First Financial Corporation Reports 2020 Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., Feb. 02, 2021 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the three months ending December 31, 2020: For the quarter: Net income was $15.7 million compared to $14.4 million for the same period of 2019; Diluted net income per common share of $1.15 compared to $1.05 for the same period of 2019; and Return on average assets was 1.39% compared to 1.42% for the three months ended December 31, 2019. The Corporation further reported results for the twelve months ending December 31, 2020: Net income was $53.8 million compared to $48.9 million for the same period of 2019; Diluted net income per common share of $3.93 compared to $3.80 for the same period of 2019; and Return on average assets was 1.25% compared to 1.42% for the twelve months ended December 31, 2019. “Despite the headwinds of the global pandemic and the varied restrictions of the four states in which we do business, we were able to deliver our third consecutive year of record earnings,” said Norman L. Lowery, Chairman and Chief Executive Officer. “We are proud that during the fourth quarter we were able to assist many of our clients who participated in the Paycheck Protection Program apply for and receive forgiveness of the loans which have enabled them to keep their employees working and doors open.” Average Total LoansAverage total loans for the fourth quarter of 2020 were $2.68 billion versus $2.66 billion for the comparable period in 2019, an increase of $18.0 million or 0.68%. Total Loans OutstandingTotal loans outstanding decreased $46.0 million, from $2.66 billion as of December 31, 2019 to $2.61 billion as of December 31, 2020. \"On December 27, 2020 a second stimulus bill was signed into law providing an additional $285 billion in the form of PPP loans. We look forward to continuing to assist our clients whose businesses have suffered the brunt of the economic slowdown caused by the pandemic to help them realize the benefits of this program.” Average Total DepositsAverage total deposits for the quarter ended December 31, 2020, were $3.74 billion versus $3.28 billion as of December 31, 2019, an increase of $461 million or 14.06%. Total DepositsTotal deposits were $3.76 billion as of December 31, 2020, compared to $3.28 billion as of December 31, 2019, an increase of $481 million or 14.67%. On a linked ...

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