Indiana (State or other Jurisdiction of Incorporation) | 000-16759 (Commission File Number) | 35-1546989 (IRS Employer Identification No.) |
P. O. Box 540, Terre Haute, Indiana (Address of Principal Executive Offices) | 47808 (Zip Code) |
Exhibit No. | Description | |
99.1 | Press Release, dated April 29, 2014 issued by First Financial Corporation |
First Financial Corporation | ||
Dated April 29, 2014 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, April 29, 2014 issued by First Financial Corporation |
News Release |
For more information contact: | |
April 29, 2014 | Rodger A. McHargue at (812) 238-6334 |
March 31, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 83,988 | $ | 71,033 | |||
Federal funds sold | 9,791 | 4,276 | |||||
Securities available-for-sale | 921,165 | 914,560 | |||||
Loans: | |||||||
Commercial | 1,037,518 | 1,042,138 | |||||
Residential | 481,663 | 482,377 | |||||
Consumer | 265,428 | 268,033 | |||||
1,784,609 | 1,792,548 | ||||||
Less: | |||||||
Unearned Income | (635 | ) | (1,120 | ) | |||
Allowance for loan losses | (20,408 | ) | (20,068 | ) | |||
1,763,566 | 1,771,360 | ||||||
Restricted Stock | 21,057 | 21,057 | |||||
Accrued interest receivable | 11,451 | 11,554 | |||||
Premises and equipment, net | 50,655 | 51,449 | |||||
Bank-owned life insurance | 79,444 | 79,035 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 4,656 | 4,935 | |||||
Other real estate owned | 4,806 | 5,291 | |||||
FDIC Indemnification Asset | 754 | 1,055 | |||||
Other assets | 41,720 | 43,624 | |||||
TOTAL ASSETS | $ | 3,032,542 | $ | 3,018,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 535,333 | $ | 506,815 | |||
Interest-bearing: | |||||||
Certificates of deposit of $100 or more | 171,165 | 179,177 | |||||
Other interest-bearing deposits | 1,800,516 | 1,772,799 | |||||
2,507,014 | 2,458,791 | ||||||
Short-term borrowings | 35,710 | 59,592 | |||||
Other borrowings | 38,214 | 58,288 | |||||
Other liabilities | 52,275 | 55,852 | |||||
TOTAL LIABILITIES | 2,633,213 | 2,632,523 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,538,132 in 2014 and 14,516,113 in 2013 | |||||||
Outstanding shares-13,355,272 in 2014 and 13,343,029 in 2013 | 1,812 | 1,811 | |||||
Additional paid-in capital | 71,315 | 71,074 | |||||
Retained earnings | 364,914 | 357,083 | |||||
Accumulated other comprehensive income (loss) | (8,551 | ) | (13,969 | ) | |||
Less: Treasury shares at cost-1,182,860 in 2014 and 1,173,084 in 2013 | (30,161 | ) | (29,804 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 399,329 | 386,195 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,032,542 | $ | 3,018,718 |
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(unaudited) | (unaudited) | ||||||
INTEREST INCOME: | |||||||
Loans, including related fees | $ | 22,218 | $ | 23,454 | |||
Securities: | |||||||
Taxable | 4,444 | 3,214 | |||||
Tax-exempt | 1,746 | 1,770 | |||||
Other | 416 | 504 | |||||
TOTAL INTEREST INCOME | 28,824 | 28,942 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 1,290 | 1,742 | |||||
Short-term borrowings | 14 | 20 | |||||
Other borrowings | 378 | 1,007 | |||||
TOTAL INTEREST EXPENSE | 1,682 | 2,769 | |||||
NET INTEREST INCOME | 27,142 | 26,173 | |||||
Provision for loan losses | 1,960 | 3,021 | |||||
NET INTEREST INCOME AFTER PROVISION | |||||||
FOR LOAN LOSSES | 25,182 | 23,152 | |||||
NON-INTEREST INCOME: | |||||||
Trust and financial services | 1,489 | 1,526 | |||||
Service charges and fees on deposit accounts | 2,484 | 2,254 | |||||
Other service charges and fees | 2,839 | 2,500 | |||||
Securities gains/(losses), net | — | 4 | |||||
Insurance commissions | 1,913 | 1,963 | |||||
Gain on sales of mortgage loans | 376 | 963 | |||||
Other | 1,010 | 667 | |||||
TOTAL NON-INTEREST INCOME | 10,111 | 9,877 | |||||
NON-INTEREST EXPENSE: | |||||||
Salaries and employee benefits | 14,096 | 13,596 | |||||
Occupancy expense | 1,925 | 1,522 | |||||
Equipment expense | 1,658 | 1,501 | |||||
FDIC Expense | 487 | 557 | |||||
Other | 5,539 | 5,023 | |||||
TOTAL NON-INTEREST EXPENSE | 23,705 | 22,199 | |||||
INCOME BEFORE INCOME TAXES | 11,588 | 10,830 | |||||
Provision for income taxes | 3,757 | 3,137 | |||||
NET INCOME | 7,831 | 7,693 | |||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 5,303 | (1,667 | ) | ||||
Change in funded status of post retirement benefits, net of taxes | 115 | 214 | |||||
COMPREHENSIVE INCOME (LOSS) | $ | 13,249 | $ | 6,240 | |||
PER SHARE DATA | |||||||
Basic and Diluted Earnings per Share | $ | 0.59 | $ | 0.58 | |||
Weighted average number of shares outstanding (in thousands) | 13,349 | 13,300 |
Key Ratios | For the Three Months Ended | |||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Return on average assets | 1.03 | % | 1.05 | % | ||||
Return on average common shareholder's equity | 7.90 | % | 8.21 | % | ||||
Average common shareholder's equity to average assets | 13.08 | % | 12.79 | % | ||||
End of period tangible common equity to tangible assets | 11.89 | % | 11.53 | % | ||||
Book value per share | $ | 29.90 | $ | 28.43 | ||||
Tangible book value per share | $ | 26.60 | $ | 25.34 | ||||
Risk-based capital - Tier 1 | 16.63 | % | 15.82 | % | ||||
Risk-based capital - Total | 17.56 | % | 16.97 | % | ||||
Net interest margin | 4.10 | % | 4.09 | % | ||||
Efficiency Ratio | 62.30 | % | 59.25 | % | ||||
Net charge-offs to average loans and leases | 0.31 | % | (0.23 | )% | ||||
Loan and lease loss reserve to loans and leases | 1.14 | % | 1.39 | % | ||||
Nonperforming assets to loans and leases | 1.44 | % | 2.63 | % |
Asset Quality | For the Three Months Ended | |||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
Accruing loans and leases past due 90 days or more | $ | 1,153 | $ | 1,262 | ||||
Nonaccrual loans and leases | 19,798 | 38,132 | ||||||
Other real estate owned | 4,806 | 7,752 | ||||||
Total nonperforming assets | $ | 25,757 | $ | 47,146 |