Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-13

Premier Financial (PFC)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,107,726
Gary Small total, FY2023
1st
CEO pay percentile vs peers
CEO-to-median pay ratio
93.77%
Say-on-pay support, latest vote
Companies that benchmark against PFC
10 companies name PFC as a compensation peer

Each company listed discloses PFC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PFC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Gary Small$617,077$0$309,590$0$119,340$61,719$1,107,726
President and CEO of Premier and Premier Bank
Paul Nungester373,86250,000130,566058,66920,523633,620
Executive Vice President and Chief Financial Officer of Premier and Premier Bank
Shannon Kuhl288,79630,000170,685036,65915,156541,296
Executive Vice President and Chief Legal Officer
Varun Chandhok320,8850111,882082,10721,174536,048
Executive Vice President and Chief Information and Operations Officer
Rick Hull330,665065,097087,55945,988529,309
Executive Vice President and Head of Commercial Banking

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Gary Small$1,107,726$1,164,109−56,383
Paul Nungester633,620589,549+44,071
Shannon Kuhl541,296
Varun Chandhok536,048534,401+1,647
Rick Hull529,309

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Shannon KuhlPSU4,946$119,199
Paul NungesterPSU17,731427,317
Gary SmallPSU41,9851,009,670
Varun ChandhokPSU15,121364,416
Varun ChandhokPSU2,49660,154
Paul NungesterPSU1,74442,030
Shannon KuhlPSU9,957239,964
Rick HullPSU84620,389
Gary SmallOption026
Gary SmallPSU17,669425,823
Rick HullPSU9,006217,045
05

Incentive-plan design — the Compensation Discussion & Analysis

The Board believes the most effective executive compensation program is one that rewards the achievement of specific annual, long-term, and strategic goals that are established in conjunction with strategic planning initiatives and the long-term objective of maximizing shareholder value.

CEO STI target (% of salary)50%
CEO LTI target (% of salary)
Independent consultantPearl Meyer & Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-04-2523,395,7671,413,342141,00993.77%Passed
20222022-04-2623,560,699785,030179,10996.78%Passed
20212021-04-2923,986,615606,477352,16997.53%Passed
20202020-04-2823,283,312675,878628,79097.18%Passed
20182018-04-246,621,138265,79060,61596.14%Passed
20172017-05-096,673,314165,074108,33297.59%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-04-2593.77%a
20222022-04-2696.78%b
20212021-04-2997.53%c

a. Approved under the standard stated in the filing — “Abstentions have the same effect as a vote AGAINST the proposal.”.

b. Approved under the standard stated in the filing — “Because abstentions will not be counted as votes cast at the Annual Meeting, they will not affect either of these proposals.”.

c. Approved under the standard stated in the filing — “Because abstentions will not be counted as votes cast at the Annual Meeting, they will not affect either of these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Donald P. HilemanEmployee director · Board Chair · Executive (Chair) · Risk · Technology$0$176,348$176,348
Richard J. SchiraldiIndependent · Lead Independent Director · Governance & Nominating (Chair) · Audit · Executive62,50035,0060097,506
John L. BookmyerIndependent · Audit · Compensation · Executive · Governance & Nominating51,25035,0060086,256
Charles D. NiehausIndependent · Risk (Chair) · Governance & Nominating50,20235,0060085,208
Samuel S. StrausbaughIndependent · Audit (Chair) · Executive50,00035,0060085,006
Marty E. AdamsIndependent · Compensation (Chair) · Governance & Nominating · Executive48,75035,0060083,756
Terri A. BettingerIndependent · Compensation · Risk · Technology (Co-Chair)46,93435,0060081,940
Jean A. HubbardIndependent · Compensation · Governance & Nominating46,75035,0060081,756
Zahid AfzalIndependent · Risk · Technology (Co-Chair)46,08735,0060081,093
Louis M. AltmanIndependent · Audit · Governance & Nominating46,06235,0060081,068
Mark A. RobisonIndependent · Audit · Compensation45,99135,0060080,997
Nikki R. LanierIndependent · Compensation · Risk45,00035,0060080,006
Lee BurdmanIndependent · Compensation · Risk45,00035,0060080,006
Gary M. SmallEmployee director · Executive · Risk00000
09

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$35,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 10,000 / 7,500
Stock ownership guideline5x annual retainer
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$584,526
Equity awards (grant-date value)$420,072
All other compensation$176,348
Total cost of the board$1,180,946

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Premier Financial names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Premier Financial.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1First Busey Corporation2025Van Dukeman$918,789$1,939,686$0$1,109,080$4,030,080
2Enterprise Financial Services Corp2025James Lally930,3681,307,773328,0461,005,6533,620,031
3Northwest Bancshares2025Louis Torchio904,034999,99201,369,1003,396,755
4Park National Corporation2025David Trautman770,833900,03602,977,449
5Lakeland Financial Corporation2025David Findlay739,6541,304,5820393,1282,473,892
6S & T Bancorp2025Christopher McComish806,077888,7990620,2992,398,854
71st Source Corporation2025Andrea Short526,3461,054,9770476,1502,190,564
8Univest Financial Corporation2025Jeffrey Schweitzer830,000539,5330663,2342,097,674
9German American Bancorp2025D. Neil Dauby770,000517,4640602,5252,068,536
10First Commonwealth Financial Corp2025T. Michael Price700,000515,7460745,0632,000,604
11Horizon Bancorp2025Thomas Prame685,000569,9730601,0881,965,115
12City Holding Company2025Charles Hageboeck699,000404,8670796,8601,922,194
13Republic Bancorp2025Logan Pichel698,174401,048197,291500,0001,819,342
14Great Southern Bancorp2025Joseph Turner518,072093,756872,9701,815,277
15QCR Holdings2025Todd Gipple430,760490,3890558,1461,713,726
16MidWestOne Financial Group2024Charles Reeves646,875400,0030534,0391,611,393
17Midland States Bancorp2025Jeffrey Ludwig749,800562,3220194,9561,532,241
18Peoples Bancorp Inc2025Tyler Wilcox700,000259,1950416,8001,500,327
19Premier Financial2023Gary Small617,077309,5900119,3401,107,726

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Premier Financial38%PSU 67 · RSU 33Yes — 3-year Total Shareholder Return (rTSR)Pearl Meyer & Partners, LLC
1st Source Corporationnot disclosednot disclosedNoPearl Meyer
City Holding Company114%PSU 60 · RSU 40NoMcLagan
Enterprise Financial Services Corp119%PSU 60 · Options 20 · RSU 20Yes — TSRWillis Towers Watson
First Busey Corporation116.5%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
First Commonwealth Financial Corp163.75%PSU 50 · RSU 50Yes — TSR Relative to PeersMeridian Compensation Partners LLC
German American Bancorp67%RSU 100NoBCG
Great Southern Bancorpnot disclosedOption 100not disclosedPearl Meyer & Partners, LLC
Horizon Bancorpnot disclosednot disclosednot disclosedPearl Meyer
Lakeland Financial Corporation106%PSU 60 · RSU 40NoPearl Meyer & Partners
Midland States Bancorp40%RSU 100not disclosedPearl Meyer & Partners, LLC
MidWestOne Financial Group127.0%PSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Northwest Bancshares190%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Pearl Meyer
Park National Corporationnot disclosedPSU 100NoMeridian Compensation Partners, LLC (through April 30, 2025) and Pay Governance (after April 30, 2025)
Peoples Bancorp Inc60%RSU 100NoPay Governance
QCR Holdingsnot disclosedRSU 100not disclosedFrederic W. Cook & Co., Inc.
Republic Bancorp100%not disclosedNonot disclosed
S & T Bancorp119%RSU 50 · PSU 50NoAon
Univest Financial Corporation122.9%PSU 70 · RSU 30NoAon plc

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Gary SmallDEF 14A2024-03-180001140361-24-013910Section “SUMMARY COMPENSATION TABLE” · page 44. As printed: 1,107,726. Filing ↗machine: span 599128–599137
2Section 01, Paul NungesterDEF 14A2024-03-180001140361-24-013910Section “SUMMARY COMPENSATION TABLE” · page 44. As printed: 633,620. Filing ↗machine: span 602450–602457
3Section 01, Shannon KuhlDEF 14A2024-03-180001140361-24-013910Section “SUMMARY COMPENSATION TABLE” · page 44. As printed: 541,296. Filing ↗machine: r6 · c7 · span 610847–610854
4Section 01, Varun ChandhokDEF 14A2024-03-180001140361-24-013910Section “SUMMARY COMPENSATION TABLE” · page 44. As printed: 536,048. Filing ↗machine: span 608263–608270
5Section 01, Rick HullDEF 14A2024-03-180001140361-24-013910Section “SUMMARY COMPENSATION TABLE” · page 44. As printed: 529,309. Filing ↗machine: r4 · c7 · span 605093–605100
6Section 08, Donald P. HilemanDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 176,348. Filing ↗machine: t86 · r7 · c3 · span 370956–370963
7Section 08, Richard J. SchiraldiDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 97,506. Filing ↗machine: t86 · r12 · c4 · span 379167–379174
8Section 08, John L. BookmyerDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 86,256. Filing ↗machine: t86 · r5 · c4 · span 368363–368370
9Section 08, Charles D. NiehausDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 85,208. Filing ↗machine: t86 · r10 · c4 · span 375931–375938
10Section 08, Samuel S. StrausbaughDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 85,006. Filing ↗machine: t86 · r13 · c4 · span 380786–380793
11Section 08, Marty E. AdamsDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 83,756. Filing ↗machine: t86 · r1 · c4 · span 362603–362610
12Section 08, Terri A. BettingerDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 81,940. Filing ↗machine: t86 · r4 · c4 · span 366913–366920
13Section 08, Jean A. HubbardDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 81,756. Filing ↗machine: t86 · r8 · c4 · span 372729–372736
14Section 08, Zahid AfzalDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 81,093. Filing ↗machine: t86 · r2 · c4 · span 364035–364042
15Section 08, Louis M. AltmanDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 81,068. Filing ↗machine: t86 · r3 · c4 · span 365484–365491
16Section 08, Mark A. RobisonDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 80,997. Filing ↗machine: t86 · r11 · c4 · span 377548–377555
17Section 08, Nikki R. LanierDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 80,006. Filing ↗machine: t86 · r9 · c4 · span 374311–374318
18Section 08, Lee BurdmanDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 80,006. Filing ↗machine: t86 · r6 · c4 · span 369781–369788
19Section 08, Gary M. SmallDEF 14A2024-03-180001140361-24-013910Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2023 voteForm 8-K2023-04-280000950170-23-015591Item 5.07 · say-on-pay result. As reported: 93.77% (votes for as printed: 23,395,767). Filing ↗
21Section 06, 2022 voteForm 8-K2022-04-280000950170-22-006480Item 5.07 · say-on-pay result. As reported: 96.78%. Filing ↗
22Section 06, 2021 voteForm 8-K2021-05-030001193125-21-147519Item 5.07 · say-on-pay result. As reported: 97.53%. Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 09b board cost (computed)ComputedcomputedCash 584,526 + equity 420,072 + all other 176,348 = 1,180,946, summed across the director compensation table rows.machine: formula: Σ = 1,180,946
25First Busey Corporation, Section 10b CEO totalDEF 14A2026-04-130000314489-26-000021CEO total compensation as printed in First Busey Corporation's own proxy. As printed: 4,030,080. Filing ↗machine: t31 · r2 · c24 · span 687336–687345
26Enterprise Financial Services Corp, Section 10b CEO totalDEF 14A2026-03-310001025835-26-000079CEO total compensation as printed in Enterprise Financial Services Corp's own proxy. As printed: 3,620,031. Filing ↗machine: span 458805–458814
27Northwest Bancshares, Section 10b CEO totalDEF 14A2026-04-090001193125-26-148973CEO total compensation as printed in Northwest Bancshares's own proxy. As printed: 3,396,755. Filing ↗machine: t125 · r3 · c35 · span 546597–546606
28Park National Corporation, Section 10b CEO totalDEF 14A2026-03-090000805676-26-000021CEO total compensation as printed in Park National Corporation's own proxy. As printed: 2,977,449. Filing ↗machine: t22 · r2 · c14 · span 845297–845306
29Lakeland Financial Corporation, Section 10b CEO totalDEF 14A2026-03-050000721994-26-000036CEO total compensation as printed in Lakeland Financial Corporation's own proxy. As printed: 2,473,892. Filing ↗machine: span 916200–916209
30S & T Bancorp, Section 10b CEO totalDEF 14A2026-03-300001193125-26-131720CEO total compensation as printed in S & T Bancorp's own proxy. As printed: 2,398,854. Filing ↗machine: r2 · c31 · span 570969–570978
311st Source Corporation, Section 10b CEO totalDEF 14A2026-03-130000034782-26-000021CEO total compensation as printed in 1st Source Corporation's own proxy. As printed: 2,190,564. Filing ↗machine: t33 · r8 · c10 · span 732069–732078
32Univest Financial Corporation, Section 10b CEO totalDEF 14A2026-03-130000102212-26-000015CEO total compensation as printed in Univest Financial Corporation's own proxy. As printed: 2,097,674. Filing ↗machine: r2 · c51 · span 398636–398645
33German American Bancorp, Section 10b CEO totalDEF 14A2026-03-180001104659-26-030015CEO total compensation as printed in German American Bancorp's own proxy. As printed: 2,068,536. Filing ↗machine: span 816342–816351
34First Commonwealth Financial Corp, Section 10b CEO totalDEF 14A2026-03-190001193125-26-115933CEO total compensation as printed in First Commonwealth Financial Corp's own proxy. As printed: 2,000,604. Filing ↗machine: r4 · c34 · span 658732–658741
35Horizon Bancorp, Section 10b CEO totalDEF 14A2026-03-200000706129-26-000033CEO total compensation as printed in Horizon Bancorp's own proxy. As printed: 1,965,115. Filing ↗machine: span 583985–583994
36City Holding Company, Section 10b CEO totalDEF 14A2026-03-270000726854-26-000092CEO total compensation as printed in City Holding Company's own proxy. As printed: 1,922,194. Filing ↗machine: t27 · r5 · c7 · span 511012–511021
37Republic Bancorp, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027241CEO total compensation as printed in Republic Bancorp's own proxy. As printed: 1,819,342. Filing ↗machine: t262 · r15 · c18 · span 1699364–1699373
38Great Southern Bancorp, Section 10b CEO totalDEF 14A2026-03-310002077096-26-000017CEO total compensation as printed in Great Southern Bancorp's own proxy. As printed: 1,815,277. Filing ↗machine: span 320537–320546
39QCR Holdings, Section 10b CEO totalDEF 14A2026-04-090001171843-26-002356CEO total compensation as printed in QCR Holdings's own proxy. As printed: 1,713,726. Filing ↗machine: span 516480–516489
40MidWestOne Financial Group, Section 10b CEO totalDEF 14A2025-03-110001412665-25-000046CEO total compensation as printed in MidWestOne Financial Group's own proxy. As printed: 1,611,393. Filing ↗machine: span 451813–451822
41Midland States Bancorp, Section 10b CEO totalDEF 14A2026-03-230001104659-26-033298CEO total compensation as printed in Midland States Bancorp's own proxy. As printed: 1,532,241. Filing ↗machine: r1 · c35 · span 487815–487824
42Peoples Bancorp Inc, Section 10b CEO totalDEF 14A2026-03-060000318300-26-000104CEO total compensation as printed in Peoples Bancorp Inc's own proxy. As printed: 1,500,327. Filing ↗machine: t174 · r4 · c19 · span 1008838–1008848
43Premier Financial (subject), Section 10b CEO totalDEF 14A2024-03-180001140361-24-013910CEO total compensation as printed in Premier Financial's own proxy. As printed: 1,107,726. Filing ↗machine: span 599128–599137
44Section 10a, Park National Corporation reciprocityDEF 14A0000805676-26-000021Park National Corporation's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
45Section 10a, Midland States Bancorp reciprocityDEF 14A0001104659-26-033298Midland States Bancorp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
46Section 10a, QCR Holdings reciprocityDEF 14A0001171843-26-002356QCR Holdings's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
47Section 10a, Northwest Bancshares reciprocityDEF 14A0001193125-26-148973Northwest Bancshares's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
48Section 10a, S & T Bancorp reciprocityDEF 14A0001193125-26-131720S & T Bancorp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
49Section 10a, City Holding Company reciprocityDEF 14A0000726854-26-000092City Holding Company's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
50Section 10a, MidWestOne Financial Group reciprocityDEF 14A0001412665-25-000046MidWestOne Financial Group's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
51Section 10a, Enterprise Financial Services Corp reciprocityDEF 14A0001025835-26-000079Enterprise Financial Services Corp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
52Section 10a, 1st Source Corporation reciprocityDEF 14A0000034782-26-0000211st Source Corporation's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
53Section 10a, First Commonwealth Financial Corp reciprocityDEF 14A0001193125-26-115933First Commonwealth Financial Corp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
54Section 10a, German American Bancorp reciprocityDEF 14A0001104659-26-030015German American Bancorp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
55Section 10a, Horizon Bancorp reciprocityDEF 14A0000706129-26-000033Horizon Bancorp names Premier Financial in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Lakeland Financial Corporation reciprocityDEF 14A0000721994-26-000036Lakeland Financial Corporation's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
57Section 10a, First Busey Corporation reciprocityDEF 14A0000314489-26-000021First Busey Corporation's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗
58Section 10a, Peoples Bancorp Inc reciprocityDEF 14A0000318300-26-000104Peoples Bancorp Inc names Premier Financial in its own disclosed peer group (read from its most recent proxy). Filing ↗
59Section 10a, Republic Bancorp reciprocityDEF 14A0001104659-26-027241Republic Bancorp's most recent proxy was read; its disclosed peer group does not include Premier Financial. Filing ↗