James O. Perry
About James O. Perry
James O. Perry, age 54, is Executive Vice President and Chief Banking Officer of Peoples Bank (PEBK), responsible for Customer Service Center, Marketing, Mortgage Sales, Retail Banking, Talent Management, and Treasury Services . He joined the Bank in 1999 and has 33 years of banking experience, including prior roles as a small business banker, credit administration/commercial lending, and four years with the Office of the Comptroller of the Currency; he holds a BA in Economics from the University of Illinois Urbana-Champaign and is a graduate of the Graduate School of Banking at LSU . Company performance context: 2024 net earnings were $16.353 million (up vs. 2023), ROA 0.99%, and ROE 12.59% . Pay-versus-performance disclosure indicates compensation alignment with TSR and net income over 2022–2023, with 2024 stable compensation vs. improved net income .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Office of the Comptroller of the Currency (OCC) | Examiner/Bank Supervision | 4 years | Regulatory skillset; credit and compliance discipline |
| National Bank | Small Business Banker | 2 years | SMB origination and relationship development |
| Prior Banking Role | Credit Administration & Commercial Loan Officer | 2 years | Underwriting, portfolio management, commercial growth |
| Peoples Bank | VP – Commercial Loan Officer; FVP – Commercial Area Executive; SVP – Retail Banking Manager | Not disclosed | Market expansion, retail leadership, client service |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| No external directorships disclosed | — | — | — |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2024 | 213,132 | Not disclosed | 50,000 (discretionary; paid Jan 2025) | No payout under Management Incentive Plan (MIP) for 2024 |
Perquisites and Other Compensation (2024)
| Employer Match – 401(k) ($) | Country Club Dues ($) | Split Dollar Death Benefit ($) | Group Term Life ($) | Dividends on RSUs ($) | Other ($) | Total All Other ($) |
|---|---|---|---|---|---|---|
| 11,451 | 4,080 | 270 | 1,033 | 411 | 3,750 | 20,995 |
| 2024 Total Compensation ($) |
|---|
| 290,219 |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting Details |
|---|---|---|---|---|---|
| Management Incentive Plan (Annual Cash) | Corporate budget attainment + individual goals | Not disclosed | Not disclosed | No payout for 2024 | Annual cash (no vesting) |
| Discretionary Bonus | Board discretion for exceptional accomplishments | Not applicable | Not applicable | $50,000 (paid Jan 2025) | Cash (no vesting) |
| RSUs (Time-based) | Time-based service vesting (Omnibus Plan) | Not applicable | Not applicable | 1,175 RSUs vested on May 7, 2024 at $30.86/share | Time-based; previously granted under 2020 Plan |
RSU grants outstanding for Perry at FY-end 2024: none; he had no unvested awards as of 12/31/2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 10,780 shares |
| Ownership as % of Outstanding | Less than 1% (“*” per proxy) |
| Vested vs. Unvested | No unvested RSUs at 12/31/2024; 1,175 RSUs vested in 2024 |
| Options (Exercisable/Unexercisable) | None disclosed; no options exercised in 2024 |
| Shares Pledged as Collateral | Not disclosed (no pledging disclosure found) |
| Stock Ownership Guidelines | Not disclosed |
| Insider Trading Policy | Open-window trading only; encouraged pre-clearance; blackout/award restrictions policy in place |
Employment Terms
| Term | Key Economics/Provisions |
|---|---|
| Employment Agreement | Entered 2015; initial 24-month term; auto-renews annually unless notice not to extend |
| Base Salary Floor | At least $140,000 per year (subject to review; cannot be reduced) |
| Incentive Eligibility | Discretionary bonuses; participation in management incentive, pension, profit-sharing, medical, retirement plans, and fringe benefits |
| Termination (without cause/good reason, non-CIC) | Severance and welfare benefits per agreement (amounts not itemized in proxy) |
| Change-in-Control (CIC) | Severance equals the greater of remaining term salary or 2.99x base salary, plus prorated prior-year cash bonus; immediate vesting of unvested RSUs/options; 100% vesting of nonqualified benefits |
| CIC Illustrative Payout (12/31/2024) | ~$789,000 for Perry if terminated at/within one year of CIC, based on 2024 salary/bonus |
| Restrictive Covenants | Non-compete and non-solicit post-termination |
| Clawback Policy | SEC/Nasdaq Rule 10D-1 compliant; mandatory recovery of erroneously awarded incentive compensation over a 3-year lookback post restatement; employment agreements amended Nov 2023 to comply |
| SERP (Executive Salary Continuation Agreement) | Present value $64,645 at 12/31/2024; amended Jan 2025 to extend payout from 10 to 13 years and increase annual supplemental benefit from $12,000 to $45,000 |
Compensation Structure Analysis
- No 2024 MIP payout and reliance on a $50,000 discretionary bonus suggests emphasis on Board judgment vs. formulaic annual incentives in the year .
- No unvested RSUs at year-end 2024 reduces near-term forced-selling pressure from vesting events; options are not a component of his package, lowering equity-related risk .
- CIC protection at 2.99x salary plus full vesting is standard small-cap banking market practice; the illustrative CIC payout of ~$789k frames retention and transition economics .
- Clawback adoption (Oct 2023) and employment agreement amendments (Nov 2023) strengthen governance and pay-for-performance accountability .
Say-on-Pay & Shareholder Feedback
- 2022 Say-on-Pay approval: 89% of votes cast supported executive compensation .
- Board recommends Say-on-Frequency every three years; shareholders to vote on Say-on-Pay and frequency in 2025 .
Investment Implications
- Alignment: Perry’s 2024 pay is primarily fixed salary plus a modest discretionary bonus; lack of MIP payout indicates disciplined annual incentive application. With no unvested RSUs at year-end, equity-aligned upside is limited near term, but governance guardrails (clawback, insider trading policies) are robust .
- Retention/Transition: Employment terms feature annual auto-renewal, non-compete/non-solicit, and standard CIC economics (2.99x salary) with an illustrative CIC payout of ~$789k—adequate retention while capping change-of-control costs; SERP enhancement to $45k/year for 13 years (Jan 2025) increases long-term retention value .
- Trading Signals: Absence of unvested equity and award blackout policy reduce mechanical selling pressure; discretionary bonus and perqs are modest; no pledging disclosed—limited red flags .
- Execution Risk Context: Company net earnings improved in 2024, with ROA/ROE at ~1%/~12.6%; Pay-versus-Performance disclosures suggest historical alignment with TSR/net income trends—supportive backdrop for Perry’s banking/retail execution mandate .