CNB FINANCIAL CORPPA
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2023 · Filed Mar 8, 2024
Contents
Competitive Benchmarking
On an annual basis, the ECC reviews competitive market data and conducts a comprehensive compensation assessment. To assist in making compensation decisions, the ECC engaged Meridian to conduct a comprehensive competitive analysis of our executive compensation program. An updated version of Meridian’s annual peer and market compensation analysis was used as a reference source and key input for the ECC to set 2023 executive compensation levels, to establish the NEO short-term and long-term incentive program settings, and to assess the historical pay for performance relationship. In addition, this third-party consulting analysis provided the ECC with an independent and objective assessment of each element of compensation and total target compensation relative to market and peer group practices and of the pay mix and the pay for performance relationship.
In developing a market composite for its compensation review, Meridian used data from the (1) public company proxy peer group comprised of 22 financial corporations; and, (2) published financial services industry compensation surveys. Meridian developed the proposed peer group using objective parameters that reflect financial corporations of similar size (assets between $2B and $10B; approximately half to two times the Corporation’s asset size when the peer group was developed), geographic region and business model (factors that influence NEO compensation in the banking industry). The ECC reviewed and approved the peer group as developed and recommended by Meridian. The peer group is reviewed and updated as appropriate, since the comparable financial corporations may change depending on acquisitions with other institutions that occur between annual analyses, and any notable changes to the business focus of the Corporation or the peer institutions. Overall, the goal is to have 15 to 25 comparative financial corporations that approximate the Corporation’s asset size and region and provide a market perspective for NEO total compensation.
The following 22 financial corporations comprised the peer group:
| Peer Group Company | Ticker Symbol |
|---|---|
| First Commonwealth Financial Corporation | FCF |
| Park National Corporation | PRK |
| S&T Bancorp, Inc. | STBA |
| Tompkins Financial Corporation | TMP |
| Stock Yards Bancorp, Inc. | SYBT |
| Premier Financial Corp. | PFC |
| Peoples Bancorp Inc. | PEBO |
| Univest Financial Corporation | UVSP |
| City Holding Company | CHCO |
| Financial Institutions, Inc. | FISI |
| Community Trust Bancorp, Inc. | CTBI |
| First Financial Corporation | THFF |
| Mid Penn Bancorp, Inc. | MPB |
| Farmers National Banc Corp. | FMNB |
| Arrow Financial Corporation | AROW |
| Carter Bankshares, Inc. | CARE |
| Summit Financial Group, Inc. | SMMF |
| Shore Bancshares, Inc. | SHBI |
| Peoples Financial Services Corp. | PFIS |
| American National Bankshares Inc. | AMNB |
| First Community Bankshares, Inc. | FCBC |
| Primis Financial Corp. | FRST |
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