Chad Carter
About Chad Carter
Donald “Chad” Carter is Executive Vice President, Correspondent Banking at b1BANK (Business First Bancshares, Inc.), leading SBA, Wealth Management, Derivative Solutions, Financial Institutions, and Mortgage teams; he joined the bank in April 2011, was elevated to EVP Correspondent Banking in May 2024, and is 42 years old . He earned a B.S. in Business Administration from Louisiana Tech University and completed the Graduate School of Banking program at LSU; he received the Louisiana Young Banker Impact Award in 2023 and is active with the Louisiana Tech Foundation Board, United Way and the North Louisiana Economic Partnership . For context on company performance during his tenure, BFST’s net income and EPS have trended higher over time despite macro cycles (see table below) .
| Company Performance | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM Q1’25 | TTM Q3’25 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income ($USD Millions) | 16.8 | 24.6 | 37.5 | 53.9 | 57.6 | 66.3 | 65.8 | 66.7 | 79.5 |
| Diluted EPS ($) | 1.45 | 1.80 | 2.05 | 2.61 | 2.52 | 2.62 | 2.49 | 2.63 | 2.69 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| b1BANK | EVP, Correspondent Banking | May 2024 – Present | Leads SBA, Wealth Mgmt, Derivative Solutions, Financial Institutions, and Mortgage teams, central to fee income and specialty offerings |
| b1BANK | North Louisiana Regional President | Not disclosed (pre-2024) | Regional P&L/market leadership; commercial growth and client coverage |
| b1BANK | SVP – Commercial Lending | Not disclosed | Business development and credit production |
| b1BANK | VP – Commercial Lending | Not disclosed | Relationship management and origination |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Louisiana Tech Foundation Board | Board Member | Not disclosed | University advancement and fundraising network |
| Louisiana Tech Graduate School of Banking | Volunteer/Contributor | Not disclosed | Pipeline development and industry capability building |
| United Way | Volunteer | Not disclosed | Community engagement and brand presence |
| North Louisiana Economic Partnership | Volunteer | Not disclosed | Regional economic development and relationships |
Fixed Compensation
BFST does not disclose individual compensation for Mr. Carter (he is not a Named Executive Officer in the proxy). The tables below reflect Mr. Carter’s disclosure status and, for context only, the company’s NEO compensation framework.
- Carter-specific compensation items (not disclosed unless noted)
| Component | 2024 Status |
|---|---|
| Base salary | Not disclosed for Carter |
| Target bonus % | Not disclosed for Carter |
| Actual annual bonus paid | Not disclosed for Carter |
| Perquisites (allowances, club dues) | Program described for NEOs; Carter-specific not disclosed |
- Company NEO context (for structure only)
| NEO Base Salaries | 2023 | 2024 | Notes |
|---|---|---|---|
| CEO base salary ($) | 705,000 | 775,500 | Role change to Chairman noted |
| Other NEO base salaries (examples) | 392,000 | 425,000 | Typical EVP roles |
Performance Compensation
Company annual and long-term incentive architecture (applied to NEOs; Carter’s specific targets/awards are not disclosed).
- Annual Cash Incentive (NEO plan design for 2024)
| Metric | Weight | Threshold | Target | Superior | 2024 Actual | 2024 Performance Level | Weighted % Result |
|---|---|---|---|---|---|---|---|
| Core ROA | 50% | 0.85 | 0.92 | 0.99 | 0.94 | Above Target | 57.1% |
| Core Efficiency Ratio | 15% | 67.50 | 65.80 | 64.10 | 64.47 | Above Target | 20.9% |
| Classified Assets Coverage Ratio | 15% | 12.0 | 10.0 | 8.0 | 6.53 | Superior | 22.5% |
| Total Company Performance Goals | 80% of bonus | — | — | — | — | — | 100.5% |
- Long-Term Incentive (NEO design approved in 2024)
| Vehicle | Allocation | Vesting | Performance Goals |
|---|---|---|---|
| RSUs | 50% | 3 equal annual installments | Retention/ownership alignment |
| PRSUs | 50% | 3-year cliff (2024–2026 cohort) | 50% 3-year avg ROATCE vs internal target; 50% peer-relative EPS growth; PRSU payout 0–150% and capped at target if TSR negative |
Note: The CD&A provides detailed targets and payouts for NEOs; the filing does not specify Mr. Carter’s individual target bonus %, award sizes, or vesting schedules .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (specific to Carter) | Proxy footnotes indicate at least 6,799 shares held via Mr. Carter’s 401(k) account are included within the “Other Executive Officers” group total; full individual total beneficial ownership is not separately itemized in the table . |
| Ownership as % of outstanding | Not disclosed for Carter individually (29,558,238 shares outstanding at 3/17/25) . |
| Vested vs unvested breakdown | Not disclosed for Carter (ownership table provides this detail for NEOs; not for other executives) . |
| Pledging/Hedging | Insider Trading Policy discourages hedging and pledging and requires preclearance; ownership footnotes call out pledged shares for certain officers (e.g., CEO and CFO), but no pledge footnote is identified for Carter in the ownership section reviewed . |
| Stock ownership guidelines | Apply to NEOs (CEO 3x salary; other NEOs 1.5x salary) and directors; Carter is not a NEO in the proxy, so guidelines are not explicitly stated for him . |
Employment Terms
| Topic | Status / Terms |
|---|---|
| Employment start date | April 2011 (at the Bank) |
| Current role start | EVP, Correspondent Banking since May 2024 |
| Employment agreement | No individual employment or change-in-control agreement disclosed for Carter in the Oct 29, 2025 8-K that covered CEO and four other executives; Carter was not among the named signatories . |
| Change-in-control economics | For context, peer executives received 2x base salary + three-year avg bonus plus 18 months COBRA upon qualifying termination within 3 months pre-/24 months post-CIC; no such agreement for Carter is disclosed in that filing . |
| Restrictive covenants | Company-level CIC and employment agreements include 24-month non-solicit and non-compete across named parishes/counties; Carter-specific contract terms not disclosed . |
| Clawback | Executive Clawback Policy compliant with SEC/Nasdaq rules for erroneous incentive compensation . |
| Insider trading policy | Hedging/short sales prohibited; pledging discouraged and subject to preclearance; margin accounts prohibited . |
Investment Implications
- Alignment: Carter leads fee-generating and institutional-facing businesses (SBA, derivatives, wealth, FIs)—areas BFST emphasizes for revenue diversification; his long firm tenure and elevation to EVP in 2024 underscore institutional knowledge and continuity . Company policies on clawbacks, hedging, and ownership (for NEOs) are shareholder-friendly, though Carter’s personal guideline requirement is not explicitly stated as he is not a NEO in the proxy .
- Retention risk and incentives: Unlike certain peers with newly refreshed CIC agreements (CFO, President, COO, CBO), no CIC agreement for Carter was disclosed in the 10/29/25 8-K set—potentially less “parachute” protection relative to those executives; retention likely relies on cash/equity incentives not individually disclosed in public filings for Carter .
- Trading signals and selling pressure: Limited visibility—no Form 4 analysis is provided here, and the proxy highlights pledged shares for some executives but does not flag pledging for Carter; the footnote confirms at least 6,799 shares via his 401(k), suggesting ongoing skin-in-the-game but insufficient to gauge total exposure or potential selling pressure .
- Execution context: Company-level KPIs (Net Income and EPS) improved on a multi-year basis, with TTM Q3’25 net income reaching $79.5m and TTM EPS $2.69, supporting pay-for-performance architecture at the enterprise level; however, Carter’s individual metric weights and outcomes are not disclosed .
Data gaps to monitor: any future 8-Ks or proxies that add Carter as a NEO (for full pay/ownership detail), Form 4 trading activity, and segment disclosures that tie noninterest revenue growth (e.g., swaps/SBA sales) to Correspondent Banking leadership.