In 2023, Robert J. McCormick earned $2.03M in total compensation at Trustco Bank Corp, including $1.06M salary and $190.30K bonus. Most recently acquired 560 shares in Nov 2023. Currently holds stock worth $43.22M. Has led Trustco Bank Corp for over 21 years.
Compensation History
Annual executive compensation data for Robert J. McCormick, including salary, bonuses, and stock awards.
Year
2023
Total Compensation
$2.03M
Salary
$1.06M
Bonus
$190.30K
Other
$783.20K
Salary
$1.06MBoard Justification
The compensation philosophy aims to align executive pay with company performance, focusing on long-term value creation and retention of key executives.
Bonus
$190.30KBoard Justification
Based on the achievement of performance metrics under the Executive Officer Incentive Plan for 2023, Mr. McCormick received a payout equal to 18% of his base salary.
Other Compensation
$783.20KBoard Justification
This includes various forms of compensation such as tax gross-ups, retirement contributions, and other benefits.
Restricted Stock
Board Justification
No stock was vested in 2023 as the awards are structured to vest over multiple years and are not included in the total compensation calculation.
Performance Metrics
The performance metrics for 2023 included Return on Average Assets, Efficiency Ratio, Diluted Earnings Per Share, and Net Charge Offs as a percent of Average Loans Outstanding.
Robert J. McCormick
CEO of Trustco Bank Corp
Education
Bachelor's degree in Business Administration from Siena College
Field of Expertise
Finance & Banking - Finance
Sector of Economy
Financial Services
Born
March 15, 1962 - 63 years ago
CEO of Trustco Bank Corp for
21 years 11 months (Jan 2004 - Present)
Previous Experience
Various roles within TrustCo Bank Corp NY
Holdings
Track Robert J. McCormick's stock holdings and portfolio value over time.
Insider Trading
Robert J. McCormick's recent stock transactions, purchases, and sales filed with the SEC.
$15.00K
TRST at $26.78/share
Nov 9, 2023
Purchase
$21.69K
TRST at $27.52/share
Nov 7, 2023
Purchase
$123.69K
TRST at $27.79/share
May 15, 2023
Purchase
$27.97K
TRST at $36.23/share
Feb 1, 2023
Purchase
$47.03K
TRST at $33.94/share
Jan 26, 2023
Purchase
$59.22K
TRST at $32.90/share
Jul 27, 2022
Purchase
$113.40K
TRST at $32.40/share
Dec 15, 2021
Purchase
$195.92K
TRST at $31.63/share
Sep 3, 2021
Purchase
3,820 shares
TRST
Jul 27, 2021
Inheritance
$384.15K
TRST at $5.91/share
Apr 28, 2020
Purchase
Rivals
Compare Robert J. McCormick with competitor CEOs and industry peers.
Christopher J. McComish
CEO of S&T Bancorp
2023 Compensation
Stock
$150.00K
Salary
$350.00K
Bonus
$70.00K
Other
$20.00K
Total Holdings
$200.99K
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
Drake Mills
CEO of Origin Bancorp
2023 Compensation
Stock
$360.50K
Salary
$835.80K
Bonus
$408.16K
Other
$60.65K
Total Holdings
$108.42K