First Financial exec receives pay cut in ‘09 due to bank bailout

According to the proxy, Davis’ total compensation dropped $400,000 to $1 million in 2009, and he did not receive any stock options or bonuses as in previous years.

However, the head of the Hamilton-based bank did receive a base salary increase from $510,000 in 2008 to $589,000 last year. The bank board cited steps Davis took to rebuild capital and loan loss reserves in late 2008 as the economy worsened as reasons for the increase.

First Financial operates 115 banking centers in Ohio, Indiana, Kentucky and Michigan.

Contact this reporter at (513) 705-2843 or jheffner@coxohio.com.