First Financial Corporation | Tables in SEC filings | Page 11

THFF First Financial Corporation

Annual report


							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
(Dollar amounts in thousands, except per share data)	Stock		Capital		Earnings		Income/(Loss)		Stock		Total
Balance, January 1, 2021	$	2,007		140,820		521,103		9,764		(76,702)	$	596,992
Net income		—		—		52,987		—		—		52,987
Other comprehensive income (loss)		—		—		—		(12,190)		—		(12,190)
Omnibus Equity Incentive Plan, net		2		805		—		—		—		807
Treasury stock purchases (981,132 shares)		—		—		—		—		(42,471)		(42,471)
Contribution of 31,355 shares to ESOP		—		354		—		—		1,048		1,402
Cash Dividends, $1.16 per share		—		—		(14,951)		—		—		(14,951)
Balance, December 31, 2021		2,009		141,979		559,139		(2,426)		(118,125)		582,576
Net income		—		—		71,109		—		—		71,109
Other comprehensive income (loss)		—		—		—		(137,548)		—		(137,548)
Omnibus Equity Incentive Plan, net		3		822		—		—		—		825
Treasury stock purchases (626,574 shares)		—		—		—		—		(27,701)		(27,701)
Contribution of 29,966 shares to ESOP		—		384		—		—		1,067		1,451
Cash Dividends, $1.28 per share		—		—		(15,419)		—		—		(15,419)
Balance, December 31, 2022		2,012		143,185		614,829		(139,974)		(144,759)		475,293
Net income		—		—		60,672		—		—		60,672
Other comprehensive income (loss)		—		—		—		12,887		—		12,887
Omnibus Equity Incentive Plan, net		2		893		—		—		—		895
Treasury stock purchases (319,664 shares)		—		—		—		—		(11,514)		(11,514)
Contribution of 40,496 shares to ESOP		—		74		—		—		1,444		1,518
Cash Dividends, $0.99 per share		—		—		(11,775)		—		—		(11,775)
Balance, December 31, 2023	$	2,014	$	144,152	$	663,726	$	(127,087)	$	(154,829)	$	527,976


(Dollar amounts in thousands)	2023		2022		2021
Federal income taxes computed at the statutory rate	$	15,223	$	18,430	$	13,779
Add (deduct) tax effect of:
Tax exempt income		(3,548)		(3,439)		(2,745)
ESOP dividend deduction		(107)		(103)		(101)
State tax, net of federal benefit		1,984		2,653		2,496
General business tax credits		(1,720)		(674)		(716)
Other, net		(11)		(216)		(87)
TOTAL	$	11,821	$	16,651	$	12,626


	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Service cost	$	21	$	34	$	43
Interest cost		153		111		103
Amortization of net actuarial loss (gain)		(53)		—		—
Net periodic benefit cost		121		145		146
Net loss (gain) during the period		34		(758)		(53)
Amortization of prior service cost		53		—		—
Total recognized in other comprehensive income (loss)		87		(758)		(53)
Total recognized net periodic benefit cost and other comprehensive income	$	208	$	(613)	$	93


	Unrealized
	gains and
	(Losses) on available-		2022
	for-sale		Retirement
(Dollar amounts in thousands)	Securities		plans		Total
Beginning balance, January 1,	$	15,674	$	(18,100)	$	(2,426)
Change in other comprehensive income (loss) before reclassification		(144,568)		6,078		(138,490)
Amounts reclassified from accumulated other comprehensive income		(2)		944		942
Net current period other comprehensive income (loss)		(144,570)		7,022		(137,548)
Ending balance, December 31,	$	(128,896)	$	(11,078)	$	(139,974)


	Balance at December 31, 2022
Details about accumulated	Amount reclassified from			Affected line item in
other comprehensive	accumulated other			the statement where
income components	comprehensive income			net income is presented
	(in thousands)
Unrealized gains and losses	$	3		Net securities gains (losses)
on available-for-sale		(1)		Income tax expense
securities	$	2		Net of tax

Amortization of	$	(1,259)	(a)	Salary and benefits
retirement plan items		315		Income tax expense
	$	(944)		Net of tax
Total reclassifications for the period	$	(942)		Net of tax


	1 year and less				1 to 5 years				5 to 10 years				Over 10 Years				2023
(Dollar amounts in thousands)	Balance		Rate		Balance		Rate		Balance		Rate		Balance		Rate		Total
U.S. government sponsored entity mortgage-backed securities and agencies and U.S. Treasury (1)	$	7,654	3.02	%	$	27,010	3.34	%	$	25,843	3.38	%	$	609,701	2.50	%	$	670,208
Collateralized mortgage obligations (1)		—	—	%		6,291	1.83	%		8,637	2.78	%		165,902	2.43	%		180,830
States and political subdivisions		4,766	3.28	%		30,812	2.84	%		95,840	2.75	%		273,679	2.62	%		405,097
Collateralized debt obligations		—	—	%		—	—	%		3,002	—	%		—	—	%		3,002
TOTAL	$	12,420	3.12	%	$	64,113	2.95	%	$	133,322	2.81	%	$	1,049,282	2.52	%	$	1,259,137

First Financial (THFF) Filings


(Dollar amounts in thousands)	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
State and municipal obligations	$	1,180	Discounted cash flow	Discount rate	4.04%-4.44	%
Collateralized debt obligations	$	3,002	Discounted cash flow	Discount rate	7.36	%
Collateral dependent loans	$	11,306	Discounted cash flow	Discount rate for age of appraisal and market conditions	0.00%-100.00	%


	Available-for-Sale
	Amortized		Fair
(Dollar amounts in thousands)	Cost		Value
Due in one year or less	$	10,464	$	10,346
Due after one but within five years		41,818		40,271
Due after five but within ten years		107,538		104,878
Due after ten years		381,854		345,445
		541,674		500,940
Mortgage-backed securities and collateralized mortgage obligations		870,824		758,197
TOTAL	$	1,412,498	$	1,259,137