FIRST FINANCIAL CORP /IN/ Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Financial Corp /IN/ has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

FIRST FINANCIAL CORP /IN/ (THFF) filed a Annual Report (10-K) with the SEC on March 11, 2024. Filed its 2023 Form 10-K on March 11, 2024, reporting on the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 for State Commercial Banks. Incorporated in Indiana, with its principal business address in Terre Haute. The filing references various US GAAP standards, including those related to Labor and Related Expense and Gain/Loss on Sale of Mortgage Loans. Previous company name was Terre Haute First Corp, with a name change effective August 8, 1985.

Why It Matters

For investors and stakeholders tracking FIRST FINANCIAL CORP /IN/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of First Financial Corp's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial stability, profitability, and potential risks and opportunities within the commercial banking sector.

Risk Assessment

Risk Level: — FIRST FINANCIAL CORP /IN/ shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-11 — Filing Date (Filed as of Date)
• 148 — Public Document Count (Number of documents in the filing)
• 000-16759 — SEC File Number (SEC File Number for the company)

Key Players & Entities

• FIRST FINANCIAL CORP /IN/ (company) — Filer name
• Terre Haute (location) — Business and Mail Address City
• Indiana (location) — State of Incorporation
• 6022 (industry_code) — Standard Industrial Classification
• TERRE HAUTE FIRST CORP (company) — Former Company Name

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates within the highly regulated commercial banking industry, subject to federal and state laws and regulations.
• Market Conditions [medium — market]: Changes in economic conditions, interest rates, and competitive landscape can impact the company's financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially filed with the SEC.
• 1985-08-08: Name Change — Date the company changed its name from Terre Haute First Corp.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the primary source of detailed financial and operational information for First Financial Corp for the fiscal year 2023.)

US GAAP

Generally Accepted Accounting Principles in the United States, the common set of accounting principles, standards, and procedures by which financial accounting and reporting by US companies are regulated. (The filing adheres to US GAAP, ensuring consistency and comparability of financial information.)

Key Financial Figures

• $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar
• $50 billion — anies with total consolidated assets of $50 billion or more, it contains numerous other pro
• $10 billion — ancial institutions that have assets of $10 billion or more. The CFPB also has data collect

Filing Documents

• tmb-20231231x10k.htm (10-K) — 7429KB
• tmb-20231231xex21.htm (EX-21) — 2KB
• tmb-20231231xex31d1.htm (EX-31.1) — 14KB
• tmb-20231231xex31d2.htm (EX-31.2) — 13KB
• tmb-20231231xex32d1.htm (EX-32.1) — 7KB
• tmb-20231231xex32d2.htm (EX-32.2) — 6KB
• tmb-20231231xex97d1.htm (EX-97.1) — 58KB
• tmb-20231231x10k001.jpg (GRAPHIC) — 60KB
• 0000714562-24-000009.txt (&nbsp;) — 33522KB
• tmb-20231231.xsd (EX-101.SCH) — 114KB
• tmb-20231231_cal.xml (EX-101.CAL) — 155KB
• tmb-20231231_def.xml (EX-101.DEF) — 519KB
• tmb-20231231_lab.xml (EX-101.LAB) — 1101KB
• tmb-20231231_pre.xml (EX-101.PRE) — 915KB
• tmb-20231231x10k_htm.xml (XML) — 9862KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Selected Financial Data

Item 6. Selected Financial Data 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 48

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 99

Controls and Procedures

Item 9A. Controls and Procedures 99

Other Information

Item 9B. Other Information 100

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 100 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 100

Executive Compensation

Item 11. Executive Compensation 100

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 101

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 101

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 102 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 102

Signatures

Signatures 104 Exhibit 21 Exhibit 31.1 Exhibit 31.2 Exhibit 32.1 Exhibit 32.2 3 Table of Contents FIRST FINANCIAL CORPORATION 2022 ANNUAL REPORT ON FORM 10-K PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS A cautionary note about forward-looking statements: In its oral and written communication, First Financial Corporation from time to time includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can include statements about estimated cost savings, plans and objectives for future operations and expectations about performance, as well as economic and market conditions and trends. They often can be identified by the use of words such as "expect," "may," "could," "intend," "project," "estimate," "believe" or "anticipate" or words of similar import. By their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties and other factors. Actual results may differ materially from those contained in the forward-looking statement. First Financial Corporation may include forward-looking statements in filings with the Securities and Exchange Commission, in other written materials such as this Annual Report and in oral statements made by senior management to analysts, investors, representatives of the media and others. It is intended that these forward-looking statements speak only as of the date they are made, and First Financial Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the forward-looking statement is made or to reflect the occurrence of unanticipated events. The discussion in Item 1A (Risk Factors) and Item 7 (Management's Discussion and Analysis of Results of Operations and Financial Condition) of this Annual Report on Form 10-K, lists some of the factors which could cause actual results to vary materially from those in any forward-looking statements. Other uncertainties which could affect First Financial Corporation's future performance include the effects of competition, technological changes and regulatory developments; chan

View Full Filing

View this 10-K filing on SEC EDGAR