Daniel Dougherty
About Daniel Dougherty
Executive Vice President and Chief Financial Officer of Metropolitan Bank Holding Corp. since November 6, 2023; previously served as the Bank’s Treasurer (joined 2022). Age 63; CFA charterholder; MBA in Finance from St. John’s University; BA in Economics from Stony Brook University. As CFO, his remit includes treasury, investor relations, tax, capital planning, accounting, and financial reporting . Company performance in 2024: Net Income $66.7M, Adjusted Net Income Growth 13.7%, ROATCE 9.7% (Adjusted 12.2%), loans $6.0B (+7.3% YoY), deposits $6.0B (+4.3% YoY), NIM 3.53%; Company and Bank “well capitalized” at year-end .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investors Bank | Executive Vice President & Treasurer | 2016–2022 | Led asset/liability and liquidity management for a publicly traded bank . |
| Astoria Bank | Senior Vice President & Treasurer | Prior to 2016 | Treasury leadership and balance sheet management . |
| Israel Discount Bank of New York | Senior Vice President & Assistant Treasurer | Prior to 2016 | Treasury operations and capital planning . |
| North Fork Bancorporation; GreenPoint Financial Corp. | Portfolio Manager | Early career | Institutional portfolio management roles . |
| Metropolitan Commercial Bank | Treasurer | 2022–2023 | Built internal treasury capability before promotion to CFO . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| CFA Society of New York | Member | Current | Professional community engagement . |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 290,000 | 400,000 | 400,000 |
| All Other Compensation ($) | 2,992 | 11,460 | 17,224 |
| All Other 2024 – Life Insurance ($) | — | — | 780 |
| All Other 2024 – Exec Supplemental Life & Disability ($) | — | — | 5,314 |
| All Other 2024 – Transportation ($) | — | — | 780 |
| All Other 2024 – 401(k) Employer Contribution ($) | — | — | 10,350 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024 Outcome
| Component | Weight | Threshold ($) | Target ($) | Maximum ($) | Outcome | Payout ($) | Vesting |
|---|---|---|---|---|---|---|---|
| Corporate Performance | 50% | 100,000 | 200,000 | 200,000 | Target | 200,000 | 25% cash / 75% RSUs; RSUs vest in 3 equal annual installments beginning ~1 year from grant |
| Business Performance | 50% | 100,000 | 200,000 | 300,000 | Above Target | 275,000 | 25% cash / 75% RSUs; RSUs vest in 3 equal annual installments beginning ~1 year from grant |
| Total | 100% | 200,000 | 400,000 | 500,000 | — | 475,000 | As above |
AIP target bonus opportunity is 100% of base salary for Daniel Dougherty . Corporate scorecard metrics used: Adjusted Net Income Growth and Adjusted ROATCE (max earnout capped at Target) .
Long-Term Incentives
| Grant | Grant Date | Type | Shares (#) | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| 2023 LTI | 3/1/2023 | Time-based RSUs | 1,190 | 69,496 (at $58.40/share) | 3 equal annual installments beginning 3/1/2024 |
| 2024 LTI | 3/1/2024 | Time-based RSUs | 5,470 | 224,981 | 3 equal annual installments beginning 3/1/2025 |
| 2024 Performance Year (granted in 2025) | 2025 | Time-based RSUs | 6,123 (target) | — | Not disclosed; time-based (mix specified) |
Outstanding equity awards at 12/31/2024 confirm unvested RSUs and vest schedules; the Company currently does not grant stock options or similar option-like awards .
Multi-year NEO Compensation for Daniel Dougherty
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 290,000 | 400,000 | 400,000 |
| Stock Awards ($) | — | 100,000 | 225,000 |
| Non-Equity Incentive ($) | 100,000 | 75,000 | 118,750 |
| All Other Compensation ($) | 2,992 | 11,460 | 17,224 |
| Total ($) | 392,992 | 586,460 | 760,974 |
Equity Ownership & Alignment
- Beneficial Ownership: 26,823 shares; <1% of shares outstanding .
- Unvested RSUs at FY-end: 5,470 (grant 3/1/2024) and 1,190 (grant 3/1/2023) .
- Options: None outstanding or exercisable for NEOs .
- Stock Ownership Guidelines: 3x base salary for non-CEO executive officers; compliance status for individuals not disclosed .
- Hedging/Pledging: Insider Trading Policy prohibits hedging; prohibitions on short sales, margin accounts (without Board approval), and derivative transactions; trades generally require pre-clearance and 10b5-1 adherence . Directors also prohibited from pledging without Board approval .
Employment Terms
| Agreement/Provision | Key Terms |
|---|---|
| Employment Agreement | No employment agreement entered in connection with promotion to CFO; annual base raised to $400,000 effective 11/6/2023 . |
| Change-in-Control Agreement | If terminated without cause or resigns for good reason on/after a change in control, lump-sum severance of 1x base salary (greater of at termination or pre-CIC) subject to 280G cutback . |
| Clawback Policy | Incentive Compensation Recoupment Policy adopted 9/26/2023; applies to incentive-based compensation received during 3 fiscal years preceding any required accounting restatement . |
| Insider Trading | Prohibits trading on MNPI; restricts short-term trading, short sales, margin/derivative transactions, hedging; pre-approved 10b5-1 plans permitted . |
Potential Payments Upon Termination (as of 12/31/2024; fair value basis at $58.40/share)
| Scenario | Cash Severance ($) | Accelerated Vesting Value ($) |
|---|---|---|
| Termination Without Cause or for Good Reason | 400,000 | 388,944 |
| Change in Control Qualifying Termination | 400,000 | 388,944 |
| Disability | 400,000 | 388,944 |
| Death | 400,000 | 388,944 |
Performance & Track Record
- 2024 AIP business goals outcomes: exceeded deposit/loan pricing discipline for stable NIM, exceeded strategic and capital planning timeliness, maintained timely and accurate reporting, and exceeded investor relations cadence (top-20 shareholders) .
- Company 2024 results (context for CFO tenure): Net Income $66.7M; Adjusted Net Income Growth 13.7%; ROATCE 9.7% (Adjusted 12.2%); NIM 3.53%; loans +7.3% YoY to $6.0B; deposits +4.3% YoY to $6.0B; “well capitalized” .
Compensation Structure Analysis
- Mix and At-Risk Pay: Dougherty’s AIP target 100% of salary and payout formulated via corporate and individual scorecards; 2024 total AIP earned $475k with majority delivered in RSUs vesting over 3 years .
- Long-term Equity: For 2024 performance, his long-term equity is solely time-based RSUs (no PRSUs), indicating retention-weighted equity versus performance-contingent awards (contrast CEO/CLO PRSUs) .
- Governance Safeguards: Clawback policy, hedging/pledging prohibitions, capped corporate earnout at Target for AIP metrics .
Compensation Peer Group and Say-on-Pay
- 2024 Compensation Peer Group refreshed to reflect exit from BaaS and commercial banking focus (e.g., BLFY, DCOM, NBBK added). Committee uses peer medians to calibrate competitiveness without targeting a fixed percentile .
- Say-on-Pay 2024 approval: 91.40% support; continued annual frequency .
Investment Implications
- Alignment and retention: Substantial equity delivered via multi-year vesting RSUs; change-in-control protection limited to 1x salary without guaranteed bonus multiples—moderate retention risk and reduced windfall exposure .
- Pay-for-performance: Annual cash/equity AIP tightly linked to Adjusted Net Income Growth and Adjusted ROATCE; corporate earnouts capped at Target mitigate excessive risk-taking .
- Supply overhang: Unvested RSUs (5,470 from 2024; 1,190 from 2023) vesting over 2025–2027 could contribute to periodic insider settlement-related supply; however, hedging/pledging restrictions and preclearance/10b5-1 requirements temper opportunistic sales .
- Strategy execution: AIP outcomes reflect execution on NIM discipline, capital planning, reporting control, and investor engagement—key CFO levers that supported 2024 profitability despite transition initiatives .