Curt T. Queyrouze
COASTAL FINANCIALAbout Curt T. Queyrouze
Curt T. Queyrouze (age 63) is President, Community Bank and Corporate Credit at Coastal Financial Corporation (CCB), having joined in 2022; he brings deep credit, risk management, and fintech/BaaS partnership experience, with an Accounting degree from LSU . In 2024, company incentive metrics relevant to his pay included ROAA (1.15% vs 1.27% target), core deposit growth (5.85% vs 3.75% target), gross loan growth (15.15% vs 11.40% target), and community-bank net charge-offs at target (0.03%) . Company TSR since 12/31/2020 equated to $404.33 on a fixed $100 investment by 12/31/2024 (vs $134.22 for S&P 600 Small Cap), underscoring strong shareholder value creation over the period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TAB Bank (UT) | President & CEO | 2016–2022 | Led a community bank with fintech/BaaS partnerships; CEO accountability for growth, credit, and BaaS execution . |
| TAB Bank (UT) | Chief Credit Officer | 2014–2016 | Oversight of credit risk framework and portfolio quality . |
| Hancock Whitney Bank | SVP, Loss Mitigation Manager | 2009–2012 | Managed loss mitigation during a stressed credit cycle . |
| Fintech company | Chief Operating Officer | n/d | Operating leadership in fintech, complementing bank/BaaS experience . |
| Various banks (top‑ten, regional, community) | Leadership roles | n/d | Broad banking leadership across institution sizes and functions . |
External Roles
No public company directorships or external roles disclosed for Mr. Queyrouze .
Fixed Compensation
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Base salary and changes: | Year | Base Salary ($) | YoY Change | |---|---:|---:| | 2024 | 445,000 | 4.0% | | 2023 | 428,000 | — |
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Perquisites (2024): car allowance/lease ($10,200), medical/dental/vision premiums ($7,106), mobile technology reimbursement ($2,400), HSA contribution ($1,200); 401(k) match also provided .
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Multi-year compensation: | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) | |---|---:|---:|---:|---:|---:|---:| | 2024 | 445,000 | — | 268,867 | 160,000 | 37,488 | 911,355 | | 2023 | 428,000 | — | 236,053 | 268,054 | 35,213 | 967,320 | | 2022 | 233,333 | 299,761 | 1,879,290 | 169,254 | 17,078 | 2,598,716 |
Notes: 2022 includes sign-on/move bonuses; 2023 pay was reduced for clawback recovery ($797) tied to a restatement-related overpayment under the formal policy .
Performance Compensation
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Annual plan (2024): Metrics, weightings, targets, achievements, and mechanics; payout delivered 50% cash (paid 2025) and 50% time-based RSUs (granted 2025; 4-year ratable vest) . | Metric | Weight (Queyrouze) | Target | Actual 2024 | Achievement | Payout mechanics | |---|---:|---:|---:|---:|---| | Return on Average Assets | 40.0% | 1.27% | 1.15% | 90.6% | Linear scaling: 50% payout at ~70.87% of target; 100% at target; 200% at ~123.31% of target . | | Core Deposit Growth | 12.5% | 3.75% | 5.85% | 156.0% | 50% at 50% of target; 100% at target; 200% at 437% of target . | | Gross Loan Growth | 12.5% | 11.40% | 15.15% | 132.9% | 50% at 60% of target; 100% at target; 200% at 216% of target . | | Net Charge-offs (Community Bank) | 10.0% | 0.03% | 0.03% | 100.0% | 50% at 200% of target; 100% at target; 200% at 16% of target (lower is better) . | | Board Discretionary | 25.0% | n/a | n/a | n/a | Discretionary component under plan . |
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Equity awards tied to performance/retention:
- PSUs: 53,000 granted at hire (2022); cliff vest in 2028 only if stock price hurdles (68.51/83.51/98.51 sustained 60 trading days in the 24 months before 6th anniversary) and relative ROAE (≥90th percentile) are met .
- Annual RSUs: Time-based RSUs granted for prior-year performance; 2024 grants vest ratably over four years .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 8,226 shares owned directly . |
| Percent of outstanding | ~0.055% (8,226 / 15,007,465 outstanding as of 3/19/2025) . |
| Unvested RSUs | 12,831 shares unvested (excluded from beneficial ownership) . |
| Unvested PSUs | 53,000 target PSUs unvested (excluded; cliff in 2028, performance-based) . |
| Stock options | None outstanding for Queyrouze . |
| Vesting schedules (time-based RSUs) | 6/1/2022: 2,334 RSUs (3-year, annual tranches); 1/25/2023: 4,080 RSUs (4-year, annual); 2/5/2024: 7,068 RSUs (4-year, annual) . |
| Hedging/pledging policy | Company prohibits hedging and generally prohibits pledging; limited exceptions require capacity to repay without resort to pledged securities . No pledging is disclosed for Mr. Queyrouze . |
| Clawback | SEC/Nasdaq-compliant clawback; 2023 overpayments tied to restatement recovered; Queyrouze’s recovery was $797 . |
Employment Terms
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Employment Agreement (effective May 18, 2022): initial 6-year term; auto-renews annually unless 90-days’ notice .
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Compensation: minimum base salary $400,000 (subject to annual review), annual cash bonus opportunity, and equity incentives; car and technology allowance .
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Severance (no CIC): upon qualifying termination, cash severance = 1x current base salary paid over 12 months; pro‑rated annual bonus; up to 12 months COBRA reimbursement; equity vests to the extent it would have vested within 1 year based on service .
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CIC (double-trigger within 1 year): lump sum = 2x (current base salary + prior-year cash bonus); 24 months COBRA; full vesting of unvested equity (subject to award terms) .
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Restrictive covenants: 1-year post-termination non-compete; 18-month non-solicitation; customary confidentiality/non-disparagement .
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Estimated payouts as of 12/31/2024 (illustrative, based on then-outstanding awards): | Scenario | Severance Pay ($) | Equity Vesting ($) | Health Benefits ($) | Total ($) | |---|---:|---:|---:|---:| | Termination w/o cause or for good reason (no CIC) | 605,000 | 463,694 | 8,306 | 1,077,000 | | Qualifying termination in connection with CIC | 1,158,054 | 1,144,757 | 16,612 | 2,319,423 |
Equity Award Detail and Vesting (Key Grants)
| Grant Type | Grant Date | Shares/Units | Vesting Terms | Performance Conditions | Unvested Value or Units at 12/31/2024 |
|---|---|---|---|---|---|
| RSUs | 6/1/2022 | 2,334 | 1/3 per year over 3 years | n/a | $198,180 MV at $84.91 . |
| PSUs | 6/1/2022 | 53,000 target | Cliff vest 6/1/2028 if met | Stock price hurdles (68.51/83.51/98.51 sustained 60 days in Y5–Y6); relative ROAE ≥90th percentile for 20,000 PSUs | $4,500,230 target MV at $84.91 . |
| RSUs | 1/25/2023 | 4,080 | 1/4 per year over 4 years | n/a | $346,433 MV at $84.91 . |
| RSUs | 2/5/2024 | 7,068 | 1/4 per year over 4 years | n/a | $600,144 MV at $84.91 . |
Note: Annual incentive-equity mix: for 2024 performance, payouts are 50% cash in 2025 and 50% RSUs granted in 2025, vesting ratably over 4 years .
Governance, Policies, and Say-on-Pay Context
- Compensation risk controls: multiple metrics, caps, mix of cash/equity, four-year RSU vesting, formal clawback .
- Restatement and recovery: Company restated certain 2023 and 2024 interim financials; aggregate $2,873 overpayment linked to “Gross Loan Growth” metric recovered (Queyrouze $797) .
- Say-on-Pay support: ~99% approval at 2024 annual meeting, indicating broad shareholder support for pay design .
Investment Implications
- Alignment and retention: Large 2022 PSU grant (53,000) is cliff-based with demanding stock-price and top-decile ROAE hurdles through 2028, driving long-dated alignment and retention; unlock risk concentrates around 2028 if hurdles are met . Time-based RSUs vest annually, creating moderate, steady selling pressure windows but a larger potential event exists in 2028 under PSU vesting .
- Pay-for-performance linkage: 2024 plan tied to ROAA, core deposit growth, loan growth, and community-bank net charge-offs; actual outperformance on core deposits and loan growth partially offset lower-than-target ROAA, consistent with observed non-equity payout of $160,000 in 2024 .
- Contractual economics: Severance is moderate under non-CIC (1x salary) and more robust under CIC (2x salary + prior-year bonus, full vesting), but still within market norms; restrictive covenants (1-year non-compete; 18‑month non-solicit) mitigate transition risk .
- Ownership and pledging: Beneficial stake (8,226 shares; ~0.055% of outstanding) is modest, but unvested equity (RSUs and PSUs) provides meaningful upside exposure; no pledging disclosed and Company policy prohibits hedging and generally pledging, supporting alignment .
- Governance signal: The 2025 restatement and related minor clawback recovery (including $797 from Queyrouze) indicate functioning controls and enforcement; high Say‑on‑Pay support suggests investor acceptance of the current incentive design .