Lori C. Vaught
About Lori C. Vaught
Executive Vice President and Chief Financial Officer of Skyline Bankshares, Inc. and Skyline National Bank since January 2019; previously Controller (2012–2019) and Vice President of Loan Operations (2002–2012). Age 51, Bachelor of Business Administration (Accounting) from Radford University; active in the Virginia Bankers Association CFO Committee and local community foundations. Tenure and responsibilities indicate deep institutional knowledge of Skyline’s finance, reporting, and loan operations infrastructure . Company performance context (recent years below) supports assessing pay-for-performance alignment.
Company performance under Vaught’s tenure
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $6,257,000* | $6,970,000* | $7,285,000* |
| Net Income ($USD) | $10,281,000* | $9,700,000* | $7,425,000* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Skyline/Grayson National Bank | VP, Loan Operations | 2002–2012 | Led loan operations foundation and controls in community banking markets . |
| Skyline/Grayson National Bank | Controller | 2012–2019 | Financial management and reporting leadership; cited for “positive contributions” to financial management and reporting . |
| Skyline Bankshares & Skyline National Bank | EVP & CFO | 2019–Present | Executive oversight of finance and reporting; promoted following CEO transition . |
External Roles
| Organization | Role | Years | Focus/Impact |
|---|---|---|---|
| Virginia Bankers Association | CFO Committee Member | Current | Industry CFO network, policy and best practices . |
| Wytheville Community College Scholarship Foundation, Inc. | Board Member | Current | Community philanthropy governance . |
| Wytheville Community College Real Estate Foundation, Inc. | Board Member | Current | Real estate asset governance for community college . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus ($) | Notes |
|---|---|---|---|---|
| 2019 (appointment) | $105,000 | Eligible under annual incentive plan (not disclosed) | Not disclosed | Initial CFO base and incentive eligibility at appointment . |
- Subsequent base salary, bonus outcomes, and updates were not disclosed in the available 2023–2025 proxy materials reviewed .
Performance Compensation
- Annual Incentive Plan: CFO eligible to participate; specific metrics (e.g., revenue/EBITDA/TSR) and weightings are not disclosed in available filings .
- Equity incentives governed by the 2020 Omnibus Stock Plan (shareholder-approved), which establishes award types and guardrails:
| Feature | Policy/Detail | Citation |
|---|---|---|
| Award types | Options (ISO/NSO), Restricted Stock, RSUs, SARs | |
| Shares reserved | 300,000 shares; 4.95% of common outstanding as of June 30, 2020 | |
| Minimum vesting | ≥ 1-year for time-based awards (limited acceleration ability) | |
| Option/SAR pricing | No discounted options/SARs; repricing prohibited | |
| Dividends on unvested awards | Prohibited until vesting requirements are met | |
| Nontransferability | Options/RSUs/SARs cannot be sold/transferred/pledged/assigned (except by will/descent) | |
| Clawback | All awards subject to company clawback/recoupment policies and applicable regulations | |
| Change-of-control (plan) | Committee may accelerate vesting/delivery, cash-settle, replace with cash awards, adjust, or cause assumption/substitution at closing |
- No grant-date counts, fair values, vesting schedules, or payout factors specific to Vaught were disclosed in the 2023–2025 proxies .
Equity Ownership & Alignment
- Beneficial ownership (shares directly/indirectly owned by Vaught), vested/unvested breakdown, options exercisable/unexercisable, and any pledging/hedging disclosures are not present in the available 2023–2025 proxy sections accessed .
- Alignment policies from the 2020 Plan (minimum vesting, no repricing, dividends blocked pre-vest, nontransferability, clawback) reinforce pay-for-performance governance and reduce misalignment risks .
Employment Terms
| Term | Details | Citation |
|---|---|---|
| Appointment | Named EVP & CFO effective January 2019 | |
| Initial Compensation | Base salary $105,000; eligible for annual incentive plan | |
| Change-in-control agreements | Company disclosed COC agreements with certain executives, including “Lorina C. Vaught”; term extended one year (to May 31, 2022) by Board on May 18, 2021 | |
| Change-of-control (equity plan) | Committee may accelerate vesting or cash-settle awards; permits assumption/substitution; preserves award value through change | |
| Clawback | Awards subject to clawback/recoupment policies and applicable bank regulatory provisions |
- Severance multiples, single/double trigger specifics, non-compete/non-solicit, garden leave, and consulting arrangements for Vaught are not disclosed in available filings reviewed .
Investment Implications
- Compensation alignment: Equity plan design incorporates minimum vesting, no repricing, blocked dividends pre-vest, and clawbacks, signaling governance discipline and reduced risk of windfalls without performance .
- Retention risk: Existence of change-in-control agreements covering Vaught suggests structured protections that may lower retention risk through potential corporate transactions; however, severance economics (salary/bonus multiples; triggers) are undisclosed, limiting precision in scenario modeling .
- Insider selling pressure: Lack of disclosed beneficial ownership and grant detail precludes analysis of vested overhangs or near-term selling catalysts; monitoring future proxies and Form 4 filings is advisable for trading signal discovery .
- Execution track record: Long tenure through loan operations, controllership, and CFO roles implies deep process and community-bank domain expertise; company financials show rising revenues but declining net income in FY 2024, underscoring focus on margin and credit costs versus growth, with implications for incentive calibration and pay outcomes in future cycles (see performance table above). Values retrieved from S&P Global.*