Here are 1-3 brief analogies for OP Bancorp (OPBK):

• It's like a smaller, regional version of Wells Fargo, focused on serving communities in California and other select states.
• Think of it as a localized Bank of America, providing a full suite of banking services to specific communities rather than nationwide.

• Deposit Services: Offers various checking, savings, money market, time deposit, and certificate of deposit accounts for individuals and businesses.
• Lending Services: Provides a range of loan products, including commercial real estate, small business administration (SBA), commercial and industrial, residential, consumer, and home mortgage loans.
• Trade Finance & International Services: Delivers trade financing products, letters of credit, SWIFT, and export advice to support international business activities.
• Payment & Digital Banking Services: Facilitates transactions through debit and credit cards, online and mobile banking, bill payment, person-to-person payments, and ACH services.
• Business Cash Management Services: Offers tools such as remote deposit capture, positive pay, wire transfer initiation, and ACH origination to help businesses efficiently manage their cash flow.

Sang K. Oh President and Chief Executive Officer

Mr. Oh assumed the role of President and Chief Executive Officer of OP Bancorp in July 2025, following a tenure as Executive Vice President and Chief Executive Officer In Transit from August 2024 to June 2025. Previously, he served as Executive Vice President and Chief Credit Officer for the Company and the Bank starting in October 2020. Before joining Open Bank, Mr. Oh accumulated over 25 years of banking experience, primarily with Bank of Hope in Los Angeles, California, where his roles included Senior Vice President and Senior Credit Administrator from 2007 to 2020. He holds a Bachelor of Arts in Business Economics with a minor in Accounting from UCLA and is a graduate of Pacific Coast Banking School.

Jaehyun Park Executive Vice President and Chief Financial Officer

Mr. Park was appointed Executive Vice President and Chief Financial Officer of OP Bancorp and Open Bank on March 3, 2025. Prior to this appointment, he held the position of Senior Vice President and Controller for the Company and the Bank since joining in June 2014. Before his time at Open Bank, Mr. Park worked in various finance roles at Nara Bank (now Bank of Hope) beginning in April 2005. He earned a Bachelor of Science in Economics from Korea University and holds a Master of Science in Finance and a Juris Doctor from Suffolk University.

Christine Y. Oh Executive Vice President and Chief Operating Officer

Ms. Oh was appointed Executive Vice President and Chief Operating Officer of OP Bancorp and Open Bank in March 2025. She previously served as Executive Vice President and Chief Financial Officer of the Bank since July 2010 and of the Company since its formation in March 2016, bringing over 34 years of banking experience. Before joining Open Bank, Ms. Oh was the Interim Chief Financial Officer and Controller of Nara Bancorp and Nara Bank (now Bank of Hope and Hope Bancorp Inc) from January to July 2010.

Jimmy M. Bang Executive Vice President and Chief Lending Officer

Mr. Bang was appointed Executive Vice President and Chief Lending Officer of Open Bank in March 2025. He joined the Bank in August 2021 as Senior Vice President and Lending Manager. With over 25 years of banking experience, Mr. Bang previously held various leadership positions at Nara Bank (now Bank of Hope), Countrywide Home Loans, and California Bank & Trust. He holds a Bachelor of Science in Marketing and International Business from The Pennsylvania State University.

Wesley Won Executive Vice President and Chief Technology Officer

Mr. Won was appointed Executive Vice President and Chief Technology Officer in March 2025. He had served as Senior Vice President and Chief Information Officer since April 2022 and has been with Open Bank since September 2010, initially as MIS Manager. Mr. Won has over two decades of experience in financial technology and operations, having held IT leadership roles at Hanmi Bank (2001-2009) and Nara Bank (1996-2009). He also honorably served in the U.S. Marine Corps prior to his banking career.

The key risks to OP Bancorp's business are primarily linked to its operations as a regional bank, with significant exposure to the commercial real estate market, sensitivity to interest rate fluctuations, and inherent cybersecurity vulnerabilities due to third-party dependencies.

1. Commercial Real Estate (CRE) Exposure and Credit Risk: As a regional bank, OP Bancorp faces substantial exposure to commercial real estate (CRE) loans, which have shown increased signs of stress across the industry. Regional banks, in general, hold a disproportionately high concentration of CRE loans compared to larger banks, with nearly one-third of all U.S. commercial mortgage dollars residing on their balance sheets. Delinquency rates for CRE loans have been rising, and the office sector, in particular, is experiencing significant challenges due to higher interest rates and structural shifts like remote work. A large volume of CRE loans is scheduled for refinancing in the coming years, potentially exacerbating difficulties for borrowers and leading to increased credit losses for lenders like OP Bancorp. The company provides commercial real estate loans, making it directly vulnerable to these market dynamics.

2. Interest Rate Risk and Net Interest Margin (NIM) Compression: OP Bancorp, like other regional banks, is highly sensitive to changes in interest rates. Prolonged periods of high interest rates or an inverted yield curve can compress net interest margins, significantly impacting profitability. OP Bancorp has already experienced margin erosion, with its gross margin dropping from 96% in 2021 to 53% in 2024. Additionally, an elevated debt level for the bank in 2023-24 amplifies its sensitivity to interest rate fluctuations. While many banks have taken steps to mitigate interest rate risk following recent banking sector challenges, it remains an ongoing and critical financial risk.

3. Cybersecurity Risk and Third-Party Vendor Dependence: OP Bancorp faces notable cybersecurity risks, particularly due to its reliance on third-party vendors for cybersecurity expertise. Due to its relatively smaller size, the bank's significant dependence on external providers for critical operational and security functions increases its vulnerability. Any operational incident or cybersecurity failure by these third-party vendors could lead to information breaches, system disruptions, or reputational damage for OP Bancorp. This highlights a crucial non-financial risk that could have severe consequences for the bank's operations and customer trust.

The clear emerging threat to OP Bancorp is the rise of **digital-only banks (neobanks) and specialized financial technology (fintech) platforms**. These entities leverage technology to offer banking products and services with lower overhead, often providing more competitive rates, reduced fees, and a more streamlined digital customer experience compared to traditional brick-and-mortar banks like OP Bancorp. This shift can attract customers away from conventional banks for deposits, lending, and other financial services, challenging OP Bancorp's branch-based model and its ability to compete on convenience and cost.

OP Bancorp (symbol: OPBK) operates as a bank holding company for Open Bank, providing a range of banking products and services primarily in California, with additional branches in Texas and loan production offices in Georgia, Colorado, and Washington.

The addressable markets for OP Bancorp's main products and services are sizable within their operational regions:

• Commercial Banking in California: The commercial banking industry in California is projected to reach a market size of approximately $143.0 billion in 2026. This market encompasses a wide array of services including deposits from customers and the issuance of consumer, commercial, and industrial loans.
• Commercial Real Estate (CRE) Loans (United States): The overall U.S. commercial real estate mortgage market for income-producing properties is roughly $4.5 trillion (as of March 2023). Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024, representing new originations.
• Small Business Administration (SBA) Loans (California): California represents a significant market for SBA loans. In the past six months leading up to May 2023, SBA 7(a) loans totaling $1.8 billion were approved across 2,825 loans in California.
• Commercial and Industrial (C&I) Loans (North America): The broader commercial lending market in North America, which includes commercial and industrial loans, is projected to reach a valuation of USD 2,892.50 billion by 2025.
• Residential Mortgage Loans (California): The California housing market, which drives residential mortgage lending, is expected to see approximately 274,400 single-family homes sold in 2026. The median price for a home in California is forecast to reach $905,000 in the same year.

OP Bancorp (OPBK) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Robust Loan Growth: The company anticipates ongoing strong growth in its loan portfolio, particularly within Commercial Real Estate (CRE) and Commercial & Industrial (C&I) loans, including mortgage warehouse financing. This robust loan growth was a primary factor for a positive outlook expressed by analysts in late 2024 and has been a historical driver of revenue expansion.
2. Net Interest Margin (NIM) Expansion: A rebound or expansion in the net interest margin is a significant expected driver. Analysts expressed optimism for the bank's future, anticipating the NIM to exceed 3% by the fourth quarter of 2024, positioning the company strongly for 2025. Future revenue normalization is also projected to leverage high revenue per share trends if NIM rebounds, potentially with interest rate adjustments.
3. Growth in Non-Interest (Fee) Income: Increased fee income has contributed to recent earnings beats, indicating its importance as a growing component of overall revenue.
4. Strategic Expansion of Branch and Loan Production Office Network: OP Bancorp has a history of driving revenue through strategic expansions. The company has already expanded its physical presence, operating twelve full branch offices and five loan production offices as of March 2026, including new locations in Las Vegas, Nevada, and Fairfax, Virginia, demonstrating a strategy to increase its market reach and customer base.
5. Targeted Customer Acquisition within Niche Markets: The bank's consistent focus on serving the banking needs of small and medium-sized businesses, professionals, and residents, with a particular emphasis on the Korean and broader Asian-American communities, is a strategic focus for relationship banking. This specialization is expected to facilitate customer growth and deepen market penetration within these specific segments.