First Financial Corporation (NASDAQ:THFF) today announced results
for the fourth quarter of 2024.
- Net income was $16.2 million
compared to $12.4 million reported for the same period of
2023;
- Diluted net income per common share
of $1.37 compared to $1.06 for the same period of 2023;
- Return on average assets was 1.18%
compared to 1.05% for the three months ended December 31,
2023;
- Credit loss provision was $2.0
million compared to provision of $2.5 million for the fourth
quarter 2023; and
- Pre-tax, pre-provision net income
was $22.3 million compared to $16.6 million for the same period in
2023.1
The Corporation further reported results for the year ended
December 31, 2024:
- Net income was $47.3 million
compared to $60.7 million reported for the same period of
2023;
- Diluted net income per common share
of $4.00 compared to $5.08 for the same period of 2023;
- Return on average assets was 0.92%
compared to 1.26% for the twelve months ended
December 31, 2023;
- Credit loss provision was $16.2
million compared to provision of $7.3 million for the twelve months
ended December 31, 2023; and
- Pre-tax, pre-provision net income
was $73.4 million compared to $79.7 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 fourth quarter of 2024 were $3.79
billion versus $3.13 billion for the comparable period in 2023, an
increase of $657 million or 20.98%. On a linked quarter basis,
average loans increased $84.7 million or 2.29% from $3.71 billion
as of September 30, 2024. Increases in average loans year-over-year
were mostly a result of the acquisition of SimplyBank on July 1,
2024.
Total Loans Outstanding
Total loans outstanding as of December 31, 2024, were $3.84
billion compared to $3.17 billion as of December 31, 2023, an
increase of $669 million or 21.13%. On a linked quarter basis,
total loans increased $122 million or 3.28% from $3.72 billion as
of September 30, 2024. The year-over-year increase was impacted by
the $467 million in loans acquired in the SimplyBank acquisition.
Organic growth was primarily driven by increases in Commercial
Construction and Development, Commercial Real Estate, and Consumer
Auto loans.
Norman D. Lowery, President and Chief Executive Officer,
commented “We experienced another sound quarter of loan growth and
record net interest income. 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 December 31,
2024, were $4.76 billion versus $4.05 billion as of
December 31, 2023, an increase of $706 million or 17.44%.
Increases in average deposits year-over-year were mostly a result
of the acquisition of SimplyBank. On a linked quarter basis,
average deposits increased $52 million, or 1.10% from $4.71 billion
as of September 30, 2024.
Total Deposits
Total deposits were $4.72 billion as of December 31, 2024,
compared to $4.09 billion as of December 31, 2023, a $629
million increase, or 15.37%. On a linked quarter basis, total
deposits increased $1.4 million, or 0.03%. $622 million in deposits
were acquired in the SimplyBank acquisition. Non-interest bearing
deposits were $859.0 million, and time deposits were $749.4 million
as of December 31, 2024, compared to $750.3 million and $515.7
million, respectively for the same period of 2023.
Shareholders’ Equity
Shareholders’ equity at December 31, 2024, was $549.0
million compared to $528.0 million on December 31, 2023.
During the last twelve months, the Corporation has not repurchased
any shares of its common stock. 518,860 shares remain available for
repurchase under the current repurchase authorization. The
Corporation paid a $0.45 per share quarterly dividend in October
and declared a $0.51 quarterly dividend, which was paid on January
15, 2025.
Book Value Per Share
Book Value per share was $46.36 as of December 31, 2024,
compared to $44.76 as of December 31, 2023, an increase of
$1.60 per share, or 3.57%. Tangible Book Value per share was $36.10
as of December 31, 2024, compared to $36.91 as of December 31,
2023.
Tangible Common Equity to Tangible Asset
Ratio
The Corporation’s tangible common equity to tangible asset ratio
was 7.86% at December 31, 2024, compared to 9.15% at
December 31, 2023.
Net Interest Income
Net interest income for the fourth quarter of 2024 was a record
$49.6 million, compared to $39.6 million reported for the same
period of 2023, an increase of $10.0 million, or 25.29%.
Net Interest Margin
The net interest margin for the quarter ended December 31,
2024, was 3.94% compared to the 3.63% reported at December 31,
2023. On a linked quarterly basis, the net interest margin
increased 16 basis points from 3.78% at September 30, 2024.
Nonperforming Loans
Nonperforming loans as of December 31, 2024, were $13.3
million versus $24.6 million as of December 31, 2023. The
ratio of nonperforming loans to total loans and leases was 0.35% as
of December 31, 2024, versus 0.78% as of December 31,
2023. The decrease in nonperforming loans is due to a commercial
relationship that was downgraded in fourth quarter 2023 and
subsequently resolved in 2024.
Credit Loss Provision
The provision for credit losses for the three months ended
December 31, 2024, was $2.0 million, compared to $2.5 million
for the fourth quarter 2023.
Net Charge-Offs
Fourth quarter net charge-offs were $1.4 million compared to
$1.8 million in the same period of 2023.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of
December 31, 2024, was $46.7 million compared to $39.8 million
as of December 31, 2023. The allowance for credit losses as
a percent of total loans was 1.22% as of December 31,
2024, compared to 1.26% as of December 31, 2023. On a linked
quarter basis, the allowance for credit losses as a percent of
total loans decreased 2 basis points from 1.24% as of September 30,
2024. The Corporation recorded $8.5 million in allowance for the
acquisition of SimplyBank, which included $3 million to record
purchased credit deteriorated (“PCD”) reserves.
Non-Interest Income
Non-interest income for the three months ended
December 31, 2024 and 2023 was $12.2 million and $11.2
million, respectively.
Non-Interest Expense
Non-interest expense for the three months ended
December 31, 2024, was $39.8 million compared to $34.2 million
in 2023. This includes an overall increase in operating expenses as
a result of the acquisition.
Efficiency Ratio
The Corporation’s efficiency ratio was 62.98% for the quarter
ending December 31, 2024, versus 65.62% for the same period in
2023.
Income Taxes
Income tax expense for the three months ended
December 31, 2024, was $3.8 million versus $1.7 million for
the same period in 2023. The effective tax rate for 2024 was 17.28%
compared to 16.31% for 2023.
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. McHargueChief
Financial OfficerP: 812-238-6334E: rmchargue@first-online.com
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| |
Three Months Ended |
|
Year Ended |
| |
December 31, |
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September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| END OF PERIOD
BALANCES |
|
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|
|
|
|
|
|
|
|
|
|
Assets |
$ |
5,560,348 |
|
|
$ |
5,483,351 |
|
|
$ |
4,851,146 |
|
|
$ |
5,560,348 |
|
|
$ |
4,851,146 |
|
|
Deposits |
$ |
4,718,914 |
|
|
$ |
4,717,489 |
|
|
$ |
4,090,068 |
|
|
$ |
4,718,914 |
|
|
$ |
4,090,068 |
|
|
Loans, including net deferred loan costs |
$ |
3,837,141 |
|
|
$ |
3,715,235 |
|
|
$ |
3,167,821 |
|
|
$ |
3,837,141 |
|
|
$ |
3,167,821 |
|
|
Allowance for Credit Losses |
$ |
46,732 |
|
|
$ |
46,169 |
|
|
$ |
39,767 |
|
|
$ |
46,732 |
|
|
$ |
39,767 |
|
|
Total Equity |
$ |
549,041 |
|
|
$ |
565,951 |
|
|
$ |
527,976 |
|
|
$ |
549,041 |
|
|
$ |
527,976 |
|
|
Tangible Common Equity (a) |
$ |
427,470 |
|
|
$ |
446,786 |
|
|
$ |
435,405 |
|
|
$ |
427,470 |
|
|
$ |
435,405 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
5,516,036 |
|
|
$ |
5,483,572 |
|
|
$ |
4,725,297 |
|
|
$ |
5,154,320 |
|
|
$ |
4,802,448 |
|
|
Earning Assets |
$ |
5,196,352 |
|
|
$ |
5,165,520 |
|
|
$ |
4,485,766 |
|
|
$ |
4,871,293 |
|
|
$ |
4,564,135 |
|
|
Investments |
$ |
1,311,415 |
|
|
$ |
1,342,037 |
|
|
$ |
1,279,821 |
|
|
$ |
1,310,263 |
|
|
$ |
1,358,661 |
|
|
Loans |
$ |
3,790,515 |
|
|
$ |
3,705,779 |
|
|
$ |
3,133,267 |
|
|
$ |
3,468,534 |
|
|
$ |
3,111,784 |
|
|
Total Deposits |
$ |
4,757,438 |
|
|
$ |
4,705,614 |
|
|
$ |
4,050,968 |
|
|
$ |
4,405,679 |
|
|
$ |
4,106,132 |
|
|
Interest-Bearing Deposits |
$ |
3,925,740 |
|
|
$ |
4,403,454 |
|
|
$ |
3,291,931 |
|
|
$ |
3,767,259 |
|
|
$ |
3,304,816 |
|
|
Interest-Bearing Liabilities |
$ |
134,553 |
|
|
$ |
157,227 |
|
|
$ |
206,778 |
|
|
$ |
166,377 |
|
|
$ |
199,551 |
|
|
Total Equity |
$ |
556,330 |
|
|
$ |
546,912 |
|
|
$ |
463,004 |
|
|
$ |
535,963 |
|
|
$ |
486,572 |
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| |
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| INCOME STATEMENT
DATA |
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|
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Net Interest Income |
$ |
49,602 |
|
|
$ |
47,170 |
|
|
$ |
39,590 |
|
|
$ |
174,986 |
|
|
$ |
167,262 |
|
|
Net Interest Income Fully Tax Equivalent (b) |
$ |
50,985 |
|
|
$ |
48,630 |
|
|
$ |
40,942 |
|
|
$ |
180,586 |
|
|
$ |
172,716 |
|
|
Provision for Credit Losses |
$ |
2,000 |
|
|
$ |
9,400 |
|
|
$ |
2,495 |
|
|
$ |
16,166 |
|
|
$ |
7,295 |
|
|
Non-interest Income |
$ |
12,213 |
|
|
$ |
11,223 |
|
|
$ |
11,247 |
|
|
$ |
42,772 |
|
|
$ |
42,702 |
|
|
Non-interest Expense |
$ |
39,801 |
|
|
$ |
38,564 |
|
|
$ |
34,244 |
|
|
$ |
144,438 |
|
|
$ |
130,176 |
|
|
Net Income |
$ |
16,241 |
|
|
$ |
8,741 |
|
|
$ |
12,420 |
|
|
$ |
47,275 |
|
|
$ |
60,672 |
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| |
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| PER SHARE
DATA |
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|
|
Basic and Diluted Net Income Per Common Share |
$ |
1.37 |
|
|
$ |
0.74 |
|
|
$ |
1.06 |
|
|
$ |
4.00 |
|
|
$ |
5.08 |
|
|
Cash Dividends Declared Per Common Share |
$ |
0.51 |
|
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
1.86 |
|
|
$ |
0.99 |
|
|
Book Value Per Common Share |
$ |
46.36 |
|
|
$ |
47.93 |
|
|
$ |
44.76 |
|
|
$ |
46.36 |
|
|
$ |
44.76 |
|
|
Tangible Book Value Per Common Share (c) |
$ |
36.77 |
|
|
$ |
36.22 |
|
|
$ |
31.47 |
|
|
$ |
36.10 |
|
|
$ |
36.91 |
|
|
Basic Weighted Average Common Shares Outstanding |
|
11,824 |
|
|
|
11,808 |
|
|
|
11,772 |
|
|
|
11,812 |
|
|
|
11,937 |
|
______________________________(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 |
|
Year Ended |
|
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Return on average assets |
1.18 |
|
% |
0.64 |
|
% |
1.05 |
|
% |
0.92 |
|
% |
1.26 |
|
% |
| Return on average common
shareholder's equity |
11.68 |
|
% |
6.39 |
|
% |
10.73 |
|
% |
8.82 |
|
% |
12.47 |
|
% |
| Efficiency ratio |
62.98 |
|
% |
64.43 |
|
% |
65.62 |
|
% |
64.67 |
|
% |
60.43 |
|
% |
| Average equity to average
assets |
10.09 |
|
% |
9.97 |
|
% |
9.80 |
|
% |
10.40 |
|
% |
10.13 |
|
% |
| Net interest margin (a) |
3.94 |
|
% |
3.78 |
|
% |
3.63 |
|
% |
3.71 |
|
% |
3.78 |
|
% |
| Net charge-offs to average
loans and leases |
0.15 |
|
% |
0.49 |
|
% |
0.22 |
|
% |
0.35 |
|
% |
0.23 |
|
% |
| Credit loss reserve to loans
and leases |
1.22 |
|
% |
1.24 |
|
% |
1.26 |
|
% |
1.22 |
|
% |
1.26 |
|
% |
| Credit loss reserve to
nonperforming loans |
351.37 |
|
% |
326.65 |
|
% |
161.94 |
|
% |
351.37 |
|
% |
161.94 |
|
% |
| Nonperforming loans to loans
and leases |
0.35 |
|
% |
0.38 |
|
% |
0.78 |
|
% |
0.35 |
|
% |
0.78 |
|
% |
| Tier 1 leverage |
10.38 |
|
% |
10.25 |
|
% |
12.14 |
|
% |
10.38 |
|
% |
12.14 |
|
% |
| Risk-based capital - Tier
1 |
12.43 |
|
% |
13.63 |
|
% |
14.76 |
|
% |
12.43 |
|
% |
14.76 |
|
% |
______________________________(a) Net interest
margin is calculated on a tax equivalent basis.
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Quality |
Three Months Ended |
|
Year Ended |
| |
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Accruing loans and leases past
due 30-89 days |
$ |
22,486 |
|
|
$ |
16,391 |
|
|
$ |
20,168 |
|
|
$ |
22,486 |
|
|
$ |
20,168 |
|
| Accruing loans and leases past
due 90 days or more |
$ |
1,821 |
|
|
$ |
1,517 |
|
|
$ |
960 |
|
|
$ |
1,821 |
|
|
$ |
960 |
|
| Nonaccrual loans and
leases |
$ |
11,479 |
|
|
$ |
12,617 |
|
|
$ |
23,596 |
|
|
$ |
11,479 |
|
|
$ |
23,596 |
|
| Other real estate owned |
$ |
523 |
|
|
$ |
169 |
|
|
$ |
107 |
|
|
$ |
523 |
|
|
$ |
107 |
|
| Nonperforming loans and other
real estate owned |
$ |
13,823 |
|
|
$ |
14,303 |
|
|
$ |
24,663 |
|
|
$ |
13,823 |
|
|
$ |
24,663 |
|
| Total nonperforming
assets |
$ |
16,719 |
|
|
$ |
17,179 |
|
|
$ |
27,665 |
|
|
$ |
16,719 |
|
|
$ |
27,665 |
|
| Gross charge-offs |
$ |
3,070 |
|
|
$ |
6,936 |
|
|
$ |
3,976 |
|
|
$ |
19,289 |
|
|
$ |
15,496 |
|
| Recoveries |
$ |
1,633 |
|
|
$ |
2,365 |
|
|
$ |
2,213 |
|
|
$ |
7,082 |
|
|
$ |
8,188 |
|
| Net
charge-offs/(recoveries) |
$ |
1,437 |
|
|
$ |
4,571 |
|
|
$ |
1,763 |
|
|
$ |
12,207 |
|
|
$ |
7,308 |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
Reconciliations |
Three Months Ended December 31, |
| |
2024 |
|
2023 |
| ($in thousands, except
EPS) |
|
|
|
|
|
|
|
| Income before Income
Taxes |
$ |
20,014 |
|
|
$ |
14,098 |
|
| Provision for credit
losses |
|
2,000 |
|
|
|
2,495 |
|
| Provision for unfunded
commitments |
|
300 |
|
|
|
— |
|
| Pre-tax, Pre-provision
Income |
$ |
22,314 |
|
|
$ |
16,593 |
|
| |
|
|
|
|
|
|
| Non-GAAP
Reconciliations |
Year Ended December 31, |
| |
2024 |
|
2023 |
| ($ in thousands, except
EPS) |
|
|
|
|
|
|
|
Income before Income Taxes |
$ |
57,154 |
|
|
$ |
72,493 |
|
| Provision for credit
losses |
|
16,166 |
|
|
|
7,295 |
|
| Provision for unfunded
commitments |
|
100 |
|
|
|
(100 |
) |
| Pre-tax, Pre-provision
Income |
$ |
73,420 |
|
|
$ |
79,688 |
|
| |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except per
share data) |
| |
|
|
|
|
|
| |
December 31, |
|
December 31, |
| |
2024 |
|
2023 |
| |
(unaudited) |
| ASSETS |
|
|
|
|
|
|
Cash and due from banks |
$ |
93,526 |
|
|
$ |
76,759 |
|
| Federal funds sold |
|
820 |
|
|
|
282 |
|
| Securities
available-for-sale |
|
1,195,990 |
|
|
|
1,259,137 |
|
| Loans: |
|
|
|
|
|
| Commercial |
|
2,196,351 |
|
|
|
1,817,526 |
|
| Residential |
|
967,386 |
|
|
|
695,788 |
|
| Consumer |
|
668,058 |
|
|
|
646,758 |
|
| |
|
3,831,795 |
|
|
|
3,160,072 |
|
| (Less) plus: |
|
|
|
|
|
| Net deferred loan costs |
|
5,346 |
|
|
|
7,749 |
|
| Allowance for credit
losses |
|
(46,732 |
) |
|
|
(39,767 |
) |
| |
|
3,790,409 |
|
|
|
3,128,054 |
|
| Restricted stock |
|
17,555 |
|
|
|
15,364 |
|
| Accrued interest
receivable |
|
26,934 |
|
|
|
24,877 |
|
| Premises and equipment,
net |
|
81,508 |
|
|
|
67,286 |
|
| Bank-owned life insurance |
|
128,766 |
|
|
|
114,122 |
|
| Goodwill |
|
100,026 |
|
|
|
86,985 |
|
| Other intangible assets |
|
21,545 |
|
|
|
5,586 |
|
| Other real estate owned |
|
523 |
|
|
|
107 |
|
| Other assets |
|
102,746 |
|
|
|
72,587 |
|
| TOTAL ASSETS |
$ |
5,560,348 |
|
|
$ |
4,851,146 |
|
| |
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Non-interest-bearing |
$ |
859,014 |
|
|
$ |
750,335 |
|
| Interest-bearing: |
|
|
|
|
|
| Certificates of deposit
exceeding the FDIC insurance limits |
|
144,982 |
|
|
|
92,921 |
|
| Other interest-bearing
deposits |
|
3,714,918 |
|
|
|
3,246,812 |
|
| |
|
4,718,914 |
|
|
|
4,090,068 |
|
| Short-term borrowings |
|
187,057 |
|
|
|
67,221 |
|
| FHLB advances |
|
28,120 |
|
|
|
108,577 |
|
| Other liabilities |
|
77,216 |
|
|
|
57,304 |
|
| TOTAL LIABILITIES |
|
5,011,307 |
|
|
|
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-11,842,539
in 2024 and 11,795,024 in 2023 |
|
2,018 |
|
|
|
2,014 |
|
| Additional paid-in
capital |
|
145,927 |
|
|
|
144,152 |
|
| Retained earnings |
|
687,366 |
|
|
|
663,726 |
|
| Accumulated other
comprehensive income/(loss) |
|
(132,285 |
) |
|
|
(127,087 |
) |
| Less: Treasury shares at
cost-4,322,484 in 2024 and 4,342,196 in 2023 |
|
(153,985 |
) |
|
|
(154,829 |
) |
| TOTAL SHAREHOLDERS’
EQUITY |
|
549,041 |
|
|
|
527,976 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
5,560,348 |
|
|
$ |
4,851,146 |
|
| |
|
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(Dollar
amounts in thousands, except per share data) |
| |
|
|
|
|
|
|
|
|
| |
Year Ended |
| |
December 31, |
| |
2024 |
|
2023 |
|
2022 |
| |
(unaudited) |
| INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
Loans, including related fees |
$ |
226,262 |
|
|
$ |
189,641 |
|
|
$ |
146,295 |
|
| Securities: |
|
|
|
|
|
|
|
|
| Taxable |
|
24,237 |
|
|
|
24,643 |
|
|
|
21,014 |
|
| Tax-exempt |
|
10,533 |
|
|
|
10,573 |
|
|
|
9,974 |
|
| Other |
|
3,710 |
|
|
|
3,540 |
|
|
|
6,018 |
|
| TOTAL INTEREST INCOME |
|
264,742 |
|
|
|
228,397 |
|
|
|
183,301 |
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
| Deposits |
|
81,071 |
|
|
|
51,694 |
|
|
|
16,743 |
|
| Short-term borrowings |
|
4,284 |
|
|
|
5,370 |
|
|
|
1,243 |
|
| Other borrowings |
|
4,401 |
|
|
|
4,071 |
|
|
|
273 |
|
| TOTAL INTEREST EXPENSE |
|
89,756 |
|
|
|
61,135 |
|
|
|
18,259 |
|
| NET INTEREST INCOME |
|
174,986 |
|
|
|
167,262 |
|
|
|
165,042 |
|
| Provision for credit
losses |
|
16,166 |
|
|
|
7,295 |
|
|
|
(2,025 |
) |
| NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
| FOR LOAN LOSSES |
|
158,820 |
|
|
|
159,967 |
|
|
|
167,067 |
|
| NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
| Trust and financial
services |
|
5,468 |
|
|
|
5,155 |
|
|
|
5,155 |
|
| Service charges and fees on
deposit accounts |
|
29,653 |
|
|
|
28,079 |
|
|
|
27,540 |
|
| Other service charges and
fees |
|
999 |
|
|
|
801 |
|
|
|
665 |
|
| Securities gains (losses),
net |
|
103 |
|
|
|
(1 |
) |
|
|
3 |
|
| Interchange income |
|
655 |
|
|
|
676 |
|
|
|
559 |
|
| Loan servicing fees |
|
1,259 |
|
|
|
1,176 |
|
|
|
1,554 |
|
| Gain on sales of mortgage
loans |
|
1,153 |
|
|
|
966 |
|
|
|
1,994 |
|
| Other |
|
3,482 |
|
|
|
5,850 |
|
|
|
9,246 |
|
| TOTAL NON-INTEREST INCOME |
|
42,772 |
|
|
|
42,702 |
|
|
|
46,716 |
|
| NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
74,555 |
|
|
|
68,525 |
|
|
|
65,555 |
|
| Occupancy expense |
|
9,616 |
|
|
|
9,351 |
|
|
|
9,764 |
|
| Equipment expense |
|
17,612 |
|
|
|
14,020 |
|
|
|
12,391 |
|
| FDIC Expense |
|
2,788 |
|
|
|
2,907 |
|
|
|
2,327 |
|
| Other |
|
39,867 |
|
|
|
35,373 |
|
|
|
35,986 |
|
| TOTAL NON-INTEREST
EXPENSE |
|
144,438 |
|
|
|
130,176 |
|
|
|
126,023 |
|
| INCOME BEFORE INCOME
TAXES |
|
57,154 |
|
|
|
72,493 |
|
|
|
87,760 |
|
| Provision for income
taxes |
|
9,879 |
|
|
|
11,821 |
|
|
|
16,651 |
|
| NET INCOME |
|
47,275 |
|
|
|
60,672 |
|
|
|
71,109 |
|
| OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
| Change in unrealized
gains/(losses) on securities, net of reclassifications and
taxes |
|
(9,807 |
) |
|
|
10,896 |
|
|
|
(144,570 |
) |
| Change in funded status of
post retirement benefits, net of taxes |
|
4,609 |
|
|
|
1,991 |
|
|
|
7,022 |
|
| COMPREHENSIVE INCOME
(LOSS) |
$ |
42,077 |
|
|
$ |
73,559 |
|
|
$ |
(66,439 |
) |
| PER SHARE DATA |
|
|
|
|
|
|
|
|
| Basic and Diluted Earnings per
Share |
$ |
4.00 |
|
|
$ |
5.08 |
|
|
$ |
5.82 |
|
| Weighted average number of
shares outstanding (in thousands) |
|
11,812 |
|
|
|
11,937 |
|
|
|
12,211 |
|
First Financial (NASDAQ:THFF)
Historical Stock Chart
From Jan 2025 to Feb 2025
First Financial (NASDAQ:THFF)
Historical Stock Chart
From Feb 2024 to Feb 2025
