Exhibit 10.1
2017 Incentive Compensation Bonus Plan |
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Named Executive Goal Level |
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CEO Goal Level |
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Metric |
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($ in millions) |
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($ in millions) |
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# |
Metric Description |
Weight |
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1 |
2 |
3 |
4 |
5 |
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1 |
2 |
3 |
4 |
5 |
1 |
Pre-tax net income* |
30% |
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$ 6.600 |
$ 7.100 |
$ 7.600 |
$ 8.100 |
$ 8.600 |
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$ 6.600 |
$ 7.100 |
$ 7.600 |
$ 8.100 |
$ 8.600 |
% of base pay to be earned in cash |
0.0% |
1.88% |
3.75% |
5.63% |
7.50% |
0.0% |
3.75% |
7.50% |
11.25% |
15.00% |
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% of base pay to be earned in equity |
0.0% |
1.88% |
3.75% |
5.63% |
7.50% |
0.0% |
1.88% |
3.75% |
5.63% |
7.50% |
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2 |
Loan growth |
20% |
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$ 650.000 |
$ 665.000 |
$ 675.000 |
$ 685.000 |
$ 700.000 |
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$ 650.000 |
$ 665.000 |
$ 675.000 |
$ 685.000 |
$ 700.000 |
% of base pay to be earned in cash |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
0.0% |
2.50% |
5.00% |
7.50% |
10.00% |
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% of base pay to be earned in equity |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
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3 |
Non-interest expense* |
15% |
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$ 30.200 |
$ 29.450 |
$ 28.700 |
$ 27.950 |
$ 27.200 |
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$ 30.200 |
$ 29.450 |
$ 28.700 |
$ 27.950 |
$ 27.200 |
% of base pay to be earned in cash |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
0.0% |
1.88% |
3.75% |
5.63% |
7.50% |
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% of base pay to be earned in equity |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
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4 |
Core deposits** |
20% |
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$ 407.000 |
$ 420.000 |
$ 432.000 |
$ 452.000 |
$ 472.000 |
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$ 407.000 |
$ 420.000 |
$ 432.000 |
$ 452.000 |
$ 472.000 |
% of base pay to be earned in cash |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
0.0% |
2.50% |
5.00% |
7.50% |
10.00% |
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% of base pay to be earned in equity |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
0.0% |
1.25% |
2.50% |
3.75% |
5.00% |
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5 |
Asset quality*** |
15% |
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35% |
30% |
25% |
20% |
15% |
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35% |
30% |
25% |
20% |
15% |
% of base pay to be earned in cash |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
0.0% |
1.88% |
3.75% |
5.63% |
7.50% |
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% of base pay to be earned in equity |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
0.0% |
0.94% |
1.88% |
2.81% |
3.75% |
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Max Cash Award as % of Salary |
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0.00% |
6.25% |
12.50% |
18.75% |
25.00% |
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0.00% |
12.50% |
25.00% |
37.50% |
50.00% |
Max Equity Award as % of Salary |
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0.00% |
6.25% |
12.50% |
18.75% |
25.00% |
0.00% |
6.25% |
12.50% |
18.75% |
25.00% |
Plan is based on 5 key performance metrics at bank level – no points earned for first column of achievement.
Up to 50% of base pay may be earned in cash bonus and up to 25% of base pay may be earned in share-based compensation for CEO; 25% for other named executive officers.
*Excludes gain on sale of securities, OTTI charges, and other non-recurring items as determined at the Compensation Committee’s discretion.
**Total Deposits excluding CD and IRA CD
***Classified assets to capital (substandard loans + OREO)/(Tier 1 equity capital + ALLL)