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Founded in 1834, First Financial Corporation (NASDAQ: THFF) is the oldest national bank in Indiana and the sixth oldest in the United States. Initially established to serve the pioneers of Vigo County and the Wabash River Valley, it has grown into a robust financial holding company providing a comprehensive range of financial services across multiple states.
First Financial Corporation's operations are primarily conducted through its subsidiary, First Financial Bank, N.A., which operates 70 banking centers in Illinois, Indiana, Kentucky, and Tennessee. The bank offers a suite of financial services, including commercial, mortgage, and consumer lending, lease financing, trust account services, depositor services, and insurance services.
The company has a strong history of financial growth and stability. For the year ending December 31, 2023, First Financial reported total loans outstanding of $3.17 billion, an increase of 3.27% compared to the previous year. The bank's average total loans for the first quarter of 2024 were $3.18 billion, illustrating continuous growth. Furthermore, their non-interest income was $11.2 million for the same period, showing a stable financial footprint.
First Financial Corporation has also shown remarkable efficiency and a disciplined approach to expense management. The corporation’s efficiency ratio was high at 67.21% for the first quarter of 2024. They also maintained strong credit quality, with a nonperforming loans ratio of just 0.76% as of March 31, 2024.
Strategic growth remains a focus for First Financial Corporation. They announced a significant acquisition, merging with SimplyBank in Dayton, Tennessee, which will add approximately $702 million in assets to First Financial's portfolio and expand their footprint into new markets. This merger is expected to close in the second quarter of 2024, pending customary approvals.
Financially, the company remains strong with a tangible common equity to tangible asset ratio of 9.00% as of March 31, 2024. Shareholder equity stood at $520.8 million with a book value of $44.08 per share, reflecting a solid foundation for future growth.
With a history of stable financial performance, strategic expansions, and a diverse range of financial services, First Financial Corporation is well-positioned to continue its legacy of supporting communities and delivering shareholder value.
First Financial (NASDAQ:THFF) reported its third quarter 2024 results, including the closure of its SimplyBank acquisition. Key highlights:
- Net income of $8.7 million, down from $16.3 million in Q3 2023
- Diluted EPS of $0.74, compared to $1.37 in Q3 2023
- Return on average assets of 0.64%, down from 1.35% in Q3 2023
- Credit loss provision increased to $9.4 million from $1.2 million in Q3 2023
- Average total loans increased 17.74% year-over-year to $3.71 billion
- Total deposits grew 16.74% year-over-year to $4.72 billion
- Net interest margin expanded to 3.78% from 3.74% in Q3 2023
The acquisition of SimplyBank added $467 million in loans and $622 million in deposits. The company expects continued net interest margin improvement in coming quarters.
First Financial (NASDAQ: THFF) has announced a quarterly dividend of 45 cents per share. The dividend will be payable on October 15, 2024, to shareholders of record at the close of business on October 1, 2024. First Financial is the holding company for First Financial Bank N.A., which operates in Indiana, Illinois, Kentucky, and Tennessee.
This announcement demonstrates the company's commitment to providing regular returns to its shareholders. The declaration of a dividend is often seen as a positive sign of a company's financial health and confidence in its future prospects.
First Financial (NASDAQ:THFF) reported second quarter 2024 results with net income of $11.4 million, down from $16.0 million in Q2 2023. Diluted earnings per share decreased to $0.96 from $1.33 year-over-year. The company saw loan growth of 3.22% year-over-year, with average total loans reaching $3.20 billion. Net interest margin expanded to 3.57% from 3.53% in the previous quarter. Total deposits increased by 1.70% year-over-year to $4.13 billion. The efficiency ratio rose to 64.56% from 58.01% in Q2 2023. First Financial completed its acquisition of SimplyBank on July 1st, expanding into southeastern Tennessee markets.
First Financial (NASDAQ: THFF) announced a quarterly dividend of 45 cents per share. This dividend will be paid on July 15, 2024, to shareholders recorded by the close of business on July 1, 2024. First Financial operates First Financial Bank N.A. across Indiana, Illinois, Kentucky, and Tennessee.
First Financial reported a net income of $10.9 million for Q1 2024 compared to $16.0 million in Q1 2023. Diluted net income per share was $0.93 versus $1.33 for the same period in 2023. Return on average assets decreased to 0.91% from 1.32% in Q1 2023. Credit loss provision remained unchanged at $1.8 million. Pre-tax, pre-provision net income was $14.9 million versus $21.4 million in Q1 2023. Total loans outstanding and deposits increased, while nonperforming loans, net interest income, and net interest margin saw declines.
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