10-Q 1 tmb-20220930x10q.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, 2022

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, 2022, the registrant had outstanding 12,021,998 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

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

32

Item 3. Quantitative and Qualitative Disclosures about Market Risk

32

Item 4. Controls and Procedures

39

PART II. Other Information:

Item 1. Legal Proceedings

40

Item 1A. Risk Factors

40

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

40

Item 3. Defaults upon Senior Securities

40

Item 4. Mine Safety Disclosures

40

Item 5. Other Information

40

Item 6. Exhibits

41

Signatures

42

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, 

    

2022

    

2021

(unaudited)

ASSETS

 

  

 

  

Cash and due from banks

$

328,222

$

682,807

Federal funds sold

 

8,223

 

308

Securities available-for-sale

 

1,331,985

 

1,364,734

Loans:

 

Commercial

1,717,265

1,674,066

Residential

676,400

664,509

Consumer

570,245

474,026

2,963,910

2,812,601

(Less) plus:

Net deferred loan (fees)/costs

6,565

3,294

Allowance for credit losses

(39,495)

(48,305)

2,930,980

2,767,590

Restricted stock

 

15,372

 

16,200

Accrued interest receivable

 

19,128

 

16,946

Premises and equipment, net

 

68,113

 

69,522

Bank-owned life insurance

 

116,034

 

116,997

Goodwill

 

86,985

 

86,135

Other intangible assets

 

7,024

 

8,024

Other real estate owned

 

214

 

108

Other assets

 

97,059

 

45,728

TOTAL ASSETS

$

5,009,339

$

5,175,099

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Deposits:

 

  

 

  

Non-interest-bearing

$

894,348

$

914,933

Interest-bearing:

 

 

  

Certificates of deposit exceeding the FDIC insurance limits

 

56,596

 

74,015

Other interest-bearing deposits

 

3,456,562

 

3,420,621

 

4,407,506

 

4,409,569

Short-term borrowings

 

89,321

 

93,374

Other borrowings

 

9,593

 

15,937

Other liabilities

 

64,293

 

73,643

TOTAL LIABILITIES

 

4,570,713

 

4,592,523

Shareholders’ equity

 

  

 

  

Common stock, $0.125 stated value per share; Authorized shares-40,000,000 Issued shares-16,114,992 in 2022 and 16,096,313 in 2021 Outstanding shares-12,021,998 in 2022 and 12,629,893 in 2021

 

2,011

 

2,009

Additional paid-in capital

 

142,596

 

141,979

Retained earnings

 

607,220

 

559,139

Accumulated other comprehensive income/(loss)

 

(167,375)

 

(2,426)

Less: Treasury shares at cost-4,092,994 in 2022 and 3,466,420 in 2021

 

(145,826)

 

(118,125)

TOTAL SHAREHOLDERS’ EQUITY

 

438,626

 

582,576

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

5,009,339

$

5,175,099

See accompanying notes.

3

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2022

    

2021

2022

    

2021

(unaudited)

(unaudited)

(unaudited)

(unaudited)

INTEREST INCOME:

 

  

 

  

  

 

  

Loans, including related fees

$

38,021

$

31,937

$

104,683

$

95,760

Securities:

 

  

 

  

 

  

 

  

Taxable

 

7,327

 

3,627

 

17,958

 

10,061

Tax-exempt

 

2,562

 

2,234

 

7,402

 

6,471

Other

 

336

 

347

 

1,059

 

1,080

TOTAL INTEREST INCOME

 

48,246

 

38,145

 

131,102

 

113,372

INTEREST EXPENSE:

 

  

 

  

 

  

 

  

Deposits

 

4,644

 

1,959

 

8,793

 

6,335

Short-term borrowings

 

418

 

99

 

676

 

291

Other borrowings

 

80

 

59

 

249

 

177

TOTAL INTEREST EXPENSE

 

5,142

 

2,117

 

9,718

 

6,803

NET INTEREST INCOME

 

43,104

 

36,028

 

121,384

 

106,569

Provision for credit losses

 

1,050

 

(1,500)

 

(4,750)

 

(3,244)

NET INTEREST INCOME AFTER PROVISION

 

 

FOR CREDIT LOSSES

 

42,054

 

37,528

 

126,134

 

109,813

NON-INTEREST INCOME:

 

 

 

 

Trust and financial services

 

1,015

 

1,156

 

3,687

 

3,774

Service charges and fees on deposit accounts

 

6,965

 

6,421

 

20,698

 

18,031

Other service charges and fees

 

160

 

135

 

488

 

957

Securities gains (losses), net

5

5

111

Interchange income

149

224

418

423

Loan servicing fees

 

457

 

344

 

1,184

 

1,485

Gain on sales of mortgage loans

 

440

 

1,426

 

1,705

 

4,268

Other

2,954

1,381

7,963

2,268

TOTAL NON-INTEREST INCOME

 

12,140

 

11,092

 

36,148

 

31,317

NON-INTEREST EXPENSE:

Salaries and employee benefits

 

15,943

 

15,770

 

48,953

 

47,478

Occupancy expense

 

2,525

 

2,151

 

7,419

 

6,302

Equipment expense

 

3,311

 

2,177

 

9,177

 

7,195

FDIC Expense

 

556

 

313

 

1,526

 

898

Other

 

9,169

 

8,048

 

26,447

 

22,221

TOTAL NON-INTEREST EXPENSE

 

31,504

 

28,459

 

93,522

 

84,094

INCOME BEFORE INCOME TAXES

 

22,690

 

20,161

 

68,760

 

57,036

Provision for income taxes

 

4,639

 

4,063

 

14,172

 

11,447

NET INCOME

 

18,051

 

16,098

 

54,588

 

45,589

OTHER COMPREHENSIVE INCOME (LOSS)

 

  

 

  

 

  

 

  

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

 

(41,060)

 

(2,985)

 

(165,893)

 

(12,281)

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

 

315

 

471

 

944

 

1,415

COMPREHENSIVE INCOME (LOSS)

$

(22,694)

$

13,584

$

(110,361)

$

34,723

PER SHARE DATA

 

  

 

  

 

  

 

  

Basic and Diluted Earnings per Share

$

1.50

$

1.24

$

4.45

$

3.42

Weighted average number of shares outstanding (in thousands)

 

12,029

 

13,019

 

12,270

 

13,320

See accompanying notes.

4

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

September 30, 2022, and 2021

(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, 2021

$

2,008

$

141,240

$

543,595

$

1,412

$

(100,092)

$

588,163

Net income

 

 

 

16,098

 

 

 

16,098

Other comprehensive income (loss)

 

 

 

 

(2,514)

 

 

(2,514)

Omnibus Equity Incentive Plan

 

1

 

216

 

 

 

 

217

Treasury shares purchased (176,293 shares)

 

 

 

 

 

(7,029)

 

(7,029)

Balance, September 30, 2021

$

2,009

$

141,456

$

559,693

$

(1,102)

$

(107,121)

$

594,935

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)

Cash dividends, $0 per share

 

 

 

 

 

 

Balance, September 30, 2022

$

2,011

$

142,596

$

607,220

$

(167,375)

$

(145,826)

$

438,626

See accompanying notes.

5

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Nine Months Ended

September 30, 2022, and 2021

(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, 2021

$

2,007

$

140,820

$

521,103

$

9,764

$

(76,702)

$

596,992

Net income

 

 

 

45,589

 

 

 

45,589

Other comprehensive income (loss)

 

 

 

 

(10,866)

 

 

(10,866)

Omnibus Equity Incentive Plan

 

2

 

636

 

 

 

 

638

Treasury shares purchased (707,734 shares)

 

 

 

 

 

(30,419)

 

(30,419)

Cash dividends, $.53 per share

 

 

 

(6,999)

 

 

 

(6,999)

Balance, September 30, 2021

$

2,009

$

141,456

$

559,693

$

(1,102)

$

(107,121)

$

594,935

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

6

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)

Nine Months Ended

September 30, 

    

2022

    

2021

CASH FLOWS FROM OPERATING ACTIVITIES:

 

  

 

  

Net Income

$

54,588

$

45,589

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

 

  

 

Net amortization (accretion) of premiums and discounts on investments

 

5,174

 

6,207

Provision for credit losses

 

(4,750)

 

(3,244)

Securities (gains) losses

 

(5)

 

(111)

Gain on sales of mortgage loans

 

(1,705)

 

(4,268)

(Gain) Loss on sale of other real estate

 

26

 

10

Restricted stock compensation

 

619

 

638

Depreciation and amortization

 

4,615

 

4,670

Other, net

 

(6,266)

 

(6,583)

NET CASH FROM OPERATING ACTIVITIES

 

52,296

 

42,908

CASH FLOWS FROM INVESTING ACTIVITIES:

 

  

 

  

Proceeds from sales of securities available-for-sale

 

 

9,369

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