First Bancorp CEO Richard Moore, the former treasurer of North Carolina, was paid $1.23 million in total compensation for 2018, down 13.9 percent from $1.43 million in 2017, according to a filing with the Securities and Exchange Commission.

His cash bonus was $150,000, down from $500,000 in 2017.

In February 2017, the compensation committee reviewed Moore’s role within the company and determined that his base salary would be reduced from $525,000 to $400,000 but with an increase in his annual long-term equity grant – from 20 percent of salary to 50 percent of salary.

In 2018, the committee met again and determined that Moore’s base salary would remain $400,000 but further increased his annual long-term equity grant to 100 percent of salary.

Additional compensation would be directly aligned to the company’s achievement of performance goals established by the compensation committee.

His annual performance bonus can range from $120,000 to $480,000. As noted above, the bonus is based on the company’s attainment of performance goals.

For 2018, Moore received a bonus of $261,840. He was paid 50 percent of that amount in cash, which amounted to $130,920, and he was granted 3,498 shares of the company’s restricted common stock, with a value of $130,920.

Additionally, Moore received a cash bonus of $150,00 for other achievements and the company’s performance in 2018.

First Bancorp, the bank holding company for First Bank, is headquartered in Southern Pines, North Carolina. The company has 94 branches in North Carolina, assets totaling $4.3 billion and deposits of $3.4 billion.

First Bancorp’s stock on Friday morning was at $33.88, down 3.70 percent.

The SEC filing can be found here.