Each of Bank of the Ozarks Inc.’s named executive officers saw increases in total compensation in fiscal 2014, according to a proxy filed Thursday with the U.S. Securities and Exchange Commission.
Increases to base salary, stock awards and option awards contributed to the increases. Four executives also received cash incentives under a plan approved by the board’s compensation committee in June.
George Gleason, chairman and CEO, had total compensation of about $5.1 million, up from $4.3 million in 2013. His 2014 compensation package included a $1 million base salary, nearly $2 million in stock awards and a $1 million cash award based on performance.
Gleason also received an additional $4.2 million through exercised stock options.
In January, the publicly traded bank (Nasdaq: OZRK) reported that, for the full year, net income rose 30 percent to $118.6 million, or $1.52 per share. At the time, Gleason called 2014 an “excellent year” of the company.
“We achieved record loan and lease growth, record growth of our unfunded balances of closed loans, record deposit growth, a robust net interest margin, an excellent net charge-off ratio, a favorable efficiency ratio, and excellent returns on average assets and stockholders’ equity,” he said. “In fact, it was our fifth consecutive year of achieving a return on average assets in excess of 2 percent.”
Other executives and their compensation:
- Greg McKinney, chief financial officer and chief accounting officer — $1.4 million in total compensation, up from $864,237 in 2013. The 2014 compensation package included a $424,039 base salary, $665,400 in stock awards and a $200,000 cash award based on performance. McKinney also received an additional $490,008 through exercised stock options.
- Dan Thomas, vice chairman, chief lending officer and president, RESG — $3 million in total compensation, up from $1.9 million in 2013. The 2014 compensation package included a $1 million base salary, more than $1 million in stock awards and a $750,000 cash award based on performance. Thomas also received an additional $443,520 through exercised stock options.
- Tyler Vance, chief operating officer and chief banking officer — $1.4 million in total compensation, up from $863,083 in 2013. The 2014 compensation package included a $424,039 base salary, $665,400 in stock awards and a $200,000 cash award based on performance. Vance also received an additional $477,868 through exercised stock options.
- Darrel Russell, chief credit officer and chairman of the directors’ loan committee — $525,034 in total compensation, up from $500,802 in 2013. The 2014 compensation package included a $257,354 base salary and $199,620 in stock awards. Russell also received an additional $146,400 through exercised stock options.
The company also announced details of its next shareholders’ meeting, which is scheduled for 8:30 a.m. May 18 at its headquarters in Little Rock.
At the meeting, shareholders will vote whether to:
- Elect 16 director nominees to its board.
- Approve an amendment and restatement of its stock option plan.
- Approve its non-employee director stock plan.
- Ratify Crowe Horwath LLP is its accounting firm.
- Give advisory, non-binding approval to compensation of the company’s named executive officers.
- Give advisory, non-binding approval to whether a vote on executive compensation happens every one, two or three years.
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