Welcome to our dedicated page for First Financial news (Ticker: THFF), a resource for investors and traders seeking the latest updates and insights on First Financial stock.
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) announced a merger agreement with Hancock Bancorp, Inc. The deal involves First Financial purchasing Hancock's outstanding shares at $18.38 each, totaling approximately $31.35 million. Post-acquisition, the combined entity will hold about $5.0 billion in assets, $2.9 billion in loans, and $4.2 billion in deposits, enhancing its presence across Indiana, Illinois, Kentucky, and Tennessee. This merger is projected to be 7% accretive to earnings per share.
First Financial Corporation (NASDAQ:THFF) reported strong financial results for Q2 2021, with net income rising to $16.6 million compared to $11.9 million in Q2 2020. Diluted earnings per share increased to $1.24, up from $0.87 year-over-year. The corporation's total loans were $2.57 billion, down from $2.78 billion in the same period last year, while total deposits grew 12.90% to $3.99 billion. The efficiency ratio improved slightly, indicating better cost management. The provision for credit losses showed a reduction as asset quality remained strong.
First Financial Corporation (NASDAQ:THFF) has authorized a stock repurchase program to buy back up to 5% of its outstanding common stock. This initiative aims to enhance shareholder value and will be executed through open market transactions or privately negotiated deals, with the timing and amount dependent on market conditions. The repurchased shares will be held as authorized but unissued, and may be utilized for corporate purposes, reflecting the company's confidence in its financial stability.
First Financial Corporation (NASDAQ: THFF) has declared a semi-annual dividend of 53 cents per share, set to be paid on July 1, 2021, for shareholders of record by June 17, 2021. This declaration brings the total dividends for 2021 to $1.06 per share, reflecting a 1.9% increase from 2020. This marks the corporation's 33rd consecutive year of raising regular dividends, showcasing its commitment to returning value to shareholders.
First Financial Corporation (NASDAQ:THFF) reported a net income of $12.9 million for Q1 2021, compared to $12.2 million in Q1 2020. Diluted earnings per share rose to $0.95 from $0.89 year-over-year. Total loans increased to $2.65 billion, up $24.3 million YOY, while average total deposits grew by 16.70% to $3.82 billion. However, the return on average assets declined to 1.12% from 1.21% and net interest income fell to $34.9 million, down from $36.4 million in 2020. The company also reported an increase in nonperforming loans.
First Financial Corporation (NASDAQ: THFF) has declared a semi-annual dividend of 53 cents per share, payable on January 15, 2021, to shareholders on record by the close of business January 8, 2021. This announcement totals $1.05 per share in dividends declared for the year 2020. First Financial Corporation operates as the holding company for First Financial Bank N.A., serving regions in Indiana, Illinois, Kentucky, and Tennessee.
First Financial Corporation (NASDAQ:THFF) announced a stock repurchase program allowing the buyback of up to 5% of its outstanding shares. The repurchase will occur through open market transactions, privately negotiated deals, or other legal means, with timing and quantities determined by management based on market conditions and stock performance. The shares will be held as authorized but unissued, potentially serving general corporate purposes.
First Financial Corporation (NASDAQ:THFF) reported a net income of $14.0 million for Q3 2020, up from $12.3 million in Q3 2019. Diluted earnings per share rose to $1.02 from $0.93. Year-to-date net income reached $38.1 million, a 15.6% increase compared to 2019. Total assets grew to $4.39 billion, with loans increasing by 3.19% year-over-year to $2.75 billion. Average total deposits surged to $3.59 billion, up 19.08%. However, nonperforming loans rose to $23.7 million, up from $14.4 million. The loan loss provision increased significantly to $4.43 million, reflecting COVID-19 impacts.
First Financial Corporation (NASDAQ:THFF) reported second quarter 2020 results, showing net income of $11.9 million, down from $12.6 million in 2019. Diluted earnings per share decreased to $0.87 from $1.02. However, year-to-date earnings rose to $24.1 million from $22.3 million. Total loans increased by 38.4% to $2.78 billion, while deposits grew 44.9% to $3.57 billion. The net interest income rose 20.65% to $35.9 million. COVID-19 has impacted operations, prompting an increase in reserves, but charge-offs remained relatively stable.
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