Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | HOPE BANCORP, INC. |
Entity Central Index Key | 0001128361 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance Disclosure In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding SEC-defined Pay Versus Performance Table – Compensation Definitions Salary, Bonus, Non-Equity Summary Compensation Table Pay Versus Performance Table Value of Initial Fixed $100 Year (1) Summary Compensation (2)(3) Average non-PEO NEOs (2) Average non-PEO (2) Total Peer Group (3) Net EPS 2022 $ 3,560,324 $ 3,098,642 $ 604,200 $ 538,124 $ 99 $ 116 $ 218 $ 1.81 2021 $ 3,356,442 $ 3,886,346 $ 872,446 $ 996,037 $ 110 $ 125 $ 205 $ 1.66 2020 $ 2,823,802 $ 2,122,078 $ 822,295 $ 670,951 $ 78 $ 91 $ 112 $ 0.90 (1) The PEO and non-PEO Year PEO Non-PEO 2022 Kevin S. Kim Kyu S. Kim, Peter J. Koh, Thomas P. Stenger, Alex Ko 2021 Kevin S. Kim David P. Malone, Kyu S. Kim, Thomas P. Stenger, Alex Ko 2020 Kevin S. Kim David P. Malone, Kyu S. Kim, Thomas P. Stenger, Alex Ko (2) Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below). The CAP was calculated beginning with the PEO’s Summary Compensation Table Non-PEO Summary Compensation Table Adjustments from Summary Compensation Table PEO Non-PEO 2022 2021 2020 2022 2021 2020 Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (a) $ (1,428,155) $ (1,293,088) $ (1,134,628) $ (232,490) $ (265,504) $ (239,245) Increase based on fair value of awards granted during the covered fiscal year that remain unvested as of year-end, year-end (b) $ 1,224,340 $ 1,359,961 $ 1,447,187 $ 193,821 $ 270,365 $ 279,249 Increase based on fair value of awards granted during the covered fiscal year that vested during the year, determined as of the vesting date (b) — — — $ 374 — — Increase (deduction) for change in fair value from prior year-end year-end year-end (b) $ (287,720) $ 207,858 $ (748,484) $ (37,420) $ 48,129 $ (136,321) Increase (deduction) for change in fair value from prior-year end to vesting date of awards granted prior to covered fiscal year that vested during the covered fiscal year (b) $ 29,852 $ 255,172 $ (265,799) $ 9,639 $ 70,600 $ (55,027) TOTAL Adjustments $ (461,683) $ 529,904 $ (701,724) $ (66,075) $ 123,591 $ (151,344) (a) Reflects the deduction of the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718. We did not grant any option awards during these years, so no deductions were made under the Stock Option column of the SCT. In addition, we do not sponsor or maintain any defined benefit pension plans and, therefore, no deduction was made related to pension value. Finally, certain performance awards granted in prior fiscal years failed to meet applicable vesting conditions during the applicable fiscal years, which is reflected in the adjustments. (b) For CAP purposes, the fair value of stock awards was determined in accordance with FASB ASC Topic 718. The fair value of stock awards was based on the closing price of the Company’s Common Stock at the relevant year-end using the Monte-Carlo simulation model, as well as projected payout amounts based on expected performance ranging from 0%, threshold, target or maximum amount of 150%. The below chart shows the fair value at December 31, 2022, 2021 and 2020 based on the Monte Carlo simulation model, as well as the grant date fair values based on the model: Fair Value as of Description of Award December 31, December 31, December 31, Grant 2022 LTIP (Performance-Based Relative TSR) $ 10.02 N/A N/A $ 17.21 2021 LTIP (Performance-Based Relative TSR) $ 12.77 $ 15.78 N/A $ 16.09 2020 LTIP (Performance-Based Relative TSR) $ 12.81 $ 11.60 $ 7.86 $ 5.77 (3) The total stockholder return was determined using a $100 investment on December 31, 2019 and includes stock price appreciation, plus reinvested dividends as of December 31, 2020 and valued again on each of December 31, 2021 and December 31, 2022. The peer group total stockholder return was calculated in the same manner (which includes stock price appreciation, plus reinvested dividends) based on the cumulative total return of the KBW Regional Banking Index. | ||
Company Selected Measure Name | EPS | ||
Named Executive Officers, Footnote [Text Block] | (1) The PEO and non-PEO Year PEO Non-PEO 2022 Kevin S. Kim Kyu S. Kim, Peter J. Koh, Thomas P. Stenger, Alex Ko 2021 Kevin S. Kim David P. Malone, Kyu S. Kim, Thomas P. Stenger, Alex Ko 2020 Kevin S. Kim David P. Malone, Kyu S. Kim, Thomas P. Stenger, Alex Ko | ||
Peer Group Issuers, Footnote [Text Block] | The peer group total stockholder return was calculated in the same manner (which includes stock price appreciation, plus reinvested dividends) based on the cumulative total return of the KBW Regional Banking Index. | ||
PEO Total Compensation Amount | $ 3,560,324 | $ 3,356,442 | $ 2,823,802 |
PEO Actually Paid Compensation Amount | $ 3,098,642 | 3,886,346 | 2,122,078 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below). The CAP was calculated beginning with the PEO’s Summary Compensation Table Non-PEO Summary Compensation Table Adjustments from Summary Compensation Table PEO Non-PEO 2022 2021 2020 2022 2021 2020 Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (a) $ (1,428,155) $ (1,293,088) $ (1,134,628) $ (232,490) $ (265,504) $ (239,245) Increase based on fair value of awards granted during the covered fiscal year that remain unvested as of year-end, year-end (b) $ 1,224,340 $ 1,359,961 $ 1,447,187 $ 193,821 $ 270,365 $ 279,249 Increase based on fair value of awards granted during the covered fiscal year that vested during the year, determined as of the vesting date (b) — — — $ 374 — — Increase (deduction) for change in fair value from prior year-end year-end year-end (b) $ (287,720) $ 207,858 $ (748,484) $ (37,420) $ 48,129 $ (136,321) Increase (deduction) for change in fair value from prior-year end to vesting date of awards granted prior to covered fiscal year that vested during the covered fiscal year (b) $ 29,852 $ 255,172 $ (265,799) $ 9,639 $ 70,600 $ (55,027) TOTAL Adjustments $ (461,683) $ 529,904 $ (701,724) $ (66,075) $ 123,591 $ (151,344) (a) Reflects the deduction of the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718. We did not grant any option awards during these years, so no deductions were made under the Stock Option column of the SCT. In addition, we do not sponsor or maintain any defined benefit pension plans and, therefore, no deduction was made related to pension value. Finally, certain performance awards granted in prior fiscal years failed to meet applicable vesting conditions during the applicable fiscal years, which is reflected in the adjustments. (b) For CAP purposes, the fair value of stock awards was determined in accordance with FASB ASC Topic 718. The fair value of stock awards was based on the closing price of the Company’s Common Stock at the relevant year-end using the Monte-Carlo simulation model, as well as projected payout amounts based on expected performance ranging from 0%, threshold, target or maximum amount of 150%. The below chart shows the fair value at December 31, 2022, 2021 and 2020 based on the Monte Carlo simulation model, as well as the grant date fair values based on the model: Fair Value as of Description of Award December 31, December 31, December 31, Grant 2022 LTIP (Performance-Based Relative TSR) $ 10.02 N/A N/A $ 17.21 2021 LTIP (Performance-Based Relative TSR) $ 12.77 $ 15.78 N/A $ 16.09 2020 LTIP (Performance-Based Relative TSR) $ 12.81 $ 11.60 $ 7.86 $ 5.77 | ||
Non-PEO NEO Average Total Compensation Amount | $ 604,200 | 872,446 | 822,295 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 538,124 | 996,037 | 670,951 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below). The CAP was calculated beginning with the PEO’s Summary Compensation Table Non-PEO Summary Compensation Table Adjustments from Summary Compensation Table PEO Non-PEO 2022 2021 2020 2022 2021 2020 Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (a) $ (1,428,155) $ (1,293,088) $ (1,134,628) $ (232,490) $ (265,504) $ (239,245) Increase based on fair value of awards granted during the covered fiscal year that remain unvested as of year-end, year-end (b) $ 1,224,340 $ 1,359,961 $ 1,447,187 $ 193,821 $ 270,365 $ 279,249 Increase based on fair value of awards granted during the covered fiscal year that vested during the year, determined as of the vesting date (b) — — — $ 374 — — Increase (deduction) for change in fair value from prior year-end year-end year-end (b) $ (287,720) $ 207,858 $ (748,484) $ (37,420) $ 48,129 $ (136,321) Increase (deduction) for change in fair value from prior-year end to vesting date of awards granted prior to covered fiscal year that vested during the covered fiscal year (b) $ 29,852 $ 255,172 $ (265,799) $ 9,639 $ 70,600 $ (55,027) TOTAL Adjustments $ (461,683) $ 529,904 $ (701,724) $ (66,075) $ 123,591 $ (151,344) (a) Reflects the deduction of the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718. We did not grant any option awards during these years, so no deductions were made under the Stock Option column of the SCT. In addition, we do not sponsor or maintain any defined benefit pension plans and, therefore, no deduction was made related to pension value. Finally, certain performance awards granted in prior fiscal years failed to meet applicable vesting conditions during the applicable fiscal years, which is reflected in the adjustments. (b) For CAP purposes, the fair value of stock awards was determined in accordance with FASB ASC Topic 718. The fair value of stock awards was based on the closing price of the Company’s Common Stock at the relevant year-end using the Monte-Carlo simulation model, as well as projected payout amounts based on expected performance ranging from 0%, threshold, target or maximum amount of 150%. The below chart shows the fair value at December 31, 2022, 2021 and 2020 based on the Monte Carlo simulation model, as well as the grant date fair values based on the model: Fair Value as of Description of Award December 31, December 31, December 31, Grant 2022 LTIP (Performance-Based Relative TSR) $ 10.02 N/A N/A $ 17.21 2021 LTIP (Performance-Based Relative TSR) $ 12.77 $ 15.78 N/A $ 16.09 2020 LTIP (Performance-Based Relative TSR) $ 12.81 $ 11.60 $ 7.86 $ 5.77 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | |||
Compensation Actually Paid vs. Net Income [Text Block] | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | |||
Total Shareholder Return Vs Peer Group [Text Block] | |||
Tabular List [Table Text Block] | Tabular List of Financial Performance Measures In our assessment, the most important financial performance measures used to link CAP (as calculated in accordance with the SEC rules), to our NEOs in 2022 to our performance were as listed below. We determined EPS to be the most important such financial performance measure. Financial Performance Measures • • • • • • • | ||
Total Shareholder Return Amount | $ 99 | 110 | 78 |
Peer Group Total Shareholder Return Amount | 116 | 125 | 91 |
Net Income (Loss) | $ 218,000,000 | $ 205,000,000 | $ 112,000,000 |
Company Selected Measure Amount | 1.81 | 1.66 | 0.9 |
PEO Name | Kevin S. Kim | Kevin S. Kim | Kevin S. Kim |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | EPS | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Return on Average Tangible Common Equity | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Stockholder Return | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Interest Margin | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Efficiency Ratio | ||
Measure [Axis]: 6 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Loan Growth | ||
Measure [Axis]: 7 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Deposit Growth (retail) | ||
PEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (461,683) | $ 529,904 | $ (701,724) |
PEO [Member] | Deduction for amounts reported under the "Stock Awards" column in the Summary Compensation Table | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,428,155) | (1,293,088) | (1,134,628) |
PEO [Member] | Increase based on fair value of awards granted during the year that remain unvested as of year-end, determined as of year-end | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,224,340 | 1,359,961 | 1,447,187 |
PEO [Member] | Increase based on fair value of awards granted during the covered fiscal year that vested during the year, determined as of the vesting date | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Increase (deduction) for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end of covered fiscal year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (287,720) | 207,858 | (748,484) |
PEO [Member] | Increase (deduction) for change in fair value from prior-year end to vesting date of awards granted prior to covered fiscal year that vested during the covered fiscal year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 29,852 | 255,172 | (265,799) |
Non-PEO NEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (66,075) | 123,591 | (151,344) |
Non-PEO NEO [Member] | Deduction for amounts reported under the "Stock Awards" column in the Summary Compensation Table | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (232,490) | (265,504) | (239,245) |
Non-PEO NEO [Member] | Increase based on fair value of awards granted during the year that remain unvested as of year-end, determined as of year-end | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 193,821 | 270,365 | 279,249 |
Non-PEO NEO [Member] | Increase based on fair value of awards granted during the covered fiscal year that vested during the year, determined as of the vesting date | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 374 | 0 | 0 |
Non-PEO NEO [Member] | Increase (deduction) for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end of covered fiscal year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (37,420) | 48,129 | (136,321) |
Non-PEO NEO [Member] | Increase (deduction) for change in fair value from prior-year end to vesting date of awards granted prior to covered fiscal year that vested during the covered fiscal year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 9,639 | $ 70,600 | $ (55,027) |