Four of the five top five executives at FirstMerit Corp. earned more in 2012 than in 2011, according to the company’s annual proxy statement.
That follows a year when four of the five earned less since none took bonuses in 2011.
Bonuses again were not awarded to the top five in 2012, but the compensation rose between 2.5 and 6.8 percent from the previous year.
The executives’ total compensation is derived following an Associated Press formula for financial analysis of the company’s filing with the Securities and Exchange Commission.
The top five executives of the Akron-based bank were paid between $815,839 and $4.69 million for the year. The AP formula is intended to show what executives actually received in a given fiscal year and differs from totals listed in a company’s proxy statement.
The AP’s pay calculations include salary, bonus, incentives, perks and the estimated value of stock options and awards granted during the year. The calculations do not include changes in the value of pension benefits.
According to the formula, Paul G. Greig, chairman, president and chief executive officer, received $4.69 million in 2012. That’s an increase of $248,958 or 5.6 percent from the previous year’s compensation of $4.44 million. It is not his highest year of compensation, however. In 2010, he received $4.89 million.
Terence E. Bichsel, executive vice president and chief financial officer, received $1.24 million in 2012. That’s an increase of $30,401 or 2.5 percent from his $1.21 million in 2011.
William P. Richgels, executive vice president and chief credit officer, tied for receiving the highest percentage increase among the top executives. He was paid $1.29 million in 2012. That’s an increase of $82,486 or 6.8 percent from 2011.
David G. Goodall, executive vice president of commercial banking, also received a 6.8 percent raise in 2012, making $1.10 million. That’s an increase of $69,698 or 6.8 percent from 2011.
N. James Brockelhurst, executive vice president of retail banking, was not among the top five highest paid executives before 2012. He made $815,839 in 2012.
FirstMerit spokesman Rob Townsend said the company does not comment about executive compensation.