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 28, 2015 issued by First Financial Corporation |
First Financial Corporation | ||
Dated October 28, 2015 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, October 28, 2015 issued by First Financial Corporation |
News Release |
For more information contact: | |
October 28, 2015 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 2,942,833 | $ | 2,973,821 | $ | 3,056,767 | $ | 2,942,833 | $ | 3,056,767 | ||||||
Deposits | $ | 2,418,589 | $ | 2,398,574 | $ | 2,451,952 | $ | 2,418,589 | $ | 2,451,952 | ||||||
Loans | $ | 1,766,667 | $ | 1,783,788 | $ | 1,811,325 | $ | 1,766,667 | $ | 1,811,325 | ||||||
Allowance for Loan Losses | $ | 19,925 | $ | 19,861 | $ | 17,507 | $ | 19,925 | $ | 17,507 | ||||||
Total Equity | $ | 408,591 | $ | 399,058 | $ | 403,873 | $ | 408,591 | $ | 403,873 | ||||||
Tangible Common Equity | $ | 365,727 | $ | 355,997 | $ | 360,239 | $ | 365,727 | $ | 360,239 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 2,954,983 | $ | 2,990,020 | $ | 3,004,862 | $ | 2,977,719 | $ | 3,017,598 | ||||||
Earning Assets | $ | 2,733,630 | $ | 2,760,188 | $ | 2,794,572 | $ | 2,747,516 | $ | 2,793,730 | ||||||
Investments | $ | 960,139 | $ | 977,537 | $ | 978,435 | $ | 968,997 | $ | 989,685 | ||||||
Loans | $ | 1,769,009 | $ | 1,768,758 | $ | 1,809,777 | $ | 1,766,097 | $ | 1,793,625 | ||||||
Total Deposits | $ | 2,418,162 | $ | 2,462,284 | $ | 2,403,368 | $ | 2,447,282 | $ | 2,458,614 | ||||||
Interest-Bearing Deposits | $ | 1,884,420 | $ | 1,915,213 | $ | 1,886,628 | $ | 1,905,714 | $ | 1,940,220 | ||||||
Interest-Bearing Liabilities | $ | 58,957 | $ | 43,413 | $ | 148,997 | $ | 49,053 | $ | 106,157 | ||||||
Total Equity | $ | 401,840 | $ | 407,387 | $ | 400,142 | $ | 403,550 | $ | 400,452 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 26,576 | $ | 25,924 | $ | 27,145 | $ | 78,495 | $ | 80,893 | ||||||
Net Interest Income Fully Tax Equivalent | $ | 28,134 | $ | 27,491 | $ | 28,718 | $ | 83,184 | $ | 85,536 | ||||||
Provision for Loan Losses | $ | 1,050 | $ | 1,150 | $ | 1,506 | $ | 3,650 | $ | 3,110 | ||||||
Non-interest Income | $ | 9,951 | $ | 9,778 | $ | 10,494 | $ | 29,790 | $ | 30,170 | ||||||
Non-interest Expense | $ | 24,152 | $ | 25,310 | $ | 24,705 | $ | 73,455 | $ | 72,459 | ||||||
Net Income | $ | 8,398 | $ | 6,923 | $ | 8,272 | $ | 23,082 | $ | 24,591 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.65 | $ | 0.54 | $ | 0.62 | $ | 1.79 | $ | 1.85 | ||||||
Cash Dividends Declared Per Common Share | $ | — | $ | 0.49 | $ | — | $ | 0.49 | $ | 0.49 | ||||||
Book Value Per Common Share | $ | 32.16 | $ | 31.09 | $ | 31.16 | $ | 32.16 | $ | 31.16 | ||||||
Tangible Book Value Per Common Share | $ | 28.79 | $ | 28.23 | $ | 27.79 | $ | 28.79 | $ | 27.79 | ||||||
Basic Weighted Average Common Shares Outstanding | 12,773 | 12,903 | 13,269 | 12,874 | 13,325 |
Key Ratios | Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||
Return on average assets | 1.14 | % | 0.93 | % | 1.10 | % | 1.03 | % | 1.08 | % | |
Return on average common shareholder's equity | 8.36 | % | 6.80 | % | 8.27 | % | 7.61 | % | 8.17 | % | |
Efficiency ratio | 63.42 | % | 67.91 | % | 63.00 | % | 65.02 | % | 62.55 | % | |
Average equity to average assets | 13.60 | % | 13.62 | % | 13.32 | % | 13.55 | % | 13.27 | % | |
Net interest margin | 4.12 | % | 3.99 | % | 4.15 | % | 4.04 | % | 4.11 | % | |
Net charge-offs to average loans and leases | 0.22 | % | 0.14 | % | 0.50 | % | 0.19 | % | 0.37 | % | |
Loan and lease loss reserve to loans and leases | 1.13 | % | 1.11 | % | 0.97 | % | 1.13 | % | 0.97 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 64.37 | % | 55.45 | % | 45.79 | % | 64.37 | % | 45.79 | % | |
Nonperforming loans to loans | 1.75 | % | 2.01 | % | 2.11 | % | 1.75 | % | 2.11 | % | |
Tier 1 leverage | 12.92 | % | 12.62 | % | 12.19 | % | 12.92 | % | 12.19 | % | |
Risk-based capital - Tier 1 | 17.73 | % | 17.30 | % | 16.53 | % | 17.73 | % | 16.53 | % |
Asset Quality | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 6,778 | $ | 5,193 | $ | — | $ | 6,778 | $ | — | ||||||
Accruing loans and leases past due 90 days or more | $ | 1,632 | $ | 690 | $ | 787 | $ | 1,632 | $ | 787 | ||||||
Nonaccrual loans and leases | $ | 16,112 | $ | 16,553 | $ | 18,673 | $ | 16,112 | $ | 18,673 | ||||||
Nonperforming loans and other real estate | $ | 30,954 | $ | 35,819 | $ | 38,230 | $ | 30,954 | $ | 38,230 | ||||||
Other real estate owned | $ | 3,382 | $ | 3,625 | $ | 4,012 | $ | 3,382 | $ | 4,012 | ||||||
Total nonperforming assets | $ | 46,072 | $ | 50,630 | $ | 53,395 | $ | 46,072 | $ | 53,395 | ||||||
Total troubled debt restructurings | $ | 9,828 | $ | 14,951 | $ | 14,758 | $ | 9,828 | $ | 14,758 | ||||||
Gross charge-offs | $ | 3,295 | $ | 1,479 | $ | 2,656 | $ | 6,597 | $ | 7,142 | ||||||
Recoveries | $ | 2,309 | $ | 839 | $ | 378 | $ | 4,033 | $ | 2,146 | ||||||
Net charge-offs/(recoveries) | $ | 986 | $ | 640 | $ | 2,278 | $ | 2,564 | $ | 4,996 |
September 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 63,278 | $ | 78,102 | |||
Federal funds sold | — | 8,000 | |||||
Securities available-for-sale | 885,836 | 897,053 | |||||
Loans: | |||||||
Commercial | 1,040,677 | 1,044,522 | |||||
Residential | 451,425 | 469,172 | |||||
Consumer | 272,235 | 266,656 | |||||
1,764,337 | 1,780,350 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 2,330 | 1,078 | |||||
Allowance for loan losses | (19,925 | ) | (18,839 | ) | |||
1,746,742 | 1,762,589 | ||||||
Restricted stock | 10,838 | 16,404 | |||||
Accrued interest receivable | 12,265 | 11,593 | |||||
Premises and equipment, net | 50,834 | 51,802 | |||||
Bank-owned life insurance | 81,961 | 80,730 | |||||
Goodwill | 39,489 | 39,489 | |||||
Other intangible assets | 3,375 | 3,901 | |||||
Other real estate owned | 3,382 | 3,965 | |||||
Other assets | 44,833 | 48,857 | |||||
TOTAL ASSETS | $ | 2,942,833 | $ | 3,002,485 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 521,310 | $ | 556,389 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 47,154 | 53,733 | |||||
Other interest-bearing deposits | 1,850,125 | 1,847,075 | |||||
2,418,589 | 2,457,197 | ||||||
Short-term borrowings | 23,336 | 48,015 | |||||
FHLB advances | 13,251 | 12,886 | |||||
Other liabilities | 79,066 | 90,173 | |||||
TOTAL LIABILITIES | 2,534,242 | 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-12,703,869 in 2015 and 12,962,607 in 2014 | 1,817 | 1,815 | |||||
Additional paid-in capital | 72,916 | 72,405 | |||||
Retained earnings | 394,761 | 377,970 | |||||
Accumulated other comprehensive loss | (8,758 | ) | (14,529 | ) | |||
Less: Treasury shares at cost-1,853,946 in 2015 and 1,575,525 in 2014 | (52,145 | ) | (43,447 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 408,591 | 394,214 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,942,833 | $ | 3,002,485 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 21,478 | $ | 21,939 | $ | 63,048 | $ | 65,782 | |||||||
Securities: | |||||||||||||||
Taxable | 3,918 | 4,196 | 11,970 | 12,938 | |||||||||||
Tax-exempt | 1,806 | 1,782 | 5,375 | 5,294 | |||||||||||
Other | 401 | 459 | 1,265 | 1,301 | |||||||||||
TOTAL INTEREST INCOME | 27,603 | 28,376 | 81,658 | 85,315 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 963 | 1,088 | 2,980 | 3,611 | |||||||||||
Short-term borrowings | 22 | 49 | 54 | 85 | |||||||||||
Other borrowings | 42 | 94 | 129 | 726 | |||||||||||
TOTAL INTEREST EXPENSE | 1,027 | 1,231 | 3,163 | 4,422 | |||||||||||
NET INTEREST INCOME | 26,576 | 27,145 | 78,495 | 80,893 | |||||||||||
Provision for loan losses | 1,050 | 1,506 | 3,650 | 3,110 | |||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 25,526 | 25,639 | 74,845 | 77,783 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,382 | 1,386 | 4,127 | 4,289 | |||||||||||
Service charges and fees on deposit accounts | 2,688 | 2,813 | 7,557 | 8,058 | |||||||||||
Other service charges and fees | 3,080 | 3,112 | 8,918 | 8,940 | |||||||||||
Securities gains/(losses), net | 9 | — | 23 | (1 | ) | ||||||||||
Insurance commissions | 1,693 | 2,091 | 5,202 | 5,620 | |||||||||||
Gain on sales of mortgage loans | 611 | 519 | 1,512 | 1,352 | |||||||||||
Other | 488 | 573 | 2,451 | 1,676 | |||||||||||
TOTAL NON-INTEREST INCOME | 9,951 | 10,494 | 29,790 | 29,934 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 14,963 | 14,081 | 45,105 | 42,064 | |||||||||||
Occupancy expense | 1,756 | 1,776 | 5,322 | 5,490 | |||||||||||
Equipment expense | 1,736 | 1,905 | 5,210 | 5,467 | |||||||||||
FDIC Expense | 468 | 537 | 1,348 | 1,496 | |||||||||||
Other | 5,229 | 6,406 | 16,470 | 17,706 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 24,152 | 24,705 | 73,455 | 72,223 | |||||||||||
INCOME BEFORE INCOME TAXES | 11,325 | 11,428 | 31,180 | 35,494 | |||||||||||
Provision for income taxes | 2,927 | 3,156 | 8,098 | 10,903 | |||||||||||
NET INCOME | 8,398 | 8,272 | 23,082 | 24,591 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 4,471 | 1,879 | 1,669 | 11,298 | |||||||||||
Change in funded status of post retirement benefits, net of taxes | 819 | 116 | 4,102 | 346 | |||||||||||
COMPREHENSIVE INCOME | $ | 13,688 | $ | 10,267 | $ | 28,853 | $ | 36,235 | |||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.65 | $ | 0.62 | $ | 1.79 | $ | 1.85 | |||||||
Weighted average number of shares outstanding (in thousands) | 12,773 | 13,269 | 12,874 | 13,325 |