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 February 3, 2015 issued by First Financial Corporation |
First Financial Corporation | ||
Dated February 3, 2015 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, February 3, 2015 issued by First Financial Corporation |
News Release |
For more information contact: | |
February 3, 2015 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 3,002,485 | $ | 3,056,767 | $ | 3,018,718 | $ | 3,002,485 | $ | 3,018,718 | ||||||
Deposits | 2,457,197 | 2,451,952 | 2,458,791 | 2,457,197 | 2,458,791 | |||||||||||
Loans | 1,781,428 | 1,811,325 | 1,791,428 | 1,781,428 | 1,791,428 | |||||||||||
Allowance for Loan Losses | 18,839 | 17,507 | 20,068 | 18,839 | 20,068 | |||||||||||
Total Equity | 394,214 | 403,873 | 386,195 | 394,214 | 386,195 | |||||||||||
Tangible Common Equity | 350,824 | 360,239 | 341,771 | 350,824 | 341,771 | |||||||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | 3,027,478 | 3,004,862 | 3,085,186 | 3,020,068 | 2,976,100 | |||||||||||
Earning Assets | 2,792,506 | 2,794,572 | 2,793,686 | 2,793,424 | 2,733,926 | |||||||||||
Investments | 992,441 | 978,435 | 962,785 | 998,189 | 926,327 | |||||||||||
Loans | 1,800,065 | 1,809,077 | 1,793,349 | 1,795,235 | 1,807,599 | |||||||||||
Total Deposits | 2,469,170 | 2,403,368 | 2,538,492 | 2,461,253 | 2,381,322 | |||||||||||
Interest-Bearing Deposits | 1,917,728 | 1,886,628 | 2,029,229 | 1,934,597 | 1,901,663 | |||||||||||
Interest-Bearing Liablities | 83,577 | 148,997 | 85,748 | 100,512 | 143,129 | |||||||||||
Total Equity | 412,296 | 400,142 | 384,022 | 403,413 | 377,686 | |||||||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | 26,939 | 27,145 | 27,551 | 107,832 | 107,260 | |||||||||||
Net Interest Income Fully Tax Equivalent | 27,279 | 29,880 | 29,034 | 114,039 | 112,958 | |||||||||||
Provision for Loan Losses | 1,962 | 1,506 | 1,384 | 5,072 | 7,860 | |||||||||||
Non-interest Income | 10,615 | 10,494 | 11,278 | 40,785 | 40,455 | |||||||||||
Non-interest Expense | 23,125 | 24,705 | 24,153 | 95,584 | 94,554 | |||||||||||
Net Income | 9,181 | 8,272 | 8,923 | 33,772 | 31,534 | |||||||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | 0.71 | 0.62 | 0.67 | 2.55 | 2.37 | |||||||||||
Cash Dividends Declared Per Common Share | 0.49 | — | 0.48 | 0.98 | 0.96 | |||||||||||
Book Value Per Common Share | 31.61 | 31.16 | 28.94 | 30.46 | 28.94 | |||||||||||
Tangible Book Value Per Common Share | 27.11 | 27.79 | 25.61 | 27.11 | 25.61 | |||||||||||
Basic Weighted Average Common Shares Outstanding | 12,932,240 | 13,269,826 | 13,323,719 | 13,225,846 | 13,309,726 | |||||||||||
Key Ratios | Three Months Ended | Year Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | ||||||||
2014 | 2014 | 2013 | 2014 | 2013 | |||||||
Return on average assets | 1.21 | % | 1.10 | % | 1.16 | % | 1.12 | % | 1.06 | % | |
Return on average common shareholder's equity | 8.91 | % | 8.27 | % | 9.29 | % | 8.37 | % | 8.35 | % | |
Efficiency ratio | 59.11 | % | 63.00 | % | 61.39 | % | 61.74 | % | 62.02 | % | |
Average equity to average assets | 13.62 | % | 13.32 | % | 12.45 | % | 13.36 | % | 12.69 | % | |
Net interest margin | 3.99 | % | 4.15 | % | 4.04 | % | 4.08 | % | 4.13 | % | |
Net charge-offs to average loans and leases | 0.14 | % | 0.50 | % | 0.70 | % | 0.31 | % | 0.46 | % | |
Loan and lease loss reserve to loans and leases | 1.06 | % | 0.97 | % | 1.12 | % | 1.06 | % | 1.12 | % | |
Loan and lease loss reserve to nonperforming loans | 0.60 | % | 0.51 | % | 0.51 | % | 0.60 | % | 0.51 | % | |
Nonperforming loans to loans | 1.76 | % | 1.89 | % | 2.19 | % | 1.76 | % | 2.19 | % | |
Tier 1 leverage | 12.33 | % | 12.19 | % | 11.69 | % | 12.33 | % | 11.69 | % | |
Risk-based capital - Tier 1 | 16.99 | % | 16.53 | % | 16.22 | % | 16.99 | % | 16.22 | % |
Asset Quality | Three Months Ended | Year Ended | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | |||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 13,444 | $ | 8,597 | $ | 12,756 | $ | 13,444 | $ | 12,756 | ||||||
Accruing loans and leases past due 90 days or more | $ | 780 | $ | 787 | $ | 2,073,000 | $ | 780 | $ | 2,073 | ||||||
Nonaccrual loans and leases | $ | 15,754 | $ | 18,673 | $ | 19,779 | $ | 15,754 | $ | 19,779 | ||||||
Nonperforming loans | $ | 31,292 | $ | 34,218 | $ | 39,153 | $ | 31,292 | $ | 39,153 | ||||||
Other real estate owned | $ | 3,965 | $ | 4,012 | $ | 5,291 | $ | 3,965 | $ | 5,291 | ||||||
Total nonperforming assets | $ | 46,394 | $ | 50,102 | $ | 47,649 | $ | 46,394 | $ | 47,649 | ||||||
Total troubled debt restructurings | $ | 14,758 | $ | 14,758 | $ | 17,301 | $ | 14,758 | $ | 17,301 | ||||||
Gross charge-offs | $ | 2,308 | $ | 2,656 | $ | 3,754 | $ | 9,450 | $ | 13,387 | ||||||
Recoveries | $ | 1,690 | $ | 378 | $ | 618 | $ | 3,836 | $ | 5,022 | ||||||
Net charge-offs/(recoveries) | $ | 618 | $ | 2,278 | $ | 3,136 | $ | 5,614 | $ | 8,365 |
December 31, | ||||||||
(Dollar amounts in thousands, except per share data) | 2014 | 2013 | ||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Cash and due from banks | $ | 78,102 | $ | 71,033 | ||||
Federal funds sold | 8,000 | 4,276 | ||||||
Securities available-for-sale | 897,053 | 914,560 | ||||||
Loans, net of allowance of $18,839 in 2014 and $20,068 in 2013 | 1,762,589 | 1,771,360 | ||||||
Restricted stock | 16,404 | 21,057 | ||||||
Accrued interest receivable | 11,593 | 11,554 | ||||||
Premises and equipment, net | 51,802 | 51,449 | ||||||
Bank-owned life insurance | 80,730 | 79,035 | ||||||
Goodwill | 39,489 | 39,489 | ||||||
Other intangible assets | 3,901 | 4,935 | ||||||
Other real estate owned | 3,965 | 5,291 | ||||||
FDIC indemnification asset | (74 | ) | 1,055 | |||||
Other assets | 48,931 | 43,624 | ||||||
TOTAL ASSETS | $ | 3,002,485 | $ | 3,018,718 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Non-interest-bearing | $ | 556,389 | $ | 506,815 | ||||
Interest-bearing: | ||||||||
Certificates of deposit of $100 or more | 155,274 | 179,177 | ||||||
Other interest-bearing deposits | 1,745,534 | 1,772,799 | ||||||
2,457,197 | 2,458,791 | |||||||
Short-term borrowings | 48,015 | 59,592 | ||||||
Other borrowings | 12,886 | 58,288 | ||||||
Other liabilities | 90,173 | 55,852 | ||||||
TOTAL LIABILITIES | 2,608,271 | 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-12,942,175 in 2014 and 13,343,029 in 2013 | 1,815 | 1,811 | ||||||
Additional paid-in capital | 72,405 | 71,074 | ||||||
Retained earnings | 377,970 | 357,083 | ||||||
Accumulated other comprehensive income (loss) | (14,529 | ) | (13,969 | ) | ||||
Less: Treasury shares at cost-1,595,957 in 2014 and 1,173,084 in 2013 | (43,447 | ) | (29,804 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 394,214 | 386,195 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,002,485 | $ | 3,018,718 |
Years Ended December 31, | ||||||||||||
(Dollar amounts in thousands, except per share data) | 2014 | 2013 | 2012 | |||||||||
(unaudited) | ||||||||||||
INTEREST AND DIVIDEND INCOME: | ||||||||||||
Loans, including related fees | $ | 87,530 | $ | 91,242 | $ | 99,196 | ||||||
Securities: | ||||||||||||
Taxable | 17,015 | 16,157 | 13,542 | |||||||||
Tax-exempt | 7,084 | 7,046 | 7,246 | |||||||||
Other | 1,729 | 1,776 | 2,321 | |||||||||
TOTAL INTEREST AND DIVIDEND INCOME | 113,358 | 116,221 | 122,305 | |||||||||
INTEREST EXPENSE: | ||||||||||||
Deposits | 4,624 | 5,886 | 8,520 | |||||||||
Short-term borrowings | 99 | 78 | 140 | |||||||||
Other borrowings | 803 | 2,997 | 4,733 | |||||||||
TOTAL INTEREST EXPENSE | 5,526 | 8,961 | 13,393 | |||||||||
NET INTEREST INCOME | 107,832 | 107,260 | 108,912 | |||||||||
Net provision for loan losses | 5,072 | 7,860 | 8,773 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 102,760 | 99,400 | 100,139 | |||||||||
NON-INTEREST INCOME: | ||||||||||||
Trust and financial services | 5,860 | 6,035 | 5,804 | |||||||||
Service charges and fees on deposit accounts | 10,772 | 10,162 | 9,742 | |||||||||
Other service charges and fees | 11,697 | 11,081 | 9,710 | |||||||||
Securities gain, net | (3 | ) | 423 | 886 | ||||||||
Other-than-temporary loss | ||||||||||||
Total impairment loss | — | — | (11 | ) | ||||||||
Loss recognized in other comprehensive income | — | — | — | |||||||||
Net impairment loss recognized in earnings | — | — | (11 | ) | ||||||||
Insurance commissions | 7,646 | 7,750 | 7,422 | |||||||||
Gain on sale of mortgage loans | 1,849 | 3,052 | 4,590 | |||||||||
Other | 2,964 | 1,952 | 1,404 | |||||||||
TOTAL NON-INTEREST INCOME | 40,785 | 40,455 | 39,547 | |||||||||
NON-INTEREST EXPENSES: | ||||||||||||
Salaries and employee benefits | 55,936 | 55,097 | 56,211 | |||||||||
Occupancy expense | 7,218 | 6,102 | 5,746 | |||||||||
Equipment expense | 7,269 | 6,348 | 5,489 | |||||||||
Federal Deposit Insurance | 1,931 | 2,052 | 1,949 | |||||||||
Other | 23,230 | 24,955 | 23,661 | |||||||||
TOTAL NON-INTEREST EXPENSE | 95,584 | 94,554 | 93,056 | |||||||||
INCOME BEFORE INCOME TAXES | 47,961 | 45,301 | 46,630 | |||||||||
Provision for income taxes | 14,189 | 13,767 | 13,818 | |||||||||
NET INCOME | $ | 33,772 | $ | 31,534 | $ | 32,812 | ||||||
OTHER COMPREHENSIVE INCOME | ||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | $ | 13,913 | $ | (17,066 | ) | $ | 691 | |||||
Change in funded status of post-retirement benefits, net of taxes | $ | (14,473 | ) | $ | 10,569 | $ | 2,331 | |||||
COMPREHENSIVE INCOME | $ | 33,212 | $ | 25,037 | $ | 35,834 | ||||||
EARNINGS PER SHARE: | ||||||||||||
BASIC AND DILUTED | $ | 2.55 | $ | 2.37 | $ | 2.48 | ||||||
Weighted average number of shares outstanding (in thousands) | 13,226 | 13,310 | 13,240 |