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; and
- Pre-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; and
- Pre-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 fourth quarter results, as we
experienced another quarter of loan growth in a challenging
environment. Our credit quality remains stable, and disciplined
approach to expense management is constant,” said Norman D. Lowery,
President and Chief Executive Officer. “During the quarter we were
pleased to announce the signing of a definitive agreement with
SimplyBank, which expands our presence into new attractive MSAs in
the Tennessee market.”
Average Total Deposits
Average total deposits for the quarter ended December 31,
2023, were $4.05 billion versus $4.38 billion as of
December 31, 2022. On a linked quarter basis, average deposits
increased $50.7 million, or 1.27% from $4.00 billion as of
September 30, 2023.
Total Deposits
Total deposits were $4.09 billion as of December 31, 2023,
compared to $4.37 billion as of December 31, 2022.
Shareholder Equity
Shareholder equity at December 31, 2023, was $526.6 million
compared to $475.3 million on December 31, 2022. Overall
accumulated other comprehensive income/(loss) (“AOCI”) on
investments available for sale increased $10.9 million in
comparison to December 31, 2022, and increased $47.4 million in
comparison to September 30, 2023. During the quarter, there were no
share repurchases. An additional 518,860 shares remains under the
current repurchase authorization. The Corporation also declared a
$0.45 quarterly dividend during the quarter.
Book Value Per Share
Book Value per share was $44.64 as of December 31, 2023,
compared to $39.44 as of December 31, 2022, an increase of
13.20%.
Tangible Common Equity to Tangible Asset
Ratio
The Corporation’s tangible common equity to tangible asset ratio
was 9.12% at December 31, 2023, compared to 7.79% at
December 31, 2022.
Net Interest Income
Net interest income for the fourth quarter of 2023 was $39.6
million, compared to $43.7 million reported for the same period of
2022, a decrease of $4.1 million or 9.32%.
Net Interest Margin
The net interest margin for the quarter ended December 31,
2023, was 3.63% compared to the 3.81% reported at December 31,
2022, an decrease of 17 basis points or 4.55%.
Nonperforming Loans
Nonperforming loans as of December 31, 2023, were $24.6
million versus $9.6 million as of December 31, 2022. The ratio
of nonperforming loans to total loans and leases was 0.78% as of
December 31, 2023, versus 0.31% as of December 31, 2022.
The increase in nonperforming loans is due to a commercial
relationship that was downgraded during the quarter.
Credit Loss Provision
The provision for credit losses for the three months ended
December 31, 2023, was $2.5 million, compared to $2.7 million
for the fourth quarter 2022.
Net Charge-Offs
In the fourth quarter of 2023 net charge-offs were $1.76 million
compared to $2.44 million in the same period of 2022.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of
December 31, 2023, was $39.8 million compared to $39.8 million
as of December 31, 2022. The allowance for credit losses as
a percent of total loans was 1.26% as of December 31,
2023, compared to 1.30% as of December 31, 2022. On a linked
quarter basis, the allowance for credit losses as a percent of
total loans increased 1 basis point from 1.25% as of September 30,
2023.
Non-Interest Income
Non-interest income for the three months ended
December 31, 2023 and 2022 was $11.2 million and $10.6
million, respectively, an increase of $679 thousand or 6.43%.
Non-Interest Expense
Non-interest expense for the three months ended
December 31, 2023, was $34.2 million compared to $32.5 million
in 2022.
Efficiency Ratio
The Corporation’s efficiency ratio was 65.62% for the quarter
ending December 31, 2023, versus 58.78% for the same period in
2022.
Income Taxes
Income tax expense for the three months ended
December 31, 2023, was $1.7 million versus $2.5 million for
the same period in 2022. The effective tax rate for 2023 was 16.31%
compared to 18.97% for 2022. The decrease in effective tax rate is
due to a $1 million increase in tax credit investments, as well as
an increase in tax exempt interest income compared to December 31,
2022.
About First Financial Corporation
First 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 70 banking
centers in Illinois, Indiana, Kentucky and Tennessee. Additional
information is available at www.first-online.bank.
Investor Contact:Rodger A. McHargueChief
Financial OfficerP: 812-238-6334E: rmchargue@first-online.com
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| |
|
Three Months Ended |
|
Year Ended |
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|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| END OF PERIOD
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
4,851,146 |
|
|
$ |
4,784,806 |
|
|
$ |
4,989,281 |
|
|
$ |
4,851,146 |
|
|
$ |
4,989,281 |
|
|
Deposits |
|
$ |
4,090,068 |
|
|
$ |
4,040,995 |
|
|
$ |
4,368,871 |
|
|
$ |
4,090,068 |
|
|
$ |
4,368,871 |
|
|
Loans, including net deferred loan costs |
|
$ |
3,167,821 |
|
|
$ |
3,117,626 |
|
|
$ |
3,067,438 |
|
|
$ |
3,167,821 |
|
|
$ |
3,067,438 |
|
|
Allowance for Credit Losses |
|
$ |
39,767 |
|
|
$ |
39,034 |
|
|
$ |
39,779 |
|
|
$ |
39,767 |
|
|
$ |
39,779 |
|
|
Total Equity |
|
$ |
527,976 |
|
|
$ |
470,168 |
|
|
$ |
475,293 |
|
|
$ |
527,976 |
|
|
$ |
475,293 |
|
|
Tangible Common Equity(a) |
|
$ |
435,405 |
|
|
$ |
377,367 |
|
|
$ |
381,594 |
|
|
$ |
435,405 |
|
|
$ |
381,594 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AVERAGE
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
4,725,297 |
|
|
$ |
4,814,251 |
|
|
$ |
4,930,611 |
|
|
$ |
4,802,448 |
|
|
$ |
5,043,987 |
|
|
Earning Assets |
|
$ |
4,485,766 |
|
|
$ |
4,575,996 |
|
|
$ |
4,690,594 |
|
|
$ |
4,564,135 |
|
|
$ |
4,800,481 |
|
|
Investments |
|
$ |
1,279,821 |
|
|
$ |
1,351,433 |
|
|
$ |
1,393,753 |
|
|
$ |
1,358,661 |
|
|
$ |
1,432,681 |
|
|
Loans |
|
$ |
3,133,267 |
|
|
$ |
3,147,317 |
|
|
$ |
3,015,903 |
|
|
$ |
3,111,784 |
|
|
$ |
2,884,053 |
|
|
Total Deposits |
|
$ |
4,050,968 |
|
|
$ |
4,000,302 |
|
|
$ |
4,383,505 |
|
|
$ |
4,106,132 |
|
|
$ |
4,408,510 |
|
|
Interest-Bearing Deposits |
|
$ |
3,291,931 |
|
|
$ |
3,222,633 |
|
|
$ |
3,509,416 |
|
|
$ |
3,304,816 |
|
|
$ |
3,517,468 |
|
|
Interest-Bearing Liabilities |
|
$ |
206,778 |
|
|
$ |
309,948 |
|
|
$ |
84,210 |
|
|
$ |
199,551 |
|
|
$ |
97,134 |
|
|
Total Equity |
|
$ |
463,004 |
|
|
$ |
493,764 |
|
|
$ |
438,767 |
|
|
$ |
486,572 |
|
|
$ |
494,837 |
|
| |
|
|
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|
|
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|
|
| INCOME STATEMENT
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
$ |
39,590 |
|
|
$ |
41,150 |
|
|
$ |
43,658 |
|
|
$ |
167,262 |
|
|
$ |
165,042 |
|
|
Net Interest Income Fully Tax Equivalent(b) |
|
$ |
40,942 |
|
|
$ |
42,539 |
|
|
$ |
44,724 |
|
|
$ |
172,716 |
|
|
$ |
169,699 |
|
|
Provision for Credit Losses |
|
$ |
2,495 |
|
|
$ |
1,200 |
|
|
$ |
2,725 |
|
|
$ |
7,295 |
|
|
$ |
(2,025 |
) |
|
Non-interest Income |
|
$ |
11,247 |
|
|
$ |
11,627 |
|
|
$ |
10,568 |
|
|
$ |
42,702 |
|
|
$ |
46,716 |
|
|
Non-interest Expense |
|
$ |
34,244 |
|
|
$ |
32,265 |
|
|
$ |
32,501 |
|
|
$ |
130,176 |
|
|
$ |
126,023 |
|
|
Net Income |
|
$ |
12,420 |
|
|
$ |
16,285 |
|
|
$ |
16,521 |
|
|
$ |
60,672 |
|
|
$ |
71,109 |
|
| |
|
|
|
|
|
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|
|
|
|
|
|
|
|
| PER SHARE
DATA |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Net Income Per Common Share |
|
$ |
1.06 |
|
|
$ |
1.37 |
|
|
$ |
1.37 |
|
|
$ |
5.08 |
|
|
$ |
5.82 |
|
|
Cash Dividends Declared Per Common Share |
|
$ |
0.45 |
|
|
$ |
— |
|
|
$ |
0.74 |
|
|
$ |
0.99 |
|
|
$ |
1.28 |
|
|
Book Value Per Common Share |
|
$ |
44.76 |
|
|
$ |
40.00 |
|
|
$ |
39.44 |
|
|
$ |
44.76 |
|
|
$ |
39.44 |
|
|
Tangible Book Value Per Common Share(c) |
|
$ |
31.47 |
|
|
$ |
33.69 |
|
|
$ |
28.67 |
|
|
$ |
36.91 |
|
|
$ |
31.66 |
|
|
Basic Weighted Average Common Shares Outstanding |
|
|
11,772 |
|
|
|
11,901 |
|
|
|
12,037 |
|
|
|
11,937 |
|
|
|
12,211 |
|
________________________________
(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.
|
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|
|
|
|
|
|
| Key
Ratios |
|
Three Months Ended |
|
Year Ended |
|
| |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
| |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
| Return on average assets |
|
1.05 |
% |
1.35 |
% |
1.34 |
% |
1.26 |
% |
1.41 |
% |
| Return on average common
shareholder's equity |
|
10.73 |
% |
13.19 |
% |
15.06 |
% |
12.47 |
% |
14.37 |
% |
| Efficiency ratio |
|
65.62 |
% |
59.57 |
% |
58.78 |
% |
60.43 |
% |
58.23 |
% |
| Average equity to average
assets |
|
9.80 |
% |
10.26 |
% |
8.90 |
% |
10.13 |
% |
9.81 |
% |
| Net interest margin(a) |
|
3.63 |
% |
3.74 |
% |
3.81 |
% |
3.78 |
% |
3.54 |
% |
| Net charge-offs to average
loans and leases |
|
0.22 |
% |
0.24 |
% |
0.32 |
% |
0.23 |
% |
0.23 |
% |
| Credit loss reserve to loans
and leases |
|
1.26 |
% |
1.25 |
% |
1.30 |
% |
1.26 |
% |
1.30 |
% |
| Credit loss reserve to
nonperforming loans |
|
161.94 |
% |
310.19 |
% |
414.36 |
% |
161.94 |
% |
414.36 |
% |
| Nonperforming loans to loans
and leases |
|
0.78 |
% |
0.40 |
% |
0.31 |
% |
0.78 |
% |
0.31 |
% |
| Tier 1 leverage |
|
12.14 |
% |
11.72 |
% |
10.78 |
% |
12.14 |
% |
10.78 |
% |
| Risk-based capital - Tier
1 |
|
14.76 |
% |
14.61 |
% |
13.58 |
% |
14.76 |
% |
13.58 |
% |
__________________________________
(a) Net interest margin is calculated on a tax
equivalent basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
Quality |
|
Three Months Ended |
|
Year Ended |
| |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
| |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Accruing loans and leases past
due 30-89 days |
|
$ |
20,168 |
|
|
$ |
15,961 |
|
|
$ |
28,875 |
|
|
$ |
20,168 |
|
|
$ |
28,875 |
|
| Accruing loans and leases past
due 90 days or more |
|
$ |
960 |
|
|
$ |
1,370 |
|
|
$ |
1,119 |
|
|
$ |
960 |
|
|
$ |
1,119 |
|
| Nonaccrual loans and
leases |
|
$ |
23,596 |
|
|
$ |
11,214 |
|
|
$ |
8,481 |
|
|
$ |
23,596 |
|
|
$ |
8,481 |
|
| Other real estate owned |
|
$ |
107 |
|
|
$ |
63 |
|
|
$ |
337 |
|
|
$ |
107 |
|
|
$ |
337 |
|
| Nonperforming loans and other
real estate owned |
|
$ |
24,663 |
|
|
$ |
12,647 |
|
|
$ |
9,937 |
|
|
$ |
24,663 |
|
|
$ |
9,937 |
|
| Total nonperforming
assets |
|
$ |
27,665 |
|
|
$ |
15,671 |
|
|
$ |
12,923 |
|
|
$ |
27,665 |
|
|
$ |
12,923 |
|
| Gross charge-offs |
|
$ |
3,976 |
|
|
$ |
3,601 |
|
|
$ |
4,388 |
|
|
$ |
15,496 |
|
|
$ |
15,706 |
|
| Recoveries |
|
$ |
2,213 |
|
|
$ |
1,528 |
|
|
$ |
1,947 |
|
|
$ |
8,188 |
|
|
$ |
9,205 |
|
| Net
charge-offs/(recoveries) |
|
$ |
1,763 |
|
|
$ |
2,073 |
|
|
$ |
2,441 |
|
|
$ |
7,308 |
|
|
$ |
6,501 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
Reconciliations |
|
Three Months Ended December 31, |
| |
|
2023 |
|
2022 |
| ($in thousands, except
EPS) |
|
|
|
|
|
|
|
|
| Income before Income
Taxes |
|
$ |
14,098 |
|
|
$ |
19,000 |
|
| Provision for credit
losses |
|
|
2,495 |
|
|
|
2,725 |
|
| Provision for unfunded
commitments |
|
|
— |
|
|
|
— |
|
| Pre-tax, Pre-provision
Income |
|
$ |
16,593 |
|
|
$ |
21,725 |
|
| |
|
|
|
|
|
|
| Non-GAAP
Reconciliations |
|
Year Ended December 31, |
| |
|
2023 |
|
2022 |
| ($ in thousands, except
EPS) |
|
|
|
|
|
|
|
Income before Income Taxes |
|
$ |
72,493 |
|
|
$ |
87,760 |
|
| Provision for credit
losses |
|
|
7,295 |
|
|
|
(2,025 |
) |
| Provision for unfunded
commitments |
|
|
(100 |
) |
|
|
(850 |
) |
| Pre-tax, Pre-provision
Income |
|
$ |
79,688 |
|
|
$ |
84,885 |
|
| |
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATED BALANCE SHEETS(Dollar amounts in thousands, except per
share data) |
| |
|
|
|
|
|
|
| |
|
December 31, |
|
December 31, |
| |
|
2023 |
|
2022 |
| |
|
(unaudited) |
| ASSETS |
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
76,759 |
|
|
$ |
222,517 |
|
| Federal funds sold |
|
|
282 |
|
|
|
9,374 |
|
| Securities
available-for-sale |
|
|
1,259,137 |
|
|
|
1,330,481 |
|
| Loans: |
|
|
|
|
|
|
| Commercial |
|
|
1,817,526 |
|
|
|
1,798,260 |
|
| Residential |
|
|
695,788 |
|
|
|
673,464 |
|
| Consumer |
|
|
646,758 |
|
|
|
588,539 |
|
| |
|
|
3,160,072 |
|
|
|
3,060,263 |
|
| (Less) plus: |
|
|
|
|
|
|
| Net deferred loan costs |
|
|
7,749 |
|
|
|
7,175 |
|
| Allowance for credit
losses |
|
|
(39,767 |
) |
|
|
(39,779 |
) |
| |
|
|
3,128,054 |
|
|
|
3,027,659 |
|
| Restricted stock |
|
|
15,364 |
|
|
|
15,378 |
|
| Accrued interest
receivable |
|
|
24,877 |
|
|
|
21,288 |
|
| Premises and equipment,
net |
|
|
67,286 |
|
|
|
66,147 |
|
| Bank-owned life insurance |
|
|
114,122 |
|
|
|
115,704 |
|
| Goodwill |
|
|
86,985 |
|
|
|
86,985 |
|
| Other intangible assets |
|
|
5,586 |
|
|
|
6,714 |
|
| Other real estate owned |
|
|
107 |
|
|
|
337 |
|
| Other assets |
|
|
72,587 |
|
|
|
86,697 |
|
| TOTAL ASSETS |
|
$ |
4,851,146 |
|
|
$ |
4,989,281 |
|
| |
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Non-interest-bearing |
|
$ |
750,335 |
|
|
$ |
857,920 |
|
| Interest-bearing: |
|
|
|
|
|
|
| Certificates of deposit
exceeding the FDIC insurance limits |
|
|
92,921 |
|
|
|
50,608 |
|
| Other interest-bearing
deposits |
|
|
3,246,812 |
|
|
|
3,460,343 |
|
| |
|
|
4,090,068 |
|
|
|
4,368,871 |
|
| Short-term borrowings |
|
|
67,221 |
|
|
|
70,875 |
|
| FHLB advances |
|
|
108,577 |
|
|
|
9,589 |
|
| Other liabilities |
|
|
57,304 |
|
|
|
64,653 |
|
| TOTAL LIABILITIES |
|
|
4,323,170 |
|
|
|
4,513,988 |
|
| |
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
| Common stock, $.125 stated
value per share; |
|
|
|
|
|
|
| Authorized
shares-40,000,000 |
|
|
|
|
|
|
| Issued shares-16,137,220 in
2023 and 16,114,992 in 2022 |
|
|
|
|
|
|
| Outstanding shares-11,795,024
in 2023 and 12,051,964 in 2022 |
|
|
2,014 |
|
|
|
2,012 |
|
| Additional paid-in
capital |
|
|
144,152 |
|
|
|
143,185 |
|
| Retained earnings |
|
|
663,726 |
|
|
|
614,829 |
|
| Accumulated other
comprehensive income/(loss) |
|
|
(127,087 |
) |
|
|
(139,974 |
) |
| Less: Treasury shares at
cost-4,342,196 in 2023 and 4,063,028 in 2022 |
|
|
(154,829 |
) |
|
|
(144,759 |
) |
| TOTAL SHAREHOLDERS’
EQUITY |
|
|
527,976 |
|
|
|
475,293 |
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
4,851,146 |
|
|
$ |
4,989,281 |
|
| |
|
|
|
|
|
|
|
|
| |
|
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME(Dollar
amounts in thousands, except per share data) |
| |
|
|
|
|
|
|
|
|
|
| |
|
Year Ended |
| |
|
December 31, |
| |
|
2023 |
|
2022 |
|
2021 |
| |
|
(unaudited) |
| INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
Loans, including related fees |
|
$ |
189,641 |
|
|
$ |
146,295 |
|
|
$ |
128,000 |
|
| Securities: |
|
|
|
|
|
|
|
|
|
| Taxable |
|
|
24,643 |
|
|
|
21,014 |
|
|
|
13,110 |
|
| Tax-exempt |
|
|
10,573 |
|
|
|
9,974 |
|
|
|
8,762 |
|
| Other |
|
|
3,540 |
|
|
|
6,018 |
|
|
|
2,326 |
|
| TOTAL INTEREST INCOME |
|
|
228,397 |
|
|
|
183,301 |
|
|
|
152,198 |
|
| INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
51,694 |
|
|
|
16,743 |
|
|
|
8,158 |
|
| Short-term borrowings |
|
|
5,370 |
|
|
|
1,243 |
|
|
|
387 |
|
| Other borrowings |
|
|
4,071 |
|
|
|
273 |
|
|
|
252 |
|
| TOTAL INTEREST EXPENSE |
|
|
61,135 |
|
|
|
18,259 |
|
|
|
8,797 |
|
| NET INTEREST INCOME |
|
|
167,262 |
|
|
|
165,042 |
|
|
|
143,401 |
|
| Provision for credit
losses |
|
|
7,295 |
|
|
|
(2,025 |
) |
|
|
2,466 |
|
| NET INTEREST INCOME AFTER
PROVISION |
|
|
|
|
|
|
|
|
|
| FOR LOAN LOSSES |
|
|
159,967 |
|
|
|
167,067 |
|
|
|
140,935 |
|
| NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
| Trust and financial
services |
|
|
5,155 |
|
|
|
5,155 |
|
|
|
5,255 |
|
| Service charges and fees on
deposit accounts |
|
|
28,079 |
|
|
|
27,540 |
|
|
|
24,700 |
|
| Other service charges and
fees |
|
|
801 |
|
|
|
665 |
|
|
|
1,163 |
|
| Securities gains (losses),
net |
|
|
(1 |
) |
|
|
3 |
|
|
|
114 |
|
| Interchange income |
|
|
676 |
|
|
|
559 |
|
|
|
438 |
|
| Loan servicing fees |
|
|
1,176 |
|
|
|
1,554 |
|
|
|
1,849 |
|
| Gain on sales of mortgage
loans |
|
|
966 |
|
|
|
1,994 |
|
|
|
5,003 |
|
| Other |
|
|
5,850 |
|
|
|
9,246 |
|
|
|
3,562 |
|
| TOTAL NON-INTEREST INCOME |
|
|
42,702 |
|
|
|
46,716 |
|
|
|
42,084 |
|
| NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
|
68,525 |
|
|
|
65,555 |
|
|
|
64,474 |
|
| Occupancy expense |
|
|
9,351 |
|
|
|
9,764 |
|
|
|
8,774 |
|
| Equipment expense |
|
|
14,020 |
|
|
|
12,391 |
|
|
|
10,174 |
|
| FDIC Expense |
|
|
2,907 |
|
|
|
2,327 |
|
|
|
1,294 |
|
| Other |
|
|
35,373 |
|
|
|
35,986 |
|
|
|
32,690 |
|
| TOTAL NON-INTEREST
EXPENSE |
|
|
130,176 |
|
|
|
126,023 |
|
|
|
117,406 |
|
| INCOME BEFORE INCOME
TAXES |
|
|
72,493 |
|
|
|
87,760 |
|
|
|
65,613 |
|
| Provision for income
taxes |
|
|
11,821 |
|
|
|
16,651 |
|
|
|
12,626 |
|
| NET INCOME |
|
|
60,672 |
|
|
|
71,109 |
|
|
|
52,987 |
|
| OTHER COMPREHENSIVE INCOME
(LOSS) |
|
|
|
|
|
|
|
|
|
| Change in unrealized
gains/(losses) on securities, net of reclassifications and
taxes |
|
|
10,896 |
|
|
|
(144,570 |
) |
|
|
(18,488 |
) |
| Change in funded status of
post retirement benefits, net of taxes |
|
|
1,991 |
|
|
|
7,022 |
|
|
|
6,298 |
|
| COMPREHENSIVE INCOME
(LOSS) |
|
$ |
73,559 |
|
|
$ |
(66,439 |
) |
|
$ |
40,797 |
|
| PER SHARE DATA |
|
|
|
|
|
|
|
|
|
| Basic and Diluted Earnings per
Share |
|
$ |
5.08 |
|
|
$ |
5.82 |
|
|
$ |
4.02 |
|
| Weighted average number of
shares outstanding (in thousands) |
|
|
11,937 |
|
|
|
12,211 |
|
|
|
13,190 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
First Financial (NASDAQ:THFF)
Historical Stock Chart
From Apr 2024 to May 2024
First Financial (NASDAQ:THFF)
Historical Stock Chart
From May 2023 to May 2024
