First Financial Corporation Reports 1st Quarter Results
(firmenpresse) - TERRE HAUTE, IN -- (Marketwired) -- 04/29/15 -- First Financial Corporation (NASDAQ: THFF) today announced results for the first quarter of 2015. Net income for the three months ending March 31, 2015 was $7.76 million compared to $7.83 million for the same period of 2014. Diluted net income per common share increased 1.69% to $0.60 from $0.59 for the comparable period of 2014.
Return on assets for the three months ended March 31, 2015 was 1.04% compared to 1.03% for the three months ended March 31, 2014.
Average total loans for the first quarter of 2015 were $1.76 billion versus the $1.78 billion for the comparable period in 2014, a decrease of $22.3 million or 1.25%. Total loans outstanding decreased $29.5 million, or 1.66%, from $1.78 billion as of March 31, 2014 to $1.76 billion as of March 31, 2015. On a linked quarter basis, average total loans decreased $34.7 million, or 1.93%, from $1.80 billion for the quarter ending December 31, 2014 primarily due to payoffs in the 4th quarter related to the sale of businesses.
Average total deposits for the quarter ended March 31, 2015 were $2.46 billion versus $2.49 billion as of March 31, 2014, a decrease of 1.23%. Non-interest bearing deposits, however, increased 4.98% while interest-bearing deposits decreased 2.87%.
The company's tangible common equity to tangible asset ratio was 12.39% at March 31, 2015, compared to 11.89% at March 31, 2014.
Due to the prolonged low interest rate environment, net interest income for the first quarter of 2015 was $26.0 million, a decrease of 4.23% over the $27.1 million reported for the same period of 2014. The net interest margin for the quarter ended March 31, 2015 decreased to 4.01% from the 4.10% reported at March 31, 2014.
Asset quality remains strong with nonperforming loans decreasing 13.59% to $34.7 million as of March 31, 2015 versus $40.1 million as of March 31, 2014. The ratio of nonperforming loans to total loans and leases also decreased to 1.97% as of March 31, 2015 versus 2.25% as of March 31, 2014.
The provision for loan losses for the three months ended March 31, 2015 was $1.45 million compared to the $1.96 million provision for the first quarter of 2014. Net charge-offs were $938 thousand for the first quarter of 2015 compared to $1.39 million in the same period of 2014. The Corporation's allowance for loan losses as of March 31, 2015 was $19.4 million compared to $20.8 million as of March 31, 2014. The allowance for loan losses as a percent of total loans was 1.10% as of March 31, 2015 compared to 1.14% as of March 31, 2014.
Non-interest income for the three months ended March 31, 2015 and 2014 was $10.06 and $10.11 million, respectively. An increase in other non-interest income offset declines in service charges and fees on deposit accounts and insurance commissions.
Non-interest expense for the three months ended March 31, 2015 increased $288 thousand to $24.0 million compared to $23.7 million in 2014. On a linked quarter basis, non-interest expense increased $868 thousand from $23.1 million for the quarter ended December 31, 2014. On a year-over-year basis, salaries and employee benefits increased $962 thousand driven by normal merit increases and increased pension expense due in part to lower discount rates used in determining the liability as well as the use of the new RP-2014 Mortality Table. The pension plan was frozen for the majority of employees as of December 31, 2013. The Corporation's efficiency ratio was 63.78% for the quarter ending March 31, 2015 versus 62.30% for the same period in 2014.
Book value per share was $31.58 at March 31, 2015, a 5.62% increase from the $29.90 at March 31, 2014. Shareholders' equity increased 2.43% to $409.0 million from $399.3 million on March 31, 2014.
Norman L. Lowery, President and Chief Executive Officer, commented, "We are pleased with our performance in the first quarter of 2015. The continued improvement in our asset quality is a primary contributor to our success."
First Financial Corporation is the holding company for First Financial Bank N.A. in Indiana and Illinois, The Morris Plan Company of Terre Haute and Forrest Sherer Inc. in Indiana.
For more information contact:
Rodger A. McHargue
(812) 238-6334
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Datum: 29.04.2015 - 17:00 Uhr
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News-ID 389531
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TERRE HAUTE, IN
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Commercial & Investment Banking
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