First Financial Corporation Reports 2023 Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., Jan. 30, 2024 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2023. Net income was $12.4 million compared to the $16.5 million reported for the same period of 2022;Diluted net income per common share of $1.06 compared to $1.37 for the same period of 2022;Return on average assets was 1.05% compared to 1.34% for the three months ended December 31, 2022;Credit loss provision was $2.5 million compared to provision of $2.7 million for the fourth quarter 2022; andPre-tax, pre-provision net income was $16.6 million compared to $21.7 million for the same period in 2022.1 The Corporation further reported results for the year ended December 31, 2023: Net income was $60.7 million compared to the $71.1 million reported for the same period of 2022, which included the proceeds of a legal settlement and pandemic related reserve releases, both of which were non-recurring events;Diluted net income per common share of $5.08 compared to $5.82 for the same period of 2022;Return on average assets was 1.26% compared to 1.41% for the twelve months ended December 31, 2022;Credit loss provision was $7.3 million compared to negative provision of $2.0 million for the twelve months ended December 31, 2022; andPre-tax, pre-provision net income was $79.7 million compared to $84.9 million for the same period in 2022.1 ___________________________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. Average Total Loans Average total loans for the fourth quarter of 2023 were $3.13 billion versus $3.02 billion for the comparable period in 2022, an increase of $117 million or 3.89%. Total Loans Outstanding Total loans outstanding as of December 31, 2023, were $3.17 billion compared to $3.07 billion as of December 31, 2022, an increase of $100 million or 3.27%, primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans. “We are pleased with our fourt...

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