First Financial Corporation (THFF)
Chart Events
Performance Outlook
| Previous Close | 35.59 |
| Open | 36.03 |
| Bid | 36.06 x 800 |
| Ask | 36.65 x 3200 |
| Day's Range | 36.03 - 36.53 |
| 52 Week Range | 27.62 - 46.93 |
| Volume | 3,215 |
| Avg. Volume | 63,959 |
| Market Cap | 501.059M |
| Beta (5Y Monthly) | 0.83 |
| PE Ratio (TTM) | 9.79 |
| EPS (TTM) | 3.73 |
| Earnings Date | Oct 23, 2020 - Oct 27, 2020 |
| Forward Dividend & Yield | 1.04 (2.92%) |
| Ex-Dividend Date | Jun 12, 2020 |
| 1y Target Est | 41.00 |
Fair Value
Related Research
- 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
- 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.
