OP Bancorp Declares Quarterly Cash Dividend of $0.05 per Share and Announces Stock Repurchase
Program
OP Bancorp (the “Company”) (NASDAQ: OPBK), the holding company of Open Bank (the “Bank”), announced today that its Board of
Directors declared a quarterly cash dividend of $0.05 per share of its common stock. The dividend is payable on or about February
21, 2019 to all shareholders of record as of the close of business on February 7, 2019.
OP Bancorp’s Board of Directors also approved a share repurchase program that authorizes the Company to repurchase up to 400,000
shares of its common stock. “This stock purchase program will demonstrate the Company’s confidence in the stock to the Market,”
said Min Kim, President and Chief Executive Officer of OP Bancorp and Open Bank.
Shares may be purchased in open market transactions, through block trades, in privately negotiated transactions, or by other
trading plans as determined by OP Bancorp’s management and in accordance with the Rule 10b5-1 of the Securities and Exchange
Commission.
The repurchase program may be suspended, terminated, or modified at any time. The time of purchases and amount of share
repurchase may be affected by variety factors including market conditions, price, trading volume, and regulatory requirements.
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 is engaged in the general commercial banking business in Los Angeles,
Orange, and Santa Clara Counties and is focused on serving the banking needs of small- and medium-sized businesses, professionals,
and residents with a particular emphasis on Korean and other ethnic minority communities. The Bank currently operates with eight
full branch offices in Downtown Los Angeles, Los Angeles Fashion District, Los Angeles Koreatown, Gardena, Buena Park, and Santa
Clara. The Bank also has three loan production offices in Seattle, Washington, Dallas, Texas, and Atlanta, Georgia. 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 Member FDIC, Equal Housing Lender.
Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto) constitute “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current
business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to,
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. These forward-looking statements are subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our
control, include, but are not limited to: business and economic conditions, particularly those affecting the financial services
industry and our primary market areas; our ability to successfully manage our credit risk and the sufficiency of our allowance for
loan loss; factors that can impact the performance of our loan portfolio, including real estate values and liquidity in our primary
market areas, the financial health of our commercial borrowers and the success of construction projects that we finance; our
ability to effectively execute our strategic plan and manage our growth; interest rate fluctuations, which could have an adverse
effect on our profitability; liquidity issues, including fluctuations in the fair value and liquidity of the securities we hold for
sale; external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest
rate policies of the Federal Reserve, inflation or deflation, changes in the demand for loans, and fluctuations in consumer
spending, borrowing and savings habits, which may have an adverse impact on our financial condition; continued or increasing
competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject
to different regulations than we are; challenges arising from unsuccessful attempts to expand into new geographic markets,
products, or services; restraints on the ability of the Bank to pay dividends to us; increased capital requirements imposed by
banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; a
failure in the internal controls we have implemented to address the risks inherent to the business of banking; inaccuracies in our
assumptions about future events, which could result in material differences between our financial projections and actual financial
performance; changes in our management personnel or our inability to retain motivate and hire qualified management personnel;
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology
systems; disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our
critical processing functions; an inability to keep pace with the rate of technological advances due to a lack of resources to
invest in new technologies; risks related to potential acquisitions; incremental costs and obligations associated with operating as
a public company; the impact of any claims or legal actions to which we may be subject, including any effect on our reputation;
compliance with governmental and regulatory requirements, including the Dodd-Frank Act and others relating to banking, consumer
protection, securities and tax matters, and our ability to maintain licenses required in connection with commercial mortgage
origination, sale and servicing operations; changes in federal tax law or policy; the affect if any of the recent federal
government shutdown on our SBA loan program; and our ability the manage the foregoing and other factors set forth in the Company’s
public reports including its Registration Statement on Form S-1 effective as of March 27, 2018, and particularly the discussion of
risk factors within that document. If any of these risks or uncertainties materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, our results could differ materially from those expressed in, implied or
projected by such forward-looking statements. We assume no obligation to update such forward-looking statements. Any
forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any
obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise, except as required by law.
Investor Relations
OP Bancorp
Christine Oh
EVP & CFO
213.892.1192
Christine.oh@myopenbank.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190125005056/en/