David R. Garcia
About David R. Garcia
David R. Garcia, age 61, is Executive Vice President and Chief Lending Officer of BCB Community Bank (BCBP). He has 25+ years in finance across New Jersey banking and investment banking, with prior senior roles at Oritani Bank (including EVP of its private REIT and Managing Director of Oritani Finance Co.), UBS Investment Bank’s Global CRE/CMBS Group (Director, leading proprietary acquisitions of credit-tenant assets nationwide), and Daiwa Securities (Associate Director, real estate finance). Garcia holds a B.S. from Dominican College and an MBA from Fairleigh Dickinson University; he served as Chairman of the Real Estate Board of New York (REBNY) Finance Committee from 2019–2021 and remains active in industry organizations . Company performance context: 2024 net income fell 36.8% to $18.6 million, net interest margin compressed to 2.55% (vs. 2.85% in 2023), and pay-versus-performance shows $100 BCBP investment at $109 vs. peer group $144; PPNR was $92.0 million in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Oritani Bank / Oritani Asset Corp. / Oritani Finance Co. | EVP of REIT; Managing Director, Finance Co. | Over 11 years | Senior leadership across REIT and finance operations |
| UBS Investment Bank (Global CRE/CMBS) | Director; led proprietary acquisition of credit-tenant assets | Nearly a decade | Built nationwide portfolio of credit-tenant assets; progressive responsibility |
| Daiwa Securities (Real Estate Finance) | Associate Director | Not disclosed | Real estate finance execution and origination |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Real Estate Board of New York (REBNY) | Chairman, Finance Committee | 2019–2021 | Led finance committee; industry engagement |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 265,000 | 305,000 | 305,000 |
| Target Bonus (%) | Not disclosed | Not in AIP | 30% |
| Actual Bonus Paid ($) | 200,000 | 30,000 | — |
| Total “All Other Compensation” ($) | 7,459 | 7,896 | 15,441 |
Perquisites detail
| Perquisite | FY 2022 ($) | FY 2023 ($) | FY 2024 ($) |
|---|---|---|---|
| Employer 401(k) Contributions | — | — | 1,917 |
| Life Insurance | 1,459 | 1,896 | 7,524 |
| Board Retainer | — | — | — |
| Car Allowance | 6,000 | 6,000 | 6,000 |
| Total All Other Compensation | 7,459 | 7,896 | 15,441 |
Performance Compensation
AIP design and metrics (FY 2024)
- AIP structure: total award split 50% company performance goals and 50% individual qualitative goals; company goals equally weighted among PPNR, Total Risk-Based Capital Ratio, Non-Performing Assets/Total Loans, and Net Interest Margin (each 25% of company portion). Payout curve is Threshold 50%, Target 100%, Stretch 150%, with straight-line interpolation; max 150% .
- Incentive opportunity: Garcia target 30% of base salary; FY 2024 actual payout = $0 .
Estimated payout schedule (FY 2024)
| Item | Amount ($) |
|---|---|
| Threshold (50%) | 22,875 |
| Target (100%) | 91,500 |
| Maximum (150%) | 114,375 |
| Actual Payout | — |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial shares owned | 4,700 |
| Ownership as % of outstanding | <1% (star notation) |
| Options exercisable within 60 days | None |
| Unvested RSUs/Restricted Stock | None disclosed (no outstanding awards listed) |
| Options/RSUs vested in FY 2024 | None |
| Pledging/Hedging policy | Hedging and pledging prohibited for employees and directors |
Employment Terms
- Employment agreements disclosed for Shriner, Blake, Chaudhry, and Sievewright; no employment agreement for Garcia is disclosed in the proxy, and he is not included in the potential payments tables for termination/change-in-control scenarios .
- Clawback policy applies to Section 16 executive officers, including NEOs, for restatements with potential recoupment of excess cash/equity compensation .
- Hedging and pledging of company stock are prohibited; repricing of underwater options requires shareholder approval .
- Employee benefits include medical/dental, life insurance, disability, and 401(k) match; no defined benefit pension plan provided .
Investment Implications
- Alignment and selling pressure: With no outstanding equity awards and no FY 2024 vesting or option exercises, near-term forced-selling pressure appears low; beneficial ownership is modest at 4,700 shares (<1%), limiting direct equity-alignment leverage despite company-wide hedging/pledging prohibitions .
- Pay-for-performance: Garcia’s 2024 AIP target was 30% of salary but paid $0 amid weak company performance; AIP metrics emphasize bank safety-and-soundness (PPNR, capital ratio, NPA/Loans, NIM), signaling disciplined payout governance tied to operating performance .
- Retention and change-in-control economics: No disclosed employment agreement or dedicated severance/CIC schedule for Garcia, unlike other NEOs; this reduces shareholder liability in change-in-control but could translate to lower contractual retention protections for a key lending executive .
- Governance and risk controls: Clawback, hedging/pledging prohibitions, and limited perquisites indicate conservative governance posture; absence of defined benefit pension reduces long-tail obligations .
- Performance backdrop: 2024 net income fell 36.8% and NIM compressed; TSR underperformed the peer group ($100 to $109 vs. $144), raising execution focus on credit quality and margin stabilization in Garcia’s lending remit .