THFF First Financial Corp. (Indiana)

First Financial Corporation Reports Second Quarter Results

First Financial Corporation Reports Second Quarter Results

TERRE HAUTE, Ind., July 22, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2025.

  • Net income was $18.6 million compared to $11.4 million reported for the same period of 2024;
  • Diluted net income per common share of $1.57 compared to $0.96 for the same period of 2024;
  • Return on average assets was 1.34% compared to 0.94% for the three months ended June 30, 2024;
  • Provision for credit losses was $2.0 million compared to provision of $3.0 million for the second quarter 2024; and
  • Pre-tax, pre-provision net income was $24.9 million compared to $16.2 million for the same period in 2024.1



The Corporation further reported results for the six months ended June 30, 2025:

  • Net income was $37.0 million compared to $22.3 million reported for the same period of 2024;
  • Diluted net income per common share of $3.12 compared to $1.89 for the same period of 2024;
  • Return on average assets was 1.34% compared to 0.93% for the six months ended June 30, 2024;
  • Provision for credit losses was $3.9 million compared to provision of $4.8 million for the six months ended June 30, 2024; and
  • Pre-tax, pre-provision net income was $50.6 million compared to $31.2 million for the same period in 2024.1

________________________

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 Corporations performance over time as well as comparison to the Corporations 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 2025 were $3.88 billion versus $3.20 billion for the comparable period in 2024, an increase of $680 million or 21.25%. On a linked quarter basis, average loans increased $35 million or 0.92% from $3.84 billion as of March 31, 2025. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

Total Loans Outstanding

Total loans outstanding as of June 30, 2025, were $3.90 billion compared to $3.20 billion as of June 30, 2024, an increase of $693 million or 21.62%. On a linked quarter basis, total loans increased $42.6 million or 1.11% from $3.85 billion as of March 31, 2025. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. 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 are pleased with our second quarter results, as we have experienced our 7th consecutive quarter of loan growth. We also had another record quarter of net interest income and saw our net margin expand to 4.15%. We expect continued improvement in coming quarters.”

Average Total Deposits

Average total deposits for the quarter ended June 30, 2025, were $4.65 billion versus $4.11 billion as of June 30, 2024, an increase of $537 million, or 13.06%. On a linked quarter basis, average deposits remained stable when compared to March 31, 2025. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

Total Deposits

Total deposits were $4.66 billion as of June 30, 2025, compared to $4.13 billion as of June 30, 2024. On a linked quarter basis, total deposits increased $22.9 million or 0.49% from $4.64 billion as of March 31, 2025. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $860 million, and time deposits were $710 million as of June 30, 2025, compared to $749 million and $586 million, respectively for the same period of 2024.

Shareholders’ Equity

Shareholders’ equity at June 30, 2025, was $587.7 million compared to $530.7 million on June 30, 2024. 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 $0.51 per share quarterly dividend in April and declared a $0.51 quarterly dividend, which was paid on July 15, 2025.

Book Value Per Share

Book Value per share was $49.59 as of June 30, 2025, compared to $44.92 as of June 30, 2024, an increase of $4.67 per share, or 10.40%. Tangible Book Value per share was $39.74 as of June 30, 2025, compared to $37.12 as of June 30, 2024, an increase of $2.62 per share or 7.06%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 8.58% at June 30, 2025, compared to 9.14% at June 30, 2024.

Net Interest Income

Net interest income for the second quarter of 2025 was a record $52.7 million, compared to $39.3 million reported for the same period of 2024, an increase of $13.4 million, or 34.0%. Interest income increased $13.4 million and interest expense increased $29 thousand year over year. As mentioned by in the president’s comments above, loan growth has continued for seven consecutive quarters, which contributed to steadily increasing net interest income.

Net Interest Margin

The net interest margin for the quarter ended June 30, 2025, was 4.15% compared to the 3.57% reported at June 30, 2024.

Nonperforming Loans

Nonperforming loans as of June 30, 2025, were $9.8 million versus $15.9 million as of June 30, 2024. The ratio of nonperforming loans to total loans and leases was 0.25% as of June 30, 2025, versus 0.50% as of June 30, 2024. On a linked quarter basis, nonperforming loans were $10.2 million, and the ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025.

Credit Loss Provision

The provision for credit losses for the three months ended June 30, 2025, was $2.0 million, compared to $3.0 million for the same period 2024.

Net Charge-Offs

In the second quarter of 2025 net charge-offs were $1.7 million compared to $4.7 million in the same period of 2024.

Allowance for Credit Losses

The Corporation’s allowance for credit losses as of June 30, 2025, was $47.1 million compared to $38.3 million as of June 30, 2024. The allowance for credit losses as a percent of total loans was 1.21% as of June 30, 2025, compared to 1.20% as of June 30, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased one basis point from 1.22% as of March 31, 2025.

Non-Interest Income

Non-interest income for the three months ended June 30, 2025 and 2024 was $10.4 million and $9.9 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended June 30, 2025, was $38.3 million compared to $32.7 million in 2024.

Efficiency Ratio

The Corporation’s efficiency ratio was 59.37% for the quarter ending June 30, 2025, versus 64.56% for the same period in 2024.

Income Taxes

Income tax expense for the three months ended June 30, 2025, was $4.2 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 18.58% compared to 16.29% for 2024.

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 -online.bank.

Investor Contact:

Rodger A. McHargue

Chief Financial Officer

P: 812-238-6334

E:



                
  Three Months Ended  Six Months Ended
  June 30,  March 31, June 30,  June 30,  June 30, 
     2025    2025    2024    2025    2024
END OF PERIOD BALANCES               
Assets $5,602,969 $5,549,094 $4,891,068 $5,602,969 $4,891,068
Deposits $4,662,889 $4,640,003 $4,132,327 $4,662,889 $4,132,327
Loans, including net deferred loan costs $3,896,563 $3,854,020 $3,204,009 $3,896,563 $3,204,009
Allowance for Credit Losses $47,087 $46,835 $38,334 $47,087 $38,334
Total Equity $587,668 $571,945 $530,670 $587,668 $530,670
Tangible Common Equity (a) $470,894 $451,874 $438,569 $470,894 $438,569
                
AVERAGE BALANCES               
Total Assets $5,529,225 $5,508,767 $4,813,308 $5,518,996 $4,808,836
Earning Assets $5,213,220 $5,194,478 $4,556,839 $5,203,849 $4,561,650
Investments $1,244,208 $1,266,300 $1,279,278 $1,255,254 $1,293,800
Loans $3,877,246 $3,841,752 $3,197,695 $3,859,499 $3,188,921
Total Deposits $4,651,051 $4,650,883 $4,113,826 $4,650,967 $4,079,832
Interest-Bearing Deposits $3,843,143 $3,837,679 $3,413,752 $3,840,411 $3,369,921
Interest-Bearing Liabilities $269,338 $261,174 $152,303 $265,256 $186,864
Total Equity $576,288 $564,742 $517,890 $570,515 $520,305
                
INCOME STATEMENT DATA               
Net Interest Income $52,671 $51,975 $39,294 $104,646 $78,214
Net Interest Income Fully Tax Equivalent (b) $54,091 $53,373 $40,673 $107,464 $80,970
Provision for Credit Losses $1,950 $1,950 $2,966 $3,900 $4,766
Non-interest Income $10,381 $10,511 $9,905 $20,892 $19,336
Non-interest Expense $38,276 $36,759 $32,651 $75,035 $66,073
Net Income $18,586 $18,406 $11,369 $36,992 $22,293
                
PER SHARE DATA               
Basic and Diluted Net Income Per Common Share $1.57 $1.55 $0.96 $3.12 $1.89
Cash Dividends Declared Per Common Share $0.51 $0.51 $0.45 $1.02 $0.90
Book Value Per Common Share $49.59 $48.26 $44.92 $49.59 $44.92
Tangible Book Value Per Common Share (c) $38.78 $38.13 $36.04 $39.74 $37.12
Basic Weighted Average Common Shares Outstanding  11,851  11,842  11,814  11,847  11,809

________________________

(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.



                
Key Ratios    Three Months Ended   Six Months Ended  
  June 30,      March 31,     June 30,      June 30,      June 30,  
  2025  2025  2024        2025  2024 
Return on average assets 1.34% 1.34% 0.94% 1.34% 0.93%
Return on average common shareholder's equity 12.90% 13.04% 8.78% 12.97% 8.57%
Efficiency ratio 59.37% 57.54% 64.56% 58.46% 65.87%
Average equity to average assets 10.42% 10.25% 10.76% 10.34% 10.82%
Net interest margin (a) 4.15% 4.11% 3.57% 4.13% 3.55%
Net charge-offs to average loans and leases 0.18% 0.19% 0.59% 0.18% 0.39%
Credit loss reserve to loans and leases 1.21% 1.22% 1.20% 1.21% 1.20%
Credit loss reserve to nonperforming loans 480.72% 460.57% 240.85% 480.72% 240.85%
Nonperforming loans to loans and leases 0.25% 0.26% 0.50% 0.25% 0.50%
Tier 1 leverage 10.91% 10.63% 12.14% 10.91% 12.14%
Risk-based capital - Tier 1 12.86% 12.70% 14.82% 12.86% 14.82%

________________________

(a)   Net interest margin is calculated on a tax equivalent basis.



                
Asset Quality Three Months Ended  Six Months Ended
     June 30,     March 31,    June 30,     June 30,     June 30, 
  2025 2025 2024 2025 2024
Accruing loans and leases past due 30-89 days $22,303 $17,007 $14,913 $22,303 $14,913
Accruing loans and leases past due 90 days or more $1,917 $1,109 $1,353 $1,917 $1,353
Nonaccrual loans and leases $7,878 $9,060 $14,563 $7,878 $14,563
Other real estate owned $383 $560 $170 $383 $170
Nonperforming loans and other real estate owned $10,178 $10,729 $16,086 $10,178 $16,086
Total nonperforming assets $13,087 $13,631 $18,978 $13,087 $18,978
Gross charge-offs $2,928 $3,241 $6,091 $6,169 $9,283
Recoveries $1,230 $1,394 $1,414 $2,624 $3,084
Net charge-offs/(recoveries) $1,698 $1,847 $4,677 $3,545 $6,199



        
Non-GAAP Reconciliations Three Months Ended June 30, 
     2025    2024
($in thousands, except EPS)       
Income before Income Taxes $22,826  $13,582 
Provision for credit losses  1,950   2,966 
Provision for unfunded commitments  100   (300)
Pre-tax, Pre-provision Income $24,876  $16,248 



        
Non-GAAP Reconciliations Six Months Ended June 30, 
     2025    2024
($ in thousands, except EPS)       
Income before Income Taxes $46,603  $26,711 
Provision for credit losses  3,900   4,766 
Provision for unfunded commitments  100   (300)
Pre-tax, Pre-provision Income $50,603  $31,177 



 
CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)
 
     June 30,     December 31, 
  2025 2024
  (unaudited)
ASSETS      
Cash and due from banks $97,265  $93,526 
Federal funds sold  853   820 
Securities available-for-sale  1,169,956   1,195,990 
Loans:      
Commercial  2,222,015   2,196,351 
Residential  987,738   967,386 
Consumer  681,538   668,058 
   3,891,291   3,831,795 
(Less) plus:      
Net deferred loan costs  5,272   5,346 
Allowance for credit losses  (47,087)  (46,732)
   3,849,476   3,790,409 
Restricted stock  17,528   17,555 
Accrued interest receivable  25,888   26,934 
Premises and equipment, net  79,741   81,508 
Bank-owned life insurance  130,072   128,766 
Goodwill  98,229   100,026 
Other intangible assets  18,545   21,545 
Other real estate owned  383   523 
Other assets  115,033   102,746 
TOTAL ASSETS $5,602,969  $5,560,348 
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Deposits:      
Non-interest-bearing $859,699  $859,014 
Interest-bearing:      
Certificates of deposit exceeding the FDIC insurance limits  143,780   144,982 
Other interest-bearing deposits  3,659,410   3,714,918 
   4,662,889   4,718,914 
Short-term borrowings  149,512   187,057 
FHLB advances  122,677   28,120 
Other liabilities  80,223   77,216 
TOTAL LIABILITIES  5,015,301   5,011,307 
       
Shareholders’ equity      
Common stock, $.125 stated value per share;      
Authorized shares-40,000,000      
Issued shares-16,190,157 in 2025 and 16,165,023 in 2024      
Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024  2,020   2,018 
Additional paid-in capital  146,391   145,927 
Retained earnings  712,271   687,366 
Accumulated other comprehensive income/(loss)  (118,234)  (132,285)
Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024  (154,780)  (153,985)
TOTAL SHAREHOLDERS’ EQUITY  587,668   549,041 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $5,602,969  $5,560,348 



 
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, 
     2025    2024    2025    2024
         (unaudited)
INTEREST INCOME:             
Loans, including related fees $64,775  $51,459  $128,387  $101,511 
Securities:              
Taxable  5,915   5,833   11,917   11,764 
Tax-exempt  2,622   2,601   5,226   5,204 
Other  865   878   1,679   1,695 
TOTAL INTEREST INCOME  74,177   60,771   147,209   120,174 
INTEREST EXPENSE:                 
Deposits  18,495   19,694   36,694   37,425 
Short-term borrowings  1,398   959   3,091   1,935 
Other borrowings  1,613   824   2,778   2,600 
TOTAL INTEREST EXPENSE  21,506   21,477   42,563   41,960 
NET INTEREST INCOME  52,671   39,294   104,646   78,214 
Provision for credit losses  1,950   2,966   3,900   4,766 
NET INTEREST INCOME AFTER PROVISION                 
FOR LOAN LOSSES  50,721   36,328   100,746   73,448 
NON-INTEREST INCOME:                
Trust and financial services  1,490   1,318   2,883   2,652 
Service charges and fees on deposit accounts  7,554   6,730   15,139   13,437 
Other service charges and fees  256   286   572   509 
Securities gains (losses), net  (3)     (3)   
Interchange income  180   135   394   314 
Loan servicing fees  326   414   492   683 
Gain on sales of mortgage loans  430   299   655   475 
Other  148   723   760   1,266 
TOTAL NON-INTEREST INCOME  10,381   9,905   20,892   19,336 
NON-INTEREST EXPENSE:                 
Salaries and employee benefits  19,689   17,380   38,937   34,710 
Occupancy expense  2,472   2,201   5,148   4,560 
Equipment expense  4,587   4,312   9,092   8,456 
FDIC Expense  795   501   1,545   1,163 
Other  10,733   8,257   20,313   17,184 
TOTAL NON-INTEREST EXPENSE  38,276   32,651   75,035   66,073 
INCOME BEFORE INCOME TAXES  22,826   13,582   46,603   26,711 
Provision for income taxes  4,240   2,213   9,611   4,418 
NET INCOME  18,586   11,369   36,992   22,293 
OTHER COMPREHENSIVE INCOME (LOSS)                 
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes  2,946   3,535   14,046   (7,561)
Change in funded status of post retirement benefits, net of taxes  2   74   5   147 
COMPREHENSIVE INCOME (LOSS) $21,534  $14,978  $51,043  $14,879 
PER SHARE DATA                 
Basic and Diluted Earnings per Share $1.57  $0.96  $3.12  $1.89 
Weighted average number of shares outstanding (in thousands)  11,851   11,814   11,847   11,809 


EN
22/07/2025

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Reports on First Financial Corp. (Indiana)

 PRESS RELEASE

First Financial Corporation Reports Second Quarter Results

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