Megan Pelletier
About Megan Pelletier
Megan Pelletier, 46, is Executive Vice President, Chief Operations and People Officer at HomeTrust Bancshares (HTB). She joined HTB in May 2022 as Chief People Officer and was promoted in July 2023, adding deposit and loan operations and project management to her remit while retaining HR leadership . Company performance in FY 2024 improved YoY: net income $54.8M vs $50.0M, diluted EPS $3.20 vs $2.97, ROAA 1.23%, ROAE 10.37%, NIM 4.05% . HTB emphasizes pay-for-performance with clawbacks, no hedging/pledging, ownership guidelines, and double‑trigger change‑in‑control protections .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SouthState Bank (Charlotte, NC) | SVP, Director of Talent Acquisition; Director of Commercial Operations; HR Manager; HR Business Partner | Not disclosed | Built talent acquisition, commercial ops, and HR capabilities; >20 years industry experience |
External Roles
No external public company board roles disclosed for Pelletier .
Fixed Compensation
| Period | Base Salary ($) | Change (%) | Notes |
|---|---|---|---|
| Transition Period ended Dec 31, 2023 | $141,174 | — | TP compensation partial-period base reported |
| FY 2024 (pre 8/26/2024) | $293,000 | — | Pre‑merit base |
| FY 2024 (post 8/26/2024) | $315,000 | 6.98% | Merit increase to ~50th percentile market pay |
All Other Compensation (FY 2024 detail): life insurance premiums $690; LTD reimbursement $828; 401(k) employer contributions $9,934; ESOP allocation value $12,657; dividends on unvested restricted stock $1,789 .
Performance Compensation
Annual Cash Incentive (Senior Leadership Incentive Plan)
| Executive | Target Bonus (% of Base) | Target ($) | Metrics | Weight | Threshold | Target | Maximum | Actual | Metric Payout Achievement |
|---|---|---|---|---|---|---|---|---|---|
| Megan Pelletier | 30% | $94,500 | Pre‑Tax, Pre‑Provision Income | 75% | $61.9M | $72.9M | $83.8M | $79.3M | 129.4% |
| Efficiency Ratio | 25% | 67.01% | 62.37% | 57.99% | 60.12% | 125.7% | |||
| Actual Payout | 39% of base = $121,391 | Committee did not modify payouts |
Clawback applies to annual incentives (plan) and to exchange-listed mandatory policy adopted Nov 7, 2023 .
Equity Awards (Granted Feb 11, 2024)
| Award Type | Grant Date | Shares/Units (Target) | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|
| Performance RSUs | 02/11/2024 | 1,636 | Performance vs peer PTPP/Assets over 3 years (25–150% payout; period ending 12/31/2026) | $43,485 |
| Time‑based Restricted Stock | 02/11/2024 | 1,640 | 20% annually on Feb 11, 2025–2029 | $43,591 |
Stock awards expense reported FY 2024: $87,076 .
Vested During FY 2024
| Name | Shares Vested (RS/RSU) | Value Realized ($) |
|---|---|---|
| Megan Pelletier | 684 | $18,181 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 3/20/2025) | 9,756 shares; 0.06% of class |
| Shares Outstanding | 17,550,626 |
| KSOP Holdings | 954 shares (included in beneficial) |
| Stock Options (exercisable within 60 days of 3/20/2025) | 3,000 shares |
| Options – Exercisable / Unexercisable | 2,000 exercisable; 3,000 unexercisable; exercise price $27.04; expiration 05/02/2032 |
| Unvested Time‑based RS | 1,200; 1,136; 1,640 (various grants) with market values $40,416; $38,260; $55,235 |
| Unvested Performance RSUs (Target) | 1,417 (period to 06/30/2025) and 1,636 (period to 12/31/2026); market values $47,725; $55,100 |
| Stock Ownership Guidelines | Executives must hold ≥1x base salary; assessed annually; all directors/executives satisfied or progressing as of 12/31/2024 |
| Hedging/Pledging | Prohibited for executives and directors |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Start | May 2022 (EVP, Chief People Officer); promoted July 2023 to EVP, Chief Operations and People Officer |
| Agreement Type | Change‑in‑Control Severance Agreement (double trigger) |
| Severance Multiple (CIC) | 2x “cash compensation” (highest base + higher of prior year bonus or current target bonus); health insurance benefits continuation |
| Potential Payments (as of 12/31/2024) | If involuntary termination within 12 months of CIC: $876,058 cash; accelerated vesting value $256,657; PTO payout $7,875 |
| Equity Acceleration | Unvested options/RS vest upon CIC, death, or disability; RSU treatment per plan (target level with CIC; proration rules on non‑CIC terminations) |
| Life Insurance Benefit (death) | $500,000 |
| Clawbacks | Annual incentives and equity awards subject to clawback; exchange‑listed policy adopted Nov 7, 2023 |
| Tax Gross‑ups | No golden‑parachute excise tax gross‑ups |
Multi‑Year Compensation Summary
| Period | Salary ($) | Bonus ($) | Stock Awards ($) | Non‑Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| Transition Period ended Dec 31, 2023 | 141,174 | — | — | 51,217 | 17,183 | 209,574 |
| FY 2024 | 299,769 | — | 87,076 | 121,391 | 25,898 | 534,134 |
Governance and Say‑on‑Pay Context
- Say‑on‑pay approval ~97% at May 2024 annual meeting .
- May 19, 2025 meeting: executive compensation advisory vote passed (11,482,701 for; 357,695 against; 101,541 abstentions) .
- Compensation Committee composed of independent directors; uses Pearl Meyer as independent consultant; peer group spans $3.1B–$9.2B assets .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; significant stock ownership requirements; annual say‑on‑pay vote—favorable alignment signals .
- No excise tax gross‑ups; options repricing prohibited .
- Form 4 insider trading feed unavailable due to access error; no conclusion on recent selling/buying pressure beyond scheduled vesting/option timelines disclosed in proxy [Insider-trades tool error]. Vesting schedules may create periodic tax‑related sales when RS/RSU tranches vest .
Investment Implications
- Strong alignment: double‑trigger CIC severance (2x) and robust clawbacks, anti‑hedging/pledging, and ownership guidelines reduce governance risk while maintaining retention for a key operations+people leader .
- Pay-for-performance: FY 2024 corporate metrics exceeded targets, driving above‑target cash incentive (39% of base), with balanced equity mix (time‑based RS + performance RSUs) tied to multi‑year relative profitability—supportive of execution accountability .
- Ownership is modest (0.06%), but cumulative unvested RS/RSUs and options provide increasing exposure; scheduled Feb 11 vesting cadence could add routine supply around vest dates, though pledging is prohibited .
- Company fundamentals (EPS, ROAA, ROAE improvements) and high say‑on‑pay support confidence; monitor RSU performance cycles (June 2025, Dec 2026) and any Form 4 activity for incremental trading signals when data access permits .