OPBK

Ignore the headline P/S of 70x and the 800% "net margin" — those are artifacts of bank accounting. The $3.20M "revenue" XBRL tag captures only fee/contract income; OPBK's real engine is net interest income from Open Bank plus SBA loan-sale gains, and the number that matters is net income of $25.6M (+21.7% YoY) on diluted EPS of $1.72 (+23.7%). The stock trades at 8.8x that EPS and, with $228M of equity against 14.9M shares, at roughly book value ($15.30/share vs. a $15.14 price, ~1.0x P/B). A bank compounding earnings at a double-digit clip, earning an 11.2% ROE, and paying out ~$0.48/share (a ~3.2% yield) for one times book is priced for pessimism, not the modest, profitable growth it is actually delivering.

The balance sheet supports the call. Total assets grew 12% to $2.65B, equity rose 11.2% to $228M, and cash climbed 24% to $167M, so the franchise is funding growth internally while retained earnings build (+13.7% to $153M). The MD&A frames a constructive rate backdrop: the Fed paused at 3.50–3.75% after three cuts in late 2025, which relieves deposit-repricing pressure on funding costs — the key swing factor for a spread lender that relies on locally generated deposits. Management also cleared two regulatory overhangs cleanly: it fell below the $5B threshold and is exempt from the Part 363 ICFR audit, and it assessed the March 2026 SBA eligibility rule change (elimination of the 5% noncitizen-ownership allowance) as not materially adverse to its SBA portfolio despite SBA lending being 'a substantial portion' of activity.