First Financial Corporation Reports 2022 Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., Feb. 07, 2023 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2022. Net income was $16.5 million compared to $7.4 million for the same period of 2021;Diluted net income per common share of $1.37 compared to $0.58 for the same period of 2021;Return on average assets was 1.34% compared to 0.58% for the three months ended December 31, 2021;Credit loss provision was $2.7 million compared to $5.7 million for the fourth quarter 2021; andPre-tax, pre-provision net income was $21.7 million compared to $14.3 million for the same period in 2021.1 The Corporation further reported results for the year ended December 31, 2022: Net income was $71.1 million compared to $53.0 million for the same period of 2021;Diluted net income per common share of $5.82 compared to $4.02 for the same period of 2021;Return on average assets was 1.41% compared to 1.10% for the twelve months ended December 31, 2021;Negative provision for credit losses was $2.0 million compared to provision for credit losses of $2.5 million for the twelve months ended December 31, 2021; andPre-tax, pre-provision net income was $84.9 million compared to $68.1 million for the same period in 2021.1 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. “We are pleased with our fourth quarter and full year results” said Norman L. Lowery, Chairman and Chief Executive Officer. “2022 was a record year for net income. Loan growth continues to be strong which contributed to our seventh straight quarter of net interest income growth.” Average Total Loans Average total loans for the fourth quarter of 2022 were $3.02 billion versus $2.63 billion for the comparable period in 2021, an increase of $382 million or 14.5%. Total Loans Outstanding Total loans outstanding as of December 31, 2022, were $3.07 billion compared to $2.82 billion as of December 31, 2021, an increase of $252 million or 8.93%. On a linked quarter basis, total loans increa...

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