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OP Bancorp (OPBK) has submitted its annual report on Form 10-K filing for the year ended December 31, 2024.
The filing includes financial statements for the year, showing total assets of $2.37 billion, an increase from $2.15 billion the previous year. Total deposits increased to $2.03 billion from $1.81 billion.
Net interest income for the year was $65.6 million, down from $68.7 million in 2023. The decrease was primarily due to higher interest expenses on deposits.
The company reported net income of $21.1 million, or $1.39 per diluted share, compared to $23.9 million, or $1.55 per diluted share, in the previous year.
The provision for credit losses was $2.8 million, reflecting an increase from $1.7 million in 2023, due to changes in economic conditions and loan portfolio composition.
Noninterest income increased to $16.4 million from $14.2 million, driven by higher service charges on deposits and gains on the sale of loans.
Noninterest expenses rose to $50.2 million from $47.7 million, primarily due to increased salaries and employee benefits.
The company maintained a strong capital position, with a total risk-based capital ratio of 12.60% and a Tier 1 leverage ratio of 9.27%.
OP Bancorp operates through its subsidiary, Open Bank, with branches in California, Texas, and Nevada, focusing on the Korean-American community.
The company continues to focus on organic growth and maintaining a strong deposit base, with plans for strategic branch expansion in Korean-American populated areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OP Bancorp annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.