opbk-20260423


			News Release

OP Bancorp Reports First Quarter 2026 Net Income of $7.2 Million, Diluted EPS of $0.48
compared with Fourth quarter 2025 net income of $7.0 million, diluted EPS of $0.47,
and first quarter 2025 net income of $5.6 million, diluted EPS of $0.37
Higher revenue; improved operating efficiency

Los Angeles, CA (April 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 Quarter									First Quarter Highlights
	1Q2026			4Q2025			1Q2025			Comparisons reflect 1Q26 vs. 4Q25
Income Statement:										Income Statement
Net interest income	$	20,523		$	20,863		$	17,418		• Revenue continued to grow. •Net income increased 3%, benefiting from higher revenue and reductions in both provision and noninterest expenses. •Diluted EPS improved modestly by $0.01.
Noninterest income	4,032			3,418			4,816
Revenue	24,555			24,281			22,234
Provision for credit losses	412			463			736
Noninterest expense	14,233			14,293			13,814
Net income	$	7,234		$	7,038		$	5,560
Diluted Earnings Per Share (“EPS”)	$	0.48		$	0.47		$	0.37
Net interest margin (1)	3.19		%	3.25		%	3.01		%
Efficiency ratio (2)	57.97			58.87			62.13
Balance Sheet:										Balance Sheet
Average loans (3)	$	2,226,749		$	2,204,232		$	2,005,044		•Average loans increased 1%. •Average deposits increased 2%.
Average deposits	2,300,455			2,264,990			2,083,890
Credit Quality:										Credit Quality
Net (recoveries) charge-offs (1) to average gross loans	(0.01)		%	(0.03)		%	0.02		%	•Net charge-offs remained at a low level.
Allowance for credit losses on loans to gross loans	1.27			1.28			1.24			•Allowance for credit losses to gross loans remained stable.
Selected Ratios:										Performance and Capital
Book value per share	$	15.62		$	15.31		$	14.09		•Book value per share continued to rise, reflecting the Company’s growing net worth.
Return on average assets ("ROAA") (1)	1.08		%	1.07		%	0.92		%	•ROAA, ROAE and stockholders’ equity to asset ratios improved, reflecting stable profitability and more efficient utilization of assets and equity.
Return on average equity ("ROAE") (1)	12.56			12.53			10.73
Stockholders' equity to asset ratio	8.62			8.60			8.36
Common equity tier 1 capital (“CET1”)	10.82			10.93			10.97			•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.

Sang K. Oh, President and Chief Executive Officer:

“We continued to deliver strong results that highlight the strength and resilience of our Company. Revenue grew steadily, supported by continued loan and deposit growth, along with higher noninterest income from increased gains on loan sales. Our disciplined expense management further enhanced performance, and overall credit quality remained sound and manageable with low net charge-offs. With a solid capital base, we are well-positioned for sustainable growth as we move into 2026,” said Sang K. Oh, President and Chief Executive Officer.

INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin



($ in thousands)	For the Three Months Ended						% Change 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
Interest Income
Interest income	$	38,537	$	39,282	$	34,859	(2)	%	11	%
Interest expense	18,014		18,419		17,441		(2)		3
Net interest income	$	20,523	$	20,863	$	17,418	(2)	%	18	%



($ in thousands)	For the Three Months Ended												Average Yield/Rate Change 1Q2026 vs.
	1Q2026				4Q2025				1Q2025
	Interest Income/Expense		Average Yield/Rate(1)		Interest Income/Expense		Average Yield/Rate(1)		Interest Income/Expense		Average Yield/Rate(1)		4Q2025	1Q2025
Interest-earning Assets:
Loans	$	34,879	6.33	%	$	35,921	6.48	%	$	31,689	6.39	%	(15) bps	(6) bps
Total interest-earning assets	38,537		6.00		39,282		6.11		34,859		6.04		(11) bps	(4) bps
Interest-bearing Liabilities:
Interest-bearing deposits	16,845		3.83		17,324		3.97		16,608		4.31		(14) bps	(48) bps
Total interest-bearing liabilities	18,014		3.88		18,419		3.99		17,441		4.31		(11) bps	(43) bps
Ratios:
Net interest income / interest rate spreads	20,523		2.12		20,863		2.12		17,418		1.73		— bps	39 bps
Net interest margin			3.19				3.25				3.01		(6) bps	18 bps
Total deposits / cost of deposits	16,845		2.97		17,324		3.03		16,608		3.23		(6) bps	(26) bps
Total funding liabilities / cost of funds	18,014		3.04		18,419		3.09		17,441		3.27		(5) bps	(23) bps

(1)Annualized.



($ in thousands)	For the Three Months Ended												Average Yield Change 1Q2026 vs.
	1Q2026				4Q2025				1Q2025
	Interest Income		Average Yield(1)		Interest Income		Average Yield(1)		Interest Income		Average Yield(1)		4Q2025	1Q2025
Loan Yield Component:
Contractual interest rate	$	34,254	6.22	%	$	35,010	6.31	%	$	31,323	6.32	%	(9) bps	(10) bps
Accretion of SBA loan discount(2)	815		0.15		966		0.17		683		0.14		(2) bps	1 bps
Amortization of net deferred fees	127		0.02		(17)		(0.00	)	(106)		(0.02)		2 bps	4 bps
Amortization of premium	(312)		(0.06)		(301)		(0.05)		(329)		(0.07)		(1) bps	1 bps
Amortization of premium - Home mortgage payoffs	(186)		(0.03)		(123)		(0.02)		(162)		(0.03)		(1) bps	— bps
Net interest recognized on nonaccrual loans	(94)		(0.02)		105		0.02		132		0.02		(4) bps	(4) bps
Prepayment penalty income and other fees(3)	275		0.05		281		0.05		148		0.03		— bps	2 bps
Yield on loans	$	34,879	6.33	%	$	35,921	6.48	%	$	31,689	6.39	%	(15) bps	(6) bps

(1)Annualized.

(2)Includes discount accretion from SBA loan payoffs of $370 thousand, $505 thousand and $193 thousand for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)Includes prepayment penalty income of $98 thousand, $145 thousand and $67 thousand for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025, respectively, from Commercial Real Estate (“CRE”) and SBA loans.

First Quarter 2026 vs. Fourth Quarter 2025

Net interest income declined by $340 thousand, or 2%, primarily due to lower loan yields and two fewer accrual days, partially offset by balance-sheet growth and a special dividend on FHLB stock. As a result, the net interest margin contracted by 6 basis point to 3.19%.

◦Loans: Interest income decreased by $1.0 million, driven largely by a 15-basis-point decline in loan yields and two fewer accrual days, partially offset by a $22.5 million increase in average loan balances. The lower yield reflects the downward repricing of adjustable-rate loans and reduced rates on new originations following last year’s federal funds rate cuts. In addition, higher interest income reversals related to loans moving to nonaccrual status compared to the prior quarter further contributed to the decline in loan yields.

◦Deposits: Interest expense decreased by $479 thousand, primarily due to a 14-basis-point reduction in interest-bearing deposit costs and two fewer accrual days. This decrease was partially offset by a $51.4 million increase in average interest-bearing deposit balances.

◦Other investments: Interest income increased by $250 thousand, mainly due to a special dividend received on FHLB stock.

First Quarter 2026 vs. First Quarter 2025

Net interest income increased by $3.1 million, or 18%, driven primarily by balance-sheet growth and lower deposit rates. As a result, the net interest margin expanded by 18 basis points to 3.19%.

◦Loans: Interest income rose by $3.2 million, largely attributable to a $221.7 million increase in average loan balances, reflecting strong loan production and portfolio growth.

◦Deposits: Interest expense increased by $237 thousand, mainly due to a $221.9 million increase in average interest-bearing deposit balances. This increase was mostly offset by a 48-basis-point reduction in interest-bearing deposit costs, driven by the repricing of time deposits following the federal funds rate cuts.

Provision for Credit Losses



($ in thousands)	For the Three Months Ended						$ Change 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
Provision for credit losses on loans	$	400	$	518	$	687	$	(118)	$	(287)
Reversal of credit losses on off-balance sheet exposure	12		(55)		49		67		(37)
Provision for credit losses	$	412	$	463	$	736	$	(51)	$	(324)

First Quarter 2026 vs. Fourth Quarter 2025

Provision for credit losses on loans decreased modestly by $118 thousand, primarily reflecting lower quantitative reserves driven by changes in portfolio conditions, partially offset by higher specific reserves related to increased nonaccrual CRE loans.

First Quarter 2026 vs. First Quarter 2025

Provision for credit losses on loans decreased by $287 thousand, primarily due to lower qualitative reserves resulting from shifts in portfolio characteristics, partially offset by the higher specific reserves associated with additional nonaccrual CRE loans.

Noninterest Income



($ in thousands)	For the Three Months Ended						% Change 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
Noninterest Income
Service charges on deposits	$	463	$	462	$	1,000	0	%	(54)	%
Loan servicing fees, net of amortization	722		650		1,007		11		(28)
Gains on sale of loans	2,050		1,573		2,019		30		2
Other income	797		733		790		9		1
Total noninterest income	$	4,032	$	3,418	$	4,816	18	%	(16)	%

First Quarter 2026 vs. Fourth Quarter 2025

Noninterest income increased by $614 thousand, or 18%, primarily driven by higher gains on sale of loans.

◦Gains on Sale of Loans: Increased by $477 thousand, driven by higher premium rates and stronger SBA loan sale activity. The Bank sold $32.2 million in SBA loans at an average premium rate of 8.27%, compared with $28.5 million sold at an average premium rate of 6.98% in the prior period.

First Quarter 2026 vs. First Quarter 2025

Noninterest income decreased by $784 thousand, or 16%, primarily due to lower service charges on deposits and reduced loan servicing fees.

◦Service Charges on Deposits: Decreased by $537 thousand, largely reflecting lower balances in existing business analysis accounts and closure of certain currency exchange-related accounts during the third quarter of 2025.

◦Loan Servicing Fees, net of amortization: Decreased by $285 thousand, mainly due to higher amortization of servicing assets, driven by elevated payoff activity within the servicing portfolio.

Noninterest Expense



($ in thousands)	For the Three Months Ended						% Change 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
Noninterest Expense
Salaries and employee benefits	$	9,276	$	9,244	$	8,776	0	%	6	%
Occupancy and equipment	1,811		1,919		1,581		(6)		15
Data processing and communication	411		591		296		(30)		39
Professional fees	399		549		407		(27)		(2)
FDIC insurance and regulatory assessments	418		362		487		15		(14)
Promotion and advertising	120		(9)		156		NM		(23)
Directors’ fees	144		148		180		(3)		(20)
Foundation donation and other contributions	725		707		556		3		30
Other expenses	929		782		1,375		19		(32)
Total noninterest expense	$	14,233	$	14,293	$	13,814	0	%	3	%

NM — Not meaningful

First Quarter 2026 vs. Fourth Quarter 2025

Noninterest expense remained stable, with no meaningful change from the prior period.

First Quarter 2026 vs. First Quarter 2025

Noninterest expense increased by $419 thousand, or 3%, 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 $500 thousand, mainly driven by staffing growth, annual salary adjustments effective April 2025, and higher benefits costs, including health insurance. This increase was partially offset by lower incentive accruals.

◦Occupancy and equipment: Increased by $230 thousand, primarily due to the expiration of a common-area-maintenance concession on a lease that benefited the prior period.

◦Other expenses: Decreased by $446 thousand, primarily reflecting lower business development and credit-related expenses.

Income Tax Expense

First Quarter 2026 vs. Fourth Quarter 2025

Income tax expense increased by $189 thousand to $2.7 million, with the effective tax rate rising to 27.0% from 26.1%.

First Quarter 2026 vs. First Quarter 2025

Income tax expense increased by $552 thousand to $2.7 million, with the effective tax rate declining to 27.0% from 27.6%. The increase in income tax expense was primarily attributable to higher pre-tax income.

BALANCE SHEET HIGHLIGHTS

Loans



($ in thousands)	As of						% Change 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
CRE	$	1,173,366	$	1,132,223	$	1,023,278	4	%	15	%
SBA	284,182		264,523		258,778		7		10
C&I	219,367		221,270		202,250		(1)		8
Home mortgage	556,952		574,300		559,543		(3)		0
Consumer & other	392		1,353		36		(71)		989
Gross loans	$	2,234,259	$	2,193,669	$	2,043,885	2	%	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 1Q2026 vs.
	1Q2026				4Q2025				1Q2025				4Q2025		1Q2025
	Amount		Rate		Amount		Rate		Amount		Rate
CRE	$	83,333	6.48	%	$	75,750	6.60	%	$	69,889	7.03	%	10	%	19	%
SBA	33,528		7.99		26,748		8.52		18,206		8.81		25		84
C&I	8,489		7.00		6,870		6.57		506		8.18		24		1578
Home mortgage	7,059		6.03		7,020		6.45		74,004		6.42		1		(90)
Consumer and other	—		—		—		—		40		6.05		—		(100)
Gross loans (1)	$	132,409	6.87	%	$	116,388	7.03	%	$	162,645	6.95	%	14	%	(19)	%

(1)Excludes changes in line utilization.

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



($ in thousands)	For the Three Months Ended
	1Q2026		4Q2025		1Q2025

Beginning Balance	$	2,193,669	$	2,151,217	$	1,956,852
Originations	132,409		116,388		162,645
Net change in line utilization	28,712		34,191		12,841
Purchases	—		1,014		12,028
Sales	(29,438)		(28,549)		(36,086)
Payoffs & paydowns	(98,703)		(82,365)		(65,621)
Other	7,610		1,773		1,226
Total	40,590		42,452		87,033
Ending balance	$	2,234,259	$	2,193,669	$	2,043,885

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
	1Q2026				4Q2025				1Q2025
	%		Rate		%		Rate		%		Rate
Fixed rate	29	%	5.70	%	31	%	5.65	%	33	%	5.53	%
Hybrid rate	40		6.00		40		5.93		37		5.71
Variable rate	31		6.86		29		7.22		30		7.86
Gross loans	100	%	6.18	%	100	%	6.22	%	100	%	6.29	%

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 March 31, 2026
	Within One Year				One Year Through Five Years				After Five Years				Total
	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Fixed rate	$	183,123	5.72	%	$	282,353	6.26	%	$	182,259	4.82	%	$	647,735	5.70	%
Hybrid rate	—		—		189,039		4.94		712,525		6.28		901,564		6.00
Variable rate	108,892		7.00		197,491		6.78		378,577		6.87		684,960		6.86
Gross loans	$	292,015	6.20	%	$	668,883	6.04	%	$	1,273,361	6.25	%	$	2,234,259	6.18	%

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 1Q2026 vs.
	1Q2026		4Q2025		1Q2025		4Q2025		1Q2025
Allowance for credit losses on loans, beginning	$	27,975	$	27,299	$	24,796	$	676	$	3,179
Provision for credit losses on loans	400		518		687		(118)		(287)
Gross charge-offs	(31)		—		(130)		(31)		99
Gross recoveries	62		158		15		(96)		47
Net recoveries (charge-offs)	31		158		(115)		(127)		146
Allowance for credit losses on loans, ending	$	28,406	$	27,975	$	25,368	$	431	$	3,038

Allowance for credit losses on off-balance sheet exposure, beginning	$	274	$	329	$	360	$	(55)	$	(86)
Provision for (reversal of) credit losses on off-balance sheet exposure	12		(55)		49		67		(37)
Allowance for credit losses on off-balance sheet exposure, ending	$	286	$	274	$	409	$	12	$	(123)

Asset Quality



($ in thousands)	As of and For the Three Months Ended									% or Basis Point Change 1Q2026 vs.
	1Q2026			4Q2025			1Q2025			4Q2025		1Q2025
Accruing loans 30-89 days past due (1)	$	9,311		$	6,292		$	6,452		48	%	44	%
As a % of gross loans	0.42		%	0.29		%	0.32		%	13 bps		10 bps

Nonperforming loans (2)	$	18,297		$	14,071		$	10,412		30	%	76	%
Nonperforming assets (2)	18,297			14,071			11,649			30		57
Nonperforming loans to gross loans	0.82		%	0.64		%	0.51		%	18 bps		31 bps
Nonperforming assets to total assets	0.68			0.53			0.46			15 bps		22 bps

Criticized loans (3)(4)	$	33,235		$	32,060		$	23,055		3.7	%	44.2	%
Criticized loans to gross loans	1.49		%	1.46		%	1.13		%	3 bps		36 bps

Allowance for credit losses ratios:
As a % of gross loans	1.27		%	1.28		%	1.24		%	(1) bps		3 bps
As a % of nonperforming loans	155			199			244			(44)	%	(89)	%
As a % of nonperforming assets	155			199			218			(44)		(63)
As a % of criticized loans	85			87			110			(2)		(25)
Net (recoveries) charge-offs (5) to average gross loans	(0.01)			(0.03)			0.02			2 bps		(3) bps

(1)Excludes the guaranteed portion of loans totaling $947 thousand and $3.2 million as of March 31, 2026 and December 31, 2025, respectively. There were no guaranteed portion as of March 31, 2025.

(2)Excludes the guaranteed portion of loans totaling $30.8 million, $20.9 million and $14.3 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)Excludes the guaranteed portion of loans totaling $35.9 million, $27.3 million and $17.2 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(4)Consists of special mention, substandard, doubtful and loss categories.

(5)Annualized.

Credit quality remained manageable during the period. The increase in nonperforming loans was primarily driven by a single isolated relationship, while overall credit performance continued to be stable. The allowance for credit losses on loans remained adequate at 1.27% of gross loans.

◦Accruing loans 30-89 days past-due increased by $3.0 million, primarily driven by $6.8 million inflows into this category, mainly SBA loans. This increase was partially offset by $2.3 million of SBA loans moving to nonaccrual status and $1.5 million returning to the 29-days-or-less past-due category.

◦Nonperforming loans increased by $4.2 million, primarily driven by a single $4.1 million CRE relationship that migrated to nonaccrual. This loan is currently in active resolution and is expected to be fully paid off by the second quarter of 2026.

◦Criticized loans increased by $1.2 million, primarily attributable to $2.9 million in loan downgrades. This increase was partially offset by an $872 thousand SBA note sale and $589 thousand in home mortgage loan payoffs.

Deposits



($ in thousands)	As of												% Change 1Q2026 vs.
	1Q2026				4Q2025				1Q2025
	Amount		%		Amount		%		Amount		%		4Q2025		1Q2025
Noninterest-bearing deposits	$	546,550	24	%	$	520,865	23	%	$	552,797	25	%	5	%	(1)	%
Money market deposits and others	398,756		17		388,066		17		385,080		18		3		4
Time deposits	1,381,988		59		1,371,616		60		1,251,994		57		1		10
Total deposits	$	2,327,294	100	%	$	2,280,547	100	%	$	2,189,871	100	%	2	%	6	%

Estimated uninsured deposits	$	1,154,625	50	%	$	1,093,843	48	%	$	1,072,753	49	%	6	%	8	%

As of March 31, 2026 vs. December 31, 2025

Total deposits increased by $46.7 million or 2%, reflecting growth across all major deposit categories. The growth in noninterest-bearing deposits reflects both new account openings and higher balances from existing customers. The increase in money market deposits and others was primarily due to higher balances from existing customers. Time deposit growth was largely attributable to new retail customers opening accounts, partially offset by a decline in wholesale CD balances.

As of March 31, 2026 vs. March 31, 2025

Total deposits increased by $137.4 million or 6%, primarily driven by growth of $130.0 million in time deposits. The increase in time deposits was largely due to new customers opening CD accounts, reflecting a preference for higher-yielding products.

The following table sets forth the maturity of time deposits as of March 31, 2026:



	As of March 31, 2026
($ 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)	$	159,075		$	286,942		$	157,995		$	138,438		$	703		$	743,153
Time deposits ($250 or less)	303,647			159,114			99,555			74,733			1,786			638,835
Total time deposits	$	462,722		$	446,056		$	257,550		$	213,171		$	2,489		$	1,381,988
Weighted average rate	3.99		%	3.92		%	4.01		%	3.78		%	1.86		%	3.94		%

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, including the Federal Reserve. The following table presents the Company's liquid assets and available borrowings as of dates presented:



($ in thousands)	1Q2026			4Q2025			1Q2025
Liquidity Assets:
Cash and cash equivalents	$	160,260		$	167,311		$	198,861
Available-for-sale ("AFS") debt securities	209,006			192,785			182,480
Liquid assets	$	369,266		$	360,096		$	381,341
Liquid assets to total assets	14		%	14		%	15		%

Available Borrowings:
Federal Home Loan Bank ("FHLB") —San Francisco	$	417,723		$	443,629		$	381,456
Federal Reserve Bank	204,140			208,859			217,563
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	$	721,863		$	752,488		$	699,019
Total available borrowings to total assets	27		%	28		%	28		%

Liquid assets and available borrowings to total deposits	47		%	49		%	49		%

Capital and Capital Ratios

On April 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share, representing a 17% increase from the prior quarterly dividend of $0.12 per share, on its common stock. The dividend is payable on or about May 21, 2026, to shareholders of record as of the close of business on May 7, 2026. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. During the first quarter of 2026, no shares were repurchased under the repurchase program approved in August 2025.



	OP Bancorp(1)		Open Bank		Well- Capitalized Requirement		Minimum Capital Ratio+ Conservation Buffer(2)
Risk-Based Capital Ratios (3):
Total capital	13.17	%	13.18	%	10.00	%	10.50	%
Tier 1 capital	10.82		11.93		8.00		8.50
CET1 capital	10.82		11.93		6.50		7.00
Tier 1 leverage	9.07		10.00		5.00		4.00

(1)The capital requirements are only applicable to the Bank. The Company's ratios are included solely 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 March 31, 2026 regulatory capital ratios and risk-weighted assets are preliminary.



OP Bancorp											% or Basis Point Change 1Q2026 vs.
	1Q2026				4Q2025			1Q2025			4Q2025		1Q2025
Risk-Based Capital Ratios:
Total capital	13.17		%	(1)	13.31		%	12.22		%	(14) bps		95 bps
Tier 1 capital	10.82			(1)	10.93			10.97			(11) bps		(15) bps
CET1 capital	10.82			(1)	10.93			10.97			(11) bps		(15) bps
Tier 1 leverage	9.07			(1)	8.99			9.22			8 bps		(15) bps
Risk-weighted Assets ($ in thousands)	$	2,245,233		(1)	$	2,174,801		$	2,034,969		3	%	10	%

(1)The Company’s March 31, 2026 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 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 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

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 I, Item 1A, of our Annual Report on Form 10-K for the period ended December 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.

Contact

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com

CONSOLIDATED BALANCE SHEETS (unaudited)



($ in thousands)	As of									% Change 1Q2026 vs.
	1Q2026			4Q2025			1Q2025			4Q2025		1Q2025
Assets
Cash and due from banks	$	12,842		$	10,911		$	12,575		18	%	2	%
Interest-bearing deposits with banks	147,418			156,400			186,286			(6)		(21)
Cash and cash equivalents	160,260			167,311			198,861			(4)		(19)
AFS debt securities, at fair value	209,006			192,785			182,480			8		15
Other investments	17,213			17,208			16,517			0		4
Loans held-for-sale	9,498			11,443			4,555			(17)		109
CRE	1,173,366			1,132,223			1,023,278			4		15
SBA	284,182			264,523			258,778			7		10
C&I	219,367			221,270			202,250			(1)		8
Home mortgage	556,952			574,300			559,543			(3)		0
Consumer and other	392			1,353			36			(71)		NM
Gross loans	2,234,259			2,193,669			2,043,885			2		9
Allowance for credit losses on loans	(28,406)			(27,975)			(25,368)			2		12
Net loans	2,205,853			2,165,694			2,018,517			2		9
Premises and equipment, net	5,516			5,744			6,526			(4)		(15)
Accrued interest receivable	10,683			10,482			9,871			2		8
Servicing assets	9,834			10,057			10,848			(2)		(9)
Company owned life insurance	23,794			23,616			23,084			1		3
Deferred tax assets, net	12,417			12,438			13,183			0		(6)
Other real estate owned ("OREO")	—			—			1,237			—		(100)
Operating right-of-use assets	8,253			8,804			6,930			(6)		19
Other assets	26,300			24,644			20,362			7		29
Total assets	$	2,698,627		$	2,650,226		$	2,512,971		2	%	7	%
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing	$	546,550		$	520,865		$	552,797		5	%	(1)	%
Money market and others	398,756			388,066			385,080			3		4
Time deposits greater than $250	743,153			683,956			610,783			9		22
Other time deposits	638,835			687,660			641,211			(7)		0
Total deposits	2,327,294			2,280,547			2,189,871			2		6
FHLB advances	75,000			75,000			75,000			—		—
Subordinated note	24,607			24,586			—			0		NM
Accrued interest payable	15,181			14,595			14,994			4		1
Operating lease liabilities	10,508			11,175			9,193			(6)		14
Other liabilities	13,326			16,430			13,824			(19)		(4)
Total liabilities	2,465,916			2,422,333			2,302,882			2		7
Shareholders' equity:
Common stock	73,018			73,018			73,697			—		(1)
Additional paid-in capital	11,995			11,849			11,371			1		5
Retained earnings	158,730			153,283			138,563			4		15
Accumulated other comprehensive loss, net of tax	(11,032)			(10,257)			(13,542)			8		(19)
Total shareholders’ equity	232,711			227,893			210,089			2		11
Total liabilities and shareholders' equity	$	2,698,627		$	2,650,226		$	2,512,971		2	%	7	%

Shares of common stock outstanding, at period-end	14,894,239			14,889,540			14,914,261			0	%	0	%
Book value per share	$	15.62		$	15.31		$	14.09		2	%	11	%
Stockholders' equity to asset ratio	8.62		%	8.60		%	8.36		%	0	%	3	%

NM — Not meaningful

CONSOLIDATED STATEMENTS OF INCOME (unaudited)



($ in thousands, except share and per share data)	For the Three Months Ended									% or Basis Point Change 1Q2026 vs.
	1Q2026			4Q2025			1Q2025			4Q2025		1Q2025
Interest income
Interest and fees on loans	$	34,879		$	35,921		$	31,689		(3)	%	10	%
Interest on AFS debt securities	1,761			1,680			1,496			5		18
Other interest income	1,897			1,681			1,674			13		13
Total interest income	38,537			39,282			34,859			(2)		11
Interest expense
Interest on deposits	16,845			17,324			16,608			(3)		1
Interest on borrowings	679			817			833			(17)		(18)
Interest on subordinated note	490			278			—			76		100
Total interest expense	18,014			18,419			17,441			(2)		3
Net interest income	20,523			20,863			17,418			(2)		18
Provision for credit losses	412			463			736			(11)		(44)
Net interest income after provision for credit losses	20,111			20,400			16,682			(1)		21
Noninterest income
Service charges on deposits	463			462			1,000			0		(54)
Loan servicing fees, net of amortization	722			650			1,007			11		(28)
Gains on sale of loans	2,050			1,573			2,019			30		2
Other income	797			733			790			9		1
Total noninterest income	4,032			3,418			4,816			18		(16)
Noninterest expense
Salaries and employee benefits	9,276			9,244			8,776			0		6
Occupancy and equipment	1,811			1,919			1,581			(6)		15
Data processing and communication	411			591			296			(30)		39
Professional fees	399			549			407			(27)		(2)
FDIC insurance and regulatory assessments	418			362			487			15		(14)
Promotion and advertising	120			(9)			156			NM		(23)
Directors’ fees	144			148			180			(3)		(20)
Foundation donation and other contributions	725			707			556			3		30
Other expenses	929			782			1,375			19		(32)
Total noninterest expense	14,233			14,293			13,814			0		3
Income before income tax expense	9,910			9,525			7,684			4		29
Income tax expense	2,676			2,487			2,124			8		26
Net income	$	7,234		$	7,038		$	5,560		3	%	30	%

EPS - basic	0.49			0.47			0.37			2	bps	12	bps
EPS - diluted	0.48			0.47			0.37			1	bps	11	bps

Weighted average shares:
- Basic	14,890,929			14,886,681			14,857,234			0	%	0	%
- Diluted	14,930,173			14,915,677			14,857,234			0		0

ROAA (1)	1.08		%	1.07		%	0.92		%	1 bps		16 bps
ROAE (1)	12.56			12.53			10.73			3 bps		183 bps
Efficiency ratio (2)	57.97			58.87			62.13			(90) bps		(416) bps

NM — Not meaningful

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

ASSET QUALITY



($ in thousands)	As of and For the Three Months Ended
	1Q2026			4Q2025			1Q2025
Nonaccrual loans (1)(2)	$	18,297		$	14,071		$	10,412
Loans 90 days or more past due, accruing	—			—			—

Nonperforming loans	18,297			14,071			10,412
OREO	—			—			1,237
Nonperforming assets	$	18,297		$	14,071		$	11,649

Criticized loans (3) by risk categories:
Special mention loans	$	10,141		$	10,885		$	7,190
Classified loans (4)	23,094			21,175			15,865
Total criticized loans	$	33,235		$	32,060		$	23,055

Nonperforming loans to gross loans	0.82		%	0.64		%	0.51		%
Nonperforming assets to gross loans & OREO	0.82			0.64			0.57
Nonperforming assets to total assets	0.68			0.53			0.46
Classified loans to gross loans	1.03			0.97			0.78
Criticized loans to gross loans	1.49			1.46			1.13

Allowance for credit losses ratios:
As a % of gross loans	1.27		%	1.28		%	1.24		%
As a % of nonperforming loans	155			199			244
As a % of nonperforming assets	155			199			218
As a % of classified loans	123			132			160
As a % of criticized loans	85			87			110

Net (recoveries) charge-offs	$	(31)		$	(158)		$	115
Net (recoveries) charge-offs (5) to average gross loans	(0.01)		%	(0.03)		%	0.02		%

(1)Excludes loans held-for-sale.

(2)Excludes the guaranteed portion of loans totaling $30.8 million, $20.9 million and $14.3 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)Excludes the guaranteed portion of loans totaling $35.9 million, $27.3 million and $17.2 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(4)Consists of substandard, doubtful and loss categories.

(5)Annualized.



($ in thousands)	1Q2026		4Q2025		1Q2025
Accruing delinquent loans 30-89 days past due by loan type (1) :
CRE	$	—	$	—	$	—
SBA	5,374		2,562		2,483
C&I	9		—		—
Home mortgage	3,911		557		3,969
Total 30-59 days	9,294		3,119		6,452

CRE	—		—		—
SBA	—		1,168		—
C&I	17		—		—
Home mortgage	—		2,005		—
Total 60-89 days	17		3,173		—

CRE	—		—		—
SBA	5,374		3,730		2,483
C&I	26		—		—
Home mortgage	3,911		2,562		3,969
Total accruing delinquent loans 30-89 days past due	$	9,311	$	6,292	$	6,452

Nonaccrual loans (2) by loan type:
CRE	$	7,307	$	3,424	$	1,937
SBA	10,597		9,840		6,371
C&I	393		218		—
Home mortgage	—		589		2,104
Total nonaccrual	$	18,297	$	14,071	$	10,412

Criticized loans(3) by loan type:
CRE	$	10,057	$	10,364	$	8,988
SBA	20,016		18,218		11,574
C&I	1,620		1,338		389
Home mortgage	1,542		2,140		2,104
Total criticized	$	33,235	$	32,060	$	23,055

(1)Excludes the guaranteed portion of loans totaling $947 thousand and $3.2 million as of March 31, 2026 and December 31, 2025, respectively. There was no guaranteed portion as of March 31, 2025.

(2)Excludes the guaranteed portion of loans that were in liquidation totaling $30.8 million, $20.9 million and $14.3 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)Excludes the guaranteed portion of loans that were in liquidation totaling $35.9 million, $27.3 million and $17.2 million as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS



	For the Three Months Ended
	1Q2026						4Q2025						1Q2025
($ 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	$	145,013	$	1,326	3.66	%	$	135,883	$	1,360	3.92	%	$	124,069	$	1,372	4.42	%
Other investments	17,232		571		13.24		17,186		321		7.46		16,469		302		7.33
AFS debt securities, at fair value	205,247		1,761		3.43		198,335		1,680		3.39		184,649		1,496		3.24
CRE	1,154,515		17,814		6.26		1,119,031		17,616		6.25		1,000,426		14,980		6.07
SBA	292,821		5,980		8.28		282,501		6,557		9.21		265,953		6,207		9.47
C&I	212,941		3,552		6.77		220,274		3,846		6.93		212,106		3,778		7.22
Home mortgage	565,185		7,508		5.31		581,824		7,889		5.42		526,326		6,718		5.11
Consumer and other	1,287		25		7.99		602		13		8.75		233		6		9.75
Loans (2)	2,226,749		34,879		6.33		2,204,232		35,921		6.48		2,005,044		31,689		6.39
Total interest-earning assets	2,594,241		38,537		6.00		2,555,636		39,282		6.11		2,330,231		34,859		6.04
Noninterest-earning assets	76,830						79,743						77,823
Total assets	$	2,671,071					$	2,635,379					$	2,408,054

Interest-bearing liabilities:
Money market deposits and others	$	393,242	$	3,009	3.10	%	$	389,958	$	3,241	3.30	%	$	353,804	$	3,085	3.54	%
Time deposits	1,390,491		13,836		4.04		1,342,337		14,083		4.16		1,208,032		13,523		4.54
Total interest-bearing deposits	1,783,733		16,845		3.83		1,732,295		17,324		3.97		1,561,836		16,608		4.31
Borrowings	75,834		679		3.63		86,905		817		3.73		78,944		833		4.28
Subordinated note	24,600		490		7.97		13,896		278		7.99		—		—		—
Total interest-bearing liabilities	1,884,167		18,014		3.88		1,833,096		18,419		3.99		1,640,780		17,441		4.31
Noninterest-bearing liabilities:
Noninterest-bearing deposits	516,722						532,695						522,054
Other noninterest-bearing liabilities	39,756						44,985						38,014
Total noninterest-bearing liabilities	556,478						577,680						560,068
Shareholders’ equity	230,426						224,603						207,206
Total liabilities and shareholders’ equity	$	2,671,071					$	2,635,379					$	2,408,054

Net interest income / interest rate spreads			$	20,523	2.12	%			$	20,863	2.12	%			$	17,418	1.73	%
Net interest margin					3.19	%					3.25	%					3.01	%

Cost of deposits & cost of funds:
Total deposits / cost of deposits	$	2,300,455	$	16,845	2.97	%	$	2,264,990	$	17,324	3.03	%	$	2,083,890	$	16,608	3.23	%
Total funding liabilities / cost of funds	2,400,889		18,014		3.04		2,365,791		18,419		3.09		2,162,834		17,441		3.27

(1)Annualized.

(2)Includes loans held-for-sale.

First Quarter 2026 Earnings Presentation April 23, 2026

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 I, Item 1A, of our Annual Report on Form 10-K for the period ended December 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. Cautionary Note Regarding Forward-Looking Statements 2

1Q-2026 Highlights vs 4Q-2025 3 (1) Annualized. (2) Excludes the guaranteed portion of SBA loans that are in liquidation. (3) Includes special mention, substandard, doubtful, and loss categories. Net Income $7.2M Earnings & Profitability Balance Sheet Growth Credit Quality Capital Adequacy • Net income of $7.2 million, compared to $7.0 million • Diluted earnings per share of $0.48, compared to $0.47 • ROA(1) and ROE(1) of 1.08% and 12.56%, compared to 1.07% and 12.53%, respectively • Net interest margin of 3.19%, compared to 3.25% • Efficiency ratio of 57.97%, compared to 58.87% • Total assets of $2.70 billion, a 2% increase compared to $2.65 billion • Gross loans of $2.23 billion, a 2% increase compared to $2.19 billion • Total deposits of $2.33 billion, a 2% increase compared to $2.28 billion • Net (charge-offs) (1) to average gross loans of (0.01)%, compared to (0.03)% • Nonperforming loans (2) to gross loans of 0.82%, compared to 0.64%. • Criticized loans(2)(3) to gross loans of 1.49%, compared to 1.46% • Remained well-capitalized with a Common Equity Tier 1 (“CET1”) ratio of 10.82% • Book value per common share increased to $15.62, compared to $15.31 • Paid quarterly cash dividend of $0.14 per share, a 17% increase from the prior dividend of $0.12 per share Diluted EPS $0.48 ROA (1) 1.08% ROE (1) 12.56% NIM 3.19% Efficiency 57.97%

Balance Sheet Trend 4 Gross Loans ($mm)Total Assets ($mm) Total Equity ($mm) & Book Value Per Share ($)Total Deposits ($mm)

Loan Trend 5 Loan Originations* ($mm)Loan Composition ($mm) Loan Yields (%) Commercial Real Estate Concentration (%) * Excludes changes in line utilization.

Loan by Interest Rate Type 6 Hybrid Loan Repricing Schedule ($mm)Composition by Interest Rate Type (%) Contractual Rates by Interest Rate Type (%) Loan Maturity Schedule ($mm)

* Based on Call Report definitions, which includes real estate loans and SBA real estate loans. Commercial Real Estate Portfolio 7 CRE* Portfolio by Property TypeCRE* Portfolio by Collateral Type March 31, 2026 ($1.37 billion)

* Based on Call Report definitions, which includes real estate loans and SBA real estate loans. ** Excludes SBA loans and USDA loans. Commercial Real Estate Portfolio 8 CRE Portfolio ** by Loan-to-Value Ratio (LTV)CRE Portfolio * by Location

Home Loan Portfolio 9 Home Loan Portfolio by LTVHome Loan Portfolio by Location Home Loan Portfolio by Occupancy Type March 31, 2026 ($557 million)

SBA Loans 10 SBA Portfolio by IndustrySBA Portfolio by Location March 31, 2026 ($284 million)

* Excludes $23.5 million in SBA C&I loans. SBA Loans 11 SBA Portfolio by Collateral TypeSBA Portfolio* by LTV

Deposit Trend 12 Noninterest Bearing Deposits ($mm)Deposit Composition ($mm) Cost of Deposits (%) CD Maturity Schedule ($mm)

Earnings & Profitability 13 Noninterest Income ($mm)Net Interest Income ($mm) & Net Interest Margin (%) * Interest Income & Interest Expense ($mm) Noninterest Income Components ($mm) * Annualized.

Earnings & Profitability 14 Efficiency Ratio (%)Noninterest Expense ($mm) Noninterest Expense Components ($mm) Efficiency Ratio Components (%) * * Ratios for Efficiency Ratio Components are percentages of average assets and are annualized.

Earnings & Profitability 15 Pre-Provision Net Revenue ($mm)*Provision for Loan Losses ($mm) Net Income ($mm) & Diluted EPS ($) Return on Assets & Return on Equity (%) * Pre-provision net revenue is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures on Page 19.

Source: Target Fed Funds Rate per Federal Open Market Committee guidance. Net Interest Margin Trend 16

Credit Quality 17 Criticized Loans ($mm)Nonperforming Loans ($mm) Net (Charge-Offs)** ($mm)Allowance for Credit Losses* ($mm) * Exclude the guaranteed portion of SBA loans that are in liquidation. ** Annualized

Liquidity & Capital 18 Total Available Liquidity* ($mm)Liquidity Assets ($mm) Tier 1 Leverage ($mm) Total Risk Based Capital ($mm) * Represent the sum of liquid assets and available borrowings.

Non-GAAP Reconciliation 19


California	001-38437	81-3114676
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1000 Wilshire Blvd, Suite 500, Los Angeles, CA		90017
(Address of principal executive offices)		(Zip Code)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit Number						Exhibit Description
99.1						Press Release, dated April 23, 2026 - First Quarter 2026 Results

99.2						Press Release, dated April 23, 2026 - Dividend Declaration

99.3						Earnings Presentation - First Quarter 2026 Results

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


	OP Bancorp

Date: April 23, 2026	By:	/s/ Jaehyun Park
		Jaehyun Park
		Executive Vice President and
		Chief Financial Officer