News Release
OP Bancorp Reports Second Quarter 2026 Net Income of $8.0 Million, Diluted EPS of $0.53
compared with first quarter 2026 net income of $7.2 million, diluted EPS of $0.48,
and second quarter 2025 net income of $6.3 million, diluted EPS of $0.42
Revenue growth; reversal of provision for credit losses; improved operating efficiency

Los Angeles, CA (July 23, 2026) — OP Bancorp (the “Company”) (NASDAQ: OPBK), parent company of Open Bank, today reported:

($ in thousands, except per share data)						As of and For the Quarter																		First Quarter Highlights
						2Q2026						1Q2026						2Q2025						Comparisons reflect 2Q26 vs. 1Q26
Income Statement:																								Income Statement
Net interest income						$	20,068					$	20,523					$	19,721					• Revenue continued to grow. • Reversal of provision reflected the payoff of a previously reserved nonaccrual CRE loan. •Net income increased 10%, benefiting from strong revenue growth and reversal of provision. •Diluted EPS improved by $0.05 to $0.53. •Net interest margin decreased due to a one-time accrual adjustment related to Federal Reserve account.
Noninterest income						5,651						4,032						3,968
Revenue						25,719						24,555						23,689
(Reversal of) provision for credit losses						(149)						412						1,206
Noninterest expense						14,826						14,233						14,037
Net income						$	7,978					$	7,234					$	6,333
Diluted Earnings Per Share (“EPS”)						$	0.53					$	0.48					$	0.42
Net interest margin (1)						3.08		%				3.19		%				3.23		%
Efficiency ratio (2)						57.64						57.97						59.25
Balance Sheet:																								Balance Sheet
Average loans (3)						$	2,253,270					$	2,226,749					$	2,095,168					•Average loans increased 1%. •Average deposits increased 1%.
Average deposits						2,315,821						2,300,455						2,223,575
Credit Quality:																								Credit Quality
Net charge-offs (recoveries) (1) to average gross loans						0.03		%				(0.01)		%				0.06		%				•Net charge-offs remained low.
Allowance for credit losses on loans to gross loans						1.24						1.27						1.27						•Allowance coverage remained robust at 1.24% of gross loans.
Selected Ratios:																								Performance and Capital
Book value per share						$	15.99					$	15.62					$	14.36					•Book value per share continued to increase, reflecting growth in stockholders’ equity.
Return on average assets ("ROAA") (1)						1.18		%				1.08		%				1.00		%				•ROAA and ROAE improved, reflecting stronger profitability
Return on average equity ("ROAE") (1)						13.61						12.56						11.97
Stockholders' equity to asset ratio						8.70						8.62						8.34						•Stockholders’ equity to asset increased, supporting the Company’s capital strength.
Common equity tier 1 capital (“CET1”)						10.98						10.83						11.01						•CET1 remained robust, reflecting a solid capital position.

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

(3)Includes loans held-for-sale.

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Sang K. Oh, President and Chief Executive Officer:

“We delivered another quarter of strong financial performance, highlighted by net income of $8.0 million and diluted EPS of $0.53. Our results were driven by continued revenue growth, a reversal of provision for credit losses reflecting the strength of our credit portfolio, and ongoing improvements in operating efficiency. We also maintained solid balance sheet growth, with increases in both loans and deposits, while preserving strong asset quality and capital levels. As we enter the second half of 2026, we remain committed to driving sustainable growth while maintaining disciplined risk management and operating efficiency,” said Sang K. Oh, President and Chief Executive Officer.

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INCOME STATEMENT HIGHLIGHTS

Net Interest Income and Net Interest Margin

($ in thousands)						For the Three Months Ended																		% Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Interest Income
Interest income						$	38,193					$	38,537					$	37,665					(1)		%				1		%
Interest expense						18,125						18,014						17,944						1						1
Net interest income						$	20,068					$	20,523					$	19,721					(2)		%				2		%

($ in thousands)						For the Three Months Ended																																				Average Yield/Rate Change 2Q2026 vs.
						2Q2026												1Q2026												2Q2025
						Interest Income/Expense						Average Yield/Rate(1)						Interest Income/Expense						Average Yield/Rate(1)						Interest Income/Expense						Average Yield/Rate(1)						1Q2026						2Q2025
Interest-earning Assets:
Loans						$	35,731					6.36		%				$	34,879					6.33		%				$	34,263					6.56		%				3 bps						(20) bps
Total interest-earning assets						38,193						5.87						38,537						6.00						37,665						6.18						(13) bps						(31) bps
Interest-bearing Liabilities:
Interest-bearing deposits						16,891						3.77						16,845						3.83						17,475						4.18						(6) bps						(41) bps
Total interest-bearing liabilities						18,125						3.82						18,014						3.88						17,944						4.18						(6) bps						(36) bps
Ratios:
Net interest income / interest rate spreads						20,068						2.05						20,523						2.12						19,721						2.00						(7) bps						5 bps
Net interest margin												3.08												3.19												3.23						(11) bps						(15) bps
Total deposits / cost of deposits						16,891						2.93						16,845						2.97						17,475						3.15						(4) bps						(22) bps
Total funding liabilities / cost of funds						18,125						3.00						18,014						3.04						17,944						3.17						(4) bps						(17) bps

(1)Annualized.

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($ in thousands)						For the Three Months Ended																																				Average Yield Change 2Q2026 vs.
						2Q2026												1Q2026												2Q2025
						Interest Income						Average Yield (1)						Interest Income						Average Yield (1)						Interest Income						Average Yield (1)						1Q2026						2Q2025
Loan Yield Component:
Contractual interest rate						$	35,335					6.29		%				$	34,254					6.22		%				$	33,304					6.37		%				7 bps						(8) bps
Accretion of SBA loan discount (2)						687						0.12						815						0.15						785						0.15						(3) bps						(3) bps
Amortization of net deferred fees						64						0.01						127						0.02						(60)						(0.01)						(1) bps						2 bps
Amortization of premium						(293)						(0.05)						(312)						(0.06)						(329)						(0.06)						1 bps						1 bps
Amortization of premium - Home mortgage payoffs						(173)						(0.03)						(186)						(0.03)						(63)						(0.01)						— bps						(2) bps
Net interest recognized on nonaccrual loans						(68)						(0.01)						(94)						(0.02)						295						0.06						1 bps						(7) bps
Prepayment penalty income and other fees (3)						179						0.03						275						0.05						331						0.06						(2) bps						(3) bps
Yield on loans						$	35,731					6.36		%				$	34,879					6.33		%				$	34,263					6.56		%				3 bps						(20) bps

(1)Annualized.

(2)Includes discount accretion from Small Business Administration ("SBA") loan payoffs of $232 thousand, $370 thousand and $293 thousand for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(3)Includes prepayment penalty income of $91 thousand, $98 thousand and $166 thousand for the three months ended June 30, 2026, March 31, 2026 and June 30, 2025, respectively, primarily from Commercial Real Estate (“CRE”) and SBA loans.

Second Quarter 2026 vs. First Quarter 2026

Net interest income declined by $455 thousand, or 2%, primarily reflecting a one-time interest accrual adjustment related to the Federal Reserve Bank account and the absence of a special FHLB dividend recognized in the prior period. These decreases were partially offset by continued loan growth. As a result, the net interest margin contracted by 11 basis points to 3.08%.

◦Interest-bearing deposits in other banks: Interest income decreased by $910 thousand, primarily due to a one-time $739 thousand accrual adjustment on the Federal Reserve Bank account.

◦Other investments: Interest income decreased by $349 thousand, mainly due to the absence of a special dividend received on FHLB stock in the prior period.

◦Loans: Interest income increased by $852 thousand, driven largely by a $26.5 million increase in average loan balances, reflecting growth in SBA and CRE loans, as well as two additional accrual days during the current period.

◦Deposits: Interest expense remained relatively stable compared to the prior period.

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Second Quarter 2026 vs. Second Quarter 2025

Net interest income increased by $347 thousand, or 2%, primarily driven by balance-sheet growth and lower deposit rates. These favorable factors were partially offset by lower loan yields, reduced interest income on interest-bearing deposits in other banks resulting from the aforementioned Federal Reserve Bank interest accrual adjustment and lower interest rates, and higher interest expense associated with the subordinated note issued in November 2025. As a result, the net interest margin declined by 15 basis points to 3.08%.

◦Loans: Interest income increased by $1.5 million, largely attributable to a $158.1 million increase in average loan balances, reflecting growth in CRE loans. The increase was partially offset by a 20-basis-point decline in loan yields, reflecting the downward repricing of adjustable-rate loans and lower rates on new originations following last year’s federal funds rate cuts, as well as the absence of elevated interest income recognized from nonaccrual loans in the prior period.

◦Deposits: Interest expense decreased by $584 thousand, mainly due to a 41-basis-point decline in costs of interest-bearing deposits, driven by the repricing of time deposits following the federal funds rate cuts. This decrease was partially offset by a $121.6 million increase in average interest-bearing deposit balances, reflecting growth in time deposits.

◦Interest-bearing deposits in other banks: Interest income decreased by $1.2 million, primarily due to the aforementioned accrual adjustment on the Federal Reserve Bank account, as well as lower yields on Federal Reserve Bank balances.

◦Subordinated note: Interest expense increased by $490 thousand, mainly due to the subordinated note issued in November 2025.

Provision for Credit Losses

($ in thousands)						For the Three Months Ended																		$ Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
(Reversal of) provision for credit losses on loans						$	(131)					$	400					$	1,255					$	(531)					$	(1,386)
(Reversal of) provision for credit losses on off-balance sheet exposure						(18)						12						(49)						(30)						31
(Reversal of) provision for credit losses						$	(149)					$	412					$	1,206					$	(561)					$	(1,355)

Second Quarter 2026 vs. First Quarter 2026

Provision for credit losses on loans decreased by $531 thousand, primarily due to the payoff of a previously reserved nonaccrual CRE loan, resulting in the reversal of a $761 thousand specific reserve recorded in the first quarter of 2026.

Second Quarter 2026 vs. Second Quarter 2025

Provision for credit losses on loans decreased by $1.4 million, primarily due to the aforementioned payoff of the nonaccrual CRE loans, as well as lower qualitative reserves driven by slower home mortgage loan growth and a more favorable economic outlook compared to a year ago.

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Noninterest Income

($ in thousands)						For the Three Months Ended																		% Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Noninterest Income
Service charges on deposits						$	515					$	463					$	1,017					11		%				(49)		%
Loan servicing fees, net of amortization						974						722						900						35						8
Gains on sale of loans						3,370						2,050						1,441						64						134
Other income						792						797						610						(1)						30
Total noninterest income						$	5,651					$	4,032					$	3,968					40		%				42		%

Second Quarter 2026 vs. First Quarter 2026

Noninterest income increased by $1.6 million, or 40%, primarily driven by higher gains on sale of loans and loan servicing fees.

◦Gains on Sale of Loans: Increased by $1.3 million, driven by stronger SBA loan sale activity. The Bank sold $49.1 million in SBA loans at an average premium rate of 8.17%, compared with $32.2 million sold at an average premium rate of 8.27% in the prior period.

◦Loan servicing fees, net of amortization: Increased by $252 thousand, mainly due to lower amortization of servicing assets resulting from reduced payoff activity.

Second Quarter 2026 vs. Second Quarter 2025

Noninterest income increased by $1.7 million, or 42%, primarily due to higher gains on sale of loans, partially offset by lower service charges on deposits.

◦Gains on Sale of Loans: Increased by $1.9 million, driven by stronger SBA loan sale activity and higher premium rates. The Bank sold $49.1 million in SBA loans at an average premium rate of 8.17%, compared with $25.3 million sold at an average premium rate of 7.05% in the prior period.

◦Service Charges on Deposits: Decreased by $502 thousand, largely reflecting lower balances in existing business analysis accounts and closure of certain currency exchange-related accounts during the third quarter of 2025.

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Noninterest Expense

($ in thousands)						For the Three Months Ended																		% Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Noninterest Expense
Salaries and employee benefits						$	9,733					$	9,276					$	9,075					5		%				7		%
Occupancy and equipment						1,901						1,811						1,584						5						20
Data processing and communication						380						411						306						(8)						24
Professional fees						454						399						418						14						9
FDIC insurance and regulatory assessments						387						418						506						(7)						(24)
Promotion and advertising						104						120						232						(13)						(55)
Directors’ fees						164						144						198						14						(17)
Foundation donation and other contributions						811						725						636						12						28
Other expenses						892						929						1,082						(4)						(18)
Total noninterest expense						$	14,826					$	14,233					$	14,037					4		%				6		%

Second Quarter 2026 vs. First Quarter 2026

Noninterest expense increased by $593 thousand, or 4%, primarily due to higher salaries and employee benefits.

◦Salaries and Employee Benefits: Increased by $457 thousand, primarily due to annual salary adjustments effective April 2026 and higher incentive accruals driven by increased loan production, partially offset by lower vacation accruals.

Second Quarter 2026 vs. Second Quarter 2025

Noninterest expense increased by $789 thousand, or 6%, primarily due to higher salaries and employee benefits, and increased occupancy and equipment, partially offset by lower other expenses.

◦Salaries and Employee Benefits: Increased by $658 thousand, mainly driven by staffing growth and annual salary adjustments effective April 2026.

◦Occupancy and equipment: Increased by $317 thousand, primarily due to the expiration of a common-area-maintenance concession on a lease that benefited the prior period.

◦Other expenses: Decreased by $190 thousand, primarily due to lower customer service expense following the previously discussed currency exchange account closures.

Income Tax Expense

Second Quarter 2026 vs. First Quarter 2026

Income tax expense increased by $388 thousand to $3.1 million, primarily due to higher pre-tax income, while the effective tax rate increased modestly to 27.8% from 27.0%.

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Second Quarter 2026 vs. Second Quarter 2025

Income tax expense increased by $951 thousand to $3.1 million, primarily due to higher pre-tax income. The effective tax rate increased to 27.8% from 25.0%, mainly reflecting the absence of a one-time deferred tax asset revaluation recognized in the prior-year period and the impact of federal tax law changes effective in 2026.

BALANCE SHEET HIGHLIGHTS

Loans

($ in thousands)						As of																		% Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
CRE						$	1,190,117					$	1,173,366					$	1,021,431					1		%				17		%
SBA						278,554						284,182						263,424						(2)						6
C&I						221,623						219,367						193,359						1						15
Home mortgage						568,512						556,952						593,256						2						(4)
Consumer & other						255						392						110						(35)						132
Gross loans						$	2,259,061					$	2,234,259					$	2,071,580					1		%				9		%

The following table presents loan originations and the corresponding weighted average contractual rates for the periods indicated:

($ in thousands)						For the Three Months Ended																																				% Change in Amounts 2Q2026 vs.
						2Q2026												1Q2026												2Q2025												1Q2026						2Q2025
						Amount						Rate						Amount						Rate						Amount						Rate
CRE						$	92,042					6.78		%				$	83,333					6.48		%				$	39,734					7.00		%				10		%				132		%
SBA						32,403						7.94						33,528						7.99						33,811						8.64						(3)						(4)
C&I						8,321						7.28						8,489						7.00						3,136						7.72						(2)						165
Home mortgage						36,574						5.94						7,059						6.03						54,837						6.64						418						(33)
Consumer and other						—						—						—						—						—						—						—						—
Gross loans (1)						$	169,340					6.85		%				$	132,409					6.87		%				$	131,518					7.29		%				28		%				29		%

(1)Excludes changes in line utilization.

The following table summarizes the loan activity for the periods indicated:

($ in thousands)						For the Three Months Ended
						2Q2026						1Q2026						2Q2025
Beginning Balance						$	2,234,259					$	2,193,669					$	2,043,885
Originations						169,340						132,409						131,518
Net change in line utilization						35,399						28,712						27,287
Purchases						5,426						—						1,750
Sales						(51,907)						(29,438)						(26,734)
Payoffs & paydowns						(123,664)						(98,703)						(91,437)
Other						(9,792)						7,610						(14,689)
Total						24,802						40,590						27,695
Ending balance						$	2,259,061					$	2,234,259					$	2,071,580

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The following table presents the composition of gross loans by interest rate type accompanied by the weighted average contractual rates as of the periods indicated:

($ in thousands)						As of
						2Q2026												1Q2026												2Q2025
						%						Rate						%						Rate						%						Rate
Fixed rate						28		%				5.77		%				29		%				5.70		%				31		%				5.54		%
Hybrid rate						41						6.05						40						6.00						40						5.81
Variable rate						31						6.90						31						6.86						29						8.16
Gross loans						100		%				6.24		%				100		%				6.18		%				100		%				6.42		%

The following table presents the maturity of gross loans by interest rate type accompanied by the weighted average contractual rates for the periods indicated:

($ in thousands)						As of June 30, 2026
						Within One Year												One Year Through Five Years												After Five Years												Total
						Amount						Rate						Amount						Rate						Amount						Rate						Amount						Rate
Fixed rate						$	159,578					5.47		%				$	277,011					6.55		%				$	192,938					4.90		%				$	629,527					5.77		%
Hybrid rate						—						—						197,537						5.28						741,366						6.26						938,903						6.05
Variable rate						138,125						7.04						170,809						6.91						381,697						6.84						690,631						6.90
Gross loans						$	297,703					6.20		%				$	645,357					6.26		%				$	1,316,001					6.24		%				$	2,259,061					6.24		%

Allowance for Credit Losses

The following table summarizes the activity in the allowance for credit losses for the periods presented:

($ in thousands)						As of and For the Three Months Ended																		$ Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Allowance for credit losses on loans, beginning						$	28,406					$	27,975					$	25,368					$	431					$	3,038
(Reversal of) provision for credit losses on loans						(131)						400						1,255						(531)						(1,386)
Gross charge-offs						(224)						(31)						(542)						(193)						318
Gross recoveries						49						62						205						(13)						(156)
Net (charge-offs) recoveries						(175)						31						(337)						(206)						162
Allowance for credit losses on loans, ending						$	28,100					$	28,406					$	26,286					$	(306)					$	1,814
Allowance for credit losses on off-balance sheet exposure, beginning						$	286					$	274					$	409					$	12					$	(123)
(Reversal of) provision for credit losses on off-balance sheet exposure						(18)						12						(49)						(30)						31
Allowance for credit losses on off-balance sheet exposure, ending						$	268					$	286					$	360					$	(18)					$	(92)

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Asset Quality

($ in thousands)						As of and For the Three Months Ended																		% or Basis Point Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Accruing loans 30-89 days past due (1)						$	10,486					$	9,311					$	9,804					13		%				7		%
As a % of gross loans						0.46		%				0.42		%				0.47		%				4 bps						(1) bps
Nonaccrual loans (2)(3)						$	16,372					$	18,297					$	8,916					(11)		%				84		%
Loans 90 days or more past due, accruing						892						—						—						NM						NM
Nonperforming loans (3)						17,264						18,297						8,916						(6)						94
OREO						—						—						1,237						—						(100)
Nonperforming assets (3)						$	17,264					$	18,297					$	10,153					(6)		%				70		%
Nonperforming loans to gross loans						0.76		%				0.82		%				0.43		%				(6) bps						33 bps
Nonperforming assets to gross loans & OREO						0.76						0.82						0.49						(6) bps						27 bps
Nonperforming assets to total assets						0.63						0.68						0.40						(5) bps						23 bps
Criticized loans (4)(5) by risk categories:
Special mention loans						$	8,834					$	10,141					$	9,257					(13)		%				(5)		%
Classified loans (6)						24,594						23,094						14,501						6						70
Total criticized loans						$	33,428					$	33,235					$	23,758					1		%				41		%
Classified loans to gross loans						1.09		%				1.03		%				0.70		%				6 bps						39 bps
Criticized loans to gross loans						1.48						1.49						1.15						(1) bps						33 bps
Allowance for credit losses ratios:
As a % of gross loans						1.24		%				1.27		%				1.27		%				(3) bps						(3) bps
As a % of nonperforming loans						163						155						295						8		%				(132)		%
As a % of nonperforming assets						163						155						259						8						(96)
As a % of classified loans						114						123						181						(9)						(67)
As a % of criticized loans						84						85						111						(1)						(27)
Net charge-offs (recoveries)						$	175					$	(31)					$	337					NM						(48)		%
Net charge-offs (recoveries) (7) to average gross loans						0.03						(0.01)						0.06						4 bps						(3) bps

(1)Excludes the guaranteed portion of loans totaling $947 thousand as of March 31, 2026. There was no guaranteed portion as of June 30, 2026 and 2025.

(2)Excludes loans held-for-sale.

(3)Excludes the guaranteed portion of loans totaling $30.5 million, $30.8 million and $13.9 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(4)Excludes the guaranteed portion of loans totaling $35.8 million, $35.9 million and $17.1 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(5)Consists of special mention, substandard, doubtful and loss categories.

(6)Consists of substandard, doubtful and loss categories.

(7)Annualized.

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Overall credit quality remained stable during the quarter. The allowance for credit losses on loans remained adequate at 1.24% of gross loans.

◦Accruing loans 30-89 days past-due increased by $1.2 million, primarily driven by $4.3 million inflows into this category, mainly home mortgage loans, partially offset by $2.2 million migrating to nonaccrual loans, largely SBA loans.

◦Nonperforming loans decreased by $1.0 million, primarily driven by the payoff of a $4.1 million CRE loan, partially offset by $3.3 million of loans migrating into nonaccrual status.

◦Criticized loans increased modestly by $193 thousand, primarily due to $7.0 million of loan downgrades, mostly offset by $4.5 million in payoffs, including the aforementioned $4.1 million CRE loan, $1.5 million of upgrades, and $837 thousand of principal payments.

Deposits

($ in thousands)						As of																																				% Change 2Q2026 vs.
						2Q2026												1Q2026												2Q2025
						Amount						%						Amount						%						Amount						%						1Q2026						2Q2025
Noninterest-bearing deposits						$	552,300					23		%				$	546,550					24		%				$	565,683					25		%				1		%				(2)		%
Money market deposits and others						426,501						18						398,756						17						431,252						19						7						(1)
Time deposits						1,389,538						59						1,381,988						59						1,257,793						56						1						10
Total deposits						$	2,368,339					100		%				$	2,327,294					100		%				$	2,254,728					100		%				2		%				5		%

As of June 30, 2026 vs. March 31, 2026

Total deposits increased by $41.0 million or 2%, primarily driven by a $27.7 million increase in money market deposits and others deposits. The growth was primarily attributable to higher balances from existing customers, as well as the addition of new retail accounts.

As of June 30, 2026 vs. June 30, 2025

Total deposits increased by $113.6 million or 5%, primarily driven by a $131.7 million increase in time deposits. The growth in time deposits was mainly due to new customers opening retail CD accounts, reflecting continued demand for higher-yielding products, together with higher balances from existing wholesale CD accounts.

The following table sets forth the maturity of time deposits as of June 30, 2026:

						As of June 30, 2026
($ in thousands)						Within Three Months						Three to Six Months						Six to Nine Months						Nine to Twelve Months						After Twelve Months						Total
Time deposits (greater than $250)						$	328,950					$	182,357					$	135,495					$	98,715					$	869					$	746,386
Time deposits ($250 or less)						273,066						210,667						75,238						82,213						1,968						643,152
Total time deposits						$	602,016					$	393,024					$	210,733					$	180,928					$	2,837					$	1,389,538
Weighted average rate						3.91		%				3.98		%				3.80		%				3.92		%				2.68		%				3.91		%

11

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CAPITAL

On July 23, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.14 per share. The dividend is payable on or about August 20, 2026, to shareholders of record as of the close of business on August 6, 2026. The principal source of funds from which the Company pays dividends are the dividends received from the Bank. During the second quarter of 2026, no shares were repurchased under the repurchase program approved in August 2025.

						OP Bancorp (1)						Open Bank						Well- Capitalized Requirement						Minimum Capital Ratio+ Conservation Buffer(2)
Risk-Based Capital Ratios (3):
Total capital						13.32		%				13.35		%				10.00		%				10.50		%
Tier 1 capital						10.98						12.10						8.00						8.50
CET1 capital						10.98						12.10						6.50						7.00
Tier 1 leverage						9.21						10.15						5.00						4.00

(1)Regulatory capital requirements apply only to Open Bank, and OP Bancorp’s ratios are presented solely for information purposes.

(2)An additional 2.5% capital conservation buffer above the minimum capital ratios are required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonuses to executive officers. This buffer does not apply and is not included in the tier 1 leverage ratio.

OP Bancorp (1)																								% or Basis Point Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Risk-Based Capital Ratios:
Total capital						13.32		%				13.17		%				12.26		%				15 bps						106 bps
Tier 1 capital						10.98						10.83						11.01						15 bps						(3) bps
CET1 capital						10.98						10.83						11.01						15 bps						(3) bps
Tier 1 leverage						9.21						9.07						8.96						14 bps						25 bps
Risk-weighted Assets ($ in thousands)						$	2,267,359					$	2,244,621					$	2,063,034					1		%				10		%

(1)Regulatory capital requirements apply only to Open Bank, and OP Bancorp’s ratios are presented solely for information purposes.

12

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ABOUT OP BANCORP

OP Bancorp, the holding company for Open Bank (the “Bank”), is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Bank operates general commercial banking business in Los Angeles, Orange, and Santa Clara Counties in California, the Dallas metropolitan area in Texas, and Clark County in Nevada, serving small- and medium-sized businesses, professionals, and local residents with a particular focus on Korean and other Asian communities. The Bank currently operates twelve full-service branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Cerritos, Gardena, Buena Park, Garden Grove and Santa Clara, California, Carrollton, Texas and Las Vegas, Nevada. The Bank also has one loan production office in Bellevue, Washington. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank in October 2010. Its headquarters is located at 1000 Wilshire Blvd., Suite 500, Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com.

CAUTIONARY NOTE REGARDING 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, and readers should not construe these statements of assurances of expected or intended results, or of promises that management will take a given course of action or pursue the currently expected strategies and objectives. 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 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 our Quarterly Report on Form 10-Q for the period ended March 31, 2026, 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.

Contact

Investor Relations

OP Bancorp

Jaehyun Park

EVP & CFO

213.593.4865

jaehyun.park@myopenbank.com

13

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CONSOLIDATED BALANCE SHEETS (unaudited)

($ in thousands, except share and per share data)						As of																		% Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Assets
Cash and due from banks						$	21,812					$	12,842					$	16,592					70		%				31		%
Interest-bearing deposits with banks						153,239						147,418						188,796						4						(19)
Cash and cash equivalents						175,051						160,260						205,388						9						(15)
AFS debt securities, at fair value						202,506						209,006						175,000						(3)						16
Other investments						18,824						17,213						17,101						9						10
Loans held-for-sale						21,305						9,498						20,016						124						6
CRE						1,190,117						1,173,366						1,021,431						1						17
SBA						278,554						284,182						263,424						(2)						6
C&I						221,623						219,367						193,359						1						15
Home mortgage						568,512						556,952						593,256						2						(4)
Consumer and other						255						392						110						(35)						132
Gross loans						2,259,061						2,234,259						2,071,580						1						9
Allowance for credit losses on loans						(28,100)						(28,406)						(26,286)						(1)						7
Net loans						2,230,961						2,205,853						2,045,294						1						9
Premises and equipment, net						5,298						5,516						6,852						(4)						(23)
Accrued interest receivable						10,172						10,683						9,991						(5)						2
Servicing assets						10,280						9,834						10,572						5						(3)
Company owned life insurance						23,975						23,794						23,259						1						3
Deferred tax assets, net						12,456						12,417						12,633						0						(1)
Other real estate owned ("OREO")						—						—						1,237						—						(100)
Operating right-of-use assets						7,732						8,253						9,887						(6)						(22)
Other assets						25,746						26,300						26,365						(2)						(2)
Total assets						$	2,744,306					$	2,698,627					$	2,563,595					2		%				7		%
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing						$	552,300					$	546,550					$	565,683					1		%				(2)		%
Money market and others						426,501						398,756						431,252						7						(1)
Time deposits greater than $250						746,386						743,153						643,350						0						16
Other time deposits						643,152						638,835						614,443						1						5
Total deposits						2,368,339						2,327,294						2,254,728						2						5
FHLB advances						75,000						75,000						50,000						—						50
Subordinated note						24,629						24,607						—						0						NM
Accrued interest payable						15,949						15,181						15,720						5						1
Operating lease liabilities						9,865						10,508						12,243						(6)						(19)
Other liabilities						11,881						13,326						17,186						(11)						(31)
Total liabilities						2,505,663						2,465,916						2,349,877						2						7
Shareholders' equity:
Common stock						73,018						73,018						72,984						—						0
Additional paid-in capital						12,128						11,995						11,484						1						6
Retained earnings						164,624						158,730						143,114						4						15
Accumulated other comprehensive loss, net of tax						(11,127)						(11,032)						(13,864)						1						(20)
Total shareholders’ equity						238,643						232,711						213,718						3						12
Total liabilities and shareholders' equity						$	2,744,306					$	2,698,627					$	2,563,595					2		%				7		%
Shares of common stock outstanding, at period-end						14,926,750						14,894,239						14,885,614						0		%				0		%
Book value per share						$	15.99					$	15.62					$	14.36					2		%				11		%
Stockholders' equity to asset ratio						8.70		%				8.62		%				8.34		%				1		%				4		%

NM — Not Meaningful

14

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CONSOLIDATED STATEMENTS OF INCOME (unaudited)

($ in thousands, except share and per share data)						For the Three Months Ended																		Change 2Q2026 vs.
						2Q2026						1Q2026						2Q2025						1Q2026						2Q2025
Interest income
Interest and fees on loans						$	35,731					$	34,879					$	34,263					2		%				4		%
Interest on AFS debt securities						1,824						1,761						1,437						4						27
Other interest income						638						1,897						1,965						(66)						(68)
Total interest income						38,193						38,537						37,665						(1)						1
Interest expense
Interest on deposits						16,891						16,845						17,475						0						(3)
Interest on borrowings						744						679						469						10						59
Interest on subordinated note						490						490						—						—						100
Total interest expense						18,125						18,014						17,944						1						1
Net interest income						20,068						20,523						19,721						(2)						2
(Reversal of) provision for credit losses						(149)						412						1,206						(136)						NM
Net interest income after provision for credit losses						20,217						20,111						18,515						1						9
Noninterest income
Service charges on deposits						515						463						1,017						11						(49)
Loan servicing fees, net of amortization						974						722						900						35						8
Gains on sale of loans						3,370						2,050						1,441						64						134
Other income						792						797						610						(1)						30
Total noninterest income						5,651						4,032						3,968						40						42
Noninterest expense
Salaries and employee benefits						9,733						9,276						9,075						5						7
Occupancy and equipment						1,901						1,811						1,584						5						20
Data processing and communication						380						411						306						(8)						24
Professional fees						454						399						418						14						9
FDIC insurance and regulatory assessments						387						418						506						(7)						(24)
Promotion and advertising						104						120						232						(13)						(55)
Directors’ fees						164						144						198						14						(17)
Foundation donation and other contributions						811						725						636						12						28
Other expenses						892						929						1,082						(4)						(18)
Total noninterest expense						14,826						14,233						14,037						4						6
Income before income tax expense						11,042						9,910						8,446						11						31
Income tax expense						3,064						2,676						2,113						14						45
Net income						$	7,978					$	7,234					$	6,333					10		%				26		%
EPS - basic						$	0.54					$	0.49					$	0.42					$	0.05					$	0.12
EPS - diluted						0.53						0.48						0.42						0.05						0.11
Weighted average shares:
- Basic						14,903,398						14,890,929						14,859,718						0		%				0		%
- Diluted						14,942,130						14,930,173						14,859,718						0						1
ROAA (1)						1.18		%				1.08		%				1.00		%				10 bps						18 bps
ROAE (1)						13.61						12.56						11.97						105 bps						164 bps
Efficiency ratio (2)						57.64						57.97						59.25						(33) bps						(161) bps

NM — Not Meaningful

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

15

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CONSOLIDATED STATEMENTS OF INCOME (unaudited)

($ in thousands, except share and per share data)						For the Six Months Ended
						2Q2026						2Q2025						Change
Interest income
Interest and fees on loans						$	70,610					$	65,952					7		%
Interest on AFS debt securities						3,585						2,933						22
Other interest income						2,535						3,639						(30)
Total interest income						76,730						72,524						6
Interest expense
Interest on deposits						33,736						34,083						(1)
Interest on borrowings						1,423						1,302						9
Interest on subordinated note						980						—						NM
Total interest expense						36,139						35,385						2
Net interest income						40,591						37,139						9
Provision for credit losses						263						1,942						(86)
Net interest income after provision for credit losses						40,328						35,197						15
Noninterest income
Service charges on deposits						978						2,017						(52)		%
Loan servicing fees, net of amortization						1,696						1,907						(11)
Gains on sale of loans						5,420						3,460						57
Other income						1,589						1,400						14
Total noninterest income						9,683						8,784						10
Noninterest expense
Salaries and employee benefits						19,009						17,851						6
Occupancy and equipment						3,712						3,165						17
Data processing and communication						791						602						31
Professional fees						853						825						3
FDIC insurance and regulatory assessments						805						993						(19)
Promotion and advertising						224						388						(42)
Directors’ fees						308						378						(19)
Foundation donation and other contributions						1,536						1,192						29
Other expenses						1,821						2,457						(26)
Total noninterest expense						29,059						27,851						4
Income before income tax expense						20,952						16,130						30
Income tax expense						5,740						4,237						35
Net income						$	15,212					$	11,893					28		%
EPS - basic						$	1.02					$	0.79					$	0.23
EPS - diluted						1.02						0.79						0.23
Weighted average shares:
- Basic						14,897,198						14,858,483						0		%
- Diluted						14,936,522						14,858,483						1		%
ROAA (1)						1.13		%				0.96		%				17 bps
ROAE (1)						13.09						11.36						173 bps
Efficiency ratio (2)						57.80						60.65						(285) bps

NM — Not Meaningful

(1)Annualized.

(2)Represents noninterest expense divided by the sum of net interest income and noninterest income.

16

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ASSET QUALITY BY LOAN TYPE

($ in thousands)						2Q2026						1Q2026						2Q2025
Accruing delinquent loans 30-89 days past due by loan type (1) :
CRE						$	723					$	—					$	—
SBA						3,173						5,374						4,509
C&I						26						9						—
Home mortgage						3,152						3,911						298
Total 30-59 days						7,074						9,294						4,807
CRE						—						—						—
SBA						972						—						1,883
C&I						77						17						—
Home mortgage						2,363						—						3,114
Total 60-89 days						3,412						17						4,997
CRE						723						—						—
SBA						4,145						5,374						6,392
C&I						103						26						—
Home mortgage						5,515						3,911						3,412
Total accruing delinquent loans 30-89 days past due						$	10,486					$	9,311					$	9,804
Nonaccrual loans (2) by loan type:
CRE						$	3,747					$	7,307					$	1,802
SBA						11,200						10,597						5,696
C&I						—						393						—
Home mortgage						1,425						—						1,418
Total nonaccrual						$	16,372					$	18,297					$	8,916
Criticized loans(3) by loan type:
CRE						$	7,217					$	10,057					$	8,816
SBA						21,859						20,016						12,949
C&I						1,390						1,620						575
Home mortgage						2,962						1,542						1,418
Total criticized						$	33,428					$	33,235					$	23,758

(1)Excludes the guaranteed portion of loans totaling $947 thousand as of March 31, 2026. There was no guaranteed portion as of June 30, 2026 and 2025.

(2)Excludes the guaranteed portion of loans that were in liquidation totaling $30.5 million, $30.8 million and $13.9 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(3)Excludes the guaranteed portion of loans that were in liquidation totaling $35.8 million, $35.9 million and $17.1 million as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

17

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AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS

						For the Three Months Ended
						2Q2026																		1Q2026																		2Q2025
($ in thousands)						Average Balance						Interest Income/Expense						Average Yield/Rate(1)						Average Balance						Interest Income/Expense						Average Yield/Rate(1)						Average Balance						Interest Income/Expense						Average Yield/Rate(1)
Interest-earning assets:
Interest-bearing deposits in other banks						$	128,022					$	416					1.29		%	(2)			$	145,013					$	1,326					3.66		%				$	147,874					$	1,648					4.41		%
Other investments						18,531						222						4.79						17,232						571						13.24						16,961						317						7.47
AFS debt securities, at fair value						206,877						1,824						3.53						205,247						1,761						3.43						180,193						1,437						3.19
CRE						1,171,097						18,691						6.40						1,154,515						17,814						6.26						1,028,961						16,013						6.24
SBA						314,060						6,077						7.76						292,821						5,980						8.28						283,130						6,618						9.38
C&I						206,978						3,517						6.82						212,941						3,552						6.77						195,547						3,667						7.52
Home mortgage						560,842						7,437						5.30						565,185						7,508						5.31						587,454						7,962						5.42
Consumer and other						293						9						11.76						1,287						25						7.99						76						3						15.86
Loans (2)						2,253,270						35,731						6.36						2,226,749						34,879						6.33						2,095,168						34,263						6.56
Total interest-earning assets						2,606,700						38,193						5.87						2,594,241						38,537						6.00						2,440,196						37,665						6.18
Noninterest-earning assets						87,072																		76,830																		83,394
Total assets						$	2,693,772																	$	2,671,071																	$	2,523,590
Interest-bearing liabilities:
Money market deposits and others						$	404,975					$	3,174					3.14		%				$	393,242					$	3,009					3.10		%				$	408,667					$	3,586					3.52		%
Time deposits						1,392,628						13,717						3.95						1,390,491						13,836						4.04						1,267,363						13,889						4.40
Total interest-bearing deposits						1,797,603						16,891						3.77						1,783,733						16,845						3.83						1,676,030						17,475						4.18
Borrowings						81,816						744						3.65						75,834						679						3.63						46,707						469						4.04
Subordinated note						24,622						490						7.96						24,600						490						7.97						—						—						—
Total interest-bearing liabilities						1,904,041						18,125						3.82						1,884,167						18,014						3.88						1,722,737						17,944						4.18
Noninterest-bearing liabilities:
Noninterest-bearing deposits						518,218																		516,722																		547,545
Other noninterest-bearing liabilities						36,969																		39,756																		41,624
Total noninterest-bearing liabilities						555,187																		556,478																		589,169
Shareholders’ equity						234,544																		230,426																		211,684
Total liabilities and shareholders’ equity						$	2,693,772																	$	2,671,071																	$	2,523,590
Net interest income / interest rate spreads												$	20,068					2.05		%										$	20,523					2.12		%										$	19,721					2.00		%
Net interest margin																		3.08		%																3.19		%																3.23		%
Cost of deposits & cost of funds:
Total deposits / cost of deposits						$	2,315,821					$	16,891					2.93		%				$	2,300,455					$	16,845					2.97		%				$	2,223,575					$	17,475					3.15		%
Total funding liabilities / cost of funds						2,422,259						18,125						3.00						2,400,889						18,014						3.04						2,270,282						17,944						3.17

18

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						For the Six Months Ended
						2Q2026																		2Q2025
($ in thousands)						Average Balance						Interest Income/Expense						Average Yield/Rate (1)						Average Balance						Interest Income/Expense						Average Yield/Rate (1)
Interest-earning assets:
Interest-bearing deposits in other banks						$	136,470					$	1,743					2.54		%	(2)			$	136,038					$	3,020					4.41		%
Other investments						17,885						792						8.86						16,716						619						7.40
AFS debt securities, at fair value						206,066						3,585						3.48						182,409						2,933						3.22
CRE						1,162,852						36,505						6.33						1,014,772						30,993						6.16
SBA						303,499						12,057						8.01						274,589						12,825						9.42
C&I						209,943						7,069						6.79						203,781						7,445						7.37
Home mortgage						563,002						14,945						5.31						557,058						14,681						5.27
Consumer & other						787						34						8.70						154						8						11.27
Loans (3)						2,240,083						70,610						6.35						2,050,354						65,952						6.47
Total interest-earning assets						2,600,504						76,730						5.94						2,385,517						72,524						6.11
Noninterest-earning assets						81,980																		80,624
Total assets						$	2,682,484																	$	2,466,141
Interest-bearing liabilities:
Money market deposits and others						$	399,141					$	6,183					3.12		%				$	381,387					$	6,671					3.53		%
Time deposits						1,391,565						27,553						3.99						1,237,862						27,412						4.47
Total interest-bearing deposits						1,790,706						33,736						3.80						1,619,249						34,083						4.24
Borrowings						78,841						1,423						3.64						62,736						1,302						4.19
Subordinated note						24,612						980						7.96						—						—						—
Total interest-bearing liabilities						1,894,159						36,139						3.85						1,681,985						35,385						4.24
Noninterest-bearing liabilities:
Noninterest-bearing deposits						517,474																		534,870
Other noninterest-bearing liabilities						38,355																		39,829
Total noninterest-bearing liabilities						555,829																		574,699
Shareholders’ equity						232,496																		209,457
Total liabilities and shareholders’ equity						$	2,682,484																	$	2,466,141
Net interest income / interest rate spreads												$	40,591					2.09		%										$	37,139					1.87		%
Net interest margin																		3.13		%																3.12		%
Cost of deposits & cost of funds:
Total deposits / cost of deposits						$	2,308,180					$	33,736					2.95		%				$	2,154,119					$	34,083					3.19		%
Total funding liabilities / cost of funds						2,411,633						36,139						3.02						2,216,855						35,385						3.22

(1)Annualized.

(2)Interest income includes a one-time $739 thousand adjustment recorded during the second quarter of 2026 related to the correction of prior-period interest accruals on the Federal Reserve Bank account.

(3)Includes loans held-for-sale.

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