Ed Canup
About Ed Canup
Ed Canup, age 64, is Executive Vice President and Chief Banking Officer at Colony Bank (CBAN) since January 2025, overseeing Commercial and Retail Banking and complementary lines; he previously served as Chief Revenue Officer and President of Banking Solutions from November 2022 to December 2024 and, prior to joining Colony, as EVP and Chief Revenue Officer at Capital City Bank (2020–2022) . During his tenure at Colony, company pay-versus-performance disclosures show improving shareholder value and profitability: Company TSR rose from 75.10 (value of $100) in 2022 to 121.35 in 2024, while net income increased from $19.542M in 2022 to $23.868M in 2024 . Recent quarterly performance reinforces operational execution: Q3 2025 operating ROAA improved to 1.06%, adjusted EPS reached $0.47, and net interest margin expanded to 3.17% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Colony Bankcorp, Inc. | EVP, Chief Banking Officer | Jan 2025–present | Leads Commercial and Retail Banking; scaling complementary businesses |
| Colony Bankcorp, Inc. | Chief Revenue Officer; President, Banking Solutions | Nov 2022–Dec 2024 | Drove growth across ancillary lines; management additions to accelerate revenue |
| Capital City Bank | EVP, Chief Revenue Officer | 2020–2022 | Oversaw corporate banking, CRE, treasury, specialty lending; market and business line expansion |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tallahassee Memorial Hospital Foundation | Board Member | Current | Community health oversight and philanthropy engagement |
| Tallahassee Quarterback Club Foundation | Board Member | Current | Community and fundraising leadership |
| TMH Health Ventures | Secretary/Treasurer | Current | Governance and financial stewardship for health ventures |
| Southeast Community Health Services | Secretary/Treasurer | Current | Governance support for community health services |
| Florida Bankers Association | Committee Participation | Past/Current | Industry advocacy and policy engagement |
Fixed Compensation
- Specific base salary, target bonus %, and perquisites for Ed Canup are not disclosed in the 2025 proxy’s Named Executive Officer tables. The company provides NEO base salaries and program narrative, but Ed Canup is not listed as a NEO in the Summary Compensation Table .
Performance Compensation
- Colony’s annual cash incentive program for NEOs used these 2024 metrics and weightings; while Ed Canup’s specific incentive terms are not disclosed, these KPIs reflect the bank’s pay-for-performance framework.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Operating ROAA | 25% | > 0.83% | Not disclosed | Not disclosed | Cash paid 80% in 2025; balance in 2026 (for NEO awards) |
| Operating EPS | 25% | > $1.44 | Not disclosed | Not disclosed | Cash paid 80% in 2025; balance in 2026 (for NEO awards) |
| Organic deposit growth | 20% | > $49.418M | Not disclosed | Not disclosed | Cash paid 80% in 2025; balance in 2026 (for NEO awards) |
| Net operating NIE to avg assets | 20% | < 1.39% | Not disclosed | Not disclosed | Cash paid 80% in 2025; balance in 2026 (for NEO awards) |
| Individual performance goals | 10% | Qualitative | Not disclosed | Not disclosed | Cash paid 80% in 2025; balance in 2026 (for NEO awards) |
- Equity awards: Company uses restricted stock with time-based vesting; clawback policy compliant with NYSE Rule 10D-1; timing of awards is not influenced by MNPI per committee policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Form 3 at appointment) | 16,384.2554 shares (direct) as of event date Jan 7, 2025 |
| Beneficial ownership (Proxy as of Mar 28, 2025) | 16,884 shares; 0.10% of class |
| Shares outstanding reference | 17,481,709 shares outstanding as of Mar 28, 2025 (basis for percent in proxy) |
| Options/derivatives | None reported on Form 3; Table II shows no derivatives |
| Vested vs unvested breakdown | Not disclosed |
| Pledging | No pledging disclosed; company prohibits hedging, short-selling, derivatives, and buying on margin; Insider Trading Policy and blackout windows apply |
| Ownership guidelines | Not disclosed |
| Equity plan capacity | 843,718 shares available under 2020 Incentive Plan; 144,558 outstanding rights at $12.53 WAE |
Employment Terms
| Item | Detail |
|---|---|
| Employment start at Colony | November 2022 (Chief Revenue Officer; later President of Banking Solutions) |
| Current role start | January 2025 (EVP, Chief Banking Officer) |
| Employment agreement | Not disclosed for Ed Canup; company has specific agreements disclosed for CEO, President, and Chief Credit Officer with severance and non-compete/non-solicit provisions |
| Non-compete/non-solicit | Company employment agreements include covenants during employment and 12 months post-termination (or longer while severance is paid); Ed’s specific terms not disclosed |
| Change-of-control | Severance multiples disclosed for certain NEOs (PEO 2.5x; others 1.5x); no specific multiple disclosed for Ed |
Performance & Track Record
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Company TSR (value of initial $100 investment) | 75.10 | 104.81 | 121.35 |
| Net Income ($) | $19,542,000 | $21,747,000 | $23,868,000 |
- Q3 2025 operational momentum: Operating ROAA 1.06%, adjusted EPS $0.47, and NIM 3.17%; loans grew $43.5M and deposits increased $28.1M in the quarter, indicating improved core earnings and scaling efficiency .
Board Governance and Shareholder Feedback
- Say-on-pay: 2025 advisory vote results—For 10,007,380; Against 661,860; Abstain 341,533; Broker non-votes 1,912,292 .
- Insider Trading Policy and Clawback Policy: Formal policies in place; prohibits hedging/derivatives/margin; clawback aligned with NYSE and Rule 10D-1 .
Related Policies and Programs
- Stock Purchase Plan: 300,000 shares reserved; administered by Talent Management and Compensation Committee; participant purchase via payroll deductions; Company contributions subject to a 1-year holding period with a no-pledge restriction on those shares .
Investment Implications
- Alignment: Ed Canup holds approximately 0.10% of shares with no options/derivatives reported, suggesting moderate equity alignment without leverage; company-wide prohibition on hedging/margin reduces misalignment risk .
- Incentives: While Ed’s specific bonus metrics/payouts are not disclosed, the bank’s incentive framework tightly links pay to ROAA, operating EPS, organic deposits, and efficiency—metrics that saw improvement into 2025, supporting execution-driven upside if sustained .
- Retention: Absence of a disclosed employment agreement or vesting schedule for Ed limits visibility into retention economics and potential insider selling pressure; monitor future Form 4 filings and proxy updates for equity awards/vesting detail .
- Trading signals: Continued NIM expansion, ROAA progression toward the 1.00% target, and deposit growth objectives are central to performance compensation and likely near-term stock drivers; strong say-on-pay support indicates shareholder acceptance of compensation design, reducing governance overhang .