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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Pay Versus Performance

The following tables summarize compensation information for the principal executive officer and average compensation for the other named executive officers required by the SEC rules regarding Pay Versus Performance. The Company uses Annualized Net Income growth as its Company Selected Measure (CSM).

 

Year

SCT Total Compensation for CEO

 

Compensation Actually Paid to CEO

 

Average SCT Total Compensation for Other NEOs

 

Average Compensation Actually Paid to Other NEOs

 

Value of Initial Fixed $100 Investment Based on:

 

Net Income

 

Annualized Net Income Growth

 

 

 

 

 

 

 

 

 

 

FFIN TSR

 

Peer Group TSR *

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

$

1,239,808

 

$

798,730

 

$

931,430

 

$

850,609

 

$

86.32

 

$

84.70

 

$

198,977

 

 

-15

%

2022

$

3,089,587

 

$

448,226

 

$

991,910

 

$

548,081

 

$

98.01

 

$

88.96

 

$

234,475

 

 

3

%

2021

$

3,442,141

 

$

5,876,530

 

$

981,457

 

$

1,448,906

 

$

144.84

 

$

116.73

 

$

227,562

 

 

13

%

2020

$

1,800,963

 

$

1,358,758

 

$

847,069

 

$

800,991

 

$

103.05

 

$

86.37

 

$

202,034

 

 

23

%

* Peer Group TSR is based on the KBW Nasdaq Bank Index

      
Company Selected Measure Name Annualized Net Income Growth      
Named Executive Officers, Footnote

The non-principal executive officer (PEO) named executive officers (NEOs) reflected in the table were the following individuals for 2023: Mr. Butler, Mrs. Hickox, Mr. Thaxton, and Mr. Longhofer. For 2022 it reflects the following individuals: Mr. Butler, Mr. James Gordon, Mr. Thaxton, Mr. Longhofer. For 2021 and 2020 it reflects the following individuals: Mr. Butler, Mr. Gordon, Mr. Thaxton and Mr. Gary Gragg.

     
PEO Total Compensation Amount $ 1,239,808 $ 3,089,587 $ 3,442,141 $ 1,800,963
PEO Actually Paid Compensation Amount $ 798,730 448,226 5,876,530 1,358,758
Adjustment To PEO Compensation, Footnote

To calculate the Compensation Actually Paid (CAP), the following amounts were deducted from and added to Summary Compensation Table (SCT) total compensation:

 

Year

SCT Total Compensation for CEO

 

Deductions from SCT Total

 

Additions to SCT Total

 

CAP

 

 

 

 

i

 

ii

 

 

 

2023

$

1,239,808

 

$

(45,583

)

$

(395,495

)

$

798,730

 

2022

$

3,089,587

 

$

(1,361,910

)

$

(1,279,451

)

$

448,226

 

2021

$

3,442,141

 

$

(1,672,598

)

$

4,106,987

 

$

5,876,530

 

2020

$

1,800,963

 

$

(302,123

)

$

(140,082

)

$

1,358,758

 

The equity component of CAP for the year ended December 31, 2023 is further detailed below.

 

CEO Equity Component of CAP for FY 2023:

 

Equity Type

Fair Value of Current Year Equity Awards at 12/31/2023

 

Change in Value of Prior Years' Awards Unvested at 12/31/2023

 

Change in Value of Prior Years' Awards That Vested in FY 2023

 

Equity Value Included in CAP

 

 

(a) *

 

(b)

 

(c)

 

(d) = (a) + (b) + (c)

 

ISOs

$

—

 

$

(84,869

)

$

(123,909

)

$

(208,778

)

RSAs

 

—

 

 

—

 

 

(17,818

)

 

(17,818

)

RSUs

 

—

 

 

(41,820

)

 

(32,804

)

 

(74,624

)

PSUs

 

—

 

 

(82,853

)

 

—

 

 

(82,853

)

Total

$

—

 

$

(209,542

)

$

(174,531

)

$

(384,073

)

* Mr. Dueser declined to receive his long-term equity incentives for 2023.

      
Non-PEO NEO Average Total Compensation Amount $ 931,430 991,910 981,457 847,069
Non-PEO NEO Average Compensation Actually Paid Amount $ 850,609 548,081 1,448,906 800,991
Adjustment to Non-PEO NEO Compensation Footnote

To calculate the Compensation Actually Paid (CAP), the following amounts were deducted from and added to Summary Compensation Table (SCT) total compensation:

Year

SCT Total Compensation for other NEOs

 

Deductions from SCT Total

 

Additions to SCT Total

 

CAP

 

 

 

 

i

 

ii

 

 

 

2023

$

931,430

 

$

(311,413

)

$

230,592

 

$

850,609

 

2022

$

991,910

 

$

(256,830

)

$

(186,999

)

$

548,081

 

2021

$

981,457

 

$

(231,433

)

$

698,882

 

$

1,448,906

 

2020

$

847,069

 

$

(170,745

)

$

124,667

 

$

800,991

 

The equity component of CAP for the year ended December 31, 2023 is further detailed below.

Average Non-CEO NEOs Equity Component of CAP for FY 2023:

 

Equity Type

Fair Value of Current Year Equity Awards at 12/31/2023

 

Change in Value of Prior Years' Awards Unvested at 12/31/2023

 

Change in Value of Prior Years' Awards That Vested in FY 2023

 

Equity Value Included in CAP

 

 

(a)

 

(b)

 

(c)

 

(d) = (a) + (b) + (c)

 

ISOs

$

94,356

 

$

(25,903

)

$

(23,891

)

$

44,562

 

RSAs

 

—

 

 

—

 

 

(5,939

)

 

(5,939

)

RSUs

 

99,172

 

 

(4,035

)

 

(3,147

)

 

91,989

 

PSUs

 

99,172

 

 

(7,947

)

 

—

 

 

91,225

 

Total

$

292,700

 

$

(37,885

)

$

(32,977

)

$

221,837

 
     
Compensation Actually Paid vs. Total Shareholder Return

The chart below shows the relationship between compensation actually paid to our CEO and the average of the compensation actually paid to our Other NEOs and our cumulative TSR over the most recently completed fiscal years.

CAP vs. Total Shareholder Return

img264992590_51.jpg 

      
Compensation Actually Paid vs. Net Income

The chart below shows the relationship between compensation actually paid to our CEO and the average of the compensation actually paid to our Other NEOs and our net income over the most recently completed fiscal years.

CAP vs. Net Income

img264992590_52.jpg 

      
Total Shareholder Return Vs Peer Group

The table below shows the relationship between our cumulative TSR and our peer group TSR over the four most recently completed fiscal years.

Total Shareholder Return: Company vs. Peer Group

img264992590_50.jpg 

      
Tabular List, Table

The four items listed below represent the most important metrics we used to determine CAP for the year ended December 31, 2023 as further described in our Compensation Discussion and Analysis within the Short Term Incentives and Long Term Incentives sections.

 

Most Important Performance Measures

Efficiency Ratio

Return on Assets

Return on Equity

Annual Net Income Growth

 

      
Total Shareholder Return Amount $ 86.32 98.01 144.84 103.05
Peer Group Total Shareholder Return Amount [1] 84.7 88.96 116.73 86.37
Net Income (Loss) $ 198,977 $ 234,475 $ 227,562 $ 202,034
Company Selected Measure Amount (0.15) 0.03 0.13 0.23
Measure:: 1        
Pay vs Performance Disclosure        
Name Efficiency Ratio      
Measure:: 2        
Pay vs Performance Disclosure        
Name Return on Assets      
Measure:: 3        
Pay vs Performance Disclosure        
Name Return on Equity      
Measure:: 4        
Pay vs Performance Disclosure        
Name Annual Net Income Growth      
Non-GAAP Measure Description

Annualized Net Income Growth (CSM) is a primary driver of short term incentives and relative annualized net income growth is a key component of long term incentives. It is a key driver in both cash incentive bonuses as well as profit sharing amounts. The CEO and the other NEO's net income growth goals are set by the Compensation committee each year. In 2023, the earnings growth goal was not met for the consolidated Company. The CEO elected not to receive his incentives and this significantly reduced cash incentive bonuses for the NEOs for the year ended December 31, 2023.

     
PEO | Adjustment to Compensation Deductions from SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (45,583) $ (1,361,910) $ (1,672,598) $ (302,123)
PEO | Adjustment to Compensation Additions to SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (395,495) (1,279,451) 4,106,987 (140,082)
PEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Fair Value of Current Year Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (84,869)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (41,820)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (82,853)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (209,542)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (123,909)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (17,818)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (32,804)      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (174,531)      
PEO | Adjustment to Compensation Equity Value Included in CAP, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (208,778)      
PEO | Adjustment to Compensation Equity Value Included in CAP, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (17,818)      
PEO | Adjustment to Compensation Equity Value Included in CAP, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (74,624)      
PEO | Adjustment to Compensation Equity Value Included in CAP, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (82,853)      
PEO | Adjustment to Compensation Equity Value Included in CAP [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (384,073)      
Non-PEO NEO | Adjustment to Compensation Deductions from SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (311,413) (256,830) (231,433) (170,745)
Non-PEO NEO | Adjustment to Compensation Additions to SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 230,592 $ (186,999) $ 698,882 $ 124,667
Non-PEO NEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 94,356      
Non-PEO NEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 99,172      
Non-PEO NEO | Adjustment to Compensation Fair Value of Current Year Equity Awards, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 99,172      
Non-PEO NEO | Adjustment to Compensation Fair Value of Current Year Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 292,700      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (25,903)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,035)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (7,947)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (37,885)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (23,891)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,939)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,147)      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Non-PEO NEO | Adjustment to Compensation Change in Value of Prior Years' Awards that Vested in Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (32,977)      
Non-PEO NEO | Adjustment to Compensation Equity Value Included in CAP, Incentive Stock Options [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 44,562      
Non-PEO NEO | Adjustment to Compensation Equity Value Included in CAP, Restricted Stock Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,939)      
Non-PEO NEO | Adjustment to Compensation Equity Value Included in CAP, Restricted Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 91,989      
Non-PEO NEO | Adjustment to Compensation Equity Value Included in CAP, Performance Stock Units [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 91,225      
Non-PEO NEO | Adjustment to Compensation Equity Value Included in CAP [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 221,837      
[1] Peer Group TSR is based on the KBW Nasdaq Bank Index