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Section 1: 10-Q (10-Q)

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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 March 31, 2018
 
Commission File Number 0-16759
 
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
INDIANA
35-1546989
(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)
 
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 x  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 x   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 filer x
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 x.
 
As of April 30, 2018, the registrant had outstanding 12,255,045 shares of common stock, without par value.
 


Table of Contents

FIRST FINANCIAL CORPORATION
 
FORM 10-Q
 
INDEX 
 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

Part I – Financial Information
Item 1.
Financial Statements
FIRST FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except per share data)
 
March 31,
2018
 
December 31,
2017
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
41,156

 
$
74,107

Federal funds sold
1,500

 

Securities available-for-sale
805,558

 
814,931

Loans:
 

 
 

  Commercial
1,135,927

 
1,139,490

  Residential
436,119

 
436,143

  Consumer
332,115

 
327,976

 
1,904,161

 
1,903,609

(Less) plus:
 

 
 

  Net deferred loan costs
3,284

 
3,152

  Allowance for loan losses
(20,242
)
 
(19,909
)
 
1,887,203

 
1,886,852

Restricted stock
10,390

 
10,379

Accrued interest receivable
12,983

 
12,913

Premises and equipment, net
47,771

 
48,272

Bank-owned life insurance
85,306

 
85,016

Goodwill
34,355

 
34,355

Other intangible assets
1,527

 
1,630

Other real estate owned
1,923

 
1,880

Other assets
26,981

 
30,333

TOTAL ASSETS
$
2,956,653

 
$
3,000,668

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

  Non-interest-bearing
$
415,694

 
$
425,001

  Interest-bearing:
 

 
 

    Certificates of deposit exceeding the FDIC insurance limits
42,056

 
43,178

    Other interest-bearing deposits
1,999,439

 
1,990,474

 
2,457,189

 
2,458,653

Short-term borrowings
29,078

 
57,686

Other liabilities
55,486

 
70,760

TOTAL LIABILITIES
2,541,753

 
2,587,099

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.125 stated value per share;
 
 
 
Authorized shares-40,000,000
 
 
 
Issued shares-14,612,540 in 2018 and 14,595,320 in 2017
 
 
 
Outstanding shares-12,255,045 in 2018 and 12,246,464 in 2017
1,823

 
1,822

Additional paid-in capital
75,810

 
75,624

Retained earnings
431,594

 
420,275

Accumulated other comprehensive loss
(24,488
)
 
(14,704
)
Less: Treasury shares at cost-2,357,495 in 2018 and 2,348,856 in 2017
(69,839
)
 
(69,448
)
TOTAL SHAREHOLDERS’ EQUITY
414,900

 
413,569

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,956,653

 
$
3,000,668

See accompanying notes. 

3

Table of Contents

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollar amounts in thousands, except per share data) 
 
Three Months Ended 
 March 31,
 
2018
 
2017
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

Loans, including related fees
$
23,623

 
$
21,941

Securities:
 

 
 

Taxable
3,593

 
3,757

Tax-exempt
1,840

 
1,827

Other
321

 
321

TOTAL INTEREST INCOME
29,377

 
27,846

INTEREST EXPENSE:
 

 
 

Deposits
1,764

 
1,275

Short-term borrowings
99

 
44

Other borrowings
41

 
20

TOTAL INTEREST EXPENSE
1,904

 
1,339

NET INTEREST INCOME
27,473

 
26,507

Provision for loan losses
1,473

 
1,596

NET INTEREST INCOME AFTER PROVISION
 

 
 

FOR LOAN LOSSES
26,000

 
24,911

NON-INTEREST INCOME:
 

 
 

Trust and financial services
1,415

 
1,317

Service charges and fees on deposit accounts
2,885

 
2,777

Other service charges and fees
3,144

 
3,185

Securities gains, net

 
2

Insurance commissions
32

 
22

Gain on sales of mortgage loans
340

 
327

Other
287

 
3,419

TOTAL NON-INTEREST INCOME
8,103

 
11,049

NON-INTEREST EXPENSE:
 

 
 

Salaries and employee benefits
12,965

 
13,075

Occupancy expense
1,781

 
1,768

Equipment expense
1,693

 
1,797

FDIC Expense
227

 
233

Other
6,545

 
5,704

TOTAL NON-INTEREST EXPENSE
23,211

 
22,577

INCOME BEFORE INCOME TAXES
10,892

 
13,383

Provision for income taxes
1,939

 
4,014

NET INCOME
8,953

 
9,369

OTHER COMPREHENSIVE INCOME (LOSS)
 

 
 

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
(7,699
)
 
3,188

Change in funded status of post retirement benefits, net of taxes
281

 
183

COMPREHENSIVE INCOME (LOSS)
$
1,535

 
$
12,740

PER SHARE DATA
 

 
 

Basic and Diluted Earnings per Share
$
0.73

 
$
0.77

Weighted average number of shares outstanding (in thousands)
12,248

 
12,217

See accompanying notes.

4

Table of Contents

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 2018, and 2017
(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, 2017
$
1,820

 
$
74,525

 
$
421,826

 
$
(14,164
)
 
$
(69,612
)
 
$
414,395

Net income

 

 
9,369

 

 

 
9,369

Other comprehensive income

 

 

 
3,371

 

 
3,371

Omnibus Equity Incentive Plan

 
176

 

 

 

 
176

Treasury shares purchased (72,174 shares)

 

 

 

 
(503
)
 
(503
)
Balance, March 31, 2017
$
1,820

 
$
74,701

 
$
431,195

 
$
(10,793
)
 
$
(70,115
)
 
$
426,808

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2018
$
1,822

 
$
75,624

 
$
420,275

 
$
(14,704
)
 
$
(69,448
)
 
$
413,569

Net income

 

 
8,953

 

 

 
8,953

Other comprehensive income/(loss)

 

 

 
(7,418
)
 

 
(7,418
)
Omnibus Equity Incentive Plan
1

 
186

 

 

 

 
187

Treasury shares purchased (8,639 shares)

 

 

 

 
(391
)
 
(391
)
ASU 2018-02 adjustment
 
 
 
 
2,366

 
(2,366
)
 
 
 

Balance, March 31, 2018
$
1,823

 
$
75,810

 
$
431,594

 
$
(24,488
)
 
$
(69,839
)
 
$
414,900

See accompanying notes.






 
 
 
 
 
 
 
 
 
 
 
 




5

Table of Contents

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands, except per share data)  
 
Three Months Ended 
 March 31,
 
2018
 
2017
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
8,953

 
$
9,369

Adjustments to reconcile net income to net cash provided by operating activities:
 

 
 

Net amortization (accretion) of premiums and discounts on investments
885

 
897

Provision for loan losses
1,473

 
1,596

Securities (gains)

 
(2
)
(Gain) / Loss on sale of other real estate
(16
)
 
4

Restricted stock compensation
187

 
176

Depreciation and amortization
1,036

 
1,145

Other, net
(3,488
)
 
(2,753
)
NET CASH FROM OPERATING ACTIVITIES
9,030

 
10,432

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Proceeds from sales of securities available-for-sale

 
783

Calls, maturities and principal reductions on securities available-for-sale
37,679

 
34,434

Purchases of securities available-for-sale
(39,195
)
 
(33,025
)
Loans made to customers, net of repayment
(1,926
)
 
3,218

Purchase of restricted stock
(11
)
 
(10
)
Proceeds from sales of other real estate owned
113

 
366

Net change in federal funds sold
(1,500
)
 
1,952

Additions to premises and equipment
(432
)
 
(345
)
NET CASH FROM INVESTING ACTIVITIES
(5,272
)
 
7,373

CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
(1,464
)
 
9,484

Net change in short-term borrowings
(28,608
)
 
(45,168
)
Maturities of other borrowings
(50,000
)
 
(25,000
)
Proceeds from other borrowings
50,000

 
25,000

Purchase of treasury stock
(391
)
 
(503
)
Dividends paid
(6,246
)
 
(6,108
)
NET CASH FROM FINANCING ACTIVITIES
(36,709
)
 
(42,295
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(32,951
)
 
(24,490
)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
74,107

 
75,012

CASH AND DUE FROM BANKS, END OF PERIOD
$
41,156

 
$
50,522

See accompanying notes.


6

Table of Contents

FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2018 and 2017 consolidated financial statements are unaudited. The December 31, 2017 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2017 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, 2017

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.
 
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. At the three months ended 2018 and 2017, 17,220 and 16,562 shares were awarded, respectively. These shares had a grant date value of $784 thousand and $773 thousand for 2018 and 2017, 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 Loan Losses

The following table presents the activity of the allowance for loan losses by portfolio segment for the three months
ended March 31. 
Allowance for Loan Losses:
 
March 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
10,281

 
$
1,455

 
$
6,709

 
$
1,464

 
$
19,909

Provision for loan losses
 
8

 
(9
)
 
1,018

 
456

 
1,473

Loans charged -off
 
(315
)
 
(219
)
 
(1,539
)
 

 
(2,073
)
Recoveries
 
178

 
162

 
593

 

 
933

Ending Balance
 
$
10,152

 
$
1,389

 
$
6,781

 
$
1,920

 
$
20,242


Allowance for Loan Losses:
 
March 31, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,731

 
$
1,553

 
$
5,767

 
$
1,722

 
$
18,773

Provision for loan losses
 
(514
)
 
51

 
1,593

 
466

 
1,596

Loans charged -off
 
(418
)
 
(261
)
 
(1,595
)
 

 
(2,274
)
Recoveries
 
578

 
153

 
569

 

 
1,300

Ending Balance
 
$
9,377

 
$
1,496

 
$
6,334

 
$
2,188

 
$
19,395



7

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents the allocation of the allowance for loan losses and the recorded investment in loans by portfolio segment and based on the impairment method at March 31, 2018 and December 31, 2017
Allowance for Loan Losses
 
March 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
766

 
$

 
$

 
$

 
$
766

Collectively evaluated for impairment
 
9,386

 
1,389

 
6,781

 
1,920

 
19,476

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
10,152

 
$
1,389

 
$
6,781

 
$
1,920

 
$
20,242

 
Loans:
 
March 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
9,500

 
$
4,078

 
$

 
 
 
$
13,578

Collectively evaluated for impairment
 
1,131,154

 
433,270

 
333,505

 
 
 
1,897,929

Acquired with deteriorated credit quality
 
1,822

 

 

 
 
 
1,822

Ending Balance
 
$
1,142,476

 
$
437,348

 
$
333,505

 
 
 
$
1,913,329


Allowance for Loan Losses:
 
December 31, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
619

 
6

 

 

 
625

Collectively evaluated for impairment
 
9,662

 
1,449

 
6,709

 
1,464

 
19,284

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
10,281

 
$
1,455

 
$
6,709

 
$
1,464

 
$
19,909


Loans
 
December 31, 2017
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
9,619

 
463

 

 
 
 
10,082

Collectively evaluated for impairment
 
1,134,701

 
436,944

 
329,435

 
 
 
1,901,080

Acquired with deteriorated credit quality
 
1,860

 

 

 
 
 
1,860

Ending Balance
 
$
1,146,180

 
$
437,407

 
$
329,435

 
 
 
$
1,913,022


In the second quarter of 2017, the Corporation revised its historical loss period from four years to seven years as the Corporation believes the longer period is more appropriate as net charge-offs have been lower in recent years. The impact of this change was not material to the overall allowance for loan losses balance, however the unallocated portion was reduced by the change.


8

Table of Contents

The following tables present loans individually evaluated for impairment by class of loans. 

 
 
 
 
 
 
March 31, 2018
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
774

 
$
774

 
$

 
$
788

 
$

 
$

 Farmland
 
930

 
930

 

 
930

 

 

 Non Farm, Non Residential
 
2,423

 
2,423

 

 
2,442

 

 

 Agriculture
 
109

 
109

 

 
116

 

 

 All Other Commercial
 
1,198

 
1,198

 

 
1,218

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,042

 
4,042

 

 
2,032

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 
36

 
36

 

 
18

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
482

 
482

 
143

 
488

 

 

 Farmland
 
3,047

 
3,047

 
418

 
3,041

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 
738

 
537

 
205

 
537

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 
221

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
13,779

 
$
13,578

 
$
766

 
$
11,831

 
$

 
$

 




9

Table of Contents

 
 
 
 
 
 
December 31, 2017
 
 
 
 
 
 
Unpaid
Principal
 
Recorded
 
Allowance
for Loan
Losses
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest
Income
(Dollar amounts in thousands)
 
Balance
 
Investment
 
Allocated
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
802

 
$
802

 
$

 
$
971

 
$

 
$

 Farmland
 
930

 
930

 

 
1,265

 

 

 Non Farm, Non Residential
 
2,461

 
2,461

 

 
2,781

 

 

 Agriculture
 
123

 
123

 

 
239

 

 

 All Other Commercial
 
1,238

 
1,238

 

 
1,308

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
21

 
21

 

 
23

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
493

 
493

 
146

 
514

 

 

 Farmland
 
3,035

 
3,035

 
268

 
669

 

 

 Non Farm, Non Residential
 

 

 

 
131

 


 

 Agriculture
 
738

 
537

 
205

 
279

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
442

 
442

 
6

 
483

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,283

 
$
10,082

 
$
625

 
$
8,663

 
$

 
$

 

 
 
 
 
 
 
 
 
 
 
 
 
 




10

Table of Contents

 
 
Three Months Ended 
 March 31, 2017
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
$
1,135

 
$

 
$

 Farmland
 
413

 

 

 Non Farm, Non Residential
 
3,005

 

 

 Agriculture
 
429

 

 

 All Other Commercial
 
1,353

 

 

Residential
 
 

 
 

 
 

 First Liens
 
25

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

With an allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
531

 

 

 Farmland
 

 

 

 Non Farm, Non Residential
 
329

 

 

 Agriculture
 

 

 

 All Other Commercial
 

 

 

Residential
 
 

 
 

 
 

 First Liens
 
514

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

TOTAL
 
$
7,734

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 









11

Table of Contents

The tables below presents the recorded investment in non-performing loans.
 
 
March 31, 2018
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
Nonaccrual Excluding
 
 
 
 
Restructured
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
TDR
Commercial
 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$

 
$
2

 
$
209

 
$
1,638

 Farmland
 

 

 

 
4,150

 Non Farm, Non Residential
 

 

 
2,461

 
184

 Agriculture
 

 

 

 
761

 All Other Commercial
 

 

 

 
1,211

Residential
 
 

 
 

 
 
 
 

 First Liens
 
139

 
3,103

 
498

 
4,180

 Home Equity
 
29

 

 

 
221

 Junior Liens
 
57

 
36

 

 
78

 Multifamily
 

 

 

 

 All Other Residential
 

 

 

 
86

Consumer
 
 

 
 

 
 
 
 

 Motor Vehicle
 
430

 
7

 

 
197

 All Other Consumer
 
5

 
246

 
425

 
500

TOTAL
 
$
660

 
$
3,394

 
$
3,593

 
$
13,206


 
 
December 31, 2017
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt
 
Nonaccrual Excluding
 
 
 
 
Restructured
 
 
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
TDR
Commercial
 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
41

 
$
2

 
$
212

 
$
1,679

 Farmland
 
19

 

 

 
4,141

 Non Farm, Non Residential
 

 
56

 
2,440

 
172

 Agriculture
 

 

 

 
707

 All Other Commercial
 

 

 

 
1,236

Residential
 
 

 
 

 
 
 
 

 First Liens
 
1,011

 
3,105

 
575

 
3,972

 Home Equity
 
8

 

 

 
249

 Junior Liens
 
137

 

 

 
134

 Multifamily
 

 

 

 

 All Other Residential
 

 

 

 
90

Consumer
 
 

 
 

 
 
 
 

 Motor Vehicle
 
268

 
9

 

 
242

 All Other Consumer
 

 
177

 
527

 
623

TOTAL
 
$
1,484

 
$
3,349

 
$
3,754

 
$
13,245



12

Table of Contents

There were $46 thousand of loans covered by loss share agreements with the FDIC included in loans past due over 90 days still on accrual at March 31, 2018 and there were $88 thousand at December 31, 2017. There were $59 thousand of covered loans included in non-accrual loans at March 31, 2018 and there were $62 thousand at December 31, 2017. There were no covered loans at March 31, 2018 or December 31, 2017 that were deemed impaired.

Non-performing loans include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans.

The following tables presents the aging of the recorded investment in loans by past due category and class of loans.  
 
 
March 31, 2018
 
 
30-59 Days
 
60-89 Days
 
Greater
than 90 days
 
Total
 
 
 
 
(Dollar amounts in thousands)
 
Past Due
 
Past Due
 
Past Due
 
Past Due
 
Current
 
Total
Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
538

 
$
431

 
$
620

 
$
1,589

 
$
490,558

 
$
492,147

 Farmland
 
143

 

 
3,976

 
4,119

 
100,979

 
105,098

 Non Farm, Non Residential
 
69

 
61

 
2,462

 
2,592

 
197,476

 
200,068

 Agriculture
 
23

 
25

 
631

 
679

 
133,311

 
133,990

 All Other Commercial
 
50

 
17

 

 
67

 
211,106

 
211,173

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,160

 
533

 
776

 
5,469

 
242,629

 
248,098

 Home Equity
 
191

 

 
29

 
220

 
35,751

 
35,971

 Junior Liens
 
95

 
56

 
57

 
208

 
42,833

 
43,041

 Multifamily
 

 

 

 

 
97,104

 
97,104

 All Other Residential
 
53

 

 
12

 
65

 
13,069

 
13,134

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 
3,438

 
611

 
430

 
4,479

 
304,384

 
308,863

 All Other Consumer
 
102

 
24

 
5

 
131

 
24,511

 
24,642

TOTAL
 
$
8,862

 
$
1,758

 
$
8,998

 
$
19,618

 
$
1,893,711

 
$
1,913,329

 
 
 
December 31, 2017
 
 
30-59 Days
 
60-89 Days
 
Greater
than 90 days
 
Total
 
 
 
 
(Dollar amounts in thousands)
 
Past Due
 
Past Due
 
Past Due
 
Past Due
 
Current
 
Total
Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$
372

 
$
80

 
$
640

 
$
1,092

 
$
474,709

 
$
475,801

 Farmland
 
341

 

 
3,671

 
4,012

 
104,457

 
108,469

 Non Farm, Non Residential
 
141

 

 

 
141

 
200,804

 
200,945

 Agriculture
 
141

 

 
561

 
702

 
152,388

 
153,090

 All Other Commercial
 

 

</