Business Context and Reporting Period
This Form 8-K is a current report filed by Central Valley Community Bancorp on January 30, 2009. The filing primarily addresses corporate governance changes, including executive compensation adjustments and board updates, effective early 2009. It references a separate press release filed on January 29, 2009, containing unaudited financial results for the three months and year ended December 31, 2008.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are contained in the referenced press release (Exhibit 99.1) attached to the January 29, 2009 filing, which is not included in the provided source text.
Material Changes and Compensation Updates
The filing details significant changes to executive and director compensation effective February 1, 2009, and March 1, 2009:
- Executive Incentive Bonuses (FY 2008):
- Daniel J. Doyle (President and CEO): $151,750
- David A. Kinross (SVP and CFO): $47,628
- Gary Quisenberry (SVP, Commercial and Business Banking): $38,625
- Thomas L. Sommer (SVP, Credit Administrator): $36,535
- Lydia Shaw (SVP, Consumer and Retail Banking): $36,434
- Executive Base Salary Increases (Effective Feb 1, 2009):
- David A. Kinross: $171,400
- Gary Quisenberry: $182,000
- Thomas L. Sommer: $171,400
- Lydia Shaw: $146,000
- Director Fee Increases (Effective Mar 1, 2009):
- Daniel N. Cunningham (Chairman): $30,700
- Other Directors (Sidney B. Cox, Edwin S. Darden, Jr., Steven D. McDonald, Louis C. McMurray, William S. Smittcamp, Joseph B. Weirick): $22,000 each
Management Commentary, Risks, and Unusual Items
Board Changes: Wanda L. Rogers retired as a full-time Director effective February 1, 2009. She was named Founding Director Emeritus and will receive fees of $500 per month for the remainder of 2009, subject to annual review.
Legal Disclaimer: The financial information referenced from the January 29, 2009 press release is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings.
Investor Verification Checklist
- Verify the unaudited financial results for the year ended December 31, 2008, by reviewing the press release attached as Exhibit 99.1 to the January 29, 2009 Form 8-K.
- Confirm the impact of the new executive base salaries and director fees on the company's 2009 operating expenses.
- Review the 2008 Proxy Statement for details on the Senior Management Incentive Plan and the CEO Employment Contract referenced in this filing.
- Monitor the transition of duties following the retirement of Founding Director Wanda L. Rogers.