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 23, 2019 issued by First Financial Corporation |
First Financial Corporation | ||
Dated April 23, 2019 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
News Release |
For more information contact: | |
April 23, 2019 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2019 | 2018 | 2018 | ||||||||
END OF PERIOD BALANCES | ||||||||||
Assets | $ | 3,025,565 | $ | 3,008,718 | $ | 2,956,654 | ||||
Deposits | $ | 2,419,556 | $ | 2,436,727 | $ | 2,457,189 | ||||
Loans, including net deferred loan costs | $ | 1,984,053 | $ | 1,953,988 | $ | 1,907,445 | ||||
Allowance for Loan Losses | $ | 20,960 | $ | 20,436 | $ | 20,241 | ||||
Total Equity | $ | 462,796 | $ | 442,697 | $ | 414,901 | ||||
Tangible Common Equity (a) | $ | 427,358 | $ | 407,145 | $ | 379,019 | ||||
AVERAGE BALANCES | ||||||||||
Total Assets | $ | 3,004,056 | $ | 2,976,724 | $ | 2,979,601 | ||||
Earning Assets | $ | 2,824,524 | $ | 2,795,260 | $ | 2,800,498 | ||||
Investments | $ | 850,749 | $ | 849,818 | $ | 876,764 | ||||
Loans | $ | 1,972,333 | $ | 1,940,651 | $ | 1,908,118 | ||||
Total Deposits | $ | 2,428,164 | $ | 2,448,301 | $ | 2,449,888 | ||||
Interest-Bearing Deposits | $ | 1,999,272 | $ | 2,017,901 | $ | 2,028,581 | ||||
Interest-Bearing Liabilities | $ | 71,923 | $ | 49,362 | $ | 54,475 | ||||
Total Equity | $ | 450,666 | $ | 435,134 | $ | 414,340 | ||||
INCOME STATEMENT DATA | ||||||||||
Net Interest Income | $ | 29,426 | $ | 29,595 | $ | 27,473 | ||||
Net Interest Income Fully Tax Equivalent (b) | $ | 30,401 | $ | 30,591 | $ | 28,453 | ||||
Provision for Loan Losses | $ | 1,470 | $ | 1,470 | $ | 1,473 | ||||
Non-interest Income | $ | 7,636 | $ | 8,233 | $ | 8,103 | ||||
Non-interest Expense | $ | 23,693 | $ | 23,098 | $ | 23,210 | ||||
Net Income | $ | 9,682 | $ | 11,056 | $ | 8,954 | ||||
PER SHARE DATA | ||||||||||
Basic and Diluted Net Income Per Common Share | $ | 0.79 | $ | 0.90 | $ | 0.73 | ||||
Cash Dividends Declared Per Common Share | $ | — | $ | 0.51 | $ | — | ||||
Book Value Per Common Share | $ | 37.66 | $ | 36.06 | $ | 33.86 | ||||
Tangible Book Value Per Common Share (c) | $ | 34.77 | $ | 32.58 | $ | 30.93 | ||||
Basic Weighted Average Common Shares Outstanding | 12,282 | 12,265 | 12,248 |
Key Ratios | Three Months Ended | ||||||
March 31, | December 31, | March 31, | |||||
2019 | 2018 | 2018 | |||||
Return on average assets | 1.29 | % | 1.49 | % | 1.20 | % | |
Return on average common shareholder's equity | 8.59 | % | 9.93 | % | 8.64 | % | |
Efficiency ratio | 62.29 | % | 59.49 | % | 63.49 | % | |
Average equity to average assets | 15.00 | % | 14.96 | % | 13.91 | % | |
Net interest margin (a) | 4.31 | % | 4.35 | % | 4.06 | % | |
Net charge-offs to average loans and leases | 0.19 | % | 0.28 | % | 0.24 | % | |
Loan and lease loss reserve to loans and leases | 1.06 | % | 1.05 | % | 1.06 | % | |
Loan and lease loss reserve to nonperforming loans | 130.28 | % | 123.27 | % | 97.66 | % | |
Nonperforming loans to loans and leases | 0.81 | % | 0.85 | % | 1.09 | % | |
Tier 1 leverage | 14.83 | % | 14.59 | % | 13.71 | % | |
Risk-based capital - Tier 1 | 18.65 | % | 18.48 | % | 17.57 | % |
Asset Quality | Three Months Ended | |||||||||
March 31, | December 31, | March 31, | ||||||||
2019 | 2018 | 2018 | ||||||||
Accruing loans and leases past due 30-89 days | $ | 11,402 | $ | 11,388 | $ | 9,758 | ||||
Accruing loans and leases past due 90 days or more | $ | 507 | $ | 798 | $ | 602 | ||||
Nonaccrual loans and leases | $ | 10,808 | $ | 10,974 | $ | 13,206 | ||||
Total troubled debt restructuring | $ | 4,774 | $ | 4,806 | $ | 6,919 | ||||
Other real estate owned | $ | 857 | $ | 603 | $ | 1,923 | ||||
Nonperforming loans and other real estate owned | $ | 16,946 | $ | 17,181 | $ | 22,650 | ||||
Total nonperforming assets | $ | 20,240 | $ | 20,439 | $ | 38,179 | ||||
Gross charge-offs | $ | 2,109 | $ | 2,139 | $ | 2,074 | ||||
Recoveries | $ | 1,163 | $ | 804 | $ | 933 | ||||
Net charge-offs/(recoveries) | $ | 946 | $ | 1,335 | $ | 1,141 |
March 31, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 54,627 | $ | 74,388 | |||
Federal funds sold | 2,000 | — | |||||
Securities available-for-sale | 786,211 | 784,916 | |||||
Loans: | |||||||
Commercial | 1,180,347 | 1,166,352 | |||||
Residential | 452,384 | 443,670 | |||||
Consumer | 348,193 | 341,041 | |||||
1,980,924 | 1,951,063 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,129 | 2,925 | |||||
Allowance for loan losses | (20,960 | ) | (20,436 | ) | |||
1,963,093 | 1,933,552 | ||||||
Restricted stock | 10,412 | 10,390 | |||||
Accrued interest receivable | 14,379 | 13,970 | |||||
Premises and equipment, net | 45,977 | 46,554 | |||||
Bank-owned life insurance | 86,471 | 86,186 | |||||
Goodwill | 34,355 | 34,355 | |||||
Other intangible assets | 1,083 | 1,197 | |||||
Other real estate owned | 857 | 603 | |||||
Other assets | 26,100 | 22,607 | |||||
TOTAL ASSETS | $ | 3,025,565 | $ | 3,008,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 440,738 | $ | 431,923 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 50,973 | 42,284 | |||||
Other interest-bearing deposits | 1,927,845 | 1,962,520 | |||||
2,419,556 | 2,436,727 | ||||||
Short-term borrowings | 56,648 | 69,656 | |||||
FHLB advances | 25,000 | — | |||||
Other liabilities | 61,565 | 59,634 | |||||
TOTAL LIABILITIES | 2,562,769 | 2,566,017 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-14,632,323 in 2019 and 14,612,540 in 2018 | |||||||
Outstanding shares-12,290,212 in 2019 and 12,278,295 in 2018 | 1,825 | 1,824 | |||||
Additional paid-in capital | 76,974 | 76,774 | |||||
Retained earnings | 466,398 | 456,716 | |||||
Accumulated other comprehensive loss | (12,927 | ) | (23,454 | ) | |||
Less: Treasury shares at cost-2,342,111 in 2019 and 2,334,245 in 2018 | (69,474 | ) | (69,159 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 462,796 | 442,701 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,025,565 | $ | 3,008,718 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(unaudited) | |||||||
INTEREST INCOME: | |||||||
Loans, including related fees | $ | 26,754 | $ | 23,623 | |||
Securities: | |||||||
Taxable | 3,681 | 3,593 | |||||
Tax-exempt | 1,867 | 1,840 | |||||
Other | 314 | 321 | |||||
TOTAL INTEREST INCOME | 32,616 | 29,377 | |||||
INTEREST EXPENSE: | |||||||
Deposits | 2,817 | 1,764 | |||||
Short-term borrowings | 323 | 99 | |||||
Other borrowings | 50 | 41 | |||||
TOTAL INTEREST EXPENSE | 3,190 | 1,904 | |||||
NET INTEREST INCOME | 29,426 | 27,473 | |||||
Provision for loan losses | 1,470 | 1,473 | |||||
NET INTEREST INCOME AFTER PROVISION | |||||||
FOR LOAN LOSSES | 27,956 | 26,000 | |||||
NON-INTEREST INCOME: | |||||||
Trust and financial services | 1,204 | 1,415 | |||||
Service charges and fees on deposit accounts | 2,624 | 2,885 | |||||
Other service charges and fees | 3,114 | 3,144 | |||||
Securities gains, net | (4 | ) | — | ||||
Insurance commissions | 23 | 32 | |||||
Gain on sales of mortgage loans | 420 | 340 | |||||
Other | 255 | 287 | |||||
TOTAL NON-INTEREST INCOME | 7,636 | 8,103 | |||||
NON-INTEREST EXPENSE: | |||||||
Salaries and employee benefits | 12,755 | 12,965 | |||||
Occupancy expense | 1,815 | 1,781 | |||||
Equipment expense | 1,817 | 1,693 | |||||
FDIC Expense | 140 | 227 | |||||
Other | 7,166 | 6,545 | |||||
TOTAL NON-INTEREST EXPENSE | 23,693 | 23,211 | |||||
INCOME BEFORE INCOME TAXES | 11,899 | 10,892 | |||||
Provision for income taxes | 2,217 | 1,939 | |||||
NET INCOME | 9,682 | 8,953 | |||||
OTHER COMPREHENSIVE INCOME | |||||||
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 10,224 | (7,699 | ) | ||||
Change in funded status of post retirement benefits, net of taxes | 303 | 281 | |||||
COMPREHENSIVE INCOME | $ | 20,209 | $ | 1,535 | |||
PER SHARE DATA | |||||||
Basic and Diluted Earnings per Share | $ | 0.79 | $ | 0.73 | |||
Weighted average number of shares outstanding (in thousands) | 12,282 | 12,248 |