compensation.

BALANCE SHEET HIGHLIGHTS

Loans



($ in thousands)	As of						% Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
CRE loans	$	1,021,431	$	1,023,278	$	931,284	0	%	10	%
SBA loans	263,424		258,778		242,395		2		9
C&I loans	193,359		202,250		188,557		(4)		3
Home mortgage loans	593,256		559,543		506,873		6		17
Consumer & other loans	110		36		997		206		(89)
Gross loans	$	2,071,580	$	2,043,885	$	1,870,106	1	%	11	%

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



($ in thousands)	For the Three Months Ended												% Change in Amounts 2Q2025 vs.
	2Q2025				1Q2025				2Q2024				1Q2025		2Q2024
	Amount		Rate		Amount		Rate		Amount		Rate
CRE loans	$	39,734	7.00	%	$	69,889	7.03	%	$	48,284	7.49	%	(43)	%	(18)	%
SBA loans	33,811		8.64		18,206		8.81		13,570		9.80		86		149
C&I loans	3,136		7.72		506		8.18		5,961		8.05		520		(47)
Home mortgage loans	54,837		6.64		74,004		6.42		13,539		7.33		(26)		305
Consumer & other loans	—		—		40		6.05		—		—		(100)		—
Gross loans (1)	$	131,518	7.29	%	$	162,645	6.95	%	$	81,354	7.89	%	(19)	%	62	%

(1)Excludes changes in line utilization.

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



($ in thousands)	For the Three Months Ended
	2Q2025		1Q2025		2Q2024

Beginning Balance	$	2,043,885	$	1,956,852	$	1,804,987
Originations	131,518		162,645		81,354
Net change in line utilization	27,287		12,841		57,698
Purchases	1,750		12,028		5,559
Sales	(26,734)		(36,086)		(32,102)
Payoffs & paydowns	(90,923)		(65,572)		(56,612)
Decrease (increase) in loans held for sale	(15,461)		26		9,590
Other	258		1,151		(368)
Total	27,695		87,033		65,119
Ending balance	$	2,071,580	$	2,043,885	$	1,870,106

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:



($ in thousands)	As of
	2Q2025				1Q2025				2Q2024
	%		Rate		%		Rate		%		Rate
Fixed rate	30.8	%	5.54	%	32.8	%	5.55	%	36.2	%	5.39	%
Hybrid rate	39.9		5.81		37.4		5.71		33.9		5.42
Variable rate	29.3		8.16		29.8		8.20		29.9		9.19
Gross loans	100.0	%	6.42	%	100.0	%	6.40	%	100.0	%	6.54	%

The following table presents the maturity of gross loans by interest rate type accompanied with the weighted average contractual rates for the periods indicated:



($ in thousands)	As of June 30, 2025
	Within One Year				One Year Through Five Years				After Five Years				Total
	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Fixed rate	$	164,959	5.51	%	$	276,925	5.92	%	$	195,603	5.04	%	$	637,487	5.54	%
Hybrid rate	—		—		212,624		4.58		614,965		6.23		827,589		5.81
Variable rate	83,691		7.87		143,054		7.80		379,759		8.37		606,504		8.16
Gross loans	$	248,650	6.30	%	$	632,603	5.89	%	$	1,190,327	6.72	%	$	2,071,580	6.42	%

Allowance for Credit Losses

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



($ in thousands)	As of and For the Three Months Ended						$ Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Allowance for credit losses on loans, beginning	$	25,368	$	24,796	$	22,129	$	572	$	3,239
Provision for credit losses on loans	1,255		687		627		568		628
Gross charge-offs	(542)		(130)		—		(412)		(542)
Gross recoveries	205		15		4		190		201
Net (charge-offs) recoveries	(337)		(115)		4		(222)		(341)
Allowance for credit losses on loans, ending	$	26,286	$	25,368	$	22,760	$	918	$	3,526

Allowance for credit losses on off-balance sheet exposure, beginning	$	409	$	360	$	468	$	49	$	(59)
Provision for (reversal of) credit losses on off-balance sheet exposure	(49)		49		(10)		(98)		(39)
Allowance for credit losses on off-balance sheet exposure, ending	$	360	$	409	$	458	$	(49)	$	(98)

Asset Quality



($ in thousands)	As of and For the Three Months Ended									% or Basis Point Change 2Q2025 vs.
	2Q2025			1Q2025			2Q2024			1Q2025		2Q2024
Accruing loans 30-89 days past due	$	9,804		$	6,452		$	6,652		52	%	47	%
As a % of gross loans	0.47		%	0.32		%	0.36		%	15 bps		11 bps

Nonperforming loans (1)	$	8,916		$	10,412		$	4,389		(14)	%	103	%
Nonperforming assets (1)	10,153			11,649			5,626			(13)		80
Nonperforming loans to gross loans	0.43		%	0.51		%	0.23		%	(8) bps		20 bps
Nonperforming assets to total assets	0.40			0.46			0.25			(6) bps		15 bps

Criticized loans (2)(3)	$	23,758		$	23,055		$	16,428		3.0	%	44.6	%
Criticized loans to gross loans	1.15		%	1.13		%	0.88		%	2 bps		27 bps

Allowance for credit losses ratios:
As a % of gross loans	1.27		%	1.24		%	1.22		%	3 bps		5 bps
As a % of nonperforming loans	295			244			519			51	%	(224)	%
As a % of nonperforming assets	259			218			405			41		(146)
As a % of criticized loans	111			110			139			1		(28)
Net (charge-offs) recoveries (4) to average gross loans	(0.06)			(0.02)			0.00			(4) bps		(6) bps

(1)Excludes the guaranteed portion of loans that were in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(2)Excludes the guaranteed portion of loans that were in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(3)Consists of special mention, substandard, doubtful and loss categories.

(4)Annualized.

Credit quality remained strong, with nonperforming loans declining to 0.43% of gross loans and annualized net charge-offs at a low 0.06%. The allowance remained adequate at 1.27% of gross loans.

◦Accruing loans 30-89 days past due increased to $9.8 million or 0.47% of gross loans, compared with $6.5 million or 0.32% in the prior quarter.

◦Nonperforming loans decreased $1.5 million, primarily attributable to increased payoffs across various loan categories, partially offset by the addition of a new nonaccrual home mortgage loan.

◦Criticized loans increased $703 thousand, primarily attributable to the downgrade of SBA and home mortgage loans, partially offset by the payoffs of certain home mortgage loans and partial charge-offs.

Deposits



($ in thousands)	As of												% Change 2Q2025 vs.
	2Q2025				1Q2025				2Q2024
	Amount		%		Amount		%		Amount		%		1Q2025		2Q2024
Noninterest-bearing deposits	$	565,683	25.1	%	$	552,797	25.2	%	$	518,456	26.7	%	2	%	9	%
Money market deposits and others	431,252		19.1		385,080		17.6		332,137		17.1		12		30
Time deposits	1,257,793		55.8		1,251,994		57.2		1,090,228		56.2		0		15
Total deposits	$	2,254,728	100.0	%	$	2,189,871	100.0	%	$	1,940,821	100.0	%	3	%	16	%

Estimated uninsured deposits	$	1,156,311	51	%	$	1,072,753	49	%	$	860,419	44	%	8	%	34	%

As of June 30, 2025 vs. March 31, 2025

Total deposits increased $64.9 million or 3%, primarily driven by a $46.2 million increase in money market deposits and others, along with a $12.9 million increase in noninterest-bearing deposits. This growth reflects our continued strategic focus on expanding lower-cost deposit products, resulting in growth in both noninterest-bearing and money market deposit balances.

As of June 30, 2025 vs. June 30, 2024

Total deposits increased $313.9 million or 16%, primarily driven by growth of $167.6 million in time deposits, $99.1 million in money market deposits and others, and $47.2 million in noninterest-bearing deposits. This strong deposit growth reflects the continued strategic focus on developing and deepening deposit relationships with both new and existing customers.

The following table sets forth the maturity of time deposits as of June 30, 2025:



	As of June 30, 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)	$	235,531		$	146,560		$	154,074		$	107,185		$	—		$	643,350
Time deposits ($250 or less)	257,458			150,671			121,833			82,293			2,188			614,443
Total time deposits	$	492,989		$	297,231		$	275,907		$	189,478		$	2,188		$	1,257,793
Weighted average rate	4.48		%	4.27		%	4.25		%	4.27		%	3.22		%	4.34		%

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)	2Q2025			1Q2025			2Q2024
Liquidity Assets:
Cash and cash equivalents	$	205,388		$	198,861		$	127,676
Available-for-sale debt securities	175,000			182,480			199,205
Liquid assets	$	380,388		$	381,341		$	326,881
Liquid assets to total assets	15		%	15		%	14		%

Available Borrowings:
Federal Home Loan Bank ("FHLB") —San Francisco	$	443,207		$	381,456		$	343,600
Federal Reserve Bank	223,373			217,563			191,421
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	$	766,580		$	699,019		$	635,021
Total available borrowings to total assets	30		%	28		%	28		%

Liquid assets and available borrowings to total deposits	51		%	49		%	50		%

Capital and Capital Ratios

On July 24, 2025, 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 August 21, 2025, to shareholders of record as of the close of business on August 7, 2025. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. Future dividends are subject to Board of Directors’ approval and will depend on the Company’s earnings, financial condition, capital requirements, and other relevant factors. During the second quarter of 2025, the Company repurchased 65,387 shares of its common stock at an average price of $10.77 per share under the Company’s previously announced share repurchase program.



	OP Bancorp(1)		Open Bank		Well- Capitalized Requirement		Minimum Capital Ratio+ Conservation Buffer(2)
Risk-Based Capital Ratios (3):
Total capital	12.26	%	12.15	%	10.00	%	10.50	%
Tier 1 capital	11.01		10.90		8.00		8.50
CET1 capital	11.01		10.90		6.50		7.00
Tier 1 leverage	8.96		8.87		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. This buffer does not apply and is not included in the tier 1 leverage ratio.

(3)The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.



OP Bancorp											% or Basis Point Change 2Q2025 vs.
	2Q2025				1Q2025			2Q2024			1Q2025		2Q2024
Risk-Based Capital Ratios:
Total capital	12.26		%	(1)	12.22		%	13.26		%	4 bps		(100) bps
Tier 1 capital	11.01			(1)	10.97			12.01			4 bps		(100) bps
CET1 capital	11.01			(1)	10.97			12.01			4 bps		(100) bps
Tier 1 leverage	8.96			(1)	9.22			9.28			(26) bps		(32) bps
Risk-weighted Assets ($ in thousands)	$	2,062,986		(1)	$	2,034,969		$	1,776,821		1	%	16	%

(1)The Company’s June 30, 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 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 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

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 March 31, 2025, and in our other filings with the Securities and Exchange Commission. 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.

Contact

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com

CONSOLIDATED BALANCE SHEETS (unaudited)



($ in thousands)	As of						% Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Assets
Cash and due from banks	$	16,592	$	12,575	$	21,771	32	%	(24)	%
Interest-bearing deposits with banks	188,796		186,286		105,905		1		78
Cash and cash equivalents	205,388		198,861		127,676		3		61
Available-for-sale debt securities, at fair value	175,000		182,480		199,205		(4)		(12)
Other investments	17,101		16,517		16,367		4		4
Loans held-for-sale	20,016		4,555		6,485		339		209
CRE loans	1,021,431		1,023,278		931,284		0		10
SBA loans	263,424		258,778		242,395		2		9
C&I loans	193,359		202,250		188,557		(4)		3
Home mortgage loans	593,256		559,543		506,873		6		17
Consumer loans	110		36		997		206		(89)
Gross loans	2,071,580		2,043,885		1,870,106		1		11
Allowance for credit losses on loans	(26,286)		(25,368)		(22,760)		4		15
Net loans	2,045,294		2,018,517		1,847,346		1		11
Premises and equipment, net	6,852		6,526		4,716		5		45
Accrued interest receivable	9,991		9,871		8,555		1		17
Servicing assets	10,572		10,848		11,043		(3)		(4)
Company owned life insurance	23,259		23,084		22,566		1		3
Deferred tax assets, net	12,633		13,183		14,117		(4)		(11)
Other real estate owned ("OREO")	1,237		1,237		1,237		—		—
Operating right-of-use assets	9,887		6,930		8,348		43		18
Other assets	26,365		20,362		23,019		29		15
Total assets	$	2,563,595	$	2,512,971	$	2,290,680	2	%	12	%
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing	$	565,683	$	552,797	$	518,456	2	%	9	%
Money market and others	431,252		385,080		332,137		12		30
Time deposits greater than $250	643,350		610,783		533,857		5		21
Other time deposits	614,443		641,211		556,371		(4)		10
Total deposits	2,254,728		2,189,871		1,940,821		3		16
FHLB advances	50,000		75,000		115,000		(33)		(57)
Accrued interest payable	15,720		14,994		15,504		5		1
Operating lease liabilities	12,243		9,193		9,000		33		36
Other liabilities	17,186		13,824		14,369		24		20
Total liabilities	2,349,877		2,302,882		2,094,694		2		12
Shareholders' equity:
Common stock	72,984		73,697		73,749		(1)		(1)
Additional paid-in capital	11,484		11,371		11,441		1		0
Retained earnings	143,114		138,563		127,929		3		12
Accumulated other comprehensive loss, net of tax	(13,864)		(13,542)		(17,133)		2		(19)
Total shareholders’ equity	213,718		210,089		195,986		2		9
Total liabilities and shareholders' equity	$	2,563,595	$	2,512,971	$	2,290,680	2	%	12	%

CONSOLIDATED STATEMENTS OF INCOME (unaudited)



($ in thousands, except share and per share data)	For the Three Months Ended						% Change 2Q2025 vs.
	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Interest income
Interest and fees on loans	$	34,263	$	31,689	$	30,605	8	%	12	%
Interest on available-for-sale debt securities	1,437		1,496		1,590		(4)		(10)
Other interest income	1,965		1,674		2,162		17		(9)
Total interest income	37,665		34,859		34,357		8		10
Interest expense
Interest on deposits	17,475		16,608		17,343		5		1
Interest on borrowings	469		833		820		(44)		(43)
Total interest expense	17,944		17,441		18,163		3		(1)
Net interest income	19,721		17,418		16,194		13		22
Provision for credit losses	1,206		736		617		64		95
Net interest income after provision for credit losses	18,515		16,682		15,577		11		19
Noninterest income
Service charges on deposits	1,017		1,000		793		2		28
Loan servicing fees, net of amortization	900		1,007		575		(11)		57
Gains on sale of loans	1,441		2,019		2,325		(29)		(38)
Other income	610		790		491		(23)		24
Total noninterest income	3,968		4,816		4,184		(18)		(5)
Noninterest expense
Salaries and employee benefits	9,075		8,776		7,568		3		20
Occupancy and equipment	1,584		1,581		1,660		0		(5)
Data processing and communication	306		296		530		3		(42)
Professional fees	418		407		406		3		3
FDIC insurance and regulatory assessments	506		487		378		4		34
Promotion and advertising	232		156		151		49		54
Directors’ fees	198		180		178		10		11
Foundation donation and other contributions	636		556		539		14		18
Other expenses	1,082		1,375		779		(21)		39
Total noninterest expense	14,037		13,814		12,189		2		15
Income before income tax expense	8,446		7,684		7,572		10		12
Income tax expense	2,113		2,124		2,136		(1)		(1)
Net income	$	6,333	$	5,560	$	5,436	14	%	17	%

Book value per share, at period-end	$	14.36	$	14.09	$	13.23	2	%	9	%
EPS - basic	0.42		0.37		0.36		14		17
EPS - diluted	0.42		0.37		0.36		14		17

Shares of common stock outstanding, at period-end	14,885,614		14,914,261		14,816,281		(0	) %	0	%
Weighted average shares:
- Basic	14,859,718		14,857,234		14,868,344		0	%	0	%
- Diluted	14,859,718		14,857,234		14,868,344		0		0

KEY RATIOS



	As of and For the Three Months Ended							Basis Point Change 2Q2025 vs.
	2Q2025			1Q2025		2Q2024		1Q2025	2Q2024
ROA (1)	1.00	%		0.92	%	0.95	%	8 bps	5 bps
ROE (1)	11.97			10.73		11.23		124 bps	74 bps
Net interest margin (1)	3.23			3.01		2.96		22 bps	27 bps
Efficiency ratio (2)	59.25			62.13		59.81		(288) bps	(56) bps

Total risk-based capital ratio	12.26	%	(3)	12.22	%	13.26	%	4 bps	(100) bps
Tier 1 risk-based capital ratio	11.01		(3)	10.97		12.01		4 bps	(100) bps
CET1 capital ratio	11.01		(3)	10.97		12.01		4 bps	(100) bps
Tier 1 leverage capital ratio	8.96		(3)	9.22		9.28		(26) bps	(32) bps

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

(3)The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)



($ in thousands, except share and per share data)	For the Six Months Ended
	2Q2025		2Q2024		% Change
Interest income
Interest and fees on loans	$	65,952	$	60,747	9	%
Interest on available-for-sale debt securities	2,933		3,050		(4)
Other interest income	3,639		3,473		5
Total interest income	72,524		67,270		8
Interest expense
Interest on deposits	34,083		33,018		3
Interest on borrowings	1,302		2,079		(37)
Total interest expense	35,385		35,097		1
Net interest income	37,139		32,173		15
Provision for credit losses	1,942		762		155
Net interest income after provision for credit losses	35,197		31,411		12
Noninterest income
Service charges on deposits	2,017		1,405		44	%
Loan servicing fees, net of amortization	1,907		1,347		42
Gains on sale of loans	3,460		4,028		(14)
Other income	1,400		990		41
Total noninterest income	8,784		7,770		13
Noninterest expense
Salaries and employee benefits	17,851		15,409		16
Occupancy and equipment	3,165		3,315		(5)
Data processing and communication	602		1,017		(41)
Professional fees	825		801		3
FDIC insurance and regulatory assessments	993		752		32
Promotion and advertising	388		300		29
Directors’ fees	378		335		13
Foundation donation and other contributions	1,192		1,079		10
Other expenses	2,457		1,338		84
Total noninterest expense	27,851		24,346		14
Income before income tax expense	16,130		14,835		9
Income tax expense	4,237		4,173		2
Net income	$	11,893	$	10,662	12	%

Book value per share, at period-end	$	14.36	$	13.23	9	%
EPS - basic	0.79		0.70		13
EPS - diluted	0.79		0.70		13

Shares of common stock outstanding, at period-end	14,885,614		14,816,281		0	%
Weighted average shares:
- Basic	14,858,483		14,930,090		0	%
- Diluted	14,858,483		14,930,090		0	%

KEY RATIOS



	As of and For the Six Months Ended					Basis Point Change 2Q2025 vs.
	2Q2025			2Q2024
ROA (1)	0.96	%		0.96	%	0 bps
ROE (1)	11.36			11.03		33 bps
Net interest margin	3.12			3.01		11 bps
Efficiency ratio (2)	60.65			60.95		(30) bps

Total risk-based capital ratio	12.26	%	(3)	13.26	%	(100) bps
Tier 1 risk-based capital ratio	11.01		(3)	12.01		(100) bps
CET1 capital ratio	11.01		(3)	12.01		(100) bps
Tier 1 leverage capital ratio	8.96		(3)	9.28		(32) bps

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

(3)The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

ASSET QUALITY



($ in thousands)	As of and For the Three Months Ended
	2Q2025			1Q2025			2Q2024
Nonaccrual loans (1)(2)	$	8,916		$	10,412		$	4,389
Loans 90 days or more past due, accruing	—			—			—

Nonperforming loans	8,916			10,412			4,389
OREO	1,237			1,237			1,237
Nonperforming assets	$	10,153		$	11,649		$	5,626

Criticized loans (3) by risk categories:
Special mention loans	$	9,257		$	7,190		$	3,339
Classified loans (4)	14,501			15,865			13,089
Total criticized loans	$	23,758		$	23,055		$	16,428

Nonperforming loans to gross loans	0.43		%	0.51		%	0.23		%
Nonperforming assets to gross loans & OREO	0.49			0.57			0.30
Nonperforming assets to total assets	0.40			0.46			0.25
Classified loans to gross loans	0.70			0.78			0.70
Criticized loans to gross loans	1.15			1.13			0.88

Allowance for credit losses ratios:
As a % of gross loans	1.27		%	1.24		%	1.22		%
As a % of nonperforming loans	295			244			519
As a % of nonperforming assets	259			218			405
As a % of classified loans	181			160			174
As a % of criticized loans	111			110			139

Net (charge-offs) recoveries	$	(337)		$	(115)		$	4
Net (charge-offs) recoveries (5) to average gross loans	(0.06)		%	(0.02)		%	0.00		%

(1)Excludes loans held-for-sale.

(2)Excludes the guaranteed portion of loans that are in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(3)Excludes the guaranteed portion of loans that are in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(4)Consists of substandard, doubtful and loss categories.

(5)Annualized.



($ in thousands)	2Q2025		1Q2025		2Q2024
Accruing delinquent loans 30-89 days past due by loan type:
CRE loans	$	—	$	—	$	—
SBA loans	4,509		2,483		1,303
C&I loans	—		—		—
Home mortgage loans	298		3,969		2,471
Total 30-59 days	4,807		6,452		3,774
CRE loans	—		—		—
SBA loans	1,883		—		—
C&I loans	—		—		—
Home mortgage loans	3,114		—		2,878
Total 60-89 days	4,997		—		2,878

CRE loans	—		—		—
SBA loans	6,392		2,483		1,303
C&I loans	—		—		—
Home mortgage loans	3,412		3,969		5,349
Total accruing delinquent loans 30-89 days past due	$	9,804	$	6,452	$	6,652

Nonaccrual loans (1) by loan type:
CRE loans	$	1,802	$	1,937	$	—
SBA loans	5,696		6,371		3,757
C&I loans	—		—		421
Home mortgage loans	1,418		2,104		211
Total nonaccrual loans	$	8,916	$	10,412	$	4,389

Criticized loans(2) by loan type:
CRE loans	$	8,816	$	8,988	$	5,896
SBA loans	12,949		11,574		9,771
C&I loans	575		389		550
Home mortgage loans	1,418		2,104		211
Total criticized loans	$	23,758	$	23,055	$	16,428

(1)Excludes the guaranteed portion of loans that were in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

(2)Excludes the guaranteed portion of loans that were in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS



	For the Three Months Ended
	2Q2025						1Q2025						2Q2024
($ 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	$	147,874	$	1,648	4.41	%	$	124,069	$	1,372	4.42	%	$	135,984	$	1,847	5.37	%
Other investments	16,961		317		7.47		16,469		302		7.33		16,307		315		7.72
Available-for-sale debt securities, at fair value	180,193		1,437		3.19		184,649		1,496		3.24		195,512		1,590		3.25
CRE loans	1,028,961		16,013		6.24		1,000,426		14,980		6.07		910,116		13,742		6.07
SBA loans	283,130		6,618		9.38		265,953		6,207		9.47		256,987		7,116		11.14
C&I loans	195,547		3,667		7.52		212,106		3,778		7.22		173,100		3,367		7.82
Home mortgage loans	587,454		7,962		5.42		526,326		6,718		5.11		501,862		6,348		5.06
Consumer loans	76		3		15.86		233		6		9.75		1,219		32		10.44
Total loans (2)	2,095,168		34,263		6.56		2,005,044		31,689		6.39		1,843,284		30,605		6.67
Total interest-earning assets	2,440,196		37,665		6.18		2,330,231		34,859		6.04		2,191,087		34,357		6.29
Noninterest-earning assets	83,394						77,823						89,446
Total assets	$	2,523,590					$	2,408,054					$	2,280,533

Interest-bearing liabilities:
Money market deposits and others	$	408,667	$	3,586	3.52	%	$	353,804	$	3,085	3.54	%	$	338,554	$	3,494	4.15	%
Time deposits	1,267,363		13,889		4.40		1,208,032		13,523		4.54		1,102,587		13,849		5.05
Total interest-bearing deposits	1,676,030		17,475		4.18		1,561,836		16,608		4.31		1,441,141		17,343		4.84
Borrowings	46,707		469		4.04		78,944		833		4.28		77,314		820		4.27
Total interest-bearing liabilities	1,722,737		17,944		4.18		1,640,780		17,441		4.31		1,518,455		18,163		4.81
Noninterest-bearing liabilities:
Noninterest-bearing deposits	547,545						522,054						529,179
Other noninterest-bearing liabilities	41,624						38,014						39,301
Total noninterest-bearing liabilities	589,169						560,068						568,480
Shareholders’ equity	211,684						207,206						193,598
Total liabilities and shareholders’ equity	$	2,523,590					2,408,054						2,280,533

Net interest income / interest rate spreads			$	19,721	2.00	%			$	17,418	1.73	%			$	16,194	1.48	%
Net interest margin					3.23	%					3.01	%					2.96	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,223,575	$	17,475	3.15	%	$	2,083,890	$	16,608	3.23	%	$	1,970,320	$	17,343	3.54	%
Total funding liabilities / cost of funds	2,270,282		17,944		3.17		2,162,834		17,441		3.27		2,047,634		18,163		3.57

(1)Annualized.

(2)Includes loans held-for-sale.



	For the Six Months Ended
	2Q2025						2Q2024
($ in thousands)	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	$	136,038	$	3,020	4.41	%	$	104,515	$	2,836	5.37	%
Other investments	16,716		619		7.40		16,286		637		7.82
Available-for-sale debt securities, at fair value	182,409		2,933		3.22		193,448		3,050		3.15
CRE loans	1,014,772		30,993		6.16		906,290		27,471		6.10
SBA loans	274,589		12,825		9.42		257,554		14,329		11.19
C&I loans	203,781		7,445		7.37		154,018		6,037		7.88
Home mortgage loans	557,058		14,681		5.27		506,943		12,843		5.07
Consumer & other loans	154		8		11.27		1,303		67		10.26
Total loans (2)	2,050,354		65,952		6.47		1,826,108		60,747		6.68
Total interest-earning assets	2,385,517		72,524		6.11		2,140,357		67,270		6.31
Noninterest-earning assets	80,624						88,516
Total assets	$	2,466,141					$	2,228,873

Interest-bearing liabilities:
Money market deposits and others	$	381,387	$	6,671	3.53	%	$	352,970	$	7,434	4.24	%
Time deposits	1,237,862		27,412		4.47		1,028,515		25,584		5.00
Total interest-bearing deposits	1,619,249		34,083		4.24		1,381,485		33,018		4.81
Borrowings	62,736		1,302		4.19		92,998		2,079		4.50
Total interest-bearing liabilities	1,681,985		35,385		4.24		1,474,483		35,097		4.79
Noninterest-bearing liabilities:
Noninterest-bearing deposits	534,870						521,841
Other noninterest-bearing liabilities	39,829						39,253
Total noninterest-bearing liabilities	574,699						561,094
Shareholders’ equity	209,457						193,296
Total liabilities and shareholders’ equity	$	2,466,141					2,228,873

Net interest income / interest rate spreads			$	37,139	1.87	%			$	32,173	1.52	%
Net interest margin					3.12	%					3.01	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,154,119	$	34,083	3.19	%	1,903,326		$	33,018	3.49	%
Total funding liabilities / cost of funds	2,216,855		35,385		3.22		1,996,324		35,097		3.54

(1)Annualized.

(2)Includes loans held-for-sale.

EX-99.2 3 opbk8-kerx2025xq2xex992.htm EX-99.2 Document

Exhibit 99.2

OP Bancorp Declares Quarterly Cash Dividend of $0.12 per Share

LOS ANGELES, July 24, 2025 — OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per share of its common stock. The dividend is payable on or about August 21, 2025 to all shareholders of record as of the close of business on August 7, 2025.

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 with 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 Member FDIC, Equal Housing Lender.

Contact

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com

EX-99.3 4 opbkearningspresentation.htm EX-99.3 opbkearningspresentation

Second Quarter 2025 Earnings Presentation July 24, 2025

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 March 31, 2025, and in our other filings with the Securities and Exchange Commission. 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. Cautionary Note Regarding Forward-Looking Statements 2

2Q-2025 Highlights vs 1Q-2025 3 (1) Annualized. (2) Excludes the guaranteed portion of SBA loans that are in liquidation. (3) Includes special mention, substandard, doubtful, and loss categories. Net Income $6.3M Earnings & Profitability Balance Sheet Growth Credit Quality Capital Adequacy • Net income of $6.3 million, compared to $5.6 million • Diluted earnings per share of $0.42, compared to $0.37 • ROAA(1) and ROAE(1) of 1.00% and 11.97%, compared to 0.92% and 10.73%, respectively • Net interest margin of 3.23%, compared to 3.01% • Efficiency ratio of 59.25%, compared to 62.13% • Total assets of $2.56 billion, a 2% increase compared to $2.51 billion • Gross loans of $2.07 billion, an 1% increase compared to $2.04 billion • Total deposits of $2.25 billion, a 3% increase compared to $2.19 billion • Net charge-offs(1) to average gross loans of 0.06%, compared to 0.02% • Nonperforming loans(2) to gross loans of 0.43%, compared to 0.51%. • Criticized loans (2) (3) to gross loans of 1.15%, compared to 1.13% • Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 11.01% • Book value per common share increased to $14.36, compared to $14.09 • Paid quarterly cash dividend of $0.12 per share for the periods Diluted EPS $0.42 ROA (1) 1.00% ROE (1) 11.97% NIM 3.23% Efficiency 59.25%

Balance Sheet Trend 4 Gross Loans ($mm)Total Assets ($mm) Total Equity ($mm) & Book Value Per Share ($)Total Deposits ($mm)

Loan Trend 5 Loan Originations* ($mm)Loan Composition ($mm) Loan Yields (%) Commercial Real Estate Concentration (%) * Excludes changes in line utilization. 48 23 35 70 40 14 10 18 34 14 13 74 55 $81 $46 $52 $163 $132 7.89% 6.94% 7.66% 6.95% 7.29% 2Q-24 3Q-24 4Q-24 1Q-25 2Q-25 CRE SBA C&I Home Mortgage Spot Rate

Loan by Interest Rate Type 6 Hybrid Loan Repricing Schedule ($mm)Composition by Interest Rate Type (%) Contractual Rates by Interest Rate Type (%) Loan Maturity Schedule ($mm) $70 $180 $155 $413 $10 4.24% 4.22% 6.02% 6.64% 7.33% <=1Y 1-2Y 2-3Y 3-5Y >5Y Hybrid repricing Contractual rate

* Based on Call Report definitions, which includes real estate loans and SBA real estate loans. Commercial Real Estate Portfolio 7 CRE* Portfolio by Property TypeCRE* Portfolio by Collateral Type

* Based on Call Report definitions, which includes real estate loans and SBA real estate loans. ** Excludes SBA loans and USDA loans. Commercial Real Estate Portfolio 8 CRE Portfolio ** by Loan-to-Value Ratio (LTV)CRE Portfolio * by Location

Home Loan Portfolio 9 Home Loan Portfolio by LTVHome Loan Portfolio by Location Home Loan Portfolio by Occupancy Type

SBA Loans 10 SBA Portfolio* by IndustrySBA Portfolio by Location

* Excludes $21.9 million in SBA C&I loans. SBA Loans 11 SBA Portfolio by Collateral TypeSBA Portfolio* by LTV

Deposit Trend 12 Noninterest Bearing Deposits ($mm)Deposit Composition ($mm) Cost of Deposits (%) CD Maturity Schedule ($mm)

Earnings & Profitability 13 Noninterest Income ($mm)Net Interest Income ($mm) & Net Interest Margin (%) * Interest Income & Interest Expense ($mm) Noninterest Income Components ($mm) * Annualized.

Earnings & Profitability 14 Efficiency Ratio (%)Noninterest Expense ($mm) Noninterest Expense Components ($mm) Efficiency Ratio Components (%) * Ratios for Efficiency Ratio Components are percentages of average assets and are annualized.

Earnings & Profitability 15 Pre-Provision Net Revenue ($mm)Provision for Loan Losses ($mm) Net Income ($mm) & Diluted EPS ($) Return on Assets & Return on Equity (%)

Source: Target Fed Funds Rate per Federal Open Market Committee guidance. Net Interest Margin Trend 16

Credit Quality 17 Criticized Loans ($mm)Nonperforming Loans ($mm) Net Charge-Offs* ($mm)Allowance for Credit Losses** ($mm) * Annualized ** Exclude the guaranteed portion of SBA loans that are in liquidation.

Liquidity & Capital 18 Total Available Liquidity* ($mm)Liquidity Assets ($mm) Tier 1 Leverage ($mm) Total Risk Based Capital ($mm) * Represent the sum of liquid assets and available borrowings.

Non-GAAP Reconciliation 19 Pre-Provision Net Revenue ($ in thousands) 2Q-25 1Q-25 4Q-24 3Q-24 2Q-24 Interest income 37,665$ 34,859$ 35,051$ 35,299$ 34,357$ Interest expense 17,944 17,441 18,122 18,794 18,163 Net interest income 19,721 17,418 16,929 16,506 16,194 Noninterest income 3,968 4,816 4,417 4,241 4,184 Noninterest expense 14,037 13,814 13,133 12,720 12,189 Pre-Provision Net Revenue (a) 9,652$ 8,420$ 8,213$ 8,026$ 8,189$ Reconciliation to Net Income: Provision for credit losses (b) 1,206 736 1,547 448 617 Provision for income taxes (c) 2,113 2,124 1,695 2,142 2,136 Net income (a) - (b) - (c) 6,333$ 5,560$ 4,971$ 5,436$ 5,436$ For the Three Months Ended Pre-provision net revenue removes provision for credit losses and income tax expense. Management believes that this non-GAAP measure, when taken together with the corresponding GAAP financial measures (as applicable), provides meaningful supplemental information regarding our performance. This non-GAAP financial measure also facilitates a comparison of our performance to prior periods.