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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 10-Q

________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-38437

OP BANCORP

(Exact name of registrant as specified in its charter)


California						81-3114676
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
1000 Wilshire Blvd., Suite 500, Los Angeles, CA						90017
(Address of principal executive offices)						(Zip Code)

(213) 892-9999

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

OPBK

Nasdaq Global Market

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares outstanding of the Registrant’s Common Stock as of October 31, 2025 was 14,885,614.

Table of Contents


	Forward-Looking Statements	1

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Income	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Changes in Shareholders' Equity	5
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements (Unaudited)	7
	1 — Business and Basis of Presentation	7
	2 — Securities	8
	3 — Loans and Allowance for Credit Losses on Loans	10
	4 — Premises and Equipment	20
	5 — Servicing Assets	20

	6 — Borrowing Arrangements	21
	7 — Income Taxes	21
	8 — Commitments and Contingencies	21
	9 — Stock-based Compensation Plan	23
	10 — Fair Value of Financial Instruments	24
	11 — Derivative Financial Instruments	28
	12 — Regulatory Capital Matters	31
	13 — Earnings Per Share	33
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	57

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	71
Item 5.	Other Information	71
Item 6.	Exhibits	72

SIGNATURES		73

INTRODUCTION

This Quarterly Report on Form 10-Q (this "Form 10-Q") is filed by OP Bancorp, a California corporation and a registered bank holding company (“Company”) with respect to its consolidated financial condition, results of operations, and business as of September 30, 2025. The Company’s primary business operations are conducted through its wholly owned subsidiary, Open Bank, a California chartered commercial bank (“Bank”), and unless the context requires otherwise, statements about the Company generally are intended to describe the consolidated operations of the Company and the Bank.

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. 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 that 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 this Form 10-Q, 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.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

OP BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS



($ in thousands)	September 30, 2025 (Unaudited)		December 31, 2024
ASSETS
Cash and due from banks	$	10,931	$	12,267
Interest-bearing deposits with banks	155,817		122,676
Cash and cash equivalents	166,748		134,943
Available-for-sale ("AFS") debt securities, at fair value	200,760		185,909
Other investments	17,164		16,437
Loans held-for-sale	6,480		4,581
Net loans (net of allowance for credit losses on loans of $27,299 and $24,796)	2,123,918		1,932,056
Premises and equipment, net	6,995		5,449
Accrued interest receivable	10,337		9,188
Servicing assets	10,429		10,834
Company owned life insurance	23,437		22,912
Deferred tax assets, net	12,099		14,893
Other real estate owned ("OREO")	845		1,237
Operating right-of-use assets	9,347		7,415
Other assets	25,655		20,159
TOTAL ASSETS	$	2,614,214	$	2,366,013

LIABILITIES
Deposits:
Noninterest-bearing	$	543,972	$	504,928
Interest-bearing:
Money market and others	402,891		329,095
Time deposits greater than $250	667,883		565,813
Other time deposits	658,671		627,449
Total deposits	2,273,417		2,027,285
Federal Home Loan Bank ("FHLB") advances	75,000		95,000
Accrued interest payable	15,968		16,067
Operating lease liabilities	11,826		7,857
Other liabilities	16,504		14,811
Total liabilities	2,392,715		2,161,020
SHAREHOLDERS' EQUITY
Preferred stock – no par value; 10,000,000 shares authorized; no shares issued or outstanding	—		—
Common stock – no par value; 50,000,000 shares authorized; 14,885,614 and 14,819,866 shares issued and outstanding	72,984		73,697
Additional paid-in capital	11,658		11,928
Retained earnings	148,031		134,781
Accumulated other comprehensive loss, net of tax	(11,174)		(15,413)
Total shareholders’ equity	221,499		204,993
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,614,214	$	2,366,013

See accompanying notes to unaudited consolidated financial statements

OP BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands, except per share data)	2025		2024		2025		2024
INTEREST INCOME
Interest and fees on loans	$	35,001	$	31,885	$	100,953	$	92,632
Interest on AFS debt securities	1,699		1,626		4,632		4,676
Other interest income	1,822		1,788		5,461		5,261
Total interest income	38,522		35,299		111,046		102,569
Interest expense
Interest on deposits	17,442		17,921		51,525		50,939
Interest on borrowings	734		872		2,036		2,951
Total interest expense	18,176		18,793		53,561		53,890
Net interest income	20,346		16,506		57,485		48,679
Provision for credit losses	1,175		448		3,117		1,210
Net interest income after provision for credit losses	19,171		16,058		54,368		47,469
NONINTEREST INCOME
Service charges on deposits	725		889		2,742		2,294
Loan servicing fees, net of amortization	724		693		2,631		2,040
Gains on sale of loans	2,037		2,088		5,497		6,116
Other income	644		570		2,044		1,560
Total noninterest income	4,130		4,240		12,914		12,010
NONINTEREST EXPENSE
Salaries and employee benefits	8,892		8,031		26,743		23,440
Occupancy and equipment	1,676		1,676		4,841		4,991
Data processing and communication	263		634		865		1,651
Professional fees	419		346		1,244		1,147
FDIC insurance and regulatory assessments	428		391		1,421		1,143
Promotion and advertising	126		151		514		451
Directors’ fees	151		154		529		489
Foundation donation and other contributions	671		549		1,863		1,628
Other expenses	1,003		788		3,460		2,126
Total noninterest expense	13,629		12,720		41,480		37,066
INCOME BEFORE INCOME TAX EXPENSE	9,672		7,578		25,802		22,413
Income tax expense	2,969		2,142		7,206		6,315
NET INCOME	$	6,703	$	5,436	$	18,596	$	16,098
BASIC EARNINGS PER SHARE ("EPS")	$	0.45	$	0.36	$	1.25	$	1.06
DILUTED EPS	$	0.45	$	0.36	$	1.25	$	1.06

See accompanying notes to unaudited consolidated financial statements

OP BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Net income	$	6,703	$	5,436	$	18,596	$	16,098
Other comprehensive income (loss), net of tax:
Net change in AFS debt securities	2,652		5,101		4,699		3,673
Net change in cash flow hedges	38		(1,283)		(460)		(1,617)
Other comprehensive income	2,690		3,818		4,239		2,056
COMPREHENSIVE INCOME	$	9,393	$	9,254	$	22,835	$	18,154

See accompanying notes to unaudited consolidated financial statements

OP BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)



	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
($ in thousands, except per share data)	Shares Outstanding	Amount
Balance at July 1, 2025	14,885,614	$	72,984	$	11,484	$	143,114	$	(13,864)	$	213,718
Net income	—	—		—		6,703		—		6,703
Other comprehensive income	—	—		—		—		2,690		2,690
Stock issued under stock-based compensation plans, net of forfeiture	—	—		—		—		—		—
Stock-based compensation, net	—	—		174		—		—		174
Repurchase of common stock	—	—		—		—		—		—
Cash dividends declared ($0.12 per share)	—	—		—		(1,786)		—		(1,786)
Balance at September 30, 2025	14,885,614	$	72,984	$	11,658	$	148,031	$	(11,174)	$	221,499

Balance at July 1, 2024	14,816,281	$	73,749	$	11,441	$	127,929	$	(17,213)	$	195,906
Net income	—	—		—		5,436		—		5,436
Other comprehensive loss	—	—		—		—		3,818		3,818
Stock issued under stock-based compensation plans, net of forfeiture	—	—		—		—		—		—
Stock-based compensation, net	—	—		272		—		—		272
Repurchase of common stock	(4,610)	(52)		—		—		—		(52)
Cash dividends declared ($0.12 per share)	—	—		—		(1,777)		—		(1,777)
Balance at September 30, 2024	14,811,671	$	73,697	$	11,713	$	131,588	$	(13,395)	$	203,603


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity
($ in thousands, except per share data)	Shares Outstanding	Amount
Balance at January 1, 2025	14,819,866	$	73,697	$	11,928	$	134,781	$	(15,413)	$	204,993
Net income	—	—		—		18,596		—		18,596
Other comprehensive income	—	—		—		—		4,239		4,239
Stock issued under stock-based compensation plans, net of forfeiture	131,135	—		(757)		—		—		(757)
Stock-based compensation, net	—	—		487		—		—		487
Repurchase of common stock	(65,387)	(713)		—		—		—		(713)
Cash dividends declared ($0.36 per share)	—	—		—		(5,346)		—		(5,346)
Balance at September 30, 2025	14,885,614	$	72,984	$	11,658	$	148,031	$	(11,174)	$	221,499

Balance at January 1, 2024	15,000,436	$	76,280	$	10,942	$	120,855	$	(15,451)	$	192,626
Net income	—	—		—		16,098		—		16,098
Other comprehensive loss	—	—		—		—		2,056		2,056
Stock issued under stock-based compensation plans, net of forfeiture	89,863	160		(137)		—		—		23
Stock-based compensation, net	—	—		908		—		—		908
Repurchase of common stock	(278,628)	(2,743)		—		—		—		(2,743)
Cash dividends declared ($0.36 per share)	—	—		—		(5,365)		—		(5,365)
Balance at September 30, 2024	14,811,671	$	73,697	$	11,713	$	131,588	$	(13,395)	$	203,603

See accompanying notes to unaudited consolidated financial statements

OP BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)



	Nine Months Ended September 30,
($ in thousands)	2025		2024
Cash flows from operating activities
Net income	$	18,596	$	16,098
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Provision for credit losses	3,117		1,210
Deferred income tax expense (benefit)	755		(521)
Depreciation, amortization and accretion, net	5,633		3,814
Gains on sale of loans	(5,497)		(6,116)
Stock-based compensation	487		908
Earnings on company owned life insurance	(525)		(506)
Valuation of OREO	39		—
Origination of loans held-for-sale	(98,457)		(102,251)
Proceeds from sales of loans held-for-sale	99,961		99,921
Net change in:

Accrued interest receivable and other assets	(3,155)		8,713

Accrued interest payable and other liabilities	1,652		4,675
Net cash provided by operating activities	22,606		25,945
Cash flows from investing activities
Net change in loans receivable	(193,705)		(158,831)
Proceeds from matured, called, or paid-down AFS debt securities	21,682		19,121
Purchase of loans	—		(6,421)
Purchase of AFS debt securities	(29,623)		(19,082)

Purchase of FHLB stock	(541)		(87)
Purchase of premises and equipment, net	(2,698)		(747)
Net change in investments in low-income housing partnerships	(5,232)		(3,318)
Net cash used in investing activities	(210,117)		(169,365)
Cash flows from financing activities
Net change in deposits	246,132		257,045
Cash received from stock option exercises	—		160
Proceeds from FHLB advances	125,000		—
Repayment of FHLB advances	(145,000)		(30,000)
Repurchase of common stock	(713)		(2,743)
Cash dividend paid on common stock	(5,346)		(5,365)
Payments related to tax-withholding for vested restricted stock awards	(757)		(137)
Net cash provided by financing activities	219,316		218,960
Net change in cash and cash equivalents	31,805		75,540
Cash and cash equivalents at beginning of period	134,943		91,216
Cash and cash equivalents at end of period	$	166,748	$	166,756
Supplemental cash flow information:
Cash paid during the period for:
Income taxes	$	4,759	$	6,936
Interest	53,660		47,035
Supplemental noncash disclosure:
Initial recognition of right-of-use assets	3,536		871
New commitments to low income housing partnership investment	5,000		—
Transfer of loan to OREO	—		1,077

See accompanying notes to unaudited consolidated financial statements

OP BANCORP AND SUBSIDIARY

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Basis of Presentation and Significant Accounting Policies

OP Bancorp (referred to herein on an unconsolidated basis as "OP Bancorp" and on a consolidated basis as the "Company") is a California corporation and the registered bank holding company for Open Bank ("Open Bank" or the “Bank”).

The accompanying unaudited consolidated financial statements and notes thereto of the Company have been prepared by management in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q conform to practices within the banking industry and include all of the information and disclosures required by Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of the financial results for the interim periods presented, including eliminating intercompany transactions and balances. Certain items in our consolidated financial statements and notes for prior periods have been reclassified to conform to the current presentation. The results of operations for the interim periods are not necessarily indicative of the results for the full year. These interim unaudited financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Annual Report on Form 10-K”). Descriptions of our significant accounting policies are included in Note 1. Summary of Significant Accounting Policies to consolidated financial statements in the 2024 Annual Report on Form 10-K.

Accounting Pronouncements Adopted in 2025

There were no recently adopted accounting pronouncements during the nine months ended September 30, 2025 that had a material impact on the Company's consolidated financial statements or disclosures.

Recently Issued Accounting Pronouncements


Standard	Description	Effective date	Effect on financial statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	ASU 2023-09 amends the disclosure requirements for income taxes, including the requirement for further disaggregation of the income tax rate reconciliation and income taxes paid disclosures.	December 31, 2025 Early adoption is permitted	We are currently evaluating the impact of this guidance on our consolidated financial statements.
ASU 2024-03, Income Statement —Reporting Comprehensive Income —Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	ASU 2024-03 requires disaggregated disclosure of income statement expenses, including disaggregated information about certain costs/expenses in a table format in the note to the financial statements in both annual and interim financial statements.	December 31, 2027 Early adoption is permitted	We are currently evaluating the impact of this guidance on our consolidated financial statements.

Subsequent Events

On November 7, 2025, the Company completed a private offering of $25.0 million principal amount of a Fixed-to-Floating Subordinated Note. The note has a 10-year maturity and is non-callable for the first five years. It bears interest at a fixed rate of 7.50% for the first five years and payable semi-annually, and thereafter at a floating rate based on the 3-month term Secured Overnight Financing Rate ("SOFR") plus 411 basis points, repriced and payable quarterly.

Note 2 — Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities as of September 30, 2025 and December 31, 2024:



	September 30, 2025
($ in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	36,864	$	—	$	(2,864)	$	34,000
Residential collateralized mortgage obligations	172,696		1,093		(12,559)		161,230
Municipal securities - tax exempt	5,913		—		(383)		5,530
Total AFS debt securities	$	215,473	$	1,093	$	(15,806)	$	200,760



	December 31, 2024
($ in thousands)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	41,521	$	—	$	(4,445)	$	37,076
Residential collateralized mortgage obligations	160,187		312		(17,458)		143,041
Municipal securities - tax exempt	5,830		37		(75)		5,792
Total AFS debt securities	$	207,538	$	349	$	(21,978)	$	185,909

Expected maturities may differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of AFS debt securities as of September 30, 2025, by contractual maturity, are shown below:



($ in thousands)	Amortized Cost		Fair Value
Within one year	$	18	$	18
After one year through five years	720		704
After five years through ten years	17,666		16,579
After ten years	197,069		183,459
Total AFS debt securities	$	215,473	$	200,760

The following tables present the fair values and the associated gross unrealized losses of AFS debt securities, aggregated by length of time that the securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024:



	September 30, 2025
	Less Than 12 Months				12 Months or Longer				Total
($ in thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	—	$	—	$	34,000	$	(2,864)	$	34,000	$	(2,864)
Residential collateralized mortgage obligations	—		—		82,763		(12,559)		82,763		(12,559)
Municipal securities - tax exempt	3,825		(244)		1,705		(139)		5,530		(383)
Total AFS debt securities	$	3,825	$	(244)	$	118,468	$	(15,562)	$	122,293	$	(15,806)



	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total
($ in thousands)	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	5,442	$	(133)	$	31,634	$	(4,312)	$	37,076	$	(4,445)
Residential collateralized mortgage obligations	27,614		(214)		93,236		(17,244)		120,850		(17,458)
Municipal securities - tax exempt	895		(19)		1,788		(56)		2,683		(75)
Total AFS debt securities	$	33,951	$	(366)	$	126,658	$	(21,612)	$	160,609	$	(21,978)

As of September 30, 2025 and December 31, 2024, the number of AFS debt securities in an unrealized loss position was 79 and 84, respectively.

The Company monitors credit quality of individual AFS debt securities by evaluating a range of factors, including issuer credit ratings, changes in those ratings over time, market indicators of credit risk, and any adverse economic or sector-specific conditions that may affect the issuer's ability to meet its obligations. These evaluations inform the Company's assessment of the appropriateness of the allowance for credit losses. The gross unrealized losses presented in the preceding tables were primarily attributable to changes in interest rates rather than credit deterioration.

As of September 30, 2025 and December 31, 2024, the Company's AFS debt securities portfolio was primarily composed of securities issued, guaranteed, or otherwise supported by the U.S. government. These securities were considered to have a zero credit loss assumption, and no material changes in credit ratings or adverse conditions were identified. Approximately 97% of the portfolio consisted of residential mortgage-backed securities and collateralized mortgage obligations issued by U.S. government-sponsored agencies, including Ginnie Mae, Fannie Mae and Freddie Mac. The remaining 3% consisted of the portfolio comprised of tax-exempt municipal securities. These securities were evaluated using similar criteria, including issuer credit ratings and financial condition. No significant deterioration in credit quality or adverse developments were noted for these securities, and there were no downgrades in credit ratings during the period. Based on this evaluation,

the Company did not record an allowance for credit losses on its AFS debt securities as of September 30, 2025 and December 31, 2024. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 —Business and Basis of Presentation to the consolidated financial statements in the 2024 Annual Report on Form 10-K.

The amortized cost of the AFS debt securities excluded accrued interest receivables of $584 thousand and $569 thousand as of September 30, 2025 and December 31, 2024, respectively, which are included in Accrued interest receivable on the consolidated balance sheets. For additional information on the Company's accounting policy related to securities' accrued interest receivables and impairment, see Note 1 —Business and Basis of Presentation to the consolidated financial statements in the 2024 Annual Report on Form 10-K.

As of September 30, 2025 and December 31, 2024, there were no pledged securities to secure public deposits, borrowing and letters of credit from the FHLB and the Board of Governors of the Federal Reserve System, and for other purposes required or permitted by law.

The following table presents the other investment securities, which are included in Other investments on the consolidated balance sheets as of September 30, 2025 and December 31, 2024:



($ in thousands)	September 30, 2025		December 31, 2024
FHLB stock	$	13,156	$	12,615
Pacific Coast Bankers Bank ("PCBB") stock	190		190
Mutual fund - Community Reinvestment Act ("CRA") qualified (1)	3,713		3,532
Time deposits placed in other banks	105		100
Total other investments	$	17,164	$	16,437

(1)The Company recorded $35 thousand and $99 thousand unrealized gains for the three and nine months ended September 30, 2025, respectively, and $127 thousand and $77 thousand unrealized gains for the three and nine months ended September 30, 2024, respectively. The unrealized gains of the mutual fund are included in other income in the consolidated statements of income.

Note 3 — Loans and Allowance for Credit Losses on Loans

Loans

The following table presents the composition of the loan portfolio as of September 30, 2025 and December 31, 2024:



($ in thousands)	September 30, 2025		December 31, 2024
Commercial real estate ("CRE")	$	1,092,808	$	980,247
SBA—real estate	234,061		231,962
SBA—non-real estate	22,150		21,748
C&I	214,419		213,097
Home mortgage	587,641		509,524
Consumer and other	138		274
Gross loans	2,151,217		1,956,852
Allowance for credit losses	(27,299)		(24,796)
Net loans (1)	$	2,123,918	$	1,932,056

(1)Includes net deferred loan costs (fees) and net unamortized premiums (discounts) of $(248) thousand as of September 30, 2025 and $(702) thousand as of December 31, 2024.

Allowance for Credit Losses on Loans

For loans that share risk characteristics, the Company employs a modeled approach that takes into account current and future economic conditions to estimate lifetime expected losses on a collective basis. With the adoption of Current Expected Credit Losses ("CECL"), the Company elected not to consider accrued interest receivable in its estimated credit losses as the Company writes off the uncollectible accrued interest receivable in a timely manner. Generally, loans are placed on nonaccrual status when they become 90 days or more past due, and any previously accrued but unpaid interest is reversed against interest income. Accrued interest receivable on loans totaled $8.7 million and $8.1 million as of September 30, 2025 and December 31, 2024, respectively.

For collectively evaluated loans, the Company uses transition matrices to develop the Probability of Default ("PD") and Loss Given Default ("LGD") approaches, incorporating quantitative factors and qualitative considerations in the calculation of the allowance. The model provides forecasts of PD and LGD based on national unemployment rates using regression analysis. The Company incorporates future economic conditions using a weighted multiple scenario approach: baseline and adverse. The Company applies a reasonable and supportable period of one year for the baseline scenario and two years for the adverse scenario, after which loss assumptions revert to historical loss information through a one-year reversion period for the baseline scenario and a two-year reversion period for the adverse scenario. The Company segments the loan portfolio by major loan type using the Call Report codes and internal loan risk ratings to determine the Bank's allowance for credit losses.

The methodologies described above generally rely on historical loss experience to determine the quantitative portion of the allowance for credit losses. The Company also considers other qualitative and macroeconomic variables related to current conditions and reasonable and supportable forecasts that may indicate current expected credit losses could differ from the historical information reflected in the quantitative models. Key qualitative and macroeconomic variables include GDP, unemployment rates, interest rates, asset quality ratios, loan portfolio concentration, California house price index, and CRE price index. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors listed below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the loss rates. This matrix considers the following nine factors, which are patterned after the guidelines provided under the Federal Financial Institutions Examination Council Interagency Policy Statement on the Allowance for Credit Losses, updated to reflect the adoption of CECL:

• Changes in lending policies and procedures, including changes in underwriting standards and practices for collection, charge-offs, and recoveries;

• Actual and expected changes in national and local economic and business conditions and developments in which the institution operates that affect the collectivity of loans;

• Changes in the nature and volume of the loan portfolio;

• Changes in the experience, ability, and depth of lending management and staff;

• Changes in the volume and severity of past-due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified loans;

• Changes in the quality of the credit review function;

• Changes in the value of the underlying collateral for loans that are not collateral-dependent;

• The existence, growth, and effect of any concentrations of credit, and

• The effect of other external factors, such as the regulatory, legal and technological environments; competition; and events such as natural disasters.

For loans that do not share similar risk characteristics such as nonaccrual loans above $500 thousand, the Company evaluates these loans on an individual loan basis. Such nonaccrual loans are considered to have different risk profiles than performing loans and are therefore evaluated individually. The Company elected to collectively assess nonaccrual loans with balances below $500 thousand along with the performing and accrual loans, in order to reduce the operational burden of individually assessing small nonaccrual loans with immaterial balances. When a loan is individually evaluated for the allowance for credit losses, the Company uses one of two different asset valuation measurement methods: 1) the present value of future cash flows discounted at the

loan’s effective interest rate; or 2) the fair value of the collateral for a collateral-dependent loan. For the collateral-dependent loans, the Company obtains a new "as-is" valuation appraisal to determine an updated fair value of collateral. To ensure that appraised values remain current, the Company obtains updated appraisals every twelve months from a qualified independent appraiser. If the fair value of the collateral is less than the amortized balance of the loan, the Company recognizes an allowance for credit losses with a corresponding charge to the provision for credit losses.

The Company maintains a separate allowance for credit losses for its off-balance sheet commitments. The Company uses an estimated funding rate to allocate an allowance to undrawn exposures. This funding rate serves as a credit conversion factor, reflecting the likelihood that undrawn lines of credit may be drawn at any time. The funding rate is determined based on a look-back period of 8 quarters. Credit loss is not estimated for off-balance sheet commitments that are unconditionally cancellable by the Company.

The following table summarizes the activity in the allowance for credit losses on loans by portfolio segment for the three and nine months ended September 30, 2025 and 2024:



($ in thousands)	CRE		SBA— Real Estate		SBA —Non- Real Estate		C&I		Home Mortgage		Consumer and Other		Total
Three Months Ended September 30, 2025
Beginning balance	$	8,970	$	5,899	$	499	$	1,459	$	9,459	$	—	$	26,286
Provision for (reversal of) credit losses	736		(13)		31		227		225		—		1,206
Charge-offs	—		—		(26)		(169)		—		—		(195)
Recoveries	—		—		1		1		—		—		2
Ending balance	$	9,706	$	5,886	$	505	$	1,518	$	9,684	$	—	$	27,299

Three Months Ended September 30, 2024
Beginning balance	$	7,926	$	2,927	$	253	$	2,151	$	9,499	$	4	$	22,760
Provision for (reversal of) credit losses	1,481		173		58		8		(1,482)		(4)		234
Charge-offs	—		—		(11)		(31)		—		—		(42)
Recoveries	—		—		6		—		2		—		8
Ending balance	$	9,407	$	3,100	$	306	$	2,128	$	8,019	$	—	$	22,960



($ in thousands)	CRE		SBA— Real Estate		SBA —Non- Real Estate		C&I		Home Mortgage		Consumer and Other		Total
Nine Months Ended September 30, 2025
Beginning balance	$	9,290	$	5,557	$	418	$	1,844	$	7,684	$	3	$	24,796
Provision for (reversal of) credit losses	465		742		103		(250)		2,091		(3)		3,148
Charge-offs	(129)		(413)		(36)		(198)		(91)		—		(867)
Recoveries	80		—		20		122		—		—		222
Ending balance	$	9,706	$	5,886	$	505	$	1,518	$	9,684	$	—	$	27,299

Nine Months Ended September 30, 2024
Beginning balance	$	7,915	$	1,657	$	147	$	1,215	$	11,045	$	14	$	21,993
Provision for (reversal of) credit losses	1,492		1,509		149		944		(3,026)		(14)		1,054
Charge-offs	—		(66)		(11)		(31)		(2)		—		(110)
Recoveries	—		—		21		—		2		—		23
Ending balance	$	9,407	$	3,100	$	306	$	2,128	$	8,019	$	—	$	22,960

Collateral-dependent loans are loans where repayment is expected to be provided solely by the sale of the underlying collateral and there are no other available and reliable sources of repayment. The estimated credit losses for these loans are based on the collateral’s fair value less selling costs. Generally, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less selling costs at the time of foreclosure.

The following table represents the amortized cost basis of collateral-dependent loans by property type as of September 30, 2025 and December 31, 2024, for which repayment is expected to be obtained through the sale of the underlying collateral:



($ in thousands)	Hotel / Motel		Retail		Single-Family Residential		Total (1)(2)
As of September 30, 2025
CRE	$	2,148	$	217	$	—	$	2,365
SBA—real estate	4,907		1,545		—		6,452
Home mortgage	—		—		1,409		1,409
Total	$	7,055	$	1,762	$	1,409	$	10,226

As of December 31, 2024
CRE	$	1,580	$	363	$	—	$	1,943
SBA—real estate	3,702		2,006		—		5,708

Total	$	5,282	$	2,369	$	—	$	7,651

(1)Excludes guaranteed portion of SBA loans totaling $16.0 million and $15.2 million as of September 30, 2025 and December 31, 2024, respectively.

(2)The allowance for credit losses allocated to these loans as of September 30, 2025 and December 31, 2024 was $1.1 million and $1.2 million, respectively.

The following table presents the amortized cost in nonaccrual loans and loans past due 90 or more days and still accruing interest as of September 30, 2025 and December 31, 2024:



($ in thousands)	Nonaccrual Loans with a Related Allowance for Credit Losses		Nonaccrual Loans without a Related Allowance for Credit Losses		Total Nonaccrual Loans		90 or More Days Past Due & Still Accruing		Total (1)
As of September 30, 2025
CRE	$	568	$	1,797	$	2,365	$	—	$	2,365
SBA—real estate	5,202		2,963		8,165		—		8,165
SBA—non-real estate	373		—		373		—		373
C&I	—		—		—		—		—
Home mortgage	—		1,409		1,409		—		1,409
Total	$	6,143	$	6,169	$	12,312	$	—	$	12,312
As of December 31, 2024
CRE	$	363	$	1,580	$	1,943	$	—	$	1,943
SBA—real estate	2,006		3,702		5,708		—		5,708
SBA—non-real estate	169		—		169		—		169
Total	$	2,538	$	5,282	$	7,820	$	—	$	7,820

(1) Excludes guaranteed portion of loans totaling $17.6 million and $16.3 million as of September 30, 2025 and December 31, 2024, respectively.

Nonaccrual loans and accruing loans past due 90 days or more include both (i) loans with similar risk characteristics that are collectively evaluated for allowance, and (ii) loans that do not share similar risk characteristics that are individually evaluated for allowance. Under the Company's policy, nonaccrual loans with outstanding balances above the $500 thousand threshold that lack shared risk characteristics are subject to individual evaluation for expected credit losses.

The following table represents the aging analysis of gross loans as of September 30, 2025 and December 31, 2024:



	Still Accruing
($ in thousands)	30-59 Days Past Due		60-89 Days Past Due		90 or More Days Past Due		Nonaccrual Loans (1)		Current Accruing Loans		Total
As of September 30, 2025
CRE	$	—	$	—	$	—	$	2,365	$	1,090,443	$	1,092,808
SBA—real estate	1,313		378		—		8,165		224,205		234,061
SBA—non-real estate	77		—		—		373		21,700		22,150
C&I	617		—		—		—		213,802		214,419
Home mortgage	852		2,149		—		1,409		583,231		587,641
Consumer and other	—		—		—		—		138		138
Total	$	2,859	$	2,527	$	—	$	12,312	$	2,133,519	$	2,151,217
As of December 31, 2024 (2)
CRE	$	—	$	—	$	—	$	1,943	$	978,304	$	980,247
SBA—real estate	237		74		—		5,708		225,943		231,962
SBA—non-real estate	133		137		—		169		21,309		21,748
C&I	15		—		—		—		213,082		213,097
Home mortgage	2,774		5,594		—		—		501,156		509,524
Consumer and other	—		—		—		—		274		274
Total	$	3,159	$	5,805	$	—	$	7,820	$	1,940,068	$	1,956,852

(1)Excludes guaranteed portion of loans totaling $17.6 million and $16.3 million as of September 30, 2025 and December 31, 2024, respectively.

(2)Revised to conform with the current presentation.

Modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, other-than-insignificant payment delay, other-than-insignificant term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral.

The following table presents the amortized cost of loans as of September 30, 2025 that were modified for borrowers experiencing financial difficulty during the three months ended September 30, 2024 and the nine months ended September 30, 2025 and 2024 by loan class and modification type. There were no modifications during the three months ended September 30, 2025:










Three Months Ended September 30, 2024	Modification Type						Percentage to Each Loan Segment
($ in thousands)	Payment Delay		Term Extension		Total

SBA—real estate (1)	$	1,871	$	—	$	1,871	0.81	%


Total	$	1,871	$	—	$	1,871



Nine Months Ended September 30, 2025	Modification Type								Percentage to Each Loan Segment
($ in thousands)	Payment Delay		Interest Only		Term Extension		Total
CRE	$	1,084	$	3,151	$	—	$	4,235	0.39	%
SBA—real estate (1)	1,729		—		—		1,729		1.16	%

Total	$	2,813	$	3,151	$	—	$	5,964

Nine Months Ended September 30, 2024	Modification Type								Percentage to Each Loan Segment
($ in thousands)	Payment Delay		Interest Only		Term Extension		Total

SBA—real estate (1)	$	1,871	$	390	$	—	$	2,261	0.97	%
SBA—non-real estate	—		—		5		5		0.03	%

Total	$	1,871	$	390	$	5	$	2,266

(1)Excludes guaranteed portion of SBA loans totaling $5.1 million for the nine months ended September 30, 2025. In comparison, excludes guaranteed portion of SBA loans totaling $5.5 million for both the three and nine months ended September 30, 2024.

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty for the periods presented:

Financial Effect

Modification & Loan Types

Description of Financial Effect

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Payment Delay:

CRE

Deferment of payment by a weighted average of

N/A

0.3 years

SBA—real estate

Deferment of payment by a weighted average of

N/A

0.3 years

Interest Only:

CRE

Interest only Payment by a weighted average of

N/A

0.5 years

Financial Effect

Modification & Loan Types

Description of Financial Effect

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Payment Delay:

SBA—real estate

Deferment of payment by a weighted average of

0.6 years

0.9 years

Term Extension:

SBA—non-real estate

Extended term by a weighted average of

N/A

1.8 years

Interest Only:

SBA—real estate

Interest only Payment by a weighted average of

N/A

0.6 years

A modified loan may become delinquent and may result in a payment default (generally 90 days past due) subsequent to modification. There were no loans that received modifications within the past 12 months as of September 30, 2025 and 2024, and subsequently defaulted in three and nine months ended September 30, 2025, and 2024.

For both the nine months ended September 30, 2025 and 2024, the Company had no additional commitments to lend to borrowers whose loans were modified during the periods.

The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that were modified in the twelve months ended September 30, 2025 and 2024:



	Payment Performance as of September 30, 2025
($ in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Total
CRE	$	5,815	$	—	$	—	$	5,815
SBA—real estate (1)	1,821		1,097		—		2,918

Total	$	7,636	$	1,097	$	—	$	8,733



	Payment Performance as of September 30, 2024
($ in thousands)	Current		30 - 89 Days Past Due		90+ Days Past Due		Total

SBA—real estate (1)	$	3,392	$	—	$	—	$	3,392
SBA—non-real estate	5		—		—		5


Total	$	3,397	$	—	$	—	$	3,397

(1)Excludes guaranteed portion of SBA loans totaling $5.1 million and $9.3 million as of September 30, 2025 and 2024, respectively.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about borrowers' ability to service their debt including: current financial information, historical payment experience, credit documentation, public information, and current economic trends. For consumer loans, a credit grade is established at inception, and generally only adjusted based on performance. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings:

Special Mention — Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard — Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass-rated loans.

The following table presents the loan portfolio's amortized cost and current year-to-date gross write-offs by loan type, risk rating and year of origination as of September 30, 2025 and December 31, 2024:



	September 30, 2025
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term Loans		Total
($ in thousands)	2025		2024		2023		2022		2021		Prior
CRE
Pass (1)	$	250,446	$	256,756	$	89,151	$	227,649	$	162,802	$	80,304	$	16,355	$	—	$	1,083,463
Special mention	—		595		—		—		2,196		—		—		—		2,791
Substandard (1)	—		—		1,580		4,757		—		217		—		—		6,554
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	250,446	$	257,351	$	90,731	$	232,406	$	164,998	$	80,521	$	16,355	$	—	$	1,092,808
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	129	$	—	$	—	$	129
SBA— real estate
Pass (1)	$	30,689	$	27,510	$	26,194	$	48,272	$	13,292	$	73,562	$	—	$	—	$	219,519
Special mention (1)	—		1,183		—		2,291		456		1,251		—		—		5,181
Substandard (1)	—		—		1,188		4,506		284		3,383		—		—		9,361
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	30,689	$	28,693	$	27,382	$	55,069	$	14,032	$	78,196	$	—	$	—	$	234,061
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	413	$	—	$	—	$	413
SBA—non-real estate
Pass (1)	$	4,742	$	8,222	$	3,878	$	1,611	$	84	$	3,230	$	—	$	—	$	21,767
Special mention	—		—		—		—		—		—		—		—		—
Substandard (1)	—		—		89		102		—		192		—		—		383
Doubtful (1)	—		—		—		—		—		—		—		—		—
Subtotal	$	4,742	$	8,222	$	3,967	$	1,713	$	84	$	3,422	$	—	$	—	$	22,150
Year-to-date charge-offs	$	—	$	—	$	3	$	—	$	—	$	33	$	—	$	—	$	36
C&I
Pass	$	5,213	$	19,888	$	10,037	$	11,918	$	12,387	$	1,837	$	150,758	$	1,517	$	213,555
Special mention	—		—		—		—		—		—		723		—		723
Substandard	—		—		—		—		—		—		141		—		141
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	5,213	$	19,888	$	10,037	$	11,918	$	12,387	$	1,837	$	151,622	$	1,517	$	214,419
Year-to-date charge-offs	$	—	$	—	$	41	$	157	$	—	$	—	$	—	$	—	$	198
Home mortgage
Pass	$	133,567	$	35,980	$	54,314	$	251,828	$	66,256	$	42,755	$	—	$	—	$	584,700
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		2,941		—		—		—		—		2,941
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	133,567	$	35,980	$	54,314	$	254,769	$	66,256	$	42,755	$	—	$	—	$	587,641
Year-to-date charge-offs	$	—	$	—	$	—	$	77	$	—	$	14	$	—	$	—	$	91
Consumer and other
Pass	$	25	$	—	$	—	$	—	$	—	$	—	$	113	$	—	$	138
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	25	$	—	$	—	$	—	$	—	$	—	$	113	$	—	$	138
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans


Pass	$	424,682	$	348,356	$	183,574	$	541,278	$	254,821	$	201,688	$	167,226	$	1,517	$	2,123,142
Special mention (1)	—		1,778		—		2,291		2,652		1,251		723		—		8,695
Substandard (1)	—		—		2,857		12,306		284		3,792		141		—		19,380
Doubtful (1)	—		—		—		—		—		—		—		—		—
Subtotal	$	424,682	$	350,134	$	186,431	$	555,875	$	257,757	$	206,731	$	168,090	$	1,517	$	2,151,217
Year-to-date charge-offs	$	—	$	—	$	44	$	234	$	—	$	589	$	—	$	—	$	867



	December 31, 2024
	Term Loans by Origination Year												Revolving Loans		Revolving Loans Converted to Term Loans		Total
($ in thousands)	2024		2023		2022		2021		2020		Prior
CRE
Pass (1)	$	201,141	$	85,056	$	191,287	$	137,425	$	88,993	$	250,291	$	17,012	$	—	$	971,205
Special mention	—		—		579		2,246		—		—		—		—		2,825
Substandard (1)	—		1,580		—		—		—		4,637		—		—		6,217
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	201,141	$	86,636	$	191,866	$	139,671	$	88,993	$	254,928	$	17,012	$	—	$	980,247
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
SBA— real estate
Pass (1)	$	31,441	$	26,508	$	48,821	$	21,396	$	16,166	$	77,671	$	—	$	—	$	222,003
Special mention	—		—		2,345		—		—		739		—		—		3,084
Substandard (1)	—		1,182		2,520		291		—		2,882		—		—		6,875
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	31,441	$	27,690	$	53,686	$	21,687	$	16,166	$	81,292	$	—	$	—	$	231,962
Year-to-date charge-offs	$	—	$	—	$	—	$	66	$	—	$	—	$	—	$	—	$	66
SBA—non-real estate
Pass (1)	$	10,443	$	4,498	$	2,198	$	154	$	1,421	$	2,865	$	—	$	—	$	21,579
Special mention	—		—		—		—		—		—		—		—		—
Substandard (1)	—		—		121		—		39		9		—		—		169
Doubtful (1)	—		—		—		—		—		—		—		—		—
Subtotal	$	10,443	$	4,498	$	2,319	$	154	$	1,460	$	2,874	$	—	$	—	$	21,748
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	27	$	—	$	—	$	27
C&I
Pass	$	19,712	$	11,525	$	14,016	$	18,122	$	3,356	$	2,664	$	140,278	$	3,024	$	212,697
Special mention	—		—		—		—		—		—		400		—		400
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	19,712	$	11,525	$	14,016	$	18,122	$	3,356	$	2,664	$	140,678	$	3,024	$	213,097
Year-to-date charge-offs	$	—	$	44	$	—	$	—	$	—	$	—	$	—	$	—	$	44
Home mortgage
Pass	$	42,112	$	63,000	$	284,208	$	70,326	$	17,749	$	32,129	$	—	$	—	$	509,524
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	42,112	$	63,000	$	284,208	$	70,326	$	17,749	$	32,129	$	—	$	—	$	509,524
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer and other
Pass	$	27	$	—	$	—	$	—	$	—	$	—	$	247	$	—	$	274
Special mention	—		—		—		—		—		—		—		—		—


Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Subtotal	$	27	$	—	$	—	$	—	$	—	$	—	$	247	$	—	$	274
Year-to-date charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans
Pass (1)	$	304,876	$	190,587	$	540,530	$	247,423	$	127,685	$	365,620	$	157,537	$	3,024	$	1,937,282
Special mention	—		—		2,924		2,246		—		739		400		—		6,309
Substandard (1)	—		2,762		2,641		291		39		7,528		—		—		13,261
Doubtful (1)	—		—		—		—		—		—		—		—		—
Subtotal	$	304,876	$	193,349	$	546,095	$	249,960	$	127,724	$	373,887	$	157,937	$	3,024	$	1,956,852
Year-to-date charge-offs	$	—	$	44	$	—	$	66	$	—	$	27	$	—	$	—	$	137

(1)As of September 30, 2025 and December 31, 2024, $20.8 million and $16.3 million, respectively, of criticized loans with payments guaranteed by government agencies were classified as "Pass" rated.

Note 4 — Premises and Equipment

The following table presents information regarding the premises and equipment as of September 30, 2025 and December 31, 2024:



($ in thousands)	September 30, 2025		December 31, 2024
Leasehold improvements	$	10,982	$	10,019
Furniture and fixtures	5,416		4,902
Equipment and others	5,052		3,831
Total premises and equipment	21,450		18,752
Accumulated depreciation	(14,455)		(13,303)
Total premises and equipment, net	$	6,995	$	5,449

Total depreciation expense included in occupancy and equipment expenses were $411 thousand and $335 thousand for the three months ended September 30, 2025 and 2024, respectively, and $1.2 million and $1.0 million for the nine months ended September 30, 2025 and 2024, respectively.

Note 5 — Servicing Assets

The Company recognizes the rights to service SBA loans for others as servicing assets when the benefit of servicing is expected to more than adequately compensate the Company for performing the servicing. Servicing assets are initially recorded at fair value and subsequently amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying loans.

The Company periodically stratifies its servicing assets into groupings based on risk characteristics and evaluates each group for impairment based on the fair value. Based on the impairment test as of September 30, 2025 and December 31, 2024, there was no impairment.

The following table presents the activity in the servicing assets for the three and nine months ended September 30, 2025 and 2024:



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Beginning balance	$	10,572	$	11,043	$	10,834	$	11,741
Additions from loans sold with servicing retained	843		783		2,094		2,081
Amortized to expense	(986)		(949)		(2,499)		(2,945)
Ending balance	$	10,429	$	10,877	$	10,429	$	10,877

The fair value of the servicing assets was $15.6 million as of September 30, 2025, which was determined using discount rates ranging from 4.43% to 11.25% and prepayment speeds ranging from 12.90% to 13.60%, depending on the stratification of the specific assets.

The fair value of the servicing assets was $16.5 million as of September 30, 2024, which was determined using discount rates ranging from 3.75% to 11.25% and prepayment speeds ranging from 12.80% to 13.20% depending on the stratification of the specific assets.

Note 6 — Borrowing Arrangements

As of September 30, 2025, the Company had FHLB advances totaling $75.0 million with a weighted average interest rate of 3.55% and a weighted average remaining term of 2.4 years, compared to $95.0 million with a weighted average interest rate of 4.34% and a weighted average remaining term of 0.2 years as of December 31, 2024. The Company had letters of credit from the FHLB in the amount of $135.0 million and $100.0 million to secure public deposits as of September 30, 2025 and December 31, 2024, respectively.

The Company had available borrowing capacity from the following institutions as of September 30, 2025:



($ in thousands)	September 30, 2025
FHLB	$	430,887
Federal Reserve Bank	210,584
Pacific Coast Bankers Bank	50,000
Zions Bank	25,000
First Horizon Bank	25,000
Total	$	741,471

The Company has pledged approximately $1.60 billion and $1.41 billion of loans as collateral for these lines of credit as of September 30, 2025 and December 31, 2024, respectively.

Note 7 — Income Taxes

The Company’s income tax expense was $3.0 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $7.2 million and $6.3 million for the nine months ended September 30, 2025 and 2024, respectively. The effective income tax rate was 30.7% and 28.3% for the three months ended September 30, 2025 and 2024, respectively, 27.9% and 28.2% for the nine months ended September 30, 2025 and 2024, respectively.

Note 8 — Commitments and Contingencies

Off-Balance-Sheet Credit Risk

In the normal course of business, the Company enters into commitments to extend credit such as loan commitments and standby letters of credits. These commitments expose the Company to varying degrees of credit and market risk and are subject to the same credit and market reviews as those instruments recorded on the Consolidated Balance Sheets. Loan commitments represent arrangements to lend funds or provide liquidity subject to specified contractual conditions. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. These commitments generally have fixed expiration dates or contain termination clauses in the event the customer’s credit quality deteriorates. Since many of the commitments are expected to expire without being drawn upon, the commitment amounts do not necessarily represent future funding requirements.

The Company applies the same credit underwriting criteria to extend loans and commitments to customers. Each customer’s credit worthiness is evaluated on a case-by-case basis. Collateral may be obtained based on management’s assessment of a customer’s credit. Collateral may include securities, accounts receivable, inventory, property, plant and equipment, and income producing commercial or other properties. The majority of these off-balance sheet commitments have a variable interest rate. Management does not anticipate any material losses as a result of these transactions.

The following table presents the distribution of undisbursed credit-related commitments as of September 30, 2025 and December 31, 2024:



($ in thousands)	September 30, 2025		December 31, 2024
Loan commitments	$	319,150	$	261,446
Standby letter of credit	23,189		21,059
Commercial letter of credit	65		49
Total undisbursed credit related commitments	$	342,404	$	282,554

Investments in low-income housing partnership

The Company invests in certain affordable housing partnerships. The following table shows the investments and unfunded commitments of the Company's affordable housing partnerships as of September 30, 2025 and December 31, 2024:



($ in thousands)	September 30, 2025		December 31, 2024
Investments in low-income housing partnerships (1)	$	18,514	$	15,191
Unfunded commitments to fund investments for low-income housing partnerships (1)	7,390		7,622

(1)These balances are reflected in other assets and other liabilities on the consolidated balance sheets. The Company expects to finish fulfilling these commitments during the year ending 2042.

Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credit and other benefits received, and recognizes the amortization in income tax expense on the consolidated statements of income. The Company recognized amortization expense of $615 thousand and $517 thousand for the three months ended September 30, 2025 and 2024, respectively, and $1.7 million and $1.6 million for the nine months ended September 30, 2025 and 2024, respectively. In addition, the Company recognized tax credits and other benefits of $789 thousand and $655 thousand for the three months ended September 30, 2025 and 2024, respectively, and $2.1 million $2.0 million for the nine months ended September 30, 2025 and 2024.

Legal Proceedings

From time to time the Company or the Bank are parties to legal proceedings in the ordinary course of business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss is probable and its amount can be reasonably estimated with specificity or within a given range. Management estimates the likelihood and the amount of a possible loss using current available information from legal proceedings, advice from legal counsel, and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from any legal proceedings. The Company is not presently subject to any legal action for which an accrual is required and, accordingly, no accrual has been recorded; however, the Company acknowledges that actual exposure and ultimate losses may differ from current expectations. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to management as of September 30, 2025, management does not believe there are any pending legal proceedings to which the Company or the Bank is a party that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company’s financial condition or results of operations.

Note 9 — Stock-Based Compensation Plan

As of September 30, 2025, the Company maintains one stock-based compensation plan, the OP Bancorp 2021 Equity Incentive Plan ("2021 Plan"). The Board of Directors approved the 2021 Plan, an equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company. An aggregate of 1,500,000 shares of the Company’s common stock were authorized under the 2021 Plan. The exercise prices of stock options granted under the 2021 Plan may not be less than 100.00% of the fair value of the Company’s stock at the date of grant. There were no stock options granted under the 2021 Plan as of September 30, 2025 and December 31, 2024.

Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. These awards do not confer voting rights or receive dividend entitlements until the shares have vested. Stock compensation cost for the restricted stock awards are recognized based on the grant-date fair value over the vesting period.

The following table presents a summary of the activity in the Company’s non-vested restricted stock awards under the 2021 Plan for the nine months ended September 30, 2025:



($ in thousands, except share data)	Shares Issued	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested, as of January 1, 2025	250,088	$	11.78	$	3,954
Awards granted	93,915	13.05
Awards vested	(188,539)	11.91
Awards forfeited	(22,348)	11.18
Non-vested, as of June 30, 2026	133,116	$	12.56	$	1,853

The following table presents compensation cost and the related tax benefit for the restricted stock awards under the 2021 Plan for the periods indicated follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Stock compensation cost	$	174	$	267	$	487	$	893
Tax benefit (provision) realized from awards vested	—		—		62		(3)

There were 1,064,025 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of September 30, 2025. The Company had approximately $1.5 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of September 30, 2025. The Company expects to recognize these costs over a weighted average period of 3.4 years.

Note 10 — Fair Value of Financial Instruments

Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis, such as AFS securities, equity investments and derivatives. Additionally, from time to time, the Company records fair value adjustments on a nonrecurring basis. These nonrecurring adjustments typically involve application of lower of cost or fair value accounting and write-downs of individual assets.

The Company classifies its assets and liabilities recorded at fair value as one of the following three categories and a financial instrument’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement:

Level 1—Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2—Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Following is a description of the valuation methodologies used for instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy.

AFS Debt Securities —The fair values of investment securities are determined by matrix pricing, which is a mathematical technique used to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management obtains the fair values of investment securities on a monthly basis from a third-party pricing service.

Equity Investments — The Company has an equity investment with readily determinable fair value. The fair value is obtained from unadjusted quoted prices in active markets on the date of measurement and classified as Level 1.

Derivatives —The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2).

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 are summarized below:



	Fair Value Measure on a Recurring Basis
($ in thousands)	Total Fair Value		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2025
AFS debt securities:
U.S. Government agencies or sponsored agency securities:
Residential mortgage-backed securities	$	34,000	$	—	$	34,000	$	—
Residential collateralized mortgage obligations	161,230		—		161,230		—
Municipal securities - tax exempt	5,530		—		5,530		—
Other investments:
Mutual fund - CRA qualified	3,713		3,713		—		—
Derivative assets:

OP Bancorp 10-Q