NII growth of 9.1% year-over-year to $22.2M and an efficiency ratio improvement to 56.4% from 61.3% signal operating leverage, though NIM remains stuck at 0.8% and fee income slipped to 19.3% of revenue, suggesting spread income is constrained by the securities-heavy asset mix rather than pricing power.
OP Bancorp (OPBK) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 83.66M | 78.35M | 65.61M | 68.69M | 76.91M | 61.03M | 45.36M | 44.27M | 40.96M | 35.71M | 28.33M | 22.5M | 16.72M | 10.15M | 6.7M |
| NII Growth % | 51.97% | 19.42% | -4.48% | -10.69% | 26.03% | 34.53% | 2.47% | 8.09% | 14.69% | 26.05% | 25.89% | 34.58% | 64.75% | 51.51% | - |
| Net Interest Margin % | 2.98% | 2.96% | 2.77% | 3.2% | 3.67% | 3.53% | 3.32% | 3.75% | 3.92% | 3.96% | 3.72% | 3.65% | 3.17% | 2.97% | 3.25% |
| Interest Income | 157.39M | 150.33M | 137.62M | 121.67M | 88.21M | 64.16M | 53.66M | 58.78M | 50.07M | 40.28M | 31.7M | 25.19M | 18.26M | 11.27M | 7.46M |
| Interest Expense | 73.73M | 71.98M | 72.01M | 52.98M | 11.3M | 3.13M | 8.29M | 14.51M | 9.11M | 4.57M | 3.37M | 2.69M | 1.54M | 1.12M | 765.86K |
| Loan Loss Provision | 2.32M | 3.58M | 2.76M | 1.65M | 2.98M | 522K | 5.96M | 1.1M | 1.27M | 1.31M | 1.68M | 552.84K | 1M | 1.38M | 2.27M |
| Non-Interest Income | 18.4M | 16.33M | 16.43M | 14.18M | 17.62M | 16.02M | 10.77M | 11.43M | 9.33M | 8.99M | 9.01M | 7.98M | 8.49M | 6.77M | 6.28M |
| Non-Interest Income % | 18.03% | 17.25% | 20.02% | 17.11% | 18.64% | 20.79% | 19.19% | 20.51% | 18.55% | 20.1% | 24.12% | 26.17% | 33.68% | 40.01% | 48.41% |
| Total Net Revenue | 102.06M | 94.68M | 82.03M | 82.87M | 94.53M | 77.04M | 56.13M | 55.7M | 50.29M | 44.7M | 37.34M | 30.48M | 25.21M | 16.92M | 12.98M |
| Revenue Growth % | 11.24% | 15.41% | -1.01% | -12.34% | 22.7% | 37.25% | 0.78% | 10.76% | 12.51% | 19.71% | 22.49% | 20.89% | 49.03% | 30.3% | - |
| Non-Interest Expense | 58.86M | 55.77M | 50.2M | 47.73M | 44.83M | 35.87M | 31.94M | 32.52M | 29.56M | 26.26M | 23.34M | 19.79M | 16.6M | 12.13M | 8.5M |
| Efficiency Ratio | 57.68% | 58.91% | 61.19% | 57.59% | 47.42% | 46.55% | 56.9% | 58.39% | 58.79% | 58.75% | 62.5% | 64.94% | 65.82% | 71.71% | 65.47% |
| Operating Income | 40.87M | 35.33M | 29.08M | 33.49M | 46.72M | 40.66M | 18.23M | 22.08M | 19.46M | 17.13M | 12.32M | 10.13M | 7.62M | 3.41M | 2.21M |
| Operating Margin % | 40.05% | 37.31% | 35.45% | 40.41% | 49.43% | 52.77% | 32.48% | 39.64% | 38.69% | 38.32% | 33% | 33.24% | 30.22% | 20.15% | 17.02% |
| Operating Income Growth % | - | 21.49% | -13.17% | -28.32% | 14.93% | 122.97% | -17.4% | 13.46% | 13.6% | 39.03% | 21.58% | 33.01% | 123.46% | 54.24% | - |
| Pretax Income | 40.87M | 35.33M | 29.08M | 33.49M | 46.72M | 40.66M | 18.23M | 22.08M | 19.46M | 17.13M | 12.32M | 10.13M | 7.62M | 3.41M | 2.21M |
| Pretax Margin % | 40.05% | 37.31% | 35.45% | 40.41% | 49.43% | 52.77% | 32.48% | 39.64% | 38.69% | 38.32% | 33% | 33.24% | 30.22% | 20.15% | 17.02% |
| Income Tax | 10.84M | 9.67M | 8.01M | 9.57M | 13.41M | 11.8M | 5.11M | 5.32M | 5.2M | 7.89M | 4.89M | 4.17M | 3.13M | -1.54M | -3.98M |
| Effective Tax Rate % | 26.51% | 27.38% | 27.55% | 28.58% | 28.71% | 29.03% | 28.01% | 24.09% | 26.75% | 46.08% | 39.72% | 41.15% | 41.15% | -45.29% | -180.26% |
| Net Income | 30.03M | 25.66M | 21.07M | 23.92M | 33.31M | 28.84M | 13.13M | 16.76M | 14.25M | 9.24M | 7.42M | 5.96M | 4.48M | 4.95M | 6.19M |
| Net Margin % | 29.43% | 27.1% | 25.68% | 28.86% | 35.24% | 37.43% | 23.38% | 30.09% | 28.34% | 20.66% | 19.89% | 19.56% | 17.78% | 29.28% | 47.71% |
| Net Income Growth % | 27.44% | 21.77% | -11.91% | -28.2% | 15.5% | 119.7% | -21.66% | 17.57% | 54.32% | 24.39% | 24.51% | 33% | -9.49% | -20.04% | - |
| Net Income (Continuing) | 30.03M | 25.66M | 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 |
| EPS (Diluted) | 2.01 | 1.72 | 1.39 | 1.55 | 2.14 | 1.88 | 0.85 | 1.03 | 0.89 | 0.66 | 0.53 | 0.37 | 0.42 | 0.68 | 0.86 |
| EPS Growth % | 27.39% | 23.74% | -10.32% | -27.57% | 13.83% | 121.18% | -17.48% | 15.73% | 34.85% | 24.53% | 43.24% | -11.9% | -38.24% | -20.93% | - |
| EPS (Basic) | - | 1.72 | 1.39 | 1.55 | 2.15 | 1.89 | 0.85 | 1.04 | 0.92 | 0.68 | 0.55 | 0.37 | 0.45 | 0.68 | 0.86 |
| Diluted Shares Outstanding | 14.96M | 14.91M | 14.87M | 15.16M | 15.23M | 15.15M | 15.22M | 15.94M | 15.55M | 13.49M | 13.16M | 15.19M | 10.72M | 7.23M | 7.23M |
Quick answers to the most common questions about buying OPBK stock.
For fiscal year 2025, OP Bancorp (OPBK) reported total revenue of $94.7M. This represents a 629.2% increase compared to $13.0M in 2012.
OP Bancorp (OPBK) is profitable, generating $25.7M in net income for the fiscal year ending 2025 with a net profit margin of 27.1%.
OP Bancorp (OPBK) reported an operating income of $35.3M, resulting in an operating profit margin of 37.3%. This margin reflects the operational efficiency of the business before interest and taxes.
OP Bancorp (OPBK) generated $91.1M in gross profit for the year, representing a gross profit margin of 96.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistently sub-1% net interest margin
Metrics are mathematically derived from official filings.
NII Momentum Driven by Balance Sheet Expansion
OP Bancorp's net interest income has compounded from $16.2M in 2024Q2 to $22.2M in 2026Q3, representing roughly 37% growth over two years, with the most recent quarter posting 9.1% year-over-year growth, suggesting continued loan and securities book expansion rather than rate-driven repricing alone.
The sustained NII acceleration appears to reflect organic asset growth, as OPBK's sub-1% NIM suggests the bank is not generating outsized spread income but rather scaling its balance sheet. Notably, NII growth decelerated sharply in 2024 (negative year-over-year growth through 2024Q3) before inflecting positively from 2024Q4 onward, which may indicate a shift in funding mix or loan deployment strategy. The 2026Q3 NII growth rate of 9.1% is the strongest sequential print in the series, suggesting that recent quarters have seen accelerating momentum even as prior-year comparables become harder to lap.
Margin Expansion Modest Despite Rate Environment
Despite a favorable rate backdrop for most of the period, OPBK's net interest margin has only moved from 0.7% to 0.8%, placing it far below typical regional bank peers and implying structural funding cost pressures or a highly liquid, low-yielding asset mix that caps spread income.
A 0.8% NIM is materially below the 2.5-3.5% range that healthier regional banks typically report, which suggests OPBK either funds its balance sheet at relatively elevated costs or holds a disproportionately large share of low-yielding cash and securities. The margin held flat at 0.7% through 2024Q4 before ticking up to 0.8% in 2025Q1 and sustaining that level, indicating a modest but stable improvement rather than a sharp repricing tailwind. Investors should monitor whether the bank can expand NIM further or whether its earnings power is fundamentally constrained by this structural margin ceiling.
Efficiency Gains Driving Operating Leverage
OPBK's efficiency ratio improved from 61.3% in 2024Q3 to 56.4% in 2026Q3, reflecting operating leverage as revenue outpaced expense growth, though the improvement stalled near 57-58% for several quarters before the latest print, suggesting the bank may be approaching its near-term cost floor.
The five-point efficiency improvement over the period is meaningful for a small-cap regional bank and has translated directly into earnings, with EPS rising from $0.33 in 2024Q4 to $0.52 in 2026Q3 — a 58% increase. However, the efficiency ratio has oscillated between 56% and 62% without a clean monotonic trend, implying that cost discipline has been uneven and that some of the EPS improvement may reflect favorable provision timing rather than durable expense leverage. The 2026Q3 improvement to 56.4% appears to be driven by both revenue growth and a moderating expense base, but sustaining this level will require continued top-line expansion given the low-NIM structural constraint.
Volatile Provisions Cloud Underlying Earnings Quality
Provision expense has swung dramatically from a $1.5M charge in 2024Q4 to a $149K release in 2026Q2, then back to $1.6M in 2026Q3, and these swings — representing roughly 4% of quarterly revenue — introduce material quarter-to-quarter earnings volatility that obscures the underlying profitability trajectory.
The negative provision in 2026Q2 (a release) inflated that quarter's net income to $8.0M on lower NII, making the period look stronger on an EPS basis than the underlying operations alone would support. The $1.6M charge in 2026Q3 is the highest in the ten-quarter series, which could suggest management is building reserves in anticipation of credit deterioration or simply recognizing seasonally higher charge-offs. The unpredictability of this line item means investors should look through reported EPS to pre-provision net revenue when assessing OPBK's true earnings power, as quarterly results are meaningfully distorted by credit provision volatility.
Fee Income Reliability Under Scrutiny
Non-interest income has declined as a share of total revenue from 22.0% in 2026Q2 to 19.3% in 2026Q3, and the composition of this income — which has swung between 14.1% and 22.0% of revenue over the period — raises questions about its durability and potential dependency on lumpy transaction or FX-related gains.
The volatility in fee income contribution — from 14.1% in 2025Q4 to 22.0% in 2026Q2 and back down to 19.3% — is unusual for a bank of this size and may indicate that a significant portion is not recurring wealth management or stable service fee income, but rather episodic gains. If fee income is transaction-dependent or tied to foreign exchange services (common among banks serving Korean-American communities), then a slowdown in remittance activity or currency market volatility could compress this revenue stream. With NIM structurally capped at 0.8%, OPBK's ability to grow earnings may increasingly depend on whether fee income is genuinely sustainable or merely cyclical.
2025Q1 Marks Clear Inflection in Earnings Trajectory
The 2025Q1 quarter represents a clear inflection point where NII growth inflected from 4.3% to 9.0% year-over-year, efficiency ratio improved below 62%, and EPS growth accelerated to 8.8% from -2.9% the prior quarter, signaling a structural shift in the bank's earnings momentum that has persisted through 2026.
Before 2025Q1, OPBK was struggling with negative NII growth (-4.7% and -6.1% in 2024Q3 and Q2), rising provisions, and deteriorating operating income, which combined to produce weak EPS growth. The turn in 2025Q1 appears to have been driven by both balance sheet expansion (NII growth of 17.8% in 2026Q1) and cost management, suggesting a multi-factor improvement rather than a single catalyst. This inflection has sustained through eight consecutive quarters of positive NII growth, which is a meaningful validation that the bank's current earnings trajectory is not a one-quarter anomaly but rather a durable shift in operating performance.