Lisa M. O’Neill
About Lisa M. O’Neill
Lisa M. O’Neill is Executive Vice President and Chief Financial Officer of Lakeland Financial Corporation (LKFN) and Lake City Bank, serving since April 2014. She is 57 years old (2025 proxy) and previously held CFO roles at Bank First National Corporation (2007–2014), Controller at Private Bancorp, Inc. (1999–2006), and began her career at Arthur Andersen’s financial institutions audit practice (1989–1999) . Company long-term incentive plan (LTI) metrics emphasize pay-for-performance via three-year revenue growth, diluted EPS growth, and average return on beginning equity (ROBE) growth, equally weighted at 33.33%; the 2020–2022 cycle paid at ~118% of target on 6.95% revenue CAGR, 6.13% EPS CAGR, and 14.47% ROBE growth, evidencing execution against multi-year financial goals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lakeland Financial / Lake City Bank | EVP & CFO | 2014–present | Senior finance leadership at a growing regional bank |
| Bank First National Corporation | CFO | 2007–2014 | Led finance at a Midwest banking organization |
| Private Bancorp, Inc. | Controller | 1999–2006 | Corporate controllership in a financial institution |
| Arthur Andersen (Financial Institutions Audit) | Audit professional | 1989–1999 | Financial institutions audit and accounting rigor |
External Roles
No public company directorships or external board roles were disclosed for Ms. O’Neill in the executive officer sections of recent LKFN proxy statements .
Fixed Compensation
Multi-year compensation (as reported in Summary Compensation Tables):
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Salary ($) | $247,385 | $276,769 | $279,077 | $288,308 | $308,385 | $337,692 |
| Stock Awards – Grant-Date Fair Value ($) | $231,360 | $239,976 | $339,600 | $457,980 | $433,095 | $383,955 |
| Non-Equity Incentive Plan ($) | $93,298 | $99,696 | $122,080 | $123,692 | $97,960 | $136,000 |
| All Other Compensation ($) | $18,441 | $17,712 | $20,775 | $21,390 | $18,639 | $22,509 |
| Total ($) | $590,484 | $634,153 | $761,532 | $891,370 | $858,079 | $880,156 |
Base salary rate setting:
| Year | Base Salary Rate ($) | Source |
|---|---|---|
| 2022 | $289,000 | 2023 Proxy |
| 2023 | $310,000 | 2023 Proxy |
Perquisites example (2022): 401(k) match $19,581, cell phone stipend $1,809, total $21,390 .
Performance Compensation
Annual Bonus (EIB Plan):
| Year | EIB Threshold ($) | EIB Target ($) | EIB Maximum ($) | Actual Payout ($) |
|---|---|---|---|---|
| 2021 | $56,000 | $112,000 | $168,000 | $122,080 |
| 2022 | $57,800 | $115,600 | $173,400 | $123,692 |
| 2023 | $62,000 | $124,000 | $186,000 | $97,960 |
| 2024 | $68,000 | $136,000 | $204,000 | $136,000 |
2024 individual goals (used in bonus determinations) emphasized strategy, fintech and AI governance: identify growth opportunities, plan technology innovations, develop the data lake, engage on fintech opportunities, build automated forecasting, and AI governance structure .
Long-Term Incentive Program (RSUs):
- Structure: 75% performance-based RSUs (PBSUs) and 25% time-based RSUs (TBRSUs) since 2022; shifting to 60% PBSUs / 40% TBRSUs beginning with 2025 awards .
- Performance metrics & weightings: Three metrics—3-year revenue growth, 3-year diluted EPS growth, and 3-year average return on beginning equity (ROBE) growth—each at 33.33% weighting with vesting tiers by performance level .
Performance metric targets by cycle:
| Performance Period | Metric | Threshold | Target | Maximum | Weighting | Vesting at Level |
|---|---|---|---|---|---|---|
| 2021–2023 | ROBE Growth | 9.75% | 13.00% | 15.75% | 33.33% | 16.67% / 33.33% / 50% of target award |
| 2022–2024 | ROBE Growth | 10.50% | 14.00% | 17.00% | 33.33% | 16.67% / 33.33% / 50% |
| 2023–2025 | ROBE Growth | 13.25% | 17.75% | 21.50% | 33.33% | 16.67% / 33.33% / 50% |
Note: Revenue growth and EPS growth are companion metrics to ROBE, each at 33.33% weighting; accruals reflect aggregate performance against these three measures .
Grant sizes and vesting schedules (O’Neill):
| Grant Year | PBSU Target Shares | TBRSU Shares | Vest Date(s) | Grant-Date Fair Value ($) |
|---|---|---|---|---|
| 2022 | 4,500 | 1,500 | PBSU: Jan 1, 2025; TBRSU: 2022–2024 | $343,485 (PBSU) ; $114,495 (TBRSU) |
| 2023 | 2,438 | 1,625 | PBSU: Jan 1, 2026; TBRSU: 2023–2025 | $324,821 (PBSU) ; $108,274 (TBRSU) |
| 2024 | 4,875 | 1,625 | PBSU: Jan 1, 2027; TBRSU: 2024–2026 | $287,966 (PBSU) ; $95,989 (TBRSU) |
| 2025 | — | 3,432 (TBRSU) | TBRSU: 2025–2027 | — |
Realized vesting and payouts (O’Neill):
| Year | Shares Vested | Value Realized ($) |
|---|---|---|
| 2020 | 7,182 | $352,133 |
| 2021 | 4,212 | $226,943 |
| 2022 | 3,564 | $281,592 |
| 2024 | 7,080 | $459,988 |
Cycle payout example (company-level for 2020–2022): 3-year revenue growth 6.95% (43.83% weighted payout), 3-year diluted EPS growth 6.13% (41.07%), 3-year ROBE growth 14.47% (33.04%), total payout ~117.94%; O’Neill received 6,372 shares for 2020–2022 and 3,564 shares for 2019–2021 .
Equity Ownership & Alignment
Beneficial ownership detail (footnotes):
- 2025: 6,750 shares in IRA; 24,434 shares held jointly (shared voting/investment power) .
- 2024: 6,750 shares in IRA; 24,655 shares held jointly .
- 2023: 6,750 shares in IRA; 20,026 shares held jointly .
Outstanding unvested awards at FY-end:
| As of | PBSU Unvested (shares) | TBRSU Unvested (shares) | Market/Payout Value ($) |
|---|---|---|---|
| 12/31/2024 | 4,875 (2024 grant) | 1,625 (2024 grant) | $335,205 (PBSU), $111,735 (TBRSU) |
| 12/31/2024 | 2,438 (2023 grant) | 1,625 (2023 grant) | $167,637 (PBSU), $111,735 (TBRSU) |
| 12/31/2024 | 4,500 (2022 grant) | 1,500 (2022 grant) | $309,420 (PBSU), $103,140 (TBRSU) |
Ownership policies:
- Stock ownership guidelines: Executives must hold ≥2× base salary in shares (CEO 3×), excluding unvested RSUs; if below guideline, retain ≥50% of LTI shares until compliant. As of Feb 20, 2024 and Feb 21, 2023, all named executive officers (including O’Neill) were in compliance .
- Hedging and pledging: Prohibited; no known hedging or pledging by officers/directors absent committee approval .
- Insider trading windows: Open market transactions permitted starting two trading days after earnings release until two weeks before quarter-end .
Implications: Upcoming vest dates (Jan 1, 2025/2026/2027) and time-based RSU schedules present potential liquidity events; policy constraints reduce hedging/pledging-related misalignment risk .
Employment Terms
Change-in-control agreements:
- Agreements in place for O’Neill; payments apply upon termination by the company (other than for cause) or by executive for good reason in connection with a change in control; modified 280G cutback may reduce payments .
Potential payments at 12/31/2023 (assumed stock price $65.16):
| Scenario | Cash Severance ($) | LTI Vesting ($) | EIB Plan ($) | Benefits Continuation ($) | Total ($) |
|---|---|---|---|---|---|
| Voluntary Retirement | — | $401,820 | $97,960 | — | $499,780 |
| Death/Disability | — | $401,820 | — | — | $401,820 |
| CIC Termination | $868,000 | $495,135 | $97,960 | $38,461 | $1,499,556 |
Vesting provisions:
- For awards 2022 and later: PBSUs/TBRSUs vest pro rata at target upon qualifying retirement; in CIC termination, vest based on actual performance through CIC date .
- For awards prior to 2020: vest at target upon death/disability or CIC .
Clawback:
- Enhanced clawback policy adopted Oct 2, 2023 per SEC/NASDAQ rules; publicly filed with 10-K .
Performance & Track Record
- LTI payouts for 2020–2022 paid at ~118% of target; O’Neill received 6,372 shares for this cycle, and 3,564 shares for 2019–2021, indicating sustained performance across multi-year metrics .
- 2024 bonus increased 38.8% YoY to $136,000, aligned with LKFN’s aggregate bonus pool reflecting performance and achievement of individual goals .
- 2024 individual objectives focus on technology innovation, fintech engagement, data infrastructure, automated forecasting, and AI governance—key execution areas for future value creation .
Compensation Structure Analysis
- Shift to include TBRSUs starting 2022 (25% TB / 75% PB) and raising TBRSU component to 40% beginning 2025 (60% PB / 40% TB) moderately increases retention floor while preserving performance orientation .
- Annual bonus design uses individualized goals plus firm-wide performance; EIB target levels rose from $112k (2021) to $136k (2024), consistent with role scope and base salary progression .
- Perquisites are nominal and stable (e.g., 401(k) match, small stipends), indicating limited guaranteed non-cash benefits .
Equity Ownership & Pledging Risk Indicators
- Compliance with 2× salary ownership guideline; no hedging/pledging activity reported, mitigating alignment concerns .
- Upcoming vesting tranches (2025–2027) could introduce selling pressure in trading windows, but ownership policy encourages retention until guideline thresholds are maintained .
Employment Terms – Additional Considerations
- Insider trading windows and robust clawback policy support governance discipline .
- Modified 280G cutback lowers parachute risk; CIC vesting uses “actual performance through CIC date,” reducing windfall potential compared to target-level vesting .
Investment Implications
- Compensation alignment: Equal weighting of revenue, EPS, and ROE growth in LTI design, realized above-target payouts in recent cycles, and increased EIB targets suggest a performance-tethered pay mix with added retention via TBRSUs (notably increasing to 40% in 2025) .
- Retention risk: Multi-year unvested RSUs (vesting 2025–2027) and ownership guideline compliance lower near-term departure risk; CIC terms with 280G cutback further temper golden-parachute exposure .
- Trading signals: Anticipated vesting dates (Jan 1, 2025/2026/2027) and policy-defined trading windows create potential, periodic supply from award settlements; absence of hedging/pledging reduces adverse signaling risk .
- Execution focus: 2024 objectives emphasize technology, data, fintech, and AI governance, aligning finance leadership with operational modernization—key to sustaining multi-year performance metrics that drive LTI outcomes .