Jaime Coffey
President and Chief Executive Officer, First Federal Savings and Loan Association of Hazard at Kentucky First Federal Bancorp
Executive
About Jaime Coffey
Jaime Steele Coffey is President and Chief Executive Officer of First Federal Savings and Loan Association of Hazard (a subsidiary bank of Kentucky First Federal Bancorp) since January 1, 2019, after joining the bank in 2012 in lending and compliance and becoming Vice President/Secretary in 2016 . She is cited as age 44 in the Company’s 2023 proxy and serves on the Board of Directors of the Kentucky Bankers Association, reflecting sector engagement and community leadership . KFFB’s pay-versus-performance disclosure shows Company TSR improved from $45.34 (value of $100 investment) in 2023 to $87.85 in 2024, while Net Income swung from $933k in 2023 to a $1.721m loss in 2024; the Company notes it does not use TSR or Net Income to determine incentive pay .
Performance snapshot:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Value of $100 Investment (TSR) | $45.34 | $87.85 |
| Net Income ($, thousands) | $933 | $(1,721) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Federal Savings and Loan Association of Hazard | President & CEO | 2019–present | Leads subsidiary bank operations and strategy |
| First Federal Savings and Loan Association of Hazard | Vice President/Secretary | 2016–2018 | Governance/administrative leadership |
| First Federal Savings and Loan Association of Hazard | Various roles (lending & compliance) | 2012–2016 | Credit/compliance execution, risk-aware culture |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Kentucky Bankers Association | Board of Directors | As of 2023–2024 | Industry influence/advocacy |
| Hazard Independent College Foundation Board | Board Member | As of 2023 | Community engagement |
| Hazard Lions Club | Member | As of 2022–2023 | Civic leadership |
| Red Bud Housing (Housing Development Alliance) | Lending Committee | As of 2022 | Affordable housing support |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|
| 2023 | 91,667 | 13,767 (incl. ESOP $3,458) | 105,434 |
| 2024 | 96,250 | 9,518 (no ESOP allocation in 2024) | 106,612 |
Employment agreement base salary and term at the bank level:
- Current base salary under Coffey’s employment agreement: $110,000; three-year term with expiration August 20, 2027 (2024 proxy) and updated to August 20, 2028 (2025 proxy), subject to renewal by the First Federal of Hazard board .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Annual Cash Bonus | Not specified | — | — | Not disclosed in SCT (salary and “all other comp” only) | N/A |
| Equity Awards (RSUs/PSUs) | — | — | — | Company disclosed no outstanding equity awards for FY 2024 and 2023 | No current equity program impact for NEOs in these years |
| Stock Options | — | — | — | Company does not currently grant stock options | Grant practice controls disclosed if used in future |
| Clawback | Restatement-based recoupment | — | — | Policy adopted to comply with Exchange Act 10D-1/Nasdaq 5608 | Applies to incentive-based compensation within lookback periods |
Notes:
- Company states compensation actually paid (CAP) does not fluctuate with TSR or Net Income and it does not use TSR or Net Income to determine incentive plan payouts .
Equity Ownership & Alignment
| As of | Shares Beneficially Owned | Percent of Class (as disclosed) | Notes |
|---|---|---|---|
| Sep 30, 2020 | 6,218 | “*” (less than 1%) | Outstanding shares: 8,252,215 |
| Sep 30, 2021 | 6,751 | “*” (less than 1%) | Outstanding shares: 8,222,046 |
| Sep 30, 2022 | 7,388 | “*” (less than 1%) | Outstanding shares: 8,154,695 |
| Sep 29, 2023 | 7,419 | “1.0%” shown for CEO; Coffey marked “*” (<1%) | ESOP shares included (7,419) |
| Sep 30, 2024 | 7,419 | “*” (less than 1%) | Outstanding shares: 8,086,715 |
| Sep 30, 2025 | 7,419 | “*” (less than 1%) | Outstanding shares: 8,086,715 |
Additional alignment and risk indicators:
- Insider trading policy: Company does not prohibit hedging or pledging by directors and officers, which can weaken alignment; no individual pledging by Coffey is disclosed in the proxies reviewed .
- ESOP allocations noted for NEOs in 2023 (Coffey’s ESOP allocation value included in “All Other Compensation”); none in 2024 .
Employment Terms
| Term/Provision | Detail |
|---|---|
| Employer/Role | First Federal of Hazard; President & CEO |
| Agreement Term | 3-year term; expires Aug 20, 2027 (2024 proxy) and updated to Aug 20, 2028 (2025 proxy), unless renewed |
| Base Salary | $110,000 under the employment agreement |
| Severance (without cause / good reason) | Lump-sum cash equal to base salary for remaining term, paid within 10 days; continued participation or comparable coverage in health/life/disability plans for remaining term; retirement program benefits for remaining term at levels based on prior 12 months |
| Non-Compete | One-year non-compete following termination for any reason other than in connection with a change in control |
| Legal Fees & Indemnification | Reimbursement of legal fees if successful on the merits; full indemnification to extent legally permissible |
| Death | Agreement terminates; estate receives base salary through end of month of death |
| Disability | Compensation/benefits under agreement for period prior to termination; may be eligible for long-term disability benefits without reduction |
| Clawback (Company-wide) | Restatement-based incentive compensation recoupment policy adopted (Exchange Act 10D-1; Nasdaq 5608) |
| Hedging/Pledging Policy | No prohibition on hedging or pledging by directors/officers |
| Pension/Retirement | Participation in Financial Institution Retirement Plan; plan frozen effective April 30, 2019 (no new accruals) |
Investment Implications
- Pay-for-performance alignment: Coffey’s recent compensation appears largely fixed (salary and ESOP-related “all other” comp) with no disclosed annual bonus or equity awards in FY 2023–2024, limiting direct linkage to financial outcomes; the Company explicitly notes it does not use TSR or Net Income to determine incentive payouts . This reduces both upside alignment and downside discipline.
- Retention risk vs. severance economics: The employment agreement provides meaningful protections—cash severance equal to base salary for the remaining term and continued benefits—for terminations without cause/good reason, plus a one-year non-compete (except in connection with change in control), supporting retention while capping cash exposure given a modest $110k base .
- Ownership alignment: Coffey’s beneficial ownership is de minimis (<1% across all years) and primarily via ESOP; no equity grant program or ownership guideline disclosures to deepen alignment. The Company permits hedging and pledging, a governance red flag that can weaken incentive alignment, though no specific pledges by Coffey are disclosed in proxies reviewed .
- Execution and regulatory backdrop: Company-level financial volatility (Net Income of $933k in 2023 vs. $(1.721)m in 2024) and ongoing strategic/regulatory initiatives (including OCC-related matters at First Federal Savings Bank of Kentucky and management transitions) elevate execution risk; however, these are broader corporate dynamics rather than Coffey-specific, as she leads the Hazard bank .
- Shareholder sentiment: Say-on-pay has been “overwhelmingly approved” historically, suggesting limited investor pressure for compensation redesign to date .
Sources: Proxies and filings as cited above.