Business Context and Reporting Period
This Form 8-K Current Report was filed by Central Valley Community Bancorp on January 30, 2018, regarding an event dated January 29, 2018. The filing discloses the appointment of a new senior executive officer at the registrant's banking subsidiary, Central Valley Community Bank.
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 and appointment details.
Material Changes
The primary material change reported is the appointment of James Kim as Executive Vice President and Chief Administrative Officer, effective January 29, 2018. Mr. Kim brings over 15 years of banking leadership experience, including prior roles as CEO, CFO, and Controller in the Greater Sacramento Region.
Compensation and Management Commentary
Mr. Kim's compensation package includes the following components:
- Annual Salary: $190,000
- Automobile Allowance: $1,000 per month
- Moving Expenses: One-time payment of $25,000
- Restricted Stock Grant: 1,042 shares valued at $20,000 (based on a closing stock price of $19.18 on January 29, 2018)
- Incentive Plan: Eligibility to participate in the Company's Management Committee Incentive Plan
In his new role, Mr. Kim will oversee the Administrative Division, including central operations, information technology, and facilities management.
Investor Verification Checklist
- Verify the effective date of the appointment (January 29, 2018) against internal corporate records.
- Confirm the valuation of the restricted stock grant based on the reported closing price of $19.18.
- Review the attached Exhibit 99.1 (Press Release) for additional context on the executive's background.
- Note that this filing does not contain updated financial statements or guidance; refer to the most recent 10-K or 10-Q for financial data.