Adam Currie
About Adam Currie
G. Adam Currie is Chief Executive Officer of First Bank and, since October 30, 2025, a director of both First Bank and First Bancorp . He joined First Bank in 2015 after senior roles at PNC Capital Markets (Managing Director), RBC Bank (COO of Commercial Markets), and began his career at Bank of America; he became Chief Banking Officer in 2021, President in November 2023, and CEO in February 2025 . Education: BA in Economics, University of North Carolina at Chapel Hill; graduate of the Graduate School of Banking at LSU . Annual incentive payouts for executives were 44.9% of target for 2023 and 83.7% for 2024, with qualifying triggers tied to safety and soundness exam results and EPS thresholds; no TSR/revenue/EBITDA metrics for his compensation are disclosed in filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Bank | Regional President | 2015–2021 | Hired to expand presence into Charlotte; drove regional growth across Carolinas |
| First Bank | Chief Banking Officer | 2021–Nov 2023 | Led banking operations; positioned First Bank for long-term success |
| First Bank | President | Nov 2023–Feb 2025 | Guided growth and innovation; prepared for CEO transition |
| First Bank | Chief Executive Officer | Feb 2025–present | Leadership continuity under long-planned succession; shareholder value focus |
| PNC Capital Markets | Managing Director, Financial Institutions Group | pre-2015 | Institutional coverage; capital markets expertise |
| RBC Bank | Chief Operating Officer, Commercial Markets | pre-2015 | Operational leadership in commercial banking |
| Bank of America | Early career | pre-2015 | Foundational banking experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| First Bancorp (NASDAQ: FBNC) | Director | Oct 2025–present | Appointed alongside First Bank board; committees not disclosed |
| First Bank | Director | Oct 2025–present | Insider director as sitting CEO; committees not disclosed |
Fixed Compensation
Multi-year reported compensation (NEO disclosures):
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| Salary ($) | 352,885 | 375,000 | 500,000 |
| Bonus ($) | 42,000 (paid half cash/half stock; vests 12/31/2022/2023/2024) | — | — |
| Stock Awards ($) | 646,000 | 273,750 | 206,125 |
| Non-Equity Incentive ($) | 54,000 | 161,250 | 56,125 |
| All Other Compensation ($) | 34,556 | 39,155 | 48,650 |
| Total ($) | 1,129,441 | 849,155 | 810,900 |
Notes:
- 2021 bonus awarded in February 2022 (half cash/half restricted stock vesting in thirds through 12/31/2024) .
- “All Other Compensation” includes defined contribution plan contributions and dividends on unvested restricted stock .
Performance Compensation
Annual Incentive Plan (AIP) structure and outcomes:
| Item | 2022 (Paid Feb 2023) | 2023 (Paid Feb 2024) | 2024 (Awarded Jan 2025) |
|---|---|---|---|
| Target Bonus % of Salary | 50.0% | 50.0% | 50.0% |
| Performance Percentage | 129.0% | 44.9% | 83.7% |
| Calculated AIP Payout ($) | 322,500 | 112,250 | 209,250 |
| Cash vs Stock Split | 50% cash / 50% restricted shares vesting 12/31/2023–2025 | 50% cash / 50% restricted shares vesting 12/31/2024–2026 | 50% cash / 50% restricted shares vesting 1/5/2026–2028 |
| Qualifying Triggers | Satisfactory safety/soundness exam; EPS > $2.20 | Satisfactory safety/soundness exam; EPS > $2.53 | Committee applied standard split; Mayer paid cash-only due to transition (context) |
AIP mechanics:
- Executives receive 50% of the incentive in cash and 50% in restricted shares to promote retention and ownership; shares vest in equal thirds over three years on disclosed schedules .
Equity Ownership & Alignment
Outstanding and vested equity:
| Grant Type (Grant Date) | Unvested Shares (#) | Market Value ($) | Notes |
|---|---|---|---|
| Time-based RS (7/27/2021) | 1,830 | 67,728 | Vests 7/27/2024 |
| Time-based RS (12/31/2021) | 10,936 | 404,741 | Recognition of increased responsibilities; vests 12/31/2024 |
| Performance RS (1/25/2022) | 544 | 20,133 | Performance-based award; vesting in thirds through 12/31/2024 |
| Time-based RS (6/20/2022) | 3,223 | 119,283 | Annual grant; vests 6/30/2025 |
| Performance RS (1/24/2023) | 2,701 | 99,964 | Performance-based award; vesting in thirds through 12/31/2025 |
| Time-based RS (6/27/2023) | 4,825 | 178,573 | Annual grant; typical three-year cliff vest |
Stock vested in 2024:
| Name | Shares Vested (#) | Value on Vest Date ($) |
|---|---|---|
| Gregory A. Currie, Jr. | 15,191 | 666,521 |
Early snapshot of holdings (Form 3, 10/11/2021):
| Security | Amount | Ownership Form |
|---|---|---|
| Common Stock | 10,822 | Direct (D) |
| Common Stock | 2,049 | Indirect (401k) |
| Restricted Stock | 9,202 | Direct (D) |
Clawback and alignment policies:
- FBNC’s 2014 Equity Plan includes clawback provisions consistent with applicable law and listing standards (Dodd-Frank) .
- No specific pledging/hedging policy disclosure found in the cited filings for FBNC.
Employment Terms
Key contractual economics and protections as disclosed (as of 12/31/2024):
| Scenario | Cash Severance ($) | Notes |
|---|---|---|
| Involuntary Termination Without Cause | 509,615 | One times base salary plus accrued paid time off |
| Termination due to Long-Term Disability | 30,025 | Value of unused time off + 12 months COBRA premiums |
| Change in Control | 1,515,409 | 2.99x base salary; plus one year COBRA premiums |
“Good Reason” (selected elements) :
- Material diminution in authority/duties; material geographic relocation; material breach by Company; change in executive offices assigned .
- Notice-and-cure process: executive must notify within 30 days; company has 30 days to remedy .
Other:
- Under executive agreements, COBRA reimbursement provided for specified periods and conditions .
- Equity plan includes recovery/clawback provisions per law; specific acceleration terms not disclosed for Currie in cited proxies .
Board Governance
- Appointment to Boards: Adam Currie was appointed to the Boards of First Bank and First Bancorp on October 30, 2025; committees and independence status were not stated in the announcement .
- Dual-role implications: As a sitting CEO and director, he is a management (non-independent) director; investors often monitor dual roles for governance balance. No Chairman role for Currie is indicated in the filings cited .
Director Compensation
- No director-specific cash retainers or equity grants disclosed for Currie; his compensation is included within executive NEO disclosures . Director compensation details (retainers/fees) for insiders are not itemized in the cited documents.
Performance & Track Record
- Company statements cite Currie’s leadership in expanding First Bank’s presence across NC/SC, driving innovation, and strengthening customer/community relationships; appointment stems from a multi-year succession plan .
- Executive incentive plan outcomes reflect materially reduced payout in 2023 (44.9% of target) versus stronger performance in 2024 (83.7% of target), with formal qualifying triggers maintained (safety/soundness exam satisfactory; EPS thresholds) .
Compensation Structure Analysis
- Increased equity retention features: 50% of AIP paid in restricted stock each year, vesting in equal thirds over three years (aligned with ownership and retention) .
- Long-term grants are predominantly time-based RS with three-year cliff vesting; performance RS appear in annual awards but detailed metric weightings for Currie are not disclosed in the cited filings .
- Clawback provisions embedded via equity plan; no tax gross-up language for Currie’s agreements in cited filings; change-in-control multiple is 2.99x base salary (cash) .
Risk Indicators & Red Flags
- Insider selling pressure: 15,191 shares vested in 2024 worth $666,521 could create periodic selling pressure upon vesting and tax-withholding events .
- Change-in-control cash protection at 2.99x base salary may be viewed as generous but common within regional banking peers; equity acceleration terms not disclosed for Currie in cited proxies .
- No disclosures found on hedging/pledging restrictions specific to FBNC’s executives in the cited filings; clawback language is present via the 2014 Equity Plan .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay results for FBNC are not provided in the cited filings for 2023–2025; no related shareholder engagement disclosures found in the cited sections.
Expertise & Qualifications
- BA Economics (UNC), Graduate School of Banking (LSU) .
- Senior leadership experience across commercial banking operations and capital markets (RBC, PNC) .
- Proven regional growth execution for First Bank since 2015 .
Stock Ownership Guidelines
- No executive-specific ownership multiple disclosure for FBNC found in the cited filings; however, awards and AIP stock components are explicitly structured to promote retention and share ownership .
- Equity plan clawback provisions are disclosed (Dodd-Frank-aligned) .
Employment Contracts & Non-Compete
- Agreements define “Good Reason,” severance cash multiples, and COBRA benefits; non-compete/non-solicit terms are referenced generically in FBNC disclosures as part of executive arrangements but specific durations for Currie are not detailed in the cited sections .
Investment Implications
- Strong alignment through significant unvested RS and repeated AIP stock components should support retention and reduce near-term voluntary departure risk .
- Annual vesting cycles and AIP share grants create predictable supply from tax withholding/sales; 2024 vestings totaled 15,191 shares for Currie, suggesting potential—but manageable—selling pressure around vest dates .
- Change-in-control cash multiple (2.99x base) is protective; absent disclosed equity acceleration terms for Currie, cash economics dominate CIC scenarios in filings, which can influence negotiating posture in M&A .
- Governance: dual role as CEO and director is typical; absence of committee roles mitigates committee independence concerns, but investors may prefer robust lead independent oversight (not evaluated here due to lack of disclosure) .
Note: No explicit TSR, revenue, or EBITDA performance metrics tied to Currie’s compensation are disclosed in the cited FBNC filings; AIP outcomes, triggers, and stock-ownership-promoting structures are documented .