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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with applicable SEC rules, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and Company Performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

Year

Summary Compensation Table Total for Douglas L. Kennedy (1)

 

Compensation Actually Paid to Douglas Kennedy (1), (2), (3)

 

Average Summary Compensation Table Total for Non-PEO NEOs (1)

 

Average Compensation Actually Paid to Non-PEO NEOs (1), (2), (3)

 

Value of Initial Fixed $100 Investment based on: (4)

 

Net Income
(In Millions)

 

Diluted EPS Compared to Peer Group (5)

 

 

 

 

 

 

 

 

 

 

Company TSR

 

Peer Group TSR

 

 

 

 

 

2024

$

2,699,356

 

$

2,908,284

 

$

1,095,345

 

$

1,195,001

 

$

107.60

 

$

130.90

 

$

32.99

 

$

1.85

 

2023

$

3,004,327

 

$

2,478,130

 

$

1,159,935

 

$

925,306

 

$

99.38

 

$

115.64

 

$

48.85

 

$

2.71

 

2022

$

3,070,048

 

$

3,239,967

 

$

1,380,828

 

$

1,416,241

 

$

123.17

 

$

116.10

 

$

74.25

 

$

4.00

 

2021

$

2,523,657

 

$

3,753,878

 

$

1,103,177

 

$

1,711,909

 

$

116.48

 

$

124.74

 

$

56.62

 

$

2.93

 

2020

$

2,214,020

 

$

2,499,668

 

$

1,016,938

 

$

1,118,518

 

$

74.42

 

$

91.29

 

$

26.19

 

$

1.37

 

 

1.
Douglas L. Kennedy was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for the 2023 and 2024 years presented were Frank A. Cavallaro, John P. Babcock, Robert A. Plante, and Gregory M. Smith. The individuals comprising the Non-PEO NEOs for the 2020, 2021 and 2022 years presented were Jeffrey J. Carfora, John P. Babcock, Robert A. Plante, and Gregory M. Smith.
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

 

Year

Summary Compensation Table Total for Douglas L. Kennedy

 

Exclusion of Stock Awards for Douglas L. Kennedy

 

Inclusion of Equity Values for Douglas L. Kennedy

 

Compensation Actually Paid to Douglas L. Kennedy

 

2024

$

2,699,356

 

$

(617,208

)

$

826,136

 

$

2,908,284

 

 

Year

Average Summary Compensation Table Total for Non-PEO NEOs

 

Average Exclusion of Stock Awards and Option Awards for Non-PEO NEOs

 

Average Inclusion of Equity Values for Non-PEO NEOs

 

Average Compensation Actually Paid to Non-PEO NEOs

 

2024

$

1,095,345

 

$

(318,770

)

$

418,426

 

$

1,195,001

 

 

4.
The Peer Group TSR set forth in this table utilizes the KBW NASDAQ Regional Banking Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the KBW NASDAQ Regional Banking Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.
We determined Diluted EPS to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2024, 2023 and in 2022. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

Year

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Douglas L. Kennedy

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Douglas L. Kennedy

 

Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Douglas L. Kennedy

 

Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Douglas L. Kennedy

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Douglas L. Kennedy

 

Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Douglas L. Kennedy

 

Total - Inclusion of
Equity Values for Douglas L. Kennedy

 

2024

$

817,840

 

$

143,247

 

$

-

 

$

(134,951

)

$

-

 

$

-

 

$

826,136

 

 

Year

Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs

 

Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs

 

Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs

 

Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs

 

Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs

 

Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs

 

Total - Average Inclusion of
Equity Values for Non-PEO NEOs

 

2023

$

422,391

 

$

52,253

 

$

-

 

$

(56,218

)

$

-

 

$

-

 

$

418,426

 

 

        
Company Selected Measure Name Diluted EPS Compared to Peer Group        
Named Executive Officers, Footnote
1.
Douglas L. Kennedy was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for the 2023 and 2024 years presented were Frank A. Cavallaro, John P. Babcock, Robert A. Plante, and Gregory M. Smith. The individuals comprising the Non-PEO NEOs for the 2020, 2021 and 2022 years presented were Jeffrey J. Carfora, John P. Babcock, Robert A. Plante, and Gregory M. Smith.
        
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the KBW NASDAQ Regional Banking Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2024. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the KBW NASDAQ Regional Banking Index, respectively. Historical stock performance is not necessarily indicative of future stock performance        
PEO Total Compensation Amount $ 2,699,356 $ 3,004,327 $ 3,070,048 $ 2,523,657 $ 2,214,020
PEO Actually Paid Compensation Amount $ 2,908,284 2,478,130 3,239,967 3,753,878 2,499,668
Adjustment To PEO Compensation, Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

 

Year

Summary Compensation Table Total for Douglas L. Kennedy

 

Exclusion of Stock Awards for Douglas L. Kennedy

 

Inclusion of Equity Values for Douglas L. Kennedy

 

Compensation Actually Paid to Douglas L. Kennedy

 

2024

$

2,699,356

 

$

(617,208

)

$

826,136

 

$

2,908,284

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

Year

Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Douglas L. Kennedy

 

Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Douglas L. Kennedy

 

Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Douglas L. Kennedy

 

Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Douglas L. Kennedy

 

Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Douglas L. Kennedy

 

Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Douglas L. Kennedy

 

Total - Inclusion of
Equity Values for Douglas L. Kennedy

 

2024

$

817,840

 

$

143,247

 

$

-

 

$

(134,951

)

$

-

 

$

-

 

$

826,136

 
       
Non-PEO NEO Average Total Compensation Amount $ 1,095,345 1,159,935 1,380,828 1,103,177 1,016,938
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,195,001 925,306 1,416,241 1,711,909 1,118,518
Adjustment to Non-PEO NEO Compensation Footnote
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the amounts from the Stock Awards column set forth in the Summary Compensation Table.

Year

Average Summary Compensation Table Total for Non-PEO NEOs

 

Average Exclusion of Stock Awards and Option Awards for Non-PEO NEOs

 

Average Inclusion of Equity Values for Non-PEO NEOs

 

Average Compensation Actually Paid to Non-PEO NEOs

 

2024

$

1,095,345

 

$

(318,770

)

$

418,426

 

$

1,195,001

 

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

Year

Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs

 

Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs

 

Average Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs

 

Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs

 

Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-PEO NEOs

 

Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Included for Non-PEO NEOs

 

Total - Average Inclusion of
Equity Values for Non-PEO NEOs

 

2023

$

422,391

 

$

52,253

 

$

-

 

$

(56,218

)

$

-

 

$

-

 

$

418,426

 
       
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Compensation Actually Paid and Company Total Shareholder Return (“TSR”) and Peer Group TSR

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR over the five most recently completed fiscal years, and the cumulative TSR of the KBW NASDAQ Regional Banking Index over the same period.

img195308387_0.jpg

        
Compensation Actually Paid vs. Net Income

Relationship Between Compensation Actually Paid and Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Net Income during the five most recently completed fiscal years.

img195308387_1.jpg

        
Compensation Actually Paid vs. Company Selected Measure

Relationship Between Compensation Actually Paid and Diluted EPS

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and Diluted EPS during the five most recently completed fiscal years.

 

img195308387_2.jpg

        
Tabular List, Table

List of Most Important Financial Performance Measures

The following list presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and Non-PEO NEOs to Company performance for 2024. The measures in this table are not ranked.

•
Pre-Tax Income Before Provision for Credit Losses Compared to Budget/Target
•
Diluted Earnings per Share (EPS) Compared to Budget/Target
•
Diluted Earnings per Share (EPS) Growth Compared to Peer Group
•
TSR Compared to Peer Group
•
Credit Quality (Allowance for Credit Losses / Total Loans) Compared to Peer Group
•
Credit Quality (Non-Performing Assets / Total Assets) Compared to Peer Group
•
Core Deposit Growth Compared to Peer group
        
Total Shareholder Return Amount $ 107.6 99.38 123.17 116.48 74.42
Peer Group Total Shareholder Return Amount 130.9 115.64 116.1 124.74 91.29
Net Income (Loss) $ 32,990,000 $ 48,850,000 $ 74,250,000 $ 56,620,000 $ 26,190,000
Company Selected Measure Amount 1.85 2.71 4 2.93 1.37
PEO Name Douglas L. Kennedy Douglas L. Kennedy Douglas L. Kennedy Douglas L. Kennedy Douglas L. Kennedy
Measure:: 1          
Pay vs Performance Disclosure          
Name Diluted Earnings per Share (EPS) Compared to Budget/Target        
Non-GAAP Measure Description
5.
We determined Diluted EPS to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2024, 2023 and in 2022. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Pre-Tax Income Before Provision for Credit Losses Compared to Budget/Targe        
Measure:: 3          
Pay vs Performance Disclosure          
Name Diluted Earnings per Share (EPS) Growth        
Measure:: 4          
Pay vs Performance Disclosure          
Name TSR Compared to Peer Group        
Measure:: 5          
Pay vs Performance Disclosure          
Name Credit Quality (Allowance for Credit Losses / Total Loans) Compared to Peer Group        
Measure:: 6          
Pay vs Performance Disclosure          
Name Credit Quality (Non-Performing Assets / Total Assets) Compared to Peer Group        
Measure:: 7          
Pay vs Performance Disclosure          
Name Core Deposit Growth Compared to Peer group        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (617,208)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 826,136        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 817,840        
PEO | 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 143,247        
PEO | 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 (134,951)        
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 (318,770) $ 422,391      
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 418,426 418,426      
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   52,253      
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   $ 56,218