Enterprise Financial Services Chief Executive James Lally earned $1.3 million in 2019, including a discretionary bonus of $60,000 based on "exceptional performance."
Enterprise disclosed details of Lally's pay in a filed March 25. The Clayton-based banking company said executives got an extra bonus based on their success in completing an acquisition and meeting profit goals during a time of low interest rates.
Lally's salary was $529,167 after a 7% raise. His incentive bonus of $352,284 was 132% of the target level, based on beating goals for earnings, core deposits and fee income.
Lally also received $360,278 worth of stock, 80% of which is contingent on meeting three-year performance goals. A performance-based stock award from 2017 paid out at 150% of the target level, the proxy statement says.
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The CEO's perquisites included a $7,200 car allowance and $7,200 worth of club dues. His total pay of $1.3 million represented a 17% increase from 2018.
Enterprise Financial's earnings per share fell 7% last year but its share price jumped 28%.
Lally earned 20 times as much as the median Enterprise Financial employee. The bank calculated a median of $67,305 for its workers.