Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 | |
Document and Entity Information [Abstract] | |
Document Type | DEF 14A |
Entity Registrant Name | FIRST FINANCIAL CORP |
Entity Central Index Key | 0000714562 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance Table Value of Initial Fixed Company Average $100 Investment Selected Summary Average Based On Measure Summary Compensation Compensation Peer Group Compensation Compensation Table Total Actually Paid Total Total Table Total Actually Paid for Non-PEO to Non-PEO Shareholder Shareholder Net Year for PEO (1) to PEO (1)(2) NEOs (1) NEOs (1)(3) Return Return (4) Income EPS (5) 2022 $1,716,737 $1,722,753 $560,551 $611,021 $109 $110 $71,109,000 $5.82 2021 $2,186,641 $1,727,166 $634,732 $621,171 $104 $130 $52,907,000 $4.02 2020 $2,494,588 $1,465,332 $899,798 $538,845 $ 87 $ 93 $53,844,000 $3.93 (1) Mr. Norman L. Lowery was the PEO, and Messrs. McHargue, Norman D. Lowery and Holliday were Non-PEO NEOs, for each of the years shown. Mr. Franklin was a Non-PEO NEO for 2022, and Ms. Karen Milienu, the Corporation’s former Chief Branch Banking Officer, was a Non-PEO NEO for 2021 and 2020. (2) The table below shows the amount of CAP to our PEO, as computed in accordance with Item 402(v) of SEC Regulation S-K. The dollar amounts reported do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year, and the Compensation Committee did not consider CAP in making any executive compensation decisions with respect to our PEO: Year Summary (A) (B) (C) (D) Compensation 2022 2021 2020 (A) Represents the amounts reported in the Stock Award column in the Summary Compensation Table (SCT) for the applicable year. (B) Represents stock award adjustments (deductions and additions) for PEO stock awards for each applicable year calculated as follows: Year Year-End Fair Value of Year-over-Year Change Fair Value as of Vesting Year-over-Year Change Total Stock Award 2022 $ 3,186 $ 6,153 2021 2020 (C) Represents the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the PEO for the applicable year. (D) Represents the actuarially determined pension service cost and prior service cost, if any, for services rendered by Mr. Norman L. Lowery during the applicable year. No pension service cost or prior service cost with respect to our PEO was recognized during the applicable years. (3) The table below shows average CAP for the Non-PEO NEOs, as computed in accordance with Item 402(v) of SEC Regulation S-K. The dollar amounts reported do not reflect the actual amount of compensation earned by or paid to our Non-PEO NEOs during the applicable year, and the Compensation Committee did not consider CAP in making any executive compensation decisions with respect to our Non-PEO NEOs: Year Average (A) (B) (C) (D) Average 2022 $ (97,702) 2021 $ (83,326) 2020 $ 78,874 (A) Represents the amounts reported in the Stock Award column in the Summary Compensation Table (SCT) for the applicable year. (B) Represents the average of stock award adjustments (deductions and additions) for the Non-PEO NEO stock awards for each applicable year calculated as follows Year Average Year- Average Year- Average Fair Average Year- Average Fair Total Average 2022 $ 688 2021 2020 $ 78,874 (C) Represents the average amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the Non-PEO NEOs for each applicable year. (D) Represents the average actuarially determined pension service cost and prior service cost for services rendered by the Non-PEO NEOs during the applicable year. No prior service cost with respect to the Non-PEO NEOs was recognized during the applicable years. (4) The Peer Group Total Shareholder Return used in this table reflects the SNL Bank $1B-$5B index, which the Corporation also uses in the stock performance graph included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022. (5) Earnings per share (EPS) is a financial performance measure used for compensation decisions. Management believes that EPS performance is a meaningful measure of our overall financial performance. See “Compensation Discussion and Analysis.” | ||
Company Selected Measure Name | Earnings per share (EPS) | ||
Peer Group Issuers, Footnote [Text Block] | The Peer Group Total Shareholder Return used in this table reflects the SNL Bank $1B-$5B index, which the Corporation also uses in the stock performance graph included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022. | ||
PEO Total Compensation Amount | $ 1,716,737 | $ 2,186,641 | $ 2,494,588 |
PEO Actually Paid Compensation Amount | $ 1,722,753 | 1,727,166 | 1,465,332 |
Adjustment To PEO Compensation, Footnote [Text Block] | Year Summary (A) (B) (C) (D) Compensation 2022 2021 2020 (A) Represents the amounts reported in the Stock Award column in the Summary Compensation Table (SCT) for the applicable year. (B) Represents stock award adjustments (deductions and additions) for PEO stock awards for each applicable year calculated as follows: Year Year-End Fair Value of Year-over-Year Change Fair Value as of Vesting Year-over-Year Change Total Stock Award 2022 $ 3,186 $ 6,153 2021 2020 (C) Represents the amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the PEO for the applicable year. (D) Represents the actuarially determined pension service cost and prior service cost, if any, for services rendered by Mr. Norman L. Lowery during the applicable year. No pension service cost or prior service cost with respect to our PEO was recognized during the applicable years. | ||
Non-PEO NEO Average Total Compensation Amount | $ 560,551 | 634,732 | 899,798 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 611,021 | 621,171 | 538,845 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Year Average (A) (B) (C) (D) Average 2022 $ (97,702) 2021 $ (83,326) 2020 $ 78,874 (A) Represents the amounts reported in the Stock Award column in the Summary Compensation Table (SCT) for the applicable year. (B) Represents the average of stock award adjustments (deductions and additions) for the Non-PEO NEO stock awards for each applicable year calculated as follows Year Average Year- Average Year- Average Fair Average Year- Average Fair Total Average 2022 $ 688 2021 2020 $ 78,874 (C) Represents the average amounts reported in the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column of the SCT for the Non-PEO NEOs for each applicable year. (D) Represents the average actuarially determined pension service cost and prior service cost for services rendered by the Non-PEO NEOs during the applicable year. No prior service cost with respect to the Non-PEO NEOs was recognized during the applicable years. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The graph below compares CAP to the PEO and the average CAP to the Non-PEO NEOs against the total shareholder return for the Corporation and the peer group for the fiscal years ended December 31, 2022: | ||
Compensation Actually Paid vs. Net Income [Text Block] | The graph below compares CAP to the PEO and the average CAP to the Non-PEO NEOs against net income for the three fiscal years ended December 31, 2022: | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The graph below compares CAP to the PEO and the average CAP to the Non-PEO NEOs against EPS, the Company Selected Measure, for the three fiscal years ended December 31, 2022: | ||
Total Shareholder Return Vs Peer Group [Text Block] | The graph below compares CAP to the PEO and the average CAP to the Non-PEO NEOs against the total shareholder return for the Corporation and the peer group for the fiscal years ended December 31, 2022: | ||
Tabular List [Table Text Block] | As required by SEC rules, the following table lists the performance measures that, in the Corporation’s assessment, represent the most important financial measures used by the Corporation to link compensation “actually paid” to the Corporation’s PEO and Non-PEO NEOs to the Corporation’s performance for 2022. EPS Net Income Efficiency Ratio | ||
Total Shareholder Return Amount | $ 109 | 104 | 87 |
Peer Group Total Shareholder Return Amount | 110 | 130 | 93 |
Net Income (Loss) | $ 71,109,000 | $ 52,907,000 | $ 53,844,000 |
Company Selected Measure Amount | 5.82 | 4.02 | 3.93 |
PEO Name | Mr. Norman L. Lowery | ||
Additional 402(v) Disclosure [Text Block] | As described in more detail in the section captioned “Compensation Discussion and Analysis” the executive compensation program for our PEO and Non-PEO NEOs includes variable components in the form of annual incentive compensation and long-term incentive awards. While we use several performance measures to align executive compensation with our performance, all of those measures are not presented in the Pay Versus Performance Table. Moreover, we seek to incentivize long-term performance and, as a result, our performance against our financial measures in a particular year may not align with “compensation actually paid,” or CAP, as computed in accordance with Item 402(v) of SEC Regulation S-K for that year. In accordance with Item 402(v) of SEC Regulation S-K, we are providing the following descriptions of the relationships between information presented in the Pay Versus Performance Table. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | EPS | ||
Non-GAAP Measure Description [Text Block] | Earnings per share (EPS) is a financial performance measure used for compensation decisions. Management believes that EPS performance is a meaningful measure of our overall financial performance. See “Compensation Discussion and Analysis.” | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Income | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Efficiency Ratio | ||
PEO [Member] | Stock Awards in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (456,265) | $ (448,960) | $ (425,141) |
PEO [Member] | Stock Award Adjustments | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 472,996 | 549,589 | 319,342 |
PEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (560,104) | (923,457) | |
PEO [Member] | Year-End Fair Value of Outstanding and Unvested Stock Awards Granted During Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 309,105 | 323,500 | 259,078 |
PEO [Member] | Year-over-Year Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,186 | 21,140 | (23,903) |
PEO [Member] | Fair Value as of Vesting Date of Stock Awards Granted and Vested in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 154,552 | 161,750 | 129,539 |
PEO [Member] | Year-over-Year Change in Fair Value of Stock Awards Granted in Prior Years that Vested in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 6,153 | 43,199 | (45,372) |
Non-PEO NEO [Member] | Stock Awards in SCT | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (97,702) | (108,945) | (102,920) |
Non-PEO NEO [Member] | Stock Award Adjustments | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 101,282 | 105,977 | 78,874 |
Non-PEO NEO [Member] | Reported Change in the Actuarial Present Value of Pension Benefits | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (83,326) | (395,147) | |
Non-PEO NEO [Member] | Pension Benefit Adjustments | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 46,890 | 72,733 | 58,240 |
Non-PEO NEO [Member] | Year-End Fair Value of Outstanding and Unvested Stock Awards Granted During Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 66,179 | 69,879 | 62,710 |
Non-PEO NEO [Member] | Year-over-Year Change in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Years | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 688 | 4,542 | (5,350) |
Non-PEO NEO [Member] | Fair Value as of Vesting Date of Stock Awards Granted and Vested in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 33,089 | 34,939 | 31,355 |
Non-PEO NEO [Member] | Year-over-Year Change in Fair Value of Stock Awards Granted in Prior Years that Vested in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 1,326 | 8,905 | $ (9,841) |
Non-PEO NEO [Member] | Fair Value at End of Prior Period of Stock Awards that Failed to Meet Vesting Conditions During the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (12,288) |