First Financial Corporation Reports 2024 Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., Feb. 04, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2024. Net income was $16.2 million compared to $12.4 million reported for the same period of 2023;Diluted net income per common share of $1.37 compared to $1.06 for the same period of 2023;Return on average assets was 1.18% compared to 1.05% for the three months ended December 31, 2023;Credit loss provision was $2.0 million compared to provision of $2.5 million for the fourth quarter 2023; andPre-tax, pre-provision net income was $22.3 million compared to $16.6 million for the same period in 2023.1 The Corporation further reported results for the year ended December 31, 2024: Net income was $47.3 million compared to $60.7 million reported for the same period of 2023;Diluted net income per common share of $4.00 compared to $5.08 for the same period of 2023;Return on average assets was 0.92% compared to 1.26% for the twelve months ended December 31, 2023;Credit loss provision was $16.2 million compared to provision of $7.3 million for the twelve months ended December 31, 2023; andPre-tax, pre-provision net income was $73.4 million compared to $79.7 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 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 2024 were $3.79 billion versus $3.13 billion for the comparable period in 2023, an increase of $657 million or 20.98%. On a linked quarter basis, average loans increased $84.7 million or 2.29% from $3.71 billion as of September 30, 2024. Increases in average loans year-over-year were mostly a result of the acquisition of SimplyBank on July 1, 2024. Total Loans Outstanding Total loans outstanding as of December 31, 2024, were $3.84 billion compared to $3.17 billion as of December 31, 2023, an increase of $669 million or 21.13%. On a linked quarter basis, total loans increased $122 million ...

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