MADISON, Wis. New executive compensation data released by the Credit Union Executives Society has found an overall increase of 6.43% in CEO base salaries and 8.18% in total compensation during 2013.
Moreover, CUES said its Executive Compensation Survey found CU executives continue to close the gap of pay between their bank counterparts, with CEOs at credit unions $250 million or higher in assets exceeding those at banks in base pay.
Not surprisingly, the overall compensation averages are being pulled up by big increases at the largest credit unions. CUES reported that CUs with assets between $600-million and $999-million had the largest average increase in salary plus bonus/incentive paid at 13.07%.
The average base plus bonus compensation for CEOs ranged from $85,366 for credit unions with assets less than $30 million to $552,318 for credit unions with assets greater than $1 billion. The average CEO total compensation for all credit unions reported was $256,339.
The CUES survey found non-CEO executive compensation increases in total compensation ranged from 4.75% to 9.26% for repeat participants. The greatest percentage change was reported for the Branch/Member Services Executive at 9.26%.
The top factors for determining CEO bonus/incentive awards remain the same as the last few years, with earnings, board evaluation and loan growth making up the top three factors.
A total of 443 credit unions participated in the survey between May 1, 2012, and April 30, 2013.
