OP Bancorp
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 11, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
9 — Stock-based Compensation Plan
Note 9— Stock-Based Compensation Plan
As of June 30, 2025, the Company maintainsone stock-based compensation plan, the OP Bancorp 2021 Equity Incentive Plan ("2021 Plan"). The Board of Directors approved the 2021 Plan, an equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company. An aggregate of 1,500,000 shares of the Company’s common stock were authorized under the 2021 Plan. The exercise prices of stock options granted under the 2021 Plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There areno stock options granted under the 2021 Plan as of June 30, 2025 and December 31, 2024.
Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. Holders of the restricted stock awards have full voting rights and receive dividends during the vesting period. Stock compensation cost for the restricted stock awards are recognized based on the grant-date fair value over the vesting period.
The following table presents a summary of the activity in the Company’s non-vested restricted stock awards under the 2021 Plan for the six months ended June 30, 2025:
| ($ in thousands, except share data) | SharesIssued | WeightedAverageGrant DateFair Value | AggregateIntrinsicValue |
|---|---|---|---|
| Non-vested, as of January 1, 2025 | 250,088 | $11.78 | $3,954 |
| Awards granted | 64,589 | 12.78 | |
| Awards vested | (188,539) | 11.91 | |
| Awards forfeited | (19,960) | 11.34 | |
| Non-vested, as of June 30, 2026 | 106,178 | $12.20 | $1,379 |
The following table presents compensation cost and the related tax benefit for the restricted stock awards under the 2021 Plan for the periods indicated follows:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 |
| Stock compensation cost | $153 | $317 | $313 | $636 |
| Tax benefit (provision) realized from awards vested | 32 | — | 62 | (3) |
There were 1,090,963 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of June 30, 2025. The Company had approximately $1.3 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of June 30, 2025. The Company expects to recognize these costs over a weighted average period of 3.3 years.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.