FIRST FINANCIAL CORP /IN/ 10-K

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, 2022 shareholders owned 12,470,926 shares of the Corporation's common stock. The stock is traded on the NASDAQ Global Select Market under the symbol “THFF”. On March 1, 2022, approximately 7,998 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 2021 and 2020. 2021 2020 Cash Cash Trade Price Dividends Trade Price Dividends Quarter ended High Low Declared High Low Declared March 31 $ 46.31 $ 38.30 $ 45.72 $ 28.98 June 30 $ 45.62 $ 40.73 $ 0.53 $ 39.37 $ 30.26 $ 0.52 September 30 $ 42.21 $ 38.33 $ 36.08 $ 30.26 December 31 $ 45.29 $ 41.96 $ 0.63 $ 39.28 $ 31.88 $ 0.53 30 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 (0.22)%. During this same period, the return on The Russell 2000 Index was 76.39% and the SNL Index of Banks $1 - $5 Billion had a return of 45.47%. Period Ending Index 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 First Financial Corporation 100.00 90.46 81.95 95.71 83.52 99.78 Russell 2000 100.00 114.65 102.02 128.06 153.62 176.39 SNL Bank $1B-$5B 100.00 107.95 87.69 111.92 103.98 145.47 (b) Not applicable. (c) The Corporation periodically acquires shares of its common stock directly from shareholders in individually negotiated transactions. 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. On July 21, 2021 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 652,411 shares may be repurchased.There were 981,132 and 242,031 purchases of common stock by the Corporation during the years ended December 31, 2021 and December 31, 2020. The Corporation contributed 31,355 shares of treasury stock to the ESOP in November of 2021. There were 271,166 shares of common stock purchased by the Corporation during the fourth quarter of the fiscal year covered by this report. 31 Following is certain information regarding shares of common stock purchased by the Corporation during the quarter ended December 31, 2021. Total Number Of Shares Purchased Average Price Paid Per Share Total Number Of Shares Purchased As Part Of Publicly Announced Plan Or Programs Maximum Number of Shares That May Yet Be Purchased October 1-31, 2021 — $ — — — November 1-30, 2021 124,130 $ 44.28 124,130 351,988 December 1-31, 2021 147,036 $ 44.59 147,036 202,720 Total 271,166 $ 44.45 271,166 202,720 ITEM 6. SELECTED FINANCIAL DATA FIVE YEAR COMPARISON OF SELECTED FINANCIAL DATA (Dollar amounts in thousands, except per share amounts) 2021 2020 2019 2018 2017 BALANCE SHEET DATA Total assets $ 5,175,099 $ 4,560,520 $ 4,023,250 $ 3,008,718 $ 3,000,668 Securities 1,364,734 1,020,744 926,717 784,916 814,931 Loans 2,815,895 2,610,294 2,656,390 1,953,988 1,906,761 Deposits 4,409,569 3,755,945 3,275,357 2,436,727 2,458,653 Borrowings 109,311 121,920 111,092 69,656 57,686 Shareholders’ equity 582,576 596,992 557,608 442,701 413,569 INCOME STATEMENT DATA Interest income 152,198 160,485 149,121 126,224 114,195 Interest expense 8,797 14,139 17,469 9,645 6,338 Net interest income 143,401 146,346 131,652 116,579 107,857 Provision for credit losses 2,466 10,528 4,700 5,768 5,295 Other income 42,084 42,476 38,452 38,206 35,938 Other expenses 117,406 112,758 104,405 91,289 88,747 Net income 52,987 53,844 48,872 46,583 29,131 PER SHARE DATA: Net Income 4.02 3.93 3.80 3.80 2.38 Cash dividends 1.06 1.04 1.03 1.02 2.51 PERFORMANCE RATIOS: Return on average assets 1.10 % 1.25 % 1.42 % 1.57 % 0.98 % Return on average shareholders’ equity 8.87 9.07 9.83 10.98 6.69 Average total capital to average assets 13.36 14.31 15.05 14.93 15.24 Average shareholders’ equity to average assets 12.41 13.77 14.46 14.25 14.58 Dividend payout 28.22 26.58 27.69 26.85 105.32