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 July 29, 2014 issued by First Financial Corporation |
First Financial Corporation | ||
Dated July 29, 2014 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, July 29, 2014 issued by First Financial Corporation |
News Release |
For more information contact: | |
July 29, 2014 | Rodger A. McHargue at (812) 238-6334 |
June 30, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 84,774 | $ | 71,033 | |||
Federal funds sold | 9,370 | 4,276 | |||||
Securities available-for-sale | 912,495 | 914,560 | |||||
Loans: | |||||||
Commercial | 1,046,883 | 1,042,138 | |||||
Residential | 477,265 | 482,377 | |||||
Consumer | 268,403 | 268,033 | |||||
1,792,551 | 1,792,548 | ||||||
Less: | |||||||
Unearned Income | 111 | (1,120 | ) | ||||
Allowance for loan losses | (18,255 | ) | (20,068 | ) | |||
1,774,407 | 1,771,360 | ||||||
Restricted Stock | 21,064 | 21,057 | |||||
Accrued interest receivable | 10,950 | 11,554 | |||||
Premises and equipment, net | 51,754 | 51,449 | |||||
Bank-owned life insurance | 79,863 | 79,035 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 4,388 | 4,935 | |||||
Other real estate owned | 5,190 | 5,291 | |||||
FDIC Indemnification Asset | 420 | 1,055 | |||||
Other assets | 39,759 | 43,624 | |||||
TOTAL ASSETS | $ | 3,033,923 | $ | 3,018,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 505,846 | $ | 506,815 | |||
Interest-bearing: | |||||||
Certificates of deposit of $100 or more | 168,799 | 179,177 | |||||
Other interest-bearing deposits | 1,758,438 | 1,772,799 | |||||
2,433,083 | 2,458,791 | ||||||
Short-term borrowings | 73,420 | 59,592 | |||||
Other borrowings | 63,140 | 58,288 | |||||
Other liabilities | 58,534 | 55,852 | |||||
TOTAL LIABILITIES | 2,628,177 | 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 | 71,557 | 71,074 | |||||
Retained earnings | 366,858 | 357,083 | |||||
Accumulated other comprehensive loss | (4,320 | ) | (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 | 405,746 | 386,195 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,033,923 | $ | 3,018,718 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 21,625 | $ | 22,576 | $ | 43,843 | $ | 46,030 | |||||||
Securities: | |||||||||||||||
Taxable | 4,298 | 3,479 | 8,742 | 6,694 | |||||||||||
Tax-exempt | 1,766 | 1,761 | 3,512 | 3,531 | |||||||||||
Other | 426 | 489 | 842 | 992 | |||||||||||
TOTAL INTEREST INCOME | 28,115 | 28,305 | 56,939 | 57,247 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 1,233 | 1,534 | 2,523 | 3,276 | |||||||||||
Short-term borrowings | 22 | 19 | 36 | 39 | |||||||||||
Other borrowings | 254 | 1,014 | 632 | 2,021 | |||||||||||
TOTAL INTEREST EXPENSE | 1,509 | 2,567 | 3,191 | 5,336 | |||||||||||
NET INTEREST INCOME | 26,606 | 25,738 | 53,748 | 51,911 | |||||||||||
Provision for loan losses | (356 | ) | 2,960 | 1,604 | 5,981 | ||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 26,962 | 22,778 | 52,144 | 45,930 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,414 | 1,403 | 2,903 | 2,929 | |||||||||||
Service charges and fees on deposit accounts | 2,761 | 2,394 | 5,245 | 4,648 | |||||||||||
Other service charges and fees | 2,989 | 2,726 | 5,828 | 5,226 | |||||||||||
Securities gains/(losses), net | (1 | ) | 3 | (1 | ) | 7 | |||||||||
Insurance commissions | 1,852 | 1,941 | 3,765 | 3,904 | |||||||||||
Gain on sales of mortgage loans | 457 | 943 | 833 | 1,906 | |||||||||||
Other | 93 | 253 | 1,103 | 920 | |||||||||||
TOTAL NON-INTEREST INCOME | 9,565 | 9,663 | 19,676 | 19,540 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 13,887 | 13,713 | 27,983 | 27,309 | |||||||||||
Occupancy expense | 1,789 | 1,576 | 3,714 | 3,098 | |||||||||||
Equipment expense | 1,904 | 1,537 | 3,562 | 3,038 | |||||||||||
FDIC Expense | 473 | 502 | 960 | 1,059 | |||||||||||
Other | 5,996 | 6,055 | 11,535 | 11,078 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 24,049 | 23,383 | 47,754 | 45,582 | |||||||||||
INCOME BEFORE INCOME TAXES | 12,478 | 9,058 | 24,066 | 19,888 | |||||||||||
Provision for income taxes | 3,990 | 2,612 | 7,747 | 5,749 | |||||||||||
NET INCOME | 8,488 | 6,446 | 16,319 | 14,139 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 4,116 | (10,559 | ) | 9,419 | (12,226 | ) | |||||||||
Change in funded status of post retirement benefits, net of taxes | 115 | 338 | 230 | 552 | |||||||||||
COMPREHENSIVE INCOME | $ | 12,719 | $ | (3,775 | ) | $ | 25,968 | $ | 2,465 | ||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.63 | $ | 0.48 | $ | 1.22 | $ | 1.06 | |||||||
Dividends per Share | $ | 0.49 | $ | 0.48 | $ | 0.49 | $ | 0.48 | |||||||
Weighted average number of shares outstanding (in thousands) | 13,355 | 13,307 | 13,352 | 13,304 |
Key Ratios | For the Six Months Ended | |||
June 30, | June 30, | |||
2014 | 2013 | |||
Return on average assets | 1.08% | 0.96% | ||
Return on average common shareholder's equity | 8.15% | 7.49% | ||
Average common shareholder's equity to average assets | 13.25% | 12.86% | ||
End of period tangible common equity to tangible assets | 12.10% | 11.22% | ||
Book value per share | $30.38 | $27.68 | ||
Tangible book value per share | $27.10 | $24.61 | ||
Risk-based capital - Tier 1 | 16.75% | 15.90% | ||
Risk-based capital - Total | 17.58% | 16.92% | ||
Net interest margin | 4.09% | 4.09% | ||
Efficiency Ratio | 62.43% | 61.37% | ||
Net charge-offs to average loans and leases | 0.38% | 0.53% | ||
Loan and lease loss reserve to loans and leases | 1.02% | 1.23% | ||
Nonperforming assets to loans and leases | 2.18% | 3.23% |
Asset Quality | For the Six Months Ended | |||||||
June 30, | June 30, | |||||||
2014 | 2013 | |||||||
Accruing loans and leases past due 90 days or more | $ | 824 | $ | 980 | ||||
Nonaccrual loans and leases | 18,406 | 27,554 | ||||||
Other real estate owned | 5,190 | 9,336 | ||||||
Troubled debt restructurings | 14,721 | 20,270 | ||||||
Total nonperforming assets | $ | 39,141 | $ | 58,140 |