Frank S. Sorrentino III is the CEO of ConnectOne Bancorp Inc., a role he has held since the company changed its name from Center Bancorp in 2014. With a background in finance, Sorrentino has been a driving force behind the...

Number of Employees

499

Year

2023

Total Compensation

$3.63M

Salary

$945.00K

Board Justification

The compensation philosophy emphasizes a pay-for-performance approach, aligning executive compensation with company performance and shareholder interests through rigorous stock ownership guidelines and equity-based long-term incentives.

Bonus

$878.90K

Board Justification

The annual incentive plan provides cash incentives based on attaining pre-established goals, with a target incentive opportunity of 95% of base salary for the CEO. The actual payout was determined to be 97.9% of target due to performance metrics achieved in 2023.

Other

$182.00K

Board Justification

This includes contributions to the nonqualified deferred compensation plan and other benefits such as a car allowance.

Restricted Stock

$1.63M(90.96K common stock)

Board Justification

The stock awards that vested in 2023 were based on performance units granted in prior years, with a total of 90,959 shares vesting during the year.

Performance Metrics

The performance metrics for determining the CEO's compensation included core return on assets, operating efficiency ratio, tangible book value per share, and pre-provision net revenue.

SEC Filing

From April 11, 2024