Click here to close now.

Welcome!

.NET Authors: Greg O'Connor, Jayaram Krishnaswamy, Adine Deford, Peter Silva, Pat Romanski

News Feed Item

First Financial Corporation Reports 2012 Results

TERRE HAUTE, IN -- (Marketwire) -- 02/08/13 -- First Financial Corporation (NASDAQ: THFF) today announced results for the three months and year ended December 31, 2012. Net income of $32.8 and $8.6 million for the twelve and three months, respectively, compares to $37.2 and $10.2 million for the same periods of 2011. Return on assets for the twelve and three months ended December 31, 2012 was 1.13% and 1.14%, respectively, compared to 1.49% and 1.61% for the twelve and three months ended December 31, 2011. Results for 2012 include income and expenses incurred in 2012 associated with the purchase of Freestar Bank on December 30, 2011.

Net interest income for the last quarter of 2012 was $26.7 million, an increase of 9.45% over the $24.4 million reported for the same period of 2011. Net interest income for the year ended December 31, 2012 was $108.9 million compared to the $99.2 million reported for the same period of 2011, an increase of $9.7 million. The net interest margin at December 31, 2012 was 4.30%, compared to 4.50% reported at December 31, 2011.

The provision for loan losses for the three months ended December 31, 2012 was $1.5 million compared to the $1.9 million provision for the fourth quarter of 2011. For the year ended December 31, 2012 and 2011, the provision expense was $8.8 and $5.8 million, respectively.

Non-interest income for the three months ended December 31, 2012 and 2011 was $10.6 and $8.2 million, respectively, a 28.5% increase. Gains from the sale of mortgage loans comprised $0.8 million of the increase. For the year ended December 31, 2012, non-interest income increased $6.2 million to $39.5 million from the $33.3 million reported for the same period of 2011.

Non-interest expense for the three months ended December 31, 2012 was $23.6 million compared to $18.3 million in 2011. For the year ended December 31, 2012, non-interest expense was $93.1 million compared to $75.2 for the year ended December 31, 2011. 2012 non-interest expense contains the additional salary, benefits and one-time expenses related to the acquisition of Freestar Bank and the opening of four banking centers by First Financial Bank which did not exist during 2011.

Total loans at December 31, 2012 of $1.86 billion compare to the $1.89 billion reported during the same period a year ago. Deposits increased by $1.6 million to $2.27 billion. The allowance for loan losses increased 14.1% to $22.0 million from the $19.2 million at December 31, 2011. Net charge-offs for 2012 were down $0.7 million from 2011.

Book value per share was $27.93 at year end 2012, a 5.9% increase from the $26.38 at December 31, 2011. Shareholders' equity increased 7.3% to $372.1 million from $347.0 million on December 31, 2011.

First Financial Corporation is the holding company for First Financial Bank N.A. in Indiana and Illinois, The Morris Plan Company of Terre Haute and Forrest Sherer Inc. in Indiana.



CONSOLIDATED BALANCE SHEETS
                                                          December 31,
                                                     ----------------------
(Dollar amounts in thousands, except per share data)    2012        2011
                                                     ----------  ----------
ASSETS
Cash and due from banks                              $   87,230  $  134,280
Federal funds sold                                       20,800      11,725
Securities available-for-sale                           691,000     666,287
Loans, net of allowance of $21,958 in 2012 and
 $19,241 in 2011                                      1,829,978   1,874,438
Restricted Stock                                         21,292      22,282
Accrued interest receivable                              12,024      12,947
Premises and equipment, net                              47,308      40,105
Bank-owned life insurance                                77,295      82,646
Goodwill                                                 37,612      36,897
Other intangible assets                                   3,893       5,142
Other real estate owned                                   7,722       4,964
FDIC Indemnification Asset                                2,632       2,384
Other assets                                             56,622      59,964
                                                     ----------  ----------
  TOTAL ASSETS                                       $2,895,408  $2,954,061
                                                     ==========  ==========


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest-bearing                                 $  465,954  $  435,236
Interest-bearing:
  Certificates of deposit of $100 or more               213,610     242,001
  Other interest-bearing deposits                     1,596,570   1,597,262
                                                     ----------  ----------
                                                      2,276,134   2,274,499
Short-term borrowings                                    40,551     100,022
Other borrowings                                        119,705     146,427
Other liabilities                                        86,896      86,152
                                                     ----------  ----------
  TOTAL LIABILITIES                                   2,523,286   2,607,100

Shareholders' equity
Common stock, $.125 stated value per share;
  Authorized shares-40,000,000
  Issued shares-14,490,609 in 2012 and 14,450,966 in
   2011.
  Outstanding shares-13,287,348 in 2012 and
   13,197,880 in 2011                                     1,808       1,806
Additional paid-in capital                               69,989      69,328
Retained earnings                                       338,342     318,130
Accumulated other comprehensive income (loss)            (7,472)    (10,494)
Less: Treasury shares at cost-1,203,261 in 2012 and
 1,253,086 in 2011                                      (30,545)    (31,809)
                                                     ----------  ----------

  TOTAL SHAREHOLDERS' EQUITY                            372,122     346,961
                                                     ----------  ----------
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY         $2,895,408  $2,954,061
                                                     ==========  ==========


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                                                          Years Ended
                                                          December 31,
                                                     ----------------------
(Dollar amounts in thousands, except per share data)    2012        2011
                                                     ----------  ----------
INTEREST AND DIVIDEND INCOME:
Loans, including related fees                        $   99,196  $   91,392
  Securities:
  Taxable                                                13,542      16,161
  Tax-exempt                                              7,246       6,779
Other                                                     2,321       2,009
                                                     ----------  ----------
    TOTAL INTEREST AND DIVIDEND INCOME                  122,305     116,341

INTEREST EXPENSE:
Deposits                                                  8,520      12,127
Short-term borrowings                                       140         187
Other borrowings                                          4,733       4,833
                                                     ----------  ----------
    TOTAL INTEREST EXPENSE                               13,393      17,147
                                                     ----------  ----------

    NET INTEREST INCOME                                 108,912      99,194

Net Provision for loan losses                             8,773       5,755
                                                     ----------  ----------

    NET INTEREST INCOME AFTER PROVISION FOR LOAN
     LOSSES                                             100,139      93,439

NON-INTEREST INCOME:
Trust and financial services                              5,804       4,544
Service charges and fees on deposit accounts              9,742       8,995
Other service charges and fees                            9,710       8,289
Securities gain, net                                        886           6
Other-than-temporary loss
  Total impairment loss                                     (11)       (110)
  Loss recognized in other comprehensive income               -           -
                                                     ----------  ----------
    Net impairment loss recognized in earnings              (11)       (110)
Insurance commissions                                     7,422       7,347
Gain on sale of mortgage loans                            4,590       1,957
Other                                                     1,404       2,312
                                                     ----------  ----------
    TOTAL NON-INTEREST INCOME                            39,547      33,340
NON-INTEREST EXPENSES:
Salaries and employee benefits                           56,211      45,362
Occupancy expense                                         5,746       4,777
Equipment expense                                         5,489       4,352
Federal Deposit Insurance                                 1,949       1,804
Other                                                    23,661      18,892
                                                     ----------  ----------
    TOTAL NON-INTEREST EXPENSE                           93,056      75,187
                                                     ----------  ----------
    INCOME BEFORE INCOME TAXES                           46,630      51,592

Provision for income taxes                               13,818      14,397
                                                     ----------  ----------
    NET INCOME                                       $   32,812  $   37,195
OTHER COMPREHENSIVE INCOME
    Change in unrealized gains/losses on securities,
     net of reclassifications and taxes              $      691  $    8,857
    Change in funded status of post retirement
     benefits, net of taxes                          $    2,331  $   (9,982)
                                                     ----------  ----------
    COMPREHENSIVE INCOME                             $   35,834  $   36,070
                                                     ==========  ==========
EARNINGS PER SHARE:
    BASIC AND DILUTED                                $     2.48  $     2.83
                                                     ==========  ==========
Weighted average number of shares outstanding (in
 thousands)                                              13,240      13,163
                                                     ==========  ==========


Key Ratios                                          For the year ended
                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
Return on average assets                                1.13%          1.49%
Return on average common shareholder's equity           9.02%         10.90%
Average common shareholder's equity to average
 assets                                                12.84%         12.32%
End of period tangible common equity to
 tangible assets                                       11.58%         10.47%
Book value per share                           $       28.01  $       26.38
Tangible book value per share                  $       24.88  $       23.19
Risk-based capital - Tier 1                            14.78%         13.96%
Risk-based capital - Total                             15.67%         14.71%
Net interest margin                                     4.30%          4.50%
Efficiency Ratio                                       60.24%         54.47%
Net charge-offs to average loans and leases             0.45%          0.33%
Loan and lease loss reserve to loans and
 leases                                                 1.19%          1.15%
Nonperforming assets to loans and leases                2.53%          2.38%

Asset Quality                                       For the year ended
                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
Accruing loans and leases past due 90 days or
 more                                          $       3,362  $       2,047
Nonaccrual loans and leases                           35,794         38,102
Other real estate owned                                7,722          4,964
                                               -------------  -------------
Total nonperforming assets                     $      46,878  $      45,113
                                               =============  =============

For more information contact:
Rodger A. McHargue
(812) 238-6334

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...