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 23, 2017 issued by First Financial Corporation |
First Financial Corporation | ||
Dated October 23, 2017 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
Exhibit Number | ||
Press Release, October 23, 2017 issued by First Financial Corporation |
News Release |
For more information contact: | |
October 23, 2017 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 2,982,342 | $ | 2,974,688 | $ | 3,019,323 | $ | 2,982,342 | $ | 3,019,323 | ||||||
Deposits | $ | 2,453,411 | $ | 2,427,723 | $ | 2,479,241 | $ | 2,453,411 | $ | 2,479,241 | ||||||
Loans, including net deferred loan costs | $ | 1,866,564 | $ | 1,857,030 | $ | 1,821,525 | $ | 1,866,564 | $ | 1,821,525 | ||||||
Allowance for Loan Losses | $ | 19,802 | $ | 19,680 | $ | 19,074 | $ | 19,802 | $ | 19,074 | ||||||
Total Equity | $ | 443,558 | $ | 434,454 | $ | 422,374 | $ | 443,558 | $ | 422,374 | ||||||
Tangible Common Equity (a) | $ | 407,459 | $ | 398,242 | $ | 385,766 | $ | 407,459 | $ | 385,766 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 2,974,616 | $ | 2,974,260 | $ | 2,977,329 | $ | 2,977,330 | $ | 2,961,163 | ||||||
Earning Assets | $ | 2,775,366 | $ | 2,779,361 | $ | 2,742,151 | $ | 2,773,906 | $ | 2,738,097 | ||||||
Investments | $ | 912,439 | $ | 920,453 | $ | 936,059 | $ | 917,497 | $ | 946,001 | ||||||
Loans | $ | 1,856,726 | $ | 1,847,484 | $ | 1,800,796 | $ | 1,848,534 | $ | 1,779,936 | ||||||
Total Deposits | $ | 2,414,561 | $ | 2,436,440 | $ | 2,399,596 | $ | 2,431,721 | $ | 2,413,522 | ||||||
Interest-Bearing Deposits | $ | 1,993,839 | $ | 2,009,932 | $ | 1,855,077 | $ | 1,991,873 | $ | 1,868,413 | ||||||
Interest-Bearing Liabilities | $ | 58,755 | $ | 51,752 | $ | 59,815 | $ | 53,557 | $ | 50,231 | ||||||
Total Equity | $ | 440,998 | $ | 430,975 | $ | 433,511 | $ | 432,882 | $ | 418,289 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 27,108 | $ | 26,560 | $ | 26,351 | $ | 80,175 | $ | 78,567 | ||||||
Net Interest Income Fully Tax Equivalent (b) | $ | 28,691 | $ | 28,137 | $ | 27,907 | $ | 84,859 | $ | 83,200 | ||||||
Provision for Loan Losses | $ | 1,185 | $ | 1,040 | $ | 1,091 | $ | 3,821 | $ | 2,361 | ||||||
Non-interest Income | $ | 8,540 | $ | 8,113 | $ | 7,923 | $ | 27,702 | $ | 38,503 | ||||||
Non-interest Expense | $ | 22,284 | $ | 22,088 | $ | 22,006 | $ | 66,949 | $ | 68,113 | ||||||
Net Income | $ | 8,794 | $ | 8,352 | $ | 8,162 | $ | 26,515 | $ | 30,069 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.72 | $ | 0.68 | $ | 0.67 | $ | 2.17 | $ | 2.43 | ||||||
Cash Dividends Declared Per Common Share | $ | — | $ | 0.50 | $ | — | $ | 0.50 | $ | 0.50 | ||||||
Book Value Per Common Share | $ | 36.29 | $ | 35.54 | $ | 34.66 | $ | 36.29 | $ | 34.66 | ||||||
Tangible Book Value Per Common Share (c) | $ | 33.12 | $ | 32.12 | $ | 32.57 | $ | 33.33 | $ | 31.66 | ||||||
Basic Weighted Average Common Shares Outstanding | 12,224 | 12,224 | 12,186 | 12,222 | 12,356 |
Key Ratios | Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||
Return on average assets | 1.18 | % | 1.12 | % | 1.10 | % | 1.19 | % | 1.35 | % | |
Return on average common shareholder's equity | 7.98 | % | 7.75 | % | 7.23 | % | 8.15 | % | 9.56 | % | |
Efficiency ratio | 59.85 | % | 60.93 | % | 61.42 | % | 59.48 | % | 55.97 | % | |
Average equity to average assets | 14.83 | % | 14.49 | % | 14.56 | % | 14.54 | % | 14.13 | % | |
Net interest margin | 4.14 | % | 4.05 | % | 4.05 | % | 4.08 | % | 4.05 | % | |
Net charge-offs to average loans and leases | 0.23 | % | 0.19 | % | 0.34 | % | 0.20 | % | 0.24 | % | |
Loan and lease loss reserve to loans and leases | 1.06 | % | 1.06 | % | 1.05 | % | 1.06 | % | 1.05 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 86.93 | % | 89.05 | % | 65.69 | % | 86.93 | % | 65.69 | % | |
Nonperforming loans to loans and leases | 1.22 | % | 1.10 | % | 1.44 | % | 1.22 | % | 1.44 | % | |
Tier 1 leverage | 14.05 | % | 13.73 | % | 13.23 | % | 14.05 | % | 13.23 | % | |
Risk-based capital - Tier 1 | 18.04 | % | 17.80 | % | 17.46 | % | 18.04 | % | 17.46 | % |
Asset Quality | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 6,864 | $ | 8,846 | $ | 6,983 | $ | 6,864 | $ | 6,983 | ||||||
Accruing loans and leases past due 90 days or more | $ | 1,389 | $ | 1,117 | $ | 1,144 | $ | 1,389 | $ | 1,144 | ||||||
Nonaccrual loans and leases | $ | 13,965 | $ | 11,255 | $ | 16,235 | $ | 13,965 | $ | 16,235 | ||||||
Total troubled debt restructuring | $ | 7,424 | $ | 7,984 | $ | 8,886 | $ | 7,424 | $ | 8,886 | ||||||
Other real estate owned | $ | 1,866 | $ | 2,384 | $ | 2,772 | $ | 1,866 | $ | 2,772 | ||||||
Nonperforming loans and other real estate owned | $ | 24,644 | $ | 22,740 | $ | 29,037 | $ | 24,644 | $ | 29,037 | ||||||
Total nonperforming assets | $ | 38,336 | $ | 35,024 | $ | 40,548 | $ | 38,336 | $ | 40,548 | ||||||
Gross charge-offs | $ | 1,964 | $ | 2,090 | $ | 2,724 | $ | 6,328 | $ | 6,206 | ||||||
Recoveries | $ | 901 | $ | 1,335 | $ | 1,202 | $ | 3,536 | $ | 2,973 | ||||||
Net charge-offs/(recoveries) | $ | 1,063 | $ | 755 | $ | 1,522 | $ | 2,792 | $ | 3,233 |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 61,003 | $ | 75,012 | |||
Federal funds sold | 9,398 | 6,952 | |||||
Securities available-for-sale | 835,424 | 853,725 | |||||
Loans: | |||||||
Commercial | 1,109,098 | 1,106,182 | |||||
Residential | 429,311 | 423,911 | |||||
Consumer | 325,035 | 305,881 | |||||
1,863,444 | 1,835,974 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,120 | 3,206 | |||||
Allowance for loan losses | (19,802 | ) | (18,773 | ) | |||
1,846,762 | 1,820,407 | ||||||
Restricted stock | 10,379 | 10,359 | |||||
Accrued interest receivable | 13,364 | 12,311 | |||||
Premises and equipment, net | 47,289 | 49,240 | |||||
Bank-owned life insurance | 84,644 | 83,737 | |||||
Goodwill | 34,355 | 34,355 | |||||
Other intangible assets | 1,744 | 2,109 | |||||
Other real estate owned | 1,866 | 2,531 | |||||
Other assets | 36,114 | 37,789 | |||||
TOTAL ASSETS | $ | 2,982,342 | $ | 2,988,527 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 438,207 | $ | 564,092 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 41,156 | 43,759 | |||||
Other interest-bearing deposits | 1,974,048 | 1,820,675 | |||||
2,453,411 | 2,428,526 | ||||||
Short-term borrowings | 23,514 | 80,989 | |||||
FHLB advances | — | 132 | |||||
Other liabilities | 61,859 | 64,485 | |||||
TOTAL LIABILITIES | 2,538,784 | 2,574,132 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,595,320 in 2017 and 14,578,758 in 2016 | |||||||
Outstanding shares-12,223,750 in 2017 and 12,216,712 in 2016 | 1,822 | 1,820 | |||||
Additional paid-in capital | 75,053 | 74,525 | |||||
Retained earnings | 442,229 | 421,826 | |||||
Accumulated other comprehensive loss | (5,431 | ) | (14,164 | ) | |||
Less: Treasury shares at cost-2,371,570 in 2017 and 2,362,046 in 2016 | (70,115 | ) | (69,612 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 443,558 | 414,395 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,982,342 | $ | 2,988,527 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Loans, including related fees | $ | 23,119 | $ | 21,753 | $ | 67,385 | $ | 64,208 | |||||||
Securities: | |||||||||||||||
Taxable | 3,500 | 3,506 | 10,887 | 11,031 | |||||||||||
Tax-exempt | 1,859 | 1,826 | 5,529 | 5,466 | |||||||||||
Other | 327 | 365 | 978 | 1,096 | |||||||||||
TOTAL INTEREST INCOME | 28,805 | 27,450 | 84,779 | 81,801 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 1,561 | 1,016 | 4,307 | 3,033 | |||||||||||
Short-term borrowings | 98 | 51 | 215 | 100 | |||||||||||
Other borrowings | 38 | 32 | 82 | 101 | |||||||||||
TOTAL INTEREST EXPENSE | 1,697 | 1,099 | 4,604 | 3,234 | |||||||||||
NET INTEREST INCOME | 27,108 | 26,351 | 80,175 | 78,567 | |||||||||||
Provision for loan losses | 1,185 | 1,091 | 3,821 | 2,361 | |||||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
FOR LOAN LOSSES | 25,923 | 25,260 | 76,354 | 76,206 | |||||||||||
NON-INTEREST INCOME: | |||||||||||||||
Trust and financial services | 1,194 | 1,270 | 3,660 | 3,896 | |||||||||||
Service charges and fees on deposit accounts | 3,048 | 2,765 | 8,829 | 7,870 | |||||||||||
Other service charges and fees | 3,070 | 3,062 | 9,369 | 9,211 | |||||||||||
Securities gains/(losses), net | 27 | 13 | 44 | 26 | |||||||||||
Insurance commissions | 33 | 35 | 91 | 2,340 | |||||||||||
Gain\(loss) on sale of certain assets and liabilities of insurance brokerage operation | — | (199 | ) | — | 12,822 | ||||||||||
Gain on sales of mortgage loans | 535 | 522 | 1,255 | 1,407 | |||||||||||
Other | 633 | 455 | 4,454 | 931 | |||||||||||
TOTAL NON-INTEREST INCOME | 8,540 | 7,923 | 27,702 | 38,503 | |||||||||||
NON-INTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 12,790 | 12,883 | 38,685 | 39,620 | |||||||||||
Occupancy expense | 1,769 | 1,785 | 5,298 | 5,238 | |||||||||||
Equipment expense | 1,792 | 1,878 | 5,424 | 5,523 | |||||||||||
FDIC Expense | 228 | 356 | 689 | 1,210 | |||||||||||
Other | 5,705 | 5,104 | 16,853 | 16,522 | |||||||||||
TOTAL NON-INTEREST EXPENSE | 22,284 | 22,006 | 66,949 | 68,113 | |||||||||||
INCOME BEFORE INCOME TAXES | 12,179 | 11,177 | 37,107 | 46,596 | |||||||||||
Provision for income taxes | 3,385 | 3,015 | 10,592 | 16,527 | |||||||||||
NET INCOME | 8,794 | 8,162 | 26,515 | 30,069 | |||||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | (51 | ) | 777 | 8,182 | 6,077 | ||||||||||
Change in funded status of post retirement benefits, net of taxes | 184 | 304 | 551 | 912 | |||||||||||
COMPREHENSIVE INCOME | $ | 8,927 | $ | 9,243 | $ | 35,248 | $ | 37,058 | |||||||
PER SHARE DATA | |||||||||||||||
Basic and Diluted Earnings per Share | $ | 0.72 | $ | 0.67 | $ | 2.17 | $ | 2.43 | |||||||
Weighted average number of shares outstanding (in thousands) | 12,224 | 12,186 | 12,222 | 12,356 |