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Founded in 1834, First Financial Corporation (NASDAQ: THFF) is the oldest national bank in Indiana and the sixth oldest in the United States. Initially established to serve the pioneers of Vigo County and the Wabash River Valley, it has grown into a robust financial holding company providing a comprehensive range of financial services across multiple states.
First Financial Corporation's operations are primarily conducted through its subsidiary, First Financial Bank, N.A., which operates 70 banking centers in Illinois, Indiana, Kentucky, and Tennessee. The bank offers a suite of financial services, including commercial, mortgage, and consumer lending, lease financing, trust account services, depositor services, and insurance services.
The company has a strong history of financial growth and stability. For the year ending December 31, 2023, First Financial reported total loans outstanding of $3.17 billion, an increase of 3.27% compared to the previous year. The bank's average total loans for the first quarter of 2024 were $3.18 billion, illustrating continuous growth. Furthermore, their non-interest income was $11.2 million for the same period, showing a stable financial footprint.
First Financial Corporation has also shown remarkable efficiency and a disciplined approach to expense management. The corporation’s efficiency ratio was high at 67.21% for the first quarter of 2024. They also maintained strong credit quality, with a nonperforming loans ratio of just 0.76% as of March 31, 2024.
Strategic growth remains a focus for First Financial Corporation. They announced a significant acquisition, merging with SimplyBank in Dayton, Tennessee, which will add approximately $702 million in assets to First Financial's portfolio and expand their footprint into new markets. This merger is expected to close in the second quarter of 2024, pending customary approvals.
Financially, the company remains strong with a tangible common equity to tangible asset ratio of 9.00% as of March 31, 2024. Shareholder equity stood at $520.8 million with a book value of $44.08 per share, reflecting a solid foundation for future growth.
With a history of stable financial performance, strategic expansions, and a diverse range of financial services, First Financial Corporation is well-positioned to continue its legacy of supporting communities and delivering shareholder value.
First Financial Corporation (NASDAQ:THFF) reported its Q1 2023 results, revealing a net income of $16.0 million, down from $20.9 million in Q1 2022. The diluted earnings per share (EPS) also decreased to $1.33 from $1.67. Return on average assets fell to 1.32% from 1.63% year-over-year. However, pre-tax, pre-provision net income rose to $21.4 million, a slight increase from $19.7 million in the same period last year. Total loans outstanding increased by 9.82% year-over-year, reaching $3.08 billion. Average total deposits decreased by 4.66% to $4.17 billion, with a notable drop of $203.5 million from the previous quarter. The net interest income increased by 17.25% to $44.3 million, with a net interest margin improvement to 3.96%.
First Financial Corporation (NASDAQ:THFF) reported robust results for Q4 and the full year 2022. Net income surged to $16.5 million, up from $7.4 million in 2021, with diluted earnings per share rising to $1.37 from $0.58. For the full year, net income reached $71.1 million, a notable increase from $53.0 million. The return on average assets improved to 1.34%, and pre-tax, pre-provision net income rose to $21.7 million. Total loans grew by 14.5% year-over-year, while total deposits slightly increased by 1.7%. However, shareholder equity decreased by $107.3 million, reflecting a decline in the accumulated other comprehensive income.
First Financial Corporation (NASDAQ: THFF) has announced a semi-annual dividend of 54 cents per share, along with a special dividend of 20 cents, both payable on January 13, 2023. Shareholders of record by January 6, 2023 will benefit from these dividends. This announcement raises the total dividend declared for 2022 to $1.28 per share, signaling strong cash distribution to investors.
First Financial Corporation (NASDAQ: THFF) announced plans to enhance operational efficiency by closing and consolidating seven of its 72 branches due to increasing customer preference for online banking. This strategic move aims to save approximately $1.5 million annually in operating expenses, effective from Q1 2023. The company anticipates pre-tax charges of about $1.5 million during Q4 2022 and Q1 2023. The consolidations are expected to be completed by early 2023, aligning with regulatory requirements.
First Financial Corporation (NASDAQ:THFF) announced Q3 2022 earnings with net income increasing to $18.1 million from $16.1 million year-over-year. Diluted EPS rose to $1.50 compared to $1.24 in Q3 2021. Return on average assets was 1.43%, up from 1.34%. Total loans grew by 19.8% to $2.97 billion, while deposits rose 9.4% to $4.41 billion. Credit loss provisions amounted to $1.1 million, compared to a negative provision in Q3 2021. The efficiency ratio improved to 55.72%.
First Financial Corporation (NASDAQ:THFF) reported Q2 2022 net income of $15.6 million, down from $16.6 million in Q2 2021. However, diluted earnings per share rose to $1.27 from $1.24, driven by a strong loan growth of 7.86% year-over-year. Total loans reached $2.89 billion, showing a 12.41% increase. Average total deposits rose by 10.93% to $4.42 billion. Despite the positives, return on average assets declined to 1.24%. The corporation also reported a credit loss provision of $750,000 compared to a negative provision of $2.3 million last year.
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