Operating cash flow volatility remains high, evidenced by an OCF/NI ratio that swung from -1.10 in 2025Q2 to 3.57 in 2025Q3 due to the timing of SBA loan originations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 28.23M | 26.16M | 31.34M | 67.84M | 83.73M | -28.28M | -4.85M | 18.98M | 30.61M | -2.15M | 10.58M | 8.95M | 24.87M | -2.9M | -3.63M |
| Operating CF Growth % | -61.47% | -16.54% | -53.8% | -18.98% | 396.11% | -482.93% | -125.56% | -37.98% | 1525.48% | -120.29% | 18.25% | -64.03% | 957.97% | 20.15% | - |
| Net Income | 27.33M | 25.64M | 21.07M | 23.92M | 33.31M | 28.84M | 13.13M | 16.76M | 14.25M | 9.24M | 7.43M | 5.96M | 4.48M | 4.95M | 6.19M |
| Depreciation & Amortization | 7.54M | 7.26M | 1.36M | 1.34M | 1.37M | 1.31M | 1.3M | 1.15M | 1.04M | 1.01M | 1.08M | 940.4K | 732.13K | 332.71K | 128.37K |
| Deferred Taxes | -512K | 81K | -1.6M | 626K | 1.08M | -2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 511K | -5.83M | -230K | 43.26M | 50.38M | -65.37M | -18.64M | -3.98M | 16.23M | -12.81M | 4.43M | -281.2K | 10.9M | -8.5M | -3.69M |
| Working Capital Changes | -7.33M | -1.69M | 9.56M | -2.6M | -3.58M | 8.69M | -1.74M | 3.59M | -1.89M | -252K | -3.57M | 1.46M | 7.53M | -284.74K | -6.57M |
| Cash from Investing | -220.89M | -243.01M | -187.42M | -75.97M | -461.78M | -286.04M | -147.07M | -118.03M | -146.28M | -81.68M | -160.07M | -117.85M | -156.17M | -134.04M | -48.53M |
| Purchase of Investments | -67.14M | -35.11M | -23.46M | -8.57M | -116.95M | -99.2M | -66.61M | -16.59M | -23.36M | -13.55M | -782K | -30.12M | -12.06M | -6M | -7.99M |
| Sale/Maturity of Investments | 40.98M | 30.72M | 27.67M | 24.37M | 32.19M | 35.94M | 30.32M | 14.55M | 6.56M | 6.17M | 8.07M | 8.58M | 2M | 996.5K | 9.98M |
| Net Investment Activity | -26.16M | -4.39M | 4.21M | 15.79M | -84.76M | -63.26M | -36.29M | -2.04M | -16.8M | -7.38M | 7.29M | -21.54M | -10.06M | -5M | 1.99M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -189.78M | -235.82M | -190.06M | -89.58M | -375.61M | -221.66M | -110.16M | -114.25M | -128.29M | -73.88M | -167.1M | -94.43M | -143.58M | -126.68M | -49.6M |
| Cash from Financing | 154.05M | 249.22M | 199.8M | 16.37M | 345.56M | 323.47M | 172.29M | 107.36M | 130.15M | 126.95M | 132.22M | 81.55M | 177.53M | 130.31M | 57.71M |
| Dividends Paid | -7.14M | -7.13M | -7.14M | -7.27M | -6.68M | -5.13M | -4.26M | -3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -706K | -706K | -2.74M | -3.93M | 0 | -28K | -8.1M | -5.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 608K | 0 | 0 | 0 | 22.57M | 0 | 0 | 0 | 28.27M | 0 | 0 |
| Net Stock Activity | -706K | -706K | -2.74M | -3.93M | 608K | -28K | -8.1M | -5.39M | 22.57M | 0 | 0 | 0 | 28.27M | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | 0 | -1000K | 1000K | 0 | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Other Financing | 90.58M | 252.48M | 219.69M | -77.42M | 351.62M | 333.63M | 179.65M | 115.9M | 132.58M | 111.95M | 142.22M | 91.55M | 119.26M | 135.31M | 52.71M |
| Net Change in Cash | -38.6M | 32.37M | 43.73M | 8.24M | -32.49M | 9.15M | 20.37M | 8.31M | 14.48M | 43.12M | -17.27M | -27.35M | 46.23M | -6.63M | 5.55M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 167.31M | 134.94M | 91.22M | 82.97M | 115.46M | 106.31M | 85.94M | 77.63M | 63.25M | 20.13M | 37.4M | 64.75M | 18.51M | 25.15M | 19.6M |
| Cash at End | 160.26M | 167.31M | 134.94M | 91.22M | 82.97M | 115.46M | 106.31M | 85.94M | 77.73M | 63.25M | 20.13M | 37.4M | 64.75M | 18.51M | 25.15M |
| Interest Paid | 72.37M | 73.45M | 68.57M | 43.12M | 9.09M | 3.6M | 9.96M | 13.54M | 7.82M | 4.47M | 3.4M | 2.47M | 1.49M | 1.11M | 874.79K |
| Income Taxes Paid | 7.48M | 7.47M | 8.26M | 8.39M | 14.49M | 10.78M | 6.13M | 4.21M | 6.61M | 7.74M | 5.43M | 2.69M | 165K | 70K | 35.5K |
| Free Cash Flow | 23.28M | 23.36M | 29.78M | 65.66M | 82.32M | -29.4M | -5.47M | 17.24M | 29.41M | -2.57M | 10.32M | 7.07M | 22.34M | -5.26M | -4.55M |
| FCF Growth % | -37.51% | -21.56% | -54.64% | -20.24% | 379.98% | -437.53% | -131.73% | -41.38% | 1245.25% | -124.88% | 46.03% | -68.35% | 524.7% | -15.63% | - |
SBA premium volatility
As reported in recent financial filings, OPBK generated $7.2 million in net income during 2026Q1, maintaining a consistent dividend payout of $1.8 million that suggests a disciplined approach to capital retention for funding the bank's ongoing geographic expansion into the Sun Belt region.
The bank's ability to consistently retain the majority of its earnings provides a necessary buffer for its specialized lending model. Investors should monitor whether this organic capital generation remains sufficient to support loan growth without necessitating dilutive equity raises or excessive reliance on wholesale funding.
Based on the provided cash flow data, OPBK's investment activity shows a pattern of periodic portfolio rotation, evidenced by the $29.7 million in purchases during 2026Q1, which appears to be partially offset by consistent proceeds from the maturity or sale of existing investment securities.
The fluctuation in investment purchases suggests that management is actively managing the duration and yield of the securities portfolio in response to interest rate shifts. This activity warrants further investigation to determine if the bank is effectively balancing liquidity needs against the desire to capture higher yields in the current environment.
According to historical cash flow statements, OPBK exhibits significant volatility in operating cash flows, with the OCF/NI ratio swinging from -1.10 in 2025Q2 to 3.57 in 2025Q3, largely reflecting the timing of SBA loan originations and the subsequent sale of the guaranteed portions.
This erratic cash flow profile is a structural byproduct of the bank's reliance on gain-on-sale premiums from SBA 7(a) loans. While these sales provide essential non-interest income, the resulting lumpiness in cash flow may obscure the underlying stability of the bank's core interest-earning asset base.
As indicated by the quarterly data, OPBK has maintained a steady dividend of $1.8 million per quarter while limiting share buybacks, which suggests a management preference for preserving capital to navigate potential credit risks within the bank's concentrated commercial real estate and wholesale trade portfolios.
The minimal and inconsistent use of share repurchases indicates that management is not prioritizing aggressive capital return at the expense of balance sheet strength. This conservative stance appears prudent given the inherent risks associated with the bank's geographic and sector-specific loan concentrations.
Quick answers to the most common questions about buying OPBK stock.
OP Bancorp (OPBK) generated $26.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OP Bancorp (OPBK) generated $23.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
OP Bancorp (OPBK) spent $2.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, OP Bancorp (OPBK) returned $7.1M to shareholders via cash dividends and spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.