First Financial Corporation Reports Third Quarter Results
First Financial (NASDAQ:THFF) reported its third quarter 2024 results, including the closure of its SimplyBank acquisition. Key highlights:
- Net income of $8.7 million, down from $16.3 million in Q3 2023
- Diluted EPS of $0.74, compared to $1.37 in Q3 2023
- Return on average assets of 0.64%, down from 1.35% in Q3 2023
- Credit loss provision increased to $9.4 million from $1.2 million in Q3 2023
- Average total loans increased 17.74% year-over-year to $3.71 billion
- Total deposits grew 16.74% year-over-year to $4.72 billion
- Net interest margin expanded to 3.78% from 3.74% in Q3 2023
The acquisition of SimplyBank added $467 million in loans and $622 million in deposits. The company expects continued net interest margin improvement in coming quarters.
First Financial (NASDAQ:THFF) ha riportato i suoi risultati del terzo trimestre 2024, inclusa la chiusura dell'acquisizione di SimplyBank. I punti salienti:
- Utile netto di 8,7 milioni di dollari, in calo rispetto ai 16,3 milioni di dollari del Q3 2023
- EPS diluito di 0,74 dollari, rispetto a 1,37 dollari del Q3 2023
- Rendimento medio degli attivi pari a 0,64%, in diminuzione rispetto all'1,35% del Q3 2023
- Accantonamento per perdite su crediti aumentato a 9,4 milioni di dollari da 1,2 milioni di dollari del Q3 2023
- Prestiti totali medi aumentati del 17,74% su base annua a 3,71 miliardi di dollari
- Depositi totali cresciuti del 16,74% su base annua a 4,72 miliardi di dollari
- Margine di interesse netto espanso al 3,78% rispetto al 3,74% del Q3 2023
L'acquisizione di SimplyBank ha aggiunto 467 milioni di dollari in prestiti e 622 milioni di dollari in depositi. L'azienda prevede un ulteriore miglioramento del margine di interesse netto nei prossimi trimestri.
First Financial (NASDAQ:THFF) reportó sus resultados del tercer trimestre de 2024, incluyendo el cierre de la adquisición de SimplyBank. Aspectos destacados:
- Ingreso neto de 8,7 millones de dólares, en comparación con 16,3 millones de dólares en el Q3 2023
- EPS diluido de 0,74 dólares, en comparación con 1,37 dólares en el Q3 2023
- Rendimiento sobre activos promedio de 0,64%, en descenso desde el 1,35% en el Q3 2023
- Provisión para pérdidas crediticias aumentó a 9,4 millones de dólares desde 1,2 millones de dólares en el Q3 2023
- Préstamos totales promedio aumentaron un 17,74% interanual a 3,71 mil millones de dólares
- Depósitos totales crecieron un 16,74% interanual a 4,72 mil millones de dólares
- Margen de interés neto se expandió al 3,78% desde el 3,74% en el Q3 2023
La adquisición de SimplyBank agregó 467 millones de dólares en préstamos y 622 millones de dólares en depósitos. La compañía espera una mejora continua en el margen de interés neto en los próximos trimestres.
퍼스트 파이낸셜(NASDAQ:THFF)은 2024년 3분기 실적을 보고했으며, 여기에는 SimplyBank 인수 종료가 포함됩니다. 주요 하이라이트:
- 순이익 870만 달러, 2023년 3분기의 1,630만 달러에서 하락
- 희석주당순이익(EPS) 0.74달러, 2023년 3분기 1.37달러와 비교
- 평균자산수익률 0.64%, 2023년 3분기의 1.35%에서 하락
- 신용손실충당금이 940만 달러로 증가, 2023년 3분기의 120만 달러에서 증가
- 총 평균 대출이 3.71억 달러로 연간 17.74% 증가
- 총 예금이 4.72억 달러로 연간 16.74% 증가
- 순이자 마진이 2023년 3분기의 3.74%에서 3.78%로 확대됨
SimplyBank의 인수로 4억 6,700만 달러의 대출과 6억 2,200만 달러의 예금이 추가되었습니다. 회사는 향후 분기에서 순이자 마진의 지속적인 개선을 기대하고 있습니다.
First Financial (NASDAQ:THFF) a présenté ses résultats du troisième trimestre 2024, y compris la finalisation de l'acquisition de SimplyBank. Points forts :
- Revenu net de 8,7 millions de dollars, en baisse par rapport à 16,3 millions de dollars au T3 2023
- BPA dilué de 0,74 dollar, comparé à 1,37 dollar au T3 2023
- Rendement sur les actifs moyens de 0,64%, en baisse par rapport à 1,35% au T3 2023
- Provision pour pertes de crédit augmentée à 9,4 millions de dollars contre 1,2 million de dollars au T3 2023
- Total des prêts moyens en hausse de 17,74% sur un an à 3,71 milliards de dollars
- Total des dépôts en hausse de 16,74% sur un an à 4,72 milliards de dollars
- Marge d'intérêt nette étendue à 3,78% contre 3,74% au T3 2023
L'acquisition de SimplyBank a ajouté 467 millions de dollars en prêts et 622 millions de dollars en dépôts. La société s'attend à une amélioration continue de la marge d'intérêt nette dans les prochains trimestres.
First Financial (NASDAQ:THFF) hat seine Ergebnisse für das dritte Quartal 2024 bekannt gegeben, einschließlich des Abschlusses der Übernahme von SimplyBank. Wichtige Höhepunkte:
- Nettogewinn von 8,7 Millionen Dollar, ein Rückgang von 16,3 Millionen Dollar im Q3 2023
- Verwässertes EPS von 0,74 Dollar, verglichen mit 1,37 Dollar im Q3 2023
- Rendite auf durchschnittliche Vermögenswerte von 0,64%, ein Rückgang von 1,35% im Q3 2023
- Rückstellungen für Kreditausfälle erhöht auf 9,4 Millionen Dollar von 1,2 Millionen Dollar im Q3 2023
- Gesamtmittelkredite stiegen um 17,74% im Jahresvergleich auf 3,71 Milliarden Dollar
- Gesamte Einlagen stiegen um 16,74% im Jahresvergleich auf 4,72 Milliarden Dollar
- Nettozinsmarge erweiterte sich auf 3,78% von 3,74% im Q3 2023
Die Übernahme von SimplyBank fügte 467 Millionen Dollar an Krediten und 622 Millionen Dollar an Einlagen hinzu. Das Unternehmen erwartet in den kommenden Quartalen eine weitere Verbesserung der Nettozinsmarge.
- Acquisition of SimplyBank closed, expanding into Southeast Tennessee and Northwest Georgia markets
- Average total loans increased 17.74% year-over-year to $3.71 billion
- Total deposits grew 16.74% year-over-year to $4.72 billion
- Net interest margin expanded to 3.78% from 3.74% in Q3 2023
- Book value per share increased 19.82% year-over-year to $47.93
- Net income decreased to $8.7 million from $16.3 million in Q3 2023
- Diluted EPS declined to $0.74 from $1.37 in Q3 2023
- Return on average assets fell to 0.64% from 1.35% in Q3 2023
- Credit loss provision increased significantly to $9.4 million from $1.2 million in Q3 2023
- Efficiency ratio worsened to 64.43% from 59.57% in Q3 2023
Insights
First Financial 's Q3 2024 results show mixed performance. The acquisition of SimplyBank significantly impacted the quarter, leading to increased loans, deposits and assets. However, net income decreased to
Key positives include:
- Net interest income increased
14.63% year-over-year to$47.2 million - Net interest margin improved to
3.78% from3.74% last year - Average total loans grew
17.74% year-over-year - Book value per share increased
19.82% to$47.93
However, challenges persist:
- Efficiency ratio worsened to
64.43% from59.57% - Return on average assets declined to
0.64% from1.35% - Non-interest expenses increased
19.5% year-over-year
The SimplyBank acquisition provides growth opportunities but integration costs and higher provisions are pressuring near-term profitability. Investors should monitor the bank's ability to improve efficiency and maintain asset quality in the coming quarters.
The acquisition of SimplyBank marks a significant strategic move for First Financial , expanding its footprint into attractive markets in Southeast Tennessee and Northwest Georgia. This expansion has led to substantial growth in key metrics:
- Total assets increased
14.6% year-over-year to$5.48 billion - Total deposits grew
16.74% to$4.72 billion - Total loans outstanding rose
19.17% to$3.72 billion
However, the integration has come with short-term costs, impacting profitability. The increase in credit loss provisions to
The bank's net interest margin improvement to
The increase in nonperforming loans to
Overall, while the acquisition presents growth opportunities, investors should focus on the bank's ability to successfully integrate SimplyBank and return to pre-acquisition profitability levels in the medium term.
TERRE HAUTE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2024. During the quarter, the Corporation closed its acquisition of SimplyBank, Dayton, Tennessee. The quarter was impacted by purchase accounting adjustments and charges, which are reflected in the results.
- Net income was
$8.7 million compared to$16.3 million reported for the same period of 2023; - Diluted net income per common share of
$0.74 compared to$1.37 for the same period of 2023; - Return on average assets was
0.64% compared to1.35% for the three months ended September 30, 2023; - Credit loss provision was
$9.4 million compared to provision of$1.2 million for the third quarter 2023; and - Pre-tax, pre-provision net income was
$19.9 million compared to$20.5 million for the same period in 2023.1
The Corporation further reported results for the nine months ended September 30, 2024:
- Net income was
$31.0 million compared to$48.3 million reported for the same period of 2023; - Diluted net income per common share of
$2.63 compared to$4.02 for the same period of 2023; - Return on average assets was
0.82% compared to1.33% for the nine months ended September 30, 2023; - Credit loss provision was
$14.2 million compared to provision of$4.8 million for the nine months ended September 30, 2023; and - Pre-tax, pre-provision net income was
$51.1 million compared to$63.1 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 third quarter of 2024 were
Total Loans Outstanding
Total loans outstanding as of September 30, 2024, were
Norman D. Lowery, President and Chief Executive Officer, commented, “During the quarter, we closed the acquisition of SimplyBank, which gives us access to very attractive markets in Southeast Tennessee and Northwest Georgia. We also experienced another sound quarter of loan and net interest income growth. 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 September 30, 2024, were
Total Deposits
Total deposits were
Shareholders’ Equity
Shareholders’ equity at September 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 third quarter of 2024 was
Net Interest Margin
The net interest margin for the quarter ended September 30, 2024, was
Nonperforming Loans
Nonperforming loans as of September 30, 2024, were
Credit Loss Provision
The provision for credit losses for the three months ended September 30, 2024, was
Net Charge-Offs
Third quarter net charge-offs were
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of September 30, 2024, was
Non-Interest Income
Non-interest income for the three months ended September 30, 2024 and 2023 was
Non-Interest Expense
Non-interest expense for the three months ended September 30, 2024, was
Efficiency Ratio
The Corporation’s efficiency ratio was
Income Taxes
Income tax expense for the three months ended September 30, 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 | Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| END OF PERIOD BALANCES | |||||||||||||||
| Assets | $ | 5,483,351 | $ | 4,891,068 | $ | 4,784,806 | $ | 5,483,351 | $ | 4,784,806 | |||||
| Deposits | $ | 4,717,489 | $ | 4,132,327 | $ | 4,040,995 | $ | 4,717,489 | $ | 4,040,995 | |||||
| Loans, including net deferred loan costs | $ | 3,715,235 | $ | 3,204,009 | $ | 3,117,626 | $ | 3,715,235 | $ | 3,117,626 | |||||
| Allowance for Credit Losses | $ | 46,169 | $ | 38,334 | $ | 39,034 | $ | 46,169 | $ | 39,034 | |||||
| Total Equity | $ | 565,951 | $ | 530,670 | $ | 470,168 | $ | 565,951 | $ | 470,168 | |||||
| Tangible Common Equity (a) | $ | 446,786 | $ | 438,569 | $ | 377,367 | $ | 446,786 | $ | 377,367 | |||||
| AVERAGE BALANCES | |||||||||||||||
| Total Assets | $ | 5,483,572 | $ | 4,813,308 | $ | 4,814,251 | $ | 5,033,748 | $ | 4,828,165 | |||||
| Earning Assets | $ | 5,165,520 | $ | 4,556,839 | $ | 4,575,996 | $ | 4,762,940 | $ | 4,590,258 | |||||
| Investments | $ | 1,342,037 | $ | 1,279,278 | $ | 1,351,433 | $ | 1,309,879 | $ | 1,384,941 | |||||
| Loans | $ | 3,705,779 | $ | 3,197,695 | $ | 3,147,317 | $ | 3,361,207 | $ | 3,104,623 | |||||
| Total Deposits | $ | 4,705,614 | $ | 4,113,826 | $ | 4,000,302 | $ | 4,288,426 | $ | 4,124,520 | |||||
| Interest-Bearing Deposits | $ | 4,403,454 | $ | 3,413,752 | $ | 3,222,633 | $ | 3,714,432 | $ | 3,309,111 | |||||
| Interest-Bearing Liabilities | $ | 157,227 | $ | 152,303 | $ | 309,948 | $ | 176,985 | $ | 197,142 | |||||
| Total Equity | $ | 546,912 | $ | 517,890 | $ | 493,764 | $ | 529,174 | $ | 494,428 | |||||
| INCOME STATEMENT DATA | |||||||||||||||
| Net Interest Income | $ | 47,170 | $ | 39,294 | $ | 41,150 | $ | 125,384 | $ | 127,672 | |||||
| Net Interest Income Fully Tax Equivalent (b) | $ | 48,630 | $ | 40,673 | $ | 42,539 | $ | 129,600 | $ | 131,774 | |||||
| Provision for Credit Losses | $ | 9,400 | $ | 2,966 | $ | 1,200 | $ | 14,166 | $ | 4,800 | |||||
| Non-interest Income | $ | 11,223 | $ | 9,905 | $ | 11,627 | $ | 30,559 | $ | 31,455 | |||||
| Non-interest Expense | $ | 38,564 | $ | 32,651 | $ | 32,265 | $ | 104,637 | $ | 95,932 | |||||
| Net Income | $ | 8,741 | $ | 11,369 | $ | 16,285 | $ | 31,034 | $ | 48,252 | |||||
| PER SHARE DATA | |||||||||||||||
| Basic and Diluted Net Income Per Common Share | $ | 0.74 | $ | 0.96 | $ | 1.37 | $ | 2.63 | $ | 4.02 | |||||
| Cash Dividends Declared Per Common Share | $ | 0.45 | $ | 0.45 | $ | — | $ | 1.35 | $ | 0.54 | |||||
| Book Value Per Common Share | $ | 47.93 | $ | 44.92 | $ | 40.00 | $ | 47.93 | $ | 40.00 | |||||
| Tangible Book Value Per Common Share (c) | $ | 36.22 | $ | 36.04 | $ | 33.69 | $ | 37.84 | $ | 32.10 | |||||
| Basic Weighted Average Common Shares Outstanding | 11,808 | 11,814 | 11,901 | 11,809 | 11,993 | ||||||||||
________________
(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 | Nine Months Ended | |||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||
| Return on average assets | 0.64 | % | 0.94 | % | 1.35 | % | 0.82 | % | 1.33 | % | |
| Return on average common shareholder's equity | 6.39 | % | 8.78 | % | 13.19 | % | 7.80 | % | 12.98 | % | |
| Efficiency ratio | 64.43 | % | 64.56 | % | 59.57 | % | 65.33 | % | 58.77 | % | |
| Average equity to average assets | 9.97 | % | 10.76 | % | 10.26 | % | 10.51 | % | 10.24 | % | |
| Net interest margin (a) | 3.78 | % | 3.57 | % | 3.74 | % | 3.63 | % | 3.83 | % | |
| Net charge-offs to average loans and leases | 0.49 | % | 0.59 | % | 0.24 | % | 0.43 | % | 0.24 | % | |
| Credit loss reserve to loans and leases | 1.24 | % | 1.20 | % | 1.25 | % | 1.24 | % | 1.25 | % | |
| Credit loss reserve to nonperforming loans | 326.65 | % | 240.85 | % | 310.19 | % | 326.65 | % | 310.19 | % | |
| Nonperforming loans to loans and leases | 0.38 | % | 0.50 | % | 0.40 | % | 0.38 | % | 0.40 | % | |
| Tier 1 leverage | 10.25 | % | 12.14 | % | 11.72 | % | 10.25 | % | 11.72 | % | |
| Risk-based capital - Tier 1 | 13.63 | % | 14.82 | % | 14.61 | % | 13.63 | % | 14.61 | % | |
________________
(a) Net interest margin is calculated on a tax equivalent basis.
| Asset Quality | Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Accruing loans and leases past due 30-89 days | $ | 16,391 | $ | 14,913 | $ | 15,961 | $ | 16,391 | $ | 15,961 | |||||
| Accruing loans and leases past due 90 days or more | $ | 1,517 | $ | 1,353 | $ | 1,370 | $ | 1,517 | $ | 1,370 | |||||
| Nonaccrual loans and leases | $ | 12,617 | $ | 14,563 | $ | 11,214 | $ | 12,617 | $ | 11,214 | |||||
| Other real estate owned | $ | 169 | $ | 170 | $ | 63 | $ | 169 | $ | 63 | |||||
| Nonperforming loans and other real estate owned | $ | 14,303 | $ | 16,086 | $ | 12,647 | $ | 14,303 | $ | 12,647 | |||||
| Total nonperforming assets | $ | 17,179 | $ | 18,978 | $ | 15,671 | $ | 17,179 | $ | 15,671 | |||||
| Gross charge-offs | $ | 6,936 | $ | 6,091 | $ | 3,601 | $ | 16,219 | $ | 11,520 | |||||
| Recoveries | $ | 2,365 | $ | 1,414 | $ | 1,528 | $ | 5,449 | $ | 5,975 | |||||
| Net charge-offs/(recoveries) | $ | 4,571 | $ | 4,677 | $ | 2,073 | $ | 10,770 | $ | 5,545 | |||||
| Non-GAAP Reconciliations | Three Months Ended September 30, | |||||||
| 2024 | 2023 | |||||||
| ($in thousands, except EPS) | ||||||||
| Income before Income Taxes | $ | 10,429 | $ | 19,312 | ||||
| Provision for credit losses | 9,400 | 1,200 | ||||||
| Provision for unfunded commitments | 100 | — | ||||||
| Pre-tax, Pre-provision Income | $ | 19,929 | $ | 20,512 | ||||
| Non-GAAP Reconciliations | Nine Months Ended September 30, | |||||||
| 2024 | 2023 | |||||||
| ($ in thousands, except EPS) | ||||||||
| Income before Income Taxes | $ | 37,140 | $ | 58,395 | ||||
| Provision for credit losses | 14,166 | 4,800 | ||||||
| Provision for unfunded commitments | (200 | ) | (100 | ) | ||||
| Pre-tax, Pre-provision Income | $ | 51,106 | $ | 63,095 | ||||
| CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) | ||||||||
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 77,312 | $ | 76,759 | ||||
| Federal funds sold | 1,356 | 282 | ||||||
| Securities available-for-sale | 1,271,992 | 1,259,137 | ||||||
| Loans: | ||||||||
| Commercial | 2,112,738 | 1,817,526 | ||||||
| Residential | 924,276 | 695,788 | ||||||
| Consumer | 671,353 | 646,758 | ||||||
| 3,708,367 | 3,160,072 | |||||||
| (Less) plus: | ||||||||
| Net deferred loan costs | 6,868 | 7,749 | ||||||
| Allowance for credit losses | (46,169 | ) | (39,767 | ) | ||||
| 3,669,066 | 3,128,054 | |||||||
| Restricted stock | 15,366 | 15,364 | ||||||
| Accrued interest receivable | 25,386 | 24,877 | ||||||
| Premises and equipment, net | 82,213 | 67,286 | ||||||
| Bank-owned life insurance | 128,242 | 114,122 | ||||||
| Goodwill | 93,363 | 86,985 | ||||||
| Other intangible assets | 25,802 | 5,586 | ||||||
| Other real estate owned | 169 | 107 | ||||||
| Other assets | 93,084 | 72,587 | ||||||
| TOTAL ASSETS | $ | 5,483,351 | $ | 4,851,146 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Deposits: | ||||||||
| Non-interest-bearing | $ | 831,575 | $ | 750,335 | ||||
| Interest-bearing: | ||||||||
| Certificates of deposit exceeding the FDIC insurance limits | 159,618 | 92,921 | ||||||
| Other interest-bearing deposits | 3,726,296 | 3,246,812 | ||||||
| 4,717,489 | 4,090,068 | |||||||
| Short-term borrowings | 84,363 | 67,221 | ||||||
| FHLB advances | 30,456 | 108,577 | ||||||
| Other liabilities | 85,092 | 57,304 | ||||||
| TOTAL LIABILITIES | 4,917,400 | 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-11,808,304 in 2024 and 11,795,024 in 2023 | 2,016 | 2,014 | ||||||
| Additional paid-in capital | 144,785 | 144,152 | ||||||
| Retained earnings | 677,155 | 663,726 | ||||||
| Accumulated other comprehensive income/(loss) | (102,800 | ) | (127,087 | ) | ||||
| Less: Treasury shares at cost-4,356,719 in 2024 and 4,342,196 in 2023 | (155,205 | ) | (154,829 | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | 565,951 | 527,976 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,483,351 | $ | 4,851,146 | ||||
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| (unaudited) | ||||||||||||||
| INTEREST INCOME: | ||||||||||||||
| Loans, including related fees | $ | 61,367 | $ | 49,146 | $ | 162,878 | $ | 140,220 | ||||||
| Securities: | ||||||||||||||
| Taxable | 6,319 | 6,164 | 18,083 | 18,631 | ||||||||||
| Tax-exempt | 2,715 | 2,661 | 7,919 | 7,937 | ||||||||||
| Other | 1,294 | 752 | 2,989 | 2,864 | ||||||||||
| TOTAL INTEREST INCOME | 71,695 | 58,723 | 191,869 | 169,652 | ||||||||||
| INTEREST EXPENSE: | ||||||||||||||
| Deposits | 22,197 | 13,627 | 59,622 | 35,111 | ||||||||||
| Short-term borrowings | 993 | 1,923 | 2,928 | 4,025 | ||||||||||
| Other borrowings | 1,335 | 2,023 | 3,935 | 2,844 | ||||||||||
| TOTAL INTEREST EXPENSE | 24,525 | 17,573 | 66,485 | 41,980 | ||||||||||
| NET INTEREST INCOME | 47,170 | 41,150 | 125,384 | 127,672 | ||||||||||
| Provision for credit losses | 9,400 | 1,200 | 14,166 | 4,800 | ||||||||||
| NET INTEREST INCOME AFTER PROVISION | ||||||||||||||
| FOR LOAN LOSSES | 37,770 | 39,950 | 111,218 | 122,872 | ||||||||||
| NON-INTEREST INCOME: | ||||||||||||||
| Trust and financial services | 1,251 | 1,140 | 3,903 | 3,642 | ||||||||||
| Service charges and fees on deposit accounts | 8,139 | 7,099 | 21,576 | 20,971 | ||||||||||
| Other service charges and fees | 191 | 213 | 700 | 613 | ||||||||||
| Securities gains (losses), net | 103 | — | 104 | — | ||||||||||
| Interchange income | 177 | — | 490 | 47 | ||||||||||
| Loan servicing fees | 274 | 447 | 957 | 997 | ||||||||||
| Gain on sales of mortgage loans | 411 | 321 | 886 | 811 | ||||||||||
| Other | 677 | 2,407 | 1,943 | 4,374 | ||||||||||
| TOTAL NON-INTEREST INCOME | 11,223 | 11,627 | 30,559 | 31,455 | ||||||||||
| NON-INTEREST EXPENSE: | ||||||||||||||
| Salaries and employee benefits | 18,521 | 17,159 | 53,231 | 51,263 | ||||||||||
| Occupancy expense | 2,556 | 2,389 | 7,116 | 7,120 | ||||||||||
| Equipment expense | 4,280 | 3,580 | 12,736 | 10,404 | ||||||||||
| FDIC Expense | 558 | 613 | 1,721 | 1,977 | ||||||||||
| Other | 12,649 | 8,524 | 29,833 | 25,168 | ||||||||||
| TOTAL NON-INTEREST EXPENSE | 38,564 | 32,265 | 104,637 | 95,932 | ||||||||||
| INCOME BEFORE INCOME TAXES | 10,429 | 19,312 | 37,140 | 58,395 | ||||||||||
| Provision for income taxes | 1,688 | 3,027 | 6,106 | 10,143 | ||||||||||
| NET INCOME | 8,741 | 16,285 | 31,034 | 48,252 | ||||||||||
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||
| Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 31,628 | (34,934 | ) | 24,067 | (36,504 | ) | ||||||||
| Change in funded status of post retirement benefits, net of taxes | 73 | 146 | 220 | 440 | ||||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 40,442 | $ | (18,503 | ) | $ | 55,321 | $ | 12,188 | |||||
| PER SHARE DATA | ||||||||||||||
| Basic and Diluted Earnings per Share | $ | 0.74 | $ | 1.37 | $ | 2.63 | $ | 4.02 | ||||||
| Weighted average number of shares outstanding (in thousands) | 11,808 | 11,901 | 11,809 | 11,993 | ||||||||||
FAQ
What was First Financial 's (THFF) net income for Q3 2024?
How did First Financial 's (THFF) Q3 2024 EPS compare to the previous year?
What was the impact of the SimplyBank acquisition on First Financial 's (THFF) loan portfolio?
How did First Financial 's (THFF) net interest margin change in Q3 2024?
What was First Financial 's (THFF) provision for credit losses in Q3 2024?
