Evans Bancorp’s top executive saw his total compensation rise 33.4 percent in 2014, as the Hamburg-based bank posted a record high for profits.
David Nasca, president and CEO, had total compensation of $821,998, up from $615,844, according to a regulatory filing. The total included a 17.5 percent increase in Nasca’s salary, to $368,077. He also had significant increases in his stock awards, non-equity incentive plan compensation. The value of his pension benefits also went up; that figure can shift dramatically from one year to the next, and is a form of compensation that doesn’t go into an executive’s pocket immediately.
Gary Kajtoch, executive vice president and chief financial officer, saw his total compensation rise 11 percent last year, to $348,350. Robert Miller Jr., president of the Evans Agency insurance agency and executive vice president of the bank, saw his total compensation soar 94 percent to $826,763, driven mainly by the increase in the value of his pension benefits. His salary alone increased 3.3 percent.
Evans’ net income hit a record high of $8.2 million in 2014, up from $7.9 million the year before. The bank made headlines last September when state Attorney General Eric T. Schneiderman filed suit against the bank in U.S. District Court, accusing the bank of “redlining” certain Buffalo neighborhoods. Evans has battled back against those charges.
Evans’ annual meeting is set for April 30.