First Financial Corp. Q2 2024 Equity Snapshot

TL;DR

FFC's Q2 equity detailed: Common Stock, APIC, Retained Earnings, AOCI, Treasury Stock all itemized.

AI Summary

First Financial Corp. reported its financial results for the period ending June 30, 2024. The company's balance sheet as of June 30, 2024, shows various equity components including Common Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Treasury Stock. Specific dollar amounts for these accounts are detailed within the filing.

Why It Matters

This filing provides a detailed look at the equity structure of First Financial Corp., which is crucial for understanding the company's financial health and shareholder value.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• 0000714562 — Central Index Key (Unique identifier for First Financial Corp.)
• 6022 — Standard Industrial Classification (Industry classification for commercial banks)

Key Players & Entities

• FIRST FINANCIAL CORP /IN/ (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240807 (date) — Filing date
• TERRE HAUTE (location) — Company headquarters city
• IN (location) — Company headquarters state

FAQ

Key Financial Figures

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

Filing Documents

• thff-20240630x10q.htm (10-Q) — 5333KB
• thff-20240630xex31d1.htm (EX-31.1) — 14KB
• thff-20240630xex31d2.htm (EX-31.2) — 12KB
• thff-20240630xex32d1.htm (EX-32.1) — 7KB
• 0000714562-24-000043.txt ( ) — 24916KB
• thff-20240630.xsd (EX-101.SCH) — 52KB
• thff-20240630_cal.xml (EX-101.CAL) — 92KB
• thff-20240630_def.xml (EX-101.DEF) — 311KB
• thff-20240630_lab.xml (EX-101.LAB) — 545KB
• thff-20240630_pre.xml (EX-101.PRE) — 485KB
• thff-20240630x10q_htm.xml (XML) — 8328KB

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements: Consolidated Balance Sheets 3 Consolidated Statements of Income and Comprehensive Income 4 Consolidated Statements of Shareholders' Equity 5 Consolidated Statements of Cash Flows 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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 35

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 42

Other Information

PART II. Other Information:

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 43

Other Information

Item 5. Other Information 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 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) June 30, December 31, 2024 2023 (unaudited) ASSETS Cash and due from banks $ 75,073 $ 76,759 Federal funds sold 24,000 282 Securities available-for-sale 1,205,751 1,259,137 Loans: Commercial 1,782,646 1,817,526 Residential 748,044 695,788 Consumer 666,130 646,758 3,196,820 3,160,072 (Less) plus: Net deferred loan (fees)/costs 7,189 7,749 Allowance for credit losses ( 38,334 ) ( 39,767 ) 3,165,675 3,128,054 Restricted stock 15,378 15,364 Accrued interest receivable 23,733 24,877 Premises and equipment, net 65,750 67,286 Bank-owned life insurance 114,767 114,122 Goodwill 86,985 86,985 Other intangible assets 5,116 5,586 Other real estate owned 170 107 Other assets 108,670 72,587 TOTAL ASSETS $ 4,891,068 $ 4,851,146 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 748,495 $ 750,335 Interest-bearing: Certificates of deposit exceeding the FDIC insurance limits 112,679 92,921 Other interest-bearing deposits 3,271,153 3,246,812 4,132,327 4,090,068 Short-term borrowings 38,211 67,221 Other borrowings 108,575 108,577 Other liabilities 81,285 57,304 TOTAL LIABILITIES 4,360,398 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 2,016 2,014 Additional paid-in capital 144,632 144,152 Retained earnings 673,728 663,726 Accumulated other comprehensive loss ( 134,501 ) ( 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 530,670 527,976 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The accompanying June 30, 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 six 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 shar

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