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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance Table
The following table sets forth information concerning the compensation of our principal executive officer (“PEO”) and other named executive officers (“NEOs”) for each of the fiscal years ended December 31, 2024, 2023, 2022, 2021, and 2020 and our financial performance for each such fiscal year, as computed in accordance with SEC rules, followed by a table reconciling the compensation disclosed in the Summary Compensation Table (“SCT”), and the compensation required to be disclosed as CAP:
 
 
 
   
 
     
 
     
 
     
 
   
Value of initial fixed $100
investment based on:
     
 
     
 
 
Year 
(1)
 
Summary
Compensation
Table total for
PEO
 (1)

($)
   
Compensation
actually paid
to PEO
($)
   
Average
summary
compensation
table total for
non-PEO

named
executive
officers 
(2)

($)
   
Average
compensation
actually paid
to
non-PEO

named
executive
officers
($)
   
Total
shareholder
return
($)
   
Peer group
total
shareholder
return 
(3)

($)
   
Net Income
   
Return on
average
tangible
common
equity
 
2024
    1,241,097       1,339,544       524,318       536,074       122.74       116.68       49,437,348       11.60
2023
    1,702,023       1,514,837       627,155       579,068       83.97       102.18       37,397,102       10.37
2022
    1,330,999       1,340,988       419,119       403,929       97.07       93.41       54,805,501       14.54
2021
    1,148,556       1,270,146       426,716       436,724       149.57       149.67       29,319,501       11.68
2020
    1,125,984       1,098,571       511,172       495,997       78.79       78.92       26,208,827       14.92
 
(1)
 
The PEO in 2024, 2023, 2022, 2021, and 2020 was Rory G. Ritrievi.
 
(2)
 
The
non-PEO
NEOs were Messrs. Micklewright, Webb, Paese and Space for 2024, Messrs. Micklewright, Webb, Paese and Ms. Allison Johnson for 2023, Messrs. Micklewright, Webb, Holt and Paese and Ms. Johnson for 2022, Messrs. Micklewright, Webb, Peduzzi, and Holt, and Ms. Joan Dickinson for 2021, and Messrs. Micklewright, Webb, and Peduzzi, and Ms. Dickinson for 2020.
 
(3)
 
The peer group used are the peers identified by our compensation consultants, Newcleus Compensation Advisors. Peer Group Total Shareholder Return for 2024, 2023, 2022, 2021, and 2020 for the former peer group, Meridian Compensation Partners, was $111.87, $101.78, $97.00, $140.17, and $74.23, respectively.
       
Company Selected Measure Name Return on average tangible common equity        
Named Executive Officers, Footnote
(2)
 
The
non-PEO
NEOs were Messrs. Micklewright, Webb, Paese and Space for 2024, Messrs. Micklewright, Webb, Paese and Ms. Allison Johnson for 2023, Messrs. Micklewright, Webb, Holt and Paese and Ms. Johnson for 2022, Messrs. Micklewright, Webb, Peduzzi, and Holt, and Ms. Joan Dickinson for 2021, and Messrs. Micklewright, Webb, and Peduzzi, and Ms. Dickinson for 2020.
       
Peer Group Issuers, Footnote
(3)
 
The peer group used are the peers identified by our compensation consultants, Newcleus Compensation Advisors. Peer Group Total Shareholder Return for 2024, 2023, 2022, 2021, and 2020 for the former peer group, Meridian Compensation Partners, was $111.87, $101.78, $97.00, $140.17, and $74.23, respectively.
       
PEO Total Compensation Amount $ 1,241,097 $ 1,702,023 $ 1,330,999 $ 1,148,556 $ 1,125,984
PEO Actually Paid Compensation Amount $ 1,339,544 1,514,837 1,340,988 1,270,146 1,098,571
Adjustment To PEO Compensation, Footnote
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.
 
 
 
  
PEO
 
Year
  
2024
    
2023
    
2022
    
2021
    
2020
 
Summary Compensation Table Total Compensation
   $ 1,241,097      $ 1,702,023      $ 1,330,999      $ 1,148,556      $ 1,125,984  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
     287,852        400,003        225,006        200,004        168,249  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
     386,299        212,817        234,995        321,594        140,836  
Compensation Actually Paid
     1,339,544        1,514,837        1,340,988        1,270,146        1,098,571  
 
 
 
  
Non-PEO
Named Executive Officers
 
Year
  
2024
    
2023
   
2022
(1)
    
2021
    
2020
 
Summary Compensation Table Total Compensation
   $ 524,318      $ 627,155     $ 419,119      $ 426,716      $ 511,172  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
     41,760        34,503       51,826        17,475        27,481  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
     53,516        (13,584     36,636        27,483        12,306  
Compensation Actually Paid
     536,074        579,068       403,929        436,724        495,997  
 
(1)
 
The CAP for 2022 was materially impacted by the fact that Mr. Holt and Ms. Johnson each served as Chief Financial Officer for a partial year.
       
Non-PEO NEO Average Total Compensation Amount $ 524,318 627,155 419,119 426,716 511,172
Non-PEO NEO Average Compensation Actually Paid Amount $ 536,074 579,068 403,929 436,724 495,997
Adjustment to Non-PEO NEO Compensation Footnote
The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.
 
 
 
  
PEO
 
Year
  
2024
    
2023
    
2022
    
2021
    
2020
 
Summary Compensation Table Total Compensation
   $ 1,241,097      $ 1,702,023      $ 1,330,999      $ 1,148,556      $ 1,125,984  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
     287,852        400,003        225,006        200,004        168,249  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
     386,299        212,817        234,995        321,594        140,836  
Compensation Actually Paid
     1,339,544        1,514,837        1,340,988        1,270,146        1,098,571  
 
 
 
  
Non-PEO
Named Executive Officers
 
Year
  
2024
    
2023
   
2022
(1)
    
2021
    
2020
 
Summary Compensation Table Total Compensation
   $ 524,318      $ 627,155     $ 419,119      $ 426,716      $ 511,172  
Less Grant Date Fair Value of Stock Awards in Fiscal Year
     41,760        34,503       51,826        17,475        27,481  
Add Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years and Fiscal Year
     53,516        (13,584     36,636        27,483        12,306  
Compensation Actually Paid
     536,074        579,068       403,929        436,724        495,997  
 
(1)
 
The CAP for 2022 was materially impacted by the fact that Mr. Holt and Ms. Johnson each served as Chief Financial Officer for a partial year.
       
Compensation Actually Paid vs. Total Shareholder Return
The following graph illustrates the relationship between compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and the Corporation’s total shareholder return and that of our peer group:
 
 
LOGO
       
Compensation Actually Paid vs. Net Income
The following graph illustrates the relationship between the compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and net income, as well as the Corporation’s net income:
 
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
The following graph illustrates the relationship between the compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and net income, as well as the Corporation’s return on average tangible common equity:
 
 
LOGO
       
Total Shareholder Return Vs Peer Group
The following graph illustrates the relationship between compensation actually paid to the Corporation’s PEO and, on average, its other NEOs, and the Corporation’s total shareholder return and that of our peer group:
 
 
LOGO
       
Tabular List, Table
Tabular List of Performance Measures
The following table presents an unranked list of financial performance measures the Compensation Committee considers to be most important in determining the compensation of the Corporation’s named executive officers. As described in greater detail in the section titled “Compensation Discussion & Analysis” beginning on page 24 above, the Corporation’s objective in designing its compensation program is to align executive compensation with the Corporation’s long-term growth and sustained earnings objectives of the Corporation’s shareholders, while attracting, retaining and motivating highly-qualified executives, and balancing both the risks and rewards of the program. Because the Corporation’s compensation program generally seeks to incentivize long-term performance, the Compensation Committee does not specifically seek to align the Corporation’s performance measures with Compensation Actually Paid (as defined by SEC rules) for a particular year.
Performance Metrics
Net Interest Margin
Return on average assets
Return on average tangible common equity
Efficiency ratio
Asset quality ratio
Organic loan growth
Total shareholder return
       
Total Shareholder Return Amount $ 122.74 83.97 97.07 149.57 78.79
Peer Group Total Shareholder Return Amount 116.68 102.18 93.41 149.67 78.92
Net Income (Loss) $ 49,437,348 $ 37,397,102 $ 54,805,501 $ 29,319,501 $ 26,208,827
Company Selected Measure Amount 0.116 0.1037 0.1454 0.1168 0.1492
PEO Name Rory G. Ritrievi        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net Interest Margin        
Measure:: 2          
Pay vs Performance Disclosure          
Name Return on average assets        
Measure:: 3          
Pay vs Performance Disclosure          
Name Return on average tangible common equity        
Measure:: 4          
Pay vs Performance Disclosure          
Name Efficiency ratio        
Measure:: 5          
Pay vs Performance Disclosure          
Name Asset quality ratio        
Measure:: 6          
Pay vs Performance Disclosure          
Name Organic loan growth        
Measure:: 7          
Pay vs Performance Disclosure          
Name Total shareholder return        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (287,852) $ (400,003) $ (225,006) $ (200,004) $ (168,249)
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 386,299 212,817 234,995 321,594 140,836
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (41,760) (34,503) (51,826) (17,475) (27,481)
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 53,516 $ (13,584) $ 36,636 $ 27,483 $ 12,306