First Financial Corporation Reports 2021 Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., Feb. 01, 2022 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the period ending December 31, 2021. These quarterly comparisons include the Corporation's acquisition of Hancock Bancorp, Inc., Hawesville, Kentucky, on November 5, 2021. Total assets acquired were $326 million, including $234 million in loans and $285 million in deposits. For the quarter: Net income was $7.4 million reflecting $1.0 million in merger expenses, $4.0 million in merger related provision expense for Hancock, and $1.6 million in expense related to our previously announced branch optimization strategy in which nine branches were closed and consolidated into nearby locations. This compared to $15.7 million for the same period of 2020; Adjusted net income would have been $13.0 million or $0.99 per common share excluding the merger and branch optimization expenses incurred. 1 Diluted net income per common share of $0.58 compared to $1.15 for the same period of 2020; and Return on average assets was 0.58% compared to 1.39% for the three months ended December 31, 2020. The Corporation further reported results for the twelve months ending December 31, 2021: Net income was $53.0 million compared to $53.8 million for the same period of 2020; Adjusted net income would have been $58.4 million or $4.43 per common share excluding the merger and branch optimization expenses incurred. 1 Diluted net income per common share of $4.02 compared to $3.93 for the same period of 2020; and Return on average assets was 1.10% compared to 1.25% for the twelve months ended December 31, 2020. 1 Non-GAAP financial measure that Management believes is useful for investors and management to understand the effects of certain non-recurring noninterest items and 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. “We are pleased with our fourth quarter results,” said Norman L. Lowery, Chairman and Chief Executive Officer. “We completed our recently announced merger with Hancock Bancorp and completed the system conversion during the quarter, allowing us to expand our presence in Kentucky, including the attractive Bowling Green, Kentuc...

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