Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp (noted as Community West Bancshares in metadata) on February 1, 2011. The filing discloses executive compensation adjustments and board fee increases approved by the Executive and Directors' Resource Committee.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on personnel compensation.
Executive Compensation Awards (Year Ended Dec 31, 2010)
- David A. Kinross (SVP, CFO): $27,064
- Gary Quisenberry (SVP, Commercial and Business Banking): $33,218
- Thomas L. Sommer (SVP, Credit Administrator): $27,779
- Lydia Shaw (SVP, Consumer and Retail Banking): $21,280
- Bryan Hyzdu (SVP, San Joaquin County Region): $13,877
Executive Base Salaries (Effective Feb 1, 2011)
- David A. Kinross: $180,000
- Gary Quisenberry: $190,000
- Thomas L. Sommer: $180,000
- Lydia Shaw: $154,000
- Bryan Hyzdu: $192,074
Board of Directors Fees (Effective Mar 1, 2010)
- Daniel N. Cunningham (Chairman): $33,500
- Directors (Sidney B. Cox, Edwin S. Darden Jr., Daniel J. Doyle, Steven D. McDonald, Louis C. McMurray, William S. Smittcamp, Joseph B. Weirick): $24,000 each
Material Changes
The filing reports increases in annual base salaries for five executive officers effective February 1, 2011, and the payment of annual incentive bonuses for the 2010 fiscal year. It also notes an increase in board fees effective March 1, 2010.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items. The compensation awards were made pursuant to the Senior Management Incentive Plan disclosed in the 2010 Proxy Statement.
Investor Verification Checklist
- Verify the total cost of the approved incentive bonuses and salary increases against the company's 2010 and 2011 financial statements.
- Confirm the details of the Senior Management Incentive Plan referenced in the 2010 Proxy Statement.
- Review the 2010 Proxy Statement for the rationale behind the board fee increases effective March 1, 2010.
- Check for any subsequent filings regarding the actual payment dates of the bonuses and salary adjustments.