Monitor the Q4 2026 earnings release for any commentary on strategic direction under the new CFO. The orderly transition with a pre-hired successor suggests no disruption, but Nungester's prior CFO experience at Premier Financial Corp may signal a shift in capital allocation or M&A appetite.
Price Chart
Executive Summary
First Financial Corporation announced the retirement of CFO Rodger A. McHargue, effective December 31, 2026, and appointed Paul D. Nungester as his successor, effective January 1, 2027. A new employment agreement with Nungester provides a $375,000 base salary, bonus and equity targets, and change-in-control severance at 2.0x compensation. The transition is orderly with a named successor already on board, making this a routine CFO succession event.
Key Facts
- CFO Rodger A. McHargue notified the company of his retirement on September 15, 2026, effective December 31, 2026.
- Paul D. Nungester, age 52, was appointed as CFO effective January 1, 2027; he joined the company on August 10, 2026 as SVP and Director of Finance.
- Nungester's employment agreement provides a base salary of $375,000 per annum, a target annual bonus of not less than 35% of base salary, and a target long-term incentive grant value of not less than 45% of base salary.
- The agreement runs through June 30, 2028, with possible one-year extensions.
- Change-in-control severance provides 2.0 times the sum of base salary, target bonus, annual benefit amount, COBRA premiums, and a tax top-up payment.
- Nungester is subject to a one-year non-compete within a 75-mile radius of Terre Haute, Indiana (50 miles if terminated without cause or for good reason), and a one-year non-solicitation covenant.
Financial Impact
No financial impact disclosed. CFO transition is orderly with a successor already employed.
Risk Factors
- Nungester's tenure at the company is only ~1 month before being named CFO, which introduces execution risk during the transition period.
- The non-compete radius of 75 miles is relatively narrow, potentially limiting retention leverage if a competitor recruits aggressively.
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-108611 |
| Document: tm2625641d1_8k.htm | 0001104659-26-108611 |
| Document: tm2625641d1_ex99-1.htm | 0001104659-26-108611 |
| Document: 0001104659-26-108611-index-headers.html | 0001104659-26-108611 |
| Document: 0001104659-26-108611-index.html | 0001104659-26-108611 |
| Document: 0001104659-26-108611.txt | 0001104659-26-108611 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 17, 2026 5w ago | 8-K | $76.55 $75.56 | ▼ −1.29% | ▼ −2.56% | $76.46 (−0.12%) |
Sep 17, 2026 5w ago | 8-K | $77.09 $75.22 | ▼ −2.43% | ▼ −3.03% | $76.46 (−0.82%) |
Sep 10, 2026 6w ago | 425 | $77.80 $77.09 | ▼ −0.91% | ▼ −0.41% | $76.46 (−1.72%) |
Sep 4, 2026 7w ago | 8-K | $79.34 $78.20 | ▼ −1.44% | ▼ −0.23% | $76.46 (−3.63%) |
Aug 27, 2026 8w ago | 8-K | $79.50 $78.70 | ▼ −1.01% | ▼ −1.27% | $76.46 (−3.82%) |
Jul 28, 2026 12w ago | 8-K | $79.91 $82.59 | ▲ +3.35% | ▲ +1.08% | $76.46 (−4.32%) |
Jul 28, 2026 12w ago | Press Release | $79.91 $82.59 | ▲ +3.35% | ▲ +1.08% | $76.46 (−4.32%) |
Jun 30, 2026 16w ago | 8-K | $77.44 $77.02 | ▼ −0.54% | ▼ −1.15% | $76.46 (−1.27%) |
Jun 30, 2026 16w ago | 8-K | $77.44 $77.02 | ▼ −0.54% | ▼ −1.15% | $76.46 (−1.27%) |
Jun 17, 2026 18w ago | 8-K | $72.88 $76.12 | ▲ +4.45% | ▲ +5.49% | $76.46 (+4.91%) |
US Market Status
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