LCNB CORP
For the period ended Apr 22, 2024. Filed Mar 18, 2024.
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Apr 22, 2024 · Filed Mar 18, 2024
Contents
PAY VERSUS PERFORMANCE
| Year | Summary Compensation Table Total for PEO(1)(2) | Compensation Actually Paid to PEO(3) | Average Summary Compensation Table Total for Non-PEO NEOs (4) | Average Compensation Actually Paid to Non-PEO NEOs(5) | Value of Initial Fixed $100 Investment Based onTotal Shareholder Return (“TSR”) | Net Income (000’s) |
|---|---|---|---|---|---|---|
| 2023 | $871,738 | $715,359 | $500,061 | $408,076 | $107.35 | $12,628 |
| 2022 | $589,146 | $612,128 | $340,251 | $362,399 | $122.53 | $22,128 |
| 2021 | $647,404 | $639,429 | $368,122 | $367,370 | $132.92 | $20,974 |
(1) Executives included in the Non-PEO averages for 2021, 2022, and 2023 are; Mr. Haines, Mr. Layer, Mr. Miller, and Mr. Ruppert. Mr. Meilstrup is the PEO for all years.
(2) Includes restricted stock awards with the value of $ 154,050 in 2023, $102,000 in 2022 and $94,500 in 2021.
(3) Adjustments to determine compensation “actually paid” for the PEO included the following:
| Adjustments to determine Compensation “Actually Paid” for PEO in US dollars | 2023 | 2022 |
|---|---|---|
| Change in actuarial present value of the individual’s accumulated benefit under all defined benefit pension plans | 156,800 | 4,893 |
| Value of equity awards (stock awards or options) granted in the year | 154,050 | 102,000 |
| Value “actually received” as it relates to pension benefits | -- | -- |
| Service cost (and prior service cost) | 28,000 | 36,000 |
| Equity compensation | -- | -- |
| Awards granted in fiscal year (valued at December 31 of the relevant year) | 136,174 | 95,382 |
| Change of unvested awards (valued at December 31 of the relevant year) | (21,945) | (12,714) |
| Change of shares vested during year (valued at the applicable vesting date) | (2,723) | 184 |
| Dividends paid during year | 14,966 | 11,023 |
(4) Includes restricted stock awards in 2023 as follows; Mr. Haines, $65,000; Mr. Layer, $65,000; Mr. Miller, $65,000; Mr. Ruppert, $60,320. In 2022 as follows; Mr. Haines, $45,600; Mr. Layer, $45,600; Mr. Miller, $45,600, and Mr. Ruppert, $42,000. In 2021 includes restricted stock awards as follows, Mr. Haines, $42,800; Mr. Layer, $42,800; Mr. Miller, $42,800, and Mr. Ruppert, $39,200.
(5) Adjustments to determine compensation “actually paid” for the Non-PEO NEOs included the following:
| Adjustments to determine Compensation “Actually Paid” for Non-PEO NEO in US dollars | 2023 | 2022 |
|---|---|---|
| Change in actuarial present value of the individual's accumulated benefit under all defined benefit pension plans | 98,140 | 2,558 |
| Value of equity awards (stock awards or options) granted in the year | 63,830 | 44,700 |
| Value ”actually received” as it relates to pension benefits | -- | -- |
| Service cost (and prior service cost) | 18,500 | 27,250 |
| Equity compensation | -- | -- |
| Awards granted in fiscal year (valued at December 31 of the relevant year) | 56,418 | 41,801 |
| Change of unvested awards (valued at December 31 of the relevant year) | (9,991) | (6,341) |
| Change of shares vested during year (valued at the applicable vesting date) | (1,468) | 57 |
| Dividends paid during year | 6,527 | 5,238 |
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