David P. Della Camera
FIRST INTERSTATE BANCSYSTEMAbout David P. Della Camera
David P. Della Camera is Executive Vice President and Chief Financial Officer (CFO) of First Interstate BancSystem, Inc., effective June 1, 2025 . He is 31, a CFA charterholder, and holds a B.S. in Economics–Finance from Bentley University . He joined FIBK in 2021 and has led FP&A, investor relations, and corporate development, with prior roles at People’s United Financial (2019–2021), Discover Financial Services, and United Financial Bancorp . Corporate performance context: in 2024 FIBK generated net income of $226.0 million, diluted EPS of $2.19, ROAE of 6.92%, and ROATCE of 10.95% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First Interstate BancSystem, Inc. | Deputy CFO | 2024–2025 | Led FP&A, investor relations, and strategic/M&A initiatives; prepared for CFO succession . |
| First Interstate BancSystem, Inc. | Director, Corporate Development & Financial Strategy | 2023–2024 | Supported enterprise strategic planning and corporate development . |
| First Interstate BancSystem, Inc. | Director, Financial Planning & Analysis | 2022–2023 | Oversaw enterprise FP&A and performance analysis . |
| First Interstate BancSystem, Inc. | Senior Financial Manager | 2021–2022 | Managed financial analysis supporting management decisions . |
| People’s United Financial, Inc. | VP, Corporate Development & Strategic Planning | 2019–2021 | Supported executive management on corporate development and enterprise performance analysis . |
| Discover Financial Services | Various roles | Not disclosed | Finance/strategy roles (titles/dates not specified) . |
| United Financial Bancorp, Inc. | Various roles | Not disclosed | Finance roles (titles/dates not specified) . |
Fixed Compensation
| Component | Terms | Effective/Status |
|---|---|---|
| Base Salary | $500,000 annually, reviewed at least annually . | Effective June 1, 2025 . |
| Short-Term Incentive (STI) Target | 70% of base salary . | In effect for CFO role . |
| Long-Term Incentive (LTI) Target | 70% of base salary . | In effect for CFO role . |
| Agreement Term | Initial 1-year term; auto-renews annually unless 90-day non-renewal notice; extends 12 months automatically following a change in control . | Executed June 1, 2025 . |
Performance Compensation
Annual STI Plan Design and 2024 Results (Company framework)
| Metric | Weight | Target | Actual/Result | Weighted Payout |
|---|---|---|---|---|
| Adjusted PPNR EPS | 50% | $3.40 | $3.71 | 65.2% |
| Adjusted Non-Interest Expenses / Total Avg Assets | 25% | 2.10% | 2.04% | 40.0% |
| Relative NPAs / Total Assets (vs KRX peers) | 25% | 50th percentile | 40.8th percentile | 20.4% |
| Formula Funding | — | — | 125.6% | — |
| Committee Discretion | — | — | NEO payouts capped at 100% of target due to elevated charge-offs . | — |
Notes:
- STI payout range: 50–200% of target; linear interpolation; 0% if below threshold .
- Della Camera’s CFO STI target is 70% of salary; paid per plan and individual performance once in role .
Long-Term Incentive Plan (Company framework)
| Instrument | Weight | Performance Metrics | Measurement Period | Vesting | Payout Range |
|---|---|---|---|---|---|
| PRSUs | 60% | 50% Core ROAE; 50% TSR (vs KRX peers) | 3 years (e.g., 1/1/2024–12/31/2026) | Cliff vest 3 years after grant (subject to performance) | 0–200% (Threshold at 25th percentile = 50%) |
| RSUs | 40% | Time-based | — | 1/3 per year over 3 years | N/A |
Plan discipline example: 2022 performance-based RSAs for NEOs vested at 0% (neither TSR nor Adjusted ROAE met threshold) .
Equity Ownership & Alignment
| Item | Policy/Status |
|---|---|
| Executive Stock Ownership Guidelines | CFO must hold stock equal to 3× base salary; CEO 5×; other executive officers 2×; measured annually on 12-month average price; restrictions on selling until compliant . |
| Clawback Policy | Allows recoupment of erroneously awarded incentive-based compensation upon restatement; disciplinary actions for fraud/gross recklessness even without restatement . |
| Insider Trading & Pledging | Prohibits hedging, short sales, trading in puts/calls; prohibits new margin loans/pledging after Feb 28, 2023; requires reducing any pre-existing pledges to ≤15% of unencumbered shares within 3 years . |
| Beneficial Ownership | Not disclosed for Della Camera in the 2025 proxy (Deputy CFO at filing date); no related party transactions and no family relationships disclosed . |
Employment Terms
| Term | Detail |
|---|---|
| Agreement | CFO Employment Agreement effective June 1, 2025; auto-renewing 1-year term; extends 12 months post change in control . |
| Base Salary | $500,000; annually reviewed . |
| STI/LTI Targets | STI 70% of salary; LTI 70% of salary . |
| Non-Compete/Non-Solicit | 12 months post-termination; extends to 18 months if termination within 6 months before or 18 months after change in control . |
| Severance (Non-CoC) | If terminated without cause or for good reason: 1× base salary + 1× average annual cash incentive over prior 3 years; paid over 12 months; up to 12 months continued insurance . |
| Severance (CoC Double-Trigger) | If terminated without cause or for good reason within 6 months before/18 months after a change in control: 2× base salary + 2× target annual cash incentive + pro-rata target bonus for year of termination; paid over 12 months; up to 24 months continued insurance . |
| 280G Treatment | Best-net approach: payments reduced to avoid excess parachute or paid in full depending on higher after-tax outcome; no excise tax gross-up . |
Investment Implications
- Pay-for-performance alignment: CFO compensation emphasizes at-risk pay (STI and LTI each at 70% of base), with LTI tied to TSR and Core ROAE vs peers—directly linking pay to shareholder returns and profitability .
- Retention and change-in-control economics: Double-trigger CoC protection with 2× salary and 2× target bonus, plus extended non-compete to 18 months post-CoC, supports retention but limits immediate exit; absence of excise tax gross-up is shareholder-friendly .
- Risk controls and selling pressure: Prohibitions on hedging and new pledging, equity ownership requirements (3× salary for CFO), and robust clawback reduce misalignment and insider selling pressure risks .
- Compensation discipline: Committee discretion capped 2024 STI payouts at 100% despite 125.6% formula funding due to charge-offs; 2022 performance awards vested at 0%, signaling a tight linkage of pay to outcomes and downside accountability .