Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp (not Community West Bancshares) on January 17, 2007. The filing addresses executive compensation decisions made by the Compensation Committee regarding the fiscal year ended December 31, 2006, and salary adjustments effective February 1, 2007.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation awards and salary adjustments.
Material Changes
The primary material change reported is the approval of annual incentive bonus awards for executive officers for the 2006 performance year and the implementation of base salary increases effective February 1, 2007.
Management Commentary and Compensation Details
The Compensation Committee approved the following annual incentive bonus awards for 2006 performance:
- Daniel J. Doyle, President and CEO: $201,000
- David A. Kinross, Senior Vice President and CFO: $38,350
- Gary Quisenberry, Senior Vice President, Commercial and Business Banking: $54,078
- Thomas L. Sommer, Senior Vice President, Credit Administrator: $55,410
- Shirley Wilburn, Senior Vice President, Consumer and Retail Banking: $44,875
- Gayle Graham, Senior Vice President, CFO (retired): $50,082
The Committee also approved the following base salaries effective February 1, 2007:
- David A. Kinross: $160,000
- Gary Quisenberry: $170,000
- Thomas L. Sommer: $160,000
- Shirley Wilburn: $140,000
The filing does not contain specific guidance, outlook, risk factors, or contingencies beyond the standard disclosure of these compensation arrangements.
Investor Verification Points
- Verify the total aggregate cost of the 2006 incentive awards and 2007 salary increases against the company's annual financial statements.
- Confirm the terms of the Senior Management Incentive Plan and the Employment Contract for the CEO referenced in the 2006 Proxy Statement.
- Note the discrepancy between the requested company name (Community West Bancshares) and the registrant name in the filing (Central Valley Community Bancorp).