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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, 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) 
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 May 2, 2022, the registrant had outstanding 12,421,849 shares of common stock, without par value. 


FIRST FINANCIAL CORPORATION
 
FORM 10-Q
 
INDEX 
 
 Page No.
 
  
 
  
  
  
  
  
  
  
  
  
 
  
  
  
  
  
  
  
  
 

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,
2022
December 31,
2021
    (unaudited)
ASSETS  
Cash and due from banks$598,175 $682,807 
Federal funds sold736 308 
Securities available-for-sale1,359,483 1,364,734 
Loans:  
  Commercial1,701,507 1,674,066 
  Residential635,264 664,509 
  Consumer464,035 474,026 
 2,800,806 2,812,601 
(Less) plus:  
  Net deferred loan (fees)/costs3,844 3,294 
  Allowance for credit losses(40,516)(48,305)
 2,764,134 2,767,590 
Restricted stock15,547 16,200 
Accrued interest receivable15,633 16,946 
Premises and equipment, net69,978 69,522 
Bank-owned life insurance117,354 116,997 
Goodwill86,135 86,135 
Other intangible assets7,680 8,024 
Other real estate owned236 108 
Other assets63,497 45,728 
TOTAL ASSETS$5,098,588 $5,175,099 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
  Non-interest-bearing$893,375 $914,933 
  Interest-bearing:  
    Certificates of deposit exceeding the FDIC insurance limits62,899 74,015 
    Other interest-bearing deposits3,438,916 3,420,621 
 4,395,190 4,409,569 
Short-term borrowings96,672 93,374 
Other borrowings15,924 15,937 
Other liabilities65,358 73,643 
TOTAL LIABILITIES4,573,144 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-12,435,309 in 2022 and 12,629,893 in 20212,010 2,009 
Additional paid-in capital142,185 141,979 
Retained earnings580,063 559,139 
Accumulated other comprehensive income/(loss)(71,025)(2,426)
Less: Treasury shares at cost-3,679,683 in 2022 and 3,466,420 in 2021(127,789)(118,125)
TOTAL SHAREHOLDERS’ EQUITY525,444 582,576 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$5,098,588 $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
March 31,
 20222021
 (unaudited)(unaudited)
INTEREST INCOME:  
Loans, including related fees$32,357 $31,857 
Securities:  
Taxable4,583 3,079 
Tax-exempt2,348 2,074 
Other365 346 
TOTAL INTEREST INCOME39,653 37,356 
INTEREST EXPENSE:  
Deposits1,676 2,286 
Short-term borrowings82 98 
Other borrowings84 59 
TOTAL INTEREST EXPENSE1,842 2,443 
NET INTEREST INCOME37,811 34,913 
Provision for credit losses(6,550)452 
NET INTEREST INCOME AFTER PROVISION  
FOR CREDIT LOSSES44,361 34,461 
NON-INTEREST INCOME:  
Trust and financial services1,372 1,305 
Service charges and fees on deposit accounts6,654 5,594 
Other service charges and fees106 416 
Securities gains (losses), net5 (152)
Interchange income118 84 
Loan servicing fees359 353 
Gain on sales of mortgage loans662 1,393 
Other4,462 301 
TOTAL NON-INTEREST INCOME13,738 9,294 
NON-INTEREST EXPENSE:  
Salaries and employee benefits17,342 15,677 
Occupancy expense2,522 2,149 
Equipment expense2,907 2,578 
FDIC Expense428 298 
Other8,145 6,937 
TOTAL NON-INTEREST EXPENSE31,344 27,639 
INCOME BEFORE INCOME TAXES26,755 16,116 
Provision for income taxes5,831 3,239 
NET INCOME20,924 12,877 
OTHER COMPREHENSIVE INCOME (LOSS)  
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes(68,914)(11,068)
Change in funded status of post retirement benefits, net of taxes315 472 
COMPREHENSIVE INCOME $(47,675)$2,281 
PER SHARE DATA  
Basic and Diluted Earnings per Share$1.67 $0.95 
Weighted average number of shares outstanding (in thousands)12,538 13,533 
See accompanying notes.
4

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 2022, and 2021
(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, 2021$2,007 $140,820 $521,103 $9,764 $(76,702)$596,992 
Net income  12,877   12,877 
Other comprehensive income (loss)   (10,596) (10,596)
Omnibus Equity Incentive Plan1 204    205 
Treasury shares purchased (34,441 shares)— — — — (1,366)(1,366)
Balance, March 31, 2021$2,008 $141,024 $533,980 $(832)$(78,068)$598,112 
Balance, January 1, 2022$2,009 $141,979 $559,139 $(2,426)$(118,125)$582,576 
Net income  20,924   20,924 
Other comprehensive income (loss)   (68,599) (68,599)
Omnibus Equity Incentive Plan1 206    207 
Treasury shares purchased (213,263 shares)— — — — (9,664)(9,664)
Balance, March 31, 2022$2,010 $142,185 $580,063 $(71,025)$(127,789)$525,444 
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,
 20222021
 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net Income$20,924 $12,877 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net amortization (accretion) of premiums and discounts on investments1,903 2,015 
Provision for credit losses(6,550)452 
Securities (gains) losses(5)152 
Gain on sales of mortgage loans(662)(1,393)
(Gain) Loss on sale of other real estate 28 
Restricted stock compensation207 205 
Depreciation and amortization1,529 1,572 
Other, net3,199 (716)
NET CASH FROM OPERATING ACTIVITIES20,545 15,192 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from sales of securities available-for-sale 4,913 
Calls, maturities and principal reductions on securities available-for-sale51,989 75,551 
Purchases of securities available-for-sale(138,610)(172,833)
Loans made to customers, net of repayment11,188 (35,178)
Redemption of restricted stock1,605  
Purchase of restricted stock(952)(13)
Proceeds from sales of other real estate owned67 36 
Net change in federal funds sold(428)(284)
Additions to premises and equipment(1,641)(1,660)
NET CASH FROM INVESTING ACTIVITIES(76,782)(129,468)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net change in deposits(14,055)149,486 
Net change in short-term borrowings3,298 (17,286)
Maturities of other borrowings(22) 
Purchase of treasury stock(9,664)(1,366)
Dividends paid(7,952)(7,182)
NET CASH FROM FINANCING ACTIVITIES(28,395)123,652 
NET CHANGE IN CASH AND CASH EQUIVALENTS(84,632)9,376 
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD682,807 657,470 
CASH AND DUE FROM BANKS, END OF PERIOD$598,175 $666,846 
See accompanying notes.

6

FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2022 and 2021 consolidated financial statements are unaudited. The December 31, 2021 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2021 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, 2021. 

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.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It contained substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The goal of the CARES Act was to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The CARES Act also included a range of other provisions designed to support the U.S. economy and mitigate the impact of COVID-19 on financial institutions and their customers, including through the authorization of various programs and measures that the U.S. Department of the Treasury, the Small Business Administration, the Federal Reserve Board, and other federal banking agencies implemented. Further, in response to the COVID-19 outbreak, the Federal Reserve Board implemented or announced a number of facilities to provide emergency liquidity to various segments of the U.S. economy and financial market.

 The CARES Act includes a provision that permits a financial institution to elect to suspend temporarily troubled debt restructuring accounting under ASC Subtopic 310-40 in certain circumstances (“section 4013”). To be eligible under section 4013, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The date was subsequently extended to December 31, 2021. In response to this section of the CARES Act, the federal banking agencies issued a revised interagency statement on April 7, 2020 that, in consultation with the Financial Accounting Standards Board, confirmed that for loans not subject to section 4013, short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not troubled debt restructurings under ASC Subtopic 310-40. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented.

Recent declines in COVID-19 cases have resulted in most businesses reopening to capacity and a declining unemployment rate. Some supply chain issues persist contributing to inflation. COVID-19 continues to impact the Corporation's customers and still may result in adverse conditions on the Corporation's loans and investments.

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 2022 and 2021, 18,679 and 21,159 shares were awarded, respectively. These shares had a grant date value of $847 thousand and $885 thousand for 2022 and 2021, 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.

7


2.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, 2022
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$18,883 $18,316 $10,721 $385 $48,305 
Provision for credit losses(1,040)(5,144)(300)(66)(6,550)
Loans charged-off(883)(466)(1,905) (3,254)
Recoveries340 529 1,146  2,015 
Ending Balance$17,300 $13,235 $9,662 $319 $40,516 
Allowance for Credit Losses:March 31, 2021
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$13,925 $19,142 $11,009 $ $44,076 
Provision for credit losses(478)(262)1,028 164 452 
Loans charged-off(186)(188)(1,964) (2,338)
Recoveries478 147 985  1,610 
Ending Balance$13,739 $18,839 $11,058 $164 $43,800 





8

The tables below present the recorded investment in non-performing loans by class of loans.
 March 31, 2022
Loans Past
Due Over
90 Days Still
Nonaccrual
With No
Allowance
(Dollar amounts in thousands)AccruingNonaccrualFor Credit Loss
Commercial   
 Commercial & Industrial$4 $689 $352 
 Farmland 15  
 Non Farm, Non Residential 2,717 2,703 
 Agriculture 84  
 All Other Commercial 4  
Residential  
 First Liens279 2,036 18 
 Home Equity 66  
 Junior Liens89 244  
 Multifamily 211  
 All Other Residential 101  
Consumer  
 Motor Vehicle362 863  
 All Other Consumer13 682  
TOTAL$747 $7,712 $3,073 


 December 31, 2021
Loans Past
Due Over
90 Days Still
Nonaccrual
With No
Allowance
(Dollar amounts in thousands)AccruingNonaccrualFor Credit Loss
Commercial   
 Commercial & Industrial$14 $1,950 $1,662 
 Farmland 15  
 Non Farm, Non Residential 2,911 2,898 
 Agriculture 111  
 All Other Commercial 4  
Residential  
 First Liens346 2,339 33 
 Home Equity 84  
 Junior Liens89 294  
 Multifamily 225  
 All Other Residential 107  
Consumer  
 Motor Vehicle94 864  
 All Other Consumer 686  
TOTAL$543 $9,590 $4,593 



9

The following tables present the amortized cost basis of collateral dependent loans by class of loans:

March 31, 2022
Collateral Type
(Dollar amounts in thousands)Real EstateOther
Commercial
Commercial & Industrial$6,008 $546 
Farmland3,650 
Non Farm, Non Residential13,796 
Agriculture— — 
All Other Commercial— — 
Residential
First Liens18 — 
Home Equity— — 
Junior Liens— — 
Multifamily920 — 
All Other Residential— — 
Consumer
Motor Vehicle— — 
All Other Consumer— — 
Total$24,392 $546 



December 31, 2021
Collateral Type
(Dollar amounts in thousands)Real EstateOther
Commercial
Commercial & Industrial$17,734 $720 
Farmland3,669 
Non Farm, Non Residential6,135 
Agriculture— — 
All Other Commercial— — 
Residential
First Liens33 — 
Home Equity— — 
Junior Liens— — 
Multifamily935 — 
All Other Residential— — 
Consumer
Motor Vehicle— — 
All Other Consumer— — 
Total$28,506 $720 





10

The following tables presents the aging of the recorded investment in loans by past due category and class of loans.  
March 31, 2022
30-59 Days60-89 Days90 Days and GreaterTotal
(Dollar amounts in thousands)Past DuePast DuePast DuePast DueCurrentTotal
Commercial      
 Commercial & Industrial$1,086 $382 $227 $1,695 $705,981 $707,676 
 Farmland94 205  299 134,430 134,729 
 Non Farm, Non Residential48   48 386,785 386,833 
 Agriculture  49 49 114,251 114,300 
 All Other Commercial162   162 364,273 364,435 
Residential      
 First Liens3,628 446 747 4,821 329,788 334,609 
 Home Equity233 57 38 328 60,287 60,615 
 Junior Liens301 110 200 611 51,008 51,619 
 Multifamily386   386 161,473 161,859 
 All Other Residential93   93 27,978 28,071 
Consumer      
 Motor Vehicle5,935 883 686 7,504 426,290 433,794 
 All Other Consumer178 50 17 245 31,875 32,120 
TOTAL$12,144 $2,133 $1,964 $16,241 $2,794,419 $2,810,660 
 
 December 31, 2021
30-59 Days60-89 Days90 Days and GreaterTotal
(Dollar amounts in thousands)Past DuePast DuePast DuePast DueCurrentTotal
Commercial      
 Commercial & Industrial$1,132 $388 $1,614 $3,134 $693,949 $697,083 
 Farmland57   57 141,189 141,246 
 Non Farm, Non Residential62   62 361,174 361,236 
 Agriculture90 42 89 221 141,682 141,903 
 All Other Commercial390   390 340,076 340,466 
Residential      
 First Liens4,686 680 949 6,315 336,064 342,379 
 Home Equity131 24 58 213 62,085 62,298 
 Junior Liens179 120 283 582 50,048 50,630 
 Multifamily342 146