Jeff Meeker
About Jeff Meeker
Jeff D. Meeker, age 61, is Executive Vice President and Chief Lending Officer at LCNB, effective September 30, 2024, after serving as Senior Vice President & Chief Credit Officer since September 2021 and Head of Loan Operations beginning January 2021; he joined LCNB in 2013 via the Citizens National Bank acquisition and is a graduate of Wilmington College (Ohio) . He has 38 years of banking experience with prior roles as CEO/President of Clarksburg National Bank and CFO of Citizens National Bank of Chillicothe, aligning with LCNB’s credit culture and asset quality focus . Company performance metrics used to evaluate and fund equity awards include 2024 EPS of $0.88, efficiency ratio of 77.77%, ROAA of 0.57%, and assets under management growth of 8.94% (equity grants at 12% of base salary given below‑target performance) and broader pay‑versus‑performance showed TSR moving from 107.35 (2023) to 103.00 (2024) and net income rising from $12.6M to $13.5M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LCNB National Bank | EVP & Chief Lending Officer | Effective Sep 30, 2024–present | Leads lending with emphasis on prudent underwriting and asset quality; succession to long‑tenured CLO . |
| LCNB National Bank | SVP & Chief Credit Officer | Sep 2021–Sep 2024 | Oversaw commercial, residential, consumer and agricultural lending areas; reinforced credit culture . |
| LCNB National Bank | Head of Loan Operations | Appointed Jan 2021 | Led loan operations modernization and governance . |
| LCNB National Bank | Lending/credit positions | 2013–2021 (specific dates not disclosed) | Roles of increasing responsibility following acquisition integration . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clarksburg National Bank | CEO & President | Not disclosed | Led bank operations; executive leadership experience relevant to LCNB lending strategy . |
| Citizens National Bank of Chillicothe | CFO | Not disclosed | Financial stewardship; supports data‑driven credit and profitability focus . |
Fixed Compensation
- Employment status: At‑will; LCNB discloses no employment agreements or severance arrangements for NEOs, and Meeker’s appointment 8‑K references participation in executive incentive plans but does not disclose an employment contract .
- Base salary: Not disclosed for Meeker. LCNB targets base salaries between the 25th and 75th percentile versus peers; 2024 CEO/NEO salaries rose ~5–9% YoY, illustrating market‑aligned pay setting (Meeker’s specific figure not provided) .
Performance Compensation
LCNB indicates Meeker will participate in the executive incentive programs defined in the proxy’s CD&A (cash incentives and equity grants). Specific Meeker grants or payouts were not disclosed.
Annual Cash Incentives (structure applicable to Meeker)
| Component | Target | Maximum | Notes |
|---|---|---|---|
| Company ROAA‑based bonus | 8.5% of base salary | 25% of base salary | Subject to clawback; emphasis on core earnings and risk management . |
| Individual performance add‑on | +5% of base salary | +5% of base salary | Goals set by CEO; linked to strategic plan execution . |
2024 outcome: Company performance yielded 0% company payout; NEOs (except CEO) received 5% for individual goals; Meeker’s 2024 payout not disclosed .
Equity Incentives (structure applicable to Meeker)
| Metric | Target | Actual (2024) | Payout Outcome | Vesting |
|---|---|---|---|---|
| EPS | 20% of salary target; 40% max | $0.88 | Equity grants awarded at 12% of base salary for NEOs (below target); Meeker’s grant not disclosed . | 5 equal annual installments starting 1st anniversary; accelerated on death, incapacity, or retirement at ≥65 . |
| Efficiency Ratio | 20% of salary target; 40% max | 77.77% | See above . | See above . |
| ROAA | 20% of salary target; 40% max | 0.57% | See above . | See above . |
| AUM Growth | 20% of salary target; 40% max | 8.94% | See above . | See above . |
Additional terms:
- Clawback policy applies to cash incentives and equity awards for restatements or misconduct; designed to recover erroneously awarded incentive compensation promptly .
- Dividends on restricted shares accrue to the holder, subject to restrictions, and are paid upon vesting/settlement .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Common Shares beneficially owned | 7,286 shares |
| % of shares outstanding | 0.05% |
| Vested vs unvested shares | Not disclosed for Meeker . |
| Options (exercisable/unexercisable) | Company reported no options outstanding or available for exercise since Dec 31, 2024 . |
| Hedging & pledging | Company states no current hedging policy; pledging restrictions not explicitly disclosed . |
| Ownership guidelines | No strict targets; executives strongly encouraged to own stock; most equity awards have 5‑year vesting . |
Interpretation:
- Meeker’s direct stake is modest, but 5‑year vesting on equity aligns retention and shareholder interests; absence of explicit hedging/pledging restrictions is a governance softness to monitor .
Employment Terms
- Contract term and renewal: None disclosed; at‑will employment (policy described for NEOs) .
- Severance provisions: None disclosed; no severance agreements for NEOs; Meeker’s appointment did not include severance terms .
- Change‑of‑control: Double‑trigger acceleration—100% vesting of ownership incentives outstanding ≥6 months if terminated without cause or for good reason within 3 months before to 1 year after a CIC; CIC definitions provided in the plan .
- Deferred compensation: Executives may participate; balances earn 8% annually; distribution in lump sum or 10 installments post‑termination/CIC; Meeker eligibility referenced via “Other Compensation,” but no individual deferral disclosed .
- Non‑compete/non‑solicit/garden leave: Not disclosed.
Investment Implications
- Pay‑for‑performance alignment: Annual cash incentives tied to ROAA and individual strategic goals, and equity grants calibrated to EPS, efficiency, ROAA, and AUM growth create clear linkage; clawback enhances discipline .
- Retention risk: Five‑year pro‑rata equity vesting and CIC double‑trigger terms promote retention; Meeker’s long tenure and progression through credit roles suggest stability; lack of severance limits potential “golden parachute” costs .
- Trading signals: With dividend‑accruing RS awards and annual vesting, monitor Form 4s around first‑anniversary grant dates for incremental selling pressure; company’s absence of a hedging policy and unspecified pledging restrictions warrant ongoing scrutiny .
- Ownership alignment: Meeker’s direct ownership is modest (0.05%); future RSU/RS accruals under the 2025 Ownership Incentive Plan can strengthen alignment; options are currently not a factor given none outstanding as of 12/31/24 .
- Performance context: 2024 produced below‑target equity metrics (12% of salary grants vs 20% target) yet net income rose 6.84% and TSR declined modestly; pay‑versus‑performance calibration appears responsive to results .