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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

 

 

PAY VS. PERFORMANCE

 

The following discusses the relationship of compensation actually paid to named executive officers and the financial performance of the Company. Compensation is compared to performance metrics of the cumulative Total Shareholder Return and Net Income to provide shareholders with a more transparent, readily comparable, and understandable disclosure of executive compensation and to assess executive compensation actually paid relative to financial performance.

 

Year

Summary Compensation Table Total for PEO(1)

$

Compensation Actually Paid to PEO(1)

$

Average Summary Compensation Table Total for Non-PEO NEOs(2)

$

Average Compensation Actually Paid to Non-PEO NEOs(3)

$

Value of Initial Fixed $100 Investment Based On Total Shareholder Return(4)

%

Net Income(5)

$

2023

865,183

1,039,025

432,043

494,668

30.31%

18,209,518

2022

979,155

929,236

510,148

494,464

-22.68%

30,021,579

2021

927,380

862,538

482,391

463,699

-6.23%

24,007,739

 

(1)

Daniel J. Santaniello was the Company's Principal Executive Officer (PEO) for each of the 2021, 2022 and 2023 fiscal years.

 

(2)

Salvatore R. DeFrancesco, Jr., Eugene J. Walsh and Michael J. Pacyna were the Company's Non-PEO Named Executive Officers (NEOs) for each of the 2021, 2022 and 2023 fiscal years. Ruth Turkington was included in the Company’s Non-PEO Named Executive Officers (NEOs) for 2023.

 

(3)

The amounts disclosed reflect the following adjustments to the amounts reported in the Summary Compensation Table.

   
PEO Total Compensation Amount $ 865,183 $ 979,155 $ 927,380
PEO Actually Paid Compensation Amount $ 1,039,025 929,236 862,538
Adjustment To PEO Compensation, Footnote

 

 

2023

 

2022

 

2021

 

PEO $

Non-PEO NEO's $

 

PEO $

Non-PEO NEO's $

 

PEO $

 Non-PEO NEO's $

Less Change in Pension Value & NQ Deferred Compensation Earnings

-

-

 

-

-

 

(11,994)

(4,807)

Less Stock Award

(82,840)

(35,126)

 

(155,505)

(71,310)

 

(155,980)

(68,477)

Increase for Fair Value of Awards Granted during Year that Remain Unvested as of Year End

182,562

77,296

 

147,501

64,755

 

128,266

67,535

Change in Fair Value from Prior to Current Year End of Awards Granted Prior to the Year that were Outstanding & Unvested as of Year End

57,750

13,712

 

(49,349)

(13,275)

 

(12,114)

(6,659)

Change in Fair Value from Prior Year End to Vesting Date of Awards Granted Prior to Year that Vested during Year

4,034

2,221

 

(2,408)

(1,308)

 

(17,897)

(9,220)

Increase based on Dividends or Other Earnings Paid during year prior to Vesting Date of Award(6)

12,336

4,522

 

9,842

5,454

 

4,877

2,936

Total Adjustments

173,842

62,625

 

(49,919)

(15,684)

 

(64,842)

(18,692)

 

 

(4)

Computed based on a hypothetical investment of $100 in common stock on January 1, 2021, with dividends paid reinvested.

 

(5)

As reported on Company’s Consolidated Statements of Income for the applicable fiscal reporting year, as provided under Part II Item 8 of the Company’s Annual Report on Form 10-K.

 

(6)

Dividends earned on the restricted stock are forfeitable until the vesting date of the underlying restricted stock.

   
Non-PEO NEO Average Total Compensation Amount $ 432,043 510,148 482,391
Non-PEO NEO Average Compensation Actually Paid Amount 494,668 494,464 463,699
Total Shareholder Return Amount 30.31 (22.68) (6.23)
Net Income (Loss) 18,209,518 30,021,579 24,007,739
PEO Less Change In Pension Value & NQ Deferred Compensation Earnings [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 (11,994)
NEO Less Change In Pension Value & NQ Deferred Compensation Earnings [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 (4,807)
PEO Less Stock Award [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (82,840) (155,505) (155,980)
NEO Less Stock Award [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (35,126) (71,310) (68,477)
PEO Increase For Fair Value Of Awards Granted During Year That Remain Unvested As Of Year End [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 182,562 147,501 128,266
NEO Increase For Fair Value Of Awards Granted During Year That Remain Unvested As Of Year End [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 77,296 64,755 67,535
PEO Change In Fair Value From Prior To Current Year End Of Awards Granted Prior To The Year That Were Outstanding & Unvested As Of Year End [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 57,750 (49,349) (12,114)
NEO Change In Fair Value From Prior To Current Year End Of Awards Granted Prior To The Year That Were Outstanding & Unvested As Of Year End [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 13,712 (13,275) (6,659)
PEO Change In Fair Value From Prior Year End To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 4,034 (2,408) (17,897)
NEO Change In Fair Value From Prior Year End To Vesting Date Of Awards Granted Prior To Year That Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 2,221 (1,308) (9,220)
PEO Increase Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date Of Award [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 12,336 9,842 4,877
NEO Increase Based On Dividends Or Other Earnings Paid During Year Prior To Vesting Date Of Award [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 4,522 5,454 2,936
PEO Total Adjustments [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 173,842 (49,919) (64,842)
NEO Total Adjustments [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 62,625 $ (15,684) $ (18,692)