David W. Kim
About David W. Kim
David W. Kim (age 59) is Executive Vice President and Chief Banking Officer of PCB Bank since January 2022, overseeing retail branches and certain lending units; prior roles include senior executive positions at Bank of Hope, United Central Bank, Commonwealth Business Bank, Wilshire State Bank, and Hanmi Bank. He holds a B.S. in Economics and Public Policy from Indiana University and a J.D. from George Washington University Law School . During his tenure, company TSR improved from $83.29 (value of $100 initial investment) in 2022 to $113.73 in 2024, while net income declined from $34.987 million to $25.810 million over the same period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bank of Hope | EVP & Regional President (Midwest) | Jul 2019–Dec 2021 | Led Midwest region; senior oversight of markets and performance |
| Bank of Hope | EVP & Chief Retail Bank Officer | May 2017–Jun 2019 | Led retail banking strategy and operations |
| Bank of Hope | Various leadership positions | Apr 2014–2017 | Senior leadership across functions |
| United Central Bank | EVP, COO & General Counsel | Not disclosed | Operations and legal leadership |
| Commonwealth Business Bank | EVP & Chief Credit Officer | Not disclosed | Credit risk leadership |
| Wilshire State Bank | SVP, COO & General Counsel | Not disclosed | Operations and legal leadership |
| Hanmi Bank | SVP, Chief Administrative Officer & General Counsel | Not disclosed | Admin and legal leadership |
| Chase Bank (NY) | Early career | Not disclosed | Foundational banking experience |
| International Monetary Fund (DC) | Early career | Not disclosed | Policy and analysis exposure |
External Roles
- No public-company board roles disclosed for David W. Kim in the filings .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $292,385 | $301,124 |
| Short-Term Cash Incentive ($) | $70,000 | $56,000 |
| All Other Compensation ($) | $29,543 (auto $12,000; 401k match $17,543) | $30,068 (auto $12,000; 401k match $18,068) |
| Total ($) | $391,928 | $468,352 |
- Annual bonuses for non-PEO NEOs (including David) are discretionary, based on pre-established financial and non-financial goals reviewed annually by the Compensation Committee and Board; only the CEO has a formulaic bonus tied to pre-tax profit .
Performance Compensation
Equity Grants and Options
| Instrument | Grant Date | Shares/Units | Grant Date Fair Value ($) | Strike ($) | Expiration | Vesting Schedule | Notes |
|---|---|---|---|---|---|---|---|
| Stock Options | Jan 3, 2022 | 20,000 | — | 22.29 | Jan 3, 2032 | 20% on each anniversary (2023–2027) | 8,000 exercisable and 12,000 unexercisable at 12/31/2024; intrinsic value n/a (OTM at $20.24) |
| Restricted Stock Awards (RSAs) | Dec 18, 2024 | 4,000 | $81,160 | — | — | Equal over four years (2025–2028) | Unvested RSAs counted in ownership |
Vesting schedule details:
- Options (20,000): 4,000 vest annually on Jan 3, 2023; Jan 3, 2024; Jan 3, 2025; Jan 3, 2026; Jan 3, 2027 .
- RSAs (4,000): 1,000 vest annually on Dec 18, 2025; Dec 18, 2026; Dec 18, 2027; Dec 18, 2028 .
Other incentive:
- 2022 signing bonus: $60,000 (retention-oriented) .
Bonus Metrics Table (Non-PEO NEOs)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual cash bonus (discretionary) | Discretionary (Committee/Board) | Not disclosed | $70,000 (2023) ; $56,000 (2024) | $70,000 (2023) ; $56,000 (2024) | Cash; immediate |
Equity Ownership & Alignment
| Ownership Item | Amount |
|---|---|
| Common shares owned (direct/indirect) | 5,000 |
| Exercisable options within 60 days (as of 3/31/2025) | 16,000 |
| Total beneficial ownership (shares + near-term options) | 21,000; <1% of outstanding |
| Unvested RSAs | 4,000 |
| Options breakdown (12/31/2024) | 8,000 exercisable; 12,000 unexercisable; strike $22.29 |
| In-the-money value of options (12/31/2024, $20.24 stock) | Not in-the-money; intrinsic value not shown |
| Hedging policy | Hedging (puts, calls, shorts) prohibited by Code of Ethics |
| Pledging | No pledging disclosures for David W. Kim in beneficial ownership tables |
| Stock ownership guidelines | Not disclosed in filings |
Employment Terms
- Employment agreement: Only the CEO has an employment agreement; other executive officers (including David W. Kim) do not have employment agreements .
- Change-of-control: Under the 2023 Equity Plan, upon notice of a change-in-control where the Company is not the survivor, all outstanding options become exercisable and restricted stock restrictions lapse unless the Compensation Committee provides otherwise (i.e., a broad-based acceleration feature) .
- Benefits and perquisites: Eligible for standard health/welfare benefits and company 401(k) match; auto allowance included in “All Other Compensation” (e.g., $12,000 in 2023 and 2024) .
- Insider trading policy: Company policy governs trading; hedging prohibited; trading windows and compliance overseen under the Code of Ethics .
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – value of $100 initial investment | $83.29 | $108.08 | $113.73 |
| Net Income ($000s) | $34,987 | $30,705 | $25,810 |
- Role impact: As Chief Banking Officer since Jan 2022, Kim oversees retail branches and certain lending units, a key lever for deposit growth, branch productivity, and consumer/commercial cross-sell .
Compensation Structure Analysis
- Mix shift: 2024 introduced RSAs (4,000 shares; $81,160 fair value) for David after no RSAs in 2023; options remain from 2022 (20,000) and were OTM at 2024 year-end ($20.24 vs $22.29 strike), reducing near-term realizable value .
- Discretion risk: Non-PEO NEO cash bonuses are discretionary and not governed by explicit public targets, which can weaken direct pay-for-performance alignment vs formulaic metrics .
- Acceleration terms: Equity plan permits broad acceleration at change-of-control; this increases severance/change-of-control economics despite lack of a personal employment agreement .
Related Party Transactions and Governance Red Flags
- Related party transactions: None exceeding the lesser of $120,000 or 1% of assets in 2024; routine banking transactions on market terms noted; no executive officer loans outstanding as of 12/31/2024 .
- Section 16 filings: No delinquent Section 16 filings noted for David in 2023; one director (not David) had late filings .
- Hedging: Prohibited under Code; positive alignment policy .
Investment Implications
- Alignment: Direct ownership is modest (<1% of outstanding), but unvested RSAs (through 2028) and option vesting (through 2027) create retention hooks; options were OTM at 12/31/2024, limiting immediate selling pressure and realizable value .
- Vesting/selling pressure: Annual RSA vest dates (each Dec 18, 2025–2028) and option anniversaries (each Jan 3, 2023–2027) are potential liquidity events; insider trading policy will constrain timing .
- Pay-for-performance: Discretionary bonus design for non-PEO NEOs introduces qualitative judgments; company-level TSR improved 2022→2024 while net income declined, suggesting a need to monitor how Committee calibrates discretionary payouts vs profitability trends .
- Change-of-control optionality: Plan-level acceleration terms increase potential equity realizability in a sale scenario, raising retention value tied to corporate events despite no personal contract .