In 2023, Frank S. Sorrentino III earned $3.63M in total compensation at Center Bancorp, including $945.00K salary, $878.90K bonus and $1.63M in stock. Most recently acquired 104,524 shares in Mar 2025. Currently holds stock worth $15.83M. Has led Center Bancorp for over 11 years.
Compensation History
Annual executive compensation data for Frank S. Sorrentino III, including salary, bonuses, and stock awards.
Year
2023
Total Compensation
$3.63M
Salary
$945.00K
Bonus
$878.90K
Other
$182.00K
Salary
$945.00KBoard Justification
The compensation philosophy emphasizes a pay-for-performance approach, aligning executive compensation with company performance and shareholder interests through rigorous stock ownership guidelines and equity-based long-term incentives.
Bonus
$878.90KBoard Justification
The annual incentive plan provides cash incentives based on attaining pre-established goals, with a target incentive opportunity of 95% of base salary for the CEO. The actual payout was determined to be 97.9% of target due to performance metrics achieved in 2023.
Other Compensation
$182.00KBoard Justification
This includes contributions to the nonqualified deferred compensation plan and other benefits such as a car allowance.
Restricted Stock
Board Justification
The stock awards that vested in 2023 were based on performance units granted in prior years, with a total of 90,959 shares vesting during the year.
Performance Metrics
The performance metrics for determining the CEO's compensation included core return on assets, operating efficiency ratio, tangible book value per share, and pre-provision net revenue.
Frank S. Sorrentino III
Founder and CEO of Center Bancorp
Education
Not specified
Field of Expertise
Finance & Banking - Finance
Sector of Economy
Financial Services
Born
January 1, 1962 - 63 years ago
CEO of Center Bancorp for
11 years 5 months (Jul 2014 - Present)
Previous Experience
Chairman, President and Chief Executive Officer of Legacy ConnectOne
Other Center Bancorp CEOs
Holdings
Track Frank S. Sorrentino III's stock holdings and portfolio value over time.
Total Stock Sold
$2.58M
$2.58M
95,981 CNOB shares
What if they kept their stock?
If Frank S. Sorrentino III didn't sell their stock, today they would have:
Extra CNOB95,981 shares worth $2.51M.
This is -2.63% and $67.85K less than what they got when they sold the stock.
Insider Trading
Frank S. Sorrentino III's recent stock transactions, purchases, and sales filed with the SEC.
104,524 shares
CNOB
Mar 19, 2025
Received
28,761 shares
CNOB
Mar 22, 2024
Received
24,515 shares
CNOB
Mar 20, 2024
Received
106,863 shares
CNOB
Mar 20, 2023
Received
47,168 shares
CNOB
Mar 21, 2022
Received
$1.02M
CNOB at $34.12/share
Nov 2, 2021
Sale
34,783 shares
CNOB
Mar 15, 2021
Received
75,624 shares
CNOB
Mar 15, 2020
Received
$114.90K
CNOB at $21.93/share
Apr 29, 2019
Sale
34,200 shares
CNOB
Mar 19, 2019
Received
Rivals
Compare Frank S. Sorrentino III with competitor CEOs and industry peers.
Mark K. Hardwick
CEO of First Merchants Corporation
2023 Compensation
Stock
$611.04K
Salary
$728.00K
Bonus
$369.81K
Other
$78.87K
Total Holdings
$128.45K
Patrick S. Barrett
CEO of OceanFirst Financial
2023 Compensation
Stock
$0.00
Salary
$450.00K
Bonus
$285.12K
Other
$65.33K
Total Holdings
$29.82K
Anthony Labozzetta
CEO of Provident Financial Services
2023 Compensation
Stock
$61.82K
Salary
$818.27K
Bonus
$309.38K
Other
$121.55K
Total Holdings
$20.11K
H. Palmer Proctor, Jr.
CEO of Ameris Bancorp
2023 Compensation
Stock
$1.90M
Salary
$925.00K
Bonus
$1.44M
Other
$98.20K
Total Holdings
$1.46M