Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 17. 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, 2020 and 2019:

CONDENSED BALANCE SHEETS
	December 31,
	2020		2019
	(Dollars in thousands)
ASSETS
Investment in bank subsidiary	$	140,311	$	138,304
Cash and cash equivalents		3,468		2,219
Other assets		34		141
Total assets	$	143,813	$	140,664
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities		447		88
Shareholders’ equity		143,366		140,576
Total liabilities and shareholders' equity	$	143,813	$	140,664

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Years Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
Other expense	$	1,047		$	1,011		$	134
Income before income tax and undistributed subsidiary income		(1,047	)		(1,011	)		(134	)
Income tax benefit		(275	)		(288	)		(40	)
Equity in undistributed subsidiary income		13,899			17,480			14,347
Net income		13,127			16,757			14,253
Other comprehensive income (loss), net of tax		652			736			(198	)
Comprehensive income	$	13,779		$	17,493		$	14,055

CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	13,127		$	16,757		$	14,253
Adjustments:
Equity in undistributed subsidiary income		(13,899	)		(17,480	)		(14,347	)
Change in other assets		107			6			94
Change in accounts payable and other liabilities		359			88			—
Net cash from operating activities		(306	)		(629	)		—
Cash flows from investing activities
Net cash from investing activities		—			—			—
Cash flows from financing activities
Repurchase of common stock		(8,104	)		(5,391	)		—
Cash dividend paid on common stock		(4,262	)		(3,151	)		—
Proceeds from subsidiaries		13,921			11,390			—
Net cash from financing activities		1,555			2,848			—
Net change in cash and cash equivalents		1,249			2,219			—
Cash and cash equivalents at beginning of year		2,219			—			—
Cash and cash equivalents at end of year	$	3,468		$	2,219		$	—