OP Bancorp
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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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, 2025 · Filed Nov 7, 2025
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Noninterest Expense
The following table presents the components of noninterest income for the third quarters of 2025 and 2024:
| Three Months Ended September 30, | ||||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change |
| Noninterest expense: | ||||
| Salaries and employee benefits | $8,892 | $8,031 | $861 | 11% |
| Occupancy and equipment | 1,676 | 1,676 | — | — |
| Data processing and communication | 263 | 634 | (371) | (59) |
| Professional fees | 419 | 346 | 73 | 21 |
| FDIC insurance and regulatory assessments | 428 | 391 | 37 | 9 |
| Promotion and advertising | 126 | 151 | (25) | (17) |
| Directors' fees | 151 | 154 | (3) | (2) |
| Foundation donation and other contributions | 671 | 549 | 122 | 22 |
| Other expenses | 1,003 | 788 | 215 | 27 |
| Total noninterest expense | $13,629 | $12,720 | $909 | 7% |
Noninterest expense for the third quarter of 2025 increased year-over-year, primarily due to higher salaries and employee benefits and other expenses, partially offset by a reduction in data processing and communication.
Salaries and employee benefits for the third quarter of 2025 increased $861 thousand, or 11%, mainly driven by staffing growth and annual merit-based salary adjustments. Higher health insurance costs also contributed to the increase in employee benefits.
Data processing and communication for the third quarter of 2025 decreased $371 thousand, or 59%, primarily due to contractual credits received following the conversion to a new core banking system in the fourth quarter of 2024. These savings are expected to continue in future periods, as the new system offers more cost-effective processing capabilities. Management anticipates that data processing and communication expense will remain at a lower run rate, contributing to improved operating efficiency.
Other expenses for the third quarter of 2025 increased $215 thousand, or 27%, primarily due to reclassification of credit-related fees collections from contra-expense to income in 2025. This regrouping reflects a change in presentation rather than a change in underlying activity.
The following table presents the components of noninterest expense for the first nine months of 2025 and 2024:
| Nine Months Ended September 30, | ||||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | $ Change | % Change |
| Noninterest expense: | ||||
| Salaries and employee benefits | $26,743 | $23,440 | $3,303 | 14% |
| Occupancy and equipment | 4,841 | 4,991 | (150) | (3) |
| Data processing and communication | 865 | 1,651 | (786) | (48) |
| Professional fees | 1,244 | 1,147 | 97 | 8 |
| FDIC insurance and regulatory assessments | 1,421 | 1,143 | 278 | 24 |
| Promotion and advertising | 514 | 451 | 63 | 14 |
| Directors' fees | 529 | 489 | 40 | 8 |
| Foundation donation and other contributions | 1,863 | 1,628 | 235 | 14 |
| Other expenses | 3,460 | 2,126 | 1,334 | 63 |
| Total noninterest expense | $41,480 | $37,066 | $4,414 | 12% |
Noninterest expense for the first nine months of 2025 increased year-over-year, primarily due to higher salaries and employee benefits and other expenses, partially offset by a reduction in data processing and communication.
Salaries and employee benefits for the first nine months of 2025 increased $3.3 million, or 14%, primarily due higher staffing levels to support business growth, annual merit-based salary adjustments, and increased incentive compensation accruals.
Data processing and communication for the first nine months of 2025 decreased $786 thousand, or 48%, primarily due to contractual credits received following the conversion to a new core banking system in the fourth quarter of 2024. These savings are expected to continue in future periods, as the new system offers more cost-efficient processing capabilities. Management anticipates that data processing and communication expense will remain at a lower run rate, contributing to improved operating efficiency.
Other expenses for the first nine months of 2025 increased $1.3 million, or 63%, primarily due to higher credit-related expenses.
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