10-Q 1 thff-2015331x10q.htm 10-Q THFF-2015.3.31-10Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
 
For The Quarterly Period Ended March 31, 2015
 
Commission File Number 0-16759
 
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
INDIANA
35-1546989
(State or other jurisdiction
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
 
One First Financial Plaza, Terre Haute, IN
47807
(Address of principal executive office)
(Zip Code)
 
 
(812)238-6000
 
(Registrant's telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x  No  ¨.
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 
Yes x   No  ¨.
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  ¨
Accelerated filer x
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
Smaller reporting company ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ¨ No x.
 
As of May 4, 2015, the registrant had outstanding 12,952,169 shares of common stock, without par value.
 



FIRST FINANCIAL CORPORATION
 
FORM 10-Q
 
INDEX 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2


Part I – Financial Information
Item 1.
Financial Statements
FIRST FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
 
March 31,
2015
 
December 31,
2014
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
88,492

 
$
78,102

Federal funds sold
12,688

 
8,000

Securities available-for-sale
906,341

 
897,053

Loans:
 

 
 

Commercial
1,041,694

 
1,044,522

Residential
448,842

 
469,172

Consumer
264,529

 
266,656

 
1,755,065

 
1,780,350

(Less) plus:
 

 
 

Net deferred loan costs
1,539

 
1,078

Allowance for loan losses
(19,351
)
 
(18,839
)
 
1,737,253

 
1,762,589

Restricted Stock
16,404

 
16,404

Accrued interest receivable
11,381

 
11,593

Premises and equipment, net
50,970

 
51,802

Bank-owned life insurance
81,149

 
80,730

Goodwill
39,489

 
39,489

Other intangible assets
3,685

 
3,901

Other real estate owned
3,830

 
3,965

Other assets
44,154

 
48,857

TOTAL ASSETS
$
2,995,836

 
$
3,002,485

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

Non-interest-bearing
$
537,686

 
$
556,389

Interest-bearing:
 

 
 

Certificates of deposit exceeding the FDIC insurance limits
48,074

 
53,733

Other interest-bearing deposits
1,878,189

 
1,847,075

 
2,463,949

 
2,457,197

Short-term borrowings
28,462

 
48,015

FHLB advances
12,812

 
12,886

Other liabilities
81,586

 
90,173

TOTAL LIABILITIES
2,586,809

 
2,608,271

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.125 stated value per share;
 
 
 
Authorized shares-40,000,000
 
 
 
Issued shares-14,557,815 in 2015 and 14,538,132 in 2014
 
 
 
Outstanding shares-12,952,169 in 2015 and 12,942,175 in 2014
1,815

 
1,815

Additional paid-in capital
72,576

 
72,405

Retained earnings
385,731

 
377,970

Accumulated other comprehensive loss
(7,303
)
 
(14,529
)
Less: Treasury shares at cost-1,605,646 in 2015 and 1,595,957 in 2014
(43,792
)
 
(43,447
)
TOTAL SHAREHOLDERS’ EQUITY
409,027

 
394,214

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,995,836

 
$
3,002,485

See accompanying notes. 

3


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollar amounts in thousands, except per share data) 
 
Three Months Ended 
 March 31,
 
2015
 
2014
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

Loans, including related fees
$
20,807

 
$
22,218

Securities:
 

 
 

Taxable
4,061

 
4,444

Tax-exempt
1,779

 
1,746

Other
431

 
416

TOTAL INTEREST INCOME
27,078

 
28,824

INTEREST EXPENSE:
 

 
 

Deposits
1,020

 
1,290

Short-term borrowings
13

 
14

Other borrowings
50

 
378

TOTAL INTEREST EXPENSE
1,083

 
1,682

NET INTEREST INCOME
25,995

 
27,142

Provision for loan losses
1,450

 
1,960

NET INTEREST INCOME AFTER PROVISION
 

 
 

FOR LOAN LOSSES
24,545

 
25,182

NON-INTEREST INCOME:
 

 
 

Trust and financial services
1,492

 
1,489

Service charges and fees on deposit accounts
2,326

 
2,484

Other service charges and fees
2,838

 
2,839

Securities gains/(losses), net
4

 

Insurance commissions
1,553

 
1,913

Gain on sales of mortgage loans
359

 
376

Other
1,489

 
1,010

TOTAL NON-INTEREST INCOME
10,061

 
10,111

NON-INTEREST EXPENSE:
 

 
 

Salaries and employee benefits
15,058

 
14,096

Occupancy expense
1,864

 
1,925

Equipment expense
1,772

 
1,658

FDIC Expense
430

 
487

Other
4,869

 
5,539

TOTAL NON-INTEREST EXPENSE
23,993

 
23,705

INCOME BEFORE INCOME TAXES
10,613

 
11,588

Provision for income taxes
2,852

 
3,757

NET INCOME
7,761

 
7,831

OTHER COMPREHENSIVE INCOME
 

 
 

Change in unrealized gains/losses on securities, net of reclassifications and taxes
4,762

 
5,303

Change in funded status of post retirement benefits, net of taxes
2,464

 
115

COMPREHENSIVE INCOME
$
14,987

 
$
13,249

PER SHARE DATA
 

 
 

Basic and Diluted Earnings per Share
$
0.60

 
$
0.59

Weighted average number of shares outstanding (in thousands)
12,948

 
13,349

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 2015, and 2014
(Dollar amounts in thousands, except per share data)
(Unaudited)
 
 
Common
Stock
 
Additional
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income/(Loss)
 
Treasury
Stock
 
Total
Balance, January 1, 2014
$
1,811

 
$
71,074

 
$
357,083

 
$
(13,969
)
 
$
(29,804
)
 
$
386,195

Net income

 

 
7,831

 

 

 
7,831

Other comprehensive income

 

 

 
5,418

 

 
5,418

Omnibus Equity Incentive Plan
1

 
241

 

 

 

 
242

Treasury shares purchased (9,776 shares)

 

 

 

 
(357
)
 
(357
)
Balance, March 31, 2014
$
1,812

 
$
71,315

 
$
364,914

 
$
(8,551
)
 
$
(30,161
)
 
$
399,329

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2015
$
1,815

 
$
72,405

 
$
377,970

 
$
(14,529
)
 
$
(43,447
)
 
$
394,214

Net income

 

 
7,761

 

 

 
7,761

Other comprehensive income

 

 

 
7,226

 

 
7,226

Omnibus Equity Incentive Plan

 
171

 

 

 

 
171

Treasury shares purchased (9,689 shares)

 

 

 

 
(345
)
 
(345
)
Balance, March 31, 2015
$
1,815

 
$
72,576

 
$
385,731

 
$
(7,303
)
 
$
(43,792
)
 
$
409,027

See accompanying notes.




5


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
 
Three Months Ended 
 March 31,
 
2015
 
2014
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
7,761

 
$
7,831

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Net amortization (accretion) of premiums and discounts on investments
745

 
646

Provision for loan losses
1,450

 
1,960

Securities (gains) losses
(4
)
 

(Gain) loss on sale of other real estate
(32
)
 
47

Restricted stock compensation
171

 
242

Depreciation and amortization
1,435

 
1,346

Other, net
1,848

 
1,627

NET CASH FROM OPERATING ACTIVITIES
13,374

 
13,699

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Proceeds from sales of securities available-for-sale
400

 

Calls, maturities and principal reductions on securities available-for-sale
35,064

 
34,724

Purchases of securities available-for-sale
(37,723
)
 
(33,387
)
Loans made to customers, net of repayment
23,503

 
5,765

Proceeds from sales of other real estate owned
573

 
516

Net change in federal funds sold
(4,688
)
 
(5,515
)
Additions to premises and equipment
(387
)
 
(273
)
NET CASH FROM INVESTING ACTIVITIES
16,742

 
1,830

CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
6,732

 
48,070

Net change in short-term borrowings
(19,553
)
 
(23,882
)
Maturities of other borrowings

 
(20,000
)
Purchase of treasury stock
(345
)
 
(357
)
Dividends paid
(6,560
)
 
(6,405
)
NET CASH FROM FINANCING ACTIVITIES
(19,726
)
 
(2,574
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
10,390

 
12,955

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
78,102

 
71,033

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
88,492

 
$
83,988

See accompanying notes.


6


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2015 and 2014 consolidated financial statements are unaudited. The December 31, 2014 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2014 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, 2014

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. In 2015 and 2014, 19,683 and 22,019 shares were awarded, respectively. These shares had a grant date value of $667 thousand and $708 thousand for 2015 and 2014, vest over three years and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded. 


2.
Allowance for Loan Losses

The following table presents the activity of the allowance for loan losses by portfolio segment for the three months
ended March 31. 
Allowance for Loan Losses:
 
March 31, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,915

 
$
1,374

 
$
4,370

 
$
2,180

 
$
18,839

Provision for loan losses
 
7

 
376

 
830

 
237

 
1,450

Loans charged -off
 
(336
)
 
(225
)
 
(1,262
)
 

 
(1,823
)
Recoveries
 
232

 
97

 
556

 

 
885

Ending Balance
 
$
10,818

 
$
1,622

 
$
4,494

 
$
2,417

 
$
19,351



Allowance for Loan Losses:
 
March 31, 2014
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
12,450

 
$
1,585

 
$
3,650

 
$
2,383

 
$
20,068

Provision for loan losses*
 
732

 
66

 
800

 
127

 
1,725

Loans charged -off
 
(936
)
 
(172
)
 
(1,053
)
 

 
(2,161
)
Recoveries
 
207

 
102

 
467

 

 
776

Ending Balance
 
$
12,453

 
$
1,581

 
$
3,864

 
$
2,510

 
$
20,408


* Provision before increase of $235 thousand in 2014 for decrease in FDIC indemnification asset









7


The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at March 31, 2015 and December 31, 2014
Allowance for Loan Losses
 
March 31, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
1,557

 
$

 
$

 
$

 
$
1,557

Collectively evaluated for impairment
 
8,998

 
1,622

 
4,494

 
2,417

 
17,531

Acquired with deteriorated credit quality
 
263

 

 

 

 
263

Ending Balance
 
$
10,818

 
$
1,622

 
$
4,494

 
$
2,417

 
$
19,351

 
Loans:
 
March 31, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
14,586

 
$
265

 
$

 
 
 
$
14,851

Collectively evaluated for impairment
 
1,027,643

 
448,251

 
265,661

 
 
 
1,741,555

Acquired with deteriorated credit quality
 
4,932

 
1,617

 

 
 
 
6,549

Ending Balance
 
$
1,047,161

 
$
450,133

 
$
265,661

 
 
 
$
1,762,955


Allowance for Loan Losses:
 
December 31, 2014
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
1,911

 

 

 

 
1,911

Collectively evaluated for impairment
 
8,733

 
1,365

 
4,370

 
2,180

 
16,648

Acquired with deteriorated credit quality
 
271

 
9

 

 

 
280

Ending Balance
 
$
10,915

 
$
1,374

 
$
4,370

 
$
2,180

 
$
18,839


Loans
 
December 31, 2014
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
14,573

 
33

 

 
 
 
14,606

Collectively evaluated for impairment
 
1,030,949

 
468,872

 
267,880

 
 
 
1,767,701

Acquired with deteriorated credit quality
 
4,887

 
1,631

 

 
 
 
6,518

Ending Balance
 
$
1,050,409

 
$
470,536

 
$
267,880

 
 
 
$
1,788,825
























8


The following tables present loans individually evaluated for impairment by class of loans. 

 
 
 
 
 
 
March 31, 2015
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
251

 
$
251

 
$

 
$
589

 
$

 
$

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 

 

 

 

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
256

 
256

 

 
274

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 

 

 

 

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
8,824

 
7,017

 
575

 
6,446

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
6,482

 
6,482

 
885

 
6,568

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
580

 
580

 
97

 
704

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
265

 
265

 

 
149

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
16,658

 
$
14,851

 
$
1,557

 
$
14,730

 
$

 
$

 


9


 
 
March 31, 2014
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 
 
 
 
 
Commercial
 
 
 
 
 
 
Commercial & Industrial
 
$
1,906

 
$

 
$

Farmland
 

 

 

Non Farm, Non Residential
 
104

 

 

Agriculture
 

 

 

All Other Commercial
 

 

 

Residential
 
 

 
 

 
 

First Liens
 

 

 

Home Equity
 

 

 

Junior Liens
 

 

 

Multifamily
 

 

 

All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

Motor Vehicle
 

 

 

All Other Consumer
 

 

 

With an allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

Commercial & Industrial
 
8,085

 

 

Farmland
 

 

 

Non Farm, Non Residential
 
6,740

 

 

Agriculture
 

 

 

All Other Commercial
 
1,046

 

 

Residential
 
 

 
 

 
 

First Liens
 
37

 

 

Home Equity
 

 

 

Junior Liens
 

 

 

Multifamily
 

 

 

All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

Motor Vehicle
 

 

 

All Other Consumer
 

 

 

TOTAL
 
$
17,918

 
$

 
$




10


 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
Income
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
1,200

 
$
926

 
$

 
$
2,589

 
$

 
$

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 

 

 

 
58

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
292

 
292

 

 
58

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 

 

 

 
5

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
7,388

 
5,874

 
1,056

 
6,177

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
6,654

 
6,654

 
753

 
6,698

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
827

 
827

 
102

 
1,112

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
33

 
33

 

 
35

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
16,394

 
$
14,606

 
$
1,911

 
$
16,732

 
$

 
$

 












11


The table below presents the recorded investment in non-performing loans.
 
 
March 31, 2015
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
Nonaccrual
Commercial
 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
48

 
$
7

 
$
4,877

 
$
3,944

Farmland
 

 

 

 
74

Non Farm, Non Residential
 

 
9

 
3,943

 
3,472

Agriculture
 

 

 

 
444

All Other Commercial
 

 

 

 
830

Residential
 
 

 
 

 
 
 
 

First Liens
 
416

 
4,736

 
897

 
4,301

Home Equity
 
103

 

 

 
296

Junior Liens
 
49

 

 

 
176

Multifamily
 

 

 

 

All Other Residential
 
6

 

 

 
104

Consumer
 
 

 
 

 
 
 
 

Motor Vehicle
 
92

 
238

 
27

 
165

All Other Consumer
 
5

 

 
310

 
1,062

TOTAL
 
$
719

 
$
4,990

 
$
10,054

 
$
14,868


 
 
December 31, 2014
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
Nonaccrual
Commercial
 
 

 
 

 
 

 
 

Commercial & Industrial
 
$

 
$
7

 
$
4,961

 
$
3,720

Farmland
 

 

 

 
79

Non Farm, Non Residential
 

 
10

 
3,987

 
3,388

Agriculture
 

 

 

 
767

All Other Commercial
 

 

 

 
1,258

Residential
 
 

 
 

 
 
 
 

First Liens
 
603

 
4,357

 
842

 
3,861

Home Equity
 
88

 

 

 
404

Junior Liens
 
12

 

 

 
275

Multifamily
 

 

 

 

All Other Residential
 
5

 

 

 
111

Consumer
 
 

 
 

 
 
 
 

Motor Vehicle
 
162

 
257

 
83

 
210

All Other Consumer
 
3

 
1

 
269

 
961

TOTAL
 
$
873

 
$
4,632

 
$
10,142

 
$
15,034


There are no loans covered by loss share agreements with the FDIC included in loans past due over 90 days still on accrual at March 31, 2015 and there were $37 thousand at December 31, 2014. There were $280 thousand of covered loans included in

12


non-accrual loans at March 31, 2015 and there were $274 thousand at December 31, 2014. There were no covered loans at March 31, 2015 or December 31, 2014 that were deemed impaired.

Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

The following table presents the aging of the recorded investment in loans by past due category and class of loans. 
 
 
March 31, 2015
 
 
30-59 Days
 
60-89 Days
 
Greater
than 90 days
 
Total
 
 
 
 
(Dollar amounts in thousands)
 
Past Due
 
Past Due
 
Past Due
 
Past Due
 
Current
 
Total
Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
835

 
$
190

 
$
3,425

 
$
4,450

 
$
473,658

 
$
478,108

Farmland
 
42

 

 

 
42

 
95,681

 
95,723

Non Farm, Non Residential
 
299

 
76

 
257

 
632

 
224,880

 
225,512

Agriculture
 
126

 

 
177

 
303

 
127,201

 
127,504

All Other Commercial
 
100

 

 
257

 
357

 
119,957

 
120,314

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
3,186

 
363

 
1,242

 
4,791

 
306,789

 
311,580

Home Equity
 
146

 
18

 
191

 
355

 
38,215

 
38,570

Junior Liens
 
316

 
64

 
184

 
564

 
30,966

 
31,530

Multifamily
 
174

 

 

 
174

 
60,595

 
60,769

All Other Residential
 
22

 

 
6

 
28

 
7,656

 
7,684

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 
2,156

 
285

 
106

 
2,547

 
242,859

 
245,406

All Other Consumer
 
57

 

 
5

 
62

 
20,193

 
20,255

TOTAL
 
$
7,459

 
$
996

 
$
5,850

 
$
14,305

 
$
1,748,650

 
$
1,762,955

 
<
 
 
December 31, 2014
 
 
30-59 Days
 
60-89 Days
 
Greater
than 90 days
 
Total
 
 
 
 
(Dollar amounts in thousands)
 
Past Due
 
Past Due
 
Past Due
 
Past Due
 
Current
 
Total
Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
574

 
$
416

 
$
3,046

 
$
4,036

 
$
451,549

 
$
455,585

Farmland
 

 

 

 

 
95,452

 
95,452

Non Farm, Non Residential
 
1,528

 
68

 
202

 
1,798

 
232,440

 
234,238

Agriculture
 
246

 
18

 
502

 
766

 
149,099

 
149,865

All Other Commercial
 
255

 

 

 
255

 
115,014

 
115,269

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
6,011

 
963

 
1,522

 
8,496

 
308,068

 
316,564

Home Equity
 
141

 
33

 
310

 
484

 
40,043

 
40,527

Junior Liens
 
270

 
83

 
217

 
570

 
31,487

 
32,057

Multifamily
 

 

 

 

 
72,310

 
72,310

All Other Residential
 
112

 

 
5

 
117

 
8,961

 
9,078

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 
3,026

 
557

 
180

 
3,763

 
242,406

 
246,169

All Other Consumer
 
114

 
7