XML 26 R18.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Business Segments
 9 Months Ended
Jun. 30, 2011
Segment Reporting Disclosure [Text Block]

NOTE 11. Business Segments


          Prior to June 30, 2011, First Financial had two principal operating segments, banking and insurance, which were evaluated regularly by management and First Financial’s Board of Directors in deciding how to allocate resources and assess performance. On June 1, 2011, First Financial sold its insurance agency subsidiary, First Southeast, and its results of operations are now segregated from continuing operations and displayed as (loss) income from discontinued operations on a net basis. As displayed in the table below, the remaining components of the former Insurance segment are no longer material on an individual component (ie. noninterest income, noninterest expense, etc.) or a net income basis. First Financial continues to monitor the revenue streams of its various financial products and services but now manages its operations and evaluates its financial performance on a consolidated basis. As of June 30, 2011, First Financial considers its former Banking and Other business segments to not be independent and determined that they are one operating segment. The following table summarizes the impact of the sale on the remaining operations and demonstrates the immaterial nature of the remaining insurance segment. Effective with the September 30, 2011 financial statements, First Financial will no longer report business segment results.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2011

 

Three Months Ended June 30, 2010

 

 

 

 

 

(in thousands)

 

Banking

 

Insurance

 

Other

 

Total

 

Banking

 

Insurance

 

Other

 

Total

 

 

 

Interest income

 

$

39,468

 

$

8

 

$

(4

)

$

39,472

 

$

44,265

 

$

9

 

$

(6

)

$

44,268

 

Interest expense

 

 

9,323

 

 

—

 

 

733

 

 

10,056

 

 

12,390

 

 

—

 

 

662

 

 

13,052

 

 

 

 

 

Net interest income

 

 

30,145

 

 

8

 

 

(737

)

 

29,416

 

 

31,875

 

 

9

 

 

(668

)

 

31,216

 

Provision for loan losses

 

 

77,803

 

 

—

 

 

—

 

 

77,803

 

 

36,373

 

 

—

 

 

—

 

 

36,373

 

 

 

 

 

Net interest (loss) income after provision for loan losses

 

 

(47,658

)

 

8

 

 

(737

)

 

(48,387

)

 

(4,498

)

 

9

 

 

(668

)

 

(5,157

)

Noninterest income

 

 

10,824

 

 

1,237

 

 

7,108

 

 

19,169

 

 

11,881

 

 

1,071

 

 

519

 

 

13,471

 

Noninterest expense

 

 

27,173

 

 

2,906

 

 

2,419

 

 

32,498

 

 

25,136

 

 

979

 

 

2,559

 

 

28,674

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

 

(64,007

)

 

(1,661

)

 

3,952

 

 

(61,716

)

 

(17,753

)

 

101

 

 

(2,708

)

 

(20,360

)

Income tax (benefit) expense from continuing operations

 

 

(24,978

)

 

(636

)

 

6,197

 

 

(19,417

)

 

(6,899

)

 

39

 

 

(965

)

 

(7,825

)

 

 

 

 

Net (loss) income from continuing operations

 

 

(39,029

)

 

(1,025

)

 

(2,245

)

 

(42,299

)

 

(10,854

)

 

62

 

 

(1,743

)

 

(12,535

)

(Loss) income from discontinued operations

 

 

—

 

 

(701

)

 

—

 

 

(701

)

 

—

 

 

506

 

 

—

 

 

506

 

 

 

 

 

Net (loss) income

 

$

(39,029

)

$

(1,726

)

$

(2,245

)

$

(43,000

)

$

(10,854

)

$

568

 

$

(1,743

)

$

(12,029

)

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended June 30, 2011

 

Nine Months Ended June 30, 2010

 

 

 

 

 

 

 

Banking

 

Insurance

 

Other

 

Total

 

Banking

 

Insurance

 

Other

 

Total

 

 

 

 

 

Interest income

 

$

121,719

 

$

19

 

$

(10

)

$

121,728

 

$

137,751

 

$

27

 

$

(13

)

$

137,765

 

Interest expense

 

 

30,555

 

 

—

 

 

2,222

 

 

32,777

 

 

40,014

 

 

—

 

 

2,170

 

 

42,184

 

 

 

 

 

Net interest income

 

 

91,164

 

 

19

 

 

(2,232

)

 

88,951

 

 

97,737

 

 

27

 

 

(2,183

)

 

95,581

 

Provision for loan losses

 

 

100,961

 

 

—

 

 

—

 

 

100,961

 

 

107,615

 

 

—

 

 

—

 

 

107,615

 

 

 

 

 

Net interest (loss) income after provision for loan losses

 

 

(9,797

)

 

19

 

 

(2,232

)

 

(12,010

)

 

(9,878

)

 

27

 

 

(2,183

)

 

(12,034

)

Noninterest income

 

 

31,645

 

 

3,024

 

 

8,031

 

 

42,700

 

 

31,683

 

 

2,682

 

 

1,282

 

 

35,647

 

Noninterest expense

 

 

82,525

 

 

4,953

 

 

5,578

 

 

93,056

 

 

77,637

 

 

2,997

 

 

5,236

 

 

85,870

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

 

(60,677

)

 

(1,910

)

 

221

 

 

(62,366

)

 

(55,832

)

 

(288

)

 

(6,137

)

 

(62,257

)

Income tax (benefit) expense from continuing operations

 

 

(23,890

)

 

(731

)

 

4,872

 

 

(19,749

)

 

(22,191

)

 

(163

)

 

(2,155

)

 

(24,509

)

 

 

 

 

Net (loss) income from continuing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

operations

 

 

(36,787

)

 

(1,179

)

 

(4,651

)

 

(42,617

)

 

(33,641

)

 

(125

)

 

(3,982

)

 

(37,748

)

Income from discontinued operations

 

 

—

 

 

354

 

 

—

 

 

354

 

 

—

 

 

2,131

 

 

—

 

 

2,131

 

 

 

 

 

Net (loss) income

 

$

(36,787

)

$

(825

)

$

(4,651

)

$

(42,263

)

$

(33,641

)

$

2,006

 

$

(3,982

)

$

(35,617

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,210,021

 

$

9,410

 

$

2,113

 

$

3,221,544

 

$

3,271,969

 

$

56,965

 

$

(4,590

)

$

3,324,344