(1)
Amount shown for 2016 includes $750,000 paid in recognition of the extraordinary service provided in connection with the $100 million capital raise. Amount shown for 2014 includes $1.3 million paid in recognition of the extraordinary services provided by Mr. Paul in connection with the Virginia Heritage Bank (VHB) merger and amounts based on 2014 performance which are paid in the following year.
(2)
Represents the grant date fair value of awards of Time-Vested Shares and PRSUs granted in the subsequent year for performance during year indicated. There were no forfeitures of Time-Vested Shares or PRSUs with respect to 2014, 2015 and 2016 by any of the Named Executive Officers.
The per share grant date fair value for PRSUs granted in 2016 with respect to 2015 performance with non-market-based performance conditions was equal to the average of the high and low trading prices of the common stock on the date the shares were granted, which was $45.01. The per-share grant date fair value for PRSUs granted in 2016 with respect to 2015 performance with market-based performance conditions is estimated based on the use of a Monte Carlo valuation methodology, which resulted in a per share grant date fair value of $36.81. The weighted-average per-share grant date fair value of all PRSUs granted in 2016 with respect to 2015 performance [or maybe we say awarded for 2015] was $42.60The grant date fair value for PRSUs granted is based on the probable outcomes of the performance conditions as determined in accordance with FASB ASC Topic 718. The grant date fair value of the PRSUs granted in 2016 for performance in 2015, assuming the highest level of performance conditions is met, would have been $862,724 for Mr. Paul, $240,481 for Mr. Langmead, $199,070 for Mr. Marquez, $308,732 for Ms. Riel and $121,861 for Ms. Williams.
The per-share grant date fair value for PRSUs granted in 2017 with respect to 2016 performance with non-market-based performance conditions was equal to the closing price of the common stock on the date the shares were granted, or $62.70. The per-share grant date fair value for PRSUs granted in 2017 with market-based performance conditions is estimated based on the use of a Monte Carlo valuation methodology, and as described above, which resulted in a per-share grant date fair value of $47.07. The weighted average per-share grant date fair value of all PRSUs granted was $57.49. The grant date fair value of the PRSUs granted in 2017, assuming the highest level of performance conditions is met, would have been $1,461,331 for Mr. Paul, $314,585 for Mr. Langmead, $185,123 for Mr. Marquez, $277,685 for Ms. Riel and $409,177 and $248,451 for Ms. Williams.
The number of shares of Time-Vested Shares granted on February 10, 2015 to Messrs. Paul, Langmead and Marquez and Mmes. Riel and Williams were 11,563, 3,833, 3,117, 4,931 and 3,683, respectively.
The number of shares of Time-Vested Shares granted on February 18, 2016 to Messrs. Paul, Langmead and Marquez and Mmes. Riel and Williams were 25,071, 6,989, 5,786, 8,971 and 5,500, respectively. The number of PRSUs granted on February 18, 2016 to Messrs. Paul, Langmead and Marquez and Mmes. Riel and Williams were 13,500, 3,763, 3,115, 4,831 and 2,962, respectively.
The number of shares of Time-Vested Shares granted on February 14, 2017 to Messrs. Paul, Langmead and Marquez and Mmes. Riel and Williams were 22,927, 4,935, 4,356, 6,419 and 3,898, respectively. The number of PRSUs granted on February 14, 2017 to Messrs. Paul, Langmead and Marquez and Mmes. Riel and Williams were 16,946, 3,648, 3,220, 4,745 and 2,881, respectively.
(3)
Reflects amounts awarded under the Companys Senior Executive Incentive Plan. Amounts shown are based on performance in the year indicated and are paid in the following year.
(4)
Represents the value of the increase in the named executive officers accumulated benefit under the SERP adopted in 2013, assuming normal retirement at age 67 and a discount rate of 4.5%. Amounts reflected in this column are not currently payable to the named executive officers and are not considered for purposes of determining the identities of the named executive officers. Please refer to the discussion under the caption SERP below, and to the Pension Benefits table below for additional information about the SERP.
(5)
Other compensation consisted of a 3% cost of living adjustment in 2016 for Mr. Paul on his base salary ($25,907), and the following items:
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