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First Financial Corporation (THFF)

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34.72+0.53 (+1.55%)
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Neutralpattern detected
Previous Close34.19
Open34.63
Bid28.00 x 800
Ask34.69 x 800
Day's Range33.87 - 34.99
52 Week Range27.62 - 46.93
Volume30,306
Avg. Volume37,120
Market Cap476.167M
Beta (5Y Monthly)N/A
PE Ratio (TTM)9.08
EPS (TTM)3.82
Earnings DateOct 28, 2020
Forward Dividend & Yield1.04 (3.04%)
Ex-Dividend DateJun 12, 2020
1y Target Est41.00
  • First Financial Corporation Announces Stock Repurchase Plan
    GlobeNewswire

    First Financial Corporation Announces Stock Repurchase Plan

    TERRE HAUTE, Ind., Oct. 29, 2020 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced that its Board of Directors has authorized a stock repurchase program to purchase up to 5% of the company's outstanding common stock. The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of First Financial's stock, general market and economic conditions, and applicable legal requirements. Repurchased shares will be held by the Corporation as authorized but unissued shares and may be utilized for general corporate purposes.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

  • First Financial Corp. (THFF) Q3 Earnings and Revenues Top Estimates
    Zacks

    First Financial Corp. (THFF) Q3 Earnings and Revenues Top Estimates

    First Financial Corp. (THFF) delivered earnings and revenue surprises of 39.73% and 4.59%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?

  • First Financial Corporation Reports Third Quarter Results
    GlobeNewswire

    First Financial Corporation Reports Third Quarter Results

    TERRE HAUTE, Ind., Oct. 28, 2020 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2020. For the three months ending September 30, 2020: * Net income was $14.0 million compared to $12.3 million for the same period of 2019;   * Diluted net income per common share of $1.02 compared to $0.93 for the same period of 2019; and   * Return on average assets was 1.28% compared to 1.33% for the three months ended September 30, 2019.The Corporation further reported results for the nine months ending September 30, 2020: * Net income was $38.1 million compared to $34.5 million for the same period of 2019;   * Diluted net income per common share of $2.78 compared to $2.74 for the same period of 2019; and   * Return on average assets was 1.20% compared to 1.42% for the nine months ended September 30, 2019.“We are pleased with our third quarter results,” said Norman L. Lowery, Chairman and Chief Executive Officer. “In light of COVID-19 and the continuing restrictions in the four states in which we operate, we had a very solid quarter. During the quarter we focused on helping our clients who participated in the Small Business Administration’s Paycheck Protection Program enacted by the Coronavirus Aid, Relief and Economic Security (CARES) Act apply for loan forgiveness.” Separately, we approved and processed loan modifications totaling $351 million across all portfolios. As of September 30, 2020 all but $122.4 million have returned to principal and interest payments.Average Total Loans Average total loans for the third quarter of 2020 were $2.77 billion versus $2.47 billion for the comparable period in 2019, an increase of $297.0 million or 12.00%.Total Loans Outstanding Total loans outstanding increased $85.0 million, or 3.19%, from $2.67 billion as of September 30, 2019 to $2.75 billion as of September 30, 2020.Mr. Lowery added “We also devoted considerable effort to assisting customers refinance their existing mortgages or obtain new mortgages. This resulted in a very successful quarter for our mortgage banking department.”Average Total Deposits Average total deposits for the quarter ended September 30, 2020, were $3.59 billion versus $3.02 billion as of September 30, 2019, an increase of $576 million or 19.08%.Total Deposits Total deposits were $3.60 billion as of September 30, 2020, compared to $3.22 billion as of September 30, 2019, an increase of $384 million or 11.93%. On a linked quarter basis, total deposits increased $34.5 million from $3.57 billion for the quarter ending June 30, 2020.Book Value Per Share Book Value per share was $44.27 at September 30, 2020, compared to $40.59 at September 30, 2019.Shareholder Equity Shareholder equity at September 30, 2020, was $607.1 million compared to $556.6 million on September 30, 2019.Tangible Common Equity to Tangible Asset Ratio The Corporation’s tangible common equity to tangible asset ratio was 12.07% at September 30, 2020, compared to 12.04% at September 30, 2019.Net Interest Income Net interest income for the third quarter of 2020 was $36.5 million, an increase of 7.45% over the $34.0 million reported for the same period of 2019.Net Interest Margin The net interest margin for the quarter ended September 30, 2020, was 3.99% compared to the 4.00% reported at September 30, 2019.Nonperforming Loans Nonperforming loans as of September 30, 2020, were $23.7 million versus $14.4 million as of September 30, 2019. The ratio of nonperforming loans to total loans and leases was 0.86% as of September 30, 2020, versus 0.54% as of September 30, 2019.Loan Loss Provision The provision for loan losses for the three months ended September 30, 2020, was $4.43 million compared to the $1.50 million provision for the third quarter of 2019. The Corporation provided $1.0 million for loan and lease losses in the third quarter of 2020, increasing the year-to-date total to $3.0 million directly related to the estimate of losses resulting from the COVID-19 pandemic.“Each of the four states in which we do business continue to restrict activities affecting both our business and that of our customers, which may in turn affect loan performance,” stated Lowery.Net Charge-Offs Net charge-offs were $750 thousand for the third quarter of 2020 compared to $1.95 million in the same period of 2019.Allowance for Loan Losses The Corporation’s allowance for loan losses as of September 30, 2020, was $27.0 million compared to $19.8 million as of September 30, 2019. The allowance for loan losses as a percent of total loans was 0.98% as of September 30, 2020, compared to 0.74% as of September 30, 2019. The Corporation's fair value adjustment due to purchase credit impaired loans was $5.6 million as of September 30, 2020.Current Expected Credit Losses As provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act 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 September 30, 2020 and 2019 was $11.7 million and $9.7 million, respectively.Non-Interest Expense Non-interest expense for the three months ended September 30, 2020, was $27.1 million compared to $27.4 million in 2019.Efficiency Ratio The Corporation’s efficiency ratio was 54.97% for the quarter ending September 30, 2020, versus 61.18% for the same period in 2019.Income Taxes Income tax expense for the nine months ended September 30, 2020, was $8.6 million versus $8.0 million for the same period in 2019. The effective tax rate for 2020 was 18.47% compared to 18.82% for 2019.“Despite the challenges presented by the pandemic, First Financial has continued to meet the financial needs of our customers,” Lowery stated. “I am very proud of our associates and of their unwavering commitment to serve our customers in these challenging times.”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   September 30,June 30,September 30,September 30,September 30,   20202020201920202019 END OF PERIOD BALANCES       Assets $4,389,996 $4,368,112 $3,988,119 $4,389,996 $3,988,119  Deposits $3,604,353 $3,569,893 $3,220,122 $3,604,353 $3,220,122  Loans, including net deferred loan costs $2,753,493 $2,777,083 $2,668,476 $2,753,493 $2,668,476  Allowance for Loan Losses $26,960 $23,285 $19,799 $26,960 $19,799  Total Equity $607,095 $590,284 $556,582 $607,095 $556,582  Tangible Common Equity (a) $519,098 $501,863 $469,904 $519,098 $469,904          AVERAGE BALANCES       Total Assets $4,379,798 $4,317,011 $3,680,041 $4,239,866 $3,239,295  Earning Assets $3,776,803 $3,720,477 $3,468,396 $3,707,653 $3,043,010  Investments $1,008,303 $989,545 $995,092 $995,457 $899,188  Loans $2,768,003 $2,727,820 $2,471,346 $2,710,953 $2,140,890  Total Deposits $3,592,633 $3,526,529 $3,017,085 $3,463,263 $2,636,487  Interest-Bearing Deposits $2,887,575 $2,858,594 $2,914,816 $2,828,521 $2,315,658  Interest-Bearing Liabilities $108,236 $121,791 $113,019 $112,290 $74,737  Total Equity $603,067 $591,522 $491,586 $588,095 $471,136          INCOME STATEMENT DATA       Net Interest Income $36,531 $35,895 $33,999 $108,776 $93,177  Net Interest Income Fully Tax Equivalent (b) $37,612 $36,962 $35,054 $111,983 $96,176  Provision for Loan Losses $4,425 $2,965 $1,500 $10,080 $3,200  Non-interest Income $11,739 $8,776 $9,746 $29,610 $27,125  Non-interest Expense $27,130 $26,883 $27,409 $81,567 $74,594  Net Income $14,000 $11,924 $12,257 $38,105 $34,508          PER SHARE DATA       Basic and Diluted Net Income Per Common Share $1.02 $0.87 $0.93 $2.78 $2.74  Cash Dividends Declared Per Common Share $— $0.52 $— $0.52 $0.52  Book Value Per Common Share $44.27 $43.04 $40.59 $44.27 $40.59  Tangible Book Value Per Common Share (c) $37.56 $36.68 $30.81 $37.85 $34.27  Basic Weighted Average Common Shares Outstanding 13,715 13,715 13,141 13,723 12,574               (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 RatiosThree Months EndedNine Months Ended  September 30,June 30,September 30,September 30,September 30,  20202020201920202019 Return on average assets1.28%1.10%1.33%1.20%1.42% Return on average common shareholder's equity9.29%8.06%9.97%8.62%9.74% Efficiency ratio54.97%58.78%61.18%57.61%60.50% Average equity to average assets13.77%13.70%13.36%13.87%14.54% Net interest margin (a)3.99%3.97%4.00%4.03%4.21% Net charge-offs to average loans and leases0.11%0.11%0.32%0.15%0.24% Loan and lease loss reserve to loans and leases0.98%0.84%0.74%0.98%0.74% Loan and lease loss reserve to nonperforming loans113.89%101.12%137.45%113.89%137.45% Nonperforming loans to loans and leases0.86%0.83%0.54%0.86%0.54% Tier 1 leverage11.81%11.64%13.07%11.81%13.07% Risk-based capital - Tier 115.70%15.44%15.09%15.70%15.09%   (a) Net interest margin is calculated on a tax equivalent basis.               Asset Quality Three Months EndedNine Months Ended   September 30,June 30,September 30,September 30,September 30,   20202020201920202019 Accruing loans and leases past due 30-89 days $13,490 $15,358 $10,462 $13,490 $10,462  Accruing loans and leases past due 90 days or more $2,948 $4,438 $744 $2,948 $744  Nonaccrual loans and leases $16,628 $14,634 $9,533 $16,628 $9,533  Total troubled debt restructuring $4,097 $3,899 $4,127 $4,097 $4,127  Other real estate owned $3,577 $3,577 $3,717 $3,577 $3,717  Nonperforming loans and other real estate owned $27,138 $26,548 $18,121 $27,138 $18,121  Total nonperforming assets $30,174 $29,493 $21,725 $30,174 $21,725  Gross charge-offs $1,998 $1,540 $2,926 $6,442 $6,941  Recoveries $1,248 $797 $975 $3,379 $3,104  Net charge-offs/(recoveries) $750 $743 $1,951 $3,063 $3,837                    CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data)  September 30, 2020 December 31, 2019  (unaudited) ASSETS    Cash and due from banks$388,440  $127,426  Federal funds sold659  7,500  Securities available-for-sale956,239  926,717  Loans:    Commercial1,657,083  1,584,447  Residential626,441  682,077  Consumer468,684  386,006   2,752,208  2,652,530  (Less) plus:    Net deferred loan costs1,285  3,860  Allowance for loan losses(26,960) (19,943)  2,726,533  2,636,447  Restricted stock15,012  15,394  Accrued interest receivable18,482  18,523  Premises and equipment, net62,968  62,576  Bank-owned life insurance95,459  94,251  Goodwill78,592  78,592  Other intangible assets9,405  10,643  Other real estate owned3,465  3,625  Other assets34,742  41,556  TOTAL ASSETS$4,389,996  $4,023,250       LIABILITIES AND SHAREHOLDERS’ EQUITY    Deposits:    Non-interest-bearing$709,591  $547,189  Interest-bearing:    Certificates of deposit exceeding the FDIC insurance limits109,830  126,738  Other interest-bearing deposits2,784,932  2,601,430   3,604,353  3,275,357  Short-term borrowings95,249  80,119  Other liabilities72,454  79,193  TOTAL LIABILITIES3,782,901  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 capital140,308  139,694  Retained earnings523,029  492,055  Accumulated other comprehensive income/(loss)12,121  (7,501) Less: Treasury shares at cost-2,360,630 in 2020 and 2,313,641 in 2019(70,369) (68,645) TOTAL SHAREHOLDERS’ EQUITY607,095  557,608  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$4,389,996  $4,023,250           CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30,  2020 2019 2020 2019  (unaudited) INTEREST INCOME:        Loans, including related fees$34,077  $33,363  $102,335  $87,650  Securities:        Taxable3,005  3,907  10,658  11,104  Tax-exempt1,994  1,959  5,940  5,699  Other463  366  1,265  1,017  TOTAL INTEREST INCOME39,539  39,595  120,198  105,470  INTEREST EXPENSE:        Deposits2,689  5,069  10,238  11,202  Short-term borrowings107  305  475  786  Other borrowings212  222  709  305  TOTAL INTEREST EXPENSE3,008  5,596  11,422  12,293  NET INTEREST INCOME36,531  33,999  108,776  93,177  Provision for loan losses4,425  1,500  10,080  3,200  NET INTEREST INCOME AFTER PROVISION        FOR LOAN LOSSES32,106  32,499  98,696  89,977  NON-INTEREST INCOME:        Trust and financial services1,210  1,329  4,032  3,657  Service charges and fees on deposit accounts2,516  3,227  7,616  8,586  Other service charges and fees4,269  3,720  11,468  10,242  Securities gains (losses), net5  6  230  18  Gain on sales of mortgage loans2,910  865  4,813  1,781  Other829  599  1,451  2,841  TOTAL NON-INTEREST INCOME11,739  9,746  29,610  27,125  NON-INTEREST EXPENSE:        Salaries and employee benefits15,474  14,031  45,769  39,332  Occupancy expense2,003  1,804  6,094  5,432  Equipment expense2,739  2,117  7,873  5,685  FDIC Expense135  155  (46) 494  Other6,779  9,302  21,877  23,651  TOTAL NON-INTEREST EXPENSE27,130  27,409  81,567  74,594  INCOME BEFORE INCOME TAXES16,715  14,836  46,739  42,508  Provision for income taxes2,715  2,579  8,634  8,000  NET INCOME14,000  12,257  38,105  34,508  OTHER COMPREHENSIVE INCOME        Change in unrealized gains/(losses) on securities, net of reclassifications and taxes2,223  4,124  18,451  22,689  Change in funded status of post retirement benefits, net of taxes383  303  1,171  910  COMPREHENSIVE INCOME$16,606  $16,684  $57,727  $58,107  PER SHARE DATA        Basic and Diluted Earnings per Share$1.02  $0.93  $2.78  $2.74  Weighted average number of shares outstanding (in thousands)13,715  13,141  13,723  12,574