SEC Filing Summary: First PacTrust Bancorp, Inc.
Business Context and Reporting Period
This Form 8-K Current Report was filed by First PacTrust Bancorp, Inc. on January 25, 2005. The filing discloses corporate actions taken by the Board of Directors regarding executive compensation under the Company's 2004 performance incentive plan and the 2003 Stock Option and Incentive Plan.
Key Financial Metrics
The filing does not provide consolidated financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial figures disclosed relate to specific executive compensation awards:
- Total Cash Bonuses Approved: $216,564
- Breakdown by Executive:
- Hans R. Ganz (CEO): $91,558
- Melanie M. Stewart (EVP - Lending): $37,338
- James P. Sheehy (EVP, Secretary, Treasurer): $32,308
- Regan J. Gallagher (SVP - Controller): $30,254
- Lisa Goodwin (SVP - IT): $25,106
- Discretionary Bonus Components: $49,000 (Ganz), $15,000 (Stewart), $15,000 (Gallagher), $10,000 (Sheehy), $10,000 (Goodwin).
Material Changes
The filing reports the approval of cash bonuses and the award of non-qualified stock options and restricted stock agreements. These actions represent changes in executive compensation obligations rather than operational or financial performance changes compared to prior periods.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance. The bonuses were based on 2004 performance criteria, including loan production and earnings performance, though specific targets or results are not detailed in this text. No specific risks or contingencies are disclosed beyond the standard execution of compensation plans.
Investor Verification Checklist
- Verify the total number of stock options and restricted shares awarded to executives, as specific quantities are not listed in this summary text.
- Review the Company's 2004 Annual Report (10-K) to understand the specific loan production and earnings criteria that triggered the performance-based portion of the bonuses.
- Confirm the impact of these compensation awards on the Company's 2005 expense recognition and cash flow.
- Examine the attached Exhibits 10.1 and 10.2 for the specific terms, vesting schedules, and exercise prices of the stock options and restricted stock.