HERITAGE COMMERCE CORP, PRE 14A filed on 3/28/2025
Proxy Statement - Notice of Shareholders Meeting (preliminary)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type PRE 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name HERITAGE COMMERCE CORP
Entity Central Index Key 0001053352
v3.25.1
Pay vs Performance Disclosure
$ / shares in Units, pure in Thousands
 12 Months Ended 14 Months Ended 18 Months Ended 28 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Mar. 12, 2021
Sep. 15, 2022
Dec. 31, 2024
$ / shares
Pay vs Performance Disclosure                
Pay vs Performance Disclosure, Table
Pay Versus Performance
The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended December 31, 2020, 2021, 2022, 2023 and 2024, and our financial performance for each such fiscal year:
Pay Versus Performance Table for 2024
​
Year
(a)
​ ​
Summary
Compensation
Table Total
for CEO(1)
(b)
​ ​
Compensation
Actually
Paid(4)
(c)
​ ​
Summary
Compensation
Table Total
for CEO(2)
(d)
​ ​
Compensation
Actually
Paid(4)
(e)
​ ​
Summary
Compensation
Table Total for
CEO(3)
(f)
​ ​
Compensation
Actually
Paid(4)
(g)
​ ​
Average
Summary
Compensation
Table Total
for
Other
NEOs(5)
(h)
​ ​
Average
Compensation
Actually
Paid to
Other
NEOs(6)
(i)
​ ​
Value of Initial Fixed
$100 Investment
Based on:
​ ​
Net
Income(9)
($000’s)
(l)
​ ​
Pre-Tax
Income(10)
($000’s)
(m)
​
​
Cumulative
TSR(7)
(j)
​ ​
KBW
NASDAQ
Bank
Index(8)
(k)
​
​ 2024 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ $ 1,694,339 ​ ​ ​ ​ ​ 1,297,177 ​ ​ ​ ​ $ 709,298 ​ ​ ​ ​ $ 585,714 ​ ​ ​ ​ $ 95.61 ​ ​ ​ ​ $ 132.60 ​ ​ ​ ​ $ 40,528 ​ ​ ​ ​ $ 56,674 ​ ​
​ 2023 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ $ 1,481,891 ​ ​ ​ ​ $ 1,527,827 ​ ​ ​ ​ $ 703,591 ​ ​ ​ ​ $ 665,330 ​ ​ ​ ​ $ 95.50 ​ ​ ​ ​ $ 96.65 ​ ​ ​ ​ $ 64,443 ​ ​ ​ ​ $ 90,419 ​ ​
​ 2022 ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ $ 1,510,963 ​ ​ ​ ​ $ 1,502,691 ​ ​ ​ ​ $ 1,197,014 ​ ​ ​ ​ $ 1,310,688 ​ ​ ​ ​ $ 622,794 ​ ​ ​ ​ $ 650,479 ​ ​ ​ ​ $ 118.17 ​ ​ ​ ​ $ 97.52 ​ ​ ​ ​ $ 66,555 ​ ​ ​ ​ $ 94,366 ​ ​
​ 2021 ​ ​ ​ $ 1,756,569 ​ ​ ​ ​ $ 1,498,586 ​ ​ ​ ​ $ 1,659,046 ​ ​ ​ ​ $ 1,754,118 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ $ 753,751 ​ ​ ​ ​ $ 839,014 ​ ​ ​ ​ $ 104.04 ​ ​ ​ ​ $ 124.06 ​ ​ ​ ​ $ 47,700 ​ ​ ​ ​ $ 65,870 ​ ​
​ 2020 ​ ​ ​ $ 1,237,428 ​ ​ ​ ​ $ 1,076,898 ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ $ 785,615 ​ ​ ​ ​ $ 588,764 ​ ​ ​ ​ $ 73.78 ​ ​ ​ ​ $ 89.69 ​ ​ ​ ​ $ 35,299 ​ ​ ​ ​ $ 49,068 ​ ​
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Keith A. Wilton (Former President and CEO) for 2021 and 2020. Mr. Wilton retired from the Company on March 12, 2021.
​
(2)
The dollar amounts reported in column (d) are the amounts of total compensation reported for Walter T. Kaczmarek (Former President and CEO) for 2022 and 2021. Mr. Kaczmarek served as the President and Chief Executive Officer in 2019 until he retired in August of 2019. He was not an officer or employee of the Company in 2020. He rejoined the Company on March 15, 2021 and retired on September 15, 2022, but remained on the Board until the Company’s 2023 Annual Meeting of Shareholders.
​
(3)
The dollar amounts reported in column (f) are the amounts of total compensation reported for Robertson Clay Jones (President and CEO) for each corresponding year in the “Total” column of the “Summary Compensation Table” for 2023 and 2022. Mr. Jones was promoted to President and Chief Executive Officer effective September 15, 2022.
​
(4)
The dollar amounts reported in column (c), (e) and (g) represent the amount of “compensation actually paid” to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, as computed in accordance with Item 402(v) of SEC Regulation S-K. The dollar amounts reported do not reflect the actual amount of compensation earned by or paid to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones during the applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation S-K, the following adjustments were made to (1) Mr. Wilton’s, (2) Mr. Kaczmarek’s, and (3) Mr. Jones’s total compensation for each year to determine the compensation actually paid to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, respectively:
​
​ ​ ​ ​
Year
​ ​
Reported
Summary
Compensation
Table Total for
CEO
​ ​
Reported
Grant Date
Fair Value of
Equity
Awards
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits
(c)
​ ​
Pension
Benefit
Adjustments
(d)
​ ​
Fair Value of
Awards
Forfeited
(e)
​ ​
Compensation
Actually Paid
to CEO
​
​
(1)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 1,756,569 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ (304,755) ​ ​ ​ ​ $ 1,498,586 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ $ 1,237,428 ​ ​ ​ ​ $ (330,000) ​ ​ ​ ​ $ 169,470 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,076,898 ​ ​
​
(2)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 1,510,963 ​ ​ ​ ​ $ (539,996) ​ ​ ​ ​ $ 531,724 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,502,691 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 1,659,046 ​ ​ ​ ​ $ (540,000) ​ ​ ​ ​ $ 635,072 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,754,118 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
(3)
​ ​ ​ ​ 2024 ​ ​ ​ ​ $ 1,694,339 ​ ​ ​ ​ $ (678,577) ​ ​ ​ ​ $ 275,415 ​ ​ ​ ​ $ (18,800) ​ ​ ​ ​ $ 24,800 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,297,177 ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 1,481,891 ​ ​ ​ ​ $ (466,497) ​ ​ ​ ​ $ 522,933 ​ ​ ​ ​ $ (33,400) ​ ​ ​ ​ $ 22,900 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,527,827 ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 1,197,014 ​ ​ ​ ​ $ (488,996) ​ ​ ​ ​ $ 569,915 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 32,755 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,310,688 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(a)
The “reported grant date fair value of equity awards” represents the amount reported in the “Stock Awards” column in the “Summary Compensation Table” for 2024, 2023, 2022, 2021 and 2020.
​
(b)
The “equity award adjustments” for each applicable year include the addition or (subtraction, as applicable) of the following: (i) the year- end fair value of any equity awards granted in the applicable year that were outstanding and unvested as of the end of the applicable year; (ii) change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were outstanding and unvested at the end of current fiscal year; (iii) change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year; (iv) for equity awards that were granted and vested in the same applicable year, the fair value of the equity awards as of the vesting date; and (v) Dividends paid on unvested shares/share units and stock options. Note that for calculation purposes unvested stock dividends are already included in the “Summary Compensation Table” under “All Other Compensation” for the applicable year (for Equity Awards granted prior to 2023). Dividends earned on unvested PRSUs and RSUs (2023 and 2024 Equity Awards) are reflected in the fiscal year-end fair value of outstanding and unvested awards. The fair value for all unvested equity awards is based on restricted stock awards with vesting periods of three and four years. The fair value for all PRSU equity awards is based on the expected vesting percentile of PRSUs for a given year which would be earned under the PRSU award. The amounts deducted or added in calculating the “equity award adjustments” are as follows for (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, respectively:
​
​ ​ ​ ​
Year
​ ​
Year-End Fair
Value of
Outstanding
and Unvested
Equity Awards
Granted in
Applicable Year
​ ​
Year over Year
Change in Fair
Value of
Outstanding
Unvested Equity
Awards Granted
in Prior Years
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
That Vested in
The Year
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
​ ​
Dollar Value of
Dividends or
Other Earnings
Paid on Equity
Awards not
Otherwise
Reflected in Fair
Value or Total
Compensation
​ ​
Total Equity
Award
Adjustments
​
​
(1)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ $ 328,518 ​ ​ ​ ​ $ (88,438) ​ ​ ​ ​ $ (70,610) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 169,470 ​ ​
​
(2)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ (34,219) ​ ​ ​ ​ $ 565,943 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 531,724 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 533,300 ​ ​ ​ ​ $ 44,773 ​ ​ ​ ​ $ 56,999 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 635,072 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
(3)
​ ​ ​ ​ 2024 ​ ​ ​ ​ $ 387,440 ​ ​ ​ ​ $ (74,515) ​ ​ ​ ​ $ (37,510) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 275,415 ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 736,651 ​ ​ ​ ​ $ (103,855) ​ ​ ​ ​ $ (109,863) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 522,933 ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 560,716 ​ ​ ​ ​ $ 13,096 ​ ​ ​ ​ $ (3,897) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 569,915 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(c)
The amounts included in this column are the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the “Summary Compensation Table” for the applicable year.
​
(d)
The total “pension benefit adjustments” for each applicable year include the aggregate of two components: (i) the actuarially determined pension service cost for services rendered by the CEOs during the applicable year (the “SERP service cost”) and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “SERP Prior Service Cost”), in each case, calculated in accordance with U.S. GAAP. The amounts included in this column is the SERP service cost for services rendered by Mr. Jones during 2022, 2023 and 2024.
​
(e)
The amounts in this column reflect the fair value of awards forfeited by Mr. Wilton when he retired from the Company on March 12, 2021. The Fair value of forfeited awards are determined at the end of the prior year for awards made in prior fiscal years that were forfeited during the current fiscal year.
​
(5)
The dollar amounts reported in column (h) represent the average of the amounts reported for the Company’s NEOs as a group (excluding the CEOs) in the “Total” column of the “Summary Compensation Table” for 2024, 2023, 2022, 2021 and 2020. The names of the NEOs for each applicable year are as follows:
​
​
Year
​ ​
Other NEOs
​ ​
Position
​
​ 2024 ​ ​ Susan Just ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Former Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​ ​ ​ ​ Thomas A. Sa ​ ​ Executive Vice President, Chief Operating Officer & Interim Chief Financial Officer ​
​ ​ ​ ​ Dustin M. Warford ​ ​ Executive Vice President, Chief Banking Officer of Heritage Bank of Commerce ​
​
2023
​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Janice Y. Coonley ​ ​ Executive Vice President & Chief People and Diversity Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​ ​ ​ ​ Glen E. Shu ​ ​ Executive Vice President, President of Specialty Finance Group of Heritage Bank of Commerce and President of Bay View Funding ​
​
2022
​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Janice Y. Coonley ​ ​ Executive Vice President & Chief People and Diversity Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​
2021
​ ​ Michael E. Benito ​ ​ Executive Vice President /Business Banking Manager of Heritage Bank of Commerce ​
​ ​ ​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Robertson Clay Jones ​ ​ President and Chief Operating Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​
2020
​ ​ Michael E. Benito ​ ​ Executive Vice President /Business Banking Manager of Heritage Bank of Commerce ​
​ ​ ​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Robertson Clay Jones ​ ​
Executive Vice President & President of Community Business Bank Group of Heritage Bank of Commerce
​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
(6)
The dollar amounts reported in column (i) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding the CEOs) as computed in accordance with Item 402(v) of SEC Regulation S-K. The names of the NEOs (excluding the CEOs) included for the purposes of calculating the average amounts in each applicable year are the same as the table noted in footnote (5) above. The dollar amounts reported do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding the CEOs) during the applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding the CEOs) for each year to determine the compensation actually paid, using the same methodology described above in footnote (4).
​
​
Year
​ ​
Average
Reported
Summary
Compensation
Table Total
for NEOs
​ ​
Average
Reported
Grant Date
Fair Value
of Equity
Awards
​ ​
Average
Equity Award
Adjustments(a)
​ ​
Average
Reported
Change in the
Actuarial
Present
Value of
Pension
Benefits
​ ​
Average
Pension
Benefit
Adjustments(b)
​ ​
Average Fair
Value of
Awards
Forfeited
​ ​
Average
Compensation
Actually Paid
to NEOs
​
​ 2024 ​ ​ ​ $ 709,298 ​ ​ ​ ​ $ (270,685) ​ ​ ​ ​ $ 150,881 ​ ​ ​ ​ $ (3,780) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 585,714 ​ ​
​ 2023 ​ ​ ​ $ 703,591 ​ ​ ​ ​ $ (163,198) ​ ​ ​ ​ $ 160,957 ​ ​ ​ ​ $ (36,020) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 665,330 ​ ​
​ 2022 ​ ​ ​ $ 622,794 ​ ​ ​ ​ $ (151,996) ​ ​ ​ ​ $ 179,681 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 650,479 ​ ​
​ 2021 ​ ​ ​ $ 753,751 ​ ​ ​ ​ $ (162,275) ​ ​ ​ ​ $ 232,544 ​ ​ ​ ​ $ (21,925) ​ ​ ​ ​ $ 36,919 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 839,014 ​ ​
​ 2020 ​ ​ ​ $ 785,615 ​ ​ ​ ​ $ (115,964) ​ ​ ​ ​ $ 42,875 ​ ​ ​ ​ $ (190,950) ​ ​ ​ ​ $ 67,188 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 588,764 ​ ​
(a)
The amounts deducted or added in calculating the total average equity award adjustments were determined In the same method described in footnote (4)b above and are as follows:
​
​
Year
​ ​
Average Year-
End Fair
Value of
Outstanding
and Unvested
Equity
Awards
Granted in
Applicable
Year
​ ​
Average
Year over
Year Change
in Fair Value
of
Outstanding
Unvested
Equity
Awards
Granted in
Prior Years
​ ​
Average Year
over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested in
the Year
​ ​
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in the
Year
​ ​
Average Dollar
Value of Dividends
or Other Earnings
Paid on Equity
Awards not
Otherwise Reflected
in Fair Value or
Total Compensation
​ ​
Total Average
Equity Award
Adjustments
​
​ 2024 ​ ​ ​ $ 179,742 ​ ​ ​ ​ $ (16,528) ​ ​ ​ ​ $ (12,333) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 150,881 ​ ​
​ 2023 ​ ​ ​ $ 257,703 ​ ​ ​ ​ $ (37,755) ​ ​ ​ ​ $ (58,991) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 160,957 ​ ​
​ 2022 ​ ​ ​ $ 177,057 ​ ​ ​ ​ $ 10,798 ​ ​ ​ ​ $ (8,174) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 179,681 ​ ​
​ 2021 ​ ​ ​ $ 160,262 ​ ​ ​ ​ $ 40,836 ​ ​ ​ ​ $ 31,446 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 232,544 ​ ​
​ 2020 ​ ​ ​ $ 115,443 ​ ​ ​ ​ $ (40,684) ​ ​ ​ ​ $ (31,884) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 42,875 ​ ​
(b)
The amounts added in calculating the total average pension benefit adjustments are as follows:
​
​
Year
​ ​
Average
Pension
Service Cost
​ ​
Average
SERP Prior
Service Cost
​ ​
Average
SERP
Service Cost
​ ​
Total Average
Pension
Benefit
Adjustments
​
​ 2024 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2023 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2022 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2021 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 36,919 ​ ​ ​ ​ $ 36,919 ​ ​
​ 2020 ​ ​ ​ ​ — ​ ​ ​ ​ $ 36,244 ​ ​ ​ ​ $ 30,944 ​ ​ ​ ​ $ 67,188 ​ ​
(7)
Represents the cumulative five-year total return to shareholders of our common stock and assumes that the value of the investment was $100 on December 31, 2019 and that the subsequent dividends were reinvested. The stock price performance included in this column is not necessarily indicative of future stock price performance.
​
(8)
Represents a cumulative five-year total return to shareholders of a peer group. The peer group used is the “KBW NASDAQ Bank Index” as listed under Item 5 of our Annual Report on Form 10-K for the years ended December 31, 2020, 2021, 2022, 2023 and 2024, respectively.
​
(9)
The dollar amounts reported represent the amount of net income (in thousands) reflected in the Company’s audited consolidated financial statements for the applicable year.
​
(10)
Pre-tax income has been chosen as a “Selected Performance Measure.” While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Pre-tax income is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in this table) used by the Company to link compensation actually paid to the Company’s NEOs for the most recently completed fiscal year, to the Company’s performance.
             
Company Selected Measure Name Pre-TaxIncome              
Named Executive Officers, Footnote
(5)
The dollar amounts reported in column (h) represent the average of the amounts reported for the Company’s NEOs as a group (excluding the CEOs) in the “Total” column of the “Summary Compensation Table” for 2024, 2023, 2022, 2021 and 2020. The names of the NEOs for each applicable year are as follows:
​
​
Year
​ ​
Other NEOs
​ ​
Position
​
​ 2024 ​ ​ Susan Just ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Former Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​ ​ ​ ​ Thomas A. Sa ​ ​ Executive Vice President, Chief Operating Officer & Interim Chief Financial Officer ​
​ ​ ​ ​ Dustin M. Warford ​ ​ Executive Vice President, Chief Banking Officer of Heritage Bank of Commerce ​
​
2023
​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Janice Y. Coonley ​ ​ Executive Vice President & Chief People and Diversity Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​ ​ ​ ​ Glen E. Shu ​ ​ Executive Vice President, President of Specialty Finance Group of Heritage Bank of Commerce and President of Bay View Funding ​
​
2022
​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Janice Y. Coonley ​ ​ Executive Vice President & Chief People and Diversity Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​ ​ ​ ​ Deborah K. Reuter ​ ​ Executive Vice President & Chief Risk Officer and Corporate Secretary ​
​
2021
​ ​ Michael E. Benito ​ ​ Executive Vice President /Business Banking Manager of Heritage Bank of Commerce ​
​ ​ ​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Robertson Clay Jones ​ ​ President and Chief Operating Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
​
2020
​ ​ Michael E. Benito ​ ​ Executive Vice President /Business Banking Manager of Heritage Bank of Commerce ​
​ ​ ​ ​ Margo G. Butsch ​ ​ Executive Vice President & Chief Credit Officer of Heritage Bank of Commerce ​
​ ​ ​ ​ Robertson Clay Jones ​ ​
Executive Vice President & President of Community Business Bank Group of Heritage Bank of Commerce
​
​ ​ ​ ​ Lawrence D. McGovern ​ ​ Executive Vice President & Chief Financial Officer ​
       
(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Keith A. Wilton (Former President and CEO) for 2021 and 2020. Mr. Wilton retired from the Company on March 12, 2021.
(2)
The dollar amounts reported in column (d) are the amounts of total compensation reported for Walter T. Kaczmarek (Former President and CEO) for 2022 and 2021. Mr. Kaczmarek served as the President and Chief Executive Officer in 2019 until he retired in August of 2019. He was not an officer or employee of the Company in 2020. He rejoined the Company on March 15, 2021 and retired on September 15, 2022, but remained on the Board until the Company’s 2023 Annual Meeting of Shareholders.
(3)
The dollar amounts reported in column (f) are the amounts of total compensation reported for Robertson Clay Jones (President and CEO) for each corresponding year in the “Total” column of the “Summary Compensation Table” for 2023 and 2022. Mr. Jones was promoted to President and Chief Executive Officer effective September 15, 2022.
Peer Group Issuers, Footnote
(8)
Represents a cumulative five-year total return to shareholders of a peer group. The peer group used is the “KBW NASDAQ Bank Index” as listed under Item 5 of our Annual Report on Form 10-K for the years ended December 31, 2020, 2021, 2022, 2023 and 2024, respectively.
             
Adjustment To PEO Compensation, Footnote
(4)
The dollar amounts reported in column (c), (e) and (g) represent the amount of “compensation actually paid” to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, as computed in accordance with Item 402(v) of SEC Regulation S-K. The dollar amounts reported do not reflect the actual amount of compensation earned by or paid to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones during the applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation S-K, the following adjustments were made to (1) Mr. Wilton’s, (2) Mr. Kaczmarek’s, and (3) Mr. Jones’s total compensation for each year to determine the compensation actually paid to (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, respectively:
​
​ ​ ​ ​
Year
​ ​
Reported
Summary
Compensation
Table Total for
CEO
​ ​
Reported
Grant Date
Fair Value of
Equity
Awards
(a)
​ ​
Equity Award
Adjustments
(b)
​ ​
Reported
Change in
the
Actuarial
Present
Value of
Pension
Benefits
(c)
​ ​
Pension
Benefit
Adjustments
(d)
​ ​
Fair Value of
Awards
Forfeited
(e)
​ ​
Compensation
Actually Paid
to CEO
​
​
(1)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 1,756,569 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ (304,755) ​ ​ ​ ​ $ 1,498,586 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ $ 1,237,428 ​ ​ ​ ​ $ (330,000) ​ ​ ​ ​ $ 169,470 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,076,898 ​ ​
​
(2)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 1,510,963 ​ ​ ​ ​ $ (539,996) ​ ​ ​ ​ $ 531,724 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,502,691 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 1,659,046 ​ ​ ​ ​ $ (540,000) ​ ​ ​ ​ $ 635,072 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,754,118 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
(3)
​ ​ ​ ​ 2024 ​ ​ ​ ​ $ 1,694,339 ​ ​ ​ ​ $ (678,577) ​ ​ ​ ​ $ 275,415 ​ ​ ​ ​ $ (18,800) ​ ​ ​ ​ $ 24,800 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,297,177 ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 1,481,891 ​ ​ ​ ​ $ (466,497) ​ ​ ​ ​ $ 522,933 ​ ​ ​ ​ $ (33,400) ​ ​ ​ ​ $ 22,900 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,527,827 ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 1,197,014 ​ ​ ​ ​ $ (488,996) ​ ​ ​ ​ $ 569,915 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 32,755 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 1,310,688 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(a)
The “reported grant date fair value of equity awards” represents the amount reported in the “Stock Awards” column in the “Summary Compensation Table” for 2024, 2023, 2022, 2021 and 2020.
​
(b)
The “equity award adjustments” for each applicable year include the addition or (subtraction, as applicable) of the following: (i) the year- end fair value of any equity awards granted in the applicable year that were outstanding and unvested as of the end of the applicable year; (ii) change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were outstanding and unvested at the end of current fiscal year; (iii) change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year; (iv) for equity awards that were granted and vested in the same applicable year, the fair value of the equity awards as of the vesting date; and (v) Dividends paid on unvested shares/share units and stock options. Note that for calculation purposes unvested stock dividends are already included in the “Summary Compensation Table” under “All Other Compensation” for the applicable year (for Equity Awards granted prior to 2023). Dividends earned on unvested PRSUs and RSUs (2023 and 2024 Equity Awards) are reflected in the fiscal year-end fair value of outstanding and unvested awards. The fair value for all unvested equity awards is based on restricted stock awards with vesting periods of three and four years. The fair value for all PRSU equity awards is based on the expected vesting percentile of PRSUs for a given year which would be earned under the PRSU award. The amounts deducted or added in calculating the “equity award adjustments” are as follows for (1) Mr. Wilton, (2) Mr. Kaczmarek, and (3) Mr. Jones, respectively:
​
​ ​ ​ ​
Year
​ ​
Year-End Fair
Value of
Outstanding
and Unvested
Equity Awards
Granted in
Applicable Year
​ ​
Year over Year
Change in Fair
Value of
Outstanding
Unvested Equity
Awards Granted
in Prior Years
​ ​
Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
That Vested in
The Year
​ ​
Fair Value as of
Vesting Date of
Equity Awards
Granted and
Vested in the
Year
​ ​
Dollar Value of
Dividends or
Other Earnings
Paid on Equity
Awards not
Otherwise
Reflected in Fair
Value or Total
Compensation
​ ​
Total Equity
Award
Adjustments
​
​
(1)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 46,772 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ $ 328,518 ​ ​ ​ ​ $ (88,438) ​ ​ ​ ​ $ (70,610) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 169,470 ​ ​
​
(2)
​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ (34,219) ​ ​ ​ ​ $ 565,943 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 531,724 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ $ 533,300 ​ ​ ​ ​ $ 44,773 ​ ​ ​ ​ $ 56,999 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 635,072 ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
(3)
​ ​ ​ ​ 2024 ​ ​ ​ ​ $ 387,440 ​ ​ ​ ​ $ (74,515) ​ ​ ​ ​ $ (37,510) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 275,415 ​ ​
​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 736,651 ​ ​ ​ ​ $ (103,855) ​ ​ ​ ​ $ (109,863) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 522,933 ​ ​
​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ $ 560,716 ​ ​ ​ ​ $ 13,096 ​ ​ ​ ​ $ (3,897) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 569,915 ​ ​
​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
(c)
The amounts included in this column are the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the “Summary Compensation Table” for the applicable year.
​
(d)
The total “pension benefit adjustments” for each applicable year include the aggregate of two components: (i) the actuarially determined pension service cost for services rendered by the CEOs during the applicable year (the “SERP service cost”) and (ii) the entire cost of benefits granted in a plan amendment (or initiation) during the applicable year that are attributed by the benefit formula to services rendered in periods prior to the plan amendment or initiation (the “SERP Prior Service Cost”), in each case, calculated in accordance with U.S. GAAP. The amounts included in this column is the SERP service cost for services rendered by Mr. Jones during 2022, 2023 and 2024.
​
(e)
The amounts in this column reflect the fair value of awards forfeited by Mr. Wilton when he retired from the Company on March 12, 2021. The Fair value of forfeited awards are determined at the end of the prior year for awards made in prior fiscal years that were forfeited during the current fiscal year.
             
Non-PEO NEO Average Total Compensation Amount $ 709,298 $ 703,591 $ 622,794 $ 753,751 $ 785,615      
Non-PEO NEO Average Compensation Actually Paid Amount $ 585,714 665,330 650,479 839,014 588,764      
Adjustment to Non-PEO NEO Compensation Footnote
(6)
The dollar amounts reported in column (i) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding the CEOs) as computed in accordance with Item 402(v) of SEC Regulation S-K. The names of the NEOs (excluding the CEOs) included for the purposes of calculating the average amounts in each applicable year are the same as the table noted in footnote (5) above. The dollar amounts reported do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding the CEOs) during the applicable year. In accordance with the requirements of Item 402(v) of SEC Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding the CEOs) for each year to determine the compensation actually paid, using the same methodology described above in footnote (4).
​
​
Year
​ ​
Average
Reported
Summary
Compensation
Table Total
for NEOs
​ ​
Average
Reported
Grant Date
Fair Value
of Equity
Awards
​ ​
Average
Equity Award
Adjustments(a)
​ ​
Average
Reported
Change in the
Actuarial
Present
Value of
Pension
Benefits
​ ​
Average
Pension
Benefit
Adjustments(b)
​ ​
Average Fair
Value of
Awards
Forfeited
​ ​
Average
Compensation
Actually Paid
to NEOs
​
​ 2024 ​ ​ ​ $ 709,298 ​ ​ ​ ​ $ (270,685) ​ ​ ​ ​ $ 150,881 ​ ​ ​ ​ $ (3,780) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 585,714 ​ ​
​ 2023 ​ ​ ​ $ 703,591 ​ ​ ​ ​ $ (163,198) ​ ​ ​ ​ $ 160,957 ​ ​ ​ ​ $ (36,020) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 665,330 ​ ​
​ 2022 ​ ​ ​ $ 622,794 ​ ​ ​ ​ $ (151,996) ​ ​ ​ ​ $ 179,681 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 650,479 ​ ​
​ 2021 ​ ​ ​ $ 753,751 ​ ​ ​ ​ $ (162,275) ​ ​ ​ ​ $ 232,544 ​ ​ ​ ​ $ (21,925) ​ ​ ​ ​ $ 36,919 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 839,014 ​ ​
​ 2020 ​ ​ ​ $ 785,615 ​ ​ ​ ​ $ (115,964) ​ ​ ​ ​ $ 42,875 ​ ​ ​ ​ $ (190,950) ​ ​ ​ ​ $ 67,188 ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 588,764 ​ ​
(a)
The amounts deducted or added in calculating the total average equity award adjustments were determined In the same method described in footnote (4)b above and are as follows:
​
​
Year
​ ​
Average Year-
End Fair
Value of
Outstanding
and Unvested
Equity
Awards
Granted in
Applicable
Year
​ ​
Average
Year over
Year Change
in Fair Value
of
Outstanding
Unvested
Equity
Awards
Granted in
Prior Years
​ ​
Average Year
over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested in
the Year
​ ​
Average Fair
Value as of
Vesting Date
of Equity
Awards
Granted and
Vested in the
Year
​ ​
Average Dollar
Value of Dividends
or Other Earnings
Paid on Equity
Awards not
Otherwise Reflected
in Fair Value or
Total Compensation
​ ​
Total Average
Equity Award
Adjustments
​
​ 2024 ​ ​ ​ $ 179,742 ​ ​ ​ ​ $ (16,528) ​ ​ ​ ​ $ (12,333) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 150,881 ​ ​
​ 2023 ​ ​ ​ $ 257,703 ​ ​ ​ ​ $ (37,755) ​ ​ ​ ​ $ (58,991) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 160,957 ​ ​
​ 2022 ​ ​ ​ $ 177,057 ​ ​ ​ ​ $ 10,798 ​ ​ ​ ​ $ (8,174) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 179,681 ​ ​
​ 2021 ​ ​ ​ $ 160,262 ​ ​ ​ ​ $ 40,836 ​ ​ ​ ​ $ 31,446 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 232,544 ​ ​
​ 2020 ​ ​ ​ $ 115,443 ​ ​ ​ ​ $ (40,684) ​ ​ ​ ​ $ (31,884) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 42,875 ​ ​
(b)
The amounts added in calculating the total average pension benefit adjustments are as follows:
​
​
Year
​ ​
Average
Pension
Service Cost
​ ​
Average
SERP Prior
Service Cost
​ ​
Average
SERP
Service Cost
​ ​
Total Average
Pension
Benefit
Adjustments
​
​ 2024 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2023 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2022 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​ 2021 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ $ 36,919 ​ ​ ​ ​ $ 36,919 ​ ​
​ 2020 ​ ​ ​ ​ — ​ ​ ​ ​ $ 36,244 ​ ​ ​ ​ $ 30,944 ​ ​ ​ ​ $ 67,188 ​ ​
             
Compensation Actually Paid vs. Total Shareholder Return
[MISSING IMAGE: bc_compen-pn.jpg]
             
Compensation Actually Paid vs. Net Income
[MISSING IMAGE: bc_netincome-pn.jpg]
             
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_taxnet-pn.jpg]
             
Total Shareholder Return Vs Peer Group
[MISSING IMAGE: lc_tsr-pn.jpg]
             
Tabular List, Table
Financial Performance Measures
As described in greater detail in the section captioned “Executive Compensation—Compensation Discussion and Analysis” The Company’s executive compensation program includes variable components in the form of annual incentive compensation and long-term incentive awards. The metrics that the Company uses for both annual incentive compensation and long-term incentive awards are selected based on an objective of incentivizing our CEO and NEOs (excluding the CEO) to increase shareholder value. The metrics are also correlated with the Company’s strategic plan as approved each year by the Board. Changes in shareholder value are reflected in compensation actually paid above through the fair value of the Company’s equity awards. Compensation actually paid for 2021 reflects an increase in the fair value of these equity awards as a result of an increase in the Company’s common share price from $8.87 at December 31, 2020 to $11.94 at December 31, 2021. Compensation actually paid for 2022 reflects an increase in the fair value of these equity awards as a result of an increase in the Company’s common share price from $11.94 at December 31, 2021 to $13.00 at December 31, 2022. Compensation actually paid for 2023 reflects a decrease in the fair value of these equity awards as a result of a decrease in the Company’s common share price from $13.00 at December 31, 2022 to $9.92 at December 31, 2023, partially offset by an increase in the estimated vesting percentile. Compensation actually paid for 2024 reflects a decrease in the fair value of these equity awards primarily as a result of the decrease in the estimated vesting percentile and also partially as a result of a decrease in the Company’s common share price from $9.92 at December 31, 2023 to $9.38 at December 31, 2024. The most important financial performance measures used by the Company to link executive compensation actually paid to the CEO and other NEOs (excluding the CEO) for the most recently completed fiscal year, to the Company’s performance are as follows:
•
Pre-tax Income
​
Nonperforming Assets
​
Loan Growth
​
Deposit Growth
             
Total Shareholder Return Amount $ 95.61 95.5 118.17 104.04 73.78      
Peer Group Total Shareholder Return Amount 132.6 96.65 97.52 124.06 89.69      
Net Income (Loss) $ 40,528,000 $ 64,443,000 $ 66,555,000 $ 47,700,000 $ 35,299,000      
Company Selected Measure Amount 56,674 90,419 94,366 65,870 49,068      
PEO Name Robertson Clay Jones              
Share Price | $ / shares $ 9.38 $ 9.92 $ 13 $ 11.94 $ 8.87     $ 9.38
Measure:: 1                
Pay vs Performance Disclosure                
Name Pre-tax Income              
Non-GAAP Measure Description
(10)
Pre-tax income has been chosen as a “Selected Performance Measure.” While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Pre-tax income is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in this table) used by the Company to link compensation actually paid to the Company’s NEOs for the most recently completed fiscal year, to the Company’s performance.
             
Measure:: 2                
Pay vs Performance Disclosure                
Name Nonperforming Assets              
Measure:: 3                
Pay vs Performance Disclosure                
Name Loan Growth              
Measure:: 4                
Pay vs Performance Disclosure                
Name Deposit Growth              
Keith A. Wilton [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount $ 1,756,569 $ 1,237,428      
PEO Actually Paid Compensation Amount 1,498,586 1,076,898      
Walter T. Kaczmarek [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount 1,510,963 1,659,046      
PEO Actually Paid Compensation Amount 1,502,691 1,754,118      
Robertson Clay Jones [Member]                
Pay vs Performance Disclosure                
PEO Total Compensation Amount 1,694,339 1,481,891 1,197,014      
PEO Actually Paid Compensation Amount 1,297,177 1,527,827 1,310,688      
PEO | Keith A. Wilton [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount        
PEO | Keith A. Wilton [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount        
PEO | Keith A. Wilton [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (330,000)      
PEO | Keith A. Wilton [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 46,772 169,470      
PEO | Keith A. Wilton [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 328,518      
PEO | Keith A. Wilton [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (88,438)      
PEO | Keith A. Wilton [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Keith A. Wilton [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 46,772 (70,610)      
PEO | Keith A. Wilton [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Keith A. Wilton [Member] | Equity Award Adjustment Change In Fair Value Of Awards Forfeited [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount   (304,755)      
PEO | Walter T. Kaczmarek [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Walter T. Kaczmarek [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Walter T. Kaczmarek [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (539,996) (540,000)      
PEO | Walter T. Kaczmarek [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 531,724 635,072      
PEO | Walter T. Kaczmarek [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 533,300      
PEO | Walter T. Kaczmarek [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 44,773      
PEO | Walter T. Kaczmarek [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 565,943      
PEO | Walter T. Kaczmarek [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (34,219) 56,999      
PEO | Walter T. Kaczmarek [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Walter T. Kaczmarek [Member] | Equity Award Adjustment Change In Fair Value Of Awards Forfeited [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Robertson Clay Jones [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (18,800) (33,400)      
PEO | Robertson Clay Jones [Member] | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 24,800 22,900 32,755      
PEO | Robertson Clay Jones [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (678,577) (466,497) (488,996)      
PEO | Robertson Clay Jones [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 275,415 522,933 569,915      
PEO | Robertson Clay Jones [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 387,440 736,651 560,716      
PEO | Robertson Clay Jones [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (74,515) (103,855) 13,096      
PEO | Robertson Clay Jones [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Robertson Clay Jones [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (37,510) (109,863) (3,897)      
PEO | Robertson Clay Jones [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
PEO | Robertson Clay Jones [Member] | Equity Award Adjustment Change In Fair Value Of Awards Forfeited [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (3,780) (36,020) (21,925) (190,950)      
Non-PEO NEO | Aggregate Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 36,919 30,944      
Non-PEO NEO | Pension Adjustments Service Cost                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 36,919 67,188      
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (270,685) (163,198) (151,996) (162,275) (115,964)      
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 150,881 160,957 179,681 232,544 42,875      
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount 179,742 257,703 177,057 160,262 115,443      
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (16,528) (37,755) 10,798 40,836 (40,684)      
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount (12,333) (58,991) (8,174) 31,446 (31,884)      
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
Non-PEO NEO | Equity Award Adjustment Change In Fair Value Of Awards Forfeited [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
Non-PEO NEO | Average Pension Service Cost [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount      
Non-PEO NEO | Average Pension Prior Cost [Member]                
Pay vs Performance Disclosure                
Adjustment to Compensation, Amount $ 36,244      
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
We do not grant stock options or similar equity awards in anticipation of the release of material nonpublic information, such as a significant positive or negative earnings announcement, and do not time the public release of such information based on grant dates. Additionally, we do not grant stock options or similar equity awards during periods in which there is material nonpublic information about the Company or Bank, including (i) during our “blackout” periods or outside “trading windows” established under our Insider Trading Policy or (ii) at any time between four business days prior to or one business day following the filing of our periodic reports or a Form 8-K that discloses material nonpublic information. These restrictions do not apply to RSUs or other types of equity awards that do not include an exercise price related to the market price of our common stock.
Our executive officers are not permitted to choose the grant date for their grants. The Company’s practice is to approve annual equity awards to eligible recipients, including our NEOs, on a pre-determined date in March of each year, with the exception of grants
related to new hires or other off-cycle awards. The grants are effective on the date on which they are approved (or on the next trading day following such date if it is not a trading day).
In accordance with our policy, during the 2024 fiscal year, none of our NEOs were awarded options with an effective grant date during any period beginning four business days before the filing or furnishing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material nonpublic information (other than a Form 8-K that disclosed a material new option award grant under Item 5.02(e)), and ending one business day after the filing or furnishing of such reports.
Award Timing Method
We do not grant stock options or similar equity awards in anticipation of the release of material nonpublic information, such as a significant positive or negative earnings announcement, and do not time the public release of such information based on grant dates. Additionally, we do not grant stock options or similar equity awards during periods in which there is material nonpublic information about the Company or Bank, including (i) during our “blackout” periods or outside “trading windows” established under our Insider Trading Policy or (ii) at any time between four business days prior to or one business day following the filing of our periodic reports or a Form 8-K that discloses material nonpublic information. These restrictions do not apply to RSUs or other types of equity awards that do not include an exercise price related to the market price of our common stock.
Our executive officers are not permitted to choose the grant date for their grants. The Company’s practice is to approve annual equity awards to eligible recipients, including our NEOs, on a pre-determined date in March of each year, with the exception of grants
related to new hires or other off-cycle awards. The grants are effective on the date on which they are approved (or on the next trading day following such date if it is not a trading day).
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered such information based on grant dates. Additionally, we do not grant stock options or similar equity awards during periods in which there is material nonpublic information about the Company or Bank, including (i) during our “blackout” periods or outside “trading windows” established under our Insider Trading Policy or (ii) at any time between four business days prior to or one business day following the filing of our periodic reports or a Form 8-K that discloses material nonpublic information.
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true