10-Q 1 thff-2015930x10q.htm 10-Q 10-Q
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 September 30, 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 November 3, 2015, the registrant had outstanding 12,703,869 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)
 
September 30,
2015
 
December 31,
2014
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
63,278

 
$
78,102

Federal funds sold

 
8,000

Securities available-for-sale
885,836

 
897,053

Loans:
 

 
 

Commercial
1,040,677

 
1,044,522

Residential
451,425

 
469,172

Consumer
272,235

 
266,656

 
1,764,337

 
1,780,350

(Less) plus:
 

 
 

Net deferred loan costs
2,330

 
1,078

Allowance for loan losses
(19,925
)
 
(18,839
)
 
1,746,742

 
1,762,589

Restricted stock
10,838

 
16,404

Accrued interest receivable
12,265

 
11,593

Premises and equipment, net
50,834

 
51,802

Bank-owned life insurance
81,961

 
80,730

Goodwill
39,489

 
39,489

Other intangible assets
3,375

 
3,901

Other real estate owned
3,382

 
3,965

Other assets
44,833

 
48,857

TOTAL ASSETS
$
2,942,833

 
$
3,002,485

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

Non-interest-bearing
$
521,310

 
$
556,389

Interest-bearing:
 

 
 

Certificates of deposit exceeding the FDIC insurance limits
47,154

 
53,733

Other interest-bearing deposits
1,850,125

 
1,847,075

 
2,418,589

 
2,457,197

Short-term borrowings
23,336

 
48,015

FHLB advances
13,251

 
12,886

Other liabilities
79,066

 
90,173

TOTAL LIABILITIES
2,534,242

 
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-12,703,869 in 2015 and 12,962,607 in 2014
1,817

 
1,815

Additional paid-in capital
72,916

 
72,405

Retained earnings
394,761

 
377,970

Accumulated other comprehensive loss
(8,758
)
 
(14,529
)
Less: Treasury shares at cost-1,853,946 in 2015 and 1,575,525 in 2014
(52,145
)
 
(43,447
)
TOTAL SHAREHOLDERS’ EQUITY
408,591

 
394,214

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,942,833

 
$
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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2015
 
2014
 
2015
 
2014
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

 
 

 
 

Loans, including related fees
$
21,478

 
$
21,939

 
$
63,048

 
$
65,782

Securities:
 

 
 

 
 

 
 

Taxable
3,918

 
4,196

 
11,970

 
12,938

Tax-exempt
1,806

 
1,782

 
5,375

 
5,294

Other
401

 
459

 
1,265

 
1,301

TOTAL INTEREST INCOME
27,603

 
28,376

 
81,658

 
85,315

INTEREST EXPENSE:
 

 
 

 
 

 
 

Deposits
963

 
1,088

 
2,980

 
3,611

Short-term borrowings
22

 
49

 
54

 
85

Other borrowings
42

 
94

 
129

 
726

TOTAL INTEREST EXPENSE
1,027

 
1,231

 
3,163

 
4,422

NET INTEREST INCOME
26,576

 
27,145

 
78,495

 
80,893

Provision for loan losses
1,050

 
1,506

 
3,650

 
3,110

NET INTEREST INCOME AFTER PROVISION
 

 
 

 
 

 
 

FOR LOAN LOSSES
25,526

 
25,639

 
74,845

 
77,783

NON-INTEREST INCOME:
 

 
 

 
 

 
 

Trust and financial services
1,382

 
1,386

 
4,127

 
4,289

Service charges and fees on deposit accounts
2,688

 
2,813

 
7,557

 
8,058

Other service charges and fees
3,080

 
3,112

 
8,918

 
8,940

Securities gains/(losses), net
9

 

 
23

 
(1
)
Insurance commissions
1,693

 
2,091

 
5,202

 
5,620

Gain on sales of mortgage loans
611

 
519

 
1,512

 
1,352

Other
488

 
573

 
2,451

 
1,676

TOTAL NON-INTEREST INCOME
9,951

 
10,494

 
29,790

 
29,934

NON-INTEREST EXPENSE:
 

 
 

 
 

 
 

Salaries and employee benefits
14,963

 
14,081

 
45,105

 
42,064

Occupancy expense
1,756

 
1,776

 
5,322

 
5,490

Equipment expense
1,736

 
1,905

 
5,210

 
5,467

FDIC Expense
468

 
537

 
1,348

 
1,496

Other
5,229

 
6,406

 
16,470

 
17,706

TOTAL NON-INTEREST EXPENSE
24,152

 
24,705

 
73,455

 
72,223

INCOME BEFORE INCOME TAXES
11,325

 
11,428

 
31,180

 
35,494

Provision for income taxes
2,927

 
3,156

 
8,098

 
10,903

NET INCOME
8,398

 
8,272

 
23,082

 
24,591

OTHER COMPREHENSIVE INCOME
 

 
 

 
 

 
 

Change in unrealized gains/losses on securities, net of reclassifications and taxes
4,471

 
1,879

 
1,669

 
11,298

Change in funded status of post retirement benefits, net of taxes
819

 
116

 
4,102

 
346

COMPREHENSIVE INCOME
$
13,688

 
$
10,267

 
$
28,853

 
$
36,235

PER SHARE DATA
 

 
 

 
 

 
 

Basic and Diluted Earnings per Share
$
0.65

 
$
0.62

 
$
1.79

 
$
1.85

Weighted average number of shares outstanding (in thousands)
12,773

 
13,269

 
12,874

 
13,325

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
September 30, 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, July 1, 2014
$
1,812

 
$
71,557

 
$
366,858

 
$
(4,320
)
 
$
(30,161
)
 
$
405,746

Net income

 

 
8,272

 

 

 
8,272

Other comprehensive income

 

 

 
1,995

 

 
1,995

Omnibus Equity Incentive Plan
2

 
357

 

 

 

 
359

Treasury shares purchased (392,665 shares)

 

 
$

 
$

 
(12,499
)
 
(12,499
)
Balance, September 30, 2014
$
1,814

 
$
71,914

 
$
375,130

 
$
(2,325
)
 
$
(42,660
)
 
$
403,873

 
 
 
 
 
 
 
 
 
 
 
 
Balance, July 1, 2015
$
1,816

 
$
72,746

 
$
386,363

 
$
(14,048
)
 
$
(47,819
)
 
$
399,058

Net income

 

 
8,398

 

 

 
8,398

Other comprehensive income

 

 

 
5,290

 

 
5,290

Omnibus Equity Incentive Plan
1

 
170

 

 

 

 
171

Treasury shares purchased (130,247 shares)

 

 

 

 
(4,326
)
 
(4,326
)
Balance, September 30, 2015
$
1,817

 
$
72,916

 
$
394,761

 
$
(8,758
)
 
$
(52,145
)
 
$
408,591

See accompanying notes.






























5



FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Nine Months Ended
September 30, 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

 

 
24,591

 

 

 
24,591

Other comprehensive income

 

 

 
11,644

 

 
11,644

Omnibus Equity Incentive Plan
3

 
840

 

 

 

 
843

Treasury shares purchased (402,441 shares)

 

 

 

 
(12,856
)
 
(12,856
)
Cash dividends, $.49 per share

 

 
(6,544
)
 

 

 
(6,544
)
Balance, September 30, 2014
$
1,814

 
$
71,914

 
$
375,130

 
$
(2,325
)
 
$
(42,660
)
 
$
403,873

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2015
$
1,815

 
$
72,405

 
$
377,970

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

Net income

 

 
23,082

 

 

 
23,082

Other comprehensive income

 

 

 
5,771

 

 
5,771

Omnibus Equity Incentive Plan
2

 
511

 

 

 

 
513

Treasury shares purchased (257,989 shares)

 

 

 

 
(8,698
)
 
(8,698
)
Cash dividends, $.49 per share

 

 
(6,291
)
 

 

 
(6,291
)
Balance, September 30, 2015
$
1,817

 
$
72,916

 
$
394,761

 
$
(8,758
)
 
$
(52,145
)
 
$
408,591

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes.


6


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
 
Nine Months Ended 
 September 30,
 
2015
 
2014
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
23,082

 
$
24,591

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

 
 

Net amortization (accretion) of premiums and discounts on investments
2,209

 
1,988

Provision for loan losses
3,650

 
3,110

Securities (gains) losses
(23
)
 
1

(Gain) loss on sale of other real estate
76

 
(150
)
Restricted stock compensation
513

 
843

Depreciation and amortization
4,159

 
4,536

Other, net
(18
)
 
3,641

NET CASH FROM OPERATING ACTIVITIES
33,648

 
38,560

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Proceeds from sales of securities available-for-sale
3,465

 
355

Calls, maturities and principal reductions on securities available-for-sale
110,221

 
99,027

Purchases of securities available-for-sale
(101,766
)
 
(68,704
)
Loans made to customers, net of repayment
11,378

 
(26,518
)
Redemption of restricted stock
5,576

 

Purchase of restricted stock
(10
)
 
(18
)
Purchase of customer list
(103
)
 

Proceeds from sales of other real estate owned
1,412

 
2,468

Net change in federal funds sold
8,000

 
(10,704
)
Additions to premises and equipment
(2,562
)
 
(4,870
)
NET CASH FROM INVESTING ACTIVITIES
35,611

 
(8,964
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
(38,662
)
 
(7,265
)
Net change in short-term borrowings
(24,679
)
 
(561
)
Maturities of other borrowings
(30,212
)
 
(397,000
)
Proceeds from other borrowings
30,800

 
427,000

Purchase of treasury stock
(8,698
)
 
(12,856
)
Dividends paid
(12,632
)
 
(12,949
)
NET CASH FROM FINANCING ACTIVITIES
(84,083
)
 
(3,631
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(14,824
)
 
25,965

CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
78,102

 
71,033

CASH AND DUE FROM BANKS, END OF PERIOD
$
63,278

 
$
96,998

See accompanying notes.


7


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying September 30, 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 September 30. 
Allowance for Loan Losses:
 
September 30, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,931

 
$
1,760

 
$
4,678

 
$
2,492

 
$
19,861

Provision for loan losses
 
1,338

 
158

 
1,052

 
(1,498
)
 
1,050

Loans charged -off
 
(1,874
)
 
(220
)
 
(1,201
)
 

 
(3,295
)
Recoveries
 
1,694

 
196

 
419

 

 
2,309

Ending Balance
 
$
12,089

 
$
1,894

 
$
4,948

 
$
994

 
$
19,925



Allowance for Loan Losses:
 
September 30, 2014
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,850

 
$
1,374

 
$
3,769

 
$
2,262

 
$
18,255

Provision for loan losses*
 
589

 
72

 
1,047

 
(178
)
 
1,530

Loans charged -off
 
(1,310
)
 
(153
)
 
(1,193
)
 

 
(2,656
)
Recoveries
 
51

 
34

 
293

 

 
378

Ending Balance
 
$
10,180

 
$
1,327

 
$
3,916

 
$
2,084

 
$
17,507


* Provision before decrease of $24 thousand in 2014 for increase in FDIC indemnification asset









8


The following table presents the activity of the allowance for loan losses by portfolio segment for the nine months
ended September 30

Allowance for Loan Losses:
 
September 30, 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
 
1,505

 
811

 
2,520

 
(1,186
)
 
3,650

Loans charged -off
 
(2,482
)
 
(626
)
 
(3,489
)
 

 
(6,597
)
Recoveries
 
2,151

 
335

 
1,547

 

 
4,033

Ending Balance
 
$
12,089

 
$
1,894

 
$
4,948

 
$
994

 
$
19,925



Allowance for Loan Losses:
 
September 30, 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*
 
270

 
84

 
2,380

 
(299
)
 
2,435

Loans charged -off
 
(2,956
)
 
(958
)
 
(3,228
)
 

 
(7,142
)
Recoveries
 
416

 
616

 
1,114

 

 
2,146

Ending Balance
 
$
10,180

 
$
1,327

 
$
3,916

 
$
2,084

 
$
17,507


* Provision before increase of $675 thousand in 2014 for decrease in FDIC indemnification asset

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 September 30, 2015 and December 31, 2014
Allowance for Loan Losses
 
September 30, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
996

 
$
232

 
$

 
$

 
$
1,228

Collectively evaluated for impairment
 
10,902

 
1,662

 
4,948

 
994

 
18,506

Acquired with deteriorated credit quality
 
191

 

 

 

 
191

Ending Balance
 
$
12,089

 
$
1,894

 
$
4,948

 
$
994

 
$
19,925

 
Loans:
 
September 30, 2015
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
9,648

 
$
934

 
$

 
 
 
$
10,582

Collectively evaluated for impairment
 
1,032,992

 
450,198

 
273,436

 
 
 
1,756,626

Acquired with deteriorated credit quality
 
4,194

 
1,586

 

 
 
 
5,780

Ending Balance
 
$
1,046,834

 
$
452,718

 
$
273,436

 
 
 
$
1,772,988


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



9


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



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

 
 
 
 
 
 
September 30, 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
 
$
1,565

 
$
1,272

 
$

 
$
1,939

 
$

 
$

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
3,243

 
3,243

 

 
1,800

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
1,776

 
1,776

 

 
1,029

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
30

 
30

 

 
15

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
1,618

 
1,618

 
278

 
4,080

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
1,506

 
1,506

 
718

 
4,248

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
233

 
233

 

 
548

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
904

 
904

 
232

 
357

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,875

 
$
10,582

 
$
1,228

 
$
14,016

 
$

 
$


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


 
 
Three Months Ended 
 September 30, 2015
 
Nine Months Ended 
 September 30, 2015
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
3,290

 
$

 
$

 
$
1,939

 
$

 
$

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
3,599

 

 

 
1,800

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
1,785

 

 

 
1,029

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
31

 

 

 
15

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
1,714

 

 

 
4,080

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
1,929

 

 

 
4,248

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 
393

 

 

 
548

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
565

 

 

 
357

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle