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First Financial (NYSE:SSB) Corporation (NASDAQ:THFF), a $606.52 million market cap financial institution trading at $51.18 per share, has entered into new employment agreements with three of its senior executives, according to a recent SEC filing. According to InvestingPro data, the company has maintained an impressive 43-year streak of consecutive dividend payments, currently yielding 3.99%. The agreements, effective July 1, 2025, involve Rodger A. McHargue, Senior Vice President and Chief Financial Officer; Stephen P. Panagouleas, Senior Vice President and Chief Credit Officer; and Mark A. Franklin, Senior Vice President and Chief Lending Officer.
Under the terms of the agreements, each executive will serve an initial 24-month term, which can be extended annually upon notification from the board’s compensation committee. Effective January 1, 2025, McHargue will receive an annual base salary of $374,040, Panagouleas $306,500, and Franklin $308,509. These salaries are subject to adjustment by First Financial Corporation or its subsidiary, First Financial Bank. The company’s strong financial position, trading at a P/E ratio of 11.44, has caught analysts’ attention, with InvestingPro reporting that two analysts have recently revised their earnings expectations upward for the upcoming period.
The agreements include provisions for termination. If an executive’s employment ends due to death, disability, or just cause, they will receive their base salary and benefits up to the termination date. If terminated without just cause or if they resign for good reason, they will receive their salary and bonuses for the remainder of the agreement term, plus reimbursement for benefits.
In case of a change in control, executives are entitled to a severance package equal to twice their base salary and bonuses, along with benefits for two years. The agreements also contain non-compete clauses prohibiting competition within a specified radius of Terre Haute, Indiana, or Bloomington, Indiana, for one year post-termination.
These details are based on a press release statement as part of the SEC filing. The company appears slightly undervalued according to InvestingPro’s Fair Value analysis, suggesting potential upside for investors. Discover more insights and 12+ additional ProTips about First Financial Corporation with an InvestingPro subscription.
In other recent news, First Financial Corporation announced the outcomes of its annual shareholder meeting. The company confirmed the re-election of six directors and the approval of executive compensation, alongside the ratification of Crowe LLP as its public accounting firm for the current fiscal year. This decision was supported by a substantial majority of votes, highlighting shareholder confidence in the company’s leadership and financial oversight. Additionally, First Financial Corporation declared a quarterly dividend of 51 cents per share, scheduled for payment on April 15, 2025, to shareholders of record as of April 1, 2025. This dividend announcement reflects the company’s ongoing commitment to returning value to its shareholders. The regular payment of dividends is often seen by investors as a sign of financial health and stability. These developments are based on press releases issued by First Financial Corporation, which continue to draw attention from investors monitoring the company’s financial position and strategic direction.
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