NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective March 7, 2017, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of National Commerce Corporation (the “Company”) approved the payment of a special one-time cash bonus to certain executive officers of the Company, including the Company’s “named executive officers,” John H. Holcomb, III, Chairman and Chief Executive Officer; Richard Murray, IV, President and Chief Operating Officer; and William E. Matthews, V, Vice Chairman and Chief Financial Officer. The payments were based on a number of factors deemed relevant by the Compensation Committee, including (i) the overall performance of the Company in 2016; (ii) the growth in the Company’s diluted earnings per share during 2016 of approximately fifty-eight percent (58%); and (iii) the amounts that would have been payable to the officers under the Company’s 2016 cash incentive program in the absence of a predetermined cap on such payments. The amount of the special bonus payments were $200,000 for Mr. Holcomb and $100,000 for each of Messrs. Murray and Matthews. Payment of the bonuses was subject to the confirmation of the Company’s 2016 performance by the Company’s external audit firm, which confirmation was received by the chairman and one other member of the Compensation Committee on March 7, 2017. The special bonus payments were made in addition to, and did not affect, any other payments owed or paid to the named executive officers to the Company’s other cash and equity incentive plans.
About NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM)
National Commerce Corporation (NCC) is a financial holding company. The Company is engaged in the business of banking through its banking subsidiary, National Bank of Commerce (the Bank). The Company, through the Bank, provides a range of financial services to businesses, business owners and professionals. The Bank’s loan portfolio includes construction, land development and other land loans; loans secured by farmland; loans secured by one- to four-family residential properties; loans secured by multifamily residential properties; loans secured by nonfarm nonresidential properties; loans secured by real estate; commercial and industrial loans; consumer loans, and other loans. The Bank’s investment securities available-for-sale include the United States treasury securities, securities issued by states and political subdivisions, residential mortgage pass-through securities and investment in mutual funds and other equity securities. The Bank’s primary sources of funds are deposits. NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) Recent Trading Information
NATIONAL COMMERCE CORPORATION (NASDAQ:NCOM) closed its last trading session down -0.92 at 36.38 with 40,975 shares trading hands.