OP Bancorp Reports Net Income for Second Quarter 2025 of $6.3 Million and Diluted Earnings Per Share of $0.42

Second Quarter 2025 Highlights compared with First Quarter 2025:

Financial Results:
- Net income of $6.3 million, compared to $5.6 million
- Diluted earnings per share (“EPS”) of $0.42, compared to $0.37
- Net interest income of $19.7 million, compared to $17.4 million
- Net interest margin of 3.23%, compared to 3.01%
- Provision for credit losses of $1.2 million, compared to $736 thousand
- Total assets of $2.56 billion, compared to $2.51 billion
- Gross loans of $2.07 billion, compared to $2.04 billion
- Total deposits of $2.25 billion, compared to $2.19 billion
Credit Quality:
- Allowance for credit losses on loans to gross loans of 1.27%, compared to 1.24%
- Net charge-offs ⁽¹⁾ to average gross loans of 0.06%, compared to 0.02%
- Loans past due 30-89 days to gross loans of 0.47%, compared to 0.32%
- Nonperforming loans to gross loans of 0.43%, compared to 0.51%
- Criticized loans ⁽²⁾ to gross loans of 1.15%, compared to 1.13%
Capital Levels:
- Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 11.01%
- Book value per share increased to $14.36, compared to $14.09
- Paid quarterly cash dividend of $0.12 per share for the periods

__________________________________________

(1) Annualized.

(2) Includes special mention, substandard, doubtful, and loss categories.

OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), today reported its financial results for the second quarter of 2025. The Company reported net income of $6.3 million, or $0.42 diluted EPS, compared with $5.6 million, or $0.37 diluted EPS, for the first quarter of 2025, and $5.4 million, or $0.36 per diluted EPS, for the second quarter of 2024.

Sang K. Oh, President and Chief Executive Officer:

“I am honored to step into the role of Chief Executive Officer. As we look ahead, my priorities will be to strengthen our core banking operations, deepen customer engagement, and uphold the highest standards of trust and compliance. I am committed to delivering long-term value for our shareholders, supporting our customer’s financial goals, empowering our talented teams, and fostering a culture of integrity across the Company,” said Sang K. Oh, President and Chief Executive Officer.

Mr. Oh continued, “This was a solid quarter for OP Bancorp as we continued to execute on our clearly defined path to enhanced profitability. Our results were highlighted by sustained growth in loan and deposit portfolios, an expanded net interest margin, a more favorable deposit mix and an improved efficiency, all while continuing to maintain strong credit quality and capital position. We are also proud to announce the opening of our new full-service branch in Garden Grove, California, further expanding our footprint and enhancing accessibility for our customers in the region,” said Sang K. Oh, President and Chief Executive Officer.

SELECTED FINANCIAL HIGHLIGHTS


($ in thousands, except per share data)	As of and For the Quarter									% or Basis Point Change 2Q2025 vs.
($ in thousands, except per share data)	2Q2025			1Q2025			2Q2024			1Q2025		2Q2024
Selected Income Statement Data:
Net interest income	$	19,721		$	17,418		$	16,194		13	%	22	%
Provision for credit losses		1,206			736			617		64		95
Noninterest income		3,968			4,816			4,184		(18	)	(5	)
Noninterest expense		14,037			13,814			12,189		2		15
Income tax expense		2,113			2,124			2,136		(1	)	(1	)
Net income		6,333			5,560			5,436		14		17
Diluted EPS		0.42			0.37			0.36		14		17
Selected Balance Sheet Data:
Gross loans	$	2,071,580		$	2,043,885		$	1,870,106		1	%	11	%
Total deposits		2,254,728			2,189,871			1,940,821		3		16
Total assets		2,563,595			2,512,971			2,290,680		2		12
Average loans ⁽¹⁾		2,095,168			2,005,044			1,843,284		4		14
Average deposits		2,223,575			2,083,890			1,970,320		7		13
Credit Quality:
Nonperforming loans	$	8,916		$	10,412		$	4,389		(14	)%	103	%
Nonperforming loans to gross loans		0.43	%		0.51	%		0.23	%	(8) bps		20 bps
Criticized loans ⁽²⁾ to gross loans		1.15			1.13			0.88		2 bps		27 bps
Net (charge-offs) recoveries ⁽³⁾ to average gross loans		(0.06	)		(0.02	)		0.00		(4) bps		(6) bps
Allowance for credit losses on loans to gross loans		1.27			1.24			1.22		3 bps		5 bps
Allowance for credit losses on loans to nonperforming loans		295			244			519		51	%	(224	)%
Financial Ratios:
Return on average assets ("ROA") ⁽³⁾		1.00	%		0.92	%		0.95	%	8 bps		5 bps
Return on average equity ("ROE") ⁽³⁾		11.97			10.73			11.23		124 bps		74 bps
Net interest margin ⁽³⁾		3.23			3.01			2.96		22 bps		27 bps
Efficiency ratio ⁽⁴⁾		59.25			62.13			59.81		(288) bps		(56) bps
CET1 capital		11.01			10.97			12.01		4 bps		(100) bps
Tier 1 leverage capital		8.96			9.22			9.28		(26) bps		(32) bps
Book value per common share	$	14.36		$	14.09		$	13.23		2	%	9	%

(1)		Includes loans held-for-sale.
(2)		Includes special mention, substandard, doubtful, and loss categories.
(3)		Annualized.
(4)		Represents noninterest expense divided by the sum of net interest income and noninterest income.

INCOME STATEMENT HIGHLIGHTS
Net Interest Income and Net Interest Margin


($ in thousands)	For the Three Months Ended						% Change 2Q2025 vs.
($ in thousands)	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Interest Income
Interest income	$	37,665	$	34,859	$	34,357	8	%	10	%
Interest expense		17,944		17,441		18,163	3		(1	)
Net interest income	$	19,721	$	17,418	$	16,194	13	%	22	%


($ in thousands)	For the Three Months Ended												Average Yield/Rate Change 2Q2025 vs.
	2Q2025				1Q2025				2Q2024				Average Yield/Rate Change 2Q2025 vs.
	Interest Income/Expense		Average Yield/Rate⁽¹⁾		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Interest Income/Expense		Average Yield/Rate⁽¹⁾		1Q2025	2Q2024
Interest-earning Assets:
Loans	$	34,263	6.56	%	$	31,689	6.39	%	$	30,605	6.67	%	17 bps	(11) bps
Total interest-earning assets		37,665	6.18			34,859	6.04			34,357	6.29		14 bps	(11) bps
Interest-bearing Liabilities:
Interest-bearing deposits		17,475	4.18			16,608	4.31			17,343	4.84		(13) bps	(66) bps
Total interest-bearing liabilities		17,944	4.18			17,441	4.31			18,163	4.81		(13) bps	(63) bps
Ratios:
Net interest income / interest rate spreads		19,721	2.00			17,418	1.73			16,194	1.48		27 bps	52 bps
Net interest margin			3.23				3.01				2.96		22 bps	27 bps
Total deposits / cost of deposits		17,475	3.15			16,608	3.23			17,343	3.54		(8) bps	(39) bps
Total funding liabilities / cost of funds		17,944	3.17			17,441	3.27			18,163	3.57		(10) bps	(40) bps

(1)

Annualized.


($ in thousands)	For the Three Months Ended															Average Yield Change 2Q2025 vs.
	2Q2025					1Q2025					2Q2024					Average Yield Change 2Q2025 vs.
	Interest Income			Average Yield⁽¹⁾		Interest Income			Average Yield⁽¹⁾		Interest Income			Average Yield⁽¹⁾		1Q2025	2Q2024
Loan Yield Component:
Contractual interest rate	$	33,405		6.39	%	$	31,240		6.30	%	$	29,719		6.48	%	9 bps	(9) bps
Accretion of SBA loan discount⁽²⁾		785		0.15			683		0.14			1,087		0.24		1 bps	(9) bps
Amortization of net deferred fees		(42	)	(0.01	)		(106	)	(0.02	)		(44	)	(0.01	)	1 bps	0 bps
Amortization of premium		(392	)	(0.07	)		(490	)	(0.10	)		(396	)	(0.09	)	3 bps	2 bps
Net interest recognized on nonaccrual loans		(36	)	(0.01	)		43		0.01			(3	)	(0.00	)	(2) bps	(1) bps
Prepayment penalty income and other fees⁽³⁾		543		0.11			319		0.06			242		0.05		5 bps	6 bps
Yield on loans	$	34,263		6.56	%	$	31,689		6.39	%	$	30,605		6.67	%	17 bps	(11) bps

(1)		Annualized.
(2)		Includes discount accretion from SBA loan payoffs of $293 thousand, $193 thousand and $564 thousand for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(3)		Includes prepayment penalty income of $148 thousand, $67 thousand and $26 thousand for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively, from Commercial Real Estate (“CRE”) loans.

Second Quarter 2025 vs. First Quarter 2025

Net interest income increased $2.3 million, or 13%, primarily due to loan growth, higher loan yields and lower deposit costs, partially offset by deposit growth. Net interest margin increased 22 basis points to 3.23% from 3.01%.

Interest income on loans increased $2.6 million, primarily driven by a $90.1 million increase in average loan balances and a 17 basis point improvement in loan yields, reflecting higher new loans rates compared to the prior quarter. The increase in loan yields also benefited from higher prepayment penalties and other related income, and lower amortization of premiums.

Interest expense on deposits increased $867 thousand, primarily due to a $114.2 million increase in average interest-bearing deposit balances, partially offset by a 13 basis point decline in interest-bearing deposit costs, reflecting the repricing of time deposits in response to the downward shift in federal funds rate that begun in the latter part of 2024.

Second Quarter 2025 vs. Second Quarter 2024

Net interest income increased $3.5 million, or 22%, primarily due to loan growth. Net interest margin increased 27 basis points to 3.23% from 2.96%.

Interest income on loans increased $3.7 million, primarily driven by a $251.9 million increase in average loan balances, partially offset by an 11 basis point decline in loan yields. The decline in loan yields was attributable to new loan originations at lower rates following the recent decrease in the federal funds rate.

Interest expense on deposits remained relatively unchanged, as the impact of a $234.9 million increase in average interest-bearing deposit balances was offset by a 66 basis point decline in interest-bearing deposit costs. The decline in deposit costs was primarily due to the repricing of deposit products in response to the recent decrease in federal funds rate.

Provision for Credit Losses


($ in thousands)	For the Three Months Ended								$ Change 2Q2025 vs.
($ in thousands)	2Q2025			1Q2025		2Q2024			1Q2025			2Q2024
Provision for credit losses on loans	$	1,255		$	687	$	627		$	568		$	628
Provision for (reversal of) credit losses on off-balance sheet exposure		(49	)		49		(10	)		(98	)		(39	)
Provision for credit losses	$	1,206		$	736	$	617		$	470		$	589

Second Quarter 2025 vs. First Quarter 2025

Provision for credit losses on loans increased $568 thousand, primarily due to higher historical loss factors from risk rating downgrades within the CRE portfolio and net charge-offs recognized during the quarter, partially offset by an improved qualitative outlook.

Second Quarter 2025 vs. Second Quarter 2024

Provision for credit losses on loans increased $628 thousand, primarily due to higher historical loss factors from risk rating downgrades and net charge-offs recognized during the quarter, partially offset by an improved qualitative outlook.

Noninterest Income


($ in thousands)	For the Three Months Ended						% Change 2Q2025 vs.
($ in thousands)	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Noninterest Income
Service charges on deposits	$	1,017	$	1,000	$	793	2	%	28	%
Loan servicing fees, net of amortization		900		1,007		575	(11	)	57
Gains on sale of loans		1,441		2,019		2,325	(29	)	(38	)
Other income		610		790		491	(23	)	24
Total noninterest income	$	3,968	$	4,816	$	4,184	(18	)%	(5	)%

Second Quarter 2025 vs. First Quarter 2025

Noninterest income decreased $848 thousand, or 18%, primarily due to lower gains on sale of loans, other income and loan servicing fees.

Gains on sale of loans declined $578 thousand, primarily due to reduced SBA loan sale activity and lower average premium rates. During the quarter, the Bank sold $25.3 million in SBA loans at an average premium rate of 7.05%, compared to the sale of $31.1 million at an average premium rate of 8.08%.

Other income decreased $180 thousand, primarily due to a reduction in credit-related fees collected.

Loan servicing fees, net of amortization, decreased $107 thousand, primarily due to increased amortization of servicing assets, driven by elevated payoff activities in servicing portfolio.

Second Quarter 2025 vs. Second Quarter 2024

Noninterest income decreased $216 thousand, or 5%, primarily due to lower gains on sale of loans, partially offset by higher loan servicing fees and service charges on deposits.

Gain on sale of loans declined $884 thousand, primarily due to reduced SBA loan sale activity and lower average premium rates. The Bank sold $25.3 million in SBA loans at an average premium rate of 7.05%, compared to the sale of $32.1 million at an average premium rate of 8.58%.

Loan servicing fees, net of amortization, increased $325 thousand, primarily due to reduced amortization expense of servicing assets, resulting from decreased loan payoff activities.

Service charges on deposits increased $224 thousand, primarily driven by higher deposit analysis fees, reflecting continued growth in the number of business customer accounts.

Noninterest Expense


($ in thousands)	For the Three Months Ended						% Change 2Q2025 vs.
($ in thousands)	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Noninterest Expense
Salaries and employee benefits	$	9,075	$	8,776	$	7,568	3	%	20	%
Occupancy and equipment		1,584		1,581		1,660	0		(5	)
Data processing and communication		306		296		530	3		(42	)
Professional fees		418		407		406	3		3
FDIC insurance and regulatory assessments		506		487		378	4		34
Promotion and advertising		232		156		151	49		54
Directors’ fees		198		180		178	10		11
Foundation donation and other contributions		636		556		539	14		18
Other expenses		1,082		1,375		779	(21	)	39
Total noninterest expense	$	14,037	$	13,814	$	12,189	2	%	15	%

Second Quarter 2025 vs. First Quarter 2025

Noninterest expense increased $223 thousand, or 2%, primarily due to higher salaries and employee benefits, foundation donation and other contributions, and promotion and advertising, partially offset by a reduction in other expenses.

Salaries and employee benefits increased $299 thousand, primarily due to higher incentive accruals and merit-based salary adjustments, partially offset by lower vacation and payroll tax accruals. Higher health insurance costs and lower loan origination costs also contributed to the increase in employee benefits.

Foundation donation and other contributions increased $80 thousand, primarily due to higher donation accruals for the Open Stewardship Foundation, reflecting increased net income.

Promotion and advertising increased $76 thousand, primarily due to a one-time accrual adjustment recorded during the second quarter of 2025.

Other expenses decreased $293 thousand, primarily reflecting a return to normal credit-related expense level following an abnormally high amount in the prior quarter.

Second Quarter 2025 vs. Second Quarter 2024

Noninterest expense increased $1.8 million, or 15%, primarily due to higher salaries and employee benefits, and other expenses, as well as increased FDIC insurance and regulatory assessments, partially offset by a reduction in data processing and communication.

Salaries and employee benefits increased $1.5 million, primarily due to higher incentive accruals as well as staffing growth and annual merit-based salary adjustments.

Other expenses increased $303 thousand, primarily due to higher credit-related and business development expenses.

FDIC insurance and regulatory assessments increased $128 thousand, primarily due to higher FDIC assessment charges. The increase was largely driven by growth in the Bank’s total assets, which expanded the assessment base, along with higher assessment rates.

Data processing and communication decreased $224 thousand, primarily due to contractual credits received following the conversion to a new core banking system in the fourth quarter of 2024.

Income Tax Expense

Second Quarter 2025 vs. First Quarter 2025

Income tax expense was $2.1 million for both periods. The effective tax rate decreased to 25.02% from 27.64%. The decrease in effective tax rate was primarily attributable to the revaluation of deferred tax assets resulting from recent California state tax legislation. Additional contributing factors included changes in estimates related to the adoption of an enhanced interim state tax apportionment methodology and increased tax losses from a new investment in low-income housing partnerships.

Second Quarter 2025 vs. Second Quarter 2024

Income tax expense was $2.1 million for both periods. The effective tax rate decreased to 25.02% from 28.21%. The decrease in effective tax rate was primarily attributable to the revaluation of deferred tax assets resulting from recent California state tax legislation. Additional contributing factors included changes in estimates related to the adoption of an enhanced interim state tax apportionment methodology and higher discrete benefits associated with stock-based compensation.

BALANCE SHEET HIGHLIGHTS
Loans


($ in thousands)	As of						% Change 2Q2025 vs.
($ in thousands)	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
CRE loans	$	1,021,431	$	1,023,278	$	931,284	0	%	10	%
SBA loans		263,424		258,778		242,395	2		9
C&I loans		193,359		202,250		188,557	(4	)	3
Home mortgage loans		593,256		559,543		506,873	6		17
Consumer & other loans		110		36		997	206		(89	)
Gross loans	$	2,071,580	$	2,043,885	$	1,870,106	1	%	11	%

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 2Q2025 vs.
	2Q2025				1Q2025				2Q2024				1Q2025		2Q2024
	Amount		Rate		Amount		Rate		Amount		Rate		1Q2025		2Q2024
CRE loans	$	39,734	7.00	%	$	69,889	7.03	%	$	48,284	7.49	%	(43	)%	(18	)%
SBA loans		33,811	8.64			18,206	8.81			13,570	9.80		86		149
C&I loans		3,136	7.72			506	8.18			5,961	8.05		520		(47	)
Home mortgage loans		54,837	6.64			74,004	6.42			13,539	7.33		(26	)	305
Consumer & other loans		—	—			40	6.05			—	—		(100	)	—
Gross loans ⁽¹⁾	$	131,518	7.29	%	$	162,645	6.95	%	$	81,354	7.89	%	(19	)%	62	%

(1)

Excludes changes in line utilization.

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


($ in thousands)	For the Three Months Ended
($ in thousands)	2Q2025			1Q2025			2Q2024
Beginning Balance	$	2,043,885		$	1,956,852		$	1,804,987
Originations		131,518			162,645			81,354
Net change in line utilization		27,287			12,841			57,698
Purchases		1,750			12,028			5,559
Sales		(26,734	)		(36,086	)		(32,102	)
Payoffs & paydowns		(90,923	)		(65,572	)		(56,612	)
Decrease (increase) in loans held for sale		(15,461	)		26			9,590
Other		258			1,151			(368	)
Total		27,695			87,033			65,119
Ending balance	$	2,071,580		$	2,043,885		$	1,870,106

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


($ in thousands)	As of
	2Q2025				1Q2025				2Q2024
	%		Rate		%		Rate		%		Rate
Fixed rate	30.8	%	5.54	%	32.8	%	5.55	%	36.2	%	5.39	%
Hybrid rate	39.9		5.81		37.4		5.71		33.9		5.42
Variable rate	29.3		8.16		29.8		8.20		29.9		9.19
Gross loans	100.0	%	6.42	%	100.0	%	6.40	%	100.0	%	6.54	%

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


($ in thousands)	As of June 30, 2025
	Within One Year				One Year Through Five Years				After Five Years				Total
	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Fixed rate	$	164,959	5.51	%	$	276,925	5.92	%	$	195,603	5.04	%	$	637,487	5.54	%
Hybrid rate		—	—			212,624	4.58			614,965	6.23			827,589	5.81
Variable rate		83,691	7.87			143,054	7.80			379,759	8.37			606,504	8.16
Gross loans	$	248,650	6.30	%	$	632,603	5.89	%	$	1,190,327	6.72	%	$	2,071,580	6.42	%

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 2Q2025 vs.
($ in thousands)	2Q2025			1Q2025			2Q2024			1Q2025			2Q2024
Allowance for credit losses on loans, beginning	$	25,368		$	24,796		$	22,129		$	572		$	3,239
Provision for credit losses on loans		1,255			687			627			568			628
Gross charge-offs		(542	)		(130	)		—			(412	)		(542	)
Gross recoveries		205			15			4			190			201
Net (charge-offs) recoveries		(337	)		(115	)		4			(222	)		(341	)
Allowance for credit losses on loans, ending	$	26,286		$	25,368		$	22,760		$	918		$	3,526

Allowance for credit losses on off-balance sheet exposure, beginning	$	409		$	360		$	468		$	49		$	(59	)
Provision for (reversal of) credit losses on off-balance sheet exposure		(49	)		49			(10	)		(98	)		(39	)
Allowance for credit losses on off-balance sheet exposure, ending	$	360		$	409		$	458		$	(49	)	$	(98	)

Asset Quality


($ in thousands)	As of and For the Three Months Ended									% or Basis Point Change 2Q2025 vs.
($ in thousands)	2Q2025			1Q2025			2Q2024			1Q2025		2Q2024
Accruing loans 30-89 days past due	$	9,804		$	6,452		$	6,652		52	%	47	%
As a % of gross loans		0.47	%		0.32	%		0.36	%	15 bps		11 bps

Nonperforming loans ⁽¹⁾	$	8,916		$	10,412		$	4,389		(14	)%	103	%
Nonperforming assets ⁽¹⁾		10,153			11,649			5,626		(13	)	80
Nonperforming loans to gross loans		0.43	%		0.51	%		0.23	%	(8) bps		20 bps
Nonperforming assets to total assets		0.40			0.46			0.25		(6) bps		15 bps

Criticized loans ⁽²⁾⁽³⁾	$	23,758		$	23,055		$	16,428		3.0	%	44.6	%
Criticized loans to gross loans		1.15	%		1.13	%		0.88	%	2 bps		27 bps

Allowance for credit losses ratios:
As a % of gross loans		1.27	%		1.24	%		1.22	%	3 bps		5 bps
As a % of nonperforming loans		295			244			519		51	%	(224	)%
As a % of nonperforming assets		259			218			405		41		(146	)
As a % of criticized loans		111			110			139		1		(28	)
Net (charge-offs) recoveries ⁽⁴⁾ to average gross loans		(0.06	)		(0.02	)		0.00		(4) bps		(6) bps

(1)		Excludes the guaranteed portion of loans that were in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2)		Excludes the guaranteed portion of loans that were in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(3)		Consists of special mention, substandard, doubtful and loss categories.
(4)		Annualized.

Credit quality remained strong, with nonperforming loans declining to 0.43% of gross loans and annualized net charge-offs at a low 0.06%. The allowance remained adequate at 1.27% of gross loans.

Accruing loans 30-89 days past due increased to $9.8 million or 0.47% of gross loans, compared with $6.5 million or 0.32% in the prior quarter.

Nonperforming loans decreased $1.5 million, primarily attributable to increased payoffs across various loan categories, partially offset by the addition of a new nonaccrual home mortgage loan.

Criticized loans increased $703 thousand, primarily attributable to the downgrade of SBA and home mortgage loans, partially offset by the payoffs of certain home mortgage loans and partial charge-offs.

Deposits


($ in thousands)	As of												% Change 2Q2025 vs.
	2Q2025				1Q2025				2Q2024				% Change 2Q2025 vs.
	Amount		%		Amount		%		Amount		%		1Q2025		2Q2024
Noninterest-bearing deposits	$	565,683	25.1	%	$	552,797	25.2	%	$	518,456	26.7	%	2	%	9	%
Money market deposits and others		431,252	19.1			385,080	17.6			332,137	17.1		12		30
Time deposits		1,257,793	55.8			1,251,994	57.2			1,090,228	56.2		0		15
Total deposits	$	2,254,728	100.0	%	$	2,189,871	100.0	%	$	1,940,821	100.0	%	3	%	16	%

Estimated uninsured deposits	$	1,156,311	51	%	$	1,072,753	49	%	$	860,419	44	%	8	%	34	%

As of June 30, 2025 vs. March 31, 2025

Total deposits increased $64.9 million or 3%, primarily driven by a $46.2 million increase in money market deposits and others, along with a $12.9 million increase in noninterest-bearing deposits. This growth reflects our continued strategic focus on expanding lower-cost deposit products, resulting in growth in both noninterest-bearing and money market deposit balances.

As of June 30, 2025 vs. June 30, 2024

Total deposits increased $313.9 million or 16%, primarily driven by growth of $167.6 million in time deposits, $99.1 million in money market deposits and others, and $47.2 million in noninterest-bearing deposits. This strong deposit growth reflects the continued strategic focus on developing and deepening deposit relationships with both new and existing customers.

The following table sets forth the maturity of time deposits as of June 30, 2025:


	As of June 30, 2025
($ in thousands)	Within Three Months			Three to Six Months			Six to Nine Months			Nine to Twelve Months			After Twelve Months			Total
Time deposits (greater than $250)	$	235,531		$	146,560		$	154,074		$	107,185		$	—		$	643,350
Time deposits ($250 or less)		257,458			150,671			121,833			82,293			2,188			614,443
Total time deposits	$	492,989		$	297,231		$	275,907		$	189,478		$	2,188		$	1,257,793
Weighted average rate		4.48	%		4.27	%		4.25	%		4.27	%		3.22	%		4.34	%

OTHER HIGHLIGHTS

Liquidity

The Company maintains ample access to liquidity, including highly liquid assets on our balance sheet and available unused borrowings from other financial institutions. The following table presents the Company's liquid assets and available borrowings as of dates presented:


($ in thousands)	2Q2025			1Q2025			2Q2024
Liquidity Assets:
Cash and cash equivalents	$	205,388		$	198,861		$	127,676
Available-for-sale debt securities		175,000			182,480			199,205
Liquid assets	$	380,388		$	381,341		$	326,881
Liquid assets to total assets		15	%		15	%		14	%

Available Borrowings:
Federal Home Loan Bank ("FHLB") —San Francisco	$	443,207		$	381,456		$	343,600
Federal Reserve Bank		223,373			217,563			191,421
Pacific Coast Bankers Bank		50,000			50,000			50,000
Zions Bank		25,000			25,000			25,000
First Horizon Bank		25,000			25,000			25,000
Total available borrowings	$	766,580		$	699,019		$	635,021
Total available borrowings to total assets		30	%		28	%		28	%

Liquid assets and available borrowings to total deposits		51	%		49	%		50	%

Capital and Capital Ratios

On July 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share of its common stock. The dividend is payable on or about August 21, 2025, to shareholders of record as of the close of business on August 7, 2025. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. Future dividends are subject to Board of Directors’ approval and will depend on the Company’s earnings, financial condition, capital requirements, and other relevant factors. During the second quarter of 2025, the Company repurchased 65,387 shares of its common stock at an average price of $10.77 per share under the Company’s previously announced share repurchase program.


	OP Bancorp⁽¹⁾		Open Bank		Well- Capitalized Requirement		Minimum Capital Ratio+ Conservation Buffer⁽²⁾
Risk-Based Capital Ratios ⁽³⁾:
Total capital	12.26	%	12.15	%	10.00	%	10.50	%
Tier 1 capital	11.01		10.90		8.00		8.50
CET1 capital	11.01		10.90		6.50		7.00
Tier 1 leverage	8.96		8.87		5.00		4.00

(1)		The capital requirements are only applicable to the Bank, and the Company's ratios are included for comparison purpose.
(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.
(3)		The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.


OP Bancorp											% or Basis Point Change 2Q2025 vs.
	2Q2025				1Q2025			2Q2024			1Q2025		2Q2024
Risk-Based Capital Ratios:
Total capital		12.26	%	⁽¹⁾		12.22	%		13.26	%	4 bps		(100) bps
Tier 1 capital		11.01		⁽¹⁾		10.97			12.01		4 bps		(100) bps
CET1 capital		11.01		⁽¹⁾		10.97			12.01		4 bps		(100) bps
Tier 1 leverage		8.96		⁽¹⁾		9.22			9.28		(26) bps		(32) bps
Risk-weighted Assets ($ in thousands)	$	2,062,986		⁽¹⁾	$	2,034,969		$	1,776,821		1	%	16	%

(1)

The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

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 is engaged in the 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 and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on Korean and other ethnic minority 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 five loan production offices in Pleasanton, California; Atlanta, Georgia; Aurora, Colorado; Lynnwood, Washington; and Fairfax, Virginia. 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, 2025, 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.

CONSOLIDATED BALANCE SHEETS (unaudited)


($ in thousands)	As of									% Change 2Q2025 vs.
($ in thousands)	2Q2025			1Q2025			2Q2024			1Q2025		2Q2024
Assets
Cash and due from banks	$	16,592		$	12,575		$	21,771		32	%	(24	)%
Interest-bearing deposits with banks		188,796			186,286			105,905		1		78
Cash and cash equivalents		205,388			198,861			127,676		3		61
Available-for-sale debt securities, at fair value		175,000			182,480			199,205		(4	)	(12	)
Other investments		17,101			16,517			16,367		4		4
Loans held-for-sale		20,016			4,555			6,485		339		209
CRE loans		1,021,431			1,023,278			931,284		0		10
SBA loans		263,424			258,778			242,395		2		9
C&I loans		193,359			202,250			188,557		(4	)	3
Home mortgage loans		593,256			559,543			506,873		6		17
Consumer loans		110			36			997		206		(89	)
Gross loans		2,071,580			2,043,885			1,870,106		1		11
Allowance for credit losses on loans		(26,286	)		(25,368	)		(22,760	)	4		15
Net loans		2,045,294			2,018,517			1,847,346		1		11
Premises and equipment, net		6,852			6,526			4,716		5		45
Accrued interest receivable		9,991			9,871			8,555		1		17
Servicing assets		10,572			10,848			11,043		(3	)	(4	)
Company owned life insurance		23,259			23,084			22,566		1		3
Deferred tax assets, net		12,633			13,183			14,117		(4	)	(11	)
Other real estate owned ("OREO")		1,237			1,237			1,237		—		—
Operating right-of-use assets		9,887			6,930			8,348		43		18
Other assets		26,365			20,362			23,019		29		15
Total assets	$	2,563,595		$	2,512,971		$	2,290,680		2	%	12	%
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing	$	565,683		$	552,797		$	518,456		2	%	9	%
Money market and others		431,252			385,080			332,137		12		30
Time deposits greater than $250		643,350			610,783			533,857		5		21
Other time deposits		614,443			641,211			556,371		(4	)	10
Total deposits		2,254,728			2,189,871			1,940,821		3		16
FHLB advances		50,000			75,000			115,000		(33	)	(57	)
Accrued interest payable		15,720			14,994			15,504		5		1
Operating lease liabilities		12,243			9,193			9,000		33		36
Other liabilities		17,186			13,824			14,369		24		20
Total liabilities		2,349,877			2,302,882			2,094,694		2		12
Shareholders' equity:
Common stock		72,984			73,697			73,749		(1	)	(1	)
Additional paid-in capital		11,484			11,371			11,441		1		0
Retained earnings		143,114			138,563			127,929		3		12
Accumulated other comprehensive loss, net of tax		(13,864	)		(13,542	)		(17,133	)	2		(19	)
Total shareholders’ equity		213,718			210,089			195,986		2		9
Total liabilities and shareholders' equity	$	2,563,595		$	2,512,971		$	2,290,680		2	%	12	%

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


($ in thousands, except share and per share data)	For the Three Months Ended						% Change 2Q2025 vs.
($ in thousands, except share and per share data)	2Q2025		1Q2025		2Q2024		1Q2025		2Q2024
Interest income
Interest and fees on loans	$	34,263	$	31,689	$	30,605	8	%	12	%
Interest on available-for-sale debt securities		1,437		1,496		1,590	(4	)	(10	)
Other interest income		1,965		1,674		2,162	17		(9	)
Total interest income		37,665		34,859		34,357	8		10
Interest expense
Interest on deposits		17,475		16,608		17,343	5		1
Interest on borrowings		469		833		820	(44	)	(43	)
Total interest expense		17,944		17,441		18,163	3		(1	)
Net interest income		19,721		17,418		16,194	13		22
Provision for credit losses		1,206		736		617	64		95
Net interest income after provision for credit losses		18,515		16,682		15,577	11		19
Noninterest income
Service charges on deposits		1,017		1,000		793	2		28
Loan servicing fees, net of amortization		900		1,007		575	(11	)	57
Gains on sale of loans		1,441		2,019		2,325	(29	)	(38	)
Other income		610		790		491	(23	)	24
Total noninterest income		3,968		4,816		4,184	(18	)	(5	)
Noninterest expense
Salaries and employee benefits		9,075		8,776		7,568	3		20
Occupancy and equipment		1,584		1,581		1,660	0		(5	)
Data processing and communication		306		296		530	3		(42	)
Professional fees		418		407		406	3		3
FDIC insurance and regulatory assessments		506		487		378	4		34
Promotion and advertising		232		156		151	49		54
Directors’ fees		198		180		178	10		11
Foundation donation and other contributions		636		556		539	14		18
Other expenses		1,082		1,375		779	(21	)	39
Total noninterest expense		14,037		13,814		12,189	2		15
Income before income tax expense		8,446		7,684		7,572	10		12
Income tax expense		2,113		2,124		2,136	(1	)	(1	)
Net income	$	6,333	$	5,560	$	5,436	14	%	17	%

Book value per share, at period-end	$	14.36	$	14.09	$	13.23	2	%	9	%
EPS - basic		0.42		0.37		0.36	14		17
EPS - diluted		0.42		0.37		0.36	14		17

Shares of common stock outstanding, at period-end		14,885,614		14,914,261		14,816,281	(0	)%	0	%
Weighted average shares:
- Basic		14,859,718		14,857,234		14,868,344	0	%	0	%
- Diluted		14,859,718		14,857,234		14,868,344	0		0

KEY RATIOS


	As of and For the Three Months Ended							Basis Point Change 2Q2025 vs.
	2Q2025			1Q2025		2Q2024		1Q2025	2Q2024
ROA ⁽¹⁾	1.00	%		0.92	%	0.95	%	8 bps	5 bps
ROE ⁽¹⁾	11.97			10.73		11.23		124 bps	74 bps
Net interest margin ⁽¹⁾	3.23			3.01		2.96		22 bps	27 bps
Efficiency ratio ⁽²⁾	59.25			62.13		59.81		(288) bps	(56) bps

Total risk-based capital ratio	12.26	%	⁽³⁾	12.22	%	13.26	%	4 bps	(100) bps
Tier 1 risk-based capital ratio	11.01		⁽³⁾	10.97		12.01		4 bps	(100) bps
CET1 capital ratio	11.01		⁽³⁾	10.97		12.01		4 bps	(100) bps
Tier 1 leverage capital ratio	8.96		⁽³⁾	9.22		9.28		(26) bps	(32) bps

(1)		Annualized.
(2)		Represents noninterest expense divided by the sum of net interest income and noninterest income.
(3)		The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


($ in thousands, except share and per share data)	For the Six Months Ended
($ in thousands, except share and per share data)	2Q2025		2Q2024		% Change
Interest income
Interest and fees on loans	$	65,952	$	60,747	9	%
Interest on available-for-sale debt securities		2,933		3,050	(4	)
Other interest income		3,639		3,473	5
Total interest income		72,524		67,270	8
Interest expense
Interest on deposits		34,083		33,018	3
Interest on borrowings		1,302		2,079	(37	)
Total interest expense		35,385		35,097	1
Net interest income		37,139		32,173	15
Provision for credit losses		1,942		762	155
Net interest income after provision for credit losses		35,197		31,411	12
Noninterest income
Service charges on deposits		2,017		1,405	44	%
Loan servicing fees, net of amortization		1,907		1,347	42
Gains on sale of loans		3,460		4,028	(14	)
Other income		1,400		990	41
Total noninterest income		8,784		7,770	13
Noninterest expense
Salaries and employee benefits		17,851		15,409	16
Occupancy and equipment		3,165		3,315	(5	)
Data processing and communication		602		1,017	(41	)
Professional fees		825		801	3
FDIC insurance and regulatory assessments		993		752	32
Promotion and advertising		388		300	29
Directors’ fees		378		335	13
Foundation donation and other contributions		1,192		1,079	10
Other expenses		2,457		1,338	84
Total noninterest expense		27,851		24,346	14
Income before income tax expense		16,130		14,835	9
Income tax expense		4,237		4,173	2
Net income	$	11,893	$	10,662	12	%

Book value per share, at period-end	$	14.36	$	13.23	9	%
EPS - basic		0.79		0.70	13
EPS - diluted		0.79		0.70	13

Shares of common stock outstanding, at period-end		14,885,614		14,816,281	0	%
Weighted average shares:
- Basic		14,858,483		14,930,090	0	%
- Diluted		14,858,483		14,930,090	0	%

KEY RATIOS


	As of and For the Six Months Ended					Basis Point Change 2Q2025 vs.
	2Q2025			2Q2024		Basis Point Change 2Q2025 vs.
ROA ⁽¹⁾	0.96	%		0.96	%	0 bps
ROE ⁽¹⁾	11.36			11.03		33 bps
Net interest margin	3.12			3.01		11 bps
Efficiency ratio ⁽²⁾	60.65			60.95		(30) bps

Total risk-based capital ratio	12.26	%	⁽³⁾	13.26	%	(100) bps
Tier 1 risk-based capital ratio	11.01		⁽³⁾	12.01		(100) bps
CET1 capital ratio	11.01		⁽³⁾	12.01		(100) bps
Tier 1 leverage capital ratio	8.96		⁽³⁾	9.28		(32) bps

(1)		Annualized.
(2)		Represents noninterest expense divided by the sum of net interest income and noninterest income.
(3)		The Company’s June 30, 2025 regulatory capital ratios and risk-weighted assets are preliminary.

ASSET QUALITY


($ in thousands)	As of and For the Three Months Ended
($ in thousands)	2Q2025			1Q2025			2Q2024
Nonaccrual loans ⁽¹⁾⁽²⁾	$	8,916		$	10,412		$	4,389
Loans 90 days or more past due, accruing		—			—			—
Nonperforming loans		8,916			10,412			4,389
OREO		1,237			1,237			1,237
Nonperforming assets	$	10,153		$	11,649		$	5,626

Criticized loans ⁽³⁾ by risk categories:
Special mention loans	$	9,257		$	7,190		$	3,339
Classified loans ⁽⁴⁾		14,501			15,865			13,089
Total criticized loans	$	23,758		$	23,055		$	16,428

Nonperforming loans to gross loans		0.43	%		0.51	%		0.23	%
Nonperforming assets to gross loans & OREO		0.49			0.57			0.30
Nonperforming assets to total assets		0.40			0.46			0.25
Classified loans to gross loans		0.70			0.78			0.70
Criticized loans to gross loans		1.15			1.13			0.88

Allowance for credit losses ratios:
As a % of gross loans		1.27	%		1.24	%		1.22	%
As a % of nonperforming loans		295			244			519
As a % of nonperforming assets		259			218			405
As a % of classified loans		181			160			174
As a % of criticized loans		111			110			139

Net (charge-offs) recoveries	$	(337	)	$	(115	)	$	4
Net (charge-offs) recoveries ⁽⁵⁾ to average gross loans		(0.06	)%		(0.02	)%		0.00	%

(1)		Excludes loans held-for-sale.
(2)		Excludes the guaranteed portion of loans that are in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(3)		Excludes the guaranteed portion of loans that are in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(4)		Consists of substandard, doubtful and loss categories.
(5)		Annualized.


($ in thousands)	2Q2025		1Q2025		2Q2024
Accruing delinquent loans 30-89 days past due by loan type:
CRE loans	$	—	$	—	$	—
SBA loans		4,509		2,483		1,303
C&I loans		—		—		—
Home mortgage loans		298		3,969		2,471
Total 30-59 days		4,807		6,452		3,774
CRE loans		—		—		—
SBA loans		1,883		—		—
C&I loans		—		—		—
Home mortgage loans		3,114		—		2,878
Total 60-89 days		4,997		—		2,878

CRE loans		—		—		—
SBA loans		6,392		2,483		1,303
C&I loans		—		—		—
Home mortgage loans		3,412		3,969		5,349
Total accruing delinquent loans 30-89 days past due	$	9,804	$	6,452	$	6,652

Nonaccrual loans ⁽¹⁾ by loan type:
CRE loans	$	1,802	$	1,937	$	—
SBA loans		5,696		6,371		3,757
C&I loans		—		—		421
Home mortgage loans		1,418		2,104		211
Total nonaccrual loans	$	8,916	$	10,412	$	4,389

Criticized loans⁽²⁾ by loan type:
CRE loans	$	8,816	$	8,988	$	5,896
SBA loans		12,949		11,574		9,771
C&I loans		575		389		550
Home mortgage loans		1,418		2,104		211
Total criticized loans	$	23,758	$	23,055	$	16,428

(1)		Excludes the guaranteed portion of loans that were in liquidation totaling $13.9 million, $14.3 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2)		Excludes the guaranteed portion of loans that were in liquidation totaling $17.1 million, $17.2 million and $3.5 million as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS


	For the Three Months Ended
	2Q2025						1Q2025						2Q2024
($ in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾
Interest-earning assets:
Interest-bearing deposits in other banks	$	147,874	$	1,648	4.41	%	$	124,069	$	1,372	4.42	%	$	135,984	$	1,847	5.37	%
Other investments		16,961		317	7.47			16,469		302	7.33			16,307		315	7.72
Available-for-sale debt securities, at fair value		180,193		1,437	3.19			184,649		1,496	3.24			195,512		1,590	3.25
CRE loans		1,028,961		16,013	6.24			1,000,426		14,980	6.07			910,116		13,742	6.07
SBA loans		283,130		6,618	9.38			265,953		6,207	9.47			256,987		7,116	11.14
C&I loans		195,547		3,667	7.52			212,106		3,778	7.22			173,100		3,367	7.82
Home mortgage loans		587,454		7,962	5.42			526,326		6,718	5.11			501,862		6,348	5.06
Consumer loans		76		3	15.86			233		6	9.75			1,219		32	10.44
Total loans ⁽²⁾		2,095,168		34,263	6.56			2,005,044		31,689	6.39			1,843,284		30,605	6.67
Total interest-earning assets		2,440,196		37,665	6.18			2,330,231		34,859	6.04			2,191,087		34,357	6.29
Noninterest-earning assets		83,394						77,823						89,446
Total assets	$	2,523,590					$	2,408,054					$	2,280,533

Interest-bearing liabilities:
Money market deposits and others	$	408,667	$	3,586	3.52	%	$	353,804	$	3,085	3.54	%	$	338,554	$	3,494	4.15	%
Time deposits		1,267,363		13,889	4.40			1,208,032		13,523	4.54			1,102,587		13,849	5.05
Total interest-bearing deposits		1,676,030		17,475	4.18			1,561,836		16,608	4.31			1,441,141		17,343	4.84
Borrowings		46,707		469	4.04			78,944		833	4.28			77,314		820	4.27
Total interest-bearing liabilities		1,722,737		17,944	4.18			1,640,780		17,441	4.31			1,518,455		18,163	4.81
Noninterest-bearing liabilities:
Noninterest-bearing deposits		547,545						522,054						529,179
Other noninterest-bearing liabilities		41,624						38,014						39,301
Total noninterest-bearing liabilities		589,169						560,068						568,480
Shareholders’ equity		211,684						207,206						193,598
Total liabilities and shareholders’ equity	$	2,523,590						2,408,054						2,280,533

Net interest income / interest rate spreads			$	19,721	2.00	%			$	17,418	1.73	%			$	16,194	1.48	%
Net interest margin					3.23	%					3.01	%					2.96	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,223,575	$	17,475	3.15	%	$	2,083,890	$	16,608	3.23	%	$	1,970,320	$	17,343	3.54	%
Total funding liabilities / cost of funds		2,270,282		17,944	3.17			2,162,834		17,441	3.27			2,047,634		18,163	3.57

(1)		Annualized.
(2)		Includes loans held-for-sale.


	For the Six Months Ended
	2Q2025						2Q2024
($ in thousands)	Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾		Average Balance		Interest Income/Expense		Average Yield/Rate⁽¹⁾
Interest-earning assets:
Interest-bearing deposits in other banks	$	136,038	$	3,020	4.41	%	$	104,515	$	2,836	5.37	%
Other investments		16,716		619	7.40			16,286		637	7.82
Available-for-sale debt securities, at fair value		182,409		2,933	3.22			193,448		3,050	3.15
CRE loans		1,014,772		30,993	6.16			906,290		27,471	6.10
SBA loans		274,589		12,825	9.42			257,554		14,329	11.19
C&I loans		203,781		7,445	7.37			154,018		6,037	7.88
Home mortgage loans		557,058		14,681	5.27			506,943		12,843	5.07
Consumer & other loans		154		8	11.27			1,303		67	10.26
Total loans ⁽²⁾		2,050,354		65,952	6.47			1,826,108		60,747	6.68
Total interest-earning assets		2,385,517		72,524	6.11			2,140,357		67,270	6.31
Noninterest-earning assets		80,624						88,516
Total assets	$	2,466,141					$	2,228,873

Interest-bearing liabilities:
Money market deposits and others	$	381,387	$	6,671	3.53	%	$	352,970	$	7,434	4.24	%
Time deposits		1,237,862		27,412	4.47			1,028,515		25,584	5.00
Total interest-bearing deposits		1,619,249		34,083	4.24			1,381,485		33,018	4.81
Borrowings		62,736		1,302	4.19			92,998		2,079	4.50
Total interest-bearing liabilities		1,681,985		35,385	4.24			1,474,483		35,097	4.79
Noninterest-bearing liabilities:
Noninterest-bearing deposits		534,870						521,841
Other noninterest-bearing liabilities		39,829						39,253
Total noninterest-bearing liabilities		574,699						561,094
Shareholders’ equity		209,457						193,296
Total liabilities and shareholders’ equity	$	2,466,141						2,228,873

Net interest income / interest rate spreads			$	37,139	1.87	%			$	32,173	1.52	%
Net interest margin					3.12	%					3.01	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,154,119	$	34,083	3.19	%		1,903,326	$	33,018	3.49	%
Total funding liabilities / cost of funds		2,216,855		35,385	3.22			1,996,324		35,097	3.54

(1)		Annualized.
(2)		Includes loans held-for-sale.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250724843323/en/

Contacts

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com