John Tellenbach
Executive Vice President, West Commercial Regional Executive at BROADWAY FINANCIAL CORP \DE\
Executive
About John Tellenbach
John Tellenbach (age 58) serves as Executive Vice President and West Commercial Regional Executive at Broadway Financial (City First Bank, N.A.) and has held this role since February 2023; previously he was Senior Vice President and Chief Credit Officer of Malaga Bank beginning in 2015 . BYFC discloses that executive officers serve at the discretion of, and are elected annually by, the Boards of the Company and the Bank . Company performance context during his tenure: BYFC’s “Pay Versus Performance” table shows net income of $5,636,000 (2022), $4,514,000 (2023), and $1,926,000 (2024), and the value of a $100 investment (“TSR”) moved from $44 (2022) to $37 (2023) and remained $37 (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Broadway Financial Corporation (City First Bank, N.A.) | EVP, West Commercial Regional Executive | Feb 2023–present | Not disclosed |
| Malaga Bank (community banking company) | SVP & Chief Credit Officer | Beginning in 2015; prior to joining BYFC in Feb 2023 | Not disclosed |
External Roles
- No public company directorships or external board roles for Tellenbach are disclosed in the 2024 or 2025 proxy statements (executive officer biographies list roles but do not include external board service) .
Fixed Compensation
| Item | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary | Not disclosed | Not disclosed | Tellenbach is not a Named Executive Officer (NEO); BYFC’s Summary Compensation Table covers CEO, CFO, and COO only . |
| Target cash bonus (% of base) | 25% | 25% | For “other senior executive officers,” annual incentive plan opportunities are 20% (min), 25% (target), 31% (max) of base salary; paid only if threshold performance is met . |
| Actual cash bonus paid | Not disclosed | Not disclosed | Annual payouts are based on achievement against pre-established objectives; 2024 and 2023 objectives were achieved at least in part, but individual payouts for non-NEOs were not disclosed . |
Performance Compensation
| Metric | Weighting | Target/Threshold | Payout mechanics | Vesting/Timing |
|---|---|---|---|---|
| Net Earnings | Not disclosed | Company must achieve at least 80% of Board‑approved consolidated net earnings for any payout; objectives assessed annually | For “other senior executive officers,” cash awards at 20% (min), 25% (target), 31% (max) of base salary, based on achievement of pre‑set goals | Annual cash payout following Compensation & Benefits Committee evaluation |
| Capital | Not disclosed | Not disclosed | See above | Annual |
| Compliance | Not disclosed | Not disclosed | See above | Annual |
| Net Loan Growth | Not disclosed | Not disclosed | See above | Annual |
| Asset Quality | Not disclosed | Not disclosed | See above | Annual |
| Core Deposit Growth | Not disclosed | Not disclosed | See above | Annual |
- Equity award practices: Awards are discretionary and generally granted in March; the Company did not grant stock options to employees in 2023–2024; timing does not consider MNPI; equity awards (when granted) follow plan terms .
Equity Ownership & Alignment
| Item | Status/Details |
|---|---|
| Individual beneficial ownership (shares) | Not individually disclosed for Tellenbach; Security Ownership table lists directors, named executive officers, and group totals (15 persons) of 250,806 shares (4.09% of Voting Common; 2.72% of total common outstanding) as of March 31, 2025 . |
| Ownership as % of outstanding | Not individually disclosed . |
| Vested vs. unvested shares | Not disclosed for Tellenbach; outstanding award details are provided for CEO/CFO/COO only . |
| Options (exercisable/unexercisable) | Company “does not currently grant stock options to its employees”; outstanding options disclosure pertains to NEOs; no options disclosed for Tellenbach . |
| Hedging | Prohibited for employees, officers, and directors (e.g., collars, swaps, short sales, etc.) . |
| Clawback | Adopted Oct 2023 in line with Nasdaq Rule 5608; requires recovery of excess incentive‑based compensation paid in the prior three fiscal years in the event of a restatement . |
| Pledging | No pledging policy disclosed in the proxy . |
| Stock ownership guidelines | Not disclosed in the proxy . |
| Related party transactions | As of Dec 31, 2024, the Company had no loans to related parties or affiliates; insider transactions subject to regulatory and audit review policies . |
Employment Terms
| Term | Status/Details |
|---|---|
| Employment start date | BYFC EVP, West Commercial Regional Executive since February 2023 . |
| Role tenure | ~2+ years as of Mar 31, 2025 . |
| Contract type | No individual employment agreement for Tellenbach is disclosed; BYFC notes an agreement for CEO and one for COO, and no agreement for the CFO . |
| Term/renewal | Officers serve at the discretion of, and are elected annually by, the Boards of the Company and the Bank . |
| Severance/Change‑in‑control | Not disclosed for Tellenbach; CEO severance and CIC economics are described separately in the proxy . |
| Non‑compete / Non‑solicit | Not disclosed for Tellenbach; COO’s agreement included post‑employment non‑solicitation; no broad policy stated for all executives . |
| Clawback / anti‑hedging | Company‑wide policies apply (see Equity Ownership & Alignment) . |
Compensation Committee Analysis
- Composition and independence: Compensation and Benefits Committee (Company level) consists of Mr. Davidson (Chair), Mr. Ross, Mr. McGrady, and Dr. Longbrake; all members are independent under Nasdaq listing standards; the committee met nine times in 2024 and may engage outside experts . At the Bank level, the corresponding committee has similar oversight and also met nine times in 2024 .
- CEO input: The CEO recommends compensation for other executive officers; CEO compensation is determined by the Committee and approved by the Board .
Performance & Track Record (Company-level context)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($USD) | $5,636,000 | $4,514,000 | $1,926,000 |
| Value of $100 Investment (TSR) | $44 | $37 | $37 |
- The Incentive Plan objectives for 2023 and 2024 “were achieved at least in part,” which informed annual incentive payouts and restricted stock awards for NEOs; individual payouts for non‑NEOs are not disclosed .
Investment Implications
- Pay-for-performance alignment: For non-CEO senior executives, the plan ties annual cash incentives to bank-level objectives (earnings, capital, compliance, growth/asset quality), with payout scaled from 20–31% of base salary and an 80% net income threshold; this design aligns payouts with profitability and risk, though individual weightings are not disclosed .
- Selling/vesting pressure: No individual equity awards are disclosed for Tellenbach in 2023–2024 (NEO awards shown exclude him), and BYFC currently does not grant employee stock options—reducing the likelihood of near-term option‑driven selling pressure; RSU grant practices are discretionary and typically in March .
- Retention and downside protection: No employment agreement or severance/CIC terms are disclosed for Tellenbach, suggesting less contractual protection than the CEO’s package; officers serve at the Boards’ discretion and are elected annually, implying standard at-will dynamics for non-NEO executives .
- Alignment safeguards: Anti‑hedging and clawback policies reduce misalignment and recoup risk on incentive-based pay; no pledging policy is disclosed .
- Execution risk backdrop: Company net income declined across 2022–2024 and TSR remained depressed in 2023–2024, which could constrain incentive payouts and intensify focus on credit quality, loan growth, and core deposit metrics central to Tellenbach’s commercial mandate .
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