10-Q 1 thff-2017331x10q.htm 10-Q Document

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, 2017
 
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 ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.   ¨

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 1, 2017, the registrant had outstanding 12,223,750 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,
2017
 
December 31,
2016
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
50,522

 
$
75,012

Federal funds sold
5,000

 
6,952

Securities available-for-sale
855,681

 
853,725

Loans:
 

 
 

Commercial
1,102,672

 
1,106,182

Residential
420,963

 
423,911

Consumer
308,196

 
305,881

 
1,831,831

 
1,835,974

(Less) plus:
 

 
 

Net deferred loan costs
3,062

 
3,206

Allowance for loan losses
(19,395
)
 
(18,773
)
 
1,815,498

 
1,820,407

Restricted stock
10,369

 
10,359

Accrued interest receivable
12,099

 
12,311

Premises and equipment, net
48,566

 
49,240

Bank-owned life insurance
84,040

 
83,737

Goodwill
34,355

 
34,355

Other intangible assets
1,983

 
2,109

Other real estate owned
2,294

 
2,531

Other assets
36,878

 
37,789

TOTAL ASSETS
$
2,957,285

 
$
2,988,527

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

Non-interest-bearing
$
417,251

 
$
564,092

Interest-bearing:
 

 
 

Certificates of deposit exceeding the FDIC insurance limits
45,193

 
43,759

Other interest-bearing deposits
1,975,568

 
1,820,675

 
2,438,012

 
2,428,526

Short-term borrowings
35,821

 
80,989

FHLB advances
132

 
132

Other liabilities
56,512

 
64,485

TOTAL LIABILITIES
2,530,477

 
2,574,132

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.125 stated value per share;
 
 
 
Authorized shares-40,000,000
 
 
 
Issued shares-14,595,320 in 2017 and 14,578,758 in 2016
 
 
 
Outstanding shares-12,223,750 in 2017 and 12,216,712 in 2016
1,820

 
1,820

Additional paid-in capital
74,701

 
74,525

Retained earnings
431,195

 
421,826

Accumulated other comprehensive loss
(10,793
)
 
(14,164
)
Less: Treasury shares at cost-2,371,570 in 2017 and 2,362,046 in 2016
(70,115
)
 
(69,612
)
TOTAL SHAREHOLDERS’ EQUITY
426,808

 
414,395

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,957,285

 
$
2,988,527

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,
 
2017
 
2016
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

Loans, including related fees
$
21,941

 
$
21,184

Securities:
 

 
 

Taxable
3,757

 
3,831

Tax-exempt
1,827

 
1,822

Other
321

 
364

TOTAL INTEREST INCOME
27,846

 
27,201

INTEREST EXPENSE:
 

 
 

Deposits
1,275

 
987

Short-term borrowings
44

 
23

Other borrowings
20

 
34

TOTAL INTEREST EXPENSE
1,339

 
1,044

NET INTEREST INCOME
26,507

 
26,157

Provision for loan losses
1,596

 
835

NET INTEREST INCOME AFTER PROVISION
 

 
 

FOR LOAN LOSSES
24,911

 
25,322

NON-INTEREST INCOME:
 

 
 

Trust and financial services
1,317

 
1,334

Service charges and fees on deposit accounts
2,777

 
2,504

Other service charges and fees
3,185

 
3,000

Securities gains/(losses), net
2

 
3

Insurance commissions
22

 
2,272

Gain on sale of certain assets and liabilities of insurance brokerage operation

 
13,021

Gain on sales of mortgage loans
327

 
404

Other
3,419

 
(172
)
TOTAL NON-INTEREST INCOME
11,049

 
22,366

NON-INTEREST EXPENSE:
 

 
 

Salaries and employee benefits
13,376

 
13,595

Occupancy expense
1,768

 
1,731

Equipment expense
1,797

 
1,837

FDIC Expense
233

 
451

Other
5,403

 
5,733

TOTAL NON-INTEREST EXPENSE
22,577

 
23,347

INCOME BEFORE INCOME TAXES
13,383

 
24,341

Provision for income taxes
4,014

 
10,666

NET INCOME
9,369

 
13,675

OTHER COMPREHENSIVE INCOME
 

 
 

Change in unrealized gains/losses on securities, net of reclassifications and taxes
3,188

 
4,039

Change in funded status of post retirement benefits, net of taxes
183

 
304

COMPREHENSIVE INCOME
$
12,740

 
$
18,018

PER SHARE DATA
 

 
 

Basic and Diluted Earnings per Share
$
0.77

 
$
1.08

Weighted average number of shares outstanding (in thousands)
12,217

 
12,646

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 2017, and 2016
(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, 2016
$
1,817

 
$
73,396

 
$
395,633

 
$
(9,401
)
 
$
(51,129
)
 
$
410,316

Net income

 

 
13,675

 

 

 
13,675

Other comprehensive income

 

 

 
4,342

 

 
4,342

Omnibus Equity Incentive Plan
1

 
170

 

 

 

 
171

Treasury shares purchased (495,606 shares)

 

 
$

 
$

 
(16,592
)
 
(16,592
)
Balance, March 31, 2016
$
1,818

 
$
73,566

 
$
409,308

 
$
(5,059
)
 
$
(67,721
)
 
$
411,912

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2017
$
1,820

 
$
74,525

 
$
421,826

 
$
(14,164
)
 
$
(69,612
)
 
$
414,395

Net income

 

 
9,369

 

 

 
9,369

Other comprehensive income

 

 

 
3,371

 

 
3,371

Omnibus Equity Incentive Plan

 
176

 

 

 

 
176

Treasury shares purchased (9,524 shares)

 

 

 

 
(503
)
 
(503
)
Balance, March 31, 2017
$
1,820

 
$
74,701

 
$
431,195

 
$
(10,793
)
 
$
(70,115
)
 
$
426,808

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,
 
2017
 
2016
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
9,369

 
$
13,675

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

 
 

Net amortization (accretion) of premiums and discounts on investments
897

 
820

Provision for loan losses
1,596

 
835

Securities (gains) losses
(2
)
 
(3
)
(Gain) loss on sale of other real estate
4

 
80

Gain on sale of certain assets and liabilities of insurance brokerage operation

 
(13,021
)
Restricted stock compensation
176

 
171

Depreciation and amortization
1,145

 
1,283

Other, net
(2,753
)
 
9,251

NET CASH FROM OPERATING ACTIVITIES
10,432

 
13,091

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Proceeds from sales of securities available-for-sale
783

 
1,445

Calls, maturities and principal reductions on securities available-for-sale
34,434

 
31,369

Purchases of securities available-for-sale
(33,025
)
 
(20,213
)
Loans made to customers, net of repayment
3,218

 
(468
)
Purchase of restricted stock
(10
)
 

Proceeds from sale of certain assets and liabilities of insurance brokerage operation

 
17,094

Proceeds from sales of other real estate owned
366

 
336

Net change in federal funds sold
1,952

 
3,371

Additions to premises and equipment
(345
)
 
(966
)
NET CASH FROM INVESTING ACTIVITIES
7,373

 
31,968

CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
9,484

 
(41,730
)
Net change in short-term borrowings
(45,168
)
 
(2,715
)
Maturities of other borrowings
(25,000
)
 
(3,200
)
Proceeds from other borrowings
25,000

 
2,850

Purchase of treasury stock
(503
)
 
(16,592
)
Dividends paid
(6,108
)
 
(6,242
)
NET CASH FROM FINANCING ACTIVITIES
(42,295
)
 
(67,629
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(24,490
)
 
(22,570
)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
75,012

 
88,695

CASH AND DUE FROM BANKS, END OF PERIOD
$
50,522

 
$
66,125

See accompanying notes.


6


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2017 and 2016 consolidated financial statements are unaudited. The December 31, 2016 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2016 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, 2016

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 2017 and 2016, 16,562 and 20,943 shares were awarded, respectively. These shares had a grant date value of $773 thousand and $677 thousand for 2017 and 2016, 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, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,731

 
$
1,553

 
$
5,767

 
$
1,722

 
$
18,773

Provision for loan losses
 
(514
)
 
51

 
1,593

 
466

 
1,596

Loans charged -off
 
(418
)
 
(261
)
 
(1,595
)
 

 
(2,274
)
Recoveries
 
578

 
153

 
569

 

 
1,300

Ending Balance
 
$
9,377

 
$
1,496

 
$
6,334

 
$
2,188

 
$
19,395


Allowance for Loan Losses:
 
March 31, 2016
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
11,482

 
$
1,834

 
$
4,945

 
$
1,685

 
$
19,946

Provision for loan losses
 
(275
)
 
125

 
787

 
198

 
835

Loans charged -off
 
(267
)
 
(239
)
 
(1,134
)
 

 
(1,640
)
Recoveries
 
228

 
49

 
508

 

 
785

Ending Balance
 
$
11,168

 
$
1,769

 
$
5,106

 
$
1,883

 
$
19,926

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 








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, 2017 and December 31, 2016
Allowance for Loan Losses
 
March 31, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
160

 
$
68

 
$

 
$

 
$
228

Collectively evaluated for impairment
 
9,217

 
1,428

 
6,334

 
2,188

 
19,167

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,377

 
$
1,496

 
$
6,334

 
$
2,188

 
$
19,395

 
Loans:
 
March 31, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
6,335

 
$
528

 
$

 
 
 
$
6,863

Collectively evaluated for impairment
 
1,100,312

 
421,552

 
309,404

 
 
 
1,831,268

Acquired with deteriorated credit quality
 
1,970

 

 

 
 
 
1,970

Ending Balance
 
$
1,108,617

 
$
422,080

 
$
309,404

 
 
 
$
1,840,101


Allowance for Loan Losses:
 
December 31, 2016
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
242

 
89

 

 

 
331

Collectively evaluated for impairment
 
9,489

 
1,464

 
5,767

 
1,722

 
18,442

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,731

 
$
1,553

 
$
5,767

 
$
1,722

 
$
18,773


Loans
 
December 31, 2016
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
8,051

 
549

 

 
 
 
8,600

Collectively evaluated for impairment
 
1,101,269

 
423,099

 
307,226

 
 
 
1,831,594

Acquired with deteriorated credit quality
 
3,415

 
1,431

 

 
 
 
4,846

Ending Balance
 
$
1,112,735

 
$
425,079

 
$
307,226

 
 
 
$
1,845,040
























8


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

 
 
 
 
 
 
March 31, 2017
 
 
 
 
 
 
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
 
$
1,089

 
$
1,089

 
$

 
$
1,135

 
$

 
$

Farmland
 

 

 

 
413

 

 

Non Farm, Non Residential
 
3,013

 
3,013

 

 
3,005

 

 

Agriculture
 
505

 
370

 

 
429

 

 

All Other Commercial
 
1,338

 
1,338

 

 
1,353

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
25

 
25

 

 
25

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
525

 
525

 
160

 
531

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 

 

 

 
329

 

 

Agriculture
 

 

 

 

 

 

All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
503

 
503

 
68

 
514

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
6,998

 
$
6,863

 
$
228

 
$
7,734

 
$

 
$

 




9


 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
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
 
$
1,181

 
$
1,181

 
$

 
$
981

 
$

 
$

Farmland
 
826

 
826

 

 
770

 

 

Non Farm, Non Residential
 
3,368

 
2,996

 

 
3,096

 

 

Agriculture
 
622

 
487

 

 
351

 

 

All Other Commercial
 
1,367

 
1,367

 

 
1,477

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
25

 
25

 

 
27

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

Commercial & Industrial
 
537

 
537

 
36

 
819

 

 

Farmland
 

 

 

 

 

 

Non Farm, Non Residential
 
657

 
657

 
206

 
1,016

 


 

Agriculture
 

 

 

 
114

 

 

All Other Commercial
 

 

 

 
45

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
524

 
524

 
89

 
647

 

 

Home Equity
 

 

 

 

 

 

Junior Liens
 

 

 

 

 

 

Multifamily
 

 

 

 

 

 

All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 

 

 

 

 

 

All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
9,107

 
$
8,600

 
$
331

 
$
9,343

 
$

 
$

 

 
 
 
 
 
 
 
 




10


 
 
Three Months Ended 
 March 31, 2016
 
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
 
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
 
With no related allowance recorded:
 
 

 
 

 
 

 
Commercial
 
 

 
 

 
 

 
Commercial & Industrial
 
$
1,143

 
$

 
$

 
Farmland
 

 

 

 
Non Farm, Non Residential
 
3,178

 

 

 
Agriculture
 

 

 

 
All Other Commercial
 
1,599

 

 

 
Residential
 
 

 
 

 
 

 
First Liens
 
29

 

 

 
Home Equity
 

 

 

 
Junior Liens
 

 

 

 
Multifamily
 

 

 

 
All Other Residential
 

 

 

 
Consumer
 
 

 
 

 
 

 
Motor Vehicle
 

 

 

 
All Other Consumer
 

 

 

 
With an allowance recorded:
 
 

 
 

 
 

 
Commercial
 
 

 
 

 
 

 
Commercial & Industrial
 
799

 

 

 
Farmland
 

 

 

 
Non Farm, Non Residential
 
1,296

 

 

 
Agriculture
 

 

 

 
All Other Commercial
 
113

 

 

 
Residential
 
 

 
 

 
 

 
First Liens
 
779

 

 

 
Home Equity
 

 

 

 
Junior Liens
 

 

 

 
Multifamily
 

 

 

 
All Other Residential
 

 

 

 
Consumer
 
 

 
 

 
 

 
Motor Vehicle
 

 

 

 
All Other Consumer
 

 

 

 
TOTAL
 
$
8,936

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 









11


The tables below presents the recorded investment in non-performing loans.
 
 
March 31, 2017
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
Nonaccrual
Commercial
 
 

 
 

 
 

 
 

Commercial & Industrial
 
$

 
$
3

 
$
337

 
$
2,155

Farmland
 

 

 

 
104

Non Farm, Non Residential
 

 
3

 
2,960

 
311

Agriculture
 

 

 

 
595

All Other Commercial
 

 

 

 
1,352

Residential
 
 

 
 

 
 
 
 

First Liens
 
143

 
3,384

 
753

 
5,024

Home Equity
 

 

 

 
271

Junior Liens
 

 

 

 
230

Multifamily
 

 

 

 

All Other Residential
 
12

 

 

 
91

Consumer
 
 

 
 

 
 
 
 

Motor Vehicle
 
336

 
47

 

 
211

All Other Consumer
 
21

 
164

 
574

 
762

TOTAL
 
$
512

 
$
3,601

 
$
4,624

 
$
11,106

 
 
December 31, 2016
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
Nonaccrual
Commercial
 
 

 
 

 
 

 
 

Commercial & Industrial
 
$
45

 
$
3

 
$
383

 
$
2,405

Farmland
 

 

 

 
978

Non Farm, Non Residential
 

 
60

 
2,941

 
1,027

Agriculture
 

 

 

 
744

All Other Commercial
 

 

 

 
1,380

Residential
 
 

 
 

 
 
 
 

First Liens
 
276

 
3,525

 
995

 
5,496

Home Equity
 

 

 

 
285

Junior Liens
 
55

 

 

 
202

Multifamily
 

 

 

 

All Other Residential
 

 

 

 
94

Consumer
 
 

 
 

 
 
 
 

Motor Vehicle
 
293

 
60

 

 
140

All Other Consumer
 

 
150

 
517

 
741

TOTAL
 
$
669

 
$
3,798

 
$
4,836

 
$
13,492


There were $24 thousand of loans covered by loss share agreements with the FDIC included in loans past due over 90 days still on accrual at March 31, 2017 and there were $80 thousand at December 31, 2016. There were $85 thousand of covered loans included in non-accrual loans at March 31, 2017 and there were $112 thousand at December 31, 2016. There were no covered loans at March 31, 2017 or December 31, 2016 that were deemed impaired.

12



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

The following tables presents the aging of the recorded investment in loans by past due category and class of loans.  
 
 
March 31, 2017
 
 
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
 
$
408

 
$
72

 
$
1,137

 
$
1,617

 
$
488,548

 
$
490,165

Farmland
 
41

 
966

 

 
1,007

 
107,127

 
108,134

Non Farm, Non Residential
 

 
42

 
69

 
111

 
191,868

 
191,979

Agriculture
 
79

 

 
370

 
449

 
136,568

 
137,017

All Other Commercial
 

 

 
19

 
19

 
181,303

 
181,322

Residential
 
 

 
 

 
 

 
 

 
 

 
 

First Liens
 
3,004

 
465

 
1,065

 
4,534

 
258,244

 
262,778

Home Equity
 
127

 
5

 
12

 
144

 
34,841

 
34,985

Junior Liens
 
178

 
59

 
143

 
380

 
37,854

 
38,234

Multifamily
 

 

 

 

 
73,407

 
73,407

All Other Residential
 
61

 

 
13

 
74

 
12,602

 
12,676

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

Motor Vehicle
 
2,396

 
383

 
374

 
3,153

 
282,782

 
285,935

All Other Consumer
 
74

 
8

 
24

 
106

 
23,363

 
23,469

TOTAL
 
$
6,368

 
$
2,000

 
$
3,226

 
$
11,594

 
$
1,828,507

 
$
1,840,101

 
 
 
December 31, 2016
 
 
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
 
$
370

 
$
114

 
$
1,199

 
$
1,683

 
$
474,406

 
$
476,089

Farmland
 
235

 
22

 
46

 
303

 
110,897

 
111,200

Non Farm, Non Residential
 
153

 

 
215

 
368

 
195,120

 
195,488

Agriculture
 
246

 

 
467

 
713

 
151,059

 
151,772

All Other Commercial
 
15