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First Financial Corporation (THFF)

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Previous Close35.59
Open36.03
Bid36.06 x 800
Ask36.65 x 3200
Day's Range36.03 - 36.53
52 Week Range27.62 - 46.93
Volume3,215
Avg. Volume63,959
Market Cap501.059M
Beta (5Y Monthly)0.83
PE Ratio (TTM)9.79
EPS (TTM)3.73
Earnings DateOct 23, 2020 - Oct 27, 2020
Forward Dividend & Yield1.04 (2.92%)
Ex-Dividend DateJun 12, 2020
1y Target Est41.00
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  • First Financial Corp. (THFF) Tops Q2 Earnings Estimates
    Zacks

    First Financial Corp. (THFF) Tops Q2 Earnings Estimates

    First Financial Corp. (THFF) delivered earnings and revenue surprises of 42.62% and -2.78%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    First Financial Corporation Reports Second Quarter Results

    TERRE HAUTE, Ind., July 31, 2020 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2020. For the three months ending June 30, 2020: * Net income was $11.9 million compared to $12.6 million for the same period of 2019;   * Diluted net income per common share of $0.87 compared to $1.02 for the same period of 2019; and   * Return on average assets was 1.10% compared to 1.66% for the three months ended June 30, 2019.The Corporation further reported results for the six months ending June 30, 2020: * Net income was $24.1 million compared to $22.3 million for the same period of 2019;   * Diluted net income per common share of $1.76 compared to $1.81 for the same period of 2019; and   * Return on average assets was 1.16% compared to 1.47% for the six months ended June 30, 2019.“In light of COVID-19 and the stay at home orders in the four states we do business in we are pleased with our second quarter results” said Norman L. Lowery, Chairman and Chief Executive Officer.  “While eager to get back to normal operations, we have been cautious in the steps we have taken as the number of COVID 19 cases continue to increase across our footprint.  Protecting the health of our associates, customers and their families has been, and will continue to be, our number one priority.  During the second quarter much of our attention was devoted to the Small Business Administration’s Paycheck Protection Program enacted by the Coronavirus Aid, Relief and Economics Security Act (CARES).  We are pleased we were able to fund 1,734 loans totaling $170 million to secure twenty-four thousand jobs which are so important to our customers, their families and the economy of the communities we serve.  We are also pleased that during this challenging quarter we were able to assist many of our customers to take advantage of the current low interest rates by refinancing their home mortgages, lowering their payments or allowing them to purchase a new home.”Average Total Loans Average total loans for the second quarter of 2020 were $2.73 billion versus $1.98 billion for the comparable period in 2019, an increase of $748.8 million or 37.84%.Total Loans Outstanding Total loans outstanding increased $770.7 million, or 38.40%, from $2.01 billion as of June 30, 2019 to $2.78 billion as of June 30, 2020. On a linked quarter basis, total loans increased $159.3 million from $2.62 billion for the quarter ending March 31, 2020.“Because of COVID 19 each of the four states in which we do business have imposed restrictions which affect our operations and the business of our customers,” stated Lowery. "While we have not experienced a significant increase in charge-offs, we have continued to increase reserves in response to the effect of the pandemic on asset quality. We have also sought to meet the needs of our customers by assisting them with reasonable loan accommodations. To date, we have approved and processed requests totaling $343 million across all portfolios. Commercial loan requests comprise $321 million of this total."Average Total Deposits Average total deposits for the quarter ended June 30, 2020, were $3.53 billion versus $2.46 billion as of June 30, 2019, an increase of $1.06 billion or 43.11%.Total Deposits Total deposits were $3.57 billion as of June 30, 2020, compared to $2.46 billion as of June 30, 2019, an increase of $1.11 billion or 44.94%. On a linked quarter basis, total deposits increased $278.7 million from $3.29 billion for the quarter ending March 31, 2020.Book Value Per Share Book Value per share was $43.04 at June 30, 2020, compared to $38.88 at June 30, 2019.Shareholder Equity Shareholder equity at June 30, 2020, was $590.3 million compared to $477.8 million on June 30, 2019.Tangible Common Equity to Tangible Asset Ratio The Corporation’s tangible common equity to tangible asset ratio was 11.73% at June 30, 2020, compared to 14.61% at June 30, 2019.Net Interest Income Net interest income for the second quarter of 2020 was $35.9 million, an increase of 20.65% over the $29.8 million reported for the same period of 2019.Net Interest Margin The net interest margin for the quarter ended June 30, 2020, was 3.97% compared to the 4.33% reported at June 30, 2019.Nonperforming Loans Nonperforming loans as of June 30, 2020, were $23.0 million versus $15.2 million as of June 30, 2019. The ratio of nonperforming loans to total loans and leases was 0.83% as of June 30, 2020, versus 0.76% as of June 30, 2019.Loan Loss Provision The provision for loan losses for the three months ended June 30, 2020, was $2.97 million compared to the $230 thousand provision for the second quarter of 2019. The Corporation increased the allowance for loan and lease losses by $1.0 million in the second quarter of 2020 directly related to the estimate of losses resulting from the COVID-19 pandemic.Net Charge-Offs Net charge-offs were $743 thousand for the second quarter of 2020 compared to $940 thousand in the same period of 2019.Allowance for Loan Losses The Corporation’s allowance for loan losses as of June 30, 2020, was $23.3 million compared to $20.3 million as of June 30, 2019. The allowance for loan losses as a percent of total loans was 0.84% as of June 30, 2020, compared to 1.01% as of June 30, 2019. The decrease is primarily due to acquired loans being recorded at fair value. The Corporation's fair value adjustment due to purchased credit impaired loans was $5.9 million as of June 30, 2020.Current Expected Credit Losses As provided in the Coronavirus Aid, Relief, and Economic Security Act (CARES) the Corporation has elected to defer the implementation of the Current Expected Credit Loss accounting standard.Non-Interest Income Non-interest income for the three months ended June 30, 2020 and 2019 was $8.8 and $9.7 million, respectively. In the second quarter 2019, we recorded a $1.5 million incentive received from a third-party vendor.Non-Interest Expense Non-interest expense for the three months ended June 30, 2020, was $26.9 million compared to $23.5 million in 2019.Efficiency Ratio The Corporation’s efficiency ratio was 58.78% for the quarter ending June 30, 2020, versus 58.06% for the same period in 2019.Income Taxes Income tax expense for the six months ended June 30, 2020, was $5.92 million versus $5.42 million for the same period in 2019. The effective tax rate for 2020 was 19.71% compared to 19.59% for 2019.“In these unprecedented times, we are proud we continue to meet the financial needs of our customers and the communities we serve.  I am proud of our associates and their unwavering commitment,” Lowery stated.About First Financial Corporation First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A. and The Morris Plan Company of Terre Haute, Inc. First Financial Bank N.A. is the fifth oldest national bank in the United States, operating 81 banking centers in Illinois, Indiana, Kentucky and Tennessee. The Morris Plan Company of Terre Haute, Inc. is a state industrial chartered financial institution operating one office in Terre Haute, Indiana. Additional information is available at www.first-online.bank.Investor Contact: Rodger A. McHargue Chief Financial Officer P:  812-238-6334  E:  rmchargue@first-online.com  Three Months EndedYear Ended   June 30,March 31,June 30,June 30,June 30,   20202020201920202019 END OF PERIOD BALANCES       Assets $4,368,112  $4,062,414  $3,064,212  $4,368,112  $3,064,212   Deposits $3,569,893  $3,291,231  $2,463,018  $3,569,893  $2,463,018   Loans, including net deferred loan costs $2,777,083  $2,622,637  $2,010,198  $2,777,083  $2,010,198   Allowance for Loan Losses $23,285  $21,063  $20,250  $23,285  $20,250   Total Equity $590,284  $581,771  $477,820  $590,284  $477,820   Tangible Common Equity (a) $501,863  $492,943  $442,496  $501,863  $442,496           AVERAGE BALANCES       Total Assets $4,317,011  $4,022,789  $3,033,788  $4,169,900  $3,018,922   Earning Assets $3,720,477  $3,625,679  $2,836,110  $3,673,078  $2,830,317   Investments $989,545  $988,523  $851,723  $989,034  $851,236   Loans $2,727,820  $2,637,036  $1,978,991  $2,682,428  $1,975,662   Total Deposits $3,526,529  $3,270,627  $2,464,212  $3,398,578  $2,446,188   Interest-Bearing Deposits $2,858,594  $2,739,394  $2,032,886  $2,798,994  $2,016,079   Interest-Bearing Liabilities $121,791  $106,843  $39,269  $114,317  $55,596   Total Equity $591,522  $569,696  $471,156  $580,609  $460,911           INCOME STATEMENT DATA       Net Interest Income $35,895  $36,350  $29,752  $72,245  $59,178   Net Interest Income Fully Tax Equivalent (b) $36,962  $37,409  $30,721  $74,371  $61,122   Provision for Loan Losses $2,965  $2,690  $230  $5,655  $1,700   Non-interest Income $8,776  $9,095  $9,743  $17,871  $17,379   Non-interest Expense $26,883  $27,554  $23,492  $54,437  $47,185   Net Income $11,924  $12,181  $12,569  $24,105  $22,251           PER SHARE DATA       Basic and Diluted Net Income Per Common Share $0.87  $0.89  $1.02  $1.76  $1.81   Cash Dividends Declared Per Common Share $0.52  $—  $0.52  $0.52  $0.52   Book Value Per Common Share $43.04  $42.42  $38.88  $43.04  $38.88   Tangible Book Value Per Common Share (c) $36.68  $35.94  $35.46  $36.59  $36.00   Basic Weighted Average Common Shares Outstanding 13,715  13,740  12,290  13,727  12,286   (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 EndedSix Months Ended   June 30,March 31,June 30,June 30,June 30,   20202020201920202019 Return on average assets 1.10 %1.21 %1.66 %1.16 %1.47 % Return on average common shareholder's equity 8.06 %8.55 %10.67 %8.30 %9.66 % Efficiency ratio 58.78 %59.25 %58.06 %59.02 %60.11 % Average equity to average assets 13.70 %14.16 %15.53 %13.92 %15.27 % Net interest margin (a) 3.97 %4.13 %4.33 %4.05 %4.32 % Net charge-offs to average loans and leases 0.11 %0.24 %0.49 %0.17 %0.19 % Loan and lease loss reserve to loans and leases 0.84 %0.80 %1.01 %0.84 %1.01 % Loan and lease loss reserve to nonperforming loans 101.12 %119.70 %133.14 %101.12 %133.14 % Nonperforming loans to loans and leases 0.83 %0.67 %0.76 %0.83 %0.76 % Tier 1 leverage 11.64 %12.38 %14.83 %11.64 %14.83 % Risk-based capital - Tier 1 15.44 %16.19 %18.65 %15.44 %18.65 %   (a) Net interest margin is calculated on a tax equivalent basis.Asset Quality Three Months EndedSix Months Ended   June 30,March 31,June 30,June 30,June 30,   20202020201920202019 Accruing loans and leases past due 30-89 days $15,358  $27,037  $8,296  $15,358  $8,296   Accruing loans and leases past due 90 days or more $4,438  $1,430  $683  $4,438  $683   Nonaccrual loans and leases $14,634  $12,011  $9,985  $14,634  $9,985   Total troubled debt restructuring $3,899  $4,156  $4,541  $3,899  $4,541   Other real estate owned $3,577  $3,894  $498  $3,577  $498   Nonperforming loans and other real estate owned $26,548  $21,491  $15,707  $26,548  $15,707   Total nonperforming assets $29,493  $24,724  $19,040  $29,493  $19,040   Gross charge-offs $1,540  $2,904  $1,906  $4,444  $4,015   Recoveries $797  $1,334  $966  $2,131  $2,129   Net charge-offs/(recoveries) $743  $1,570  $940  $2,313  $1,886   CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)  June 30, 2020 December 31, 2019    (unaudited) ASSETS    Cash and due from banks$386,507  $127,426  Federal funds sold—  7,500  Securities available-for-sale907,433  926,717  Loans:    Commercial1,694,376  1,584,447  Residential657,657  682,077  Consumer425,601  386,006   2,777,634  2,652,530  (Less) plus:    Net deferred loan costs(551) 3,860  Allowance for loan losses(23,285) (19,943)  2,753,798  2,636,447  Restricted stock15,200  15,394  Accrued interest receivable17,205  18,523  Premises and equipment, net63,270  62,576  Bank-owned life insurance95,013  94,251  Goodwill78,592  78,592  Other intangible assets9,829  10,643  Other real estate owned3,577  3,625  Other assets37,688  41,556  TOTAL ASSETS$4,368,112  $4,023,250       LIABILITIES AND SHAREHOLDERS’ EQUITY    Deposits:    Non-interest-bearing$681,155  $547,189  Interest-bearing:    Certificates of deposit exceeding the FDIC insurance limits109,548  126,738  Other interest-bearing deposits2,779,190  2,601,430   3,569,893  3,275,357  Short-term borrowings100,096  80,119  Other liabilities79,722  79,193  TOTAL LIABILITIES3,777,828  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 20192,006  2,005  Additional paid-in capital140,103  139,694  Retained earnings509,029  492,055  Accumulated other comprehensive income/(loss)9,515  (7,501) Less: Treasury shares at cost-2,360,630 in 2020 and 2,313,641 in 2019(70,369) (68,645) TOTAL SHAREHOLDERS’ EQUITY590,284  557,608  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$4,368,112  $4,023,250  CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,  2020 2019 2020 2019  (unaudited) INTEREST INCOME:        Loans, including related fees$33,224   $27,533   $68,258    $54,287   Securities:        Taxable3,624   3,516   7,653    7,197   Tax-exempt2,008   1,873   3,946    3,740   Other400   337   802    651   TOTAL INTEREST INCOME39,256   33,259   80,659    65,875   INTEREST EXPENSE:        Deposits3,019   3,316   7,549    6,133   Short-term borrowings101   158   368    481   Other borrowings241   33   497    83   TOTAL INTEREST EXPENSE3,361   3,507   8,414    6,697   NET INTEREST INCOME35,895   29,752   72,245    59,178   Provision for loan losses2,965   230   5,655    1,700   NET INTEREST INCOME AFTER PROVISION        FOR LOAN LOSSES32,930   29,522   66,590    57,478   NON-INTEREST INCOME:        Trust and financial services1,288   1,124   2,822    2,328   Service charges and fees on deposit accounts2,102   2,735   5,100    5,359   Other service charges and fees3,869   3,408   7,199    6,522   Securities gains (losses), net31   16   225    12   Gain on sales of mortgage loans1,205   496   1,903    916   Other281   1,964   622    2,242   TOTAL NON-INTEREST INCOME8,776   9,743   17,871    17,379   NON-INTEREST EXPENSE:        Salaries and employee benefits14,323   12,546   30,295    25,301   Occupancy expense2,162   1,813   4,091    3,628   Equipment expense2,673   1,751   5,134    3,568   FDIC Expense49   199   (181)  339   Other7,676   7,183   15,098    14,349   TOTAL NON-INTEREST EXPENSE26,883   23,492   54,437    47,185   INCOME BEFORE INCOME TAXES14,823   15,773   30,024    27,672   Provision for income taxes2,899   3,204   5,919    5,421   NET INCOME11,924   12,569   24,105    22,251   OTHER COMPREHENSIVE INCOME        Change in unrealized gains/(losses) on securities, net of reclassifications and taxes3,130   8,341   16,228    18,565   Change in funded status of post retirement benefits, net of taxes384   304   788    607   COMPREHENSIVE INCOME$15,438   $21,214   $41,121    $41,423   PER SHARE DATA        Basic and Diluted Earnings per Share$0.87   $1.02   $1.76    $1.81   Weighted average number of shares outstanding (in thousands)13,715   12,290   13,727    12,286

  • Analysts Estimate First Financial Corp. (THFF) to Report a Decline in Earnings: What to Look Out for
    Zacks

    Analysts Estimate First Financial Corp. (THFF) to Report a Decline in Earnings: What to Look Out for

    First Financial Corp. (THFF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.