Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-30

First Bank (FRBA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,543,299
Patrick Ryan total, FY2025
43rd
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against FRBA
3 companies name FRBA as a compensation peer

Each company listed discloses FRBA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FRBA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Patrick Ryan$728,000$0$360,705$0$357,949$38,057$58,588$1,543,299
President and Chief Executive Officer
John Shepardson132,292064,996000481,202678,490
Former Executive Vice President and Chief Operating Officer
Peter Cahill365,0000125,0030145,000015,565650,568
Executive Vice President and Chief Lending Officer
Andrew Hibshman355,0000125,0030145,000012,481637,484
Executive Vice President and Chief Financial Officer
Darleen Gillespie260,000084,9990100,000011,653456,652
Executive Vice President and Chief Retail Banking Officer
Christopher Ewing243,75000095,00000338,750
Executive Vice President and Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Patrick Ryan$1,543,299$1,318,564$1,137,325+224,735
John Shepardson678,490450,880+227,610
Peter Cahill650,568576,203471,187+74,365
Andrew Hibshman637,484554,628454,349+82,856
Darleen Gillespie456,652
Christopher Ewing338,750

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

05

Incentive-plan design — the Compensation Discussion & Analysis

First Bank's executive compensation program reflects our pay-for-performance philosophy and is designed to align the interests of management with the Company's long-term success and the interests of its shareholders. The governing principle behind our executive compensation policies and programs is aligning executive compensation with the financial strength and long-term profitability of the Company as well as long-term shareholder value creation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantAon Human Capital Solutions (division of Aon plc)
Clawback policyTrue
Anti-hedgingFalse
Anti-pledgingFalse
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Leslie E. GoodmanIndependent · Board Chair · Compensation$75,000$75,000$0$0$0$150,000
Glenn M. JosephsIndependent · Audit and Risk Management (Chair) · Nominating and Governance · Compensation50,00040,00000090,000
Douglas C. BordenIndependent · Nominating and Governance (Chair) · Compensation47,50040,00000087,500
Deborah Paige HansonIndependent · Nominating and Governance · Compensation (Chair)47,50040,00000087,500
Scott R. GambleIndependent · Audit and Risk Management · Compensation85,000000085,000
Neha ShahIndependent · Nominating and Governance45,00040,00000085,000
Michael E. SalzIndependent · Audit and Risk Management · Nominating and Governance · Compensation45,00040,00000085,000
Zaid AlsikafiIndependent · Audit and Risk Management40,00040,00000080,000
Andrew FishIndependent · Audit and Risk Management40,00040,00000080,000
Patrick M. RyanNot independent80,000000080,000
Patrick L. RyanEmployee director00000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$555,000
Equity awards (grant-date value)$355,000
All other compensation$0
Total cost of the board$910,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies First Bank names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including First Bank.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Orrstown Financial Services2025Thomas R. Quinn, Jr.$812,317$599,969$0$549,054$4,222,617
2TrustCo Bank Corp NY2025Robert McCormick1,014,000975,0220912,6003,646,851
3Peapack-Gladstone Financial2025Douglas Kennedy936,000863,54001,205,3413,479,531
4Tompkins Financial Corporation2025Stephen Romaine890,000629,7690594,0003,221,209
5Burke & Herbert Financial Services Corp.2025David Boyle868,846806,88701,064,6423,014,541
6Unity Bancorp Inc.2025James Hughes825,000573,5800707,4382,703,888
7Financial Institutions Inc.2025Martin Birmingham798,2441,017,0620487,5442,385,669
8Mid Penn Bancorp Inc.2025Rory Ritrievi773,077257,2000334,4002,209,726
9Primis Financial Corp2025Dennis Zember, Jr.748,590912,6000435,5782,185,079
10Univest Financial Corp.2025Jeffrey Schweitzer830,000539,5330663,2342,097,674
11Orange County Bancorp Inc.2025Michael Gilfeather700,000609,0010450,0002,092,482
12ACNB Corp.2025James Helt593,569319,193001,825,912
13Shore Bancshares Inc.2025James Burke700,000524,9780397,7171,772,098
14Arrow Financial Corporation2025David DeMarco715,850243,2650379,4011,572,406
15First Bank2025Patrick Ryan728,000360,7050357,9491,543,299
16CNB Financial Corporation2025Michael D. Peduzzi653,993270,6720309,2731,500,484
17First of Long Island Corp.2023Christopher Becker620,000620,0000155,0001,497,065
18Northfield Bancorp2024Steven Klein749,086436,8080169,6321,477,009
19Chemung Financial Corporation2025Anders Tomson720,300230,044001,417,130
20Kearny Financial Corp.2025Craig Montanaro746,750324,1560195,2641,348,839
21Fidelity D & D Bancorp Inc.2025Daniel Santaniello557,951149,4490380,4461,263,329
22Citizens Financial Services2025Randall Black675,00089,969001,212,643
23Peoples Financial Services Corp.2025Gerard Champi557,000162,4000204,0201,068,323
24Citizens & Northern Corp.2025J. Bradley Scovill605,000118,3940248,8381,041,499
25BCB Bancorp, Inc.2025Michael Shriner675,000050,6250772,063

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
First Banknot disclosedRSU 100not disclosedAon Human Capital Solutions (division of Aon plc)
ACNB Corp.not disclosedRSU 100NoBlanchard Consulting Group
Arrow Financial Corporation106%RSU 100not disclosedPearl Meyer & Partners, LLC
BCB Bancorp, Inc.not disclosedOptions 100not disclosedMeridian Compensation Partners
Burke & Herbert Financial Services Corp.113%PSU 100Nonot disclosed
Chemung Financial Corporationnot disclosedRSU 100not disclosedAon
Citizens & Northern Corp.141.4%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Citizens Financial Servicesnot disclosedCash LTI 70 · RSU 30NoBlanchard Consulting Group
CNB Financial Corporation47.29%PSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Fidelity D & D Bancorp Inc.not disclosedRSU 100NoBlanchard Consulting Group
Financial Institutions Inc.104.4%RSU 50 · PSU 50Nonot disclosed
First of Long Island Corp.25%PSU 67 · RSU 33NoPearl Meyer & Partners LLC
Kearny Financial Corp.104%PSU 50 · RSU 50NoPearl Meyer & Partners LLC
Mid Penn Bancorp Inc.104.5%RSU 100not disclosedMeridian Compensation Partners
Northfield Bancorp52%PSU 50 · RSU 50NoAon
Orange County Bancorp Inc.not disclosedRSU 100not disclosedAON
Orrstown Financial Services67%RSU 50 · PSU 50NoAon
Peapack-Gladstone Financial120%RSU 100Yes — TSRAon
Peoples Financial Services Corp.104%PSU 50 · RSU 50NoPearl Meyer & Partners, LLC
Primis Financial Corp116%PSU 70 · RSU 30Nothe Consultant
Shore Bancshares Inc.113.63%PSU 50 · RSU 50NoAon
Tompkins Financial Corporation120%PSU 50 · RSU 50NoAON Human Capital Solutions, a division of Aon, plc
TrustCo Bank Corp NY90%PSU 60 · RSU 40Nonot disclosed
Unity Bancorp Inc.122.5%Restricted Stock 100not disclosednot disclosed
Univest Financial Corp.122.9%PSU 70 · RSU 30NoAon plc

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Patrick RyanDEF 14A2026-03-20Section “Executive Compensation”. As printed: 1,543,299. Filing ↗
2Section 01, John ShepardsonDEF 14A2026-03-20Section “Executive Compensation”. As printed: 678,490. Filing ↗
3Section 01, Peter CahillDEF 14A2026-03-20Section “Executive Compensation”. As printed: 650,568. Filing ↗
4Section 01, Andrew HibshmanDEF 14A2026-03-20Section “Executive Compensation”. As printed: 637,484. Filing ↗
5Section 01, Darleen GillespieDEF 14A2026-03-20Section “Executive Compensation”. As printed: 456,652. Filing ↗
6Section 01, Christopher EwingDEF 14A2026-03-20Section “Executive Compensation”. As printed: 338,750. Filing ↗
7Section 08, Leslie E. GoodmanDEF 14A2026-03-20Section “Director Compensation”. As printed: 150,000. Filing ↗
8Section 08, Glenn M. JosephsDEF 14A2026-03-20Section “Director Compensation”. As printed: 90,000. Filing ↗
9Section 08, Douglas C. BordenDEF 14A2026-03-20Section “Director Compensation”. As printed: 87,500. Filing ↗
10Section 08, Deborah Paige HansonDEF 14A2026-03-20Section “Director Compensation”. As printed: 87,500. Filing ↗
11Section 08, Scott R. GambleDEF 14A2026-03-20Section “Director Compensation”. As printed: 85,000. Filing ↗
12Section 08, Neha ShahDEF 14A2026-03-20Section “Director Compensation”. As printed: 85,000. Filing ↗
13Section 08, Michael E. SalzDEF 14A2026-03-20Section “Director Compensation”. As printed: 85,000. Filing ↗
14Section 08, Zaid AlsikafiDEF 14A2026-03-20Section “Director Compensation”. As printed: 80,000. Filing ↗
15Section 08, Andrew FishDEF 14A2026-03-20Section “Director Compensation”. As printed: 80,000. Filing ↗
16Section 08, Patrick M. RyanDEF 14A2026-03-20Section “Director Compensation”. As printed: 80,000. Filing ↗
17Section 08, Patrick L. RyanDEF 14A2026-03-20Section “Director Compensation”. As printed: 0. Filing ↗
18Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
19Section 09b board cost (computed)ComputedcomputedCash 555,000 + equity 355,000 + all other 0 = 910,000, summed across the director compensation table rows.machine: formula: Σ = 910,000
20Orrstown Financial Services, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021726CEO total compensation as printed in Orrstown Financial Services's own proxy. As printed: 4,222,617. Filing ↗machine: t36 · r2 · c9 · span 634951–634960
21TrustCo Bank Corp NY, Section 10b CEO totalDEF 14A2026-04-010001140361-26-012717CEO total compensation as printed in TrustCo Bank Corp NY's own proxy. As printed: 3,646,851. Filing ↗machine: t371 · r3 · c25 · span 1057327–1057336
22Peapack-Gladstone Financial, Section 10b CEO totalDEF 14A2026-03-160001193125-26-108191CEO total compensation as printed in Peapack-Gladstone Financial's own proxy. As printed: 3,479,531. Filing ↗machine: span 1034121–1034130
23Tompkins Financial Corporation, Section 10b CEO totalDEF 14A2026-04-060001140361-26-013350CEO total compensation as printed in Tompkins Financial Corporation's own proxy. As printed: 3,221,209. Filing ↗machine: r3 · c27 · span 696857–696866
24Burke & Herbert Financial Services Corp., Section 10b CEO totalDEF 14A2026-04-300001964333-26-000052CEO total compensation as printed in Burke & Herbert Financial Services Corp.'s own proxy. As printed: 3,014,541. Filing ↗machine: span 547914–547923
25Unity Bancorp Inc., Section 10b CEO totalDEF 14ACEO total compensation as printed in Unity Bancorp Inc.'s own proxy. As printed: 2,703,888.
26Financial Institutions Inc., Section 10b CEO totalDEF 14A2026-04-060001193125-26-143723CEO total compensation as printed in Financial Institutions Inc.'s own proxy. As printed: 2,385,669. Filing ↗machine: r4 · c21 · span 1897204–1897213
27Mid Penn Bancorp Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-128769CEO total compensation as printed in Mid Penn Bancorp Inc.'s own proxy. As printed: 2,209,726. Filing ↗machine: r3 · c35 · span 723945–723954
28Primis Financial Corp, Section 10b CEO totalDEF 14A2026-04-100001104659-26-041860CEO total compensation as printed in Primis Financial Corp's own proxy. As printed: 2,185,079. Filing ↗machine: t76 · r8 · c23 · span 492432–492441
29Univest Financial Corp., Section 10b CEO totalDEF 14A2026-03-130000102212-26-000015CEO total compensation as printed in Univest Financial Corp.'s own proxy. As printed: 2,097,674. Filing ↗machine: r2 · c51 · span 398636–398645
30Orange County Bancorp Inc., Section 10b CEO totalDEF 14A2026-04-150001104659-26-043778CEO total compensation as printed in Orange County Bancorp Inc.'s own proxy. As printed: 2,092,482. Filing ↗machine: r1 · c47 · span 243871–243880
31ACNB Corp., Section 10b CEO totalDEF 14A2026-03-300001104659-26-036515CEO total compensation as printed in ACNB Corp.'s own proxy. As printed: 1,825,912. Filing ↗machine: span 502973–502982
32Shore Bancshares Inc., Section 10b CEO totalDEF 14A2026-04-080001035092-26-000019CEO total compensation as printed in Shore Bancshares Inc.'s own proxy. As printed: 1,772,098. Filing ↗machine: r2 · c24 · span 646564–646573
33Arrow Financial Corporation, Section 10b CEO totalDEF 14A2026-04-230000717538-26-000045CEO total compensation as printed in Arrow Financial Corporation's own proxy. As printed: 1,572,406. Filing ↗machine: span 519962–519971
34First Bank (subject), Section 10b CEO totalDEF 14A2026-03-20CEO total compensation as printed in First Bank's own proxy. As printed: 1,543,299. Filing ↗
35CNB Financial Corporation, Section 10b CEO totalDEF 14A2026-03-160000736772-26-000035CEO total compensation as printed in CNB Financial Corporation's own proxy. As printed: 1,500,484. Filing ↗machine: span 677260–677269
36First of Long Island Corp., Section 10b CEO totalDEF 14A2024-03-080001437749-24-007157CEO total compensation as printed in First of Long Island Corp.'s own proxy. As printed: 1,497,065. Filing ↗machine: r2 · c31 · span 470805–470814
37Northfield Bancorp, Section 10b CEO totalDEF 14A2025-04-140001493225-25-000050CEO total compensation as printed in Northfield Bancorp's own proxy. As printed: 1,477,009. Filing ↗machine: r4 · c8 · span 1688255–1688264
38Chemung Financial Corporation, Section 10b CEO totalDEF 14A2026-04-230000763563-26-000009CEO total compensation as printed in Chemung Financial Corporation's own proxy. As printed: 1,417,130. Filing ↗machine: span 469180–469189
39Kearny Financial Corp., Section 10b CEO totalDEF 14A2025-09-100001617242-25-000063CEO total compensation as printed in Kearny Financial Corp.'s own proxy. As printed: 1,348,839. Filing ↗machine: r2 · c54 · span 465727–465736
40Fidelity D & D Bancorp Inc., Section 10b CEO totalDEF 14A2026-03-250001437749-26-009691CEO total compensation as printed in Fidelity D & D Bancorp Inc.'s own proxy. As printed: 1,263,329. Filing ↗machine: r1 · c24 · span 447576–447585
41Citizens Financial Services, Section 10b CEO totalDEF 14A2026-03-120001140361-26-009104CEO total compensation as printed in Citizens Financial Services's own proxy. As printed: 1,212,643. Filing ↗machine: span 524029–524038
42Peoples Financial Services Corp., Section 10b CEO totalDEF 14A2026-04-100001104659-26-041794CEO total compensation as printed in Peoples Financial Services Corp.'s own proxy. As printed: 1,068,323. Filing ↗machine: t226 · r8 · c16 · span 1077916–1077925
43Citizens & Northern Corp., Section 10b CEO totalDEF 14A2026-03-130001104659-26-027576CEO total compensation as printed in Citizens & Northern Corp.'s own proxy. As printed: 1,041,499. Filing ↗machine: r8 · c26 · span 452428–452437
44BCB Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-240001174947-26-000413CEO total compensation as printed in BCB Bancorp, Inc.'s own proxy. As printed: 772,063. Filing ↗machine: t128 · r1 · c7 · span 422363–422370
45Section 10a, CNB Financial Corporation reciprocityDEF 14A0000736772-26-000035CNB Financial Corporation's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
46Section 10a, Orrstown Financial Services reciprocityDEF 14A0001628280-26-021726Orrstown Financial Services's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
47Section 10a, Primis Financial Corp reciprocityDEF 14A0001104659-26-041860Primis Financial Corp's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
48Section 10a, Financial Institutions Inc. reciprocityDEF 14A0001193125-26-143723Financial Institutions Inc.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
49Section 10a, Mid Penn Bancorp Inc. reciprocityDEF 14A0001193125-26-128769Mid Penn Bancorp Inc.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
50Section 10a, Chemung Financial Corporation reciprocityDEF 14A0000763563-26-000009Chemung Financial Corporation's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
51Section 10a, Citizens Financial Services reciprocityDEF 14A0001140361-26-009104Citizens Financial Services's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
52Section 10a, Peapack-Gladstone Financial reciprocityDEF 14A0001193125-26-108191Peapack-Gladstone Financial's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
53Section 10a, First of Long Island Corp. reciprocityDEF 14A0001437749-24-007157First of Long Island Corp.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
54Section 10a, Northfield Bancorp reciprocityDEF 14A0001493225-25-000050Northfield Bancorp names First Bank in its own disclosed peer group (read from its most recent proxy). Filing ↗
55Section 10a, Kearny Financial Corp. reciprocityDEF 14A0001617242-25-000063Kearny Financial Corp.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
56Section 10a, Peoples Financial Services Corp. reciprocityDEF 14A0001104659-26-041794Peoples Financial Services Corp.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
57Section 10a, Shore Bancshares Inc. reciprocityDEF 14A0001035092-26-000019Shore Bancshares Inc.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
58Section 10a, Tompkins Financial Corporation reciprocityDEF 14A0001140361-26-013350Tompkins Financial Corporation's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
59Section 10a, Unity Bancorp Inc. reciprocityDEF 14A0000920427-26-000020Unity Bancorp Inc.'s most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗
60Section 10a, TrustCo Bank Corp NY reciprocityDEF 14A0001140361-26-012717TrustCo Bank Corp NY's most recent proxy was read; its disclosed peer group does not include First Bank. Filing ↗