Board Justification

The Corporation’s executive compensation program is designed to provide participating executives with an industry-competitive level of total compensation when their collective and individual performances meet or exceed the goals approved by the Board of Directors.

Board Justification

The bonus amounts were paid pursuant to discretionary 'holiday awards' that were paid in December of each year to essentially all employees except the Chief Executive Officer.

Board Justification

Includes employer contributions to the employee stock ownership plan, contributions to the 401(k) plan, employer contributions to the supplemental executive retirement plan, insurance premiums paid for group-term life and long-term disability, dividends paid on restricted stock, and other personal benefits.

Board Justification

Restricted stock awards to NEOs under the Stock Incentive Plan in 2023 provided for vesting over a three-year term, with vesting for half of the shares dependent on satisfactory performance (time vesting) and vesting for half of the shares based on time vesting and upon the Corporation meeting an ROAE and ROAA performance ratio, as defined. In 2023, the Corporation met the performance conditions defined in the applicable awards.