First Financial Corporation · NASDAQ:THFF
First Financial — Investor Presentation (January 2026)
28 slides from First Financial's investor presentation, Jan 30, 2026
Slide 1: First Financial Corporation: THFF
: THFF
Slide 2: Forward-looking Information
Forward-looking Information This presentation contains future oral and written statements of the Company and its management, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, ob
Slide 3: Presenters
Norman D. Lowery President & Chief Executive Officer Rodger A. McHargue Chief Financial Officer, SVP Stephen P. Panagouleas Chief Credit Officer, SVP 33
Slide 4: First Financial Corporation overview and footprint
Illinois 26 Banking Centers Indiana 22 Banking Centers 4 Loan Offices Kentucky 16 Banking Centers 1 Loan Office Tennessee 19 Banking Centers 4 Loan Offices First Financial Corporation Indiana’s first multi-bank holding company Established 1984 95 Locations 86 full-service banking centers 9 loan prod
Slide 5: Vision, mission and values
Best Bank Tribune-Star Readers’ Choice Top 50 Best U.S. Bank Bank Director Magazine Our Vision To be the foundation of community prosperity and trust for generations to come. Our Mission Empowering you with secure and innovative financial solutions focusing on quality of life. Our Values Start with
Slide 6: Strong Capital
TBV $27.11 $28.84 $30.94 $30.83 $33.16 $34.08 $37.57 $38.67 $31.66 $36.80 $35.73 $45.05 $20.00 $10.00 $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $30.00 $40.00 $50.00 Strong Capital Key Capital Ratios and Per Share Data As of December 31, 2025 11.86% 12.51% 12.80% 12.74% 13.69%
Slide 7: Earnings and Dividends Per Share
$2.55 $2.35 $3.12 $3.80 $3.80 $3.93 $4.02 $5.82 $5.08 $4.00 $6.68 $0.97 $0.98 $0.99 $2.50 $2.38 $1.02 $1.02 $1.04 $1.06 $1.17 $1.28 $1.80 $2.04 $0.00 $1.50 $3.00 $4.50 $6.00 $7.50 2014 2015 2016 2017 2018 2019 2020 Dividends Paid 2021 2022 2023 2024 2025 Earnings and Dividends Per Share EPS History
Slide 8: History of Shares Repurchases
Announced Repurchase Amount Shares Amount Completed April 21, 2022 10% 1,243,531 In Progress ** July 21, 2021 5% 652,411 $28,335,713 3/4/22 October 29, 2020 5% 685,726 $29,300,476 6/25/21 February 3, 2016 5% 637,500 $21,677,750 11/30/20 August 25, 2014 5% 667,700 $21,627,262 8/19/15 **As of 12/31/20
Slide 9: Return on Assets and Non-interest Income vs Peers
FFIEC BHC UBPR Data FFIEC BHC UBPR Data 1.30 0.98 Return on Assets 1.56 1.10 1.42 1.41 1.25 1.26 0.92 1.39 0.92 0.95 1.22 1.19 0.97 1.25 1.17 0.95 0.92 1.09 '- 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 FFC Peer Betterthan Peer Performance Non-interestIncome % AvgAssets 1.61 1.22 1.32 1.12 1.
Slide 10: Net Interest Income
Net Interest Income LoanGrowthDrivingGrowthin Income $107,857 $131,652 $146,346 $143,401 $165,042 $167,262 $174,986 $219,868 4.11% $116,579 4.32% 4.25% 4.05% 3.20% 3.55% 3.78% 3.71% 4.29% 2.00% 3.00% 4.00% 5.00% 6.00% $0 $42,500 $85,000 $127,500 $170,000 $212,500 $255,000 2017 2018 2019 2020 2021 20
Slide 11: Diversified Loan Portfolio
Balance ($000) Commercial Loans By State Total $4,055,304 Diversified Loan Portfolio As of12/31/2025 Loan Portfolio Commercial 71.59% Consumer 21.18% Residential 7.24% Commercial $2,903,062 Consumer $858,822 Residential $293,420 IN 44.79% 11 IL 7.63% KY 9.91% TN 26.24% GA 1.65% Other 9.77% Balance (
Slide 12: Strong Asset Quality
FFIEC BHC UBPR Data (Except 4Q25) 0.046% Net Charge-offs 0.144% 0.115% 0.033% 0.045% 0.041% 0.038% 0.041% 0.00% 0.04% 0.08% 0.11% 0.15% '- 800 1,600 2,400 3,200 4,000 4,800 5,600 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Dollar ($000) % Total Loans $40,045 $38,334 $46,169 $46,732 $46,835 $47,087 $47,4
Slide 13: Total Portfolio Loan Growth
Total Portfolio Loan Growth StrongGrowthStrategyDrivingResults $1,953,988 $2,656,390 $2,610,294 $2,815,895 $3,167,821 $3,067,438 $3,836,717 $4,055,303 35.95% -1.74% 7.88% 8.93% 3.27% 21.12% 5.70% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 500,000 1,000,000 1,5
Slide 14: Consumer Loan Portfolio
Total Loans $858,821,638 Average Portfolio Yield of 8.09% 97.56% Secured Consumer Loans 71.05% ≥ 700 FICO 19.47% ≥ 650 to 699 7.65% ≥ 600 to 650 1.84% < 600 & No Score Average Portfolio Yield of 8.18% 67.95% Indirect Auto ($583,594,243) 14.45% New ($84,341,806) 85.55% Used ($499,252,437) Asset Quali
Slide 15: Mortgage Loan Portfolio
Mortgage Loan Portfolio As of12/31/2025 Total Loans $293,419,673 52.16% YTD Production is Sold • $54.2 Million YTD New Production Sold • Average New Production LTV 78.03% • Average New Production FICO Score 736 • Average New Production DTI 35.81% • Average Loan Amount is $196,652 • Average New Produ
Slide 16: Commercial Portfolio Yield Analysis
Commercial Portfolio Yield Analysis WellPositionedForContinuedYieldExpansion $275,378 $278,771 $315,614 $33,828 $49,443 $37,960 $201,454 $157,100 $169,454 $289,230 6.752% 6.061% 6.404% 4.963% 5.648% 5.508% 5.209% 6.423% 6.657% 6.301% 4.000% 4.250% 4.500% 4.750% 5.000% 5.250% 5.500% 5.750% 6.000% 6.2
Slide 17: Commercial Portfolio Yield Analysis (Cont.)
Commercial Portfolio Yield Analysis (Cont.) WellPositionedForContinuedYieldExpansion $71,630 $66,657 $40,412 $73,983 $174,523 $196,432 $156,416 $299,962 5.247% 4.634% 5.963% 4.700% 5.119% 6.304% 6.646% 5.465% 4.000% 4.250% 4.500% 4.750% 5.000% 5.250% 5.500% 5.750% 6.000% 6.250% 6.500% 6.750% 7.000%
Slide 18: Commercial Real Estate Loan Mix
Residential/Multi-Family 38.75% Commercial Income Property 29.81% NOO Retail/Restaurants 10.80% Hotels and Motels 5.33% Residential & Non-Residential Property Managers 3.72% Lessors of Other Real Estate Property 7.20% Mini-warehouses/Self Storage 2.40% Single Family Housing/Subdivisions 1.01% Land D
Slide 19: Commercial & Industrial Loan Mix
Agriculture 21.885% Construction 8.085% Health Services 6.936% Banking & Financial Services 3.276% Floor Plan & Auto Industry 3.203% Real Estate Activites 6.163% Retail Eating Establishments 1.519% Other Retail+Convenience 5.332% Transportation & Utilities 6.166% Manufacturing 4.867% Personal Servic
Slide 20: Commercial Production Pipeline
Commercial Production Pipeline As of12/31/2025 Region Pipeline New Money Central $156,981,273 $45,119,856 West $137,198,346 $41,150,931 Southern $229,543,999 $141,658,993 Mid-South $570,939,769 $200,278,780 Indy / Ft. Wayne LPO $282,931,271 $128,400,039 East TN $68,935,208 $9,207,476 Total $1,446,52
Slide 21: Strong Core Deposit Franchise
Strong Core Deposit Franchise Deposit Mix Cost of Deposits 0.16 0.23 0.32 0.50 0.32 0.18 0.38 1.32 1.84 1.64 0.45 0.54 0.75 0.95 0.54 0.20 0.47 1.81 2.35 2.10 '- 0.40 0.80 1.20 1.60 2.00 2.40 2.80 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 BHC UBPR Interest Expense FFC Peer FFIEC BHC UBPR Dat
Slide 22: Disciplined Expense Management
$90,308$88,747$91,289 $104,348 $112,75$8117,406 $126,02$3130,176 $144,438 $154,926 0 32500 65000 97500 130000 162500 195000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 59.4 61.62 58.43 61.23 59.87 63.33 59.51 62. 66.36 59.49 68.42 62.21 61.22 61.65 61.22 60.88 59.89 64.78 65.85 62.08 45.0 51.0
Slide 23: Trust and Asset Management
$2.2 Billion TrustAssets Under Management Trust Services include: • Professional Farm Management • TrustAdministration • EstateAdministration • Retirement Services • Corporate Trust Services Trust & Asset Management 2024 2025 Revenue ($000) 5,468 5,393 Income before Tax 1,777 2,329 Trust and Asset M
Slide 24: Key Investment Points
Well-positioned for sustainable and profitable growth • Diversified business model with strong risk management • High-caliber team members focused on customer service and technology optimization • Expanding presence in larger growth markets • Commercial banking focus with quality core deposits • Dem
Slide 25: 5-Year Financial Highlights
2021 2022 2023 2024 2025 Net Interest Income 143,401 165,042 167,262 174,986 219,868 Provision 2,466 <2,025> 7,295 16,166 8,200 Non-interest Income 42,084 46,716 42,702 42,772 41,972 Non-interest Expense 117,406 126,023 130,176 144,438 154,926 Net Income 52,987 71,109 60,672 47,275 79,208 Earnings P
Slide 26: Thank You!
Norman D. Lowery President and CEO lowerynd@first-online.com 812.238.6185 Rodger A. McHargue Chief Financial Officer, SVP rmchargue@first-online.com 812.238.6334 Stephen P. Panagouleas Chief Credit Officer, SVP spanagouleas@first-online.com 812.238.6431 Thank You! : THFF
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