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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, 2021
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________

Commission File Number 0-16759
 
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
Indiana35-1546989
(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)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.125 per shareTHFFThe NASDAQ Stock Market LLC

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 þ  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 þ   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 filerþ
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 þ.
 
As of November 1, 2021, the registrant had outstanding 12,871,936 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,
2021
December 31,
2020
    (unaudited)
ASSETS  
Cash and due from banks$758,120 $657,470 
Federal funds sold6,183 301 
Securities available-for-sale1,270,820 1,020,744 
Loans:  
  Commercial1,457,984 1,521,711 
  Residential535,855 604,652 
  Consumer482,115 479,750 
 2,475,954 2,606,113 
(Less) plus:  
  Net deferred loan (fees)/costs3,956 4,181 
  Allowance for credit losses(42,962)(47,052)
 2,436,948 2,563,242 
Restricted stock14,837 14,812 
Accrued interest receivable15,963 16,957 
Premises and equipment, net63,187 62,063 
Bank-owned life insurance106,895 95,849 
Goodwill78,592 78,592 
Other intangible assets7,725 8,972 
Other real estate owned884 1,012 
Other assets40,939 37,530 
TOTAL ASSETS$4,801,093 $4,557,544 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Deposits:  
  Non-interest-bearing$814,902 $732,694 
  Interest-bearing:  
    Certificates of deposit exceeding the FDIC insurance limits68,920 107,764 
    Other interest-bearing deposits3,144,814 2,915,487 
 4,028,636 3,755,945 
Short-term borrowings101,051 116,061 
Other borrowings5,902 5,859 
Other liabilities70,569 82,687 
TOTAL LIABILITIES4,206,158 3,960,552 
Shareholders’ equity  
Common stock, $0.125 stated value per share;
Authorized shares-40,000,000
Issued shares-16,096,313 in 2021 and 16,075,154 in 2020
Outstanding shares-12,871,936 in 2021 and 13,558,511 in 20202,009 2,007 
Additional paid-in capital141,456 140,820 
Retained earnings559,693 521,103 
Accumulated other comprehensive income/(loss)(1,102)9,764 
Less: Treasury shares at cost-3,224,377 in 2021 and 2,516,643 in 2020(107,121)(76,702)
TOTAL SHAREHOLDERS’ EQUITY594,935 596,992 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$4,801,093 $4,557,544 
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,
 2021202020212020
 (unaudited)(unaudited)(unaudited)(unaudited)
INTEREST INCOME:    
Loans, including related fees$31,937 $34,077 $95,760 $102,335 
Securities:    
Taxable3,627 3,005 10,061 10,658 
Tax-exempt2,234 1,994 6,471 5,940 
Other347 463 1,080 1,265 
TOTAL INTEREST INCOME38,145 39,539 113,372 120,198 
INTEREST EXPENSE:    
Deposits1,959 2,689 6,335 10,238 
Short-term borrowings99 107 291 475 
Other borrowings59 212 177 709 
TOTAL INTEREST EXPENSE2,117 3,008 6,803 11,422 
NET INTEREST INCOME36,028 36,531 106,569 108,776 
Provision for credit losses(1,500)4,425 (3,244)10,080 
NET INTEREST INCOME AFTER PROVISION    
FOR CREDIT LOSSES37,528 32,106 109,813 98,696 
NON-INTEREST INCOME:    
Trust and financial services1,156 1,210 3,774 4,032 
Service charges and fees on deposit accounts2,697 2,516 7,267 7,616 
Other service charges and fees4,466 4,269 13,747 11,468 
Securities gains (losses), net5 5 111 230 
Gain on sales of mortgage loans1,425 2,910 4,268 4,813 
Other1,343 829 2,150 1,451 
TOTAL NON-INTEREST INCOME11,092 11,739 31,317 29,610 
NON-INTEREST EXPENSE:    
Salaries and employee benefits15,770 15,474 47,478 45,769 
Occupancy expense2,151 2,003 6,302 6,094 
Equipment expense2,177 2,739 7,195 7,873 
FDIC Expense313 135 898 (46)
Other8,048 6,779 22,221 21,877 
TOTAL NON-INTEREST EXPENSE28,459 27,130 84,094 81,567 
INCOME BEFORE INCOME TAXES20,161 16,715 57,036 46,739 
Provision for income taxes4,063 2,715 11,447 8,634 
NET INCOME16,098 14,000 45,589 38,105 
OTHER COMPREHENSIVE INCOME (LOSS)    
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes(2,985)2,223 (12,281)18,451 
Change in funded status of post retirement benefits, net of taxes471 383 1,415 1,171 
COMPREHENSIVE INCOME $13,584 $16,606 $34,723 $57,727 
PER SHARE DATA    
Basic and Diluted Earnings per Share$1.24 $1.02 $3.42 $2.78 
Weighted average number of shares outstanding (in thousands)13,019 13,715 13,320 13,723 
See accompanying notes.
4

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
September 30, 2021, and 2020
(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, 2020$2,006 $140,103 $509,029 $9,515 $(70,369)$590,284 
Net income  14,000   14,000 
Other comprehensive income (loss)   2,606  2,606 
Omnibus Equity Incentive Plan 205    205 
Balance, September 30, 2020$2,006 $140,308 $523,029 $12,121 $(70,369)$607,095 
Balance, July 1, 2021$2,008 $141,240 $543,595 $1,412 $(100,092)$588,163 
Net income  16,098   16,098 
Other comprehensive income (loss)   (2,514) (2,514)
Omnibus Equity Incentive Plan1 216    217 
Treasury shares purchased (176,293 shares)— — — — (7,029)(7,029)
Balance, September 30, 2021$2,009 $141,456 $559,693 $(1,102)$(107,121)$594,935 
See accompanying notes.






























FIRST FINANCIAL CORPORATION
5

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Nine Months Ended
September 30, 2021, and 2020
(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, 2020$2,005 $139,694 $492,055 $(7,501)$(68,645)$557,608 
Net income  38,105   38,105 
Other comprehensive income (loss)   19,622  19,622 
Omnibus Equity Incentive Plan1 614    615 
Treasury shares purchased (46,989 shares)    (1,724)(1,724)
Cash dividends, $.52 per share  (7,131)  (7,131)
Balance, September 30, 2020$2,006 $140,308 $523,029 $12,121 $(70,369)$607,095 
Balance, January 1, 2021$2,007 $140,820 $521,103 $9,764 $(76,702)$596,992 
Net income  45,589   45,589 
Other comprehensive income (loss)   (10,866) (10,866)
Omnibus Equity Incentive Plan2 636    638 
Treasury shares purchased (707,734 shares)    (30,419)(30,419)
Cash dividends, $.53 per share  (6,999)  (6,999)
Balance, September 30, 2021$2,009 $141,456 $559,693 $(1,102)$(107,121)$594,935 




6

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
Nine Months Ended
September 30,
 20212020
 (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net Income$45,589 $38,105 
Adjustments to reconcile net income to net cash provided by operating activities:  
Net amortization (accretion) of premiums and discounts on investments6,207 5,149 
Provision for credit losses(3,244)10,080 
Securities (gains) losses(111)(230)
Gain on sales of mortgage loans(4,268)(4,813)
(Gain) Loss on sale of other real estate10 140 
Restricted stock compensation638 615 
Depreciation and amortization4,670 4,527 
Other, net(6,583)(780)
NET CASH FROM OPERATING ACTIVITIES42,908 52,793 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Proceeds from sales of securities available-for-sale9,369 28,161 
Calls, maturities and principal reductions on securities available-for-sale198,613 181,963 
Purchases of securities available-for-sale(479,007)(221,830)
Loans made to customers, net of repayment135,691 (92,854)
Redemption of restricted stock 400 
Purchase of restricted stock(25)(18)
Purchase of bank owned life insurance(10,000) 
Proceeds from sales of other real estate owned237 487 
Net change in federal funds sold(5,882)6,841 
Additions to premises and equipment(4,547)(3,681)
NET CASH FROM INVESTING ACTIVITIES(155,551)(100,531)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net change in deposits272,903 329,929 
Net change in short-term borrowings(15,010)15,130 
Maturities of other borrowings (37,010)
Proceeds from other borrowings 16,700 
Purchase of treasury stock(30,419)(1,724)
Dividends paid(14,181)(14,273)
NET CASH FROM FINANCING ACTIVITIES213,293 308,752 
NET CHANGE IN CASH AND CASH EQUIVALENTS100,650 261,014 
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD657,470 127,426 
CASH AND DUE FROM BANKS, END OF PERIOD$758,120 $388,440 
See accompanying notes.

7

FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying September 30, 2021 and 2020 consolidated financial statements are unaudited. The December 31, 2020 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2020 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, 2020. 

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.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It contains substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The goal of the CARES Act is to prevent a severe economic downturn through various measures, including direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The CARES Act also includes a range of other provisions designed to support the U.S. economy and mitigate the impact of COVID-19 on financial institutions and their customers, including through the authorization of various programs and measures that the U.S. Department of the Treasury, the Small Business Administration, the Federal Reserve Board, and other federal banking agencies may or are required to implement. Further, in response to the COVID-19 outbreak, the Federal Reserve Board has implemented or announced a number of facilities to provide emergency liquidity to various segments of the U.S. economy and financial market.

 The CARES Act includes a provision that permits a financial institution to elect to suspend temporarily troubled debt restructuring accounting under ASC Subtopic 310-40 in certain circumstances (“section 4013”). To be eligible under section 4013, a loan modification must be (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (A) 60 days after the date of termination of the National Emergency or (B) December 31, 2020. The date was subsequently extended to December 31, 2021. In response to this section of the CARES Act, the federal banking agencies issued a revised interagency statement on April 7, 2020 that, in consultation with the Financial Accounting Standards Board, confirmed that for loans not subject to section 4013, short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not troubled debt restructurings under ASC Subtopic 310-40. This includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented.

The extent to which the COVID-19 pandemic impacts the Corporation’s business, liquidity, asset valuations, results of operations, and financial condition, as well as its regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic. Moreover, the effects of the COVID-19 pandemic may have a material adverse effect on all or a combination of valuation impairments on the Corporation's intangible assets, investments, loans, or deferred tax assets.

The CARES Act included an option for entities to delay the implementation of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, ("CECL") until the earlier of the termination date of the National emergency declaration by the President or December 31, 2020. The Corporation adopted ASU 2016-13 on December 31, 2020 with an effective date of January 1, 2020. In the first three quarters of 2020 the provision was calculated using the incurred loss basis. Beginning in the fourth quarter 2020, the allowance for credit loss and related provision were calculated using CECL.

The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34% respectively. For the nine months ended 2021 and 2020, 21,159 and 19,688 shares were awarded, respectively. These
8

shares had a grant date value of $885 thousand and $837 thousand for 2021 and 2020, 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 Credit Losses

The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended September 30. 
Allowance for Credit Losses:September 30, 2021
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$15,693 $17,837 $10,988 $214 $44,732 
Provision for credit losses(531)(1,387)173 245 (1,500)
Loans charged-off(313)(61)(1,240) (1,614)
Recoveries182 130 1,032  1,344 
Ending Balance$15,031 $16,519 $10,953 $459 $42,962 
Allowance for Credit Losses:September 30, 2020
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$10,149 $1,876 $10,054 $1,206 $23,285 
Provision for credit losses1,992 17 1,695 721 4,425 
Loans charged-off(160)(296)(1,542) (1,998)
Recoveries147 185 916  1,248 
Ending Balance$12,128 $1,782 $11,123 $1,927 $26,960 

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

Allowance for Credit Losses:September 30, 2021
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$16,901 $19,142 $11,009 $ $47,052 
Provision for credit losses(2,067)(2,577)941 459 (3,244)
Loans charged -off(612)(492)(3,999) (5,103)
Recoveries809 446 3,002  4,257 
Ending Balance$15,031 $16,519 $10,953 $459 $42,962 
Allowance for Credit Losses:September 30, 2020
(Dollar amounts in thousands)CommercialResidentialConsumerUnallocatedTotal
Beginning balance$8,945 $1,302 $8,304 $1,392 $19,943 
Provision for credit losses3,325 795 5,425 535 10,080 
Loans charged -off(834)(719)(4,889) (6,442)
Recoveries692 404 2,283  3,379 
Ending Balance$12,128 $1,782 $11,123 $1,927 $26,960 


9

The following table presents loans individually evaluated for impairment by class of loans. 
Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2020
 Average
Recorded
Interest
Income
Cash Basis
Interest Income
Average
Recorded
Interest
Income
Cash Basis
Interest Income
(Dollar amounts in thousands)InvestmentRecognizedRecognizedInvestmentRecognizedRecognized
With no related allowance recorded:      
Commercial      
 Commercial & Industrial$1,026 $ $ $1,048 $ $ 
 Farmland662   1,161   
 Non Farm, Non Residential3,436   2,596   
 Agriculture      
 All Other Commercial25   26   
Residential      
 First Liens3,452