Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 16. Condensed Financial Statements of Parent Company

The following presents the unconsolidated condensed financial statements of only the parent company, OP Bancorp, as of December 31, 2019 and 2018:

CONDENSED BALANCE SHEETS
	December 31,
	2019		2018
	(Dollars in thousands)
ASSETS
Investment in bank subsidiary	$	138,304	$	129,732
Cash and cash equivalents		2,219		—
Other assets		141		55
Total assets	$	140,664	$	129,787
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities		88		—
Shareholders’ equity		140,576		129,787
Total liabilities and shareholders' equity	$	140,664	$	129,787

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Years Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
Other expense	$	1,011		$	134		$	38
Income before income tax and undistributed subsidiary income		(1,011	)		(134	)		(38	)
Income tax benefit		(288	)		(40	)		(16	)
Equity in undistributed subsidiary income		17,480			14,347			9,258
Net income		16,757			14,253			9,236
Other comprehensive income (loss), net of tax		736			(198	)		(135	)
Net income	$	17,493		$	14,055		$	9,101

CONDENSED STATEMENT OF CASH FLOWS
	Years Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	16,757		$	14,253		$	9,236
Adjustments:
Equity in undistributed subsidiary income		(17,480	)		(14,347	)		(9,258	)
Change in other assets		6			94			22
Change in accounts payable and other liabilities		88			—			—
Net cash from operating activities		(629	)		—			—
Cash flows from investing activities
Net cash from investing activities		—			—			—
Cash flows from financing activities
Repurchase of common stock		(5,391	)		—			—
Cash dividend paid on common stock		(3,151	)		—			—
Proceeds from subsidiaries		11,390			—			—
Net cash from financing activities		2,848			—			—
Net change in cash and cash equivalents		2,219			—			—
Cash and cash equivalents at beginning of year		—			—			—
Cash and cash equivalents at end of year	$	2,219		$	—		$	—