v3.25.2
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of  Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (as defined by SEC rules) and certain financial performance of the Company.  The Human Resources Committee reviewed the total shareholder return for a one-year and a three-year periods but the Committee did not specifically incorporate Item 402(v) pay versus performance disclosure when making its incentive compensation decisions. For further information about how we align executive compensation with the Company’s performance, see “Narrative Discussion of Executive Compensation.”

 

Pay versus Performance Table. The table below reflects Compensation Actually Paid to the Company’s Principal Executive Officer (”PEO”) and average Compensation Actually Paid to Non-PEO Named Executive Officers during 2024, 2023 and 2022. In addition, the table discloses our Total Shareholder Return calculation that  assumes reinvestment of all dividends and reflects changes in the company’s share price since the initial investment date of December 31, 2020.

 

Year

  

Summary Compensation Table Total for PEO

    

Compensation Actually Paid to PEO

    

Average Summary Compensation Table Total for Non-PEO NEOs

    

Average Compensation Actually Paid to Non-PEO NEOs(1)

    

Value of Initial Fixed $100 Investment Based on Total Shareholder Return (2)

    

Net Income (in thousands) (3)

    

Earnings Per Share

  

2024

   $ 608,919     $ 608,919     $ 362,853     $ 362,853     $ 170     $ 4,073     $ 0.33  

2023

     613,446       613,446       363,928       363,928       132       9,393       0.74  

2022

     633,916       633,916       410,937       410,937       130       10,494       0.80  

 

(1) No adjustments were made to the SCT total to determine Compensation Actually Paid; the Company does not provide employees with pension benefits and no equity compensation was granted to or outstanding for our PEO and NEOs during the period.
(2) Total Shareholder Return assumes reinvestment of all dividends and reflects changes in the Company’s share price since the initial investment date of December 31, 2020.
(3) As reported in our audited financial statements for the applicable year.
  The PEO for 2023 and 2024 is F. Morgan Gasior and the non-PEO NEOs are Paul A. Cloutier and Gregg T. Adams.
  The PEO for 2022 is F. Morgan Gasior and the non-PEO NEOs are Marci L. Slagle and John G. Manos.

 

Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to our Other Non-PEO NEOs and the Company's Cumulative Total Shareholder Return (TSR). For 2023 to 2024, the compensation actually paid to our PEO and the average of the compensation actually paid to the other Non-PEO NEOs decreased by 0.74% and 0.30%, respectively, compared to a 28.32% increase in our TSR over the same time horizon.

 

Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to our Other Non-PEO NEOs and the Company's Net Income. For 2023 to 2024, the compensation actually paid to our PEO and the average of the compensation actually paid to the other Non-PEO NEOs decreased by 0.74% and 0.30%, respectively, compared to a 56.64% decrease in our net income over the same time horizon.  The cash incentive paid to our PEO declined by 37.32% from 2023 to 2024, compared to a a 56.64% decrease in our net income over the same time horizon.

 

 

 

    
PEO Total Compensation Amount $ 608,919 $ 613,446 $ 633,916
PEO Actually Paid Compensation Amount 608,919 613,446 633,916
Non-PEO NEO Average Total Compensation Amount 362,853 363,928 410,937
Non-PEO NEO Average Compensation Actually Paid Amount 362,853 363,928 410,937
Total Shareholder Return Amount 170 132 130
Net Income (Loss) $ 4,073,000 $ 9,393,000 $ 10,494,000
Company Selected Measure Amount 0.33 0.74 0.8