William Kitsch
About William Kitsch
Senior Executive Vice President and Chief Revenue Officer since October 2021; previously SVP Business Performance Strategist & Head of Agricultural Lending (April 2021) and VP Agricultural Lending Manager (since November 2016). Holds an MBA; prior roles include Senior Vice President, Market Leader at a community bank and Regional Lending Manager/Sales Manager/Loan Officer at MidAtlantic Farm Credit for 13+ years . Age 48 as of March 13, 2023; age 47 as of April 4, 2022 . Company performance during his tenure shows improving TSR and net income into 2024, and a strong rebound in revenue in FY 2024; the firm’s AIP/SIP frameworks tie payouts to corporate and individual metrics, though weightings and targets are not disclosed .
Key Performance Metrics
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $13.564m* | $12.699m* | $18.130m* |
| TSR (Value of $100 at year-end) | 76.87 | 96.44 | 121.29 |
| Net Income ($USD) | $14,631,000 | $12,375,000 | $15,317,000 |
Values marked with * retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ENB Financial Corp/Ephrata National Bank | Senior EVP, Chief Revenue Officer | Oct 2021–present | Leads revenue organization; aligns sales incentives with corporate performance |
| ENB Financial Corp/Ephrata National Bank | SVP, Business Performance Strategist & Head of Agricultural Lending | Apr 2021–Oct 2021 | Drove agricultural lending growth and business performance initiatives |
| ENB Financial Corp/Ephrata National Bank | VP, Agricultural Lending Manager | Nov 2016–Apr 2021 | Managed agricultural lending portfolio and team |
| Community Bank (prior employer) | Senior Vice President, Market Leader | Not disclosed | Commercial leadership; market expansion |
| MidAtlantic Farm Credit | Regional Lending Manager, Sales Manager, Loan Officer | 13+ years (not dated) | Credit/lending leadership across ag finance |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Temple University, Fox School of Business | Adjunct Professor, Project Executive | Not disclosed | Academic/industry engagement; talent pipeline |
| Pennsylvania Association of Sustainable Agriculture (PASA) | Board Member | Not disclosed | Sector stewardship; stakeholder network |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $240,000 | $270,461 | $288,738 |
| Nonequity Incentive Plan Compensation ($) | $40,045 | $40,045 | $27,655 |
| All Other Compensation ($) | $19,980 | $22,865 | $25,268 |
| Total Compensation ($) | $324,032 | $333,371 | $341,661 |
Other Compensation Breakdown (selected components):
- 401(k) corporate match: $6,386 (2023), $6,819 (2024)
- Group life insurance premium: $630 (2023), $953 (2024)
- Split Dollar imputed income: $63 (2023), $67 (2024)
- ESPP 15% discount earnings: $1,953 (2023), $2,528 (2024)
Performance Compensation
Annual incentive programs:
- AIP (Annual Incentive Plan) implemented Jan 1, 2022; SIP (Sales Incentive Plan) implemented Jan 1, 2024 for revenue organization employees; SIP-eligible employees are no longer eligible for AIP. Payouts are based on corporate performance and personal performance versus pre-established metrics; specific metric weightings and targets are not disclosed .
| Program | Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| AIP (2022) | Corporate/individual metrics | Not disclosed | Not disclosed | Not disclosed | $40,045 | Cash (paid following year) |
| AIP (2023) | Corporate/individual metrics | Not disclosed | Not disclosed | Not disclosed | $40,045 | Cash (paid following year) |
| SIP (2024) | Corporate + personal sales metrics | Not disclosed | Not disclosed | Not disclosed | $27,655 | Cash (paid Mar 2025) |
Equity awards:
- RSUs: 477 units awarded Oct 31, 2022; cliff vest Oct 31, 2025; market value $8,204 at 12/31/24 based on $17.20 share price .
- Options/SARs: No options or SARs granted during 2024; none disclosed outstanding for Kitsch .
| Equity Type | Grant Date | Units | Vesting | Fair/Market Value |
|---|---|---|---|---|
| RSU | Oct 31, 2022 | 477 | 100% on Oct 31, 2025 | $8,204 at 12/31/24 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (shares) | 5,581 (as of March 11, 2024; <1% of outstanding) |
| Beneficial ownership prior year | 2,526 (as of March 13, 2023; <1% of outstanding) |
| Unvested RSUs | 477 (vest Oct 31, 2025) |
| Shares pledged as collateral | Prohibited by Anti-Hedging/Pledging Policy for directors and execs |
| Stock ownership guidelines | No formal requirement disclosed in prior proxies; ownership encouraged via ESPP |
Retirement and savings alignment:
- Defined Contribution Profit Sharing Plan contributions: $13,833 (2023), $14,901 (2024)
- 401(k) corporate match: $6,386 (2023), $6,819 (2024)
Employment Terms
| Term | Status/Detail |
|---|---|
| Employment agreement | Executed for certain executive officers to improve retention strategy |
| Change-in-control | If within two years post-CIC an involuntary separation without cause occurs, entitled to a multiple of base salary plus continuation of life, disability, medical and other welfare benefits for two years (exact salary multiple not disclosed) |
| Severance (non-CIC) | Customary payments upon termination per Employment Agreements; specifics not disclosed |
| Life insurance (split-dollar) | Beneficiary entitled to $500,000 if requirements met; ongoing $100,000 policy until death for qualifying individuals |
| Clawback | Not disclosed |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave / Post-termination consulting | Not disclosed |
| Insider trading & hedging | Insider Trading Policy enforced; hedging/pledging prohibited for directors/executives |
Investment Implications
- Alignment: Cash/equity mix is modest with time-based RSUs that cliff-vest in Oct 2025 and anti-hedging/pledging restrictions; beneficial ownership remains <1% but increased year-over-year, indicating incremental alignment .
- Incentives: AIP/SIP payouts exist but lack disclosed metric weightings/targets; pay-versus-performance data shows NEO compensation declining in 2024 alongside higher TSR (+25.8%) and net income (+23.8%), suggesting conservative payouts relative to performance .
- Vesting overhang/selling pressure: 477 RSUs vest on Oct 31, 2025 (~$8.2k at 12/31/24 prices), a small quantum likely to limit near-term selling pressure; no options outstanding reduces repricing risk .
- Retention risk: Employment agreements with CIC protections (two years of benefits) and structured incentives reduce immediate retention risk, though absence of disclosed non-compete/non-solicit terms limits visibility on post-exit friction .
Sources
- Executive biography and roles:
- Summary compensation and other comp:
- RSUs outstanding, vesting, and option policy:
- Beneficial ownership:
- AIP/SIP program details and payouts:
- Pay versus performance (TSR, Net Income):
- Anti-Hedging/Pledging and Insider Trading Policy:
- Profit sharing and 401(k) match:
- Compensation committee process and consultants:
Revenue values marked with * retrieved from S&P Global.