First Financial Corporation (NASDAQ: THFF) lifts H1 2026 EPS to $3.58

Q: What were First Financial Corporation (THFF) earnings for Q2 2026?

First Financial Corporation reported net income of 22,743 for the quarter ended June 30, 2026. Basic and diluted earnings per share were $1.91 , compared with $1.57 for the same quarter in 2025, based on 11,892 thousand average shares outstanding.

Q: How did THFF perform in the first half of 2026 compared to 2025?

For the six months ended June 30, 2026, net income was 42,547 , up from 36,992 in 2025. Earnings per share were $3.58 versus $3.12 a year earlier, with net interest income of 118,155 compared with 104,646 in the prior-year period.

Q: What was First Financial Corporation (THFF) total asset size at June 30, 2026?

Total assets were 6,178,309 at June 30, 2026. This compares with 5,756,126 at December 31, 2025, driven by loans of 4,461,984 and securities available-for-sale of 1,168,202, alongside bank-owned life insurance of 137,146 and goodwill of 98,229.

Q: How large were THFF’s loans and deposits as of June 30, 2026?

Gross loans totaled 4,461,984 at June 30, 2026, including commercial, residential, and consumer portfolios. Total deposits were 4,833,399 , with 998,972 non-interest-bearing and the remainder in interest-bearing accounts, including 182,378 in large uninsured certificates of deposit.

Q: What acquisitions affected First Financial Corporation (THFF) results in 2026?

On March 1, 2026 , First Financial Corporation completed its acquisition of CedarStone Financial, Inc. , whose results are included from that date. The company had previously acquired SimplyBank on July 1, 2024, with its results included from that earlier date.

Q: What is THFF’s allowance for credit losses and nonperforming loan position?

The allowance for credit losses was 50,938 at June 30, 2026. Nonaccrual loans totaled 24,035 , with 3,127 of loans past due over 90 days and still accruing interest. Commercial non-farm, non-residential loans represented the largest share of nonaccrual balances.

Q: What accounting standards changes did First Financial Corporation (THFF) adopt?

First Financial Corporation adopted ASU 2023-07 on segment reporting and ASU 2025-05 on credit losses for receivables as of 2026. It also early adopted ASU 2025-08 on purchased seasoned loans, applying the gross-up approach to loans acquired in the CedarStone transaction.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

First Financial Corporation reported net income of 22,743 for the quarter ended June 30, 2026 and 42,547 for the first six months of 2026, compared with 18,586 and 36,992 a year earlier. Basic and diluted EPS were $1.91 for the quarter and $3.58 year-to-date, up from $1.57 and $3.12.

As of June 30, 2026, total assets were 6,178,309, compared with 5,756,126 at December 31, 2025, reflecting growth in loans to 4,461,984 and securities available-for-sale of 1,168,202. Deposits totaled 4,833,399, while short-term and other borrowings were 310,091 and 291,461. Shareholders’ equity increased to 675,785, with an allowance for credit losses of 50,938 and nonaccrual loans of 24,035.

Results include the March 1, 2026 acquisition of CedarStone Financial, Inc. and the earlier SimplyBank acquisition. The company operates as a single banking segment and adopted ASU 2023-07 on segment reporting, ASU 2025-05 on credit losses for receivables, and early-adopted ASU 2025-08 for purchased seasoned loans, influencing allowance recognition on acquired portfolios.

Insights

Analyzing...

Key Figures

Total Assets: 6,178,309 Gross Loans: 4,461,984 Total Deposits: 4,833,399 +5 more

8 metrics

Total Assets 6,178,309 Total assets at June 30, 2026 (dollar amounts in thousands)

Gross Loans 4,461,984 Total loans at June 30, 2026 (dollar amounts in thousands)

Total Deposits 4,833,399 Total deposits at June 30, 2026 (dollar amounts in thousands)

Net Income Q2 2026 22,743 Net income for the three months ended June 30, 2026 (thousands)

Net Income H1 2026 42,547 Net income for the six months ended June 30, 2026 (thousands)

Earnings Per Share H1 2026 $3.58 Basic and diluted EPS for six months ended June 30, 2026

Net Interest Income H1 2026 118,155 Net interest income for six months ended June 30, 2026 (thousands)

Allowance for Credit Losses 50,938 Allowance for credit losses at June 30, 2026 (thousands)

Key Terms

allowance for credit losses, nonaccrual, collateral dependent loans, purchased seasoned loans, +1 more

5 terms

allowance for credit losses financial

"The following table presents the activity of the allowance for credit losses"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

nonaccrual financial

"The tables below present the recorded investment in non-performing loans by class of loans."

A nonaccrual asset is a loan or investment that a lender stops counting as earning interest because the borrower is not making scheduled payments or the lender doubts future payments. Think of it like putting a subscription on hold when you stop receiving payments; it reduces reported income and signals a higher risk that the lender may not get repaid, which can affect a bank's profits and the value of its loan portfolio.

collateral dependent loans financial

"The following tables present the amortized cost basis of collateral dependent loans by class"

purchased seasoned loans regulatory

"loans acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans"

Purchased seasoned loans are existing loans that an investor buys after they have been outstanding for some time and have a track record of payments. Like buying a used car with a known service history, these loans give buyers clearer information about how likely borrowers are to keep paying, which helps investors estimate future cash flow, potential losses, and the returns they can expect.

Omnibus Equity Incentive Plan financial

"The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed"

A single, company-wide plan that lets a business grant different kinds of stock-based pay — such as stock options, shares that vest over time, or other equity awards — to employees, directors and consultants. It matters to investors because it determines how much of the company can be paid out in shares, how quickly those shares enter the market, and how well employees are motivated to grow the business; think of it as a toolbox or menu for paying with ownership stakes that can dilute existing holders and affect company performance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

Available on EDGAR 08/06/2026 - 10:27 AM Accepted by SEC EDGAR 08/06/2026 - 10:26 AM

FAQ

What were First Financial Corporation (THFF) earnings for Q2 2026?

First Financial Corporation reported net income of 22,743 for the quarter ended June 30, 2026. Basic and diluted earnings per share were $1.91, compared with $1.57 for the same quarter in 2025, based on 11,892 thousand average shares outstanding.

How did THFF perform in the first half of 2026 compared to 2025?

For the six months ended June 30, 2026, net income was 42,547, up from 36,992 in 2025. Earnings per share were $3.58 versus $3.12 a year earlier, with net interest income of 118,155 compared with 104,646 in the prior-year period.

What was First Financial Corporation (THFF) total asset size at June 30, 2026?

Total assets were 6,178,309 at June 30, 2026. This compares with 5,756,126 at December 31, 2025, driven by loans of 4,461,984 and securities available-for-sale of 1,168,202, alongside bank-owned life insurance of 137,146 and goodwill of 98,229.

How large were THFF’s loans and deposits as of June 30, 2026?

Gross loans totaled 4,461,984 at June 30, 2026, including commercial, residential, and consumer portfolios. Total deposits were 4,833,399, with 998,972 non-interest-bearing and the remainder in interest-bearing accounts, including 182,378 in large uninsured certificates of deposit.

What acquisitions affected First Financial Corporation (THFF) results in 2026?

On March 1, 2026, First Financial Corporation completed its acquisition of CedarStone Financial, Inc., whose results are included from that date. The company had previously acquired SimplyBank on July 1, 2024, with its results included from that earlier date.

What is THFF’s allowance for credit losses and nonperforming loan position?

The allowance for credit losses was 50,938 at June 30, 2026. Nonaccrual loans totaled 24,035, with 3,127 of loans past due over 90 days and still accruing interest. Commercial non-farm, non-residential loans represented the largest share of nonaccrual balances.

What accounting standards changes did First Financial Corporation (THFF) adopt?

First Financial Corporation adopted ASU 2023-07 on segment reporting and ASU 2025-05 on credit losses for receivables as of 2026. It also early adopted ASU 2025-08 on purchased seasoned loans, applying the gross-up approach to loans acquired in the CedarStone transaction.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-16759

FIRST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Indiana	35-1546989
(State or other jurisdiction	(I.R.S. Employer
incorporation or organization)	Identification No.)

One First Financial Plaza, Terre Haute, IN	47807
(Address of principal executive office)	(Zip Code)

(812)	238-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.125 per share	THFF	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer (Do not check if a smaller reporting company)	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑.

As of August 1, 2026, the registrant had outstanding 11,891,896 shares of common stock, $0.125 stated par value per share.

Table of Contents

FIRST FINANCIAL CORPORATION

FORM 10-Q

INDEX


	Page No.
PART I. Financial Information

Item 1. Financial Statements:

Consolidated Balance Sheets	3

Consolidated Statements of Income and Comprehensive Income	4

Consolidated Statements of Shareholders’ Equity	5

Consolidated Statements of Cash Flows	7

Notes to Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3. Quantitative and Qualitative Disclosures about Market Risk	38

Item 4. Controls and Procedures	44

PART II. Other Information:

Item 1. Legal Proceedings	45

Item 1A. Risk Factors	45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	45

Item 3. Defaults upon Senior Securities	45

Item 4. Mine Safety Disclosures	45

Item 5. Other Information	45

Item 6. Exhibits	46

Signatures	47

Table of Contents

Part I – Financial Information

Item 1.Financial Statements

FIRST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)


		June 30,			December 31,
		2026			2025
		(unaudited)
ASSETS
Cash and due from banks		$	96,633		$	130,369
Federal funds sold			—			475
Securities available-for-sale			1,168,202			1,149,526
Loans:
Commercial			2,424,325			2,375,344
Residential			1,316,108			986,955
Consumer			721,551			688,135
			4,461,984			4,050,434
(Less) plus:
Net deferred loan (fees)/costs			5,913			4,869
Allowance for credit losses			(50,938)			(47,995)
			4,416,959			4,007,308
Restricted stock			23,475			18,536
Accrued interest receivable			28,320			27,762
Premises and equipment, net			88,313			78,582
Bank-owned life insurance			137,146			131,286
Goodwill			98,229			98,229
Other intangible assets			18,869			16,234
Other real estate owned			1,039			94
Other assets			101,124			97,725
TOTAL ASSETS		$	6,178,309		$	5,756,126
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing		$	998,972		$	916,473
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits			182,378			135,605
Other interest-bearing deposits			3,652,049			3,499,033
			4,833,399			4,551,111
Short-term borrowings			310,091			292,468
Other borrowings			291,461			188,208
Other liabilities			67,573			73,470
TOTAL LIABILITIES			5,502,524			5,105,257
Shareholders’ equity
Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,206,804 in 2026 and 16,190,157 in 2025; Outstanding shares - 11,891,896 in 2026 and 11,880,759 in 2025			2,022			2,021
Additional paid-in capital			147,844			147,442
Retained earnings			771,022			741,793
Accumulated other comprehensive loss			(91,065)			(86,681)
Less: Treasury shares at cost - 4,314,908 in 2026 and 4,309,398 in 2025			(154,038)			(153,706)
TOTAL SHAREHOLDERS’ EQUITY			675,785			650,869
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	6,178,309		$	5,756,126

See accompanying notes.

Table of Contents

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2026			2025		2026			2025
		(unaudited)			(unaudited)		(unaudited)			(unaudited)
INTEREST INCOME:
Loans, including related fees		$	73,986		$	64,775	$	141,507		$	128,387
Securities:
Taxable			6,354			5,915		12,890			11,917
Tax-exempt			3,014			2,622		5,878			5,226
Other			865			865		1,890			1,679
TOTAL INTEREST INCOME			84,219			74,177		162,165			147,209
INTEREST EXPENSE:
Deposits			17,750			18,495		34,379			36,694
Short-term borrowings			2,620			1,398		4,972			3,091
Other borrowings			2,627			1,613		4,659			2,778
TOTAL INTEREST EXPENSE			22,997			21,506		44,010			42,563
NET INTEREST INCOME			61,222			52,671		118,155			104,646
Provision for credit losses			1,300			1,950		3,850			3,900
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES			59,922			50,721		114,305			100,746
NON-INTEREST INCOME:
Trust and financial services			1,503			1,490		2,994			2,883
Service charges and fees on deposit accounts			8,217			7,554		15,599			15,139
Other service charges and fees			345			256		719			572
Securities gains (losses), net			(109)			(3)		(109)			(3)
Interchange income			214			180		400			394
Loan servicing fees			333			326		659			492
Gain on sales of mortgage loans			493			430		787			655
Other			(350)			148		814			760
TOTAL NON-INTEREST INCOME			10,646			10,381		21,863			20,892
NON-INTEREST EXPENSE:
Salaries and employee benefits			21,272			19,689		42,633			38,937
Occupancy expense			2,714			2,472		5,672			5,148
Equipment expense			5,297			4,587		10,637			9,092
FDIC expense			690			795		1,380			1,545
Other			12,556			10,733		23,086			20,313
TOTAL NON-INTEREST EXPENSE			42,529			38,276		83,408			75,035
INCOME BEFORE INCOME TAXES			28,039			22,826		52,760			46,603
Provision for income taxes			5,296			4,240		10,213			9,611
NET INCOME			22,743			18,586		42,547			36,992
OTHER COMPREHENSIVE INCOME
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes			4,132			2,946		(4,542)			14,046
Change in funded status of post retirement benefits, net of taxes			79			2		158			5
COMPREHENSIVE INCOME		$	26,954		$	21,534	$	38,163		$	51,043
PER SHARE DATA
Basic and Diluted Earnings per Share		$	1.91		$	1.57	$	3.58		$	3.12
Weighted average number of shares outstanding (in thousands)			11,892			11,851		11,888			11,847

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

June 30, 2026, and 2025

(Dollar amounts in thousands, except per share data)

(Unaudited)


											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Capital			Earnings			Income/(Loss)			Stock		Total
Balance, April 1, 2025		$	2,019		$	146,159		$	699,729		$	(121,182)		$	(154,780)	$	571,945
Net income			—			—			18,586			—			—		18,586
Other comprehensive income			—			—			—			2,948			—		2,948
Omnibus Equity Incentive Plan			1			232			—			—			—		233
Cash dividends, $.51 per share			—			—			(6,044)			—			—		(6,044)
Balance, June 30, 2025		$	2,020		$	146,391		$	712,271		$	(118,234)		$	(154,780)	$	587,668

Balance, April 1, 2026		$	2,021		$	147,643		$	754,938		$	(95,276)		$	(154,038)	$	655,288
Net income			—			—			22,743			—			—		22,743
Other comprehensive income			—			—			—			4,211			—		4,211
Omnibus Equity Incentive Plan			1			201			—			—			—		202
Cash dividends, $.56 per share			—			—			(6,659)			—			—		(6,659)
Balance, June 30, 2026		$	2,022		$	147,844		$	771,022		$	(91,065)		$	(154,038)	$	675,785

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Six Months Ended

June 30, 2026, and 2025

(Dollar amounts in thousands, except per share data)

(Unaudited)


											Accumulated
											Other
		Common			Additional			Retained			Comprehensive			Treasury
		Stock			Capital			Earnings			Income/(Loss)			Stock		Total
Balance, January 1, 2025		$	2,018		$	145,927		$	687,366		$	(132,285)		$	(153,985)	$	549,041
Net income			—			—			36,992			—			—		36,992
Other comprehensive income			—			—			—			14,051			—		14,051
Omnibus Equity Incentive Plan			2			464			—			—			—		466
Treasury shares purchased (17,028 shares)			—			—			—			—			(795)		(795)
Cash dividends, $1.02 per share			—			—			(12,087)			—			—		(12,087)
Balance, June 30, 2025		$	2,020		$	146,391		$	712,271		$	(118,234)		$	(154,780)	$	587,668

Balance, January 1, 2026		$	2,021		$	147,442		$	741,793		$	(86,681)		$	(153,706)	$	650,869
Net income			—			—			42,547			—			—		42,547
Other comprehensive income			—			—			—			(4,384)			—		(4,384)
Omnibus Equity Incentive Plan			1			402			—			—			—		403
Treasury shares purchased (5,510 shares)			—			—			—			—			(332)		(332)
Cash dividends, $1.12 per share			—			—			(13,318)			—			—		(13,318)
Balance, June 30, 2026		$	2,022		$	147,844		$	771,022		$	(91,065)		$	(154,038)	$	675,785

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)


		Six Months Ended
		June 30,
		2026			2025

		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income		$	42,547		$	36,992
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investments			1,553			2,034
Provision for credit losses			3,850			3,900
Securities (gains)/losses			109			3
Depreciation and amortization			6,043			6,466
Bargain purchase gain			(33)			—
Restricted stock compensation			403			466
Gain on sale of mortgage loans			(787)			(655)
(Gain)/loss on sale of other real estate			34			1
Other, net			(13,032)			(15,430)
NET CASH FROM OPERATING ACTIVITIES			40,687			33,777
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale			47,691			—
Calls, maturities and principal reductions on securities available-for-sale			66,180			62,367
Purchases of securities available-for-sale			(86,627)			(19,862)
Loans made to customers, net of repayment			(125,987)			(58,925)
Net change in federal funds sold			475			(33)
Redemption of restricted stock			1,225			55
Purchase of restricted stock			(4,949)			(28)
Cash received (disbursed) from acquisitions, net			(12,213)			—
Proceeds from sales of other real estate owned			54			15
Additions to premises and equipment			(1,987)			(1,699)
NET CASH FROM INVESTING ACTIVITIES			(116,138)			(18,110)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits			(31,032)			(55,985)
Net change in short-term borrowings			12,137			(37,545)
Dividends paid			(13,310)			(12,076)
Purchase of treasury shares			(332)			(795)
Proceeds from other borrowings			2,858,894			775,000
Maturities of other borrowings			(2,784,642)			(680,527)
NET CASH FROM FINANCING ACTIVITIES			41,715			(11,928)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(33,736)			3,739
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD			130,369			93,526
CASH AND DUE FROM BANKS, END OF PERIOD		$	96,633		$	97,265

See accompanying notes.

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FIRST FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The accompanying June 30, 2026 and 2025 consolidated financial statements are unaudited. The December 31, 2025 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2025 annual report. The information presented does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The following notes should be read together with notes to the consolidated financial statements included in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2025.

1. Significant Accounting Policies

The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature.

The Corporation operates as a single segment entity for financial reporting purposes and adopted ASU 2023-07, Segment Reporting, for the six months ended June 30, 2026. The Company has determined that its current operating model is structured whereby banking locations and divisions serve a similar base of commercial and retail customers for which the Corporation provides similar products and services managed through similar processes and technology platforms. The Chief Financial Officer (“CFO”) serves as the Corporation’s chief operating decision maker (“CODM”). The CODM allocates resources and assesses performance of the Corporation based on the consolidated performance, excluding all significant intercompany balances and transactions of the Corporation and its wholly owned subsidiary, the banking segment, and does not significantly utilize disaggregated segment financial information for decision making and resource allocation. The CODM assesses performance for the banking segment and decides how to allocate resources based on net income as reported on the consolidated statement of income as consolidated net income. Accordingly, all of the Corporation’s operations are considered by management to be aggregated in one reportable operating segment, the banking segment. All categories of interest expense and non-interest expense as disclosed on the Corporation’s consolidated statements of income are considered significant to the banking segment.

The Corporation has reviewed the requirements of ASU 2023-07 and has determined that no additional segment disclosures are required, specifically as a result of the following:

•the Corporation does not use the tracked performance on the disaggregated segment level for decision-making or resource allocation purposes,

•no significant segment-specific expenses or performance metrics are used internally for decision-making or resource allocation purposes, and

•the level of financial consolidation presented in these financial statements aligns with the CODM’s internal reporting and decision-making process.

Based on this assessment the Corporation financial statement disclosures fully comply with ASC 2023-07, and no additional qualitative segment disclosures are necessary.

The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34%, respectively. For the six months ended June 30, 2026 and 2025, 16,647 and 25,134 shares were awarded, respectively. These shares had a grant date value of $1.1 million and $1.2 million for 2026 and 2025, vest over three years, and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded.

On March 1, 2026, the Corporation completed its acquisition of CedarStone Financial, Inc. Therefore, the results of CedarStone have been included in the results of operations beginning on March 1, 2026. On July 1, 2024, the Corporation completed its acquisition of SimplyBank. Therefore, the results of SimplyBank have been included in the results of operations beginning on July 1, 2024. See footnote 12, Acquisitions, for more information.

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On July 4, 2025, President Trump signed into law the legislation formally titled, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14,” and commonly referred to as the One Big Beautiful Bill (“the Act”). The Corporation evaluated and applied the income tax implications of the Act. The Corporation’s financial statements were not materially impacted by the Act.

2. New accounting standards

Accounting Pronouncements Adopted:

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU amends ASC 326-20 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, "Revenue From Contracts with Customers". This ASU is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2025. Early adoption is permitted for financial statements that have not yet been issued. The Corporation adopted ASU 2025-05 on January 1, 2026. The Corporation assessed ASU 2025-05, elected the practical expedient, and applied the standard to the consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-08 Financial Instruments—Credit Losses (Topic 326) — Purchased Loans. The amendments in this Update expand the population of acquired financial assets subject to the gross-up approach in Topic 326. In accordance with the amendments in this Update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition. All non-PCD (purchased financial asset with credit deterioration) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments in this Update should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The Corporation early adopted ASU 2025-08 on January 1, 2026. The Corporation applied the standard to the acquisition of CedarStone Financial Inc., which supported the impact to the allowance for credit loss, but limited the impact to the provision for balances on March 1, 2026.

Recent Accounting Pronouncements:

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This update is intended to provide investors more detailed disclosures around specific types of expenses. This ASU requires certain details for expenses presented on the face of the consolidated statements of income as well as selling expenses to be presented in the notes to the financial statements. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Corporation is assessing ASU 2024-03 and its effect on its consolidated financial statements and related disclosures.

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3. Allowance for Credit Losses

The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended June 30.


Allowance for Credit Losses:				June 30, 2026
(Dollar amounts in thousands)		Commercial		Residential		Consumer		Unallocated		Total
Beginning balance		$	19,750	$	19,538	$	12,921	$	129	$	52,338
Provision for credit losses			(277)		(284)		1,428		433		1,300
Loans charged-off			(1,720)		(116)		(2,248)		—		(4,084)
Recoveries			166		123		1,095		—		1,384
Ending Balance		$	17,919	$	19,261	$	13,196	$	562	$	50,938


Allowance for Credit Losses:					June 30, 2025
(Dollar amounts in thousands)		Commercial			Residential		Consumer		Unallocated			Total
Beginning balance		$	17,525		$	16,965	$	12,336	$	9		$	46,835
Provision for credit losses			(1,020)			820		1,834		316			1,950
Loans charged-off			(209)			(9)		(2,710)		—			(2,928)
Recoveries			112			19		1,099		—			1,230
Ending Balance		$	16,408		$	17,795	$	12,559	$	325		$	47,087

The following table presents the activity of the allowance for credit losses by portfolio segment for the six months ended June 30.


Allowance for Credit Losses:				June 30, 2026
(Dollar amounts in thousands)		Commercial		Residential		Consumer		Unallocated		Total
Beginning balance		$	18,805	$	16,620	$	12,348	$	222	$	47,995
Initial allowance on acquired loans			502		2,722		96		—		3,320
Provision for credit losses			200		(110)		3,420		340		3,850
Loans charged-off			(1,894)		(181)		(4,954)		—		(7,029)
Recoveries			306		210		2,286		—		2,802
Ending Balance		$	17,919	$	19,261	$	13,196	$	562	$	50,938


Allowance for Credit Losses:					June 30, 2025
(Dollar amounts in thousands)		Commercial			Residential		Consumer		Unallocated			Total
Beginning balance		$	16,963		$	17,470	$	12,046	$	253		$	46,732
Provision for credit losses			(245)			280		3,793		72			3,900
Loans charged-off			(699)			(117)		(5,353)		—			(6,169)
Recoveries			389			162		2,073		—			2,624
Ending Balance		$	16,408		$	17,795	$	12,559	$	325		$	47,087

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The tables below present the recorded investment in non-performing loans by class of loans.


		June 30, 2026
		Loans Past				Nonaccrual
		Due Over				With No
		90 Days				Allowance
		and Greater
(Dollar amounts in thousands)		Still Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial		$	868	$	1,759	$	597
Farmland			—		191		—
Non Farm, Non Residential			432		14,645		14,202
Agriculture			—		886		279
All Other Commercial			—		187		143
Residential
First Liens			1,063		2,956		943
Home Equity			424		206		—
Junior Liens			310		311		—
Multifamily			1		59		—
All Other Residential			—		494		493
Consumer
Motor Vehicle			29		2,202		—
All Other Consumer			—		139		—
TOTAL		$	3,127	$	24,035	$	16,657


		December 31, 2025
		Loans Past				Nonaccrual
		Due Over				With No
		90 Days				Allowance
		and Greater
(Dollar amounts in thousands)		Still Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial		$	51	$	6,058	$	394
Farmland			—		—		—
Non Farm, Non Residential			—		15,365		13,126
Agriculture			—		1,218		—
All Other Commercial			—		195		143
Residential
First Liens			606		918		82
Home Equity			178		442		—
Junior Liens			232		81		—
Multifamily			47		517		205
All Other Residential			—		39		20
Consumer
Motor Vehicle			—		2,449		—
All Other Consumer			—		213		—
TOTAL		$	1,114	$	27,495	$	13,970

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The following tables present the amortized cost basis of collateral dependent loans by class of loans:


		June 30, 2026
		Collateral Type
(Dollar amounts in thousands)		Real Estate		Other
Commercial
Commercial & Industrial		$	—	$	5,254
Farmland			—		—
Non Farm, Non Residential			16,937		—
Agriculture			—		710
All Other Commercial			143		—
Residential
First Liens			3,703		—
Home Equity			—		—
Junior Liens			612		—
Multifamily			—		—
All Other Residential			493		—
Consumer
Motor Vehicle			—		—
All Other Consumer			—		—
Total		$	21,888	$	5,964


	December 31, 2025
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	3,644	$	5,666
Farmland		48		—
Non Farm, Non Residential		17,572		—
Agriculture		—		829
All Other Commercial		143		—
Residential
First Liens		82		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		205		—
All Other Residential		20		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	21,714	$	6,495

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The following tables present the aging of the recorded investment in loans by past due category and class of loans.


		June 30, 2026
						90 Days
		30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial		$	688	$	540	$	1,263	$	2,491	$	640,951	$	643,442
Farmland			431		—		—		431		124,906		125,337
Non Farm, Non Residential			966		397		840		2,203		1,128,973		1,131,176
Agriculture			30		67		441		538		121,816		122,354
All Other Commercial			587		25		150		762		414,338		415,100
Residential
First Liens			675		601		3,356		4,632		560,209		564,841
Home Equity			373		53		591		1,017		135,915		136,932
Junior Liens			426		503		584		1,513		81,874		83,387
Multifamily			86		—		18		104		500,947		501,051
All Other Residential			—		754		493		1,247		33,646		34,893
Consumer
Motor Vehicle			5,067		942		534		6,543		689,068		695,611
All Other Consumer			379		67		35		481		28,563		29,044
TOTAL		$	9,708	$	3,949	$	8,305	$	21,962	$	4,461,206	$	4,483,168


		December 31, 2025
						90 Days
		30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial		$	883	$	3,937	$	1,640	$	6,460	$	642,454	$	648,914
Farmland			320		—		—		320		128,663		128,983
Non Farm, Non Residential			1,060		1,772		85		2,917		910,280		913,197
Agriculture			63		71		343		477		141,341		141,818
All Other Commercial			17		—		175		192		556,861		557,053
Residential
First Liens			3,852		1,151		779		5,782		444,131		449,913
Home Equity			618		234		566		1,418		105,700		107,118
Junior Liens			403		126		266		795		71,989		72,784
Multifamily			187		265		68		520		331,317		331,837
All Other Residential			26		—		24		50		28,936		28,986
Consumer
Motor Vehicle			7,186		1,457		629		9,272		653,385		662,657
All Other Consumer			392		103		68		563		28,056		28,619
TOTAL		$	15,007	$	9,116	$	4,643	$	28,766	$	4,043,113	$	4,071,879

Table of Contents

Loan Modifications Made to Borrowers Experiencing Financial Difficulty:

Modification of the terms of such loans typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan.

The following table presents the amortized cost of loans and leases at June 30, 2026 that were both experiencing financial difficulty and modified during the twelve months ended June 30, 2026, by class and by type of modification. The percentage of the amortized cost of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost of each class of financial receivable is also presented below.



											Combination		Combination
											Term		Term		Total
											Extension and		Extension		Class of
		Principal		Payment		Term		Interest Rate			Principal		Interest Rate		Financing
(Dollar amounts in thousands)		Forgiveness		Delay		Extension		Reduction		Forgiveness		Reduction		Receivable
Residential
First Liens		$	—	$	—	$	259	$	—	$	—	$	50		0.05	%
Junior Liens			—		—		14		—		—		51		0.08	%
All Other Residential			—		—		—		—		—		74		0.21	%
Consumer
Motor Vehicle			23		—		44		—		152		32		0.04	%
TOTAL		$	23	$	—	$	317	$	—	$	152	$	207		0.02	%

The Corporation has no commitments to lend additional amounts to the borrowers included in the table above.

The Corporation closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months:


		June 30, 2026

		30 - 59		60 - 89		Greater Than
		Days		Days		89 Days		Total
(Dollar amounts in thousands)		Past Due		Past Due		Past Due		Past Due

Residential
First Liens		$	50	$	—	$	—	$	50
TOTAL		$	50	$	—	$	—	$	50

The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended June 30, 2026.


				Weighted-			Weighted-
				Average			Average
		Principal		Interest Rate			Term
(Dollar amounts in thousands)		Forgiveness		Reduction			Extension
								(months)
Residential
First Liens		$	—		2.12	%		71
Junior Liens			—		1.25	%		99
All Other Residential			—		0.63	%		180
Consumer
Motor Vehicle			81		1.06	%		24
TOTAL		$	81		1.25	%		72

Table of Contents

The following table presents the amortized cost basis of loans that had a payment default during the twelve months ended June 30, 2026 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms.



		Principal		Payment		Term		Interest Rate
(Dollar amounts in thousands)		Forgiveness		Delay		Extension		Reduction

Residential
First Liens		$	—	$	—	$	50	$	50
TOTAL		$	—	$	—	$	50	$	50

Upon the Corporation’s determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Credit Quality Indicators:

The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial loans, with an outstanding balance greater than $250 thousand. Any consumer loans outstanding to a borrower who had commercial loans analyzed will be similarly risk rated. This analysis is performed on a quarterly basis. The Corporation uses the following definitions for risk ratings:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and debt service capacity of the borrower or of any pledged collateral. These loans have a well-defined weakness or weaknesses which have clearly jeopardized repayment of principal and interest as originally intended. They are characterized by the distinct possibility that the institution will sustain some future loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those graded substandard, with the added characteristic that the severity of the weaknesses makes collection or liquidation in full highly questionable or improbable based upon currently existing facts, conditions, and values.

Furthermore, non-homogeneous loans which were not individually analyzed, but are 90+ days past due or on non-accrual are classified as substandard. Loans included in homogeneous pools, such as residential or consumer may be classified as substandard due to 90+ days delinquency, non-accrual status, bankruptcy, or loan restructuring.

Table of Contents

The following tables present the commercial loan portfolio by risk category. These balances do not include accrued interest:


		June 30, 2026
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2026		2025		2024		2023		2022		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	66,945	$	63,406	$	64,023	$	25,051	$	85,299	$	151,192	$	153,520	$	609,436
	Special Mention		4,839		561		1,513		2,292		400		4,468		5,451	$	19,524
	Substandard		407		62		8		62		511		4,184		3,809	$	9,043
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		466		1,245		877		381		162		106		—	$	3,237
	Subtotal	$	72,657	$	65,274	$	66,421	$	27,786	$	86,372	$	159,950	$	162,780	$	641,240

	Current period gross charge-offs	$	-	$	100	$	46	$	-	$	10	$	1	$	-	$	157

Farmland	Pass	$	6,951	$	13,783	$	8,291	$	17,201	$	13,020	$	54,918	$	435	$	114,599
	Special Mention		880		749		1,357		478		81		2,378		—	$	5,923
	Substandard		—		895		—		—		—		1,487		—	$	2,382
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		5		—	$	5
	Subtotal	$	7,831	$	15,427	$	9,648	$	17,679	$	13,101	$	58,788	$	435	$	122,909

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Non Farm, Non Residential	Pass	$	49,339	$	178,219	$	193,631	$	124,011	$	172,063	$	359,457	$	21,069	$	1,097,789
	Special Mention		—		—		8,300		—		8		2,079		—	$	10,387
	Substandard		—		—		—		—		142		18,734		—	$	18,876
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		676		—	$	676
	Subtotal	$	49,339	$	178,219	$	201,931	$	124,011	$	172,213	$	380,946	$	21,069	$	1,127,728

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	772	$	-	$	772

Agriculture	Pass	$	4,306	$	7,231	$	8,750	$	4,669	$	3,468	$	17,795	$	57,431	$	103,650
	Special Mention		100		1,328		241		825		2,713		2,575		6,707	$	14,489
	Substandard		225		40		18		80		—		718		930	$	2,011
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		1		—		—		—		—	$	1
	Subtotal	$	4,631	$	8,599	$	9,010	$	5,574	$	6,181	$	21,088	$	65,068	$	120,151

	Current period gross charge-offs	$	-	$	-	$	256	$	73	$	55	$	225	$	-	$	609

Other Commercial	Pass	$	49,446	$	135,096	$	48,500	$	13,844	$	66,965	$	85,164	$	11,984	$	410,999
	Special Mention		—		300		560		—		—		—		—	$	860
	Substandard		—		—		—		—		—		206		—	$	206
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		13		—		—		—		51		168		—	$	232
	Subtotal	$	49,459	$	135,396	$	49,060	$	13,844	$	67,016	$	85,538	$	11,984	$	412,297

	Current period gross charge-offs	$	356	$	-	$	-	$	-	$	-	$	-	$	-	$	356

Residential
Multifamily >5 Residential	Pass	$	6,939	$	73,198	$	137,331	$	79,567	$	68,175	$	109,780	$	4,353	$	479,343
	Special Mention		6,121		—		—		—		11,838		211		—	$	18,170
	Substandard		—		—		—		—		—		17		—	$	17
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		1,335		—	$	1,335
	Subtotal	$	13,060	$	73,198	$	137,331	$	79,567	$	80,013	$	111,343	$	4,353	$	498,865

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Total	Pass	$	183,926	$	470,933	$	460,526	$	264,343	$	408,990	$	778,306	$	248,792	$	2,815,816
	Special Mention		11,940		2,938		11,971		3,595		15,040		11,711		12,158	$	69,353
	Substandard		632		997		26		142		653		25,346		4,739	$	32,535
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		479		1,245		878		381		213		2,290		—	$	5,486
		$	196,977	$	476,113	$	473,401	$	268,461	$	424,896	$	817,653	$	265,689	$	2,923,190

Table of Contents


		December 31, 2025
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2025		2024		2023		2022		2021		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	109,471	$	69,074	$	31,396	$	89,638	$	70,630	$	99,985	$	140,465	$	610,659
	Special Mention		—		6,292		302		1,145		5,347		3,769		2,603	$	19,458
	Substandard		—		11		32		504		1,511		6,737		4,203	$	12,998
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		1,595		1,061		514		289		115		53		—	$	3,627
	Subtotal	$	111,066	$	76,438	$	32,244	$	91,576	$	77,603	$	110,544	$	147,271	$	646,742

	Current period gross charge-offs	$	81	$	52	$	-	$	86	$	56	$	219	$	-	$	494

Farmland	Pass	$	15,852	$	9,054	$	17,769	$	14,137	$	15,774	$	49,862	$	365	$	122,813
	Special Mention		—		1,145		701		—		—		87		—	$	1,933
	Substandard		—		—		478		—		—		626		—	$	1,104
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		6		—	$	6
	Subtotal	$	15,852	$	10,199	$	18,948	$	14,137	$	15,774	$	50,581	$	365	$	125,856

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Non Farm, Non Residential	Pass	$	156,729	$	157,955	$	90,074	$	153,861	$	138,925	$	170,080	$	9,680	$	877,304
	Special Mention		—		8,350		—		946		—		2,034		—	$	11,330
	Substandard		—		—		—		1,924		15,699		3,382		—	$	21,005
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		697		—	$	697
	Subtotal	$	156,729	$	166,305	$	90,074	$	156,731	$	154,624	$	176,193	$	9,680	$	910,336

	Current period gross charge-offs	$	-	$	-	$	-	$	33	$	-	$	11	$	-	$	44

Agriculture	Pass	$	13,315	$	10,053	$	6,034	$	6,428	$	3,040	$	27,137	$	56,978	$	122,985
	Special Mention		385		84		—		914		141		999		4,298	$	6,821
	Substandard		29		287		207		142		17		4,422		3,865	$	8,969
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		1		—		1		21		—		—	$	23
	Subtotal	$	13,729	$	10,425	$	6,241	$	7,485	$	3,219	$	32,558	$	65,141	$	138,798

	Current period gross charge-offs	$	-	$	4	$	-	$	-	$	-	$	83	$	-	$	87

Other Commercial	Pass	$	95,156	$	87,870	$	62,856	$	90,093	$	70,734	$	136,922	$	7,986	$	551,617
	Special Mention		300		560		—		—		—		—		—	$	860
	Substandard		—		—		—		—		541		213		—	$	754
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		15		—		366		—	$	381
	Subtotal	$	95,456	$	88,430	$	62,856	$	90,108	$	71,275	$	137,501	$	7,986	$	553,612

	Current period gross charge-offs	$	728	$	-	$	-	$	-	$	-	$	-	$	-	$	728

Residential
Multifamily >5 Residential	Pass	$	30,157	$	96,593	$	55,938	$	54,759	$	34,709	$	37,417	$	544	$	310,117
	Special Mention		—		—		—		12,075		—		6,319		—	$	18,394
	Substandard		—		—		—		205		—		280		—	$	485
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		420		953		—	$	1,373
	Subtotal	$	30,157	$	96,593	$	55,938	$	67,039	$	35,129	$	44,969	$	544	$	330,369

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Total	Pass	$	420,680	$	430,599	$	264,067	$	408,916	$	333,812	$	521,403	$	216,018	$	2,595,495
	Special Mention		685		16,431		1,003		15,080		5,488		13,208		6,901	$	58,796
	Substandard		29		298		717		2,775		17,768		15,660		8,068	$	45,315
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		1,595		1,062		514		305		556		2,075		—	$	6,107
		$	422,989	$	448,390	$	266,301	$	427,076	$	357,624	$	552,346	$	230,987	$	2,705,713

Table of Contents

The Corporation evaluates the credit quality of its other loan portfolios, which includes residential real estate, consumer and lease financing loans, based primarily on the aging status of the loan and payment activity. Accordingly, loans on non-accrual status and loans past due 90 days or more and still accruing interest are considered to be nonperforming for purposes of credit quality evaluation. The following table presents the other loan portfolio based on the credit risk profile of loans that are performing and loans that are nonperforming. These balances do not include accrued interest:


		June 30, 2026
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2026		2025		2024		2023		2022		Prior		Loans		Total
Residential
First Liens	Performing	$	37,513	$	71,379	$	78,667	$	50,999	$	77,353	$	234,219	$	8,726	$	558,856
	Non-performing		—		80		2,222		262		73		1,389		—	$	4,026
	Subtotal	$	37,513	$	71,459	$	80,889	$	51,261	$	77,426	$	235,608	$	8,726	$	562,882

	Current period gross charge-offs	$	-	$	9	$	-	$	-	$	10	$	74	$	-	$	93

Home Equity	Performing	$	388	$	622	$	537	$	467	$	562	$	3,212	$	130,076	$	135,864
	Non-performing		—		—		28		307		28		130		127	$	620
	Subtotal	$	388	$	622	$	565	$	774	$	590	$	3,342	$	130,203	$	136,484

	Current period gross charge-offs	$	-	$	-	$	21	$	-	$	-	$	4	$	-	$	25

Junior Liens	Performing	$	11,762	$	22,610	$	12,803	$	9,048	$	8,834	$	11,970	$	5,473	$	82,500
	Non-performing		—		16		284		154		75		87		—	$	616
	Subtotal	$	11,762	$	22,626	$	13,087	$	9,202	$	8,909	$	12,057	$	5,473	$	83,116

	Current period gross charge-offs	$	-	$	19	$	-	$	-	$	-	$	6	$	-	$	25

Other Residential	Performing	$	6,093	$	12,115	$	4,298	$	5,151	$	3,408	$	3,202	$	—	$	34,267
	Non-performing		—		—		493		—		—		1		—	$	494
	Subtotal	$	6,093	$	12,115	$	4,791	$	5,151	$	3,408	$	3,203	$	—	$	34,761

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	38	$	-	$	38

Consumer
Motor Vehicle	Performing	$	170,868	$	237,587	$	135,155	$	85,837	$	51,613	$	9,277	$	109	$	690,446
	Non-performing		43		410		579		383		623		174		—	$	2,212
	Subtotal	$	170,911	$	237,997	$	135,734	$	86,220	$	52,236	$	9,451	$	109	$	692,658

	Current period gross charge-offs	$	71	$	1,308	$	960	$	1,039	$	1,060	$	164	$	-	$	4,602

Other Consumer	Performing	$	2,874	$	3,812	$	3,448	$	1,783	$	1,329	$	1,542	$	13,945	$	28,733
	Non-performing		—		15		40		67		2		13		23	$	160
	Subtotal	$	2,874	$	3,827	$	3,488	$	1,850	$	1,331	$	1,555	$	13,968	$	28,893

	Current period gross charge-offs	$	-	$	35	$	75	$	19	$	14	$	70	$	139	$	352

Total	Performing	$	229,498	$	348,125	$	234,908	$	153,285	$	143,099	$	263,422	$	158,329	$	1,530,666
	Non-performing		43		521		3,646		1,173		801		1,794		150	$	8,128
Total other loans		$	229,541	$	348,646	$	238,554	$	154,458	$	143,900	$	265,216	$	158,479	$	1,538,794

Table of Contents


		December 31, 2025
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2025		2024		2023		2022		2021		Prior		Loans		Total
Residential
First Liens	Performing	$	64,142	$	61,775	$	39,526	$	74,359	$	60,920	$	144,310	$	1,786	$	446,818
	Non-performing		—		70		—		—		45		1,456		—	$	1,571
	Subtotal	$	64,142	$	61,845	$	39,526	$	74,359	$	60,965	$	145,766	$	1,786	$	448,389

	Current period gross charge-offs	$	-	$	33	$	31	$	-	$	-	$	11	$	-	$	75

Home Equity	Performing	$	338	$	938	$	793	$	650	$	259	$	1,284	$	101,907	$	106,169
	Non-performing		—		—		—		33		17		175		393	$	618
	Subtotal	$	338	$	938	$	793	$	683	$	276	$	1,459	$	102,300	$	106,787

	Current period gross charge-offs	$	-	$	-	$	-	$	22	$	-	$	19	$	10	$	51

Junior Liens	Performing	$	23,832	$	13,403	$	9,409	$	9,145	$	4,674	$	9,676	$	2,107	$	72,246
	Non-performing		—		14		152		25		17		99		—	$	307
	Subtotal	$	23,832	$	13,417	$	9,561	$	9,170	$	4,691	$	9,775	$	2,107	$	72,553

	Current period gross charge-offs	$	-	$	30	$	-	$	-	$	-	$	85	$	-	$	115

Other Residential	Performing	$	7,829	$	6,807	$	3,843	$	4,991	$	3,573	$	1,757	$	—	$	28,800
	Non-performing		—		—		—		—		49		8		—	$	57
	Subtotal	$	7,829	$	6,807	$	3,843	$	4,991	$	3,622	$	1,765	$	—	$	28,857

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Consumer
Motor Vehicle	Performing	$	279,286	$	168,244	$	113,956	$	76,182	$	14,119	$	5,441	$	9	$	657,237
	Non-performing		222		519		500		866		194		128		—	$	2,429
	Subtotal	$	279,508	$	168,763	$	114,456	$	77,048	$	14,313	$	5,569	$	9	$	659,666

	Current period gross charge-offs	$	759	$	2,380	$	2,279	$	4,075	$	713	$	249	$	-	$	10,455

Other Consumer	Performing	$	4,776	$	5,276	$	2,726	$	1,503	$	1,137	$	942	$	11,842	$	28,202
	Non-performing		2		67		67		19		35		12		65	$	267
	Subtotal	$	4,778	$	5,343	$	2,793	$	1,522	$	1,172	$	954	$	11,907	$	28,469

	Current period gross charge-offs	$	13	$	246	$	180	$	53	$	44	$	24	$	201	$	761

Total	Performing	$	380,203	$	256,443	$	170,253	$	166,830	$	84,682	$	163,410	$	117,651	$	1,339,472
	Non-performing		224		670		719		943		357		1,878		458	$	5,249
Total other loans		$	380,427	$	257,113	$	170,972	$	167,773	$	85,039	$	165,288	$	118,109	$	1,344,721

The Corporation has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:




(Dollar amounts in thousands)	2026		2025

Purchase price of loans at acquisition	$	2,795	$	—
Allowance for credit losses at acquisition		695		—
Non-credit discount at acquisition		226		—
		—		—
Par value of loans at acquisition	$	3,716	$	—

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4. Securities

The amortized cost and fair value of the Corporation’s investments are shown below. All securities are classified as available-for-sale.


		June 30, 2026
		Amortized			Unrealized			Unrealized
(Dollar amounts in thousands)		Cost			Gains			Losses			Fair Value
U.S. Government agencies		$	99,213		$	42		$	(8,004)		$	91,251
Mortgage Backed Securities - residential			570,584			203			(61,392)			509,395
Mortgage Backed Securities - commercial			12,607			—			(529)			12,078
Collateralized mortgage obligations			176,150			32			(23,657)			152,525
State and municipal obligations			403,478			1,716			(23,206)			381,988
Municipal taxable			20,068			38			(2,040)			18,066
Collateralized debt obligations			248			2,651			—			2,899
TOTAL		$	1,282,348		$	4,682		$	(118,828)		$	1,168,202


		December 31, 2025
		Amortized			Unrealized			Unrealized
(Dollar amounts in thousands)		Cost			Gains			Losses			Fair Value
U.S. Government agencies		$	91,945		$	114		$	(7,749)		$	84,310
Mortgage Backed Securities-residential			573,002			873			(58,456)			515,419
Mortgage Backed Securities-commercial			12,712			2			(328)			12,386
Collateralized mortgage obligations			179,638			82			(21,622)			158,098
State and municipal obligations			379,894			1,280			(23,456)			357,718
Municipal taxable			20,554			84			(1,893)			18,745
Collateralized debt obligations			—			2,850			—			2,850
TOTAL		$	1,257,745		$	5,285		$	(113,504)		$	1,149,526

Contractual maturities of debt securities at June 30, 2026 were as follows.


		Available-for-Sale
		Amortized			Fair
(Dollar amounts in thousands)		Cost			Value
Due in one year or less		$	6,313		$	6,288
Due after one but within five years			32,338			31,817
Due after five but within ten years			128,429			125,430
Due after ten years			355,927			330,669
			523,007			494,204
Mortgage-backed securities and collateralized mortgage obligations			759,341			673,998
TOTAL		$	1,282,348		$	1,168,202

There were $1 thousand gross gains and $110 thousand in gross losses for both periods from investment sales/calls realized by the Corporation for the three and six months ended June 30, 2026. Additionally, there were no gross gains and $3 thousand in gross losses for both periods from investment sales/calls realized by the Corporation for the three and six months ended June 30, 2025.

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The following tables show the securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in continuous unrealized loss position, at June 30, 2026 and December 31, 2025.


		June 30, 2026
		Less Than 12 Months						More Than 12 Months						Total
					Unrealized						Unrealized						Unrealized
(Dollar amounts in thousands)		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
U.S. Government agencies		$	29,897		$	(455)		$	54,258		$	(7,549)		$	84,155		$	(8,004)
Mortgage Backed Securities - Residential			86,927			(1,268)			400,334			(60,124)			487,261			(61,392)
Mortgage Backed Securities - Commercial			1,046			—			10,828			(529)			11,874			(529)
Collateralized mortgage obligations			29,493			(598)			119,729			(23,059)			149,222			(23,657)
State and municipal obligations			60,265			(419)			159,926			(22,787)			220,191			(23,206)
Municipal taxable			888			(7)			13,732			(2,033)			14,620			(2,040)
Collateralized debt obligations			248			—			—			—			248			—
Total temporarily impaired securities		$	208,764		$	(2,747)		$	758,807		$	(116,081)		$	967,571		$	(118,828)


		December 31, 2025
		Less Than 12 Months						More Than 12 Months						Total
					Unrealized						Unrealized						Unrealized
(Dollar amounts in thousands)		Fair Value			Losses			Fair Value			Losses			Fair Value			Losses
U.S. Government agencies		$	7,137		$	(31)		$	59,562		$	(7,718)		$	66,699		$	(7,749)
Mortgage Backed Securities - Residential			11,961			(29)			427,877			(58,427)			439,838			(58,456)
Mortgage Backed Securities - Commercial			—			—			11,114			(328)			11,114			(328)
Collateralized mortgage obligations			4,381			(43)			135,393			(21,579)			139,774			(21,622)
State and municipal obligations			23,889			(86)			204,976			(23,370)			228,865			(23,456)
Municipal taxable			—			—			13,876			(1,893)			13,876			(1,893)
Total temporarily impaired securities		$	47,368		$	(189)		$	852,798		$	(113,315)		$	900,166		$	(113,504)

Management evaluates securities for impairment related to credit losses at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for impairment related to credit losses by segregating the portfolio into two general segments.

In evaluating for impairment, management considers the reason for the decline, the extent of the decline, the duration of the decline and whether the Corporation intends to sell a security or is more likely than not to be required to sell a security before recovery of its amortized cost. If an entity intends to sell or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the security’s amortized cost is written down to fair value through income. If an entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes.

Gross unrealized losses on investment securities were $118.83 million as of June 30, 2026 and $113.50 million as of December 31, 2025. Management believes these losses represent negative adjustments to market value relative to the interest rate environment reflecting the increase in market rates and not losses related to the creditworthiness of the issuer. The portfolio contains primarily government agency, agency backed mortgage backed securities (“MBS”), and collateralized mortgage obligations (“CMO”), which are issued by government sponsored enterprises and are backed by the full faith and credit of the United States government. Secondarily, the Corporation invests in municipal securities issued by state and local governments. Of these, almost half are either insured or contain state enhancements. On the remaining, credit is monitored by the investment committee. Based upon our review of the issuers, we do not believe these investments to be other than temporarily impaired. Management does not intend to sell these securities and it is not more likely than not that we will be required to sell them before their anticipated recovery.

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The table below presents a rollforward of the credit losses recognized in earnings for the three and six month period ended June 30, 2026 and 2025:


		Three Months Ended June 30,					Six Months Ended June 30,
(Dollar amounts in thousands)		2026			2025		2026			2025
Beginning balance		$	2,675		$	2,974	$	2,974		$	2,974
Recoveries of amounts previously written off			—			—		(299)			—
Ending balance		$	2,675		$	2,974	$	2,675		$	2,974

5. Qualified Affordable Housing Project Investments

The Corporation invests in qualified affordable housing projects. The balance of investment for qualified housing projects was $36.3 million at June 30, 2026 and $37.9 million at December 31, 2025. These balances are reflected in the other assets line on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects totaled $17.4 million at June 30, 2026 and $19.9 million at December 31, 2025. These balances are reflected in the other liabilities line on the consolidated balance sheets. The Corporation expects to fulfill these commitments by the end of December 31, 2037.

The Corporation recognized amortization expense of $1 thousand during the six months ended June 30, 2026, and $31 thousand during the six months ended June 30, 2025, which was included within other noninterest expense on the consolidated statements of income. The Corporation recognized amortization expense of $1.5 million during the six months ended June 30, 2026, and $1.4 million during the six months ended June 30, 2025, which was included within income tax expense on the consolidated statements of income. Additionally, the Corporation recognized tax credits and other benefits from its investment in affordable housing tax credits of $2.2 million during the six months ended June 30, 2026, and $1.8 million during the six months ended June 30, 2025.

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6. Fair Value

FASB ASC No. 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

Level 1: Quoted prices (unadjusted) of identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The fair value of most securities available for sale is determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

For those securities that cannot be priced using quoted market prices or observable inputs a Level 3 valuation is determined. These securities are primarily trust preferred securities and collateralized debt obligations. The fair value of collateral debt obligations are derived by comparing the securities to current market rates plus an appropriate credit spread to determine an estimated value. Illiquidity spreads are then considered. Credit reviews are performed on each of the issuers. The significant unobservable inputs used in the fair value measurement of the Corporation’s collateral debt obligations are credit spreads related to specific issuers. Significantly higher credit spread assumptions would result in significantly lower fair value measurement. Conversely, significantly lower credit spreads would result in a significantly higher fair value measurements.

The fair value of derivatives is based on valuation models using observable market data as of the measurement date (Level 2 inputs).

Table of Contents


		June 30, 2026
		Fair Value Measurements Using:
			Quoted Prices in Active Markets for Idential Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	91,251		$	—		$	91,251
Mortgage Backed Securities-residential			—			509,395			—			509,395
Mortgage Backed Securities-commercial			—			12,078			—			12,078
Collateralized mortgage obligations			—			152,525			—			152,525
State and municipal			—			381,988			—			381,988
Municipal taxable			—			18,066			—			18,066
Collateralized debt obligations			—			248			2,651			2,899
TOTAL		$	—		$	1,165,551		$	2,651		$	1,168,202
Derivative Assets						2,220
Derivative Liabilities						(2,220)


		December 31, 2025
		Fair Value Measurements Using:
			Quoted Prices in Active Markets for Idential Assets			Significant Other Observable Inputs			Significant Unobservable Inputs
(Dollar amounts in thousands)		Level 1			Level 2			Level 3			Total
U.S. Government agencies		$	—		$	84,310		$	—		$	84,310
Mortgage Backed Securities-residential			—			515,419			—			515,419
Mortgage Backed Securities-commercial			—			12,386			—			12,386
Collateralized mortgage obligations			—			158,098			—			158,098
State and municipal			—			357,718			—			357,718
Municipal taxable			—			18,745			—			18,745
Collateralized debt obligations			—			—			2,850			2,850
TOTAL		$	—		$	1,146,676		$	2,850		$	1,149,526
Derivative Assets						2,709
Derivative Liabilities						(2,709)

There were no transfers between Level 1 and Level 2 during 2026 and 2025.

The tables below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2026 and the year ended December 31, 2025.


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Three Months Ended
		June 30, 2026
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, April 1		$	—		$	2,642		$	2,642
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			9			9
Transfers			—			—			—
Settlements			—			—			—

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Ending balance, June 30

—

2,651


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Six Months Ended
		June 30, 2026
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations			Total
Beginning balance, January 1		$	—		$	2,850		$	2,850
Total realized/unrealized gains or losses
Included in earnings			—			—			—
Included in other comprehensive income			—			(199)			(199)
Transfers			—			—			—
Settlements			—			—			—
Ending balance, June 30		$	—		$	2,651		$	2,651


		Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
		Year Ended
		December 31, 2025
		State and
		municipal			Collateralized
(Dollar amounts in thousands)		obligations			debt obligations		Total
Beginning balance, January 1		$	805		$	2,896	$	3,701
Total realized/unrealized gains or losses
Included in earnings			—			—		—
Included in other comprehensive income			—			(46)		(46)
Purchases			—			—		—
Settlements			(805)			—		(805)
Ending balance, December 31		$	—		$	2,850	$	2,850

Other real estate owned is valued at Level 3. Other real estate owned at June 30, 2026 with a value of $1.0 million was reduced by $41 thousand for fair value adjustment. At June 30, 2026 other real estate owned was comprised of $834 thousand from commercial loans and $205 thousand from residential loans. Other real estate owned at December 31, 2025 with a value of $94 thousand was reduced by $9 thousand for fair value adjustment. At December 31, 2025 other real estate owned was comprised of $94 thousand from residential loans.

Fair value is measured based on the value of the collateral securing those loans, and is determined using several methods. Generally the fair value of real estate is determined based on appraisals by qualified licensed appraisers. Appraisals for real estate generally use three methods to derive value: cost, sales or market comparison and income approach. The cost method bases value on the cost to replace current property. The market comparison evaluates the sales price of similar properties in the same market area. The income approach considers net operating income generated by the property and the investor’s required return. The final fair value is based on a reconciliation of these three approaches. If an appraisal is not available, the fair value may be determined by using a cash flow analysis, a broker’s opinion of value, the net present value of future cash flows, or an observable market price from an active market. Fair value of other real estate is based upon the current appraised values of the properties as determined by qualified licensed appraisers and the Company’s judgment of other relevant market conditions. Appraisals are obtained annually and reductions in value are recorded as a valuation through a charge to expense. The primary unobservable input used by management in estimating fair value are additional discounts to the appraised value to consider market conditions and the age of the appraisal, which are based on management’s past experience in resolving these types of properties. These discounts range from 0% to 100% with an average discount of 51%. Values for non-real estate collateral, such as business equipment, are based on appraisals performed by qualified licensed appraisers or the customers financial statements. Values for non real estate collateral use much higher discounts than real estate collateral. Other real estate and individually evaluated loans carried at fair value are primarily comprised of smaller balance properties.

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The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at June 30, 2026.


(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
Collateralized debt obligations		$	2,651		Discounted cash flow		Discount rate		5.67	%
Collateral dependent loans		$	4,510		Discounted cash flow		Discount rate for age of appraisal and market conditions		0.00%-100.00	%

The following table presents quantitative information about recurring and non-recurring Level 3 fair value measurements at December 31, 2025.


(Dollar amounts in thousands)		Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range
Collateralized debt obligations		$	2,850		Discounted cash flow		Discount rate		5.96	%
Collateral dependent loans			7,328		Discounted cash flow		Discount rate for age of appraisal and market conditions		10.00%-100.00	%

The carrying amounts and estimated fair value of financial instruments at June 30, 2026 and December 31, 2025, are shown below. Carrying amount is the estimated fair value for cash and due from banks, federal funds sold, short-term borrowings, accrued interest receivable and payable, demand deposits, short-term debt and variable-rate loans or deposits that reprice frequently and fully. Security fair values were described previously. For fixed-rate, collectively evaluated loans or deposits, variable rate loans or deposits with infrequent repricing or repricing limits, and for longer-term borrowings, fair value is based on discounted cash flows using current market rates applied to the estimated life and considering credit risk. The valuation of individually evaluated loans was described previously. Loan fair value estimates represent an exit price. Fair values of loans held for sale are based on market bids on the loans or similar loans. It was not practicable to determine the fair value of Federal Home Loan Bank stock due to restrictions placed on its transferability. Fair value of debt is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material.


		June 30, 2026
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	96,633		$	35,279		$	61,354		$	—		$	96,633
Federal funds sold			—			—			—			—			—
Securities available-for-sale			1,168,202			—			1,165,551			2,651			1,168,202
Restricted stock			23,475			n/a			n/a			n/a			n/a
Loans, net			4,416,959			—			—			4,351,454			4,351,454
Accrued interest receivable			28,320			—			7,288			21,032			28,320
Deposits			(4,833,399)			—			(4,829,802)			—			(4,829,802)
Short-term borrowings			(310,091)			—			(310,091)			—			(310,091)
Other borrowings			(291,461)			—			(291,462)			—			(291,462)
Accrued interest payable			(3,516)			—			(3,516)			—			(3,516)


		December 31, 2025
		Carrying			Fair Value
(Dollar amounts in thousands)		Value			Level 1			Level 2			Level 3			Total
Cash and due from banks		$	130,369		$	38,587		$	91,782		$	—		$	130,369
Federal funds sold			475			—			475			—			475
Securities available-for-sale			1,149,526			—			1,146,676			2,850			1,149,526
Restricted stock			18,536			n/a			n/a			n/a			n/a
Loans, net			4,007,308			—			—			3,949,043			3,949,043
Accrued interest receivable			27,762			—			6,482			21,280			27,762
Deposits			(4,551,111)			—			(4,554,207)			—			(4,554,207)
Short-term borrowings			(292,468)			—			(292,468)			—			(292,468)
Other borrowings			(188,208)			—			(188,208)			—			(188,208)
Accrued interest payable			(3,084)			—			(3,084)			—			(3,084)

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7. Borrowings

Short-term borrowings:

Period–end short-term borrowings were comprised of the following:


(Dollar amounts in thousands)	June 30, 2026			December 31, 2025
Federal Funds Purchased	$	281,600		$	257,825
Repurchase Agreements		28,491			34,643
	$	310,091		$	292,468

The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Collateral pledged to repurchase agreements by remaining maturity are as follows:

June 30, 2026

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

 

days

 

days

 

days

 

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

26,130

331

—

2,030

28,491

December 31, 2025

Repurchase Agreements

Remaining Contractual Maturity of the Agreements

Overnight

Greater

and

Up to 30

30 - 90

than 90

(Dollar amounts in thousands)

continuous

 

days

 

days

 

days

 

Total

Mortgage Backed Securities - Residential and Collateralized
Mortgage Obligations

27,514

351

3,978

2,800

34,643

Other borrowings:

Other borrowings at June 30, 2026 and December 31, 2025 are summarized as follows:


(Dollar amounts in thousands)	June 30, 2026		December 31, 2025
FHLB advances	$	284,412	$	175,708
Notes payable		7,049		12,500
TOTAL	$	291,461	$	188,208

The aggregate minimum annual retirements of other borrowings are as follows:

Twelve Months Ended June 30,


2027	$	287,943
2028		518
2029		3,000
2030		—
2031		—
Thereafter		—
	$	291,461

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At June 30, 2026 and December 31, 2025, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. There are $284.4 million of advances from the FHLB at June 30, 2026, and $175.7 million of advances at December 31, 2025. FHLB advances are, generally due in full at maturity. They are secured by eligible securities and a blanket pledge on real estate loan collateral. In addition the Corporation acquired a note payable to a commercial bank and debentures with the acquisition of CedarStone. The note was repaid in the second quarter, and the balance of the debentures at June 30, 2026 is $7.0 million.

8. Components of Net Periodic Benefit Cost


		Three Months Ended June 30,										Six Months Ended June 30,
							Post-Retirement										Post-Retirement
		Pension Benefits					Health Benefits					Pension Benefits					Health Benefits
(Dollar amounts in thousands)		2026			2025		2026			2025		2026			2025		2026			2025
Service cost		$	104		$	107	$	6		$	3	$	208		$	215	$	11		$	6
Interest cost			990			1,017		38			32		1,980			2,033		75			64
Expected return on plan assets			(1,216)			(1,093)		—			—		(2,432)			(2,187)		—			—
Net amortization of prior service cost			—			—		—			—		—			—		—			—
Net amortization of net (gain) loss			—			—		(30)			(39)		—			—		(60)			(78)
Net Periodic Benefit Cost		$	(122)		$	31	$	14		$	(4)	$	(244)		$	61	$	26		$	(8)

Employer Contributions

First Financial Corporation previously disclosed in its financial statements for the year ended December 31, 2025 that it expected to contribute $1.6 million and $556 thousand respectively to its Pension Plan and ESOP and $244 thousand to the Post Retirement Health Benefits Plan in 2026. Contributions of $690 thousand have been made to the Pension Plan thus far in 2026. Contributions of $110 thousand have been made through the first six months of 2026 for the Post Retirement Health Benefits plan. No contributions have been made in 2026 for the ESOP. The Pension plan was frozen for most employees at the end of 2012 and for those employees there will be discretionary contributions to the ESOP plan and a 401K plan in place of the former Pension benefit. In the first six months of 2026 and 2025 there has been $2.1 million and $1.6 million of expense recorded for potential contributions to these alternative retirement benefit options.

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9. Revenue from Contracts with Customers

All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within Non-Interest Income. The following table presents the Corporation’s sources of Non-Interest Income for the three and six months ended June 30, 2026 and 2025. Items outside the scope of ASC 606 are noted as such.


	Three Months Ended June 30,					Six Months Ended June 30,
(Dollar amounts in thousands)	2026			2025		2026			2025
Non-interest income
Service charges on deposits and debit card fee income	$	8,217		$	7,554	$	15,599		$	15,139
Trust and financial services		1,503			1,490		2,994			2,883
Interchange income		214			180		400			394
Net gains on sales of loans ^(a)		493			430		787			655
Loan servicing fees^(a)		333			326		659			492
Net gains/(losses) on sales of securities ^(a)		(109)			(3)		(109)			(3)
Other service charges and fees ^(a)		345			256		719			572
Other ^(b)		(350)			148		814			760
Total non-interest income	$	10,646		$	10,381	$	21,863		$	20,892

(a)Not within the scope of ASC 606.

(b)The Other category includes gains/(losses) on the sale of OREO for the three months ended June 30, 2026 and June 30, 2025, totaling $(20) thousand and $(180) thousand, respectively, and for the six months ended for the same periods, totaling $(31) thousand and $(180) thousand, which is within the scope of ASC 606; the remaining balance is outside the scope of ASC 606.

Service charges on deposits: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance.

Trust and financial services: The Corporation earns asset management fees from its contracts with trust customers to manage assets for investment, and/or to transact on their accounts. These fees are primarily earned over time as the Corporation provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month-end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Other related services provided and the fees the Corporation earns, which are based on a fixed fee schedule, are recognized when the services are rendered.

Interchange income: The Corporation earns interchange fees from debit and credit cardholder transactions conducted through the payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder.

Gains/Losses on sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Corporation finances the sale of OREO to the buyer, the Corporation assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Corporation adjusts the transaction price and related gain (loss) on sale if a significant financing component is present.

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10. Accumulated Other Comprehensive (Loss)

The following tables summarize the changes, net of tax, within each classification of accumulated other comprehensive (loss) for the three and six months ended June 30, 2026 and 2025.


		Unrealized
		gains and
		(Losses) on available-			2026
		for-sale			Retirement
(Dollar amounts in thousands)		Securities			plans			Total
Beginning balance, April 1,		$	(92,032)		$	(3,244)		$	(95,276)
Change in other comprehensive income (loss) before reclassification			4,050			—			4,050
Amounts reclassified from accumulated other comprehensive income			82			79			161
Net current period other comprehensive income (loss)			4,132			79			4,211
Ending balance, June 30,		$	(87,900)		$	(3,165)		$	(91,065)


		Unrealized
		gains and
		(Losses) on available-			2026
		for-sale			Retirement
(Dollar amounts in thousands)		Securities			plans			Total
Beginning balance, January 1,		$	(83,358)		$	(3,323)		$	(86,681)
Change in other comprehensive income (loss) before reclassification			(4,624)			—			(4,624)
Amounts reclassified from accumulated other comprehensive income			82			158			240
Net current period other comprehensive income (loss)			(4,542)			158			(4,384)
Ending balance, June 30,		$	(87,900)		$	(3,165)		$	(91,065)


		Unrealized
		gains and
		(Losses) on available-			2025
		for-sale			Retirement
(Dollar amounts in thousands)		Securities			plans			Total
Beginning balance, April 1,		$	(116,707)		$	(4,475)		$	(121,182)
Change in other comprehensive income (loss) before reclassification			2,944			—			2,944
Amounts reclassified from accumulated other comprehensive income			2			2			4
Net current period other comprehensive income (loss)			2,946			2			2,948
Ending balance, June 30,		$	(113,761)		$	(4,473)		$	(118,234)


		Unrealized
		gains and
		(Losses) on available-			2025
		for-sale			Retirement
(Dollar amounts in thousands)		Securities			plans			Total
Beginning balance, January 1,		$	(127,807)		$	(4,478)		$	(132,285)
Change in other comprehensive income (loss) before reclassification			14,044			—			14,044
Amounts reclassified from accumulated other comprehensive income			2			5			7
Net current period other comprehensive income (loss)			14,046			5			14,051
Ending balance, June 30,		$	(113,761)		$	(4,473)		$	(118,234)


		Balance at			Current Period			Balance at
(Dollar amounts in thousands)		4/1/2026			Change			6/30/2026
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment		$	(94,014)		$	4,126		$	(89,888)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment			1,982			6			1,988
Total unrealized loss on securities available-for-sale		$	(92,032)		$	4,132		$	(87,900)
Unrealized gain (loss) on retirement plans			(3,244)			79			(3,165)
TOTAL		$	(95,276)		$	4,211		$	(91,065)

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		Balance at			Current Period			Balance at
(Dollar amounts in thousands)		1/1/2026			Change			6/30/2026
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment		$	(85,496)		$	(4,392)		$	(89,888)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment			2,138			(150)			1,988
Total unrealized gain (loss) on securities available-for-sale		$	(83,358)		$	(4,542)		$	(87,900)
Unrealized gain (loss) on retirement plans			(3,323)			158			(3,165)
TOTAL		$	(86,681)		$	(4,384)		$	(91,065)


		Balance at			Current Period			Balance at
(Dollar amounts in thousands)		4/1/2025			Change			6/30/2025
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment		$	(118,883)		$	2,941		$	(115,942)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment			2,176			5			2,181
Total unrealized gain (loss) on securities available-for-sale		$	(116,707)		$	2,946		$	(113,761)
Unrealized loss on retirement plans			(4,475)			2			(4,473)
TOTAL		$	(121,182)		$	2,948		$	(118,234)


		Balance at			Current Period			Balance at
(Dollar amounts in thousands)		1/1/2025			Change			6/30/2025
Unrealized gains (losses) on securities available-for-sale without other than temporary impairment		$	(129,979)		$	14,037		$	(115,942)
Unrealized gains (losses) on securities available-for-sale with other than temporary impairment			2,172			9			2,181
Total unrealized income (loss) on securities available-for-sale		$	(127,807)		$	14,046		$	(113,761)
Unrealized gain (loss) on retirement plans			(4,478)			5			(4,473)
TOTAL		$	(132,285)		$	14,051		$	(118,234)


		Three Months Ended June 30, 2026
Details about accumulated		Amount reclassified from			Affected line item in
other comprehensive		accumulated other			the statement where
income components		comprehensive income			net income is presented
		(in thousands)
Unrealized gains and losses		$	(109)		Net securities gains (losses)
on available-for-sale			27		Income tax expense
securities		$	(82)		Net of tax

Amortization of		$	(105)	(a)	Salary and benefits
retirement plan items			26		Income tax expense
		$	(79)		Net of tax
Total reclassifications for the period		$	(161)		Net of tax

(a)

Included in the computation of net periodic benefit cost. (see Footnote 8 for additional details).

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		Six Months Ended June 30, 2026
Details about accumulated		Amount reclassified from			Affected line item in
other comprehensive		accumulated other			the statement where
income components		comprehensive income			net income is presented
		(in thousands)
Unrealized gains and losses		$	(109)		Net securities gains (losses)
on available-for-sale			27		Income tax expense
securities		$	(82)		Net of tax

Amortization of		$	(210)	(a)	Salary and benefits
retirement plan items			52		Income tax expense
		$	(158)		Net of tax
Total reclassifications for the period		$	(240)		Net of tax

(a)

Included in the computation of net periodic benefit cost. (see Footnote 8 for additional details).


		Three Months Ended June 30, 2025
Details about accumulated		Amount reclassified from			Affected line item in
other comprehensive		accumulated other			the statement where
income components		comprehensive income			net income is presented
		(in thousands)
Unrealized gains and losses		$	(3)		Net securities gains (losses)
on available-for-sale			1		Income tax expense
securities		$	(2)		Net of tax

Amortization of		$	(3)	(a)	Salary and benefits
retirement plan items			1		Income tax expense
		$	(2)		Net of tax
Total reclassifications for the period		$	(4)		Net of tax

(a)

Included in the computation of net periodic benefit cost. (see Footnote 8 for additional details).


		Six Months Ended June 30, 2025
Details about accumulated		Amount reclassified from			Affected line item in
other comprehensive		accumulated other			the statement where
income components		comprehensive income			net income is presented
		(in thousands)
Unrealized gains and losses		$	(3)		Net securities gains (losses)
on available-for-sale			1		Income tax expense
securities		$	(2)		Net of tax

Amortization of		$	(7)	(a)	Salary and benefits
retirement plan items			2		Income tax expense
		$	(5)		Net of tax
Total reclassifications for the period		$	(7)		Net of tax

(a)

Included in the computation of net periodic benefit cost. (see Footnote 8 for additional details).

(a)

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11. Leases

The Corporation leases certain branches under operating leases. At June 30, 2026, the Corporation had lease liabilities totaling $7,683,000 and right-of-use assets totaling $7,507,000 related to these leases. At December 31, 2025, the Corporation had lease liabilities totaling $7,547,000 and right-of-use assets totaling $7,386,000 related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. At June 30, 2026, the weighted average remaining lease term for operating leases was 10.2 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.55%.

The calculated amount of the lease liabilities and right-of-use assets are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Corporation’s lease agreements often include one or more options to renew at the Corporation’s discretion. If at lease inception, the Corporation considers the exercising of a renewal option to be reasonably certain, the Corporation will include the extended term in the calculation of the lease liability and right-of-use asset. Regarding the discount rate, the new standard requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Corporation utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term.

The following table represents lease costs and other lease information. As the Corporation elected, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

Lease costs were as follows:


		Six Months Ended		Six Months Ended
(Dollar amounts in thousands)		June 30, 2026		June 30, 2025
Operating lease cost		$	721	$	711
Short-term lease cost			7		35
Variable lease cost			33		3
Total lease cost		$	761	$	749

Other information:
Cash paid for amounts included in the measurement of operating lease liabilities			664		615
Right-of-use assets obtained in exchange for new operating lease liabilities			1,033		—

Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2026 were as follows:


(Dollar amounts in thousands)		June 30, 2026
Twelve Months Ended June 30,
2027		$	1,308
2028			1,303
2029			1,016
2030			865
2031			654
Thereafter			4,431
Total Future Minimum Lease Payments			9,577
Amounts Representing Interest			(1,894)
Present Value of Net Future Minimum Lease Payments		$	7,683

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12. Acquisitions

On March 1, 2026, the Corporation completed its acquisition of CedarStone Financial, Inc. Therefore, the results of CedarStone have been included in the results of operations beginning on March 1, 2026. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Interim Merger (the “Effective Time”), First Financial paid $19.12 per share in cash for each share of CedarStone’s common stock outstanding. The aggregate value of the transaction was approximately $25.0 million. Acquisition-related costs of $1.5 million were included in the Corporation’s income statement for the year-to-date period ended December 31, 2025. Additionally, the Corporation included acquisition-related costs of $1.5 million in the Corporation’s income statement for the six months ending June 30, 2026.

The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date, which resulted in a bargain purchase gain of $33 thousand.


				Measurement
		As Initially		Period
(Dollar amounts in thousands)		Reported		Adjustments		As Adjusted
Consideration
Cash consideration		$	25,003	$	—	$	25,003

Fair value of total consideration transferred		$	25,003	$	—	$	25,003

Assets acquired
Cash		$	13,224	$	(1,011)	$	12,213
Investment securities available-for-sale			53,509		(97)		53,412
Federal funds sold			—		—		—
Bank owned life insurance			4,481		—		4,481
Federal Home Loan Bank stock			1,215		—		1,215
Loans			286,102		—		286,102
Premises and equipment			11,106		—		11,106
Core deposit intangibles			5,317		—		5,317
Other assets			773		153		926
Total assets acquired			375,727		(955)		374,772

Liabilities assumed
Deposits			313,536		—		313,536
Short-term borrowings			20,800		—		20,800
Other borrowings			13,627		—		13,627
Other liabilities			2,045		(272)		1,773
Total liabilities assumed			350,008		(272)		349,736

Net identifiable assets			25,719		(683)		25,036
Bargain purchase gain		$	(716)	$	683	$	(33)

The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Corporation believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to guidance relating to purchase credit deteriorated loans, which have shown evidence of credit deterioration since origination. Adjustments made above were within the allowable one year measurement period.

The fair value of purchased financial assets with credit deterioration was $3.0 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with credit deterioration was $3.7 million. The Corporation estimates, on the date of acquisition, that $695 thousand of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected.

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The following table presents supplemental pro forma information as if the acquisition had occurred at the beginning of 2025. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, interest expense on deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates.


	Six Months Ended June 30,
(Dollar amounts in thousands, except per share data)	2026		2025
Net interest income	$	119,249	$	108,730
Net income	$	42,125	$	37,779
Basic and diluted earnings per share	$	3.54	$	3.19

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On July 1, 2024, the Corporation completed its acquisition of SimplyBank. Therefore, the results of SimplyBank have been included in the results of operations beginning on July 1, 2024. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Interim Merger (the “Effective Time”), other than dissenting shares, each share of SimplyBank Common Stock issued and outstanding immediately prior to the Effective Time, was converted into the right to receive $718.38 per share in cash. The aggregate value of the transaction was approximately $73.4 million. Acquisition-related costs of $1.7 million were included in the Corporation’s income statement for the year-to-date period ended December 31, 2024.

Goodwill of $11.2 million arising from the acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of the companies. The goodwill for SimplyBank is deductible for income tax purposes as the transaction was accounted for as a taxable acquisition. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date.


				Measurement
		As Initially		Period
(Dollar amounts in thousands)		Reported		Adjustments		As Adjusted
Consideration
Cash consideration		$	73,400	$	—	$	73,400

Fair value of total consideration transferred		$	73,400	$	—	$	73,400

Assets acquired
Cash		$	101,553	$	—	$	101,553
Investment securities available-for-sale			77,350		—		77,350
Federal funds sold			—		—		—
Bank owned life insurance			12,816		—		12,816
Federal Home Loan Bank stock			726		—		726
Loans			467,997		(2,731)		465,266
Premises and equipment			14,231		—		14,231
Core deposit intangibles			19,788		—		19,788
Other assets			6,184		—		6,184
Total assets acquired			700,645		(2,731)		697,914

Liabilities assumed
Deposits			622,937		—		622,937
FHLB advances			1,719		—		1,719
Other liabilities			12,899		(1,797)		11,102
Total liabilities assumed			637,555		(1,797)		635,758

Net identifiable assets			63,090		(934)		62,156
Goodwill		$	10,310	$	934	$	11,244

The fair value of purchased financial assets with credit deterioration was $1.7 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with credit deterioration was $4.7 million. The Corporation estimates, on the date of acquisition, that $3.0 million of the contractual cash flows specific to the purchased financial assets with credit deterioration will not be collected.

The following table presents supplemental pro forma information as if the acquisition had occurred at the beginning of 2023. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, interest expense on

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deposits acquired, and the related income tax effects. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transactions been effected on the assumed dates.


	Year Ended December 31,
(Dollar amounts in thousands, except per share data)	2024		2023
Net interest income	$	188,441	$	196,646
Net income	$	36,425	$	70,586
Basic and diluted earnings per share	$	3.08	$	5.91

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ITEMS 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk

The purpose of this discussion is to point out key factors in the Corporation’s recent performance compared with earlier periods. The discussion should be read in conjunction with the financial statements beginning on page three of this report. All figures are for the consolidated entities. It is presumed the readers of these financial statements and of the following narrative have previously read the Corporation’s financial statements for 2025 in the 10-K filed for the fiscal year ended December 31, 2025.

This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Corporation’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Corporation’s business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. Additional information concerning factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements is available in the Corporation’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the United States Securities and Exchange Commission (SEC). Copies of these filings are available at no cost on the SEC’s Web site at www.sec.gov or on the Corporation’s Web site at www.first-online.com. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.

Critical Accounting Policies

Certain of the Corporation’s accounting policies are important to the portrayal of the Corporation’s financial condition and results of operations, since they require management to make difficult, complex or subjective judgments, some of which may relate to matters that are inherently uncertain. Estimates associated with these policies are susceptible to material changes as a result of changes in facts and circumstances. Facts and circumstances which could affect these judgments include, without limitation, changes in interest rates, in the performance of the economy or in the financial condition of borrowers. Management believes that its critical accounting policies include determining the allowance for credit losses and the valuation of goodwill and valuing investment securities. See further discussion of these critical accounting policies in the 2025 Form 10-K.

Allowance for credit losses. The allowance for credit losses (ACL) represents management’s estimate of expected losses inherent within the existing loan portfolio. The allowance for credit losses is increased by the provision for credit losses charged to expense and reduced by loans charged off, net of recoveries. The allowance for credit losses is determined based on management’s assessment of several factors: reviews and evaluations of specific loans, changes in the nature and volume of the loan portfolio, current economic conditions, nonperforming loans, determination of acquired loans as purchase credit deteriorated, and reasonable and supportable forecasts. Loans are individually evaluated when they do not share risk characteristics with other loans in the respective pool. Loans evaluated individually are excluded from the collective evaluation. Management elected the collateral dependent practical expedient upon adoption of ASC 326. Expected credit losses on individually evaluated loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

Management utilizes a cohort methodology to determine the allowance for credit losses. This method identifies and captures the balance of a pool of loans with similar risk characteristics, as of a particular point in time to form a cohort, then tracks the respective losses generated by that cohort of loans over their remaining life. The cohorts track loan balances and historical loss experience since 2008, and management extends the look back period each quarter to capture all available data points in the historical loss rate calculation. The quantitative component of the ACL involves assumptions that require a significant level of estimation; these include historical losses as a predictor of future performance, appropriateness of selected delay periods, and the reasonableness of the portfolio segmentation.

A historical data set is expected to provide the best indication of future credit performance. Delay periods represent the amount of time it takes a cohort of loans to become seasoned, or incur sufficient attrition through pay downs, renewals, or charge-offs. Portfolio segmentation relates to the pooling of loans with similar risk characteristics, such as industry types, collateral, and consumer purpose.

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On an annual basis, in the first quarter, management performs a recalibration of the delay periods and portfolio segmentation to determine whether they are reasonable and appropriate based on the information available at that time.

Management considers qualitative adjustments to expected credit loss estimates for information not already captured in the loss estimation process. Where past performance may not be representative of future losses, loss rates are adjusted for qualitative and economic forecast factors. Management uses the peak three consecutive quarter net charge off rate to capture maximum potential volatility over the reasonable and supportable forecast period. Historical losses utilized in setting the qualitative factor ranges are anchored to 2008 and may be supplemented by peer information when needed. The qualitative factor ranges are recalibrated annually to capture recent behavior that is indicative of the credit profile of the current portfolio.

Qualitative factors include items, such as changes in lending policies or procedures, asset specific risks, and economic uncertainty in forward-looking forecasts. Economic indicators utilized in forecasting include unemployment rate, gross domestic product, housing starts, and interest rates. Management uses a two-year reasonable and supportable period across all loan segments to forecast economic conditions. Management believes the two-year time horizon aligns with available industry guidance and various forecasting sources. Economic forecast adjustments are overlaid onto historical loss rates. As such, reversion from forecast rates to historical loss rates is immediate.

The ACL and allowance for unfunded commitments were $50.9 million and $2.9 million, respectively at June 30, 2026, compared to $48.0 million and $2.9 million, respectively at December 31, 2025. The qualitative amount of the reserve increased $1.8 million to $15.9 million. The quantitative amount is $34.4 million at June 30, 2026, compared to $33.6 million at December 31, 2025. There was no change in the allowance for unfunded commitments. As a result of the acquisition of CedarStone Financial, Inc., the Corporation recorded an additional allowance for credit loss on loans of $3.3 million. See additional discussion of ACL in the Allowance for Credit Losses section below.

Based on management’s analysis of the current portfolio, management believes the allowance is adequate. Changes in the financial condition of individual borrowers, economic conditions, historical loss experience, or the condition of the various markets in which collateral may be sold may affect the required level of the allowance for credit losses and the associated provision for credit losses. As management monitors these changes, as well as those factors discussed above, adjustments may be recorded to the allowance for credit losses and the associated provision for credit losses in the future.

Summary of Operating Results

On March 1, 2026, First Financial Corporation completed the acquisition of CedarStone Financial, Inc. As a result of the acquisition, the book value of loans acquired were $292 million, and the book value of deposits acquired were $313 million. Additionally, we recorded a bargain purchase gain of $33 thousand. Net income reflected one month of activity in the first quarter for activity from CedarStone. Included in the variances in the following discussion are the values provided in this paragraph.

Net income for the three months ended June 30, 2026 was $22.7 million, compared to $18.6 million for the same period in 2025. Basic earnings per share increased to $1.91 for the second quarter of 2026 compared to $1.57 for the same period in 2025. Return on average assets and return on average equity were 1.48% and 13.71% respectively, for the three months ended June 30, 2026 compared to 1.34% and 12.90% for the three months ended June 30, 2025. Net income for the six months ended June 30, 2026 was $42.5 million, compared to $37.0 million for the same period in 2025. Basic earnings per share increased to $3.58 for the six months of 2026 compared to $3.12 for the same period in 2025. Return on average assets and return on average equity were 1.42% and 12.82% respectively, for the six months ended June 30, 2026 compared to 1.34% and 12.97% for the six months ended June 30, 2025.

In light of events in the banking sector, including bank failures, continuing interest rate activity and recessionary concerns, the Corporation has proactively positioned the balance sheet to mitigate the risks affecting the Corporation and the overall banking industry in order to serve its clients and communities.

●

Liquidity remains strong, with cash and available for sale securities representing approximately 20.5% of assets at June 30, 2026. The Corporation maintains the ability to access considerable sources of contingent liquidity at the Federal Home Loan Bank and several correspondent banks. Management considers the Corporation’s current liquidity position to be adequate to meet both short-term and long-term liquidity needs. Refer to the section Liquidity Risk for additional information.

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Capital remains strong, with ratios of the Corporation, and its subsidiary bank, well above the standards to be considered well-capitalized under regulatory requirements. Refer to the section Capital Adequacy, included elsewhere in this report for additional details.

●

Asset quality remains solid, with a non-performing asset ratio of 0.50% of total assets as of June 30, 2026 and net charge-offs of 0.20% to average loans and leases, reflecting the Company's disciplined underwriting and conservative lending philosophy which has supported the Corporation’s strong credit performance during prior financial crises. Refer to the section Non-Performing Loan for additional information.

The primary components of income and expense affecting net income are discussed in the following analysis.

Net Interest Income

The Corporation’s primary source of earnings is net interest income, which is the difference between the interest earned on loans and other investments and the interest paid for deposits and other sources of funds. Net interest income increased $8.5 million in the three months ended June 30, 2026 to $61.2 million from $52.7 million in the same period in 2025. The net interest margin for the three months ended June 30, 2026 is 4.33% compared to 4.15% for the same period in 2025, a 4.32% increase. Net interest income increased $13.5 million in the six months ended June 30, 2026 to $118.2 million from $104.6 million in the same period in 2025. The net interest margin for the six months ended June 30, 2026 is 4.28% compared to 4.13% for the same period in 2025, a 3.61% increase.

The increase in yields on investments of 29 basis points is the primary contributor to the improved yield on average earning assets for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Comparing the six months ended June 30, 2026 to the six months ended June 30, 2025, the effective rate paid on average interest-bearing deposits decreased 13 basis points. For the same period discussed above, interest paid on other borrowings decreased 71 basis points.

Non-Interest Income

Non-interest income for the three months ended June 30, 2026 was $10.6 million compared to $10.4 million for the same period in 2025. Non-interest income for the six months ended June 30, 2026 was $21.9 million compared to $20.9 million for the same period in 2025.

Non-Interest Expenses

The Corporation’s non-interest expense for the quarter ended June 30, 2026 was $42.5 million compared to $38.3 million for the same period in 2025. The Corporation’s non-interest expense for the six months ended June 30, 2026 was $83.4 million compared to $75.0 million for the same period in 2025. This includes an overall increase in operating expenses as a result of the acquisition.

Allowance for Credit Losses

The Corporation’s provision for credit losses for the three months ended June 30, 2026, was $1.3 million, compared to $2.0 million for the same period of 2025. Net charge-offs for the second quarter of 2026 were $2.7 million compared to net charge-offs of $1.7 million for the same period of 2025. The Corporation’s provision for credit losses for the six months ended June 30, 2026, was $3.9 million, compared to $3.9 million for the same period of 2025. Net charge-offs for the six months ended June 30, 2026 were $4.2 million compared to net charge-offs of $3.5 million for the same period of 2025. Based on management’s analysis of the current portfolio, an evaluation that includes consideration of changes in CECL model assumptions of credit quality, economic conditions, and loan composition, management believes the allowance is adequate. In the first six months of 2026, no significant changes were made.

Income Tax Expense

The Corporation’s effective income tax rate for the first six months of 2026 was 19.36% compared to 20.62% for the same period in 2025.

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Non-performing Loans

Non-performing loans consist of (1) non-accrual loans on which the ultimate collectability of the full amount of interest is uncertain, and (2) loans past due ninety days or more as to principal or interest. Non-performing loans decreased to $27.1 million at June 30, 2026 compared to $28.6 million at December 31, 2025. Nonperforming loans increased 176.3% compared to $9.8 million as of June 30, 2025.

A summary of non-performing loans at June 30, 2026 and December 31, 2025 follows:


(Dollar amounts in thousands)		June 30, 2026			December 31, 2025
Non-accrual loans		$	24,035		$	27,495
Accruing loans past due over 90 days			3,030			1,083
		$	27,065		$	28,578

Ratio of the allowance for credit losses as a percentage of non-performing loans			188.2	%		167.9	%

The following loan categories comprise significant components of the nonperforming non-restructured loans:


		June 30, 2026		December 31, 2025
Non-accrual loans
Commercial loans		$	17,668	$	22,836
Residential loans			4,026		1,997
Consumer loans			2,341		2,662
		$	24,035	$	27,495
Past due 90 days or more and still accruing
Commercial loans		$	1,261	$	50
Residential loans			1,740		1,032
Consumer loans			29		1
		$	3,030	$	1,083

Interest Rate Sensitivity and Liquidity

First Financial Corporation has established risk measures, limits and policy guidelines for managing interest rate risk and liquidity. Responsibility for management of these functions resides with the Asset Liability Committee. The primary goal of the Asset Liability Committee is to maximize net interest income within the interest rate risk limits approved by the Board of Directors.

Interest Rate Risk

Management considers interest rate risk to be the Corporation’s most significant market risk. Interest rate risk is the exposure to changes in net interest income as a result of changes in interest rates. Consistency in the Corporation’s net interest income is largely dependent on the effective management of this risk.

The Asset Liability position is measured using sophisticated risk management tools, including earning simulation and market value of equity sensitivity analysis. These tools allow management to quantify and monitor both short-term and long-term exposure to interest rate risk. Simulation modeling measures the effects of changes in interest rates, changes in the shape of the yield curve and the effects of embedded options on net interest income. This measure projects earnings in the various environments over the next three years. It is important to note that measures of interest rate risk have limitations and are dependent on various assumptions. These assumptions are inherently uncertain and, as a result, the model cannot precisely predict the impact of interest rate fluctuations on net interest income. Actual results will differ from simulated results due to timing, frequency and amount of interest rate changes as well as overall market conditions. The Committee has performed a thorough analysis of these assumptions and believes them to be valid and theoretically sound. These assumptions are continuously monitored for behavioral changes.

The Corporation from time to time utilizes derivatives to manage interest rate risk. Management continuously evaluates the merits of such interest rate risk products but does not anticipate the use of such products to become a major part of the Corporation’s risk management strategy.

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The table below shows the Corporation’s estimated sensitivity profile as of June 30, 2026. The change in interest rates assumes a parallel shift in interest rates of 100, 200, and 300 basis points. Given a 100 basis point increase in rates, net interest income would decrease 1.38% over the next 12 months and increase 1.35% over the following 12 months. Given a 100 basis point decrease in rates, net interest income would increase 3.29% over the next 12 months and increase 0.04% over the following 12 months. These estimates assume all rate changes occur overnight and management takes no action as a result of this change.


Basis Point		Percentage Change in Net Interest Income
Interest Rate Change		12 months		24 months		36 months
Down 300		5.01	%	(5.86)	%	(15.45)	%
Down 200		5.12		(1.78)		(8.29)
Down 100		3.29		0.04		(3.13)
Up 100		(1.38)		1.35		4.47
Up 200		(5.34)		0.09		6.34
Up 300		(7.97)		0.14		9.51

Typical rate shock analysis does not reflect management’s ability to react and thereby reduce the effect of rate changes, and represents a worst-case scenario.

Liquidity Risk

Liquidity represents an institution’s ability to provide funds to satisfy demands from depositors, borrowers, and other creditors by either converting assets into cash or accessing new or existing sources of incremental funds. Generally the Corporation relies on deposits, loan repayments and repayments of investment securities as its primary sources of funds. The Corporation has $6.8 million of investments that mature throughout the next 12 months. The Corporation also anticipates $106.1 million of principal payments from mortgage-backed and other securities. Given the current rate environment, the Corporation anticipates $55.7 million in securities to be called within the next 12 months. The Corporation also has $199.5 million of unused borrowing capacity available with the Federal Home Loan Bank of Indianapolis, $1.0 billion available with the Federal Reserve Bank, and $90 million of available fed funds lines with correspondent banks. With these sources of funds, the Corporation currently anticipates adequate liquidity to meet the expected obligations of its customers.

Financial Condition

Comparing the first six months of 2026 to year-ended December 31, 2025, loans net of deferred loan costs, have increased $413 million to $4.5 billion. Deposits increased 6.2% to $4.8 billion at June 30, 2026 compared to December 31, 2025. Other borrowings increased $103.3 million to $291.5 million at June 30, 2026 compared to December 31, 2025. Shareholders’ equity increased 3.83% or $24.9 million. This financial performance increased book value per share 3.73% to $56.83 at June 30, 2026 from $54.78 at December 31, 2025. Book value per share is calculated by dividing the total shareholders’ equity by the number of shares outstanding. Accumulated other comprehensive loss increased $4.4 million primarily due to the market value of the securities portfolio, which reflected the decrease in securities pricing.

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Capital Adequacy

The Federal Reserve, OCC and Federal Deposit Insurance Corporation (collectively, joint agencies) establish regulatory capital guidelines for U.S. banking organizations. Regulatory capital guidelines require that capital be measured in relation to the credit and market risks of both on- and off-balance sheet items using various risk weights. On January 1, 2015, the Basel 3 rules became effective and include transition provisions through January 1, 2019. Under Basel 3, Total capital consists of two tiers of capital, Tier 1 and Tier 2. Tier 1 capital is further composed of Common equity tier 1 capital and additional tier 1 capital.

Common equity tier 1 capital primarily includes qualifying common shareholders’ equity, retained earnings and certain minority interests. Goodwill, disallowed intangible assets and certain disallowed deferred tax assets are excluded from Common equity tier 1 capital.

Additional tier 1 capital primarily includes qualifying non-cumulative preferred stock, trust preferred securities (Trust Securities) subject to phase-out and certain minority interests. Certain deferred tax assets are also excluded.

Tier 2 capital primarily consists of qualifying subordinated debt, a limited portion of the allowance for loan and lease losses, Trust Securities subject to phase-out and reserves for unfunded lending commitments. The Corporation’s Total capital is the sum of Tier 1 capital plus Tier 2 capital.

To meet adequately capitalized regulatory requirements, an institution must maintain a Tier 1 capital ratio of 8.50 percent and a Total capital ratio of 10.50 percent. A “well-capitalized” institution must generally maintain capital ratios 200 bps higher than the minimum guidelines. The risk-based capital rules have been further supplemented by a Tier 1 leverage ratio, defined as Tier 1 capital divided by quarterly average total assets, after certain adjustments. BHCs must have a minimum Tier 1 leverage ratio of at least 4.0 percent. National banks must maintain a Tier 1 leverage ratio of at least 5.0 percent to be classified as “well capitalized.” Failure to meet the capital requirements established by the joint agencies can lead to certain mandatory and discretionary actions by regulators that could have a material adverse effect on the Corporation’s financial position. Below are the capital ratios for the Corporation and lead bank.

The fully phased in capital conservation buffer set the minimum ratios for common equity Tier 1 capital at 7%, the Tier 1 capital at 8.5% and the total capital at 10.5%. Currently the Corporation exceeds all of these minimums.


		June 30, 2026			December 31, 2025			To Be Well Capitalized
Common equity tier 1 capital
Corporation		12.78	%		13.21	%		N/A
First Financial Bank		12.63	%		13.11	%		6.50	%
Total risk-based capital
Corporation		13.79	%		14.22	%		N/A
First Financial Bank		13.63	%		14.14	%		10.00	%
Tier I risk-based capital
Corporation		12.78	%		13.21	%		N/A
First Financial Bank		12.63	%		13.11	%		8.00	%
Tier I leverage capital
Corporation		10.81	%		11.25	%		N/A
First Financial Bank		10.36	%		10.82	%		5.00	%

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ITEM 4.Controls and Procedures

First Financial Corporation’s management is responsible for establishing and maintaining effective disclosure controls and procedures, as defined under Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934. As of June 30, 2026, an evaluation was performed under the supervision and with the participation of management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Corporation's disclosure controls and procedures. Based on that evaluation, management, including the principal executive officer and principal financial officer, concluded that the Corporation’s disclosure controls and procedures as of June 30, 2026 were effective in ensuring material information required to be disclosed in this Quarterly Report on Form 10-Q was recorded, processed, summarized, and reported on a timely basis. Additionally, there was no change in the Corporation's internal control over financial reporting that occurred during the quarter ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the Corporation's internal control over financial reporting.

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PART II – Other Information

ITEM 1.Legal Proceedings.

There are no material pending legal proceedings, other than routine litigation incidental to the business of the Corporation or its subsidiaries, to which the Corporation or any of the subsidiaries is a party to or of which any of their respective property is subject. Further, there is no material legal proceeding in which any director, officer, principal shareholder, or affiliate of the Corporation or any of its subsidiaries, or any associate of such director, officer, principal shareholder or affiliate is a party, or has a material interest, adverse to the Corporation or any of its subsidiaries.

ITEM 1A. Risk Factors.

There have been no material changes in the risk factors from those disclosed in the Corporation’s 2025 Form 10-K filed for December 31, 2025.

ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds.

(a)

None.

(b)

Not applicable.

(c)

Purchases of Equity Securities

The Corporation periodically acquires shares of its common stock directly from shareholders in individually negotiated transactions. On April 21, 2022 First Financial Corporation issued a press release announcing that its Board of Directors has authorized a stock repurchase program pursuant to which up to 10% of the Corporations outstanding shares of common stock, or approximately 1,243,531 shares may be repurchased.

Following is certain information regarding shares of common stock purchased by the Corporation during the quarter covered by this report.


					(c)
					Total Number Of Shares		(c)
		(a)		(b)	Purchased As Part Of		Maximum
		Total Number Of		Average Price	Publicly Announced Plans		Number of Shares That May Yet
		Shares Purchased		Paid Per Share	Or Programs *		Be Purchased *
April 1-30, 2026		—		—	—		—
May 1-31, 2026		—		—	—		—
June 1-30, 2026		—		—	—		—
Total		—		—	—		518,860

ITEM 3.Defaults upon Senior Securities.

Not applicable.

ITEM 4.Mine Safety Disclosures

Not applicable.

ITEM 5.Other Information.

During the three months ended June 30, 2026, there were no Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by any director or officer of the Corporation.

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ITEM 6.Exhibits.


Exhibit No.:		Description of Exhibit:
3.1		Amended and Restated Articles of Incorporation of First Financial Corporation, incorporated by reference to Exhibit 3(i) of the Corporation’s Form 10-Q filed for the quarter ended September 30, 2002.
3.2		Amended and Restated Code of By-Laws of First Financial Corporation, incorporated by reference to Exhibit 3.2 of the Corporation’s Form 8-K filed on February 22, 2021.
3.3		Articles of Amendment to the Amended and Restated Articles of Incorporation of First Financial Corporation, incorporated by reference to Exhibit 3.1 of the Corporation’s Form 8-K filed on April 27, 2021.
10.2*		2001 Long-Term Incentive Plan of First Financial Corporation, incorporated by reference to Exhibit 10.3 of the Corporation’s Form 10-Q filed for the quarter ended September 30, 2002.
10.5*		2005 Long-Term Incentive Plan of First Financial Corporation, incorporated by reference to Exhibit 10.7 of the Corporation’s Form 8-K filed on September 4, 2007.
10.6*		2005 Executives Deferred Compensation Plan, incorporated by reference to Exhibit 10.5 of the Corporation’s Form 8-K filed on September 4, 2007.
10.7*		2005 Executives Supplemental Retirement Plan, incorporated by reference to Exhibit 10.6 of the Corporation’s Form 8-K filed on September 4, 2007.
10.9*		First Financial Corporation 2010 Long-Term Incentive Compensation Plan incorporated by reference to Exhibit 10. 9 of the Corporation’s Form 10-K filed March 15, 2011.
10.10*		First Financial Corporation 2011 Short-Term Incentive Compensation Plan incorporated by reference to Exhibit 10.10 of the Corporation’s Form 10-K filed March 15, 2011.
10.11*		First Financial Corporation Amended and Restated 2011 Omnibus Equity Incentive Plan incorporated by reference to Exhibit 10.1 of the Corporation’s Form 8-K for the annual meeting filed on April 27, 2021.
10.12*		Form of Restricted Stock Award Agreement under the First Financial Corporation 2011 Omnibus Equity Incentive Plan incorporated by reference to Exhibit 10.12 of the Corporation’s Form 10-Q for the quarter ended March 31, 2012 filed on May 10, 2012.
10.13*		Employment Agreement for Norman D. Lowery, effective July 1, 2026, incorporated by reference to Exhibit 10.1 of the Corporation’s Form 8-K filed June 30, 2026.
10.14*		Employment Agreement for Rodger A. McHargue, effective July 1, 2026, incorporated by reference to Exhibit 10.2 of the Corporation’s Form 8-K filed June 30, 2026.
10.15*		Employment Agreement for Stephen P. Panagouleas, effective July 1, 2026, incorporated by reference to Exhibit 10.3 of the Corporation’s Form 8-K filed June 30, 2026.
10.16*		Employment Agreement for Mark A. Franklin, effective July 1, 2026, incorporated by reference to Exhibit 10.4 of the Corporation’s Form 8-K filed June 30, 2026.
31.1		Sarbanes-Oxley Act 302 Certification for Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 by Principal Executive Officer, dated August 6, 2026.
31.2		Sarbanes-Oxley Act 302 Certification for Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 by Principal Financial Officer, dated August 6, 2026.
32.1		Certification, dated May 6, 2026, of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2005 on Form 10-Q for the quarter ended June 30, 2026.
101.1		Financial statements from the Quarterly Report on Form 10-Q of the Corporation for the quarter ended June 30, 2026, formatted in XBRL pursuant to Rule 405 : (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statements of Shareholders’ Equity, and (v) Notes to Consolidated Financial Statements, as blocks of text and in detail**.

*Management contract or compensatory plan or arrangement.

**Furnished, not filed, for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	FIRST FINANCIAL CORPORATION
	(Registrant)

Date: August 6, 2026	By /s/ Norman D. Lowery
	Norman D. Lowery, President, CEO & Director
	(Principal Executive Officer)

Date: August 6, 2026	By /s/ Rodger A. McHargue
	Rodger A. McHargue, Treasurer and CFO
	(Principal Financial Officer)

Source: View Original Filing on SEC EDGAR

First Financial Corporation (NASDAQ: THFF) lifts H1 2026 EPS to $3.58

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