Sang K. Oh
About Sang K. Oh
Sang K. Oh (age 53) is Executive Vice President and Chief Executive Officer In Transit at OP Bancorp/Open Bank, appointed in August 2024 after serving as Executive Vice President and Chief Credit Officer since October 2020; he was elected to the OP Bancorp Board in June 2025. He holds a B.A. in Business Economics with a minor in Accounting from UCLA and is a graduate of Pacific Coast Banking School . Company performance metrics used in executive incentives show ROA, ROE, and efficiency ratio targets and actuals, and pay-versus-performance disclosure indicates TSR values of 87 (2022), 98 (2023), and 144 (2024) for a fixed $100 investment .
Performance metrics overview
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| ROA (Target vs Actual) | 1.70% target; 1.74% actual | 1.17% target; 1.13% actual | 1.01% target; 0.92% actual |
| ROE (Target vs Actual) | 18.00% target; 19.57% actual | 13.52% target; 13.05% actual | 11.30% target; 10.68% actual |
| Efficiency Ratio (Target vs Actual) | 46.00% target; 47.42% actual | 56.64% target; 57.59% actual | 57.35% target; 61.19% actual |
| TSR (Value of $100) | 87 | 98 | 144 |
Past Roles
| Organization | Role | Years | Strategic impact/notes |
|---|---|---|---|
| Bank of Hope (Hope Bancorp) | Senior Vice President & Senior Credit Administrator; various senior lending roles | 1997–2020 | 26+ years credit leadership across lending and credit administration |
| OP Bancorp/Open Bank | EVP & Chief Credit Officer | Oct 2020–Aug 2024 | Appointed CCO; hired on Oct 19, 2020 |
| OP Bancorp/Open Bank | EVP & CEO In Transit | Aug 2024–present | Designated CEO successor as part of leadership succession plan |
| OP Bancorp Board of Directors | Director | Elected June 26, 2025 | Received 8,727,714 votes “For” (with 201,678 withheld; 2,133,450 broker non-votes) |
External Roles
No other public-company directorships or external board roles are disclosed in Mr. Oh’s director biography in the DEF 14A .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus Cap (% of salary) | Actual Bonus Paid ($) | Other Compensation ($) | Total Compensation ($) |
|---|---|---|---|---|---|
| 2023 | $276,317 | 35% for other executive officers | $96,300 | $18,979 | $391,596 |
| 2024 | $287,390 | 35% for other executive officers | $55,900 | $19,086 | $362,376 |
Notes:
- Other Compensation comprised of cell phone allowance and 401(k) company match .
Performance Compensation
Management Incentive Plan structure and 2024 outcomes:
- Weighting: Bank Goals 60%; Individual Goals 40% (for executive officers other than CEO) .
- 2024 Bank Goals metrics: ROA 1.01%, ROE 11.30%, Efficiency Ratio 57.35% (targets); actual ROA 0.92%, ROE 10.68%, Efficiency Ratio 61.19% .
- Mr. Oh’s 2024 bonus: $55,900, equal to 19.3% of base salary .
| Metric | Weighting | 2024 Target | 2024 Actual | Payout (2024) | Payout (% of Salary) |
|---|---|---|---|---|---|
| ROA | Part of Bank Goals (60%) | 1.01% | 0.92% | $55,900 total bonus | 19.3% |
| ROE | Part of Bank Goals (60%) | 11.30% | 10.68% | $55,900 total bonus | 19.3% |
| Efficiency Ratio | Part of Bank Goals (60%) | 57.35% | 61.19% | $55,900 total bonus | 19.3% |
| Individual Goals | 40% | Customized | Determined by HRCC | Included in total | Included in total |
2023 reference:
- Weighting: Bank Goals 60%; Individual Goals 40% (for executive officers other than CEO) .
- Targets vs actual: ROA 1.17% vs 1.13%; ROE 13.52% vs 13.05%; Efficiency 56.64% vs 57.59% .
- Mr. Oh’s 2023 bonus: $96,300, 34% of salary .
Equity Ownership & Alignment
| As of date | Shares Beneficially Owned | % of Outstanding | RSUs vesting within 60 days | Unvested RSUs (#) | Market Value of Unvested RSUs ($) | Options (exercisable) | Pledged/Hedged |
|---|---|---|---|---|---|---|---|
| April 30, 2025 | 36,000 | 0.24% | 9,000 | — | — | — | No pledging/hedging disclosed; subject to Insider Trading Policy |
| December 31, 2024 | — | — | — | 18,000 | $284,580 | None under 2021 Plan | — |
Vesting schedule and grants:
- Initial grant: 45,000 RSUs vesting 1/5 annually from June 24, 2021, subject to continued service (grant contingent on 2021 equity plan) .
- Equity plan capacity: 2021 Plan authorized up to 1,500,000 shares; at 12/31/2024, 250,088 RSUs outstanding, 1,078,188 shares available; no options granted under the 2021 Plan .
Stock ownership guidelines:
- No specific executive stock ownership guidelines disclosed in the proxy; clawback and insider trading policies in place .
Employment Terms
| Term | Details |
|---|---|
| Employment start date | October 19, 2020 (EVP & Chief Credit Officer) |
| Current role | Executive Vice President & Chief Executive Officer In Transit (appointed Aug 2024) |
| Offer letter terms (2020) | Base salary $250,000; 45,000 RSUs vesting equally over 5 years; $200/month cell phone allowance; 5 weeks PTO; eligibility for benefits and Management Incentive Plan starting 2021; at-will employment; dispute resolution arbitration |
| Severance/change-in-control | Executive Change in Control Plan participation is disclosed for Christine Y. Oh; no specific Severance Plan participation disclosed for Sang K. Oh in proxy |
| Clawback | Company has a clawback policy compliant with Exchange Act Section 10D and Nasdaq Rule 5608; applies to policy-making officers including Chief Credit Officer |
| Non-compete/non-solicit | Not disclosed for Mr. Oh; general policies on related-party transactions and ethics apply |
Board Governance
| Item | Detail |
|---|---|
| Board service | Elected director at 2025 Annual Meeting (June 26, 2025); votes for: 8,727,714; withheld: 201,678; broker non-votes: 2,133,450 |
| Independence | Not listed among independent director nominees (independent nominees: Hyung J. Kim, Sunny Kwon, Yong Sin Shin, Myung Shin Sohn) |
| Committee memberships | Audit, Human Resources & Compensation, and Nomination & Governance Committees consist solely of independent directors; Mr. Oh not listed as a member |
| Board meeting attendance | 2024 Board held 14 meetings; each incumbent director attended all meetings; Mr. Oh’s board service began in 2025 |
| Leadership structure | Company separates Chair and CEO roles; independent Chair oversees Board, CEO manages operations |
| Succession plan implications | CEO Min Kim retiring June 30, 2025 and becoming non-executive Chair; Mr. Oh succeeding as CEO—preserves separation of Chair/CEO roles |
Director compensation:
- Officers do not earn additional compensation for director service at the Company or the Bank .
- Non-officer directors receive monthly fees and annual equity grants; 2024 director fee details provided for context .
Say-on-Pay & Shareholder Feedback
| Proposal (2025 Annual Meeting) | For | Against | Abstain | Broker Non-Votes |
|---|---|---|---|---|
| Advisory vote on 2024 NEO compensation | 8,574,990 | 296,287 | 58,115 | 2,133,450 |
| Frequency of advisory vote (One Year recommended) | One Year: 8,535,724 | Two Years: 2,472 | Three Years: 377,840 | 13,356 abstain; 2,133,450 broker non-votes |
Compensation Structure Analysis
- Mix shift: Mr. Oh had no new equity grants disclosed in 2024; compensation weighed toward salary and annual cash bonus (bonus down from $96,300 in 2023 to $55,900 in 2024) reflecting below-target Bank Goal outcomes .
- Equity risk profile: RSUs (not options) under the 2021 Plan; no option grants under the 2021 Plan, reducing leverage and repricing risk; 2010 Plan options existed for other executives but not for Mr. Oh .
- Governance protections: Clawback applies to cash and equity incentives; standalone Insider Trading Policy governs hedging and trading windows .
Related Party Transactions and Red Flags
- Related-party transactions policy requires Audit Committee approval; ordinary banking relationships maintained on market terms; no material related-party transactions involving Mr. Oh disclosed .
- No option repricing or timing concerns: Company does not time equity awards around material nonpublic information; RSU grants effective on approval date; no options granted in blackout windows; 2024 NEOs received no options .
- Compliance: No delinquent Section 16 filings disclosed for Mr. Oh in 2024; delinquent filers list did not include Mr. Oh .
Compensation Peer Group (Benchmarking)
Not disclosed in the DEF 14A; HRCC reviews competitiveness and trends, but specific peer group and target percentile are not identified .
Investment Implications
- Alignment and retention: A remaining RSU vesting schedule (from the 45,000 grant vesting annually through June 2026) indicates continuing service-based alignment; 9,000 RSUs were scheduled to vest within 60 days of April 30, 2025, with 18,000 unvested at 12/31/2024—suggesting remaining vesting through 2026 . Upcoming vest events can create technical supply from tax withholding; monitor Form 4s for net share sales.
- Pay-for-performance sensitivity: Mr. Oh’s bonus is tied 60% to Bank Goals (ROA, ROE, efficiency ratio) and 40% to Individual Goals; the 2024 payout at 19.3% of salary reflected below-target outcomes—expect lower cash incentive sensitivity when profitability metrics compress .
- Governance quality: Separation of Chair/CEO roles is preserved under the succession plan (Min Kim to become non-executive Chair; Mr. Oh CEO), mitigating dual-role governance risk; Mr. Oh is a non-independent director given his executive status and is not seated on independent committees—reducing committee-conflict risks .
- Trading signals and disclosures: No pledging or hedging disclosed; clawback policy in place; equity as RSUs reduces volatility compared to options; watch say-on-pay outcomes (broad support in 2025) and any changes to incentive metrics that could ease targets .