Welcome to our dedicated page for First Financial news (Ticker: THFF), a resource for investors and traders seeking the latest updates and insights on First Financial stock.
First Financial Corporation reports recurring developments tied to its role as the holding company for First Financial Bank N.A., a banking subsidiary operating in Indiana, Illinois, Kentucky, Tennessee, and Georgia. Company updates commonly cover quarterly and annual operating results, loan growth, net interest margin, provision for credit losses, return metrics, and tangible common equity measures.
News also includes quarterly dividend declarations and completed bank acquisition activity, including acquired loans and deposits when transactions affect the balance sheet. The company's business disclosures center on commercial, mortgage, and consumer lending, lease financing, deposit services, trust services, insurance services, and investment-related revenue.
First Financial Corporation (NASDAQ: THFF) announced plans to enhance operational efficiency by closing and consolidating seven of its 72 branches due to increasing customer preference for online banking. This strategic move aims to save approximately $1.5 million annually in operating expenses, effective from Q1 2023. The company anticipates pre-tax charges of about $1.5 million during Q4 2022 and Q1 2023. The consolidations are expected to be completed by early 2023, aligning with regulatory requirements.
First Financial Corporation (NASDAQ:THFF) announced Q3 2022 earnings with net income increasing to $18.1 million from $16.1 million year-over-year. Diluted EPS rose to $1.50 compared to $1.24 in Q3 2021. Return on average assets was 1.43%, up from 1.34%. Total loans grew by 19.8% to $2.97 billion, while deposits rose 9.4% to $4.41 billion. Credit loss provisions amounted to $1.1 million, compared to a negative provision in Q3 2021. The efficiency ratio improved to 55.72%.
First Financial Corporation (NASDAQ:THFF) reported Q2 2022 net income of $15.6 million, down from $16.6 million in Q2 2021. However, diluted earnings per share rose to $1.27 from $1.24, driven by a strong loan growth of 7.86% year-over-year. Total loans reached $2.89 billion, showing a 12.41% increase. Average total deposits rose by 10.93% to $4.42 billion. Despite the positives, return on average assets declined to 1.24%. The corporation also reported a credit loss provision of $750,000 compared to a negative provision of $2.3 million last year.
The directors of First Financial Corporation (NASDAQ: THFF) have announced a semi-annual dividend of 54 cents per share, payable on July 1, 2022, to shareholders recorded by the close of business on June 17, 2022. This declaration brings the total dividend for 2022 to $1.17 per share, reflecting a 1.9% increase from 2021, marking the 34th consecutive year of increased regular dividends. The corporation serves as the holding company for First Financial Bank N.A., operating in Indiana, Illinois, Kentucky, and Tennessee.
First Financial Corporation (NASDAQ:THFF) reported a strong performance for Q1 2022, with net income of $20.9 million, up from $12.9 million in Q1 2021. Diluted earnings per share rose to $1.67 from $0.95, reflecting a return on average assets of 1.63%. Total loans increased by 5.96% year-over-year to $2.80 billion, and total deposits rose 12.54% to $4.40 billion. Despite a decline in book value per share to $42.25, efficiency ratio improved to 59.54%.
First Financial Corporation (NASDAQ:THFF) has announced a new stock repurchase program, authorizing the buyback of up to 10% of its outstanding common stock. This initiative allows repurchases in the open market or through negotiated transactions, depending on market conditions and legal requirements. Shares will be held as authorized but unissued, aimed at bolstering shareholder value and supporting corporate flexibility.
First Financial Corporation (NASDAQ:THFF) reported its financial results for Q4 2021, showcasing a net income of $7.4 million, down from $15.7 million in Q4 2020. The decrease is attributed to $1.0 million in merger expenses from the acquisition of Hancock Bancorp and $4.0 million in related provisions. Although total loans rose by 7.88% year-over-year to $2.82 billion, net interest income fell to $36.8 million, with a net interest margin of 3.08%. Total deposits increased by 17.40% to $4.41 billion. The efficiency ratio worsened to 68.37% from 60.60% a year prior.
The directors of First Financial Corporation (NASDAQ: THFF) announced a semi-annual dividend of 53 cents per share, alongside a special dividend of 10 cents per share, both payable on January 14, 2022. Shareholders of record by the close of business on January 7, 2022 will be eligible. This decision brings the total declared dividend for 2021 to $1.16 per share, reflecting the company’s ongoing commitment to return value to its shareholders.
First Financial Corporation (NASDAQ:THFF) reported a strong performance for the third quarter of 2021, achieving net income of $16.1 million, up from $14.0 million in Q3 2020. Diluted earnings per share reached $1.24 compared to $1.02 a year prior. Total average deposits increased by 12.49% to $4.04 billion, while total loans decreased to $2.48 billion. The return on average assets improved to 1.34%, reflecting strong asset quality. However, net interest income slightly decreased to $36.0 million, and the net interest margin fell to 3.22%.
First Financial Corporation (NASDAQ: THFF) has announced a strategic plan to enhance operational efficiency by consolidating its banking center network. Over the next two quarters, the company will close and consolidate nine of its 81 branches, adding to a prior consolidation that resulted in ten branches closed by early 2022. This initiative aims to reduce operating expenses by approximately $2.3 million annually, starting in Q1 2022, despite incurring pre-tax charges of around $1.5 million during the transition.