First Financial Corp /IN/ Q3 2024 10-Q Filed

TL;DR

**FFIN Q3 10-Q is IN! Equity details updated. Check it out.**

AI Summary

First Financial Corp /IN/ filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial position, including common stock, retained earnings, and additional paid-in capital as of September 30, 2024. It also provides comparative data for treasury stock for the periods ending September 30, 2024, June 30, 2024, and September 30, 2023.

Why It Matters

This 10-Q filing provides a snapshot of First Financial Corp's financial health and equity structure as of the end of the third quarter of 2024, crucial for investors assessing the company's stability and value.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not appear to contain any 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
• 20240930 (date) — Period of report
• 20241106 (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-20240930x10q.htm (10-Q) — 5462KB
• thff-20240930xex31d1.htm (EX-31.1) — 14KB
• thff-20240930xex31d2.htm (EX-31.2) — 12KB
• thff-20240930xex32d1.htm (EX-32.1) — 7KB
• 0000714562-24-000061.txt ( ) — 25668KB
• thff-20240930.xsd (EX-101.SCH) — 55KB
• thff-20240930_cal.xml (EX-101.CAL) — 105KB
• thff-20240930_def.xml (EX-101.DEF) — 332KB
• thff-20240930_lab.xml (EX-101.LAB) — 590KB
• thff-20240930_pre.xml (EX-101.PRE) — 513KB
• thff-20240930x10q_htm.xml (XML) — 8537KB

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 36

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

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) September 30, December 31, 2024 2023 (unaudited) ASSETS Cash and due from banks $ 77,312 $ 76,759 Federal funds sold 1,356 282 Securities available-for-sale 1,271,992 1,259,137 Loans: Commercial 2,112,738 1,817,526 Residential 924,276 695,788 Consumer 671,353 646,758 3,708,367 3,160,072 (Less) plus: Net deferred loan (fees)/costs 6,868 7,749 Allowance for credit losses ( 46,169 ) ( 39,767 ) 3,669,066 3,128,054 Restricted stock 15,366 15,364 Accrued interest receivable 25,386 24,877 Premises and equipment, net 82,213 67,286 Bank-owned life insurance 128,242 114,122 Goodwill 97,295 86,985 Other intangible assets 23,131 5,586 Other real estate owned 169 107 Other assets 93,084 72,587 TOTAL ASSETS $ 5,484,612 $ 4,851,146 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Non-interest-bearing $ 831,575 $ 750,335 Interest-bearing: Certificates of deposit exceeding the FDIC insurance limits 159,618 92,921 Other interest-bearing deposits 3,726,296 3,246,812 4,717,489 4,090,068 Short-term borrowings 84,363 67,221 Other borrowings 30,456 108,577 Other liabilities 86,353 57,304 TOTAL LIABILITIES 4,918,661 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 - 11,808,304 in 2024 and 11,795,024 in 2023 2,016 2,014 Additional paid-in capital 144,785 144,152 Retained earnings 677,155 663,726 Accumulated other comprehensive loss ( 102,800 ) ( 127,087 ) Less: Treasury shares at cost - 4,356,719 in 2024 and 4,342,196 in 2023 ( 155,205 ) ( 154,829 ) TOTAL SHAREHOLDERS' EQUITY 565,951 527,976 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The accompanying September 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 nine 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. Outstandin

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