Joselyn Strohm
About Joselyn Strohm
Joselyn D. Strohm is Senior Executive Vice President and Chief Operating Officer (COO) of ENB Financial Corp’s wholly owned subsidiary, Ephrata National Bank, appointed June 5, 2023; she is 42 years old per the 2025 proxy record date. As COO she oversees Retail Operations, Customer Service, Facilities, IT, and Credit, and led operational efficiency programs and a core conversion from FIS Bankway to FIS HORIZON in September 2024 . Company performance during her tenure shows 2024 net income increased 23.8% YoY and TSR rose 25.8% (value of $100 investment), indicating improved profitability and shareholder returns in the most recent year .
Performance context (company-level):
- 2024 Net Income: $15.317M vs. $12.375M in 2023 (+23.8%) .
- TSR (value of $100 investment): 2024 = $121.29; 2023 = $96.44; 2022 = $76.87 .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($) | 14,631,000 | 12,375,000 | 15,317,000 |
| TSR – Value of $100 | 76.87 | 96.44 | 121.29 |
Revenue trend (company-level, for context):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 13,564,000* | 12,699,000* | 18,130,000* |
| Values retrieved from S&P Global.* |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FIS (Jacksonville, FL) | Senior Director of Product Management/Line of Business Leader | Oct 2015 – Jun 2023 | Led a ~200-person team, set product direction and capital allocations across eight FIS products . |
| FIS | Product Support Specialist, then Manager | Seven years (prior to Oct 2015) | Responsible for FIS Bankway and HORIZON applications; domain expertise foundational to ENB’s core conversion . |
External Roles
- None disclosed in the proxy or appointment 8-K for Ms. Strohm .
Fixed Compensation
| Component | 2023/Agreement | 2024 Actual | Notes |
|---|---|---|---|
| Base Salary | $250,000 per Employment Agreement (evergreen) | $253,872 | Agreement allows adjustments; evergreen term . |
| Nonequity Incentive (AIP/SIP/bonus) | — | $1,000 | AIP covers employees; metrics not detailed per-executive; amounts often earned prior year and paid in current year . |
| Group Life Premiums | — | $420 | Employer-paid life insurance benefit . |
| 401(k) Corporate Match | — | $3,823 | 50% match up to 5% of eligible comp . |
| Defined Contribution Profit Sharing | — | $13,093 | 3% safe harbor + 2% elective if eligible . |
| Total “Other Compensation” subtotal | — | $4,243 | Sum of Other Compensation Table items excluding profit sharing; profit sharing reported separately . |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Incentive Plan (AIP) | Corporate/role performance (company-wide plan) | Not disclosed | Not disclosed | $1,000 for 2024 | Paid in following year for prior-year performance per proxy methodology . |
| RSU Grant (new hire) | Tenure/retention; no disclosed performance metric | N/A | Grant value $20,000 (RSUs) | Outstanding RSUs at 12/31/24: 959 units ($16,495 at $17.20) | Grant date 6/5/2023; 33 1/3% on each anniversary over 3 years (6/5/24, 6/5/25, 6/5/26) . |
Policies and equity vehicles:
- No stock options or SARs granted in 2024; no options shown in outstanding awards table for Ms. Strohm .
Equity Ownership & Alignment
| Ownership Detail | Amount | Notes |
|---|---|---|
| Shares Owned (Direct) | 487 | Direct holdings . |
| Unvested RSUs | 959 | Awarded 6/5/2023; vest 33 1/3% annually; 959 units unvested at 12/31/2024 valued at $16,495 at $17.20/share . |
| Total Beneficial (shares + RSUs) | 1,446 | “Beneficial ownership” per proxy definitions . |
| Ownership % of Outstanding | <1% | “*” denotes <1% for individuals; 5,655,270 shares outstanding as of 3/11/2025 . |
| Hedging/Pledging Policy | Policy in place (Anti-Hedging/Pledging Policy) | Prohibits hedging transactions; policy named Anti-Hedging/Pledging; no pledging disclosed for Ms. Strohm . |
| Insider filings | No delinquencies noted | Proxy cites a late Form 4 for another officer (not Ms. Strohm) . |
Outstanding equity awards detail (12/31/2024):
| Type | Units Unvested | Market Value |
|---|---|---|
| RSUs (COO grant) | 959 | $16,495 at $17.20 close . |
Employment Terms
| Term | Key Provision | Source |
|---|---|---|
| Start Date & Role | Employed as SEVP/COO on 6/5/2023 . | |
| Agreement Term | 3-year “Evergreen” (auto-renewals of 3 years unless 180-day nonrenewal notice) | |
| Base Salary (Agreement) | $250,000 per year, subject to adjustments . | |
| Severance – No CIC | If involuntary termination without Cause (no CIC), monthly installments of remaining contract salary, subject to min 2.0x and max 2.99x base salary; 2 years of continued benefits or reimbursement . | |
| Severance – Change in Control | Double trigger: if involuntary termination without Cause within 2 years after CIC, lump sum 2.5x base salary plus 2 years continued benefits or reimbursement . | |
| CIC Definition | As defined under Treasury Reg. §1.409A-3(i)(5) . | |
| 280G/4999 | Cutback to avoid excise tax; no gross-up . | |
| Non-Compete | 2 years post-termination; banking/financial services in any county of ENB presence or contiguous, or within 25 miles of any ENB facility; includes customer and employee non-solicit (1-year customer; 2-year employee) . | |
| Confidentiality/IP | Confidentiality and “work made for hire” provisions; return of company property . | |
| Arbitration | AAA employment rules; Lancaster, PA; court relief for restrictive covenants . | |
| D&O Insurance | Liability insurance coverage for officers . |
Investment Implications
- Alignment and dilution risk: Ms. Strohm’s equity is modest (959 unvested RSUs; 487 owned shares), implying limited direct selling pressure; however, RSU vest dates (6/5/2025 and 6/5/2026) could create small, periodic supply as shares deliver . Anti-hedging/pledging policy reduces misalignment risk from hedging or pledged collateral .
- Pay-for-performance: Cash incentive paid in 2024 was minimal ($1,000), with equity primarily time-based RSUs; the program emphasizes annual corporate plans (AIP) but lacks disclosed weightings/targets for NEOs, limiting external assessment of strict pay-for-performance linkage .
- Retention and change-in-control economics: Strong retention levers include a 3-year evergreen contract, a 2-year non-compete, and severance protections (2.0x–2.99x base salary absent CIC; 2.5x on CIC with double-trigger), balancing retention with shareholder protection via 280G cutback (no gross-up) .
- Execution credibility: Her FIS background and leadership of ENB’s core conversion to FIS HORIZON in 2024 support operational execution capabilities—a key lever for efficiency and scalability in a community bank footprint .
- Company performance backdrop: ENB’s 2024 net income and TSR improved meaningfully YoY, providing a favorable backdrop for operating leaders; monitoring 2025 AIP funding and 2026 vest completion will be relevant for gauging future incentives and potential share flow from vesting .
Note on revenues table: Values marked with * are retrieved from S&P Global.