Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-22

Sterling Bancorp (SBT)

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.

$4,064,239
Thomas O'Brien total, FY2023
95th
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against SBT
1 company names SBT as a compensation peer

Each company listed discloses SBT 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 SBT 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
Thomas O'Brien$2,014,423$0$2,000,003$0$0$0$49,813$4,064,239
Chairman, President and Chief Executive Officer
Christine Meredith317,69250,000499,99800019,800887,490
Senior Executive Vice President and Chief Risk Officer
Elizabeth Keogh325,00020,000499,99800039,465884,463
Chief Legal Officer and Corporate Secretary
Karen Knott311,53850,000499,99800019,800881,336
Executive Vice President, Chief Financial Officer and Treasurer
Colleen Kimmel141,20350,000000065,886257,089
Former Executive Vice President, General Counsel and Corporate Secretary

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
Thomas O'Brien$4,064,239
Christine Meredith887,490
Elizabeth Keogh884,463
Karen Knott881,336
Colleen Kimmel257,089

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
Christine MeredithRSU2023-05-31100,200$499,998
Elizabeth KeoghOTHER2023-05-31100,200499,998
Karen KnottRSU2023-05-31100,200499,998
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christine Meredith$499,998$0$00.0%
Karen Knott499,998000.0%

% 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
Thomas O'BrienRSU366,973$2,117,434
Karen KnottRSU2,70415,602
Karen KnottRSU100,200578,154
Christine MeredithRSU100,200578,154
Christine MeredithRSU9,95157,417
Karen KnottRSU9,95157,417
Elizabeth KeoghRSU100,200578,154
Christine MeredithRSU6,75938,999
05

Incentive-plan design — the Compensation Discussion & Analysis

The goals of the executive compensation program are to enable the Company to attract, develop and retain an executive team capable of maximizing the Company's performance for the benefit of its shareholders and to promote increases in long-term shareholder value by aligning the financial interests of the Company and its shareholders with the NEOs and other members of executive management.

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

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Denny KimIndependent · Nominating & Corporate Governance · Executive Compensation · Risk · Ethics & Compliance$110,500$45,675$0$0$0$156,175
Tracey DedrickIndependent · Lead Independent Director · Nominating & Corporate Governance (Chair) · Risk (Chair) · Ethics & Compliance104,50045,675000150,175
Peggy DaitchIndependent · Nominating & Corporate Governance · Executive Compensation · Ethics & Compliance (Chair)86,50045,675000132,175
Michael DonahueIndependent · Executive Compensation (Chair) · Audit78,50045,675000124,175
Steven E. GallottaIndependent · Audit (Chair) · Risk74,50045,675000120,175
Benjamin WinemanIndependent · Audit74,50045,675000120,175
Lyle WolbergIndependent · Not standing for re-election · Departed during FY74,50045,675000120,175
Eboh Duke OkorieIndependent · Risk · Ethics & Compliance66,50045,675000112,175
Christine MeredithEmployee director · Newly elected00000
Thomas M. O'BrienEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$30,000
Annual equity retainer$45,675
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$670,000
Equity awards (grant-date value)$365,400
All other compensation$0
Total cost of the board$1,035,400

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 Sterling 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 Sterling 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
1Banc of California, Inc.2025Jared Wolff$1,050,000$2,713,668$0$1,431,675$5,303,882
2Sterling Bancorp2023Thomas O'Brien2,014,4232,000,003004,064,239
3First Foundation Inc.2024Thomas Shafer132,7553,880,000004,013,755
4CVB Financial Corp.2025David Brager928,8461,647,0070883,5003,803,565
5National Bank Holdings Corporation2025G. Timothy Laney930,7691,444,94601,153,2413,725,952
6Banner Corporation2025Mark Grescovich949,8161,327,27601,147,3663,590,983
7Lakeland Bancorp Inc.2021Thomas Shara905,0001,018,1000950,2503,487,152
8Peapack-Gladstone Financial Corporation2025Douglas Kennedy936,000863,54001,205,3413,479,531
9TriCo Bancshares2025Richard Smith1,029,835758,45801,065,0002,981,248
10Central Pacific Financial Corp.2025Arnold Martines703,308787,52601,154,0102,763,135
11Hanmi Financial Corporation2025Bonita Lee831,154765,9660878,3472,558,296
12Flushing Financial Corp2024John Buran1,160,500395,0350687,3422,433,701
13Brookline Bancorp Inc.2023Paul Perrault940,000657,9940423,0002,320,530
14Bank of Marin Bancorp2025Timothy Myers693,250560,015001,930,086
15Mercantile Bank Corporation2025Raymond Reitsma734,600471,2830462,7981,769,983
16Heritage Commerce Corp2024Robertson Clay Jones660,261678,5770306,0001,694,339
17RBB Bancorp2025Johnny Lee597,333387,4010463,3451,485,674
18Northfield Bancorp, Inc.2024Steven Klein749,086436,8080169,6321,477,009
19Heritage Financial Corporation2025Bryan McDonald610,616256,6320356,8521,345,480
20Waterstone Financial, Inc.2025William Bruss439,03565,8480214,596785,156
Luther Burbank Corporationnot 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
Sterling Bancorpnot disclosedRSU 100not disclosednot disclosed
Banc of California, Inc.not disclosedPSU 50 · RSU 50Yes — total shareholder return (TSR)Meridian Compensation Partners, LLC
Bank of Marin Bancorp112%PSU 62 · RSU 38NoPearl Meyer & Partners
Banner Corporation110%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Pearl Meyer & Partners
Brookline Bancorp Inc.60%Restricted Stock (time-based) 50 · Restricted Stock (performance-based) 50NoMeridian Compensation Partners, LLC
Central Pacific Financial Corp.161%PSU 50 · RSU 50Yes — relative Total Shareholder Return (rTSR)Pay Governance
CVB Financial Corp.95%PSU 50 · RSU 50NoPearl Meyer
First Foundation Inc.0%RSU 100not disclosedPearl Meyer
Flushing Financial Corp108%PSU 50 · RSU 50NoPearl Meyer
Hanmi Financial Corporation122%PSU 55 · RSU 45Yes — Total Shareholder Return (TSR)Aon Human Capital Solutions
Heritage Commerce Corp45%RSU 50 · PSU 50NoMeridian Compensation Partners
Heritage Financial Corporation121%PSU 50 · RSU 50NoPearl Meyer
Lakeland Bancorp Inc.150%PSU 50 · RSU 50NoAon
Luther Burbank Corporationnot disclosednot disclosednot disclosednot disclosed
Mercantile Bank Corporation105.6%PSU 65 · RSU 35NoAON
National Bank Holdings Corporation124%PSU 50 · RSU 50NoPay Governance
Northfield Bancorp, Inc.52%PSU 50 · RSU 50NoAon
Peapack-Gladstone Financial Corporation120%RSU 100Yes — TSRAon
RBB Bancorp110.3%RSU 50 · PSU 50NoPearl Meyer
TriCo Bancsharesnot disclosedRSU 50 · PSU 50NoAon
Waterstone Financial, Inc.not disclosedPSU 100NoMeridian Compensation 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, Thomas O'BrienDEF 14A2024-04-040001140361-24-017813Section “Summary Compensation Table”. As printed: 4,064,239. Filing ↗machine: t100 · r1 · c27 · span 422633–422642
2Section 01, Christine MeredithDEF 14A2024-04-040001140361-24-017813Section “Summary Compensation Table”. As printed: 887,490. Filing ↗machine: r7 · c27 · span 457498–457505
3Section 01, Elizabeth KeoghDEF 14A2024-04-040001140361-24-017813Section “Summary Compensation Table”. As printed: 884,463. Filing ↗machine: r10 · c27 · span 475281–475288
4Section 01, Karen KnottDEF 14A2024-04-040001140361-24-017813Section “Summary Compensation Table”. As printed: 881,336. Filing ↗machine: r4 · c27 · span 440326–440333
5Section 01, Colleen KimmelDEF 14A2024-04-040001140361-24-017813Section “Summary Compensation Table”. As printed: 257,089. Filing ↗machine: r12 · c27 · span 487285–487292
6Section 03, Christine Meredith RSUDEF 14A2024-04-040001140361-24-017813Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t98 · r3 · c21 · span 378843–378850
7Section 03, Elizabeth Keogh OTHERDEF 14A2024-04-040001140361-24-017813Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t98 · r4 · c21 · span 383197–383204
8Section 03, Karen Knott RSUDEF 14A2024-04-040001140361-24-017813Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t108 · r3 · c33 · span 595641–595648
9Section 08, Denny KimDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 156,175. Filing ↗machine: t159 · r5 · c21 · span 925391–925398
10Section 08, Tracey DedrickDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 150,175. Filing ↗machine: t159 · r2 · c21 · span 910826–910833
11Section 08, Peggy DaitchDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 132,175. Filing ↗machine: t159 · r1 · c21 · span 906407–906414
12Section 08, Michael DonahueDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 124,175. Filing ↗machine: t159 · r3 · c21 · span 915878–915885
13Section 08, Steven E. GallottaDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 120,175. Filing ↗machine: t159 · r4 · c21 · span 920340–920347
14Section 08, Benjamin WinemanDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 120,175. Filing ↗machine: t159 · r7 · c21 · span 934903–934910
15Section 08, Lyle WolbergDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 120,175. Filing ↗machine: t159 · r8 · c21 · span 939869–939876
16Section 08, Eboh Duke OkorieDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 112,175. Filing ↗machine: t159 · r6 · c21 · span 929850–929857
17Section 08, Christine MeredithDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Thomas M. O'BrienDEF 14A2024-04-040001140361-24-017813Section “Director Compensation”. As printed: 0. Filing ↗
19Section 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
20Section 09b board cost (computed)ComputedcomputedCash 670,000 + equity 365,400 + all other 0 = 1,035,400, summed across the director compensation table rows.machine: formula: Σ = 1,035,400
21Banc of California, Inc., Section 10b CEO totalDEF 14A2026-03-260001628280-26-021447CEO total compensation as printed in Banc of California, Inc.'s own proxy. As printed: 5,303,882. Filing ↗machine: span 901949–901958
22Sterling Bancorp (subject), Section 10b CEO totalDEF 14A2024-04-040001140361-24-017813CEO total compensation as printed in Sterling Bancorp's own proxy. As printed: 4,064,239. Filing ↗machine: t100 · r1 · c27 · span 422633–422642
23First Foundation Inc., Section 10b CEO totalDEF 14A2025-04-170001104659-25-036041CEO total compensation as printed in First Foundation Inc.'s own proxy. As printed: 4,013,755. Filing ↗machine: r1 · c41 · span 687747–687756
24CVB Financial Corp., Section 10b CEO totalDEF 14A2026-04-070001193125-26-144078CEO total compensation as printed in CVB Financial Corp.'s own proxy. As printed: 3,803,565. Filing ↗machine: r5 · c18 · span 2182555–2182564
25National Bank Holdings Corporation, Section 10b CEO totalDEF 14A2026-04-030001475841-26-000013CEO total compensation as printed in National Bank Holdings Corporation's own proxy. As printed: 3,725,952. Filing ↗machine: t193 · r7 · c18 · span 923534–923543
26Banner Corporation, Section 10b CEO totalDEF 14A2026-04-060000946673-26-000114CEO total compensation as printed in Banner Corporation's own proxy. As printed: 3,590,983. Filing ↗machine: t86 · r3 · c14 · span 600291–600300
27Lakeland Bancorp Inc., Section 10b CEO totalDEF 14A2023-11-270001193125-23-283376CEO total compensation as printed in Lakeland Bancorp Inc.'s own proxy. As printed: 3,487,152. Filing ↗machine: r3 · c30 · span 482194–482203
28Peapack-Gladstone Financial Corporation, Section 10b CEO totalDEF 14A2026-03-160001193125-26-108191CEO total compensation as printed in Peapack-Gladstone Financial Corporation's own proxy. As printed: 3,479,531. Filing ↗machine: span 1034121–1034130
29TriCo Bancshares, Section 10b CEO totalDEF 14A2026-04-170000356171-26-000033CEO total compensation as printed in TriCo Bancshares's own proxy. As printed: 2,981,248. Filing ↗machine: r2 · c27 · span 742610–742619
30Central Pacific Financial Corp., Section 10b CEO totalDEF 14A2026-03-060001140361-26-008251CEO total compensation as printed in Central Pacific Financial Corp.'s own proxy. As printed: 2,763,135. Filing ↗machine: r3 · c27 · span 1042212–1042222
31Hanmi Financial Corporation, Section 10b CEO totalDEF 14A2026-04-150001193125-26-157155CEO total compensation as printed in Hanmi Financial Corporation's own proxy. As printed: 2,558,296. Filing ↗machine: t50 · r8 · c26 · span 2522532–2522541
32Flushing Financial Corp, Section 10b CEO totalDEF 14A2025-04-170001193125-25-083786CEO total compensation as printed in Flushing Financial Corp's own proxy. As printed: 2,433,701. Filing ↗machine: r3 · c34 · span 460495–460504
33Brookline Bancorp Inc., Section 10b CEO totalDEF 14A2024-03-290001049782-24-000017CEO total compensation as printed in Brookline Bancorp Inc.'s own proxy. As printed: 2,320,530. Filing ↗machine: span 649675–649684
34Bank of Marin Bancorp, Section 10b CEO totalDEF 14A2026-04-220001104659-26-046455CEO total compensation as printed in Bank of Marin Bancorp's own proxy. As printed: 1,930,086. Filing ↗machine: t116 · r5 · c14 · span 1084023–1084032
35Mercantile Bank Corporation, Section 10b CEO totalDEF 14A2026-04-020001437749-26-010964CEO total compensation as printed in Mercantile Bank Corporation's own proxy. As printed: 1,769,983. Filing ↗machine: t42 · r1 · c20 · span 302151–302160
36Heritage Commerce Corp, Section 10b CEO totalDEF 14A2025-04-070001104659-25-032651CEO total compensation as printed in Heritage Commerce Corp's own proxy. As printed: 1,694,339. Filing ↗machine: span 912788–912797
37RBB Bancorp, Section 10b CEO totalDEF 14A2026-04-100001437749-26-011980CEO total compensation as printed in RBB Bancorp's own proxy. As printed: 1,485,674. Filing ↗machine: t87 · r1 · c29 · span 847867–847876
38Northfield Bancorp, Inc., Section 10b CEO totalDEF 14A2025-04-140001493225-25-000050CEO total compensation as printed in Northfield Bancorp, Inc.'s own proxy. As printed: 1,477,009. Filing ↗machine: r4 · c8 · span 1688255–1688264
39Heritage Financial Corporation, Section 10b CEO totalDEF 14A2026-03-200001628280-26-019987CEO total compensation as printed in Heritage Financial Corporation's own proxy. As printed: 1,345,480. Filing ↗machine: r5 · c24 · span 657550–657559
40Waterstone Financial, Inc., Section 10b CEO totalDEF 14A2026-04-090001437749-26-011833CEO total compensation as printed in Waterstone Financial, Inc.'s own proxy. As printed: 785,156. Filing ↗machine: t109 · r2 · c7 · span 444080–444087
41Section 10a, Banc of California, Inc. reciprocityDEF 14A0001628280-26-021447Banc of California, Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
42Section 10a, RBB Bancorp reciprocityDEF 14A0001437749-26-011980RBB Bancorp's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
43Section 10a, CVB Financial Corp. reciprocityDEF 14A0001193125-26-144078CVB Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
44Section 10a, National Bank Holdings Corporation reciprocityDEF 14A0001475841-26-000013National Bank Holdings Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
45Section 10a, Heritage Financial Corporation reciprocityDEF 14A0001628280-26-019987Heritage Financial Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
46Section 10a, TriCo Bancshares reciprocityDEF 14A0000356171-26-000033TriCo Bancshares's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
47Section 10a, Mercantile Bank Corporation reciprocityDEF 14A0001437749-26-010964Mercantile Bank Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
48Section 10a, Peapack-Gladstone Financial Corporation reciprocityDEF 14A0001193125-26-108191Peapack-Gladstone Financial Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
49Section 10a, First Foundation Inc. reciprocityDEF 14A0001104659-25-036041First Foundation Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
50Section 10a, Hanmi Financial Corporation reciprocityDEF 14A0001193125-26-157155Hanmi Financial Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
51Section 10a, Flushing Financial Corp reciprocityDEF 14A0001193125-25-083786Flushing Financial Corp's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
52Section 10a, Lakeland Bancorp Inc. reciprocityDEF 14A0001193125-23-283376Lakeland Bancorp Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
53Section 10a, Bank of Marin Bancorp reciprocityDEF 14A0001104659-26-046455Bank of Marin Bancorp's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
54Section 10a, Banner Corporation reciprocityDEF 14A0000946673-26-000114Banner Corporation's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
55Section 10a, Heritage Commerce Corp reciprocityDEF 14A0001104659-25-032651Heritage Commerce Corp's most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
56Section 10a, Waterstone Financial, Inc. reciprocityDEF 14A0001437749-26-011833Waterstone Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
57Section 10a, Northfield Bancorp, Inc. reciprocityDEF 14A0001493225-25-000050Northfield Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
58Section 10a, Brookline Bancorp Inc. reciprocityDEF 14A0001049782-24-000017Brookline Bancorp Inc.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗
59Section 10a, Central Pacific Financial Corp. reciprocityDEF 14A0001140361-26-008251Central Pacific Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Sterling Bancorp. Filing ↗