Nicholas Klein
About Nicholas Klein
Nicholas D. Klein is Executive Vice President and Chief Risk Officer (CRO) of Ephrata National Bank (ENB Financial Corp) since January 2021; age 40 in the 2025 proxy. He holds CRC and CERP certifications, and previously served as ENB’s Senior Credit Risk Review Officer and as an Associate National Bank Examiner with the Office of the Comptroller of the Currency . Company performance during his tenure shows cumulative TSR improving to a $121.29 value on a $100 investment in 2024 from $96.44 in 2023, alongside net income rising to $15.317 million in 2024 from $12.375 million in 2023 .
| Performance Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| TSR – $100 Investment Value | $120.27 | $76.87 | $96.44 | $121.29 |
| Net Income ($USD) | $14,916,000 | $14,631,000 | $12,375,000 | $15,317,000 |
| Company Revenues ($USD) | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues | $17,881,000* | $13,564,000* | $12,699,000* | $18,130,000* |
| Values retrieved from S&P Global.* |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ENB Financial Corp | Senior Credit Risk Review Officer | Not disclosed | Enhanced independent credit review and risk controls pre-CRO appointment |
| Office of the Comptroller of the Currency (OCC) | Associate National Bank Examiner | Not disclosed | Regulatory examination experience; foundational prudential oversight background |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RMA – South Central PA Chapter | First Past President | 2025 proxy | Professional leadership network supporting risk best practices |
| PA Bankers Advanced School of Banking | Faculty Member | 2025 proxy | Talent development; dissemination of risk management expertise |
| PA Bankers Public Affairs Committee | Vice Chair | 2025 proxy | Policy influence; industry advocacy |
| PA Bankers Government Relations Policy Committee | Committee Member | 2025 proxy | Engagement on legislative/regulatory priorities |
Fixed Compensation
- ENBP discloses detailed compensation only for named executive officers (NEOs). Klein is not listed among NEOs in the 2024/2025 Summary Compensation Tables, therefore his base salary, target bonus %, and actual bonus are not disclosed .
- ENBP operates an Annual Incentive Plan (AIP) for all employees and a Sales Incentive Plan (SIP) for revenue roles; AIP/SIP accrued $2,253,700 and paid $2,234,425 in March 2025 at the company level (program details individualized but not publicly itemized for Klein) .
Performance Compensation
Equity Awards and Vesting
| Award Type | Grant Size | Grant/Record Year | Vesting Schedule | Notes |
|---|---|---|---|---|
| RSU | 1,045 shares | Reported for FY 2022 | Vests 33 1/3% annually over 3 years, starting on first anniversary | As reported on Form 5 for Klein |
| RSU | 697 shares | Reported for FY 2023 | Vests 33 1/3% annually over 3 years, starting on first anniversary | As reported on Form 5 for Klein |
- ENBP disclosed no stock options or SAR grants in 2024; equity awards are RSUs .
Annual Incentive Programs (AIP/SIP)
- Plan structure: AIP (all employees) and SIP (revenue organization) pay based on corporate performance and personal metrics; each employee receives individualized plan documentation (metrics/weights not publicly enumerated for Klein) .
Equity Ownership & Alignment
| Ownership Item | As of FY 2021 | As of FY 2022 | As of FY 2023 |
|---|---|---|---|
| Common shares beneficially owned | 2,308.9828 | 3,545.2537 | 5,589.3535 |
| RSUs outstanding | — | 1,045 | 697 |
| Ownership % of shares outstanding | Not disclosed | Not disclosed | Not disclosed |
- ESPP participation: 525.51 shares purchased through the ESPP in FY 2021 reporting; additional ESPP and dividend reinvestment purchases contributed to ownership in FY 2023 .
- Anti-hedging/pledging: ENBP prohibits hedging and pledging by directors and executive officers .
Employment Terms
| Provision | Terms |
|---|---|
| Employment Agreement | ENBP executed employment agreements for certain executive officers (includes CRO level) to improve talent retention; details individualized, not publicly itemized for Klein |
| Change-in-Control | Double-trigger: if an involuntary separation without cause occurs within two years after a change in control, executive is entitled to a multiple of base salary and continuation of life, disability, medical and other normal benefits for two years (multiple not quantified in proxy) |
| Severance | Customary payments upon termination per employment agreements; specifics not disclosed for Klein |
| Clawback | No explicit executive compensation clawback policy disclosure identified in proxy; anti-insider trading policy enforced |
| Retirement Plans | Defined Contribution Profit Sharing and 401(k) match programs exist company-wide; contributions are salary-linked and disclosed for NEOs, not itemized for Klein |
Employment Start, Tenure, Credentials
- Start date and tenure: CRO since January 2021; age 40 in 2025 proxy .
- Credentials: CRC and CERP certifications .
- ERM oversight: ENBP’s enterprise risk framework emphasizes rigorous risk identification, strong policies, capital adequacy, and committee governance—consistent with CRO responsibilities .
Investment Implications
- Alignment: Klein’s progressive share accumulation via ESPP and RSU grants indicates increasing skin-in-the-game and adherence to anti-hedging/pledging policies—a positive for alignment and risk discipline .
- Vesting calendar and selling pressure: Two RSU grants vest over three years; watch for potential discretionary sales around anniversary vest dates (trading governed by insider policies) .
- Retention risk: Presence of employment agreement with double-trigger change-in-control benefits and two-year benefit continuation suggests moderate retention stability; however, severance multiple is not disclosed (limits precision of payout modeling) .
- Trading signals: AIP/SIP payouts at the corporate level tied to performance, TSR improvement in 2024, and higher net income support constructive sentiment; insider holding growth through 2023 provides a soft bullish alignment indicator, though absolute position size is modest compared to total shares outstanding (individual ownership % not disclosed) .
Note: Where Klein-specific compensation details are absent from the proxy, company-level programs and policies are referenced. All items without explicit disclosure for Klein are omitted or noted as not disclosed.