First Financial Corporation Reports 2nd Quarter Results
(firmenpresse) - TERRE HAUTE, IN -- (Marketwired) -- 07/28/15 -- First Financial Corporation (NASDAQ: THFF) today announced results for the second quarter of 2015. Net income was $6.9 million compared to $8.5 million for the same period of 2014. The variance in income was primarily driven by negative provisioning in 2014 and higher pension expense partially due to increased benefit plan cost from the use of a lower discount rate and the use of the new RP-2014 Mortality Table. Diluted net income per common share decreased to $0.54 from $0.63 for the comparable period of 2014.
The Corporation further reported net income of $14.7 million for the six months ended June 30, 2015 versus $16.3 million for the comparable period of 2014. Diluted net income per common share was $1.14 for the six months ended June 30, 2015 versus $1.22 for the comparable period of 2014. Return on assets for the six months ended June 30, 2015 was 0.98% compared to 1.08% for the six months ended June 30, 2014.
Book value per share was $31.09 at June 30, 2015, a 2.35% increase from the $30.38 at June 30, 2014. Shareholders' equity was $399.1 million compared to $405.7 million on June 30, 2014 due in part to an $11.4 million increase in the unrealized pension expense as a result of the factors discussed above as well as the increased amount of treasury shares as a result of the stock repurchase plan.
On August 25, 2014 the Corporation announced a stock repurchase plan to acquire 5% of the Corporation's outstanding common stock. During the second quarter of 2015 the Corporation repurchased 118,053 shares as part of the repurchase plan, bringing the total shares repurchased to date to 563,193.
Average total loans for the second quarter of 2015 were $1.77 billion, a decrease of $19.5 million versus the $1.79 billion for the comparable period in 2014. At June 30, 2015, total loans outstanding were $1.78 billion, a decrease from $1.79 billion at of June 30, 2014. On a linked quarter basis, average total loans increased $8.2 million, or .47%, from $1.76 billion for the quarter ending March 31, 2015.
Average total deposits for the quarter ended June 30, 2015 were $2.46 billion versus $2.48 billion as of June 30, 2014. Higher cost time deposits decreased to $451.4 million from $540 million for the same period of 2014. Lower cost demand and savings deposits increased to $2.0 billion from $1.9 billion for the same period of 2014. The cost of funds for deposits was .21% versus .26% for the same period of 2014.
The company's tangible common equity to tangible asset ratio was 12.15% at June 30, 2015, compared to 12.10% at June 30, 2014.
Net interest income for the second quarter of 2015 was $25.9 million compared to the $26.6 million reported for the same period of 2014. The net interest margin for the six months ended June 30, 2015 was 4.00% compared to the 4.09% reported at June 30, 2014. The net interest margin has been impacted by the effects of the continued low interest rate environment on loans and investments.
The provision for loan losses for the three months ended June 30, 2015 was $1.15 million compared to a negative $356 thousand provision for the second quarter of 2014. Net charge-offs were $640 thousand for the second quarter of 2015 compared to $2.03 million in the same period of 2014. The Corporation's allowance for loan losses as of June 30, 2015 was $19.9 million compared to $18.3 million as of June 30, 2014. The allowance for loan losses as a percent of total loans was 1.11% as of June 30, 2015 compared to 1.02% as of June 30, 2014.
Nonperforming loans decreased 8.49% to $35.8 million as of June 30, 2015 versus $39.1 million as of June 30, 2014. The ratio of nonperforming loans to total loans and leases was 2.01% as of June 30, 2015 versus 2.18% as of June 30, 2014.
Non-interest income for the three months ended June 30, 2015 and 2014 was $9.8 compared to $9.6 million in 2014, a 2.23% increase.
Non-interest expense for the three months ended June 30, 2015 increased $1.26 million to $25.3 million compared to $24.0 million in 2014. Employee benefits increased $1.22 million partially due to increased benefit plan cost from the use of a lower discount rate and the use of the new RP-2014 Mortality Table. The pension plan was frozen for the majority of employees as of December 31, 2012. The Corporation's efficiency ratio was 65.84% for the quarter ending June 30, 2015 versus 62.43% for the same period in 2014.
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: 28.07.2015 - 14:12 Uhr
Sprache: Deutsch
News-ID 409654
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TERRE HAUTE, IN
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Commercial & Investment Banking
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