First Financial Corporation (NASDAQ:THFF) today announced results
for the second quarter of 2023.
- Net income was $16.0 million
compared to the $15.6 million reported for the same period of
2022;
- Diluted net income per common share
of $1.33 compared to $1.27 for the same period of 2022;
- Return on average assets was 1.34%
compared to 1.24% for the three months ended June 30,
2022;
- Credit loss provision was $1.8
million compared to provision of $750 thousand for the second
quarter 2022; and
- Pre-tax, pre-provision net income
was $21.2 million compared to $19.7 million for the same period in
2022.1
The Corporation further reported results for the six months
ending June 30, 2023:
- Net income was $32.0 million
compared to the $36.5 million reported for the same period of 2022,
which included the proceeds of a legal settlement and pandemic
related reserve releases, both of which were non-recurring
events;
- Diluted net income per common share
of $2.66 compared to $2.95 for the same period of 2022;
- Return on average assets was 1.33%
compared to 1.43% for the six months ended June 30,
2022;
- Credit loss provision was $3.6
million compared to negative provision of $5.8 million for the six
months ended June 30, 2022; and
- Pre-tax, pre-provision net income
was $42.6 million compared to $39.4 million for the same period in
2022.1
1 Non-GAAP financial measure that Management believes is useful
for investors and management to understand pre-tax profitability
before giving effect to credit loss expense and to provide
additional perspective on the Corporation’s performance over time
as well as comparison to the Corporation’s peers and evaluating the
financial results of the Corporation – please refer to the Non
GAAP reconciliations contained in this release.
Average Total Loans
Average total loans for the second quarter of 2023 were $3.10
billion versus $2.83 billion for the comparable period in 2022, an
increase of $272 million or 9.63%. On a linked quarter basis,
average loans increased $29 million or 2.26% from $3.07 billion as
of March 31, 2023.
Total Loans Outstanding
Total loans outstanding as of June 30, 2023, were $3.13
billion compared to $2.89 billion as of June 30, 2022, an
increase of $239 million or 8.28%, primarily driven by increases in
Commercial Construction and Development, Commercial Real Estate,
and Consumer Auto loans. On a linked quarter basis, total loans
increased $46.6 million or 1.51% from $3.08 billion as of
March 31, 2023.
“We are pleased with our second quarter results, as we
experienced another quarter of loan growth in an increasingly
challenging environment. Credit quality remains stable, and our
disciplined approach to expense management is constant,” said
Norman L. Lowery, Chairman and Chief Executive Officer.
“Notwithstanding the turbulent environment that arose in the
financial services industry towards the end of the first quarter,
liquidity is stable, and our balance sheet and capital levels
remain strong.”
Average Total Deposits
Average total deposits for the quarter ended June 30, 2023,
were $4.12 billion versus $4.42 billion as of June 30,
2022.
Total Deposits
Total deposits were $4.06 billion as of June 30, 2023,
compared to $4.38 billion as of June 30, 2022.
Shareholder Equity
Shareholder equity at June 30, 2023, was $496.9 million
compared to $461.5 million on June 30, 2022. The Corporation
repurchased 82,903 shares of its stock during the quarter and
declared a $0.54 per share semi-annual dividend. An additional
747,317 shares remains under the current authorization.
Shareholder’s equity was impacted by the downturn in the markets
which affected the accumulated other comprehensive income/(loss)
(“AOCI”) on investments available for sale. AOCI decreased $14.6
million in comparison to June 30, 2022, and decreased $15.8 million
in comparison to March 31, 2023.
Book Value Per Share
Book Value per share was $41.47 at June 30, 2023, compared
to $38.36 at June 30, 2022, an increase of 8.09%.
Tangible Common Equity to Tangible Asset
Ratio
The Corporation’s tangible common equity to tangible asset ratio
was 8.44% at June 30, 2023, compared to 7.48% at June 30,
2022, partially driven by the aforementioned share repurchases.
Net Interest Income
Net interest income for the second quarter of 2023 was $42.2
million, compared to $40.5 million reported for the same period of
2022, an increase of $1.7 million or 4.25%.
Net Interest Margin
The net interest margin for the quarter ended June 30,
2023, was 3.81% compared to the 3.46% reported at June 30,
2022, an increase of 35 basis points or 9.94%.
Nonperforming Loans
Nonperforming loans as of June 30, 2023, were $13.3 million
versus $9.4 million as of June 30, 2022. The ratio of
nonperforming loans to total loans and leases was 0.43% as of
June 30, 2023, versus 0.32% as of June 30, 2022.
Credit Loss Provision
The provision for credit losses for the three months ended
June 30, 2023, was $1.8 million, compared to provision of $750
thousand for the second quarter 2022.
Net Charge-Offs
In the second quarter of 2023 net charge-offs were $1.5 million
compared to net recoveries of $202 thousand in the same period of
2022.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of
June 30, 2023, was $39.9 million compared to $41.5 million as
of June 30, 2022. The allowance for credit losses as
a percent of total loans was 1.28% as of June 30, 2023,
compared to 1.44% as of June 30, 2022. On a linked quarter
basis, the allowance for credit losses as a percent of total loans
decreased 1 basis point from 1.29% as of March 31, 2023.
Non-Interest Income
Non-interest income for the three months ended
June 30, 2023 and 2022 was $10.5 million and $10.3 million,
respectively.
Non-Interest Expense
Non-interest expense for the three months ended
June 30, 2023, was $31.3 million compared to $30.7 million in
2022.
Efficiency Ratio
The Corporation’s efficiency ratio was 58.01% for the quarter
ending June 30, 2023, versus 59.06% for the same period in
2022.
Income Taxes
Income tax expense for the three months ended June 30,
2023, was $3.5 million versus $3.7 million for the same period in
2022. The effective tax rate for 2023 was 17.99% compared to 19.17%
for 2022.
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company
for First Financial Bank N.A. First Financial Bank N.A., the fifth
oldest national bank in the United States, operates 71 banking
centers in Illinois, Indiana, Kentucky and Tennessee. Additional
information is available at www.first-online.bank.
Investor Contact:Rodger A. McHargueChief
Financial OfficerP: 812-238-6334E: rmchargue@first-online.com
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Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
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|
2022 |
|
END OF PERIOD
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
4,877,231 |
|
|
$ |
4,866,821 |
|
|
$ |
5,006,648 |
|
|
$ |
4,877,231 |
|
|
$ |
5,006,648 |
|
Deposits |
$ |
4,063,155 |
|
|
$ |
4,165,398 |
|
|
$ |
4,383,257 |
|
|
$ |
4,063,155 |
|
|
$ |
4,383,257 |
|
Loans, including net deferred loan costs |
$ |
3,126,676 |
|
|
$ |
3,080,044 |
|
|
$ |
2,887,527 |
|
|
$ |
3,126,676 |
|
|
$ |
2,887,527 |
|
Allowance for Credit Losses |
$ |
39,907 |
|
|
$ |
39,620 |
|
|
$ |
41,468 |
|
|
$ |
39,907 |
|
|
$ |
41,468 |
|
Total Equity |
$ |
496,888 |
|
|
$ |
505,499 |
|
|
$ |
461,531 |
|
|
$ |
496,888 |
|
|
$ |
461,531 |
|
Tangible Common Equity(a) |
$ |
403,824 |
|
|
$ |
412,118 |
|
|
$ |
367,210 |
|
|
$ |
403,824 |
|
|
$ |
367,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES |
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
4,818,760 |
|
|
$ |
4,851,484 |
|
|
$ |
5,046,846 |
|
|
$ |
4,835,122 |
|
|
$ |
5,098,244 |
|
Earning Assets |
$ |
4,581,652 |
|
|
$ |
4,613,126 |
|
|
$ |
4,809,570 |
|
|
$ |
4,597,389 |
|
|
$ |
4,868,625 |
|
Investments |
$ |
1,395,446 |
|
|
$ |
1,407,944 |
|
|
$ |
1,432,321 |
|
|
$ |
1,401,695 |
|
|
$ |
1,450,396 |
|
Loans |
$ |
3,097,836 |
|
|
$ |
3,068,716 |
|
|
$ |
2,825,684 |
|
|
$ |
3,083,276 |
|
|
$ |
2,801,426 |
|
Total Deposits |
$ |
4,121,097 |
|
|
$ |
4,252,161 |
|
|
$ |
4,416,542 |
|
|
$ |
4,186,629 |
|
|
$ |
4,422,174 |
|
Interest-Bearing Deposits |
$ |
3,297,110 |
|
|
$ |
3,407,590 |
|
|
$ |
3,519,122 |
|
|
$ |
3,352,350 |
|
|
$ |
3,522,444 |
|
Interest-Bearing Liabilities |
$ |
185,318 |
|
|
$ |
96,160 |
|
|
$ |
103,223 |
|
|
$ |
140,739 |
|
|
$ |
104,614 |
|
Total Equity |
$ |
501,686 |
|
|
$ |
487,834 |
|
|
$ |
494,233 |
|
|
$ |
494,760 |
|
|
$ |
529,678 |
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|
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INCOME STATEMENT
DATA |
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|
|
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Net Interest Income |
$ |
42,187 |
|
|
$ |
44,335 |
|
|
$ |
40,469 |
|
|
$ |
86,522 |
|
|
$ |
78,280 |
|
Net Interest Income Fully Tax Equivalent(b) |
$ |
43,581 |
|
|
$ |
45,654 |
|
|
$ |
41,665 |
|
|
$ |
89,235 |
|
|
$ |
80,573 |
|
Provision for Credit Losses |
$ |
1,800 |
|
|
$ |
1,800 |
|
|
$ |
750 |
|
|
$ |
3,600 |
|
|
$ |
(5,800 |
) |
Non-interest Income |
$ |
10,453 |
|
|
$ |
9,375 |
|
|
$ |
10,270 |
|
|
$ |
19,828 |
|
|
$ |
24,008 |
|
Non-interest Expense |
$ |
31,346 |
|
|
$ |
32,321 |
|
|
$ |
30,674 |
|
|
$ |
63,667 |
|
|
$ |
62,018 |
|
Net Income |
$ |
15,987 |
|
|
$ |
15,980 |
|
|
$ |
15,613 |
|
|
$ |
31,967 |
|
|
$ |
36,537 |
|
|
|
|
|
|
|
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|
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|
|
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|
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|
PER SHARE
DATA |
|
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|
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|
|
Basic and Diluted Net Income Per Common Share |
$ |
1.33 |
|
|
$ |
1.33 |
|
|
$ |
1.27 |
|
|
$ |
2.66 |
|
|
$ |
2.95 |
|
Cash Dividends Declared Per Common Share |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.54 |
|
|
$ |
0.54 |
|
|
$ |
0.54 |
|
Book Value Per Common Share |
$ |
41.47 |
|
|
$ |
41.89 |
|
|
$ |
38.36 |
|
|
$ |
41.47 |
|
|
$ |
38.36 |
|
Tangible Book Value Per Common Share(c) |
$ |
33.99 |
|
|
$ |
34.16 |
|
|
$ |
32.65 |
|
|
$ |
33.70 |
|
|
$ |
30.52 |
|
Basic Weighted Average Common Shares Outstanding |
|
12,022 |
|
|
|
12,058 |
|
|
|
12,248 |
|
|
|
12,040 |
|
|
|
12,393 |
|
(a) Tangible common equity is a non-GAAP financial measure
derived from GAAP-based amounts. We calculate tangible common
equity by excluding goodwill and other intangible assets from
shareholder’s equity.(b) Net interest income fully tax equivalent
is a non-GAAP financial measure derived from GAAP-based amounts. We
calculate net interest income fully tax equivalent by adding back
the tax equivalent factor of tax exempt income to net interest
income. We calculate the tax equivalent factor of tax exempt income
by dividing tax exempt income by the net of tax rate of 75%.(c)
Tangible book value per common share is a non-GAAP financial
measure derived from GAAP-based amounts. We calculate the factor by
dividing average tangible common equity by average shares
outstanding. We calculate average tangible common equity by
excluding average intangible assets from average shareholder’s
equity.
Key
Ratios |
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
|
March 31, |
|
|
June 30, |
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2023 |
|
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Return on average assets |
|
1.34 |
% |
|
|
1.32 |
% |
|
|
1.24 |
% |
|
|
1.33 |
% |
|
|
1.43 |
% |
Return on average common
shareholder's equity |
|
12.75 |
% |
|
|
13.10 |
% |
|
|
12.64 |
% |
|
|
12.92 |
% |
|
|
13.80 |
% |
Efficiency ratio |
|
58.01 |
% |
|
|
58.73 |
% |
|
|
59.06 |
% |
|
|
58.38 |
% |
|
|
59.30 |
% |
Average equity to average
assets |
|
10.48 |
% |
|
|
10.06 |
% |
|
|
9.79 |
% |
|
|
10.27 |
% |
|
|
10.39 |
% |
Net interest margin(a) |
|
3.81 |
% |
|
|
3.96 |
% |
|
|
3.46 |
% |
|
|
3.88 |
% |
|
|
3.31 |
% |
Net charge-offs to average
loans and leases |
|
0.20 |
% |
|
|
0.26 |
% |
|
|
(0.03 |
)% |
|
|
0.23 |
% |
|
|
0.07 |
% |
Credit loss reserve to loans
and leases |
|
1.28 |
% |
|
|
1.29 |
% |
|
|
1.44 |
% |
|
|
1.28 |
% |
|
|
1.44 |
% |
Credit loss reserve to
nonperforming loans |
|
300.10 |
% |
|
|
328.06 |
% |
|
|
442.89 |
% |
|
|
300.10 |
% |
|
|
442.89 |
% |
Nonperforming loans to loans
and leases |
|
0.43 |
% |
|
|
0.39 |
% |
|
|
0.32 |
% |
|
|
0.43 |
% |
|
|
0.32 |
% |
Tier 1 leverage |
|
11.49 |
% |
|
|
11.30 |
% |
|
|
9.97 |
% |
|
|
11.49 |
% |
|
|
9.97 |
% |
Risk-based capital - Tier
1 |
|
14.44 |
% |
|
|
14.27 |
% |
|
|
13.51 |
% |
|
|
14.44 |
% |
|
|
13.51 |
% |
(a) Net interest margin is calculated on a tax equivalent
basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality |
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
2023 |
|
2023 |
|
2022 |
|
|
2023 |
|
2022 |
Accruing loans and leases past due 30-89 days |
$ |
15,583 |
|
|
$ |
18,934 |
|
|
$ |
20,273 |
|
|
$ |
15,583 |
|
|
$ |
20,273 |
|
Accruing loans and leases past
due 90 days or more |
$ |
682 |
|
|
$ |
1,157 |
|
|
$ |
980 |
|
|
$ |
682 |
|
|
$ |
980 |
|
Nonaccrual loans and
leases |
$ |
12,616 |
|
|
$ |
10,920 |
|
|
$ |
8,383 |
|
|
$ |
12,616 |
|
|
$ |
8,383 |
|
Other real estate owned |
$ |
90 |
|
|
$ |
336 |
|
|
$ |
170 |
|
|
$ |
90 |
|
|
$ |
170 |
|
Nonperforming loans and other
real estate owned |
$ |
13,388 |
|
|
$ |
12,413 |
|
|
$ |
9,533 |
|
|
$ |
13,388 |
|
|
$ |
9,533 |
|
Total nonperforming
assets |
$ |
16,302 |
|
|
$ |
15,327 |
|
|
$ |
12,620 |
|
|
$ |
16,302 |
|
|
$ |
12,620 |
|
Gross charge-offs |
$ |
3,543 |
|
|
$ |
4,376 |
|
|
$ |
2,411 |
|
|
$ |
7,919 |
|
|
$ |
5,665 |
|
Recoveries |
$ |
2,030 |
|
|
$ |
2,417 |
|
|
$ |
2,613 |
|
|
$ |
4,447 |
|
|
$ |
4,628 |
|
Net
charge-offs/(recoveries) |
$ |
1,513 |
|
|
$ |
1,959 |
|
|
$ |
(202 |
) |
|
$ |
3,472 |
|
|
$ |
1,037 |
|
Non-GAAP
Reconciliations |
Three Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
($in thousands, except
EPS) |
|
|
|
|
|
Income before Income
Taxes |
$ |
19,494 |
|
|
$ |
19,315 |
|
Provision for credit
losses |
|
1,800 |
|
|
|
750 |
|
Provision for unfunded
commitments |
|
(100 |
) |
|
|
(350 |
) |
Pre-tax, Pre-provision
Income |
$ |
21,194 |
|
|
$ |
19,715 |
|
Non-GAAP
Reconciliations |
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
($ in thousands, except
EPS) |
|
|
|
|
|
Income before Income
Taxes |
$ |
39,083 |
|
|
$ |
46,070 |
|
Provision for credit
losses |
|
3,600 |
|
|
|
(5,800 |
) |
Provision for unfunded
commitments |
|
(100 |
) |
|
|
(850 |
) |
Pre-tax, Pre-provision
Income |
$ |
42,583 |
|
|
$ |
39,420 |
|
CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except per
share data) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
ASSETS |
|
|
|
|
|
Cash and due from banks |
$ |
82,095 |
|
|
$ |
222,517 |
|
Federal funds sold |
|
363 |
|
|
|
9,374 |
|
Securities
available-for-sale |
|
1,299,226 |
|
|
|
1,330,481 |
|
Loans: |
|
|
|
|
|
Commercial |
|
1,812,035 |
|
|
|
1,798,260 |
|
Residential |
|
689,199 |
|
|
|
673,464 |
|
Consumer |
|
625,442 |
|
|
|
588,539 |
|
|
|
3,126,676 |
|
|
|
3,060,263 |
|
(Less) plus: |
|
|
|
|
|
Net deferred loan costs |
|
7,962 |
|
|
|
7,175 |
|
Allowance for credit
losses |
|
(39,907 |
) |
|
|
(39,779 |
) |
|
|
3,094,731 |
|
|
|
3,027,659 |
|
Restricted stock |
|
15,391 |
|
|
|
15,378 |
|
Accrued interest
receivable |
|
21,311 |
|
|
|
21,288 |
|
Premises and equipment,
net |
|
67,127 |
|
|
|
66,147 |
|
Bank-owned life insurance |
|
116,613 |
|
|
|
115,704 |
|
Goodwill |
|
86,985 |
|
|
|
86,985 |
|
Other intangible assets |
|
6,079 |
|
|
|
6,714 |
|
Other real estate owned |
|
90 |
|
|
|
337 |
|
Other assets |
|
87,220 |
|
|
|
86,697 |
|
TOTAL ASSETS |
$ |
4,877,231 |
|
|
$ |
4,989,281 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest-bearing |
$ |
817,380 |
|
|
$ |
857,920 |
|
Interest-bearing: |
|
|
|
|
|
Certificates of deposit
exceeding the FDIC insurance limits |
|
60,541 |
|
|
|
50,608 |
|
Other interest-bearing
deposits |
|
3,185,234 |
|
|
|
3,460,343 |
|
|
|
4,063,155 |
|
|
|
4,368,871 |
|
Short-term borrowings |
|
128,859 |
|
|
|
70,875 |
|
FHLB advances |
|
134,582 |
|
|
|
9,589 |
|
Other liabilities |
|
53,747 |
|
|
|
64,653 |
|
TOTAL LIABILITIES |
|
4,380,343 |
|
|
|
4,513,988 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
Common stock, $.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-11,982,985
in 2023 and 12,051,964 in 2022 |
|
2,013 |
|
|
|
2,012 |
|
Additional paid-in
capital |
|
143,632 |
|
|
|
143,185 |
|
Retained earnings |
|
640,325 |
|
|
|
614,829 |
|
Accumulated other
comprehensive income/(loss) |
|
(141,250 |
) |
|
|
(139,974 |
) |
Less: Treasury shares at
cost-4,154,235 in 2023 and 4,063,028 in 2022 |
|
(147,832 |
) |
|
|
(144,759 |
) |
TOTAL SHAREHOLDERS’
EQUITY |
|
496,888 |
|
|
|
475,293 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
4,877,231 |
|
|
$ |
4,989,281 |
|
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(Dollar
amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
(unaudited) |
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
Loans, including related
fees |
$ |
46,479 |
|
|
$ |
34,305 |
|
|
$ |
91,074 |
|
|
$ |
66,662 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
6,231 |
|
|
|
6,048 |
|
|
|
12,467 |
|
|
|
10,631 |
|
Tax-exempt |
|
2,678 |
|
|
|
2,492 |
|
|
|
5,276 |
|
|
|
4,840 |
|
Other |
|
841 |
|
|
|
358 |
|
|
|
2,112 |
|
|
|
723 |
|
TOTAL INTEREST INCOME |
|
56,229 |
|
|
|
43,203 |
|
|
|
110,929 |
|
|
|
82,856 |
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
11,957 |
|
|
|
2,473 |
|
|
|
21,484 |
|
|
|
4,149 |
|
Short-term borrowings |
|
1,294 |
|
|
|
176 |
|
|
|
2,102 |
|
|
|
258 |
|
Other borrowings |
|
791 |
|
|
|
85 |
|
|
|
821 |
|
|
|
169 |
|
TOTAL INTEREST EXPENSE |
|
14,042 |
|
|
|
2,734 |
|
|
|
24,407 |
|
|
|
4,576 |
|
NET INTEREST INCOME |
|
42,187 |
|
|
|
40,469 |
|
|
|
86,522 |
|
|
|
78,280 |
|
Provision for credit
losses |
|
1,800 |
|
|
|
750 |
|
|
|
3,600 |
|
|
|
(5,800 |
) |
NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
|
|
|
FOR LOAN LOSSES |
|
40,387 |
|
|
|
39,719 |
|
|
|
82,922 |
|
|
|
84,080 |
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
Trust and financial
services |
|
1,185 |
|
|
|
1,300 |
|
|
|
2,502 |
|
|
|
2,672 |
|
Service charges and fees on
deposit accounts |
|
7,054 |
|
|
|
7,079 |
|
|
|
13,872 |
|
|
|
13,733 |
|
Other service charges and
fees |
|
196 |
|
|
|
222 |
|
|
|
400 |
|
|
|
328 |
|
Securities gains (losses),
net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Interchange income |
|
— |
|
|
|
151 |
|
|
|
47 |
|
|
|
269 |
|
Loan servicing fees |
|
264 |
|
|
|
368 |
|
|
|
549 |
|
|
|
727 |
|
Gain on sales of mortgage
loans |
|
311 |
|
|
|
603 |
|
|
|
490 |
|
|
|
1,265 |
|
Other |
|
1,443 |
|
|
|
547 |
|
|
|
1,968 |
|
|
|
5,009 |
|
TOTAL NON-INTEREST INCOME |
|
10,453 |
|
|
|
10,270 |
|
|
|
19,828 |
|
|
|
24,008 |
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
16,946 |
|
|
|
15,668 |
|
|
|
34,104 |
|
|
|
33,010 |
|
Occupancy expense |
|
2,132 |
|
|
|
2,372 |
|
|
|
4,731 |
|
|
|
4,894 |
|
Equipment expense |
|
3,525 |
|
|
|
2,959 |
|
|
|
6,824 |
|
|
|
5,866 |
|
FDIC Expense |
|
577 |
|
|
|
542 |
|
|
|
1,364 |
|
|
|
970 |
|
Other |
|
8,166 |
|
|
|
9,133 |
|
|
|
16,644 |
|
|
|
17,278 |
|
TOTAL NON-INTEREST
EXPENSE |
|
31,346 |
|
|
|
30,674 |
|
|
|
63,667 |
|
|
|
62,018 |
|
INCOME BEFORE INCOME
TAXES |
|
19,494 |
|
|
|
19,315 |
|
|
|
39,083 |
|
|
|
46,070 |
|
Provision for income
taxes |
|
3,507 |
|
|
|
3,702 |
|
|
|
7,116 |
|
|
|
9,533 |
|
NET INCOME |
|
15,987 |
|
|
|
15,613 |
|
|
|
31,967 |
|
|
|
36,537 |
|
OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized
gains/(losses) on securities, net of reclassifications and
taxes |
|
(15,808 |
) |
|
|
(55,919 |
) |
|
|
(1,570 |
) |
|
|
(124,833 |
) |
Change in funded status of
post retirement benefits, net of taxes |
|
147 |
|
|
|
314 |
|
|
|
294 |
|
|
|
629 |
|
COMPREHENSIVE INCOME
(LOSS) |
$ |
326 |
|
|
$ |
(39,992 |
) |
|
$ |
30,691 |
|
|
$ |
(87,667 |
) |
PER SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Earnings per
Share |
$ |
1.33 |
|
|
$ |
1.27 |
|
|
$ |
2.66 |
|
|
$ |
2.95 |
|
Weighted average number of
shares outstanding (in thousands) |
|
12,022 |
|
|
|
12,248 |
|
|
|
12,040 |
|
|
|
12,393 |
|
First Financial (NASDAQ:THFF)
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From Jul 2023 to Jul 2024