OP Bancorp
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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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.
Jun 30, 2026 · Filed Aug 7, 2026
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Financial Review
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| ($ in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 |
| Income Statement Data: | ||||
| Interest income | $38,193 | $37,665 | $76,730 | $72,524 |
| Interest expense | 18,125 | 17,944 | 36,139 | 35,385 |
| Net interest income | 20,068 | 19,721 | 40,591 | 37,139 |
| (Reversal of) provision for credit losses | (149) | 1,206 | 263 | 1,942 |
| Noninterest income | 5,651 | 3,968 | 9,683 | 8,784 |
| Noninterest expense | 14,826 | 14,037 | 29,059 | 27,851 |
| Income before income taxes | 11,042 | 8,446 | 20,952 | 16,130 |
| Income tax expense | 3,064 | 2,113 | 5,740 | 4,237 |
| Net income | 7,978 | 6,333 | 15,212 | 11,893 |
| Per Share Data: | ||||
| Basic EPS | $0.54 | $0.42 | $1.02 | $0.79 |
| Diluted EPS | 0.53 | 0.42 | 1.02 | 0.79 |
| Book value per common share, at period-end | 15.99 | 14.36 | 15.99 | 14.36 |
| Shares of common stock outstanding, at period-end | 14,926,750 | 14,885,614 | 14,926,750 | 14,885,614 |
| Performance Ratios: | ||||
| Return on average assets ("ROAA") (1) | 1.18% | 1.00% | 1.13% | 0.96% |
| Return on average equity ("ROAE") (1) | 13.61 | 11.97 | 13.09 | 11.36 |
| Yield on average total loans (1) | 6.36 | 6.56 | 6.35 | 6.47 |
| Yield on average interest-earning assets (1) | 5.87 | 6.18 | 5.94 | 6.11 |
| Cost of average interest-bearing liabilities (1) | 3.82 | 4.18 | 3.85 | 4.24 |
| Cost of deposits (1) | 2.93 | 3.15 | 2.95 | 3.19 |
| Net interest margin (1) | 3.08 | 3.23 | 3.13 | 3.12 |
| Efficiency ratio (2) | 57.64 | 59.25 | 57.80 | 60.65 |
(1) Annualized.
(2) Represents noninterest expense divided by the sum of net interest income and noninterest income.
| Change | |||
|---|---|---|---|
| ($ in thousands) | June 30, 2026 | December 31, 2025 | % or Basis Point |
| Balance Sheet Data: | |||
| Gross loans | $2,259,061 | $2,193,669 | 3% |
| Allowance for credit losses on loans | 28,100 | 27,975 | 0% |
| Total assets | 2,744,306 | 2,650,226 | 4% |
| Total deposits | 2,368,339 | 2,280,547 | 4% |
| Shareholders’ equity | 238,643 | 227,893 | 5% |
| Asset Quality Data: | |||
| Nonperforming loans to gross loans | 0.76% | 0.64% | 12 |
| Allowance for credit losses on loans to nonperforming loans | 163 | 199 | (36)% |
| Allowance for credit losses on loans to gross loans | 1.24 | 1.28 | (4) |
| Balance Sheet and Capital Ratios: | |||
| Gross loans to total deposits | 95% | 96% | (100) |
| Noninterest-bearing deposits to total deposits | 23 | 23 | — |
| Shareholders' equity to total assets | 8.70 | 8.60 | 10 |
| Tier 1 leverage capital ratio | 9.21 | 8.99 | 22 |
| Common equity tier 1 capital ratio | 10.98 | 10.93 | 5 |
| Tier 1 risk-based capital ratio | 10.98 | 10.93 | 5 |
| Total risk-based capital ratio | 13.32 | 13.31 | 1 |
Net income for the second quarter of 2026 was $8.0 million, up $1.6 million, or 26%, compared with $6.3 million for the same period in 2025. For the first half of 2026, net income was $15.2 million, up $3.3 million, or 28%, compared with $11.9 million for the same period in 2025. The following were notable elements of the Company's performance for the periods presented:
Net interest income and net interest margin: Second quarter 2026 net interest income increased to $20.1 million, up $347 thousand, or 2%, from the year ago quarter, while net interest margin decreased 15 basis points to 3.08%. For the first half of 2026, net interest income increased to $40.6 million, up $3.5 million, or 9%, from the year ago period, and net interest margin expanded one basis point to 3.13%.
Profitability ratios: Second quarter 2026 ROAA and ROAE increased to 1.18% and 13.61%, respectively, up 18 and 164 basis points from the same period in 2025. For the first half of 2026, ROAA and ROAE increased to 1.13% and 13.09%, respectively, up 17 and 173 basis points from the year ago period.
Efficiency ratios: Second quarter 2026 efficiency ratio was 57.64%, an improvement of 161 basis points from the same period in 2025, primarily reflecting higher noninterest income. For the first half of 2026, efficiency ratio was 57.80%, an improvement of 285 basis points from the same period in 2025, primarily due to growth in net interest income.
Asset growth: Total assets were $2.74 billion as of June 30, 2026, up $94.1 million, or 4%, from December 31, 2025, primarily driven by a $65.4 million increase in gross loans.
Loan growth: Gross loans were $2.26 billion, up $65.4 million, or 3%, from December 31, 2025, primarily reflecting $57.9 million of CRE loan growth.
Deposit growth: Total deposits were $2.37 billion, up $87.8 million, or 4%, from December 31, 2025, reflecting growth in noninterest-bearing and money market and other deposits.
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