Director | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | | Audit Committee | | Compensation Committee | | Nominating and Corporate Governance Committee | | ||||||||||||||||||||||||
John K. Bosen | | | | | | | | | X | | | | | X* | | | | | | | | | | | X | | | | | X* | | | ||||||
Frank G. Cousins, Jr. | ��� | | | | X | | | | | X | | | | | X | | | | | | X | | | | | X | | | | | X | | | |||||
James A. DeLeo | | | | X | | | | | | | | | | | | | ||||||||||||||||||||||
Lisa DeStefano | | | | | | | | | X* | | | | | X | | | | | | | | | | | X* | | | | | X | | | ||||||
Jay E. Gould | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Laurie H. Knapp | | | | X* | | | | | X | | | | | X | | | | | | X* | | | | | X | | | | | X | | | ||||||
Richard L. Peeke | | | | X | | | | | | | | | | | | | | | | X | | | | | | | | | | | | | ||||||
Arthur Sullivan | | | | | | | | | X | | | | | X | | | | | | | | | | | X | | | | | X | | | ||||||
Wayne S. Tatro(1) | | | | X | | | | | X | | | | | X | | | ||||||||||||||||||||||
Number of Committee Meetings in 2015 | | | | 6 | | | | | 4 | | | | | 2 | | | ||||||||||||||||||||||
Number of Committee Meetings in 2016 | | | | 6 | | | | | 5 | | | | | 6 | | |
Name and Address | | Number of Shares Owned | | Percent of Common Stock Outstanding | | | Number of Shares Owned | | Percent of Common Stock Outstanding | | ||||||||||||||||
Provident Bancorp 5 Market Street Amesbury, Massachusetts 01913 | | | | 5,034,323 | | | | | 53.0% | | | | | | 5,034,323 | | | | | 52.2% | | |
Name | | | Number of Shares Owned | | | Percent of Common Stock Outstanding | | ||||||
Directors and Nominees | | | | ||||||||||
John K. Bosen | | | | | 15,500(1) | | | | | | * | | |
Frank G. Cousins, Jr. | | | | | 1,630(2) | | | | | | * | | |
James A. DeLeo | | | | | — | | | | | | — | | |
Lisa DeStefano | | | | | 2,000 | | | | | | * | | |
Laurie H. Knapp | | | | | 10,454(3) | | | | | | * | | |
Richard L. Peeke | | | | | 5,000 | | | | | | * | | |
David P. Mansfield | | | | | 26,015(4) | | | | | | * | | |
Arthur Sullivan | | | | | 10,000 | | | | | | * | | |
Wayne S. Tatro (8) | | | | | 1,580(5) | | | | | | * | | |
Named Executive Officers Who Are Not Also Directors | | | | ||||||||||
Charles F. Withee | | | | | 19,015(6) | | | | | | * | | |
Carol L. Houle | | | | | 16,659(7) | | | | | | * | | |
All directors, nominees and executive officers as a group (11 persons) | | | | | 107,853 | | | | | | 1.0% | | |
Name | | | Number of Shares Owned | | | Percent of Common Stock Outstanding | | ||||||
Directors | | | | ||||||||||
John K. Bosen | | | | | 23,486(1) | | | | | | * | | |
Frank G. Cousins, Jr. | | | | | 7,501(2) | | | | | | * | | |
James A. DeLeo | | | | | 4,695(3) | | | | | | * | | |
Lisa DeStefano | | | | | 6,871(4) | | | | | | * | | |
Jay E. Gould | | | | | 19,871(5) | | | | | | * | | |
Laurie H. Knapp | | | | | 15,325(6) | | | | | | * | | |
Richard L. Peeke | | | | | 9,571(7) | | | | | | * | | |
David P. Mansfield | | | | | 70,659(8) | | | | | | * | | |
Arthur Sullivan | | | | | 14,871(9) | | | | | | * | | |
Charles F. Withee | | | | | 49,150(10) | | | | | | * | | |
Named Executive Officer Who Is Not Also a Director | | | | ||||||||||
Carol L. Houle | | | | | 36,682(11) | | | | | | * | | |
All directors and executive officers as a group (11 persons) | | | | | 258,682 | | | | | | 2.68% | | |
| | 2015 | | 2014 | | | 2016 | | 2015 | | ||||||||||||||||
Audit fees | | | $ | 183,000 | | | | $ | 64,000 | | | | | $ | 112,520 | | | | $ | 183,000 | | | ||||
Audit-related fees | | | $ | 2,200 | | | | $ | 3,200 | | | | | $ | 10,000 | | | | $ | 2,200 | | | ||||
Tax fees | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | ||||
All other fees | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | |
Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Non-Equity Incentive Plan Compensation ($)(1) | | All Other Compensation ($)(2) | | Total ($) | | | Year | | Salary ($) | | Bonus ($) | | Stock awards ($)(1) | | Option awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David P. Mansfield Chief Executive Officer | | | | | 2015 | | | | | 400,000 | | | | | 8,000 | | | | | 172,000 | | | | | 44,997 | | | | | 624,997 | | | | | | | 2016 | | | | | 412,000 | | | | | — | | | | | 776,806 | | | | | 563,348 | | | | | 184,164 | | | | | 47,474 | | | | | 1,983,792 | | | ||||||||||||
| | | 2014 | | | | | 310,577 | | | | | 120,000 | | | | | 90,000 | | | | | 9,583 | | | | | 530,160 | | | | | | 2015 | | | | | 400,000 | | | | | 8,000 | | | | | — | | | | | — | | | | | 172,000 | | | | | 44,997 | | | | | 624,997 | | | |||||||||||||||
Charles F. Withee President and Chief Lending Officer | | | | | 2015 | | | | | 300,000 | | | | | 6,000 | | | | | 103,000 | | | | | 42,900 | | | | | 447,900 | | | | | | | 2016 | | | | | 309,000 | | | | | — | | | | | 524,349 | | | | | 378,910 | | | | | 107,316 | | | | | 47,880 | | | | | 1,367,455 | | | ||||||||||||
| | | 2014 | | | | | 259,231 | | | | | 87,500 | | | | | 62,500 | | | | | 10,328 | | | | | 419,559 | | | | | | 2015 | | | | | 300,000 | | | | | 6,000 | | | | | — | | | | | — | | | | | 103,000 | | | | | 42,900 | | | | | 447,900 | | | |||||||||||||||
Carol L. Houle Executive Vice President and Chief Financial Officer | | | | | 2015 | | | | | 210,000 | | | | | 4,200 | | | | | 58,800 | | | | | 22,339 | | | | | 295,339 | | | | | | | 2016 | | | | | 230,000 | | | | | — | | | | | 346,782 | | | | | 250,700 | | | | | 68,126 | | | | | 30,382 | | | | | 925,990 | | | ||||||||||||
| | | 2014 | | | | | 186,346 | | | | | 54,000 | | | | | 46,250 | | | | | 1,662 | | | | | 288,258 | | | | | | 2015 | | | | | 210,000 | | | | | 4,200 | | | | | — | | | | | — | | | | | 58,800 | | | | | 22,339 | | | | | 295,339 | | |
Name | | Year | | Employer Matching Contribution To 401(k) Plan(a) ($) | | Allocations Under Employee Stock Ownership Plan(b) ($) | | Long-Term Disability Premiums ($) | | Car Allowance ($) | | Total ($) | | | Year | | Employer Matching Contribution To 401(k) Plan(a) ($) | | Allocations Under Employee Stock Ownership Plan(b) ($) | | Long-Term Disability Premiums ($) | | Car Allowance ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
David P. Mansfield | | | | 2015 | | | | | 17,215 | | | | | 13,188 | | | | | 4,594 | | | | | 10,000 | | | | | 44,997 | | | | | | 2016 | | | | | 15,900 | | | | | 16,980 | | | | | 4,594 | | | | | 10,000 | | | | | 47,474 | | | ||||||||||||
Charles F. Withee | | | | 2015 | | | | | 14,712 | | | | | 13,188 | | | | | — | | | | | 15,000 | | | | | 42,900 | | | | | | 2016 | | | | | 15,900 | | | | | 16,980 | | | | | — | | | | | 15,000 | | | | | 47,880 | | | ||||||||||||
Carol L. Houle | | | | 2015 | | | | | 9,201 | | | | | 13,138 | | | | | — | | | | | — | | | | | 22,339 | | | | | | 2016 | | | | | 13,402 | | | | | 16,980 | | | | | — | | | | | — | | | | | 30,382 | | |
Item | | | Peer Target Results | | | The Provident Bank Adjusted Results | | ||||||
Adjusted net operating income | | | | | 0.77% | | | | | | 0.93% | | |
Net interest income on a fully tax equivalent basis to average earning assets | | | | | 3.29% | | | | | | 3.72% | | |
Non-current loans plus other real estate owned to total loans plus other real estate owned | | | | | 0.63% | | | | | | 0.25% | | |
Efficiency ratio | | | | | 74.02% | | | | | | 67.74% | | |
Core deposit growth | | | | | 12.42% | | | | | | 13.58% | | |
Net loan growth | | | | | 9.02% | | | | | | 13.32% | | |
Item | | | Peer Target Results | | | The Provident Bank Adjusted Results | | ||||||
Adjusted net operating income | | | | | 0.69% | | | | | | 0.75% | | |
Net interest income on a fully tax equivalent basis to average earning assets | | | | | 3.41% | | | | | | 3.65% | | |
Non-current loans plus other real estate owned to total loans plus other real estate owned | | | | | 0.81% | | | | | | 0.40% | | |
Efficiency ratio | | | | | 79.09% | | | | | | 69.48% | | |
Core deposit growth | | | | | 5.70% | | | | | | 10.38% | | |
Net loan growth | | | | | 10.53% | | | | | | 12.28% | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||
Name | | | Number of securities underlying unexercised options exercisable (#) | | | Number of securities underlying unexercised options unexercisable (#)(1) | | | Option exercise price ($) | | | Option expiration date | | | Number of shares or units of stock that have not vested (#)(1) | | | Market value of shares or units of stock that have not vested ($)(2) | | ||||||||||||||||||
David P. Mansfield | | | | | — | | | | | | 111,600 | | | | | | 17.40 | | | | | | 11/17/2026 | | | | | | 44,644 | | | | | | 799,128 | | |
Charles F. Withee | | | | | — | | | | | | 75,330 | | | | | | 17.40 | | | | | | 11/17/2026 | | | | | | 30,135 | | | | | | 539,416 | | |
Carol L. Houle | | | | | — | | | | | | 49,841 | | | | | | 17.40 | | | | | | 11/17/2016 | | | | | | 19,938 | | | | | | 356,890 | | |
Name | | Fees Earned or Paid in Cash ($) | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Stock awards ($)(1) | | Option awards ($)(2) | | Total ($) | | ||||||||||||||||||||||||
John K. Bosen | | | | 39,000 | | | | | 39,000 | | | | | | 28,998 | | | | | 84,755 | | | | | 61,240 | | | | | 174,993 | | | ||||||
Frank G. Cousins, Jr. | | | | 37,750 | | | | | 37,750 | | | | | | 30,250 | | | | | 84,755 | | | | | 61,240 | | | | | 176,245 | | | ||||||
Charles R. Cullen | | | | 40,000 | | | | | 40,000 | | | | | | 40,998 | | | | | 84,755 | | | | | 61,240 | | | | | 186,993 | | | ||||||
James A. DeLeo | | | | 8,667 | | | | | 84,755 | | | | | 61,240 | | | | | 154,662 | | | |||||||||||||||||
Lisa DeStefano | | | | 38,500 | | | | | 38,500 | | | | | | 27,250 | | | | | 84,755 | | | | | 61,240 | | | | | 173,245 | | | ||||||
Robert A. Gonthier, Jr.(1) | | | | 38,750 | | | | | 38,750 | | | |||||||||||||||||||||||||||
Jay E. Gould | | | | 27,000 | | | | | 84,755 | | | | | 61,240 | | | | | 172,995 | | | |||||||||||||||||
Robert A. Gonthier, Jr.(3) | | | | 9,750 | | | | | — | | | | | — | | | | | 9,750 | | | |||||||||||||||||
Laurie H. Knapp | | | | 42,250 | | | | | 42,250 | | | | | | 36,750 | | | | | 84,755 | | | | | 61,240 | | | | | 182,745 | | | ||||||
Richard L. Peeke | | | | 41,000 | | | | | 41,000 | | | | | | 29,250 | | | | | 84,755 | | | | | 61,240 | | | | | 175,245 | | | ||||||
Wayne S. Tatro(2) | | | | 37,750 | | | | | 37,750 | | | |||||||||||||||||||||||||||
Arthur Sullivan | | | | 17,750 | | | | | 84,755 | | | | | 61,240 | | | | | 163,745 | | | |||||||||||||||||
Wayne S. Tatro(4) | | | | 31,000 | | | | | — | | | | | — | | | | | 31,000 | | |