A moisture-curable adhesive composition that may be formulated to be free of volatile organic compounds, or substantially free of volatile organic compounds which is safe for chronic exposure, resistant to combustion, and provides a high peel strength useful for securing a rubber membrane material to a rigid roof deck includes a polymer having silicon-containing hydrolyzable terminal groups, a phenolic resin, and a non-polymeric silicon-containing hydrolyzable compound, wherein the ratio of the amount of polymer having silicon-containing hydrolyzable terminal groups by weight to the amount of phenolic resin by weight is greater than 2:1.