Christian Wilson
About Christian Wilson
Christian A. Wilson is Executive Vice President and Chief Operating Officer of First Bancorp and First Bank, overseeing operations and technology. He joined in May 2024 and was age 44 as of April 1, 2025 . Prior to First Bank, he spent ten years at Fiserv in New York City overseeing Credit, Fraud and Risk, bringing deep operational risk and technology credentials . Executive pay is tied primarily to Diluted EPS and Net Income, with 2024 Annual Incentive Plan (AIP) metrics focused on Adjusted D‑EPS, Retail Deposit Growth, and Efficiency Ratio; the 2024 performance outcome was 83.7% of target driven by Adjusted D‑EPS of $2.77, retail deposit growth of 5.10%, and an efficiency ratio of 60.4% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fiserv | Oversaw Credit, Fraud and Risk | ~10 years | Led risk, fraud, and credit oversight supporting financial technology operations |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % of Salary | AIP Payout ($) | Discretionary Bonus ($) | AIP Payout Mix | AIP RSU Vesting |
|---|---|---|---|---|---|---|
| 2024 | 230,769 (pro-rated) | 30% | 57,946 | 2,167 (half cash/half stock) | 50% cash / 50% restricted stock | One-third on Jan 5, 2026; Jan 5, 2027; Jan 5, 2028 |
| 2025 | 425,000 (approved Jan 2025) | 30% (unchanged) | Not disclosed | Not disclosed | 50% cash / 50% restricted stock (policy for senior mgmt) | Not disclosed |
Performance Compensation
Annual Incentive Plan (2024)
| Metric | Weight | Threshold | Target | Maximum | Actual | Performance Percentage |
|---|---|---|---|---|---|---|
| Diluted EPS (Adjusted D‑EPS for 2024) | 50% | $2.54 | $3.16 | $3.65 | $2.77 | 34.3% |
| Retail Deposit Growth | 25% | 1.7% | 3.7% | 5.7% | 5.10% | 32.9% |
| Efficiency Ratio | 25% | 61.9% | 57.2% | 54.3% | 60.4% | 16.5% |
| Total | 100% | — | — | — | — | 83.7% |
- AIP payout for Wilson in 2024: $57,946, based on his pro‑rated salary, with 50% in cash and 50% as restricted stock vesting one-third annually in 2026–2028 .
- Qualifying trigger: satisfactory regulatory safety and soundness exam required for any AIP payout .
- Clawback: AIP awards subject to restatement clawback; equity plans include Dodd‑Frank compliant clawback provisions .
Long-Term Equity Grants
| Grant Type | Grant Date | Shares Granted | Grant Value ($) | Vesting |
|---|---|---|---|---|
| New‑hire Restricted Stock | May 31, 2024 | 4,754 | 150,000 | Full vest on May 31, 2027 |
| AIP Restricted Stock (2024 payout) | Jan 28, 2025 | Notional shares based on 50% of AIP value / closing price | Equal to cash AIP | One-third on Jan 5, 2026; Jan 5, 2027; Jan 5, 2028 |
- No stock options were outstanding or vested for Wilson in 2024 .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership | 4,754 shares; <1% of outstanding |
| Vested vs Unvested | 4,754 unvested RS |
| Market Value of Unvested | $209,033 at Dec 31, 2024 |
| Options | None outstanding |
| Hedging/Pledging | Company prohibits hedging, short sales, and pledging of Company stock |
| Ownership Guidelines (NEOs) | Required to own stock equal to base salary within five years of becoming NEO; restrictions on sales until compliant |
| AIP Payout Mix | Senior mgmt typically receives 50% cash / 50% stock; Wilson followed this for 2024 |
Employment Terms
| Provision | Wilson Terms |
|---|---|
| Employment Agreement Term | One year; auto-renews annually unless non‑renewal notice is given |
| Termination Without Cause | Lump sum equal to one times base salary plus accrued paid time off |
| Long‑Term Disability | Lump sum value of accrued paid time off; COBRA premiums for ≤1 year or until similar coverage elsewhere |
| Change‑in‑Control (CIC) | Double trigger: if terminated without cause or resigns for good reason within one year after CIC, severance equals 2.99× base salary plus COBRA premiums for one year |
| Good Reason | Includes material diminution of authority/duties, material work location change, material breach, and change in executive offices assigned to the executive |
| Non‑Competition/Confidentiality | Employment agreements include non‑competition and confidentiality covenants to protect the company |
Severance Economics (as of Dec 31, 2024)
| Scenario | Lump Sum Cash Severance ($) |
|---|---|
| Involuntary Termination Without Cause | 382,212 |
| Termination due to Long‑Term Disability | 27,621 |
| Change In Control | 1,141,659 |
Governance and Shareholder Feedback
- Stock Ownership and Retention Policy: CEO to 3× salary; Other NEOs to 1× salary; additional 50% retention for certain executives; five‑year compliance horizon for NEOs .
- Hedging and Pledging Policy: strict prohibition on hedging, short sales, and pledging Company stock .
- Say‑on‑Pay approval at 2024 annual meeting: 96% in favor, supporting current compensation approach .
- Insider Trading Policies: pre‑clearance encouraged; trading only in open windows; restrictions on awarding stock rights around 10‑K/10‑Q/8‑K filings with MNPI .
Investment Implications
- Alignment: Wilson’s pay is tied to Adjusted D‑EPS, deposit growth, and efficiency ratio; 2024 payout was 83.7% of target, with half paid in time‑vested stock, reinforcing near‑term retention but less direct multi‑year performance linkage than PSUs .
- Retention and Selling Pressure: Unvested grants vest May 31, 2027 and AIP RSUs vest in annual tranches in 2026–2028; these dates represent potential supply windows, though pledging/hedging is prohibited, and NEO ownership guidelines restrict sales until compliance is achieved .
- Change‑in‑Control Protection: A 2.99× salary CIC multiple with double trigger provides strong downside protection and may reduce voluntary turnover during strategic change, but can raise shareholder sensitivity to golden parachutes if performance lags .
- Track Record: New‑hire discretionary bonus signals early execution recognition; prior Fiserv experience in risk and technology aligns with the Company’s operational focus, potentially supporting execution on efficiency and deposit growth priorities .