First Financial Corporation Announces Stock Repurchase Plan

Rhea-AI Summary

First Financial Corporation (NASDAQ:THFF) has announced a new stock repurchase program, authorizing the buyback of up to 10% of its outstanding common stock. This initiative allows repurchases in the open market or through negotiated transactions, depending on market conditions and legal requirements. Shares will be held as authorized but unissued, aimed at bolstering shareholder value and supporting corporate flexibility.

Positive

• Authorization of a stock repurchase program for up to 10% of outstanding shares, potentially enhancing shareholder value.
• Repurchased shares can be used for general corporate purposes, increasing financial flexibility.

Negative

• None.

TERRE HAUTE, Ind., April 21, 2022 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced that its Board of Directors has authorized a stock repurchase program to purchase up to 10% 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. First Financial Bank N.A. is the fifth oldest national bank in the United States, operating 78 banking centers in Illinois, Indiana, Kentucky and Tennessee. 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 stock repurchase program aims to enhance shareholder value and provide financial flexibility by allowing the company to buy back up to 10% of its outstanding shares.

When was the stock repurchase program announced?

The stock repurchase program was announced on April 21, 2022.

How will the shares be repurchased under the program?

Shares may be repurchased periodically in open market transactions or through privately negotiated transactions, depending on market conditions.

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

The buyback is expected to potentially enhance THFF's stock price by reducing the number of shares outstanding, thereby increasing earnings per share.