0000714562-19-000062.txt : 20190807 0000714562-19-000062.hdr.sgml : 20190807 20190807092335 ACCESSION NUMBER: 0000714562-19-000062 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190807 DATE AS OF CHANGE: 20190807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL CORP /IN/ CENTRAL INDEX KEY: 0000714562 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351546989 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16759 FILM NUMBER: 191004070 BUSINESS ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 BUSINESS PHONE: (812) 238-6000 MAIL ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 FORMER COMPANY: FORMER CONFORMED NAME: TERRE HAUTE FIRST CORP DATE OF NAME CHANGE: 19850808 10-Q 1 thff-2019630x10q.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 June 30, 2019
 
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 ý  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 ý   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
ý
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 ý.
 
As of August 5, 2019, the registrant had outstanding 12,290,212 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)
 
June 30,
2019
 
December 31,
2018
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
60,884

 
$
74,388

Federal funds sold
2,200

 

Securities available-for-sale
791,537

 
784,916

Loans:
 

 
 

  Commercial
1,188,283

 
1,166,352

  Residential
461,616

 
443,670

  Consumer
357,012

 
341,041

 
2,006,911

 
1,951,063

(Less) plus:
 

 
 

  Net deferred loan costs
3,287

 
2,925

  Allowance for loan losses
(20,250
)
 
(20,436
)
 
1,989,948

 
1,933,552

Restricted stock
10,412

 
10,390

Accrued interest receivable
13,877

 
13,970

Premises and equipment, net
45,662

 
46,554

Bank-owned life insurance
86,757

 
86,186

Goodwill
34,355

 
34,355

Other intangible assets
969

 
1,197

Other real estate owned
498

 
603

Other assets
27,113

 
22,607

TOTAL ASSETS
$
3,064,212

 
$
3,008,718

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

  Non-interest-bearing
$
436,472

 
$
431,923

  Interest-bearing:
 

 
 

    Certificates of deposit exceeding the FDIC insurance limits
57,470

 
42,284

    Other interest-bearing deposits
1,969,076

 
1,962,520

 
2,463,018

 
2,436,727

Short-term borrowings
60,492

 
69,656

Other liabilities
62,882

 
59,634

TOTAL LIABILITIES
2,586,392

 
2,566,017

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.125 stated value per share;
 
 
 
Authorized shares-40,000,000
 
 
 
Issued shares-14,632,323 in 2019 and 14,612,540 in 2018
 
 
 
Outstanding shares-12,290,212 in 2019 and 12,278,295 in 2018
1,826

 
1,824

Additional paid-in capital
77,173

 
76,774

Retained earnings
472,577

 
456,716

Accumulated other comprehensive loss
(4,282
)
 
(23,454
)
Less: Treasury shares at cost-2,342,111 in 2019 and 2,334,245 in 2018
(69,474
)
 
(69,159
)
TOTAL SHAREHOLDERS’ EQUITY
477,820

 
442,701

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
3,064,212

 
$
3,008,718

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 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
 
(unaudited)
 
(unaudited)
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

 
 

 
 

Loans, including related fees
$
27,533

 
$
24,778

 
$
54,287

 
$
48,401

Securities:
 

 
 

 
 

 
 

Taxable
3,516

 
5,947

 
7,197

 
9,540

Tax-exempt
1,873

 
1,860

 
3,740

 
3,700

Other
337

 
318

 
651

 
639

TOTAL INTEREST INCOME
33,259

 
32,903

 
65,875

 
62,280

INTEREST EXPENSE:
 

 
 

 
 

 
 

Deposits
3,316

 
2,125

 
6,133

 
3,889

Short-term borrowings
158

 
88

 
481

 
187

Other borrowings
33

 
6

 
83

 
47

TOTAL INTEREST EXPENSE
3,507

 
2,219

 
6,697

 
4,123

NET INTEREST INCOME
29,752

 
30,684

 
59,178

 
58,157

Provision for loan losses
230

 
1,355

 
1,700

 
2,828

NET INTEREST INCOME AFTER PROVISION
 

 
 

 
 

 
 

FOR LOAN LOSSES
29,522

 
29,329

 
57,478

 
55,329

NON-INTEREST INCOME:
 

 
 

 
 

 
 

Trust and financial services
1,124

 
1,340

 
2,328

 
2,755

Service charges and fees on deposit accounts
2,735

 
2,846

 
5,359

 
5,731

Other service charges and fees
3,408

 
3,347

 
6,522

 
6,491

Securities gains, net
16

 
2

 
12

 
2

Gain on sales of mortgage loans
496

 
500

 
916

 
840

Other
1,964

 
768

 
2,242

 
1,087

TOTAL NON-INTEREST INCOME
9,743

 
12,961

 
17,379

 
21,064

NON-INTEREST EXPENSE:
 

 
 

 
 

 
 

Salaries and employee benefits
12,546

 
12,578

 
25,301

 
25,543

Occupancy expense
1,813

 
1,633

 
3,628

 
3,414

Equipment expense
1,751

 
1,650

 
3,568

 
3,343

FDIC Expense
199

 
223

 
339

 
450

Other
7,183

 
6,599

 
14,349

 
13,144

TOTAL NON-INTEREST EXPENSE
23,492

 
22,683

 
47,185

 
45,894

INCOME BEFORE INCOME TAXES
15,773

 
19,607

 
27,672

 
30,499

Provision for income taxes
3,204

 
4,346

 
5,421

 
6,285

NET INCOME
12,569

 
15,261

 
22,251

 
24,214

OTHER COMPREHENSIVE INCOME (LOSS)
 

 
 

 
 

 
 

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
8,341

 
(4,682
)
 
18,565

 
(11,883
)
Change in funded status of post retirement benefits, net of taxes
304

 
281

 
607

 
(2,302
)
COMPREHENSIVE INCOME
$
21,214

 
$
10,860

 
$
41,423

 
$
10,029

PER SHARE DATA
 

 
 

 
 

 
 

Basic and Diluted Earnings per Share
$
1.02

 
$
1.25

 
$
1.81

 
$
1.98

Weighted average number of shares outstanding (in thousands)
12,290

 
12,255

 
12,286

 
12,252

See accompanying notes.

4


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
June 30, 2019, and 2018
(Dollar amounts in thousands, except per share data)
(Unaudited)
 
 
Common
Stock
 
Additional
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income/(Loss)
 
Treasury
Stock
 
Total
Balance, April 1, 2018
$
1,823

 
$
75,810

 
$
431,594

 
$
(24,488
)
 
$
(69,839
)
 
$
414,900

Net income

 

 
15,261

 

 

 
15,261

Other comprehensive loss

 

 

 
(4,401
)
 

 
(4,401
)
Omnibus Equity Incentive Plan

 
185

 

 

 

 
185

Cash dividends, $.51 per share

 

 
(6,250
)
 

 

 
(6,250
)
Balance, June 30, 2018
$
1,823

 
$
75,995

 
$
440,605

 
$
(28,889
)
 
$
(69,839
)
 
$
419,695

 
 
 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2019
$
1,825

 
$
76,974

 
$
466,398

 
$
(12,927
)
 
$
(69,474
)
 
$
462,796

Net income

 

 
12,569

 

 

 
12,569

Other comprehensive income

 

 

 
8,645

 

 
8,645

Omnibus Equity Incentive Plan
1

 
199

 

 

 

 
200

Cash dividends, $.52 per share

 

 
(6,390
)
 

 

 
(6,390
)
Balance, June 30, 2019
$
1,826

 
$
77,173

 
$
472,577

 
$
(4,282
)
 
$
(69,474
)
 
$
477,820

See accompanying notes.




























5



FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Six Months Ended
June 30, 2019, and 2018
(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, 2018
$
1,822

 
$
75,624

 
$
420,275

 
$
(14,704
)
 
$
(69,448
)
 
$
413,569

Net income

 

 
24,214

 

 

 
24,214

Other comprehensive income

 

 

 
(11,819
)
 

 
(11,819
)
Omnibus Equity Incentive Plan
1

 
371

 

 

 

 
372

Treasury shares purchased (8,639 shares)

 

 

 

 
(391
)
 
(391
)
ASU 2018-02 adjustment

 

 
2,366

 
(2,366
)
 

 

Cash dividends, $.51 per share

 

 
(6,250
)
 

 

 
(6,250
)
Balance, June 30, 2018
$
1,823

 
$
75,995

 
$
440,605

 
$
(28,889
)
 
$
(69,839
)
 
$
419,695

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
$
1,824

 
$
76,774

 
$
456,716

 
$
(23,454
)
 
$
(69,159
)
 
$
442,701

Net income

 

 
22,251

 

 

 
22,251

Other comprehensive loss

 

 

 
19,172

 

 
19,172

Omnibus Equity Incentive Plan
2

 
399

 

 

 

 
401

Treasury shares purchased (7,866 shares)

 

 

 

 
(315
)
 
(315
)
Cash dividends, $.52 per share

 

 
(6,390
)
 

 

 
(6,390
)
Balance, June 30, 2019
$
1,826

 
$
77,173

 
$
472,577

 
$
(4,282
)
 
$
(69,474
)
 
$
477,820






6


FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
22,251

 
$
24,214

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

 
 

Net amortization (accretion) of premiums and discounts on investments
1,958

 
1,765

Provision for loan losses
1,700

 
2,828

Securities (gains)
(12
)
 
(2
)
(Gain) Loss on sale of other real estate
10

 
(16
)
Restricted stock compensation
401

 
372

Depreciation and amortization
2,025

 
2,082

Other, net
(519
)
 
(4,605
)
NET CASH FROM OPERATING ACTIVITIES
27,814

 
22,480

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Calls, maturities and principal reductions on securities available-for-sale
60,979

 
80,461

Purchases of securities available-for-sale
(45,409
)
 
(62,076
)
Loans made to customers, net of repayment
(58,383
)
 
(24,656
)
Purchase of restricted stock
(22
)
 
(11
)
Proceeds from sales of other real estate owned
458

 
1,654

Net change in federal funds sold
(2,200
)
 

Additions to premises and equipment
(905
)
 
(976
)
NET CASH FROM INVESTING ACTIVITIES
(45,482
)
 
(5,604
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
26,291

 
(4,318
)
Net change in short-term borrowings
(9,164
)
 
(25,097
)
Maturities of other borrowings
(167,000
)
 
(52,800
)
Proceeds from other borrowings
167,000

 
54,200

Purchase of treasury stock
(315
)
 
(391
)
Dividends paid
(12,648
)
 
(12,496
)
NET CASH FROM FINANCING ACTIVITIES
4,164

 
(40,902
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(13,504
)
 
(24,026
)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
74,388

 
74,107

CASH AND DUE FROM BANKS, END OF PERIOD
$
60,884

 
$
50,081

See accompanying notes.


7


FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying June 30, 2019 and 2018 consolidated financial statements are unaudited. The December 31, 2018 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2018 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, 2018

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 2019 and 2018, 19,783 and 17,220 shares were awarded, respectively. These shares had a grant date value of $841 thousand and $784 thousand for 2019 and 2018, 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 June 30. 
Allowance for Loan Losses:
 
June 30, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,239

 
$
1,492

 
$
7,562

 
$
2,667

 
$
20,960

Provision for loan losses
 
482

 
(141
)
 
854

 
(965
)
 
230

Loans charged -off
 
(403
)
 
(117
)
 
(1,386
)
 

 
(1,906
)
Recoveries
 
163

 
89

 
714

 

 
966

Ending Balance
 
$
9,481

 
$
1,323

 
$
7,744

 
$
1,702

 
$
20,250


Allowance for Loan Losses:
 
June 30, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,152

 
$
1,389

 
$
6,781

 
$
1,920

 
$
20,242

Provision for loan losses
 
(345
)
 
109

 
1,451

 
140

 
1,355

Loans charged -off
 
(329
)
 
(255
)
 
(1,687
)
 

 
(2,271
)
Recoveries
 
20

 
139

 
586

 

 
745

Ending Balance
 
$
9,498

 
$
1,382

 
$
7,131

 
$
2,060

 
$
20,071













8


The following table presents the activity of the allowance for loan losses by portfolio segment for the six months
ended June 30.
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses:
 
June 30, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,848

 
$
1,313

 
$
7,481

 
$
1,794

 
$
20,436

Provision for loan losses
 
(158
)
 
155

 
1,795

 
(92
)
 
1,700

Loans charged -off
 
(659
)
 
(419
)
 
(2,937
)
 

 
(4,015
)
Recoveries
 
450

 
274

 
1,405

 

 
2,129

Ending Balance
 
$
9,481

 
$
1,323

 
$
7,744

 
$
1,702

 
$
20,250

 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses:
 
June 30, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,281

 
$
1,455

 
$
6,709

 
$
1,464

 
$
19,909

Provision for loan losses
 
(337
)
 
100

 
2,469

 
596

 
2,828

Loans charged -off
 
(644
)
 
(474
)
 
(3,226
)
 

 
(4,344
)
Recoveries
 
198

 
301

 
1,179

 

 
1,678

Ending Balance
 
$
9,498

 
$
1,382

 
$
7,131

 
$
2,060

 
$
20,071


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 June 30, 2019 and December 31, 2018
Allowance for Loan Losses
 
June 30, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
658

 
$

 
$

 
$

 
$
658

Collectively evaluated for impairment
 
8,823

 
1,323

 
7,744

 
1,702

 
19,592

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,481

 
$
1,323

 
$
7,744

 
$
1,702

 
$
20,250

 
Loans:
 
June 30, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
4,318

 
$
3,990

 
$

 
 
 
$
8,308

Collectively evaluated for impairment
 
1,189,585

 
459,089

 
358,556

 
 
 
2,007,230

Acquired with deteriorated credit quality
 
1,424

 

 

 
 
 
1,424

Ending Balance
 
$
1,195,327

 
$
463,079

 
$
358,556

 
 
 
$
2,016,962


Allowance for Loan Losses:
 
December 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
737

 

 

 

 
737

Collectively evaluated for impairment
 
9,111

 
1,313

 
7,481

 
1,794

 
19,699

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,848

 
$
1,313

 
$
7,481

 
$
1,794

 
$
20,436

Loans
 
December 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
6,101

 
4,415

 

 
 
 
10,516

Collectively evaluated for impairment
 
1,166,227

 
440,497

 
342,473

 
 
 
1,949,197

Acquired with deteriorated credit quality
 
1,495

 

 

 
 
 
1,495

Ending Balance
 
$
1,173,823

 
$
444,912

 
$
342,473

 
 
 
$
1,961,208


9


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

 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
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
 
$
587

 
$
587

 
$

 
$
676

 
$

 
$

 Farmland
 
2,011

 
2,011

 

 
1,995

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 
29

 
29

 

 
750

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
3,990

 
3,990

 

 
4,219

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
1,691

 
1,691

 
658

 
1,747

 

 

 Farmland
 

 

 

 
140

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 
231

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
8,308

 
$
8,308

 
$
658

 
$
9,758

 
$

 
$

 




10


 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
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
 
$
589

 
$
589

 
$

 
$
698

 
$

 
$

 Farmland
 
2,022

 
2,022

 

 
1,579

 

 

 Non Farm, Non Residential
 

 

 

 
1,443

 

 

 Agriculture
 

 

 

 
49

 

 

 All Other Commercial
 
1,114

 
1,114

 

 
1,172

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,415

 
4,415

 

 
3,371

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 
23

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
1,819

 
1,819

 
593

 
688

 

 

 Farmland
 
211

 
211

 
44

 
1,691

 

 

 Non Farm, Non Residential
 

 

 

 

 


 

 Agriculture
 
346

 
346

 
100

 
316

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 
88

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,516

 
$
10,516

 
$
737

 
$
11,118

 
$

 
$

 


11


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended 
 June 30, 2019
 
Six Months Ended 
 June 30, 2019
 
 
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
 
$
720

 
$

 
$

 
$
676

 
$

 
$

 Farmland
 
1,982

 

 

 
1,995

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 
569

 

 

 
750

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,121

 

 

 
4,219

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
1,711

 

 

 
1,747

 

 

 Farmland
 
105

 

 

 
140

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 
173

 

 

 
231

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential