First Financial Corporation (NASDAQ:THFF) today announced results
for the second quarter of 2022.
- Net income was $15.6 million compared
to $16.6 million for the same period of 2021;
- Diluted net income per common share of
$1.27 compared to $1.24 for the same period of 2021;
- Return on average assets was 1.24%
compared to 1.40% for the three months ended June 30, 2021;
- Credit loss provision was $750
thousand compared to negative provision for credit losses of $2.3
million for the second quarter 2021; and
- Pre-tax, pre-provision net income was
$19.7 million compared to $18.6 million for the same period in
2021.1
The Corporation further reported results for the
six months ending June 30, 2022:
- Net income was $36.5 million compared
to $29.5 million for the same period of 2021;
- Diluted net income per common share of
$2.95 compared to $2.19 for the same period of 2021;
- Return on average assets was 1.43%
compared to 1.26% for the six months ended June 30, 2021;
- Negative provision for credit losses
was $5.8 million compared to negative provision for credit losses
of $1.7 million for the six months ended June 30, 2021; and
- Pre-tax, pre-provision net income was
$39.4 million compared to $35.1 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 second quarter results”
said Norman L. Lowery, Chairman and Chief Executive Officer. “Loan
growth continues to be strong which contributed to our fifth
straight quarter of net interest income growth.”
Average Total LoansAverage total
loans for the second quarter of 2022 were $2.83 billion versus
$2.62 billion for the comparable period in 2021, an increase of
$206 million or 7.86%.
Total Loans OutstandingTotal loans
outstanding as of June 30, 2022 were $2.89 billion compared to
$2.57 billion as of June 30, 2021, an increase of $319 million or
12.41%. On a linked quarter basis, total loans increased $82.9
million or 2.95% from $2.80 billion as of March 31, 2022.
Average Total DepositsAverage
total deposits for the quarter ended June 30, 2022, were $4.42
billion versus $3.98 billion as of June 30, 2021, an increase of
$436 million or 10.93%.
Total DepositsTotal deposits were
$4.38 billion as of June 30, 2022, compared to $3.99 billion as of
June 30, 2021, an increase of $395 million or 9.89%.
Book Value Per ShareBook Value per
share was $38.36 at June 30, 2022, compared to $45.08 at June 30,
2021. The decrease was partially driven by the repurchase of
1,056,597 shares of the Corporation's common stock.
Shareholder EquityShareholder
equity at June 30, 2022, was $461.5 million compared to $588.2
million on June 30, 2021. In the quarter the Corporation
repurchased 404,186 shares of its common stock.
Tangible Common Equity to Tangible Asset
RatioThe Corporation’s tangible common equity to tangible
asset ratio was 7.48% at June 30, 2022, compared to 10.75% at June
30, 2021. The decrease was partially driven by the aforementioned
share repurchases.
Net Interest IncomeNet interest
income for the second quarter of 2022 was $40.5 million, compared
to $35.6 million reported for the same period of 2021, an increase
of $4.8 million or 13.59%.
Net Interest MarginThe net
interest margin for the quarter ended June 30, 2022, was 3.46%
compared to the 3.23% reported at June 30, 2021. On a linked
quarter basis, the net interest margin increased 30 basis points
from 3.16% as of March 31, 2022.
Nonperforming LoansNonperforming
loans as of June 30, 2022, were $13.5 million versus $20.0 million
as of June 30, 2021. The ratio of nonperforming loans to total
loans and leases was 0.47% as of June 30, 2022, versus 0.78% as of
June 30, 2021.
Credit Loss ProvisionThe provision
for credit losses for the three months ended June 30, 2022 was $750
thousand, compared to a negative provision for credit losses of
$2.2 million for the second quarter 2021.
Net Charge-OffsIn the second
quarter of 2022 net recoveries were $202 thousand compared to $152
thousand in the same period of 2021.
Allowance for Credit LossesThe
Corporation’s allowance for credit losses as of June 30, 2022, was
$41.5 million compared to $44.7 million as of June 30, 2021. The
allowance for credit losses as a percent of total loans was 1.44%
as of June 30, 2022, compared to 1.74% as of June 30, 2021.
Non-Interest IncomeNon-interest
income for the three months ended June 30, 2022 and 2021 was $10.3
million and $10.9 million, respectively.
Non-Interest ExpenseNon-interest
expense for the three months ended June 30, 2022, was $30.7 million
compared to $28.0 million in 2021. The year-over-year change is, in
part, impacted by the acquisition of Hancock Bancorp in the third
quarter of 2021.
Efficiency RatioThe Corporation’s
efficiency ratio was 59.06% for the quarter ending June 30, 2022,
versus 58.75% for the same period in 2021.
Income TaxesIncome tax expense for
the three months ended June 30, 2022, was $3.7 million versus $4.1
million for the same period in 2021. The effective tax rate for
2022 was 19.17% compared to 19.97% for 2021.
About First Financial
CorporationFirst Financial Corporation (NASDAQ:THFF) is
the holding company for First Financial Bank N.A. First Financial
Bank N.A., the fifth oldest national bank in the United States,
operates 78 banking centers in Illinois, Indiana, Kentucky and
Tennessee. Additional information is available at
www.first-online.bank.
Investor Contact: Rodger A.
McHargueChief Financial OfficerP: 812-238-6334 E:
rmchargue@first-online.com
|
|
Three Months Ended |
Six Months Ended |
|
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
|
|
2022 |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
END OF PERIOD BALANCES |
|
|
|
|
|
|
Assets |
|
$ |
5,006,648 |
$ |
5,081,794 |
|
$ |
4,756,284 |
|
$ |
5,006,648 |
|
$ |
4,756,284 |
|
Deposits |
|
$ |
4,383,257 |
$ |
4,395,190 |
|
$ |
3,988,751 |
|
$ |
4,383,257 |
|
$ |
3,988,751 |
|
Loans, including net deferred loan costs |
|
$ |
2,887,527 |
$ |
2,804,650 |
|
$ |
2,568,713 |
|
$ |
2,887,527 |
|
$ |
2,568,713 |
|
Allowance for Credit Losses |
|
$ |
41,468 |
$ |
40,516 |
|
$ |
41,756 |
|
$ |
41,468 |
|
$ |
41,756 |
|
Total Equity |
|
$ |
461,531 |
$ |
525,444 |
|
$ |
588,163 |
|
$ |
461,531 |
|
$ |
588,163 |
|
Tangible Common Equity(a) |
|
$ |
367,210 |
$ |
431,629 |
|
$ |
501,459 |
|
$ |
367,210 |
|
$ |
501,459 |
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
Total Assets |
|
$ |
5,046,846 |
$ |
5,149,642 |
|
$ |
4,751,068 |
|
$ |
5,098,244 |
|
$ |
4,675,909 |
|
Earning Assets |
|
$ |
4,809,570 |
$ |
4,927,680 |
|
$ |
4,552,581 |
|
$ |
4,868,625 |
|
$ |
4,478,345 |
|
Investments |
|
$ |
1,432,321 |
$ |
1,468,471 |
|
$ |
1,244,551 |
|
$ |
1,450,396 |
|
$ |
1,188,995 |
|
Loans |
|
$ |
2,825,684 |
$ |
2,777,168 |
|
$ |
2,619,887 |
|
$ |
2,801,426 |
|
$ |
2,630,089 |
|
Total Deposits |
|
$ |
4,416,542 |
$ |
4,427,806 |
|
$ |
3,981,243 |
|
$ |
4,422,174 |
|
$ |
3,898,974 |
|
Interest-Bearing Deposits |
|
$ |
3,519,122 |
$ |
3,525,766 |
|
$ |
3,173,782 |
|
$ |
3,522,444 |
|
$ |
3,116,536 |
|
Interest-Bearing Liabilities |
|
$ |
103,223 |
$ |
106,005 |
|
$ |
101,594 |
|
$ |
104,614 |
|
$ |
106,021 |
|
Total Equity |
|
$ |
494,233 |
$ |
565,123 |
|
$ |
600,599 |
|
$ |
529,678 |
|
$ |
600,634 |
|
|
|
|
|
|
|
|
INCOME STATEMENT DATA |
|
|
|
|
|
|
Net Interest Income |
|
$ |
40,469 |
$ |
37,811 |
|
$ |
35,628 |
|
$ |
78,280 |
|
$ |
70,541 |
|
Net Interest Income Fully Tax Equivalent(b) |
|
$ |
41,665 |
$ |
38,908 |
|
$ |
36,719 |
|
$ |
80,573 |
|
$ |
72,678 |
|
Provision for Credit Losses |
|
$ |
750 |
$ |
(6,550 |
) |
$ |
(2,196 |
) |
$ |
(5,800 |
) |
$ |
(1,744 |
) |
Non-interest Income |
|
$ |
10,270 |
$ |
13,738 |
|
$ |
10,931 |
|
$ |
24,008 |
|
$ |
20,225 |
|
Non-interest Expense |
|
$ |
30,674 |
$ |
31,344 |
|
$ |
27,996 |
|
$ |
62,018 |
|
$ |
55,635 |
|
Net Income |
|
$ |
15,613 |
$ |
20,924 |
|
$ |
16,614 |
|
$ |
36,537 |
|
$ |
29,491 |
|
|
|
|
|
|
|
|
PER SHARE DATA |
|
|
|
|
|
|
Basic and Diluted Net Income Per Common Share |
|
$ |
1.27 |
$ |
1.67 |
|
$ |
1.24 |
|
$ |
2.95 |
|
$ |
2.19 |
|
Cash Dividends Declared Per Common Share |
|
$ |
0.54 |
$ |
— |
|
$ |
0.53 |
|
$ |
0.54 |
|
$ |
0.53 |
|
Book Value Per Common Share |
|
$ |
38.36 |
$ |
42.25 |
|
$ |
45.08 |
|
$ |
38.36 |
|
$ |
45.08 |
|
Tangible Book Value Per Common Share(c) |
|
$ |
32.65 |
$ |
34.71 |
|
$ |
38.31 |
|
$ |
30.52 |
|
$ |
38.43 |
|
Basic Weighted Average Common Shares Outstanding |
|
|
12,248 |
|
12,538 |
|
|
13,414 |
|
|
12,393 |
|
|
13,473 |
|
(a) Tangible common equity is a non-GAAP financial
measure derived from GAAP-based amounts. We calculate tangible
common equity by excluding goodwill and other intangible assets
from shareholder's equity.(b) Net interest income fully tax
equivalent is a non-GAAP financial measure derived from GAAP-based
amounts. We calculate net interest income fully tax equivalent by
adding back the tax equivalent factor of tax exempt income to net
interest income. We calculate the tax equivalent factor of tax
exempt income by dividing tax exempt income by the net of tax rate
of 75%.(c) Tangible book value per common share is a non-GAAP
financial measure derived from GAAP-based amounts. We calculate the
factor by dividing average tangible common equity by average shares
outstanding. We calculate average tangible common equity by
excluding average intangible assets from average shareholder's
equity.
|
|
|
|
Key Ratios |
|
Three Months Ended |
Six Months Ended |
|
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Return on average assets |
|
1.24 |
% |
1.63 |
% |
1.40 |
% |
1.43 |
% |
1.26 |
% |
Return on average common shareholder's equity |
|
12.64 |
% |
14.81 |
% |
11.06 |
% |
13.80 |
% |
9.82 |
% |
Efficiency ratio |
|
59.06 |
% |
59.54 |
% |
58.75 |
% |
59.30 |
% |
59.89 |
% |
Average equity to average assets |
|
9.79 |
% |
10.97 |
% |
12.64 |
% |
10.39 |
% |
12.85 |
% |
Net interest margin(a) |
|
3.46 |
% |
3.16 |
% |
3.23 |
% |
3.31 |
% |
3.25 |
% |
Net charge-offs to average loans and leases |
|
(0.03 |
)% |
0.18 |
% |
(0.02 |
)% |
0.07 |
% |
0.04 |
% |
Credit loss reserve to loans and leases |
|
1.44 |
% |
1.44 |
% |
1.74 |
% |
1.44 |
% |
1.74 |
% |
Credit loss reserve to nonperforming loans |
|
306.97 |
% |
312.60 |
% |
223.46 |
% |
306.97 |
% |
223.46 |
% |
Nonperforming loans to loans and leases |
|
0.47 |
% |
0.46 |
% |
0.78 |
% |
0.47 |
% |
0.78 |
% |
Tier 1 leverage |
|
9.97 |
% |
9.94 |
% |
10.72 |
% |
9.97 |
% |
10.72 |
% |
Risk-based capital - Tier 1 |
|
13.51 |
% |
14.46 |
% |
17.15 |
% |
13.51 |
% |
17.15 |
% |
(a) Net interest margin is calculated on a tax
equivalent basis.
Asset Quality |
|
Three Months Ended |
Six Months Ended |
|
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
|
|
|
2022 |
|
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
Accruing loans and leases past due 30-89 days |
|
$ |
20,273 |
|
$ |
13,698 |
$ |
9,430 |
|
$ |
20,273 |
$ |
9,430 |
Accruing loans and leases past due 90 days or more |
|
$ |
980 |
|
$ |
707 |
$ |
1,202 |
|
$ |
980 |
$ |
1,202 |
Nonaccrual loans and leases |
|
$ |
8,383 |
|
$ |
7,712 |
$ |
14,356 |
|
$ |
8,383 |
$ |
14,356 |
Total troubled debt restructuring |
|
$ |
4,146 |
|
$ |
4,542 |
$ |
4,460 |
|
$ |
4,146 |
$ |
4,460 |
Other real estate owned |
|
$ |
170 |
|
$ |
236 |
$ |
989 |
|
$ |
170 |
$ |
989 |
Nonperforming loans and other real estate owned |
|
$ |
13,679 |
|
$ |
13,197 |
$ |
21,007 |
|
$ |
13,679 |
$ |
21,007 |
Total nonperforming assets |
|
$ |
16,766 |
|
$ |
16,728 |
$ |
24,272 |
|
$ |
16,766 |
$ |
24,272 |
Gross charge-offs |
|
$ |
2,411 |
|
$ |
3,254 |
$ |
1,151 |
|
$ |
5,665 |
$ |
3,489 |
Recoveries |
|
$ |
2,613 |
|
$ |
2,015 |
$ |
1,303 |
|
$ |
4,628 |
$ |
2,913 |
Net charge-offs/(recoveries) |
|
$ |
(202 |
) |
$ |
1,239 |
$ |
(152 |
) |
$ |
1,037 |
$ |
576 |
Non-GAAP Reconciliations |
Three Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
($ in thousands, except EPS) |
|
|
|
Income before Income Taxes |
$ |
19,315 |
|
|
$ |
20,759 |
|
Provision for credit losses |
|
750 |
|
|
|
(2,196 |
) |
Provision for unfunded commitments |
|
(350 |
) |
|
|
— |
|
Pre-tax, Pre-provision Income |
$ |
19,715 |
|
|
$ |
18,563 |
|
Non-GAAP Reconciliations |
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
($ in thousands, except EPS) |
|
|
|
Income before Income Taxes |
$ |
46,070 |
|
|
$ |
36,875 |
|
Provision for credit losses |
|
(5,800 |
) |
|
|
(1,744 |
) |
Provision for unfunded commitments |
|
(850 |
) |
|
|
— |
|
Pre-tax, Pre-provision Income |
$ |
39,420 |
|
|
$ |
35,131 |
|
CONSOLIDATED BALANCE SHEETS(Dollar amounts in
thousands, except per share data)
|
June 30,2022 |
|
December 31,2021 |
|
|
|
(unaudited) |
ASSETS |
|
|
|
Cash and due from banks |
$ |
412,136 |
|
|
$ |
682,807 |
|
Federal funds sold |
|
11,133 |
|
|
|
308 |
|
Securities available-for-sale |
|
1,338,452 |
|
|
|
1,364,734 |
|
Loans: |
|
|
|
Commercial |
|
1,707,105 |
|
|
|
1,674,066 |
|
Residential |
|
670,641 |
|
|
|
664,509 |
|
Consumer |
|
509,781 |
|
|
|
474,026 |
|
|
|
2,887,527 |
|
|
|
2,812,601 |
|
(Less) plus: |
|
|
|
Net deferred loan costs |
|
4,961 |
|
|
|
3,294 |
|
Allowance for credit losses |
|
(41,468 |
) |
|
|
(48,305 |
) |
|
|
2,851,020 |
|
|
|
2,767,590 |
|
Restricted stock |
|
15,620 |
|
|
|
16,200 |
|
Accrued interest receivable |
|
16,701 |
|
|
|
16,946 |
|
Premises and equipment, net |
|
69,022 |
|
|
|
69,522 |
|
Bank-owned life insurance |
|
117,695 |
|
|
|
116,997 |
|
Goodwill |
|
86,985 |
|
|
|
86,135 |
|
Other intangible assets |
|
7,336 |
|
|
|
8,024 |
|
Other real estate owned |
|
170 |
|
|
|
108 |
|
Other assets |
|
80,378 |
|
|
|
45,728 |
|
TOTAL ASSETS |
$ |
5,006,648 |
|
|
$ |
5,175,099 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Deposits: |
|
|
|
Non-interest-bearing |
$ |
886,204 |
|
|
$ |
914,933 |
|
Interest-bearing: |
|
|
|
Certificates of deposit exceeding the FDIC insurance limits |
|
60,311 |
|
|
|
74,015 |
|
Other interest-bearing deposits |
|
3,436,742 |
|
|
|
3,420,621 |
|
|
|
4,383,257 |
|
|
|
4,409,569 |
|
Short-term borrowings |
|
84,232 |
|
|
|
93,374 |
|
FHLB advances |
|
15,912 |
|
|
|
15,937 |
|
Other liabilities |
|
61,716 |
|
|
|
73,643 |
|
TOTAL LIABILITIES |
|
4,545,117 |
|
|
|
4,592,523 |
|
|
|
|
|
Shareholders’ equity |
|
|
|
Common stock, $.125 stated value per share; |
|
|
|
Authorized shares-40,000,000 |
|
|
|
Issued shares-16,114,992 in 2022 and 16,096,313 in 2021 |
|
|
|
Outstanding shares-12,031,123 in 2022 and 12,629,893 in 2021 |
|
2,011 |
|
|
|
2,009 |
|
Additional paid-in capital |
|
142,390 |
|
|
|
141,979 |
|
Retained earnings |
|
589,169 |
|
|
|
559,139 |
|
Accumulated other comprehensive income/(loss) |
|
(126,630 |
) |
|
|
(2,426 |
) |
Less: Treasury shares at cost-4,083,869 in 2022 and 3,466,420 in
2021 |
|
(145,409 |
) |
|
|
(118,125 |
) |
TOTAL SHAREHOLDERS’ EQUITY |
|
461,531 |
|
|
|
582,576 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
5,006,648 |
|
|
$ |
5,175,099 |
|
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME(Dollar amounts in thousands, except per share
data)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
(unaudited) |
INTEREST INCOME: |
|
|
|
|
|
|
|
Loans, including related fees |
$ |
34,305 |
|
|
$ |
31,966 |
|
|
$ |
66,662 |
|
|
$ |
63,823 |
|
Securities: |
|
|
|
|
|
|
|
Taxable |
|
6,048 |
|
|
|
3,355 |
|
|
|
10,631 |
|
|
|
6,434 |
|
Tax-exempt |
|
2,492 |
|
|
|
2,163 |
|
|
|
4,840 |
|
|
|
4,237 |
|
Other |
|
358 |
|
|
|
387 |
|
|
|
723 |
|
|
|
733 |
|
TOTAL INTEREST INCOME |
|
43,203 |
|
|
|
37,871 |
|
|
|
82,856 |
|
|
|
75,227 |
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
Deposits |
|
2,473 |
|
|
|
2,090 |
|
|
|
4,149 |
|
|
|
4,376 |
|
Short-term borrowings |
|
176 |
|
|
|
94 |
|
|
|
258 |
|
|
|
192 |
|
Other borrowings |
|
85 |
|
|
|
59 |
|
|
|
169 |
|
|
|
118 |
|
TOTAL INTEREST EXPENSE |
|
2,734 |
|
|
|
2,243 |
|
|
|
4,576 |
|
|
|
4,686 |
|
NET INTEREST INCOME |
|
40,469 |
|
|
|
35,628 |
|
|
|
78,280 |
|
|
|
70,541 |
|
Provision for credit losses |
|
750 |
|
|
|
(2,196 |
) |
|
|
(5,800 |
) |
|
|
(1,744 |
) |
NET INTEREST INCOME AFTER PROVISION |
|
|
|
|
|
|
|
FOR LOAN LOSSES |
|
39,719 |
|
|
|
37,824 |
|
|
|
84,080 |
|
|
|
72,285 |
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
Trust and financial services |
|
1,300 |
|
|
|
1,313 |
|
|
|
2,672 |
|
|
|
2,618 |
|
Service charges and fees on deposit accounts |
|
2,886 |
|
|
|
2,327 |
|
|
|
5,736 |
|
|
|
4,570 |
|
Other service charges and fees |
|
4,997 |
|
|
|
5,039 |
|
|
|
9,396 |
|
|
|
9,281 |
|
Securities gains (losses), net |
|
— |
|
|
|
258 |
|
|
|
5 |
|
|
|
106 |
|
Gain on sales of mortgage loans |
|
603 |
|
|
|
1,450 |
|
|
|
1,265 |
|
|
|
2,843 |
|
Other |
|
484 |
|
|
|
544 |
|
|
|
4,934 |
|
|
|
807 |
|
TOTAL NON-INTEREST INCOME |
|
10,270 |
|
|
|
10,931 |
|
|
|
24,008 |
|
|
|
20,225 |
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
Salaries and employee benefits |
|
15,668 |
|
|
|
16,031 |
|
|
|
33,010 |
|
|
|
31,708 |
|
Occupancy expense |
|
2,372 |
|
|
|
2,002 |
|
|
|
4,894 |
|
|
|
4,151 |
|
Equipment expense |
|
2,959 |
|
|
|
2,440 |
|
|
|
5,866 |
|
|
|
5,018 |
|
FDIC Expense |
|
542 |
|
|
|
287 |
|
|
|
970 |
|
|
|
585 |
|
Other |
|
9,133 |
|
|
|
7,236 |
|
|
|
17,278 |
|
|
|
14,173 |
|
TOTAL NON-INTEREST EXPENSE |
|
30,674 |
|
|
|
27,996 |
|
|
|
62,018 |
|
|
|
55,635 |
|
INCOME BEFORE INCOME TAXES |
|
19,315 |
|
|
|
20,759 |
|
|
|
46,070 |
|
|
|
36,875 |
|
Provision for income taxes |
|
3,702 |
|
|
|
4,145 |
|
|
|
9,533 |
|
|
|
7,384 |
|
NET INCOME |
|
15,613 |
|
|
|
16,614 |
|
|
|
36,537 |
|
|
|
29,491 |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
Change in unrealized gains/(losses) on securities, net of
reclassifications and taxes |
|
(55,919 |
) |
|
|
1,772 |
|
|
|
(124,833 |
) |
|
|
(9,296 |
) |
Change in funded status of post retirement benefits, net of
taxes |
|
314 |
|
|
|
472 |
|
|
|
629 |
|
|
|
944 |
|
COMPREHENSIVE INCOME (LOSS) |
$ |
(39,992 |
) |
|
$ |
18,858 |
|
|
$ |
(87,667 |
) |
|
$ |
21,139 |
|
PER SHARE DATA |
|
|
|
|
|
|
|
Basic and Diluted Earnings per Share |
$ |
1.27 |
|
|
$ |
1.24 |
|
|
$ |
2.95 |
|
|
$ |
2.19 |
|
Weighted average number of shares outstanding (in thousands) |
|
12,248 |
|
|
|
13,414 |
|
|
|
12,393 |
|
|
|
13,473 |
|
First Financial (NASDAQ:THFF)
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