Christopher A. Zlobik
About Christopher A. Zlobik
Christopher A. Zlobik is Chief Banking Officer of First Keystone Community Bank, a role he has held since 2022; he is 50 years old as of March 3, 2025 . During the 2022–2024 period that overlaps his tenure, company total shareholder return declined 23.06% and net income fell from $14,024 thousand to $(13,203) thousand, reflecting a 194.15% decrease; compensation for Other NEOs increased 8.45% over this span . Zlobik’s pay mix is primarily fixed cash with minimal annual bonuses; the company does not grant equity awards to executive officers, limiting direct pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Keystone Community Bank | Assistant IT Manager → Assistant Vice President | 2017 | Recognized for outstanding service; promoted alongside other key staff at the bank’s 2017 annual meeting . |
| First Keystone Community Bank | Chief Banking Officer | Since 2022 | Senior executive leadership of banking operations . |
External Roles
No external directorships or board roles for Zlobik were disclosed in the latest proxy statements .
Fixed Compensation
Multi-year summary compensation for Zlobik:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 120,738 | 159,266 | 166,400 |
| Annual Bonus ($) | 7,693 | 3,268 | 200 |
| Stock Awards ($) | — | — | — |
| Option Awards ($) | — | — | — |
| All Other Compensation ($) | 9,334 | 11,826 | 12,352 |
| Total Compensation ($) | 137,765 | 174,360 | 178,952 |
Notes:
- 2024 All Other Compensation includes $6,664 401(k) match, $4,998 profit-sharing, and $690 taxable life benefit .
- 2023 All Other Compensation includes $6,501 401(k) match, $4,876 profit-sharing, and $449 taxable life benefit .
- 2022 All Other Compensation includes $5,136 401(k) match, $3,852 profit-sharing, and $346 taxable life benefit .
Additional benefit plan credits:
- 401(k) Plan credits to Zlobik’s account: $11,662 in 2024 and $11,377 in 2023, as part of the plan’s safe harbor and discretionary contributions .
Performance Compensation
Program design and governance:
- The Board acts as Compensation Committee; CEO sets individual performance objectives and provides year-end appraisals reviewed by the Board .
- No compensation consultant set pay; the Board reviewed L.R. Webber Associates’ 2023 survey to gauge market practices .
Annual cash bonus payouts:
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Annual Cash Bonus ($) | 7,693 | 3,268 | 200 |
Performance metrics, weighting, targets, vesting:
- Specific quantitative performance metrics, weighting, and bonus targets for Zlobik are not disclosed; bonuses appear discretionary under Board oversight .
- No vesting schedules apply to cash bonuses (no equity awards granted) .
Company performance context:
| Measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR ($100 Investment, year-end value) | 88.45 | 74.35 | 68.05 |
| Net Income ($ thousands) | 14,024 | 5,560 | (13,203) |
| PEO “Compensation Actually Paid” ($) | 418,391 | 402,576 | 412,265 |
| Average Other NEO “Compensation Actually Paid” ($) | 193,217 | 187,572 | 209,536 |
Narrative highlights:
- From 2022 to 2024, PEO compensation actually paid decreased 1.46%; average Other NEO compensation actually paid increased 8.45%; TSR decreased 23.06%; Net Income decreased 194.15% .
Equity Ownership & Alignment
Ownership snapshot and breakdown:
| Metric | 2024 | 2025 |
|---|---|---|
| Total Shares Beneficially Owned | 1,287 | 1,771 |
| Shares Outstanding (for % calc) | 6,121,054 | 6,218,781 |
| Ownership % of Shares Outstanding | ~0.021% (1,287/6,121,054) | ~0.029% (1,771/6,218,781) |
| Breakdown – Jointly with Spouse | 134 | 146 |
| Breakdown – 401(k) Plan | 1,153 | 1,625 |
Policies and alignment considerations:
- The company’s insider trading policy does not prohibit executives or directors from pledging company securities as loan collateral or engaging in hedging transactions—an alignment red flag if used; no specific pledges by Zlobik are disclosed .
- The company currently does not grant equity awards to executive officers, reducing long-term equity alignment and potential vesting-related selling pressure .
Employment Terms
- Executive role: Chief Banking Officer since 2022; elected officer of the Bank holding office at Board discretion .
- Employment agreement, severance, and change-of-control terms: No employment agreement or severance/change-in-control provisions are disclosed for Zlobik; SERP applies only to former CEO Elaine Woodland .
- Benefits: Participation in 401(k) plan (safe harbor match and discretionary profit-sharing; 100% vested), group life/disability/vision/dental/health, and Section 125 plan; life insurance benefit equals 2x base salary, capped at $300,000 .
- Ownership guidelines and clawback: No executive stock ownership guidelines or clawback provisions are disclosed for Zlobik in the proxy statements reviewed .
Investment Implications
- Pay-for-performance alignment: With no equity awards and largely fixed cash pay, Zlobik’s incentives are modestly variable via small annual bonuses, offering limited alignment to shareholder TSR or profitability trends during a period of TSR and net income decline .
- Selling pressure and vesting: Absence of RSUs/options means minimal forced selling tied to vesting; bonuses are small in recent years ($200 in 2024) .
- Alignment risk: The allowance of pledging and hedging under the insider trading policy introduces potential misalignment risk, though no specific pledges by Zlobik are disclosed .
- Retention and continuity: Longstanding plan participation (13 years in 2024) and progressive internal promotions suggest institutional knowledge and continuity; however, lack of long-term equity incentives may reduce retention stickiness compared to peers that use equity comp .
- Governance considerations: Compensation is overseen by the full Board (no separate compensation committee), and market data is referenced via a survey rather than bespoke consulting; investors should monitor any future changes to incentive plan design as leadership transitions occurred in 2025 .