James F. House
About James F. House
James F. House, age 72, has served as President and Chief Executive Officer of First US Bancshares, Inc. (FUSB) and First US Bank since November 7, 2011, and was elected Chairperson of the Board effective January 29, 2025 (previously Vice Chair since November 2022). He brings decades of banking leadership from SouthTrust Bank and BankTrust, with roles spanning regional CEO and EVP responsibilities across multiple markets. Under his leadership, 2024 net income was $8.17 million and the company’s Pay-vs-Performance table shows a cumulative TSR value of $126.10 for a $100 investment measured from year-end 2021 to year-end 2024. Board say‑on‑pay support was 86% at the 2024 annual meeting.
| Company Performance | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $3,451,000* | $3,381,000 | $3,583,000 |
| Net Income ($) | $6,864,000 | $8,485,000 | $8,170,000 |
| TSR value of $100 investment (PVP table) | $83.33 | $101.29 | $126.10 |
Values retrieved from S&P Global for cells marked with an asterisk.
Citations in brackets refer to the source documents.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| First US Bancshares/First US Bank | President & CEO; Chairperson of the Board (as of 1/29/2025) | 2011–present (CEO); 2025–present (Chair) | Led strategy and reorganization; Board leader; improved TSR cited in 2024 discretionary assessment. |
| BankTrust | Florida Division President | 2009–2011 | Regional leadership before joining FUSB. |
| Business consultant | Consultant (management, investments, lending) | 2005–2009 | Advisory across management and lending. |
| SouthTrust Bank | EVP, General Bank Commercial | 2003–2004 | Senior commercial bank leadership. |
| SouthTrust Bank | CEO, Urban West Region | 2002–2003 | Regional P&L leadership. |
| SouthTrust Bank | CEO, North Alabama/Tennessee Region | 2000–2001 | Regional growth and operations. |
| SouthTrust Bank | CEO, Birmingham Market Bank | 1999–2003 | Market CEO leadership. |
| SouthTrust Bank of Dothan, N.A. | Chairman & CEO | 1994–1998 | Bank chief executive leadership. |
External Roles
- No current public company board service disclosed beyond FUSB.
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base salary ($) | $390,000 | $400,000 |
| All other compensation ($) | $22,263 | $23,899 |
| All other comp detail (illustrative items) | 401(k) $13,200; life insurance $4,846; automobile $655; cell phone $1,170; other $2,349 | 401(k) $13,800; life insurance $4,846; LTD $293; automobile $1,585; cell phone $1,170; club fees $1,900; radio $262 |
Note: As an executive director, House receives no additional board fees for Board service.
Performance Compensation
Annual Cash Incentive Design (2024 CIP – CEO metrics and weights)
| Metric | Threshold | Target | Stretch | Actual | Weight |
|---|---|---|---|---|---|
| Consolidated pre-tax income ($) | 9,840,000 | 12,300,000 | 14,760,000 | 10,754,000 | 25% |
| Pre-tax ROAA (%) | 0.90% | 1.12% | 1.34% | 1.00% | 30% (CEO) |
| Pre-tax ROTAE (%) | 11.56% | 14.45% | 17.34% | 12.33% | 25% (CEO) |
| Discretionary | 80% | 100% | 120% | Approved at 100% (CEO) | 20% |
- 2024 incentive range and outcome (CEO): Threshold $90,000 (22.5% of salary), Target $180,000 (45.0%), Stretch $270,000 (67.5%); Earned $134,890.
Equity Awards (Time‑based Restricted Stock)
| Grant date | Shares granted | Vesting | Grant-date fair value ($) | Unvested shares at 12/31/2024 | Market value at 12/31/2024 ($12.59) |
|---|---|---|---|---|---|
| 2/22/2022 | — | Vests equally over 3 years | — | 2,745 | 34,560 |
| 2/10/2023 | — | Vests equally over 3 years | — | 5,534 | 69,673 |
| 2/09/2024 | 8,200 | Vests equally over 3 years | 85,362 | 8,200 | 103,238 |
- 2024 equity grant practices: awards under 2023 Incentive Plan; RS awards intended for performance/retention; options not granted since 2020.
Stock Options (Outstanding/Exercisable)
| Grant date | Exercisable options | Exercise price ($) | Expiration |
|---|---|---|---|
| 2/24/2016 | 11,000 | 8.30 | 02/24/2026 |
| 2/22/2017 | 11,000 | 14.11 | 02/22/2027 |
| 2/12/2018 | 9,900 | 11.71 | 02/12/2028 |
| 2/27/2019 | 9,900 | 10.01 | 02/27/2029 |
| 2/26/2020 | 9,200 | 11.94 | 02/26/2030 |
Equity Ownership & Alignment
| Beneficial ownership (as of 3/12/2025) | Amount |
|---|---|
| Total beneficial ownership (shares) | 172,479 |
| Ownership (% of outstanding) | 2.97% |
| Options exercisable within 60 days | 51,000 |
| Unvested restricted shares (with voting rights) | 14,734 |
| 401(k) plan shares | 0.78 |
- Anti‑pledging/hedging: Insider Trading Policy prohibits pledging and hedging; none of the directors or executive officers currently engage in pledging/hedging.
- Repricing: 2023 Incentive Plan prohibits option/SAR repricing without shareholder approval.
- Director ownership guidelines: Non‑employee directors must own at least 400 shares; all non‑employee directors were in compliance in 2024 (executive officer ownership guidelines not disclosed).
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Amended & Restated Executive Employment Agreement dated Dec. 19, 2013; effective Jan. 1, 2014. |
| Term | Initial 3 years; automatically extends one year on each anniversary unless notice given (evergreen). |
| Compensation eligibility (agreement) | Annual LTI eligibility up to 5,000 shares and/or options up to 10,000 per year (Board discretion). |
| Non‑compete / confidentiality | 2‑year non‑compete post‑termination; 3‑year confidentiality. |
| Severance (non‑CIC) | If terminated without cause or for good reason: lump sum cash equal to the greater of 1x base salary or salary payable for remainder of term; COBRA premium reimbursement (limits apply). |
| Change‑in‑Control (CIC) | Double‑trigger: if terminated without cause or for good reason within 6 months post‑CIC, lump sum equal to 299% of “base amount” per IRC §280G(b)(3)(A); subject to withholdings. |
| Equity acceleration | Upon death/disability/retirement: 100% of unvested RS vests; otherwise forfeiture. Upon CIC: restricted period expires immediately (100% vest), subject to Committee discretion. |
Board Governance
| Item | Status |
|---|---|
| Board role | Chairperson of the Board (since Jan 29, 2025); also CEO/President (dual role). |
| Lead Independent Director | Designated: Robert Stephen Briggs (also Vice Chair) as of Jan 2025. |
| Committee roles | Executive Committee member and Chair; Audit/Comp/NomGov committees composed of independent directors. |
| Independence | Not independent (due to CEO employment). |
| Board/committee activity (2024) | Board met 10 regular + 1 special; all incumbents attended ≥75% of Board/committee meetings. |
| Director fees | House receives no additional fees for Board service. |
Dual-role implications: The Board combined Chair/CEO in Jan 2025 and appointed a Lead Independent Director to mitigate governance concerns and enhance independent oversight; the Board may reconsider this structure over time.
Director Compensation (context)
- Non‑employee director program includes cash retainers and annual RS awards; House, as an employee-director, does not receive additional director compensation.
Compensation Structure Analysis
- Cash vs. equity mix: 2024 total pay $644,151 comprised of salary ($400,000), RS grant-date fair value ($85,362), annual incentive ($134,890), and modest perquisites—equity and performance pay form a material share of compensation.
- Performance rigor: 2024 actuals came in below targets on pre-tax income ($10.754m vs $12.3m), pre-tax ROAA (1.00% vs 1.12%), and pre-tax ROTAE (12.33% vs 14.45%), resulting in sub-target cash incentive payout; discretionary component approved at 100% for achievements including strategic reorganization, cost control, and improved TSR.
- Governance protections: Clawback policy (SEC/Nasdaq-compliant), prohibition on hedging/pledging, and no tax gross‑ups/award repricing support shareholder-aligned pay practices.
Say‑on‑Pay & Shareholder Feedback
| Year | Say‑on‑pay approval |
|---|---|
| 2024 meeting | ~86% support; Committee maintained program structure for 2025. |
Related Party/Other Risk Indicators
- Related party transactions exist at the company (leases with a director’s entities), but these are disclosed as negotiated on standard terms and were deemed not material to independence determinations; no House-specific related party transactions disclosed.
- Section 16 compliance: All timely in 2024 except one late Form 4 for another officer unrelated to House.
Performance & Track Record Highlights
- Pay vs Performance (PEO): Compensation Actually Paid to CEO in 2024 was $681,468 alongside net income of $8.17m and TSR value of $126.10; trend shows improved TSR and net income from 2022 to 2024.
- 2024 achievements (per Committee): strategic reorganization, cost control initiatives, and improved TSR informed the discretionary incentive determination.
Investment Implications
- Alignment and incentive quality: CEO pay is tied to pre‑tax profitability and capital efficiency (ROAA, ROTAE) with time‑based RS for retention; clawback and anti‑hedging/pledging provisions reduce agency risk.
- Near‑term selling pressure: Unvested RS from 2022–2024 vests ratably over the first three anniversaries, potentially adding periodic supply as tranches settle; options totaling 51,000 shares are exercisable through 2026–2030.
- Retention vs. change‑in‑control: Evergreen contract, multi‑year RS vesting through 2027, and 2‑year non‑compete support retention; however, 299% 280G‑based CIC benefit and full RS acceleration at CIC represent material change‑in‑control economics.
- Governance: Combined Chair/CEO role adds concentration risk but is mitigated by a Lead Independent Director and independent key committees; say‑on‑pay support (86%) suggests current program is broadly accepted by shareholders.