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, 2015 issued by First Financial Corporation |
First Financial Corporation | ||
Dated April 29, 2015 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, April 29, 2015 issued by First Financial Corporation |
News Release |
For more information contact: | |
April 29, 2015 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2015 | 2014 | 2014 | ||||||||
END OF PERIOD BALANCES | ||||||||||
Assets | $ | 2,995,836 | $ | 3,002,485 | $ | 3,032,542 | ||||
Deposits | $ | 2,463,949 | $ | 2,457,197 | $ | 2,507,014 | ||||
Loans | $ | 1,756,604 | $ | 1,781,428 | $ | 1,783,974 | ||||
Allowance for Loan Losses | $ | 19,351 | $ | 18,839 | $ | 20,408 | ||||
Total Equity | $ | 409,027 | $ | 394,214 | $ | 399,329 | ||||
Tangible Common Equity | $ | 365,853 | $ | 350,824 | $ | 326,493 | ||||
AVERAGE BALANCES | ||||||||||
Total Assets | $ | 2,988,154 | $ | 3,020,068 | $ | 3,031,289 | ||||
Earning Assets | $ | 2,748,730 | $ | 2,793,424 | $ | 2,794,831 | ||||
Investments | $ | 969,315 | $ | 986,606 | $ | 992,901 | ||||
Loans | $ | 1,760,524 | $ | 1,795,235 | $ | 1,782,838 | ||||
Total Deposits | $ | 2,461,400 | $ | 2,461,253 | $ | 2,492,170 | ||||
Interest-Bearing Deposits | $ | 1,917,509 | $ | 1,934,597 | $ | 1,974,088 | ||||
Interest-Bearing Liabilities | $ | 44,789 | $ | 100,512 | $ | 91,157 | ||||
Total Equity | $ | 401,423 | $ | 403,413 | $ | 396,459 | ||||
INCOME STATEMENT DATA | ||||||||||
Net Interest Income | $ | 25,995 | $ | 26,939 | $ | 27,142 | ||||
Net Interest Income Fully Tax Equivalent | $ | 27,559 | $ | 28,503 | $ | 28,665 | ||||
Provision for Loan Losses | $ | 1,450 | $ | 1,962 | $ | 1,960 | ||||
Non-interest Income | $ | 10,061 | $ | 10,615 | $ | 10,111 | ||||
Non-interest Expense | $ | 23,993 | $ | 23,125 | $ | 23,705 | ||||
Net Income | $ | 7,761 | $ | 9,181 | $ | 7,831 | ||||
PER SHARE DATA | ||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.60 | $ | 0.70 | $ | 0.59 | ||||
Cash Dividends Declared Per Common Share | $ | — | $ | 0.49 | $ | — | ||||
Book Value Per Common Share | $ | 31.58 | $ | 30.46 | $ | 29.90 | ||||
Tangible Book Value Per Common Share | $ | 28.27 | $ | 27.11 | $ | 26.60 | ||||
Basic Weighted Average Common Shares Outstanding | 12,948 | 12,932 | 13,349 |
Key Ratios | Three Months Ended | ||||||
March 31, | December 31, | March 31, | |||||
2015 | 2014 | 2014 | |||||
Return on average assets | 1.04 | % | 1.21 | % | 1.03 | % | |
Return on average common shareholder's equity | 7.73 | % | 8.91 | % | 7.90 | % | |
Efficiency ratio | 63.78 | % | 59.11 | % | 62.30 | % | |
Average equity to average assets | 13.43 | % | 13.62 | % | 13.08 | % | |
Net interest margin | 4.01 | % | 3.99 | % | 4.10 | % | |
Net charge-offs to average loans and leases | 0.21 | % | 0.35 | % | 0.31 | % | |
Loan and lease loss reserve to loans and leases | 1.10 | % | 1.01 | % | 1.14 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 55.82 | % | 54.55 | % | 52.42 | % | |
Nonperforming loans to loans | 1.97 | % | 1.94 | % | 2.25 | % | |
Tier 1 leverage | 12.74 | % | 12.33 | % | 12.17 | % | |
Risk-based capital - Tier 1 | 17.64 | % | 16.99 | % | 16.63 | % |
Asset Quality | Three Months Ended | |||||||||
March 31, | December 31, | March 31, | ||||||||
2015 | 2014 | 2014 | ||||||||
Accruing loans and leases past due 30-89 days | $ | 7,159 | $ | 13,444 | $ | 9,388 | ||||
Accruing loans and leases past due 90 days or more | $ | 640 | $ | 780 | $ | 1,153 | ||||
Nonaccrual loans and leases | $ | 14,868 | $ | 15,034 | $ | 19,798 | ||||
Nonperforming loans and other real estate | $ | 34,666 | $ | 34,537 | $ | 40,082 | ||||
Other real estate owned | $ | 3,830 | $ | 3,965 | $ | 4,806 | ||||
Total nonperforming assets | $ | 49,353 | $ | 49,639 | $ | 52,239 | ||||
Total troubled debt restructurings | $ | 15,028 | $ | 14,758 | $ | 14,325 | ||||
Gross charge-offs | $ | 1,823 | $ | 2,308 | $ | 2,161 | ||||
Recoveries | $ | 885 | $ | 1,690 | $ | 776 | ||||
Net charge-offs/(recoveries) | $ | 938 | $ | 618 | $ | 1,385 |
March 31, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 88,492 | $ | 78,102 | |||
Federal funds sold | 12,688 | 8,000 | |||||
Securities available-for-sale | 906,341 | 897,053 | |||||
Loans: | |||||||
Commercial | 1,041,694 | 1,044,522 | |||||
Residential | 448,842 | 469,172 | |||||
Consumer | 264,529 | 266,656 | |||||
1,755,065 | 1,780,350 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 1,539 | 1,078 | |||||
Allowance for loan losses | (19,351 | ) | (18,839 | ) | |||
1,737,253 | 1,762,589 | ||||||
Restricted Stock | 16,404 | 16,404 | |||||
Accrued interest receivable | 11,381 | 11,593 | |||||
Premises and equipment, net | 50,970 | 51,802 | |||||
Bank-owned life insurance | 81,149 | 80,730 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 3,685 | 3,901 | |||||
Other real estate owned | 3,830 | 3,965 | |||||
Other assets | 44,154 | 48,857 | |||||
TOTAL ASSETS | $ | 2,995,836 | $ | 3,002,485 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 537,686 | $ | 556,389 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 48,074 | 53,733 | |||||
Other interest-bearing deposits | 1,878,189 | 1,847,075 | |||||
2,463,949 | 2,457,197 | ||||||
Short-term borrowings | 28,462 | 48,015 | |||||
FHLB advances | 12,812 | 12,886 | |||||
Other liabilities | 81,586 | 90,173 | |||||
TOTAL LIABILITIES | 2,586,809 | 2,608,271 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,557,815 in 2015 and 14,538,132 in 2014 | |||||||
Outstanding shares-12,952,169 in 2015 and 12,942,175 in 2014 | 1,815 | 1,815 | |||||
Additional paid-in capital | 72,576 | 72,405 | |||||
Retained earnings | 385,731 | 377,970 | |||||
Accumulated other comprehensive loss | (7,303 | ) | (14,529 | ) | |||
Less: Treasury shares at cost-1,605,646 in 2015 and 1,595,957 in 2014 | (43,792 | ) | (43,447 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 409,027 | 394,214 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,995,836 | $ | 3,002,485 |
Three Months Ended March 31, | |||||||
2015 | 2014 | ||||||
(unaudited) | (unaudited) | ||||||
INTEREST INCOME: | |||||||
Loans, including related fees | $ | 20,807 | $ | 22,218 | |||
Securities: | |||||||
Taxable | 4,061 | 4,444 | |||||
Tax-exempt | 1,779 | 1,746 | |||||
Other | 431 | 416 | |||||
TOTAL INTEREST INCOME | 27,078 | 28,824 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 1,020 | 1,290 | |||||
Short-term borrowings | 13 | 14 | |||||
Other borrowings | 50 | 378 | |||||
TOTAL INTEREST EXPENSE | 1,083 | 1,682 | |||||
NET INTEREST INCOME | 25,995 | 27,142 | |||||
Provision for loan losses | 1,450 | 1,960 | |||||
NET INTEREST INCOME AFTER PROVISION | |||||||
FOR LOAN LOSSES | 24,545 | 25,182 | |||||
NON-INTEREST INCOME: | |||||||
Trust and financial services | 1,492 | 1,489 | |||||
Service charges and fees on deposit accounts | 2,326 | 2,484 | |||||
Other service charges and fees | 2,838 | 2,839 | |||||
Securities gains/(losses), net | 4 | — | |||||
Insurance commissions | 1,553 | 1,913 | |||||
Gain on sales of mortgage loans | 359 | 376 | |||||
Other | 1,489 | 1,010 | |||||
TOTAL NON-INTEREST INCOME | 10,061 | 10,111 | |||||
NON-INTEREST EXPENSE: | |||||||
Salaries and employee benefits | 15,058 | 14,096 | |||||
Occupancy expense | 1,864 | 1,925 | |||||
Equipment expense | 1,772 | 1,658 | |||||
FDIC Expense | 430 | 487 | |||||
Other | 4,869 | 5,539 | |||||
TOTAL NON-INTEREST EXPENSE | 23,993 | 23,705 | |||||
INCOME BEFORE INCOME TAXES | 10,613 | 11,588 | |||||
Provision for income taxes | 2,852 | 3,757 | |||||
NET INCOME | 7,761 | 7,831 | |||||
OTHER COMPREHENSIVE INCOME | |||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 4,762 | 5,303 | |||||
Change in funded status of post retirement benefits, net of taxes | 2,464 | 115 | |||||
COMPREHENSIVE INCOME | $ | 14,987 | $ | 13,249 | |||
PER SHARE DATA | |||||||
Basic and Diluted Earnings per Share | $ | 0.60 | $ | 0.59 | |||
Weighted average number of shares outstanding (in thousands) | 12,948 | 13,349 |