Marion Colombo
About Marion Colombo
Executive Vice President, Director of Retail Delivery at BHBT (Bar Harbor Bank & Trust) since February 2018; age 59. She leads retail strategy and delivery to ensure a consistent, high-touch customer experience across Maine, New Hampshire, and Vermont; previously held multiple leadership roles over 30 years at TD Bank, including Market President of Retail for Greater Boston and Rhode Island (2009–2018) .
Company performance context:
| Metric | FY 2024 | Q3 2025 | YTD 2025 |
|---|---|---|---|
| Net Income ($USD Thousands) | 43,544 | 8,855 | 25,158 |
| Core ROA (%) | 1.09 | 1.35 | 1.15 |
| Core ROE (%) | 9.72 | 12.16 | 10.20 |
| Net Interest Margin (%) | 3.15 | 3.56 | 3.32 |
| Efficiency Ratio (%) | 61.83 | 56.70 | 60.02 |
| TSR – $100 Investment (Company) | $147.91 | — | — |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TD Bank | Market President of Retail (Greater Boston & Rhode Island) | 2009–2018 | Responsible for retail strategy for 110 de novo branches; led market expansion and customer growth |
| TD Bank | Multiple leadership roles | 30 years (dates not specified) | Built deep retail banking expertise; partnered across business lines to increase wallet share beyond branches |
| Bar Harbor Bank & Trust | EVP, Director of Retail Delivery | 2018–present | Leads multi-state retail strategy and delivery; drives consistent customer experience across ME, NH, VT |
External Roles
| Organization | Role/Recognition | Years | Notes |
|---|---|---|---|
| Massachusetts Women’s Political Caucus | Abigail Adams Award (Outstanding Woman Leader) | Not disclosed | Recognition for leadership |
| United Way; Boston Partners in Education; other nonprofits | Service and support, recognized for extraordinary support of women in the workplace | Not disclosed | Community leadership and advocacy |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Base Salary ($) | 328,900 | 339,000 | 350,000 | 361,000 |
| Target Bonus (%) | — | — | 35% | — |
| Target Bonus ($) | — | — | 122,500 | — |
| Actual Bonus Paid ($) | 148,005 | 158,004 | 181,221 | — |
| Stock Awards ($, grant-date fair value) | 138,120 | 142,353 | 122,454 | — |
| All Other Compensation ($) | 26,461 | 31,763 | 31,697 | — |
Perquisites detail (2024):
- 401(k) employer match: $13,800; Membership dues: $10,357; Taxable travel: $725; Imputed life insurance: $6,815 .
Performance Compensation
Annual cash incentive (2024):
| Metric | Weight | Threshold | Target | Stretch | Actual | Performance Factor |
|---|---|---|---|---|---|---|
| Adjusted Net Income ($000s) | 40% | 37,019 | 39,805 | 43,786 | 43,375 | 145% |
| Non-Performing Loans / Total Loans (%) | 10% | 0.51 | 0.38 | 0.32 | 0.22 | 150% |
| Efficiency Ratio (%) | 10% | 65.19 | 63.91 | 62.63 | 61.84 | 150% |
| Strategic Initiatives | 40% | n/a | n/a | n/a | Stretch achieved | 150% |
| Total payout vs target | — | — | — | — | — | 148% |
Long-term incentives (awarded 2024; 2024–2026 performance cycle):
- Mix: 50% RSUs subject to performance-based vesting; 50% time-based restricted stock (1/3 per year over 3 years) .
- Performance metrics (each 50% weight): 3-year average Core ROA and Core ROE relative to Custom Industry Index; vesting at 50%/100%/150% for threshold (25th percentile), target (50th), stretch (75th) .
- Marion’s 2024 LTI awards: Time-vested $61,227; Performance-vested at target $61,227; Total $122,454 .
- Prior cycle vesting: 2021–2023 LTI vested at 103% of target based on 52nd percentile 3-year average ROA .
Equity Ownership & Alignment
Beneficial ownership (record date March 10, 2025):
| Category | Shares |
|---|---|
| Direct | 23,880 |
| 401(k) Plan (fully vested shares with voting power) | — |
| Long-term incentive equity scheduled to be issued within 60 days | 2,424 |
| Total beneficial ownership | 26,304 (less than 1%) |
Unvested equity (as of 12/31/2024):
| Award type | Unvested shares | Market value @ $30.58 | Vesting dates |
|---|---|---|---|
| Time-vested | 2,438 | $74,544 | 1,663 on 4/23/2027; 774 on 4/23/2026 |
| Performance-vested (at target) | 4,818 | $147,334 | 2,495 on 4/23/2027; 2,323 on 4/23/2026 |
2024 shares vested:
| Award type | Shares vested | Value realized ($) |
|---|---|---|
| Time-vested | 2,413 | 61,001 |
| Performance-vested | 2,556 | 64,616 |
Alignment policies:
- Stock ownership guidelines: CEO 3x salary; other NEOs 1x salary; all net shares from grants must be retained until guideline met .
- Hedging prohibited under Securities and Insider Trading Policy .
- Clawback: Recovery of erroneously awarded incentive compensation upon accounting restatement; applies to cash and equity awards .
- No stock options outstanding (12/31/2024) ; no pension/SERP or nonqualified deferred comp for NEOs (12/31/2024) .
Employment Terms
Change-in-control (CIC) protection:
- Plan terms: Double trigger—CIC plus qualifying termination within 12 months; benefits include 24 months of base salary and 12 months of subsidized medical COBRA reimbursements; equity awards fully vest if not assumed/converted; if assumed and terminated within one year, time-based fully vest and performance-based vest at higher of target or actual as of quarter end preceding CIC .
- Estimated CIC termination benefits (as of 12/31/2024): Cash severance $700,000; Benefits $20,711; Equity vesting $355,075; Total $1,075,786 .
- Non-CIC severance: Not applicable; Marion is covered by the CIC plan, not an employment agreement .
- Tax gross-ups: None; arrangements include 280G “best net” cutback if needed .
Performance & Track Record
Operating and strategic highlights:
- Q3 2025 performance: Core ROA 1.35%; Core ROE 12.16%; NIM 3.56%; Efficiency Ratio 57%; NPAs/Assets 0.25% .
- YTD 2025 performance: Core ROA 1.15%; Core ROE 10.20%; NIM 3.32%; Efficiency Ratio 60% .
- Dividend trajectory: Cash dividend per share rose from $0.29 (Q3’24) to $0.32 (Q2’25) .
- Acquisition execution: Closed Guaranty Bancorp (Woodsville Guaranty Savings Bank) July 31, 2025; conversion completed in early October, adding nine NH branches and expanding deposits, loans, and fee-income opportunities .
- Loan mix discipline: Commercial loans increased from 62% to 68% of the portfolio since Q3 2021; selective CRE-Office origination with 86% pass-rated exposure and 0.27% NPLs/Loans in Q3’25 .
Say-on-Pay:
- Shareholders approved 2024 Say-on-Pay with 87.0% support .
Investment Implications
- Pay-for-performance alignment: 2024 annual bonus paid at 148% of target driven by company-level profitability, asset quality, efficiency, and strategic execution; LTI performance shares tied to relative Core ROA/ROE vs regional peers, with prior cycle vesting at 103% of target—signals disciplined, multi-metric incentives aligned to shareholder outcomes .
- Retention risk and selling pressure: Meaningful unvested equity scheduled for 2026–2027 and guideline-based holding requirements reduce near-term selling pressure; change-in-control protections (24 months salary) provide retention stability, though CIC termination would accelerate vesting and create a potential supply event in shares .
- Ownership “skin in the game”: 26,304 shares beneficially owned (<1% outstanding), with continuing vesting and retention requirements; no options or pension/SERP reduce asymmetric upside/downside; hedging prohibited and clawback policy add governance safeguards .
- Peer benchmarking: Compensation peer group spans 18 Northeast regional banks ($2–$8B assets) with emphasis on incentive pay and relative metrics—likely constrains pay inflation and supports competitive but responsible incentive design .
- Strategic execution: Retail leadership experience across large-scale market expansions (TD Bank) aligns with BHB’s multi-state retail strategy and branch network; recent acquisition integration and steady dividends support confidence in execution and capital discipline .