First Financial Corporation Reports First Quarter Results
First Financial (NASDAQ:THFF) reported strong Q1 2025 results with net income of $18.4 million, up from $10.9 million in Q1 2024. The company achieved a diluted EPS of $1.55, compared to $0.93 in the same period last year.
Key highlights include record net interest income of $52.0 million, a 33.5% increase year-over-year, and improved net interest margin of 4.11%. Average total loans grew 20.80% to $3.84 billion, while average deposits increased 14.95% to $4.65 billion. The growth was partially attributed to the SimplyBank acquisition in July 2024.
Credit quality showed improvement with nonperforming loans decreasing to $10.2 million from $24.3 million year-over-year. The efficiency ratio improved to 57.54% from 67.21%, and return on average assets increased to 1.34% from 0.91%.
First Financial (NASDAQ:THFF) ha riportato risultati solidi nel primo trimestre 2025, con un utile netto di 18,4 milioni di dollari, in aumento rispetto ai 10,9 milioni di dollari del primo trimestre 2024. La società ha registrato un utile diluito per azione (EPS) di 1,55 dollari, rispetto a 0,93 dollari nello stesso periodo dell'anno precedente.
I punti salienti includono un record di reddito netto da interessi di 52,0 milioni di dollari, con un incremento del 33,5% su base annua, e un miglioramento del margine netto da interessi al 4,11%. I prestiti totali medi sono cresciuti del 20,80%, raggiungendo 3,84 miliardi di dollari, mentre i depositi medi sono aumentati del 14,95%, arrivando a 4,65 miliardi di dollari. Questa crescita è stata in parte attribuita all'acquisizione di SimplyBank nel luglio 2024.
La qualità del credito è migliorata, con i prestiti in sofferenza che sono diminuiti a 10,2 milioni di dollari dai 24,3 milioni di dollari dell'anno precedente. Il rapporto di efficienza è migliorato al 57,54% dal 67,21%, e il ritorno sugli attivi medi è aumentato all'1,34% dallo 0,91%.
First Financial (NASDAQ:THFF) reportó sólidos resultados en el primer trimestre de 2025, con un ingreso neto de 18,4 millones de dólares, frente a los 10,9 millones de dólares del primer trimestre de 2024. La compañía alcanzó un beneficio diluido por acción (EPS) de 1,55 dólares, comparado con 0,93 dólares en el mismo período del año anterior.
Los aspectos destacados incluyen un récord en ingresos netos por intereses de 52,0 millones de dólares, un aumento del 33,5% interanual, y una mejora en el margen neto de intereses al 4,11%. Los préstamos totales promedio crecieron un 20,80% hasta 3,84 mil millones de dólares, mientras que los depósitos promedio aumentaron un 14,95% hasta 4,65 mil millones de dólares. Este crecimiento se atribuyó en parte a la adquisición de SimplyBank en julio de 2024.
La calidad crediticia mostró mejoras, con préstamos morosos que disminuyeron a 10,2 millones de dólares desde 24,3 millones de dólares año tras año. El índice de eficiencia mejoró al 57,54% desde el 67,21%, y el retorno sobre activos promedio aumentó al 1,34% desde 0,91%.
퍼스트 파이낸셜 (NASDAQ:THFF)은 2025년 1분기에 순이익 1,840만 달러를 기록하며 2024년 1분기의 1,090만 달러에서 크게 증가한 실적을 발표했습니다. 회사는 희석 주당순이익(EPS) 1.55달러를 달성했으며, 이는 전년 동기 0.93달러에 비해 상승한 수치입니다.
주요 성과로는 전년 대비 33.5% 증가한 5,200만 달러의 순이자수익 기록과 4.11%의 순이자마진 개선이 포함됩니다. 평균 총 대출금은 20.80% 증가한 38억 4천만 달러, 평균 예금은 14.95% 증가한 46억 5천만 달러에 달했습니다. 이러한 성장은 2024년 7월 SimplyBank 인수에 일부 기인합니다.
신용 품질도 개선되어 부실 대출이 전년 대비 2,430만 달러에서 1,020만 달러로 감소했습니다. 효율성 비율은 67.21%에서 57.54%로 개선되었고, 평균 자산 수익률은 0.91%에서 1.34%로 상승했습니다.
First Financial (NASDAQ:THFF) a annoncé de solides résultats pour le premier trimestre 2025 avec un bénéfice net de 18,4 millions de dollars, en hausse par rapport à 10,9 millions de dollars au premier trimestre 2024. La société a réalisé un bénéfice dilué par action (EPS) de 1,55 dollar, contre 0,93 dollar sur la même période l'année précédente.
Les points clés incluent un revenu net d'intérêts record de 52,0 millions de dollars, soit une augmentation de 33,5 % en glissement annuel, et une amélioration de la marge nette d'intérêts à 4,11 %. Les prêts totaux moyens ont augmenté de 20,80 % pour atteindre 3,84 milliards de dollars, tandis que les dépôts moyens ont progressé de 14,95 % pour atteindre 4,65 milliards de dollars. Cette croissance est en partie attribuée à l'acquisition de SimplyBank en juillet 2024.
La qualité du crédit s'est améliorée avec une diminution des prêts non performants à 10,2 millions de dollars contre 24,3 millions de dollars un an plus tôt. Le ratio d'efficacité s'est amélioré à 57,54 % contre 67,21 %, et le rendement moyen des actifs est passé de 0,91 % à 1,34 %.
First Financial (NASDAQ:THFF) meldete starke Ergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 18,4 Millionen US-Dollar, gegenüber 10,9 Millionen US-Dollar im ersten Quartal 2024. Das Unternehmen erzielte ein verwässertes Ergebnis je Aktie (EPS) von 1,55 US-Dollar, verglichen mit 0,93 US-Dollar im gleichen Zeitraum des Vorjahres.
Zu den wichtigsten Highlights zählen ein Rekord bei den Nettozinserträgen von 52,0 Millionen US-Dollar, eine Steigerung von 33,5 % im Jahresvergleich, sowie eine verbesserte Nettozinsmarge von 4,11 %. Die durchschnittlichen Gesamtkredite wuchsen um 20,80 % auf 3,84 Milliarden US-Dollar, während die durchschnittlichen Einlagen um 14,95 % auf 4,65 Milliarden US-Dollar stiegen. Dieses Wachstum wurde teilweise auf die Übernahme von SimplyBank im Juli 2024 zurückgeführt.
Die Kreditqualität verbesserte sich, da notleidende Kredite von 24,3 Millionen US-Dollar auf 10,2 Millionen US-Dollar zurückgingen. Die Effizienzquote verbesserte sich von 67,21 % auf 57,54 %, und die Rendite auf das durchschnittliche Vermögen stieg von 0,91 % auf 1,34 %.
- Net income increased 68.8% to $18.4 million
- Record net interest income of $52.0 million, up 33.5%
- Net interest margin expanded to 4.11% from 3.53%
- Efficiency ratio improved to 57.54% from 67.21%
- Nonperforming loans decreased significantly to $10.2 million from $24.3 million
- Average total loans grew 20.80% to $3.84 billion
- Credit loss provision increased to $2.0 million from $1.8 million
- Net charge-offs increased to $1.8 million from $1.5 million
- Tangible common equity to tangible asset ratio declined to 8.32% from 9.00%
Insights
THFF reports exceptional Q1 with 68.8% net income growth, improved efficiency, and strengthened asset quality despite acquisition integration.
First Financial delivered exceptional Q1 2025 results with net income of
The bank's record
Operational efficiency has markedly improved, with the efficiency ratio decreasing to
Asset quality shows significant strengthening, with nonperforming loans dropping to
The July 2024 SimplyBank acquisition has been successfully integrated, contributing to the
Book value per share increased
TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025.
- Net income was
$18.4 million compared to$10.9 million reported for the same period of 2024; - Diluted net income per common share of
$1.55 compared to$0.93 for the same period of 2024; - Return on average assets was
1.34% compared to0.91% for the three months ended March 31, 2024; - Credit loss provision was
$2.0 million compared to provision of$1.8 million for the first quarter 2024; and - Pre-tax, pre-provision net income was
$25.7 million compared to$14.9 million for the same period in 2024.1
________________________
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 first quarter of 2025 were
Total Loans Outstanding
Total loans outstanding as of March 31, 2025, were
Norman D. Lowery, President and Chief Executive Officer, commented “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our strong balance sheet, stable credit quality, and strong capital levels for continued growth.”
Average Total Deposits
Average total deposits for the quarter ended March 31, 2025, were
Total Deposits
Total deposits were
Shareholders’ Equity
Shareholders’ equity at March 31, 2025, 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 first quarter of 2025 was a record
Net Interest Margin
The net interest margin for the quarter ended March 31, 2025, was
Nonperforming Loans
Nonperforming loans as of March 31, 2025, were
Credit Loss Provision
The provision for credit losses for the three months ended March 31, 2025, was
Net Charge-Offs
In the first quarter of 2025 net charge-offs were
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of March 31, 2025, was
Non-Interest Income
Non-interest income for the three months ended March 31, 2025 and 2024 was
Non-Interest Expense
Non-interest expense for the three months ended March 31, 2025, was
Efficiency Ratio
The Corporation’s efficiency ratio was
Income Taxes
Income tax expense for the three months ended March 31, 2025, 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 | ||||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2025 | 2024 | 2024 | ||||||||
| END OF PERIOD BALANCES | ||||||||||
| Assets | $ | 5,549,094 | $ | 5,560,348 | $ | 4,852,615 | ||||
| Deposits | $ | 4,640,003 | $ | 4,718,914 | $ | 4,105,103 | ||||
| Loans, including net deferred loan costs | $ | 3,854,020 | $ | 3,837,141 | $ | 3,191,983 | ||||
| Allowance for Credit Losses | $ | 46,835 | $ | 46,732 | $ | 40,045 | ||||
| Total Equity | $ | 571,945 | $ | 549,041 | $ | 520,766 | ||||
| Tangible Common Equity (a) | $ | 451,874 | $ | 427,470 | $ | 428,430 | ||||
| AVERAGE BALANCES | ||||||||||
| Total Assets | $ | 5,508,767 | $ | 5,516,036 | $ | 4,804,364 | ||||
| Earning Assets | $ | 5,194,478 | $ | 5,196,352 | $ | 4,566,461 | ||||
| Investments | $ | 1,266,300 | $ | 1,311,415 | $ | 1,308,322 | ||||
| Loans | $ | 3,841,752 | $ | 3,790,515 | $ | 3,180,147 | ||||
| Total Deposits | $ | 4,650,883 | $ | 4,757,438 | $ | 4,045,838 | ||||
| Interest-Bearing Deposits | $ | 3,837,679 | $ | 3,925,740 | $ | 3,326,090 | ||||
| Interest-Bearing Liabilities | $ | 261,174 | $ | 134,553 | $ | 221,425 | ||||
| Total Equity | $ | 564,742 | $ | 556,330 | $ | 522,720 | ||||
| INCOME STATEMENT DATA | ||||||||||
| Net Interest Income | $ | 51,975 | $ | 49,602 | $ | 38,920 | ||||
| Net Interest Income Fully Tax Equivalent (b) | $ | 53,373 | $ | 50,985 | $ | 40,297 | ||||
| Provision for Credit Losses | $ | 1,950 | $ | 2,000 | $ | 1,800 | ||||
| Non-interest Income | $ | 10,511 | $ | 12,213 | $ | 9,431 | ||||
| Non-interest Expense | $ | 36,759 | $ | 39,801 | $ | 33,422 | ||||
| Net Income | $ | 18,406 | $ | 16,241 | $ | 10,924 | ||||
| PER SHARE DATA | ||||||||||
| Basic and Diluted Net Income Per Common Share | $ | 1.55 | $ | 1.37 | $ | 0.93 | ||||
| Cash Dividends Declared Per Common Share | $ | 0.51 | $ | 0.51 | $ | 0.45 | ||||
| Book Value Per Common Share | $ | 48.26 | $ | 46.36 | $ | 44.08 | ||||
| Tangible Book Value Per Common Share (c) | $ | 38.13 | $ | 36.77 | $ | 36.26 | ||||
| Basic Weighted Average Common Shares Outstanding | 11,842 | 11,824 | 11,803 | |||||||
________________________
(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 | ||||||||
| March 31, | December 31, | March 31, | |||||||
| 2025 | 2024 | 2024 | |||||||
| Return on average assets | 1.34 | % | 1.18 | % | 0.91 | % | |||
| Return on average common shareholder's equity | 13.04 | % | 11.68 | % | 8.36 | % | |||
| Efficiency ratio | 57.54 | % | 62.98 | % | 67.21 | % | |||
| Average equity to average assets | 10.25 | % | 10.09 | % | 10.88 | % | |||
| Net interest margin (a) | 4.11 | % | 3.94 | % | 3.53 | % | |||
| Net charge-offs to average loans and leases | 0.19 | % | 0.15 | % | 0.19 | % | |||
| Credit loss reserve to loans and leases | 1.22 | % | 1.22 | % | 1.25 | % | |||
| Credit loss reserve to nonperforming loans | 460.57 | % | 351.37 | % | 165.12 | % | |||
| Nonperforming loans to loans and leases | 0.26 | % | 0.35 | % | 0.76 | % | |||
| Tier 1 leverage | 10.63 | % | 10.38 | % | 12.02 | % | |||
| Risk-based capital - Tier 1 | 12.70 | % | 12.43 | % | 14.69 | % | |||
________________________
(a) Net interest margin is calculated on a tax equivalent basis.
| Asset Quality | Three Months Ended | |||||||||
| March 31, | December 31, | March 31, | ||||||||
| 2025 | 2024 | 2024 | ||||||||
| Accruing loans and leases past due 30-89 days | $ | 17,007 | $ | 22,486 | $ | 17,937 | ||||
| Accruing loans and leases past due 90 days or more | $ | 1,109 | $ | 1,821 | $ | 1,395 | ||||
| Nonaccrual loans and leases | $ | 9,060 | $ | 11,479 | $ | 22,857 | ||||
| Other real estate owned | $ | 560 | $ | 523 | $ | 167 | ||||
| Nonperforming loans and other real estate owned | $ | 10,729 | $ | 13,823 | $ | 24,419 | ||||
| Total nonperforming assets | $ | 13,631 | $ | 16,719 | $ | 27,307 | ||||
| Gross charge-offs | $ | 3,241 | $ | 3,070 | $ | 3,192 | ||||
| Recoveries | $ | 1,394 | $ | 1,633 | $ | 1,670 | ||||
| Net charge-offs/(recoveries) | $ | 1,847 | $ | 1,437 | $ | 1,522 | ||||
| Non-GAAP Reconciliations | Three Months Ended March 31, | |||||
| 2025 | 2024 | |||||
| ($in thousands, except EPS) | ||||||
| Income before Income Taxes | $ | 23,777 | $ | 13,129 | ||
| Provision for credit losses | 1,950 | 1,800 | ||||
| Provision for unfunded commitments | — | — | ||||
| Pre-tax, Pre-provision Income | $ | 25,727 | $ | 14,929 | ||
| CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 86,211 | $ | 93,526 | ||||
| Federal funds sold | 427 | 820 | ||||||
| Securities available-for-sale | 1,182,495 | 1,195,990 | ||||||
| Loans: | ||||||||
| Commercial | 2,208,426 | 2,196,351 | ||||||
| Residential | 966,521 | 967,386 | ||||||
| Consumer | 673,751 | 668,058 | ||||||
| 3,848,698 | 3,831,795 | |||||||
| (Less) plus: | ||||||||
| Net deferred loan costs | 5,322 | 5,346 | ||||||
| Allowance for credit losses | (46,835 | ) | (46,732 | ) | ||||
| 3,807,185 | 3,790,409 | |||||||
| Restricted stock | 17,528 | 17,555 | ||||||
| Accrued interest receivable | 25,556 | 26,934 | ||||||
| Premises and equipment, net | 80,317 | 81,508 | ||||||
| Bank-owned life insurance | 129,410 | 128,766 | ||||||
| Goodwill | 100,026 | 100,026 | ||||||
| Other intangible assets | 20,045 | 21,545 | ||||||
| Other real estate owned | 560 | 523 | ||||||
| Other assets | 99,334 | 102,746 | ||||||
| TOTAL ASSETS | $ | 5,549,094 | $ | 5,560,348 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Deposits: | ||||||||
| Non-interest-bearing | $ | 856,063 | $ | 859,014 | ||||
| Interest-bearing: | ||||||||
| Certificates of deposit exceeding the FDIC insurance limits | 145,609 | 144,982 | ||||||
| Other interest-bearing deposits | 3,638,331 | 3,714,918 | ||||||
| 4,640,003 | 4,718,914 | |||||||
| Short-term borrowings | 137,609 | 187,057 | ||||||
| FHLB advances | 124,898 | 28,120 | ||||||
| Other liabilities | 74,639 | 77,216 | ||||||
| TOTAL LIABILITIES | 4,977,149 | 5,011,307 | ||||||
| Shareholders’ equity | ||||||||
| Common stock, $.125 stated value per share; | ||||||||
| Authorized shares-40,000,000 | ||||||||
| Issued shares-16,190,157 in 2025 and 16,165,023 in 2024 | ||||||||
| Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024 | 2,019 | 2,018 | ||||||
| Additional paid-in capital | 146,159 | 145,927 | ||||||
| Retained earnings | 699,729 | 687,366 | ||||||
| Accumulated other comprehensive income/(loss) | (121,182 | ) | (132,285 | ) | ||||
| Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024 | (154,780 | ) | (153,985 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 571,945 | 549,041 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,549,094 | $ | 5,560,348 | ||||
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) | |||||||
| Three Months Ended | |||||||
| March 31, | |||||||
| 2025 | 2024 | ||||||
| INTEREST INCOME: | |||||||
| Loans, including related fees | $ | 63,612 | $ | 50,052 | |||
| Securities: | |||||||
| Taxable | 6,002 | 5,931 | |||||
| Tax-exempt | 2,604 | 2,603 | |||||
| Other | 814 | 817 | |||||
| TOTAL INTEREST INCOME | 73,032 | 59,403 | |||||
| INTEREST EXPENSE: | |||||||
| Deposits | 18,199 | 17,731 | |||||
| Short-term borrowings | 1,693 | 976 | |||||
| Other borrowings | 1,165 | 1,776 | |||||
| TOTAL INTEREST EXPENSE | 21,057 | 20,483 | |||||
| NET INTEREST INCOME | 51,975 | 38,920 | |||||
| Provision for credit losses | 1,950 | 1,800 | |||||
| NET INTEREST INCOME AFTER PROVISION | |||||||
| FOR LOAN LOSSES | 50,025 | 37,120 | |||||
| NON-INTEREST INCOME: | |||||||
| Trust and financial services | 1,393 | 1,333 | |||||
| Service charges and fees on deposit accounts | 7,585 | 6,708 | |||||
| Other service charges and fees | 316 | 223 | |||||
| Interchange income | 214 | 179 | |||||
| Loan servicing fees | 165 | 269 | |||||
| Gain on sales of mortgage loans | 225 | 176 | |||||
| Other | 613 | 543 | |||||
| TOTAL NON-INTEREST INCOME | 10,511 | 9,431 | |||||
| NON-INTEREST EXPENSE: | |||||||
| Salaries and employee benefits | 19,248 | 17,330 | |||||
| Occupancy expense | 2,676 | 2,359 | |||||
| Equipment expense | 4,505 | 4,144 | |||||
| FDIC Expense | 750 | 662 | |||||
| Other | 9,580 | 8,927 | |||||
| TOTAL NON-INTEREST EXPENSE | 36,759 | 33,422 | |||||
| INCOME BEFORE INCOME TAXES | 23,777 | 13,129 | |||||
| Provision for income taxes | 5,371 | 2,205 | |||||
| NET INCOME | 18,406 | 10,924 | |||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||
| Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 11,100 | (11,096 | ) | ||||
| Change in funded status of post retirement benefits, net of taxes | 3 | 73 | |||||
| COMPREHENSIVE INCOME (LOSS) | $ | 29,509 | $ | (99 | ) | ||
| PER SHARE DATA | |||||||
| Basic and Diluted Earnings per Share | $ | 1.55 | $ | 0.93 | |||
| Weighted average number of shares outstanding (in thousands) | 11,842 | 11,803 | |||||
FAQ
What was First Financial 's (THFF) earnings per share in Q1 2025?
How much did THFF's net interest income grow in Q1 2025?
What was THFF's loan growth in Q1 2025?
How did THFF's credit quality metrics perform in Q1 2025?
