OP Bancorp OPBK
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2M | $3.3M | $2.1M | $1.7M | $1.6M | $1.4M | $2.0M | $1.9M | $1.7M | $1.3M |
| Interest expense | $78.3M | $65.6M | $68.7M | $76.9M | $3.1M | $8.3M | $14.5M | $9.1M | $4.6M | $3.4M |
| Pre-tax income | $35.3M | $29.1M | $33.5M | $46.7M | $40.7M | $18.2M | $22.1M | $19.5M | $17.1M | $12.3M |
| Income tax | $9.7M | $8.0M | $9.6M | $13.4M | $11.8M | $5.1M | $5.3M | $5.2M | $7.9M | $4.9M |
| Net income | $25.6M | $21.1M | $23.9M | $33.3M | $28.8M | $13.1M | $16.8M | $14.3M | $9.2M | $7.4M |
| EPS, basic | 1.72 | 1.39 | 1.55 | 2.15 | 1.89 | 0.85 | 1.04 | 0.92 | 0.68 | 0.55 |
| EPS, diluted | 1.72 | 1.39 | 1.55 | 2.14 | 1.88 | 0.85 | 1.03 | 0.89 | 0.66 | 0.53 |
| Shares, diluted (wtd. avg.) | $14.9M | $14.9M | $15.2M | $15.2M | $15.2M | $15.2M | $15.9M | $15.6M | $13.5M | $13.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $167.3M | $134.9M | $91.2M | $83.0M | $115.5M | $106.3M | $85.9M | $77.6M | $63.2M | $20.1M |
| Property, plant and equipment | $5.7M | $5.4M | $5.2M | $4.4M | $4.4M | $4.5M | $5.2M | $4.6M | $4.5M | — |
| Total assets | $2.65B | $2.37B | $2.15B | $2.09B | $1.73B | $1.37B | $1.18B | $1.04B | $901.0M | — |
| Total liabilities | $2.42B | $2.16B | $1.96B | $1.92B | $1.56B | $1.22B | $1.04B | $914.4M | $809.5M | — |
| Retained earnings | $153.3M | $134.8M | $120.9M | $105.7M | $79.1M | $55.3M | $46.5M | $32.9M | $18.6M | — |
| Total equity | $227.9M | $205.0M | $192.6M | $176.9M | $165.2M | $143.4M | $140.6M | $129.8M | $91.5M | $81.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26.2M | $31.2M | $67.8M | $83.7M | -$28.3M | -$4.9M | $19.0M | $30.6M | -$2.1M | $10.6M |
| Depreciation and amortisation | $1.4M | $1.4M | $1.3M | $1.4M | $1.3M | $1.3M | $1.1M | $1.0M | $1.0M | $940.0K |
| Stock-based compensation | $699.0K | $1.2M | $1.3M | $1.2M | $558.0K | $1.1M | $1.5M | $969.0K | $668.0K | $1.2M |
| Capital expenditure | $2.8M | $1.6M | $2.2M | $1.4M | $1.1M | $619.0K | $1.7M | $1.2M | $421.0K | $259.0K |
| Investing cash flow | -$243.0M | -$187.3M | -$75.9M | -$461.8M | -$286.0M | -$147.1M | -$118.0M | -$146.3M | -$81.7M | -$160.1M |
| Financing cash flow | $249.2M | $199.8M | $16.4M | $345.6M | $323.5M | $172.3M | $107.4M | $130.2M | $126.9M | $132.2M |
| Dividends paid | $7.1M | $7.1M | $7.3M | $6.7M | $5.1M | $4.3M | $3.2M | — | — | — |
| Buybacks | $706.0K | $2.7M | $3.9M | $0 | $28.0K | $8.1M | $5.4M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001722010-26-000006.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |