Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp (CVCY) on January 26, 2022. The filing addresses executive compensation decisions made by the Executive and Directors' Resources Committee regarding the President and CEO, as well as annual incentive awards for the fiscal year ended December 31, 2021.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation figures.
| Executive Officer | Role | 2022 Base Salary | 2021 Incentive Total Value | Incentive Cash Component | Incentive Stock Shares |
|---|---|---|---|---|---|
| James J. Kim | President and CEO | $425,000 | $151,247 | $111,327 | 1,922 |
| James M. Ford | Former President and CEO | N/A | $296,208 | $148,097 | 7,131 |
| David A. Kinross | EVP and CFO | $254,000 (Effective Feb 20, 2022) | $119,679 | $101,734 | 864 |
| Blaine C. Lauhon | EVP, Chief Banking Officer | $242,000 (Effective Feb 20, 2022) | $84,699 | $71,988 | 612 |
| A. Kenneth Ramos | EVP, Market Executive | $215,000 (Effective Feb 20, 2022) | $91,803 | $78,032 | 663 |
Material Changes
- CEO Compensation: The Compensation Committee approved a base salary of $425,000 for James J. Kim for the 2022 fiscal year.
- Executive Salary Increases: Base salaries for the CFO, Chief Banking Officer, and Market Executive were approved for increase, effective February 20, 2022.
- Leadership Transition: The filing notes James M. Ford as "Former President and Chief Executive Officer," indicating a leadership change occurred prior to this report.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on market conditions, or discussion of risks and contingencies. The document is strictly limited to reporting the approval of compensatory arrangements.
Investor Verification Checklist
- Verify the exact date of James J. Kim's appointment as President and CEO to contextualize the salary approval.
- Confirm the total number of shares issued for the 2021 incentive awards (11,192 shares total) and their impact on dilution.
- Review the Management Committee Incentive Plan to understand the performance metrics used to calculate the 2021 bonus awards.
- Check subsequent filings for the effective implementation of the salary increases scheduled for February 20, 2022.