First Financial Corporation Reports 2024 Results
First Financial (NASDAQ:THFF) reported its Q4 2024 results with net income of $16.2 million, up from $12.4 million in Q4 2023. The company's diluted EPS increased to $1.37 from $1.06 year-over-year. For the full year 2024, net income was $47.3 million compared to $60.7 million in 2023.
Key highlights include record net interest income of $49.6 million in Q4, a net interest margin expansion to 3.94%, and total loans increasing to $3.84 billion, up 21.13% year-over-year. The acquisition of SimplyBank on July 1, 2024, contributed significantly, adding $467 million in loans and $622 million in deposits.
The company's asset quality improved with nonperforming loans decreasing to $13.3 million from $24.6 million year-over-year. The allowance for credit losses stood at $46.7 million, representing 1.22% of total loans.
First Financial (NASDAQ:THFF) ha riportato i risultati del quarto trimestre 2024 con un utile netto di 16,2 milioni di dollari, in aumento rispetto ai 12,4 milioni di dollari del quarto trimestre 2023. L'utile per azione diluito dell'azienda è aumentato a 1,37 dollari rispetto a 1,06 dollari dell'anno precedente. Per l'intero anno 2024, l'utile netto è stato di 47,3 milioni di dollari rispetto ai 60,7 milioni di dollari del 2023.
I punti salienti includono un reddito netto da interessi record di 49,6 milioni di dollari nel quarto trimestre, un'espansione del margine di interesse netto al 3,94% e un aumento totale dei prestiti a 3,84 miliardi di dollari, in crescita del 21,13% rispetto all'anno precedente. L'acquisizione di SimplyBank il 1° luglio 2024 ha contribuito in modo significativo, aggiungendo 467 milioni di dollari in prestiti e 622 milioni di dollari in depositi.
La qualità degli attivi dell'azienda è migliorata con i prestiti non performanti che sono scesi a 13,3 milioni di dollari dai 24,6 milioni di dollari dell'anno precedente. Il fondo per perdite su crediti era di 46,7 milioni di dollari, corrispondente all'1,22% del totale dei prestiti.
First Financial (NASDAQ:THFF) reportó los resultados del cuarto trimestre de 2024 con un ingreso neto de 16,2 millones de dólares, en comparación con los 12,4 millones de dólares en el cuarto trimestre de 2023. Las ganancias por acción diluidas de la empresa aumentaron a 1,37 dólares desde 1,06 dólares en el año anterior. Para todo el año 2024, el ingreso neto fue de 47,3 millones de dólares en comparación con los 60,7 millones de dólares en 2023.
Los aspectos destacados incluyen un ingreso neto por intereses récord de 49,6 millones de dólares en el cuarto trimestre, una expansión del margen de interés neto al 3,94% y un aumento total de los préstamos a 3,84 mil millones de dólares, un 21,13% más en comparación con el año anterior. La adquisición de SimplyBank el 1 de julio de 2024 contribuyó significativamente, añadiendo 467 millones de dólares en préstamos y 622 millones de dólares en depósitos.
La calidad de los activos de la empresa mejoró, con préstamos no productivos que disminuyeron a 13,3 millones de dólares desde los 24,6 millones de dólares del año anterior. La provisión para pérdidas por créditos era de 46,7 millones de dólares, representando el 1,22% del total de préstamos.
퍼스트 파이낸셜 (NASDAQ:THFF)은 2024년 4분기 결과를 발표하였으며, 순이익은 1,620만 달러로 2023년 4분기 1,240만 달러에서 증가했습니다. 회사의 희석 주당순이익(EPS)은 연간 1.06달러에서 1.37달러로 증가했습니다. 2024년 전체 연도에 대해 순이익은 4,730만 달러였으며, 2023년의 6070만 달러와 비교되었습니다.
주요 내용으로는 4분기 순이자 수익이 4,960만 달러로 기록적이며, 순이자마진이 3.94%로 확대되었고, 총 대출이 38억 4천만 달러로, 전년 대비 21.13% 증가했습니다. 2024년 7월 1일 SimplyBank 인수는 4억 6,700만 달러의 대출과 6억 2,200만 달러의 예금을 추가하여 상당한 기여를 했습니다.
회사의 자산 품질이 개선되어 부실 대출이 전년 대비 2,460만 달러에서 1,330만 달러로 감소했습니다. 신용 손실을 위한 적립금은 4,670만 달러로, 총 대출의 1.22%에 해당합니다.
First Financial (NASDAQ:THFF) a annoncé ses résultats du quatrième trimestre 2024 avec un bénéfice net de 16,2 millions de dollars, contre 12,4 millions de dollars au quatrième trimestre 2023. Le bénéfice par action dilué de l'entreprise a augmenté à 1,37 dollar, contre 1,06 dollar l'année précédente. Pour l'année entière 2024, le bénéfice net a été de 47,3 millions de dollars par rapport à 60,7 millions de dollars en 2023.
Les points clés incluent un revenu net d'intérêts record de 49,6 millions de dollars au quatrième trimestre, une expansion de la marge d'intérêt nette à 3,94%, et une augmentation totale des prêts à 3,84 milliards de dollars, soit une hausse de 21,13% par rapport à l'année précédente. L'acquisition de SimplyBank le 1er juillet 2024 a contribué de manière significative, ajoutant 467 millions de dollars en prêts et 622 millions de dollars en dépôts.
La qualité des actifs de l'entreprise s'est améliorée avec une réduction des prêts non performants à 13,3 millions de dollars, contre 24,6 millions de dollars l'année précédente. Le fonds pour pertes de crédit était de 46,7 millions de dollars, représentant 1,22% du total des prêts.
First Financial (NASDAQ:THFF) hat die Ergebnisse für das 4. Quartal 2024 veröffentlicht, mit einem Nettogewinn von 16,2 Millionen Dollar, ein Anstieg von 12,4 Millionen Dollar im 4. Quartal 2023. Der verwässerte Gewinn pro Aktie des Unternehmens stieg von 1,06 Dollar auf 1,37 Dollar im Jahresvergleich. Für das Gesamtjahr 2024 betrug der Nettogewinn 47,3 Millionen Dollar im Vergleich zu 60,7 Millionen Dollar im Jahr 2023.
Zu den wichtigsten Punkten gehören ein Rekord netto Zinseinkommen von 49,6 Millionen Dollar im 4. Quartal, eine Ausweitung der Nettozinsmarge auf 3,94% und ein Anstieg der Gesamtdarlehen auf 3,84 Milliarden Dollar, was einem Anstieg von 21,13% im Jahresvergleich entspricht. Die Übernahme von SimplyBank am 1. Juli 2024 trug erheblich dazu bei und fügte 467 Millionen Dollar an Darlehen und 622 Millionen Dollar an Einlagen hinzu.
Die Vermögensqualität des Unternehmens verbesserte sich, da die notleidenden Kredite im Jahresvergleich von 24,6 Millionen Dollar auf 13,3 Millionen Dollar sanken. Die Rückstellungen für Kreditverluste beliefen sich auf 46,7 Millionen Dollar, was 1,22% der Gesamtdarlehen entspricht.
- Q4 net income increased 30.6% YoY to $16.2 million
- Record quarterly net interest income of $49.6 million, up 25.29% YoY
- Net interest margin expanded to 3.94% from 3.63% YoY
- Total loans increased 21.13% YoY to $3.84 billion
- Nonperforming loans decreased to 0.35% of total loans from 0.78% YoY
- Full-year 2024 net income declined 22.1% to $47.3 million from $60.7 million
- Annual EPS decreased to $4.00 from $5.08 YoY
- Return on average assets declined to 0.92% from 1.26% YoY
- Credit loss provision increased to $16.2 million from $7.3 million YoY
Insights
The Q4 2024 results reveal a complex narrative for First Financial While quarterly earnings showed impressive growth with
The SimplyBank acquisition has significantly transformed the bank's scale, contributing
Particularly noteworthy is the expansion in net interest margin to
Asset quality metrics show encouraging trends, with nonperforming loans declining to
TERRE HAUTE, Ind., Feb. 04, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2024.
- Net income was
$16.2 million compared to$12.4 million reported for the same period of 2023; - Diluted net income per common share of
$1.37 compared to$1.06 for the same period of 2023; - Return on average assets was
1.18% compared to1.05% for the three months ended December 31, 2023; - Credit loss provision was
$2.0 million compared to provision of$2.5 million for the fourth quarter 2023; and - Pre-tax, pre-provision net income was
$22.3 million compared to$16.6 million for the same period in 2023.1
The Corporation further reported results for the year ended December 31, 2024:
- Net income was
$47.3 million compared to$60.7 million reported for the same period of 2023; - Diluted net income per common share of
$4.00 compared to$5.08 for the same period of 2023; - Return on average assets was
0.92% compared to1.26% for the twelve months ended December 31, 2023; - Credit loss provision was
$16.2 million compared to provision of$7.3 million for the twelve months ended December 31, 2023; and - Pre-tax, pre-provision net income was
$73.4 million compared to$79.7 million for the same period in 2023.1
______________________________
1 Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.
Average Total Loans
Average total loans for the fourth quarter of 2024 were
Total Loans Outstanding
Total loans outstanding as of December 31, 2024, were
Norman D. Lowery, President and Chief Executive Officer, commented “We experienced another sound quarter of loan growth and record net interest income. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”
Average Total Deposits
Average total deposits for the quarter ended December 31, 2024, were
Total Deposits
Total deposits were
Shareholders’ Equity
Shareholders’ equity at December 31, 2024, was
Book Value Per Share
Book Value per share was
Tangible Common Equity to Tangible Asset Ratio
The Corporation’s tangible common equity to tangible asset ratio was
Net Interest Income
Net interest income for the fourth quarter of 2024 was a record
Net Interest Margin
The net interest margin for the quarter ended December 31, 2024, was
Nonperforming Loans
Nonperforming loans as of December 31, 2024, were
Credit Loss Provision
The provision for credit losses for the three months ended December 31, 2024, was
Net Charge-Offs
Fourth quarter net charge-offs were
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of December 31, 2024, was
Non-Interest Income
Non-interest income for the three months ended December 31, 2024 and 2023 was
Non-Interest Expense
Non-interest expense for the three months ended December 31, 2024, was
Efficiency Ratio
The Corporation’s efficiency ratio was
Income Taxes
Income tax expense for the three months ended December 31, 2024, was
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. 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
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| END OF PERIOD BALANCES | |||||||||||||||||||
| Assets | $ | 5,560,348 | $ | 5,483,351 | $ | 4,851,146 | $ | 5,560,348 | $ | 4,851,146 | |||||||||
| Deposits | $ | 4,718,914 | $ | 4,717,489 | $ | 4,090,068 | $ | 4,718,914 | $ | 4,090,068 | |||||||||
| Loans, including net deferred loan costs | $ | 3,837,141 | $ | 3,715,235 | $ | 3,167,821 | $ | 3,837,141 | $ | 3,167,821 | |||||||||
| Allowance for Credit Losses | $ | 46,732 | $ | 46,169 | $ | 39,767 | $ | 46,732 | $ | 39,767 | |||||||||
| Total Equity | $ | 549,041 | $ | 565,951 | $ | 527,976 | $ | 549,041 | $ | 527,976 | |||||||||
| Tangible Common Equity (a) | $ | 427,470 | $ | 446,786 | $ | 435,405 | $ | 427,470 | $ | 435,405 | |||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Total Assets | $ | 5,516,036 | $ | 5,483,572 | $ | 4,725,297 | $ | 5,154,320 | $ | 4,802,448 | |||||||||
| Earning Assets | $ | 5,196,352 | $ | 5,165,520 | $ | 4,485,766 | $ | 4,871,293 | $ | 4,564,135 | |||||||||
| Investments | $ | 1,311,415 | $ | 1,342,037 | $ | 1,279,821 | $ | 1,310,263 | $ | 1,358,661 | |||||||||
| Loans | $ | 3,790,515 | $ | 3,705,779 | $ | 3,133,267 | $ | 3,468,534 | $ | 3,111,784 | |||||||||
| Total Deposits | $ | 4,757,438 | $ | 4,705,614 | $ | 4,050,968 | $ | 4,405,679 | $ | 4,106,132 | |||||||||
| Interest-Bearing Deposits | $ | 3,925,740 | $ | 4,403,454 | $ | 3,291,931 | $ | 3,767,259 | $ | 3,304,816 | |||||||||
| Interest-Bearing Liabilities | $ | 134,553 | $ | 157,227 | $ | 206,778 | $ | 166,377 | $ | 199,551 | |||||||||
| Total Equity | $ | 556,330 | $ | 546,912 | $ | 463,004 | $ | 535,963 | $ | 486,572 | |||||||||
| INCOME STATEMENT DATA | |||||||||||||||||||
| Net Interest Income | $ | 49,602 | $ | 47,170 | $ | 39,590 | $ | 174,986 | $ | 167,262 | |||||||||
| Net Interest Income Fully Tax Equivalent (b) | $ | 50,985 | $ | 48,630 | $ | 40,942 | $ | 180,586 | $ | 172,716 | |||||||||
| Provision for Credit Losses | $ | 2,000 | $ | 9,400 | $ | 2,495 | $ | 16,166 | $ | 7,295 | |||||||||
| Non-interest Income | $ | 12,213 | $ | 11,223 | $ | 11,247 | $ | 42,772 | $ | 42,702 | |||||||||
| Non-interest Expense | $ | 39,801 | $ | 38,564 | $ | 34,244 | $ | 144,438 | $ | 130,176 | |||||||||
| Net Income | $ | 16,241 | $ | 8,741 | $ | 12,420 | $ | 47,275 | $ | 60,672 | |||||||||
| PER SHARE DATA | |||||||||||||||||||
| Basic and Diluted Net Income Per Common Share | $ | 1.37 | $ | 0.74 | $ | 1.06 | $ | 4.00 | $ | 5.08 | |||||||||
| Cash Dividends Declared Per Common Share | $ | 0.51 | $ | 0.45 | $ | 0.45 | $ | 1.86 | $ | 0.99 | |||||||||
| Book Value Per Common Share | $ | 46.36 | $ | 47.93 | $ | 44.76 | $ | 46.36 | $ | 44.76 | |||||||||
| Tangible Book Value Per Common Share (c) | $ | 36.77 | $ | 36.22 | $ | 31.47 | $ | 36.10 | $ | 36.91 | |||||||||
| Basic Weighted Average Common Shares Outstanding | 11,824 | 11,808 | 11,772 | 11,812 | 11,937 | ||||||||||||||
______________________________
(a) Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
(b) Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of
(c) Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.
| Key Ratios | Three Months Ended | Year Ended | |||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Return on average assets | 1.18 | % | 0.64 | % | 1.05 | % | 0.92 | % | 1.26 | % | |||||
| Return on average common shareholder's equity | 11.68 | % | 6.39 | % | 10.73 | % | 8.82 | % | 12.47 | % | |||||
| Efficiency ratio | 62.98 | % | 64.43 | % | 65.62 | % | 64.67 | % | 60.43 | % | |||||
| Average equity to average assets | 10.09 | % | 9.97 | % | 9.80 | % | 10.40 | % | 10.13 | % | |||||
| Net interest margin (a) | 3.94 | % | 3.78 | % | 3.63 | % | 3.71 | % | 3.78 | % | |||||
| Net charge-offs to average loans and leases | 0.15 | % | 0.49 | % | 0.22 | % | 0.35 | % | 0.23 | % | |||||
| Credit loss reserve to loans and leases | 1.22 | % | 1.24 | % | 1.26 | % | 1.22 | % | 1.26 | % | |||||
| Credit loss reserve to nonperforming loans | 351.37 | % | 326.65 | % | 161.94 | % | 351.37 | % | 161.94 | % | |||||
| Nonperforming loans to loans and leases | 0.35 | % | 0.38 | % | 0.78 | % | 0.35 | % | 0.78 | % | |||||
| Tier 1 leverage | 10.38 | % | 10.25 | % | 12.14 | % | 10.38 | % | 12.14 | % | |||||
| Risk-based capital - Tier 1 | 12.43 | % | 13.63 | % | 14.76 | % | 12.43 | % | 14.76 | % | |||||
______________________________
(a) Net interest margin is calculated on a tax equivalent basis.
| Asset Quality | Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Accruing loans and leases past due 30-89 days | $ | 22,486 | $ | 16,391 | $ | 20,168 | $ | 22,486 | $ | 20,168 | |||||||||
| Accruing loans and leases past due 90 days or more | $ | 1,821 | $ | 1,517 | $ | 960 | $ | 1,821 | $ | 960 | |||||||||
| Nonaccrual loans and leases | $ | 11,479 | $ | 12,617 | $ | 23,596 | $ | 11,479 | $ | 23,596 | |||||||||
| Other real estate owned | $ | 523 | $ | 169 | $ | 107 | $ | 523 | $ | 107 | |||||||||
| Nonperforming loans and other real estate owned | $ | 13,823 | $ | 14,303 | $ | 24,663 | $ | 13,823 | $ | 24,663 | |||||||||
| Total nonperforming assets | $ | 16,719 | $ | 17,179 | $ | 27,665 | $ | 16,719 | $ | 27,665 | |||||||||
| Gross charge-offs | $ | 3,070 | $ | 6,936 | $ | 3,976 | $ | 19,289 | $ | 15,496 | |||||||||
| Recoveries | $ | 1,633 | $ | 2,365 | $ | 2,213 | $ | 7,082 | $ | 8,188 | |||||||||
| Net charge-offs/(recoveries) | $ | 1,437 | $ | 4,571 | $ | 1,763 | $ | 12,207 | $ | 7,308 | |||||||||
| Non-GAAP Reconciliations | Three Months Ended December 31, | ||||||
| 2024 | 2023 | ||||||
| ($in thousands, except EPS) | |||||||
| Income before Income Taxes | $ | 20,014 | $ | 14,098 | |||
| Provision for credit losses | 2,000 | 2,495 | |||||
| Provision for unfunded commitments | 300 | — | |||||
| Pre-tax, Pre-provision Income | $ | 22,314 | $ | 16,593 | |||
| Non-GAAP Reconciliations | Year Ended December 31, | ||||||
| 2024 | 2023 | ||||||
| ($ in thousands, except EPS) | |||||||
| Income before Income Taxes | $ | 57,154 | $ | 72,493 | |||
| Provision for credit losses | 16,166 | 7,295 | |||||
| Provision for unfunded commitments | 100 | (100 | ) | ||||
| Pre-tax, Pre-provision Income | $ | 73,420 | $ | 79,688 | |||
| CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 93,526 | $ | 76,759 | |||
| Federal funds sold | 820 | 282 | |||||
| Securities available-for-sale | 1,195,990 | 1,259,137 | |||||
| Loans: | |||||||
| Commercial | 2,196,351 | 1,817,526 | |||||
| Residential | 967,386 | 695,788 | |||||
| Consumer | 668,058 | 646,758 | |||||
| 3,831,795 | 3,160,072 | ||||||
| (Less) plus: | |||||||
| Net deferred loan costs | 5,346 | 7,749 | |||||
| Allowance for credit losses | (46,732 | ) | (39,767 | ) | |||
| 3,790,409 | 3,128,054 | ||||||
| Restricted stock | 17,555 | 15,364 | |||||
| Accrued interest receivable | 26,934 | 24,877 | |||||
| Premises and equipment, net | 81,508 | 67,286 | |||||
| Bank-owned life insurance | 128,766 | 114,122 | |||||
| Goodwill | 100,026 | 86,985 | |||||
| Other intangible assets | 21,545 | 5,586 | |||||
| Other real estate owned | 523 | 107 | |||||
| Other assets | 102,746 | 72,587 | |||||
| TOTAL ASSETS | $ | 5,560,348 | $ | 4,851,146 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Deposits: | |||||||
| Non-interest-bearing | $ | 859,014 | $ | 750,335 | |||
| Interest-bearing: | |||||||
| Certificates of deposit exceeding the FDIC insurance limits | 144,982 | 92,921 | |||||
| Other interest-bearing deposits | 3,714,918 | 3,246,812 | |||||
| 4,718,914 | 4,090,068 | ||||||
| Short-term borrowings | 187,057 | 67,221 | |||||
| FHLB advances | 28,120 | 108,577 | |||||
| Other liabilities | 77,216 | 57,304 | |||||
| TOTAL LIABILITIES | 5,011,307 | 4,323,170 | |||||
| Shareholders’ equity | |||||||
| Common stock, $.125 stated value per share; | |||||||
| Authorized shares-40,000,000 | |||||||
| Issued shares-16,165,023 in 2024 and 16,137,220 in 2023 | |||||||
| Outstanding shares-11,842,539 in 2024 and 11,795,024 in 2023 | 2,018 | 2,014 | |||||
| Additional paid-in capital | 145,927 | 144,152 | |||||
| Retained earnings | 687,366 | 663,726 | |||||
| Accumulated other comprehensive income/(loss) | (132,285 | ) | (127,087 | ) | |||
| Less: Treasury shares at cost-4,322,484 in 2024 and 4,342,196 in 2023 | (153,985 | ) | (154,829 | ) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 549,041 | 527,976 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,560,348 | $ | 4,851,146 | |||
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) | |||||||||||
| Year Ended | |||||||||||
| December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| (unaudited) | |||||||||||
| INTEREST INCOME: | |||||||||||
| Loans, including related fees | $ | 226,262 | $ | 189,641 | $ | 146,295 | |||||
| Securities: | |||||||||||
| Taxable | 24,237 | 24,643 | 21,014 | ||||||||
| Tax-exempt | 10,533 | 10,573 | 9,974 | ||||||||
| Other | 3,710 | 3,540 | 6,018 | ||||||||
| TOTAL INTEREST INCOME | 264,742 | 228,397 | 183,301 | ||||||||
| INTEREST EXPENSE: | |||||||||||
| Deposits | 81,071 | 51,694 | 16,743 | ||||||||
| Short-term borrowings | 4,284 | 5,370 | 1,243 | ||||||||
| Other borrowings | 4,401 | 4,071 | 273 | ||||||||
| TOTAL INTEREST EXPENSE | 89,756 | 61,135 | 18,259 | ||||||||
| NET INTEREST INCOME | 174,986 | 167,262 | 165,042 | ||||||||
| Provision for credit losses | 16,166 | 7,295 | (2,025 | ) | |||||||
| NET INTEREST INCOME AFTER PROVISION | |||||||||||
| FOR LOAN LOSSES | 158,820 | 159,967 | 167,067 | ||||||||
| NON-INTEREST INCOME: | |||||||||||
| Trust and financial services | 5,468 | 5,155 | 5,155 | ||||||||
| Service charges and fees on deposit accounts | 29,653 | 28,079 | 27,540 | ||||||||
| Other service charges and fees | 999 | 801 | 665 | ||||||||
| Securities gains (losses), net | 103 | (1 | ) | 3 | |||||||
| Interchange income | 655 | 676 | 559 | ||||||||
| Loan servicing fees | 1,259 | 1,176 | 1,554 | ||||||||
| Gain on sales of mortgage loans | 1,153 | 966 | 1,994 | ||||||||
| Other | 3,482 | 5,850 | 9,246 | ||||||||
| TOTAL NON-INTEREST INCOME | 42,772 | 42,702 | 46,716 | ||||||||
| NON-INTEREST EXPENSE: | |||||||||||
| Salaries and employee benefits | 74,555 | 68,525 | 65,555 | ||||||||
| Occupancy expense | 9,616 | 9,351 | 9,764 | ||||||||
| Equipment expense | 17,612 | 14,020 | 12,391 | ||||||||
| FDIC Expense | 2,788 | 2,907 | 2,327 | ||||||||
| Other | 39,867 | 35,373 | 35,986 | ||||||||
| TOTAL NON-INTEREST EXPENSE | 144,438 | 130,176 | 126,023 | ||||||||
| INCOME BEFORE INCOME TAXES | 57,154 | 72,493 | 87,760 | ||||||||
| Provision for income taxes | 9,879 | 11,821 | 16,651 | ||||||||
| NET INCOME | 47,275 | 60,672 | 71,109 | ||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
| Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | (9,807 | ) | 10,896 | (144,570 | ) | ||||||
| Change in funded status of post retirement benefits, net of taxes | 4,609 | 1,991 | 7,022 | ||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 42,077 | $ | 73,559 | $ | (66,439 | ) | ||||
| PER SHARE DATA | |||||||||||
| Basic and Diluted Earnings per Share | $ | 4.00 | $ | 5.08 | $ | 5.82 | |||||
| Weighted average number of shares outstanding (in thousands) | 11,812 | 11,937 | 12,211 | ||||||||
FAQ
What was First Financial 's (THFF) net income for Q4 2024?
How did THFF's full-year 2024 performance compare to 2023?
What was the impact of the SimplyBank acquisition on THFF's loan portfolio?
How did THFF's net interest margin change in Q4 2024?
What was THFF's asset quality status at the end of 2024?
