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First Financial Corp (THFF) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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:
July 24, 2018
Rodger A. McHargue at (812) 238-6334
 
First Financial Corporation reports 2nd Quarter results

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2018. Net income increased 82.72% to $15.3 million compared to $8.4 million for the same period of 2017. The increase included a recovery of a security previously written down for other-than temporary impairment which contributed $2.4 million pre-tax to interest income and $4.5 million pre-tax to other income. Diluted net income per common share increased 83.82% to $1.25 from $0.68 for the comparable period of 2017.

The Corporation further reported net income of $24.2 million for the six months ended June 30, 2018 versus $17.7 million for the comparable period of 2017. Diluted net income per common share for the six months ended June 30, 2018 was $1.98 versus $1.45 for the comparable period of 2017. The first quarter of 2017 included a similar pre-tax recovery of $3.1 million. Return on assets for the six months ended June 30, 2018 was 1.63% compared to 1.19% for the six months ended June 30, 2017.

Norman L. Lowery, President and Chief Executive Officer, commented, “We are pleased with our second quarter 2018 results as we experienced another quarter of loan growth which contributed to our increased interest income. Excluding the recovery on the security our core fee income increased as well. It was a very solid quarter.”

Book value per share was $34.25 at June 30, 2018 compared to $35.54 at June 30, 2017. Shareholders’ equity was $419.7 million compared to $434.5 million on June 30, 2017.

Average total loans for the second quarter of 2018 were $1.92 billion versus $1.85 billion for the comparable period in 2017, an increase of $68.0 million or 3.68%. Total loans outstanding increased $71.5 million, or 3.85% to $1.93 billion as of June 30, 2018 from $1.86 billion as of June 30, 2017. On a linked quarter basis, average total loans increased $7.4 million, from $1.91 billion for the quarter ending March 31, 2018.

Average total deposits for the quarter ended June 30, 2018 were $2.47 billion versus $2.44 billion as of June 30, 2017. Total deposits increased $26.6 million or 1.10% to $2.45 billion as of June 30, 2018 from $2.43 billion as of June 30, 2017. On a linked quarter basis, average deposits increased $17.5 million from $2.45 billion for the quarter ending March 31, 2018.

The company’s tangible common equity to tangible asset ratio was 14.05% at June 30, 2018, compared to 13.73% at June 30, 2017.

Net interest income for the second quarter of 2018 was $30.7 million compared to the $26.6 million reported for the same period of 2017. The net interest margin for the six months ended June 30, 2018 increased to 4.32% compared to 4.05% for the same period ending June 30, 2017.




The following information was filed by First Financial Corp (THFF) on Tuesday, July 24, 2018 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: 0000714562-18-000051
Submitted to the SEC: Wed Aug 08 2018 10:28:37 AM EST
Accepted by the SEC: Wed Aug 08 2018
Period: Saturday, June 30, 2018
Industry: State Commercial Banks

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