OPBKMEDIUM SIGNALFINANCIAL10-K

OPBK showed solid growth across core banking metrics with deposits and assets expanding 12-13% while net income grew meaningfully, though operating cash flow declined and capital allocation shifted notably.

The consistent double-digit growth in deposits, assets, and loans suggests effective business expansion and market share gains in OPBK's community banking markets. However, the decline in operating cash flow alongside reduced share buybacks may indicate management is prioritizing growth investments over shareholder returns, requiring monitoring of capital efficiency metrics.

Comparing 2026-03-13 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

OPBK demonstrated healthy organic growth with total deposits reaching $2.3B (+12.5%) and assets expanding to $2.7B (+12%), supporting a meaningful increase in net income. The company significantly reduced share buybacks while increasing capital expenditures, suggesting a strategic shift toward reinvestment for growth. Despite strong balance sheet expansion, operating cash flow declined modestly to $26.2M, indicating management should focus on optimizing cash generation efficiency as the bank scales.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+79.3%
$1.6M→$2.8M

Capital expenditure jumped 79.3% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
-74.3%
$2.7M→$706K

Buyback activity reduced 74.3% — capital being redeployed elsewhere or cash conservation underway.

Cash & Equivalents
Balance Sheet
+24%
$134.9M→$167.3M

Cash grew 24% — improving liquidity position supports investment and shareholder returns.

Net Income
P&L
+21.7%
$21.1M→$25.6M

Net income grew 21.7% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
-16.5%
$31.3M→$26.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Total Deposits
Balance Sheet
+12.5%
$2.0B→$2.3B

Deposits grew 12.5% — expanding customer base or increased trust in the institution.

Total Liabilities
Balance Sheet
+12.1%
$2.2B→$2.4B

Liabilities increased 12.1% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+12%
$2.4B→$2.7B

Asset base grew 12% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+11.2%
$205.0M→$227.9M

Equity base grew 11.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-03-28
ADDED
All statements that are not statements of historical fact are forward-looking.
However, not all statements can readily be identified by this accompanying language, and readers should consider the context to assess whether a statement is historical or forward looking.
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.
The known risks and uncertainties that may have these effects are described in Part I, Item 1A, of this Form 10-K, and in our other filings with the Securities and Exchange Commission.
Overview Founded in 2005 as First Standard Bank, and rebranded as Open Bank in 2010, we formed OP Bancorp as our holding company in 2016.
OP Bancorp, headquartered in Los Angeles, California, operates its commercial community banking activities through Open Bank ("Open Bank" or the "Bank"), our wholly owned banking subsidiary.
We provide commercial banking services to small and medium-sized businesses, their owners, and retail customers, with a focus on the Korean-American community.
We currently operate twelve full service branches: nine branches across Los Angeles and Orange Counties in California, as well as one branch each in Santa Clara, California; Carrollton, Texas; and Las Vegas, Nevada.
Additionally, we maintain five loan production offices located in Pleasanton, California; Atlanta, Georgia; Aurora, Colorado; Lynnwood, Washington; and Fairfax, Virginia.
Substantially all our business activities are conducted through the Bank.
REMOVED
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.
The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report, including the information disclosed under Item 1A Risk Factors .
Because of these risks and other uncertainties, our actual future results, performance or achievement, or industry results, may be materially different from the results indicated by the forward-looking statements in this report.
In addition, our past results of operations are not necessarily indicative of our future results.
Unless we state otherwise or the context otherwise requires, references in this Annual Report on Form 10-K (this "Report") to we , our , us, ourselves, the company and the Company refer to OP Bancorp, a California corporation, and its consolidated wholly-owned subsidiary, Open Bank, a California corporation, which is referred to as Open Bank or the Bank .
Our Company We began operations in 2005 as a California chartered banking association under the name First Standard Bank.
In 2010, we rebranded the bank as Open Bank and in 2016, we incorporated OP Bancorp in California as a bank holding company with Open Bank as our sole subsidiary.
We are headquartered in Los Angeles, California, and our common stock is quoted on The Nasdaq Global Market under the ticker symbol, "OPBK." Our commercial banking activities are operated through Open Bank, our wholly owned banking subsidiary.
The Bank offers commercial banking services to small and medium-sized businesses, their owners and retail customers with a focus on the Korean-American community.
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