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, February 6, 2020 issued by First Financial Corporation |
First Financial Corporation | ||
Dated February 6, 2020 | ||
/s/Rodger A. McHargue | ||
Rodger A. McHargue | ||
Secretary/Treasurer and Chief Financial Officer |
News Release |
For more information contact: | |
February 6, 2020 | Rodger A. McHargue at (812) 238-6334 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||
Assets | $ | 4,023,250 | $ | 3,988,119 | $ | 3,008,718 | $ | 4,023,250 | $ | 3,008,718 | ||||||
Deposits | $ | 3,275,357 | $ | 3,220,122 | $ | 2,436,727 | $ | 3,275,357 | $ | 2,436,727 | ||||||
Loans, including net deferred loan costs | $ | 2,656,390 | $ | 2,668,476 | $ | 1,953,988 | $ | 2,656,390 | $ | 1,953,988 | ||||||
Allowance for Loan Losses | $ | 19,943 | $ | 19,799 | $ | 20,436 | $ | 19,943 | $ | 20,436 | ||||||
Total Equity | $ | 557,608 | $ | 556,582 | $ | 442,697 | $ | 557,608 | $ | 442,697 | ||||||
Tangible Common Equity (a) | $ | 468,373 | $ | 469,904 | $ | 407,145 | $ | 468,373 | $ | 407,145 | ||||||
AVERAGE BALANCES | ||||||||||||||||
Total Assets | $ | 4,041,287 | $ | 3,680,041 | $ | 2,976,724 | $ | 3,439,793 | $ | 2,976,517 | ||||||
Earning Assets | $ | 3,662,390 | $ | 3,468,396 | $ | 2,795,260 | $ | 3,197,855 | $ | 2,788,756 | ||||||
Investments | $ | 1,000,488 | $ | 995,092 | $ | 849,818 | $ | 924,513 | $ | 862,475 | ||||||
Loans | $ | 2,658,582 | $ | 2,471,346 | $ | 1,940,651 | $ | 2,270,313 | $ | 1,922,588 | ||||||
Total Deposits | $ | 3,279,859 | $ | 3,017,085 | $ | 2,448,301 | $ | 2,797,330 | $ | 2,450,224 | ||||||
Interest-Bearing Deposits | $ | 3,072,566 | $ | 2,914,816 | $ | 2,017,901 | $ | 2,504,885 | $ | 2,024,585 | ||||||
Interest-Bearing Liabilities | $ | 118,605 | $ | 113,019 | $ | 49,362 | $ | 85,704 | $ | 47,046 | ||||||
Total Equity | $ | 575,908 | $ | 491,586 | $ | 435,134 | $ | 497,329 | $ | 424,274 | ||||||
INCOME STATEMENT DATA | ||||||||||||||||
Net Interest Income | $ | 38,475 | $ | 33,999 | $ | 29,595 | $ | 131,652 | $ | 116,579 | ||||||
Net Interest Income Fully Tax Equivalent (b) | $ | 39,594 | $ | 35,054 | $ | 30,591 | $ | 135,770 | $ | 120,579 | ||||||
Provision for Loan Losses | $ | 1,500 | $ | 1,500 | $ | 1,470 | $ | 4,700 | $ | 5,768 | ||||||
Non-interest Income | $ | 11,327 | $ | 9,746 | $ | 8,233 | $ | 38,452 | $ | 38,206 | ||||||
Non-interest Expense | $ | 29,754 | $ | 27,409 | $ | 23,098 | $ | 104,348 | $ | 91,289 | ||||||
Net Income | $ | 14,364 | $ | 12,257 | $ | 11,056 | $ | 48,872 | $ | 46,583 | ||||||
PER SHARE DATA | ||||||||||||||||
Basic and Diluted Net Income Per Common Share | $ | 1.05 | $ | 0.93 | $ | 0.90 | $ | 3.80 | $ | 3.80 | ||||||
Cash Dividends Declared Per Common Share | $ | — | $ | — | $ | 0.51 | $ | 1.04 | $ | 1.02 | ||||||
Book Value Per Common Share | $ | 40.58 | $ | 40.59 | $ | 36.06 | $ | 40.58 | $ | 36.06 | ||||||
Tangible Book Value Per Common Share (c) | $ | 35.46 | $ | 30.81 | $ | 32.58 | $ | 34.08 | $ | 33.16 | ||||||
Basic Weighted Average Common Shares Outstanding | 13,726 | 13,141 | 12,265 | 12,865 | 12,256 |
Key Ratios | Three Months Ended | Year Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||
Return on average assets | 1.42 | % | 1.33 | % | 1.49 | % | 1.42 | % | 1.57 | % | |
Return on average common shareholder's equity | 9.98 | % | 9.97 | % | 9.93 | % | 9.83 | % | 10.98 | % | |
Efficiency ratio | 58.43 | % | 61.18 | % | 59.49 | % | 59.89 | % | 57.49 | % | |
Average equity to average assets | 14.25 | % | 13.36 | % | 14.96 | % | 14.46 | % | 14.25 | % | |
Net interest margin (a) | 4.37 | % | 4.04 | % | 4.35 | % | 4.25 | % | 4.32 | % | |
Net charge-offs to average loans and leases | 0.20 | % | 0.32 | % | 0.28 | % | 0.23 | % | 0.27 | % | |
Loan and lease loss reserve to loans and leases | 0.75 | % | 0.74 | % | 1.05 | % | 0.75 | % | 1.05 | % | |
Loan and lease loss reserve to nonperforming loans | 130.01 | % | 137.45 | % | 123.27 | % | 130.01 | % | 123.27 | % | |
Nonperforming loans to loans and leases | 0.58 | % | 0.54 | % | 0.85 | % | 0.58 | % | 0.85 | % | |
Tier 1 leverage | 12.04 | % | 13.07 | % | 14.59 | % | 12.04 | % | 14.59 | % | |
Risk-based capital - Tier 1 | 15.51 | % | 15.09 | % | 18.48 | % | 15.51 | % | 18.48 | % |
Asset Quality | Three Months Ended | Year Ended | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||
Accruing loans and leases past due 30-89 days | $ | 24,040 | $ | 10,462 | $ | 11,388 | $ | 24,040 | $ | 11,388 | ||||||
Accruing loans and leases past due 90 days or more | $ | 1,610 | $ | 744 | $ | 798 | $ | 1,610 | $ | 798 | ||||||
Nonaccrual loans and leases | $ | 9,535 | $ | 9,533 | $ | 10,974 | $ | 9,535 | $ | 10,974 | ||||||
Total troubled debt restructuring | $ | 4,194 | $ | 4,127 | $ | 4,806 | $ | 4,194 | $ | 4,806 | ||||||
Other real estate owned | $ | 3,625 | $ | 3,717 | $ | 603 | $ | 3,625 | $ | 603 | ||||||
Nonperforming loans and other real estate owned | $ | 18,964 | $ | 18,121 | $ | 17,181 | $ | 18,964 | $ | 17,181 | ||||||
Total nonperforming assets | $ | 22,583 | $ | 21,725 | $ | 20,439 | $ | 22,583 | $ | 20,439 | ||||||
Gross charge-offs | $ | 3,456 | $ | 2,926 | $ | 2,139 | $ | 10,673 | $ | 8,831 | ||||||
Recoveries | $ | 2,100 | $ | 975 | $ | 804 | $ | 5,480 | $ | 3,590 | ||||||
Net charge-offs/(recoveries) | $ | 1,356 | $ | 1,951 | $ | 1,335 | $ | 5,193 | $ | 5,241 |
December 31, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 127,426 | $ | 74,388 | |||
Federal funds sold | 7,500 | — | |||||
Securities available-for-sale | 926,717 | 784,916 | |||||
Loans: | |||||||
Commercial | 1,584,447 | 1,166,352 | |||||
Residential | 682,077 | 443,670 | |||||
Consumer | 386,006 | 341,041 | |||||
2,652,530 | 1,951,063 | ||||||
(Less) plus: | |||||||
Net deferred loan costs | 3,860 | 2,925 | |||||
Allowance for loan losses | (19,943 | ) | (20,436 | ) | |||
2,636,447 | 1,933,552 | ||||||
Restricted stock | 15,394 | 10,390 | |||||
Accrued interest receivable | 18,523 | 13,970 | |||||
Premises and equipment, net | 62,576 | 46,554 | |||||
Bank-owned life insurance | 94,251 | 86,186 | |||||
Goodwill | 78,592 | 34,355 | |||||
Other intangible assets | 10,643 | 1,197 | |||||
Other real estate owned | 3,625 | 603 | |||||
Other assets | 41,556 | 22,607 | |||||
TOTAL ASSETS | $ | 4,023,250 | $ | 3,008,718 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing | $ | 547,189 | $ | 431,923 | |||
Interest-bearing: | |||||||
Certificates of deposit exceeding the FDIC insurance limits | 126,738 | 42,284 | |||||
Other interest-bearing deposits | 2,601,430 | 1,962,520 | |||||
3,275,357 | 2,436,727 | ||||||
Short-term borrowings | 80,119 | 69,656 | |||||
Other liabilities | 79,193 | 59,634 | |||||
TOTAL LIABILITIES | 3,465,642 | 2,566,017 | |||||
Shareholders’ equity | |||||||
Common stock, $.125 stated value per share; | |||||||
Authorized shares-40,000,000 | |||||||
Issued shares-16,055,466 in 2019 and 14,612,540 in 2018 | |||||||
Outstanding shares-13,741,825 in 2019 and 12,278,295 in 2018 | 2,005 | 1,824 | |||||
Additional paid-in capital | 139,694 | 76,774 | |||||
Retained earnings | 492,055 | 456,716 | |||||
Accumulated other comprehensive income/(loss) | (7,501 | ) | (23,454 | ) | |||
Less: Treasury shares at cost-2,313,641 in 2019 and 2,334,245 in 2018 | (68,645 | ) | (69,159 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 557,608 | 442,701 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,023,250 | $ | 3,008,718 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(unaudited) | |||||||||||
INTEREST INCOME: | |||||||||||
Loans, including related fees | $ | 124,788 | $ | 100,541 | $ | 91,100 | |||||
Securities: | |||||||||||
Taxable | 15,191 | 16,942 | 14,325 | ||||||||
Tax-exempt | 7,674 | 7,455 | 7,391 | ||||||||
Other | 1,468 | 1,286 | 1,379 | ||||||||
TOTAL INTEREST INCOME | 149,121 | 126,224 | 114,195 | ||||||||
INTEREST EXPENSE: | |||||||||||
Deposits | 15,711 | 9,032 | 6,011 | ||||||||
Short-term borrowings | 1,105 | 501 | 245 | ||||||||
Other borrowings | 653 | 112 | 82 | ||||||||
TOTAL INTEREST EXPENSE | 17,469 | 9,645 | 6,338 | ||||||||
NET INTEREST INCOME | 131,652 | 116,579 | 107,857 | ||||||||
Provision for loan losses | 4,700 | 5,768 | 5,295 | ||||||||
NET INTEREST INCOME AFTER PROVISION | |||||||||||
FOR LOAN LOSSES | 126,952 | 110,811 | 102,562 | ||||||||
NON-INTEREST INCOME: | |||||||||||
Trust and financial services | 5,036 | 5,286 | 5,001 | ||||||||
Service charges and fees on deposit accounts | 11,795 | 11,733 | 11,895 | ||||||||
Other service charges and fees | 14,012 | 13,012 | 12,499 | ||||||||
Securities gains, net | 44 | 2 | 59 | ||||||||
Gain on sales of mortgage loans | 2,573 | 1,829 | 1,688 | ||||||||
Other | 4,992 | 6,344 | 4,796 | ||||||||
TOTAL NON-INTEREST INCOME | 38,452 | 38,206 | 35,938 | ||||||||
NON-INTEREST EXPENSE: | |||||||||||
Salaries and employee benefits | 54,827 | 50,658 | 50,116 | ||||||||
Occupancy expense | 7,600 | 7,030 | 6,897 | ||||||||
Equipment expense | 8,244 | 6,827 | 7,186 | ||||||||
FDIC Expense | 693 | 929 | 915 | ||||||||
Other | 32,984 | 25,845 | 23,633 | ||||||||
TOTAL NON-INTEREST EXPENSE | 104,348 | 91,289 | 88,747 | ||||||||
INCOME BEFORE INCOME TAXES | 61,056 | 57,728 | 49,753 | ||||||||
Provision for income taxes | 12,184 | 11,145 | 20,622 | ||||||||
NET INCOME | 48,872 | 46,583 | 29,131 | ||||||||
OTHER COMPREHENSIVE INCOME | |||||||||||
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 20,998 | (8,363 | ) | 3,335 | |||||||
Change in funded status of post retirement benefits, net of taxes | (5,045 | ) | (387 | ) | (3,875 | ) | |||||
COMPREHENSIVE INCOME | $ | 64,825 | $ | 37,833 | $ | 28,591 | |||||
PER SHARE DATA | |||||||||||
Basic and Diluted Earnings per Share | $ | 3.80 | $ | 3.80 | $ | 2.38 | |||||
Weighted average number of shares outstanding (in thousands) | 12,865 | 12,256 | 12,225 |