OP Bancorp
For the period ended Jun 26, 2025. Filed May 16, 2025.
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Jun 26, 2025 · Filed May 16, 2025
Contents
Summary Compensation Table
The following table sets forth information regarding the compensation paid, awarded to, or earned for our fiscal years ended December 31, 2024 and 2023 for each of our named executive officers.
| Name and Principal Position | Year | Salary($) | Stock Awards (1) | Non EquityIncentive PlanCompensation (2) | OtherCompensation($) (3) | TotalCompensation($) |
|---|---|---|---|---|---|---|
| Min J. Kim | 2024 | $576,300 | $— | $315,900 | $23,100 | $915,300 |
| President and Chief Executive Officer | 2023 | 562,185 | — | 557,300 | 27,778 | 1,147,263 |
| Christine Y. Oh | 2024 | 337,461 | — | 65,700 | 22,648 | 425,809 |
| Executive Vice President and Chief Financial Officer | 2023 | 324,458 | 97,200 | 112,700 | 21,868 | 556,226 |
| Sang K. Oh | 2024 | 287,390 | — | 55,900 | 19,086 | 362,376 |
| Executive Vice President and Chief Credit Officer | 2023 | 276,317 | — | 96,300 | 18,979 | 391,596 |
(1)On May 25, 2023, the Company granted 12,000 shares of stock awards to Ms. Oh. The grant date fair value was based on the number of shares granted and the closing price of the Company's stock on the grant date, which was $8.10.
(2)Cash bonuses awarded under the Company's Management Incentive Plan, described below. Amounts for 2024 were determined and paid in March 2025.
(3)Other Compensation for the named executive officers for our fiscal year ended December 31, 2024 includes the following:
| Name | Perquisites (i) | Company401(k)Match (ii) | Total“OtherCompensation” |
|---|---|---|---|
| Min J. Kim | $2,400 | $20,700 | $23,100 |
| Christine Y. Oh | 2,400 | 20,248 | 22,648 |
| Sang K. Oh | 2,400 | 16,686 | 19,086 |
(i)Amounts reflect cell phone allowance.
(ii)Amounts reflect Company matching contribution under the 401(k) Plan.
General
We compensate our named executive officers through a combination of base salary, annual bonuses, equity awards, and other benefits including perquisites. Our Human Resources and Compensation Committee, sometimes referred to as the HRCC, believes the executive compensation packages that we provide to our executives, including the named executive officers, should include both cash and equity compensation that reward performance as measured against established corporate goals. Each element of compensation is designed to achieve a specific purpose and to contribute to a total package that is competitive with similar packages provided by other institutions that compete for the services of individuals like our named executive officers.
2024 Risk Assessment
Each year, the Company performs a risk analysis of each of its compensation programs. If warranted, the HRCC will recommend changes to address concerns or considerations raised in the risk review process. Changes may be recommended for the program design or its oversight and administration in order to mitigate unreasonable risk, if any is determined to exist. The HRCC has concluded that the Company’s compensation arrangements do not encourage any employees to take unnecessary or excessive risks. We do not believe that any risks arising from our compensation policies and practices are reasonably likely to have a material adverse effect on the Company.
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