Jeffrey R. White
About Jeffrey R. White
Jeffrey R. White, age 40, is Executive Vice President and Chief Operating Officer of Citizens Financial Services, Inc. (CZFS). He was appointed COO effective July 11, 2024 and subsequently joined First Citizens Community Bank on August 19, 2024, after senior risk and finance roles at Northwest Bancshares and earlier risk consulting leadership at KPMG LLP . In 2024, CZFS delivered net income of $27.8 million, basic EPS of $5.86, ROE of 9.59%, and ROA of 0.93% amid integration of HVB and a high-rate environment; the prior year posted net income of $17.8 million, EPS of $4.06, ROE of 6.52%, and ROA of 0.66% . He is entitled to the standard executive package (base salary, annual incentive at Board discretion, and eligibility for equity awards) rather than a bespoke agreement disclosed in filings .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Northwest Bancshares, Inc. | SVP, Deputy Chief Risk Officer & Head of Enterprise Risk Management | 2023–2024 | Led ERM; background characterized as collaborative, disciplined, strategic with 15+ years finance and risk experience |
| Northwest Bancshares, Inc. | SVP, Deputy Chief Risk Officer | 2022–2023 | Advanced risk oversight responsibilities prior to ERM leadership |
| Northwest Bancshares, Inc. | SVP, Corporate Controller | 2018–2022 | Led corporate controllership; strengthened financial reporting and controls |
| KPMG LLP | Director, Risk Consulting | 2017–2018 | Delivered risk consulting; previously Senior Manager at KPMG prior to August 2017 |
Fixed Compensation
| Component | Structure |
|---|---|
| Base salary | Annual base salary with potential merit increase per normal performance review practices |
| Cash bonus | Annual incentive bonus at discretion of the Board; participation in compensation plan |
| Equity eligibility | Eligible for equity awards alongside other executive officers |
Performance Compensation
| Item | 2024 |
|---|---|
| Performance metrics used | Company/Bank goals: ROE vs regional peer group (3-year average), efficiency ratio vs peers (3-year average), net interest income growth vs peers (3-year average), non-performing assets to total assets vs peers (3-year average), net charge-offs to average total loans (3-year average); plus satisfactory regulatory rating and individual performance review as qualifiers |
| Award determination timing | Awards for 2024 were not yet determined at proxy date; calculations expected by end of June 2025 |
| Equity vesting mechanics | Restricted stock tied to Annual Incentive Plan vests ratably over three years from grant date anniversaries, subject to continued employment; acceleration on death, disability, retirement, change in control, or involuntary termination without cause as per award agreements (illustrated for other NEOs) |
Equity Ownership & Alignment
- Clawback: Company policy to recoup excess incentive compensation from covered executives over the prior three years if a material restatement occurs .
- Hedging: Officers, employees, and directors are prohibited from hedging Company stock .
- Stock ownership guidelines: Company does not maintain executive stock ownership guidelines for named executive officers; executives generally maintain meaningful holdings via incentive participation and personal purchases (White’s specific beneficial ownership was not itemized in the proxy’s holdings table) .
Employment Terms
| Item | Disclosed terms |
|---|---|
| Appointment | Appointed COO effective July 11, 2024 |
| Bank joining date | Joined the Bank August 19, 2024 as EVP, COO |
| Compensation framework | Entitled to same executive officer package (base salary, annual incentive at Board discretion, equity eligibility) |
| Change-in-control | No standalone CIC agreement disclosed for White; company maintains CIC agreements for certain executives (e.g., Richards and Wilson: 1x base salary plus 18 months of healthcare and LTD continuation upon qualifying termination) |
| Non-compete / employment contract | No individual employment agreement disclosed for White; broader restrictive covenants (e.g., CEO) exist elsewhere in Company agreements (context) |
Company Performance During White’s Tenure
| Metric | 2023 | 2024 |
|---|---|---|
| Net income ($USD Millions) | $17.8 | $27.8 |
| Basic EPS ($) | $4.06 | $5.86 |
| ROE (%) | 6.52% | 9.59% |
| ROA (%) | 0.66% | 0.93% |
Compensation Peer Group and Governance Signals
- Incentive peer group was updated in 2024 to align with $2.2–$5.5B asset banks across PA/NJ/NY/MD; Committee used multiple external surveys and an independent consultant (Blanchard) to benchmark pay .
- Say‑on‑pay: 2024 shareholder approval was approximately 67%; core program design was maintained with continuing consideration of investor feedback .
Risk Indicators and Red Flags
- Increased non‑performing assets: NPA/total loans rose to 1.24% in 2024 (from 0.59% in 2023), driven by eight loans and one large construction loan; annualized net charge‑offs remained low at 0.11% (0.01% excluding a sold division’s charge‑offs) .
- Pledging: Some directors have pledged shares; no pledging disclosed for White in the filings reviewed .
- Related parties: White has no related‑party transactions and no family relationships with Company directors or executive officers .
Investment Implications
- Alignment and incentives: White participates in the Company’s Annual Incentive Plan using multi-factor bank performance metrics (ROE, efficiency, asset quality, NII growth), with equity that vests over three years—supporting long‑term alignment, while the absence of executive stock ownership guidelines tempers alignment compared to peers with formal requirements .
- Retention/contract risk: No individual CIC or employment agreement is disclosed for White, unlike certain peers (Richards/Wilson), which could modestly elevate retention risk in change‑of‑control scenarios until a formal agreement is adopted .
- Execution focus: Rising NPAs and tighter credit conditions heighten operational and risk execution demands on the COO role; 2024 improvements in ROE/ROA and EPS provide a stronger performance base entering 2025, but the asset quality trend warrants monitoring for incentive outcomes and insider trading behavior when Form 4 activity is available .