Joseph K. O’Neill, Jr.
About Joseph K. O’Neill, Jr.
Executive Vice President and Chief Financial Officer of Muncy Columbia Financial Corporation (Journey Bank) since November 2023; previously Treasurer of MBF and SVP/CFO of Muncy Bank (May 2020–Nov 2023). Age 42; CPA (PA); B.A. in Accounting from Lycoming College; prior Senior Manager at a national audit firm focused on integrated audits of financial institutions . Company performance during and around his tenure: FY2024 net income rose to $19.0M from $3.4M in FY2023; TSR value in pay-versus-performance disclosures improved to $90.20 (from $74.55) in 2024, reflecting post‑merger integration progress and company financials below.
Company financials (context for CFO tenure):
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Revenues | $7,121,000 | $10,375,000* |
| Net Income | $3,387,000 | $19,023,000 |
*Values retrieved from S&P Global.
Pay-versus-performance highlights:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $95.24 | $74.55 | $90.20 |
| Net Income ($000s) | $9,514 | $3,387 | $19,023 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Muncy Columbia Financial Corporation (Journey Bank) | EVP & CFO | Nov 2023–present | Finance leadership post-merger integration and public company reporting . |
| Muncy Bank Financial, Inc. (MBF) / The Muncy Bank and Trust Company | Treasurer (MBF); SVP & CFO (Bank) | May 2020–Nov 2023 | Financial leadership through MBF’s merger into MCFC . |
| National public accounting firm | Senior Manager | Not disclosed | Led integrated audits of financial institutions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AICPA; PICPA | Member | Not disclosed | Professional standards and network in accounting community . |
Fixed Compensation
| Component | Detail |
|---|---|
| Base Salary | Initial salary $175,000 per year under MCFC employment agreement (effective merger close) . |
| Benefits | Eligibility for standard employee benefit plans (pension, profit sharing, savings, life, medical/health, disability) consistent with Journey Bank plans . |
| SERP (normal retirement) | Annual benefit of $100,000, payable monthly for 15 years after reaching normal retirement age (reduced to age 60 as part of merger arrangements) . |
| ESPP | Company has a Section 423 ESPP: contributions 1%–10% of base pay; purchase price is 90% of the lower of FMV at offering or purchase date; 100,000 shares authorized . |
Notes:
- The company states it “does not currently have any stock-based incentive plans” for executives (outside the broad-based ESPP) .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Board-determined; executive performance vs. goals; no detailed metric/weight disclosed | Not disclosed | Not disclosed | Not disclosed | Cash (annual) . |
| Equity Incentives (RSUs/PSUs/Options) | N/A – no stock-based incentive plans in place | — | — | — | — . |
Additional context:
- Exec pay program for senior executives consists of salary, bonus, and 401(k) profit sharing; no formulaic disclosure of CFO targets/weights .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | Not disclosed for O’Neill in 2024/2025 ownership tables (tables list directors and named executive officers Diehl, Glunk, Arnold; CFO not included) . |
| Ownership as % Outstanding | Not disclosed for O’Neill; shares outstanding 3,532,713 as of Feb 21, 2025 (record date) . |
| Vested vs. Unvested; Options | No executive equity incentive plan; no RSUs/PSUs/options reported for executives; ESPP available to employees . |
| Pledging/Hedging | Insider Trading Policy includes anti-hedging prohibitions for directors and officers (e.g., puts, calls, collars, swaps) . Pledging status for O’Neill not disclosed. |
| Ownership Guidelines | Not disclosed. |
Employment Terms
| Term | O’Neill Employment Agreement (effective merger close) |
|---|---|
| Position/Term | EVP & CFO; one-year term with automatic annual renewal unless non-renewal notice given . |
| Base Compensation | Initial base salary $175,000 . |
| Change-in-Control (Double Trigger) | If terminated without cause/death/disability or resigns for good reason within 2 years post-CoC: cash equal to 2x (salary + highest cash bonus in prior 3 calendar years) + continued benefits for 24 months . |
| Severance (No CoC) | If involuntarily terminated without cause or resigns for good reason: 2x base salary + continued benefits for 24 months . |
| Section 280G/4999 | No excise tax gross-up; agreement uses cutback/best-net approach to avoid or minimize 4999 excise tax, preserving the greater safe harbor or best after-tax outcome . |
| Restrictive Covenants (Employment Agreement) | Non-solicit of employees/customers and non-compete for 24 months post-termination . |
| SERP Terms | Normal retirement benefit $100,000/year for 15 years starting after age 60; if CoC prior to normal retirement, estimated annual benefit $46,848 for 15 years, beginning the month after separation . |
| SERP Restrictive Covenants | Filing describes post-payment restrictions including non-solicit; text also references non-compete; duration two years (reduced to one year upon CoC); note the filing states it “does not include a noncompete,” creating ambiguity in that clause . |
| Clawback | Not disclosed. |
Investment Implications
- Alignment and selling pressure: Absence of executive stock-based LTI and options reduces forced selling around vest dates and limits direct equity alignment; alignment instead comes from cash, retirement SERP, and broad-based ESPP participation . Anti-hedging policy is a positive governance feature .
- Retention/exit economics: Robust double-trigger protection (2x salary+bonus plus 24 months benefits) and 2x salary severance outside CoC suggest low near-term retention risk; 280G cutback (no gross-ups) is shareholder-friendly .
- Performance linkage: The program relies on discretionary annual cash bonuses without disclosed quantitative weights; lack of disclosed performance metrics/weights reduces transparency of pay-for-performance at the CFO level .
- Track record: Net income expanded from $3.4M (FY2023) to $19.0M (FY2024) with TSR value rebounding in 2024 during O’Neill’s early tenure as CFO, though causality isn’t asserted; results also reflect merger integration dynamics .
- Disclosure gaps: No public disclosure of O’Neill’s beneficial share ownership or participation in ESPP; no equity ownership guidelines for executives disclosed .
Sources: DEF 14A (2025, 2024), S-4/S-4A (2023), and 8-Ks (2023–2025) as cited above.