Steven Grunblatt
PATRIOT NATIONAL BANCORPAbout Steven Grunblatt
Steven Grunblatt is Executive Vice President and Chief Information Officer of Patriot Bank, N.A. (PNBK), age 60. He joined Patriot Bank in 2014 as Senior Vice President, Director of Technology, and became EVP & CIO in April 2021; he holds a Bachelor’s degree in Economics from The Wharton School . Company performance context during recent years shows cumulative shareholder value and earnings pressure: the Pay-vs-Performance table reports a $100 TSR proxy value of $59.38 in 2022, $26.88 in 2023, and $15.20 in 2024, alongside net income/(loss) of $6,161,000 (2022), $(4,179,000) (2023), and $(39,882,000) (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Patriot Bank, N.A. | SVP, Director of Technology | 2014–Apr 2021 | Led vendor management, infrastructure, and technology implementation |
| Patriot Bank, N.A. | EVP & Chief Information Officer | Apr 2021–present | Oversight of IT strategy, vendor management, infrastructure, and implementations |
External Roles
No external public company directorships or outside board roles disclosed for Grunblatt in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $269,466 | $270,375 |
| Bonus and Incentive ($) | $52,500 | $0 |
| Restricted Stock ($) | $0 | $1,449 |
| All Other Annual Compensation ($) | $8,084 | $8,111 |
| Total ($) | $330,050 | $279,935 |
• All Other Annual Compensation for Grunblatt reflects 401(k) contributions ($8,084 in 2023; $8,111 in 2024) .
Performance Compensation
| Item | 2023 | 2024 |
|---|---|---|
| 2017 Executive Compensation Incentive Plan awards | No awards issued company‑wide | No awards issued company‑wide |
• The 2017 Plan pays 50% cash and 50% restricted stock with 3‑year vesting when awards are made; awards are tied to budgeted operating results and risk‑management guidelines .
• Despite no plan awards in 2023–2024, Grunblatt received a $52,500 bonus in 2023; the proxy does not specify the basis for that bonus .
Equity Ownership & Alignment
| Metric | Value |
|---|---|
| Beneficial ownership (common shares) | 3,247 shares; <1% of class |
| Unvested equity awards (count, 12/31/2024) | 1,496 |
| Shares outstanding (Record Date 5/16/2025) | 76,259,670 |
| Anti‑hedging/pledging policy | No hedging policy adopted; no pledging prohibition disclosed in that section |
| Clawback policy | Adopted Nov 30, 2023; recoupment on accounting restatement at Compensation Committee discretion |
| Insider reporting | Late Form 4 filing in 2024 for a restricted stock grant (noted in Section 16(a) disclosure) |
Employment Terms
| Term | Detail |
|---|---|
| Role start | Joined Patriot Bank in 2014; became EVP & CIO in Apr 2021 |
| Contract terms | No individual employment agreement terms, severance, non‑compete, or change‑of‑control economics disclosed for Grunblatt in the proxy . |
| Equity plan context | Company’s 2025 Omnibus Equity Incentive Plan authorizes awards up to 20% of outstanding shares (minimum 10,000,000), with double‑trigger vesting on change of control when replacement awards are provided; otherwise awards generally accelerate . |
Performance & Company Context
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR – $100 initial value | $59.38 | $26.88 | $15.20 |
| Net Income (loss) – $ thousands | $6,161 | $(4,179) | $(39,882) |
Compensation Structure Analysis
- Mix and trend: Grunblatt’s 2024 comp was predominantly fixed salary ($270k) with minimal equity ($1.4k restricted stock) and no bonus, versus 2023 that included a $52.5k bonus; this indicates reduced variable pay year‑over‑year .
- Equity intensity: Unvested awards count was modest (1,496 at 12/31/2024), implying limited near‑term vesting‑related selling pressure for him personally .
- Governance levers: Company adopted a clawback policy in 2023 (restatement‑triggered), but has not adopted an anti‑hedging policy, which weakens alignment safeguards; Section 16 late Form 4 highlights process discipline risk .
Investment Implications
- Alignment and incentives: Low direct ownership (<1%) and modest unvested equity suggest limited personal “skin in the game” and muted equity‑linked incentives; absence of an anti‑hedging policy further weakens alignment, partially offset by a clawback policy .
- Retention and selling pressure: Minimal unvested equity for Grunblatt indicates low vest‑driven selling pressure near term; bonus volatility (no 2024 bonus after 2023 bonus) may affect retention depending on 2025 plan usage, although no individual RSU grants for him are disclosed .
- Governance and risk flags: Late Section 16 filing is a minor red flag; monitor future Form 4s and any RSU grants under the 2025 Plan for potential changes in alignment and liquidity events. Company‑level TSR and net income decline in 2024 underscore execution and turnaround risk that IT leadership must support in stabilizing operations .