Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp (CVCY) on January 18, 2023. The filing discloses executive compensation decisions made by the Compensation Committee regarding the President and CEO, as well as annual incentive awards for the fiscal year ended December 31, 2022.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
| Executive Officer | Role | 2023 Base Salary | 2022 Incentive Total Value | Incentive Cash | Incentive Shares |
|---|---|---|---|---|---|
| James J. Kim | President and CEO | $525,000 | $251,696 | $125,844 | 5,942 |
| Dawn P. Crusinberry | EVP and CFO | Not Disclosed | $49,593 | $45,738 | 182 |
| Blaine C. Lauhon | EVP, Chief Banking Officer | $270,000 | $110,558 | $93,974 | 783 |
| A. Kenneth Ramos | EVP, Market Executive | $235,000 | $98,223 | $83,482 | 696 |
| Patrick A. Luis | EVP, Chief Credit Officer | $265,000 | $113,299 | $96,313 | 802 |
Note: Base salaries for Lauhon, Ramos, and Luis are effective February 19, 2023. Dawn P. Crusinberry's cash component includes an incentive for her position as Controller.
Material Changes
The filing reports the approval of a new base salary for the CEO and salary increases for three other executive officers effective February 19, 2023. Additionally, it details the distribution of annual incentive awards for 2022 performance, paid in a mix of cash and common stock.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of risks and contingencies. The document is strictly a disclosure of compensatory arrangements.
Investor Verification Checklist
- Verify the total number of shares issued for executive incentives (8,405 shares) against the company's authorized share count.
- Confirm the effective date of the new base salaries (February 19, 2023) for EVPs Lauhon, Ramos, and Luis.
- Review the Management Committee Incentive Plan to understand the performance metrics used to determine the 2022 awards.
- Check subsequent filings for the specific base salary amount for Dawn P. Crusinberry, which was not disclosed in this report.