First Financial Corporation Reports First Quarter Results

About this update from First Financial Corporation

[{"type":"text","content":"TERRE HAUTE, Ind., April 22, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2025. Net income was $18.4 million compared to $10.9 million reported for the same period of 2024;Diluted net income per common share of $1.55 compared to $0.93 for the same period of 2024;Return on average assets was 1.34% compared to 0.91% for the three months ended March 31, 2024;Credit loss provision was $2.0 million compared to provision of $1.8 million for the first quarter 2024; andPre-tax, pre-provision net income was $25.7 million compared to $14.9 million for the same period in 2024.1 ________________________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 first quarter of 2025 were $3.84 billion versus $3.18 billion for the comparable period in 2024, an increase of $662 million or 20.80%. On a linked quarter basis, average loans increased $51 million or 1.35% from $3.79 billion as of December 31, 2024. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth. Total Loans Outstanding Total loans outstanding as of March 31, 2025, were $3.85 billion compared to $3.19 billion as of March 31, 2024, an increase of $662 million or 20.74%. On a linked quarter basis, total loans increased $16.9 million or 0.44% from $3.84 billion as of December 31, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans. Norman D. Lowery, President and Chief Executive Officer, commented “We have had six consecutive quarters of loan growth and have had another record quarter of net interest income. Our net interest margin has also continued to expand. We believe we are well positioned with our str...

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