First Financial Corporation Reports Second Quarter Results
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) ha riportato i risultati del secondo trimestre 2024 con un reddito netto di 11,4 milioni di dollari, in calo rispetto ai 16,0 milioni di dollari del Q2 2023. Gli utili diluiti per azione sono scesi a 0,96 dollari rispetto a 1,33 dollari dell’anno precedente. L'azienda ha visto una crescita dei prestiti del 3,22% rispetto all’anno precedente, con prestiti totali medi che hanno raggiunto i 3,20 miliardi di dollari. Il margine di interesse netto è aumentato al 3,57% rispetto al 3,53% del trimestre precedente. I depositi totali sono aumentati dell'1,70% su base annua, raggiungendo i 4,13 miliardi di dollari. Il rapporto di efficienza è salito al 64,56% rispetto al 58,01% del Q2 2023. First Financial ha completato l’acquisizione di SimplyBank il 1° luglio, espandendosi nei mercati del Tennessee sudorientale.
First Financial (NASDAQ:THFF) reportó los resultados del segundo trimestre de 2024 con un ingreso neto de 11.4 millones de dólares, en comparación con 16.0 millones de dólares en el Q2 2023. Las ganancias por acción diluidas cayeron a 0.96 dólares desde 1.33 dólares en el año anterior. La compañía experimentó un crecimiento de préstamos del 3.22% en comparación con el año anterior, alcanzando un promedio de préstamos totales de 3.20 mil millones de dólares. El margen de interés neto se amplió al 3.57% desde el 3.53% en el trimestre anterior. Los depósitos totales aumentaron un 1.70% interanual hasta alcanzar los 4.13 mil millones de dólares. La ratio de eficiencia subió al 64.56% desde el 58.01% en el Q2 2023. First Financial completó su adquisición de SimplyBank el 1 de julio, expandiéndose a los mercados del sureste de Tennessee.
퍼스트 파이낸셜 (NASDAQ:THFF)은 2024년 2분기 실적을 발표하며 순이익이 1,140만 달러로, 2023년 2분기의 1,600만 달러에서 감소했다고 전했습니다. 희석 주당순이익은 전년 대비 1.33달러에서 0.96달러로 감소했습니다. 회사는 대출 성장률이 전년 대비 3.22% 증가하며 총 평균 대출이 32억 달러에 도달했다고 보고했습니다. 순이자마진은 이전 분기의 3.53%에서 3.57%로 확대되었습니다. 총 예금은 전년 대비 1.70% 증가하여 41억 3천만 달러에 이렀습니다. 효율성 비율은 2023년 2분기의 58.01%에서 64.56%로 상승했습니다. 퍼스트 파이낸셜은 7월 1일 심플리뱅크의 인수를 완료하여 테네시 주 동남부 시장으로 확장했습니다.
First Financial (NASDAQ:THFF) a rapporté des résultats du deuxième trimestre 2024 avec un revenu net de 11,4 millions de dollars, en baisse par rapport à 16,0 millions de dollars au T2 2023. Le bénéfice net par action dilué a diminué à 0,96 dollar contre 1,33 dollar l'année précédente. L'entreprise a enregistré une croissance des prêts de 3,22% par rapport à l'année précédente, avec un montant total moyen de prêts atteignant 3,20 milliards de dollars. La marge d'intérêt nette a augmenté à 3,57% contre 3,53% au trimestre précédent. Les dépôts totaux ont augmenté de 1,70% d'une année sur l'autre pour atteindre 4,13 milliards de dollars. Le taux d'efficacité a augmenté à 64,56% contre 58,01% au T2 2023. First Financial a finalisé son acquisition de SimplyBank le 1er juillet, s'étendant sur les marchés du Tennessee sud-est.
First Financial (NASDAQ:THFF) berichtete über die Ergebnisse des zweiten Quartals 2024 mit einem Nettogewinn von 11,4 Millionen Dollar, ein Rückgang von 16,0 Millionen Dollar im Q2 2023. Der verwässerte Gewinn pro Aktie fiel von 1,33 Dollar auf 0,96 Dollar im Vergleich zum Vorjahr. Das Unternehmen verzeichnete ein Wachstum der Kredite von 3,22% im Jahresvergleich, wobei die durchschnittlichen Gesamtforderungen 3,20 Milliarden Dollar erreichten. Die Nettozinsspanne erweiterte sich von 3,53% im vorhergehenden Quartal auf 3,57%. Die Gesamteinlagen stiegen um 1,70% im Jahresvergleich auf 4,13 Milliarden Dollar. Das Effizienzwirtschaftsverhältnis stieg von 58,01% im Q2 2023 auf 64,56%. First Financial schloss am 1. Juli die Übernahme von SimplyBank ab und expandierte in die Märkte im Südosten von Tennessee.
- 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
- Completed acquisition of SimplyBank, expanding into southeastern Tennessee markets
- Net income decreased to $11.4 million from $16.0 million in Q2 2023
- Diluted earnings per share dropped to $0.96 from $1.33 year-over-year
- Efficiency ratio increased to 64.56% from 58.01% in Q2 2023
- Credit loss provision increased to $3.0 million from $1.8 million in Q2 2023
Insights
The second quarter results for First Financial Corporation reveal some concerning trends. The net income decreased from
One significant point is the 67% rise in the credit loss provision from
First Financial Corporation’s acquisition of SimplyBank and the subsequent expansion into southeastern Tennessee appears promising for long-term growth. However, the current financial results reflect challenges that may overshadow this strategic move in the short term. The overall deposit and loan growth seems modest, with average total loans increasing by
Additionally, the efficiency ratio has worsened, rising to
The substantial increase in the credit loss provision from
From a risk management perspective, these indicators suggest increasing vulnerability in the loan book. The rising nonperforming loans ratio and higher charge-offs could potentially lead to more severe financial strain if not managed properly. Investors should carefully evaluate the risk profile of First Financial Corporation and consider the potential for further credit deterioration in their investment decisions.
TERRE HAUTE, Ind., July 23, 2024 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2024.
- Net income was
$11.4 million compared to the$16.0 million reported for the same period of 2023; - Diluted net income per common share of
$0.96 compared to$1.33 for the same period of 2023; - Return on average assets was
0.94% compared to1.34% for the three months ended June 30, 2023; - Credit loss provision was
$3.0 million compared to provision of$1.8 million for the second quarter 2023; and - Pre-tax, pre-provision net income was
$16.2 million compared to$21.2 million for the same period in 2023.1
The Corporation further reported results for the six months ended June 30, 2024:
- Net income was
$22.3 million compared to the$32.0 million reported for the same period of 2023; - Diluted net income per common share of
$1.89 compared to$2.66 for the same period of 2023; - Return on average assets was
0.93% compared to1.33% for the six months ended June 30, 2023; - Credit loss provision was
$4.8 million compared to provision of$3.6 million for the six months ended June 30, 2023; and - Pre-tax, pre-provision net income was
$31.2 million compared to$42.6 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 second quarter of 2024 were
Total Loans Outstanding
Total loans outstanding as of June 30, 2024, were
Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our second quarter results, as we experienced another quarter of loan growth. We also saw our net interest margin expand during the quarter as cost of funds pressure moderated. We expect continued improvement in coming quarters. Additionally on July 1st we closed our acquisition of SimplyBank expanding our footprint into attractive southeastern Tennessee markets.”
Average Total Deposits
Average total deposits for the quarter ended June 30, 2024, were
Total Deposits
Total deposits were
Shareholders’ Equity
Shareholders’ equity at June 30, 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 second quarter of 2024 was
Net Interest Margin
The net interest margin for the quarter ended June 30, 2024, was
Nonperforming Loans
Nonperforming loans as of June 30, 2024, were
Credit Loss Provision
The provision for credit losses for the three months ended June 30, 2024, was
Net Charge-Offs
In the second quarter of 2024 net charge-offs were
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of June 30, 2024, was
Non-Interest Income
Non-interest income for the three months ended June 30, 2024 and 2023 was
Non-Interest Expense
Non-interest expense for the three months ended June 30, 2024, was
Efficiency Ratio
The Corporation’s efficiency ratio was
Income Taxes
Income tax expense for the three months ended June 30, 2024, was
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A. First Financial Bank N.A., the fifth oldest national bank in the United States, operates 70 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
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| END OF PERIOD BALANCES | |||||||||||||||||||
| Assets | $ | 4,891,068 | $ | 4,852,615 | $ | 4,877,231 | $ | 4,891,068 | $ | 4,877,231 | |||||||||
| Deposits | $ | 4,132,327 | $ | 4,105,103 | $ | 4,063,155 | $ | 4,132,327 | $ | 4,063,155 | |||||||||
| Loans, including net deferred loan costs | $ | 3,204,009 | $ | 3,191,983 | $ | 3,134,638 | $ | 3,204,009 | $ | 3,134,638 | |||||||||
| Allowance for Credit Losses | $ | 38,334 | $ | 40,045 | $ | 39,907 | $ | 38,334 | $ | 39,907 | |||||||||
| Total Equity | $ | 530,670 | $ | 520,766 | $ | 496,888 | $ | 530,670 | $ | 496,888 | |||||||||
| Tangible Common Equity (a) | $ | 438,569 | $ | 428,430 | $ | 403,824 | $ | 438,569 | $ | 403,824 | |||||||||
| AVERAGE BALANCES | |||||||||||||||||||
| Total Assets | $ | 4,813,308 | $ | 4,804,364 | $ | 4,818,760 | $ | 4,808,836 | $ | 4,835,122 | |||||||||
| Earning Assets | $ | 4,556,839 | $ | 4,566,461 | $ | 4,581,652 | $ | 4,561,650 | $ | 4,597,389 | |||||||||
| Investments | $ | 1,279,278 | $ | 1,308,322 | $ | 1,395,446 | $ | 1,293,800 | $ | 1,401,695 | |||||||||
| Loans | $ | 3,197,695 | $ | 3,180,147 | $ | 3,097,836 | $ | 3,188,921 | $ | 3,083,276 | |||||||||
| Total Deposits | $ | 4,113,826 | $ | 4,045,838 | $ | 4,121,097 | $ | 4,079,832 | $ | 4,186,629 | |||||||||
| Interest-Bearing Deposits | $ | 3,413,752 | $ | 3,326,090 | $ | 3,297,110 | $ | 3,369,921 | $ | 3,352,350 | |||||||||
| Interest-Bearing Liabilities | $ | 152,303 | $ | 221,425 | $ | 185,318 | $ | 186,864 | $ | 140,739 | |||||||||
| Total Equity | $ | 517,890 | $ | 522,720 | $ | 501,686 | $ | 520,305 | $ | 494,760 | |||||||||
| INCOME STATEMENT DATA | |||||||||||||||||||
| Net Interest Income | $ | 39,294 | $ | 38,920 | $ | 42,187 | $ | 78,214 | $ | 86,522 | |||||||||
| Net Interest Income Fully Tax Equivalent (b) | $ | 40,673 | $ | 40,297 | $ | 43,581 | $ | 80,970 | $ | 89,235 | |||||||||
| Provision for Credit Losses | $ | 2,966 | $ | 1,800 | $ | 1,800 | $ | 4,766 | $ | 3,600 | |||||||||
| Non-interest Income | $ | 9,905 | $ | 9,431 | $ | 10,453 | $ | 19,336 | $ | 19,828 | |||||||||
| Non-interest Expense | $ | 32,651 | $ | 33,422 | $ | 31,346 | $ | 66,073 | $ | 63,667 | |||||||||
| Net Income | $ | 11,369 | $ | 10,924 | $ | 15,987 | $ | 22,293 | $ | 31,967 | |||||||||
| PER SHARE DATA | |||||||||||||||||||
| Basic and Diluted Net Income Per Common Share | $ | 0.96 | $ | 0.93 | $ | 1.33 | $ | 1.89 | $ | 2.66 | |||||||||
| Cash Dividends Declared Per Common Share | $ | 0.45 | $ | 0.45 | $ | 0.54 | $ | 0.90 | $ | 0.54 | |||||||||
| Book Value Per Common Share | $ | 44.92 | $ | 44.08 | $ | 41.47 | $ | 44.92 | $ | 41.47 | |||||||||
| Tangible Book Value Per Common Share (c) | $ | 36.04 | $ | 36.26 | $ | 33.99 | $ | 37.12 | $ | 33.70 | |||||||||
| Basic Weighted Average Common Shares Outstanding | 11,814 | 11,803 | 12,022 | 11,809 | 12,040 | ||||||||||||||
_________________________
(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 | Six Months Ended | |||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Return on average assets | 0.94 | % | 0.91 | % | 1.34 | % | 0.93 | % | 1.33 | % | |||||
| Return on average common shareholder's equity | 8.78 | % | 8.36 | % | 12.75 | % | 8.57 | % | 12.92 | % | |||||
| Efficiency ratio | 64.56 | % | 67.21 | % | 58.01 | % | 65.87 | % | 58.38 | % | |||||
| Average equity to average assets | 10.76 | % | 10.88 | % | 10.48 | % | 10.82 | % | 10.27 | % | |||||
| Net interest margin (a) | 3.57 | % | 3.53 | % | 3.81 | % | 3.55 | % | 3.88 | % | |||||
| Net charge-offs to average loans and leases | 0.59 | % | 0.19 | % | 0.20 | % | 0.39 | % | 0.23 | % | |||||
| Credit loss reserve to loans and leases | 1.20 | % | 1.25 | % | 1.28 | % | 1.20 | % | 1.28 | % | |||||
| Credit loss reserve to nonperforming loans | 240.85 | % | 165.12 | % | 300.10 | % | 240.85 | % | 300.10 | % | |||||
| Nonperforming loans to loans and leases | 0.50 | % | 0.76 | % | 0.43 | % | 0.50 | % | 0.43 | % | |||||
| Tier 1 leverage | 12.14 | % | 12.02 | % | 11.49 | % | 12.14 | % | 11.49 | % | |||||
| Risk-based capital - Tier 1 | 14.82 | % | 14.69 | % | 14.44 | % | 14.82 | % | 14.44 | % | |||||
_________________________
(a) Net interest margin is calculated on a tax equivalent basis.
| Asset Quality | Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Accruing loans and leases past due 30-89 days | $ | 14,913 | $ | 17,937 | $ | 15,583 | $ | 14,913 | $ | 15,583 | |||||||||
| Accruing loans and leases past due 90 days or more | $ | 1,353 | $ | 1,395 | $ | 682 | $ | 1,353 | $ | 682 | |||||||||
| Nonaccrual loans and leases | $ | 14,563 | $ | 22,857 | $ | 12,616 | $ | 14,563 | $ | 12,616 | |||||||||
| Other real estate owned | $ | 170 | $ | 167 | $ | 90 | $ | 170 | $ | 90 | |||||||||
| Nonperforming loans and other real estate owned | $ | 16,086 | $ | 24,419 | $ | 13,388 | $ | 16,086 | $ | 13,388 | |||||||||
| Total nonperforming assets | $ | 18,978 | $ | 27,307 | $ | 16,302 | $ | 18,978 | $ | 16,302 | |||||||||
| Gross charge-offs | $ | 6,091 | $ | 3,192 | $ | 3,543 | $ | 9,283 | $ | 7,919 | |||||||||
| Recoveries | $ | 1,414 | $ | 1,670 | $ | 2,030 | $ | 3,084 | $ | 4,447 | |||||||||
| Net charge-offs/(recoveries) | $ | 4,677 | $ | 1,522 | $ | 1,513 | $ | 6,199 | $ | 3,472 | |||||||||
| Non-GAAP Reconciliations | Three Months Ended June 30, | ||||||
| 2024 | 2023 | ||||||
| ($in thousands, except EPS) | |||||||
| Income before Income Taxes | $ | 13,582 | $ | 19,494 | |||
| Provision for credit losses | 2,966 | 1,800 | |||||
| Provision for unfunded commitments | (300 | ) | (100 | ) | |||
| Pre-tax, Pre-provision Income | $ | 16,248 | $ | 21,194 | |||
| Non-GAAP Reconciliations | Six Months Ended June 30, | ||||||
| 2024 | 2023 | ||||||
| ($ in thousands, except EPS) | |||||||
| Income before Income Taxes | $ | 26,711 | $ | 39,083 | |||
| Provision for credit losses | 4,766 | 3,600 | |||||
| Provision for unfunded commitments | (300 | ) | (100 | ) | |||
| Pre-tax, Pre-provision Income | $ | 31,177 | $ | 42,583 | |||
| CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Cash and due from banks | $ | 75,073 | $ | 76,759 | |||
| Federal funds sold | 24,000 | 282 | |||||
| Securities available-for-sale | 1,205,751 | 1,259,137 | |||||
| Loans: | |||||||
| Commercial | 1,782,646 | 1,817,526 | |||||
| Residential | 748,044 | 695,788 | |||||
| Consumer | 666,130 | 646,758 | |||||
| 3,196,820 | 3,160,072 | ||||||
| (Less) plus: | |||||||
| Net deferred loan costs | 7,189 | 7,749 | |||||
| Allowance for credit losses | (38,334 | ) | (39,767 | ) | |||
| 3,165,675 | 3,128,054 | ||||||
| Restricted stock | 15,378 | 15,364 | |||||
| Accrued interest receivable | 23,733 | 24,877 | |||||
| Premises and equipment, net | 65,750 | 67,286 | |||||
| Bank-owned life insurance | 114,767 | 114,122 | |||||
| Goodwill | 86,985 | 86,985 | |||||
| Other intangible assets | 5,116 | 5,586 | |||||
| Other real estate owned | 170 | 107 | |||||
| Other assets | 108,670 | 72,587 | |||||
| TOTAL ASSETS | $ | 4,891,068 | $ | 4,851,146 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Deposits: | |||||||
| Non-interest-bearing | $ | 748,495 | $ | 750,335 | |||
| Interest-bearing: | |||||||
| Certificates of deposit exceeding the FDIC insurance limits | 112,679 | 92,921 | |||||
| Other interest-bearing deposits | 3,271,153 | 3,246,812 | |||||
| 4,132,327 | 4,090,068 | ||||||
| Short-term borrowings | 38,211 | 67,221 | |||||
| FHLB advances | 108,575 | 108,577 | |||||
| Other liabilities | 81,285 | 57,304 | |||||
| TOTAL LIABILITIES | 4,360,398 | 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-11,814,093 in 2024 and 11,795,024 in 2023 | 2,016 | 2,014 | |||||
| Additional paid-in capital | 144,632 | 144,152 | |||||
| Retained earnings | 673,728 | 663,726 | |||||
| Accumulated other comprehensive income/(loss) | (134,501 | ) | (127,087 | ) | |||
| Less: Treasury shares at cost-4,350,930 in 2024 and 4,342,196 in 2023 | (155,205 | ) | (154,829 | ) | |||
| TOTAL SHAREHOLDERS’ EQUITY | 530,670 | 527,976 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,891,068 | $ | 4,851,146 | |||
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (unaudited) | |||||||||||||||
| INTEREST INCOME: | |||||||||||||||
| Loans, including related fees | $ | 51,459 | $ | 46,479 | $ | 101,511 | $ | 91,074 | |||||||
| Securities: | |||||||||||||||
| Taxable | 5,833 | 6,231 | 11,764 | 12,467 | |||||||||||
| Tax-exempt | 2,601 | 2,678 | 5,204 | 5,276 | |||||||||||
| Other | 878 | 841 | 1,695 | 2,112 | |||||||||||
| TOTAL INTEREST INCOME | 60,771 | 56,229 | 120,174 | 110,929 | |||||||||||
| INTEREST EXPENSE: | |||||||||||||||
| Deposits | 19,694 | 11,957 | 37,425 | 21,484 | |||||||||||
| Short-term borrowings | 959 | 1,294 | 1,935 | 2,102 | |||||||||||
| Other borrowings | 824 | 791 | 2,600 | 821 | |||||||||||
| TOTAL INTEREST EXPENSE | 21,477 | 14,042 | 41,960 | 24,407 | |||||||||||
| NET INTEREST INCOME | 39,294 | 42,187 | 78,214 | 86,522 | |||||||||||
| Provision for credit losses | 2,966 | 1,800 | 4,766 | 3,600 | |||||||||||
| NET INTEREST INCOME AFTER PROVISION | |||||||||||||||
| FOR LOAN LOSSES | 36,328 | 40,387 | 73,448 | 82,922 | |||||||||||
| NON-INTEREST INCOME: | |||||||||||||||
| Trust and financial services | 1,318 | 1,185 | 2,652 | 2,502 | |||||||||||
| Service charges and fees on deposit accounts | 6,730 | 7,054 | 13,437 | 13,872 | |||||||||||
| Other service charges and fees | 286 | 196 | 509 | 400 | |||||||||||
| Securities gains (losses), net | — | — | — | — | |||||||||||
| Interchange income | 135 | — | 314 | 47 | |||||||||||
| Loan servicing fees | 414 | 264 | 683 | 549 | |||||||||||
| Gain on sales of mortgage loans | 299 | 311 | 475 | 490 | |||||||||||
| Other | 723 | 1,443 | 1,266 | 1,968 | |||||||||||
| TOTAL NON-INTEREST INCOME | 9,905 | 10,453 | 19,336 | 19,828 | |||||||||||
| NON-INTEREST EXPENSE: | |||||||||||||||
| Salaries and employee benefits | 17,380 | 16,946 | 34,710 | 34,104 | |||||||||||
| Occupancy expense | 2,201 | 2,132 | 4,560 | 4,731 | |||||||||||
| Equipment expense | 4,312 | 3,525 | 8,456 | 6,824 | |||||||||||
| FDIC Expense | 501 | 577 | 1,163 | 1,364 | |||||||||||
| Other | 8,257 | 8,166 | 17,184 | 16,644 | |||||||||||
| TOTAL NON-INTEREST EXPENSE | 32,651 | 31,346 | 66,073 | 63,667 | |||||||||||
| INCOME BEFORE INCOME TAXES | 13,582 | 19,494 | 26,711 | 39,083 | |||||||||||
| Provision for income taxes | 2,213 | 3,507 | 4,418 | 7,116 | |||||||||||
| NET INCOME | 11,369 | 15,987 | 22,293 | 31,967 | |||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||
| Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 3,535 | (15,808 | ) | (7,561 | ) | (1,570 | ) | ||||||||
| Change in funded status of post retirement benefits, net of taxes | 74 | 147 | 147 | 294 | |||||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 14,978 | $ | 326 | $ | 14,879 | $ | 30,691 | |||||||
| PER SHARE DATA | |||||||||||||||
| Basic and Diluted Earnings per Share | $ | 0.96 | $ | 1.33 | $ | 1.89 | $ | 2.66 | |||||||
| Weighted average number of shares outstanding (in thousands) | 11,814 | 12,022 | 11,809 | 12,040 | |||||||||||
FAQ
What was First Financial 's (THFF) net income for Q2 2024?
How did First Financial's (THFF) Q2 2024 earnings per share compare to Q2 2023?
What was the loan growth for First Financial (THFF) in Q2 2024?
Did First Financial (THFF) complete any acquisitions in Q2 2024?
