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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 Act, we provide the following disclosure regarding executive “Compensation Actually Paid” (“CAP”) (as calculated in accordance with SEC rules) and certain Company performance for the fiscal years listed below. You should refer to the CD&A in this Proxy Statement for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions. The Compensation Committee did not consider the pay-versus-performance disclosure below in making its pay decisions for any of the fiscal years shown.

    

                                                   

Value of Initial Fixed $100 Investment Based On:

                  

Year

  

Summary Compensation Table Total for David R. Morris (1)

    

Compensation Actually Paid to David R. Morris (2)

    

Summary Compensation Table Total for Alan Thian (3)

    

Compensation Actually Paid to Alan Thian (2)

    

Average Summary Compensation Table Total for Non-CEO NEOs (4)

    

Average Compensation Actually Paid to Non-CEO NEOs (2)

    

Total Shareholder Return

    

Peer Group Total Shareholder Return (5)

    

Net Income
(in millions)

    

Diluted EPS (6)

  

(a)

  

(b)

    

(c)

                    

(d)

    

(e)

    

(f)

    

(g)

    

(h)

    

(h)

  
                                                                                 

2022

   $ 1,183,555     $ 1,159,843     $ 1,444,211     $ (6,994 )   $ 573,828     $ 562,213     $ 105.60     $ 116.09     $ 64.33     $ 3.33  
                                                                                 

2021

   $ -     $ -     $ 3,414,552     $ 4,065,310     $ 733,089     $ 906,520     $ 129.57     $ 124.74     $ 56.91     $ 2.86  
                                                                                 

2020

   $ -     $ -     $ 2,703,159     $ 2,505,720     $ 577,408     $ 571,663     $ 74.30     $ 91.29     $ 32.93     $ 1.65  

 

(1) Mr. Morris was appointed interim President, Chief Executive Officer, and Chief Financial Officer of the Company and the Bank in February 2022

(2) Amounts represent compensation actually paid to the applicable CEO and the average CAP to our remaining NEOs for the relevant fiscal year, as determined under SEC rules. Compensation actually paid to our CEOs and NEOs represents the “Total” compensation reported in the Summary Compensation Table reduced by all equity incentive compensation for the applicable fiscal year and then adjusted for the value of certain items discussed below. Deductions from, and additions to, total compensation in the Summary Compensation Table by year to calculate CAP consist of:
   
Adjustment To PEO Compensation, Footnote [Text Block]

 

   

2022

    

2021

    

2020

  
   

David R. Morris

    

Alan Thian

    

Average Non-CEO NEOs

    

Alan Thian

    

Average Non-CEO NEOs

    

Alan Thian

    

Average Non-CEO NEOs

  

Total Compensation from Summary Compensation Table

   $ 1,183,555     $ 1,444,211     $ 573,828     $ 3,414,552     $ 733,089     $ 2,703,159     $ 577,408  

Adjustments for Pension

                                                        

Adjustment for Summary Compensation Table Pension

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Amount added for current year service cost

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Amount added for prior service cost impacting current year

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Total Adjustments for Pension

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Adjustments for Equity Awards

                                                        

Adjustment for grant date values in the Summary Compensation Table

   $ (62,495 )   $ (408,405 )   $ (49,993 )   $ (1,064,400 )   $ (41,396 )   $ -     $ (13,842 )

Year-end fair value of unvested awards granted in the current year

   $ 47,976     $ -     $ 38,378     $ 1,572,000     $ 106,235     $ -     $ 8,097  

Year-over-year difference of year-end fair values for unvested awards granted in prior years

   $ (9,517 )   $ -     $ -     $ -     $ 83,828     $ (83,810 )   $ -  

Fair values at vest date for awards granted and vested in current year

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years

   $ 324     $ 5,200     $ -     $ 143,158     $ 24,763     $ (113,629 )   $ -  

Forfeitures during current year equal to prior year-end fair value

   $ -     $ (1,048,000 )   $ -     $ -     $ -     $ -     $ -  

Dividends or dividend equivalents not otherwise included in the total compensation

   $ -     $ -     $ -     $ -     $ -     $ -     $ -  

Total Adjustments for Equity Awards

   $ (23,712 )   $ (1,451,205 )   $ (11,615 )   $ 143,158     $ 173,431     $ (197,439 )   $ (5,744 )
                                                         

Compensation Actually Paid (as calculated)

   $ 1,159,843     $ (6,994 )   $ 562,213     $ 4,065,310     $ 906,520     $ 2,505,720     $ 571,663  

 

(3) Effective April 8, 2022, Mr. Thian resigned from his positions as President and Chief Executive Officer of the Company and the Bank.
 

(4) Non-CEO NEOs reflect the average Summary Compensation Table total compensation and average CAP for the following executives by year:

2022: Vincent Liu, Jeffrey Yeh, Tsu Te Huang

2021: David R. Morris, Vincent Liu, Tammy Song

2020: David R. Morris, Larson Lee
 
   
Non-PEO NEO Average Total Compensation Amount $ 573,828 $ 733,089 $ 577,408
Non-PEO NEO Average Compensation Actually Paid Amount $ 562,213 906,520 571,663
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

The graphs below compare the relationship between CAP to our CEO and the average of CAP to our remaining NEOs, with:

 

 

●

The Company’s cumulative Total Stockholder Return (“TSR) and the Peer Group’s cumulative TSR
 

●

The Company’s Net Income
 

●

The Company Selected Measure, which is Diluted EPS

 

tsrgraph.jpg
    
Compensation Actually Paid vs. Net Income [Text Block]
incomegraph.jpg
    
Compensation Actually Paid vs. Company Selected Measure [Text Block]
epsgraph.jpg
    
Tabular List [Table Text Block]

Tabular List of Most Important Performance Measures

 

The following table presents the financial performance measures that the Company considers to be the most important in linking CAP to our CEO to Company performance. The measures in this table are not ranked in order of importance. The role of each of these performance measures in our executive compensation program is discussed in the CD&A.

 

Diluted EPS

Return on Average Assets

Audit Results

Total Loan Growth

Total Deposit Growth

NPAs/Total Assets
Commercial Loan Growth 
Average Cost of Deposits

 

    
Total Shareholder Return Amount $ 105.60 129.57 74.30
Peer Group Total Shareholder Return Amount 116.09 124.74 91.29
Net Income (Loss) $ 64,330,000 $ 56,910,000 $ 32,930,000
Company Selected Measure Amount 3.33 2.86 1.65
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Diluted EPS    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Return on Average Assets    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Audit Results    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Total Loan Growth    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Total Deposit Growth    
Measure [Axis]: 6      
Pay vs Performance Disclosure [Table]      
Measure Name NPAs/Total Assets    
Measure [Axis]: 7      
Pay vs Performance Disclosure [Table]      
Measure Name Commercial Loan Growth    
Measure [Axis]: 8      
Pay vs Performance Disclosure [Table]      
Measure Name Average Cost of Deposits    
PEO Morris Adjustment for Summary Compensation Table Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 0    
PEO Adjustment for Summary Compensation Table Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 $ 0 $ 0
NEO Adjustment for Summary Compensation Table Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Amount added for current year service cost [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
PEO Amount added for current year service cost [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO Amount added for current year service cost [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Amount added for prior service cost impacting current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
PEO Amount added for prior service cost impacting current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO Amount added for prior service cost impacting current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Total Adjustments for Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
PEO Total Adjustments for Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO Total Adjustments for Pension [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Adjustment for grant date values in the Summary Compensation Table [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (62,495)    
NEO Adjustment for grant date values in the Summary Compensation Table [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (49,993) (41,396) (13,842)
PEO Adjustment for grant date values in the Summary Compensation Table [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   (1,064,400) 0
PEO Morris Year-end fair value of unvested awards granted in the current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 47,976    
PEO Year-end fair value of unvested awards granted in the current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 1,572,000 0
NEO Year-end fair value of unvested awards granted in the current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 38,378 106,235 8,097
PEO Morris Year-over-year difference of year-end fair values for unvested awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (9,517)    
PEO Year-over-year difference of year-end fair values for unvested awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 (83,810)
NEO Year-over-year difference of year-end fair values for unvested awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 83,828 0
PEO Morris Fair values at vest date for awards granted and vested in current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
PEO Fair values at vest date for awards granted and vested in current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO Fair values at vest date for awards granted and vested in current year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 324    
PEO Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 5,200 143,158 (113,629)
NEO Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 24,763 0
PEO Morris Forfeitures during current year equal to prior year-end fair value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
NEO Forfeitures during current year equal to prior year-end fair value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Forfeitures during current year equal to prior year-end fair value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   0 0
PEO Morris Dividends or dividend equivalents not otherwise included in the total compensation [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0    
PEO Dividends or dividend equivalents not otherwise included in the total compensation [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO Dividends or dividend equivalents not otherwise included in the total compensation [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO Morris Total Adjustments for Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (23,712)    
PEO Total Adjustments for Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,451,205) 143,158 (197,439)
NEO Total Adjustments for Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (11,615) 173,431 (5,744)
David Morris [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount 1,183,555 0 0
PEO Actually Paid Compensation Amount 1,159,843 0 0
Alan Thian [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount 1,444,211 3,414,552 2,703,159
PEO Actually Paid Compensation Amount (6,994) $ 4,065,310 $ 2,505,720
PEO David Morris [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount $ 1,183,555