Company Quick10K Filing
First Financial
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
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
8-K 2020-07-31 Earnings, Exhibits
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

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.
EX-31.1 thff-20200331x10qexx311.htm
EX-31.2 thff-20200331x10qexx312.htm
EX-32.1 thff-20200331x10qexx321.htm

First Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 thff-20200331x10q.htm 10-Q Document

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, 2020
 
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)
 
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 ý  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 ý   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
ý
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 ý.
 
As of May 4, 2020, the registrant had outstanding 13,714,524 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,
2020
 
December 31,
2019
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
211,034

 
$
127,426

Federal funds sold
1

 
7,500

Securities available-for-sale
932,041

 
926,717

Loans:
 

 
 

  Commercial
1,567,340

 
1,584,447

  Residential
663,060

 
682,077

  Consumer
387,980

 
386,006

 
2,618,380

 
2,652,530

(Less) plus:
 

 
 

  Net deferred loan costs
4,257

 
3,860

  Allowance for loan losses
(21,063
)
 
(19,943
)
 
2,601,574

 
2,636,447

Restricted stock
15,400

 
15,394

Accrued interest receivable
17,098

 
18,523

Premises and equipment, net
63,140

 
62,576

Bank-owned life insurance
94,633

 
94,251

Goodwill
78,592

 
78,592

Other intangible assets
10,236

 
10,643

Other real estate owned
3,894

 
3,625

Other assets
34,771

 
41,556

TOTAL ASSETS
$
4,062,414

 
$
4,023,250

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

  Non-interest-bearing
$
531,758

 
$
547,189

  Interest-bearing:
 

 
 

    Certificates of deposit exceeding the FDIC insurance limits
118,162

 
126,738

    Other interest-bearing deposits
2,641,311

 
2,601,430

 
3,291,231

 
3,275,357

Short-term borrowings
83,784

 
80,119

Other borrowings
27,494

 
30,973

Other liabilities
78,134

 
79,193

TOTAL LIABILITIES
3,480,643

 
3,465,642

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.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 2019
2,005

 
2,005

Additional paid-in capital
139,898

 
139,694

Retained earnings
504,236

 
492,055

Accumulated other comprehensive income/(loss)
6,001

 
(7,501
)
Less: Treasury shares at cost-2,360,630 in 2020 and 2,313,641 in 2019
(70,369
)
 
(68,645
)
TOTAL SHAREHOLDERS’ EQUITY
581,771

 
557,608

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
4,062,414

 
$
4,023,250

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,
 
2020
 
2019
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

Loans, including related fees
$
35,034

 
$
26,754

Securities:
 

 
 

Taxable
4,029

 
3,681

Tax-exempt
1,938

 
1,867

Other
402

 
314

TOTAL INTEREST INCOME
41,403

 
32,616

INTEREST EXPENSE:
 

 
 

Deposits
4,530

 
2,817

Short-term borrowings
267

 
323

Other borrowings
256

 
50

TOTAL INTEREST EXPENSE
5,053

 
3,190

NET INTEREST INCOME
36,350

 
29,426

Provision for loan losses
2,690

 
1,470

NET INTEREST INCOME AFTER PROVISION
 

 
 

FOR LOAN LOSSES
33,660

 
27,956

NON-INTEREST INCOME:
 

 
 

Trust and financial services
1,534

 
1,204

Service charges and fees on deposit accounts
2,998

 
2,624

Other service charges and fees
3,330

 
3,114

Securities gains (losses), net
194

 
(4
)
Gain on sales of mortgage loans
698

 
420

Other
341

 
278

TOTAL NON-INTEREST INCOME
9,095

 
7,636

NON-INTEREST EXPENSE:
 

 
 

Salaries and employee benefits
15,972

 
12,755

Occupancy expense
1,929

 
1,815

Equipment expense
2,461

 
1,817

FDIC Expense
(230
)
 
140

Other
7,422

 
7,166

TOTAL NON-INTEREST EXPENSE
27,554

 
23,693

INCOME BEFORE INCOME TAXES
15,201

 
11,899

Provision for income taxes
3,020

 
2,217

NET INCOME
12,181

 
9,682

OTHER COMPREHENSIVE INCOME (LOSS)
 

 
 

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
13,098

 
10,224

Change in funded status of post retirement benefits, net of taxes
404

 
303

COMPREHENSIVE INCOME
$
25,683

 
$
20,209

PER SHARE DATA
 

 
 

Basic and Diluted Earnings per Share
$
0.89

 
$
0.79

Weighted average number of shares outstanding (in thousands)
13,740

 
12,282

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 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

 

 
9,682

 

 

 
9,682

Other comprehensive income

 

 

 
10,527

 

 
10,527

Omnibus Equity Incentive Plan
1

 
200

 

 

 

 
201

Treasury shares purchased (7,866 shares)

 

 

 

 
(315
)
 
(315
)
Balance, March 31, 2019
$
1,825

 
$
76,974

 
$
466,398

 
$
(12,927
)
 
$
(69,474
)
 
$
462,796

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2020
$
2,005

 
$
139,694

 
$
492,055

 
$
(7,501
)
 
$
(68,645
)
 
$
557,608

Net income

 

 
12,181

 

 

 
12,181

Other comprehensive income

 

 

 
13,502

 

 
13,502

Omnibus Equity Incentive Plan

 
204

 

 

 

 
204

Treasury shares purchased (46,989 shares)

 

 

 

 
(1,724
)
 
(1,724
)
Balance, March 31, 2020
$
2,005

 
$
139,898

 
$
504,236

 
$
6,001

 
$
(70,369
)
 
$
581,771

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,
 
2020
 
2019
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
12,181

 
$
9,682

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

 
 

Net amortization (accretion) of premiums and discounts on investments
1,462

 
900

Provision for loan losses
2,690

 
1,470

Securities (gains) losses
(194
)
 
4

Gain on sales of mortgage loans
(698
)
 
(420
)
(Gain) Loss on sale of other real estate
23

 
8

Restricted stock compensation
204

 
201

Depreciation and amortization
1,400

 
1,000

Other, net
8,611

 
1,185

NET CASH FROM OPERATING ACTIVITIES
25,679

 
14,030

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Proceeds from sales of securities available-for-sale
27,604

 

Calls, maturities and principal reductions on securities available-for-sale
46,517

 
27,321

Purchases of securities available-for-sale
(63,516
)
 
(16,214
)
Loans made to customers, net of repayment
33,764

 
(30,828
)
Purchase of restricted stock
(6
)
 
(22
)
Proceeds from sales of other real estate owned
44

 
13

Net change in federal funds sold
7,499

 
(2,000
)
Additions to premises and equipment
(1,557
)
 
(309
)
NET CASH FROM INVESTING ACTIVITIES
50,349

 
(22,039
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
16,281

 
(17,171
)
Net change in short-term borrowings
3,665

 
(13,008
)
Maturities of other borrowings
(5,000
)
 
(92,000
)
Proceeds from other borrowings
1,500

 
117,000

Purchase of treasury stock
(1,724
)
 
(315
)
Dividends paid
(7,142
)
 
(6,258
)
NET CASH FROM FINANCING ACTIVITIES
7,580

 
(11,752
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
83,608

 
(19,761
)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
127,426

 
74,388

CASH AND DUE FROM BANKS, END OF PERIOD
$
211,034

 
$
54,627

See accompanying notes.


6


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2020 and 2019 consolidated financial statements are unaudited. The December 31, 2019 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2019 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, 2019

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 contains substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The goal of the CARES Act is 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 includes 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 may or are required to implement. Further, in response to the COVID-19 outbreak, the Federal Reserve Board has 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. 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.

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 2020 and 2019, 19,688 and 19,783 shares were awarded, respectively. These shares had a grant date value of $837 thousand and $841 thousand for 2020 and 2019, 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.

The extent to which the COVID-19 pandemic impacts the Corporation’s business, liquidity, asset valuations, results of operations, and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. Moreover, the effects of the COVID-19 pandemic may have a material adverse effect on all or a combination of valuation impairments on the Corporation's intangible assets, investments, loans, or deferred tax assets.



7



2.
Allowance for Loan Losses

The following table presents the activity of the allowance for loan losses by portfolio segment for the three months
ended March 31. 
Allowance for Loan Losses:
 
March 31, 2020
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
8,945

 
$
1,302

 
$
8,304

 
$
1,392

 
$
19,943

Provision for loan losses
 
520

 
251

 
1,780

 
139

 
2,690

Loans charged -off
 
(533
)
 
(257
)
 
(2,114
)
 

 
(2,904
)
Recoveries
 
391

 
156

 
787

 

 
1,334

Ending Balance
 
$
9,323

 
$
1,452

 
$
8,757

 
$
1,531

 
$
21,063


Allowance for Loan Losses:
 
March 31, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,848

 
$
1,313

 
$
7,481

 
$
1,794

 
$
20,436

Provision for loan losses
 
(640
)
 
296

 
941

 
873

 
1,470

Loans charged -off
 
(256
)
 
(302
)
 
(1,551
)
 

 
(2,109
)
Recoveries
 
287

 
185

 
691

 

 
1,163

Ending Balance
 
$
9,239

 
$
1,492

 
$
7,562

 
$
2,667

 
$
20,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at March 31, 2020 and December 31, 2019
Allowance for Loan Losses
 
March 31, 2020
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
42

 
$

 
$

 
$

 
$
42

Collectively evaluated for impairment
 
9,281

 
1,452

 
8,757

 
1,531

 
21,021

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,323

 
$
1,452

 
$
8,757

 
$
1,531

 
$
21,063

 
Loans:
 
March 31, 2020
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
6,152

 
$
3,579

 
$

 
 
 
$
9,731

Collectively evaluated for impairment
 
1,563,334

 
661,353

 
389,649

 
 
 
2,614,336

Acquired with deteriorated credit quality
 
6,549

 

 

 
 
 
6,549

Ending Balance
 
$
1,576,035

 
$
664,932

 
$
389,649

 
 
 
$
2,630,616


Allowance for Loan Losses:
 
December 31, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
48

 

 

 

 
48

Collectively evaluated for impairment
 
8,897

 
1,302

 
8,304

 
1,392

 
19,895

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
8,945

 
$
1,302

 
$
8,304

 
$
1,392

 
$
19,943


8


Loans
 
December 31, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
3,161

 
3,952

 

 
 
 
7,113

Collectively evaluated for impairment
 
1,584,169

 
680,069

 
387,655

 
 
 
2,651,893

Acquired with deteriorated credit quality
 
7,436

 

 

 
 
 
7,436

Ending Balance
 
$
1,594,766

 
$
684,021

 
$
387,655

 
 
 
$
2,666,442


9


The following tables present loans individually evaluated for impairment by class of loans. 

 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
1,679

 
$
1,149

 
$

 
$
1,069

 
$

 
$

 Farmland
 
1,324

 
1,324

 

 
1,661

 

 

 Non Farm, Non Residential
 
3,512

 
3,512

 

 
1,756

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 
26

 
26

 

 
27

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
3,579

 
3,579

 

 
3,766

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
141

 
141

 
42

 
145

 

 

 Farmland
 

 

 

 

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,261

 
$
9,731

 
$
42

 
$
8,424

 
$

 
$

 




10


 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
Income
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
1,519

 
$
989

 
$

 
$
848

 
$

 
$

 Farmland
 
1,997

 
1,997

 

 
1,999

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 
27

 
27

 

 
461

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
3,952

 
3,952

 

 
4,055

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
148

 
148

 
48

 
1,108

 

 

 Farmland
 

 

 

 
84

 

 

 Non Farm, Non Residential
 

 

 

 

 


 

 Agriculture
 

 

 

 
138

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
7,643

 
$
7,113

 
$
48

 
$
8,693

 
$

 
$

 


11


 
 
 
 
 
 
 
 
 
Three Months Ended 
 March 31, 2020
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
$
1,069

 
$

 
$

 Farmland
 
1,661

 

 

 Non Farm, Non Residential
 
1,756

 

 

 Agriculture
 

 

 

 All Other Commercial
 
27

 

 

Residential
 
 

 
 

 
 

 First Liens
 
3,766

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

With an allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
145

 

 

 Farmland
 

 

 

 Non Farm, Non Residential
 

 

 

 Agriculture
 

 

 

 All Other Commercial
 

 

 

Residential
 
 

 
 

 
 

 First Liens
 

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

TOTAL
 
$
8,424

 
$

 
$





12


 
 
Three Months Ended 
 March 31, 2019
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
$
788

 
$

 
$

 Farmland
 
930

 

 

 Non Farm, Non Residential
 
2,442

 

 

 Agriculture
 
116

 

 

 All Other Commercial
 
1,218

 

 

Residential
 
 

 
 

 
 

 First Liens
 
2,032

 

 

 Home Equity
 

 

 

 Junior Liens
 
18

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

With an allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
488

 

 

 Farmland
 
3,041

 

 

 Non Farm, Non Residential
 

 

 

 Agriculture
 
537

 

 

 All Other Commercial
 

 

 

Residential
 
 

 
 

 
 

 First Liens
 
221

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

TOTAL
 
$
11,831

 
$

 
$