2020 Q3 Form 10-Q Financial Statement

#000156459020052417 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $13.02M $15.11M $14.88M
YoY Change -13.87% 16.19% 23.35%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $326.0K $297.0K $270.0K
YoY Change 9.76% 8.79% -99.89%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.597M $3.893M $3.701M
YoY Change -58.98% 54.42% 78.36%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.054M $5.238M $5.065M
YoY Change -3.51% 13.25% -3.69%
Income Tax $1.459M $1.238M $1.229M
% Of Pretax Income 28.87% 23.63% 24.26%
Net Earnings $3.595M $4.000M $3.836M
YoY Change -10.13% 14.91% 1.19%
Net Earnings / Revenue 27.62% 26.47% 25.78%
Basic Earnings Per Share $0.23 $0.25 $0.24
Diluted Earnings Per Share $0.23 $0.24 $0.23
COMMON SHARES
Basic Shares Outstanding 15.15M shares 15.77M 15.69M
Diluted Shares Outstanding 15.18M shares 16.01M 15.95M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $87.89M $89.11M $83.11M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.756M $5.367M $5.341M
YoY Change -11.38% 11.81% 10.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.900M $2.400M $2.900M
YoY Change 62.5% -44.19% -30.95%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.340B $1.152B $1.128B
YoY Change 16.31% 11.29% 15.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $2.500M $2.300M
YoY Change -44.0% 108.33% 155.56%
Accrued Expenses $8.900M $10.30M $10.70M
YoY Change -13.59%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.30M $12.80M $13.00M
YoY Change -19.53% 966.67% 1344.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.900M $5.500M $4.400M
YoY Change 43.64% -54.17% -50.0%
Total Long-Term Liabilities $7.900M $5.500M $4.400M
YoY Change 43.64% -54.17% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.30M $12.80M $13.00M
Total Long-Term Liabilities $7.900M $5.500M $4.400M
Total Liabilities $1.198B $1.014B $992.1M
YoY Change 18.14% 11.46% 15.62%
SHAREHOLDERS EQUITY
Retained Earnings $43.09M $39.88M
YoY Change 48.0% 55.58%
Common Stock $94.24M $95.42M
YoY Change 3.55% 4.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.5M $137.6M $135.5M
YoY Change
Total Liabilities & Shareholders Equity $1.340B $1.152B $1.128B
YoY Change 16.31% 11.29% 15.12%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $3.595M $4.000M $3.836M
YoY Change -10.13% 14.91% 1.19%
Depreciation, Depletion And Amortization $326.0K $297.0K $270.0K
YoY Change 9.76% 8.79% -99.89%
Cash From Operating Activities -$24.07M $7.920M $5.340M
YoY Change -403.91% -35.77% -57.04%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$320.0K -$530.0K
YoY Change -37.5% 52.38% 47.22%
Acquisitions
YoY Change
Other Investing Activities -$47.92M -$20.77M -$31.31M
YoY Change 130.72% -20.79% -23.67%
Cash From Investing Activities -$48.12M -$21.09M -$31.84M
YoY Change 128.17% -20.2% -23.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.95M 19.16M 43.83M
YoY Change 150.26% -60.61% 115.81%
NET CHANGE
Cash From Operating Activities -24.07M 7.920M 5.340M
Cash From Investing Activities -48.12M -21.09M -31.84M
Cash From Financing Activities 47.95M 19.16M 43.83M
Net Change In Cash -24.24M 5.990M 17.33M
YoY Change -504.67% -82.66% -300.58%
FREE CASH FLOW
Cash From Operating Activities -$24.07M $7.920M $5.340M
Capital Expenditures -$200.0K -$320.0K -$530.0K
Free Cash Flow -$23.87M $8.240M $5.870M
YoY Change -389.68% -34.29% -54.1%

Facts In Submission

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Note </span><span style="color:#000000;">1. Business Description</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">OP Bancorp (the “Company”) is a California corporation whose common stock is quoted on the Nasdaq Global Market under the ticker symbol, “OPBK.” The Company was formed to acquire 100% of the voting equity of Open Bank (the “Bank”) and commenced operation as a bank holding company on June 1, 2016. This transaction was treated as an internal reorganization as all shareholders of the Bank became shareholders of the Company. The Company has no operations other than ownership of the Bank. The Bank is a California state-chartered and FDIC-insured financial institution, which began its operations on June 10, 2005. Headquartered in downtown Los Angeles, California, the Company operates primarily in the traditional banking business arena that includes accepting deposits and making loans and investments. The Company’s primary deposit products are demand and time deposits, and the primary lending products are commercial business loans to small to medium sized businesses. The Company is operating with nine full service branches, eight of which are located in California, in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena, Buena Park and Santa Clara. The Company opened a ninth full service branch in Carrollton, Texas in April, 2019. The Company also has </span><span style="color:#000000;">four</span><span style="Background-color:#FFFFFF;"> loan production offices in </span><span style="color:#000000;">Atlanta, Georgia, Aurora, Colorado, and Lynwood and Seattle, Washington</span><span style="Background-color:#FFFFFF;">.</span></p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On March 27, 2018, the Company completed its initial public offering of common stock, pursuant to which an aggregate of 2,300,000 shares of its common stock were sold at a public offering price of $11.00 per share, for aggregate net proceeds of approximately $22.6 million, after deducting underwriter discounts and commissions paid by it of approximately $1.7 million and other offering expenses of approximately $925,000.</span></p>
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us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Use of Estimates:</span><span style="Background-color:#FFFFFF;font-weight:normal;">  To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. The Company could experience a material adverse effect on its business as a result of the impact of the novel coronavirus pandemic (“COVID-19”) and the resulting governmental actions to curtail its spread. It is at least reasonably possible that the estimates based on information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements, including the allowance for loan losses. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain and we are unable to make an estimate, at this time.</span></p>
us-gaap Concentration Risk Credit Risk
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:2.27%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Concentration of Risk:</span><span style="Background-color:#FFFFFF;font-weight:normal;">  Most of the Company’s customers are located within Los Angeles County and the surrounding area. The concentration of loans originated in this area may subject the Company to the risk of adverse impacts associated with economic, regulatory or other developments that could occur in Southern California.  The Company has significant concentration in commercial real estate loans. The Company obtains what it believes to be sufficient collateral to secure potential losses. The extent and value of the collateral obtained varies based upon the details underlying each loan agreement.</span></p> <p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:2.27%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:2.27%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">There have been no significant or material changes to the Company’s accounting policies during the nine months ended September 30, 2020, as compared to the Summary of Significant Accounting Policies as described in “Note 1 of the Notes to Consolidated Financial Statements” in the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2019. </span></p>
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FederalHomeLoanBankStock
6043000
CY2019Q4 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
5358000
CY2020Q3 opbk Pacific Coast Bankers Bank Stock
PacificCoastBankersBankStock
190000
CY2019Q4 opbk Pacific Coast Bankers Bank Stock
PacificCoastBankersBankStock
190000
CY2020Q3 opbk Community Reinvestment Act Qualified Mutual Fund
CommunityReinvestmentActQualifiedMutualFund
3769000
CY2019Q4 opbk Community Reinvestment Act Qualified Mutual Fund
CommunityReinvestmentActQualifiedMutualFund
3628000
CY2020Q3 us-gaap Other Investments
OtherInvestments
10002000
CY2019Q4 us-gaap Other Investments
OtherInvestments
9176000
CY2019Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
990138000
CY2019Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
10050000
CY2019Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
980088000
CY2020Q3 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
0
CY2019Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
0
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12764000
CY2020Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
1399000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
14164000
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
9525000
CY2019Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
290000
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
175000
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
9640000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
10050000
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
4130000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
45000
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
29000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
14164000
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
691000
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
688000
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1000
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
9640000
CY2020Q3 opbk Impaired Financing Receivable Accrued Interest Receivable
ImpairedFinancingReceivableAccruedInterestReceivable
4700000
CY2019Q4 opbk Impaired Financing Receivable Accrued Interest Receivable
ImpairedFinancingReceivableAccruedInterestReceivable
2900000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
389000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
13775000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
14164000
CY2020Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
451000
CY2020Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1077029000
CY2020Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
1077480000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
333000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
9717000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
10050000
CY2019Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
850000
CY2019Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
992170000
CY2019Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
993020000
CY2020Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
451000
CY2020Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
389000
CY2020Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
452000
CY2020Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
5000
CY2019Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
860000
CY2019Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
336000
CY2019Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
858000
CY2019Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
5000
CY2020Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
451000
CY2020Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
389000
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
455000
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
15000
CY2019Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
860000
CY2019Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
336000
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
890000
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
15000
CY2020Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
0
CY2020Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
0
CY2019Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
1215000
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1215000
CY2020Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
600000
CY2020Q3 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1076880000
CY2020Q3 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1077480000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
4996000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
988024000
CY2019Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
993020000
CY2020Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
330000
CY2019Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
333000
CY2020Q3 opbk Allowance For Credit Losses Change In Method Of Calculating Impairments
AllowanceForCreditLossesChangeInMethodOfCalculatingImpairments
330000
CY2019Q4 opbk Allowance For Credit Losses Change In Method Of Calculating Impairments
AllowanceForCreditLossesChangeInMethodOfCalculatingImpairments
333000
CY2020Q3 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
0
CY2019Q3 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
0
us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
0
us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
0
CY2020Q3 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2019Q3 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2020Q3 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1077480000
CY2019Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
993020000
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
Certain lease arrangements contain extension options which are typically around five years.
CY2020Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7200000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8900000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
443000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
444000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.78
us-gaap Operating Lease Cost
OperatingLeaseCost
1331000
us-gaap Operating Lease Cost
OperatingLeaseCost
1287000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
202000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
211000
us-gaap Variable Lease Cost
VariableLeaseCost
580000
us-gaap Variable Lease Cost
VariableLeaseCost
548000
CY2020Q3 us-gaap Lease Cost
LeaseCost
645000
CY2019Q3 us-gaap Lease Cost
LeaseCost
655000
us-gaap Lease Cost
LeaseCost
1911000
us-gaap Lease Cost
LeaseCost
1835000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7151000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8254000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8857000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10126000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0298
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0298
CY2020Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
505000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
493000
us-gaap Operating Lease Payments
OperatingLeasePayments
1500000
us-gaap Operating Lease Payments
OperatingLeasePayments
1408000
CY2020Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
645000
CY2019Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
655000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1900000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1800000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
506000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2032000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2015000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1811000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1700000
CY2020Q3 opbk Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1632000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9696000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
839000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8857000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2001000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2032000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2028000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1816000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1702000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1641000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11220000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1094000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10126000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12664000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12159000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7908000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6933000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4756000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5226000
CY2020Q3 us-gaap Depreciation
Depreciation
326000
CY2019Q3 us-gaap Depreciation
Depreciation
297000
us-gaap Depreciation
Depreciation
981000
us-gaap Depreciation
Depreciation
835000
CY2020Q2 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
6972000
CY2019Q2 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
6996000
CY2019Q4 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
7024000
CY2018Q4 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
6987000
CY2020Q3 us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
585000
CY2019Q3 us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
552000
us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
1354000
us-gaap Servicing Asset At Amortized Value Additions
ServicingAssetAtAmortizedValueAdditions
1553000
CY2020Q3 us-gaap Servicing Asset At Amortized Value Amortization1
ServicingAssetAtAmortizedValueAmortization1
335000
CY2019Q3 us-gaap Servicing Asset At Amortized Value Amortization1
ServicingAssetAtAmortizedValueAmortization1
589000
us-gaap Servicing Asset At Amortized Value Amortization1
ServicingAssetAtAmortizedValueAmortization1
1156000
us-gaap Servicing Asset At Amortized Value Amortization1
ServicingAssetAtAmortizedValueAmortization1
1581000
CY2020Q3 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
7222000
CY2019Q3 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
6959000
CY2020Q3 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
7222000
CY2019Q3 us-gaap Servicing Asset At Amortized Value
ServicingAssetAtAmortizedValue
6959000
us-gaap Servicing Asset At Amortized Value Valuation Allowance
ServicingAssetAtAmortizedValueValuationAllowance
0
us-gaap Servicing Asset At Amortized Value Valuation Allowance
ServicingAssetAtAmortizedValueValuationAllowance
0
CY2020Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
8800000
CY2019Q3 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
8300000
CY2019Q3 us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
AmortizationMethodQualifiedAffordableHousingProjectInvestmentsAmortization
58000000
us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
AmortizationMethodQualifiedAffordableHousingProjectInvestmentsAmortization
268000000
us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
AmortizationMethodQualifiedAffordableHousingProjectInvestmentsAmortization
167000000
CY2020Q3 us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
99000000
CY2019Q3 us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
50000000
CY2020Q3 us-gaap Time Deposit Maturities Remainder Of Fiscal Year
TimeDepositMaturitiesRemainderOfFiscalYear
102084000
CY2020Q3 us-gaap Time Deposit Maturities Year One
TimeDepositMaturitiesYearOne
234760000
CY2020Q3 us-gaap Time Deposit Maturities Year Two
TimeDepositMaturitiesYearTwo
2621000
CY2020Q3 us-gaap Time Deposit Maturities Year Three
TimeDepositMaturitiesYearThree
1111000
CY2020Q3 us-gaap Time Deposit Maturities Year Four
TimeDepositMaturitiesYearFour
584000
CY2020Q3 opbk Time Deposit Maturities After Year Four
TimeDepositMaturitiesAfterYearFour
208000
CY2020Q3 us-gaap Time Deposits
TimeDeposits
341368000
CY2020Q3 us-gaap Advances From Federal Home Loan Banks
AdvancesFromFederalHomeLoanBanks
10000000.0
CY2020Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
67000000.0
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
455957000
CY2020Q3 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Collateral Pledged1
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1
913300000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1500000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000000.0
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.289
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q3 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
FairValueDisclosureOffbalanceSheetRisksAmountLiability
85353000
CY2019Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
FairValueDisclosureOffbalanceSheetRisksAmountLiability
74641000
opbk Investments In Low Income Housing Partnerships
InvestmentsInLowIncomeHousingPartnerships
4928000
CY2019 opbk Investments In Low Income Housing Partnerships
InvestmentsInLowIncomeHousingPartnerships
1719000
opbk Unfunded Commitments To Fund Investments For Low Income Housing Partnerships
UnfundedCommitmentsToFundInvestmentsForLowIncomeHousingPartnerships
2362000
CY2019 opbk Unfunded Commitments To Fund Investments For Low Income Housing Partnerships
UnfundedCommitmentsToFundInvestmentsForLowIncomeHousingPartnerships
70000
CY2020Q3 us-gaap Amortization Method Qualified Affordable Housing Project Investments Amortization
AmortizationMethodQualifiedAffordableHousingProjectInvestmentsAmortization
107000000
us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
248000000
us-gaap Affordable Housing Tax Credits And Other Tax Benefits Amount
AffordableHousingTaxCreditsAndOtherTaxBenefitsAmount
150000000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
164000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
189000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
858000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
905000
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
87983000
CY2020Q3 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
44947000
CY2020Q3 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
1073447000
CY2020Q3 opbk Accrued Interest Receivable Fair Value Disclosure
AccruedInterestReceivableFairValueDisclosure
4968000
CY2020Q3 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
1170846000
CY2020Q3 opbk Accrued Interest Payable Fair Value Disclosure
AccruedInterestPayableFairValueDisclosure
1355000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
86036000
CY2019Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
2100000
CY2019Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
1009490000
CY2019Q4 opbk Accrued Interest Receivable Fair Value Disclosure
AccruedInterestReceivableFairValueDisclosure
3166000
CY2019Q4 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
1021571000
CY2019Q4 opbk Accrued Interest Payable Fair Value Disclosure
AccruedInterestPayableFairValueDisclosure
2686000
CY2016Q4 opbk Risk Weighted Assets Capital Conservation Buffer Percentage
RiskWeightedAssetsCapitalConservationBufferPercentage
0.00625
CY2019 opbk Capital Conservation Buffer Percentage Of Annual Increase
CapitalConservationBufferPercentageOfAnnualIncrease
0.00625
CY2020Q3 opbk Risk Weighted Assets Capital Conservation Buffer Percentage
RiskWeightedAssetsCapitalConservationBufferPercentage
0.0250
CY2020Q3 us-gaap Capital
Capital
153025000
CY2020Q3 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1493
CY2020Q3 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
140192000
CY2020Q3 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1367
CY2020Q3 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
140192000
CY2020Q3 us-gaap Common Equity Tier One Capital Ratio
CommonEquityTierOneCapitalRatio
0.1367
CY2020Q3 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
140192000
CY2020Q3 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.1085
CY2019Q4 us-gaap Capital
Capital
150092000
CY2019Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1518
CY2019Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
139975000
CY2019Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1416
CY2019Q4 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
139975000
CY2019Q4 us-gaap Common Equity Tier One Capital Ratio
CommonEquityTierOneCapitalRatio
0.1416
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15235617
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15756886
CY2019Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
139975000
CY2019Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.1214
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
3595000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
4000000
CY2020Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
44000
CY2019Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
81000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3551000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3919000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15148833
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.25
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3551000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3919000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15148833
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15768654
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
33900
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
238832
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15182733
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16007486
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Net Income Loss
NetIncomeLoss
9310000
us-gaap Net Income Loss
NetIncomeLoss
12576000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
154000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
309000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9156000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12267000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15235617
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15756886
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
9156000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
12267000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
48573
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
235129
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15284190
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15992015
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0

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