Angelee J. Harris
HOPE BANCORPAbout Angelee J. Harris
Angelee J. Harris serves as Executive Vice President, General Counsel and Corporate Secretary of Hope Bancorp (Bank of Hope), appointed effective October 13, 2020; she is 55 as of the 2025 record date and holds a B.A. from Brigham Young University and a J.D. from the University of Utah College of Law . Company performance during 2024 included EPS of $0.82 (and $0.85 excluding notable items), PPNR ROAA of 0.85% (0.88% excluding notable items), and strengthened capital ratios year over year; cumulative TSR (value of a $100 investment) was $106 at 2024 year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hope Bancorp, Inc. | EVP, General Counsel & Corporate Secretary | 2020–Present | Leads legal and regulatory matters across the bank |
| Opus Bank | EVP & General Counsel | 2019–2020 | Legal leadership through merger with Pacific Premier Bank |
| Banc of California, Inc. | General Counsel | 2018–2019 | Led legal function; prior Deputy General Counsel (2013–2018) |
| Manatt, Phelps & Phillips, LLP | Partner (Corporate Securities) | 2008–2012 | Advised on M&A, capital markets, securities compliance |
| Placer Sierra Bancshares | EVP & General Counsel | 2005–2007 | GC of public bank until acquisition by Wells Fargo |
| Manatt, Phelps & Phillips, LLP | Associate | 1999–2004 | M&A, capital markets, securities law matters |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Bar Association | Member | N/A | Licensed in California and Utah |
Fixed Compensation
- Not disclosed for Ms. Harris. Hope Bancorp reports detailed compensation only for Named Executive Officers (NEOs), and Ms. Harris is not listed among 2024 NEOs .
Program context (company-wide):
- Base salaries are set considering role scope, performance, market benchmarking, and interdependencies with incentive targets .
- 2024 say‑on‑pay approval was ~97%, following program changes emphasizing financial metrics and three-year PSU measurement .
Performance Compensation
Company incentive design (applicable to NEOs; structure informs broader executive incentives):
- STIP weighting: 80% financial objectives; 20% individual objectives .
- LTIP mix: 50% time-vested RSUs (vesting one‑third annually); 50% PSUs with three‑year measurement on ROTCE (absolute, excluding notable items) and TSR (relative to KBW Nasdaq Regional Banking Index); payouts 50–150% of target .
2024 STIP corporate metrics and outcomes:
| Metric (80% Weight) | Weight | 2024 Target | 2024 Actual | Performance Achieved % of Target |
|---|---|---|---|---|
| EPS (excluding notable items) | 25% | $1.00 | $0.85 | 63% |
| PPNR ROAA (excluding notable items) | 25% | 0.98% | 0.88% | 50% |
| Criticized Loan Ratio (4Q average) | 20% | 2.33% | 3.35% | 0% |
| Total Loan Growth | 15% | 3.0% | (1.62)% | 0% |
| Average Deposit Change (ex brokered) | 15% | (2.0)% | (2.58)% | 78% |
| Total | 100% | — | — | Corporate performance 40% |
Equity Ownership & Alignment
| As of Record Date (March 24, 2025) | Shares Beneficially Owned | Options Exercisable Within 60 Days | RSUs to Vest Within 60 Days | % of Shares Outstanding |
|---|---|---|---|---|
| Angelee J. Harris | 9,318 | — | — | <1% |
- Hedging/pledging: Directors and covered employees are prohibited from hedging and pledging company stock; limited pledging exceptions may be granted by Legal if repayment capacity is clearly demonstrated (no margin debt) .
- Stock ownership guidelines: Formal guidelines apply to the CEO (5x base salary) and non-employee directors (3x annual retainer); no officer-wide guideline disclosed beyond CEO .
Employment Terms
- Appointment date: October 13, 2020 (EVP, General Counsel & Corporate Secretary) .
- Employment agreements: Only the CEO’s employment agreement is disclosed; no specific employment contract terms are disclosed for Ms. Harris .
- Clawback: Adopted October 2023; empowers recoupment of erroneously awarded incentive compensation to covered executives following a material financial restatement (three prior completed fiscal years) .
- Governance protections: In 2024, the Board sought stockholder approval to (i) indemnify employees and agents under the Certificate of Incorporation and (ii) add officer exculpation provisions under DGCL 102(b)(7); Board recommended FOR; final adoption status not stated in the proxy excerpts provided .
Performance & Track Record
Company performance and capital strength:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Income ($mm) | $133.7 | $99.6 |
| Net Income excl notable items ($mm) | $144.6 | $103.4 |
| Net Interest Income ($mm) | $525.9 | $427.9 |
| Total Capital Ratio | 13.92% | 14.78% |
| CET1 Ratio | 12.28% | 13.06% |
| Tangible Common Equity Ratio | 8.86% | 10.05% |
Pay-versus-performance context:
| Year | TSR ($100 initial) | Peer Group TSR ($100) | Net Income ($mm) | EPS |
|---|---|---|---|---|
| 2020 | $78 | $91 | $112 | $0.90 |
| 2021 | $110 | $125 | $205 | $1.66 |
| 2022 | $99 | $116 | $218 | $1.81 |
| 2023 | $99 | $116 | $134 | $1.11 |
| 2024 | $106 | $131 | $100 | $0.82 |
2024 governance and shareholder feedback:
- Say‑on‑pay support: ~97% approval in 2024 following program changes emphasizing scorecards and three‑year PSUs .
- Independent consultant and peer benchmarking: Pearl Meyer engaged; 2024 compensation peer group includes regional banks (e.g., AMSC, AUB, BANR, CATY, CVBF, PPBI, UCBI, WSFS) .
Compensation Structure Analysis
- Alignment improvements: STIP and LTIP metrics restructured to avoid overlap; three-year PSU periods across ROTCE and TSR; NEO LTIP target levels set by role (CEO 150% of salary; other NEOs 40–60%) .
- Risk controls: Clawback policy, prohibition on single-trigger vesting, anti-hedging/pledging, independent compensation committee/consultant .
- 2024 performance calibration: Targets set with external environment considerations; corporate payout at 40% underscores rigor as NII pressure weighed on EPS/PPNR outcomes .
Related Party Transactions and Red Flags
- Related-party transactions: No existing or proposed material transactions with officers/directors outside ordinary-course banking; loans follow market terms and board oversight .
- Section 16 compliance: All officers/directors complied with reporting requirements .
- Hedging/pledging: Prohibited for directors/covered employees; exceptions tightly controlled .
- Legal proceedings: No bankruptcy/criminal proceedings reported for executive officers; none material to integrity .
Equity Ownership & Alignment (Expanded)
- Beneficial ownership: Ms. Harris held 9,318 shares; no options exercisable within 60 days; no RSUs vesting within 60 days; <1% ownership; directors and Section 16 as a group held 5.16% .
- Ownership guidelines: CEO meets/exceeds 5x salary guideline; directors meet 3x retainer guideline; no officer-wide guideline disclosed for non-CEO executives .
Employment Terms (Expanded)
- Non-compete/non-solicit: Not specifically disclosed for Ms. Harris; CEO agreement includes non-solicitation and severance/change-of-control mechanics; acceleration for death/disability; vesting limited for performance-based awards .
- Meeting logistics and governance roles: Ms. Harris signs notices/proxy materials in Corporate Secretary capacity, reflecting governance leadership .
Investment Implications
- Alignment: Ms. Harris’s direct share ownership and strict anti-hedging/pledging/clawback policies support governance-aligned behavior; absence of officer-wide ownership guidelines beyond CEO is a modest gap .
- Retention risk: No disclosed employment agreement or severance terms for Ms. Harris; broader adoption of indemnification/officer exculpation (if approved) would mitigate personal liability concerns and aid retention, but final adoption status is not confirmed in provided documents .
- Incentive rigor: 2024 corporate payout at 40% reflects disciplined targets under macro headwinds, reducing risk of overpayment and signaling conservative pay-for-performance governance .
- Trading signals: Lack of RSUs vesting within 60 days and no options exercisable within 60 days for Ms. Harris suggests low near-term selling pressure from her holdings; monitor Form 4 filings for any changes in ownership or planned sales (Section 16 compliance historically clean) .
- Program changes: Continued shareholder engagement (97% say-on-pay) and use of Pearl Meyer plus KBW-index relative TSR add credibility to incentive design; if TSR/ROTCE improve post-Territorial integration, PSU realizations could rise, aligning payouts with tangible value creation .