OP Bancorp Leases Disclosure
| Year Ended December 31, | ||||||||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Operating lease cost | $ | 2,479 | $ | 2,352 | $ | 2,280 | ||||||||||||||
| Variable lease cost | 638 | 985 | 844 | |||||||||||||||||
| Total lease cost | $ | 3,117 | $ | 3,337 | $ | 3,124 | ||||||||||||||
| As of and For Year Ended December 31, | ||||||||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Operating right-of-use assets | $ | 8,804 | $ | 7,415 | $ | 8,497 | ||||||||||||||
| Operating lease liabilities | 11,175 | 7,857 | 9,341 | |||||||||||||||||
| Weighted average remaining lease term - operating leases | 4.5 years | 4.7 years | 5.5 years | |||||||||||||||||
| Weighted average discount rate - operating leases | 2.97 | % | 2.45 | % | 2.47 | % | ||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | 560 | $ | 2,751 | $ | 2,511 | ||||||||||||||
| ($ in thousands) | Amount | |||||||
| 2026 | $ | 3,038 | ||||||
| 2027 | 2,930 | |||||||
| 2028 | 2,510 | |||||||
| 2029 | 2,169 | |||||||
| 2030 | 640 | |||||||
| Thereafter | 819 | |||||||
| Total lease payments | 12,106 | |||||||
| Discount to present value | (931) | |||||||
| Total lease liability | $ | 11,175 | ||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 18, 2022 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.