Company Quick10K Filing
⚲
First Financial
Financials
Price40.04 EPS3
Shares14 P/E12
MCap549 P/FCF20
Net Debt-80 EBIT69
TEV469 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-07
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-09
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-09
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-16
Reports
8-K 2020-11-24
8-K 2020-11-19
8-K 2020-11-17
8-K 2020-10-28
8-K 2020-10-27
8-K 2020-09-09
8-K 2020-09-08
8-K 2020-07-31
8-K 2020-05-21
8-K 2020-04-29
8-K 2020-04-15
8-K 2020-04-13
8-K 2020-04-10
8-K 2020-04-01
8-K 2020-02-06
8-K 2020-01-21
8-K 2019-11-21
8-K 2019-10-25
8-K 2019-10-21
8-K 2019-07-27
8-K 2019-07-23
8-K 2019-06-13
8-K 2019-05-22
8-K 2019-04-23
8-K 2019-04-17
8-K 2019-04-17
8-K 2019-04-03
8-K 2019-02-05
8-K 2019-02-01
8-K 2019-01-28
8-K 2019-01-07
8-K 2018-12-19
8-K 2018-11-26
8-K 2018-10-23
8-K 2018-07-24
8-K 2018-05-16
8-K 2018-04-24
8-K 2018-04-18
8-K 2018-04-09
8-K 2018-04-02
8-K 2018-02-06

THFF 10Q Quarterly Report

Content
Part I - Financial Information
Item 1.Financial Statements
Item 4.Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities.
Item 4.Mine Safety Disclosures
Item 5.Other Information.
Item 6.Exhibits.
Exhibits
EX-31.1 thff-20200930x10qexx311.htm
EX-31.2 thff-20200930x10qexx312.htm
EX-32.1 thff-20200930x10qexx321.htm

First Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
thff-20200930
000071456212/31YesYes10-Q2020Q3FALSEOne First Financial PlazaTerre 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2020
 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________

Commission File Number 0-16759
 
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Indiana35-1546989
(State or other jurisdiction(I.R.S. Employer
incorporation or organization)Identification No.)
  
One First Financial Plaza, Terre Haute, IN
47807
(Address of principal executive office)(Zip Code)
  
(812)238-6000
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.125 per shareTHFFThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ  No  ¨.
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ   No  ¨.
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨Accelerated filerþ
Non-accelerated filer (Do not check if a smaller reporting company)¨Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No þ.
 
As of November 2, 2020, the registrant had outstanding 13,714,524 shares of common stock, without par value. 

Table of Contents
FIRST FINANCIAL CORPORATION
 
FORM 10-Q
 
INDEX 
 
 Page No.
 
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
 

2
Table of Contents
Part I – Financial Information
Item 1.Financial Statements
FIRST FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
September 30,
2020		December 31,
2019
    (unaudited)
ASSETS  
Cash and due from banks$388,440 $127,426 
Federal funds sold659 7,500 
Securities available-for-sale956,239 926,717 
Loans:  
  Commercial1,657,083 1,584,447 
  Residential626,441 682,077 
  Consumer468,684 386,006 
 2,752,208 2,652,530 
(Less) plus:  
  Net deferred loan (fees)/costs1,285 3,860 
  Allowance for loan losses(26,960)(19,943)
 2,726,533 2,636,447 
Restricted stock15,012 15,394 
Accrued interest receivable18,482 18,523 
Premises and equipment, net62,968 62,576 
Bank-owned life insurance95,459 94,251 
Goodwill78,592 78,592 
Other intangible assets9,405 10,643 
Other real estate owned3,465 3,625 
Other assets34,742 41,556 
TOTAL ASSETS$4,389,996 $4,023,250 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
  Non-interest-bearing$709,591 $547,189 
  Interest-bearing:  
    Certificates of deposit exceeding the FDIC insurance limits109,830 126,738 
    Other interest-bearing deposits2,784,932 2,601,430 
 3,604,353 3,275,357 
Short-term borrowings95,249 80,119 
Other borrowings10,845 30,973 
Other liabilities72,454 79,193 
TOTAL LIABILITIES3,782,901 3,465,642 
Shareholders’ equity  
Common stock, $0.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,075,154 in 2020 and 16,055,466 in 2019
Outstanding shares-13,714,524 in 2020 and 13,741,825 in 20192,006 2,005 
Additional paid-in capital140,308 139,694 
Retained earnings523,029 492,055 
Accumulated other comprehensive income/(loss)12,121 (7,501)
Less: Treasury shares at cost-2,360,630 in 2020 and 2,313,641 in 2019(70,369)(68,645)
TOTAL SHAREHOLDERS’ EQUITY607,095 557,608 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$4,389,996 $4,023,250 
See accompanying notes. 
3
Table of Contents
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollar amounts in thousands, except per share data) 
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2020201920202019
 (unaudited)(unaudited)(unaudited)(unaudited)
INTEREST INCOME:    
Loans, including related fees$34,077 $33,363 $102,335 $87,650 
Securities:    
Taxable3,005 3,907 10,658 11,104 
Tax-exempt1,994 1,959 5,940 5,699 
Other463 366 1,265 1,017 
TOTAL INTEREST INCOME39,539 39,595 120,198 105,470 
INTEREST EXPENSE:    
Deposits2,689 5,069 10,238 11,202 
Short-term borrowings107 305 475 786 
Other borrowings212 222 709 305 
TOTAL INTEREST EXPENSE3,008 5,596 11,422 12,293 
NET INTEREST INCOME36,531 33,999 108,776 93,177 
Provision for loan losses4,425 1,500 10,080 3,200 
NET INTEREST INCOME AFTER PROVISION    
FOR LOAN LOSSES32,106 32,499 98,696 89,977 
NON-INTEREST INCOME:    
Trust and financial services1,210 1,329 4,032 3,657 
Service charges and fees on deposit accounts2,516 3,227 7,616 8,586 
Other service charges and fees4,269 3,720 11,468 10,242 
Securities gains (losses), net5 6 230 18 
Gain on sales of mortgage loans2,910 865 4,813 1,781 
Other829 599 1,451 2,841 
TOTAL NON-INTEREST INCOME11,739 9,746 29,610 27,125 
NON-INTEREST EXPENSE:    
Salaries and employee benefits15,474 14,031 45,769 39,332 
Occupancy expense2,003 1,804 6,094 5,432 
Equipment expense2,739 2,117 7,873 5,685 
FDIC Expense135 155 (46)494 
Other6,779 9,302 21,877 23,651 
TOTAL NON-INTEREST EXPENSE27,130 27,409 81,567 74,594 
INCOME BEFORE INCOME TAXES16,715 14,836 46,739 42,508 
Provision for income taxes2,715 2,579 8,634 8,000 
NET INCOME14,000 12,257 38,105 34,508 
OTHER COMPREHENSIVE INCOME (LOSS)    
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes2,223 4,124 18,451 22,689 
Change in funded status of post retirement benefits, net of taxes383 303 1,171 910 
COMPREHENSIVE INCOME $16,606 $16,684 $57,727 $58,107 
PER SHARE DATA    
Basic and Diluted Earnings per Share$1.02 $0.93 $2.78 $2.74 
Weighted average number of shares outstanding (in thousands)13,715 13,141 13,723 12,574 
See accompanying notes.
4
Table of Contents
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
September 30, 2020, and 2019
(Dollar amounts in thousands, except per share data)
(Unaudited)
 
Common
Stock		Additional
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income/(Loss)		Treasury
Stock		Total
Balance, July 1, 2019$1,826 $77,173 $472,577 $(4,282)$(69,474)$477,820 
Net income— — 12,257 — — 12,257 
Other comprehensive income— — — 4,427 — 4,427 
Omnibus Equity Incentive Plan— 200 — — — 200 
Acquisition of HopFed, Inc. (1,423,143 shares)178 61,700 — — — 61,878 
Balance, September 30, 2019$2,004 $139,073 $484,834 $145 $(69,474)$556,582 
Balance, July 1, 2020$2,006 $140,103 $509,029 $9,515 $(70,369)$590,284 
Net income— — 14,000 — — 14,000 
Other comprehensive income— — — 2,606 — 2,606 
Omnibus Equity Incentive Plan— 205 — — — 205 
Balance, September 30, 2020$2,006 $140,308 $523,029 $12,121 $(70,369)$607,095 
See accompanying notes.






























FIRST FINANCIAL CORPORATION
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Table of Contents
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Nine Months Ended
September 30, 2020, and 2019
(Dollar amounts in thousands, except per share data)
(Unaudited)
Common
Stock		Additional
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income/(Loss)		Treasury
Stock		Total
Balance, January 1, 2019$1,824 $76,774 $456,716 $(23,454)$(69,159)$442,701 
Net income— — 34,508 — — 34,508 
Other comprehensive loss— — — 23,599 — 23,599 
Omnibus Equity Incentive Plan2 599 — — — 601 
Treasury shares purchased (7,866 shares)— — — — (315)(315)
Acquisition of HopFed, Inc. (1,423,143 shares)178 61,700 — — — 61,878 
Cash dividends, $.51 per share— — (6,390)— — (6,390)
Balance, September 30, 2019$2,004 $139,073 $484,834 $145 $(69,474)$556,582 
Balance, January 1, 2020$2,005 $139,694 $492,055 $(7,501)$(68,645)$557,608 
Net income— — 38,105 — — 38,105 
Other comprehensive income— — — 19,622 — 19,622 
Omnibus Equity Incentive Plan1 614 — — — 615 
Treasury shares purchased (46,989 shares)— — — — (1,724)(1,724)
Cash dividends, $.52 per share— — (7,131)— — (7,131)
Balance, September 30, 2020$2,006 $140,308 $523,029 $12,121 $(70,369)$607,095 




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Table of Contents
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
Nine Months Ended
September 30,
 20202019
 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net Income$38,105 $34,508 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net amortization (accretion) of premiums and discounts on investments5,149 3,425 
Provision for loan losses10,080 3,200 
Securities (gains) losses(230)(18)
Gain on sales of mortgage loans(4,813)(1,781)
(Gain) Loss on sale of other real estate140 37 
Restricted stock compensation615 601 
Depreciation and amortization4,527 3,121 
Other, net(780)(3,953)
NET CASH FROM OPERATING ACTIVITIES52,793 39,140 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from sales of securities available-for-sale28,161 — 
Calls, maturities and principal reductions on securities available-for-sale181,963 117,532 
Purchases of securities available-for-sale(221,830)(71,596)
Loans made to customers, net of repayment(92,854)(61,496)
Redemption of restricted stock400