☐ | Preliminary Proxy Statement |
☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
☒ | Definitive Proxy Statement |
☐ | Definitive Additional Materials |
☐ | Soliciting Material Pursuant to or Rule 14a-12 |
☒ | No fee required. |
☐ | Fee paid previously with preliminary materials. |
☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Sincerely, |
Kent A. Steinwert |
Chairman, President, and Chief Executive Officer |
DATE | May 15, 2023 |
TIME | 4:00 p.m. Pacific |
LOCATION (VIRTUAL) | This year’s Annual Meeting will be conducted solely online via live webcast. There is no physical location for the Annual Meeting. You will be able to attend the Annual Meeting online, vote your shares by mail, telephone, or the internet. You will be able to submit your questions during the meeting by logging into www.meetnow.global/ |
No. | Proposal |
1. | Elect seven (7) director nominees named in this proxy statement each for a term of one year. |
2. | Hold an advisory (non-binding) vote to approve the compensation paid to the Company’s named executive officers (commonly referred to as “Say-on-Pay”). |
3. | Hold an advisory (non-binding) vote on the frequency of future advisory “Say-on-Pay” votes. |
RECORD DATE | Holders of record of the Company’s voting common stock at the close of business on March |
ANNUAL REPORT | The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, |
AVAILABLE MATERIALS | The Company’s proxy statement and the Annual Report are also available on the internet at |
PROXY VOTING | It is important that your shares be represented and voted at the Meeting. You can vote your shares by completing the enclosed proxy card and returning it by mail. Registered shareholders, that is, shareholders who hold stock in their own names, can also vote their shares by telephone or via the internet. If your shares are held through a bank, broker or other nominee, check your proxy card to see if you can also vote by telephone or the internet. Regardless of the number of shares you own, your vote is very important. Please vote today. |
MEETING ADMISSION | If you are a registered shareholder (i.e., you hold your shares through our transfer agent, Computershare), you do not need to register to attend the virtual Annual Meeting. Please follow the instructions on the notice or on the proxy card that you received. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the virtual Annual Meeting. |
To register to attend the virtual Annual Meeting you must submit proof of your proxy power (legal proxy) reflecting your Farmers & Merchants Bancorp holdings along with your name and email address to Computershare. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, on May | |
Requests for registration should be directed to the following: | |
Email: | |
Forward the email from your broker, or attach an image of your legal proxy to legalproxy@computershare.com. | |
Mail: | |
Computershare | |
Farmers & Merchants Bancorp Legal Proxy | |
P.O. Box 43001 | |
Providence, RI 02940-3001 | |
The virtual meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome and Safari) and devices (desktops, laptops, tablets and cell phones) running the most up-to-date version of applicable software and plug-ins. Participants should ensure that they have a strong Wi-Fi connection wherever they intend to participate in the meeting. We encourage you to access the meeting prior to the start time. A link on the meeting page will provide further assistance should you need it. |
Please complete, sign and date, as promptly as possible, the enclosed proxy and immediately return it in the envelope provided for your use. This is important whether or not you plan to join the virtual annual meeting. The giving of such proxy will not affect your right to revoke such proxy or to vote online, should you join the virtual annual meeting. Please retain a copy of your proxy card since you will need information on the card to access the virtual meeting. |
BY ORDER OF THE BOARD OF DIRECTORS | ||
/s/ | ||
Corporate Secretary |
No. | Proposal |
1. | Elect seven (7) director nominees named in this proxy statement each for a term of one year. |
2. | Approve the compensation paid to the Company’s named executive officers (“Say-on-Pay”). |
3. | Approve the frequency of future advisory “Say-on-Pay” votes. |
1. | You can vote your proxy by mail.If you properly complete, sign and return the proxy card, it will be voted in accordance with your instructions. |
2. | You can vote your proxy by telephone.If you are a registered shareholder, that is, if your shares are held in your own name, you can vote by telephone by following the instructions included on the proxy card. If you vote by telephone, you do not have to mail in your proxy card. If your shares are held through a bank, broker or other nominee, check your proxy card to see if you can vote by telephone. |
3. | You can vote your proxy via the internet.If you are a registered shareholder, you can vote via the internet by following the instructions included on the proxy card. If your shares are held through a bank, broker or other nominee, check your proxy card to see if you can also vote via the internet. |
4. | You can vote online during the Meeting.If you are a registered shareholder, you can vote online during the Meeting. If your shares are held through a bank, broker or other nominee and you wish to vote your shares online during the Meeting, you will need to obtain a legal proxy from the holder of your shares indicating that you were the beneficial owner of those shares on the Record Date for the Meeting, and that you are authorized to vote such shares. You are encouraged to vote by proxy prior to the Meeting even if you plan to attend the Meeting. |
submitting another proxy with a later date; |
giving written notice of the revocation of your proxy to the Company’s Corporate Secretary prior to the Meeting; or |
voting during the Meeting. Your proxy will not be automatically revoked by your attendance at the Meeting; you must actually vote during the Meeting to revoke a prior proxy. |
No. | Proposal | Board Recommendation |
1. | Elect seven (7) director nominees named in this proxy statement each for a term of one year. | FOR |
2. | Approve the compensation paid to the Company’s named executive officers. | FOR |
3. | Approve the frequency of future advisory “Say-on-Pay” votes. | Three Years |
Name | Age | Principal Occupation | Director Since |
Kent A. Steinwert | 70 | Chairman, President & Chief Executive Officer | 1998 |
Calvin (Kelly) Suess | 87 | Chairman of the Board of ShellPro | 1990 |
Kevin Sanguinetti | 65 | Retired President, 1st American Title Company - Stockton | 2001 |
Edward Corum, Jr. | 71 | Managing General Partner, Corum Real Estate | 2003 |
Gary J. Long | 70 | Owner, Gary J. Long Jewelers | 2014 |
Stephenson K. Green | 77 | Retired Banker and Business Consultant | 2018 |
Craig W. James | 63 | Owner, Insurance Brokerage | 2018 |
Name | Age | Principal Occupation | Director Since |
Kent A. Steinwert | 69 | Chairman, President & Chief Executive Officer | 1998 |
Calvin (Kelly) Suess | 86 | Chairman of the Board of ShellPro | 1990 |
Kevin Sanguinetti | 64 | Retired President, 1st American Title Company - Stockton | 2001 |
Edward Corum, Jr. | 70 | Managing General Partner, Corum Real Estate | 2003 |
Gary J. Long | 69 | Owner, Gary J. Long Jewelers | 2014 |
Stephenson K. Green | 76 | Retired Banker and Business Consultant | 2018 |
Terrence A. Young | 69 | Retired Banker and Human Resources Executive | 2018 |
1. | Provided shareholders with a total annualized return (stock price appreciation plus dividends) of 13.44% per year. This compares very favorably to the return on both the S&P (8.52%) and Dow (8.95%) stock indices over the same period. Additionally, over the past three years EPS has increased from $74.03 to $96.55, or 30.4%. |
2. | Received the prestigious distinction of being named a “Dividend King” as one of only 43 publicly traded companies in the United States to have paid dividends for 87 consecutive years or more, and to have increased them for 58 consecutive years or more. |
3. | Maintained a “5-Star, Superior Bank” rating from Bauer Financial for 31 consecutive years, longer than any other commercial bank in California. |
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class |
Common stock | DAC/JAC Trust and Cortopassi Partners 11292 N. Alpine Road Stockton, CA 95212 | 51,755 | 6.78% |
Common stock | Sheila M. Wishek (1) 111 West Pine Street Lodi, CA, 95240 | 40,350 | 5.29% |
(1) | Mail should be sent to this individual at the Company’s address marked “c/o Shareholders Relations.” |
Name and Address of Beneficial Owner (1) | Amount and Nature of Beneficial Ownership (2) | Percent of Class |
Jay J. Colombini (3) | 5,373 | * |
Edward Corum, Jr. (4) | 2,236 | * |
Stephenson K. Green (5) | 743 | * |
Stephen W. Haley (6) | 480 | * |
Craig W. James (7) | 422 | * |
Kyle Koelbel (8) | 42 | * |
Gary J. Long (9) | 1,899 | * |
Ryan J. Misasi (10) | 2,459 | * |
Kevin Sanguinetti (11) | 7,814 | * |
Deborah E. Skinner (12) | 4,749 | * |
Kent A. Steinwert (13) | 31,549 | 4.13% |
Calvin (Kelly) Suess (14) | 3,694 | * |
David M. Zitterow (15) | 973 | * |
All Directors, Nominees and Named Executive Officers as a group (13 persons) | 62,433 | 8.18% |
(1) | Mail should be sent to this individual at the Company’s address marked “c/o Shareholder Relations”. |
(2) | Shares held by the Trustee are voted as directed by the Bank. All shares are beneficially owned, directly and indirectly, together with spouses. Unless otherwise indicated, holders of shares which are not held by the Trustee, share voting power with their spouses. None of the shares are pledged. |
(3) | 3,285 shares held by Trustee. |
(4) | 1,631 shares held by Trustee. |
(5) | 558 shares held by Trustee. |
(6) | 480 shares held by Trustee. |
(7) | 389 shares held by Trustee. |
(8) | 42 shares held by Trustee. |
(9) | 1,036 shares held by Trustee. |
(10) | 2,349 shares held by Trustee. |
(11) | 1,397 shares held by Trustee. |
(12) | 4,637 shares held by Trustee. |
(13) | 26,329 shares held by Trustee. |
(14) | 1,594 shares held by Trustee. |
(15) | 973 shares held by Trustee. |
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 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. |
Name | Fees Earned or Paid in Cash | Change in Pension Value & Non-qualified Deferred Compensation Earnings (1) | All Other Compensation (2) | Total | Fees Earned or Paid in Cash | Change in Pension Value & Non-qualified Deferred Compensation Earnings (1) | All Other Compensation (2) | Total | ||||||||||||||||||||||||
Kent A. Steinwert (3) | $ | - | $ | - | $ | - | $ | - | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Terrence A. Young (4) | $ | 35,600 | $ | 102,730 | $ | 58,000 | $ | 196,330 | ||||||||||||||||||||||||
Calvin (Kelly) Suess | $ | 63,876 | $ | 137,874 | $ | 75,000 | $ | 276,751 | $ | 54,200 | $ | 134,000 | $ | 85,676 | $ | 273,876 | ||||||||||||||||
Kevin Sanguinetti | $ | 74,000 | $ | 136,398 | $ | 75,000 | $ | 285,398 | $ | 62,800 | $ | 134,000 | $ | 86,600 | $ | 283,400 | ||||||||||||||||
Edward Corum, Jr. (4) | $ | 104,600 | $ | 134,000 | $ | 86,600 | $ | 325,200 | ||||||||||||||||||||||||
Gary J. Long | $ | 61,600 | $ | 134,356 | $ | 75,000 | $ | 270,956 | $ | 58,000 | $ | 134,000 | $ | 86,600 | $ | 278,600 | ||||||||||||||||
Stephenson K. Green | $ | 73,600 | $ | 131,343 | $ | 75,000 | $ | 279,943 | $ | 60,400 | $ | 134,000 | $ | 86,600 | $ | 281,000 | ||||||||||||||||
Edward Corum, Jr. (5) | $ | 118,600 | $ | 137,874 | $ | 75,000 | $ | 331,474 | ||||||||||||||||||||||||
Craig W. James (5) | $ | 37,000 | $ | 120,000 | $ | 84,675 | $ | 241,675 | ||||||||||||||||||||||||
Terrence A. Young (6) | $ | 19,400 | $ | 50,000 | $ | 1,925 | $ | 71,325 |
(1) | The amounts in this column represent contributions to the Executive Retirement Plan - Equity Component. See Plan description in “Executive Compensation—Compensation Discussion and Analysis - Qualified and Non-Qualified Retirement Programs” for further details. |
(2) | All Outside Directors received |
(3) | Mr. Kent Steinwert was an employee of the Company in |
(4) |
Mr. Corum is a member of the Loan Committee which meets weekly, resulting in his fees exceeding those of the other Outside Directors whose Committee responsibilities are monthly in frequency. |
(5) | Mr. James was an Outside Director of the Bank only until August 2022 when he became a director of both the Company and the Bank, so his monthly fees were less than the other Outside Directors during the year. |
(6) | Mr. Young was an Outside Director of the Company only (not the Bank) until he passed away in August of 2022, so his monthly fees are less than other Outside Directors. |
Name | Age | Position | Employed Since | Age | Position | Employed Since |
Stephen W. Haley (1) | 68 | EVP, Chief Financial Officer | 2003 | 69 | EVP, Chief Financial Officer | 2003 |
Kenneth W. Smith (2) | 62 | EVP, Chief Credit Officer | 1999 | |||
Deborah E. Skinner | 59 | EVP, Chief Admin Officer | 2000 | 60 | EVP, Chief Admin Officer | 2000 |
Jay J. Colombini | 59 | EVP, Chief Credit Officer | 1993 | 60 | EVP, Chief Credit Officer | 1993 |
Ryan J. Misasi | 45 | EVP, Retail Banking Division Manage | 2014 | 46 | EVP, Retail Banking Division Manager | 2014 |
David M. Zitterow | 49 | EVP, Director of Banking | 2017 | 50 | EVP, Director of Banking | 2017 |
Kyle Koelbel | 44 | EVP, Enterprise Risk Officer | 2022 | |||
Mark K. Olson | 58 | EVP, Chief Financial Officer | 2021 | 59 | Former EVP, Chief Financial Officer | 2021 |
(1) | Mr. Olson resigned effective April 29, 2022, and Mr. Haley |
1. | In the 2017 proxy statement the Company asked shareholders to provide advisory |
2. | In the 2020 proxy statement the Company asked shareholders to provide advisory |
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 Federal Reserve Board, the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation, all of which involve a review of the Company’s and the Bank’s risk management practices and resulting risk profile. |
2. | All parts of the Company’s non-qualified Executive Retirement Plan are structured such that the benefits cannot be withdrawn by the participant, or paid out by the Company, until the participant retires, is terminated without cause or, in limited circumstances, reaches early retirement age. For designated contributions made on or after December 1, 2021, upon attainment of age 59½ the participant can elect “In-Service Distributions”. 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. All balances are held in a trust but remain subject to the claims of the Company’s creditors in the event of the Company’s insolvency. |
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 provides |
b. | Performance Component, which provides and |
c. | Equity Component, which provides discretionary Company. |
3. | Split-Dollar 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 his or her 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 “- Qualified and Non-Qualified Retirement Programs” and |
2. | If the Named Executive Officer is terminated for cause, all benefits in the Company’s |
3. | If the Named Executive Officer is terminated without cause or for disability, the terms of the following individual’s employment contract calls for the Company to provide lump sum payments of a range of |
4. | In the case of a Change in Control, the Company has clauses in each Named Executive Officer’s employment contract, as filed as an exhibit with the SEC. This means that termination payments are made per their contracts, in addition to all vested balances in qualified and non-qualified plans (see “- Qualified and Non-Qualified Retirement Programs” and 280G. |
5. | Upon a Change in Control, under the Executive Retirement Plan’s Salary Component (see “– Non-Qualified Executive Retirement Plan – Salary Component”), each participant receives: (1) those amounts already contributed for past years of service including any net earnings or losses thereon; and (2) the present value (using a discount factor equal to the Treasury rate for the remaining years to participant’s age 65) of forecasted contributions over the remaining years to participant’s age 65 (which, as of December 31, |
Edward Corum Jr. | Stephenson K. Green | Kevin Sanguinetti |
Name | Year | Salary(1) | Bonus(1) | All Other Compensation(2) | Total | ||||||||||||
Kent A. Steinwert | 2021 | $ | 905,327 | $ | 1,400,000 | $ | 2,775,711 | $ | 5,081,038 | ||||||||
Chairman, President | 2020 | $ | 915,653 | $ | 1,200,000 | $ | 2,526,326 | $ | 4,641,979 | ||||||||
& Chief Executive Officer | 2019 | $ | 854,547 | $ | 1,100,000 | $ | 2,681,332 | $ | 4,635,879 | ||||||||
Stephen W. Haley | 2021 | $ | 374,605 | $ | 440,000 | $ | 1,060,234 | $ | 1,874,839 | ||||||||
Former Executive Vice President | 2020 | $ | 360,000 | $ | 420,000 | $ | 912,223 | $ | 1,692,223 | ||||||||
Chief Financial Officer | 2019 | $ | 345,417 | $ | 380,000 | $ | 1,029,145 | $ | 1,754,562 | ||||||||
Kenneth W. Smith | 2021 | $ | 391,088 | $ | 400,000 | $ | 847,131 | $ | 1,638,219 | ||||||||
Former Executive Vice President | 2020 | $ | 372,000 | $ | 350,000 | $ | 741,067 | $ | 1,463,067 | ||||||||
Chief Credit Officer | 2019 | $ | 357,417 | $ | 330,000 | $ | 758,472 | $ | 1,445,889 | ||||||||
Deborah E. Skinner | 2021 | $ | 377,949 | $ | 470,000 | $ | 900,436 | $ | 1,748,385 | ||||||||
Executive Vice President | 2020 | $ | 368,307 | $ | 435,000 | $ | 782,534 | $ | 1,585,841 | ||||||||
Chief Admin Officer | 2019 | $ | 370,307 | $ | 400,000 | $ | 816,711 | $ | 1,587,018 | ||||||||
Jay J. Colombini | 2021 | $ | 368,333 | $ | 415,000 | $ | 767,636 | $ | 1,550,969 | ||||||||
Executive Vice President | 2020 | $ | 337,083 | $ | 350,000 | $ | 471,799 | $ | 1,158,882 | ||||||||
Chief Credit Officer | 2019 | $ | 325,833 | $ | 320,000 | $ | 462,489 | $ | 1,108,322 | ||||||||
Ryan J. Misasi | 2021 | $ | 316,672 | $ | 360,000 | $ | 536,250 | $ | 1,212,922 | ||||||||
Executive Vice President | 2020 | $ | 309,554 | $ | 300,000 | $ | 422,354 | $ | 1,031,908 | ||||||||
Retail Banking Division Manager | 2019 | $ | 290,425 | $ | 250,000 | $ | 377,715 | $ | 918,140 | ||||||||
David M. Zitterow | 2021 | $ | 320,334 | $ | 280,000 | $ | 400,905 | $ | 1,001,239 | ||||||||
Executive Vice President | 2020 | $ | 318,923 | $ | 220,000 | $ | 338,526 | $ | 877,449 | ||||||||
Director of Banking | 2019 | $ | 303,564 | $ | 210,000 | $ | 331,378 | $ | 844,942 | ||||||||
Mark K.Olson | 2021 | $ | 60,801 | $ | 40,000 | $ | 8,281 | $ | 109,082 | ||||||||
Executive Vice President | 2020 | $ | - | $ | - | $ | - | $ | - | ||||||||
Chief Financial Officer | 2019 | $ | - | $ | - | $ | - | $ | - |
Name | Year | Salary(1) | Bonus(1) | All Other Compensation(2) | Total | ||||||||||||
Kent A. Steinwert | 2022 | $ | 905,327 | $ | 1,400,000 | $ | 3,829,928 | $ | 6,135,255 | ||||||||
Chairman, President | 2021 | $ | 905,327 | $ | 1,400,000 | $ | 2,775,711 | $ | 5,081,038 | ||||||||
& Chief Executive Officer | 2020 | $ | 915,653 | $ | 1,200,000 | $ | 2,526,326 | $ | 4,641,979 | ||||||||
Stephen W. Haley(3) | 2022 | $ | 278,340 | $ | 400,000 | $ | 974,266 | $ | 1,652,606 | ||||||||
Executive Vice President | 2021 | $ | 374,605 | $ | 440,000 | $ | 1,060,234 | $ | 1,874,839 | ||||||||
Chief Financial Officer | 2020 | $ | 360,000 | $ | 420,000 | $ | 912,223 | $ | 1,692,223 | ||||||||
Deborah E. Skinner | 2022 | $ | 404,615 | $ | 500,000 | $ | 1,044,963 | $ | 1,949,578 | ||||||||
Executive Vice President | 2021 | $ | 377,949 | $ | 470,000 | $ | 900,436 | $ | 1,748,385 | ||||||||
Chief Admin Officer | 2020 | $ | 368,307 | $ | 435,000 | $ | 782,534 | $ | 1,585,841 | ||||||||
Jay J. Colombini | 2022 | $ | 389,442 | $ | 400,000 | $ | 1,217,171 | $ | 2,006,613 | ||||||||
Executive Vice President | 2021 | $ | 368,333 | $ | 415,000 | $ | 767,636 | $ | 1,550,969 | ||||||||
Chief Credit Officer | 2020 | $ | 337,083 | $ | 350,000 | $ | 471,799 | $ | 1,158,882 | ||||||||
Ryan J. Misasi | 2022 | $ | 346,103 | $ | 380,000 | $ | 626,329 | $ | 1,352,432 | ||||||||
Executive Vice President | 2021 | $ | 316,672 | $ | 360,000 | $ | 536,250 | $ | 1,212,922 | ||||||||
Retail Banking Division Manager | 2020 | $ | 309,554 | $ | 300,000 | $ | 422,354 | $ | 1,031,908 | ||||||||
David M. Zitterow | 2022 | $ | 344,372 | $ | 330,000 | $ | 550,711 | $ | 1,225,083 | ||||||||
Executive Vice President | 2021 | $ | 320,334 | $ | 280,000 | $ | 400,905 | $ | 1,001,239 | ||||||||
Director of Banking | 2020 | $ | 318,923 | $ | 220,000 | $ | 338,526 | $ | 877,449 | ||||||||
Kyle Koelbel(4) | 2022 | $ | 131,250 | $ | 95,000 | $ | 142,313 | $ | 368,563 | ||||||||
Executive Vice President | 2021 | $ | - | $ | - | $ | - | $ | - | ||||||||
Enterprise Risk Officer | 2020 | $ | - | $ | - | $ | - | $ | - | ||||||||
Mark K.Olson(3) | 2022 | $ | 331,319 | $ | - | $ | 82,774 | $ | 414,093 | ||||||||
Former Executive Vice President | 2021 | $ | 60,801 | $ | 40,000 | $ | 8,281 | $ | 109,082 | ||||||||
Chief Financial Officer | 2020 | $ | - | $ | - | $ | - | $ | - |
(1) | Includes base salary, unused vacation pay, car allowance and annual bonus. See “Executive Compensation – Compensation Discussion and Analysis - Annual Compensation Program” and “Employment |
(2) | See |
(3) | Mr. Olson resigned effective April 29, 2022, and Mr. Haley who had previously retired on December 31, 2021 resumed his role as the Chief Financial Officer. |
(4) | Mr. Koelbel joined the Company on August 1, 2022. |
Name | Year | Personal Use of Company Car(1) | Tax Reimbursements(2) | Insurance Premiums | Club Dues | Company Contributions to Non- Qualified Retirement Plans(3) | Company Contributions to Retirement and 401(k) Plans(4) | Total | Year | Personal Use of Company Car(1) | Tax Reimbursements(2) | Insurance Premiums | Club Dues | Company Contributions to Non-Qualified Retirement Plans(3) | Company Contributions to Retirement and 401(k) Plans(4) | Total | ||||||||||||||||||||||||||||||||||||||
Kent A. Steinwert | 2021 | $ | 6,053 | $ | 24,168 | $ | 23,227 | $ | 7,375 | $ | 2,681,429 | $ | 33,459 | $ | 2,775,711 | 2022 | $ | 5,147 | $ | 25,879 | $ | 23,308 | $ | 9,049 | $ | 3,728,573 | $ | 37,972 | $ | 3,829,928 | ||||||||||||||||||||||||
2020 | $ | 4,247 | $ | 22,399 | $ | 22,876 | $ | 7,894 | $ | 2,438,949 | $ | 29,961 | $ | 2,526,326 | 2021 | $ | 6,053 | $ | 24,168 | $ | 23,227 | $ | 7,375 | $ | 2,681,429 | $ | 33,459 | $ | 2,775,711 | |||||||||||||||||||||||||
2019 | $ | 1,193 | $ | 20,709 | $ | 21,564 | $ | 7,555 | $ | 2,600,983 | $ | 29,328 | $ | 2,681,332 | 2020 | $ | 4,247 | $ | 22,399 | $ | 22,876 | $ | 7,894 | $ | 2,438,949 | $ | 29,961 | $ | 2,526,326 | |||||||||||||||||||||||||
Stephen W. Haley | 2021 | $ | 10,170 | $ | 17,902 | $ | 17,601 | $ | - | $ | 981,102 | $ | 33,459 | $ | 1,060,234 | 2022 | $ | - | $ | 19,789 | $ | 1,194 | $ | - | $ | 915,311 | $ | 37,972 | $ | 974,266 | ||||||||||||||||||||||||
2020 | $ | 10,107 | $ | 15,093 | $ | 17,459 | $ | - | $ | 839,603 | $ | 29,961 | $ | 912,223 | ||||||||||||||||||||||||||||||||||||||||
2019 | $ | 10,687 | $ | 12,438 | $ | 16,630 | $ | - | $ | 960,062 | $ | 29,328 | $ | 1,029,145 | ||||||||||||||||||||||||||||||||||||||||
Kenneth W. Smith | 2021 | $ | - | $ | 7,007 | $ | 16,563 | $ | - | $ | 790,102 | $ | 33,459 | $ | 847,131 | |||||||||||||||||||||||||||||||||||||||
2020 | $ | - | $ | 6,595 | $ | 16,056 | $ | - | $ | 688,455 | $ | 29,961 | $ | 741,067 | 2021 | $ | 10,170 | $ | 17,902 | $ | 17,601 | $ | - | $ | 981,102 | $ | 33,459 | $ | 1,060,234 | |||||||||||||||||||||||||
2019 | $ | - | $ | 6,238 | $ | 20,115 | $ | - | $ | 702,791 | $ | 29,328 | $ | 758,472 | 2020 | $ | 10,107 | $ | 15,093 | $ | 17,459 | $ | - | $ | 839,603 | $ | 29,961 | $ | 912,223 | |||||||||||||||||||||||||
Deborah E. Skinner | 2021 | $ | 7,010 | $ | 8,504 | $ | 8,906 | $ | - | $ | 842,557 | $ | 33,459 | $ | 900,436 | 2022 | $ | 3,233 | $ | 9,023 | $ | 8,543 | $ | - | $ | 986,192 | $ | 37,972 | $ | 1,044,963 | ||||||||||||||||||||||||
2020 | $ | 7,150 | $ | 7,859 | $ | 8,668 | $ | - | $ | 728,896 | $ | 29,961 | $ | 782,534 | 2021 | $ | 7,010 | $ | 8,504 | $ | 8,906 | $ | - | $ | 842,557 | $ | 33,459 | $ | 900,436 | |||||||||||||||||||||||||
2019 | $ | 7,171 | $ | 6,952 | $ | 7,934 | $ | - | $ | 765,326 | $ | 29,328 | $ | 816,711 | 2020 | $ | 7,150 | $ | 7,859 | $ | 8,668 | $ | - | $ | 728,896 | $ | 29,961 | $ | 782,534 | |||||||||||||||||||||||||
Jay J. Colombini | 2021 | $ | 5,992 | $ | 1,349 | $ | 15,873 | $ | - | $ | 710,963 | $ | 33,459 | $ | 767,636 | 2022 | $ | 5,697 | $ | 1,464 | $ | 16,518 | $ | - | $ | 1,155,520 | $ | 37,972 | $ | 1,217,171 | ||||||||||||||||||||||||
2020 | $ | 5,801 | $ | 1,256 | $ | 15,366 | $ | - | $ | 419,415 | $ | 29,961 | $ | 471,799 | 2021 | $ | 5,992 | $ | 1,349 | $ | 15,873 | $ | - | $ | 710,963 | $ | 33,459 | $ | 767,636 | |||||||||||||||||||||||||
2019 | $ | 5,291 | $ | 1,165 | $ | 14,171 | $ | - | $ | 412,534 | $ | 29,328 | $ | 462,489 | 2020 | $ | 5,801 | $ | 1,256 | $ | 15,366 | $ | - | $ | 419,415 | $ | 29,961 | $ | 471,799 | |||||||||||||||||||||||||
Ryan J. Misasi | 2021 | $ | 4,088 | $ | - | $ | 20,453 | $ | 13,221 | $ | 465,029 | $ | 33,459 | $ | 536,250 | 2022 | $ | 4,594 | $ | - | $ | 23,308 | $ | 13,854 | $ | 546,601 | $ | 37,972 | $ | 626,329 | ||||||||||||||||||||||||
2020 | $ | 4,519 | $ | - | $ | 20,017 | $ | 12,956 | $ | 354,901 | $ | 29,961 | $ | 422,354 | 2021 | $ | 4,088 | $ | - | $ | 20,453 | $ | 13,221 | $ | 465,029 | $ | 33,459 | $ | 536,250 | |||||||||||||||||||||||||
2019 | $ | 2,202 | $ | - | $ | 18,337 | $ | 4,070 | $ | 323,778 | $ | 29,328 | $ | 377,715 | 2020 | $ | 4,519 | $ | - | $ | 20,017 | $ | 12,956 | $ | 354,901 | $ | 29,961 | $ | 422,354 | |||||||||||||||||||||||||
David M. Zitterow | 2021 | $ | - | $ | - | $ | 17,041 | $ | 12,586 | $ | 337,819 | $ | 33,459 | $ | 400,905 | 2022 | $ | - | $ | - | $ | 17,565 | $ | 23,893 | $ | 471,281 | $ | 37,972 | $ | 550,711 | ||||||||||||||||||||||||
2020 | $ | - | $ | - | $ | 16,329 | $ | 12,316 | $ | 279,920 | $ | 29,961 | $ | 338,526 | 2021 | $ | - | $ | - | $ | 17,041 | $ | 12,586 | $ | 337,819 | $ | 33,459 | $ | 400,905 | |||||||||||||||||||||||||
2019 | $ | - | $ | - | $ | 15,417 | $ | 11,610 | $ | 275,023 | $ | 29,328 | $ | 331,378 | 2020 | $ | - | $ | - | $ | 16,329 | $ | 12,316 | $ | 279,920 | $ | 29,961 | $ | 338,526 | |||||||||||||||||||||||||
Kyle Koelbel | 2022 | $ | 2,601 | $ | - | $ | 9,712 | $ | - | $ | 130,000 | $ | - | $ | 142,313 | |||||||||||||||||||||||||||||||||||||||
2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
2020 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||||||
Mark K. Olson | 2021 | $ | - | $ | - | $ | 8,281 | $ | - | $ | - | $ | - | $ | 8,281 | 2022 | $ | - | $ | - | $ | 2,930 | $ | - | $ | 79,844 | $ | - | $ | 82,774 | ||||||||||||||||||||||||
2020 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | 2021 | $ | - | $ | - | $ | 8,281 | $ | - | $ | - | $ | - | $ | 8,281 | |||||||||||||||||||||||||
2019 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | 2020 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
(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 |
(2) | Represents 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 Company’s stock price during 2021. Amounts were $445,000 for Mr. Steinwert, $153,000 for Mr. Haley, $77,000 for Ms. Skinner, $384,000 for Mr. Colombini, $38,000 for Mr. Misasi and $31,000 for Mr. Zitterow. |
(4) | Includes contributions to the Company’s Profit Sharing Plan. |
Name | Executive Contributions in Last Fiscal Year(1) | Registrant Contributions in Last Fiscal Year(2) | Aggregate Earnings in Last Fiscal Year(3) | Aggregate Withdrawals / Distribution | Aggregate Balance at Last Fiscal Year End(2)(4) | |||||||||||||
Kent A. Steinwert | $ | - | $ | $2,681,429 | $ | 6,914,944 | $ | (2,450,000 | ) | $ | 34,506,617 | |||||||
Stephen W. Haley | $ | - | $ | $981,102 | $ | 1,123,220 | $ | - | $ | 11,116,786 | ||||||||
Kenneth W. Smith | $ | - | $ | $790,102 | $ | 852,118 | $ | - | $ | 8,553,090 | ||||||||
Deborah E. Skinner | $ | - | $ | $842,557 | $ | 1,384,493 | $ | - | $ | 10,395,516 | ||||||||
Jay J. Colombini | $ | - | $ | $710,963 | $ | 635,878 | $ | - | $ | 4,215,644 | ||||||||
Ryan J. Misasi | $ | - | $ | $465,029 | $ | 507,767 | $ | - | $ | 3,117,727 | ||||||||
David M. Zitterow | $ | - | $ | $337,819 | $ | 146,611 | $ | - | $ | 1,356,249 | ||||||||
Mark K. Olson | $ | - | $ | - | $ | - | $ | - | $ | - |
Name | Executive Contributions in Last Fiscal Year(1) | Registrant Contributions in Last Fiscal Year(2) | Aggregate Earnings in Last Fiscal Year(3) | Aggregate Withdrawals / Distribution(4) | Aggregate Balance at Last Fiscal Year End(2)(5) | |||||||||||||||
Kent A. Steinwert | $ | - | $ | 3,728,573 | $ | 2,794,142 | $ | (4,100,565 | ) | $ | 36,383,894 | |||||||||
Stephen W. Haley | $ | - | $ | 915,311 | $ | 151,904 | $ | (8,024,188 | ) | $ | 4,006,408 | |||||||||
Deborah E. Skinner | $ | - | $ | 986,192 | $ | 103,825 | $ | - | $ | 11,408,831 | ||||||||||
Jay J. Colombini | $ | - | $ | 1,155,520 | $ | 381,398 | $ | - | $ | 5,368,843 | ||||||||||
Ryan J. Misasi | $ | - | $ | 546,601 | $ | 108,485 | $ | - | $ | 3,734,462 | ||||||||||
David M. Zitterow | $ | - | $ | 471,281 | $ | 116,841 | $ | - | $ | 1,913,690 | ||||||||||
Kyle Koelbel | $ | - | $ | 130,000 | $ | 4,934 | $ | - | $ | 134,934 | ||||||||||
Mark K. Olson | $ | - | $ | 79,844 | $ | 10,616 | $ | - | $ | 90,460 |
(1) | Includes voluntary deferrals of earned salary or annual bonus. The |
(2) | Includes Company contributions. See “Executive Compensation – Compensation Discussion and Analysis – Qualified and Non-Qualified Retirement Programs - 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 Some amounts listed were earned in 2021 but paid in 2022. The amount reflected for Mr. Steinwert includes $545,000 earned in 2021, but deferred into 2022. Included in these amounts are contributions to the Company’s Executive Retirement Plan-Performance Component that were awarded in 2021 but payment was deferred until 2022. These contributions were earned as a result of the substantial appreciation in the Company’s stock price during 2021. Amounts were $445,000 for Mr. Steinwert, $153,000 for Mr. Haley, $77,000 for Ms. Skinner, $384,000 for Mr. Colombini, $38,000 for Mr. Misasi and $31,000 for Mr. Zitterow. |
(3) | To fund nonqualified retirement plan benefits, the Company has set aside money in a Master Trust, which is subject to the claims of the |
(4) | Mr. Steinwert withdrawals included In-Service Distributions made throughout 2022. Since Mr. Haley previously retired as of December 31, 2021, he received scheduled post retirement distributions in 2022. |
(5) | Represents the cumulative amount of the current and all previous |
Value of initial fixed $100 investment based on: | ||||||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO | Compensation Actually Paid to PEO | Average Summary Compensation Table Total for Non-PEO Named Executive Officers | Average Compensation Actually Paid to Non-PEO Named Executive Officers | Total Shareholder Return | Peer Group Total Shareholder Return(1) | Net Income | Return on Average Equity | Return on Average Assets | |||||||||||||||||||||||||||
2022 | $ | 6,135,255 | $ | 6,135,255 | $ | 1,802,523 | $ | 1,802,523 | $ | 170.09 | $ | 119.53 | $ | 75,090,000 | 16.04 | % | 1.41 | % | ||||||||||||||||||
2021 | $ | 5,081,038 | $ | 5,081,038 | $ | 1,504,429 | $ | 1,504,429 | $ | 152.87 | $ | 129.76 | $ | 66,336,000 | 15.00 | % | 1.35 | % | ||||||||||||||||||
2020 | $ | 4,641,979 | $ | 4,641,979 | $ | 1,301,562 | $ | 1,301,562 | $ | 119.07 | $ | 95.59 | $ | 58,734,000 | 14.60 | % | 1.43 | % |
(1) | The peer group used is the S&P 500 Regional Banks, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. (“Total Shareholder Return” represents the cumulative total shareholder return during each measurement period and is calculated by dividing the sum of (I) the difference between the share price at the end and the beginning of the measurement period, plus (ii) the cumulative amount of dividends paid on the stock for the measurement period, assuming dividend reinvestment, by the share price at the beginning of the measurement period. Each amount assumes that $100 was invested in common stock on December 31, 2019, and dividends were reinvested for additional shares.) The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P 500 Regional Banks index, respectively. Historical stock performance is not necessarily indicative of future stock performance. |
Kevin Sanguinetti, Chairman | Stephenson K. Green | Edward Corum Jr. |
Years Ended December 31 | ||||||||||||||||
Audit and other related fees: | 2021 | Percentage of Total | 2020 | Percentage of Total | ||||||||||||
Audit fees | $ | 421,056 | 88.43 | % | $ | 305,000 | 79.75 | % | ||||||||
Audit-related fees | 15,998 | 3.36 | % | 39,492 | 10.33 | % | ||||||||||
Tax fees | 39,110 | 8.21 | % | 37,957 | 9.92 | % | ||||||||||
All other fees | - | - | - | - | ||||||||||||
$ | 476,164 | $ | 100.00 | % | $ | 382,449 | $ | 100.00 | % |
Years Ended December 31 | ||||||||||||||||
2022 | Percentage of Total | 2021 | Percentage of Total | |||||||||||||
Audit and other related fees: | ||||||||||||||||
Audit fees - Eide Bailly LLP | $ | 335,000 | 41.06 | % | $ | - | 0.00 | % | ||||||||
Audit fees - Moss Adams LLP | 399,612 | 48.98 | % | 421,056 | 88.43 | % | ||||||||||
Audit-related fees - Moss Adams LLP | 30,970 | 3.80 | % | 15,998 | 3.36 | % | ||||||||||
Tax fees - Moss Adams LLP | 50,328 | 6.17 | % | 39,110 | 8.21 | % | ||||||||||
All other fees | - | - | - | - | ||||||||||||
$ | 815,910 | 100.00 | % | $ | 476,164 | 100.00 | % |
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percent of Class | ||||||
Common stock | DAC/JAC Trust and Cortopassi Partners 11292 N. Alpine Road Stockton, CA 95212 | 51,755 | 6.55 | % | |||||
Common stock | Sheila M. Wishek (1) 111 West Pine Street Lodi, CA, 95240 | 40,155 | 5.09 | % |
Name and Address of Beneficial Owner (1) | Amount and Nature of Beneficial Ownership (2) | Percent of Class | ||||||
Kent A. Steinwert (3) | 31,549 | 4.00 | % | |||||
Kevin Sanguinetti (4) | 7,699 | * | ||||||
Jay J. Colombini (5) | 5,118 | * | ||||||
Stephen W. Haley (6) | 4,809 | * | ||||||
Deborah E. Skinner (7) | 4,495 | * | ||||||
Kenneth W. Smith (8) | 3,641 | * | ||||||
Calvin (Kelly) Suess (9) | 3,627 | * | ||||||
Ryan J. Misasi (10) | 2,197 | * | ||||||
Edward Corum, Jr. (11) | 2,132 | * | ||||||
Gary J. Long (12) | 1,832 | * | ||||||
David M. Zitterow (13) | 751 | * | ||||||
Stephenson K. Green (14) | 676 | * | ||||||
Terrence A. Young (15) | 516 | * | ||||||
Mark K. Olson | 369 | * | ||||||
All Directors, Nominees and Named Executive Officers as a group (14 persons) | 69,411 | 8.79 | % |