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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, 2019
 
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 May 6, 2019, the registrant had outstanding 12,290,212 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,
2019
 
December 31,
2018
 
   (unaudited)
ASSETS
 

 
 

Cash and due from banks
$
54,627

 
$
74,388

Federal funds sold
2,000

 

Securities available-for-sale
786,211

 
784,916

Loans:
 

 
 

  Commercial
1,180,347

 
1,166,352

  Residential
452,384

 
443,670

  Consumer
348,193

 
341,041

 
1,980,924

 
1,951,063

(Less) plus:
 

 
 

  Net deferred loan costs
3,129

 
2,925

  Allowance for loan losses
(20,960
)
 
(20,436
)
 
1,963,093

 
1,933,552

Restricted stock
10,412

 
10,390

Accrued interest receivable
14,379

 
13,970

Premises and equipment, net
45,977

 
46,554

Bank-owned life insurance
86,471

 
86,186

Goodwill
34,355

 
34,355

Other intangible assets
1,083

 
1,197

Other real estate owned
857

 
603

Other assets
26,100

 
22,607

TOTAL ASSETS
$
3,025,565

 
$
3,008,718

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

Deposits:
 

 
 

  Non-interest-bearing
$
440,738

 
$
431,923

  Interest-bearing:
 

 
 

    Certificates of deposit exceeding the FDIC insurance limits
50,973

 
42,284

    Other interest-bearing deposits
1,927,845

 
1,962,520

 
2,419,556

 
2,436,727

Short-term borrowings
56,648

 
69,656

FHLB advances
25,000

 

Other liabilities
61,565

 
59,634

TOTAL LIABILITIES
2,562,769

 
2,566,017

 
 
 
 
Shareholders’ equity
 

 
 

Common stock, $.125 stated value per share;
 
 
 
Authorized shares-40,000,000
 
 
 
Issued shares-14,632,323 in 2019 and 14,612,540 in 2018
 
 
 
Outstanding shares-12,290,212 in 2019 and 12,278,295 in 2018
1,825

 
1,824

Additional paid-in capital
76,974

 
76,774

Retained earnings
466,398

 
456,716

Accumulated other comprehensive loss
(12,927
)
 
(23,454
)
Less: Treasury shares at cost-2,342,111 in 2019 and 2,334,245 in 2018
(69,474
)
 
(69,159
)
TOTAL SHAREHOLDERS’ EQUITY
462,796

 
442,701

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
3,025,565

 
$
3,008,718

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,
 
2019
 
2018
 
(unaudited)
 
(unaudited)
INTEREST INCOME:
 

 
 

Loans, including related fees
$
26,754

 
$
23,623

Securities:
 

 
 

Taxable
3,681

 
3,593

Tax-exempt
1,867

 
1,840

Other
314

 
321

TOTAL INTEREST INCOME
32,616

 
29,377

INTEREST EXPENSE:
 

 
 

Deposits
2,817

 
1,764

Short-term borrowings
323

 
99

Other borrowings
50

 
41

TOTAL INTEREST EXPENSE
3,190

 
1,904

NET INTEREST INCOME
29,426

 
27,473

Provision for loan losses
1,470

 
1,473

NET INTEREST INCOME AFTER PROVISION
 

 
 

FOR LOAN LOSSES
27,956

 
26,000

NON-INTEREST INCOME:
 

 
 

Trust and financial services
1,204

 
1,415

Service charges and fees on deposit accounts
2,624

 
2,885

Other service charges and fees
3,114

 
3,144

Securities gains, net
(4
)
 

Gain on sales of mortgage loans
420

 
340

Other
278

 
319

TOTAL NON-INTEREST INCOME
7,636

 
8,103

NON-INTEREST EXPENSE:
 

 
 

Salaries and employee benefits
12,755

 
12,965

Occupancy expense
1,815

 
1,781

Equipment expense
1,817

 
1,693

FDIC Expense
140

 
227

Other
7,166

 
6,545

TOTAL NON-INTEREST EXPENSE
23,693

 
23,211

INCOME BEFORE INCOME TAXES
11,899

 
10,892

Provision for income taxes
2,217

 
1,939

NET INCOME
9,682

 
8,953

OTHER COMPREHENSIVE INCOME (LOSS)
 

 
 

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes
10,224

 
(7,699
)
Change in funded status of post retirement benefits, net of taxes
303

 
281

COMPREHENSIVE INCOME
$
20,209

 
$
1,535

PER SHARE DATA
 

 
 

Basic and Diluted Earnings per Share
$
0.79

 
$
0.73

Weighted average number of shares outstanding (in thousands)
12,282

 
12,248

See accompanying notes.

4

Table of Contents

FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Three Months Ended
March 31, 2019, and 2018
(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, 2018
$
1,822

 
$
75,624

 
$
420,275

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

Net income

 

 
8,953

 

 

 
8,953

Other comprehensive 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

 
 
 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
$
1,824

 
$
76,774

 
$
456,716

 
$
(23,454
)
 
$
(69,159
)
 
$
442,701

Net income

 

 
9,682

 

 

 
9,682

Other comprehensive income

 

 

 
10,527

 

 
10,527

Omnibus Equity Incentive Plan
1

 
200

 

 

 

 
201

Treasury shares purchased (7,866 shares)

 

 

 

 
(315
)
 
(315
)
Balance, March 31, 2019
$
1,825

 
$
76,974

 
$
466,398

 
$
(12,927
)
 
$
(69,474
)
 
$
462,796

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,
 
2019
 
2018
 
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
 

 
 

Net Income
$
9,682

 
$
8,953

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

 
 

Net amortization (accretion) of premiums and discounts on investments
900

 
885

Provision for loan losses
1,470

 
1,473

Securities (gains)
4

 

Loss on sale of other real estate
8

 
(16
)
Restricted stock compensation
201

 
187

Depreciation and amortization
1,000

 
1,036

Other, net
1,185

 
(3,488
)
NET CASH FROM OPERATING ACTIVITIES
14,450

 
9,030

CASH FLOWS FROM INVESTING ACTIVITIES:
 

 
 

Calls, maturities and principal reductions on securities available-for-sale
27,321

 
37,679

Purchases of securities available-for-sale
(16,214
)
 
(39,195
)
Loans made to customers, net of repayment
(31,248
)
 
(1,926
)
Purchase of restricted stock
(22
)
 
(11
)
Proceeds from sales of other real estate owned
13

 
113

Net change in federal funds sold
(2,000
)
 
(1,500
)
Additions to premises and equipment
(309
)
 
(432
)
NET CASH FROM INVESTING ACTIVITIES
(22,459
)
 
(5,272
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 

 
 

Net change in deposits
(17,171
)
 
(1,464
)
Net change in short-term borrowings
(13,008
)
 
(28,608
)
Maturities of other borrowings
(92,000
)
 
(50,000
)
Proceeds from other borrowings
117,000

 
50,000

Purchase of treasury stock
(315
)
 
(391
)
Dividends paid
(6,258
)
 
(6,246
)
NET CASH FROM FINANCING ACTIVITIES
(11,752
)
 
(36,709
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(19,761
)
 
(32,951
)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD
74,388

 
74,107

CASH AND DUE FROM BANKS, END OF PERIOD
$
54,627

 
$
41,156

See accompanying notes.


6

Table of Contents

FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
The accompanying March 31, 2019 and 2018 consolidated financial statements are unaudited. The December 31, 2018 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2018 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, 2018

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. For the three months ended 2019 and 2018, 19,783 and 17,220 shares were awarded, respectively. These shares had a grant date value of $841 thousand and $784 thousand for 2019 and 2018, 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, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Beginning balance
 
$
9,848

 
$
1,313

 
$
7,481

 
$
1,794

 
$
20,436

Provision for loan losses
 
(640
)
 
296

 
941

 
873

 
1,470

Loans charged -off
 
(256
)
 
(302
)
 
(1,551
)
 

 
(2,109
)
Recoveries
 
287

 
185

 
691

 

 
1,163

Ending Balance
 
$
9,239

 
$
1,492

 
$
7,562

 
$
2,667

 
$
20,960


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









 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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, 2019 and December 31, 2018
Allowance for Loan Losses
 
March 31, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
$
763

 
$

 
$

 
$

 
$
763

Collectively evaluated for impairment
 
8,476

 
1,492

 
7,562

 
2,667

 
20,197

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,239

 
$
1,492

 
$
7,562

 
$
2,667

 
$
20,960

 
Loans:
 
March 31, 2019
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
$
6,203

 
$
4,252

 
$

 
 
 
$
10,455

Collectively evaluated for impairment
 
1,180,108

 
449,510

 
349,673

 
 
 
1,979,291

Acquired with deteriorated credit quality
 
1,459

 

 

 
 
 
1,459

Ending Balance
 
$
1,187,770

 
$
453,762

 
$
349,673

 
 
 
$
1,991,205


Allowance for Loan Losses:
 
December 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
Unallocated
 
Total
Individually evaluated for impairment
 
737

 

 

 

 
737

Collectively evaluated for impairment
 
9,111

 
1,313

 
7,481

 
1,794

 
19,699

Acquired with deteriorated credit quality
 

 

 

 

 

Ending Balance
 
$
9,848

 
$
1,313

 
$
7,481

 
$
1,794

 
$
20,436


Loans
 
December 31, 2018
(Dollar amounts in thousands)
 
Commercial
 
Residential
 
Consumer
 
 
 
Total
Individually evaluated for impairment
 
6,101

 
4,415

 

 
 
 
10,516

Collectively evaluated for impairment
 
1,166,227

 
440,497

 
342,473

 
 
 
1,949,197

Acquired with deteriorated credit quality
 
1,495

 

 

 
 
 
1,495

Ending Balance
 
$
1,173,823

 
$
444,912

 
$
342,473

 
 
 
$
1,961,208



8

Table of Contents

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

 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
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
 
$
853

 
$
853

 
$

 
$
721

 
$

 
$

 Farmland
 
1,953

 
1,953

 

 
1,988

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 

 

 

 

 

 

 All Other Commercial
 
1,108

 
1,108

 

 
1,111

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,252

 
4,252

 

 
4,334

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
1,733

 
1,733

 
531

 
1,775

 

 

 Farmland
 
210

 
210

 
40

 
211

 

 

 Non Farm, Non Residential
 

 

 

 

 

 

 Agriculture
 
346

 
346

 
192

 
346

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,455

 
$
10,455

 
$
763

 
$
10,486

 
$

 
$

 




9

Table of Contents

 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
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
 
$
589

 
$
589

 
$

 
$
698

 
$

 
$

 Farmland
 
2,022

 
2,022

 

 
1,579

 

 

 Non Farm, Non Residential
 

 

 

 
1,443

 

 

 Agriculture
 

 

 

 
49

 

 

 All Other Commercial
 
1,114

 
1,114

 

 
1,172

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,415

 
4,415

 

 
3,371

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 
23

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

With an allowance recorded:
 
 

 
 

 
 

 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 
 

 
 

 
 

 Commercial & Industrial
 
1,819

 
1,819

 
593

 
688

 

 

 Farmland
 
211

 
211

 
44

 
1,691

 

 

 Non Farm, Non Residential
 

 

 

 

 


 

 Agriculture
 
346

 
346

 
100

 
316

 

 

 All Other Commercial
 

 

 

 

 

 

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 

 

 

 
88

 

 

 Home Equity
 

 

 

 

 

 

 Junior Liens
 

 

 

 

 

 

 Multifamily
 

 

 

 

 

 

 All Other Residential
 

 

 

 

 

 

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 

 

 

 

 

 

 All Other Consumer
 

 

 

 

 

 

TOTAL
 
$
10,516

 
$
10,516

 
$
737

 
$
11,118

 
$

 
$

 

 
 
 
 
 
 
 




10

Table of Contents

 
 
Three Months Ended 
 March 31, 2018
 
 
Average
Recorded
 
Interest
Income
 
Cash Basis
Interest Income
(Dollar amounts in thousands)
 
Investment
 
Recognized
 
Recognized
With no related allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
$
788

 
$

 
$

 Farmland
 
930

 

 

 Non Farm, Non Residential
 
2,442

 

 

 Agriculture
 
116

 

 

 All Other Commercial
 
1,218

 

 

Residential
 
 

 
 

 
 

 First Liens
 
2,032

 

 

 Home Equity
 

 

 

 Junior Liens
 
18

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

With an allowance recorded:
 
 

 
 

 
 

Commercial
 
 

 
 

 
 

 Commercial & Industrial
 
488

 

 

 Farmland
 
3,041

 

 

 Non Farm, Non Residential
 

 

 

 Agriculture
 
537

 

 

 All Other Commercial
 

 

 

Residential
 
 

 
 

 
 

 First Liens
 
221

 

 

 Home Equity
 

 

 

 Junior Liens
 

 

 

 Multifamily
 

 

 

 All Other Residential
 

 

 

Consumer
 
 

 
 

 
 

 Motor Vehicle
 

 

 

 All Other Consumer
 

 

 

TOTAL
 
$
11,831

 
$

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 









11

Table of Contents

The tables below presents the recorded investment in non-performing loans.
 
 
March 31, 2019
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt Restructured
 
Nonaccrual Excluding
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
TDR
Commercial
 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$

 
$
1

 
$
135

 
$
3,204

 Farmland
 

 

 

 
2,322

 Non Farm, Non Residential
 

 

 

 
76

 Agriculture
 

 

 

 
353

 All Other Commercial
 

 

 

 
1,084

Residential
 
 

 
 

 
 
 
 

 First Liens
 
328

 
3,384

 
557

 
3,079

 Home Equity
 
38

 

 

 
40

 Junior Liens
 
5

 
79

 

 
82

 Multifamily
 

 

 

 

 All Other Residential
 

 

 

 
62

Consumer
 
 

 
 

 
 
 
 

 Motor Vehicle
 
171

 

 

 
159

 All Other Consumer
 
7

 
299

 
320

 
347

TOTAL
 
$
549

 
$
3,763

 
$
1,012

 
$
10,808


 
 
December 31, 2018
 
 
Loans Past
Due Over
90 Day Still
 
Troubled
Debt Restructured
 
Nonaccrual Excluding
(Dollar amounts in thousands)
 
Accruing
 
Accruing
 
Nonaccrual
 
TDR
Commercial
 
 

 
 

 
 

 
 

 Commercial & Industrial
 
$

 
$
1

 
$
144

 
$
2,902

 Farmland
 

 

 

 
2,391

 Non Farm, Non Residential
 

 

 

 
81

 Agriculture
 

 

 

 
355

 All Other Commercial
 

 

 

 
1,122

Residential
 
 

 
 

 
 
 
 

 First Liens
 
581

 
3,327

 
531

 
3,393

 Home Equity
 
41

 

 

 
75

 Junior Liens
 
53

 
55

 

 
86

 Multifamily
 

 

 

 

 All Other Residential
 

 

 

 
64

Consumer
 
 

 
 

 
 
 
 

 Motor Vehicle
 
177

 
1

 

 
125

 All Other Consumer
 

 
268

 
349

 
380

TOTAL
 
$
852

 
$
3,652

 
$
1,024

 
$
10,974


There were $13 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, 2019 and there were $19 thousand at December 31, 2018. There were $68 thousand of covered

12

Table of Contents

loans included in non-accrual loans at March 31, 2019 and there were $91 thousand at December 31, 2018. There were no covered loans at March 31, 2019 or December 31, 2018 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, 2019
 
 
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
 
$
1,470

 
$
295

 
$
390

 
$
2,155

 
$
539,042

 
$
541,197

 Farmland
 
7

 
210

 
2,067

 
2,284

 
102,046

 
104,330

 Non Farm, Non Residential
 
243

 

 
56

 
299

 
187,202

 
187,501

 Agriculture
 
933

 

 
346

 
1,279

 
136,067

 
137,346

 All Other Commercial
 
154

 
3

 

 
157

 
217,239

 
217,396

Residential
 
 

 
 

 
 

 
 

 
 

 
 

 First Liens
 
4,243

 
418

 
972

 
5,633

 
227,340

 
232,973

 Home Equity
 
98

 
32

 
66

 
196

 
38,896

 
39,092

 Junior Liens
 
260

 
6

 
17

 
283

 
49,540

 
49,823

 Multifamily
 
52

 

 

 
52

 
123,242

 
123,294

 All Other Residential
 
105

 

 

 
105

 
8,475

 
8,580

Consumer
 
 

 
 

 
 

 
 

 
 

 
 

 Motor Vehicle
 
3,239

 
464

 
216

 
3,919

 
319,025

 
322,944

 All Other Consumer
 
109

 
16

 
7

 
132

 
26,597

 
26,729

TOTAL
 
$
10,913

 
$
1,444

 
$
4,137

 
$
16,494

 
$
1,974,711

 
$
1,991,205

 
 
 
December 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
 
$
1,017

 
$
420

 
$
345

 
$
1,782

 
$
518,239

 
$
520,021

 Farmland
 
515

 
8

 
2,136

 
2,659

 
104,981

 
107,640

 Non Farm, Non Residential
 

 

 
57

 
57

 
188,706

 
188,763

 Agriculture
 
41

 

 
347

 
388

 
148,345

 
148,733

 All Other Commercial
 
30

 
3

 

 
33

 
208,633