OP Bancorp第二季淨收入798萬美元增26% 每股盈利0.53美元 宣派股息0.14美元

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opbk8-kerx2026xq2xex991.htm
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Document

News Release 

OP Bancorp Reports Second Quarter 2026 Net Income of $8.0 Million, Diluted EPS of $0.53
compared with first quarter 2026 net income of $7.2 million, diluted EPS of $0.48,
and second quarter 2025 net income of $6.3 million, diluted EPS of $0.42
Revenue growth; reversal of provision for credit losses; improved operating efficiency

Los Angeles, CA (July 23, 2026) — OP Bancorp (the “Company”) (NASDAQ: OPBK), parent company of Open Bank, today reported:

($ in thousands, except per share data)As of and For the QuarterFirst Quarter Highlights
2Q20261Q20262Q2025Comparisons reflect 2Q26 vs. 1Q26
Income Statement:Income Statement
Net interest income$20,068 $20,523 $19,721 • Revenue continued to grow.
• Reversal of provision reflected the payoff of a previously reserved nonaccrual CRE loan. 
•Net income increased 10%, benefiting from strong revenue growth and reversal of provision.
•Diluted EPS improved by $0.05 to $0.53.
•Net interest margin decreased due to a one-time accrual adjustment related to Federal Reserve account.

Noninterest income5,651 4,032 3,968 
Revenue25,719 24,555 23,689 
(Reversal of) provision for credit losses(149)412 1,206 
Noninterest expense14,826 14,233 14,037 
Net income$7,978 $7,234 $6,333 
Diluted Earnings Per Share (“EPS”)$0.53 $0.48 $0.42 
Net interest margin (1)
3.08 %3.19 %3.23 %
Efficiency ratio (2)
57.64 57.97 59.25 
Balance Sheet:Balance Sheet
Average loans (3)
$2,253,270 $2,226,749 $2,095,168 •Average loans increased 1%.
•Average deposits increased 1%.

Average deposits2,315,821 2,300,455 2,223,575 
Credit Quality:Credit Quality
Net charge-offs (recoveries) (1) to average gross loans
0.03 %(0.01)%0.06 %•Net charge-offs remained low.

Allowance for credit losses on loans to gross loans1.24 1.27 1.27 •Allowance coverage remained robust at 1.24% of gross loans.

Selected Ratios:Performance and Capital
Book value per share$15.99 $15.62 $14.36 •Book value per share continued to increase, reflecting growth in stockholders’ equity.

Return on average assets ("ROAA") (1)
1.18 %1.08 %1.00 %•ROAA and ROAE improved, reflecting stronger profitability

Return on average equity ("ROAE") (1)
13.61 12.56 11.97 
Stockholders' equity to asset ratio8.70 8.62 8.34 •Stockholders’ equity to asset increased, supporting the Company’s capital strength.

Common equity tier 1 capital (“CET1”)10.98 10.83 11.01 •CET1 remained robust, reflecting a solid capital position.

(1)Annualized.
(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.
(3)Includes loans held-for-sale.
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Sang K. Oh, President and Chief Executive Officer:
“We delivered another quarter of strong financial performance, highlighted by net income of $8.0 million and diluted EPS of $0.53. Our results were driven by continued revenue growth, a reversal of provision for credit losses reflecting the strength of our credit portfolio, and ongoing improvements in operating efficiency. We also maintained solid balance sheet growth, with increases in both loans and deposits, while preserving strong asset quality and capital levels. As we enter the second half of 2026, we remain committed to driving sustainable growth while maintaining disciplined risk management and operating efficiency,” said Sang K. Oh, President and Chief Executive Officer.
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INCOME STATEMENT HIGHLIGHTS
Net Interest Income and Net Interest Margin

($ in thousands)For the Three Months Ended% Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Interest Income
Interest income$38,193 $38,537 $37,665 (1)%1 %
Interest expense18,125 18,014 17,944 1 1 
Net interest income$20,068 $20,523 $19,721 (2)%2 %

($ in thousands)For the Three Months EndedAverage Yield/Rate Change 2Q2026 vs.
2Q20261Q20262Q2025
Interest Income/ExpenseAverage Yield/Rate(1)
Interest Income/ExpenseAverage Yield/Rate(1)
Interest Income/ExpenseAverage Yield/Rate(1)
1Q20262Q2025
Interest-earning Assets:
Loans$35,731 6.36 %$34,879 6.33 %$34,263 6.56 %3 bps(20) bps
Total interest-earning assets38,193 5.87 38,537 6.00 37,665 6.18 (13) bps(31) bps
Interest-bearing Liabilities:
Interest-bearing deposits16,891 3.77 16,845 3.83 17,475 4.18 (6) bps(41) bps
Total interest-bearing liabilities18,125 3.82 18,014 3.88 17,944 4.18 (6) bps(36) bps
Ratios:
Net interest income / interest rate spreads20,068 2.05 20,523 2.12 19,721 2.00 (7) bps5 bps
Net interest margin3.08 3.19 3.23 (11) bps(15) bps
Total deposits / cost of deposits16,891 2.93 16,845 2.97 17,475 3.15 (4) bps(22) bps
Total funding liabilities / cost of funds18,125 3.00 18,014 3.04 17,944 3.17 (4) bps(17) bps

(1)Annualized.
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($ in thousands)For the Three Months EndedAverage Yield Change 2Q2026 vs.
2Q20261Q20262Q2025
Interest IncomeAverage Yield (1)
Interest IncomeAverage 
Yield (1)
Interest IncomeAverage Yield (1)
1Q20262Q2025
Loan Yield Component:
Contractual interest rate$35,335 6.29 %$34,254 6.22 %$33,304 6.37 %7 bps(8) bps
Accretion of SBA loan discount (2)
687 0.12 815 0.15 785 0.15 (3) bps(3) bps
Amortization of net deferred fees64 0.01127 0.02(60)(0.01)(1) bps2 bps
Amortization of premium(293)(0.05)(312)(0.06)(329)(0.06)1 bps1 bps
Amortization of premium - Home mortgage payoffs(173)(0.03)(186)(0.03)(63)(0.01)— bps(2) bps
Net interest recognized on nonaccrual loans(68)(0.01)(94)(0.02)295 0.061 bps(7) bps
Prepayment penalty income and other fees (3)
179 0.03 275 0.05 331 0.06 (2) bps(3) bps
Yield on loans$35,731 6.36 %$34,879 6.33 %$34,263 6.56 %3 bps(20) bps

(1)Annualized.
(2)Includes discount accretion from Small Business Administration ("SBA") loan payoffs of $232 thousand, $370 thousand and $293 thousand for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
(3)Includes prepayment penalty income of $91 thousand, $98 thousand and $166 thousand for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively, primarily from Commercial Real Estate (“CRE”) and SBA loans.

Second Quarter 2026 vs. First Quarter 2026
Net interest income declined by $455 thousand, or 2%, primarily reflecting a one-time interest accrual adjustment related to the Federal Reserve Bank account and the absence of a special FHLB dividend recognized in the prior period. These decreases were partially offset by continued loan growth. As a result, the net interest margin contracted by 11 basis points to 3.08%. 

◦Interest-bearing deposits in other banks: Interest income decreased by $910 thousand, primarily due to a one-time $739 thousand accrual adjustment on the Federal Reserve Bank account.
◦Other investments: Interest income decreased by $349 thousand, mainly due to the absence of a special dividend received on FHLB stock in the prior period.
◦Loans: Interest income increased by $852 thousand, driven largely by a $26.5 million increase in average loan balances, reflecting growth in SBA and CRE loans, as well as two additional accrual days during the current period.
◦Deposits: Interest expense remained relatively stable compared to the prior period.

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Second Quarter 2026 vs. Second Quarter 2025
Net interest income increased by $347 thousand, or 2%, primarily driven by balance-sheet growth and lower deposit rates. These favorable factors were partially offset by lower loan yields, reduced interest income on interest-bearing deposits in other banks resulting from the aforementioned Federal Reserve Bank interest accrual adjustment and lower interest rates, and higher interest expense associated with the subordinated note issued in November 2025. As a result, the net interest margin declined by 15 basis points to 3.08%.
◦Loans: Interest income increased by $1.5 million, largely attributable to a $158.1 million increase in average loan balances, reflecting growth in CRE loans. The increase was partially offset by a 20-basis-point decline in loan yields, reflecting the downward repricing of adjustable-rate loans and lower rates on new originations following last year’s federal funds rate cuts, as well as the absence of elevated interest income recognized from nonaccrual loans in the prior period. 
◦Deposits: Interest expense decreased by $584 thousand, mainly due to a 41-basis-point decline in costs of interest-bearing deposits, driven by the repricing of time deposits following the federal funds rate cuts. This decrease was partially offset by a $121.6 million increase in average interest-bearing deposit balances, reflecting growth in time deposits.
◦Interest-bearing deposits in other banks: Interest income decreased by $1.2 million, primarily due to the aforementioned accrual adjustment on the Federal Reserve Bank account, as well as lower yields on Federal Reserve Bank balances.
◦Subordinated note: Interest expense increased by $490 thousand, mainly due to the subordinated note issued in November 2025.

Provision for Credit Losses

($ in thousands)For the Three Months Ended $ Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
(Reversal of) provision for credit losses on loans$(131)$400 $1,255 $(531)$(1,386)
(Reversal of) provision for credit losses on off-balance sheet exposure(18)12 (49)(30)31 
(Reversal of) provision for credit losses$(149)$412 $1,206 $(561)$(1,355)

Second Quarter 2026 vs. First Quarter 2026
Provision for credit losses on loans decreased by $531 thousand, primarily due to the payoff of a previously reserved nonaccrual CRE loan, resulting in the reversal of a $761 thousand specific reserve recorded in the first quarter of 2026.
 
Second Quarter 2026 vs. Second Quarter 2025
Provision for credit losses on loans decreased by $1.4 million, primarily due to the aforementioned payoff of the nonaccrual CRE loans, as well as lower qualitative reserves driven by slower home mortgage loan growth and a more favorable economic outlook compared to a year ago.

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Noninterest Income

($ in thousands)For the Three Months Ended% Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Noninterest Income
Service charges on deposits$515 $463 $1,017 11 %(49)%
Loan servicing fees, net of amortization974 722 900 35 8 
Gains on sale of loans3,370 2,050 1,441 64 134 
Other income792 797 610 (1)30 
Total noninterest income$5,651 $4,032 $3,968 40 %42 %

Second Quarter 2026 vs. First Quarter 2026
Noninterest income increased by $1.6 million, or 40%, primarily driven by higher gains on sale of loans and loan servicing fees.

◦Gains on Sale of Loans: Increased by $1.3 million, driven by stronger SBA loan sale activity. The Bank sold $49.1 million in SBA loans at an average premium rate of 8.17%, compared with $32.2 million sold at an average premium rate of 8.27% in the prior period.
◦Loan servicing fees, net of amortization: Increased by $252 thousand, mainly due to lower amortization of servicing assets resulting from reduced payoff activity.

Second Quarter 2026 vs. Second Quarter 2025
Noninterest income increased by $1.7 million, or 42%, primarily due to higher gains on sale of loans, partially offset by lower service charges on deposits.
◦Gains on Sale of Loans: Increased by $1.9 million, driven by stronger SBA loan sale activity and higher premium rates. The Bank sold $49.1 million in SBA loans at an average premium rate of 8.17%, compared with $25.3 million sold at an average premium rate of 7.05% in the prior period.
◦Service Charges on Deposits: Decreased by $502 thousand, largely reflecting lower balances in existing business analysis accounts and closure of certain currency exchange-related accounts during the third quarter of 2025.

6

Noninterest Expense

($ in thousands)For the Three Months Ended% Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Noninterest Expense
Salaries and employee benefits$9,733 $9,276 $9,075 5 %7 %
Occupancy and equipment1,901 1,811 1,584 5 20 
Data processing and communication380 411 306 (8)24 
Professional fees454 399 418 14 9 
FDIC insurance and regulatory assessments387 418 506 (7)(24)
Promotion and advertising104 120 232 (13)(55)
Directors’ fees164 144 198 14 (17)
Foundation donation and other contributions811 725 636 12 28 
Other expenses892 929 1,082 (4)(18)
Total noninterest expense$14,826 $14,233 $14,037 4 %6 %

Second Quarter 2026 vs. First Quarter 2026
Noninterest expense increased by $593 thousand, or 4%, primarily due to higher salaries and employee benefits.

◦Salaries and Employee Benefits: Increased by $457 thousand, primarily due to annual salary adjustments effective April 2026 and higher incentive accruals driven by increased loan production, partially offset by lower vacation accruals.

Second Quarter 2026 vs. Second Quarter 2025
Noninterest expense increased by $789 thousand, or 6%, primarily due to higher salaries and employee benefits, and increased occupancy and equipment, partially offset by lower other expenses.

◦Salaries and Employee Benefits: Increased by $658 thousand, mainly driven by staffing growth and annual salary adjustments effective April 2026.
◦Occupancy and equipment: Increased by $317 thousand, primarily due to the expiration of a common-area-maintenance concession on a lease that benefited the prior period.
◦Other expenses: Decreased by $190 thousand, primarily due to lower customer service expense following the previously discussed currency exchange account closures.

Income Tax Expense

Second Quarter 2026 vs. First Quarter 2026
Income tax expense increased by $388 thousand to $3.1 million, primarily due to higher pre-tax income, while the effective tax rate increased modestly to 27.8% from 27.0%.

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Second Quarter 2026 vs. Second Quarter 2025
Income tax expense increased by $951 thousand to $3.1 million, primarily due to higher pre-tax income. The effective tax rate increased to 27.8% from 25.0%, mainly reflecting the absence of a one-time deferred tax asset revaluation recognized in the prior-year period and the impact of federal tax law changes effective in 2026.

BALANCE SHEET HIGHLIGHTS

Loans

($ in thousands)As of% Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
CRE$1,190,117 $1,173,366 $1,021,431 1 %17 %
SBA278,554 284,182 263,424 (2)6 
C&I221,623 219,367 193,359 1 15 
Home mortgage568,512 556,952 593,256 2 (4)
Consumer & other255 392 110 (35)132 
Gross loans$2,259,061 $2,234,259 $2,071,580 1 %9 %

The following table presents loan originations and the corresponding weighted average contractual rates for the periods indicated:

($ in thousands)For the Three Months Ended% Change in Amounts 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
AmountRateAmountRateAmountRate
CRE$92,042 6.78 %$83,333 6.48 %$39,734 7.00 %10 %132 %
SBA
32,403 7.94 33,528 7.99 33,811 8.64 (3)(4)
C&I8,321 7.28 8,489 7.00 3,136 7.72 (2)165 
Home mortgage36,574 5.94 7,059 6.03 54,837 6.64 418 (33)
Consumer and other — — — — — — —— 
Gross loans (1)
$169,340 6.85 %$132,409 6.87 %$131,518 7.29 %28 %29 %

(1)Excludes changes in line utilization.

The following table summarizes the loan activity for the periods indicated:

($ in thousands)For the Three Months Ended
2Q20261Q20262Q2025

Beginning Balance$2,234,259 $2,193,669 $2,043,885 
Originations169,340 132,409 131,518 
Net change in line utilization35,399 28,712 27,287 
Purchases5,426 — 1,750 
Sales(51,907)(29,438)(26,734)
Payoffs & paydowns(123,664)(98,703)(91,437)
Other(9,792)7,610 (14,689)
Total24,802 40,590 27,695 
Ending balance$2,259,061 $2,234,259 $2,071,580 

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The following table presents the composition of gross loans by interest rate type accompanied by the weighted average contractual rates as of the periods indicated:

($ in thousands)As of
2Q20261Q20262Q2025
%Rate%Rate%Rate
Fixed rate28 %5.77 %29 %5.70 %31 %5.54 %
Hybrid rate41 6.05 40 6.00 40 5.81 
Variable rate31 6.90 31 6.86 29 8.16 
Gross loans100 %6.24 %100 %6.18 %100 %6.42 %

The following table presents the maturity of gross loans by interest rate type accompanied by the weighted average contractual rates for the periods indicated:

($ in thousands)As of June 30, 2026
Within One YearOne Year Through Five YearsAfter Five YearsTotal
AmountRateAmountRateAmountRateAmountRate
Fixed rate$159,578 5.47 %$277,011 6.55 %$192,938 4.90 %$629,527 5.77 %
Hybrid rate— — 197,537 5.28 741,366 6.26 938,903 6.05 
Variable rate138,125 7.04 170,809 6.91 381,697 6.84 690,631 6.90 
Gross loans$297,703 6.20 %$645,357 6.26 %$1,316,001 6.24 %$2,259,061 6.24 %

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for the periods presented:

($ in thousands)As of and For the Three Months Ended $ Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Allowance for credit losses on loans, beginning$28,406 $27,975 $25,368 $431 $3,038 
(Reversal of) provision for credit losses on loans
(131)400 1,255 (531)(1,386)
Gross charge-offs(224)(31)(542)(193)318 
Gross recoveries49 62 205 (13)(156)
Net (charge-offs) recoveries(175)31 (337)(206)162 
Allowance for credit losses on loans, ending
$28,100 $28,406 $26,286 $(306)$1,814 

Allowance for credit losses on off-balance sheet exposure, beginning$286 $274 $409 $12 $(123)
(Reversal of) provision for credit losses on off-balance sheet exposure
(18)12 (49)(30)31 
Allowance for credit losses on off-balance sheet exposure, ending
$268 $286 $360 $(18)$(92)

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Asset Quality

($ in thousands)As of and For the Three Months Ended% or Basis Point Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Accruing loans 30-89 days past due (1)
$10,486 $9,311 $9,804 13 %7 %
As a % of gross loans0.46 %0.42 %0.47 %4 bps(1) bps

Nonaccrual loans (2)(3)
$16,372 $18,297 $8,916 (11)%84 %
Loans 90 days or more past due, accruing892 — — NM
NM

Nonperforming loans (3)
17,264 18,297 8,916 (6)94 
OREO— — 1,237 — (100)
Nonperforming assets (3)
$17,264 $18,297 $10,153 (6)%70 %

Nonperforming loans to gross loans0.76 %0.82 %0.43 %(6) bps33 bps
Nonperforming assets to gross loans & OREO0.76 0.82 0.49 (6) bps27 bps
Nonperforming assets to total assets0.63 0.68 0.40 (5) bps23 bps

Criticized loans (4)(5) by risk categories:

Special mention loans$8,834 $10,141 $9,257 (13)%(5)%
Classified loans (6)
24,594 23,094 14,501 6 70 
Total criticized loans$33,428 $33,235 $23,758 1 %41 %

Classified loans to gross loans1.09 %1.03 %0.70 %6 bps39 bps
Criticized loans to gross loans1.48 1.49 1.15 (1) bps33 bps

Allowance for credit losses ratios:
As a % of gross loans1.24 %1.27 %1.27 %(3) bps(3) bps
As a % of nonperforming loans163 155 295 8 %(132)%
As a % of nonperforming assets163 155 259 8 (96)
As a % of classified loans114 123 181 (9)(67)
As a % of criticized loans84 85 111 (1)(27)

Net charge-offs (recoveries) $175 $(31)$337 NM(48)%
Net charge-offs (recoveries) (7) to average gross loans
0.03 (0.01)0.064 bps(3) bps

(1)Excludes the guaranteed portion of loans totaling $947 thousand as of March 31, 2026. There was no guaranteed portion as of June 30, 2026 and 2025.
(2)Excludes loans held-for-sale.
(3)Excludes the guaranteed portion of loans totaling $30.5 million, $30.8 million and $13.9 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively. 
(4)Excludes the guaranteed portion of loans totaling $35.8 million, $35.9 million and $17.1 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively. 
(5)Consists of special mention, substandard, doubtful and loss categories.
(6)Consists of substandard, doubtful and loss categories.
(7)Annualized.

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Overall credit quality remained stable during the quarter. The allowance for credit losses on loans remained adequate at 1.24% of gross loans.
◦Accruing loans 30-89 days past-due increased by $1.2 million, primarily driven by $4.3 million inflows into this category, mainly home mortgage loans, partially offset by $2.2 million migrating to nonaccrual loans, largely SBA loans.
◦Nonperforming loans decreased by $1.0 million, primarily driven by the payoff of a $4.1 million CRE loan, partially offset by $3.3 million of loans migrating into nonaccrual status.
◦Criticized loans increased modestly by $193 thousand, primarily due to $7.0 million of loan downgrades, mostly offset by $4.5 million in payoffs, including the aforementioned $4.1 million CRE loan, $1.5 million of upgrades, and $837 thousand of principal payments.

Deposits

($ in thousands)As of% Change 2Q2026 vs.
2Q20261Q20262Q2025
Amount%Amount%Amount%1Q20262Q2025
Noninterest-bearing deposits$552,300 23 %$546,550 24 %$565,683 25 %1 %(2)%
Money market deposits and others426,501 18 398,756 17 431,252 19 7 (1)
Time deposits1,389,538 59 1,381,988 59 1,257,793 56 1 10 
Total deposits$2,368,339 100 %$2,327,294 100 %$2,254,728 100 %2 %5 %

As of June 30, 2026 vs. March 31, 2026
Total deposits increased by $41.0 million or 2%, primarily driven by a $27.7 million increase in money market deposits and others deposits. The growth was primarily attributable to higher balances from existing customers, as well as the addition of new retail accounts.
As of June 30, 2026 vs. June 30, 2025
Total deposits increased by $113.6 million or 5%, primarily driven by a $131.7 million increase in time deposits. The growth in time deposits was mainly due to new customers opening retail CD accounts, reflecting continued demand for higher-yielding products, together with higher balances from existing wholesale CD accounts.

The following table sets forth the maturity of time deposits as of June 30, 2026:

As of June 30, 2026
($ in thousands)Within ThreeMonthsThree toSix MonthsSix to Nine MonthsNine to TwelveMonthsAfterTwelve MonthsTotal
Time deposits (greater than $250)$328,950 $182,357 $135,495 $98,715 $869 $746,386 
Time deposits ($250 or less)273,066 210,667 75,238 82,213 1,968 643,152 
Total time deposits$602,016 $393,024 $210,733 $180,928 $2,837 $1,389,538 
Weighted average rate3.91 %3.98 %3.80 %3.92 %2.68 %3.91 %

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CAPITAL

On July 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share. The dividend is payable on or about August 20, 2026, to shareholders of record as of the close of business on August 6, 2026. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. During the second quarter of 2026, no shares were repurchased under the repurchase program approved in August 2025.

OP Bancorp (1)
Open BankWell-CapitalizedRequirementMinimum
Capital Ratio+
Conservation
Buffer(2)

Risk-Based Capital Ratios (3):

Total capital13.32 %13.35 %10.00 %10.50 %
Tier 1 capital10.98 12.10 8.00 8.50 
CET1 capital10.98 12.10 6.50 7.00 
Tier 1 leverage9.21 10.15 5.00 4.00 

(1)Regulatory capital requirements apply only to Open Bank, and OP Bancorp’s ratios are presented solely for information purposes.
(2)An additional 2.5% capital conservation buffer above the minimum capital ratios are required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonuses to executive officers. This buffer does not apply and is not included in the tier 1 leverage ratio.

OP Bancorp (1)
% or Basis Point Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Risk-Based Capital Ratios:
Total capital13.32 %13.17 %12.26 %15 bps106 bps
Tier 1 capital10.98 10.83 11.01 15 bps(3) bps
CET1 capital10.98 10.83 11.01 15 bps(3) bps
Tier 1 leverage9.21 9.07 8.96 14 bps25 bps
Risk-weighted Assets ($ in thousands)$2,267,359 $2,244,621 $2,063,034 1 %10 %

(1)Regulatory capital requirements apply only to Open Bank, and OP Bancorp’s ratios are presented solely for information purposes.
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ABOUT OP BANCORP

OP Bancorp, the holding company for Open Bank (the “Bank”), is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Bank operates general commercial banking business in Los Angeles, Orange, and Santa Clara Counties in California, the Dallas metropolitan area in Texas, and Clark County in Nevada, serving small- and medium-sized businesses, professionals, and local residents with a particular focus on Korean and other Asian communities. The Bank currently operates twelve full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, Garden Grove and Santa Clara, California, Carrollton, Texas and Las Vegas, Nevada. The Bank also has one loan production office in Bellevue, Washington. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain matters set forth herein constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder. All statements that are not statements of historical fact are forward-looking, and readers should not construe these statements of assurances of expected or intended results, or of promises that management will take a given course of action or pursue the currently expected strategies and objectives. Forward-looking statements in this report include comments about the Company’s current business plans and expectations regarding future operating results, as well as management’s statements about expected future events and economic developments, plans, strategies and objectives. All such statements reflect the current intentions, beliefs and expectations of the Company’s executive management based on currently available information and current and expected market conditions. Forward-looking statements can sometimes be identified by the use of forward-looking language, such as “likely result in,” “expects,” “anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” or may include other similar words or phrases, such as “believes,” “plans,” “trend,” “objective,” “continues,” “remains,” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” “may,” “might,” “can,” or similar verbs. Readers should not construe these statements as assurances of a given level of performance, or as promises that we will take the actions our management currently expects.

Our forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected or could cause us to change plans or strategies or otherwise to take actions that differ from those we currently expect. The known risks and uncertainties that may have these effects are described in Part II, Item 1A, of our Quarterly Report on Form 10-Q for the period ended March 31, 2026, and in our other filings with the Securities and Exchange Commission. You should read all forward-looking statements in the context of the foregoing and should not consider them to be reliable predictions of future events or as assurances of a particular level of performance or intended course of action. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact
Investor Relations
OP Bancorp
Jaehyun Park
EVP & CFO
213.593.4865
[email protected]
13

CONSOLIDATED BALANCE SHEETS (unaudited)

($ in thousands, except share and per share data)As of% Change 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Assets  
Cash and due from banks$21,812 $12,842 $16,592 70 %31 %
Interest-bearing deposits with banks153,239 147,418 188,796 4 (19)
Cash and cash equivalents175,051 160,260 205,388 9 (15)
AFS debt securities, at fair value202,506 209,006 175,000 (3)16 
Other investments18,824 17,213 17,101 9 10 
Loans held-for-sale21,305 9,498 20,016 124 6 
CRE1,190,117 1,173,366 1,021,431 1 17 
SBA278,554 284,182 263,424 (2)6 
C&I221,623 219,367 193,359 1 15 
Home mortgage568,512 556,952 593,256 2 (4)
Consumer and other 255 392 110 (35)132
Gross loans2,259,061 2,234,259 2,071,580 1 9 
Allowance for credit losses on loans(28,100)(28,406)(26,286)(1)7 
Net loans2,230,961 2,205,853 2,045,294 1 9 
Premises and equipment, net5,298 5,516 6,852 (4)(23)
Accrued interest receivable10,172 10,683 9,991 (5)2 
Servicing assets10,280 9,834 10,572 5 (3)
Company owned life insurance23,975 23,794 23,259 1 3 
Deferred tax assets, net12,456 12,417 12,633 0 (1)
Other real estate owned ("OREO")— — 1,237 — (100)
Operating right-of-use assets7,732 8,253 9,887 (6)(22)
Other assets25,746 26,300 26,365 (2)(2)
Total assets$2,744,306 $2,698,627 $2,563,595 2 %7 %
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing$552,300 $546,550 $565,683 1 %(2)%
Money market and others426,501 398,756 431,252 7 (1)
Time deposits greater than $250746,386 743,153 643,350 0 16 
Other time deposits643,152 638,835 614,443 1 5 
Total deposits2,368,339 2,327,294 2,254,728 2 5 
FHLB advances75,000 75,000 50,000 — 50 
Subordinated note24,629 24,607 — 0 NM
Accrued interest payable15,949 15,181 15,720 5 1 
Operating lease liabilities9,865 10,508 12,243 (6)(19)
Other liabilities11,881 13,326 17,186 (11)(31)
Total liabilities2,505,663 2,465,916 2,349,877 2 7 
Shareholders' equity:
Common stock73,018 73,018 72,984 — 0 
Additional paid-in capital12,128 11,995 11,484 1 6 
Retained earnings164,624 158,730 143,114 4 15 
Accumulated other comprehensive loss, net of tax(11,127)(11,032)(13,864)1 (20)
Total shareholders’ equity238,643 232,711 213,718 3 12 
Total liabilities and shareholders' equity$2,744,306 $2,698,627 $2,563,595 2 %7 %

Shares of common stock outstanding, at period-end14,926,750 14,894,239 14,885,614 0 %0 %
Book value per share$15.99 $15.62 $14.36 2 %11 %
Stockholders' equity to asset ratio8.70 %8.62 %8.34 %1 %4 %

NM — Not Meaningful
14

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

($ in thousands, except share and per share data)For the Three Months EndedChange 2Q2026 vs.
2Q20261Q20262Q20251Q20262Q2025
Interest income
Interest and fees on loans$35,731 $34,879 $34,263 2 %4 %
Interest on AFS debt securities1,824 1,761 1,437 4 27 
Other interest income638 1,897 1,965 (66)(68)
Total interest income38,193 38,537 37,665 (1)1 
Interest expense
Interest on deposits16,891 16,845 17,475 0 (3)
Interest on borrowings744 679 469 10 59 
Interest on subordinated note490 490 — —100 
Total interest expense18,125 18,014 17,944 1 1 
Net interest income20,068 20,523 19,721 (2)2 
(Reversal of) provision for credit losses(149)412 1,206 (136)NM
Net interest income after provision for credit losses20,217 20,111 18,515 1 9 
Noninterest income
Service charges on deposits515 463 1,017 11 (49)
Loan servicing fees, net of amortization974 722 900 35 8 
Gains on sale of loans3,370 2,050 1,441 64 134 
Other income792 797 610 (1)30 
Total noninterest income5,651 4,032 3,968 40 42 
Noninterest expense
Salaries and employee benefits9,733 9,276 9,075 5 7 
Occupancy and equipment1,901 1,811 1,584 5 20 
Data processing and communication380 411 306 (8)24 
Professional fees454 399 418 14 9 
FDIC insurance and regulatory assessments387 418 506 (7)(24)
Promotion and advertising104 120 232 (13)(55)
Directors’ fees164 144 198 14 (17)
Foundation donation and other contributions811 725 636 12 28 
Other expenses892 929 1,082 (4)(18)
Total noninterest expense14,826 14,233 14,037 4 6 
Income before income tax expense11,042 9,910 8,446 11 31 
Income tax expense3,064 2,676 2,113 14 45 
Net income$7,978 $7,234 $6,333 10 %26 %

EPS - basic$0.54 $0.49 $0.42 $0.05 $0.12 
EPS - diluted0.53 0.48 0.42 0.05 0.11 

Weighted average shares:
- Basic14,903,39814,890,92914,859,7180 %0 %
- Diluted14,942,13014,930,17314,859,7180 1 

ROAA (1)
1.18 %1.08 %1.00 %10 bps18 bps
ROAE (1)
13.61 12.56 11.97 105 bps164 bps
Efficiency ratio (2)
57.64 57.97 59.25 (33) bps(161) bps

NM — Not Meaningful
(1)Annualized.
(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.
15

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

($ in thousands, except share and per share data)For the Six Months Ended
2Q20262Q2025Change
Interest income
Interest and fees on loans$70,610 $65,952 7 %
Interest on AFS debt securities3,585 2,933 22 
Other interest income2,535 3,639 (30)
Total interest income76,730 72,524 6 
Interest expense
Interest on deposits33,736 34,083 (1)
Interest on borrowings1,423 1,302 9 
Interest on subordinated note980 — NM
Total interest expense36,139 35,385 2 
Net interest income40,591 37,139 9 
Provision for credit losses263 1,942 (86)
Net interest income after provision for credit losses40,328 35,197 15 
Noninterest income
Service charges on deposits978 2,017 (52)%
Loan servicing fees, net of amortization1,696 1,907 (11)
Gains on sale of loans5,420 3,460 57 
Other income1,589 1,400 14 
Total noninterest income9,683 8,784 10 
Noninterest expense
Salaries and employee benefits19,009 17,851 6 
Occupancy and equipment3,712 3,165 17 
Data processing and communication791 602 31 
Professional fees853 825 3 
FDIC insurance and regulatory assessments805 993 (19)
Promotion and advertising224 388 (42)
Directors’ fees308 378 (19)
Foundation donation and other contributions1,536 1,192 29 
Other expenses1,821 2,457 (26)
Total noninterest expense29,059 27,851 4 
Income before income tax expense20,952 16,130 30 
Income tax expense5,740 4,237 35 
Net income$15,212 $11,893 28 %

EPS - basic$1.02 $0.79 $0.23 
EPS - diluted1.02 0.79 0.23 

Weighted average shares:
- Basic14,897,19814,858,4830 %
- Diluted14,936,52214,858,4831 %

ROAA (1)
1.13 %0.96 %17 bps
ROAE (1)
13.09 11.36 173 bps

Efficiency ratio (2)
57.80 60.65 (285) bps

NM — Not Meaningful
(1)Annualized.
(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.
16

ASSET QUALITY BY LOAN TYPE

($ in thousands)2Q20261Q20262Q2025
Accruing delinquent loans 30-89 days past due by loan type (1) :

CRE$723 $— $— 
SBA3,173 5,374 4,509 
C&I26 9 — 
Home mortgage 3,152 3,911 298 
Total 30-59 days7,074 9,294 4,807 

CRE— — — 
SBA972 — 1,883 
C&I77 17 — 
Home mortgage 2,363 — 3,114 
Total 60-89 days3,412 17 4,997 

CRE723 — — 
SBA4,145 5,374 6,392 
C&I103 26 — 
Home mortgage5,515 3,911 3,412 
Total accruing delinquent loans 30-89 days past due$10,486 $9,311 $9,804 

Nonaccrual loans (2) by loan type:

CRE$3,747 $7,307 $1,802 
SBA11,200 10,597 5,696 
C&I— 393 — 
Home mortgage1,425 — 1,418 
Total nonaccrual$16,372 $18,297 $8,916 

Criticized loans(3) by loan type:

CRE$7,217 $10,057 $8,816 
SBA21,859 20,016 12,949 
C&I1,390 1,620 575 
Home mortgage2,962 1,542 1,418 
Total criticized$33,428 $33,235 $23,758 

(1)Excludes the guaranteed portion of loans totaling $947 thousand as of March 31, 2026. There was no guaranteed portion as of June 30, 2026 and 2025.
(2)Excludes the guaranteed portion of loans that were in liquidation totaling $30.5 million, $30.8 million and $13.9 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
(3)Excludes the guaranteed portion of loans that were in liquidation totaling $35.8 million, $35.9 million and $17.1 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
17

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS

For the Three Months Ended
2Q20261Q20262Q2025
($ in thousands)AverageBalanceInterest Income/ExpenseAverage Yield/Rate(1)
AverageBalanceInterest Income/ExpenseAverage Yield/Rate(1)
AverageBalanceInterest Income/ExpenseAverage Yield/Rate(1)

Interest-earning assets:
Interest-bearing deposits in other banks$128,022 $416 1.29 %(2)
$145,013 $1,326 3.66 %$147,874 $1,648 4.41 %
Other investments18,531 222 4.79 17,232 571 13.24 16,961 317 7.47 
AFS debt securities, at fair value206,877 1,824 3.53 205,247 1,761 3.43 180,193 1,437 3.19 
CRE1,171,097 18,691 6.40 1,154,515 17,814 6.26 1,028,961 16,013 6.24 
SBA314,060 6,077 7.76 292,821 5,980 8.28 283,130 6,618 9.38 
C&I206,978 3,517 6.82 212,941 3,552 6.77 195,547 3,667 7.52 
Home mortgage560,842 7,437 5.30 565,185 7,508 5.31 587,454 7,962 5.42 
Consumer and other293 9 11.76 1,287 25 7.99 76 3 15.86 
Loans (2)
2,253,270 35,731 6.36 2,226,749 34,879 6.33 2,095,168 34,263 6.56 
Total interest-earning assets2,606,700 38,193 5.87 2,594,241 38,537 6.00 2,440,196 37,665 6.18 
Noninterest-earning assets87,072 76,830 83,394 
Total assets$2,693,772 $2,671,071 $2,523,590 

Interest-bearing liabilities:
Money market deposits and others$404,975 $3,174 3.14 %$393,242 $3,009 3.10 %$408,667 $3,586 3.52 %
Time deposits1,392,628 13,717 3.95 1,390,491 13,836 4.04 1,267,363 13,889 4.40 
Total interest-bearing deposits1,797,603 16,891 3.77 1,783,733 16,845 3.83 1,676,030 17,475 4.18 
Borrowings81,816 744 3.65 75,834 679 3.63 46,707 469 4.04 
Subordinated note24,622 490 7.96 24,600 490 7.97 — — — 
Total interest-bearing liabilities1,904,041 18,125 3.82 1,884,167 18,014 3.88 1,722,737 17,944 4.18 
Noninterest-bearing liabilities:
Noninterest-bearing deposits518,218 516,722 547,545 
Other noninterest-bearing liabilities36,969 39,756 41,624 
Total noninterest-bearing liabilities555,187 556,478 589,169 
Shareholders’ equity234,544 230,426 211,684 
Total liabilities and shareholders’ equity$2,693,772 $2,671,071 $2,523,590 

Net interest income / interest rate spreads$20,068 2.05 %$20,523 2.12 %$19,721 2.00 %
Net interest margin3.08 %3.19 %3.23 %

Cost of deposits & cost of funds:
Total deposits / cost of deposits$2,315,821 $16,891 2.93 %$2,300,455 $16,845 2.97 %$2,223,575 $17,475 3.15 %
Total funding liabilities / cost of funds2,422,259 18,125 3.00 2,400,889 18,014 3.04 2,270,282 17,944 3.17 

18

For the Six Months Ended
2Q20262Q2025
($ in thousands)AverageBalanceInterest Income/Expense
Average Yield/Rate (1)
AverageBalanceInterest Income/Expense
Average Yield/Rate (1)

Interest-earning assets:
Interest-bearing deposits in other banks$136,470 $1,743 2.54 %(2)
$136,038 $3,020 4.41 %
Other investments17,885 792 8.86 16,716 619 7.40 
AFS debt securities, at fair value206,066 3,585 3.48 182,409 2,933 3.22 
CRE1,162,852 36,505 6.33 1,014,772 30,993 6.16 
SBA303,499 12,057 8.01 274,589 12,825 9.42 
C&I209,943 7,069 6.79 203,781 7,445 7.37 
Home mortgage563,002 14,945 5.31 557,058 14,681 5.27 
Consumer & other787 34 8.70 154 8 11.27 
Loans (3)
2,240,083 70,610 6.35 2,050,354 65,952 6.47 
Total interest-earning assets2,600,504 76,730 5.94 2,385,517 72,524 6.11 
Noninterest-earning assets81,980 80,624 
Total assets$2,682,484 $2,466,141 

Interest-bearing liabilities:
Money market deposits and others$399,141 $6,183 3.12 %$381,387 $6,671 3.53 %
Time deposits1,391,565 27,553 3.99 1,237,862 27,412 4.47 
Total interest-bearing deposits1,790,706 33,736 3.80 1,619,249 34,083 4.24 
Borrowings78,841 1,423 3.64 62,736 1,302 4.19 
Subordinated note
24,612 980 7.96 — — — 
Total interest-bearing liabilities1,894,159 36,139 3.85 1,681,985 35,385 4.24 
Noninterest-bearing liabilities:
Noninterest-bearing deposits517,474 534,870 
Other noninterest-bearing liabilities38,355 39,829 
Total noninterest-bearing liabilities555,829 574,699 
Shareholders’ equity232,496 209,457 
Total liabilities and shareholders’ equity$2,682,484 $2,466,141 

Net interest income / interest rate spreads$40,591 2.09 %$37,139 1.87 %
Net interest margin3.13 %3.12 %

Cost of deposits & cost of funds:
Total deposits / cost of deposits$2,308,180 $33,736 2.95 %$2,154,119 $34,083 3.19 %
Total funding liabilities / cost of funds2,411,633 36,139 3.02 2,216,855 35,385 3.22 

(1)Annualized.
(2)Interest income includes a one-time $739 thousand adjustment recorded during the second quarter of 2026 related to the correction of prior-period interest accruals on the Federal Reserve Bank account.
(3)Includes loans held-for-sale.
19