Kurt Gibson
About Kurt Gibson
Kurt A. Gibson (age 57) is Chief Executive Officer of Community State Bank (CSB), a QCR Holdings subsidiary; he has served as CEO since 2024, previously President & CEO from 2018–2024 and President since 2017 . In 2023 under his oversight, CSB delivered net income of $18.2M vs a $16.8M target, core loan growth of $80.7M vs a $17.5M target, core deposit growth of $73.9M vs a $72.2M target, noninterest income of $5.2M vs a $5.7M target, and NPAs/Assets of 0.16% vs a 0.50% maximum, driving an above-target annual incentive payout of 56.2% of base salary . Company-level pay-versus-performance highlights show QCRH total shareholder return (TSR) value of $188 on an initial $100 for 2024, net income of $113,850K, and adjusted EPS of $7.03 (context for incentive program alignment), with the most important financial measures including adjusted EPS, net income, NPAs/Assets, adjusted loan growth, noninterest income, and ROAE .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Community State Bank (QCR Holdings subsidiary) | President | 2017 | Established leadership prior to CEO role; later drove strong growth in CSB KPIs used in annual incentive design |
| Community State Bank | President & CEO | 2018–2024 | 2023 actuals beat targets on net income ($18.2M vs $16.8M), core loan growth ($80.7M vs $17.5M), NPAs/Assets (0.16% vs 0.50% maximum), supporting above-target bonus payout |
| Community State Bank | Chief Executive Officer | 2024–present | Continues in CEO role within QCRH executive officer cohort |
Fixed Compensation
| Metric | 2022 | 2023 |
|---|---|---|
| Base Salary ($) | 224,534 | 234,077 |
| Target Bonus (% of Salary) | Not disclosed | 45.0% |
| Actual Bonus Paid ($) | 134,171 | 131,543 |
Notes: CEO of CSB is not included as a named executive officer in 2024; 2022–2023 figures reflect NEO disclosures when applicable .
Performance Compensation
| Metric (2023) | Weighting | Threshold | Target | Maximum | Actual | Payout (% of Salary) |
|---|---|---|---|---|---|---|
| QCR Holdings bonus-adjusted net income | 30% | $101.0M | $112.2M | $117.8M | $114.1M | 56.2% overall award |
| Community State Bank net income | 25% | $15.1M | $16.8M | $17.6M | $18.2M | 56.2% overall award |
| CSB core loan growth | 10% | $5.8M | $17.5M | $29.1M | $80.7M | 56.2% overall award |
| CSB core deposit growth | 15% | $30.9M | $72.2M | $103.1M | $73.9M | 56.2% overall award |
| CSB noninterest income | 10% | $4.8M | $5.7M | $6.3M | $5.2M | 56.2% overall award |
| CSB NPAs to total assets | 10% | 1.00% | 0.75% | 0.50% | 0.16% | 56.2% overall award |
- 2023 RSUs: target equity value 16% of salary, actual grant 20% of salary for Gibson; RSUs vest in four equal annual installments on each anniversary of grant date .
- Company notes it has not recently granted stock options to executive officers; option awards are typically for non-executive employees and granted on fixed dates .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (shares) | 5,871 shares (as of Mar 4, 2025) |
| Ownership as % of shares outstanding | ~0.035% (5,871 ÷ 16.93M shares outstanding Oct 29, 2025) |
| Vested vs unvested | Not disclosed in proxy for Gibson specifically |
| Options (exercisable/unexercisable) | March 1, 2025 option exercise of 684 shares at $51.19; exercisability of remaining awards not disclosed |
| Pledging | Anti-pledging policy prohibits pledging without prior committee approval; to the company’s knowledge, none of its officers/directors have pledged stock |
| Anti-hedging | Hedging transactions prohibited for all employees/directors |
| Clawback policy | Nasdaq-compliant clawback adopted Aug 2023; recovers certain cash/equity incentives upon restatement |
| Stock ownership guidelines | NEO guideline: 3,626 shares within 3 years; company reports each director and NEO is compliant |
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Employment Agreement between Community State Bank and Kurt Gibson dated Oct 24, 2017 (Exhibit 10.15) |
| Employment Period | Initially through Dec 31 of first calendar year after effective date; auto-renews annually unless either party gives 90 days’ prior notice |
| Change-in-control | If a change in control occurs during the Employment Period, agreement remains in effect for one year following the change and then terminates |
| Duties | Full-time service as President of CSB at direction of CRBT CEO; duties commensurate with position |
| Restrictive covenants | “Other Agreements” clause: where covenants conflict across agreements during the restricted period, the more restrictive provisions control |
| Severance/COC multiples | Not disclosed in the excerpted agreement for Gibson (contrast: detailed severance terms disclosed for other QCRH executives) |
Compensation Detail (Multi-year)
| Component | 2022 ($) | 2023 ($) |
|---|---|---|
| Salary | 224,534 | 234,077 |
| Stock Awards (grant-date fair value) | 47,890 | 47,659 |
| Non-Equity Incentive Plan | 134,171 | 131,543 |
| All Other Compensation | 33,829 | 35,179 |
| Total Compensation | 440,424 | 448,458 |
- 2023 grant of RSUs: 894 units, grant-date 3/1/2023, fair value $47,659 .
- 2023 stock vesting: Gibson had 1,054 shares vesting, value realized $56,118 .
- SERP: None for Gibson (no SERP participation disclosed) .
Risk Indicators & Trading Signals
- Insider transactions: Gibson filed insider transaction for option exercise on Mar 1, 2025 (684 shares at $51.19), indicating increased direct ownership; no pledging disclosed, and hedging is prohibited .
- Trading windows/preclearance: QCRH’s insider trading policy requires pre-clearance and restricts trading to defined windows following quarterly disclosures, which moderates opportunistic selling pressure .
Investment Implications
- Strong pay-for-performance alignment: 2023 CSB actual results exceeded key targets (net income, loan growth, NPAs), driving a 56.2% of salary bonus; multi-year RSU vesting enhances retention and alignment .
- Low insider selling pressure: Recent activity indicates option exercise rather than sales; anti-hedging/anti-pledging policies and ownership guidelines (with reported compliance) reduce misalignment risks .
- Contract structure: Gibson’s 2017 agreement auto-renews with a one-year continuation post-change-in-control; lack of disclosed severance multiples limits immediate “golden parachute” concerns relative to corporate-level executives but reduces visibility on downside protections .
- Execution track record: Outperformance versus CSB operating targets in 2023, especially credit quality and loan growth, suggests execution strength; continued adherence to clawback and governance policies supports investor confidence in incentive integrity .