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

Penns Woods Bancorp (PWOD)

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.

$1,588,719
Richard Grafmyre total, FY2023
81st
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against PWOD
7 companies name PWOD as a compensation peer

Each company listed discloses PWOD 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 PWOD 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
Richard Grafmyre$1,003,802$260,000$0$0$312,500$0$12,417$1,588,719
Chief Executive Officer
Brian Knepp273,03600122,20070,00053,62812,581531,445
President and Chief Financial Officer
Aron Carter165,9790024,40025,00031,2367,873254,488
Senior Vice President - Chief Risk Officer
Michelle Karas165,9790024,40025,00008,275223,654
Senior Vice President, Secretary and Chief Data Officer

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
Richard Grafmyre$1,588,719
Brian Knepp531,445
Aron Carter254,488
Michelle Karas223,654

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
Michelle KarasOPTION2023-01-204,000$24,440
Aron CarterOPTION2023-01-204,00024,440
Brian KneppOPTION2023-01-2020,000122,200
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michelle Karas$0$0$24,4400.0%
Aron Carter0024,4400.0%
Brian Knepp00122,2000.0%

% 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
Aron CarterOption7,50024.1
Richard GrafmyreOption40,50024.23
Brian KneppOption25,00025.34
Michelle KarasOption3,00028.01
Michelle KarasOption7,50024.23
Michelle KarasOption5,00025.34
Aron CarterOption3,75028.01
Richard GrafmyreOption33,00024.1
Aron CarterOption4,00027.77
Brian KneppOption12,00028.01
Richard GrafmyreOption15,00028.01
Richard GrafmyreOption20,20025.34
Brian KneppOption20,00027.77
Aron CarterOption5,00025.34
Michelle KarasOption4,00027.77
Michelle KarasOption7,50024.1
Brian KneppOption50,00024.1
Brian KneppOption50,00024.23
Aron CarterOption7,50024.23
05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee's focus is to establish a compensation policy and philosophy that will enable the Corporation to attract, retain, motivate, and reward executive officers that are critical to the success of the Corporation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
R. Edward Nestlerode, JrIndependent · Board Chair · Audit · Compensation · Executive · Nominating and Corporate Governance · Asset Liability$65,500$0$0$0$65,500
Daniel K. BrewerIndependent · Audit (Chair) · Asset Liability · Executive32,85132,64900065,500
Michael J. Casale, JrIndependent · Audit · Compensation · Executive · Nominating and Corporate Governance · Asset Liability47,34415,65600063,000
D. Michael HawbakerIndependent · Audit · Compensation · Nominating and Corporate Governance · Asset Liability29,09228,90800058,000
Robert Q. MillerIndependent · Audit · Compensation · Asset Liability29,09228,90800058,000
William J. EdwardsIndependent · Audit · Executive · Asset Liability58,00000058,000
Charles E. Kranich, IIIndependent · Audit · Executive · Nominating and Corporate Governance · Asset Liability58,000000058,000
Leroy H. Keiler, IIIIndependent · Audit · Asset Liability29,09228,90800058,000
Cameron W. KephartIndependent · Audit · Asset Liability29,09228,90800058,000
Jill F. SchwartzIndependent · Audit · Asset Liability50,00000050,000
John G. NackleyIndependent · Audit · Executive · Asset Liability22,03727,96300050,000
James M. Furey, IIIndependent · Departed during FY24,16700024,167
Brian L. KneppEmployee director00000
Richard A. GrafmyreEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$28,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)7,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$474,267
Equity awards (grant-date value)$191,900
All other compensation$0
Total cost of the board$666,167

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 Penns Woods 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 Penns Woods 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
1MVB Financial Corp.2025Larry Mazza$850,000$600,368$0$1,381,208$5,056,856
2Orrstown Financial Services, Inc.2025Thomas R. Quinn, Jr.812,317599,9690549,0544,222,617
3Civista Bancshares, Inc.2025Dennis Shaffer573,657166,2460258,1462,894,036
4Unity Bancorp, Inc.2025James Hughes825,000573,5800707,4382,703,888
5ACNB Corporation2025James Helt593,569319,193001,825,912
6Parke Bancorp, Inc.2025Vito S. Pantilione1,135,0000052,0001,815,114
7Penns Woods Bancorp2023Richard Grafmyre1,003,80200312,5001,588,719
8First Bank2025Patrick Ryan728,000360,7050357,9491,543,299
9Chemung Financial Corp.2025Anders Tomson720,300230,044001,417,130
10Princeton Bancorp, Inc.2025Edward Dietzler672,500333,3630267,6871,317,222
11Middlefield Banc Corp.2024Ronald Zimmerly475,000513,2920192,9131,263,438
12Fidelity D & D Bancorp, Inc.2025Daniel Santaniello557,951149,4490380,4461,263,329
13Citizens Financial Services, Inc.2025Randall Black675,00089,969001,212,643
14ESSA Bancorp, Inc.2023Gary Olson560,827387,552072,1201,120,499
15First United Corp.2025Carissa Rodeheaver503,244136,3460388,3531,042,004
16Citizens and Northern Corp.2025J. Bradley Scovill605,000118,3940248,8381,041,499
17Evans Bancorp, Inc.2023David Nasca579,577169,9260202,8251,041,488
18Norwood Financial Corp.2025James Donnelly605,000198,200001,009,784
19Codorus Valley Bancorp2022Craig Kauffman514,119152,9810220,205990,702
20QNB Corp.2025David Freeman675,00000162,000925,072
21Franklin Financial Services Corp.2025Craig Best523,19844,6100207,971788,859
22First Keystone Corporation2025Jack Jones379,807000399,878
FNCB Bancorp, Inc.not 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
Penns Woods Bancorp100%Options 100not disclosednot disclosed
ACNB Corporationnot disclosedRSU 100NoBlanchard Consulting Group
Chemung Financial Corp.not disclosedRSU 100not disclosedAon
Citizens and Northern Corp.141.4%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Citizens Financial Services, Inc.not disclosedCash LTI 70 · RSU 30NoBlanchard Consulting Group
Civista Bancshares, Inc.74%RSU 100not disclosedBlanchard Consulting Group
Codorus Valley Bancorp142.7%RSU 100not disclosedMeridian Compensation Partners, LLC
ESSA Bancorp, Inc.96.84%RSU 50 · Cash LTI 50NoHerbein HR Consulting (formerly Mosteller & Associates)
Evans Bancorp, Inc.not disclosedPSU 50 · RSU 50NoAon McLagan (McLagan of Aon Plc)
Fidelity D & D Bancorp, Inc.not disclosedRSU 100NoBlanchard Consulting Group
First Banknot disclosedRSU 100not disclosedAon Human Capital Solutions (division of Aon plc)
First Keystone Corporationnot disclosednot disclosednot disclosedL.R. Webber Associates, Inc.
First United Corp.not disclosedPSU 67 · RSU 33NoAon Human Capital Solutions
FNCB Bancorp, Inc.not disclosednot disclosednot disclosednot disclosed
Franklin Financial Services Corp.not disclosedRSU 100NoBlanchard Consulting Group
Middlefield Banc Corp.not disclosednot disclosedYes — total shareholder return (TSR) percentile rankMeridian Compensation Partners, LLC
MVB Financial Corp.216.66%PSU 50 · RSU 50NoPay Governance LLC
Norwood Financial Corp.25%RSU 100not disclosednot disclosed
Orrstown Financial Services, Inc.67%RSU 50 · PSU 50NoAon
Parke Bancorp, Inc.not disclosedRSU 100not disclosedNone disclosed
Princeton Bancorp, Inc.not disclosedRSU 100not disclosednot disclosed
QNB Corp.not disclosedOption 100not disclosednot disclosed
Unity Bancorp, Inc.122.5%Restricted Stock 100not disclosednot disclosed

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, Richard GrafmyreDEF 14A2024-03-260000716605-24-000004Section “Summary Compensation Table”. As printed: 1,588,719. Filing ↗machine: span 348169–348178
2Section 01, Brian KneppDEF 14A2024-03-260000716605-24-000004Section “Summary Compensation Table”. As printed: 531,445. Filing ↗machine: r7 · c54 · span 358372–358379
3Section 01, Aron CarterDEF 14A2024-03-260000716605-24-000004Section “Summary Compensation Table”. As printed: 254,488. Filing ↗machine: r11 · c54 · span 368704–368711
4Section 01, Michelle KarasDEF 14A2024-03-260000716605-24-000004Section “Summary Compensation Table”. As printed: 223,654. Filing ↗machine: r15 · c54 · span 378878–378885
5Section 03, Michelle Karas OPTIONDEF 14A2024-03-260000716605-24-000004Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t13 · r4 · c13 · span 399862–399868
6Section 03, Aron Carter OPTIONDEF 14A2024-03-260000716605-24-000004Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t13 · r3 · c13 · span 398018–398024
7Section 03, Brian Knepp OPTIONDEF 14A2024-03-260000716605-24-000004Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t12 · r7 · c13 · span 357022–357029
8Section 08, R. Edward Nestlerode, JrDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 65,500. Filing ↗machine: t5 · r13 · c2 · span 172620–172626
9Section 08, Daniel K. BrewerDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 65,500. Filing ↗machine: t5 · r3 · c27 · span 148509–148515
10Section 08, Michael J. Casale, JrDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 63,000. Filing ↗machine: t5 · r4 · c20 · span 151155–151161
11Section 08, D. Michael HawbakerDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r7 · c20 · span 158991–158997
12Section 08, Robert Q. MillerDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r11 · c20 · span 169433–169439
13Section 08, William J. EdwardsDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r5 · c2 · span 151725–151731
14Section 08, Charles E. Kranich, IIDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r10 · c2 · span 164788–164794
15Section 08, Leroy H. Keiler, IIIDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r8 · c20 · span 161606–161612
16Section 08, Cameron W. KephartDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 58,000. Filing ↗machine: t5 · r9 · c20 · span 164214–164220
17Section 08, Jill F. SchwartzDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 50,000. Filing ↗machine: t5 · r14 · c2 · span 175227–175233
18Section 08, John G. NackleyDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 50,000. Filing ↗machine: t5 · r12 · c20 · span 172038–172044
19Section 08, James M. Furey, IIDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 24,167. Filing ↗machine: t5 · r6 · c2 · span 154343–154349
20Section 08, Brian L. KneppDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Richard A. GrafmyreDEF 14A2024-03-260000716605-24-000004Section “Director Compensation”. As printed: 0. Filing ↗
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 474,267 + equity 191,900 + all other 0 = 666,167, summed across the director compensation table rows.machine: formula: Σ = 666,167
24MVB Financial Corp., Section 10b CEO totalDEF 14A2026-04-070001277902-26-000048CEO total compensation as printed in MVB Financial Corp.'s own proxy. As printed: 5,056,856. Filing ↗machine: r2 · c27 · span 558090–558100
25Orrstown Financial Services, Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021726CEO total compensation as printed in Orrstown Financial Services, Inc.'s own proxy. As printed: 4,222,617. Filing ↗machine: t36 · r2 · c9 · span 634951–634960
26Civista Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-145510CEO total compensation as printed in Civista Bancshares, Inc.'s own proxy. As printed: 2,894,036. Filing ↗machine: span 535149–535158
27Unity Bancorp, Inc., Section 10b CEO totalDEF 14ACEO total compensation as printed in Unity Bancorp, Inc.'s own proxy. As printed: 2,703,888.
28ACNB Corporation, Section 10b CEO totalDEF 14A2026-03-300001104659-26-036515CEO total compensation as printed in ACNB Corporation's own proxy. As printed: 1,825,912. Filing ↗machine: span 502973–502982
29Parke Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-200001437749-26-009139CEO total compensation as printed in Parke Bancorp, Inc.'s own proxy. As printed: 1,815,114. Filing ↗
30Penns Woods Bancorp (subject), Section 10b CEO totalDEF 14A2024-03-260000716605-24-000004CEO total compensation as printed in Penns Woods Bancorp's own proxy. As printed: 1,588,719. Filing ↗machine: span 348169–348178
31First Bank, Section 10b CEO totalDEF 14A2026-03-20CEO total compensation as printed in First Bank's own proxy. As printed: 1,543,299. Filing ↗
32Chemung 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
33Princeton Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-260001193125-26-126059CEO total compensation as printed in Princeton Bancorp, Inc.'s own proxy. As printed: 1,317,222. Filing ↗machine: r2 · c26 · span 355653–355662
34Middlefield Banc Corp., Section 10b CEO totalDEF 14A2025-04-040001174947-25-000521CEO total compensation as printed in Middlefield Banc Corp.'s own proxy. As printed: 1,263,438. Filing ↗machine: r1 · c7 · span 147774–147783
35Fidelity D & D Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-250001437749-26-009691CEO total compensation as printed in Fidelity D & D Bancorp, Inc.'s own proxy. As printed: 1,263,329. Filing ↗machine: r1 · c24 · span 447576–447585
36Citizens Financial Services, Inc., Section 10b CEO totalDEF 14A2026-03-120001140361-26-009104CEO total compensation as printed in Citizens Financial Services, Inc.'s own proxy. As printed: 1,212,643. Filing ↗machine: span 524029–524038
37ESSA Bancorp, Inc., Section 10b CEO totalDEF 14A2024-01-250001193125-24-015377CEO total compensation as printed in ESSA Bancorp, Inc.'s own proxy. As printed: 1,120,499. Filing ↗machine: t102 · r3 · c31 · span 251283–251292
38First United Corp., Section 10b CEO totalDEF 14A2026-03-250001104659-26-034521CEO total compensation as printed in First United Corp.'s own proxy. As printed: 1,042,004. Filing ↗machine: t64 · r5 · c14 · span 375614–375623
39Citizens and Northern Corp., Section 10b CEO totalDEF 14A2026-03-130001104659-26-027576CEO total compensation as printed in Citizens and Northern Corp.'s own proxy. As printed: 1,041,499. Filing ↗machine: r8 · c26 · span 452428–452437
40Evans Bancorp, Inc., Section 10b CEO totalDEF 14A2024-03-250000842518-24-000019CEO total compensation as printed in Evans Bancorp, Inc.'s own proxy. As printed: 1,041,488. Filing ↗machine: r3 · c16 · span 1310076–1310085
41Norwood Financial Corp., Section 10b CEO totalDEF 14A2026-03-250001193125-26-122940CEO total compensation as printed in Norwood Financial Corp.'s own proxy. As printed: 1,009,784. Filing ↗machine: t30 · r2 · c31 · span 174499–174508
42Codorus Valley Bancorp, Section 10b CEO totalDEF 14A2023-03-310001140361-23-015314CEO total compensation as printed in Codorus Valley Bancorp's own proxy. As printed: 990,702. Filing ↗machine: t125 · r1 · c28 · span 725582–725589
43QNB 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
44Franklin Financial Services Corp., Section 10b CEO totalDEF 14A2026-03-240000723646-26-000020CEO total compensation as printed in Franklin Financial Services Corp.'s own proxy. As printed: 788,859. Filing ↗machine: t25 · r8 · c12 · span 1148338–1148345
45First Keystone Corporation, Section 10b CEO totalDEF 14A2026-04-080000737875-26-000015CEO total compensation as printed in First Keystone Corporation's own proxy. As printed: 399,878. Filing ↗machine: t39 · r6 · c17 · span 391020–391027
46Section 10a, Middlefield Banc Corp. reciprocityDEF 14A0001174947-25-000521Middlefield Banc Corp.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
47Section 10a, Chemung Financial Corp. reciprocityDEF 14A0000763563-26-000009Chemung Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
48Section 10a, Orrstown Financial Services, Inc. reciprocityDEF 14A0001628280-26-021726Orrstown Financial Services, Inc.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
49Section 10a, Citizens Financial Services, Inc. reciprocityDEF 14A0001140361-26-009104Citizens Financial Services, Inc.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
50Section 10a, Civista Bancshares, Inc. reciprocityDEF 14A0001193125-26-145510Civista Bancshares, Inc. names Penns Woods Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Codorus Valley Bancorp reciprocityDEF 14A0001140361-23-015314Codorus Valley Bancorp names Penns Woods Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, QNB Corp. reciprocityDEF 14A0001193125-26-194037QNB Corp. names Penns Woods Bancorp in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Unity Bancorp, Inc. reciprocityDEF 14A0000920427-26-000020Unity Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
54Section 10a, MVB Financial Corp. reciprocityDEF 14A0001277902-26-000048MVB Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
55Section 10a, Evans Bancorp, Inc. reciprocityDEF 14A0000842518-24-000019Evans Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗
56Section 10a, First Bank reciprocityDEF 14Aunresolved:FRBA:FY2025:no_edgar_accessionFirst Bank's most recent proxy was read; its disclosed peer group does not include Penns Woods Bancorp. Filing ↗