Stephanie Maiona
About Stephanie Maiona
Stephanie Maiona, age 57, is Executive Vice President and Senior Commercial Lender at Needham Bank; she joined the bank in 2009, served as Senior Commercial Lender since 2011, and was promoted to EVP in 2018. She has 30+ years in banking and previously served as a Bank Examiner at the FDIC, bringing regulatory and credit risk expertise to NB Bancorp’s commercial lending platform . Company performance context: FY 2024 GAAP net income was $42.1m vs $9.8m in 2023 and operating net income was $45.5m vs $34.3m, with net interest income rising to $161.2m from $131.7m . Post‑IPO, NB Bancorp reported operating EPS of $1.20 vs $0.26 at IPO and a +43.3% share price change through Q3’25, reflecting improved profitability (NIM 3.74% vs 3.48% at IPO) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FDIC | Bank Examiner | Not disclosed | Regulatory supervision experience; foundation in credit, compliance, and risk controls supporting commercial lending leadership |
Fixed Compensation
- The 2025 proxy discloses named executive officer (NEO) compensation for CEO, COO (retired in 2025), and CFO; compensation specifics for Maiona (not a 2024 NEO) are not itemized in the summary tables .
- Management compensation structure includes: an informal bonus policy (historically) determined against individual and Company results, moving to a formula‑based short‑term incentive plan beginning in 2025 to tie payouts to Company performance while avoiding outsized risk .
- Executive benefits framework includes a 401(k) with up to 8% company match, ESOP participation, and nonqualified deferred compensation programs (for certain officers) with specified vesting and earnings rates; these programs reflect the broader executive ecosystem rather than Maiona‑specific amounts .
Performance Compensation
- Long‑Term Incentive Plan (LTIP): Awards for select managers vest typically after three years and pay the original award plus credited appreciation tied to increases in the bank’s tangible book value; acceleration may occur upon change in control, death, disability, or certain involuntary separations .
- Short‑Term Incentive (2025+): Compensation Committee is implementing formula‑based STI for the CEO and other executives; precise metrics, weights, and targets are to be set by the Committee (not disclosed in the proxy) .
| Incentive Type | Metric | Weighting | Target | Actual | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| LTIP (3‑yr) | Tangible book value appreciation | Not disclosed | Not disclosed | Not disclosed | Original award plus credited appreciation per plan formula | Typically 3 years; CIC/death/disability/involuntary separation may accelerate |
| STI (2025+) | Company performance (formula‑based) | Not disclosed | Not disclosed | Not disclosed | Formula‑driven; designed to align pay with performance and mitigate risk | Annual cycle |
Equity Ownership & Alignment
- Anti‑hedging & pledging: Directors and executive officers are prohibited from hedging and generally from pledging Company stock; any pledge exception requires Board approval, and none have been approved to date—a strong alignment and risk‑control signal .
- Clawback: Company maintains a Dodd‑Frank/SEC/Nasdaq‑compliant clawback policy requiring recoupment of erroneously awarded incentive‑based compensation upon restatement; no indemnification or reimbursement for such losses is permitted .
- Stock ownership guidelines: Effective Jan 2025, NEOs must hold CEO: 5x salary; other NEOs: 3x salary, with a five‑year compliance window and one‑year holding period for 50% of vested shares until compliant; guidelines are evaluated annually (applies to NEOs; Maiona was not a 2024 NEO) .
Employment Terms
- No individual employment or change‑in‑control agreement for Maiona is disclosed in the 2025 proxy; named agreements are provided for the CEO and COO (with severance and non‑compete/non‑solicit terms), and a CIC agreement for the CFO (double‑trigger severance and COBRA reimbursement) .
- Insider trading policy governs timing of equity grants and trading windows; options were not granted in 2024 to executive officers, and equity grant timing aims to avoid periods around material disclosures .
- 2025 Equity Incentive Plan (approved April 23, 2025) introduces RS/RSUs and options with minimum one‑year vesting (95% of awards), double‑trigger acceleration upon change‑in‑control, prohibition of option repricing or dividend payments on unvested awards, and fungible share design to control dilution .
2025 Equity Plan Share Reserve
| Component | Shares | Notes |
|---|---|---|
| Restricted Stock/RSUs | 1,708,229 | 4% of offering pool; fungible design allows RS/RSU grants above 4% with 3:1 reduction in option pool |
| Stock Options | 4,270,573 | 10% of offering pool |
| Total Reserve | 5,978,802 | 14% of shares sold and contributed during conversion |
Equity Plan Approval Vote (April 23, 2025)
| Proposal | For | Against | Abstentions | Broker Non‑Votes |
|---|---|---|---|---|
| 2025 Equity Incentive Plan | 24,020,436 | 983,457 | 331,918 | 7,375,371 |
Performance & Track Record (Company Context During Maiona’s Tenure)
FY Performance (GAAP and Operating)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| GAAP Net Income ($m) | 9.8 | 42.1 |
| Operating Net Income ($m) | 34.3 | 45.5 |
| Net Interest Income ($m) | 131.7 | 161.2 |
| Interest & Dividend Income ($m) | 222.1 | 292.5 |
| Interest Expense ($m) | 90.4 | 131.3 |
Post‑IPO Operating and Market Metrics
| Metric | At IPO | Q3 2025 |
|---|---|---|
| Operating EPS ($) | 0.26 | 1.20 |
| NIM (%) | 3.48% | 3.74% |
| Share Price Change since IPO (%) | — | +43.3% |
- Executive roster: Company investor materials list Maiona among executive leadership (EVP & Senior Commercial Lender / Director of Commercial Real Estate Lending), underscoring her role in the commercial portfolio’s growth and credit quality .
Compensation Committee & Governance Signals
- Compensation Committee membership and activity: The Committee met four times in 2024, engaged Meridian Compensation Partners for market reviews, and emphasizes a multi‑metric pay‑for‑performance philosophy, avoiding single‑metric incentives that could encourage short‑term risk taking .
- Governance controls: Independent board, lead independent director structure, risk oversight via ERM and Audit committees, and annual CEO evaluations support disciplined compensation decisions and risk management .
Investment Implications
- Alignment: Strong anti‑hedging/pledging policy, clawback enforcement, and the 2025 Equity Plan’s double‑trigger vesting and no‑dividends‑on‑unvested awards collectively align executives with long‑term value creation and reduce forced‑sale/hedging risks—positive for retention and shareholder alignment .
- Incentive design: Shift to formula‑based STI and LTIP tied to tangible capital growth should link pay outcomes to core banking performance drivers; however, Maiona‑specific award amounts/metrics are not disclosed, limiting precision in pay‑for‑performance analysis at the individual level .
- Retention & execution: Maiona’s long tenure, FDIC examiner background, and leadership across commercial lending/CRE are stabilizing for credit quality and growth; the newly authorized equity plan enhances retention levers across senior management, reducing transition risk as the franchise scales post‑IPO .
- Watch items: Absence of disclosed individual ownership levels for Maiona and undisclosed STI metric weights/targets warrant monitoring once 2025 awards and Form 4 activity become available; continued oversight of credit performance and deposit growth trajectories remains key to incentive outcomes .