Summary | Average Summary | Average | Value of Initial Fixed | Bank | ||||
Compensation | Compensation | Compensation Table | Compensation | $100 Investment Based On: | ||||
Table Total For | Actually Paid to | Total for | Actually Paid to | Total Shareholder | Peer Group Total | Net Income | Net Revenue | |
Year | PEO (1) | PEO (1) | Non-PEO NEOs (2) | Non-PEO NEOs (2) | Return | Shareholder Return (3) | (in millions) | (PPNR) ROAA |
2025 | $ 2,703,888 | $ 3,101,806 | $ 796,019 | $ 886,260 | $ 248.68 | $ 148.15 | $58.0 | 2.97 |
2024 | 3,300,108 | 3,972,908 | 679,591 | 843,398 | 207.94 | 110.50 | 41.5 | 2.23 |
2023 | 2,360,462 | 2,503,103 | 544,748 | 575,735 | 139.49 | 104.92 | 39.7 | 2.32 |
2022 | 2,207,257 | 2,323,003 | 797,723 | 827,847 | 126.86 | 112.59 | 38.5 | 2.55 |
| 1) | The Company’s Principal Executive Officer “PEO” is James A. Hughes. |
| 2) | The Company’s current Non-PEO NEOs consist of George Boyan, Vincent Geraci, James Donovan, and Daniel Sharabba. Prior periods include Janice Bolomey who resigned as Executive Vice President and Chief Administrator Officer on June 30, 2023, John Kauchak who retired as Executive Vice President and Chief Operating Officer on June 30, 2023, who were both reported on the 2023 Proxy, and James Davies, Senior Vice President and Controller, who was reported on the 2024 Proxy. |
| 3) | For the years in which public shareholder return data was available, the Company’s peer group total shareholder consists of data compiled on the following banks: Amalgamated Bank, Bankwell Bank, BCB Community Bank, Columbia Bank, ConnectOne Bank, Embassy Bank for the Lehigh Valley, First Bank, First Commerce Bank, First Keystone Community Bank, Flushing Bank, Kearny Bank, LINKBANK, Metropolitan Commercial Bank, NorthEast Community Bank, Northfield Bank, OceanFirst Bank, Orange Bank & Trust Company, Parke Bank, Peapack Private Bank & Trust, QNB Bank, Somerset Regal Bank, The Bank of Princeton, The Ephrata National Bank, The Honesdale National Bank, and Univest Bank and Trust Co. |
| 1) | The Company’s Principal Executive Officer “PEO” is James A. Hughes. |
| 2) | The Company’s current Non-PEO NEOs consist of George Boyan, Vincent Geraci, James Donovan, and Daniel Sharabba. Prior periods include Janice Bolomey who resigned as Executive Vice President and Chief Administrator Officer on June 30, 2023, John Kauchak who retired as Executive Vice President and Chief Operating Officer on June 30, 2023, who were both reported on the 2023 Proxy, and James Davies, Senior Vice President and Controller, who was reported on the 2024 Proxy. |
| 3) | For the years in which public shareholder return data was available, the Company’s peer group total shareholder consists of data compiled on the following banks: Amalgamated Bank, Bankwell Bank, BCB Community Bank, Columbia Bank, ConnectOne Bank, Embassy Bank for the Lehigh Valley, First Bank, First Commerce Bank, First Keystone Community Bank, Flushing Bank, Kearny Bank, LINKBANK, Metropolitan Commercial Bank, NorthEast Community Bank, Northfield Bank, OceanFirst Bank, Orange Bank & Trust Company, Parke Bank, Peapack Private Bank & Trust, QNB Bank, Somerset Regal Bank, The Bank of Princeton, The Ephrata National Bank, The Honesdale National Bank, and Univest Bank and Trust Co. |
Below is a summary of the adjustments used to determine compensation “actually paid” for the Company’s PEO and Non-PEO NEOs:
Adjustment | 2025 | 2024 | 2023 | 2022 | |
Deduction for Amounts Reported under the "Stock Awards" Column | $ | (1,267,849) | ($ 1,080,415) | ($ 774,000) | ($ 1,378,660) |
Deduction for Amounts Reported under "Option Awards" Column | - | - | - | - | |
Increase for Fair Value of Awards Granted During Year that Remain Unvested as of Year-End | 1,543,842 | 1,678,985 | 1,109,625 | 1,339,170 | |
Increase for Fair Value of Awards Granted During Year that Vest During Year | - | - | - | - | |
Increase for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End | 428,816 | 677,334 | 182,683 | 98,841 | |
Increase (Decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year | 62 | 1,960 | (240,298) | 138,592 | |
Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited During Year | - | - | - | - | |
Increase Based Upon Incremental Fair Value of Awards Modified During Year | - | - | - | - | |
Increase Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award | 54,010 | 50,161 | 50,556 | 38,300 |
Below is a summary of the adjustments used to determine compensation “actually paid” for the Company’s PEO and Non-PEO NEOs:
Adjustment | 2025 | 2024 | 2023 | 2022 | |
Deduction for Amounts Reported under the "Stock Awards" Column | $ | (1,267,849) | ($ 1,080,415) | ($ 774,000) | ($ 1,378,660) |
Deduction for Amounts Reported under "Option Awards" Column | - | - | - | - | |
Increase for Fair Value of Awards Granted During Year that Remain Unvested as of Year-End | 1,543,842 | 1,678,985 | 1,109,625 | 1,339,170 | |
Increase for Fair Value of Awards Granted During Year that Vest During Year | - | - | - | - | |
Increase for Change in Fair Value from Prior-Year End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End | 428,816 | 677,334 | 182,683 | 98,841 | |
Increase (Decrease) for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year | 62 | 1,960 | (240,298) | 138,592 | |
Deduction of Fair Value of Awards Granted Prior to Year that were Forfeited During Year | - | - | - | - | |
Increase Based Upon Incremental Fair Value of Awards Modified During Year | - | - | - | - | |
Increase Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award | 54,010 | 50,161 | 50,556 | 38,300 |
Financial Measure | Description |
Pre-Provision Net Revenue (PPNR) ROAA | Pre-provision Net Revenue("PPNR") is a Non-GAAP measure and is defined as the Bank's income before provision for income taxes, less provision for credit losses divided by average total assets. Information obtained from Call Report data. |
Pre-Provision Net Revenue (PPNR) ROAE | Pre-provision Net Revenue("PPNR") ROAE is a Non-GAAP measure and is defined as the Bank's income before provision for income taxes, less provision for credit losses divided by average total equity. Information obtained from Call Report data. |