Richard Belstock
About Richard Belstock
Richard L. Belstock, age 68, serves as Executive Vice President and Chief Financial Officer of Plumas Bancorp and Plumas Bank . His pay is tied to a cash non‑equity incentive plan that emphasizes ROA percentile performance versus a $1–$3B asset peer group, plus goal- and metric-based components, and CEO evaluation; in 2024 his payout totaled $122,444 . Company performance during his recent tenure shows net income of $28.6M in 2024 vs. $29.8M in 2023 and TSR of $149.78 per $100 initial investment in 2024; prior TSR values were $186.90 (2023) and $163.03 (2022) per the company’s pay-versus-performance disclosure .
Past Roles
Not disclosed in PLBC proxy filings for Mr. Belstock .
External Roles
Not disclosed in PLBC proxy filings for Mr. Belstock .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $277,500 | $277,500 | $307,500 |
| Bonus ($) | $0 | $0 | $0 |
| Non‑Equity Incentive Plan Compensation ($) | $115,500 | $118,418 | $122,444 |
| Option Awards (Grant‑date FV, $) | $75,479 | $0 | $31,450 |
| All Other Compensation ($) | $11,288 | $15,357 | $14,944 |
Performance Compensation
EVP incentive structure (weightings)
| Component | Weighting |
|---|---|
| ROA Percentile vs $1–$3B peer group | 60.2% |
| Performance Goals | 17.2% |
| Various Metrics | 8.6% |
| CEO Evaluation of EVP Performance | 14.0% |
Belstock cash incentive payout breakdown ($)
| Component | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| ROA Percentile | $69,196 | $75,972 | $83,114 |
| Goals | $14,828 | $13,024 | $7,125 |
| Metrics | $9,885 | $5,427 | $5,937 |
| CEO/Performance Evaluation | $21,591 | $23,996 | $26,269 |
| Total | $115,500 | $118,418 | $122,444 |
Notes:
- Targets for goals/metrics are described qualitatively (loan and deposit growth, asset quality benchmarks, strategic initiatives, ROE percentile vs peers, budgeted net income) but numeric targets for EVPs are not disclosed .
- Payouts occur after Board/Committee approval; plan allows adjustments for unusual/nonrecurring items and does not guarantee employment .
Equity Ownership & Alignment
Beneficial ownership and options status
| Metric | As of Mar 17, 2023 | As of Mar 19, 2024 | As of Mar 25, 2025 |
|---|---|---|---|
| Shares Beneficially Owned (#) | 63,546 | 68,002 | 71,015 |
| Percent of Class (%) | 1.1% | 1.2% | 1.2% |
| Options Exercisable within 60 days (#) | 5,700 | 7,800 | 8,180 |
Outstanding option awards (vesting, strike, expiration)
| Attribute | Grant 2019 | Grant 2022 | Grant 2024 |
|---|---|---|---|
| Exercisable (#) | 6,100 | 3,400 | 0 |
| Unexercisable (#) | 0 | 5,100 | 3,400 |
| Exercise Price ($) | 21.45 | 31.00 | 34.07 |
| Expiration | 10/21/2027 | 08/16/2032 | 02/21/2034 |
| Vesting Start | 25%/yr from 10/21/2020 | 20%/yr from 08/16/2023 | 20%/yr from 02/21/2025 |
Alignment policies and practices
- Anti‑hedging: directors, officers, employees prohibited from short sales or hedging transactions in company stock; policy filed with 2024 Form 10‑K .
- Pledging: no pledging disclosures appear in proxy; only anti‑hedging stated .
- Ownership guidelines: $150,000 minimum applies to directors; executive officer ownership guidelines are not disclosed .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Company states no employment/change‑in‑control agreements for executives other than CEO; none disclosed for Mr. Belstock . |
| Salary Continuation Agreement | Provides annual post‑retirement benefits up to $88,500 for 10 years, subject to continuous employment through March 31, 2026; reduced amounts if terminating before that date absent change‑in‑control . |
| Change‑in‑Control (CIC) Treatment | If Mr. Belstock terminates within 24 months after a CIC, full vesting of salary continuation applies and payments begin the month following termination (subject to potential 280G deductibility limits) . |
| Clawback | Company references clawback in CEO agreement; no specific clawback provision disclosed for EVP/CFO . |
| Perquisites/Benefits | 401(k) match: 30% of employee contribution up to 3% of compensation; medical/dental/vision on employee‑wide terms; cell phone allowance, gasoline for business use, and tax gross‑ups included in “All Other Compensation” . |
Investment Implications
- Pay-for-performance alignment: Belstock’s cash incentives are predominantly tied to ROA percentile versus a defined peer set, with transparent component weightings; his payouts rose modestly from $115.5k (2022) to $122.4k (2024) alongside elevated ROA metrics, supporting incentive alignment with operating performance .
- Upcoming vesting and potential insider activity: New 2024 options begin vesting 20% annually from 2/21/2025; 2022 grant continues 20% annual vesting. Monitor Form 4 filings around vest dates for exercises/sales that could imply selling pressure, noting one late Form 4 report for 2024 grants across current executives .
- Retention risk moderated through 2026: Salary continuation vests fully upon CIC termination and requires continued employment through 3/31/2026 otherwise, creating retention incentives and CIC protection; pending Cornerstone Community Bancorp acquisition (expected 2H 2025) increases relevance of CIC provisions for executives .
- Governance and red flags: Anti‑hedging policy is robust, but tax gross‑ups appear within perquisites; 2024 Section 16 filing delinquency (late Form 4s) is a minor process red flag to watch for repeat patterns .
- Say‑on‑pay cadence: Board recommends annual say‑on‑pay starting in 2025 (prior 2019 vote favored triennial), increasing feedback frequency on executive compensation design and outcomes .