TERRE HAUTE, Ind., April 30, 2024 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2024. Net income was $10.9 million compared to the $16.0 million reported for the same period of 2023; Diluted net income per common share of $0.93 compared to $1.33 for the same period of 2023; Return on average assets was 0.91% compared to 1.32% for the three months ended March 31, 2023; Credit loss provision was $1.8 million compared to provision of $1.8 million for the first quarter 2023; and Pre-tax, pre-provision net income was $14.9 million compared to $21.4 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 first quarter of 2024 were $3.18 billion versus $3.07 billion for the comparable period in 2023, an increase of $111 million or 3.63%. On a linked quarter basis, average loans increased $47 million or 1.50% from $3.13 billion as of December 31, 2023. Total Loans Outstanding Total loans outstanding as of March 31, 2024, were $3.19 billion compared to $3.08 billion as of March 31, 2023, an increase of $112 million or 3.63%, primarily driven by increases in Commercial Real Estate and Consumer Auto loans. On a linked quarter basis, total loans increased $24.2 million or 0.76% from $3.17 billion as of December 31, 2023. "We are pleased with our first quarter results, as we experienced another quarter of solid loan growth," said Norman D. Lowery, President and Chief Executive Officer. "Our balance sheet is strong, our asset quality is stable, and our capital levels remain strong." Average Total Deposits Average total deposits for the quarter ended March 31, 2024, were $4.05 billion versus $4.25 billion as of March 31, 2023. Total Deposits Total deposits were $4.11 billion as of March 31, 2024, compared to $4.17 billion as of March 31, 2023. On a linked quarter basis, total deposits increased $15.0 million, or 0.37% from $4.09 billion. Non-interest bearing deposits were $738 million and time deposits were $581 million as of March 31, 2024. Shareholders' Equity Shareholders' equity at March 31, 2024, was $520.8 million compared to $505.5 million on March 31, 2023. During the last twelve months, the Corporation has repurchased 311,360 shares of its common stock. There were no shares repurchased during the quarter. 518,860 shares remain available for repurchase under the current repurchase authorization. During the quarter, the Corporation paid a $0.45 per share quarterly dividend and declared a $0.45 quarterly dividend payable April 15, 2024. Book Value Per Share Book Value per share was $44.08 as of March 31, 2024, compared to $41.89 as of March 31, 2023, an increase of $2.19 per share or 5.22%. Tangible Book Value per share was $36.26 as of March 31, 2024, compared to $34.16 as of March 31, 2023, an increase of $2.10 per share or 6.15%. Tangible Common Equity to Tangible Asset Ratio The Corporation's tangible common equity to tangible asset ratio was 9.00% at March 31, 2024, compared to 8.63% at March 31, 2023. Net Interest Income Net interest income for the first quarter of 2024 was $38.9 million, compared to $44.3 million reported for the same period of 2023. Interest income increased $4.7 million and interest expense increased $10.1 million year over year. Net Interest Margin The net interest margin for the quarter ended March 31, 2024, was 3.53% compared to the 3.96% reported at March 31, 2023. Nonperforming Loans Nonperforming loans as of March 31, 2024, were $24.3 million versus $12.1 million as of March 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.76% as of March 31, 2024, versus 0.39% as of March 31, 2023. The increase was driven primarily by the addition of one credit placed on non-accrual in fourth quarter 2023. Credit Loss Provision The provision for credit losses for the three months ended March 31, 2024, was $1.8 million, unchanged from the first quarter 2023. Net Charge-Offs In the first quarter of 2024 net charge-offs were $1.5 million compared to $2.0 million in the same period of 2023. Allowance for Credit Losses The Corporation's allowance for credit losses as of March 31, 2024, was $40.0 million compared to $39.6 million as of March 31, 2023. The allowance for credit losses as a percent of total loans was 1.25% as of March 31, 2024, compared to 1.29% as of March 31, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 1 basis point from 1.26% as of December 31, 2023. Non-Interest Income Non-interest income for the three months ended March 31, 2024 was $9.4 million unchanged from the first quarter 2023. Non-Interest Expense Non-interest expense for the three months ended March 31, 2024, was $33.4 million compared to $32.3 million in 2023, an increase of 3.4% reflective of our history of strong expense control. Efficiency Ratio The Corporation's efficiency ratio was 67.21% for the quarter ending March 31, 2024, versus 58.73% for the same period in 2023. Income Taxes Income tax expense for the three months ended March 31, 2024, was $2.2 million versus $3.6 million for the same period in 2023. The effective tax rate for 2024 was 16.79% compared to 18.42% for 2023. 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:                           Three Months Ended     March 31,   December 31,   March 31,     2024   2023   2023   END OF PERIOD BALANCES                       Assets $ 4,852,615     $ 4,851,146     $ 4,866,821   Deposits $ 4,105,103     $ 4,090,068     $ 4,165,398   Loans, including net deferred loan costs $ 3,191,983     $ 3,167,821     $ 3,080,044   Allowance for Credit Losses $ 40,045     $ 39,767     $ 39,620   Total Equity $ 520,766     $ 527,976     $ 505,499   Tangible Common Equity(a) $ 428,430     $ 435,405     $ 412,118                           AVERAGE BALANCES                       Total Assets $ 4,804,364     $ 4,725,297     $ 4,851,484   Earning Assets $ 4,566,461     $ 4,485,766     $ 4,613,126   Investments $ 1,308,322     $ 1,279,821     $ 1,407,944   Loans $ 3,180,147     $ 3,133,267     $ 3,068,716   Total Deposits $ 4,045,838     $ 4,050,968     $ 4,252,161   Interest-Bearing Deposits $ 3,326,090     $ 3,291,931     $ 3,407,590   Interest-Bearing Liabilities $ 221,425     $ 206,778     $ 96,160   Total Equity $ 522,720     $ 463,004     $ 487,834                           INCOME STATEMENT DATA                       Net Interest Income $ 38,920     $ 39,590     $ 44,335   Net Interest Income Fully Tax Equivalent(b) $ 40,297     $ 40,942     $ 45,654   Provision for Credit Losses $ 1,800     $ 2,495     $ 1,800   Non-interest Income $ 9,431     $ 11,247     $ 9,375   Non-interest Expense $ 33,422     $ 34,244     $ 32,321   Net Income $ 10,924     $ 12,420     $ 15,980                           PER SHARE DATA                       Basic and Diluted Net Income Per Common Share $ 0.93     $ 1.06     $ 1.33   Cash Dividends Declared Per Common Share $ 0.45     $ 0.45     $ —   Book Value Per Common Share $ 44.08     $ 44.76     $ 41.89   Tangible Book Value Per Common Share(c) $ 36.26     $ 31.47     $ 34.16   Basic Weighted Average Common Shares Outstanding   11,803       11,772       12,058                           (a) Tangible common equity is a non-GAAP financial measure ...