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    First Financial Corporation Reports First Quarter Results

    TERRE HAUTE, Ind., April 30, 2024 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2024.

    • Net income was $10.9 million compared to the $16.0 million reported for the same period of 2023;
    • Diluted net income per common share of $0.93 compared to $1.33 for the same period of 2023;
    • Return on average assets was 0.91% compared to 1.32% for the three months ended March 31, 2023;
    • Credit loss provision was $1.8 million compared to provision of $1.8 million for the first quarter 2023; and
    • Pre-tax, pre-provision net income was $14.9 million compared to $21.4 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 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 first quarter of 2024 were $3.18 billion versus $3.07 billion for the comparable period in 2023, an increase of $111 million or 3.63%. On a linked quarter basis, average loans increased $47 million or 1.50% from $3.13 billion as of December 31, 2023.

    Total Loans Outstanding

    Total loans outstanding as of March 31, 2024, were $3.19 billion compared to $3.08 billion as of March 31, 2023, an increase of $112 million or 3.63%, primarily driven by increases in Commercial Real Estate and Consumer Auto loans. On a linked quarter basis, total loans increased $24.2 million or 0.76% from $3.17 billion as of December 31, 2023.

    “We are pleased with our first quarter results, as we experienced another quarter of solid loan growth,” said Norman D. Lowery, President and Chief Executive Officer. “Our balance sheet is strong, our asset quality is stable, and our capital levels remain strong.”

    Average Total Deposits

    Average total deposits for the quarter ended March 31, 2024, were $4.05 billion versus $4.25 billion as of March 31, 2023.

    Total Deposits

    Total deposits were $4.11 billion as of March 31, 2024, compared to $4.17 billion as of March 31, 2023. On a linked quarter basis, total deposits increased $15.0 million, or 0.37% from $4.09 billion. Non-interest bearing deposits were $738 million and time deposits were $581 million as of March 31, 2024.

    Shareholders’ Equity

    Shareholders’ equity at March 31, 2024, was $520.8 million compared to $505.5 million on March 31, 2023. During the last twelve months, the Corporation has repurchased 311,360 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 and declared a $0.45 quarterly dividend payable April 15, 2024.

    Book Value Per Share

    Book Value per share was $44.08 as of March 31, 2024, compared to $41.89 as of March 31, 2023, an increase of $2.19 per share or 5.22%. Tangible Book Value per share was $36.26 as of March 31, 2024, compared to $34.16 as of March 31, 2023, an increase of $2.10 per share or 6.15%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 9.00% at March 31, 2024, compared to 8.63% at March 31, 2023.

    Net Interest Income

    Net interest income for the first quarter of 2024 was $38.9 million, compared to $44.3 million reported for the same period of 2023. Interest income increased $4.7 million and interest expense increased $10.1 million year over year.

    Net Interest Margin

    The net interest margin for the quarter ended March 31, 2024, was 3.53% compared to the 3.96% reported at March 31, 2023.

    Nonperforming Loans

    Nonperforming loans as of March 31, 2024, were $24.3 million versus $12.1 million as of March 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.76% as of March 31, 2024, versus 0.39% as of March 31, 2023. The increase was driven primarily by the addition of one credit placed on non-accrual in fourth quarter 2023.

    Credit Loss Provision

    The provision for credit losses for the three months ended March 31, 2024, was $1.8 million, unchanged from the first quarter 2023.

    Net Charge-Offs

    In the first quarter of 2024 net charge-offs were $1.5 million compared to $2.0 million in the same period of 2023.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of March 31, 2024, was $40.0 million compared to $39.6 million as of March 31, 2023. The allowance for credit losses as a percent of total loans was 1.25% as of March 31, 2024, compared to 1.29% as of March 31, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 1 basis point from 1.26% as of December 31, 2023.

    Non-Interest Income

    Non-interest income for the three months ended March 31, 2024 was $9.4 million unchanged from the first quarter 2023.

    Non-Interest Expense

    Non-interest expense for the three months ended March 31, 2024, was $33.4 million compared to $32.3 million in 2023, an increase of 3.4% reflective of our history of strong expense control.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 67.21% for the quarter ending March 31, 2024, versus 58.73% for the same period in 2023.

    Income Taxes

    Income tax expense for the three months ended March 31, 2024, was $2.2 million versus $3.6 million for the same period in 2023. The effective tax rate for 2024 was 16.79% compared to 18.42% 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. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                           
      Three Months Ended  
      March 31,   December 31,   March 31,  
      2024   2023   2023  
    END OF PERIOD BALANCES                      
    Assets $ 4,852,615     $ 4,851,146     $ 4,866,821  
    Deposits $ 4,105,103     $ 4,090,068     $ 4,165,398  
    Loans, including net deferred loan costs $ 3,191,983     $ 3,167,821     $ 3,080,044  
    Allowance for Credit Losses $ 40,045     $ 39,767     $ 39,620  
    Total Equity $ 520,766     $ 527,976     $ 505,499  
    Tangible Common Equity(a) $ 428,430     $ 435,405     $ 412,118  
                           
    AVERAGE BALANCES                      
    Total Assets $ 4,804,364     $ 4,725,297     $ 4,851,484  
    Earning Assets $ 4,566,461     $ 4,485,766     $ 4,613,126  
    Investments $ 1,308,322     $ 1,279,821     $ 1,407,944  
    Loans $ 3,180,147     $ 3,133,267     $ 3,068,716  
    Total Deposits $ 4,045,838     $ 4,050,968     $ 4,252,161  
    Interest-Bearing Deposits $ 3,326,090     $ 3,291,931     $ 3,407,590  
    Interest-Bearing Liabilities $ 221,425     $ 206,778     $ 96,160  
    Total Equity $ 522,720     $ 463,004     $ 487,834  
                           
    INCOME STATEMENT DATA                      
    Net Interest Income $ 38,920     $ 39,590     $ 44,335  
    Net Interest Income Fully Tax Equivalent(b) $ 40,297     $ 40,942     $ 45,654  
    Provision for Credit Losses $ 1,800     $ 2,495     $ 1,800  
    Non-interest Income $ 9,431     $ 11,247     $ 9,375  
    Non-interest Expense $ 33,422     $ 34,244     $ 32,321  
    Net Income $ 10,924     $ 12,420     $ 15,980  
                           
    PER SHARE DATA                      
    Basic and Diluted Net Income Per Common Share $ 0.93     $ 1.06     $ 1.33  
    Cash Dividends Declared Per Common Share $ 0.45     $ 0.45     $  
    Book Value Per Common Share $ 44.08     $ 44.76     $ 41.89  
    Tangible Book Value Per Common Share(c) $ 36.26     $ 31.47     $ 34.16  
    Basic Weighted Average Common Shares Outstanding   11,803       11,772       12,058  
                           

    (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  
        March 31,       December 31,       March 31,  
        2024       2023       2023  
    Return on average assets   0.91 %     1.05 %     1.32 %
    Return on average common shareholder's equity   8.36 %     10.73 %     13.10 %
    Efficiency ratio   67.21 %     65.62 %     58.73 %
    Average equity to average assets   10.88 %     9.80 %     10.06 %
    Net interest margin(a)   3.53 %     3.63 %     3.96 %
    Net charge-offs to average loans and leases   0.19 %     0.22 %     0.26 %
    Credit loss reserve to loans and leases   1.25 %     1.26 %     1.29 %
    Credit loss reserve to nonperforming loans   165.12 %     161.94 %     328.06 %
    Nonperforming loans to loans and leases   0.76 %     0.78 %     0.39 %
    Tier 1 leverage   12.02 %     12.14 %     11.30 %
    Risk-based capital - Tier 1   14.69 %     14.76 %     14.27 %
                           

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


    Asset Quality Three Months Ended
      March 31,   December 31,   March 31,
      2024   2023   2023
    Accruing loans and leases past due 30-89 days $ 17,937     $ 20,168     $ 18,934  
    Accruing loans and leases past due 90 days or more $ 1,395     $ 960     $ 1,157  
    Nonaccrual loans and leases $ 22,857     $ 23,596     $ 10,920  
    Other real estate owned $ 167     $ 107     $ 336  
    Nonperforming loans and other real estate owned $ 24,419     $ 24,663     $ 12,413  
    Total nonperforming assets $ 27,307     $ 27,665     $ 15,327  
    Gross charge-offs $ 3,192     $ 3,976     $ 4,376  
    Recoveries $ 1,670     $ 2,213     $ 2,417  
    Net charge-offs/(recoveries) $ 1,522     $ 1,763     $ 1,959  


    Non-GAAP Reconciliations Three Months Ended March 31,
      2024   2023
    ($in thousands, except EPS)              
    Income before Income Taxes $ 13,129     $ 19,589  
    Provision for credit losses   1,800       1,800  
    Provision for unfunded commitments          
    Pre-tax, Pre-provision Income $ 14,929     $ 21,389  



    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
               
      March 31,   December 31,
        2024       2023  
      (unaudited)
    ASSETS          
    Cash and due from banks $ 69,231     $ 76,759  
    Federal funds sold         282  
    Securities available-for-sale   1,218,287       1,259,137  
    Loans:          
    Commercial   1,816,854       1,817,526  
    Residential   710,496       695,788  
    Consumer   657,299       646,758  
        3,184,649       3,160,072  
    (Less) plus:          
    Net deferred loan costs   7,334       7,749  
    Allowance for credit losses   (40,045 )     (39,767 )
        3,151,938       3,128,054  
    Restricted stock   15,371       15,364  
    Accrued interest receivable   23,851       24,877  
    Premises and equipment, net   66,830       67,286  
    Bank-owned life insurance   114,683       114,122  
    Goodwill   86,985       86,985  
    Other intangible assets   5,351       5,586  
    Other real estate owned   167       107  
    Other assets   99,921       72,587  
    TOTAL ASSETS $ 4,852,615     $ 4,851,146  
               
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Deposits:          
    Non-interest-bearing $ 738,478     $ 750,335  
    Interest-bearing:          
    Certificates of deposit exceeding the FDIC insurance limits   109,228       92,921  
    Other interest-bearing deposits   3,257,397       3,246,812  
        4,105,103       4,090,068  
    Short-term borrowings   88,873       67,221  
    FHLB advances   58,576       108,577  
    Other liabilities   79,297       57,304  
    TOTAL LIABILITIES   4,331,849       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   2,015       2,014  
    Additional paid-in capital   144,391       144,152  
    Retained earnings   667,675       663,726  
    Accumulated other comprehensive income/(loss)   (138,110 )     (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   520,766       527,976  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 4,852,615     $ 4,851,146  



    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
                 
      Three Months Ended  
      March 31,  
        2024       2023  
                 
    INTEREST INCOME:            
    Loans, including related fees $ 50,052     $ 44,595  
    Securities:            
    Taxable   5,931       6,236  
    Tax-exempt   2,603       2,598  
    Other   817       1,271  
    TOTAL INTEREST INCOME   59,403       54,700  
    INTEREST EXPENSE:            
    Deposits   17,731       9,527  
    Short-term borrowings   976       808  
    Other borrowings   1,776       30  
    TOTAL INTEREST EXPENSE   20,483       10,365  
    NET INTEREST INCOME   38,920       44,335  
    Provision for credit losses   1,800       1,800  
    NET INTEREST INCOME AFTER PROVISION            
    FOR LOAN LOSSES   37,120       42,535  
    NON-INTEREST INCOME:            
    Trust and financial services   1,333       1,317  
    Service charges and fees on deposit accounts   6,708       6,818  
    Other service charges and fees   223       204  
    Securities gains (losses), net          
    Interchange income   179       47  
    Loan servicing fees   269       285  
    Gain on sales of mortgage loans   176       180  
    Other   543       524  
    TOTAL NON-INTEREST INCOME   9,431       9,375  
    NON-INTEREST EXPENSE:            
    Salaries and employee benefits   17,330       17,158  
    Occupancy expense   2,359       2,599  
    Equipment expense   4,144       3,299  
    FDIC Expense   662       787  
    Other   8,927       8,478  
    TOTAL NON-INTEREST EXPENSE   33,422       32,321  
    INCOME BEFORE INCOME TAXES   13,129       19,589  
    Provision for income taxes   2,205       3,609  
    NET INCOME   10,924       15,980  
    OTHER COMPREHENSIVE INCOME (LOSS)            
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes   (11,096 )     14,238  
    Change in funded status of post retirement benefits, net of taxes   73       147  
    COMPREHENSIVE INCOME (LOSS) $ (99 )   $ 30,365  
    PER SHARE DATA            
    Basic and Diluted Earnings per Share $ 0.93     $ 1.33  
    Weighted average number of shares outstanding (in thousands)   11,803       12,058  




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    First Financial Corporation Reports First Quarter Results TERRE HAUTE, Ind., April 30, 2024 (GLOBE NEWSWIRE) - First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2024. Net income was $10.9 million compared to the $16.0 million reported for the same period of …