Paul Ho-Sing-Loy
About Paul Ho-Sing-Loy
Paul A. Ho-Sing-Loy, 64, is Executive Vice President & Chief Information Officer of MidWestOne Financial Group, Inc. (MOFG) and MidWestOne Bank; he joined on June 3, 2024 after over 30 years in financial services technology, including EVP/CIO at Lakeland Bank (NJ), SVP Business Solutions at Associated Bank, and divisional CTO roles at Bank of America and Wells Fargo; he holds a Bachelor’s in Computer Science from Cornell University . Company performance in 2024 featured above-target core EPS and core ROATCE incentive results (127% and 126% of target) with efficiency ratio below target (83%), and pay-versus-performance shows 2024 TSR at $96.4 on an initial $100, net loss of $60.3 million, and Company-selected measure diluted EPS of ($3.54) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lakeland Bank (NJ) | Executive Vice President, Chief Information Officer | — | Led enterprise IT strategy; banking technology modernization |
| Associated Bank | Senior Vice President, Business Solutions | — | Drove technology assessment and vendor management, aligned to operations |
| Bank of America | Divisional Chief Technology Officer | — | Oversaw divisional technology; large-bank platform governance |
| Wells Fargo Bank | Divisional Chief Technology Officer | — | Managed divisional tech initiatives; risk and vendor oversight |
External Roles
No public company directorships or external board roles disclosed for Ho-Sing-Loy .
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $320,000 | $326,400 |
| Target Bonus (% of Salary) | 40% | 40% |
| Actual Annual Cash Incentive ($) | $80,043 (pro-rated from 6/3/2024) | — |
| All Other Compensation ($) | $7,266 (401(k) match) | — |
| Perquisites | No auto stipend (excluded for Ho-Sing-Loy) | — |
Performance Compensation
Annual Cash Incentive (2024 design and payout)
| Metric | Weighting | Target | Actual Payout (% of Target) | Vesting/Payment |
|---|---|---|---|---|
| Core EPS | 20% (5 equally-weighted goals; 3 financial=60%) | Not disclosed | 127% | Cash, paid in 2025 |
| Core ROATCE | 20% | Not disclosed | 126% | Cash, paid in 2025 |
| Efficiency Ratio | 20% | Not disclosed | 83% | Cash, paid in 2025 |
| Individual Goal #1 (technology assessment) | 20% | Not disclosed | 100% | Cash, paid in 2025 |
| Individual Goal #2 (vendor management) | 20% | Not disclosed | 100% | Cash, paid in 2025 |
| Total Payout | — | — | 107.2% of target (pro-rated) | Cash |
Design notes: Threshold 50% of target; maximum 150%; linear interpolation between levels .
Long-Term Equity Incentives
| Award Type | Grant Date | Units / Value | Vesting Schedule | Performance Metrics / Notes |
|---|---|---|---|---|
| RSU | 8/15/2024 | 1,865 units; $50,019 grant-date value | 1/3 on 8/15/2025, 8/15/2026, 8/15/2027 | Time-based; retention-focused |
| PSU (2025) | 2/2025 approval | $75,000 at target (units not disclosed) | Vests after 3-year period | 3-year cumulative core diluted EPS and 3-year ROATCE, equally weighted; 50%–150% payout range; Committee may adjust for extraordinary events |
| RSU (2025) | 2/2025 approval | $50,000 | 1/3 annually over 3 years | Time-based; retention |
| Options | — | Not granted | — | Company does not currently grant options or SARs |
PSU context: 2022–2024 PSU cycle certified at 0% payout, reinforcing performance gating .
Equity Ownership & Alignment
| Ownership Element | Detail |
|---|---|
| Direct beneficial ownership | 2,015 shares; <1% of class |
| Unvested RSUs | 1,865 units; $54,309 market value at $29.12 close on 12/31/2024 |
| Pledged shares | None disclosed for Ho-Sing-Loy |
| Ownership guidelines | NEOs: 3x base salary (includes unvested shares); 50% retention until compliant; all NEOs compliant as of 12/31/2024 |
| Anti-hedging | Hedging prohibited for directors/officers/employees |
| Clawback | Robust clawback compliant with Rule 10D-1; amended Aug 2023 |
| Plan capacity | 532,068 shares available under 2023 Equity Incentive Plan at 12/31/2024 |
Employment Terms
| Term | Detail |
|---|---|
| Employment start date | June 3, 2024 |
| Current role | Executive Vice President & Chief Information Officer |
| Agreement term | Through Dec 31, 2025; auto-renews one year annually each Jan 1 unless nonrenewed; two-year tail post-change-in-control |
| Severance (no CIC) | 100% of then-current base salary; paid over 12 months |
| Severance (CIC, double trigger) | 200% of Base Compensation (greater of current salary or pre-CIC salary + prior-year incentive); lump sum |
| Non-compete / Non-solicit | 15 months post-termination (vs. 18 months for CEO) |
| COBRA continuation | Employee-rate premiums; incremental monthly cost at 12/31/2024: $565.40 |
| Perquisites | No monthly auto stipend (stipend applies to CEO/President/CFO only) |
Potential Payments (as of 12/31/2024 assumptions)
| Trigger | Cash Severance | RSUs Vest | PSUs Vest | Total |
|---|---|---|---|---|
| Involuntary Termination (no CIC) | $320,000 | — | — | $320,000 |
| Involuntary Termination in CIC | $800,086 | $54,309 | — | $854,395 |
| Disability or Death | — | $54,309 | — | $54,309 |
Notes: Awards accelerate per plan terms upon death/disability; CIC treatment for PSUs differs by plan vintage; 280G cutback applies (no tax gross-ups) .
Change-of-Control Treatment (Merger with Nicolet Bankshares announced Oct 23, 2025)
- Each outstanding MOFG RSU will fully vest, be canceled and convert into Nicolet (NIC) shares based on the exchange ratio; each MOFG PSU will fully vest and convert into NIC shares based on the higher of target or actual performance through closing, plus cash for accrued dividend equivalents .
- Shareholder consideration: 0.3175 NIC shares per MOFG share, in an all-stock transaction valued at ~$864 million as of 10/22/2025 pricing .
Investment Implications
- Pay-for-performance alignment: 2024 cash incentive payout for Ho-Sing-Loy at 107.2% (pro-rated), reflecting above-target core EPS/ROATCE and below-target efficiency ratio; long-term PSUs use stringent 3-year EPS/ROATCE metrics, with the prior 2022–2024 cycle paying 0%—indicative of disciplined performance gating .
- Vesting and potential selling pressure: RSU tranche vesting on 8/15/2025–2027 creates known supply dates; merger terms accelerate vesting and convert RSUs/PSUs into NIC shares at closing, potentially increasing short-term insider liquidity post-transaction .
- Retention and transition risk: Employment agreement provides 200% of Base Compensation upon double-trigger CIC termination and 15-month non-compete; severance and COBRA terms mitigate exit friction but maintain post-termination restraints .
- Alignment safeguards: Anti-hedging policy, robust clawback, and ownership guidelines (3x salary, retention until compliance) support shareholder alignment; no options granted reduces repricing risk; no pledging disclosed for Ho-Sing-Loy .
- Shareholder stance: 2024 say‑on‑pay approval at 95.1% indicates investor support for compensation practices and governance framework .