James W. Kiser
About James W. Kiser
James W. Kiser, age 44, is President and Chief Executive Officer of New Peoples Bankshares, Inc. (effective April 2024) and New Peoples Bank, Inc. (effective December 1, 2023), and has served as a director since January 2024 . Company performance under his tenure includes 2024 net income of $8.2 million, up 14.2% year over year, and total shareholder return of approximately 51.8% for 2024; ROA was 0.96% and ROE 12.28% for 2024 . He brings extensive banking and commercial lending experience from prior roles at First Sentinel Bank and First Bank of Virginia .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| New Peoples Bank, Inc. | President & CEO | Dec 2023–present | Leadership of community bank across VA/WV/TN/NC footprint |
| New Peoples Bankshares, Inc. | President & CEO | Apr 2024–present | Oversight of holding company and capital allocation |
| New Peoples Bank, Inc. | EVP & Chief Banking Officer | 2020–2023 | Led commercial and retail banking; growth in loans and deposits |
| New Peoples Bank, Inc. | First SVP & Chief Commercial Banking Officer | 2018–2020 | Commercial portfolio leadership |
| New Peoples Bank, Inc. | First SVP & Senior Commercial Banking Officer | 2015–2018 | Senior commercial lending management |
| First Sentinel Bank | Chief Lending Officer | 2014–2015 | Responsible for lending strategy and credit |
| First Bank of Virginia | Various positions | 2007–2014 | Progressive roles building lending expertise |
External Roles
No external directorships or outside public company board roles are disclosed in company filings reviewed .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 227,975 | 305,000 |
| Bonus ($) | 41,526 | 77,995 |
| Non-Equity Plan Compensation ($) | 12,173 | 36,375 |
| All Other Compensation ($) | 29,603 | 53,812 |
| Total Compensation ($) | 311,282 | 473,182 |
Notes:
- Base salary in employment agreement: $305,000 effective Dec 1, 2023, subject to periodic adjustment .
- “All Other Compensation” includes 401(k) match, benefits, vehicle/auto allowance, club dues (2024), etc. .
Performance Compensation
| Incentive | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Bank-wide Profit Sharing & Senior Performance Bonus (cash) | Budgeted net income and operating/consolidated performance goals | Not disclosed | Not disclosed | Not disclosed | $77,995 (2024); $41,526 (2023) | Paid annually in cash |
| Long-Term Cash Incentive Plan (cash-settled, notional shares) | Quarterly EPS of common stock | Not disclosed | Not disclosed | Not disclosed | $36,375 (2024); $12,173 (2023) | Awards vest 25% on each of the first four anniversaries; vested portions generally paid in three installments; settled upon separation, change in control, or 10-year plan anniversary |
Award history (LT Cash Plan):
- Feb 28, 2023 initial awards: Kiser 110,000 notional shares .
- Dec 18, 2023 award effective Jan 1, 2024: Kiser 30,000 notional shares .
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Beneficial Ownership (Common shares) | 10,360 (held jointly with spouse) |
| Ownership as % of outstanding | Less than 1% |
| Options/RSUs/PSUs outstanding | None disclosed; LT incentives are cash-settled notional shares (no equity rights) |
| Shares pledged as collateral | Company policy prohibits pledging; hedging and short sales also prohibited |
Additional alignment policies:
- Insider Trading Policy requires pre-clearance for Section 16 insiders, imposes trading windows/blackouts, and permits Rule 10b5-1 plans with SEC-compliant cooling-off periods and conditions .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Date & Term | Employment Agreement dated May 14, 2019; initial term through Dec 31, 2020; auto-renews for one-year terms unless terminated prior to renewal |
| Base Salary | $305,000 effective Dec 1, 2023; eligible for equity/long-term programs and perquisites approved by Board |
| Severance (no Change in Control) | If terminated without Cause or executive resigns for Cause: severance equal to base salary for 182 days; COBRA premiums during severance if elected |
| Severance (Change in Control) | If termination/non-renewal within 12 months after a Change in Control: severance equals twice the non-CIC severance amount (i.e., effectively 364 days of base salary equivalent); COBRA premiums during severance if elected |
| Triggers | Termination by Company for/without Cause; termination by executive for/without Cause; disability; death |
| Restrictive Covenants | Confidentiality and noncompetition provisions |
| Auto-Renewal | One-year automatic renewals unless non-renewed |
Board Governance
- Board service: Director since January 2024 .
- Committee memberships: ALCO; Compensation; Loan; Technology; not on Audit, Executive, or Nominating .
- Independence: All directors except Messrs. Asbury and Kiser are independent under Nasdaq standards; Kiser is non-independent as CEO .
- Leadership structure: Independent Chairman; executive sessions held periodically without the CEO .
- Attendance: Board met 12 times in 2024; each incumbent director attended >75% of Board and committee meetings; all directors attended the 2024 annual meeting .
Committee assignments snapshot:
| Committee | Role |
|---|---|
| ALCO | Member |
| Compensation | Member (Board determined committee is independent except Mr. Kiser) |
| Loan | Member |
| Technology | Member |
Director Compensation
- As an officer-director, Kiser received no additional director fees; 2024 director fee table shows “—” for Kiser .
- Company disclosure: officers do not receive extra compensation for service as director .
Say-on-Pay & Shareholder Feedback
| Item | Result |
|---|---|
| 2024 Advisory Vote on Executive Compensation | ~99% approval |
| Future Advisory Vote Frequency | Three-year cycle, consistent with prior shareholder vote |
Compensation Committee Analysis
- Independence: Committee members are independent with the exception of Mr. Kiser .
- Process: CEO provides input on other executives but does not set his own pay; recommendations by Committee; final decisions by Board .
- Consultant usage: No consultant utilized for 2024 .
- Philosophy: Align compensation with strategic goals; emphasis on annually determined salaries and cash bonuses; redesigned program in 2023 to more directly align with performance via Long-Term Cash Incentive Plan .
Related Party Transactions and Policies
- Lending to directors/executives and ≥5% holders conducted in ordinary course on market terms; normal risk .
- No formal Board-adopted related person transactions policy; Board reviews proposed related party transactions, and Audit Committee reviews significant conflicts .
- Governance consideration: absence of a formal policy may be viewed as a potential red flag by some investors.
Performance & Track Record
| Metric | 2023 | 2024 |
|---|---|---|
| Net Income ($MM) | 7.18 | 8.20 |
| EPS ($) | 0.30 | 0.35 |
| ROA (%) | 0.91 | 0.96 |
| ROE (%) | 12.00 | 12.28 |
| TSR ($100 base) | $107.13 | $162.67 |
Other notable 2024 items:
- Core system conversion program underway; termination/transition charges recorded (~$850k pre-tax) .
- BOLI portfolio disposal with one death benefit accrual (~$1.6 million), net positive nonrecurring impact post-tax .
Equity Ownership & Alignment Details
| Item | Detail |
|---|---|
| Kiser ownership vs. float | 10,360 shares; <1% of outstanding |
| Insider trading controls | Pre-clearance required; quarterly blackout windows; 10b5-1 permitted; no hedging, short sales, or pledging allowed |
Investment Implications
- Alignment: Incentives are cash-based and linked to EPS and bank performance, with LT cash plan vesting over four years; absence of equity grants reduces direct equity alignment, though insider trading policy prohibits hedging/pledging and encourages disciplined trading behavior .
- Retention risk: Contract provides severance and double-trigger change-in-control protections (effectively up to one year of base salary equivalent); LT cash awards vest over time, supporting retention .
- Potential selling pressure: Limited, given lack of equity awards; LT incentives are cash-settled notional shares, not stock, reducing forced selling dynamics often seen with RSU vesting .
- Governance: Compensation Committee largely independent; no consultant used; independent chair and executive sessions mitigate dual-role concerns; however, absence of a formal related party transactions policy is a governance weakness to monitor .
- Performance backdrop: Strong 2024 TSR (+51.8%) and net income growth (+14.2%) provide support for pay-for-performance; PEO “compensation actually paid” rose with promotion and overall company performance .