10-Q 1 tmb-20230930x10q.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 September 30, 2023

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 November 1, 2023, the registrant had outstanding 11,754,528 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

7

Notes to Consolidated Financial Statements

8

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

34

Item 3. Quantitative and Qualitative Disclosures about Market Risk

34

Item 4. Controls and Procedures

40

PART II. Other Information:

Item 1. Legal Proceedings

41

Item 1A. Risk Factors

41

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

41

Item 3. Defaults upon Senior Securities

42

Item 4. Mine Safety Disclosures

42

Item 5. Other Information

42

Item 6. Exhibits

43

Signatures

44

2

Part I – Financial Information

Item 1.Financial Statements

FIRST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

September 30, 

December 31, 

    

2023

    

2022

(unaudited)

ASSETS

 

  

 

  

Cash and due from banks

$

74,668

$

222,517

Federal funds sold

 

688

 

9,374

Securities available-for-sale

 

1,225,219

 

1,330,481

Loans:

 

Commercial

1,775,004

1,798,260

Residential

687,069

673,464

Consumer

647,658

588,539

3,109,731

3,060,263

(Less) plus:

Net deferred loan (fees)/costs

7,895

7,175

Allowance for credit losses

(39,034)

(39,779)

3,078,592

3,027,659

Restricted stock

 

15,398

 

15,378

Accrued interest receivable

 

22,546

 

21,288

Premises and equipment, net

 

67,424

 

66,147

Bank-owned life insurance

 

113,684

 

115,704

Goodwill

 

86,985

 

86,985

Other intangible assets

 

5,816

 

6,714

Other real estate owned

 

63

 

337

Other assets

 

93,723

 

86,697

TOTAL ASSETS

$

4,784,806

$

4,989,281

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Deposits:

 

  

 

  

Non-interest-bearing

$

770,511

$

857,920

Interest-bearing:

 

 

  

Certificates of deposit exceeding the FDIC insurance limits

 

82,741

 

50,608

Other interest-bearing deposits

 

3,187,743

 

3,460,343

 

4,040,995

 

4,368,871

Short-term borrowings

 

132,734

 

70,875

Other borrowings

 

84,578

 

9,589

Other liabilities

 

56,331

 

64,653

TOTAL LIABILITIES

 

4,314,638

 

4,513,988

Shareholders’ equity

 

  

 

  

Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,137,220 in 2023 and 16,114,992 in 2022; Outstanding shares - 11,754,528 in 2023 and 12,051,964 in 2022

 

2,014

 

2,012

Additional paid-in capital

 

143,855

 

143,185

Retained earnings

 

656,610

 

614,829

Accumulated other comprehensive loss

 

(176,038)

 

(139,974)

Less: Treasury shares at cost - 4,382,692 in 2023 and 4,063,028 in 2022

 

(156,273)

 

(144,759)

TOTAL SHAREHOLDERS’ EQUITY

 

470,168

 

475,293

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

4,784,806

$

4,989,281

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

Nine Months Ended

September 30, 

September 30, 

    

2023

    

2022

2023

    

2022

(unaudited)

(unaudited)

(unaudited)

(unaudited)

INTEREST INCOME:

 

  

 

  

  

 

  

Loans, including related fees

$

49,146

$

38,021

$

140,220

$

104,683

Securities:

 

  

 

  

 

  

 

  

Taxable

 

6,164

 

5,498

 

18,631

 

14,839

Tax-exempt

 

2,661

 

2,562

 

7,937

 

7,402

Other

 

752

 

2,165

 

2,864

 

4,178

TOTAL INTEREST INCOME

 

58,723

 

48,246

 

169,652

 

131,102

INTEREST EXPENSE:

 

  

 

  

 

  

 

  

Deposits

 

13,627

 

4,644

 

35,111

 

8,793

Short-term borrowings

 

1,923

 

418

 

4,025

 

676

Other borrowings

 

2,023

 

80

 

2,844

 

249

TOTAL INTEREST EXPENSE

 

17,573

 

5,142

 

41,980

 

9,718

NET INTEREST INCOME

 

41,150

 

43,104

 

127,672

 

121,384

Provision for credit losses

 

1,200

 

1,050

 

4,800

 

(4,750)

NET INTEREST INCOME AFTER PROVISION

 

 

FOR CREDIT LOSSES

 

39,950

 

42,054

 

122,872

 

126,134

NON-INTEREST INCOME:

 

 

 

 

Trust and financial services

 

1,140

 

1,015

 

3,642

 

3,687

Service charges and fees on deposit accounts

 

7,099

 

6,965

 

20,971

 

20,698

Other service charges and fees

 

213

 

160

 

613

 

488

Securities gains, net

5

Interchange income

149

47

418

Loan servicing fees

 

447

 

457

 

997

 

1,184

Gain on sales of mortgage loans

 

321

 

440

 

811

 

1,705

Other

2,407

2,954

4,374

7,963

TOTAL NON-INTEREST INCOME

 

11,627

 

12,140

 

31,455

 

36,148

NON-INTEREST EXPENSE:

Salaries and employee benefits

 

17,159

 

15,943

 

51,263

 

48,953

Occupancy expense

 

2,389

 

2,525

 

7,120

 

7,419

Equipment expense

 

3,580

 

3,311

 

10,404

 

9,177

FDIC Expense

 

613

 

556

 

1,977

 

1,526

Other

 

8,524

 

9,169

 

25,168

 

26,447

TOTAL NON-INTEREST EXPENSE

 

32,265

 

31,504

 

95,932

 

93,522

INCOME BEFORE INCOME TAXES

 

19,312

 

22,690

 

58,395

 

68,760

Provision for income taxes

 

3,027

 

4,639

 

10,143

 

14,172

NET INCOME

 

16,285

 

18,051

 

48,252

 

54,588

OTHER COMPREHENSIVE INCOME (LOSS)

 

  

 

  

 

  

 

  

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

 

(34,934)

 

(41,060)

 

(36,504)

 

(165,893)

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

 

146

 

315

 

440

 

944

COMPREHENSIVE INCOME (LOSS)

$

(18,503)

$

(22,694)

$

12,188

$

(110,361)

PER SHARE DATA

 

  

 

  

 

  

 

  

Basic and Diluted Earnings per Share

$

1.37

$

1.50

$

4.02

$

4.45

Weighted average number of shares outstanding (in thousands)

 

11,901

 

12,029

 

11,993

 

12,270

See accompanying notes.

4

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

September 30, 2023, and 2022

(Dollar amounts in thousands, except per share data)

(Unaudited)

    

    

    

    

Accumulated 

    

    

    

Other 

Common

Additional

Retained

Comprehensive

Treasury

Stock

Capital

Earnings

Income/(Loss)

Stock

Total

Balance, July 1, 2022

$

2,011

$

142,390

$

589,169

$

(126,630)

$

(145,409)

$

461,531

Net income

 

 

 

18,051

 

 

 

18,051

Other comprehensive income (loss)

 

 

 

 

(40,745)

 

 

(40,745)

Omnibus Equity Incentive Plan

 

 

206

 

 

 

 

206

Treasury shares purchased (9,125 shares)

 

 

 

 

 

(417)

 

(417)

Balance, September 30, 2022

$

2,011

$

142,596

$

607,220

$

(167,375)

$

(145,826)

$

438,626

Balance, July 1, 2023

$

2,013

$

143,632

$

640,325

$

(141,250)

$

(147,832)

$

496,888

Net income

 

 

 

16,285

 

 

 

16,285

Other comprehensive income (loss)

 

 

 

 

(34,788)

 

 

(34,788)

Omnibus Equity Incentive Plan

 

1

 

223

 

 

 

 

224

Treasury shares purchased (228,457 shares)

 

 

 

 

 

(8,441)

 

(8,441)

Balance, September 30, 2023

$

2,014

$

143,855

$

656,610

$

(176,038)

$

(156,273)

$

470,168

See accompanying notes.

5

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Nine Months Ended

September 30, 2023, and 2022

(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, 2022

$

2,009

$

141,979

$

559,139

$

(2,426)

$

(118,125)

$

582,576

Net income

 

 

 

54,588

 

 

 

54,588

Other comprehensive income (loss)

 

 

 

 

(164,949)

 

 

(164,949)

Omnibus Equity Incentive Plan

 

2

 

617

 

 

 

 

619

Treasury shares purchased (626,574 shares)

 

 

 

 

 

(27,701)

 

(27,701)

Cash dividends, $.54 per share

 

 

 

(6,507)

 

 

 

(6,507)

Balance, September 30, 2022

$

2,011

$

142,596

$

607,220

$

(167,375)

$

(145,826)

$

438,626

Balance, January 1, 2023

$

2,012

$

143,185

$

614,829

$

(139,974)

$

(144,759)

$

475,293

Net income

 

 

 

48,252

 

 

 

48,252

Other comprehensive income (loss)

 

 

 

 

(36,064)

 

 

(36,064)

Omnibus Equity Incentive Plan

 

2

 

670

 

 

 

 

672

Treasury shares purchased (319,664 shares)

 

 

 

 

 

(11,514)

 

(11,514)

Cash dividends, $.54 per share

 

 

 

(6,471)

 

 

 

(6,471)

Balance, September 30, 2023

$

2,014

$

143,855

$

656,610

$

(176,038)

$

(156,273)

$

470,168

6

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)

Nine Months Ended

September 30, 

    

2023

    

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net Income

$

48,252

$

54,588

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