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 to 1.34% 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 to 1.33% 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 $3.20
billion versus $3.10 billion for the comparable period in 2023, an
increase of $100 million or 3.22%. On a linked quarter basis,
average loans increased $18 million or 0.55% from $3.18 billion as
of March 31, 2024.
Total Loans Outstanding
Total loans outstanding as of June 30, 2024, were $3.20
billion compared to $3.13 billion as of June 30, 2023, an
increase of $69 million or 2.21%, primarily driven by increases in
Commercial Construction and Development, Commercial Real Estate,
and Consumer Auto loans. On a linked quarter basis, total loans
increased $12.0 million or 0.38% from $3.19 billion as of March 31,
2024.
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 $4.11 billion versus $4.12 billion as of June 30,
2023.
Total Deposits
Total deposits were $4.13 billion as of June 30, 2024,
compared to $4.06 billion as of June 30, 2023, a $69 million
increase, or 1.70%. On a linked quarter basis, total deposits
increased $27.2 million, or 0.66%. Non-interest bearing deposits
were $748.5 million and time deposits were $585.8 million as of
June 30, 2024, compared to $817.4 million and $414.2 million,
respectively for the same period of 2023.
Shareholders’ Equity
Shareholders’ equity at June 30, 2024, was $530.7 million
compared to $496.9 million on June 30, 2023. During the last
twelve months, the Corporation has repurchased 228,457 shares of
its common stock. There were no shares repurchased during the
quarter. 518,860 shares remain available for repurchase under the
current repurchase authorization. During the quarter, the
Corporation paid a $0.45 per share quarterly dividend in April, and
declared a $0.45 quarterly dividend paid on July 15, 2024.
Book Value Per Share
Book Value per share was $44.92 as of June 30, 2024,
compared to $41.47 as of June 30, 2023, an increase of 8.33%.
Tangible Book Value per share was $37.12 as of June 30, 2024,
compared to $33.70 as of June 30, 2023, an increase of $3.42 per
share or 10.15%.
Tangible Common Equity to Tangible Asset
Ratio
The Corporation’s tangible common equity to tangible asset ratio
was 9.14% at June 30, 2024, compared to 8.44% at June 30,
2023.
Net Interest Income
Net interest income for the second quarter of 2024 was $39.3
million, compared to $42.2 million reported for the same period of
2023, a decrease of $2.9 million, or 6.86%, driven primarily by
higher interest expense. Interest income increased $4.5 million and
interest expense increased $7.4 million year-over-year.
Net Interest Margin
The net interest margin for the quarter ended June 30,
2024, was 3.57% compared to the 3.81% reported at June 30,
2023. On a linked quarterly basis, the net interest margin
increased 4 basis points from 3.53% at March 31, 2024.
Nonperforming Loans
Nonperforming loans as of June 30, 2024, were $15.9 million
versus $13.3 million as of June 30, 2023. The ratio of
nonperforming loans to total loans and leases was 0.50% as of
June 30, 2024, versus 0.43% as of June 30, 2023.
Credit Loss Provision
The provision for credit losses for the three months ended
June 30, 2024, was $3.0 million, compared to $1.8 million for
the second quarter 2023. The increase in provision as well as
charge-offs discussed below were related to one previously
identified credit, reflecting further deterioration in collateral
values in the quarter.
Net Charge-Offs
In the second quarter of 2024 net charge-offs were $4.7 million
compared to $1.5 million in the same period of 2023.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of
June 30, 2024, was $38.3 million compared to $39.9 million as
of June 30, 2023. The allowance for credit losses as
a percent of total loans was 1.20% as of June 30, 2024,
compared to 1.28% as of June 30, 2023. On a linked quarter
basis, the allowance for credit losses as a percent of total loans
decreased 5 basis points from 1.25% as of March 31, 2024.
Non-Interest Income
Non-interest income for the three months ended
June 30, 2024 and 2023 was $9.9 million and $10.5 million,
respectively. The 2023 amount included a $760 thousand gain on the
sale of a branch which had been closed.
Non-Interest Expense
Non-interest expense for the three months ended
June 30, 2024, was $32.7 million compared to $31.3 million in
2023. This included $654 thousand of acquisition related expenses
during the quarter.
Efficiency Ratio
The Corporation’s efficiency ratio was 64.56% for the quarter
ending June 30, 2024, versus 58.01% for the same period in
2023.
Income Taxes
Income tax expense for the three months ended June 30,
2024, was $2.2 million versus $3.5 million for the same period in
2023. The effective tax rate for 2024 was 16.29% compared to 17.99%
for 2023.
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. McHargueChief
Financial OfficerP: 812-238-6334E: rmchargue@first-online.com
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| |
Three Months Ended |
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Six Months Ended |
| |
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| END OF PERIOD
BALANCES |
|
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|
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|
|
|
|
|
|
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 |
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| |
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| INCOME STATEMENT
DATA |
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|
|
|
|
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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 |
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| |
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|
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| PER SHARE
DATA |
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|
|
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 75%.(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.
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| 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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
First Financial (NASDAQ:THFF)
Historical Stock Chart
From Oct 2024 to Nov 2024
First Financial (NASDAQ:THFF)
Historical Stock Chart
From Nov 2023 to Nov 2024
