Business Context and Reporting Period
This Form 8-K is a current report filed by First PacTrust Bancorp, Inc. on January 16, 2009. The filing addresses Item 5.02(e) regarding compensatory arrangements for certain officers. Note: The request metadata references "BANC OF CALIFORNIA, INC.", but the filing text explicitly identifies the registrant as First PacTrust Bancorp, Inc.
Key Financial Metrics
The filing text does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes Versus Prior Period
The Board of Directors approved 2009 base salary levels for executive officers. While the base salaries listed represent an increase over 2008 levels, the filing explicitly states that this does not constitute an increase in total compensation.
- Hans R. Ganz (President and CEO): $320,008
- James P. Sheehy (EVP and Treasurer): $160,014
- Melanie Yaptangco (EVP - Lending): $160,014
- Regan Lauer (SVP and Controller): $125,008
- Rachel M. Carrillo (SVP - Branch Operations): $115,003
- Lisa R. Goodwin (SVP - IT and Facilities): $115,003
Guidance, Outlook, and Management Commentary
Management commentary indicates that no stock-based awards have been or will be granted for 2009. Consequently, total compensation for 2009 is expected to be no greater than, and may be less than, total compensation in 2008. The filing contains no financial guidance, risk factors, or contingencies beyond the compensation structure.
Important Facts for Investor Verification
- Verify the registrant name: The filing is for First PacTrust Bancorp, Inc., not Banc of California, Inc.
- Confirm that the increase in base salary is offset by the elimination of stock-based awards to maintain or reduce total compensation.
- Note that this filing does not contain financial performance data for the period.