Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | FIRST FINANCIAL BANCORP. |
Entity Central Index Key | 0000708955 |
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 Disclosure As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between the compensation actually paid to our NEOs and certain financial performance of the Company. The compensation actually paid for NEOs as reported in this section of the proxy statement does not reflect the actual amount of compensation earned by or paid to the NEOs, but is a calculation derived from the total compensation reported for the NEOs in the Summary Compensation Table, as adjusted pursuant to the requirements of 402(v) of Regulation S-K. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation—Compensation Discussion and Analysis.” Year Summary 1 Compensation 2 Average Summary 3 Average 4 Value of Initial Fixed $100 Net Income 7 Return on Assets 8 Company TSR 5 Peer Group TSR 6 (a) (b) (c) (d) (e) (f) (g) (h) (j) 2022 2,796,717 2,914,230 1,080,809 1,198,172 109.28 116.15 217,612 1.36% 2021 3,054,247 2,571,457 1,247,560 1,170,400 105.70 124.78 205,160 1.37% 2020 2,440,084 1,964,427 883,456 820,921 73.10 91.32 155,810 1.05% 1. The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Brown (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation— Executive Compensation Tables—Summary Compensation Table.” 2. The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Brown in accordance with the requirements of Item 402(v) of Regulation S-K. The following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table for each year to determine the compensation actually paid: Year Reported Reported Value of Equity Award Reported Change in Pension Benefit Compensation (A) (B) (C) (D) ($) ($) ($) ($) ($) ($) 2022 2,796,717 (948,780 ) 1,101,812 (48,024 ) 12,505 2,914,230 2021 3,054,247 (1,098,098 ) 695,462 (92,331 ) 12,177 2,571,457 2020 2,440,084 (880,010 ) 487,891 (95,758 ) 12,220 1,964,427 (A) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year (B) The amounts deducted or added in calculating the equity award adjustments are as follows (the value assumptions used to calculate the fair value did not materially differ from those disclosed at the time of grant): Year Year End Fair Year over Year Fair Value as of Year over Year Fair Value at the End Value of Dividends or Total Equity Award ($) ($) ($) ($) ($) ($) ($) 2022 852,417 322,716 0 17,492 (90,813 ) 0 1,101,812 2021 856,530 (58,523 ) 0 0 (102,544 ) 0 695,462 2020 750,241 (262,350 ) 0 0 0 0 487,891 (C) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year (D) The amounts deducted or added in calculating the pension benefit adjustments are as follows: Year Service Cost Prior Service Cost Total Pension Benefit ($) ($) ($) 2022 12,505 0 12,505 2021 12,177 0 12,177 2020 12,220 0 12,220 3. The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Brown, who has served as our CEO since 2018) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Brown) included for purposes of calculating the average amounts in each applicable year are as follows: 2020 2021 2022 James M. Anderson James M. Anderson James M. Anderson 4. The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Brown). In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group 3 (excluding Mr. Brown) for each year to determine the compensation actually paid, using the same methodology described above in Note 2: Year Average Average Reported Average Equity Average Reported Average Pension Average (A) (B) (C) (D) ($) ($) ($) ($) ($) ($) 2022 1,080,809 (292,279 ) 408,600 (13,367 ) 14,410 $1,198,172 2021 1,247,560 (317,274 ) 264,212 (37,426 ) 13,328 $1,170,400 2020 883,456 (232,538 ) 197,768 (41,036 ) 13,271 $820,921 (A) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year (B) The amounts deducted or added in calculating the equity award adjustments are as follows (the value assumptions used to calculate the fair value did not materially differ from those disclosed at the time of grant): Year Year End Fair Year over Year Fair Value as of Year over Year Fair Value at the End Value of Dividends or Total Equity Award ($) ($) ($) ($) ($) ($) ($) 2022 327,852 88,598 0 1,876 (9,725 ) 0 408,600 2021 316,841 (42,633 ) 0 0 (9,996 ) 0 264,212 2020 198,247 2,884 0 (1,490 ) (1,873 ) 0 197,768 (C) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year (D) The amounts deducted or added in calculating the pension benefit adjustments are as follows: Year Average Service Average Prior Service Average Total ($) ($) ($) 2022 14,410 0 14,410 2021 13,328 0 13,328 2020 13,271 0 13,271 5. Cumulative Total Shareholder Return (“TSR”) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. 6. Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The Company uses the KBW Regional Banking Index (KBW Index) as the peer group for determining performance with each of its compensation metrics. The KBW Index is made up of approximately 50 regional banks located throughout the country that are generally within an asset and market capitalization range comparable to the Company. 7. The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year. 8. While the Company uses numerous financial and nonfinancial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Return on Assets is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance. | ||
Company Selected Measure Name | Return on Assets | ||
Named Executive Officers, Footnote [Text Block] | 1. The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Brown (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation— 3. The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Brown, who has served as our CEO since 2018) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Brown) included for purposes of calculating the average amounts in each applicable year are as follows: 2020 2021 2022 James M. Anderson James M. Anderson James M. Anderson | ||
Peer Group Issuers, Footnote [Text Block] | 6. Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The Company uses the KBW Regional Banking Index (KBW Index) as the peer group for determining performance with each of its compensation metrics. The KBW Index is made up of approximately 50 regional banks located throughout the country that are generally within an asset and market capitalization range comparable to the Company. | ||
PEO Total Compensation Amount | $ 2,796,717 | $ 3,054,247 | $ 2,440,084 |
PEO Actually Paid Compensation Amount | $ 2,914,230 | 2,571,457 | 1,964,427 |
Adjustment To PEO Compensation, Footnote [Text Block] | 2. The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Brown in accordance with the requirements of Item 402(v) of Regulation S-K. The following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table for each year to determine the compensation actually paid: Year Reported Reported Value of Equity Award Reported Change in Pension Benefit Compensation (A) (B) (C) (D) ($) ($) ($) ($) ($) ($) 2022 2,796,717 (948,780 ) 1,101,812 (48,024 ) 12,505 2,914,230 2021 3,054,247 (1,098,098 ) 695,462 (92,331 ) 12,177 2,571,457 2020 2,440,084 (880,010 ) 487,891 (95,758 ) 12,220 1,964,427 (A) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year (B) The amounts deducted or added in calculating the equity award adjustments are as follows (the value assumptions used to calculate the fair value did not materially differ from those disclosed at the time of grant): Year Year End Fair Year over Year Fair Value as of Year over Year Fair Value at the End Value of Dividends or Total Equity Award ($) ($) ($) ($) ($) ($) ($) 2022 852,417 322,716 0 17,492 (90,813 ) 0 1,101,812 2021 856,530 (58,523 ) 0 0 (102,544 ) 0 695,462 2020 750,241 (262,350 ) 0 0 0 0 487,891 (C) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year (D) The amounts deducted or added in calculating the pension benefit adjustments are as follows: Year Service Cost Prior Service Cost Total Pension Benefit ($) ($) ($) 2022 12,505 0 12,505 2021 12,177 0 12,177 2020 12,220 0 12,220 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,080,809 | 1,247,560 | 883,456 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,198,172 | 1,170,400 | 820,921 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | 4. The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Brown). In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group 3 (excluding Mr. Brown) for each year to determine the compensation actually paid, using the same methodology described above in Note 2: Year Average Average Reported Average Equity Average Reported Average Pension Average (A) (B) (C) (D) ($) ($) ($) ($) ($) ($) 2022 1,080,809 (292,279 ) 408,600 (13,367 ) 14,410 $1,198,172 2021 1,247,560 (317,274 ) 264,212 (37,426 ) 13,328 $1,170,400 2020 883,456 (232,538 ) 197,768 (41,036 ) 13,271 $820,921 (A) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year (B) The amounts deducted or added in calculating the equity award adjustments are as follows (the value assumptions used to calculate the fair value did not materially differ from those disclosed at the time of grant): Year Year End Fair Year over Year Fair Value as of Year over Year Fair Value at the End Value of Dividends or Total Equity Award ($) ($) ($) ($) ($) ($) ($) 2022 327,852 88,598 0 1,876 (9,725 ) 0 408,600 2021 316,841 (42,633 ) 0 0 (9,996 ) 0 264,212 2020 198,247 2,884 0 (1,490 ) (1,873 ) 0 197,768 (C) The amounts included in this column are the amounts reported in “Change in Pension and Nonqualified Deferred Compensation” column of the Summary Compensation Table for each applicable year (D) The amounts deducted or added in calculating the pension benefit adjustments are as follows: Year Average Service Average Prior Service Average Total ($) ($) ($) 2022 14,410 0 14,410 2021 13,328 0 13,328 2020 13,271 0 13,271 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between Compensation Actually Paid and Company TSR The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Net Income [Text Block] | Relationship Between Compensation Actually Paid and Net Income The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, and our net income during the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between Compensation Actually Paid and Return on Assets The following chart sets forth the relationship between our Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, and our Return on Assets during the three most recently completed fiscal years. | ||
Total Shareholder Return Vs Peer Group [Text Block] | Relationship Between Company TSR and Peer Group TSR The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the KBW Regional Bank Index over the same period. 1 1. The table assumes $100 invested on December 31, 2019 and all dividends reinvested. | ||
Tabular List [Table Text Block] | Financial Performance Measures As described in greater detail in “Executive Compensation—Compensation Discussion and Analysis,” the metrics that the Company uses for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows: ■ Return on Assets ■ Classified Assets as a percentage of Total Assets ■ Earnings per Share Growth ■ Relative TSR | ||
Total Shareholder Return Amount | $ 109.28 | 105.7 | 73.1 |
Peer Group Total Shareholder Return Amount | 116.15 | 124.78 | 91.32 |
Net Income (Loss) | $ 217,612 | $ 205,160 | $ 155,810 |
Company Selected Measure Amount | 1.36 | 1.37 | 1.05 |
PEO Name | Mr. Brown | Mr. Brown | Mr. Brown |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Return on Assets | ||
Non-GAAP Measure Description [Text Block] | 8. While the Company uses numerous financial and nonfinancial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Return on Assets is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the company’s NEOs, for the most recently completed fiscal year, to Company performance. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Classified Assets as a percentage of Total Assets | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Earnings per Share Growth | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR | ||
PEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Equity Awards | $ (948,780) | $ (1,098,098) | $ (880,010) |
PEO [Member] | Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,101,812 | 695,462 | 487,891 |
PEO [Member] | Change in the Actuarial Present Value of Pension Benefits [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (48,024) | (92,331) | (95,758) |
PEO [Member] | Total Pension Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 12,505 | 12,177 | 12,220 |
PEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 852,417 | 856,530 | 750,241 |
PEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 322,716 | (58,523) | (262,350) |
PEO [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 17,492 | 0 | 0 |
PEO [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (90,813) | (102,544) | 0 |
PEO [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
PEO [Member] | Pension Adjustments Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 12,505 | 12,177 | 12,220 |
PEO [Member] | Pension Adjustments Prior Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Equity Awards | (292,279) | (317,274) | (232,538) |
Non-PEO NEO [Member] | Total Equity Awards Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 408,600 | 264,212 | 197,768 |
Non-PEO NEO [Member] | Change in the Actuarial Present Value of Pension Benefits [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (13,367) | (37,426) | (41,036) |
Non-PEO NEO [Member] | Total Pension Adjustments [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 14,410 | 13,328 | 13,271 |
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 327,852 | 316,841 | 198,247 |
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 88,598 | (42,633) | 2,884 |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,876 | 0 | (1,490) |
Non-PEO NEO [Member] | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (9,725) | (9,996) | (1,873) |
Non-PEO NEO [Member] | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 0 |
Non-PEO NEO [Member] | Pension Adjustments Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 14,410 | 13,328 | 13,271 |
Non-PEO NEO [Member] | Pension Adjustments Prior Service Cost [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 0 | $ 0 | $ 0 |