First Financial Corporation Announces Stock Repurchase Plan

Rhea-AI Summary

First Financial Corporation (NASDAQ:THFF) announced a stock repurchase program allowing the buyback of up to 5% of its outstanding shares. The repurchase will occur through open market transactions, privately negotiated deals, or other legal means, with timing and quantities determined by management based on market conditions and stock performance. The shares will be held as authorized but unissued, potentially serving general corporate purposes.

Positive

• Authorization to repurchase up to 5% of outstanding shares, enhancing shareholder value.
• Shares held as authorized but unissued provide flexibility for future corporate needs.

Negative

• None.

TERRE HAUTE, Ind., Oct. 29, 2020 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced that its Board of Directors has authorized a stock repurchase program to purchase up to 5% of the company's outstanding common stock.

The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of First Financial's stock, general market and economic conditions, and applicable legal requirements. Repurchased shares will be held by the Corporation as authorized but unissued shares and may be utilized for general corporate purposes.

About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A. and The Morris Plan Company of Terre Haute, Inc. First Financial Bank N.A. is the fifth oldest national bank in the United States, operating 81 banking centers in Illinois, Indiana, Kentucky and Tennessee. The Morris Plan Company of Terre Haute, Inc. is a state industrial chartered financial institution operating one office in Terre Haute, Indiana. Additional information is available at www.first-online.bank.

Investor Contact:
Rodger A. McHargue
Chief Financial Officer
P: 812-238-6334
E: rmchargue@first-online.com

FAQ

What is the purpose of First Financial Corporation's stock repurchase program?

The program aims to buy back up to 5% of outstanding shares, potentially enhancing shareholder value.

When will First Financial Corporation buy back its shares?

The timing of share repurchases will be determined by management and will depend on market conditions.

How will the repurchased shares be used by First Financial Corporation?

Repurchased shares will be held as authorized but unissued and may be used for general corporate purposes.

What impact could the stock buyback have on THFF's stock price?

The buyback may increase demand for THFF shares, potentially leading to an upward movement in the stock price.

What factors will influence the share repurchase decisions by First Financial Corporation?

Factors include the market price of THFF stock, general market conditions, and legal requirements.