Penns Woods Bancorp, Inc. (PWOD), the holding company for Jersey Shore State Bank and Luzerne Bank, Tuesday announced a salary and bonus cut in the compensation package Chief Executive Officer Richard Grafmyre, effective June 3.
The amendment removes the provision for compensating unused paid time off and reduces the base salary to $850,000, with the maximum annual potential bonus amount at $325,000. These changes will reduce the maximum yearly compensation for Grafmyre by approximately $150,000.
The company stated the changes were made to maintain return on average equity, return on average assets, earnings per share, asset growth, and credit quality for fiscal 2024.
Currently, Penns Woods Bancorp's stock is trading at $20, down 0.55 percent on the Nasdaq.
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