Joy Selting-Buchberger
About Joy Selting-Buchberger
Joy Selting-Buchberger, age 57, is Senior Vice President and Chief Financial Officer of Marathon Bank and CFO of Marathon Bancorp, Inc., roles she has held since 2015; she has been with Marathon Bank since 1999 . She beneficially owns 33,910 MBBC shares (1.2% of outstanding as of 9/30/2025), with no pledging reported; MBBC prohibits executive hedging/pledging absent Board-approved exceptions (none granted) . Annual bonuses have been tied to qualitative corporate objectives including successful completion of the second‑step conversion and offering, asset quality strength, net income growth, and reduction of loan portfolio risk .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marathon Bank | Senior Vice President & Chief Financial Officer | Since 2015 | Financial leadership; risk and reporting oversight |
| Marathon Bancorp, Inc. | Chief Financial Officer | Since formation (director-level exec) | Holding company financial stewardship |
| Marathon Bank | Vice President, Treasurer, Assistant Treasurer | Not disclosed; prior to 2015 | Treasury, controls, and finance operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external public company directorships disclosed |
Fixed Compensation
Multi-year cash and benefits for Joy Selting-Buchberger:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | 120,000 | 130,000 | 133,900 |
| All Other Compensation ($) | 11,895 | 12,811 | 15,230 |
| Total Fixed ($) | 131,895 | 142,811 | 149,130 |
All Other Compensation breakdown:
| Component | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| 401(k) Contributions ($) | 10,440 | 10,967 | 11,418 |
| ESOP Allocations ($) | 1,455 | 1,844 | 3,812 |
| Total ($) | 11,895 | 12,811 | 15,230 |
Performance Compensation
Cash bonuses and equity awards:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Cash Bonus ($) | 25,000 | 5,000 | 30,000 |
| Stock Awards ($, grant-date fair value) | 4,450 | — | — |
| Option Awards ($, grant-date fair value) | 9,520 | — | — |
| Total Performance ($) | 38,970 | 5,000 | 30,000 |
Detailed bonus framework and payout:
| Performance Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Second-step conversion & stock offering; asset quality; net income growth; loan portfolio risk reduction | Qualitative (not disclosed) | Not disclosed | Achieved corporate objectives | 30,000 (FY25) | Cash; immediate |
| Discretionary recognition of responsibilities and contributions | Qualitative (not disclosed) | Not disclosed | Executed operational responsibilities | 5,000 (FY24) | Cash; immediate |
| Discretionary operational contributions | Qualitative (not disclosed) | Not disclosed | Supported successful operations | 25,000 (FY23) | Cash; immediate |
Equity awards outstanding (as of June 30, 2025):
| Instrument | Count Exercisable | Count Unexercisable | Strike ($) | Expiration | Unvested RS Shares | Market Value ($) |
|---|---|---|---|---|---|---|
| Stock Options (Grant 5/16/2023) | 1,921 | 2,882 | 6.48 | 5/16/2033 | 411 (RS) | 4,094 (at $9.96) |
| Stock Options (Grant 6/28/2022) | 3,599 | 2,399 | 8.13 | 6/28/2032 | 2,399 (RS) | 23,894 (at $9.96) |
Vesting schedules:
| Award Type | Vesting Start | Schedule | Notes |
|---|---|---|---|
| Options (5/16/2023 grant) | May 16, 2024 | 20% per year over 5 years | Granted under 2022 Equity Incentive Plan |
| Options (6/28/2022 grant) | June 28, 2023 | 20% per year over 5 years | Plan caps and authorization noted |
| Restricted Stock (5/16/2023 grant) | May 16, 2024 | 20% per year over 5 years | Unvested 411 shares at 6/30/2025 |
| Restricted Stock (6/28/2022 grant) | June 28, 2023 | 20% per year over 5 years | Unvested 2,399 shares at 6/30/2025 |
Equity Ownership & Alignment
Total beneficial ownership and components:
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Beneficially Owned Shares (#) | 18,125 | 19,618 | 33,910 |
| Ownership % of Outstanding | <1% | <1% | 1.2% |
| Shares in 401(k) | 12,229 | 12,229 | 21,788 |
| ESOP Shares | 438 | 643 | 1,264 |
| Unvested Restricted Stock | 3,996 | 3,022 | 2,812 |
| Options Exercisable within 60 days | 874 | 2,448 | 5,520 |
| Shares Pledged as Collateral | None disclosed | None disclosed | None disclosed |
Alignment policies:
- Anti-hedging and anti-pledging: Executives are prohibited from hedging and pledging MBBC stock absent Board approval; no exceptions approved .
Employment Terms
Change-in-control agreements (Joy Selting-Buchberger and other execs):
- Term: One‑year agreements auto‑renew annually; if a change-in-control is pending/occurs, term extends to at least one year beyond effective date .
- Severance (CIC double-trigger): 1× (base salary at termination or immediately prior to CIC, if higher) + highest target bonus opportunity in any of the last three performance periods; lump sum within 30 days .
- Benefits: Up to 12 months COBRA reimbursements with tax gross-up; equity awards vest upon death, disability or involuntary termination on or following a change in control per Equity Plan .
- Non-compete/non-solicit: Not disclosed for Joy; CEO has 1‑year restrictions outside CIC context .
Related governance and disclosures:
- No related-party transactions >$120k; loans to insiders made on market terms with no unfavorable features; none outstanding at 6/30/2025 .
- Section 16(a) filings: No late ownership filings in FY25; FY24 had one late Form 4 for Joy and certain other executives (single transaction each) .
Compensation Committee Analysis
- Committee composition: Independent directors (Grimm, Werth, Wimmer, Zientara; chair Zientara); met 4× in FY25; no compensation consultants used .
- Philosophy: Balance short- and long-term performance, align management and stockholder interests, peer competitiveness (ABA surveys; asset-size/market-area peers) .
- 2025 bonus determination: Qualitative assessment of corporate objectives; strict numerical formulas not used .
Investment Implications
- Pay-for-performance: Joy’s FY25 bonus rose to $30,000 vs $5,000 in FY24, reflecting execution of strategic milestones (second‑step conversion/stock offering) and stronger bank fundamentals—positive alignment signal .
- Selling pressure: Equity vests 20% annually; unvested RS (2,810+) and unexercisable options staggered through 2027–2029, which moderates near‑term selling pressure; anti‑hedging/pledging policy further reduces adverse signals .
- Ownership alignment: 33,910 shares (1.2%) plus retirement-plan holdings demonstrate skin-in-the-game for a small-cap bank; no pledging—clean governance profile .
- Change-in-control economics: Double‑trigger 1× salary+bonus and COBRA gross‑up is moderate; Equity Plan provides accelerated vesting upon qualifying termination post‑CIC—manageable parachute risk with some dilution sensitivity .
- Watch items: Prior single late Form 4 in FY24 (procedural), and discretionary bonus framework (limited disclosed metrics) warrant continued monitoring of transparency and objective KPI linkage .