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 28, 2015 issued by First Financial Corporation |
First Financial Corporation | ||
Dated July 28, 2015 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, July 28, 2015 issued by First Financial Corporation |
News Release |
For more information contact: | |
July 28, 2015 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 2,973,821 | $ | 2,995,836 | $ | 3,033,923 | $ | 2,973,821 | $ | 3,033,923 | ||||||
Deposits | $ | 2,398,574 | $ | 2,463,949 | $ | 2,433,083 | $ | 2,398,574 | $ | 2,433,083 | ||||||
Loans | $ | 1,783,788 | $ | 1,756,604 | $ | 1,792,662 | $ | 1,783,788 | $ | 1,792,662 | ||||||
Allowance for Loan Losses | $ | 19,861 | $ | 19,351 | $ | 18,255 | $ | 19,861 | $ | 18,255 | ||||||
Total Equity | $ | 399,058 | $ | 409,027 | $ | 405,746 | $ | 399,058 | $ | 405,746 | ||||||
Tangible Common Equity | $ | 355,997 | $ | 365,853 | $ | 361,869 | $ | 355,997 | $ | 361,869 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 2,990,020 | $ | 2,988,154 | $ | 3,016,643 | $ | 2,989,087 | $ | 3,023,966 | ||||||
Earning Assets | $ | 2,760,188 | $ | 2,748,730 | $ | 2,791,787 | $ | 2,754,459 | $ | 2,793,309 | ||||||
Investments | $ | 977,537 | $ | 969,315 | $ | 997,719 | $ | 973,426 | $ | 995,310 | ||||||
Loans | $ | 1,768,758 | $ | 1,760,524 | $ | 1,788,260 | $ | 1,764,641 | $ | 1,785,549 | ||||||
Total Deposits | $ | 2,462,284 | $ | 2,461,400 | $ | 2,480,304 | $ | 2,461,842 | $ | 2,486,237 | ||||||
Interest-Bearing Deposits | $ | 1,915,213 | $ | 1,917,509 | $ | 1,959,944 | $ | 1,916,361 | $ | 1,967,016 | ||||||
Interest-Bearing Liabilities | $ | 43,413 | $ | 44,789 | $ | 78,317 | $ | 44,101 | $ | 84,737 | ||||||
Total Equity | $ | 407,387 | $ | 401,423 | $ | 404,755 | $ | 404,405 | $ | 400,607 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 25,924 | $ | 25,995 | $ | 26,606 | $ | 51,919 | $ | 53,748 | ||||||
Net Interest Income Fully Tax Equivalent | $ | 27,491 | $ | 27,559 | $ | 28,152 | $ | 55,050 | $ | 56,817 | ||||||
Provision for Loan Losses | $ | 1,150 | $ | 1,450 | $ | (356 | ) | $ | 2,600 | $ | 1,604 | |||||
Non-interest Income | $ | 9,778 | $ | 10,061 | $ | 9,565 | $ | 19,839 | $ | 19,676 | ||||||
Non-interest Expense | $ | 25,310 | $ | 23,993 | $ | 24,049 | $ | 49,303 | $ | 47,754 | ||||||
Net Income | $ | 6,923 | $ | 7,761 | $ | 8,488 | $ | 14,684 | $ | 16,319 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.54 | $ | 0.60 | $ | 0.63 | $ | 1.14 | $ | 1.22 | ||||||
Cash Dividends Declared Per Common Share | $ | 0.49 | $ | — | $ | 0.49 | $ | 0.49 | $ | 0.49 | ||||||
Book Value Per Common Share | $ | 31.09 | $ | 31.58 | $ | 30.38 | $ | 31.09 | $ | 30.38 | ||||||
Tangible Book Value Per Common Share | $ | 28.23 | $ | 28.27 | $ | 26.62 | $ | 27.74 | $ | 27.10 | ||||||
Basic Weighted Average Common Shares Outstanding | 12,903 | 12,948 | 13,355 | 12,925 | 13,352 |
Key Ratios | Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||
Return on average assets | 0.93 | % | 1.04 | % | 1.13 | % | 0.98 | % | 1.08 | % | |
Return on average common shareholder's equity | 6.80 | % | 7.73 | % | 8.39 | % | 7.26 | % | 8.15 | % | |
Efficiency ratio | 67.91 | % | 63.78 | % | 63.76 | % | 65.84 | % | 62.43 | % | |
Average equity to average assets | 13.62 | % | 13.43 | % | 13.42 | % | 13.53 | % | 13.25 | % | |
Net interest margin | 3.99 | % | 4.01 | % | 4.08 | % | 4.00 | % | 4.09 | % | |
Net charge-offs to average loans and leases | 0.14 | % | 0.21 | % | 0.30 | % | 0.18 | % | 0.30 | % | |
Loan and lease loss reserve to loans and leases | 1.11 | % | 1.10 | % | 1.02 | % | 1.11 | % | 1.02 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 55.45 | % | 56.31 | % | 46.64 | % | 55.45 | % | 46.64 | % | |
Nonperforming loans to loans | 2.01 | % | 1.96 | % | 2.18 | % | 2.01 | % | 2.18 | % | |
Tier 1 leverage | 12.62 | % | 12.74 | % | 16.75 | % | 12.62 | % | 16.75 | % | |
Risk-based capital - Tier 1 | 17.30 | % | 17.66 | % | 17.58 | % | 17.30 | % | 17.58 | % |
Asset Quality | Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 5,193 | $ | 7,159 | $ | 8,511 | $ | 5,193 | $ | 8,511 | ||||||
Accruing loans and leases past due 90 days or more | $ | 690 | $ | 640 | $ | 824 | $ | 690 | $ | 824 | ||||||
Nonaccrual loans and leases | $ | 16,553 | $ | 14,868 | $ | 18,406 | $ | 16,553 | $ | 18,406 | ||||||
Nonperforming loans and other real estate | $ | 35,819 | $ | 34,366 | $ | 39,141 | $ | 35,819 | $ | 39,141 | ||||||
Other real estate owned | $ | 3,625 | $ | 3,830 | $ | 5,190 | $ | 3,625 | $ | 5,190 | ||||||
Total nonperforming assets | $ | 50,630 | $ | 49,617 | $ | 53,395 | $ | 50,630 | $ | 53,395 | ||||||
Total troubled debt restructurings | $ | 14,951 | $ | 15,028 | $ | 14,721 | $ | 14,951 | $ | 14,721 | ||||||
Gross charge-offs | $ | 1,823 | $ | 1,823 | $ | 4,486 | $ | 3,302 | $ | 4,486 | ||||||
Recoveries | $ | 885 | $ | 885 | $ | 1,768 | $ | 1,724 | $ | 1,768 | ||||||
Net charge-offs/(recoveries) | $ | 938 | $ | 938 | $ | 2,718 | $ | 1,578 | $ | 2,718 |
June 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 60,613 | $ | 78,102 | |||
Federal funds sold | 2,000 | 8,000 | |||||
Securities available-for-sale | 901,550 | 897,053 | |||||
Loans: | |||||||
Commercial | 1,068,832 | 1,044,522 | |||||
Residential | 445,107 | 469,172 | |||||
Consumer | 267,884 | 266,656 | |||||
1,781,823 | 1,780,350 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 1,965 | 1,078 | |||||
Allowance for loan losses | (19,861 | ) | (18,839 | ) | |||
1,763,927 | 1,762,589 | ||||||
Restricted stock | 10,828 | 16,404 | |||||
Accrued interest receivable | 11,116 | 11,593 | |||||
Premises and equipment, net | 50,348 | 51,802 | |||||
Bank-owned life insurance | 81,568 | 80,730 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 3,572 | 3,901 | |||||
Other real estate owned | 3,625 | 3,965 | |||||
Other assets | 45,185 | 48,857 | |||||
TOTAL ASSETS | $ | 2,973,821 | $ | 3,002,485 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 525,851 | $ | 556,389 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 48,893 | 53,733 | |||||
Other interest-bearing deposits | 1,823,830 | 1,847,075 | |||||
2,398,574 | 2,457,197 | ||||||
Short-term borrowings | 84,819 | 48,015 | |||||
FHLB advances | 10,738 | 12,886 | |||||
Other liabilities | 80,632 | 90,173 | |||||
TOTAL LIABILITIES | 2,574,763 | 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-12,834,116 in 2015 and 12,942,175 in 2014 | 1,816 | 1,815 | |||||
Additional paid-in capital | 72,746 | 72,405 | |||||
Retained earnings | 386,363 | 377,970 | |||||
Accumulated other comprehensive loss | (14,048 | ) | (14,529 | ) | |||
Less: Treasury shares at cost-1,723,699 in 2015 and 1,595,957 in 2014 | (47,819 | ) | (43,447 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 399,058 | 394,214 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,973,821 | $ | 3,002,485 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 20,763 | $ | 21,625 | $ | 41,570 | $ | 43,843 | |||||||
Securities: | |||||||||||||||
Taxable | 3,991 | 4,298 | 8,052 | 8,742 | |||||||||||
Tax-exempt | 1,790 | 1,766 | 3,569 | 3,512 | |||||||||||
Other | 433 | 426 | 864 | 842 | |||||||||||
TOTAL INTEREST INCOME | 26,977 | 28,115 | 54,055 | 56,939 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 997 | 1,233 | 2,017 | 2,523 | |||||||||||
Short-term borrowings | 19 | 22 | 32 | 36 | |||||||||||
Other borrowings | 37 | 254 | 87 | 632 | |||||||||||
TOTAL INTEREST EXPENSE | 1,053 | 1,509 | 2,136 | 3,191 | |||||||||||
NET INTEREST INCOME | 25,924 | 26,606 | 51,919 | 53,748 | |||||||||||
Provision for loan losses | 1,150 | (356 | ) | 2,600 | 1,604 | ||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 24,774 | 26,962 | 49,319 | 52,144 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,253 | 1,414 | 2,745 | 2,903 | |||||||||||
Service charges and fees on deposit accounts | 2,543 | 2,761 | 4,869 | 5,245 | |||||||||||
Other service charges and fees | 3,000 | 2,989 | 5,838 | 5,828 | |||||||||||
Securities gains/(losses), net | 10 | (1 | ) | 14 | (1 | ) | |||||||||
Insurance commissions | 1,956 | 1,852 | 3,509 | 3,765 | |||||||||||
Gain on sales of mortgage loans | 542 | 457 | 901 | 833 | |||||||||||
Other | 474 | 93 | 1,963 | 1,103 | |||||||||||
TOTAL NON-INTEREST INCOME | 9,778 | 9,565 | 19,839 | 19,676 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 15,084 | 13,887 | 30,142 | 27,983 | |||||||||||
Occupancy expense | 1,702 | 1,789 | 3,566 | 3,714 | |||||||||||
Equipment expense | 1,702 | 1,904 | 3,474 | 3,562 | |||||||||||
FDIC Expense | 450 | 473 | 880 | 960 | |||||||||||
Other | 6,372 | 5,996 | 11,241 | 11,535 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 25,310 | 24,049 | 49,303 | 47,754 | |||||||||||
INCOME BEFORE INCOME TAXES | 9,242 | 12,478 | 19,855 | 24,066 | |||||||||||
Provision for income taxes | 2,319 | 3,990 | 5,171 | 7,747 | |||||||||||
NET INCOME | 6,923 | 8,488 | 14,684 | 16,319 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | (7,564 | ) | 4,116 | (2,802 | ) | 9,419 | |||||||||
Change in funded status of post retirement benefits, net of taxes | 819 | 115 | 3,283 | 230 | |||||||||||
COMPREHENSIVE INCOME | $ | 178 | $ | 12,719 | $ | 15,165 | $ | 25,968 | |||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.54 | $ | 0.63 | $ | 1.14 | $ | 1.22 | |||||||
Weighted average number of shares outstanding (in thousands) | 12,903 | 13,355 | 12,925 | 13,352 |