Timothy P. Turner
About Timothy P. Turner
Timothy P. Turner, age 62, is Executive Vice President and Chief Credit Officer of Peoples Bank, responsible for Commercial Credit and Credit Administration; he has been with the Bank since 2010 and holds a BBA and MBA from Campbell University, with 37 years of banking experience as of Feb 1, 2025 . Company operating performance during his tenure in credit leadership shows stable profitability with net earnings of $16.4m in 2024 (vs. $15.5m in 2023, $16.1m in 2022), ROAA ~0.99% in 2024, and improved credit quality with nonaccrual loans declining to 0.04% of loans at 12/31/2024 (from 0.36% in 2023) . The Company’s compensation framework emphasizes performance orientation, with annual incentives tied to budget attainment and individual goals, and long-term alignment through time-based RSUs under the 2020 Omnibus Plan .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Peoples Bank | First Vice President – Commercial Credit | 2010 | Joined to lead commercial credit functions during post-crisis period; elevated credit discipline and underwriting oversight . |
| Peoples Bank | Senior Vice President – Senior Credit Officer | 2010s (after FVP) | Expanded responsibility across credit administration, supporting asset quality and risk governance . |
| Peoples Bank | Senior Vice President, Chief Credit Officer | 2019 | Named CCO; oversight of Credit Administration and Loan Operations . |
| Peoples Bank | Executive Vice President, Chief Credit Officer | 2019–present | Leads Commercial Credit and Credit Administration, supporting improved nonaccrual metrics by YE 2024 . |
External Roles
No public company directorships or external board roles are disclosed for Mr. Turner .
Fixed Compensation
- Mr. Turner is not a “named executive officer” (NEO) in the 2025 proxy; individual base salary, target/actual bonus, and perquisites are not disclosed in the Summary Compensation Table (NEOs are CEO, former CEO, CFO, CBO) .
Performance Compensation
- Annual cash incentives: The Bank’s Management Incentive Plan links payout opportunity to corporate budget attainment and individual goals; for 2024, no NEO earned/was paid an incentive under this plan (discretionary bonuses were paid to NEOs in January 2025). Plan mechanics inform broader officer incentives though Mr. Turner’s specific payouts are not disclosed .
- Long-term incentives: Under the 2020 Omnibus Plan, time-based RSUs are granted to employees and directors; RSUs vest on fixed schedules and convert 1:1 into common shares. Examples of recent RSU schedules for NEOs (illustrative of plan cadence): 2021 grant vested 2/3/2025; 2022 grant vests 1/20/2026; 2023 grant vests 1/19/2027; 2024 grant vests 1/22/2028 . Clawback applies to incentive-based compensation under SEC/Nasdaq rules (3-year lookback) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership (Form 3) | 1,178.8904 shares directly; 295 shares indirectly via spouse, as of event date 03/17/2022 (filed 03/25/2022) . |
| Subsequent changes (Form 4) | Section 16 filings exist for Mr. Turner; investors should review each Form 4 for transaction dates, amounts, and post-transaction holdings to assess selling pressure (example source references available) . |
| Pledging/hedging | The Company’s Insider Trading Policies restrict trading when in possession of MNPI, require trading in open windows, and encourage pre-clearance; no specific pledge policy or disclosure of pledging by Mr. Turner is provided . |
| Ownership guidelines | No executive stock ownership guidelines are disclosed in the proxy . |
Employment Terms
- Individual employment agreement terms for Mr. Turner are not disclosed; employment agreements summarized in the proxy apply to NEOs (Sellers, Cable, Hooper, Perry), including auto-renewing terms, non-compete/non-solicit, and severance/CIC protections .
- For reference (NEO template): Upon CIC termination within 1 year, payment equals accrued obligations plus the greater of pro-rated remaining-term base salary or 2.99× base salary, pro-rated last-year bonus, accelerated vesting of equity/stock options, and full vesting of non-qualified plans; unvested RSUs would accelerate (NEO example values as of 12/31/2024: CEO ~$1.545m; former CEO ~$1.830m; CFO ~$847k; CBO ~$789k) .
Performance & Track Record (Company context relevant to role)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net earnings ($ millions) | 16.123 | 15.546 | 16.353 |
| ROAA (%) | 0.97 | 0.97 | 0.99 |
| ROAE (%) | 13.01 | 13.37 | 12.59 |
| Nonaccrual loans / total loans (%) | 0.36 | 0.36 | 0.04 |
| Allowance for credit losses / loans (%) | 1.02 | 1.01 | 0.88 |
Notes: 2024 included a negative ACL provision (-$0.285m) with net charge-offs of $1.432m; the nonaccrual ratio improvement and ACL modeling changes are described in the proxy’s MD&A appendix .
Governance, Policies, and Say‑on‑Pay context
- Compensation philosophy emphasizes performance, peer benchmarking, asset quality, and cumulative shareholder return as factors; Compensation Committee independence affirmed .
- Clawback policy compliant with SEC/Nasdaq rules adopted in Oct 2023 and incorporated into NEO employment agreements in Nov 2023 .
- Most recent disclosed Say‑on‑Pay approval (2022 meeting) was 89%; shareholders will vote on Say‑on‑Pay and frequency again in 2025 .
Related Party Transactions and Red Flags
- Related-person loan policies adhere to Regulation O and require market terms; Board reviews/approves non-Reg O related transactions. No Turner-specific related party transactions are disclosed .
- No disclosures of tax gross‑ups, option repricing, or pledging related to Mr. Turner appear in the proxy .
Investment Implications
- Alignment and retention: Turner’s long tenure (since 2010) in credit leadership and the Company’s improved nonaccrual ratio to 0.04% at YE 2024 are supportive signals for risk management continuity; however, as a non-NEO, his individual pay mix, targets, and severance/CIC protections are undisclosed, leaving some retention risk unquantified .
- Incentive structure: Company-wide incentives emphasize budget and individual objectives with time-based RSUs; 2024 NEO MIP payouts were zero, with compensation delivered via discretionary cash and time-based equity—suggesting near-term cash emphasis over formulaic performance incentives during a transition year (CEO change), which may reduce direct pay-for-performance sensitivity for non-NEOs as well .
- Ownership and trading: Mr. Turner’s last clearly quantified ownership from Form 3 (2022) reflects modest shareholdings; comprehensive Form 4 review is needed to assess current holdings and any selling pressure. Insider trading windows and pre-clearance policies mitigate informational risk, with clawback coverage in place for incentive compensation .
- Execution risk: The credit function’s performance (declines in nonaccruals) reduces risk to capital and earnings; continued normalization of ACL (0.88% of loans) implies reliance on sound underwriting and macro resilience. Monitoring future credit trends, insider filings, and whether incentive metrics evolve toward more explicit risk-adjusted targets will be key .
Data gaps: As Mr. Turner is not an NEO, his individual base salary, bonus outcomes, equity grants, employment agreement terms, and ownership guidelines compliance are not disclosed in the proxy; targeted review of his Section 16 Form 4 filings is recommended for up-to-date ownership and trading analysis .