Tammy L. Plummer
About Tammy L. Plummer
Tammy L. Plummer, 59, is Executive Vice President and Chief Information Officer (CIO) of First National Bank (a subsidiary of The First Bancorp, Inc.) and has served as EVP since January 2016; she currently also serves as the Bank’s Information Security Officer . She joined the Bank in 1985, was promoted to SVP/Chief Technology Officer in 2009, and to CIO in 2015, giving her nearly four decades of institutional experience across technology and information security . Under the CIO remit, she oversees technology and cybersecurity risk management; the company reported no information security breaches in the last five years and maintains comprehensive cyber programs and insurance, reflecting strong operational execution in her domain . Company performance context for 2024: net income was $27.0 million (down 8.4% YoY), diluted EPS $2.43, with net interest margin improvement in 2H24; assets grew to $3.157B, loans +9.9% to $2.34B, efficiency ratio (non-GAAP) 56.66% and tangible book value per share rose to $19.87 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| First National Bank (FNLC subsidiary) | Data Processing/various roles of increasing responsibility | 1985–2009 | Long-tenured technology operations leadership foundation |
| First National Bank | SVP, Chief Technology Officer | 2009–2015 | Led enterprise technology; progressed to CIO |
| First National Bank | Chief Information Officer | 2015–present | Oversees all technology needs; leads cybersecurity program under Board oversight framework |
| First National Bank | Executive Vice President | 2016–present | Senior executive leadership; retention of institutional knowledge |
| First National Bank | Information Security Officer | Current | Direct line accountability for information security; company reports no breaches in the past five years |
External Roles
No public company directorships or external board roles were disclosed for Ms. Plummer in the proxy’s executive officer section .
Fixed Compensation
FNLC does not disclose individual compensation for Ms. Plummer (not a Named Executive Officer in 2024); the following summarizes the company’s program design that governs senior executives.
| Program Element | Design Detail |
|---|---|
| Base salary positioning | Targets slightly above market median (55th–75th percentile) relative to a defined Northeast peer group; considers responsibility, goal attainment, and seniority |
| Retirement and benefits | 401(k) with 50% match up to 6% deferral and a 3% Safe Harbor contribution; standard group insurance; limited perquisites |
| Employment agreements | None; no contractual severance or change-of-control benefits for executives |
Performance Compensation
While Ms. Plummer’s specific awards are not disclosed, FNLC’s performance incentive architecture covers NEOs and “certain other senior executives,” which typically includes EVP-level leaders .
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Short-Term Incentive (STI) – cash, paid by March 15 following the plan year; targets set by role; payout range 0–150% of target; metrics balanced across company-wide, role-specific, and discretionary goals to discourage excessive risk-taking . Common 2024 measures and example weights (from NEO disclosures) included:
- Net Income (15%), Pre-Tax, Pre-Provision Return on Average Tangible Equity (15%), Efficiency Ratio (10%), Fee Income (10%), Strategic Plan implementation (10–30% by role), plus functional goals (e.g., personnel expense/avg assets; UBPR investment yield; local funding growth; loan growth; asset quality), and Discretionary (10–20%) .
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Long-Term Incentive (LTI) – restricted stock under the 2020 Equity Incentive Plan; grants based on prior-year performance; standard three-year cliff vesting designed to promote retention (NEO exception cases noted for retirements) .
- 2024 performance grants made Jan 30, 2025 at $26.01/share; three-year cliff vesting (i.e., vesting in 2028 for standard awards) .
- 2023 performance grants made Jan 30, 2024 at $26.22/share; three-year cliff vesting (i.e., vesting in 2027 for standard awards) .
- 2022 performance grants made Jan 26, 2023 at $29.30/share; three-year cliff vesting (i.e., vesting in 2026 for standard awards) .
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Clawback policy – excess bonuses must be reimbursed if the company is required to restate due to material noncompliance with accounting rules .
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Change-of-control treatment – the 2020 Plan authorizes award assumption/substitution; if not assumed, Board may accelerate vesting or cash out awards in a reorganization event (single-trigger plan-level flexibility at Board discretion) .
Table: 2024 STI Metrics Disclosed for Senior Executives (illustrative from NEO plans)
| Metric | Typical Weight | Threshold | Target | Stretch | Notes |
|---|---|---|---|---|---|
| Net Income ($000s) | 10–15% | $26,130 | $31,130 | $36,130 | Company-wide profitability anchor |
| PTPP Return on Avg Tangible Equity | ~15% | 12.97% | 17.97% | 22.97% | Capital efficiency, pre-credit cost |
| Efficiency Ratio | ~10% | 54.73% | 52.23% | 49.73% | Cost discipline |
| Fee Income ($000s) | ~10% | $11,140 | $13,140 | $15,140 | Diversification of revenues |
| Strategic Plan Implementation | 10–30% | 50% | 100% | 150% | Execution scorecard |
| Role-Specific (examples) | 5–20% | Various | Various | Various | Personnel expense/avg assets; UBPR investment yield; local funding growth; loan growth; asset quality |
| Discretionary | 10–20% | 50% | 100% | 150% | Committee discretion |
Vesting schedules and insider selling pressure
- RSUs for 2022/2023/2024 performance generally vest on three-year cliffs (2026/2027/2028), creating periodic liquidity windows that can concentrate selling around anniversary dates; actual grant history for Ms. Plummer is not disclosed .
- STI cash bonuses are paid by March 15 following the plan year, adding typical post-year-end cash flow to senior executives’ liquidity .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (individual) | Not separately disclosed for Ms. Plummer in the Security Ownership table; that table lists 5% holders, directors, and NEOs (not including Ms. Plummer) . |
| Shares pledged | The proxy discloses pledged shares for two directors (Smith: 72,216; Ward: 20,718); no pledged holdings for Ms. Plummer are disclosed . |
| Hedging/derivatives | Insider Trading Policy requires pre-clearance and disallows transactions designed to hedge or offset declines in FNLC stock value . |
| Stock ownership guidelines | Guidelines apply to directors, NEOs, and other executives; thresholds disclosed: Directors 5,000 shares; CEO 2x base salary; NEOs (other than CEO) 1x base salary. As of 12/31/2024 all Directors and NEOs were in compliance (new Director Kachmar on ramp); Ms. Plummer’s specific compliance status is not disclosed . |
| Group ownership | All directors and executive officers as a group (18 persons) held 563,531 shares (5.09%); Ms. Plummer’s individual count not shown . |
Employment Terms
| Topic | FNLC Disclosure |
|---|---|
| Employment contracts | No employment agreements for executives (including NEOs) . |
| Severance | No contractual severance commitments . |
| Change-of-control economics | No contractual CoC severance; equity plan allows award assumption or, if not assumed, potential acceleration or cash out at Board discretion during reorganization events . |
| Clawbacks | Recovery of excess bonuses upon accounting restatement . |
| Non-compete / non-solicit / garden leave | Not disclosed. |
| Perquisites | Limited perquisites; company vehicle provided only to CEO in 2024; bank-owned life insurance may be maintained with split-dollar benefits . |
Performance & Track Record (context for role)
| Dimension | Evidence |
|---|---|
| Cybersecurity outcomes | Bank reports no information security breaches over the last five years; CIO oversees cybersecurity program, with monthly reporting to management and Board oversight via Audit Committee . |
| 2024 operating performance | Net income $27.0M; diluted EPS $2.43; assets $3.157B; loans +9.9% YoY; efficiency ratio (non-GAAP) 56.66%; tangible book value/share $19.87; strong asset quality (NPAs/Assets 0.14%) . |
| Pay/Performance governance | Say-on-Pay support at 96% in 2024; Compensation Committee uses independent consultant (Pearl Meyer) and pay-for-performance framework . |
| Shareholder returns (5-year PVP table context) | Cumulative TSR index 116.01 vs peer group 121.75 through 2024; net income $27,045K in 2024; CAP and metrics disclosed in PVP table . |
Compensation Structure Analysis (signals)
- Mix and risk balance: The STI and LTI frameworks explicitly balance profitability (Net Income), efficiency (Efficiency Ratio), capital returns (PTPP ROATCE), fee diversification, and execution (Strategic Plan scores), with caps and clawbacks to limit risk-taking .
- Shift to RSUs: Current equity usage is restricted stock (no options), with conservative three-year cliff vesting to promote retention and alignment; grants are sized off role and performance, aligning with shareholder value creation over multi-year horizons .
- Guarantees vs at-risk: No employment agreements or guaranteed severance/CoC benefits; most at-risk value for senior executives comes from annual STI and multi-year RSU vesting .
Risk Indicators & Red Flags
- Hedging prohibited, pre-clearance required for insiders; mitigates misalignment risk .
- Director share pledging is permitted and disclosed for two directors; no such pledging disclosed for Ms. Plummer, but allowance for directors is a governance caution point .
- No pensions or enhanced benefits beyond those broadly available; limited perquisites; no exec employment agreements, severance, or CoC cash multipliers—reduces shareholder-unfriendly optics .
Compensation Committee & Peer Benchmarking
| Item | Detail |
|---|---|
| Independent oversight | Compensation Committee is fully independent and oversees CEO and senior executive pay . |
| Consultant | Pearl Meyer engaged; peer group ~20 Northeast non-metro banks (two-thirds to 2x FNLC assets) to position base salaries at 55th–75th percentile . |
| Say-on-Pay history | 2024: 96% approval; 2024 vote totals For 7,538,051; Against 195,775; Abstain 78,820; broker non-votes 1,431,417 . |
Investment Implications
- Alignment and retention: Three-year cliff RSUs and ownership guidelines (applicable to executives) underpin alignment and retention for technology and cybersecurity leadership; absence of severance/CoC guarantees shifts value to performance and tenure, lowering golden parachute risk while increasing reliance on equity realizations .
- Trading signals: Watch annual STI payouts by March 15 and RSU cliff vesting anniversaries (NEO grants for 2022/2023/2024 vest in 2026/2027/2028) as potential liquidity events; insiders must pre-clear trades and cannot hedge, which moderates opportunistic selling risk; Ms. Plummer’s individual grant/holdings are not disclosed .
- Execution risk: CIO’s oversight of technology/cybersecurity—combined with zero disclosed breaches in five years—suggests low operational loss risk in her remit; however, persistent margin pressures in 2024 (YoY earnings decline) underscore the need for ongoing technology enablement of efficiency and fee growth initiatives .