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First Financial (THFF) - 2021 Q3 - Quarterly Report
2021-11-03 12:32
[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for First Financial Corporation as of September 30, 2021, including balance sheets, income statements, and cash flows, with key highlights of asset growth, increased net income, and reduced credit loss allowance [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show growth in total assets to **$4.80 billion** as of September 30, 2021, from **$4.56 billion** at year-end 2020, driven by increases in cash and securities, with net income rising to **$45.6 million** from **$38.1 million** year-over-year Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$4,801,093** | **$4,557,544** | | Cash and due from banks | $758,120 | $657,470 | | Securities available-for-sale | $1,270,820 | $1,020,744 | | Loans, net | $2,436,948 | $2,563,242 | | **Total Liabilities** | **$4,206,158** | **$3,960,552** | | Deposits | $4,028,636 | $3,755,945 | | **Total Shareholders' Equity** | **$594,935** | **$596,992** | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net Interest Income | $106,569 | $108,776 | | Provision for credit losses | $(3,244) | $10,080 | | **Net Income** | **$45,589** | **$38,105** | | **Basic and Diluted EPS** | **$3.42** | **$2.78** | Consolidated Cash Flow Highlights (Nine Months Ended, in thousands) | Cash Flow Category | September 30, 2021 | September 30, 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $42,908 | $52,793 | | Net Cash from Investing Activities | $(155,551) | $(100,531) | | Net Cash from Financing Activities | $213,293 | $308,752 | | **Net Change in Cash** | **$100,650** | **$261,014** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the Corporation's accounting policies, credit loss allowance, and securities portfolio, with the allowance for credit losses decreasing to **$43.0 million** due to a negative provision, and the securities portfolio growing to **$1.27 billion**, alongside a disclosed acquisition of Hancock Bancorp, Inc. for **$31.35 million** Allowance for Credit Losses Activity (Nine Months Ended, in thousands) | Description | September 30, 2021 | September 30, 2020 | | :--- | :--- | :--- | | Beginning Balance | $47,052 | $19,943 | | Provision for credit losses | $(3,244) | $10,080 | | Net Charge-offs | $(846) | $(3,063) | | **Ending Balance** | **$42,962** | **$26,960** | - From the inception of the CARES Act through September 30, 2021, the Corporation modified **1,332 loans totaling $268 million** related to COVID-19 that were not considered troubled debt restructurings, with **1,053 loans totaling $224 million** having resumed normal scheduled payments[47](index=47&type=chunk) - On August 10, 2021, the Corporation entered into an agreement to acquire Hancock Bancorp, Inc. for an aggregate value of **$31.35 million** in cash[103](index=103&type=chunk)[104](index=104&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Corporation's financial performance, highlighting a **15.0%** increase in net income for Q3 2021 year-over-year, driven by a significant decrease in the provision for credit losses, alongside strategic initiatives and a strong capital position Key Performance Metrics | Metric | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net Income | $45.6 million | $38.1 million | | Basic EPS | $3.42 | $2.78 | | Return on Assets (ROA) | 1.28% | 1.20% | | Return on Equity (ROE) | 10.10% | 8.62% | - Net interest margin for the nine months ended September 30, 2021, decreased to **3.24%** from **4.03%** in the prior year period, primarily due to significant drops in interest rates and a substantial increase in lower-yielding cash on hand[118](index=118&type=chunk) - The provision for credit losses decreased by **$13.3 million** to a negative **$3.2 million** for the first nine months of 2021, compared to a **$10.1 million** provision in the same period of 2020, attributed to unrealized potential losses from COVID-19 and an improving economy[121](index=121&type=chunk) - The Corporation announced plans to close and consolidate nine branches over the next two quarters, which is projected to save approximately **$2.3 million per year** in operating expenses starting in Q1 2022[116](index=116&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Corporation identifies interest rate risk as its most significant market risk, managed by its Asset Liability Committee, with simulation modeling projecting a **100 basis point** increase in rates to increase net interest income by **5.66%** over 12 months, while a **100 basis point** decrease would lower it by **6.21%** Estimated Net Interest Income Sensitivity (as of Sep 30, 2021) | Interest Rate Change (Basis Points) | Percentage Change in NII (12 months) | | :--- | :--- | | Down 100 | -6.21% | | Up 100 | +5.66% | | Up 200 | +7.17% | - The Corporation's primary sources of liquidity are deposits, loan repayments, and repayments of investment securities, with **$17.5 million** of investments maturing and anticipating **$176.3 million** in principal payments from mortgage-backed securities within the next 12 months, along with unused borrowing capacity[131](index=131&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the Corporation's disclosure controls and procedures and concluded they were effective as of September 30, 2021, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of September 30, 2021, the principal executive officer and principal financial officer concluded that the Corporation's disclosure controls and procedures were effective[140](index=140&type=chunk) [PART II. Other Information](index=44&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The Corporation reports no material pending legal proceedings, other than routine litigation incidental to its business - There are no material pending legal proceedings to which the Corporation or its subsidiaries is a party, other than routine litigation incidental to the business[142](index=142&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes in risk factors from those disclosed in the Corporation's 2020 Form 10-K - No material changes have occurred in the risk factors from those disclosed in the Corporation's Form 10-K for the year ended December 31, 2020[143](index=143&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On July 21, 2021, the Board of Directors authorized a stock repurchase program for up to **5%** of outstanding common stock (approximately **652,411 shares**), with the Corporation repurchasing **176,293 shares** at an average price of **$39.87 per share** during the third quarter of 2021 Equity Securities Purchases (Q3 2021) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Program | Maximum Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | :--- | | Sep 1-30, 2021 | 176,293 | $39.87 | 176,293 | 476,118 | | **Total** | **176,293** | **$39.87** | **176,293** | **476,118** | [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, employment agreements for key executives, and certifications required by the Sarbanes-Oxley Act - Exhibits filed with the report include Sarbanes-Oxley Act certifications by the Principal Executive Officer and Principal Financial Officer, and various employment agreements[151](index=151&type=chunk)
First Financial (THFF) - 2021 Q2 - Quarterly Report
2021-08-04 12:38
Table of Contents 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 June 30, 2021 ☐ 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 35-1 ...
First Financial (THFF) - 2021 Q1 - Quarterly Report
2021-05-05 13:37
Table of Contents 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, 2021 ☐ 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- ...
First Financial (THFF) - 2020 Q4 - Annual Report
2021-03-11 14:20
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number 0-16759 FIRST FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Indiana 35-1546989 (Address of Registrant's Principal Executive Offices) (Zip Code) (812) 238-6000 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol | regi ...
First Financial (THFF) - 2020 Q3 - Quarterly Report
2020-11-04 16:07
Table of Contents 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, 2020 ☐ 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 ...
First Financial (THFF) - 2020 Q2 - Quarterly Report
2020-08-06 12:52
Table of Contents 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 June 30, 2020 ☐ 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) | | | --- ...
First Financial (THFF) - 2020 Q1 - Quarterly Report
2020-05-07 13:11
Table of Contents 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 Fina ...
First Financial (THFF) - 2019 Q4 - Annual Report
2020-03-06 22:23
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ¨ 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) One First Financial Plaza Terre Hau ...
First Financial (THFF) - 2019 Q3 - Quarterly Report
2019-11-07 20:04
Table of Contents 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, 2019 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 ...
First Financial (THFF) - 2019 Q2 - Quarterly Report
2019-08-07 13:23
Table of Contents 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 June 30, 2019 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 Finan ...