Robert Lowry
About Robert Lowry
Robert T. Lowry is Executive Vice President and Chief Operating Officer of Finward Bancorp and Peoples Bank, responsible for day‑to‑day operations spanning transformational change, facilities, commercial credit, and loan/deposit operations; he has been with the Bank since 1985 and previously served as CFO, Treasurer, Controller, Internal Auditor, and Assistant Controller . He was 63 years old as of December 31, 2024, and holds an MBA from Indiana University; he is a Certified Public Accountant (inactive) and a Chartered Global Management Accountant . Under his and the leadership team’s tenure, Finward’s reported total shareholder return (TSR) improved from $72.62 (value of $100 base) in 2023 to $113.27 in 2024, and net income rose from $8.38 million (2023) to $12.13 million (2024) . The company’s incentive design ties cash and equity to return on assets, EPS growth, and expense efficiency, with a three‑year, time‑based vesting structure for restricted stock and a Dodd‑Frank compliant clawback .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Finward Bancorp / Peoples Bank | Executive Vice President, Chief Operating Officer | Not disclosed | Manages day‑to‑day operations including transformational change, facilities, commercial credit, loan and deposit operations |
| Finward Bancorp / Peoples Bank | Interim Chief Financial Officer and Treasurer | 2024 | Served as EVP/COO and Interim CFO/Treasurer until CFO appointment on Feb 20, 2024, ensuring finance continuity |
| Peoples Bank | CFO; Treasurer; Controller; Internal Auditor; Assistant Controller | Not disclosed | Deep institutional expertise across finance, controls, and audit |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Food Bank of Northwest Indiana | Board member | Current (as of 2024) | Community governance; regional stakeholder engagement |
| American Bankers Association | Online instructor (capital/liquidity, IRR, investments) | Not disclosed | Sector knowledge dissemination; risk management focus |
| IRS Volunteer Income Tax Assistance (VITA) | Volunteer | Not disclosed | Financial literacy and community service |
| AICPA; Indiana CPA Society | Member | Not disclosed | Professional standards and network |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $293,343 | $269,394 |
| Stock Awards ($) | – | $47,755 |
| Non‑Equity Incentive Plan Compensation ($) | – | $25,885 |
| All Other Compensation ($) | $25,198 | $30,378 |
| Total ($) | $318,541 | $373,412 |
Performance Compensation
| Program | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| 2024 Annual Cash Incentive | Return on assets; EPS growth; non‑interest expense/avg assets | Not disclosed | 25%–30% of base salary for executive officers (non‑CEO) | $25,885 cash (Lowry) | N/A (cash) |
| 2024 Annual LTI (time‑based restricted stock) | Same performance framework as cash plan; awards delivered as time‑based RS | N/A | Lowry target LTI = 20% of base salary | $47,755 grant‑date fair value | Three‑year cliff vest |
| 2024 Mid‑Year Strategic Incentive Program (MYIP) | 5 equally‑weighted (20% each): (1) consent order/MOU progress; (2) capital at projected level; (3) NIM increase; (4) budget attainment; (5) expenses at/below budget | 20% each | EVPs’ MYIP target = 40% of 2024 annual incentive opportunity (for execs with no 2023 payout) | Paid in restricted stock Feb 2025; 630 shares in aggregate to EVPs | Three‑year cliff from grant date |
Outstanding Equity Awards and Vesting (as of 12/31/2024)
| Award (time‑vested RS) | Shares unvested (#) | Market value ($) | Full vesting date |
|---|---|---|---|
| Grant vesting 2/11/2025 | 1,085 | $30,499 | 2/11/2025 |
| Grant vesting 2/2/2027 | 937 | $26,339 | 2/2/2027 |
| Grant vesting 6/12/2027 | 1,024 | $28,785 | 6/12/2027 |
Note: All RS awards are three‑year cliff vest; market values use $28.11 (12/31/2024 close) . No stock options have been granted to executive officers since 2009 .
Equity Ownership & Alignment
| Ownership category (as of March 21, 2025) | Shares |
|---|---|
| Total beneficial ownership | 29,206 |
| Percent of shares outstanding | Under 1% |
| Held jointly with spouse | 7,315 |
| IRA (Lowry) | 2,478 |
| Spouse IRA | 755 |
| Restricted stock (unvested; voting, not dispositive) | 3,046 |
| Profit Sharing Plan (401(k) plan) | 14,912 |
| Solely owned | 700 |
- Stock ownership guidelines: CEO 3x salary; all other executive officers 1x salary; plus 1‑year post‑vest holding and 75% net‑share retention until compliant .
- Hedging/pledging: Prohibited for executives and directors (including short‑term trading, options/derivatives, prepaid forwards, exchange funds; pledging/margin) .
- Clawbacks: Dodd‑Frank compliant compensation recovery policy adopted Nov 17, 2023; Executive Incentive Plan also contains a 3‑year clawback for restatements/inaccurate metrics or misconduct .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | Not disclosed for Lowry; 2025 proxy details agreements for CEO (Bochnowski) and CRO/President (Scheub) only . |
| Change‑in‑Control Severance Plan | Eligible participants include President, CFO, COO, EVPs (applies to Lowry) . |
| CIC severance multiple | Lump sum equal to 1x base salary plus the greater of prior year actual cash bonus or target bonus for the year of termination . |
| Benefits | Lump sum equal to 100% of annual COBRA premiums for medical/dental for executive and dependents, plus 100% of annual life insurance premium equivalent . |
| Trigger | Double‑trigger: termination without cause or resignation for good reason within 18 months following a change in control . |
| Payment timing | Paid in a single lump sum after execution of release . |
| Clawback applicability | Subject to company‑wide compensation recovery policy and Executive Incentive Plan clawback . |
Investment Implications
- Pay‑for‑performance alignment: Lowry’s 2024 pay mix includes at‑risk cash and equity tied to ROA, EPS growth, and efficiency metrics; equity is time‑vested over three years, reinforcing retention and alignment . The firm’s 2024 TSR rebound ($113.27) and net income recovery ($12.13m) improved incentive context vs 2023 .
- Vesting and potential selling pressure: Unvested RS tranches vest on 2/11/2025 (1,085 shares), 2/2/2027 (937), and 6/12/2027 (1,024); tax withholding on vest could create modest, programmatic selling, but hedging/pledging is prohibited .
- Ownership and skin‑in‑the‑game: Lowry beneficially owns 29,206 shares (<1%), including 3,046 unvested RS and 14,912 shares in the Profit Sharing Plan; executives must reach ownership guidelines (1x salary) with mandatory holding/retention requirements, supporting alignment .
- Retention and change‑of‑control economics: No individual employment agreement is disclosed for Lowry; CIC severance is a moderate 1x salary+bonus with double‑trigger and lump‑sum benefits, balancing retention with shareholder protections .
- Governance safeguards: Robust insider trading policy (no hedging/pledging) and Dodd‑Frank compliant clawback reduce governance risk; no option grants since 2009 avoids repricing concerns .
Overall, Lowry’s compensation structure and equity/holding rules support alignment and retention with moderate CIC protections; upcoming RS vesting dates represent known supply events but are mitigated by anti‑hedging/pledging and ownership requirements .