Fiscal year 2022 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.
Each company listed discloses SMMF 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 SMMF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| H. Charles Maddy, III | $554,500 | $0 | $0 | $0 | $333,822 | $101,664 | $50,000 | $1,039,986 |
| President and Chief Executive Officer | ||||||||
| Patrick Frye | 304,000 | 0 | 0 | 0 | 151,407 | 532,046 | 30,400 | 1,017,853 |
| Executive Vice President and Chief of Credit Administration | ||||||||
| Robert Tissue | 314,750 | 0 | 0 | 0 | 187,911 | 420,833 | 30,358 | 953,852 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Bradford Ritchie | 348,250 | 0 | 0 | 0 | 207,822 | 29,915 | 36,984 | 622,971 |
| Executive Vice President of Summit Financial Group and President of Summit Community Bank | ||||||||
| Scott Jennings | 314,750 | 0 | 0 | 0 | 187,911 | 69,147 | 30,500 | 602,308 |
| Executive Vice President and Chief Operating 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.
| Named executive officer | FY2022 total | FY2021 total | FY2020 total | Δ FY2021→2022 |
|---|---|---|---|---|
| H. Charles Maddy, III | $1,039,986 | — | — | — |
| Patrick Frye | 1,017,853 | — | — | — |
| Robert Tissue | 953,852 | — | — | — |
| Bradford Ritchie | 622,971 | — | — | — |
| Scott Jennings | 602,308 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| H. Charles Maddy, III | RSU | 20,910 | — | $15,668 |
| Robert Tissue | RSU | 10,768 | — | 8,151 |
| Patrick Frye | RSU | 3,522 | — | 5,604 |
| Bradford Ritchie | PSU | 6,768 | — | 3,806 |
Our fundamental philosophy is to link closely executive compensation with the achievement of annual financial performance goals, including, but not limited to, return on average tangible common equity, return on assets, net loan charge-offs and balance sheet growth.
| CEO STI target (% of salary) | 30% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | S&P Global Market Intelligence |
| Clawback policy | true |
| Anti-hedging | True |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2022 | 2022-05-19 | 7,798,111 | 536,115 | 177,322 | 93.57% | Passed |
| 2019 | 2019-05-21 | 8,211,694 | 306,531 | 390,054 | 96.4% | Passed |
| 2016 | 2016-05-19 | 7,119,029 | 180,942 | 225,208 | 97.52% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2022 | 2022-05-19 | 93.57%a |
| 2019 | 2019-05-21 | 96.4%b |
| 2016 | 2016-05-19 | 97.52%c |
a. Approved under the standard stated in the filing — “In determining whether the proposals have received the requisite number of affirmative votes, abstentions and broker "non-votes" will be disregarded and will have no effect on the outcome of the vote.”.
b. Approved under the standard stated in the filing — “In determining whether the proposal has received the requisite number of affirmative votes, abstentions and broker "non-votes" will be disregarded and will have no effect on the outcome of the vote.”.
c. Approved under the standard stated in the filing — “In determining whether the proposal has received the requisite number of affirmative votes, abstentions and broker "non-votes" will be disregarded and will have no effect on the outcome of the vote.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Oscar M. BeanIndependent · Board Chair · Lead Independent Director · Executive Committee (Chair) · Compensation and Nominating Committee (Chair) · Asset/Liability and Funds Management Committee · Equity Compensation Committee | $0 | $0 | $0 | $0 | $0 | $79,275 |
| Gary L. HinkleIndependent · Executive Committee · Audit and Compliance Committee · Asset/Liability and Funds Management Committee · Compensation and Nominating Committee · Equity Compensation Committee (Chair) | 0 | 0 | 0 | 0 | 0 | 25,950 |
| Ronald B. SpencerIndependent · Audit and Compliance Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 25,100 |
| Charles S. PiccirilloIndependent · Executive Committee · Audit and Compliance Committee · Compensation and Nominating Committee · Equity Compensation Committee | 0 | 0 | 0 | 0 | 0 | 24,750 |
| Georgette R. GeorgeIndependent · Audit and Compliance Committee · Executive Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 23,850 |
| John W. Crites, IIIndependent · Executive Committee · Audit and Compliance Committee (Chair) · Asset/Liability and Funds Management Committee · Compensation and Nominating Committee · Equity Compensation Committee | 0 | 0 | 0 | 0 | 0 | 23,100 |
| James P. Geary, IIIndependent · Executive Committee · Compensation and Nominating Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 23,050 |
| Jill S. UpsonIndependent · Asset/Liability and Funds Management Committee · ESOP/401(k) Committee | 0 | 0 | 0 | 0 | 0 | 22,700 |
| Jason A. KitzmillerIndependent · Audit and Compliance Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 22,650 |
| J. Scott BridgeforthIndependent · ESOP/401(K) Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 22,200 |
| John H. ShottIndependent · Asset/Liability and Funds Management Committee · ESOP/401(K) Committee · Not standing for re-election | 0 | 0 | 0 | 0 | 0 | 21,900 |
| James M. CookmanIndependent · Compensation and Nominating Committee · Equity Compensation Committee · ESOP/401(K) Committee | 0 | 0 | 0 | 0 | 0 | 21,150 |
| Ronald L. BowlingIndependent · ESOP/401(k) Committee · Asset/Liability and Funds Management Committee | 0 | 0 | 0 | 0 | 0 | 20,700 |
| H. Charles Maddy, IIIEmployee director · Executive Committee · Asset/Liability and Funds Management Committee · ESOP/401(K) Committee · Environmental, Social and Governance Committee | 0 | 0 | 0 | 0 | 0 | 0 |
| David H. Wilson, SrIndependent · Newly elected | 0 | 0 | 0 | 0 | 0 | 0 |
| Annual cash retainer | $15,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2022 |
|---|---|
| Cash retainers and fees | $0 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $0 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Summit Financial Group | 2022 | H. Charles Maddy, III | $554,500 | $0 | $0 | $333,822 | $1,039,986 |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, H. Charles Maddy, III | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Summary Compensation Table” · page 48. As printed: 1,039,986. Filing ↗machine: r1 · c9 · span 529341–529350 |
| 2 | Section 01, Patrick Frye | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Summary Compensation Table” · page 48. As printed: 1,017,853. Filing ↗machine: t27 · r3 · c9 · span 539055–539064 |
| 3 | Section 01, Robert Tissue | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Summary Compensation Table” · page 48. As printed: 953,852. Filing ↗machine: t27 · r2 · c9 · span 534169–534176 |
| 4 | Section 01, Bradford Ritchie | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Summary Compensation Table” · page 48. As printed: 622,971. Filing ↗machine: t27 · r5 · c9 · span 548758–548765 |
| 5 | Section 01, Scott Jennings | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Summary Compensation Table” · page 48. As printed: 602,308. Filing ↗machine: t27 · r4 · c9 · span 543888–543895 |
| 6 | Section 08, Oscar M. Bean | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 79,275. Filing ↗machine: t34 · r2 · c7 · span 674112–674115 |
| 7 | Section 08, Gary L. Hinkle | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 25,950. Filing ↗machine: t34 · r11 · c7 · span 692974–692977 |
| 8 | Section 08, Ronald B. Spencer | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 25,100. Filing ↗machine: t34 · r15 · c7 · span 701680–701683 |
| 9 | Section 08, Charles S. Piccirillo | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 24,750. Filing ↗machine: t34 · r13 · c7 · span 697332–697335 |
| 10 | Section 08, Georgette R. George | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 23,850. Filing ↗machine: t34 · r9 · c7 · span 688974–688977 |
| 11 | Section 08, John W. Crites, II | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 23,100. Filing ↗machine: t34 · r7 · c7 · span 684630–684633 |
| 12 | Section 08, James P. Geary, II | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 23,050. Filing ↗machine: t34 · r8 · c7 · span 686807–686810 |
| 13 | Section 08, Jill S. Upson | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 22,700. Filing ↗machine: t34 · r16 · c7 · span 703852–703855 |
| 14 | Section 08, Jason A. Kitzmiller | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 22,650. Filing ↗machine: t34 · r12 · c7 · span 695152–695155 |
| 15 | Section 08, J. Scott Bridgeforth | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 22,200. Filing ↗machine: t34 · r5 · c7 · span 680278–680281 |
| 16 | Section 08, John H. Shott | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 21,900. Filing ↗machine: t34 · r14 · c7 · span 699504–699507 |
| 17 | Section 08, James M. Cookman | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 21,150. Filing ↗machine: t34 · r6 · c7 · span 682453–682456 |
| 18 | Section 08, Ronald L. Bowling | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 20,700. Filing ↗machine: t34 · r4 · c7 · span 678099–678102 |
| 19 | Section 08, H. Charles Maddy, III | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 20 | Section 08, David H. Wilson, Sr | DEF 14A | 2023-03-31 | 0001437749-23-008698 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 21 | Section 06, 2022 vote | Form 8-K | 2022-05-24 | 0000811808-22-000020 | Item 5.07 · say-on-pay result. As reported: 93.57%. Filing ↗ |
| 22 | Section 06, 2019 vote | Form 8-K | 2019-05-23 | 0000811808-19-000014 | Item 5.07 · say-on-pay result. As reported: 96.4%. Filing ↗ |
| 23 | Section 06, 2016 vote | Form 8-K | 2016-05-23 | 0000811808-16-000065 | Item 5.07 · say-on-pay result. As reported: 97.52%. Filing ↗ |
| 24 | Section 09b board cost (computed) | Computed | — | computed | Cash 0 + equity 0 + all other 0 = 0, summed across the director compensation table rows.machine: formula: Σ = 0 |
| 25 | Summit Financial Group (subject), Section 10b CEO total | DEF 14A | 2023-03-31 | 0001437749-23-008698 | CEO total compensation as printed in Summit Financial Group's own proxy. As printed: 1,039,986. Filing ↗machine: r1 · c9 · span 529341–529350 |