Kyra E. Clark
About Kyra E. Clark
Kyra E. Clark is Senior Vice President and Chief Human Resources Officer (CHRO) of Lakeland Financial Corporation (LKFN) and Lake City Bank; she has served in this role since 2020 and is age 45 . Prior roles include Director of Human Resources for the City of South Bend (2017–2020) and Staff Attorney at Barnes & Thornburg (2008–2017) . Company performance during her tenure has emphasized profitability: LKFN used actual 2024 net income of $93.478 million to fund incentive payouts, and diluted EPS in 2024 was $3.63 . The company highlights long-term value creation and alignment with shareholders in its compensation philosophy, with incentives tied to growth in revenue, EPS, and average return on beginning equity .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| City of South Bend | Director of Human Resources | 2017–2020 | Not disclosed |
| Barnes & Thornburg | Staff Attorney | 2008–2017 | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | None disclosed |
Fixed Compensation
| Component | Detail |
|---|---|
| Base salary | Not disclosed for Kyra Clark (she is an executive officer but not a named executive officer in the 2024 Summary Compensation Table) . |
| Benefits/perquisites | Executive perquisites are limited and nominal; detailed perquisite amounts are presented only for named executive officers, not for Ms. Clark . |
Performance Compensation
| Plan/Instrument | Metric | Weighting | Target/Threshold | Payout Mechanics | Vesting |
|---|---|---|---|---|---|
| Executive Incentive Bonus (EIB) Plan | Company Net Income (50% of bonus) and Individual Goals (50% of bonus) | 50%/50% | 2024 Net Income Target: $93.478M; Threshold 70% ($65.4346M); Maximum 150% ($140.217M) | Company performance paid at 100% of target for 2024; individual goals determined by formulas with committee discretion | Not disclosed for Ms. Clark (EIB applies to selected officers; participation specifics for Ms. Clark not disclosed) . |
| Long-Term Incentive Program (LTI) – RSUs | 3-year Revenue CAGR, 3-year Diluted EPS CAGR, 3-year Average Return on Beginning Equity | Equally weighted across three metrics | Example 2024–2026 targets: Revenue CAGR Target 4.75%, EPS CAGR Target 5.00%, Avg ROE Target 14.00% (with defined threshold/maximum levels) | Linear interpolation between threshold/target/maximum; payouts capped; 2022–2024 period paid 62.5% of target | Since 2022: mix of performance-based and time-based RSUs; mix changed to 60% performance / 40% time-based beginning 2025; specific grants disclosed only for named executive officers . |
Note: The company states it does not currently grant stock options or option-like instruments; any future decision would be evaluated by the Board .
Equity Ownership & Alignment
| Topic | Detail |
|---|---|
| Stock ownership guidelines | CEO: 3× base salary; other executive officers (including Ms. Clark’s role category): 2× base salary; unvested RSUs do not count; if below guideline, must retain at least half of shares from LTI until compliant . |
| Compliance status | As of Feb 18, 2025, all named executive officers were compliant; compliance for Ms. Clark specifically is not disclosed . |
| Hedging | Prohibited for insiders; no known violations . |
| Pledging | Prohibited without prior committee approval; no known violations . |
| Clawback | Enhanced clawback policy effective Oct 2, 2023 (SEC/NASDAQ compliant); awards under equity plan subject to clawback and restrictive covenants forfeiture provisions . |
| Beneficial ownership | Not disclosed for Ms. Clark in the Beneficial Ownership Table; named officers and directors are listed, but Ms. Clark is not among those entries . |
| Insider activity | One sale transaction by Ms. Kyra Clark in 2023 was not timely disclosed on Form 4 (reported in the company’s 2024 proxy) . |
Employment Terms
| Provision | Detail |
|---|---|
| Role commencement | CHRO since 2020 (Senior Vice President, Chief Human Resources Officer) . |
| Employment agreement | Not disclosed. |
| Severance | Not disclosed for Ms. Clark; change-in-control agreements exist for CEO, President, CFO, and Chief Commercial Banking Officer (not for Ms. Clark) . |
| Change-in-control (equity) | For RSUs granted under LTI and equity plans: vesting treatment upon death, disability, qualifying retirement, or change in control is specified for 2023–2025, 2024–2026, and anticipated 2025 grants; details involve prorated vesting at target/actual and double-trigger vesting upon qualifying termination post-CIC; named executive specifics disclosed, not Ms. Clark’s participation . |
| Restrictive covenants | Breach of confidentiality/non-compete/non-solicit etc. can trigger forfeiture/repayment of awards under the equity plan . |
Company Performance During Tenure
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Income ($000) | $84,337 | $95,733 | $103,817 | $93,767 | $93,478 |
| Diluted EPS ($) | $3.30 | $3.74 | $4.04 | $3.65 | $3.63 |
Additional operating highlights:
- ROAA/ROAE/ROATE trend data presented by LKFN show strong profitability vs peers across 2020–YTD 2025 (peer comparisons from KBW), underscoring focus on returns-based performance .
- 2025 YTD net interest income growth 13% and net interest margin expansion to 3.50% (from 3.16% in 3Q24), demonstrating improved core profitability in a falling-rate environment .
Governance and Compensation Framework (Context for CHRO Role)
- Compensation philosophy emphasizes long-term shareholder value, stability, and risk-managed incentive design; heavy use of formula-based EIB and LTI plans tied to financial objectives and ROE with annual risk reviews .
- Peer benchmarking (Pearl Meyer 2023 study) uses ~20 central U.S. bank peers (median assets ~$7.1B); program targeted around median market levels, adjusted for performance .
- 2024 Say-on-Pay approval ~96% (advisory) .
Risk Indicators & Red Flags (Specific to Ms. Clark)
- Section 16(a) late Form 4: one sale by Ms. Kyra Clark in 2023 not timely filed; company disclosed the lapse in 2024 proxy .
- No disclosed pledging or hedging activity for Ms. Clark; such activities are prohibited under policy .
Compensation Structure Analysis (Company Programs Relevant to CHRO Oversight)
| Aspect | 2024–2025 Details |
|---|---|
| Cash vs equity mix | Named executive officers receive base salary, EIB cash bonuses, and LTI RSUs; no options currently granted . |
| LTI design shift | Mix moved from 75% performance / 25% time-based to 60% / 40% in 2025 to strengthen retention outcomes . |
| Performance targets | 3-year Revenue/EPS/ROE targets progressively lowered from 2023–2025 cycles to reflect environment; payouts interpolated; caps enforced . |
| Clawbacks and covenants | Enhanced clawback and forfeiture provisions implemented; strengthens alignment and compliance . |
Investment Implications
- Alignment: LKFN ties annual and long-term incentives to net income, revenue/EPS growth, and average ROE, consistent with stated objective to align management with long-term shareholder value creation .
- Retention and selling pressure: The shift toward time-based RSUs in 2025 increases retention value; options are not currently granted, reducing near-term exercise-related selling pressure . One late Form 4 sale by Ms. Clark in 2023 is noted but no broader pattern is disclosed .
- Governance safeguards: Prohibitions on hedging/pledging, ownership guidelines (2× salary for executive officers), and an enhanced clawback policy mitigate misalignment and compensation-related risk; named executives were in compliance with ownership guidelines as of Feb 18, 2025; Ms. Clark’s specific compliance status is not disclosed .