SEC Filing Summary: Central Valley Community Bancorp (8-K)
Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp on February 6, 2019. The report details executive compensation decisions approved by the Executive and Directors' Resources Committee (Compensation Committee) regarding the President and Chief Executive Officer and other executive officers.
Key Financial Metrics
The filing does not provide financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
The following material changes to executive compensation were approved:
- CEO Base Salary: James M. Ford's base salary for 2019 was increased to $350,000.
- 2018 Incentive Awards: Annual incentive bonuses were granted for performance in the year ended December 31, 2018:
- James M. Ford (CEO): $238,000 (comprised of $142,800 cash and 5,045 shares of common stock).
- David A. Kinross (CFO): $87,780.
- Gary D. Quisenberry (EVP, Commercial): $79,870.
- Lydia E. Shaw (EVP, Community Banking): $68,655.
- Patrick J. Carman (EVP, Chief Credit Officer): $75,715.
- Executive Base Salary Increases: Effective February 24, 2019, base salaries for the following officers were increased:
- David A. Kinross: $229,000.
- Gary D. Quisenberry: $230,000.
- Lydia E. Shaw: $198,000.
- Patrick J. Carman: $217,000.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business strategy, or discussion of risks and contingencies. The text is limited to the disclosure of compensatory arrangements.
Key Facts for Investor Verification
- Verify the total equity dilution impact of the 5,045 shares granted to the CEO.
- Confirm the effective date of the base salary increases (February 24, 2019) against payroll records.
- Review the Management Committee Incentive Plan to understand the performance metrics used to determine the 2018 bonus amounts.
- Check subsequent filings for any changes to the compensation structure or executive departures.