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) 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.
First Financial Corporation (NASDAQ: THFF) announced a merger between its subsidiary, The Morris Plan Company of Terre Haute, and First Financial Bank N.A., effective December 31, 2021, pending regulatory approval. This strategic move is aimed at enhancing operational efficiencies, which are expected to materialize in the first quarter of 2022. First Financial Corporation operates 81 banking centers across four states and aims to further strengthen its market presence and service offerings through this integration.
First Financial Corporation (NASDAQ: THFF) announced a merger agreement with Hancock Bancorp, Inc. The deal involves First Financial purchasing Hancock's outstanding shares at $18.38 each, totaling approximately $31.35 million. Post-acquisition, the combined entity will hold about $5.0 billion in assets, $2.9 billion in loans, and $4.2 billion in deposits, enhancing its presence across Indiana, Illinois, Kentucky, and Tennessee. This merger is projected to be 7% accretive to earnings per share.
First Financial Corporation (NASDAQ:THFF) reported strong financial results for Q2 2021, with net income rising to $16.6 million compared to $11.9 million in Q2 2020. Diluted earnings per share increased to $1.24, up from $0.87 year-over-year. The corporation's total loans were $2.57 billion, down from $2.78 billion in the same period last year, while total deposits grew 12.90% to $3.99 billion. The efficiency ratio improved slightly, indicating better cost management. The provision for credit losses showed a reduction as asset quality remained strong.
First Financial Corporation (NASDAQ:THFF) has authorized a stock repurchase program to buy back up to 5% of its outstanding common stock. This initiative aims to enhance shareholder value and will be executed through open market transactions or privately negotiated deals, with the timing and amount dependent on market conditions. The repurchased shares will be held as authorized but unissued, and may be utilized for corporate purposes, reflecting the company's confidence in its financial stability.
First Financial Corporation (NASDAQ: THFF) has declared a semi-annual dividend of 53 cents per share, set to be paid on July 1, 2021, for shareholders of record by June 17, 2021. This declaration brings the total dividends for 2021 to $1.06 per share, reflecting a 1.9% increase from 2020. This marks the corporation's 33rd consecutive year of raising regular dividends, showcasing its commitment to returning value to shareholders.
First Financial Corporation (NASDAQ:THFF) reported a net income of $12.9 million for Q1 2021, compared to $12.2 million in Q1 2020. Diluted earnings per share rose to $0.95 from $0.89 year-over-year. Total loans increased to $2.65 billion, up $24.3 million YOY, while average total deposits grew by 16.70% to $3.82 billion. However, the return on average assets declined to 1.12% from 1.21% and net interest income fell to $34.9 million, down from $36.4 million in 2020. The company also reported an increase in nonperforming loans.
First Financial Corporation (NASDAQ: THFF) has declared a semi-annual dividend of 53 cents per share, payable on January 15, 2021, to shareholders on record by the close of business January 8, 2021. This announcement totals $1.05 per share in dividends declared for the year 2020. First Financial Corporation operates as the holding company for First Financial Bank N.A., serving regions in Indiana, Illinois, Kentucky, and Tennessee.
First Financial Corporation (NASDAQ:THFF) announced a stock repurchase program allowing the buyback of up to 5% of its outstanding shares. The repurchase will occur through open market transactions, privately negotiated deals, or other legal means, with timing and quantities determined by management based on market conditions and stock performance. The shares will be held as authorized but unissued, potentially serving general corporate purposes.