Stephanie R. Leniski
About Stephanie R. Leniski
Stephanie R. Leniski, age 50, is Executive Vice President and Chief Retail Banking Officer of Lakeland Financial and Lake City Bank (promoted January 16, 2025). She oversees the bank’s retail network (54 offices and 286 Retail Banking team members), co-leads the Branch Development Committee, and drives retail product innovation. Her background includes a 30-year banking career starting as a teller in 1995; she joined Lake City Bank in 2002 and rose through regional management roles to lead the Retail division in 2019. She holds a B.A. in economics and business administration (Saint Mary’s College), an MBA (Bethel College), and is a graduate of the ABA Stonier Graduate School of Banking. Incentive metrics at LKFN emphasize long-term value creation: 2022–2024 LTI paid at 62.5% on three-year revenue growth (4.40% vs 7.00% target), diluted EPS growth (-0.99% vs 6.25% target), and average ROE (15.20% vs 14.00% target); annual net income used for 2024 bonuses was $93.478 million (100% of target). Pay-versus-performance disclosure shows the value of an initial $100 LKFN investment at $160.24 by year-end 2024.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lake City Bank | EVP, Chief Retail Banking Officer | 2025–present | Oversees 54 offices/286 team members; co-leads Branch Development Committee; retail product innovation; network expansion (e.g., Whitestown and Westfield). |
| Lake City Bank | SVP, Chief Retail Banking Officer | 2019–2025 | Led Retail division; strengthened customer engagement and community presence. |
| Lake City Bank | SVP, Retail Regional Manager | 2017–2019 | Managed regional retail performance and talent. |
| Lake City Bank | VP, Retail Regional Manager | 2012–2017 | Led North Region retail banking. |
| Lake City Bank | VP & Manager, Elkhart East office | 2002–2012 | Local market growth and team leadership. |
| Financial Services | Teller | 1995 | Entry into banking; foundational client service experience. |
External Roles
| Organization | Role | Years |
|---|---|---|
| Indiana Bankers Association | Retail Banking Committee member | Current |
| ETHOS Innovation Center | Board Secretary | Current |
| Bridges of Michiana, Inc. | Board Treasurer | Current |
Fixed Compensation
Not individually disclosed for Ms. Leniski in the 2025 proxy (NEO tables cover CEO, President, CFO, CCO, and General Counsel).
Performance Compensation
Annual Executive Incentive Bonus (EIB) Plan – Company-Level Parameters
| Element | 2024 Target | 2024 Actual | Payout Logic |
|---|---|---|---|
| Net Income used for EIB | $93,478,000 | $93,478,000 | Company performance paid at 100% of target (50% of total bonus driven by company; 50% by individual goals; capped at 150%). |
| Threshold/Target/Max | 70% / 100% / 150% of target net income | See row above | Below threshold: 0%; at threshold: 50%; linear to cap at 150%. |
| Target bonus % (examples) | NEOs: CEO 50%, President 45%, CFO 40%, CCO 40%, GC 30% | NEOs’ individual payouts: mostly 100% (GC 110%) | Illustrative of plan design; Ms. Leniski’s target not disclosed. |
Long-Term Incentive (LTI) Program – Design and 2022–2024 Outcomes
| Metric | Target (2022–2024) | Actual (2022–2024) | Weighted Payout | Notes |
|---|---|---|---|---|
| 3-Year Revenue CAGR | 7.00% | 4.40% | 22.50% | Linear interpolation; contributes 1/3 of total. |
| 3-Year Diluted EPS CAGR | 6.25% | -0.99% | 0.00% | No payout on this leg. |
| 3-Year Average ROE (beginning equity) | 14.00% | 15.20% | 40.00% | Above target. |
| Total LTI Payout (2022–2024) | — | — | 62.50% of target | Shares paid to 39 participants; plan paid in RSUs. |
| LTI Award Mix | 2022–2024 | 2025 Awards |
|---|---|---|
| Performance RSUs vs Time RSUs | 75% / 25% | 60% / 40% |
| LTI Vesting Timing (RSUs) | 2022 Grants | 2023 Grants | 2024 Grants |
|---|---|---|---|
| Vest Date (if earned) | Jan 1, 2025 | Jan 1, 2026 | Jan 1, 2027 |
- Change-in-control treatment for LTI: double-trigger acceleration if awards assumed and participant has qualifying termination; performance-based awards vest on actual or greater-of-actual/target (depending on grant year); time-based fully vest.
Equity Ownership & Alignment
| Policy/Practice | Detail |
|---|---|
| Executive share ownership guideline | 2x base salary for executive officers; CEO 3x. Unvested RSUs/options excluded; retain at least half of vested LTI shares until compliant. |
| Compliance status (as of Feb 18, 2025) | All named executive officers in compliance (Ms. Leniski’s status not disclosed). |
| Hedging | Prohibited for insiders. |
| Pledging | Prohibited without prior approval of Nominating & Corporate Governance Committee; no pledges known by officers/directors. |
| Clawback | Enhanced clawback effective Oct 2, 2023; aligned with SEC/NASDAQ rules. |
| Equity plan overhang and burn-rate | 3-year average burn rate ~0.44%; projected overhang ~5.9% with proposed 2025 plan share pool. |
Employment Terms
- Change-in-control agreements are disclosed for CEO, President, CFO, and Chief Commercial Banking Officer; such agreements provide 2x salary+bonus severance, 18 months COBRA coverage, and are subject to modified 280G cutback; a one-year non-compete applies within 60 miles of any office. Ms. Leniski’s change-in-control/severance terms are not disclosed in the proxy.
- 2025 Equity Incentive Plan adopts double-trigger vesting on change-in-control, prohibits repricing, codifies minimum vesting, and subjects awards to clawback; independent committee oversight.
Investment Implications
- Pay-for-performance alignment: Incentives tied to revenue/EPS/ROE over three-year periods and annual net income; 2022–2024 LTI paid 62.5% reflecting balanced performance, reducing windfall risk and signaling disciplined execution.
- Retention/pressure: Increased time-based RSU mix (40% from 2025) improves retention while maintaining majority performance-based exposure; vesting cadence (Jan 1) can create periodic liquidity but pervasive hedging/pledging prohibitions mitigate misalignment.
- Governance quality: Strong ownership guidelines, enhanced clawback, and no hedging/pledging policies support shareholder alignment; robust say-on-pay support (~96% in 2024) reduces compensation-related overhang risk.
- Execution signals: Under Leniski’s leadership, retail footprint expansion in Whitestown and Westfield underscores growth focus and local engagement—positive for deposit gathering and relationship banking economics in-core markets.
- Data gaps: Individual compensation, equity holdings, and severance terms for Ms. Leniski are not specifically disclosed; investors should monitor future proxies and any Form 4 filings for ownership changes or vesting-related selling pressure.