Community West Bancshares
For the period ended Dec 31, 2023. Filed Apr 26, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2023 · Filed Apr 26, 2024
Contents
SUMMARY COMPENSATION TABLE
The following table sets forth information regarding compensation earned by the individuals who served as CEO and CFO, and the other three highest paid executive officers (Named Executive Officers or NEOs) for services rendered to the Company for the fiscal years ended December 31, 2023, 2022, and 2021. Bonuses are paid under the Company’s applicable incentive compensation guidelines and are generally paid in the year following the year in which the bonus is earned.
| Name andPrincipalPosition · Year · Salary($) · Stock Awards($) (5) · Non-EquityIncentive PlanCompen-sation(6) · Change in Pension Value($) (7) · All OtherCompensation($) · Total ($) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| James J. Kim, President and Chief Executive Officer (1) | 2023 | 509,615 | $131,246 | $209,882 | $5,779 | $77,464 | (8) | $933,986 | |||||||
| 2022 | 425,000 | 106,243 | 251,696 | — | 79,875 | $862,814 | |||||||||
| 2021 | 277,365 | 20,000 | 151,247 | — | 79,113 | $527,725 | |||||||||
| Shannon R. Livingston, Executive Vice President and Chief Financial Officer (2) | 2023 | 262,644 | 88,000 | 159,000 | — | 23,870 | (9) | $533,514 | |||||||
| 2022 | — | — | — | — | — | $— | |||||||||
| 2021 | — | — | — | — | — | $— | |||||||||
| Blaine C. Lauhon, Executive Vice President, Chief Banking Officer (3) | 2023 | 265,692 | 30,000 | 121,500 | 2,051 | 61,872 | (10) | $481,115 | |||||||
| 2022 | 240,923 | 30,000 | 110,558 | — | 62,360 | $443,841 | |||||||||
| 2021 | 210,539 | 20,000 | 84,699 | — | 56,266 | $371,504 | |||||||||
| Patrick A. Luis, Executive Vice President, Chief Credit Officer | 2023 | 271,351 | 60,000 | 98,315 | 190 | 48,375 | (11) | $478,231 | |||||||
| 2022 | 246,904 | 30,000 | 113,299 | — | 36,995 | $427,198 | |||||||||
| 2021 | 239,971 | 20,000 | 117,186 | — | 30,240 | $407,397 | |||||||||
| Jeffrey M. Martin, Executive Vice President Market Executive (4) | 2023 | 231,923 | 70,000 | 82,250 | — | 56,473 | (12) | $440,646 | |||||||
| 2022 | 215,000 | 20,000 | 91,803 | — | 60,293 | $387,096 | |||||||||
| 2021 | — | — | — | — | — | $— | |||||||||
(1)Mr. Kim was named as Director, President and Chief Executive Officer of the Company and Bank on November 1, 2021. Prior becoming CEO, he served as Executive Vice President and Chief Operating Officer of the Bank.
(2)Ms. Livingston was hired as Executive Vice President and Chief Financial Officer of the Company and Bank on February 14, 2023.
(3)Mr. Lauhon was promoted from Chief Banking Officer to Chief Administrative Officer on April 1, 2024.
(4)Mr. Martin was hired April 2022 as Executive Vice President, Regional Executive, and promoted to Chief Banking Officer on April 1, 2024.
(5)The amounts shown reflect the applicable full grant-date fair values for stock awards in accordance with FASB ASC Topic 718 (excluding the effect of forfeitures), and are reported for the fiscal year during which the stock awards were issued. Additional discussion is set out in Note 14 to the audited consolidated financial statements included in the Company’s Annual Report that accompanies this proxy statement and incorporated by reference.
(6)The amounts shown for 2023 reflect payments made under the terms of Mr. Kim’s incentive provisions of his employment agreements, and for the other NEOs the Senior Management Incentive Plan for 2023 performance, and in each case paid in the first quarter of 2024. The incentive awards were paid in cash and shares of the Company’s common stock for the CEO and in cash for all other NEOs. See the “Compensation Discussion and Analysis” section for the allocation of cash and stock.
(7)The amounts shown for 2023 represent only the aggregate change in the actuarial present value of the accumulated benefit under the Company’s Salary Continuation Agreements with certain executives from December 31, 2022 to December 31, 2023. The amounts were determined using interest rate and mortality rate assumptions consistent with those used in the Company’s consolidated financial statements and include amounts which the Named Executive Officer may not currently be entitled to receive because such amounts are not vested. Assumptions used in the calculation of these amounts are included in Note 14 to the Company’s consolidated financial statements included in the Company’s Annual Report that accompanies this proxy statement. Due to an increase in the discount rate used to compute the present value factor in 2022 and 2021, there was no increase in pension value during 2022 or 2021.
(8)Includes for 2023, $18,000 auto allowance, $25,884 group insurance benefit allowance, $26,500 contributed to the Bank’s 401(k) Plan for Mr. Kim’s account, and $7,080 country club membership dues.
(9)Includes for 2023, $10,000 auto allowance, $5,007 group insurance benefit allowance, $8,863 contributed to the Bank’s 401(k) Plan for Ms. Livingston’s account.
(10)Includes for 2023, $17,000 auto allowance, $12,478 group insurance benefit allowance, $26,500 contributed to the Bank’s 401(k) Plan for Mr. Lauhon’s account, and $5,894 country club membership dues.
(11)Includes for 2023, $11,500 auto allowance, $10,375 group insurance benefit allowance, and $26,500 contributed to the Bank’s 401(k) Plan for Mr. Luis’ account.
(12)Includes for 2023, $17,000 auto allowance, $24,114 group insurance benefit allowance, and $15,359 contributed to the Bank’s 401(k) Plan for Mr. Martin’s account.
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