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 October 30, 2014 issued by First Financial Corporation |
First Financial Corporation | ||
Dated October 30, 2014 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, October 30, 2014 issued by First Financial Corporation |
News Release |
For more information contact: | |
October 30, 2014 | Rodger A. McHargue at (812) 238-6334 |
September 30, 2014 | December 31, 2013 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 96,998 | $ | 71,033 | |||
Federal funds sold | 14,980 | 4,276 | |||||
Securities available-for-sale | 900,110 | 914,560 | |||||
Loans: | |||||||
Commercial | 1,064,375 | 1,042,138 | |||||
Residential | 477,021 | 482,377 | |||||
Consumer | 269,291 | 268,033 | |||||
1,810,687 | 1,792,548 | ||||||
Less: | |||||||
Unearned Income | 638 | (1,120 | ) | ||||
Allowance for loan losses | (17,507 | ) | (20,068 | ) | |||
1,793,818 | 1,771,360 | ||||||
Restricted Stock | 21,075 | 21,057 | |||||
Accrued interest receivable | 12,100 | 11,554 | |||||
Premises and equipment, net | 52,573 | 51,449 | |||||
Bank-owned life insurance | 80,311 | 79,035 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 4,145 | 4,935 | |||||
Other real estate owned | 4,012 | 5,291 | |||||
FDIC Indemnification Asset | 375 | 1,055 | |||||
Other assets | 36,781 | 43,624 | |||||
TOTAL ASSETS | $ | 3,056,767 | $ | 3,018,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 539,322 | $ | 506,815 | |||
Interest-bearing: | |||||||
Certificates of deposit of $100 or more | 166,544 | 179,177 | |||||
Other interest-bearing deposits | 1,746,086 | 1,772,799 | |||||
2,451,952 | 2,458,791 | ||||||
Short-term borrowings | 59,031 | 59,592 | |||||
Other borrowings | 87,961 | 58,288 | |||||
Other liabilities | 53,950 | 55,852 | |||||
TOTAL LIABILITIES | 2,652,894 | 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-12,962,207 in 2014 and 13,343,029 in 2013 | 1,814 | 1,811 | |||||
Additional paid-in capital | 71,914 | 71,074 | |||||
Retained earnings | 375,130 | 357,083 | |||||
Accumulated other comprehensive loss | (2,325 | ) | (13,969 | ) | |||
Less: Treasury shares at cost-1,575,525 in 2014 and 1,173,084 in 2013 | (42,660 | ) | (29,804 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 403,873 | 386,195 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,056,767 | $ | 3,018,718 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 21,939 | $ | 22,510 | $ | 65,782 | $ | 68,540 | |||||||
Securities: | |||||||||||||||
Taxable | 4,196 | 5,038 | 12,938 | 11,732 | |||||||||||
Tax-exempt | 1,782 | 1,750 | 5,294 | 5,281 | |||||||||||
Other | 459 | 421 | 1,301 | 1,413 | |||||||||||
TOTAL INTEREST INCOME | 28,376 | 29,719 | 85,315 | 86,966 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 1,088 | 1,349 | 3,611 | 4,625 | |||||||||||
Short-term borrowings | 49 | 23 | 85 | 62 | |||||||||||
Other borrowings | 94 | 549 | 726 | 2,570 | |||||||||||
TOTAL INTEREST EXPENSE | 1,231 | 1,921 | 4,422 | 7,257 | |||||||||||
NET INTEREST INCOME | 27,145 | 27,798 | 80,893 | 79,709 | |||||||||||
Provision for loan losses | 1,506 | 495 | 3,110 | 6,476 | |||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 25,639 | 27,303 | 77,783 | 73,233 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,386 | 1,402 | 4,289 | 4,331 | |||||||||||
Service charges and fees on deposit accounts | 2,813 | 2,693 | 8,058 | 7,341 | |||||||||||
Other service charges and fees | 3,112 | 2,818 | 8,940 | 8,044 | |||||||||||
Securities gains/(losses), net | — | — | (1 | ) | 7 | ||||||||||
Insurance commissions | 2,091 | 1,896 | 5,620 | 5,800 | |||||||||||
Gain on sales of mortgage loans | 519 | 583 | 1,352 | 2,489 | |||||||||||
Other | 573 | 245 | 1,676 | 1,165 | |||||||||||
TOTAL NON-INTEREST INCOME | 10,494 | 9,637 | 29,934 | 29,177 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 14,081 | 13,773 | 42,064 | 41,082 | |||||||||||
Occupancy expense | 1,776 | 1,544 | 5,490 | 4,642 | |||||||||||
Equipment expense | 1,905 | 1,686 | 5,467 | 4,724 | |||||||||||
FDIC Expense | 536 | 500 | 1,496 | 1,559 | |||||||||||
Other | 6,407 | 7,316 | 17,706 | 18,394 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 24,705 | 24,819 | 72,223 | 70,401 | |||||||||||
INCOME BEFORE INCOME TAXES | 11,428 | 12,121 | 35,494 | 32,009 | |||||||||||
Provision for income taxes | 3,156 | 3,649 | 10,903 | 9,398 | |||||||||||
NET INCOME | 8,272 | 8,472 | 24,591 | 22,611 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 1,879 | (2,322 | ) | 11,298 | (14,548 | ) | |||||||||
Change in funded status of post retirement benefits, net of taxes | 116 | 340 | 346 | 892 | |||||||||||
COMPREHENSIVE INCOME | $ | 10,267 | $ | 6,490 | $ | 36,235 | $ | 8,955 | |||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.62 | $ | 0.64 | $ | 1.85 | $ | 1.70 | |||||||
Dividends per Share | $ | — | $ | — | $ | 0.49 | $ | 0.48 | |||||||
Weighted average number of shares outstanding (in thousands) | 13,269 | 13,307 | 13,325 | 13,305 |
Key Ratios | For the Nine Months Ended | |||
September 30, | September 30, | |||
2014 | 2013 | |||
Return on average assets | 1.08% | 1.02% | ||
Return on average common shareholder's equity | 8.17% | 8.01% | ||
Average common shareholder's equity to average assets | 13.27% | 12.78% | ||
End of period tangible common equity to tangible assets | 11.96% | 11.11% | ||
Book value per share | $31.16 | $28.19 | ||
Tangible book value per share | $27.79 | $24.82 | ||
Risk-based capital - Tier 1 | 16.53% | 15.94% | ||
Risk-based capital - Total | 17.33% | 16.94% | ||
Net interest margin | 4.11% | 4.16% | ||
Efficiency Ratio | 62.55% | 62.25% | ||
Net charge-offs to average loans and leases | 0.42% | 0.38% | ||
Loan and lease loss reserve to loans and leases | 0.97% | 1.22% | ||
Nonperforming assets to loans and leases | 2.18% | 2.85% |
Asset Quality | For the Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2014 | 2013 | |||||||
Accruing loans and leases past due 90 days or more | $ | 787 | $ | 1,025 | ||||
Nonaccrual loans and leases | 18,673 | 21,800 | ||||||
Other real estate owned | 4,012 | 9,249 | ||||||
Troubled debt restructurings | 14,758 | 19,500 | ||||||
Total nonperforming assets | $ | 38,230 | $ | 51,574 |