OP Bancorp
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Review
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 |
| Income Statement Data: | ||||
| Interest income | $38,522 | $35,299 | $111,046 | $102,569 |
| Interest expense | 18,176 | 18,793 | 53,561 | 53,890 |
| Net interest income | 20,346 | 16,506 | 57,485 | 48,679 |
| Provision for credit losses | 1,175 | 448 | 3,117 | 1,210 |
| Noninterest income | 4,130 | 4,240 | 12,914 | 12,010 |
| Noninterest expense | 13,629 | 12,720 | 41,480 | 37,066 |
| Income before income taxes | 9,672 | 7,578 | 25,802 | 22,413 |
| Income tax expense | 2,969 | 2,142 | 7,206 | 6,315 |
| Net income | 6,703 | 5,436 | 18,596 | 16,098 |
| Per Share Data: | ||||
| Basic EPS | $0.45 | $0.36 | $1.25 | $1.06 |
| Diluted EPS | 0.45 | 0.36 | 1.25 | 1.06 |
| Book value per common share, at period-end | 14.88 | 13.75 | 14.88 | 13.75 |
| Shares of common stock outstanding, at period-end | 14,885,614 | 14,811,671 | 14,885,614 | 14,811,671 |
| Performance Ratios: | ||||
| Return on average assets ("ROA") (1) | 1.04% | 0.94% | 0.99% | 0.95% |
| Return on average equity ("ROE") (1) | 12.36 | 10.95 | 11.70 | 11.00 |
| Yield on average total loans (1) | 6.52 | 6.66 | 6.49 | 6.68 |
| Yield on average interest-earning assets (1) | 6.16 | 6.30 | 6.13 | 6.30 |
| Cost of average interest-bearing liabilities (1) | 4.06 | 4.82 | 4.18 | 4.80 |
| Cost of deposits (1) | 3.10 | 3.57 | 3.16 | 3.52 |
| Net interest margin (1) | 3.26 | 2.95 | 3.17 | 2.99 |
| Efficiency ratio (2) | 55.68 | 61.31 | 58.92 | 61.08 |
(1) Annualized.
(2) Represent noninterest expense divided by the sum of net interest income and noninterest income.
| Change | |||
|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | % or Basis Point |
| Balance Sheet Data: | |||
| Gross loans | $2,151,217 | $1,956,852 | 10% |
| Allowance for credit losses on loans | 27,299 | 24,796 | 10% |
| Total assets | 2,614,214 | 2,366,013 | 10% |
| Total deposits | 2,273,417 | 2,027,285 | 12% |
| Shareholders’ equity | 221,499 | 204,993 | 8% |
| Asset Quality Data: | |||
| Nonperforming loans to gross loans | 0.57% | 0.40% | 17 |
| Allowance for credit losses on loans to nonperforming loans | 222 | 317 | (95)% |
| Allowance for credit losses on loans to gross loans | 1.27 | 1.27 | — |
| Balance Sheet and Capital Ratios: | |||
| Gross loans to total deposits | 94.62% | 96.53% | (191) |
| Noninterest-bearing deposits to total deposits | 23.93 | 24.91 | (98) |
| Quarterly average equity to average total assets | 8.45 | 8.63 | (18) |
| Tier 1 leverage capital ratio | 9.01 | 9.27 | (26) |
| Common equity tier 1 capital ratio | 10.92 | 11.35 | (43) |
| Tier 1 risk-based capital ratio | 10.92 | 11.35 | (43) |
| Total risk-based capital ratio | 12.17 | 12.60 | (43) |
The Company's net income for the third quarter of 2025 was $6.7 million, up $1.3 million, or 23%, compared with $5.4 million in the same period a year ago. The year-over-year increase was primarily driven by higher net interest income, partially offset by increases in noninterest expense, income tax expense and provision for credit losses. Net income for the first nine months of 2025 was $18.6 million, up $2.5 million, or 16%, compared with $16.1 million for the same period a year ago. The increase was primarily driven by higher net interest income, partially offset by increases in noninterest expense and provision for credit losses. The following were notable elements of the Company's performance for the periods presented:
Net interest income and net interest margin: Third quarter 2025 net interest income increased to $20.3 million, up $3.8 million, or 23%, from the year ago quarter. Third quarter 2025 net interest margin expanded 31 basis points to 3.26%, For the first nine months of 2025, net interest income increased to $57.5 million, up $8.8 million, or 18%, and net interest margin expended 18 basis points to 3.17%.
Profitability ratios: Third quarter 2025 ROA and ROE of 1.04% and 12.36%, respectively, were up year-over-year. ROA and ROE of 0.99% and 11.70%, respectively, for the first nine months of 2025 were also up year-over-year.
Efficiency Ratios: Third quarter 2025 efficiency ratio of 55.68% improved 563 basis points from the same period in 2024. For the first nine months of 2025, efficiency ratio of 58.92% improved 216 basis points from the same period in 2024. The improvement in the efficiency ratios primarily reflected an increase in net interest income.
Asset Growth: Total assets reached $2.61 billion as of September 30, 2025, up $248.2 million, or 10%, from December 31, 2024, primarily driven by an increase $112.6 million in CRE loans and an increase $78.1 million in home mortgage loans.
Loans Growth: Gross loans were $2.15 billion, up $194.4 million, or 10%, from December 31, 2024, primarily reflecting growth in CRE and home mortgage loans.
Deposits Growth: Total deposits were $2.27 billion, up $246.1 million, or 12%, from December 31, 2024, reflecting growth in time and money market and others deposits.
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