Suzanne Mikes
About Suzanne Mikes
Suzanne Mikes (age 46) is Executive Vice President and Chief Credit Officer of Consumers Bancorp (CBKM); she was appointed EVP in September 2024 after serving as Chief Credit Officer since 2017, bringing over 24 years of credit experience and advanced credentials including an MBA (Kent State), Graduate School of Banking (UW–Madison), RMA Credit Risk Certification, and a Certified Exit Planning Advisor certification earned in August 2024 . Company performance context during her recent tenure includes FY net income of $11.192m (FY22), $10.674m (FY23), and $8.580m (FY24), and total shareholder return values of 101.74 (FY22), 97.29 (FY23), and 95.11 (FY24), reflecting pressure in FY24; notably, the company outperformed on the delinquency metric (0.28% actual vs a 0.72% maximum target) in FY24, underscoring strong credit quality focus .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Consumers Bancorp (CBKM) | Executive Vice President, Chief Credit Officer | Sep 2024–present | Elevated to EVP, signaling expanded leadership scope over credit risk management . |
| Consumers Bancorp (CBKM) | Senior Vice President, Chief Credit Officer | Jul 2017–Sep 2024 | Led credit risk through growth and rate-cycle volatility; continuity in credit leadership . |
| Consumers Bancorp (CBKM) | Vice President, Chief Credit Officer | Jun 2017–Jul 2017 | Joined as CCO, establishing long-term credit oversight role . |
| CFBank, National Association | Senior Credit Analyst, AVP | 2011–2017 | Advanced credit analysis and portfolio management in a regional bank setting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| University of Mount Union | Member, Business Advisory Council | Current | Advises on business curriculum/industry alignment; enhances CBKM talent pipeline and community ties . |
| The Green Community Improvement Corporation | Board Member | Current | Community economic development; supports market insight and stakeholder relations . |
| Risk Management Association (RMA) | Credit Risk Certification (CRC) | Credential | Technical credit proficiency supporting prudent underwriting . |
| UW–Madison Graduate School of Banking | Graduate | Credential | Advanced banking leadership training . |
| Certified Exit Planning Advisor (CEPA) | Certification | Aug 2024 | Adds expertise in business transition risk, relevant to middle-market credit . |
Fixed Compensation
- Not individually disclosed for Ms. Mikes; CBKM’s proxy details base salary and cash/equity pay primarily for named executive officers (CEO, CFO, Senior Loan Officer). The company’s executive compensation program comprises base salary, annual cash incentives, equity-based awards, and long-term retirement programs, targeting market midpoints based on peer benchmarking by Blanchard Consulting Group in FY2024 .
Performance Compensation
CBKM’s FY2024 annual incentive framework (company-level metrics used to determine cash incentives for named executive officers; structure guides broader executive incentives):
| Metric | Threshold | Target | Maximum | FY2024 Actual |
|---|---|---|---|---|
| Net income ($) | 10,606,650 | 10,834,750 | 12,089,300 | 8,580,000 |
| Efficiency ratio (%) | 65.74 | 64.47 | 60.67 | 70.46 |
| Delinquency (%) | 0.92 | 0.88 | 0.72 | 0.28 |
| Gross loans – net of warehouse line ($) | 778,891,200 | 791,016,374 | 831,628,625 | 732,995,000 |
| Total deposits and customer repurchase agreements ($) | 996,783,360 | 1,012,358,099 | 974,182,000 | 991,287,000 |
Notes and implications:
- The Compensation Committee used core financial measures (net income, efficiency ratio, delinquency, growth in loans and deposits) to set incentive outcomes; payouts for NEOs were materially below maximums given misses on income/efficiency/volume, despite outperforming delinquency (credit quality) .
- Long-term equity for executive officers is delivered via RSUs that vest only if the Compensation Committee’s performance target (return on average equity) is achieved; RSUs granted July 1, 2023 did not vest, and RSUs granted July 1, 2024 will not vest, reducing realized equity for executives and limiting near-term selling pressure .
Equity Ownership & Alignment
- Anti-hedging/insider trading policy: Executive officers are prohibited from trading on MNPI and from purchasing company stock on margin, engaging in short sales, or trading derivatives, limiting misalignment/hedging risk; no explicit permission for pledging is disclosed in the proxy .
- Equity design: “All executive officers” are eligible for performance-conditioned RSUs under the Omnibus Plan; failure to meet the ROAE target in FY2024 and FY2025 (awards issued July 1, 2023 and July 1, 2024) resulted in no vest, aligning realized pay to performance .
- Individual beneficial ownership: The proxy provides granular ownership totals for directors and named executive officers, and aggregated totals for all directors/executive officers; Ms. Mikes is not individually listed in those tables, and a specific personal share count is not disclosed in the filed 2024/2025 ownership tables .
Employment Terms
| Term | Disclosure | Economics/Trigger |
|---|---|---|
| Appointment to EVP, Chief Credit Officer | Appointed September 2024 | N/A |
| Employment agreement | No specific employment or severance agreement for Ms. Mikes is disclosed in the proxies reviewed . | N/A |
| Change-in-control agreements | CBKM states it is not party to any change-in-control agreements with current named executive officers; no separate CIC agreement for Ms. Mikes is disclosed . | N/A |
| Salary Continuation Program (SCP) | SCP participation is explicitly disclosed for CEO (2.99x), CFO (2.0x), and Senior Loan Officer (2.0x); Ms. Mikes is not listed as a participant . | Multiple of salary+prior-year incentive+equity per SCP; double-trigger CIC/termination for listed NEOs . |
| Clawback/recoupment | Not explicitly disclosed in reviewed sections; anti-hedging/trading policy in place . | N/A |
Performance & Track Record
- Tenure and credentials: Joined CBKM June 2017 as CCO; promoted to EVP in Sept 2024; holds MBA, Graduate School of Banking credential, RMA CRC, and CEPA; community/industry leadership roles .
- Company performance context: FY net income trended down in FY24 amid sector headwinds ($11.192m in FY22; $10.674m in FY23; $8.580m in FY24), while delinquency performance exceeded targets (0.28% actual vs 0.72% maximum), consistent with sound credit quality during her leadership period .
- Pay versus performance: TSR values of 101.74 (FY22), 97.29 (FY23), and 95.11 (FY24) reflect shareholder returns over the period used in the SEC table, with equity awards not vesting in FY24/FY25 due to unmet ROAE targets, tying realized equity to performance .
Investment Implications
- Alignment and selling pressure: Performance-conditioned RSUs for “all executive officers” failed to vest for FY2024 and FY2025, materially reducing realized equity and near-term insider selling pressure for executives including the CCO cohort; this is a constructive alignment signal, especially given credit quality outperformance (delinquency) in FY2024 .
- Retention and protection economics: The absence of disclosed employment/CIC agreements for Ms. Mikes, and SCP participation limited to CEO/CFO/Senior Loan Officer, implies relatively modest exit protections for the CCO role—a subtle retention risk if market competition for credit leadership intensifies .
- Risk/Execution: Outperformance on delinquency vs. goals suggests disciplined credit underwriting despite earnings pressure, supporting lower execution risk in the credit portfolio under Ms. Mikes’ leadership; however, company-level profitability and TSR trends in FY2024 highlight macro margin and growth headwinds beyond credit alone .
- Governance safeguards: Anti-hedging/margin/derivative prohibitions reduce misalignment; no explicit pledging allowance was identified, limiting pledge-related red flags .