Community West Bancshares
For the period ended Dec 31, 2024. Filed Apr 4, 2025.
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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, 2024 · Filed Apr 4, 2025
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, 2024, 2023, and 2022. 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($) · Stock Awards($) (6) · Non-EquityIncentive PlanCompen-sation($) (7) · Change in Pension Value($) (8) · All OtherCompensation($) · Total ($) | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| James J. Kim, Chief Executive Officer (1) | 2024 | 546,154 | 184,000 | 274,725 | — | 115,627 | (9) | 1,120,506 | |||||||||
| 2023 | 509,615 | 131,246 | 209,882 | 5,779 | 77,464 | 933,986 | |||||||||||
| 2022 | 425,000 | 106,243 | 251,696 | — | 79,875 | 862,814 | |||||||||||
| Martin E. Plourd, President (2) | 2024 | 383,654 | 30,000 | — | — | 574,912 | (10) | 988,566 | |||||||||
| 2023 | — | — | — | — | — | — | |||||||||||
| 2022 | — | — | — | — | — | — | |||||||||||
| Shannon R. Livingston, Executive Vice President and Chief Financial Officer (3) | 2024 | 325,385 | 125,000 | 177,870 | — | 58,920 | (11) | 687,175 | |||||||||
| 2023 | 262,644 | 88,000 | 159,000 | — | 23,870 | 533,514 | |||||||||||
| 2022 | — | — | — | — | — | — | |||||||||||
| Timothy J. Stronks (4) | 2024 | 211,923 | 30,000 | 62,524 | 1,001,660 | (12) | 1,306,107 | ||||||||||
| 2023 | — | — | — | — | — | — | |||||||||||
| 2022 | — | — | — | — | — | — | |||||||||||
| Jeffrey M. Martin, Executive Vice President Market Executive (5) | 2024 | 273,269 | 100,000 | 107,531 | — | 64,592 | (13) | 545,392 | |||||||||
| 2023 | 231,923 | 70,000 | 82,250 | — | 56,473 | 440,646 | |||||||||||
| 2022 | 215,000 | 20,000 | 91,803 | — | 60,293 | 387,096 | |||||||||||
(1)Mr. Kim was named as Director, President and Chief Executive Officer of the Company and Bank on November 1, 2021. Upon the effective date of the completed merger on April 1, 2024, Mr. Kim serves as CEO of the Company and President and CEO of the Bank. Prior becoming CEO, he served as Executive Vice President and Chief Operating Officer of the Bank.
(2)Mr. Plourd was hired as President of the Company on April 1, 2024 upon the effective date of the completed merger with Community West Bancshares.
(3)Ms. Livingston was hired as Executive Vice President and Chief Financial Officer of the Company and Bank on February 14, 2023.
(4)Mr. Stronks was hired as Executive Vice President and Chief Risk Officer of the Bank on April 1, 2024, upon the effective date of the completed merger with Community West Bancshares.
(5)Mr. Martin was hired in April 2022 as Executive Vice President, Regional Executive, and promoted to Chief Banking Officer on April 1, 2024.
(6)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.
(7)The amounts shown for 2024 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 2024 performance, and in each case paid in the first quarter of 2025. The incentive awards were paid in cash for the NEOs. See the “Compensation Discussion and Analysis” section.
(8)The amounts shown for 2024 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, 2023 to December 31, 2024. 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 that the NEO 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 2024 and 2022, there was no increase in pension value during 2024 or 2022.
(9)Includes for 2024, $18,000 auto allowance, $27,037 group insurance benefit allowance, $39,663 PTO cash-out, $24,658 contributed to the Bank’s 401(k) Plan for Mr. Kim’s account, and $6,268 country club membership dues.
(10)Includes for 2024, $525,000 in change in control payments due to Mr. Plourd under his Pre-Closing Agreement and triggered by the merger with Community West Bancshares, $6,006 auto allowance equivalent for a Company automobile, $14,347 group insurance benefit allowance, $24,658 contributed to the Bank’s 401(k) Plan for Mr. Plourd’s account, $900 cell phone allowance and $4,000 for country club membership dues.
(11)Includes for 2024, $16,500 auto allowance, $14,218 group insurance benefit allowance, $3,808 PTO cash-out, $17,250 contributed to the Bank’s 401(k) Plan for Ms. Livingston’s account, and $7,144 for country club membership dues.
(12)Includes for 2024, $946,811 in change in control payments due to Mr. Stronks under his Pre-Closing Agreement and triggered by the merger with Community West Bancshares, $13,500 auto allowance, $26,203 group insurance benefit allowance, and $15,146 contributed to the Bank’s 401(k) Plan for Mr. Stronk’s account.
(13)Includes for 2024, $18,000 auto allowance, $25,341 group insurance benefit allowance, and $21,251 contributed to the Bank’s 401(k) Plan for Mr. Martin’s account.
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