HANMI FINANCIAL CORP
For the period ended May 28, 2025. Filed Apr 16, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 28, 2025 · Filed Apr 16, 2025
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Contents
Pay versus Performance
Pay Versus Perfo rmance (“PVP”)
In accordance with Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last five completed calendar years. In determining the Compensation Actually Paid to our principal executive officer (“PEO”) and Non-PEO NEOs reported in the table below, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2020, 2021, 2022, 2023, and 2024 calendar years. Note that for our NEOs other than our PEO, compensation is reported as an average.
| Value of Initial Fixed $100 Investment based on: (3) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Year | Summary Compensation Table Total for Bonita I. Lee($) (1) | Compensation Actually Paid to Bonita I. Lee ($) (1) | Average Summary Compensation Table Total for Non-PEO NEOs($) (2) | Average Compensation Actually Paid to Non-PEO NEOs($) (2) | TSR ($) | Peer Group TSR ($) | Net Income($ Millions) (4) | Return onAverageAssets (5) |
| 2024 | 2,268,302 | 3,084,111 | 725,173 | 895,696 | 147 | 124 | 62.2 | 0.83% |
| 2023 | 2,073,765 | 1,383,605 | 668,792 | 560,197 | 114 | 108 | 80.0 | 1.08% |
| 2022 | 2,213,109 | 2,543,027 | 659,563 | 694,852 | 138 | 108 | 101.4 | 1.44% |
| 2021 | 1,869,786 | 2,927,802 | 604,668 | 750,438 | 127 | 120 | 98.7 | 1.64% |
| 2020 | 1,463,615 | 1,193,723 | 452,948 | 344,616 | 59 | 89 | 42.2 | 0.72% |
(1)
The PEO was Bonita I. Lee for each year shown in the table above.
(2)
Non-PEO NEOs for 2021, 2022, 2023, and 2024 were Romolo C. Santarosa, Anthony Kim, Matthew D. Fuhr, and Michael Du. Non-PEO NEOs for 2020 were Romolo C. Santarosa, Anthony Kim, Matthew D. Fuhr, and Min Park.
(3)
The Peer Group used for this calculation was the S&P U.S. Small Cap Banks Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year for the Company and in the S&P U.S. Small Cap Banks Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(4)
Net Income reflected represents GAAP Net Income as reported on Form 10-K consolidated financials.
(5)
We determined Return on Average Assets (ROAA) to be the most important financial performance measure used to link Company performance to the Compensation Actually Paid to our PEO and Non-PEO NEOs in 2024.
PEO Compensation
To determine the amounts in column (c) of the PVP table above, the following amounts were deducted from and added to (as applicable) the PEO’s total compensation as reported in the Summary Compensation Table (“SCT”), in accordance with Item 402(v) of Regulation S-K.
| Year | SCT Total forPEO($) | SCT ReportedEquity AwardValue for PEO($) | Equity AwardAdjustments forPEO($) (1) | Compensation Actually Paid to PEO ($) |
|---|---|---|---|---|
| 2024 | 2,268,302 | (803,409) | 1,619,218 | 3,084,111 |
47 Annual Meeting Proxy Statement 2025
(1)
Represents the year-over-year change in the fair value of equity awards to Bonita I. Lee as summarized below:
| Year | Year End FairValue ofUnvestedEquity AwardsGranted in theYear($) | Year over YearChange in FairValue ofOutstandingUnvested EquityAwards Grantedin Prior Years($) | Fair Value asof VestingDate ofEquityAwardsGranted andVested inthe Year($) | Year over YearChange in FairValue of EquityAwards Grantedin Prior Yearsthat Vested inthe Year($) | Fair Value at theEnd of the PriorYear of EquityAwards thatFailed to MeetVestingConditions in theYear($) | Value ofDividends orother EarningsPaid on EquityAwards notOtherwiseReflected inFair Value orTotalCompensation($) | Total Equity Award Adjustments ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 1,534,983 | 338,374 | — | (254,139) | — | — | 1,619,218 |
In the table above, the equity values are computed in accordance with the methodologies used for financial reporting purposes, and for unvested awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions.
Average Non-PEO NEO Compensation
To determine the amounts in column (e) in the PVP table, the following amounts were deducted from and added to (as applicable) our Non-PEO NEO’s average total compensation as reported in the SCT, in accordance with Item 402(v) of Regulation S-K.
| Year | Average SCT Totalfor Non-PEONEOs($) | Average SCTReported EquityAward Value forNon-PEO NEOs($) | Average EquityAwardAdjustments forNon-PEO NEOs($) | Average Compensation Actually Paid to Non-PEO NEOs ($) |
|---|---|---|---|---|
| 2024 | 725,173 | (173,913) | 344,436 | 895,696 |
| Year | Year End FairValue ofUnvested EquityAwards Grantedin the Year($) | Year over YearChange in FairValue ofOutstandingUnvested EquityAwards Grantedin Prior Years($) | Fair Value asof VestingDate ofEquityAwardsGranted andVested inthe Year($) | Year over YearChange in FairValue of EquityAwards Grantedin Prior Yearsthat Vested inthe Year($) | Fair Value at theEnd of the PriorYear of EquityAwards thatFailed to MeetVestingConditions inthe Year($) | Value ofDividends orother EarningsPaid on EquityAwards notOtherwiseReflected inFair Value orTotalCompensation($) | Total Equity Award Adjustments ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 329,917 | 65,034 | — | (50,515) | — | — | 344,436 |
In the table above, the equity values are computed in accordance with the methodologies used for financial reporting purposes, and for unvested awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions.
Company-Selected Measure and Other Financial Performance Measures
The following financial performance measures are used to link Compensation Actually Paid to our PEO and Non-PEO NEOs for 2024 to Company performance. The measures in this table are not ranked.
Performance Measure
Return on Average Assets
Non-Performing Assets to Total Assets
Efficiency Ratio
Annual Meeting Proxy Statement 2025 48
Relationship of Compensation Actually Paid to Performance Measures
The following charts describe the relationship of Compensation Actually Paid to certain performance measures.
Compensation Actually Paid (CAP) vs. Company Selected Measure (CSM): Return on Average Assets
The chart below sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Return on Average Assets during the four most recently completed fiscal years.
49 Annual Meeting Proxy Statement 2025
Compensation Actually Paid (CAP) vs. Hanmi 5-year Cumulative TSR vs. Peer 5-year Cumulative TSR
The chart below sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR during the five most recently completed fiscal years, and the TSR for the S&P U.S. Small Cap Banks Index over the same period.
Annual Meeting Proxy Statement 2025 50
Compensation Actually Paid (CAP) vs. Net-Income
The chart below sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s net income during the five most recently completed fiscal years.
51 Annual Meeting Proxy Statement 2025
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.