Bradley Quade
About Bradley Quade
Executive Vice President & Chief Credit Officer of First Business Financial Services (FBIZ). Joined FBIZ in 2019, became Chief Credit Officer in April 2020, and was promoted to EVP & Chief Credit Officer in August 2024. He holds a B.S. in Accounting and Finance (UW–Milwaukee) and is a Certified Public Accountant (CPA). Year of birth: 1966. His incentive pay is tied to Company performance: 2021–2023 PRSUs paid 200% on 99th percentile TSR and 92nd percentile ROAE; 2024 annual bonus paid above target with metrics including operating revenue, ROAA, and efficiency ratio.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Business Financial Services, Inc. | EVP & Chief Credit Officer | Aug 2024–Present | Executive oversight of enterprise credit function following promotion; leadership of high-performing teams serving middle-market clients. |
| First Business Financial Services, Inc. | Chief Credit Officer | Apr 2020–Aug 2024 | Led enterprise-wide credit oversight across commercial lines. |
| First Business (parent/Bank) | Deputy Chief Credit Officer | Oct 2019–Apr 2020 | Transitioned into credit leadership; process improvement initiatives. |
| Johnson Bank | Senior leadership roles | 23 years 10 months | Business development, enterprise credit oversight, operations/technology leadership across multiple banking verticals. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various Milwaukee-area charitable organizations | Board member/supporter | Not disclosed | Community engagement across education, arts, homeless care, nutrition, and faith. |
Fixed Compensation
Multi-year summary compensation (SEC-reported):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 259,960 | 276,000 | 312,500 |
| Stock Awards ($) | 93,196 | 91,327 | 99,398 |
| Non-Equity Incentive Plan Compensation ($) | 148,410 | 93,386 | 107,607 |
| All Other Compensation ($) | 41,351 | 45,797 | 42,458 |
| Total ($) | 542,917 | 506,510 | 561,963 |
2024 base salary and annual bonus mechanics:
- 2024 base salary: $330,000 (increased from $300,000 effective August 1, 2024, upon promotion). Target bonus opportunity: 30% of base; maximum: 60%. Actual payout: 34.43% of base, $107,607 cash. 2024 bonus metrics included operating revenue and efficiency ratio; performance criteria were equally weighted.
Perquisites (2024 “All other compensation” detail):
- 401(k) match: $10,350; Profit sharing: $14,973; Country club membership: $17,135; Total perqs: $42,458.
Performance Compensation
2024 annual cash bonus (paid in 2025):
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Operating revenue; efficiency ratio (equally weighted) | Equally weighted | 30% of base salary | 34.43% of base salary | $107,607 |
2024 long-term incentive grants:
| Award Type | Grant Date | Target/Granted (#) | Grant-Date Fair Value ($) | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| PRSU | 2/16/2024 | 1,485 target (range 743–2,970) | 63,698 | Cliff-vest after 3-year period ending 12/31/2027 | Relative TSR 50% and ROATCE 50% vs custom peer group |
| RSU | 2/16/2024 | 990 | 35,699 | Ratable over 3 years on 2/16/2025, 2/16/2026, 2/16/2027 | Time-based |
| LTI mix | 2024 | LTI target = 30% of base | Total LTI $99,398 | Annual grant cadence | 2019 Equity Incentive Plan (no options currently granted) |
Prior PRSU performance realization:
| PRSU Performance Period | Relative TSR Percentile | Relative ROAE Percentile | Payout | Shares Earned (Quade) | Certification/Delivery |
|---|---|---|---|---|---|
| 2021–2023 | 99th | 92nd | 200% of target | 4,240 | Approved 4/17/2024 |
Equity Ownership & Alignment
Beneficial ownership:
| Shares Beneficially Owned | Percent of Outstanding | As of |
|---|---|---|
| 11,172 | Less than 1% | Feb 18, 2025 |
Outstanding equity awards at FY-end (Dec 31, 2024):
| Grant Date | Unvested RSUs (# / $) | Unearned PRSUs (# / $) |
|---|---|---|
| 2/16/2024 | 990 / $45,827 | 2,970 / $137,481 |
| 2/16/2023 | 657 / $30,413 | 2,740 / $126,835 |
| 2/16/2022 | 337 / $15,600 | 2,770 / $128,223 |
Valuations assume $46.29/share closing price on 12/31/2024.
Alignment policies and practices:
- NEO stock ownership guideline: 1× base salary; five years to comply; once met, retain ≥50% of net vested shares for 12 months. All NEOs currently in compliance.
- No hedging; no holding in margin; no pledging of Company stock by Section 16 Reporting Persons; all in compliance.
- LTI structure skews to performance equity (approx. 60% PRSUs / 40% RSUs for executives).
- Company currently does not grant stock options to NEOs (reduces levered risk).
Employment Terms
Change-in-control and severance framework:
- Agreement: Change-in-control agreement dated April 1, 2020 (double trigger applies). Benefits payable if terminated without cause or for “good reason” within 12 months after a change in control; equity vesting and severance are double-triggered. A “good reason” trigger does not apply to equity awards (assumes PRSUs at target for estimates).
Potential payments and benefits (assumes 12/31/2024 CoC and $46.29/share):
| Scenario | Severance Payment | RSU Acceleration | PRSU Acceleration | Health Benefits | Total |
|---|---|---|---|---|---|
| Involuntary termination or good reason (following CoC) | $759,000 | $91,839 | $129,303 | $24,580 | $1,004,722 |
| Change in control (no termination) | $0 | $0 | $0 | $0 | $0 |
| Death | — | $91,839 | $129,303 | $0 | $221,143 |
| Disability | — | $91,839 | $129,303 | $0 | $221,143 |
Clawback and recovery:
- Dodd-Frank/Nasdaq-compliant Recovery Policy adopted in 2023 (restatement-based recoupment); legacy 2019 Clawback Policy also remains in effect.
Compensation Governance, Peer Group, and Shareholder Feedback
- Compensation Committee members: Carla C. Chavarria (Chair), Laurie S. Benson, W. Kent Lorenz; no interlocks.
- Peer group used for 2024 decisions includes regional banks such as BWFG, BWB, BFST, CZNC, GSBC, HFWA, LKFN, MBWM, MOFG, NBN, OBT, SMBK, among others. Committee references median as a datapoint; does not target a specific percentile.
- 2024 Say-on-Pay: 92% shareholder approval, indicating strong support.
- Company emphasizes variable pay tied to long-term measures (TSR, ROATCE) and short-term profitability/efficiency; double trigger CoC; robust ownership, no-pledging, and clawback policies.
Related Party and Insider Policies
- Insider loans to executive officers and directors (ordinary course, market terms, Reg O compliant; no unfavorable features). Approvals by Bank Board in accordance with Regulation O. No specific Quade-related exceptions disclosed.
- Insider Trading Policy prohibits hedging and pledging; all Section 16 persons in compliance.
Investment Implications
- Pay-for-performance alignment: Quade’s incentives are tightly linked to shareholder value drivers—PRSUs benchmarked to relative TSR and ROATCE and annual bonus tied to operating revenue/efficiency—supporting disciplined credit risk-taking and margin protection. 2021–2023 PRSUs paid at 200% (99th percentile TSR/92nd percentile ROAE), and 2024 bonuses paid above target, signaling strong execution momentum.
- Overhang/vesting supply: Meaningful unvested RSUs through 2027 and performance PRSUs for 2024–2027 could introduce episodic post-vesting selling, though no hedging/pledging reduces alignment risk. Monitor April 2025 PRSU (2022–2024) payout 8-K for incremental share delivery.
- Retention and CoC economics: Double-trigger CoC benefits total ~$1.0M under modeled assumptions—material but not excessive for a key risk officer—reducing transaction frictions while providing retention.
- Ownership: Beneficial ownership (11,172 shares; <1%) is modest versus peers but within policy and complemented by ongoing equity grants and holding requirements, preserving skin-in-the-game.
- Governance quality: No interlocks, strong say-on-pay support, clawback/recovery policies, and no option grants are governance positives for investors focused on risk-adjusted performance and capital discipline.