OP Bancorp
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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, 2026 · Filed Nov 6, 2026
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Financial Review
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 |
| Income Statement Data: | ||||
| Interest income | $41,377 | $38,522 | $118,107 | $111,046 |
| Interest expense | 19,170 | 18,176 | 55,309 | 53,561 |
| Net interest income | 22,207 | 20,346 | 62,798 | 57,485 |
| Provision for credit losses | 1,597 | 1,175 | 1,860 | 3,117 |
| Noninterest income | 5,295 | 4,130 | 14,978 | 12,914 |
| Noninterest expense | 15,512 | 13,629 | 44,571 | 41,480 |
| Income before income taxes | 10,393 | 9,672 | 31,345 | 25,802 |
| Income tax expense | 2,630 | 2,969 | 8,370 | 7,206 |
| Net income | 7,763 | 6,703 | 22,975 | 18,596 |
| Per Share Data: | ||||
| Basic EPS | $0.52 | $0.45 | $1.54 | $1.25 |
| Diluted EPS | 0.52 | 0.45 | 1.54 | 1.25 |
| Book value per common share, at period-end | 16.07 | 14.88 | 16.07 | 14.88 |
| Shares of common stock outstanding, at period-end | 14,932,615 | 14,885,614 | 14,932,615 | 14,885,614 |
| Performance Ratios: | ||||
| Return on average assets ("ROAA") (1) | 1.11% | 1.04% | 1.13% | 0.99% |
| Return on average equity ("ROAE") (1) | 12.94 | 12.36 | 13.03 | 11.70 |
| Yield on average total loans (1) | 6.41 | 6.52 | 6.37 | 6.49 |
| Yield on average interest-earning assets (1) | 6.08 | 6.16 | 5.99 | 6.13 |
| Cost of average interest-bearing liabilities (1) | 3.84 | 4.06 | 3.85 | 4.18 |
| Cost of deposits (1) | 2.95 | 3.10 | 2.95 | 3.16 |
| Net interest margin (1) | 3.27 | 3.26 | 3.18 | 3.17 |
| Efficiency ratio (2) | 56.40 | 55.68 | 57.31 | 58.92 |
(1) Annualized.
(2) Represents noninterest expense divided by the sum of net interest income and noninterest income.
| Change | |||
|---|---|---|---|
| ($ in thousands) | September 30, 2026 | December 31, 2025 | % or Basis Point |
| Balance Sheet Data: | |||
| Gross loans | $2,287,829 | $2,193,669 | 4% |
| Allowance for credit losses on loans | 28,836 | 27,975 | 3% |
| Total assets | 2,809,435 | 2,650,226 | 6% |
| Total deposits | 2,430,427 | 2,280,547 | 7% |
| Shareholders’ equity | 239,947 | 227,893 | 5% |
| Asset Quality Data: | |||
| Nonperforming loans to gross loans | 0.79% | 0.64% | 15 |
| Allowance for credit losses on loans to nonperforming loans | 160 | 199 | (39)% |
| Allowance for credit losses on loans to gross loans | 1.26 | 1.28 | (2) |
| Balance Sheet and Capital Ratios: | |||
| Gross loans to total deposits | 94% | 96% | (200) |
| Noninterest-bearing deposits to total deposits | 22 | 23 | (100) |
| Shareholders' equity to total assets | 8.54 | 8.60 | (6) |
| Tier 1 leverage capital ratio | 9.09 | 8.99 | 10 |
Net income for the third quarter of 2026 was $7.8 million, up $1.1 million, or 16%, compared with $6.7 million for the same period in 2025. For the first nine months of 2026, net income was $23.0 million, up $4.4 million, or 24%, compared with $18.6 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: Third quarter 2026 net interest income increased to $22.2 million, up $1.9 million, or 9%, from the year ago quarter, while net interest margin increased one basis point to 3.27%. For the first nine months of 2026, net interest income increased to $62.8 million, up $5.3 million, or 9%, from the prior year period, and net interest margin expanded one basis point to 3.18%.
Profitability ratios: Third quarter 2026 ROAA and ROAE increased to 1.11% and 12.94%, respectively, up seven and 58 basis points from the same period in 2025. For the first nine months of 2026, ROAA and ROAE increased to 1.13% and 13.03%, respectively, up 14 and 133 basis points from the prior year period.
Efficiency ratios: Third quarter 2026 efficiency ratio was 56.40%, an increase of 72 basis points from the same period in 2025, primarily reflecting higher noninterest expense. For the first nine months of 2026, the efficiency ratio was 57.31%, an improvement of 161 basis points from the same period in 2025, primarily due to growth in net interest income and noninterest income during such period.
Asset growth: Total assets were $2.81 billion as of September 30, 2026, up $159.2 million, or 6%, from December 31, 2025, primarily driven by a $94.2 million increase in gross loans and a $75.6 million increase in cash and cash equivalents.
Loan growth: Gross loans were $2.29 billion, up $94.2 million, or 4%, from December 31, 2025, primarily reflecting $66.8 million of CRE loan growth.
Deposit growth: Total deposits were $2.43 billion, up $149.9 million, or 7%, from December 31, 2025, reflecting growth of $90.1 million in time deposits and $41.4 million in money market and others.
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