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 Number | ||
Press Release, April 24, 2018 issued by First Financial Corporation |
First Financial Corporation | ||
Dated April 24, 2018 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
News Release |
For more information contact: | |
April 24, 2018 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2018 | 2017 | 2017 | ||||||||
END OF PERIOD BALANCES | ||||||||||
Assets | $ | 2,956,654 | $ | 3,000,668 | $ | 2,957,285 | ||||
Deposits | $ | 2,457,189 | $ | 2,458,653 | $ | 2,438,012 | ||||
Loans, including net deferred loan costs | $ | 1,907,445 | $ | 1,906,761 | $ | 1,834,893 | ||||
Allowance for Loan Losses | $ | 20,241 | $ | 19,909 | $ | 19,395 | ||||
Total Equity | $ | 414,901 | $ | 413,569 | $ | 426,808 | ||||
Tangible Common Equity (a) | $ | 379,019 | $ | 377,584 | $ | 390,470 | ||||
AVERAGE BALANCES | ||||||||||
Total Assets | $ | 2,979,601 | $ | 3,006,198 | $ | 2,983,114 | ||||
Earning Assets | $ | 2,800,498 | $ | 2,797,194 | $ | 2,766,991 | ||||
Investments | $ | 876,764 | $ | 895,401 | $ | 919,599 | ||||
Loans | $ | 1,908,118 | $ | 1,874,766 | $ | 1,841,392 | ||||
Total Deposits | $ | 2,449,888 | $ | 2,473,385 | $ | 2,444,162 | ||||
Interest-Bearing Deposits | $ | 2,028,581 | $ | 2,039,993 | $ | 1,971,848 | ||||
Interest-Bearing Liabilities | $ | 54,475 | $ | 27,357 | $ | 50,164 | ||||
Total Equity | $ | 414,340 | $ | 442,418 | $ | 426,673 | ||||
INCOME STATEMENT DATA | ||||||||||
Net Interest Income | $ | 27,473 | $ | 27,682 | $ | 26,507 | ||||
Net Interest Income Fully Tax Equivalent (b) | $ | 28,453 | $ | 29,316 | $ | 28,031 | ||||
Provision for Loan Losses | $ | 1,473 | $ | 1,474 | $ | 1,596 | ||||
Non-interest Income | $ | 8,103 | $ | 8,236 | $ | 11,049 | ||||
Non-interest Expense | $ | 23,210 | $ | 21,798 | $ | 22,577 | ||||
Net Income | $ | 8,954 | $ | 2,616 | $ | 9,369 | ||||
PER SHARE DATA | ||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.73 | $ | 0.21 | $ | 0.77 | ||||
Cash Dividends Declared Per Common Share | $ | — | $ | 2.01 | $ | — | ||||
Book Value Per Common Share | $ | 33.86 | $ | 33.77 | $ | 34.92 | ||||
Tangible Book Value Per Common Share (c) | $ | 30.93 | $ | 30.83 | $ | 31.94 | ||||
Basic Weighted Average Common Shares Outstanding | 12,248 | 12,234 | 12,217 |
Key Ratios | Three Months Ended | ||||||
March 31, | December 31, | March 31, | |||||
2018 | 2017 | 2017 | |||||
Return on average assets | 1.20 | % | 0.35 | % | 1.26 | % | |
Return on average common shareholder's equity | 8.64 | % | 2.37 | % | 8.78 | % | |
Efficiency ratio | 63.49 | % | 58.05 | % | 57.77 | % | |
Average equity to average assets | 13.91 | % | 14.72 | % | 14.31 | % | |
Net interest margin (a) | 4.06 | % | 4.20 | % | 4.05 | % | |
Net charge-offs to average loans and leases | 0.24 | % | 0.29 | % | 0.21 | % | |
Loan and lease loss reserve to loans and leases | 1.06 | % | 1.04 | % | 1.06 | % | |
Loan and lease loss reserve to nonperforming loans and other real estate | 97.66 | % | 84.50 | % | 98.37 | % | |
Nonperforming loans to loans and leases | 1.09 | % | 1.14 | % | 1.07 | % | |
Tier 1 leverage | 13.71 | % | 13.31 | % | 13.63 | % | |
Risk-based capital - Tier 1 | 17.57 | % | 17.01 | % | 17.78 | % |
Asset Quality | Three Months Ended | |||||||||
March 31, | December 31, | March 31, | ||||||||
2018 | 2017 | 2017 | ||||||||
Accruing loans and leases past due 30-89 days | $ | 9,758 | $ | 13,358 | $ | 7,713 | ||||
Accruing loans and leases past due 90 days or more | $ | 602 | $ | 1,403 | $ | 453 | ||||
Nonaccrual loans and leases | $ | 13,206 | $ | 13,245 | $ | 11,106 | ||||
Total troubled debt restructuring | $ | 6,919 | $ | 7,034 | $ | 8,158 | ||||
Other real estate owned | $ | 1,923 | $ | 1,880 | $ | 2,294 | ||||
Nonperforming loans and other real estate owned | $ | 22,650 | $ | 23,562 | $ | 22,011 | ||||
Total nonperforming assets | $ | 38,179 | $ | 38,167 | $ | 34,004 | ||||
Gross charge-offs | $ | 2,074 | $ | 2,434 | $ | 2,274 | ||||
Recoveries | $ | 933 | $ | 1,067 | $ | 1,300 | ||||
Net charge-offs/(recoveries) | $ | 1,141 | $ | 1,367 | $ | 974 |
March 31, 2018 | December 31, 2017 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 41,156 | $ | 74,107 | |||
Federal funds sold | 1,500 | — | |||||
Securities available-for-sale | 805,558 | 814,931 | |||||
Loans: | |||||||
Commercial | 1,135,927 | 1,139,490 | |||||
Residential | 436,119 | 436,143 | |||||
Consumer | 332,115 | 327,976 | |||||
1,904,161 | 1,903,609 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,284 | 3,152 | |||||
Allowance for loan losses | (20,241 | ) | (19,909 | ) | |||
1,887,204 | 1,886,852 | ||||||
Restricted stock | 10,390 | 10,379 | |||||
Accrued interest receivable | 12,983 | 12,913 | |||||
Premises and equipment, net | 47,771 | 48,272 | |||||
Bank-owned life insurance | 85,306 | 85,016 | |||||
Goodwill | 34,355 | 34,355 | |||||
Other intangible assets | 1,527 | 1,630 | |||||
Other real estate owned | 1,923 | 1,880 | |||||
Other assets | 26,981 | 30,333 | |||||
TOTAL ASSETS | $ | 2,956,654 | $ | 3,000,668 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 415,694 | $ | 425,001 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 42,056 | 43,178 | |||||
Other interest-bearing deposits | 1,999,439 | 1,990,474 | |||||
2,457,189 | 2,458,653 | ||||||
Short-term borrowings | 29,078 | 57,686 | |||||
FHLB advances | — | — | |||||
Other liabilities | 55,486 | 70,760 | |||||
TOTAL LIABILITIES | 2,541,753 | 2,587,099 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,612,540 in 2018 and 14,595,320 in 2017 | |||||||
Outstanding shares-12,255,045 in 2018 and 12,246,464 in 2017 | 1,823 | 1,822 | |||||
Additional paid-in capital | 75,810 | 75,624 | |||||
Retained earnings | 431,595 | 420,275 | |||||
Accumulated other comprehensive loss | (24,488 | ) | (14,704 | ) | |||
Less: Treasury shares at cost-2,357,495 in 2018 and 2,348,856 in 2017 | (69,839 | ) | (69,448 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 414,901 | 413,569 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 2,956,654 | $ | 3,000,668 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(unaudited) | |||||||
INTEREST INCOME: | |||||||
Loans, including related fees | $ | 23,623 | $ | 21,941 | |||
Securities: | |||||||
Taxable | 3,593 | 3,757 | |||||
Tax-exempt | 1,840 | 1,827 | |||||
Other | 321 | 321 | |||||
TOTAL INTEREST INCOME | 29,377 | 27,846 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 1,764 | 1,275 | |||||
Short-term borrowings | 99 | 44 | |||||
Other borrowings | 41 | 20 | |||||
TOTAL INTEREST EXPENSE | 1,904 | 1,339 | |||||
NET INTEREST INCOME | 27,473 | 26,507 | |||||
Provision for loan losses | 1,473 | 1,596 | |||||
NET INTEREST INCOME AFTER PROVISION | |||||||
FOR LOAN LOSSES | 26,000 | 24,911 | |||||
NON-INTEREST INCOME: | |||||||
Trust and financial services | 1,415 | 1,317 | |||||
Service charges and fees on deposit accounts | 2,885 | 2,777 | |||||
Other service charges and fees | 3,144 | 3,185 | |||||
Securities gains/(losses), net | — | 2 | |||||
Insurance commissions | 32 | 22 | |||||
Gain on sales of mortgage loans | 340 | 327 | |||||
Other | 287 | 3,419 | |||||
TOTAL NON-INTEREST INCOME | 8,103 | 11,049 | |||||
NON-INTEREST EXPENSE: | |||||||
Salaries and employee benefits | 12,965 | 13,376 | |||||
Occupancy expense | 1,781 | 1,768 | |||||
Equipment expense | 1,693 | 1,797 | |||||
FDIC Expense | 227 | 233 | |||||
Other | 6,544 | 5,403 | |||||
TOTAL NON-INTEREST EXPENSE | 23,210 | 22,577 | |||||
INCOME BEFORE INCOME TAXES | 10,893 | 13,383 | |||||
Provision for income taxes | 1,939 | 4,014 | |||||
NET INCOME | 8,954 | 9,369 | |||||
OTHER COMPREHENSIVE INCOME | |||||||
Change in unrealized gains/losses on securities, net of reclassifications and taxes | (7,201 | ) | 3,188 | ||||
Change in funded status of post retirement benefits, net of taxes | (2,583 | ) | 183 | ||||
COMPREHENSIVE INCOME (LOSS) | $ | (830 | ) | $ | 12,740 | ||
PER SHARE DATA | |||||||
Basic and Diluted Earnings per Share | $ | 0.73 | $ | 0.77 | |||
Weighted average number of shares outstanding (in thousands) | 12,248 | 12,217 |