Vincent (I-Ming) Liu
About Vincent (I-Ming) Liu
Executive Vice President and Chief of Staff at Royal Business Bank (RBB) since January 1, 2025; previously Chief Risk Officer (since January 2014) and earlier Chief Operations Officer (promoted February 2011) and Branch Administrator since the Bank’s founding. Liu has been an executive officer of the Bank since 2008 and of RBB Bancorp since 2011; he holds a B.A. from Feng-Chia University and is 69 years old. In the 2023 incentive cycle, he delivered a 100% Compliance Audit score and a 134% individual performance score, resulting in an overall score of 56.8% of target; company context: FY2023 net income was $42.5M with diluted EPS $2.24.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Royal Business Bank / RBB Bancorp | EVP & Chief of Staff | Jan 2025–present | Senior staff coordination; transition from CRO to support enterprise initiatives |
| Royal Business Bank | Chief Risk Officer | Jan 2014–Dec 2024 | Led ERM, regulatory remediation; drove Compliance Audit Results achievement |
| Royal Business Bank | Chief Operations Officer | Feb 2011–Jan 2014 | Oversaw operations scale-up post-IPO era |
| Royal Business Bank | EVP & Branch Administrator | 2008–2011 | Built branch network infrastructure; early growth support |
| United Commercial Bank | SVP & Head of Southern California Branch Network | Over 6 years (pre-2009) | Managed regional branch strategy and growth |
| General Bank | Regional Manager | Over 18 years | Long-tenured leadership in retail/commercial banking |
External Roles
None disclosed.
Fixed Compensation
Multi-year compensation for Vincent (I-Ming) Liu (NEO), as reported (USD):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salary ($) | $320,400 | $378,186 | $374,901 |
| Bonus ($) | $0 | $30,000 | $0 |
| Non-Equity Incentive Plan ($) | $195,000 | $221,671 | $91,050 |
| Stock Awards ($) | $0 | $62,495 | $73,881 |
| All Other Compensation ($) | $22,078 | $21,563 | $25,408 |
| Total Compensation ($) | $537,478 | $713,915 | $565,240 |
Notes:
- 2023 “All Other Compensation” comprises perquisites $3,122, 401(k) match $15,000, and BOLI income $7,286.
- Say-on-pay approval: 61.5% in 2023; program overhauled for 2024 with stronger pay-for-performance and governance.
Performance Compensation
2023 Annual Incentive Plan (AIP) design and outcomes (Vincent Liu):
| Item | Detail |
|---|---|
| Target as % of Salary | 65% of $379,400 (2023 Salary) → Target $246,610 |
| Overall Score | 56.8% |
| Total Award Earned | $140,073 (65% cash/35% RSUs split under 2023 structure) |
| Cash Payout | $91,050 |
| RSU Payout Value | $49,024 |
Detailed 2023 scorecard metrics:
| Metric | Weighting | Threshold | Target | Maximum | Actual | % Achieved |
|---|---|---|---|---|---|---|
| Diluted EPS | 20% | Not disclosed | Not disclosed | Not disclosed | $2.24 (company) | Not disclosed |
| ROAA | 20% | Not disclosed | Not disclosed | Not disclosed | 1.06% (company) | Not disclosed |
| Compliance Audit Results | 30% | 2 | 4 | 5 | 4 | 100% |
| NPA/Total Assets | 10% | 0.73% | 0.61% | 0.40% | 0.79% | Not disclosed |
| Individual Performance | 20% | — | — | — | Assessed | 134% |
2024 LTIP structure change (for NEOs): Introduction of 50% PRSUs and 50% RSUs; Chief Risk Officer (Liu) received 100% RSUs in 2024.
Equity Ownership & Alignment
| Item | Data |
|---|---|
| Beneficial Ownership (common) | 12,007 shares (as of March 18, 2024 record date) |
| Ownership as % Outstanding | <1% (“*” per proxy) |
| Options (Exercisable/Unexercisable) | None reported |
| Unvested RSUs (12/31/2023) | 5,145 units; market value $97,961 (at $19.04/share) |
| 2023 RSU Grant (settled from AIP) | Granted 1/18/2023: 3,611 RSUs; vest 1/3 annually over 3 years |
| 2024 Equity Award | Granted 3/20/2024: 5,504 RSUs (no PRSUs for CRO) |
| 2024 RSU Vesting Convention | 33.3% vest on anniversaries in 2025, 2026, 2027 (general RSU rule) |
| Anti-Hedging / Anti-Pledging | Prohibited for executives/directors per Insider Trading Policy |
| Stock Ownership Guidelines | NEOs must hold 1x salary (CEO 2x); 5-year compliance window; anti-pledging applies; specific compliance status for Liu not disclosed |
Employment Terms
| Provision | Details |
|---|---|
| Agreement | Employment agreement dated April 12, 2017, as amended March 25, 2024; 3-year term with automatic one-year renewals unless notice given ≥3 months prior to extension date |
| Base pay & benefits | Annual salary (Board-adjusted), discretionary bonus eligibility, medical insurance, automobile expense reimbursement, and other benefits |
| Severance (no CIC) | 12 months’ base salary upon termination without cause |
| Change-in-Control (CIC) | If terminated without cause or materially adversely altered following a CIC: 12 months’ base salary; agreement clarified CIC severance terminates the employment agreement |
| Equity treatment (CIC) | Immediate vesting generally applies to options/RSUs if not assumed or substituted; otherwise double-trigger vesting applies (accelerate only upon qualifying termination) |
| Restrictive covenants | Confidentiality and non-solicitation; non-compete specifics and durations not disclosed |
Investment Implications
- Alignment and governance: Anti-hedging/pledging policies and stock ownership guidelines strengthen alignment; Liu’s 2024 award was solely time-based RSUs (no PRSUs), reflecting his CRO role in 2024 and a lower risk equity mix versus performance units.
- Vesting overhang and potential selling pressure: RSUs from 2023 and 2024 vest on predictable schedules (annual tranches through 2027), creating known supply windows but with double-trigger CIC protection limiting acceleration except when awards aren’t assumed.
- Retention risk: Severance of 12 months’ salary (both pre- and post-CIC for qualifying terminations) provides moderate retention protection without excessive golden parachute risk; no tax gross-ups; robust clawback policies add discipline.
- Execution track record: 2023 results show strong compliance leadership (100% audit score) and elevated individual performance (134%), though firm-level ROAA/EPS targets weren’t achieved; suggests risk/compliance value-add amidst rate/credit headwinds.