Business Context and Reporting Period
This Form 8-K was filed by Central Valley Community Bancorp on January 25, 2012. The report details actions taken by the Executive and Directors' Resources Committee (Compensation Committee) regarding executive compensation adjustments and incentive awards for the fiscal year ended December 31, 2011.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation figures.
| Executive Officer | Role | 2012 Base Salary | 2011 Incentive Award |
|---|---|---|---|
| Daniel J. Doyle | President and CEO | $305,000 | $185,000 |
| David A. Kinross | SVP and CFO | $185,400 | $63,720 |
| Gary Quisenberry | SVP, Commercial and Business Banking | $193,800 | $64,829 |
| Thomas L. Sommer | SVP, Credit Administrator | $185,400 | $60,000 |
| Lydia Shaw | SVP, Consumer and Retail Banking | $161,700 | $47,604 |
Material Changes
The primary material change reported is the approval of increased base salaries for the CEO and four other senior executive officers, effective February 1, 2012. Additionally, annual incentive bonus awards were granted to these officers based on individual performance for the year ended December 31, 2011.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of risks and contingencies. The incentive awards were made pursuant to the Company's Senior Management Incentive Plan and the CEO's Employment Contract, as previously disclosed in the 2011 Proxy Statement.
Investor Verification Checklist
- Verify the total compensation cost impact of the salary increases and incentive awards on the company's 2012 operating expenses.
- Review the 2011 Proxy Statement to confirm the terms of the Senior Management Incentive Plan and the CEO's Employment Contract referenced in this filing.
- Confirm the effective date of the salary increases (February 1, 2012) against payroll records.