First Financial Q3 2026 profit rises to $27.4M

The First Illinois transaction combines stock and cash consideration, with the merger expected to close in the first quarter of 2027.

Rhea-AI Filing Summary

First Financial Corporation (THFF) reported third-quarter 2026 net income of $27.441 million, compared with $20.762 million in third-quarter 2025, and diluted earnings per share of $2.31 versus $1.75. Net interest income was $63.526 million, up 16.3% from $54.603 million; net interest margin was 4.51%, compared with 4.25%. For the nine months ended September 30, 2026, net income was $69.988 million versus $57.754 million.

First Financial completed its CedarStone Financial acquisition on March 1, 2026; acquired loans were $292 million and acquired deposits were $313 million. Under its merger agreement with First Illinois, each outstanding First Illinois common share is to be converted into the right to receive either 0.5727 First Financial shares or $44.35 in cash. The agreement provides for 70% of First Illinois common stock to be exchanged for First Financial shares and 30% for cash, subject to its allocation and election procedures; closing is expected in the first quarter of 2027. The credit-loss benefit was $750,000, compared with a $1.950 million provision expense in third-quarter 2025.

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Positive

• Moderate pointThird-quarter net income rose to $27.441 million from $20.762 million.
• Moderate pointNet interest income increased 16.3% year over year to $63.526 million.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income: $27.441 million Net interest income: $63.526 million Diluted earnings per share: $2.31 +5 more

8 metrics

Net income $27.441 million Three months ended September 30, 2026; $20.762 million for the same period in 2025

Net interest income $63.526 million Third-quarter 2026; increased 16.3% from $54.603 million in third-quarter 2025

Diluted earnings per share $2.31 Third-quarter 2026; $1.75 in third-quarter 2025

Net interest margin 4.51% Third-quarter 2026; 4.25% in third-quarter 2025

Loans acquired $292 million CedarStone Financial acquisition completed March 1, 2026

Deposits acquired $313 million CedarStone Financial acquisition completed March 1, 2026

Stock consideration per First Illinois common share 0.5727 First Financial shares Consideration under the merger agreement

Cash consideration per First Illinois common share $44.35 Alternative consideration under the merger agreement

Key Terms

net interest margin, allowance for credit losses, tangible common equity, Pre-tax, Pre-provision Income

4 terms

net interest margin financial

"The net interest margin for the quarter ended September 30, 2026"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

allowance for credit losses financial

"allowance for credit losses as of September 30, 2026"

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.

tangible common equity financial

"Tangible common equity is a non-GAAP financial measure"

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

Pre-tax, Pre-provision Income financial

"Pre-tax, Pre-provision Income"

Pre-tax, pre-provision income is a measure of a financial firm's earnings before deducting taxes and the money it sets aside to cover potential loan losses. Think of it as the company’s operating profit before accounting for future bad debts and taxes; like a shop’s sales minus running costs but before any emergency savings for damaged goods. Investors use it to see core profitability and to compare operating performance across periods or firms without the noise of loan-loss reserves and tax effects.

Earnings Snapshot

Net income: $27.441 million

Third quarter of 2026

Net income $27.441 million Compared with $20.762 million in third-quarter 2025

Net interest income $63.526 million Increased 16.3% from $54.603 million in third-quarter 2025

Diluted earnings per share $2.31 Compared with $1.75 in third-quarter 2025

Net interest margin 4.51% Compared with 4.25% in third-quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did THFF earn in the third quarter of 2026?

THFF reported third-quarter 2026 net income of $27.441 million, compared with $20.762 million in third-quarter 2025. Diluted earnings per share were $2.31, compared with $1.75.

What are the terms of THFF’s First Illinois merger agreement?

Each outstanding First Illinois common share is to be converted into the right to receive either 0.5727 First Financial shares or $44.35 in cash. The agreement provides for 70% of First Illinois common stock to be exchanged for shares and 30% for cash, subject to its allocation and election procedures. Closing is expected in the first quarter of 2027.

What dividend did THFF pay in October 2026?

THFF declared a $0.56 quarterly dividend, which was paid on October 15, 2026. The company also paid a $0.56 per-share quarterly dividend in July.

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

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Available on EDGAR 10/27/2026 - 09:02 AM EDT Accepted by SEC EDGAR 10/27/2026 - 09:01 AM EDT Learn about SEC filing dates

0000714562false00007145622026-10-272026-10-27

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported) October 27, 2026

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FIRST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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Commission File Number: 0-16759

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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)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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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

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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Emerging growth company ☐

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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 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition

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On October 27, 2026, the Registrant issued a press release reporting its financial results for the three and nine months ended September 30, 2026. A copy of the press release is being furnished as an exhibit to this report and is incorporated herein by reference in its entirety.

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The foregoing information, including the information contained in the press release, is being furnished pursuant to this Item 2.02 and shall not be deemed to be “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

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Item 9.01. Financial Statements and Exhibits

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The exhibit to this report is as follows:

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Exhibit Number	​ ​ ​	​
​	​	​
99.1	​	Press Release, October 27, 2026, issued by First Financial Corporation
104	​	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

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

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​	First Financial Corporation
​	​
Dated October 27, 2026	​
​	/s/ Rodger A. McHargue
​	Rodger A. McHargue
​	Secretary/Treasurer and Chief Financial Officer

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Exhibit 99.1

​	​
​	News Release

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FIRST FINANCIAL CORPORATION

One First Financial Plaza, Terre Haute, Indiana 47807 (812) 238-6000

First Financial Corporation Reports Third Quarter Results

Terre Haute, Indiana, October 27, 2026 – First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2026.

● Net income was $27.4 million compared to $20.8 million reported for the same period of 2025;

● Diluted net income per common share of $2.31 compared to $1.75 for the same period of 2025;

● Return on average assets was 1.79% compared to 1.48% for the three months ended September 30, 2025;

● Benefit from credit losses was $750 thousand compared to provision expense of $2.0 million for the third quarter 2025; and

● Pre-tax, pre-provision net income was $33.7 million compared to $27.7 million for the same period in 2025.¹

The Corporation further reported results for the nine months ended September 30, 2026:

● Net income was $70.0 million compared to $57.8 million reported for the same period of 2025;

● Diluted net income per common share of $5.89 compared to $4.87 for the same period of 2025;

● Return on average assets was 1.54% compared to 1.39% for the nine months ended September 30, 2025;

● Provision for credit losses was $3.1 million compared to provision of $6.0 million for the nine months ended September 30, 2025; and

● Pre-tax, pre-provision net income was $90.3 million compared to $78.3 million for the same period in 2025.¹

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¹ Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non-GAAP reconciliations contained in this release.

Acquisitions

On March 1, 2026, First Financial Corporation completed the acquisition of CedarStone Financial, Inc. As a result of the acquisition, loans acquired were $292 million, and deposits acquired were $313 million. Although we initially recognized a bargain purchase gain of $716 thousand in the first quarter 2026, measurement period adjustments recorded in the second quarter revised the preliminary purchase accounting. The cumulative resulting year-to-date bargain purchase gain was $33 thousand.

On August 26, 2026, First Financial Corporation, Terre Haute, Indiana (“FFC” or the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Illinois Corporation, Decatur, Illinois (“First Illinois”). Under the terms of the Merger Agreement, subject to the allocation and election procedures set forth therein, each outstanding share of First Illinois common stock will be converted into the right to receive either 0.5727 shares of FFC common stock or $44.35 in cash, with 70% of First Illinois common stock to be exchanged for FFC common stock and 30% to be exchanged for cash, in each case subject to the terms of the Merger Agreement. Cash will be paid in lieu of fractional shares. The merger is expected to close in the first quarter of 2027.

Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our third quarter results. The quarter marked another quarter of record net income and record net interest income. Our net interest margin and profitability remain strong

with a 4.36% net interest margin and a 1.54% return on assets year-to-date. Loan pipelines remain strong and credit quality remains stable.”

Average Total Loans

Average total loans for the third quarter of 2026 were $4.45 billion versus $3.93 billion for the comparable period in 2025, an increase of $520 million or 13.23%. On a linked quarter basis, average loans decreased $3.5 million or 0.08% from $4.45 billion as of June 30, 2026.

Total Loans Outstanding

Total loans outstanding as of September 30, 2026, were $4.41 billion compared to $3.97 billion as of September 30, 2025, an increase of $444 million or 11.20%. On a linked quarter basis, total loans decreased $56.1 million or 1.26% from $4.47 billion as of June 30, 2026. Organic growth of $191 million year-over-year was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

Average Total Deposits

Average total deposits for the quarter ended September 30, 2026, were $4.85 billion versus $4.59 billion as of September 30, 2025, an increase of $260 million, or 5.66%. On a linked quarter basis, average deposits decreased $17 million or 0.36% from $4.87 billion as of June 30, 2026.

Total Deposits

Total deposits were $4.87 billion as of September 30, 2026, compared to $4.62 billion as of September 30, 2025. On a linked quarter basis, total deposits increased $31.9 million or 0.66% from $4.83 billion as of June 30, 2026. Non-interest bearing deposits were $991 million, and time deposits were $824 million as of September 30, 2026, compared to $850 million and $703 million, respectively for the same period of 2025.

Shareholders’ Equity

Shareholders’ equity at September 30, 2026, was $660.4 million compared to $622.2 million on September 30, 2025. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.56 per share quarterly dividend in July and declared a $0.56 quarterly dividend, which was paid on October 15, 2026.

Book Value Per Share

Book Value per share was $55.54 as of September 30, 2026, compared to $52.50 as of September 30, 2025, an increase of $3.04 per share, or 5.79%. Tangible Book Value per share was $45.79 as of September 30, 2026, compared to $42.75 as of September 30, 2025, an increase of $3.04 per share or 7.11%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 9.16% at September 30, 2026, compared to 9.12% at September 30, 2025.

Net Interest Income

Net interest income for the third quarter of 2026 was a record $63.5 million, compared to $54.6 million reported for the same period of 2025, an increase of $8.9 million, or 16.3%. Interest income increased $10.3 million and interest expense increased $1.4 million year over year.

Net Interest Margin

The net interest margin for the quarter ended September 30, 2026, was 4.51% compared to the 4.25% reported at September 30, 2025.

Nonperforming Loans

Nonperforming loans as of September 30, 2026, were $21.1 million versus $19.3 million as of September 30, 2025. The ratio of nonperforming loans to total loans and leases was 0.48% as of September 30, 2026, versus 0.49% as of September 30, 2025. On a

linked quarter basis, nonperforming loans were $27.1 million, and the ratio of nonperforming loans to total loans and leases was 0.61% as of June 30, 2026.

Credit Loss Provision

Benefit from credit losses for the three months ended September 30, 2026, was $750 thousand, compared to a provision expense of $2.0 million for the same period 2025. The benefit from credit losses was primarily due to an individually evaluated loan from a prior acquisition that was fully recovered during the current quarter.

Net Charge-Offs

In the third quarter of 2026 net charge-offs were $1.0 million compared to $1.6 million in the same period of 2025.

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Allowance for Credit Losses

​

The Corporation’s allowance for credit losses as of September 30, 2026, was $49.7 million compared to $47.4 million as of September 30, 2025. The allowance for credit losses as a percent of total loans was 1.13% as of September 30, 2026, compared to 1.20% as of September 30, 2025. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased one basis point from 1.14% as of June 30, 2026.

Non-Interest Income

Non-interest income for the three months ended September 30, 2026, and 2025 was $11.4 million and $11.1 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended September 30, 2026, was $41.3 million compared to $38.0 million in 2025.

Efficiency Ratio

The Corporation’s efficiency ratio was 53.96% for the quarter ended September 30, 2026, versus 56.63% for the same period in 2025.

Income Taxes

Income tax expense for the three months ended September 30, 2026, was $7.0 million versus $5.0 million for the same period in 2025. The effective tax rate for 2026 was 19.73% compared to 20.18% for 2025.

About First Financial Corporation

First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 81 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

Investor Contact:

Rodger A. McHargue

Chief Financial Officer

P: 812-238-6334

E: rmchargue@first-online.com

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended								​	Nine Months Ended
​	​	September 30,		​	June 30,		​	September 30,		​	September 30,		​	September 30,
​	​ ​ ​	2026		​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	2026		​ ​ ​	2025
END OF PERIOD BALANCES	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Assets	​	$	6,060,947	​	$	6,178,309	​	$	5,669,686	​	$	6,060,947	​	$	5,669,686
Deposits	​	$	4,865,297	​	$	4,833,399	​	$	4,615,305	​	$	4,865,297	​	$	4,615,305
Loans, including net deferred loan costs	​	$	4,411,800	​	$	4,467,897	​	$	3,967,401	​	$	4,411,800	​	$	3,967,401
Allowance for Credit Losses	​	$	49,717	​	$	50,938	​	$	47,411	​	$	49,717	​	$	47,411
Total Equity	​	$	660,446	​	$	675,785	​	$	622,218	​	$	660,446	​	$	622,218
Tangible Common Equity (a)	​	$	544,588	​	$	558,687	​	$	506,604	​	$	544,588	​	$	506,604
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
AVERAGE BALANCES	​		​	​		​	​		​	​		​	​		​
Total Assets	​	$	6,117,294	​	$	6,126,618	​	$	5,593,870	​	$	6,031,334	​	$	5,543,954
Earning Assets	​	$	5,778,756	​	$	5,799,062	​	$	5,270,173	​	$	5,700,596	​	$	5,225,957
Investments	​	$	1,234,919	​	$	1,256,470	​	$	1,248,519	​	$	1,251,701	​	$	1,253,009
Loans	​	$	4,448,907	​	$	4,452,394	​	$	3,928,817	​	$	4,353,889	​	$	3,882,605
Total Deposits	​	$	4,851,598	​	$	4,868,890	​	$	4,591,531	​	$	4,794,756	​	$	4,631,155
Interest-Bearing Deposits	​	$	3,893,407	​	$	3,987,492	​	$	3,783,393	​	$	3,866,323	​	$	3,821,405
Interest-Bearing Liabilities	​	$	540,655	​	$	554,935	​	$	359,579	​	$	525,221	​	$	296,667
Total Equity	​	$	680,345	​	$	663,602	​	$	601,034	​	$	669,281	​	$	580,688
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INCOME STATEMENT DATA	​		​	​		​	​		​	​		​	​		​
Net Interest Income	​	$	63,526	​	$	61,222	​	$	54,603	​	$	181,681	​	$	159,249
Net Interest Income Fully Tax Equivalent (b)	​	$	65,064	​	$	62,739	​	$	56,033	​	$	186,200	​	$	163,497
Provision for (Benefit from) Credit Losses	​	$	(750)	​	$	1,300	​	$	1,950	​	$	3,100	​	$	5,950
Non-interest Income	​	$	11,434	​	$	10,646	​	$	11,149	​	$	33,297	​	$	32,041
Non-interest Expense	​	$	41,279	​	$	42,529	​	$	38,048	​	$	124,687	​	$	112,983
Net Income	​	$	27,441	​	$	22,743	​	$	20,762	​	$	69,988	​	$	57,754
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PER SHARE DATA	​		​	​		​	​		​	​		​	​		​
Basic and Diluted Net Income Per Common Share	​	$	2.31	​	$	1.91	​	$	1.75	​	$	5.89	​	$	4.87
Cash Dividends Declared Per Common Share	​	$	0.56	​	$	0.56	​	$	0.51	​	$	1.68	​	$	1.53
Book Value Per Common Share	​	$	55.54	​	$	56.83	​	$	52.50	​	$	55.54	​	$	52.50
Tangible Book Value Per Common Share (c)	​	$	47.47	​	$	45.96	​	$	40.96	​	$	45.79	​	$	42.75
Basic Weighted Average Common Shares Outstanding	​		11,892	​		11,892	​		11,851	​		11,889	​		11,848

(a)Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholders’ equity.

(b)Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.

(c)Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholders’ equity.

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Key Ratios	​ ​ ​	Three Months Ended					​	Nine Months Ended
​	​	September 30,	​ ​ ​	June 30,	​ ​ ​	September 30,	​ ​ ​	September 30,	​ ​ ​	September 30,
​	​	2026	​ ​ ​ ​ ​ ​	2026	​ ​ ​ ​ ​ ​	2025	​ ​ ​ ​ ​ ​	2026	​ ​ ​ ​ ​ ​	2025
Return on average assets		1.79	%	1.48	%	1.48	%	1.54	%	1.39	%
Return on average common shareholders' equity		16.13	%	13.71	%	13.82	%	13.91	%	13.23	%
Efficiency ratio		53.96	%	57.95	%	56.63	%	56.81	%	57.83	%
Average equity to average assets		11.12	%	10.83	%	10.74	%	11.10	%	10.47	%
Net interest margin (a)		4.51	%	4.33	%	4.25	%	4.36	%	4.17	%
Net charge-offs to average loans and leases		0.09	%	0.24	%	0.17	%	0.16	%	0.18	%
Credit loss reserve to loans and leases		1.13	%	1.14	%	1.20	%	1.13	%	1.20	%
Credit loss reserve to nonperforming loans		235.97	%	188.21	%	246.14	%	235.97	%	246.14	%
Nonperforming loans to loans and leases		0.48	%	0.61	%	0.49	%	0.48	%	0.49	%
Tier 1 leverage		11.20	%	10.81	%	11.05	%	11.20	%	11.05	%
Risk-based capital - Tier 1		13.34	%	12.78	%	13.12	%	13.34	%	13.12	%

(a) Net interest margin is calculated on a tax equivalent basis.

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Asset Quality	​	Three Months Ended								​	Nine Months Ended
​	​ ​ ​	September 30,		​ ​ ​	June 30,		​ ​ ​	September 30,		​ ​ ​	September 30,		​ ​ ​	September 30,
​	​	2026		​	2026		​	2025		​	2026		​	2025
Accruing loans and leases past due 30-89 days	​	$	15,299	​	$	12,726	​	$	14,388	​	$	15,299	​	$	14,388
Accruing loans and leases past due 90 days or more	​	$	1,294	​	$	3,030	​	$	1,792	​	$	1,294	​	$	1,792
Nonaccrual loans and leases	​	$	19,775	​	$	24,035	​	$	17,470	​	$	19,775	​	$	17,470
Other real estate owned	​	$	1,418	​	$	1,039	​	$	138	​	$	1,418	​	$	138
Nonperforming loans and other real estate owned	​	$	22,487	​	$	28,104	​	$	19,400	​	$	22,487	​	$	19,400
Total nonperforming assets	​	$	25,148	​	$	30,755	​	$	22,243	​	$	25,148	​	$	22,243
Gross charge-offs	​	$	3,049	​	$	4,084	​	$	3,226	​	$	10,078	​	$	9,395
Recoveries	​	$	2,078	​	$	1,384	​	$	1,600	​	$	4,880	​	$	4,224
Net charge-offs/(recoveries)	​	$	971	​	$	2,700	​	$	1,626	​	$	5,198	​	$	5,171

​

​

​

​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Three Months Ended September 30,
​	​ ​ ​	2026		​ ​ ​	2025
($in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	34,431	​	$	25,754
Provision for (benefit from) credit losses	​		(250)	​		1,950
Provision for (benefit from) unfunded commitments	​		(500)	​		—
Pre-tax, Pre-provision Income	​	$	33,681	​	$	27,704

​

​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Nine Months Ended September 30,
​	​ ​ ​	2026		​ ​ ​	2025
($ in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	87,191	​	$	72,357
Provision for (benefit from) credit losses	​	​	3,600	​	​	5,850
Provision for (benefit from) unfunded commitments	​	​	(500)	​	​	100
Pre-tax, Pre-provision Income	​	$	90,291	​	$	78,307

​

​

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

​

​	​	​	​	​	​	​
​	​ ​ ​	September 30,		​ ​ ​	December 31,
​	​	2026		​	2025
​		(unaudited)
ASSETS	​	​	​	​	​	​
Cash and due from banks	​	$	92,497	​	$	130,369
Federal funds sold	​		667	​		475
Securities available-for-sale	​		1,104,628	​		1,149,526
Loans:	​		​	​		​
Commercial	​		2,371,255	​		2,375,344
Residential	​		1,308,869	​		986,955
Consumer	​		725,268	​		688,135
​	​		4,405,392	​		4,050,434
(Less) plus:	​		​	​		​
Net deferred loan costs	​		6,408	​		4,869
Allowance for credit losses	​		(49,717)	​		(47,995)
​	​		4,362,083	​		4,007,308
Restricted stock	​		23,579	​		18,536
Accrued interest receivable	​		28,797	​		27,762
Premises and equipment, net	​		87,697	​		78,582
Bank-owned life insurance	​		137,867	​		131,286
Goodwill	​		98,229	​		98,229
Other intangible assets	​		17,629	​		16,234
Other real estate owned	​		1,418	​		94
Other assets	​		105,856	​		97,725
TOTAL ASSETS	​	$	6,060,947	​	$	5,756,126
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​		​	​		​
Deposits:	​		​	​		​
Non-interest-bearing	​	$	990,989	​	$	916,473
Interest-bearing:	​		​	​		​
Certificates of deposit exceeding the FDIC insurance limits	​		218,702	​		135,605
Other interest-bearing deposits	​		3,655,606	​		3,499,033
​	​		4,865,297	​		4,551,111
Short-term borrowings	​		203,472	​		292,468
FHLB advances	​		262,348	​		188,208
Other liabilities	​		69,384	​		73,470
TOTAL LIABILITIES	​		5,400,501	​		5,105,257
​	​	​	​	​	​	​
Shareholders’ equity	​		​	​		​
Common stock, $.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	​		148,046	​		147,442
Retained earnings	​		791,803	​		741,793
Accumulated other comprehensive income/(loss)	​		(127,387)	​		(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	​		660,446	​		650,869
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	​	$	6,060,947	​	$	5,756,126

​

​

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

​

​

​

​

​

​

​

(unaudited)

INTEREST INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including related fees

​

$

76,585

​

$

67,070

​

$

218,092

​

$

195,457

Securities:

​

​

​

​

​

​

​

​

Taxable

​

6,367

​

5,985

​

19,257

​

17,902

Tax-exempt

​

3,019

​

2,689

​

8,897

​

7,915

Other

​

958

​

900

​

2,848

​

2,579

TOTAL INTEREST INCOME

​

86,929

​

76,644

​

249,094

​

223,853

INTEREST EXPENSE:

​

​

​

​

​

​

​

​

Deposits

​

18,117

​

18,002

​

52,496

​

54,696

Short-term borrowings

​

2,303

​

1,916

​

7,275

​

5,007

Other borrowings

​

2,983

​

2,123

​

7,642

​

4,901

TOTAL INTEREST EXPENSE

​

23,403

​

22,041

​

67,413

​

64,604

NET INTEREST INCOME

​

63,526

​

54,603

​

181,681

​

159,249

Provision for (benefit from) credit losses - loans

​

(250)

​

1,950

​

3,600

​

5,850

Provision for (benefit from) credit losses - unfunded commitments

​

(500)

​

—

​

(500)

​

100

NET INTEREST INCOME AFTER PROVISION

​

​

​

​

​

​

​

​

FOR LOAN LOSSES

​

64,276

​

52,653

​

178,581

​

153,299

NON-INTEREST INCOME:

​

​

​

​

​

​

​

​

Trust and financial services

​

1,394

​

1,278

​

4,388

​

4,161

Service charges and fees on deposit accounts

​

8,407

​

8,104

​

24,006

​

23,243

Other service charges and fees

​

259

​

251

​

978

​

823

Securities gains/(losses), net

​

—

​

24

​

(109)

​

21

Interchange income

​

232

​

176

​

632

​

570

Loan servicing fees

​

338

​

338

​

997

​

830

Gain on sales of mortgage loans

​

335

​

494

​

1,122

​

1,149

Bargain purchase gain

​

​

—

​

​

—

​

​

33

​

​

—

Other

​

469

​

484

​

1,250

​

1,244

TOTAL NON-INTEREST INCOME

​

11,434

​

11,149

​

33,297

​

32,041

NON-INTEREST EXPENSE:

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

20,809

​

19,788

​

63,442

​

58,725

Occupancy expense

​

2,730

​

2,738

​

8,402

​

7,886

Equipment expense

​

5,836

​

4,811

​

16,473

​

13,903

FDIC expense

​

665

​

690

​

2,045

​

2,235

Other

​

11,239

​

10,021

​

34,325

​

30,234

TOTAL NON-INTEREST EXPENSE

​

41,279

​

38,048

​

124,687

​

112,983

INCOME BEFORE INCOME TAXES

​

34,431

​

25,754

​

87,191

​

72,357

Provision for income taxes

​

6,990

​

4,992

​

17,203

​

14,603

NET INCOME

​

27,441

​

20,762

​

69,988

​

57,754

OTHER COMPREHENSIVE INCOME (LOSS)

​

​

​

​

​

​

​

​

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes

​

(36,401)

​

19,596

​

(40,943)

​

33,642

Change in funded status of post retirement benefits, net of taxes

​

79

​

3

​

237

​

8

COMPREHENSIVE INCOME (LOSS)

​

$

(8,881)

​

$

40,361

​

$

29,282

​

$

91,404

PER SHARE DATA

​

​

​

​

​

​

​

​

Basic and Diluted Earnings per Share

​

$

2.31

​

$

1.75

​

$

5.89

​

$

4.87

Weighted average number of shares outstanding (in thousands)

​

11,892

​

11,851

​

11,889

​

11,848

​

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 521.1 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.7 KB