10-Q 1 thff-20240331x10q.htm 10-Q
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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 March 31, 2024

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)

Indiana

35-1546989

(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 class

    

Trading Symbol

    

Name of each exchange on which registered

Common Stock, par value $0.125 per share

THFF

The 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   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    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 filer

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 .

As of May 1, 2024, the registrant had outstanding 11,814,093 shares of common stock, without par value.

FIRST FINANCIAL CORPORATION

FORM 10-Q

INDEX

Page No.

PART I. Financial Information

Item 1. Financial Statements:

Consolidated Balance Sheets

3

Consolidated Statements of Income and Comprehensive Income (Loss)

4

Consolidated Statements of Shareholders’ Equity

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3. Quantitative and Qualitative Disclosures about Market Risk

31

Item 4. Controls and Procedures

36

PART II. Other Information:

Item 1. Legal Proceedings

37

Item 1A. Risk Factors

37

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

37

Item 3. Defaults upon Senior Securities

37

Item 4. Mine Safety Disclosures

37

Item 5. Other Information

37

Item 6. Exhibits

38

Signatures

39

2

Part I – Financial Information

Item 1.Financial Statements

FIRST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

March 31, 

December 31, 

    

2024

    

2023

(unaudited)

ASSETS

 

  

 

  

Cash and due from banks

$

69,231

$

76,759

Federal funds sold

 

 

282

Securities available-for-sale

 

1,218,287

 

1,259,137

Loans:

 

Commercial

1,816,854

1,817,526

Residential

710,496

695,788

Consumer

657,299

646,758

3,184,649

3,160,072

(Less) plus:

Net deferred loan (fees)/costs

7,334

7,749

Allowance for credit losses

(40,045)

(39,767)

3,151,938

3,128,054

Restricted stock

 

15,371

 

15,364

Accrued interest receivable

 

23,851

 

24,877

Premises and equipment, net

 

66,830

 

67,286

Bank-owned life insurance

 

114,683

 

114,122

Goodwill

 

86,985

 

86,985

Other intangible assets

 

5,351

 

5,586

Other real estate owned

 

167

 

107

Other assets

 

99,921

 

72,587

TOTAL ASSETS

$

4,852,615

$

4,851,146

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Deposits:

 

  

 

  

Non-interest-bearing

$

738,478

$

750,335

Interest-bearing:

 

 

Certificates of deposit exceeding the FDIC insurance limits

 

109,228

 

92,921

Other interest-bearing deposits

 

3,257,397

 

3,246,812

 

4,105,103

 

4,090,068

Short-term borrowings

 

88,873

 

67,221

Other borrowings

 

58,576

 

108,577

Other liabilities

 

79,297

 

57,304

TOTAL LIABILITIES

 

4,331,849

 

4,323,170

Shareholders’ equity

 

  

 

  

Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,165,023 in 2024 and 16,137,220 in 2023; Outstanding shares - 11,814,093 in 2024 and 11,795,024 in 2023

 

2,015

 

2,014

Additional paid-in capital

 

144,391

 

144,152

Retained earnings

 

667,675

 

663,726

Accumulated other comprehensive loss

 

(138,110)

 

(127,087)

Less: Treasury shares at cost - 4,350,930 in 2024 and 4,342,196 in 2023

 

(155,205)

 

(154,829)

TOTAL SHAREHOLDERS’ EQUITY

 

520,766

 

527,976

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

4,852,615

$

4,851,146

See accompanying notes.

3

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

(Dollar amounts in thousands, except per share data)

Three Months Ended

March 31, 

2024

    

2023

(unaudited)

(unaudited)

INTEREST INCOME:

  

 

  

Loans, including related fees

$

50,052

$

44,595

Securities:

 

  

 

  

Taxable

 

5,931

 

6,236

Tax-exempt

 

2,603

 

2,598

Other

 

817

 

1,271

TOTAL INTEREST INCOME

 

59,403

 

54,700

INTEREST EXPENSE:

 

  

 

  

Deposits

 

17,731

 

9,527

Short-term borrowings

 

976

 

808

Other borrowings

 

1,776

 

30

TOTAL INTEREST EXPENSE

 

20,483

 

10,365

NET INTEREST INCOME

 

38,920

 

44,335

Provision for credit losses

 

1,800

 

1,800

NET INTEREST INCOME AFTER PROVISION

FOR CREDIT LOSSES

 

37,120

 

42,535

NON-INTEREST INCOME:

 

 

Trust and financial services

 

1,333

 

1,317

Service charges and fees on deposit accounts

 

6,708

 

6,818

Other service charges and fees

 

223

 

204

Interchange income

179

47

Loan servicing fees

 

269

 

285

Gain on sales of mortgage loans

 

176

 

180

Other

543

524

TOTAL NON-INTEREST INCOME

 

9,431

 

9,375

NON-INTEREST EXPENSE:

Salaries and employee benefits

 

17,330

 

17,158

Occupancy expense

 

2,359

 

2,599

Equipment expense

 

4,144

 

3,299

FDIC Expense

 

662

 

787

Other

 

8,927

 

8,478

TOTAL NON-INTEREST EXPENSE

 

33,422

 

32,321

INCOME BEFORE INCOME TAXES

 

13,129

 

19,589

Provision for income taxes

 

2,205

 

3,609

NET INCOME

 

10,924

 

15,980

OTHER COMPREHENSIVE INCOME (LOSS)

 

  

 

  

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes

 

(11,096)

 

14,238

Change in funded status of post retirement benefits, net of taxes

 

73

 

147

COMPREHENSIVE INCOME (LOSS)

$

(99)

$

30,365

PER SHARE DATA

 

  

 

  

Basic and Diluted Earnings per Share

$

0.93

$

1.33

Weighted average number of shares outstanding (in thousands)

 

11,803

 

12,058

See accompanying notes.

4

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

March 31, 2024, and 2023

(Dollar amounts in thousands, except per share data)

(Unaudited)

    

    

    

    

Accumulated 

    

    

    

Other 

Common

Additional

Retained

Comprehensive

Treasury

Stock

Capital

Earnings

Income/(Loss)

Stock

Total

Balance, January 1, 2023

$

2,012

$

143,185

$

614,829

$

(139,974)

$

(144,759)

$

475,293

Net income

 

 

 

15,980

 

 

 

15,980

Other comprehensive income (loss)

 

 

 

 

14,385

 

 

14,385

Omnibus Equity Incentive Plan

 

 

223

 

 

 

 

223

Treasury shares purchased (8,304 shares)

 

 

 

 

 

(382)

 

(382)

Balance, March 31, 2023

$

2,012

$

143,408

$

630,809

$

(125,589)

$

(145,141)

$

505,499

Balance, January 1, 2024

$

2,014

$

144,152

$

663,726

$

(127,087)

$

(154,829)

$

527,976

Cumulative change in accounting principle ASU 2023-02

(1,659)

(1,659)

Net income

 

 

 

10,924

 

 

 

10,924

Other comprehensive income (loss)

 

 

 

 

(11,023)

 

 

(11,023)

Omnibus Equity Incentive Plan

 

1

 

239

 

 

 

 

240

Treasury shares purchased (8,734 shares)

 

 

 

 

 

(376)

 

(376)

Cash dividends, $.45 per share

 

 

 

(5,316)

 

 

 

(5,316)

Balance, March 31, 2024

$

2,015

$

144,391

$

667,675

$

(138,110)

$

(155,205)

$

520,766

See accompanying notes.

5

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)

Three Months Ended

March 31, 

    

2024

    

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net Income

$

10,924

$

15,980

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

Net amortization (accretion) of premiums and discounts on investments

 

1,204

 

1,275

Provision for credit losses

 

1,800

 

1,800

Depreciation and amortization

 

1,655

 

1,581

Restricted stock compensation

 

240

 

223

Gain on sale of mortgage loans

 

(176)

 

(180)

(Gain) Loss on sale of other real estate

 

(7)

 

4

Other, net

 

(3,204)

 

3,094

NET CASH FROM OPERATING ACTIVITIES

 

12,436

 

23,777

CASH FLOWS FROM INVESTING ACTIVITIES:

 

  

 

  

Calls, maturities and principal reductions on securities available-for-sale

 

25,187

 

29,900

Purchases of securities available-for-sale

 

(4)

 

(22,911)

Loans made to customers, net of repayment

 

(25,567)

 

(14,020)

Net change in federal funds sold

 

282

 

(3,557)

Purchase of restricted stock

 

(7)

 

(6)

Proceeds from sales of other real estate owned

 

70

40

Additions to premises and equipment

 

(964)

 

(3,274)

NET CASH FROM INVESTING ACTIVITIES

 

(1,003)

 

(13,828)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

  

 

  

Net change in deposits

 

15,067

 

(203,260)

Net change in short-term borrowings

 

21,652

 

37,709

Dividends paid

 

(5,304)

 

(8,912)

Purchase of treasury stock

 

(376)

 

(382)

Proceeds from other borrowings

 

750,000

 

25,000

Maturities of other borrowings

 

(800,000)

 

NET CASH FROM FINANCING ACTIVITIES

 

(18,961)

 

(149,845)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(7,528)

 

(139,896)

CASH AND DUE FROM BANKS, BEGINNING OF PERIOD

 

76,759

 

222,517

CASH AND DUE FROM BANKS, END OF PERIOD

$

69,231

$

82,621

See accompanying notes.

6

FIRST FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The accompanying March 31, 2024 and 2023 consolidated financial statements are unaudited. The December 31, 2023 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2023 annual report. The information presented does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The following notes should be read together with notes to the consolidated financial statements included in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2023.

1.    Significant Accounting Policies

The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature. The Corporation reports financial information for only one segment, banking. Some items in the prior year financials were reclassified to conform to the current presentation.

The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34% respectively. For the three months ended 2024 and 2023, 27,803 and 22,228 shares were awarded, respectively. These shares had a grant date value of $1.0 million and $1.0 million for 2024 and 2023, vest over three years, and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded.

2.    New accounting standards

Accounting Pronouncements Adopted:

In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-03 “Fair Value Measurements (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 is effective for the Corporation for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption is permitted. The Corporation adopted ASU 2022-03 January 1, 2024, and it had no impact on its consolidated financial statements and related disclosures.

In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards (ASU) No. 2023-02 Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. The Corporation adopted ASU 2023-02 January 1, 2024 on a modified retrospective basis. As a result of the adoption, other assets was increased $19 million, other liabilities was increased $21 million, and retained earnings was decreased $1.7 million.

Recent Accounting Pronouncements:

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all periods presented in the financial statements. The Corporation is assessing ASU 2023-07 and its effect on its consolidated financial statements and related disclosures.

7

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Corporation is assessing ASU 2023-09 and its effect on its consolidated financial statements and related disclosures.

3.    Allowance for Credit Losses

The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended March 31.

Allowance for Credit Losses:

    

March 31, 2024

(Dollar amounts in thousands)

Commercial

Residential

Consumer

Unallocated

Total

Beginning balance

$

13,264

$

14,327

$

11,797

$

379

$

39,767

Provision for credit losses

 

271

 

(173)

 

1,767

 

(65)

 

1,800

Loans charged-off

 

(231)

 

(14)

 

(2,947)

 

 

(3,192)

Recoveries

 

275

 

93

 

1,302

 

 

1,670

Ending Balance

$

13,579

$

14,233

$

11,919

$

314

$

40,045

Allowance for Credit Losses:

    

    

March 31, 2023

    

    

(Dollar amounts in thousands)

Commercial

Residential

Consumer

Unallocated

Total

Beginning balance

$

12,949

$

14,568

$

12,104

$

158

$

39,779

Provision for credit losses

 

(54)

 

500

 

1,254

 

100

 

1,800

Loans charged-off

 

(306)

 

(79)

 

(3,991)

 

 

(4,376)

Recoveries

 

201

 

70

 

2,146

 

 

2,417

Ending Balance

$

12,790

$

15,059

$

11,513

$

258

$

39,620

8

The tables below present the recorded investment in non-performing loans by class of loans.

    

March 31, 2024

Loans Past

Nonaccrual

Due Over

With No

90 Days Still

Allowance

(Dollar amounts in thousands)

Accruing

Nonaccrual

For Credit Loss

Commercial

Commercial & Industrial

$

397

$

14,290

$

63

Farmland

 

 

1,219

 

1,201

Non Farm, Non Residential

 

 

1,145

 

697

Agriculture

 

 

935

 

893

All Other Commercial

 

 

1,021

 

1,004

Residential