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1. | Elect the following seven (7) Directors: |
Edward Corum, Jr. | Kevin Sanguinetti | Terrence A. Young |
Stephenson K. Green | Kent A. Steinwert | |
Gary J. Long | Calvin (Kelly) Suess |
BY ORDER OF THE BOARD OF DIRECTORS, | |
/s/ Stephen W. Haley | |
Stephen W. Haley | |
Secretary |
I - | INTRODUCTION |
II - | INFORMATION ABOUT VOTING AND THE ANNUAL VIRTUAL MEETING |
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | |
Common Stock | Joan Rider (1) (2) | 44,700 | 5.68% | ||||
111 West Pine Street | |||||||
Lodi, CA, 95240 | |||||||
Common Stock | Cortopassi Family Trust | 50,321 | 6.39% | Cortopassi Family Trust | 50,650 | 6.41% | |
and Cortopassi Partners | and Cortopassi Partners | ||||||
11292 N. Alpine Road | 11292 N. Alpine Road | ||||||
Stockton, CA 95212 | Stockton, CA 95212 | ||||||
Common Stock | Sheila M. Wishek (1) | 40,215 | 5.11% | Sheila M. Wishek (1) | 40,150 | 5.08% | |
111 West Pine Street | 111 West Pine Street | ||||||
Lodi, CA, 95240 | Lodi, CA, 95240 |
(1) | Mail should be sent to |
Name and Address of Beneficial Owner (1) | Amount of Common Stock Owned and Nature of Beneficial Ownership (2) | Percent of Class | Amount of Common Stock Owned and Nature of Beneficial Ownership (2) | Percent of Class | |
Edward Corum, Jr. | 1,776 | * | 2,012 | * | |
Stephen W. Haley | 4,245 | * | 4,809 | * | |
Deborah E. Skinner | 3,735 | * | 4,319 | * | |
Stephenson K. Green | 330 | * | 607 | * | |
Terrence A. Young | 263 | * | 462 | * | |
Kevin Sanguinetti | 7,351 | * | 7,624 | * | |
Kenneth W. Smith | 3,090 | * | 3,641 | * | |
Kent A. Steinwert | 25,986 | 3.30% | 31,120 | 3.94% | |
David M. Zitterow | 278 | * | 641 | * | |
Jay J. Colombini | 4,144 | * | 4,871 | * | |
Calvin (Kelly) Suess | 3,271 | * | 3,551 | * | |
Gary J. Long | 1,295 | * | 1,740 | * | |
Ryan J. Misasi | 1,474 | * | 1,969 | * | |
All Directors, Nominees and Named Executive Officers as a group (13 persons) | 57,238 | 7.27% | 67,366 | 8.53% |
* | Indicates less than 1%. |
(1) | Mail should be sent to these individuals at the Company’s address marked “c/o Stockholder Relations.” |
(2) | Shares are beneficially owned, directly and indirectly, together with spouses, and, unless otherwise indicated, holders share voting power with their spouses. None of the shares are pledged. |
III - | ITEMS TO BE VOTED ON |
Name | Age | Principal Occupation | Director Since | ||
Edward Corum, Jr. | 67 | Managing General Partner, Corum Real Estate | 2003 | ||
Stephenson K. Green | 73 | Retired Banker and Business Consultant | 2018 | ||
Gary J. Long | 66 | Owner, Gary J. Long Jewelers | 2014 | ||
Kevin Sanguinetti | 61 | Retired President, 1st American Title Company - Stockton | 2001 | ||
Kent A. Steinwert | 66 | Chairman, President & C.E.O. of the Company and Bank | 1998 | ||
Calvin (Kelly) Suess | 83 | President of ShellPro | 1990 | ||
Terrence A. Young | 66 | Retired Banker and Human Resources Executive | 2018 |
Name | Age | Principal Occupation | Director Since | ||
Edward Corum, Jr. | 69 | Managing General Partner, Corum Real Estate | 2003 | ||
Stephenson K. Green | 75 | Retired Banker and Business Consultant | 2018 | ||
Gary J. Long | 68 | Owner, Gary J. Long Jewelers | 2014 | ||
Kevin Sanguinetti | 63 | Retired President, 1st American Title Company - Stockton | 2001 | ||
Kent A. Steinwert | 68 | Chairman, President & C.E.O. of the Company and Bank | 1998 | ||
Calvin (Kelly) Suess | 85 | Chairman of the Board of ShellPro | 1990 | ||
Terrence A. Young | 68 | Retired Banker and Human Resources Executive | 2018 |
DIRECTOR AND EXECUTIVE COMPENSATION |
Name | (1) Fees Earned or Paid in Cash ($) | (2) Stock Awards ($) | (2) Option Awards ($) | (5) Non-Equity Incentive Plan Compensation ($) | (3) Change in Pension Value & Nonqualified Deferred Compensation Earnings ($) | (4) All Other Compensation ($) | Total ($) | (1) Fees Earned or Paid in Cash ($) | (2) Stock Awards ($) | (2) Option Awards ($) | (5) Non-Equity Incentive Plan Compensation ($) | (3) Change in Pension Value & Nonqualified Deferred Compensation Earnings ($) | (4) All Other Compensation ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Kent A. Steinwert | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||
Stephenson K. Green (7) | $ | 49,000 | $ | 0 | $ | 0 | $ | 70,000 | $ | 0 | $ | 65,500 | $ | 184,500 | ||||||||||||||||||||||||||||||||||||||||||
Stephenson K. Green | $ | 64,600 | $ | 0 | $ | 0 | $ | 112,000 | $ | 0 | $ | 76,600 | $ | 253,200 | ||||||||||||||||||||||||||||||||||||||||||
Edward Corum, Jr. (6) | $ | 95,400 | $ | 0 | $ | 0 | $ | 90,000 | $ | 0 | $ | 66,600 | $ | 252,000 | $ | 108,000 | $ | 0 | $ | 0 | $ | 112,000 | $ | 0 | $ | 76,600 | $ | 296,600 | ||||||||||||||||||||||||||||
Terrance A. Young (6) (7) | $ | 31,300 | $ | 0 | $ | 0 | $ | 70,000 | $ | 0 | $ | 53,850 | $ | 155,150 | ||||||||||||||||||||||||||||||||||||||||||
Terrance A. Young (6) | $ | 32,300 | $ | 0 | $ | 0 | $ | 88,000 | $ | 0 | $ | 56,300 | $ | 176,600 | ||||||||||||||||||||||||||||||||||||||||||
Kevin Sanguinetti | $ | 56,800 | $ | 0 | $ | 0 | $ | 90,000 | $ | 0 | $ | 66,600 | $ | 213,400 | $ | 64,200 | $ | 0 | $ | 0 | $ | 112,000 | $ | 0 | $ | 76,600 | $ | 252,800 | ||||||||||||||||||||||||||||
Calvin (Kelly) Suess | $ | 58,000 | $ | 0 | $ | 0 | $ | 90,000 | $ | 0 | $ | 66,600 | $ | 214,600 | $ | 58,200 | $ | 0 | $ | 0 | $ | 112,000 | $ | 0 | $ | 76,600 | $ | 246,800 | ||||||||||||||||||||||||||||
Stewart C. Adams Jr. (7) | $ | 22,400 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,750 | $ | 25,150 | ||||||||||||||||||||||||||||||||||||||||||
Gary J. Long | $ | 52,600 | $ | 0 | $ | 0 | $ | 90,000 | $ | 0 | $ | 66,600 | $ | 209,200 | $ | 55,000 | $ | 0 | $ | 0 | $ | 112,000 | $ | 0 | $ | 76,600 | $ | 243,600 |
(1) | Mr. Kent Steinwert was an employee of the Company in |
(2) | The Company has no stock based award programs. |
(3) | The Company has no Defined Benefit Pension Program. All earnings on Nonqualified Deferred Compensation Plan balances are assumed to be at market rates (see Footnote 4 in the Non-Qualified Deferred Compensation Table). |
(4) | All non-employee Directors received a |
(5) | Contributions to the Executive Retirement Plan - Equity Component. See Plan description in Executive Compensation Discussion and Analysis - Qualified and Non-Qualified Retirement Programs for further details. |
(6) | Mr. Corum is a member of the Loan Committee which meets weekly, resulting in his Fees Earned exceeding those of the other Directors whose Committee responsibilities are monthly in frequency. Mr. Young is a Director of the Company only (not the Bank) so his monthly fees are less than other Directors. |
1. | In the 2017 proxy statement the Company asked stockholders to provide advisory (non-binding) input with regard to the frequency of future stockholder advisory votes on the Company’s executive compensation programs. The results of this election were that 71.4% of stockholders voting approved three years as the frequency of future stockholder advisory votes. The Dodd-Frank Act requires that this vote be taken at least once every six years. |
2. | In the |
1. | the Company’s annual financial performance (relative to both the current year’s budget and the overall performance of a select group of peer community banks as well as the community bank industry as a whole) as measured by Return on Assets; Return on Equity; Efficiency Ratios; and Net Income performance; |
2. | progress towards achieving the Company’s strategic plan; |
3. | results of the Company’s and Bank’s regulatory examinations; and |
4. | current economic and industry conditions. |
1. | Annual Performance Based Bonuses must include consideration of the results of the Company’s and Bank’s regulatory examinations by the FRB, FDIC and California Department of |
2. | All parts of the Company’s non-qualified retirement programs are structured such that the benefits cannot be withdrawn by the participant, or paid out by the Company, until the participant retires. This results in a significant portion of each executive’s compensation remaining at risk during their employment, so as to encourage adopting a long-term perspective and conservative risk management practices. This is in contrast to most stock option plans where once the options vest they can be exercised and the stock sold, allowing participants to realize cash compensation based upon shorter-term financial results. |
1. | Profit Sharing Plan … which provides qualified retirement benefits. |
2. | Executive Retirement Plan … which provides supplemental non-qualified retirement benefits and has the following components: |
a. | Salary Component … which makes Plan contributions based upon each participant’s salary level; |
b. | Performance Component … which makes Plan contributions based upon the Company’s long-term growth in net income and increase in market capitalization; |
c. | Equity Component … which makes discretionary cash contributions based upon Board approval, and contributions are invested primarily in the stock of the Company; and |
3. | Bank-Owned Life Insurance Program … which provides for a division of life insurance death proceeds between the Company and each participant’s designated beneficiary. |
1. | If the Named Executive Officer takes retirement, or their employment is terminated due to death or disability, no supplemental payments are made. They are entitled to all vested balances in qualified and non-qualified plans (see “Deferred Compensation Table”), and in the case of death, their designated beneficiaries would be entitled to their split dollar life insurance death benefits. |
2. | If the Named Executive Officer is terminated for cause, all benefits in the Company’s non-qualified Executive Retirement Plan, whether vested or not, are forfeited in their entirety. No other payments are made, but the Named Executive Officer is entitled to all vested balances in the |
3. | If the Named Executive Officer is terminated without cause, the terms of each individual’s employment contract call for the Company to provide lump sum payments of up to a maximum of two years’ “Total” compensation as reported in the “Summary Compensation Table”. In addition they are entitled to all vested balances in qualified and non-qualified plans (see “Deferred Compensation Table”). |
4. | In the case of a Change in Control the Company has “single trigger” clauses in each Named Executive Officer’s employment contract. This means that termination payments are made regardless of whether the Named Executive Officer remains in the employ of the buyer. In addition to all vested balances in qualified and non-qualified plans (see “Deferred Compensation Table”), each Named Executive Officer is eligible to receive lump sum payments of: (1) up to a maximum of two years’ “Total” compensation as reported in the “Summary Compensation Table”; (2) a transaction bonus (which range up to $250,000 per Named Executive Officer); (3) three years’ medical premiums (which range up to |
/s/ Edward Corum, Jr. | /s/ Stephenson K. Green | /s/ Kevin Sanguinetti |
Edward Corum Jr., Chairman | Stephenson K. Green | Kevin Sanguinetti |
Name and Principal Position | Year | (1) Salary ($) | (1) Bonus ($) | (2) Stock Awards ($) | (2) Option Awards ($) | (3) Non-Equity Incentive Plan Compensation ($) | (3) Change in Pension Value & Nonqualified Deferred Compensation Earnings ($) | (4) All Other Compensation ($) | Total ($) | ||||||||||||||||||||||||
Kent A. Steinwert Chairman, President, Chief Executive Officer of the Company & Bank | 2018 | $ | 811,369 | $ | 1,100,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,315,200 | $ | 4,226,569 | ||||||||||||||||
2017 | $ | 804,173 | $ | 1,000,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,778,613 | $ | 3,582,786 | |||||||||||||||||
2016 | $ | 801,115 | $ | 900,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,568,356 | $ | 3,269,471 | |||||||||||||||||
Stephen W. Haley Executive Vice President, Chief Financial Officer, Secretary of the Company & Bank | 2018 | $ | 335,000 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 871,133 | $ | 1,556,133 | ||||||||||||||||
2017 | $ | 325,000 | $ | 300,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 555,303 | $ | 1,180,303 | |||||||||||||||||
2016 | $ | 315,000 | $ | 275,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 548,947 | $ | 1,138,947 | |||||||||||||||||
Jay J. Colombini Executive Vice President, Wholesale Banking Manager of the Bank | 2018 | $ | 285,000 | $ | 280,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 423,147 | $ | 988,147 | ||||||||||||||||
2017 | $ | 274,590 | $ | 250,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 255,150 | $ | 779,740 | |||||||||||||||||
2016 | $ | 255,012 | $ | 225,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 234,427 | $ | 714,439 | |||||||||||||||||
Deborah E. Skinner Executive Vice President, Chief Administrative Officer of the Bank | 2018 | $ | 332,538 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 756,927 | $ | 1,439,465 | ||||||||||||||||
2017 | $ | 318,461 | $ | 300,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 490,368 | $ | 1,108,829 | |||||||||||||||||
2016 | $ | 302,307 | $ | 275,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 483,488 | $ | 1,060,795 | |||||||||||||||||
Kenneth W. Smith Executive Vice President, Senior Credit Officer of the Company & Bank | 2018 | $ | 347,000 | $ | 300,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 717,396 | $ | 1,364,396 | ||||||||||||||||
2017 | $ | 338,212 | $ | 275,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 450,664 | $ | 1,063,876 | |||||||||||||||||
2016 | $ | 328,223 | $ | 240,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 441,919 | $ | 1,010,142 | |||||||||||||||||
Ryan J. Misasi Executive Vice President, Retail Banking Manager of the Bank | 2018 | $ | 280,008 | $ | 200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 325,828 | $ | 805,836 | ||||||||||||||||
2017 | $ | 280,008 | $ | 100,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 216,758 | $ | 596,766 | |||||||||||||||||
2016 | $ | 280,008 | $ | 180,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 272,908 | $ | 732,916 | |||||||||||||||||
David M. Zitterow (5) Executive Vice President, Wholesale Banking Manager of the Bank | 2018 | $ | 292,000 | $ | 200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 227,806 | $ | 719,806 | ||||||||||||||||
2017 | $ | 194,667 | $ | 200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 57,036 | $ | 451,703 | |||||||||||||||||
2016 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Name and Principal Position | Year | (1) Salary ($) | (1) Bonus ($) | (2) Stock Awards ($) | (2) Option Awards ($) | (3) Non-Equity Incentive Plan Compensation ($) | (3) Change in Pension Value & Nonqualified Deferred Compensation Earnings ($) | (4) All Other Compensation ($) | Total ($) | ||||||||||||||||||||||||
Kent A. Steinwert Chairman, President, Chief Executive Officer | 2020 | $ | 915,653 | $ | 1,200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,506,467 | $ | 4,622,120 | ||||||||||||||||
2019 | $ | 854,547 | $ | 1,100,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,663,151 | $ | 4,617,698 | |||||||||||||||||
of the Company & Bank | 2018 | $ | 811,369 | $ | 1,100,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 2,315,200 | $ | 4,226,569 | ||||||||||||||||
Stephen W. Haley Executive Vice President, Chief Financial Officer, Secretary of the | 2020 | $ | 360,000 | $ | 420,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 898,147 | $ | 1,678,147 | ||||||||||||||||
2019 | $ | 345,417 | $ | 380,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 1,016,264 | $ | 1,741,681 | |||||||||||||||||
Company & Bank | 2018 | $ | 335,000 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 871,133 | $ | 1,556,133 | ||||||||||||||||
Jay J. Colombini Executive Vice President, Wholesale Banking | 2020 | $ | 337,083 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 457,723 | $ | 1,144,806 | ||||||||||||||||
2019 | $ | 325,833 | $ | 320,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 449,608 | $ | 1,095,441 | |||||||||||||||||
Manager of the Bank | 2018 | $ | 285,000 | $ | 280,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 423,147 | $ | 988,147 | ||||||||||||||||
Deborah E. Skinner Executive Vice President, Chief Administrative | 2020 | $ | 368,307 | $ | 435,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 775,156 | $ | 1,578,463 | ||||||||||||||||
2019 | $ | 370,307 | $ | 400,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 810,067 | $ | 1,580,374 | |||||||||||||||||
Officer of the Bank | 2018 | $ | 332,538 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 756,927 | $ | 1,439,465 | ||||||||||||||||
Kenneth W. Smith Executive Vice President, Senior Credit Officer | 2020 | $ | 372,000 | $ | 350,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 726,991 | $ | 1,448,991 | ||||||||||||||||
2019 | $ | 357,417 | $ | 330,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 740,337 | $ | 1,427,754 | |||||||||||||||||
of the Company & Bank | 2018 | $ | 347,000 | $ | 300,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 717,396 | $ | 1,364,396 | ||||||||||||||||
Ryan J. Misasi Executive Vice President, Retail Banking Manager | 2020 | $ | 309,554 | $ | 300,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 402,637 | $ | 1,012,191 | ||||||||||||||||
2019 | $ | 290,425 | $ | 250,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 359,678 | $ | 900,103 | |||||||||||||||||
of the Bank | 2018 | $ | 280,008 | $ | 200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 325,828 | $ | 805,836 | ||||||||||||||||
David M. Zitterow Executive Vice President, Wholesale Banking | 2020 | $ | 318,923 | $ | 220,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 322,647 | $ | 861,570 | ||||||||||||||||
2019 | $ | 303,564 | $ | 210,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 316,411 | $ | 829,975 | |||||||||||||||||
Manager of the Bank | 2018 | $ | 292,000 | $ | 200,000 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 227,806 | $ | 719,806 |
(1) | Includes base salary, unused vacation pay, car allowance and annual bonus. See Annual Compensation Program and Employment Contracts. |
(2) | The Company has no stock based award programs. |
(3) | The Company has no Defined Benefit Pension Program. All earnings on Non-Qualified Deferred Compensation Plan balances are assumed to be at market rates (see Footnote 4 in the Non-Qualified Deferred Compensation Table). |
(4) | See All Other Compensation Table for additional details. |
Name | Year | (1) Personal Use of Company Car ($) | (2) Tax Reimbursements ($) | Insurance Premiums ($) | Club Dues ($) | (3) Company Contributions to Non-Qualified Retirement Plans ($) | (4) Company Contributions to Retirement & 401(k) Plans ($) | Total ($) | |||||||||||||||||||||
Kent A. Steinwert | 2018 | $ | 2,111 | $ | 26,658 | $ | 3,749 | $ | 7,791 | $ | 2,246,484 | $ | 28,407 | $ | 2,315,200 | ||||||||||||||
2017 | $ | 1,263 | $ | 24,569 | $ | 3,810 | $ | 5,600 | $ | 1,715,182 | $ | 28,189 | $ | 1,778,613 | |||||||||||||||
2016 | $ | 3,483 | $ | 21,815 | $ | 1,980 | $ | 6,474 | $ | 1,507,341 | $ | 27,263 | $ | 1,568,356 | |||||||||||||||
Stephen W. Haley | 2018 | $ | 9,844 | $ | 21,968 | $ | 3,810 | $ | 0 | $ | 807,104 | $ | 28,407 | $ | 871,133 | ||||||||||||||
2017 | $ | 7,587 | $ | 19,429 | $ | 1,980 | $ | 0 | $ | 498,118 | $ | 28,189 | $ | 555,303 | |||||||||||||||
2016 | $ | 10,054 | $ | 17,193 | $ | 1,980 | $ | 0 | $ | 492,457 | $ | 27,263 | $ | 548,947 | |||||||||||||||
Jay J. Colombini | 2018 | $ | 1,896 | $ | 1,256 | $ | 1,290 | $ | 0 | $ | 390,298 | $ | 28,407 | $ | 423,147 | ||||||||||||||
2017 | $ | 3,452 | $ | 1,169 | $ | 1,290 | $ | 0 | $ | 221,050 | $ | 28,189 | $ | 255,150 | |||||||||||||||
2016 | $ | 3,359 | $ | 1,090 | $ | 690 | $ | 0 | $ | 202,025 | $ | 27,263 | $ | 234,427 | |||||||||||||||
Deborah E. Skinner | 2018 | $ | 4,254 | $ | 7,034 | $ | 1,290 | $ | 0 | $ | 715,942 | $ | 28,407 | $ | 756,927 | ||||||||||||||
2017 | $ | 7,285 | $ | 6,257 | $ | 1,290 | $ | 0 | $ | 447,347 | $ | 28,189 | $ | 490,368 | |||||||||||||||
2016 | $ | 7,378 | $ | 5,634 | $ | 690 | $ | 0 | $ | 442,523 | $ | 27,263 | $ | 483,488 | |||||||||||||||
Kenneth W. Smith | 2018 | $ | 0 | $ | 6,544 | $ | 1,290 | $ | 0 | $ | 681,155 | $ | 28,407 | $ | 717,396 | ||||||||||||||
2017 | $ | 0 | $ | 6,194 | $ | 1,290 | $ | 0 | $ | 414,991 | $ | 28,189 | $ | 450,664 | |||||||||||||||
2016 | $ | 0 | $ | 5,811 | $ | 1,290 | $ | 0 | $ | 407,555 | $ | 27,263 | $ | 441,919 | |||||||||||||||
Ryan J. Misasi | 2018 | $ | 2,342 | $ | 0 | $ | 300 | $ | 0 | $ | 294,779 | $ | 28,407 | $ | 325,828 | ||||||||||||||
2017 | $ | 3,968 | $ | 0 | $ | 300 | $ | 0 | $ | 184,301 | $ | 28,189 | $ | 216,758 | |||||||||||||||
2016 | $ | 6,992 | $ | 0 | $ | 280 | $ | 0 | $ | 238,373 | $ | 27,263 | $ | 272,908 | |||||||||||||||
David M. Zitterow | 2018 | $ | 0 | $ | 0 | $ | 450 | $ | 12,438 | $ | 186,511 | $ | 28,407 | $ | 227,806 | ||||||||||||||
2017 | $ | 0 | $ | 0 | $ | 75 | $ | 6,961 | $ | 50,000 | $ | 0 | $ | 57,036 | |||||||||||||||
2016 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Name | Year | (1) Personal Use of Company Car ($) | (2) Tax Reimbursements ($) | Insurance Premiums ($) | Club Dues ($) | (3) Company Contributions to Non-Qualified Retirement Plans ($) | (4) Company Contributions to Retirement & 401(k) Plans ($) | Total ($) | ||||||||||||||||||||
Kent A. Steinwert | 2020 | $ | 4,247 | $ | 22,399 | $ | 3,017 | $ | 7,894 | $ | 2,438,949 | $ | 29,961 | $ | 2,506,467 | |||||||||||||
2019 | $ | 1,193 | $ | 20,709 | $ | 3,383 | $ | 7,555 | $ | 2,600,983 | $ | 29,328 | $ | 2,663,151 | ||||||||||||||
2018 | $ | 2,111 | $ | 26,658 | $ | 3,749 | $ | 7,791 | $ | 2,246,484 | $ | 28,407 | $ | 2,315,200 | ||||||||||||||
Stephen W. Haley | 2020 | $ | 10,107 | $ | 15,093 | $ | 3,383 | $ | 0 | $ | 839,603 | $ | 29,961 | $ | 898,147 | |||||||||||||
2019 | $ | 10,687 | $ | 12,438 | $ | 3,749 | $ | 0 | $ | 960,062 | $ | 29,328 | $ | 1,016,264 | ||||||||||||||
2018 | $ | 9,844 | $ | 21,968 | $ | 3,810 | $ | 0 | $ | 807,104 | $ | 28,407 | $ | 871,133 | ||||||||||||||
Jay J. Colombini | 2020 | $ | 5,801 | $ | 1,256 | $ | 1,290 | $ | 0 | $ | 419,415 | $ | 29,961 | $ | 457,723 | |||||||||||||
2019 | $ | 5,291 | $ | 1,165 | $ | 1,290 | $ | 0 | $ | 412,534 | $ | 29,328 | $ | 449,608 | ||||||||||||||
2018 | $ | 1,896 | $ | 1,256 | $ | 1,290 | $ | 0 | $ | 390,298 | $ | 28,407 | $ | 423,147 | ||||||||||||||
Deborah E. Skinner | 2020 | $ | 7,150 | $ | 7,859 | $ | 1,290 | $ | 0 | $ | 728,896 | $ | 29,961 | $ | 775,156 | |||||||||||||
2019 | $ | 7,171 | $ | 6,952 | $ | 1,290 | $ | 0 | $ | 765,326 | $ | 29,328 | $ | 810,067 | ||||||||||||||
2018 | $ | 4,254 | $ | 7,034 | $ | 1,290 | $ | 0 | $ | 715,942 | $ | 28,407 | $ | 756,927 | ||||||||||||||
Kenneth W. Smith | 2020 | $ | 0 | $ | 6,595 | $ | 1,980 | $ | 0 | $ | 688,455 | $ | 29,961 | $ | 726,991 | |||||||||||||
2019 | $ | 0 | $ | 6,238 | $ | 1,980 | $ | 0 | $ | 702,791 | $ | 29,328 | $ | 740,337 | ||||||||||||||
2018 | $ | 0 | $ | 6,544 | $ | 1,290 | $ | 0 | $ | 681,155 | $ | 28,407 | $ | 717,396 | ||||||||||||||
Ryan J. Misasi | 2020 | $ | 4,519 | $ | 0 | $ | 300 | $ | 12,956 | $ | 354,901 | $ | 29,961 | $ | 402,637 | |||||||||||||
2019 | $ | 2,202 | $ | 0 | $ | 300 | $ | 4,070 | $ | 323,778 | $ | 29,328 | $ | 359,678 | ||||||||||||||
2018 | $ | 2,342 | $ | 0 | $ | 300 | $ | 0 | $ | 294,779 | $ | 28,407 | $ | 325,828 | ||||||||||||||
David M. Zitterow | 2020 | $ | 0 | $ | 0 | $ | 450 | $ | 12,316 | $ | 279,920 | $ | 29,961 | $ | 322,647 | |||||||||||||
2019 | $ | 0 | $ | 0 | $ | 450 | $ | 11,610 | $ | 275,023 | $ | 29,328 | $ | 316,411 | ||||||||||||||
2018 | $ | 0 | $ | 0 | $ | 450 | $ | 12,438 | $ | 186,511 | $ | 28,407 | $ | 227,806 |
(1) | Certain executives receive a car allowance as opposed to the use of a company car. Car allowance amounts are included in Salary in the Summary Compensation Table. |
(2) | Represent tax gross-up payments to reimburse executive for split-dollar life insurance premiums under the Company’s BOLI program. |
(3) | Includes Non-Qualified Executive Retirement Plan contributions for the current year. See Plan description in Executive Compensation Discussion and Analysis - Qualified and Non-Qualified Retirement Programs for further details. Investment earnings or losses generated from investing prior year balances are reflected in the Non-Qualified Deferred Compensation Table. |
(4) | Includes contributions to the Company’s Profit Sharing Plan. |
Aggregate Plan Balances at Last Fiscal Year-End | Aggregate Plan Balances at Last Fiscal Year-End | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | (2) Executive Voluntary Deferrals of Salary and Bonus in Last Fiscal Year ($) | (3) Company Contributions in Last Fiscal Year ($) | (4) Aggregate Investment Earnings (Losses) in Last Fiscal Year ($) | (6) Aggregate Withdrawals/ Distributions ($) | (2) (5) Executive Voluntary Deferrals of Salary and Bonus ($) | (3) (5) Company Contributions ($) | Total of Executive Voluntary Deferrals and Company Contributions ($) | (2) Executive Voluntary Deferrals of Salary and Bonus in Last Fiscal Year ($) | (3) Company Contributions in Last Fiscal Year ($) | (4) Aggregate Investment Earnings (Losses) in Last Fiscal Year ($) | Aggregate Withdrawals / Distributions ($) | (2) (5) Executive Voluntary Deferrals of Salary and Bonus ($) | (3) (5) Company Contributions ($) | Total of Executive Voluntary Deferrals and Company Contributions ($) | ||||||||||||||||||||||||||||||||||||||||||
Kent A. Steinwert | $ | 0 | $ | 2,246,484 | $ | 827,148 | $ | (3,096 | ) | $ | 0 | $ | 18,866,649 | $ | 18,866,649 | $ | 0 | $ | 2,438,949 | $ | 432,196 | $ | 0 | $ | 0 | $ | 26,815,370 | $ | 26,815,370 | |||||||||||||||||||||||||||
Stephen W. Haley | $ | 0 | $ | 807,104 | $ | 250,715 | $ | 0 | $ | 0 | $ | 6,498,537 | $ | 6,498,537 | $ | 0 | $ | 839,603 | $ | 121,602 | $ | 0 | $ | 0 | $ | 8,859,059 | $ | 8,859,059 | ||||||||||||||||||||||||||||
Jay J. Colombini | $ | 0 | $ | 390,298 | $ | 91,878 | $ | 0 | $ | 0 | $ | 1,451,125 | $ | 1,451,125 | $ | 0 | $ | 419,415 | $ | 22,823 | $ | 0 | $ | 0 | $ | 2,485,082 | $ | 2,485,082 | ||||||||||||||||||||||||||||
Deborah E. Skinner | $ | 0 | $ | 715,942 | $ | 16,167 | $ | 0 | $ | 0 | $ | 5,455,348 | $ | 5,455,348 | $ | 0 | $ | 728,896 | $ | 382,475 | $ | 0 | $ | 0 | $ | 8,091,763 | $ | 8,091,763 | ||||||||||||||||||||||||||||
Ryan J. Misasi | $ | 0 | $ | 294,779 | $ | 17,649 | $ | 0 | $ | 0 | $ | 1,158,519 | $ | 1,158,519 | $ | 0 | $ | 354,901 | $ | 89,850 | $ | 0 | $ | 0 | $ | 2,106,580 | $ | 2,106,580 | ||||||||||||||||||||||||||||
Kenneth W. Smith | $ | 0 | $ | 681,155 | $ | 155,449 | $ | 0 | $ | 0 | $ | 4,918,850 | $ | 4,918,850 | $ | 0 | $ | 688,455 | $ | 158,516 | $ | 0 | $ | 0 | $ | 6,834,168 | $ | 6,834,168 | ||||||||||||||||||||||||||||
David M. Zitterow | $ | 0 | $ | 186,511 | $ | 7,634 | $ | 0 | $ | 0 | $ | 246,122 | $ | 246,122 | $ | 0 | $ | 279,920 | $ | 15,621 | $ | 0 | $ | 0 | $ | 841,137 | $ | 841,137 |
(1) | The Company expenses all deferred compensation in the year earned, even if it is not yet vested. As of December 31, 2020 all balances were vested with the exception of Jay Colombini ($16,088). See Post Termination Compensation for details regarding unvested balances upon the occurrence of certain triggering events. |
(2) | Includes voluntary deferrals of earned salary or annual bonus. The Company’s Deferred Compensation Plan was terminated in 2016 and all balances distributed to participants. |
(3) | Includes Company contributions. See Non-Qualified Executive Retirement Plan for details regarding the types of compensation deferred, measures of calculating plan earnings and terms of payouts, withdrawals and other distributions. Current year contributions are included in the All Other Compensation Table. |
(4) | All balances are held in a Master Trust which is subject to the claims of the Company’s creditors in the event of insolvency. General investment parameters are established by the Company, including allowable investment instruments and approved investment manager(s). Participants can then work with the investment manager(s) to request investment of their vested balances according to their own risk profile, with no guarantees of principal provided by the Company. |
(5) | Represents the cumulative amount of the current and all previous years’ contributions and earnings or losses. |
V – | CORPORATE GOVERNANCE |
1. | The Board develops and approves the strategic plan and financial budget, and receives monthly reporting of financial and non-financial performance relative to plan. |
2. | The Asset and Liability Management Committee is a joint committee of management and the Board. As a result, “independent” Directors are actively involved in interest rate, liquidity and investment risk management processes. |
3. | The Loan Committee is a joint committee of management and the Board. The Committee meets weekly to review all new and renewed loans over $2 million and evaluate overall portfolio performance and risk. As a result, “independent” Directors are actively involved in the credit risk management process. |
4. | The Audit Committee is responsible for providing oversight of all internal controls, reviewing the reports of audits and examinations of the Bank and the Company made by independent auditors, internal auditors, credit examiners, and regulatory agencies, and approving all SEC and other regulatory agency reports before they are filed. |
5. | The Personnel Committee is responsible for all performance evaluation and compensation decisions for the executive management team. |
6. | The Budget and Finance Committee reviews and examines financial results on a quarterly basis. |
VI – | AUDIT RELATED MATTERS |
/s/ Kevin Sanguinetti | /s/ Stephenson K. Green | /s/ Edward Corum Jr. |
Kevin Sanguinetti, Chairman | Stephenson K. Green | Edward Corum Jr. |
VII – | OTHER INFORMATION |
BY ORDER OF THE BOARD OF DIRECTORS, | ||
/s/ Stephen W. Haley | ||
Stephen W. Haley | ||
Secretary |