Susan M. Hollister
About Susan M. Hollister
Susan M. Hollister, age 59, is Executive Vice President and Chief Human Resources Officer (since August 2016) and Corporate Secretary (since June 2022) of Pioneer Bancorp, Inc. (PBFS). Prior to Pioneer, she served as Senior Human Resources Manager for First Niagara Bank (Eastern NY) from 1993 to August 2016 . Company performance context: cumulative TSR values reported were $91 (FY 2023), $102 (FY 2024), and $118 (six months ended Dec 31, 2024) and net income was $21.9M (FY 2023), $15.3M (FY 2024), and $9.6M (six months ended Dec 31, 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Niagara Bank (Eastern NY) | Senior Human Resources Manager | 1993–Aug 2016 | Led HR for Eastern NY region; deep community bank HR operations experience |
Fixed Compensation
Not disclosed for Ms. Hollister in the proxy (she is not included among Named Executive Officers; only the CEO, CFO, and Chief Banking Officer are detailed in the Summary Compensation Table) .
Performance Compensation
The company’s Targeted Incentive Plan (TIP) covers executive officers approved annually; for non-CEO participants, four equally weighted goals drive payouts, with payout opportunity generally 90%–110% of base salary depending on performance achievement .
| Metric | Weighting (Non-CEO) | Target | Actual | Payout Mechanics |
|---|---|---|---|---|
| Current year ROA | 25% | Not disclosed | Not disclosed | TIP awards contingent on minimum net income and safety/soundness thresholds |
| Three-year ROA | 25% | Not disclosed | Not disclosed | Awards paid within 2.5 months after plan year-end; must be employed on last day of plan year |
| Core deposit growth | 25% | Not disclosed | Not disclosed | Payout range 90%–110% of base for non-CEO executives |
| Three-year ROA vs peer group | 25% | Not disclosed | Not disclosed | Peer group: federally insured savings banks across specified asset tiers |
Notes:
- No individual bonus amounts for Ms. Hollister are disclosed; CEO/CFO/CBO TIP payouts were disclosed for 2024 but not applicable here .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 63,440 (includes 401(k), ESOP, vested options, and unvested RS) |
| Ownership as % of outstanding | Less than 1% (company-wide notation for certain insiders) |
| Breakdown – 401(k) | 7,074 shares |
| Breakdown – ESOP | 6,366 shares |
| Options – exercisable within 60 days | 15,000 options |
| Restricted stock – unvested | 35,000 shares |
| Shares pledged as collateral | None; company states no director or executive officer has pledged, and policy prohibits pledging absent Board-approved exception (none approved) |
Additional plan context:
- 2020 Equity Incentive Plan authorizes options and stock awards; NEO/director awards vest 20% annually over five years beginning May 21, 2025; awards vest upon death, disability, or involuntary termination following a change in control . Specific vesting dates for Ms. Hollister’s awards are not disclosed.
Employment Terms
| Provision | Terms |
|---|---|
| Role and tenure | EVP & CHRO since Aug 2016; Corporate Secretary since June 2022 |
| Anti-hedging/pledging | Prohibits hedging, short sales, and pledging; no exceptions approved; no pledges by directors or executive officers |
| Change-in-control agreements (executive program) | Company has individual CIC agreements with six other executive officers (in addition to CEO). If covered, terms include: double-trigger severance equal to 2× (base salary at termination or pre-CIC, whichever higher + highest annual cash bonus over last three periods), paid in a lump sum within 30 days; continuation of life and medical/dental coverage for up to 24 months or until re-employed with comparable benefits . |
| Good reason (CIC agreements) | Includes material reduction in base salary or duties, relocation >35 miles, or material breach by the bank . |
| Compensation governance | Compensation Committee met 3 times in 2H 2024; engaged independent consultant Meridian to advise on executive and director compensation and equity awards . |
Note: The filing does not explicitly list Ms. Hollister by name among executives party to CIC agreements; the terms above reflect the program disclosed for “six other executive officers.” Applicability to Ms. Hollister is not expressly confirmed in the proxy .
Investment Implications
- Alignment: Material personal ownership (incl. ESOP/401k, vested options, and unvested RS) and a strict anti-hedging/pledging policy support alignment and lower governance risk; no pledging red flags identified .
- Incentive design: TIP metrics emphasize ROA, core deposit growth, and peer-relative ROA, anchoring cash incentives to profitability and franchise growth; non-CEO weightings are balanced across four objectives, reducing single-metric gaming risk .
- Retention/CIC: Executive CIC program is double-trigger with 2× cash and 24 months of benefits, which offers retention through uncertainty while avoiding single-trigger windfalls; confirm individual coverage before modeling event-driven payouts for Ms. Hollister .
- Execution context: Company TSR improved across reported periods and net income remained positive, but 2H 2024 reflects a transitional six-month period; HR leadership continuity since 2016 suggests institutional knowledge through fiscal changeover and strategic HR initiatives .