Andrew Giangrave
Chief Credit Officer at FCNCA
Executive
About Andrew Giangrave
Andrew Giangrave, age 54, serves as First Citizens BancShares’ (FCNCA) Chief Credit Officer – Commercial Bank, and Executive Vice President and Assistant Secretary; he has held officer status since April 2022, joined FCB in January 2022, and previously was Senior Vice President at CIT Bank, N.A. from 2006 to 2022 . During his tenure, company TSR rose from 144 in 2022 to 268 in 2023 and 400 in 2024, while net income moved from $1,098 million in 2022 to $11,466 million in 2023 (SVB Acquisition impact) and normalized to $2,778 million in 2024 . He regularly participates on earnings calls, highlighting tariff-exposed portfolios and noting stable credit trends with only slight upticks, consistent with disciplined portfolio oversight .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First-Citizens Bank & Trust Company (FCB) | Chief Credit Officer – Commercial Bank; EVP & Assistant Secretary | 2022–Present | Leads Commercial Bank credit risk oversight; participates in public credit discussions (tariff exposure and stability) |
| CIT Bank, N.A. | Senior Vice President | 2006–2022 | Not disclosed in proxy beyond title and tenure |
External Roles
Not disclosed in reviewed filings (2024 and 2025 DEF 14A) .
Fixed Compensation
FCNCA’s executive compensation program relies on cash (no stock grants to NEOs), with limited perquisites and retirement benefits; detailed amounts are disclosed for NEOs but not for Giangrave (an executive officer but not an NEO) . The program’s elements:
| Element | Description | Andrew-specific disclosure |
|---|---|---|
| Base Salary | Fixed cash; set annually by Boards based on performance, market, equity across team | Not disclosed for Andrew (non-NEO) |
| Retirement/Deferred Comp | Defined benefit pension for certain execs; nonqualified deferred comp option; separation-from-service agreements only for named execs (CEOs/NEOs listed) | Not disclosed for Andrew |
| Perquisites | Limited personal benefits and 401(k) matches; generally modest amounts for NEOs | Not disclosed for Andrew |
Performance Compensation
FCNCA pays performance incentives in cash via two plans; NEO metrics and payouts are disclosed, while Andrew-specific data is not disclosed.
| Plan | Metric | Threshold | Target | Stretch | Payout at Threshold/Target/Stretch | Performance Period / Vesting |
|---|---|---|---|---|---|---|
| LTIP (cash) | TBV+D Growth Rate (tangible book value growth + cumulative dividends) | 12% | 30% | 48% | 50% / 100% / 150% of Target Amount | Three-year overlapping awards (e.g., 2023–2025; payments approved after period end) |
| MPP (cash) | Merger performance objectives (integration milestones, synergies, risk mgmt., individual performance) for CIT and SVB | Not applicable | Target/Max determined by objectives | Not applicable | For 2023, NEO awards were paid at maximum levels in Jan 2024; Andrew-specific payouts not disclosed | Annual assessment; paid following Committee determination |
Notes:
- FCNCA did not grant equity to NEOs; compensation is substantially performance-based cash (LTIP and MPP) .
- Enhanced clawback policies apply to incentive-based compensation (restatement-related recovery; plus ethics violations mechanisms) .
Equity Ownership & Alignment
| Topic | Disclosure |
|---|---|
| Executive stock grants | FCNCA does not use equity grants for current NEOs; pay is cash based |
| Stock ownership guidelines | None for executive officers given cash-based incentives |
| Hedging policy | Directors and executive officers are prohibited from hedging company stock |
| Pledging policy | Generally prohibited; grandfathered exceptions exist only for specific insiders (Holding 198,052 Class A; Bryant 134,362 Class A; Bristow 30,000 Class A) |
| Andrew Giangrave pledging/hedging | No pledges or hedging disclosed for Giangrave in proxy tables |
| Beneficial ownership | Proxy tables disclose directors, nominees, and NEOs; Andrew’s beneficial ownership is not disclosed (as non-NEO executive) |
Employment Terms
| Term | Details |
|---|---|
| Separation-from-service agreements | Provided for certain executive officers (e.g., Holding, Bryant, Nix, Bristow); 10-year payment stream beginning six months and one week post-separation; non-compete and consulting obligations during payment period; no change-in-control or “golden parachute” provisions |
| Clawback policies | Nasdaq-aligned financial restatement clawback for incentive compensation; broader compensation clawbacks for miscalculations and significant ethics violations |
| Insider trading policy | Requires pre-clearance of trades; prohibits trading while in possession of MNPI; window closures apply |
| Andrew-specific agreements | Not disclosed for Andrew (non-NEO); separation agreements listed do not include him |
Performance & Track Record
| Area | Evidence |
|---|---|
| Credit commentary | Giangrave led portfolio reviews on tariff exposure (textile, footwear, retail, autos, equipment finance, innovation) and noted stable customer behavior and early-stage impacts . He characterized credit trends as stable with only slight upticks, consistent with contained risk at Q4 2024 . |
| Company growth context | 2023 net income increased by $10.36 billion YoY to $11.41 billion, primarily due to the SVB Acquisition (preliminary after-tax gain $9.81 billion); net interest income reached $6.71 billion, up 128% YoY; loans and leases rose to $133.30 billion (+88% YoY) . |
| Pay-versus-performance | Company TSR and CAP to NEOs aligned over 2020–2024; TSR rose to 400 in 2024 (peer 133); net income of $2,778 million in 2024 vs. $11,466 million in 2023 and $1,098 million in 2022 . |
| Credit stabilization | 2024 Q2 remarks highlighted nonperforming loans stable, allowance robust (overall allowance ratio 1.22%); CRE office pressures monitored; broad-based loan and deposit growth . |
Compensation Committee & Say-on-Pay
- Independent consultant Pay Governance advises annually on market/peer analyses and design; Committee makes LTIP/MPP decisions and recommends salary actions to Boards .
- Say-on-pay support historically strong; over 95% support in 2023 and over 98% in 2024 per Board disclosure .
Investment Implications
- Alignment: FCNCA’s pay-for-performance design ties material incentives to multi-year TBV+D and merger execution, with clawbacks and strict hedging/pledging prohibitions—reducing equity selling pressure risks and reinforcing long-term alignment; Giangrave’s role in portfolio risk reviews supports disciplined credit execution .
- Retention/Transparency: As a non-NEO executive, Andrew’s specific pay targets and severance terms are not disclosed, limiting direct assessment of his personal retention economics; however, company separation agreements are reserved for specific executives, and no change-in-control cash parachutes exist under those agreements .
- Execution risk: Company-level credit commentary has emphasized stability with focused monitoring in stress segments; Giangrave’s public remarks suggest proactive risk scanning in tariff-sensitive and innovation portfolios, a positive signal for credit risk management continuity amid macro shifts .