Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp on January 20, 2016. The filing addresses Item 5.02 regarding the appointment of principal officers and compensatory arrangements. The report details decisions made by the Executive and Directors' Resources Committee (Compensation Committee) concerning executive compensation for the 2016 fiscal year and bonuses for the year ended December 31, 2015.
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 figures.
| Executive Officer | Role | 2016 Base Salary | 2015 Incentive Bonus |
|---|---|---|---|
| James M. Ford | President and CEO | $318,270 | $205,000 |
| David A. Kinross | EVP and CFO | $209,000 (Effective March 1, 2016) | $67,205 |
| Gary D. Quisenberry | EVP, Commercial and Business Banking | $216,300 (Effective March 1, 2016) | $72,170 |
| Lydia E. Shaw | EVP, Community Banking | $188,500 (Effective March 1, 2016) | $47,600 |
| Patrick J. Carman | EVP, Chief Credit Officer | $190,600 (Effective March 1, 2016) | $42,180 |
Material Changes
The primary material change reported is the adjustment of executive compensation. The Compensation Committee approved an increase in the base salary for the President and CEO to $318,270 for 2016. Additionally, base salary increases for four other executive officers were approved, effective March 1, 2016. Annual incentive bonuses were awarded to all listed executives based on individual performance for the 2015 fiscal year.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on business outlook, or specific risk factors. The compensation awards were made pursuant to the Company's Senior Management Incentive Plan and the Employment Contract for the President and CEO, as previously disclosed in the 2015 Proxy Statement.
Investor Verification Checklist
- Verify the total cash compensation impact on the company's operating expenses for 2016.
- Review the 2015 Proxy Statement to confirm the terms of the Senior Management Incentive Plan and the CEO's Employment Contract.
- Confirm the effective date of the base salary increases for the EVPs (March 1, 2016) versus the CEO (2016).
- Assess whether the incentive bonus amounts align with the company's reported financial performance for the year ended December 31, 2015.