Christopher G. Speaks
About Christopher G. Speaks
Christopher G. Speaks, age 59, is Executive Vice President, Chief Financial Officer and Treasurer of New Peoples Bankshares, Inc. and New Peoples Bank, serving since 2021; he is a CPA (South Carolina) and holds a B.A. in Accounting from Furman University . During 2023–2024, the company’s total shareholder return rose approximately 51.8% and net income increased about 14.2%, while compensation “actually paid” to non-PEO NEOs (including the CFO) decreased modestly, suggesting alignment with performance . Initial CFO appointment was effective August 16, 2021 with an initial base salary of $200,000 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New Peoples Bankshares, Inc. | EVP, CFO & Treasurer | 2021–Present | Company adopted a Long-Term Cash Incentive Plan (EPS-based) in 2023; CFO signed multiple SEC filings . |
| FNB Bancshares, Inc. (Scottsboro, AL) | Chief Financial Officer | Jan–Apr 2021 | Served as CFO until the bank’s acquisition in April 2021 . |
| Tyndall Federal Credit Union | EVP & Chief Financial Officer | 2016–2020 | Senior finance leadership at a large credit union . |
| CertusBank | Director of Finance & senior finance roles | 2011–2015 | Senior-level accounting/finance responsibilities . |
| The South Financial Group and TD Bank | Senior accounting roles | 1998–2011 | Senior accounting roles across regional banking franchises . |
External Roles
No external public company directorships disclosed in reviewed filings for 2023–2025; Speaks is presented solely as an executive officer, not a director .
Fixed Compensation
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Base Salary ($) | $200,000 | $203,258 | $216,137 | $223,741 |
| Bonus ($) | — | $44,951 | $38,464 (includes $500 Christmas bonus) | $45,347 (includes $500 Christmas bonus) |
| All Other Compensation ($) | — | $30,050 | $36,504 | $28,206 |
| Total ($) | — | $278,259 | $299,405 | $318,511 |
Notes:
- Bonus components include Bank‑Wide Profit Sharing and Senior Performance Bonus; Christmas bonus of $500 for all employees in 2023–2024 .
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual | Payout (2023) | Payout (2024) | Vesting |
|---|---|---|---|---|---|---|---|
| Bank‑Wide Profit Sharing | Budgeted net income (Bank) | Not disclosed | Meet annual budget | Pool reduced by shortfall | Included in Bonus ($37,964 for Speaks) | Included in Bonus ($44,847 for Speaks) | Annual cash; no vesting |
| Senior Performance Bonus Plan | Operating or consolidated performance goals | Not disclosed | Predetermined % of total compensation | Bonuses paid in cash | Included in Bonus totals | Included in Bonus totals | Annual cash; no vesting |
| Long‑Term Cash Incentive Plan (LTCIP) | Quarterly EPS (Company), subject to adjustments | Not disclosed | EPS per quarter × notional shares | EPS allocations by quarter | $8,300 | $21,217 | Awards vest 25% on each of the 1st–4th anniversaries; settled at earliest of separation, change in control, or 10-year anniversary; vested portions generally paid in three installments . |
Award detail:
- Initial LTCIP grant on Feb 28, 2023: Speaks received 75,000 notional shares; vesting dates: Feb 28, 2024; Feb 28, 2025; Feb 28, 2026; Feb 28, 2027 .
Equity Ownership & Alignment
| As-of Date | Common Stock Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Mar 22, 2023 | — (none reported) | <1% (*) | Company had 23,838,734 shares outstanding . |
| Mar 27, 2024 | — (none reported) | <1% (*) | Shares outstanding 23,730,860 . |
| Mar 26, 2025 | — (none reported) | <1% (*) | Shares outstanding 23,615,747 . |
- Insider Trading Policy prohibits hedging, short sales, and pledging of Company stock as collateral .
- No RSUs/PSUs/options disclosed; long-term incentive program is cash‑settled and does not grant equity or shareholder rights .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date | Appointed July 12, 2021; effective August 16, 2021 . |
| Initial base salary | $200,000 (with standard executive benefits and automobile allowance eligibility) . |
| Employment agreement | None disclosed for Speaks; employment agreements exist only for Asbury (amended) and Kiser; “neither the Company nor the Bank has entered into an employment agreement with any of the other named executive officers” . |
| Severance provisions | Not disclosed for Speaks (severance is described for Kiser; no separate agreement for Speaks) . |
| Change-of-control economics | LTCIP awards settle at change in control; vested portions generally paid in three installments; plan does not grant equity rights . |
| Non-compete / non-solicit | Not disclosed for Speaks in reviewed filings . |
| Perquisites | Auto allowance; payment for unused vacation days (2023); 401(k) matching; group life/LTD insurance included in “All Other Compensation” . |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value of $100 initial investment (TSR) | $115.19 | $107.13 | $162.67 |
| Net Income ($000s) | $8,082 | $7,184 | $8,204 |
- Pay‑versus‑performance: From 2023 to 2024, Company TSR rose ~51.8% and net income rose ~14.2%; compensation “actually paid” to other NEOs decreased slightly, indicating tighter alignment to performance outcomes .
Say‑on‑Pay & Shareholder Feedback
- 2024 Annual Meeting: ~99% approval of executive compensation .
- 2021 Annual Meeting: ~98% approval of executive compensation .
Compensation Structure Analysis
- Shift to performance‑linked cash incentives: Senior Performance Bonus (operating/consolidated goals), Profit Sharing (budgeted net income), and LTCIP (EPS) place emphasis on measurable financial outcomes; LTCIP vests over four years and settles in cash, avoiding equity dilution and mechanical insider selling tied to vesting .
- Salary benchmarking: Compensation Committee references Virginia Bankers Association Salary Survey; base salaries set to be competitive for similarly sized banks and roles .
- Governance enhancements: By 2025, adoption of Insider Trading Policy prohibiting hedging and pledging; this replaces the absence of an anti‑hedging policy disclosed in 2023 .
Investment Implications
- Alignment and retention: Speaks’ pay mix leans toward performance‑based cash (EPS and profit‑sharing) with 4‑year LTCIP vesting, supporting retention while directly linking payouts to earnings; absence of equity grants reduces supply‑side selling pressure from vest events .
- Ownership signal: No reported beneficial ownership across 2023–2025 limits “skin‑in‑the‑game” alignment to equity price, though the strong TSR and net income progression under the current incentive architecture suggest cash incentives are responsive to performance .
- Contractual risk: No individual employment agreement or severance terms disclosed for Speaks (contrast with Kiser/Asbury), which lowers contractual termination costs but could elevate retention risk if external opportunities arise; LTCIP vesting partially mitigates this through staggered payouts .
- Governance and shareholder support: Very high say‑on‑pay approvals (99% in 2024; 98% in 2021) and prohibition of pledging/hedging indicate shareholder‑friendly practices; continued EPS‑linked LTCIP awards keep incentives focused on earnings quality and consistency .