First Financial Corp (THFF) 10-Q Quarterly Report May 2017

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2017. Net income for the three months ending March 31, 2017 was $9.37 million compared to $13.68 million for the same period of 2016 which included an after-tax gain on the sale of the Corporation’s insurance subsidiary of $5.8 million. Diluted net income per common share was $0.77 compared to $1.08 for the same period of 2016. Return on assets for the three months ended March 31, 2017 was 1.26% compared to 1.85% for the three months ended March 31, 2016.

Average total loans for the first quarter of 2017 were $1.84 billion versus $1.76 billion for the comparable period in 2016, an increase of $83.6 million or 4.75%. Total loans outstanding increased $70.9 million, or 4.03%, from $1.76 billion as of March 31, 2016 to $1.83 billion as of March 31, 2017. On a linked quarter basis, average total loans increased $10.8 million, or 0.59%, from $1.83 billion for the quarter ending December 31, 2016.

Average total deposits for the quarter ended March 31, 2017 were $2.44 billion versus $2.42 billion as of March 31, 2016, an increase of 1.05%. Total deposits increased $37.4 million or 1.56% from $2.40 billion as of March 31, 2016 to $2.44 billion as of March 31, 2017.

The company’s tangible common equity to tangible asset ratio was 13.63% at March 31, 2017, compared to 13.05% at March 31, 2016.

Net interest income for the first quarter of 2017 was $26.5 million, an increase of 1.34% over the $26.2 million reported for the same period of 2016. The net interest margin for the quarter ended March 31, 2017 decreased to 4.05% from the 4.06% reported at March 31, 2016.

Asset quality remains strong with nonperforming loans decreasing 19.77% to $19.7 million as of March 31, 2017 versus $23.6 million as of March 31, 2016. The ratio of nonperforming loans to total loans also decreased to 1.20% as of March 31, 2017 versus 1.50% as of March 31, 2016.

The provision for loan losses for the three months ended March 31, 2017 was $1.60 million compared to the $835 thousand provision for the first quarter of 2016. Net charge-offs were $974 thousand for the first quarter of 2017 compared to $855 thousand in the same period of 2016. The Corporation’s allowance for loan losses as of March 31, 2017 was $19.4 million compared to $19.9 million as of March 31, 2016. The allowance for loan losses as a percent of total loans was 1.06% as of March 31, 2017 compared to 1.13% as of March 31, 2016.

Non-interest income for the three months ended March 31, 2017 and 2016 was $11.0 and $21.5 million, respectively. The 2016 first quarter non-interest income included a $13.0 million gain on sale of the Corporation’s insurance subsidiary. A first quarter 2017 cash recovery of previous other-than-temporary

The following information was filed by First Financial Corp (THFF) on Wednesday, April 26, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside First Financial Corp's 10-Q Quarterly Report:

Legal - Other Highlight
Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Corporations ability to effectively execute its business plans changes in general economic and financial market conditions changes in interest rates changes in the competitive environment continuing consolidation in the financial services industry new litigation or changes in existing litigation losses, customer bankruptcy, claims and assessments changes in banking regulations or other regulatory or legislative requirements affecting the Corporations business and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

Financial - Income Highlight
A first quarter 2017 cash recovery of previous other-than-temporary impairment increased non-interest income $3.1 million.
Financial - Expense Highlight
The Corporations non-interest expense for the quarter ended March 31, 2017 decreased by $770 thousand to $22.6 million compared to the same period in 2016.
Other - Other Highlight
On January 1, 2015, the Basel 3 rules became effective and include transition provisions through January 1, 2019.
Financial - Shares Highlight
This financial performance increased book value per share 4% to $34.92 at March 31,
Financial - Earnings
The net interest margin for...Read more
Financial - Earnings
The Asset Liability position is...Read more
Other - Other
The Corporation from time to...Read more
Financial - Income
The 2016 first quarter non-interest...Read more
Other - Other
Failure to meet the capital...Read more
Other - Other
Service charges on deposits increased...Read more
Financial - Shares
Shareholders equity increased 3.6% or...Read more
Other - Other
The Corporations provision for loan...Read more
Other - Other
A well-capitalized institution must generally...Read more

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Inside this 10-Q Quarterly Report

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First Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: THFF
CIK: 714562
Form Type: 10-Q Quarterly Report
Accession Number: 0000714562-17-000054
Submitted to the SEC: Fri May 05 2017 1:27:33 PM EST
Accepted by the SEC: Fri May 05 2017
Period: Friday, March 31, 2017
Industry: State Commercial Banks

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First Financial Corp (THFF) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

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