OP Bancorp
For the period ended Jun 26, 2025. Filed May 16, 2025.
View on SEC.govAbout this filing
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.
Jun 26, 2025 · Filed May 16, 2025
Contents
Pay Versus Performance
The following table provides information about the relationship between compensation actually paid to our Principal Executive Officer (“PEO”), Min J. Kim and other non-PEO Named Executive Officers (“NEOs”)(1) and certain financial performance metrics of the Company using a methodology that has been prescribed by the SEC.
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Summary Compensation Table (“SCT”) Total for PEO | $915,300 | $1,147,263 | $1,090,684 |
| Compensation Actually Paid (“CAP”) to PEO | 883,189 | 1,081,974 | 978,301 |
| Average SCT Total for Non-PEO NEOs | 408,703 | 473,911 | 482,718 |
| Average Compensation Actually Paid to Non-PEO NEOs | 486,773 | 472,546 | 435,993 |
| Value of Initial Fixed $100 Investment Based On Total Shareholder Return (“TSR”) | 144 | 98 | 87 |
| Net Income ($ in thousands) | 21,069 | 23,918 | 33,310 |
| Return on Assets (“ROA”) | 0.92% | 1.13% | 1.74% |
| Return on Equity (“ROE”) | 10.68% | 13.05% | 19.57% |
| Efficiency Ratio | 61.19% | 57.59% | 47.42% |
| Target Return on Assets (“ROA”) | 1.01% | 1.17% | 1.70% |
| Target Return on Equity (“ROE”) | 11.30% | 13.52% | 18.00% |
| Target Efficiency Ratio | 57.35% | 56.64% | 46.00% |
(1) Non-PEO NEOs include Christine Y. Oh and Sang K. Oh.
The following table presents amounts that were deducted from or added to SCT Total Compensation to calculate CAP to our PEO and average CAP to our non-PEO NEOs. The fair value of stock option awards was determined using methodologies and assumptions developed in a manner substantively consistent with those used to determine the grant date fair value of such awards.
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| SCT Total for PEO | $915,300 | $1,147,263 | $1,090,684 |
| Equity Awards Reported in SCT | — | — | — |
| Year End Fair Value of Unvested Equity Awards Granted in the Year | — | — | — |
| Year over Year Change in Fair Value of Unvested Equity Awards Granted in Prior Years | — | (4,496) | (68,501) |
| Year to Vesting Date Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | (32,111) | (60,793) | (43,882) |
| CAP to PEO | $883,189 | $1,081,974 | $978,301 |
| Average SCT Total for Non-PEO NEOs | $408,703 | $473,911 | $482,718 |
| Average Equity Awards Reported in SCT | — | (40,500) | (64,500) |
| Average Year End Fair Value of Unvested Equity Awards Granted in the Year | — | 54,750 | 55,800 |
| Average Year over Year Change in Fair Value of Unvested Equity Awards Granted in Prior Years | 87,480 | (2,835) | (28,800) |
| Average Year to Vesting Date Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | (9,410) | (12,780) | (9,225) |
| Average CAP to Non-PEO NEOs | $486,773 | $472,546 | $435,993 |
Discussions on Pay Versus Performance
Equity awards reported in SCT are based on the grant date fair values of equity awards granted during the year whereas equity awards reflected in CAP are based on the year-end fair values of unvested equity awards at year end and the vest date fair values of equity awards vested during the year.
The lower CAPs to PEO compared to SCTs to PEO in 2024 and 2023 were primarily due to decreases in the Company’s stock price between respective vesting dates and prior year ends. The higher average CAP to Non-PEO NEOs compared to average SCTs for Non-PEO NEOs in 2024 was primarily due to increases in fair values of unvested equity awards granted in prior years from an increase of the Company’s stock price in 2024. The lower average CAP to Non-PEO NEOs compared to average SCTs for Non-PEO NEOs in 2023 was primarily due to a decrease in the Company’s stock price between respective vesting dates and prior year end.
The decreases in the Company’s stock price in 2023 and 2022 resulted in lower CAPs compared to SCTs for 2023 and 2022. The smaller decrease in the Company’s stock price in 2023 compared to 2022 corresponded to the smaller variance between CAP and SCT in 2023 compared to that in 2022. the increases of CAP in 2023 compared to 2022 were primarily due to smaller decreases in the year over year change in fair value of unvested equity awards in 2023 driven by a smaller decrease in stock price in 2023 compared to 2022. CAP was generally in line with the Company’s actual performance against target financial performance metrics over the periods presented in the table above.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.