Richard Murray IV
SouthState BankAbout Richard Murray IV
Richard Murray IV is President of SouthState Corporation; he was appointed on June 7, 2020 in connection with the CenterState merger, and on April 1, 2023 he assumed leadership over SouthState’s commercial and consumer banking divisions. He is age 62 and previously served as CEO of CenterState Bank, Chairman/CEO/President of NCOM, President of NBC, COO of NCOM and NBC, President/COO of Alabama National Bancorporation, and Regional President (AL/FL) at RBC Bank (USA); he began his career at SouthTrust Bank in 1984 . Executive incentive pay is tied to robust performance metrics: AIP uses Adjusted PPNR and asset quality (NPAs/Loans+ORE), while LTI PSUs are driven by equally-weighted TBV Growth and 3‑Year ROATCE, with a 60% PSU / 40% RSU mix; AIP/LTI target opportunities for Murray were 70%/100% of base in 2023 and 75%/105% in 2024 . SouthState’s stock ownership guidelines require NEOs to hold at least 2x base salary in company stock, and all NEOs exceeded requirements at year-end 2023; the proxy notes executive holdings are not pledged unless otherwise stated .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CenterState Bank / CenterState | Chief Executive Officer; Director | Prior to 2020 | Led institution pre-merger; board-level leadership |
| NCOM (National Commerce Corp) | Chairman, CEO, President | 2017–2019 | Led parent holding company through growth/integration |
| NBC (National Bank of Commerce) | President | 2012–2018 | Grew regional franchise; customer/franchise leadership |
| NCOM | Chief Operating Officer | 2010–2018 | Operational leadership across bank/holdco |
| NBC | Chief Operating Officer | 2010–2012 | Bank operations execution |
| Alabama National Bancorporation | President & COO | 2000–2008 | Ran operations until sale in 2008 |
| RBC Bank (USA) | Regional President (AL & FL) | Feb 2008–Jul 2009 | Regional P&L oversight |
| SouthTrust Bank | Early career | Began 1984 | Foundational banking experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Quarterbacking Children’s Health Foundation | Board member; President of Monday Morning Quarterback Club fundraising arm | Current; prior | Community health fundraising leadership |
| Birmingham Business Alliance | Board member | Current | Regional economic development engagement |
| United Way of Central Alabama | Former board member | Former | Community impact and philanthropy |
| Mountain Brook City Board of Education | Former board member | Former | Local education governance support |
| Kiwanis Club of Birmingham | Member | Current | Civic and community service |
| O’Neal Library Foundation | Former board member | Former | Cultural/educational non-profit governance |
Fixed Compensation
| Metric | 2022 | 2023 |
|---|---|---|
| Annual Base Salary ($) | $500,000 | $535,000 |
| 2023 Perquisites and Other Compensation | Amount ($) |
|---|---|
| Personal use of corporate apartment and bank-owned automobile | $13,162 |
| Imputed income from BOLI split-dollar agreements | $9,144 |
| Club membership dues | $9,739 |
| Total disclosed perquisites/other cash | $32,045 |
| Pension/SERP | Value/Terms |
|---|---|
| SERP annual benefit (fully vested at CenterState merger) | $240,000 per year, payable monthly up to 180 months starting after age 65 (Murray’s age 65 on July 6, 2027) |
Performance Compensation
| AIP Structure and Outcomes (Murray) | 2023 |
|---|---|
| Target AIP (% base) | 70% |
| Maximum AIP (% base) | 105% |
| Performance achieved (as % of target) | 110.47% |
| AIP Earned ($) | $413,704 |
| 2023 AIP Performance Metrics | Weighting | Threshold | Target | Maximum | Actual | Payout as % of Target |
|---|---|---|---|---|---|---|
| Adjusted PPNR less Net Charge-offs (in $MM) | 80% | $682 | $758 | $833 | $759 (Above Target) | 100.59% |
| NPAs / (Loans + ORE) | 20% | 25th percentile | 50th percentile | 75th percentile | 0.57% (Above maximum) | 150.00% |
| LTI Framework (PSUs/RSUs) | 2023 | 2024 |
|---|---|---|
| LTI Target (% of base) | 100% | 105% |
| Mix | 60% PSUs / 40% RSUs | 60% PSUs / 40% RSUs |
| RSU grant (shares) | 8,815 (grant date FV $671,350; vests ratably over 3 years) | 2,892 (grant date FV $236,826; vests ratably over 3 years) |
| PSU target (shares) | 3,963 (grant date FV $301,822; 3-year performance) | 4,337 (grant date FV $355,157; 3-year performance) |
| Additional RSU grant (leadership responsibilities) | 6,173 RSUs at $76.16 grant-date price; vests ratably over 3 years (Jan 24 grant) | — |
| LTI PSU Metrics (illustrative payout – 2021 grant, performance period 1/1/2021–12/31/2023) | Threshold | Target | Maximum | Achievement | Payout |
|---|---|---|---|---|---|
| TBV Growth | 10.0% | 11.0% | 12.0% | 16.6% | 150.0% |
| Adjusted ROATCE (peer percentile) | 25th | 50th | 75th | 64th percentile | 127.6% |
| Blended PSU payout | — | — | — | — | 138.8% |
| Murray 2021 PSU vesting | — | — | — | 7,680 shares; $648,576 realized | — |
| 2024 AIP/LTI Design Updates | Details |
|---|---|
| AIP metric refinement | Adjusted PPNR metric calculation excludes Net Charge-offs to isolate net income outside CECL reserve movements |
| AIP/LTI target opportunities | AIP 75% of base; LTI 105% of base for Murray |
Equity Ownership & Alignment
| Beneficial Ownership | Feb 28, 2024 | Feb 20, 2025 |
|---|---|---|
| Common stock beneficially owned (shares) | 71,698 | 69,099 |
| Outstanding PSUs/RSUs (units) | 22,530 | 19,967 |
| Total | 94,228 | 89,066 |
| Percent of class | <1% (*) | <1% (*) |
| Pledged as collateral | None reported (unless otherwise noted) |
| Ownership Composition (as of 12/31/2023) | Shares |
|---|---|
| Individually owned (incl. RSUs subject to holding period) | 22,413 |
| Jointly with spouse | 49,285 |
| RSUs/PSUs fully vested but subject to holding period (within 60 days) | 12,257 RSUs; no options |
| Vesting and Holding Activity | 2023 |
|---|---|
| Shares acquired on vesting (stock awards) | 8,529; value realized $572,598 |
| Stock ownership/retention guidelines | NEOs must hold ≥2x base salary; all NEOs exceeded requirements at YE 2023 |
| Holding periods | Certain RSUs converted from CenterState carry a two-year holding period post-vesting |
Employment Terms
| Employment Agreement | Terms |
|---|---|
| Agreement date/term | Employment agreement dated Nov 23, 2018; initial 3-year term with automatic one-year renewals unless non-renewed |
| Severance (no CIC) | Lump-sum 1.5x (base salary + prior-year target bonus); continued employer-paid medical/dental for executive and dependents up to end of employment term |
| Severance (within 12 months post-CIC) | Lump-sum 2.5x (base salary + highest annual bonus in prior 3 years); continued employer-paid medical/dental as above (double trigger) |
| Death/Disability | Death: base/bonus through date, COBRA health coverage for family for 12 months; Disability: base through effective termination, prior-year unpaid bonus, disability insurance benefits and other plan entitlements |
| Restrictive covenants | Non-solicitation of customers/employees and non-compete in AL and MSAs of Atlanta/Jacksonville/Orlando/Tampa for 24 months post-separation (18 months if involuntary without cause or voluntary with good reason) |
| Potential Payments Summary (Murray) | 2023 | 2024 |
|---|---|---|
| Qualifying termination (not CIC): Cash Severance | $1,590,000 | $1,447,131 |
| Qualifying termination: Intrinsic value of PSUs | $788,737 | $851,365 |
| Qualifying termination: Intrinsic value of unvested RSUs | $344,340 | $520,803 |
| Qualifying termination: Medical/Dental COBRA | $37,972 | $40,448 |
| Qualifying termination: Total | $2,761,049 | $2,859,747 |
| CIC (including qualifying termination post-CIC): Cash Severance | $2,650,000 | $2,690,125 |
| CIC: Intrinsic value of PSUs | $788,737 | $851,365 |
| CIC: Intrinsic value of unvested RSUs | $865,650 | $930,163 |
| CIC: Medical/Dental COBRA | $37,972 | $40,488 |
| CIC: Total | $4,342,359 | $4,512,101 |
| Death (includes BOLI split-dollar) | $5,270,824 (incl. $3,600,000 BOLI) | $5,399,682 (incl. $3,600,000 BOLI) |
| Disability | $1,654,387 | $1,781,528 |
Investment Implications
- Pay-for-performance alignment is strong: AIP emphasizes core profitability (Adjusted PPNR) and asset quality, while LTI PSUs hinge on TBV growth and peer-relative ROATCE; historical PSU payouts (2021 grant) at 138.8% demonstrate value creation against rigorous targets .
- Retention risk appears mitigated by multi-year RSU vesting (annual ratable vesting) and two-year post-vesting holding requirements on certain awards, alongside vested SERP benefits commencing at age 65 (2027), which provide long-dated incentives to remain through the period .
- Change-in-control economics are double-trigger with 2.5x cash multiple plus continued benefits; potential CIC totals for Murray were ~$4.34M (2023) and ~$4.51M (2024), indicating meaningful downside protection without tax gross-ups for him, reducing extreme parachute optics .
- Ownership alignment is solid: Murray holds a significant personal stake, complies with 2x salary ownership requirements, and has no pledged shares reported, reducing the risk of forced selling or misaligned collateralization; periodic vesting creates scheduled supply but holding rules limit near-term selling pressure .
Clawback coverage (Dodd-Frank-compliant recoupment for financial restatements and broader policy since 2021) further strengthens governance and deters excessive risk-taking in pursuit of incentive metrics .