FIRST FINANCIAL CORP /IN/ Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>FIRST FINANCIAL CORP /IN/ filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRST FINANCIAL CORP /IN/ (THFF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company name is FIRST FINANCIAL CORP /IN/ with Central Index Key 0000714562. Incorporated in Indiana with fiscal year end December 31. Business and mailing address is ONE FIRST FINANCIAL PLAZA, TERRE HAUTE, IN 47807. Report filed as of May 8, 2024.

Why It Matters

For investors and stakeholders tracking FIRST FINANCIAL CORP /IN/, this filing contains several important signals. This filing provides investors and analysts with the company's financial performance and position for the first quarter of 2024. Key financial data and disclosures within the 10-Q will allow for assessment of the company's operational results and strategic direction.

Risk Assessment

Risk Level: low — FIRST FINANCIAL CORP /IN/ shows low risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and disclosures in the 10-Q to understand FIRST FINANCIAL CORP /IN/'s Q1 2024 performance.

Key Numbers

• 20240331 — Period of Report (Conformed Period of Report)
• 20240508 — Filing Date (Filed As Of Date)
• 6022 — SIC Code (Standard Industrial Classification)
• 351546989 — IRS Number (IRS Number)

Key Players & Entities

• FIRST FINANCIAL CORP /IN/ (company) — Filer name
• 0000714562 (company) — Central Index Key
• IN (location) — State of Incorporation
• TERRE HAUTE (location) — Business Address City
• 47807 (location) — Business Address ZIP
• 20240331 (date) — Conformed Period of Report
• 20240508 (date) — Filed As Of Date

FAQ

Industry Context

FIRST FINANCIAL CORP /IN/ operates within the commercial banking sector, as indicated by its SIC code 6022.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, adhering to SEC regulations for public companies.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any new disclosures or risk factors presented in the filing.
3. Compare Q1 2024 results to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, following previous filings such as the 10-K for the fiscal year ending December 31, 2023.

Key Financial Figures

• $0.125 — ch registered Common Stock, par value $0.125 per share THFF The NASDAQ Stock Mar

Filing Documents

• thff-20240331x10q.htm (10-Q) — 4711KB
• thff-20240331xex31d1.htm (EX-31.1) — 14KB
• thff-20240331xex31d2.htm (EX-31.2) — 12KB
• thff-20240331xex32d1.htm (EX-32.1) — 7KB
• 0000714562-24-000028.txt (&nbsp;) — 22637KB
• thff-20240331.xsd (EX-101.SCH) — 50KB
• thff-20240331_cal.xml (EX-101.CAL) — 91KB
• thff-20240331_def.xml (EX-101.DEF) — 299KB
• thff-20240331_lab.xml (EX-101.LAB) — 525KB
• thff-20240331_pre.xml (EX-101.PRE) — 476KB
• thff-20240331x10q_htm.xml (XML) — 7512KB

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements: Consolidated Balance Sheets 3 Consolidated Statements of Income and Comprehensive Income (Loss) 4 Consolidated Statements of Shareholders' Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

PART II. Other Information:

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 2 Table of Contents

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements FIRST FINANCIAL CORPORATION CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) March 31, December 31, 2024 2023 (unaudited) ASSETS Cash and due from banks $ 69,231 $ 76,759 Federal funds sold — 282 Securities available-for-sale 1,218,287 1,259,137 Loans: Commercial 1,816,854 1,817,526 Residential 710,496 695,788 Consumer 657,299 646,758 3,184,649 3,160,072 (Less) plus: Net deferred loan (fees)/costs 7,334 7,749 Allowance for credit losses ( 40,045 ) ( 39,767 ) 3,151,938 3,128,054 Restricted stock 15,371 15,364 Accrued interest receivable 23,851 24,877 Premises and equipment, net 66,830 67,286 Bank-owned life insurance 114,683 114,122 Goodwill 86,985 86,985 Other intangible assets 5,351 5,586 Other real estate owned 167 107 Other assets 99,921 72,587 TOTAL ASSETS $ 4,852,615 $ 4,851,146 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 738,478 $ 750,335 Interest-bearing: Certificates of deposit exceeding the FDIC insurance limits 109,228 92,921 Other interest-bearing deposits 3,257,397 3,246,812 4,105,103 4,090,068 Short-term borrowings 88,873 67,221 Other borrowings 58,576 108,577 Other liabilities 79,297 57,304 TOTAL LIABILITIES 4,331,849 4,323,170 Shareholders' equity Common stock, $ 0.125 stated value per share; Authorized shares - 40,000,000 ; Issued shares- 16,165,023 in 2024 and 16,137,220 in 2023; Outstanding shares - 11,814,093 in 2024 and 11,795,024 in 2023 2,015 2,014 Additional paid-in capital 144,391 144,152 Retained earnings 667,675 663,726 Accumulated other comprehensive loss ( 138,110 ) ( 127,087 ) Less: Treasury shares at cost - 4,350,930 in 2024 and 4,342,196 in 2023 ( 155,205 ) ( 154,829 ) TOTAL SHAREHOLDERS' EQUITY 520,766 527,976 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,852,6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The accompanying March 31, 2024 and 2023 consolidated financial statements are unaudited. The December 31, 2023 consolidated financial statements are as reported in the First Financial Corporation (the "Corporation") 2023 annual report. The information presented does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The following notes should be read together with notes to the consolidated financial statements included in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2023. 1. Significant Accounting Policies The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature. The Corporation reports financial information for only one segment, banking. Some items in the prior year financials were reclassified to conform to the current presentation. The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33 %, 33 %, and 34 % respectively. For the three months ended 2024 and 2023, 27,803 and 22,228 shares were awarded, respectively. These shares had a grant date value of $ 1.0 million and $ 1.0 million for 2024 and 2023, vest over three years , and their grant is not subject to future performance measures. Outstanding s

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