Elizabeth Bostian
About Elizabeth Bostian
Elizabeth B. Bostian is Executive Vice President and Chief Financial Officer of First Bancorp (FBNC) and First Bank, a role she has held since 2021; she oversees the finance, legal, and human resources functions. She is 45 years old and previously served as Executive Vice President and General Counsel (since 2016), corporate legal counsel (joined in 2012), and Corporate Secretary (May 2014–November 2021). Prior to First Bank, she was a creditors’ rights attorney at Maynard Nexsen PC (formerly Nexsen Pruet PLLC). Company performance context during her tenure includes 2024 Adjusted Net Income of $114.648 million and Adjusted Diluted EPS of $2.77 (after adjustments for Hurricane Helene and loss-earnback), and an executive Annual Incentive Plan payout of 44.9% for 2023 based on EPS, loan/deposit growth, and efficiency metrics.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First Bancorp & First Bank | Executive Vice President & Chief Financial Officer | 2021–present | Oversees finance, legal, and human resources functions |
| First Bancorp & First Bank | Executive Vice President & General Counsel | 2016–present | Senior legal leadership for company and bank |
| First Bancorp & First Bank | Corporate Legal Counsel; Corporate Secretary | Corporate legal counsel from 2012; Secretary May 2014–Nov 2021 | Internal counsel; corporate governance and board/secretarial responsibilities |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Maynard Nexsen PC (formerly Nexsen Pruet PLLC) | Creditors’ rights attorney | Before joining First Bank in 2012 | Commercial/legal expertise relevant to banking risk and recoveries |
Fixed Compensation
| Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive Plan ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2021 | 199,713 | — | 585,827 | 56,610 | 28,882 | 871,032 |
| 2022 | 340,000 | — | 157,563 | 72,563 | 36,376 | 606,502 |
| 2023 | 450,000 | 25,257 (awarded Feb 2024; 50% cash/50% stock vesting 1/3 on 12/31/24–26) | 160,256 | 25,256 | 45,254 | 706,023 |
All Other Compensation breakdown (select items):
- 2024: Defined contribution plan $20,700; Club dues $7,188; Dividends on restricted stock $14,517; Life insurance $428; Total $42,833
- 2023: Defined contribution plan $19,800; Club dues $6,706; Dividends on restricted stock $18,349; Life insurance $399; Total $45,254
- 2022: Defined contribution plan $18,300; Club dues $3,930; Dividends on restricted stock $13,873; Life insurance $273; Total $36,376
Performance Compensation
Annual Incentive Plan (Other NEOs) – 2023 Design and Outcomes
| Metric | Weight | Threshold | Target | Maximum | Actual 2023 | Performance % |
|---|---|---|---|---|---|---|
| Diluted EPS ($) | 50% | 3.26 | 3.83 | 5.75 | 2.53 | 0.0% |
| Regional Loan Growth | 20% | 7.37% (modified) | 8.67% (modified) | 17.34% (modified) | 8.6% | 19.7% |
| Retail Deposit Growth | 20% | 1.39% (modified) | 1.6% (modified) | 3.3% (modified) | 2.50% | 25.2% |
| Efficiency Ratio | 10% | 54.0% | 50.9% | 47.0% | 59.5% | 0.0% |
| Total Payout | 100% | 44.9% |
Additional AIP mechanics:
- 2023 target bonus: Bostian 25% of salary; range 0–150% of target; two qualifying triggers included (satisfactory safety/soundness exam and EPS > $2.53); both achieved .
- Actual 2024 payouts for 2023 performance: 1,425 shares of stock valued at $50,256 and $50,257 in cash (50/50 mix; stock vests one-third on 12/31/24, 12/31/25, 12/31/26) .
- Target bonus increased to 45% of salary for 2024 for Bostian; other elements unchanged .
AIP value computation illustration (company table):
| 2023 Salary ($) | Target Bonus % | Performance % | Value of Incentive Plan Compensation ($) |
|---|---|---|---|
| 450,000 | 25.0% | 44.9% | 50,513 |
Clawback: AIP includes recoupment on financial restatement; equity plans incorporate Dodd-Frank-aligned clawbacks .
Long-Term Equity and Special Awards
| Award | Grant Date | Shares / Value | Vesting |
|---|---|---|---|
| Annual LTI grant (2014 Equity Plan) | June 27, 2023 | 4,342 shares; $112,500 grant value (25% of salary) | Full vest on 12/31/2026 |
| AIP equity payout (2023 performance) | March 8, 2024 | 1,425 shares; $50,256 value | Vests 1/3 each on 12/31/2024, 12/31/2025, 12/31/2026 |
| Additional bonus (for 2023, awarded Feb 2024) | February 2024 | $50,000 (50% cash; 50% restricted stock) | Stock vests 1/3 on 12/31/2024, 12/31/2025, 12/31/2026 |
| Retention grant upon elevated responsibilities | December 31, 2021 | 10,936 restricted shares; $500,000 grant value | Full vest on 12/31/2024 |
Stock vested in 2024:
| Name | Shares vested (2024) | Value realized on vesting ($) |
|---|---|---|
| Elizabeth B. Bostian | 13,182 | 579,025 |
Stock options: FBNC disclosed no stock options outstanding or vested for NEOs in 2024; company has not granted options in many years .
Equity Ownership & Alignment
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Beneficial ownership: | As-of Date | Shares Beneficially Owned | Percent of Class | |---|---:|---| | March 1, 2022 | 4,402 | <1% (indicated “”) | | March 1, 2023 | 6,208 | <1% (indicated “”) |
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Executive stock ownership guidelines: CEO 3x salary; Other NEOs (including CFO) must own stock equal to 1x base salary within five years; non-compliant NEOs face restrictions on future stock sales until in compliance .
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Hedging/pledging policy: Prohibits directors, officers, and employees from hedging or pledging company stock .
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Deferred compensation: Plan available to senior management; no contributions recorded for Bostian in 2021 and 2024 disclosures .
Employment Terms
| Provision | Term |
|---|---|
| Role and oversight | EVP & CFO since 2021; oversees finance, legal, and HR |
| Employment agreement term | One-year term renewing annually unless notice of non-renewal; includes noncompetition and confidentiality covenants |
| Good Reason (post–change in control) | Includes material diminution of duties, material relocation, material breach by company; for Bostian (effective Feb 1, 2022) also includes change in executive offices assigned |
| Involuntary termination without cause (as of 12/31/2021) | Cash severance equal to one times base salary plus value of accrued PTO |
| Long-term disability (as of 12/31/2021) | Example cash amount shown: $33,236 |
| Change in Control (CIC) cash severance | 2.99x base salary; COBRA premium reimbursement until earliest of 12 months, COBRA ineligibility, or new coverage |
| Clawbacks | AIP restatement clawback; equity plans include Dodd-Frank-aligned recovery provisions |
Investment Implications
- Pay-for-performance alignment: Bostian’s 2023 AIP target was 25% of salary (raised to 45% for 2024), with a 50% weight on EPS and additional weights on loan/deposit growth and efficiency; the 2023 outcome paid at 44.9%, with EPS and efficiency below thresholds but partial credit on growth metrics .
- Equity-driven retention: Regular time-vested RSU grants (e.g., 4,342 shares granted in 2023 vesting 12/31/2026) plus AIP stock payouts vesting through 2026 create multi-year retention and can influence near-term supply during vesting events; no options outstanding reduces leverage-based risk .
- Alignment safeguards: Ownership requirement (1x salary for Other NEOs), hedging/pledging prohibitions, and clawbacks mitigate misalignment and excessive risk-taking .
- Change-in-control economics: CIC severance at 2.99x base salary with health coverage support is meaningful and should be factored into event-driven scenarios .