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 25, 2016 issued by First Financial Corporation |
First Financial Corporation | ||
Dated October 25, 2016 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
99.1 | Press Release, October 25, 2016 issued by First Financial Corporation |
News Release |
For more information contact: | |
October 25, 2016 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 3,019,323 | $ | 2,958,016 | $ | 2,942,833 | $ | 3,019,323 | $ | 2,942,833 | ||||||
Deposits | $ | 2,479,241 | $ | 2,394,334 | $ | 2,418,589 | $ | 2,479,241 | $ | 2,418,589 | ||||||
Loans | $ | 1,821,525 | $ | 1,802,810 | $ | 1,766,667 | $ | 1,821,525 | $ | 1,766,667 | ||||||
Allowance for Loan Losses | $ | 19,074 | $ | 19,504 | $ | 19,925 | $ | 19,074 | $ | 19,925 | ||||||
Total Equity | $ | 422,374 | $ | 413,224 | $ | 408,591 | $ | 422,374 | $ | 408,591 | ||||||
Tangible Common Equity | $ | 385,766 | $ | 376,472 | $ | 365,727 | $ | 385,766 | $ | 365,727 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 2,977,329 | $ | 2,947,153 | $ | 2,954,983 | $ | 2,961,163 | $ | 2,977,719 | ||||||
Earning Assets | $ | 2,742,151 | $ | 2,747,214 | $ | 2,733,630 | $ | 2,738,097 | $ | 2,747,516 | ||||||
Investments | $ | 936,059 | $ | 945,948 | $ | 960,139 | $ | 946,001 | $ | 968,997 | ||||||
Loans | $ | 1,800,796 | $ | 1,781,201 | $ | 1,769,009 | $ | 1,779,936 | $ | 1,766,097 | ||||||
Total Deposits | $ | 2,399,596 | $ | 2,422,302 | $ | 2,418,162 | $ | 2,413,522 | $ | 2,447,282 | ||||||
Interest-Bearing Deposits | $ | 1,855,077 | $ | 1,877,092 | $ | 1,884,420 | $ | 1,868,413 | $ | 1,905,714 | ||||||
Interest-Bearing Liabilities | $ | 59,815 | $ | 44,852 | $ | 58,957 | $ | 50,231 | $ | 49,053 | ||||||
Total Equity | $ | 433,511 | $ | 406,382 | $ | 401,840 | $ | 418,289 | $ | 403,550 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 26,351 | $ | 26,059 | $ | 26,576 | $ | 78,567 | $ | 78,495 | ||||||
Net Interest Income Fully Tax Equivalent | $ | 27,907 | $ | 27,602 | $ | 28,134 | $ | 83,200 | $ | 83,184 | ||||||
Provision for Loan Losses | $ | 1,091 | $ | 435 | $ | 1,050 | $ | 2,361 | $ | 3,650 | ||||||
Non-interest Income | $ | 7,923 | $ | 8,214 | $ | 9,951 | $ | 38,503 | $ | 29,790 | ||||||
Non-interest Expense | $ | 22,006 | $ | 22,760 | $ | 24,152 | $ | 68,113 | $ | 73,455 | ||||||
Net Income | $ | 8,162 | $ | 8,232 | $ | 8,398 | $ | 30,069 | $ | 23,082 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.67 | $ | 0.68 | $ | 0.65 | $ | 2.43 | $ | 1.79 | ||||||
Cash Dividends Declared Per Common Share | $ | — | $ | 0.5 | $ | — | $ | 0.5 | $ | 0.49 | ||||||
Book Value Per Common Share | $ | 34.66 | $ | 33.89 | $ | 32.16 | $ | 34.66 | $ | 32.16 | ||||||
Tangible Book Value Per Common Share | $ | 31.66 | $ | 30.88 | $ | 28.79 | $ | 31.66 | $ | 28.79 | ||||||
Basic Weighted Average Common Shares Outstanding | 12,186 | 12,236 | 12,773 | 12,356 | 12,874 |
Key Ratios | Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||
Return on average assets | 1.10 | % | 1.12 | % | 1.14 | % | 1.35 | % | 1.03 | % | |
Return on average common shareholder's equity | 7.23 | % | 8.04 | % | 8.36 | % | 9.56 | % | 7.61 | % | |
Efficiency ratio | 61.42 | % | 63.55 | % | 63.42 | % | 55.97 | % | 65.02 | % | |
Average equity to average assets | 14.56 | % | 13.89 | % | 13.60 | % | 14.13 | % | 13.55 | % | |
Net interest margin | 4.05 | % | 4.04 | % | 4.12 | % | 4.05 | % | 4.04 | % | |
Net charge-offs to average loans and leases | 0.34 | % | 0.19 | % | 0.22 | % | 0.24 | % | 0.19 | % | |
Loan and lease loss reserve to loans and leases | 1.05 | % | 1.08 | % | 1.13 | % | 1.05 | % | 1.13 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 65.69 | % | 70.76 | % | 64.37 | % | 65.69 | % | 64.37 | % | |
Nonperforming loans to loans | 1.61 | % | 1.53 | % | 1.75 | % | 1.61 | % | 1.75 | % | |
Tier 1 leverage | 13.23 | % | 13.08 | % | 12.92 | % | 13.23 | % | 12.92 | % | |
Risk-based capital - Tier 1 | 17.46 | % | 17.46 | % | 17.73 | % | 17.46 | % | 17.73 | % |
Asset Quality | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 6,983 | $ | 7,435 | $ | 6,778 | $ | 6,983 | $ | 6,778 | ||||||
Accruing loans and leases past due 90 days or more | $ | 1,144 | $ | 1,044 | $ | 1,632 | $ | 1,144 | $ | 1,632 | ||||||
Nonaccrual loans and leases | $ | 16,235 | $ | 14,526 | $ | 16,112 | $ | 16,235 | $ | 16,112 | ||||||
Nonperforming loans and other real estate | $ | 29,037 | $ | 27,562 | $ | 30,954 | $ | 29,037 | $ | 30,954 | ||||||
Other real estate owned | $ | 2,772 | $ | 2,837 | $ | 3,382 | $ | 2,772 | $ | 3,382 | ||||||
Total nonperforming assets | $ | 40,548 | $ | 38,998 | $ | 46,072 | $ | 40,548 | $ | 46,072 | ||||||
Total troubled debt restructurings | $ | 8,886 | $ | 9,155 | $ | 9,828 | $ | 8,886 | $ | 9,828 | ||||||
Gross charge-offs | $ | 2,724 | $ | 1,842 | $ | 3,295 | $ | 6,206 | $ | 6,597 | ||||||
Recoveries | $ | 1,202 | $ | 986 | $ | 2,309 | $ | 2,973 | $ | 4,033 | ||||||
Net charge-offs/(recoveries) | $ | 1,522 | $ | 856 | $ | 986 | $ | 3,233 | $ | 2,564 |
September 30, 2016 | December 31, 2015 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 67,396 | $ | 88,695 | |||
Federal funds sold | 44,505 | 9,815 | |||||
Securities available-for-sale | 866,701 | 891,082 | |||||
Loans: | |||||||
Commercial | 1,083,129 | 1,043,980 | |||||
Residential | 430,346 | 444,447 | |||||
Consumer | 304,840 | 272,896 | |||||
1,818,315 | 1,761,323 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,210 | 2,485 | |||||
Allowance for loan losses | (19,074 | ) | (19,946 | ) | |||
1,802,451 | 1,743,862 | ||||||
Restricted stock | 10,848 | 10,838 | |||||
Accrued interest receivable | 12,846 | 11,733 | |||||
Premises and equipment, net | 49,688 | 50,531 | |||||
Bank-owned life insurance | 83,377 | 82,323 | |||||
Goodwill | 34,355 | 39,489 | |||||
Other intangible assets | 2,253 | 3,178 | |||||
Other real estate owned | 2,772 | 3,466 | |||||
Other assets | 42,131 | 44,573 | |||||
TOTAL ASSETS | $ | 3,019,323 | $ | 2,979,585 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 557,185 | $ | 563,302 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 44,778 | 46,753 | |||||
Other interest-bearing deposits | 1,877,278 | 1,832,314 | |||||
2,479,241 | 2,442,369 | ||||||
Short-term borrowings | 31,370 | 33,831 | |||||
FHLB advances | 10,132 | 12,677 | |||||
Other liabilities | 76,206 | 80,392 | |||||
TOTAL LIABILITIES | 2,596,949 | 2,569,269 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,578,758 in 2016 and 14,557,815 in 2015 | |||||||
Outstanding shares-12,185,737 in 2016 and 12,740,018 in 2015 | 1,819 | 1,817 | |||||
Additional paid-in capital | 73,907 | 73,396 | |||||
Retained earnings | 419,585 | 395,633 | |||||
Accumulated other comprehensive loss | (2,412 | ) | (9,401 | ) | |||
Less: Treasury shares at cost-2,393,021 in 2016 and 1,817,797 in 2015 | (70,525 | ) | (51,129 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 422,374 | 410,316 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,019,323 | $ | 2,979,585 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 21,753 | $ | 21,478 | $ | 64,208 | $ | 63,048 | |||||||
Securities: | |||||||||||||||
Taxable | 3,506 | 3,918 | 11,031 | 11,970 | |||||||||||
Tax-exempt | 1,826 | 1,806 | 5,466 | 5,375 | |||||||||||
Other | 365 | 401 | 1,096 | 1,265 | |||||||||||
TOTAL INTEREST INCOME | 27,450 | 27,603 | 81,801 | 81,658 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 1,016 | 963 | 3,033 | 2,980 | |||||||||||
Short-term borrowings | 51 | 22 | 100 | 54 | |||||||||||
Other borrowings | 32 | 42 | 101 | 129 | |||||||||||
TOTAL INTEREST EXPENSE | 1,099 | 1,027 | 3,234 | 3,163 | |||||||||||
NET INTEREST INCOME | 26,351 | 26,576 | 78,567 | 78,495 | |||||||||||
Provision for loan losses | 1,091 | 1,050 | 2,361 | 3,650 | |||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 25,260 | 25,526 | 76,206 | 74,845 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,270 | 1,382 | 3,896 | 4,127 | |||||||||||
Service charges and fees on deposit accounts | 2,765 | 2,688 | 7,870 | 7,557 | |||||||||||
Other service charges and fees | 3,062 | 3,080 | 9,211 | 8,918 | |||||||||||
Securities gains/(losses), net | 13 | 9 | 26 | 23 | |||||||||||
Gain on sale of certain assets and liabilities of insurance brokerage | (199 | ) | — | 12,822 | — | ||||||||||
Insurance commissions | 35 | 1,693 | 2,340 | 5,202 | |||||||||||
Gain on sales of mortgage loans | 522 | 611 | 1,407 | 1,512 | |||||||||||
Other | 455 | 488 | 931 | 2,451 | |||||||||||
TOTAL NON-INTEREST INCOME | 7,923 | 9,951 | 38,503 | 29,790 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 12,883 | 14,963 | 39,620 | 45,105 | |||||||||||
Occupancy expense | 1,785 | 1,756 | 5,238 | 5,322 | |||||||||||
Equipment expense | 1,878 | 1,736 | 5,523 | 5,210 | |||||||||||
FDIC Expense | 356 | 468 | 1,210 | 1,348 | |||||||||||
Other | 5,104 | 5,229 | 16,522 | 16,470 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 22,006 | 24,152 | 68,113 | 73,455 | |||||||||||
INCOME BEFORE INCOME TAXES | 11,177 | 11,325 | 46,596 | 31,180 | |||||||||||
Provision for income taxes | 3,015 | 2,927 | 16,527 | 8,098 | |||||||||||
NET INCOME | 8,162 | 8,398 | 30,069 | 23,082 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | 777 | 4,471 | 6,077 | 1,669 | |||||||||||
Change in funded status of post retirement benefits, net of taxes | 304 | 819 | 912 | 4,102 | |||||||||||
COMPREHENSIVE INCOME | $ | 9,243 | $ | 13,688 | $ | 37,058 | $ | 28,853 | |||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.67 | $ | 0.65 | $ | 2.43 | $ | 1.79 | |||||||
Weighted average number of shares outstanding (in thousands) | 12,186 | 12,773 | 12,356 | 12,874 |