Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp (trading symbol: CVCY) on November 17, 2021. The registrant is incorporated in California and reports under Commission File Number 000-31977. The filing addresses a corporate action approved by the Board of Directors on the date of the report.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on a capital allocation decision regarding share repurchases.
Material Changes and Corporate Actions
On November 17, 2021, the Board of Directors approved a new share repurchase program with the following terms:
- Authorization Amount: Up to $15 million.
- Share Volume: Approximately 702,576 shares, representing roughly 6% of outstanding common stock.
- Reference Price: Based on a closing price of $21.35 per share on November 17, 2021.
- Program Duration: November 18, 2021, through November 17, 2022.
- Execution Method: Open-market transactions through brokers, subject to availability.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial outlook, or discussion of specific risks and contingencies beyond the standard execution of the repurchase program. The document explicitly states that the information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the current number of outstanding shares to confirm the 6% ownership impact of the $15 million authorization.
- Monitor subsequent 8-K filings or quarterly reports for actual repurchase activity and remaining authorization balance.
- Confirm the company's liquidity position in its most recent 10-Q or 10-K to assess the impact of the $15 million cash outflow on operations.
- Check for any changes in the repurchase program terms or early termination notices before the November 17, 2022, expiration date.