Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
MARKET AND DIVIDEND INFORMATION
(a) As of March 1, 2021 shareholders owned 13,524,070 shares of the Corporation's common stock. The stock is traded on the NASDAQ Global Select Market under the symbol “THFF”. On March 1, 2021, approximately 7,043 shareholders of record held our common stock.
Historically, the Corporation has paid cash dividends semi-annually and currently expects that comparable cash dividends will continue to be paid in the future. The following table gives quarterly high and low trade prices and dividends per share during each quarter for 2020 and 2019.
2020 2019
Cash Cash
Trade Price Dividends Trade Price Dividends
Quarter ended High Low Declared High Low Declared
March 31 $ 45.72 $ 28.98 $ 44.60 $ 38.24
June 30 $ 39.37 $ 30.26 $ 0.52 $ 42.72 $ 37.83 $ 0.52
September 30 $ 36.08 $ 30.26 $ 44.52 $ 38.70
December 31 $ 39.28 $ 31.88 $ 0.53 $ 46.40 $ 41.73 $ 0.52
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The graph below represents the five-year total return of the Corporation’s stock. The five year total return for our stock during this time was 33.44%. During this same period, the return on The Russell 2000 Index was 86.36% and the SNL Index of Banks $1 - $5 Billion had a return of 38.81%.
Period Ending
Index 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
First Financial Corporation 100.00 159.88 144.61 130.96 152.94 133.44
Russell 2000 100.00 121.31 139.08 123.76 155.35 186.36
SNL Bank $1B-$5B 100.00 143.87 153.37 134.37 163.35 138.81
(b) Not applicable.
(c) The Corporation periodically acquires shares of its common stock directly from shareholders in individually negotiated transactions. On August 25, 2014 First Financial Corporation issued a press release announcing that it's Board of Directors has authorized a stock repurchase program pursuant to which up to 5% of the Corporation's outstanding shares of common stock, or 667,700 shares may be repurchased. There were 257,989 purchases of common stock by the Corporation during the year ended December 31, 2015. On February 3, 2016 First Financial Corporation issued a press release announcing that its Board of Directors has authorized a stock repurchase program pursuant to which up to 5% of the Corporation's outstanding shares of common stock, or 637,500 shares may be repurchased. On October 29, 2020 First Financial Corporation issued a press release announcing that its Board of Directors has authorized a stock repurchase program pursuant to which up to 5% of the Corporation's outstanding shares of common stock, or 685,726 shares may be repurchased.There were 242,031 and 7,866 purchases of common stock by the Corporation during the years ended December 31, 2020 and December 31, 2019. The
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Corporation contributed 39,029 shares of treasury stock to the ESOP in November of 2020. There were 195,042 shares of common stock purchased by the Corporation during the fourth quarter of the fiscal year covered by this report.
ITEM 6. SELECTED FINANCIAL DATA
FIVE YEAR COMPARISON OF SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except per share amounts) 2020 2019 2018 2017 2016
BALANCE SHEET DATA
Total assets $ 4,557,544 $ 4,023,250 $ 3,008,718 $ 3,000,668 $ 2,988,527
Securities 1,020,744 926,717 784,916 814,931 853,725
Loans 2,610,294 2,656,390 1,953,988 1,906,761 1,839,180
Deposits 3,755,945 3,275,357 2,436,727 2,458,653 2,428,526
Borrowings 121,920 111,092 69,656 57,686 81,121
Shareholders’ equity 596,992 557,608 442,701 413,569 414,395
INCOME STATEMENT DATA
Interest income 160,485 149,121 126,224 114,195 109,380
Interest expense 14,139 17,469 9,645 6,338 4,407
Net interest income 146,346 131,652 116,579 107,857 104,973
Provision for credit losses 10,528 4,700 5,768 5,295 3,300
Other income 42,476 38,452 38,206 35,938 46,931
Other expenses 112,758 104,405 91,289 88,747 90,308
Net income 53,844 48,872 46,583 29,131 38,413
PER SHARE DATA:
Net Income 3.93 3.80 3.80 2.38 3.12
Cash dividends 1.04 1.03 1.02 2.51 1.00
PERFORMANCE RATIOS:
Return on average assets 1.25 % 1.42 % 1.57 % 0.98 % 1.30 %
Return on average shareholders’ equity 9.07 9.83 10.98 6.69 9.26
Average total capital to average assets 14.31 15.05 14.93 15.24 14.67
Average shareholders’ equity to average assets 13.77 14.46 14.25 14.58 14.01
Dividend payout 26.58 27.69 26.85 105.32 31.81
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.