Joseph Pangrazio
About Joseph Pangrazio
Joseph A. Pangrazio is Senior Vice President and Chief Accounting Officer of Hanmi Financial Corporation (Hanmi Bank). He joined Hanmi in October 2021 and is 66 years old. He is a Certified Public Accountant, began his career at Arthur Andersen, and most recently served as Senior Manager, Vice President of Accounting Controls and Reporting at Bank of the West (2015–2021). He holds a B.A. in Business Administration (Accounting) from California State University, Fullerton and an MBA from California Polytechnic State University, San Luis Obispo . Hanmi’s executive pay program emphasizes variable incentives tied to corporate goals and long-term equity, with performance-based restricted stock units (PSUs) linked to relative TSR vs. the KBW Regional Banking Index; the 2021 PSU cycle paid out at 92.06% based on a TSR of -10.77% and 48th percentile ranking .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bank of the West | Senior Manager, VP Accounting Controls & Reporting | Apr 2015 – Jul 2021 | Led accounting controls/reporting in a large regional bank, strengthening governance over financial reporting |
| Arthur Andersen | Audit/Accounting (early career) | ~4 years | Core public accounting foundation; CPA credential, audit discipline |
External Roles
No external directorships or committee roles disclosed in company filings for Pangrazio .
Fixed Compensation
- Broad-based employee benefits (available to executive officers): health, dental, vision, life, disability, HRA, paid leave, 401(k) match; no Pangrazio-specific cash compensation amounts disclosed in proxy .
Performance Compensation
Company-level design context (NEO program; Pangrazio is not a named executive officer):
- Long-term incentive mix uses time-based restricted stock (~45%) and PSUs (~55%); PSUs vest based on 3-year TSR vs. KBW Regional Banking Index (threshold 35th percentile=50%, target 50th=100%, max 75th=150%), capped at target if absolute TSR is negative .
- 2021 PSU cycle result: Hanmi TSR -10.77%, 48th percentile vs. KBW; payout 92.06% of target .
| Metric | Weighting | Target Definition | Actual (2021 cycle) | Payout | Vesting |
|---|---|---|---|---|---|
| Relative TSR vs. KBW Regional Banking Index | ~55% of NEO LTI (program mix) | 50th percentile TSR = 100% payout; 35th=50%; 75th=150%; negative absolute TSR caps at target | -10.77% TSR; 48th percentile vs. KBW | 92.06% of target | End of 3-year period, subject to certified performance; forfeiture below 35th percentile |
Pangrazio-specific equity award:
- Initial restricted stock grant of 1,000 common shares under the 2021 Equity Plan upon hire, vesting ratably over three years from Oct 18, 2021 .
Equity Ownership & Alignment
| Item | Detail | Evidence |
|---|---|---|
| Total beneficial ownership (initial) | 1,000 common shares (grant on Oct 18, 2021) | Form 3 |
| Vested vs. unvested at grant | Time-based restricted stock vesting ratably over three years (Oct 18, 2022/2023/2024) | Form 3 |
| Vesting schedule (shares) | Oct 18, 2022: 333; Oct 18, 2023: 333; Oct 18, 2024: 334 | Form 3 |
| Pledging/Hedging policy | Directors and SVPs+ prohibited from pledging, margin accounts, short sales, hedging, derivatives in company securities | Proxy |
| Stock ownership guidelines | Company discloses CEO 5x salary, CFO 1.5x salary; no guideline disclosed for CAO/other execs | Proxy |
Note: No subsequent Form 4 transactions for Pangrazio were found in the filings catalog beyond the initial Form 3; ongoing beneficial ownership beyond the initial grant is not disclosed in the proxy’s NEO table (which excludes CAO) .
Employment Terms
- Appointment: Hired as Chief Accounting Officer on Oct 18, 2021 .
- Employment agreements: Company discloses specific employment/change-in-control terms for CEO and CFO; no Pangrazio-specific employment agreement or severance terms disclosed .
- Clawback: Executive officers are subject to the SEC/Nasdaq-compliant clawback policy covering incentive compensation over the prior three completed fiscal years in the event of a restatement; no indemnification or reimbursement permitted for clawback losses .
Investment Implications
- Alignment: As SVP (and executive officer), Pangrazio is covered by strict insider trading/pledging prohibitions, reducing hedging and margin-driven selling risk; however, the proxy’s formal stock ownership guidelines apply only to CEO/CFO, suggesting less explicit equity ownership targets for the CAO role .
- Vesting/Selling pressure: His initial 1,000-share restricted stock grant vested pro rata on Oct 18, 2022/2023/2024; we found no Form 4 filings indicating sales, implying limited observable insider selling pressure during vesting events .
- Pay-for-performance tie-ins: Company incentive architecture is highly TSR-driven for NEOs; while Pangrazio’s disclosed award is time-based, the broader program’s emphasis on multi-year TSR relative performance creates alignment with shareholder outcomes .
- Retention risk: Absence of disclosed Pangrazio-specific severance/change-of-control terms reduces visibility into potential parachute economics; retention reliance appears centered on time-based equity and broad-based benefits rather than bespoke agreements .