OP Bancorp
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
OPBK$14.87-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| ($ in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $16,098 | $18,746 |
| Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities: | ||
| Provision for credit losses | 1,210 | 1,021 |
| Depreciation and amortization of premises and equipment | 1,034 | 975 |
| Amortization of net premiums on securities | 53 | 187 |
| Amortization of servicing assets | 2,945 | 3,302 |
| Accretion of net discounts on loans | (1,736) | (2,199) |
| Amortization of low income housing partnerships | 1,552 | 1,084 |
| Stock-based compensation, net | 908 | 961 |
| Deferred income taxes | (521) | 753 |
| Gain on sale of loans | (6,116) | (5,847) |
| Earnings on company owned life insurance | (506) | (458) |
| Net change in fair value of equity investment with readily determinable fair value | (77) | 106 |
| Origination of loans held for sale | (102,251) | (64,362) |
| Proceeds from sales of loans held for sale | 99,921 | 112,070 |
| Net change in: | ||
| Accrued interest receivable | (1,220) | (816) |
| Other assets | 10,085 | (2,929) |
| Accrued interest payable | 6,855 | 10,781 |
| Other liabilities | (2,180) | (4,200) |
| Net cash from operating activities | 26,054 | 69,175 |
| Cash flows from investing activities | ||
| Net change in loans receivable | (158,865) | (57,247) |
| Proceeds from matured, called, or paid-down securities available for sale | 19,121 | 18,887 |
| Purchase of loans | (6,421) | (21,916) |
| Purchase of available-for-sale debt securities | (19,082) | (5,647) |
| Purchase of equity investments | (75) | (63) |
| Purchase of Federal Home Loan Bank stock | (87) | (4,044) |
| Purchase of premises and equipment, net | (747) | (1,953) |
| Investments in low-income housing partnerships | (3,318) | (1,563) |
| Net cash from investing activities | (169,474) | (73,546) |
| Cash flows from financing activities | ||
| Net change in deposits | 257,045 | (60,600) |
| Cash received from stock option exercises | 160 | 888 |
| Proceeds from Federal Home Loan Bank advances | — | 95,000 |
| Repayment of Federal Home Loan Bank advances | (30,000) | — |
| Repurchase of common stock | (2,743) | (2,582) |
| Cash dividend paid on common stock | (5,365) | (5,469) |
| Payments related to tax-withholding for vested restricted stock awards | (137) | (98) |
| Net cash from financing activities | 218,960 | 27,139 |
| Net change in cash and cash equivalents | 75,540 | 22,768 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 91,216 | 82,972 |
| Cash and cash equivalents at end of period | $166,756 | $105,740 |
| Supplemental cash flow information: | ||
| Cash paid during the period for: | ||
| Income taxes | $6,936 | $8,377 |
| Interest | 47,035 | 26,644 |
| Supplemental noncash disclosure: | ||
| Initial recognition of right-of-use assets | $871 | $1,369 |
| Transfer of loan to other real estate owned | 1,077 | — |
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