OP Bancorp

For the period ended Mar 31, 2026. Filed May 15, 2026.

About 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.

Mar 31, 2026 · Filed May 15, 2026

OPBK$14.93+1.2%Stored close · as of Nov 9, 2026

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Contents

Financial Review

	Three Months Ended March 31,
($ in thousands, except share and per share data)	2026	2025
Income Statement Data:
Interest income	$38,537	$34,859
Interest expense	18,014	17,441
Net interest income	20,523	17,418
Provision for credit losses	412	736
Noninterest income	4,032	4,816
Noninterest expense	14,233	13,814
Income before income taxes	9,910	7,684
Income tax expense	2,676	2,124
Net income	7,234	5,560
Per Share Data:
Basic EPS	$0.49	$0.37
Diluted EPS	0.48	0.37
Book value per common share, at period-end	15.62	14.09
Shares of common stock outstanding, at period-end	14,894,239	14,914,261
Performance Ratios:
Return on average assets ("ROAA") (1)	1.08%	0.92%
Return on average equity ("ROAE") (1)	12.56	10.73
Yield on average total loans (1)	6.33	6.39
Yield on average interest-earning assets (1)	6.00	6.04
Cost of average interest-bearing liabilities (1)	3.88	4.31
Cost of deposits (1)	2.97	3.23
Net interest margin (1)	3.19	3.01
Efficiency ratio (2)	57.97	62.13

(1) Annualized.

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

Change
($ in thousands)	March 31, 2026	December 31, 2025	% or Basis Point
Balance Sheet Data:
Gross loans	$2,234,259	$2,193,669	2%
Allowance for credit losses on loans	28,406	27,975	2%
Total assets	2,698,627	2,650,226	2%
Total deposits	2,327,294	2,280,547	2%
Shareholders’ equity	232,711	227,893	2%
Asset Quality Data:
Nonperforming loans to gross loans	0.82%	0.64%	18
Allowance for credit losses on loans to nonperforming loans	155	199	(44)%
Allowance for credit losses on loans to gross loans	1.27	1.28	(1)
Balance Sheet and Capital Ratios:
Gross loans to total deposits	96%	96%	0
Noninterest-bearing deposits to total deposits	23	23	0
Stockholders' equity to total assets	8.62	8.60	2
Tier 1 leverage capital ratio	9.07	8.99	8
Common equity tier 1 capital ratio	10.83	10.93	(10)
Tier 1 risk-based capital ratio	10.83	10.93	(10)
Total risk-based capital ratio	13.17	13.31	(14)

The Company's net income for the first quarter of 2026 was $7.2 million, up $1.7 million, or 30%, compared with $5.6 million in the same period a year ago. The year-over-year increase was primarily driven by higher net interest income. The following were notable elements of the Company's performance for the periods presented:

Net interest income and net interest margin: First quarter 2026 net interest income increased to $20.5 million, up $3.1 million, or 18%, from the year ago quarter. First quarter 2026 net interest margin expanded 18 basis points to 3.19%.

Profitability ratios: First quarter 2026 ROAA and ROAE of 1.08% and 12.56%, respectively, increasing 16 and 183 basis points year-over-year, respectively.

Efficiency Ratios: First quarter 2026 efficiency ratio of 57.97% improved 416 basis points from the same period in 2025. The improvement in the efficiency ratios primarily reflected an increase in net interest income.

Asset Growth: Total assets reached $2.70 billion as of March 31, 2026, up $48.4 million, or 2%, from December 31, 2025, primarily driven by a $40.6 million increase in gross loans.

Loan Growth: Gross loans were $2.23 billion, up $40.6 million, or 2%, from December 31, 2025, primarily reflecting $41.1 million of CRE loan growth.

Deposit Growth: Total deposits were $2.33 billion, up $46.7 million, or 2%, from December 31, 2025, reflecting growth across all major deposit categories.

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