Last10K.com

First Financial Corp (THFF) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

First Financial Corp

CIK: 714562 Ticker: THFF


 
News Release
 
FIRST FINANCIAL CORPORATION
One First Financial Plaza, Terre Haute, Indiana 47807 (812) 238-6000
 
 
For more information contact:
February 3, 2015
Rodger A. McHargue at (812) 238-6334
 
First Financial Corporation reports 2014 results

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2014 and the year ended December 31, 2014. Net income for the three months ending December 31, 2014 increased 2.89% to $9.2 million compared to $8.9 million for the same period of 2013. Diluted net income per common share increased 5.97% to $0.71 from $0.67 for the comparable period of 2013.

The Corporation further reported net income of $33.8 million for the twelve months ended December 31, 2014 versus $31.5 million for the comparable period of 2013, an increase of 7.10%. Diluted net income per common share also increased 7.59% to $2.55 for the twelve months ended December 31, 2014 versus $2.37 for the comparable period of 2013. Return on assets for the twelve months ended December 31, 2014 was 1.12% compared to 1.06% for the twelve months ended December 31, 2013.

Earnings for the twelve-month period ended December 31, 2014 were negatively impacted by a non-cash provision for state income tax expense of $607,541, which resulted from the revaluation of the Corporation’s state deferred tax items. The tax rate, currently 8.0%, is scheduled to drop to 6.5% for 2017. The new legislation further reduces the rate to 4.9%, beginning in 2019. The lower tax rate going forward reduces the benefit provided by the Corporation’s existing deferred tax items.

Average total loans for the fourth quarter of 2014 were $1.80 billion versus $1.79 billion for the comparable period in 2013, an increase of $6.7 million or .37%. Total loans outstanding however decreased $10.0 million, or .56%, from $1.79 billion as of December 31, 2013 to $1.78 billion as of December 31, 2014 primarily due to payoffs in the 4th quarter related to the sale of businesses. On a linked quarter basis, average total loans decreased $9.0 million, or .50%, from $1.81 billion for the quarter ending September 30, 2014.

Average total deposits for the quarter ended December 31, 2014 were $2.47 billion versus $2.54 billion as of December 31, 2013, a decrease of 2.73%. Non-interest bearing deposits, however, increased 7.50% while interest earning deposits decreased 2.02%.

The company’s tangible common equity to tangible asset ratio was 12.40% at December 31, 2014, compared to 11.49% at December 31, 2013, a 7.92% increase.

Due to the prolonged low interest rate environment net interest income for the fourth quarter of 2014 was $26.9 million, a decrease of 2.22% over the $27.6 million reported for the same period of 2013. The net interest margin for the quarter ended December 31, 2014 decreased to 3.99% from the 4.04% reported at December 31, 2013.

Asset quality remains strong with nonperforming loans decreasing 20.1% to $31.29 million as of December 31, 2014 versus $39.15 million as of December 31, 2013. The ratio of nonperforming loans to total loans and leases also decreased to 1.76% as of December 31, 2014 versus 2.19% as of December 31, 2013.

The provision for loan losses for the three months ended December 31, 2014 was $1.96 million compared to the $1.38 million provision for the fourth quarter of 2013. Net charge-offs were $618 thousand for the fourth quarter of 2014 compared to $3.14 million in the same period of 2013. The Corporation’s allowance for loan losses as of December 31, 2014 was $18.8 million compared to $20.1 million as of December 31, 2013. The allowance for loan losses as a percent of total loans was 1.06% as of December 31, 2014 compared to 1.12% as of December 31, 2013.

Non-interest income for the three months ended December 31, 2014 and 2013 was $10.6 and $11.3 million, respectively, a 5.88% decrease. Non-interest income for the years ended December 31, 2014 and 2013 was $40.8 and $40.5 million. Increased income from electronic banking fees and deposit account charges effectively offset the reduced gains from the sale of mortgage loans.



The following information was filed by First Financial Corp (THFF) on Tuesday, February 3, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate First Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by First Financial Corp.

Continue

Assess how First Financial Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

First Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Income And Comprehensive Income
Acquisitions And Fdic Indemnification Asset:
Acquisitions And Fdic Indemnification Asset: (details 1)
Acquisitions And Fdic Indemnification Asset: (details 2)
Acquisitions And Fdic Indemnification Asset: (details Textual)
Acquisitions And Fdic Indemnification Asset: (tables)
Allowance For Loan Losses:
Allowance For Loan Losses: (details 1)
Allowance For Loan Losses: (details 2)
Allowance For Loan Losses: (details 3)
Allowance For Loan Losses: (details 5)
Allowance For Loan Losses: (details 6)
Allowance For Loan Losses: (details Textual)
Allowance For Loan Losses: (details)
Allowance For Loan Losses: (tables)
Allowance For Loan Losses: Allowance For Loan Losses: (details 4)
Business And Significant Accounting Policies:
Business And Significant Accounting Policies: (details Textual)
Business And Significant Accounting Policies: (policies)
Deposits:
Deposits: (details)
Deposits: (tables)
Fair Values Of Financial Instruments:
Fair Values Of Financial Instruments: (details 1)
Fair Values Of Financial Instruments: (details 2)
Fair Values Of Financial Instruments: (details 3)
Fair Values Of Financial Instruments: (details 4)
Fair Values Of Financial Instruments: (details Textual)
Fair Values Of Financial Instruments: (details)
Fair Values Of Financial Instruments: (tables)
Financial Instruments With Off-balance-sheet Risk:
Financial Instruments With Off-balance-sheet Risk: (details Textual)
Financial Instruments With Off-balance-sheet Risk: (details)
Financial Instruments With Off-balance-sheet Risk: (tables)
Goodwill And Intangible Assets:
Goodwill And Intangible Assets: (details 1)
Goodwill And Intangible Assets: (details Textual)
Goodwill And Intangible Assets: (details)
Goodwill And Intangible Assets: (tables)
Income Taxes:
Income Taxes: (details 1)
Income Taxes: (details 2)
Income Taxes: (details 3)
Income Taxes: (details Textual)
Income Taxes: (details)
Income Taxes: (tables)
Loans:
Loans: (details 1)
Loans: (details Textual)
Loans: (details)
Loans: (tables)
Other Borrowings:
Other Borrowings: (details 1)
Other Borrowings: (details Textual)
Other Borrowings: (details)
Other Borrowings: (tables)
Other Comprehensive Income (loss)-aoci (details)
Other Comprehensive Income (loss):
Other Comprehensive Income (loss): (details 1)
Other Comprehensive Income (loss): (tables)
Other Comprehensive Income : Other Comprehensive Income (loss)-reclassifications (details)
Parent Company Condensed Financial Statements:
Parent Company Condensed Financial Statements: (details 1)
Parent Company Condensed Financial Statements: (details 2)
Parent Company Condensed Financial Statements: (details)
Parent Company Condensed Financial Statements: (tables)
Premises And Equipment:
Premises And Equipment: (details 1)
Premises And Equipment: (details Textual)
Premises And Equipment: (details)
Premises And Equipment: (tables)
Regulatory Matters:
Regulatory Matters: (details Textual)
Regulatory Matters: (details)
Regulatory Matters: (tables)
Restrictions On Cash And Due From Banks:
Restrictions On Cash And Due From Banks: (details Textual)
Retirement Plans:
Retirement Plans: (details 1)
Retirement Plans: (details 10)
Retirement Plans: (details 11)
Retirement Plans: (details 12)
Retirement Plans: (details 13)
Retirement Plans: (details 2)
Retirement Plans: (details 3)
Retirement Plans: (details 4)
Retirement Plans: (details 5)
Retirement Plans: (details 6)
Retirement Plans: (details 7)
Retirement Plans: (details 8)
Retirement Plans: (details 9)
Retirement Plans: (details Textual)
Retirement Plans: (details)
Retirement Plans: (tables)
Securities:
Securities: (details 1)
Securities: (details 2)
Securities: (details 3)
Securities: (details 4)
Securities: (details Textual)
Securities: (details)
Securities: (tables)
Selected Quarterly Data (unaudited):
Selected Quarterly Data (unaudited): (details)
Selected Quarterly Data (unaudited): (tables)
Short-term Borrowings:
Short-term Borrowings: (details 1)
Short-term Borrowings: (details)
Short-term Borrowings: (tables)
Stock Based Compensation:
Stock Based Compensation: (details Textual)
Stock Based Compensation: (details)
Stock Based Compensation: (tables)
Ticker: THFF
CIK: 714562
Form Type: 10-K Annual Report
Accession Number: 0000714562-15-000016
Submitted to the SEC: Fri Mar 06 2015 5:23:03 PM EST
Accepted by the SEC: Fri Mar 06 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/thff/0000714562-15-000016.htm