Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-30

Evans Bancorp (EVBN)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,041,488
David Nasca total, FY2023
41st
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against EVBN
3 companies name EVBN as a compensation peer

Each company listed discloses EVBN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named EVBN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Nasca$579,577$0$169,926$0$202,825$17,110$72,050$1,041,488
President and Chief Executive Officer of the Company and the Bank
John Connerton273,060066,615076,478059,899476,052
Treasurer of the Company and Executive Vice President and Chief Financial Officer of the Bank
Kenneth Pawlak264,232061,220057,591037,552420,595
Executive Vice President and Chief Growth Officer of the Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
David Nasca$1,041,488$1,299,185$1,039,433−257,697
John Connerton476,052453,410487,378+22,642
Kenneth Pawlak420,595

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
David NascaPSU$169,926
John ConnertonPSU66,615
Kenneth PawlakPSU61,220
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
David Nasca$0$169,926$0100.0%
John Connerton066,6150100.0%
Kenneth Pawlak061,2200100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
John ConnertonRSU1,384$43,638
David NascaRSU3,530111,301
Kenneth PawlakOption93539.06
John ConnertonOption1,03539.06
Kenneth PawlakOption1,68825.51
David NascaRSU1,58549,975
Kenneth PawlakRSU67621,314
Kenneth PawlakRSU1,24939,381
John ConnertonRSU75223,711
John ConnertonRSU1,87759,182
Kenneth PawlakRSU56017,657
David NascaRSU1,94061,168
John ConnertonRSU62019,549
Kenneth PawlakRSU1,72554,389
David NascaOption4,84125.51
John ConnertonOption1,87225.51
David NascaRSU4,788150,966
David NascaOption2,64639.06
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company seeks to align the interests of its NEOs with the interests of its shareholders. The Company's executive compensation program is designed to reflect and further the Company's Strategic Plan objectives and reward executives for performance as measured against short-term goals, long-term sustained results to the Company's shareholders, and the Company's core values.

CEO STI target (% of salary)75%
CEO LTI target (% of salary)
Independent consultantAon McLagan (McLagan of Aon Plc)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lee C. WorthamIndependent · Board Chair · Audit · Corporate Governance and Nominating · Enterprise Risk$60,500$20,511$0$0$81,011
Michael J. RogersIndependent · Audit (Chair) · Enterprise Risk46,25020,5110066,761
Nora B. SullivanIndependent · Audit · Corporate Governance and Nominating · Enterprise Risk (Chair)37,00020,5110057,511
Kimberley A. MinkelIndependent · Human Resource and Compensation · Enterprise Risk31,45020,5110051,961
Michael A. BattleIndependent · Corporate Governance and Nominating (Chair) · Enterprise Risk31,05020,5110051,561
Robert G. Miller JrIndependent · Enterprise Risk28,30020,5110048,811
Jody L. LomeoIndependent · Corporate Governance and Nominating · Human Resource and Compensation (Chair)28,00020,5110048,511
Kevin D. MaroneyIndependent · Enterprise Risk27,70020,5110048,211
Thomas H. Waring JrIndependent · Corporate Governance and Nominating · Human Resource and Compensation26,40020,5110047,740
Christina P. OrsiIndependent · Corporate Governance and Nominating · Human Resource and Compensation26,93320,5110047,444
David R. Pfalzgraf JrIndependent · Corporate Governance and Nominating · Human Resource and Compensation26,40020,5110046,911
Dawn DePerriorIndependent · Audit · Enterprise Risk · Newly elected21,56713,6840035,251
Robert A. JamesIndependent · Audit · Human Resource and Compensation · Newly elected18,86713,6840032,551
David J. NascaEmployee director · Enterprise Risk00000
09

Board fee structure and ownership guideline

Annual cash retainer$20,496
Annual equity retainer$20,500
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)6,750 / 4,750 / 3,350
Stock ownership guidelineNew director: $10,000 within 60 days; $50,000 within 5 years of joining board
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$410,417
Equity awards (grant-date value)$252,989
All other compensation$0
Total cost of the board$663,406

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Evans Bancorp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Evans Bancorp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Orrstown Financial Services2025Thomas R. Quinn, Jr.$812,317$599,969$0$549,054$4,222,617
2Old Second Bancorp, Inc.2025James Eccher914,2171,075,0660852,3003,108,135
3Unity Bancorp, Inc.2025James Hughes825,000573,5800707,4382,703,888
4Mid Penn Bancorp, Inc.2025Rory Ritrievi773,077257,2000334,4002,209,726
5Greene County Bancorp, Inc.2025Donald Gibson715,00000860,2002,164,000
6Western New England Bancorp2025James Hagan818,603288,3190494,5831,859,294
7Farmers National Banc. Corp.2025Kevin Helmick686,850331,9130536,2501,644,243
8Chemung Financial Corp.2025Anders Tomson720,300230,044001,417,130
9ChoiceOne Financial Services2025Kelly Potes550,000260,7000325,8751,181,700
10Enterprise Bancorp, Inc.2024Steven Larochelle484,799305,0040267,4881,100,366
11People Financial Services2025Gerard Champi557,000162,4000204,0201,068,323
12Evans Bancorp2023David Nasca579,577169,9260202,8251,041,488
13Cordorus Valley Bancorp, Inc.2022Craig Kauffman514,119152,9810220,205990,702
14Farmers & Merchants Bancorp2025Lars Eller519,841109,1480283,573969,335
15QNB Corp.2025David Freeman675,00000162,000925,072
16LCNB Corp.2025Eric Meilstrup500,00084,607068,750892,855
17First Savings Financial Group2024Larry Myers458,59760,02344,1020777,964
18Macatawa Bank Corp.2022Ronald Haan540,000124,99200684,050
Level One Bancorp, Inc.not in coverage universe
FNCB Bancorp, Inc.not in coverage universe
NorthWest Indiana Bancorpnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Evans Bancorpnot disclosedPSU 50 · RSU 50NoAon McLagan (McLagan of Aon Plc)
Chemung Financial Corp.not disclosedRSU 100not disclosedAon
ChoiceOne Financial Services118.5%RSU 50 · PRSU 50Nonot disclosed
Cordorus Valley Bancorp, Inc.142.7%RSU 100not disclosedMeridian Compensation Partners, LLC
Enterprise Bancorp, Inc.55.18%RSU 100NoPearl Meyer and Partners
Farmers & Merchants Bancorpnot disclosedStock Awards 100not disclosednot disclosed
Farmers National Banc. Corp.150%PSU 50 · RSU 25 · Cash LTI 25NoAon
First Savings Financial Groupnot disclosednot disclosednot disclosedChaseCompGroup
FNCB Bancorp, Inc.not disclosednot disclosednot disclosednot disclosed
Greene County Bancorp, Inc.not disclosedPhantom Stock Option 100NoAON
LCNB Corp.14%RSU 100not disclosedBCG
Level One Bancorp, Inc.not disclosednot disclosednot disclosednot disclosed
Macatawa Bank Corp.not disclosedRSU 100not disclosedMcLagan, AON Hewitt
Mid Penn Bancorp, Inc.104.5%RSU 100not disclosedMeridian Compensation Partners
NorthWest Indiana Bancorpnot disclosednot disclosednot disclosednot disclosed
Old Second Bancorp, Inc.118.4%RSU 50 · PSU 50NoAON/McLagan
Orrstown Financial Services67%RSU 50 · PSU 50NoAon
People Financial Services104%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC
QNB Corp.not disclosedOption 100not disclosednot disclosed
Unity Bancorp, Inc.122.5%Restricted Stock 100not disclosednot disclosed
Western New England Bancorp134.3%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David NascaDEF 14A2024-03-250000842518-24-000019Section “Summary Compensation Table”. As printed: 1,041,488. Filing ↗machine: r3 · c16 · span 1310076–1310085
2Section 01, John ConnertonDEF 14A2024-03-250000842518-24-000019Section “Summary Compensation Table”. As printed: 476,052. Filing ↗machine: r9 · c16 · span 1348349–1348356
3Section 01, Kenneth PawlakDEF 14A2024-03-250000842518-24-000019Section “Summary Compensation Table”. As printed: 420,595. Filing ↗machine: r17 · c16 · span 1399168–1399175
4Section 03, David Nasca PSUDEF 14A2024-03-250000842518-24-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t96 · r3 · c6 · span 1306266–1306273
5Section 03, John Connerton PSUDEF 14A2024-03-250000842518-24-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t96 · r9 · c6 · span 1344398–1344404
6Section 03, Kenneth Pawlak PSUDEF 14A2024-03-250000842518-24-000019Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t96 · r17 · c6 · span 1395217–1395223
7Section 08, Lee C. WorthamDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 81,011. Filing ↗machine: t46 · r14 · c8 · span 839919–839925
8Section 08, Michael J. RogersDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 66,761. Filing ↗machine: t46 · r11 · c8 · span 829253–829259
9Section 08, Nora B. SullivanDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 57,511. Filing ↗machine: t46 · r12 · c8 · span 832813–832819
10Section 08, Kimberley A. MinkelDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 51,961. Filing ↗machine: t46 · r8 · c8 · span 818563–818569
11Section 08, Michael A. BattleDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 51,561. Filing ↗machine: t46 · r2 · c8 · span 797201–797207
12Section 08, Robert G. Miller JrDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 48,811. Filing ↗machine: t46 · r7 · c8 · span 815000–815006
13Section 08, Jody L. LomeoDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 48,511. Filing ↗machine: t46 · r5 · c8 · span 807875–807881
14Section 08, Kevin D. MaroneyDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 48,211. Filing ↗machine: t46 · r6 · c8 · span 811435–811441
15Section 08, Thomas H. Waring JrDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 47,740. Filing ↗machine: t46 · r13 · c8 · span 836361–836367
16Section 08, Christina P. OrsiDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 47,444. Filing ↗machine: t46 · r9 · c8 · span 822124–822130
17Section 08, David R. Pfalzgraf JrDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 46,911. Filing ↗machine: t46 · r10 · c8 · span 825692–825698
18Section 08, Dawn DePerriorDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 35,251. Filing ↗machine: t46 · r3 · c8 · span 800759–800765
19Section 08, Robert A. JamesDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 32,551. Filing ↗machine: t46 · r4 · c8 · span 804318–804324
20Section 08, David J. NascaDEF 14A2024-03-250000842518-24-000019Section “Director Compensation”. As printed: 0. Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
23Section 09b board cost (computed)ComputedcomputedCash 410,417 + equity 252,989 + all other 0 = 663,406, summed across the director compensation table rows.machine: formula: Σ = 663,406
24Orrstown Financial Services, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021726CEO total compensation as printed in Orrstown Financial Services's own proxy. As printed: 4,222,617. Filing ↗machine: t36 · r2 · c9 · span 634951–634960
25Old Second Bancorp, Inc., Section 10b CEO totalDEF 14A2026-04-060001104659-26-039829CEO total compensation as printed in Old Second Bancorp, Inc.'s own proxy. As printed: 3,108,135. Filing ↗machine: t130 · r8 · c16 · span 753236–753245
26Unity Bancorp, Inc., Section 10b CEO totalDEF 14ACEO total compensation as printed in Unity Bancorp, Inc.'s own proxy. As printed: 2,703,888.
27Mid Penn Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-128769CEO total compensation as printed in Mid Penn Bancorp, Inc.'s own proxy. As printed: 2,209,726. Filing ↗machine: r3 · c35 · span 723945–723954
28Greene County Bancorp, Inc., Section 10b CEO totalDEF 14A2025-09-190001140361-25-035495CEO total compensation as printed in Greene County Bancorp, Inc.'s own proxy. As printed: 2,164,000. Filing ↗machine: t77 · r1 · c12 · span 173930–173939
29Western New England Bancorp, Section 10b CEO totalDEF 14A2026-04-030001999371-26-007628CEO total compensation as printed in Western New England Bancorp's own proxy. As printed: 1,859,294. Filing ↗machine: r1 · c6 · span 574668–574677
30Farmers National Banc. Corp., Section 10b CEO totalDEF 14A2026-03-160001437749-26-008310CEO total compensation as printed in Farmers National Banc. Corp.'s own proxy. As printed: 1,644,243. Filing ↗machine: r2 · c28 · span 608756–608765
31Chemung Financial Corp., Section 10b CEO totalDEF 14A2026-04-230000763563-26-000009CEO total compensation as printed in Chemung Financial Corp.'s own proxy. As printed: 1,417,130. Filing ↗machine: span 469180–469189
32ChoiceOne Financial Services, Section 10b CEO totalDEF 14A2026-04-130001140361-26-014320CEO total compensation as printed in ChoiceOne Financial Services's own proxy. As printed: 1,181,700. Filing ↗machine: t47 · r3 · c24 · span 248939–248948
33Enterprise Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-010001018399-25-000025CEO total compensation as printed in Enterprise Bancorp, Inc.'s own proxy. As printed: 1,100,366. Filing ↗machine: span 513496–513505
34People Financial Services, Section 10b CEO totalDEF 14A2026-04-100001104659-26-041794CEO total compensation as printed in People Financial Services's own proxy. As printed: 1,068,323. Filing ↗machine: t226 · r8 · c16 · span 1077916–1077925
35Evans Bancorp (subject), Section 10b CEO totalDEF 14A2024-03-250000842518-24-000019CEO total compensation as printed in Evans Bancorp's own proxy. As printed: 1,041,488. Filing ↗machine: r3 · c16 · span 1310076–1310085
36Cordorus Valley Bancorp, Inc., Section 10b CEO totalDEF 14A2023-03-310001140361-23-015314CEO total compensation as printed in Cordorus Valley Bancorp, Inc.'s own proxy. As printed: 990,702. Filing ↗machine: t125 · r1 · c28 · span 725582–725589
37Farmers & Merchants Bancorp, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010915CEO total compensation as printed in Farmers & Merchants Bancorp's own proxy. As printed: 969,335. Filing ↗machine: r2 · c21 · span 457783–457790
38QNB Corp., Section 10b CEO totalDEF 14A2026-04-300001193125-26-194037CEO total compensation as printed in QNB Corp.'s own proxy. As printed: 925,072. Filing ↗machine: r4 · c33 · span 615678–615685
39LCNB Corp., Section 10b CEO totalDEF 14A2026-03-120001437749-26-007964CEO total compensation as printed in LCNB Corp.'s own proxy. As printed: 892,855. Filing ↗machine: r1 · c27 · span 546385–546392
40First Savings Financial Group, Section 10b CEO totalDEF 14A2025-01-080001104659-25-001979CEO total compensation as printed in First Savings Financial Group's own proxy. As printed: 777,964. Filing ↗machine: span 299826–299833
41Macatawa Bank Corp., Section 10b CEO totalDEF 14A2023-03-170001140361-23-012299CEO total compensation as printed in Macatawa Bank Corp.'s own proxy. As printed: 684,050. Filing ↗machine: span 343996–344003
42Section 10a, Old Second Bancorp, Inc. reciprocityDEF 14A0001104659-26-039829Old Second Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
43Section 10a, Unity Bancorp, Inc. reciprocityDEF 14A0000920427-26-000020Unity Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
44Section 10a, Farmers National Banc. Corp. reciprocityDEF 14A0001437749-26-008310Farmers National Banc. Corp.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
45Section 10a, Cordorus Valley Bancorp, Inc. reciprocityDEF 14A0001140361-23-015314Cordorus Valley Bancorp, Inc. names Evans Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Chemung Financial Corp. reciprocityDEF 14A0000763563-26-000009Chemung Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
47Section 10a, LCNB Corp. reciprocityDEF 14A0001437749-26-007964LCNB Corp.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
48Section 10a, Enterprise Bancorp, Inc. reciprocityDEF 14A0001018399-25-000025Enterprise Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
49Section 10a, Western New England Bancorp reciprocityDEF 14A0001999371-26-007628Western New England Bancorp names Evans Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Orrstown Financial Services reciprocityDEF 14A0001628280-26-021726Orrstown Financial Services's most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
51Section 10a, People Financial Services reciprocityDEF 14A0001104659-26-041794People Financial Services's most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗
52Section 10a, QNB Corp. reciprocityDEF 14A0001193125-26-194037QNB Corp. names Evans Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Mid Penn Bancorp, Inc. reciprocityDEF 14A0001193125-26-128769Mid Penn Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Evans Bancorp. Filing ↗