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

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:
April 26, 2017
Rodger A. McHargue at (812) 238-6334
 
First Financial Corporation reports 1st Quarter results

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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income (loss)
Consolidated Statements Of Shareholders??? Equity
Consolidated Statements Of Shareholders??? Equity (parenthetical)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (details 1)
Accumulated Other Comprehensive Income (details 2)
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Acquisitions And Fdic Indemnification Asset
Acquisitions And Fdic Indemnification Asset (details Textual)
Acquisitions And Fdic Indemnification Asset (details)
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)
Components Of Net Periodic Benefit Cost
Components Of Net Periodic Benefit Cost (details Textual)
Components Of Net Periodic Benefit Cost (details)
Components Of Net Periodic Benefit Cost (tables)
Fair Value
Fair Value (details 1)
Fair Value (details 2)
Fair Value (details 3)
Fair Value (details 4)
Fair Value (details Textual)
Fair Value (details)
Fair Value (tables)
New Accounting Standards
Securities
Securities (details 1)
Securities (details 2)
Securities (details 3)
Securities (details Textual)
Securities (details)
Securities (tables)
Short-term Borrowings
Short-term Borrowings (details)
Short-term Borrowings (tables)
Short-term Borrowings Short-term Borrowings (details 1)
Significant Accounting Policies
Significant Accounting Policies (details Textual)

Material Contracts, Statements, Certifications & more

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

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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