David Sparacio
About David Sparacio
David A. Sparacio, 54, was appointed Executive Vice President and Chief Financial Officer of ServisFirst Bank effective March 10, 2025, after senior finance roles at Ameris Bank and IBERIABANK; he holds a B.S. in Accounting (University of New Orleans), an MBA (Loyola University New Orleans), and a Master of Strategic Studies (U.S. Army War College), and serves as a Colonel in the U.S. Army Reserve . During his tenure in 2025, ServisFirst’s diluted EPS rose year over year to $1.20 in Q3 2025 from $1.10 in Q3 2024, and net income available to common stockholders increased to $65.6 million from $59.9 million, reflecting continued operating momentum he highlighted in Q3 commentary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ameris Bank | EVP, Corporate Controller | Oct 2021–Feb 2025 | Led accounting and regulatory reporting; financial systems integration; large team leadership . |
| IBERIABANK | SVP, Director of Accounting | Sep 2012–Apr 2021 | Directed accounting; supported M&A and integration activities . |
| The Carlyle Group | Various finance roles | Not disclosed | Finance and investment operations experience . |
| Regions Bank | Various finance roles | Not disclosed | Corporate finance and banking operations experience . |
| BBVA Compass | Various finance roles | Not disclosed | Banking finance and accounting leadership experience . |
| Hibernia National Bank | Various finance roles | Not disclosed | Bank accounting and finance experience . |
| First Commerce Corporation | Various finance roles | Not disclosed | Bank finance experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Army Reserve (84th Training Command) | Command Inspector General (Colonel) | 1991–present | Oversight, inspections, and advisory leadership; rigorous discipline and governance background . |
Fixed Compensation
| Component | Amount/Value | Terms | Effective/Grant Reference |
|---|---|---|---|
| Base Salary | $350,000 | Annual salary as CFO | Appointed Feb 18, 2025; role begins Mar 10, 2025 . |
| Cash Signing Bonus | $25,000 | Repayable if employment terminates within 24 months | Award at appointment . |
| Restricted Stock (RSUs) | 5,000 shares | Vest in full after 5 years (cliff vest) | Award at appointment; five-year vesting from grant . |
Performance Compensation
| Incentive Type | Metric | Design and Vesting | Notes |
|---|---|---|---|
| Annual Short-Term Incentive (cash) | Loan Growth | Performance-based; cash paid annually | Credit quality modifier can reduce payout up to 100% if NPA/TA exceed thresholds . |
| Annual Short-Term Incentive (cash) | Deposit Growth | Performance-based; cash paid annually | Aligns with future success and franchise growth . |
| Annual Short-Term Incentive (cash) | EPS | Performance-based; cash paid annually | Links executive pay to overall Company success . |
| Long-Term Equity – Performance Shares (PSUs) | Relative TSR vs Peer Group | 3-year performance period; vesting based on relative TSR vs custom peer group | PSUs determined on Company TSR over three years . |
| Long-Term Equity – Restricted Stock (time-based) | Time-based vesting | Typically 3-year vesting for ongoing awards; Sparacio’s onboarding grant vests at 5 years | Standard executive RS vests over 3 years; Sparacio’s specific grant vests at 5 years . |
Not disclosed: weighting, targets, and payout percentages specific to Sparacio for 2025. Company’s most important measures linking compensation to performance include EPS, Relative TSR, and Loan/Deposit Growth .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| RSU grant (on appointment) | 5,000 shares | Five-year cliff vest . |
| Shares outstanding | 54,621,834 | Outstanding as of Oct 31, 2025 . |
| RSU grant as % of shares outstanding | ~0.009% | 5,000 ÷ 54,621,834; indicative of initial equity stake scale . |
- Policy Against Hedging: Executives/directors are prohibited from hedging Company stock .
- Pledging: Prohibited without approval by Insider Trading Compliance Officer; limited pledging historically approved to allow retention of holdings .
- Stock Ownership Guidelines: No formal policy given high ownership across executives/directors; Board reviews annually .
- Clawback: Robust policy compliant with Exchange Act Rule 10D-1 and NYSE; applies to incentive compensation for 3 prior completed fiscal years in event of restatement .
Employment Terms
| Term | Details |
|---|---|
| Appointment | Announced Feb 18, 2025; effective Mar 10, 2025 as EVP & CFO . |
| Change-in-Control Agreement | Double-trigger protection during a 2-year “Protected Period” following a change in control . |
| Cash Severance (CIC) | 2× (base salary at termination + average cash bonus over prior 3 years) if terminated without cause or with good reason during Protected Period . |
| Pro‑Rata Bonus (CIC) | Pro‑rata cash bonus for the fiscal year of termination based on actual performance . |
| COBRA Benefit (CIC) | Lump sum equal to 18 months of COBRA premiums based on current coverage elections . |
| Tax Gross‑Ups | None; “best net” treatment applies generally to NEO CIC agreements (no 280G/4999 gross‑ups) . |
| Equity Treatment (CIC) | Options and restricted stock vest; performance shares vest at target on a pro‑rata basis for service days in performance period (general NEO terms) . |
| Restrictive Covenants | Confidentiality; non‑compete for 6 months within a 60‑mile radius of any Company office; non‑solicit for 1 year (general NEO terms) . |
| Clawback | Company may recoup incentive compensation under restatement scenarios for prior 3 completed fiscal years . |
| Sign‑on RSU Vesting | 5,000 shares; vest in full after five years . |
| Signing Bonus Repayment | $25,000 repayable if employment terminates within 24 months . |
Performance & Track Record
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Diluted EPS ($) | 1.10 | 1.20 |
| Net Income Available to Common ($000) | 59,907 | 65,571 |
- CFO commentary emphasized net interest margin expansion, pricing discipline on loans/deposits, and solid year-over-year earnings growth in Q3 2025 .
- Company highlights compensation-performance linkage to EPS, relative TSR, and loan/deposit growth over last five years .
Compensation Committee Analysis
- Independent consultant: Aon engaged for analysis/recommendations; Compensation Committee determined no conflicts of interest under Rule 10C‑1(b)(4) .
- Program elements: Base salary, annual cash incentives (loan/deposit growth, EPS), long‑term equity (time‑vested RS; 3‑year TSR PSUs), CIC agreements, split‑dollar life insurance for certain executives .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval: ~97.3% of votes cast supported NEO compensation; Committee maintained pay structure with continued linkage to performance .
Risk Indicators & Policies
- Hedging ban and controlled pledging reduce misalignment risks; clawback policy strengthens recourse under restatements .
- No tax gross‑ups on CIC benefits; “best net” approach mitigates shareholder-unfriendly practices .
Investment Implications
- Alignment: Five‑year cliff RSU grant and robust clawback promote longer‑term alignment and reduce near‑term selling pressure; hedging is prohibited and pledging tightly controlled .
- Retention Risk: CIC protections with double‑trigger and 2× cash severance plus 18 months COBRA provide moderate retention incentives during change‑in‑control scenarios; non‑compete/non‑solicit covenants add friction to departures .
- Pay for Performance: Annual incentives tied to loan/deposit growth and EPS, and PSUs tied to 3‑year relative TSR maintain performance orientation; 2024 say‑on‑pay support (97.3%) indicates investor acceptance of design .
- Execution: Early tenure as CFO aligns with improved EPS and management commentary on NIM expansion; sustained delivery on growth, credit quality, and TSR relative to peers will be key to future payouts and investor confidence .