Loan growth and margin lift shape First Financial (NASDAQ: THFF) Q1 2026

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

First Financial Corporation reported solid first quarter 2026 results driven by strong loan growth and stable margins. Net income was $19.8 million, or $1.67 per share, up from $18.4 million, or $1.55 per share, a year earlier. Net interest income reached a record $56.9 million, and net interest margin improved to 4.23%.

Total loans rose to $4.42 billion as of March 31, 2026, up 14.79% year over year, helped by the March 1 acquisition of CedarStone Financial, which added $292 million of loans and $313 million of deposits and generated a $716 thousand bargain purchase gain. Assets surpassed $6.13 billion and deposits were $4.84 billion.

Credit quality remained manageable but weaker than a year ago. Nonperforming loans increased to $28.5 million, or 0.64% of loans and leases, compared to $10.2 million, or 0.26%, a year earlier. The allowance for credit losses was $52.3 million, or 1.18% of total loans. The efficiency ratio was 58.72%, and return on average assets was 1.35%.

Positive

Strong balance sheet and earnings growth: Total loans reached $4.42 billion, up 14.79% year over year, assets surpassed $6.13 billion, net interest income hit a record $56.9 million, and net income rose to $19.8 million with EPS increasing to $1.67.
Capital and shareholder value improvement: Shareholders’ equity increased to $655.3 million, book value per share rose to $55.10, tangible book value per share to $45.13, and the tangible common equity to tangible asset ratio improved to 8.93%.

Negative

Higher nonperforming loans and credit costs: Nonperforming loans increased to $28.5 million, or 0.64% of loans and leases versus 0.26% a year earlier, while the provision for credit losses rose to $2.6 million.
Slightly less efficient operations: The efficiency ratio deteriorated to 58.72% for Q1 2026 compared to 57.54% in the prior-year quarter, reflecting faster growth in non-interest expense than in revenue.

Insights

First Financial posts record net interest income with strong loan growth, offset by higher nonperforming loans.

First Financial Corporation delivered notable balance sheet expansion in Q1 2026. Total loans reached $4.42 billion, up 14.79% year over year, helped by the CedarStone acquisition adding $292 million of loans and $313 million of deposits plus a $716 thousand bargain purchase gain. Net interest income hit a record $56.9 million, and net interest margin improved to 4.23%, supporting net income of $19.8 million.

Capital and shareholder metrics also strengthened. Shareholders’ equity rose to $655.3 million, while book value per share increased to $55.10 and tangible book value per share to $45.13. The tangible common equity to tangible asset ratio improved to 8.93%, and return on average equity was 11.93%, indicating solid profitability on an enlarged base.

Credit quality is the main counterpoint. Nonperforming loans climbed to $28.5 million, or 0.64% of loans and leases, compared with 0.26% a year earlier, and the provision for credit losses increased to $2.6 million. However, the allowance for credit losses of $52.3 million represents 1.18% of total loans, and net charge-offs decreased to $1.5 million, or 0.15% of average loans. Overall, the quarter combines strong growth and margin performance with a modest deterioration in asset quality.

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, and exhibit attachments filed with this report.

Key Figures

Net income: $19.8M EPS: $1.67 per share Net interest income: $56.9M +5 more

8 metrics

Net income $19.8M Three months ended March 31, 2026

EPS $1.67 per share Basic and diluted earnings per share, Q1 2026

Net interest income $56.9M Record net interest income, Q1 2026

Total loans $4.42B Loans outstanding as of March 31, 2026

Total assets $6.13B Assets as of March 31, 2026

Net interest margin 4.23% For the quarter ended March 31, 2026

Nonperforming loans $28.5M (0.64%) Nonperforming loans and ratio to loans and leases, March 31, 2026

Allowance for credit losses $52.3M (1.18%) Allowance and ratio to total loans as of March 31, 2026

Key Terms

bargain purchase gain, net interest margin, efficiency ratio, tangible common equity, +1 more

5 terms

bargain purchase gain financial

"Additionally, we recorded a bargain purchase gain of $716 thousand."

A bargain purchase gain happens when a buyer acquires another company's assets for less than those assets' estimated fair value, producing an immediate accounting profit for the buyer. For investors, it matters because that one-time gain boosts the acquirer's reported earnings and can signal a very favorable deal — like finding a valuable item at a steep discount — but it may also prompt scrutiny about whether asset values or the deal terms were estimated correctly.

net interest margin financial

"Our margin remains strong at 4.23% and credit quality remains stable."

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.

efficiency ratio financial

"The Corporation’s efficiency ratio was 58.72% for the quarter ending March 31, 2026, versus 57.54% for the same period in 2025."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

tangible common equity financial

"Tangible Common Equity to Tangible Asset Ratio The Corporation’s tangible common equity to tangible asset ratio was 8.93% at March 31, 2026, compared to 8.32% at March 31, 2025."

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.

allowance for credit losses financial

"The Corporation’s allowance for credit losses as of March 31, 2026, was $52.3 million compared to $46.8 million as of March 31, 2025."

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.

Earnings Snapshot

Net income: $19.8M

Q1 2026

Net income $19.8M up from $18.4M in Q1 2025

Net interest income $56.9M +9.5% year over year

Net interest margin 4.23% up from 4.11% in Q1 2025

Total loans $4.42B +14.79% year over year

EPS $1.67 up from $1.55 in Q1 2025

Understanding 8-K Material Events →

04/28/2026 - 09:32 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) April 28, 2026

FIRST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Commission File Number: 0-16759

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)

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:

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

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

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

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

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 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).

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 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On April 28, 2026, the Registrant issued a press release reporting its financial results for the three months ended March 31, 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.

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.

Item 9.01. Financial Statements and Exhibits

The exhibit to this report is as follows:

Exhibit Number

99.1		Press Release, April 28, 2026, issued by First Financial Corporation
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

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.

	First Financial Corporation

Dated April 28, 2026
	/s/ Rodger A. McHargue
	Rodger A. McHargue
	Secretary/Treasurer and Chief Financial Officer

Exhibit 99.1


	News Release

FIRST FINANCIAL CORPORATION

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

First Financial Corporation Reports First Quarter Results

Terre Haute, Indiana, April 28, 2026 – First Financial Corporation (NASDAQ:THFF) today announced results for the first quarter of 2026.

●

Net income was $19.8 million compared to $18.4 million reported for the same period of 2025;

●

Diluted net income per common share of $1.67 compared to $1.55 for the same period of 2025;

●

Return on average assets was 1.35% compared to 1.34% for the three months ended March 31, 2025;

●

Provision for credit losses was $2.6 million compared to provision of $2.0 million for the first quarter 2025; and

●

Pre-tax, pre-provision net income was $27.3 million compared to $25.7 million for the same period in 2025.¹

¹Non-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.

Acquisition

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. Additionally, we recorded a bargain purchase gain of $716 thousand. Included in the variances in the following discussion are the values provided in this paragraph.

Average Total Loans

Average total loans for the first quarter of 2026 were $4.16 billion versus $3.84 billion for the comparable period in 2025, an increase of $319 million or 8.29%. On a linked quarter basis, average loans increased $186 million or 4.69% from $3.97 billion as of December 31, 2025.

Total Loans Outstanding

Total loans outstanding as of March 31, 2026, were $4.42 billion compared to $3.85 billion as of March 31, 2025, an increase of $570 million or 14.79%. On a linked quarter basis, total loans increased $368.6 million or 9.09% from $4.06 billion as of December 31, 2025. Organic growth of $77 million was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our first quarter results. In the first quarter, we surpassed $6 billion in total assets for the first time, and it marked the tenth consecutive quarter of loan growth, which surpassed $4 billion in loans for the first time last quarter. Our margin remains strong at 4.23% and credit quality remains stable.”

Average Total Deposits

Average total deposits for the quarter ended March 31, 2026, were $4.66 billion versus $4.65 billion as of March 31, 2025, an increase of $13 million, or 0.28%. On a linked quarter basis, average deposits increased $23 million or 0.49% from $4.64 billion as of December 31, 2025.

Total Deposits

Total deposits were $4.84 billion as of March 31, 2026, compared to $4.64 billion as of March 31, 2025. On a linked quarter basis, total deposits increased $291.3 million or 6.40% from $4.55 billion as of December 31, 2025. Non-interest bearing deposits were $1.1 billion, and time deposits were $812.2 million as of December 31, 2025, compared to $856.1 million and $726 million, respectively for the same period of 2025.

Shareholders’ Equity

Shareholders’ equity at March 31, 2026, was $655.3 million compared to $571.9 million on March 31, 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 January and declared a $0.56 quarterly dividend, which was paid on April 15, 2026.

Book Value Per Share

Book Value per share was $55.10 as of March 31, 2026, compared to $48.26 as of March 31, 2025, an increase of $6.84 per share, or 14.17%. Tangible Book Value per share was $45.13 as of March 31, 2026, compared to $38.13 as of March 31, 2025, an increase of $7.00 per share or 18.36%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 8.93% at March 31, 2026, compared to 8.32% at March 31, 2025.

Net Interest Income

Net interest income for the first quarter of 2026 was a record $56.9 million, compared to $52.0 million reported for the same period of 2025, an increase of $5.0 million, or 9.5%. Interest income increased $4.9 million and interest expense decreased $44 thousand year over year.

Net Interest Margin

The net interest margin for the quarter ended March 31, 2026, was 4.23% compared to the 4.11% reported at March 31, 2025.

Nonperforming Loans

Nonperforming loans as of March 31, 2026, were $28.5 million versus $10.2 million as of March 31, 2025. The ratio of nonperforming loans to total loans and leases was 0.64% as of March 31, 2026, versus 0.26% as of March 31, 2025. On a linked quarter basis, nonperforming loans were $28.6 million, and the ratio of nonperforming loans to total loans and leases was 0.70% as of December 31, 2025.

Credit Loss Provision

The provision for credit losses for the three months ended March 31, 2026, was $2.6 million, compared to $2.0 million for the same period 2025.

Net Charge-Offs

In the first quarter of 2026 net charge-offs were $1.5 million compared to $1.8 million in the same period of 2025.

Allowance for Credit Losses

The Corporation’s allowance for credit losses as of March 31, 2026, was $52.3 million compared to $46.8 million as of March 31, 2025. The allowance for credit losses as a percent of total loans was 1.18% as of March 31, 2026, compared to 1.22% as of March 31, 2025. On a linked quarter basis, the allowance for credit losses as a percent of total loans remained stable compared to December 31, 2025.

Non-Interest Income

Non-interest income for the three months ended March 31, 2026 and 2025 was $11.2 million and $10.5 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended March 31, 2026, was $40.9 million compared to $36.8 million in 2025.

Efficiency Ratio

The Corporation’s efficiency ratio was 58.72% for the quarter ending March 31, 2026, versus 57.54% for the same period in 2025.

Income Taxes

Income tax expense for the three months ended March 31, 2026, was $4.9 million versus $5.4 million for the same period in 2025. The effective tax rate for 2026 was 19.89% compared to 22.59% 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 79 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


		Three Months Ended
		March 31,			December 31,			March 31,
		2026			2025			2025
END OF PERIOD BALANCES
Assets		$	6,128,589		$	5,756,126		$	5,549,094
Deposits		$	4,842,386		$	4,551,111		$	4,640,003
Loans, including net deferred loan costs		$	4,423,921		$	4,055,303		$	3,854,020
Allowance for Credit Losses		$	52,338		$	47,995		$	46,835
Total Equity		$	655,288		$	650,869		$	571,945
Tangible Common Equity ^(a)		$	536,659		$	535,262		$	451,874

AVERAGE BALANCES
Total Assets		$	5,850,090		$	5,654,790		$	5,508,767
Earning Assets		$	5,523,970		$	5,334,253		$	5,194,478
Investments		$	1,263,714		$	1,258,077		$	1,266,300
Loans		$	4,160,366		$	3,973,985		$	3,841,752
Total Deposits		$	4,663,780		$	4,641,267		$	4,650,883
Interest-Bearing Deposits		$	3,718,070		$	3,790,653		$	3,837,679
Interest-Bearing Liabilities		$	480,073		$	326,493		$	261,174
Total Equity		$	663,896		$	640,172		$	564,742

INCOME STATEMENT DATA
Net Interest Income		$	56,933		$	60,619		$	51,975
Net Interest Income Fully Tax Equivalent ^(b)		$	58,397		$	62,003		$	53,373
Provision for Credit Losses		$	2,550		$	2,350		$	1,950
Non-interest Income		$	11,217		$	9,931		$	10,511
Non-interest Expense		$	40,879		$	41,843		$	36,759
Net Income		$	19,804		$	21,454		$	18,406

PER SHARE DATA
Basic and Diluted Net Income Per Common Share		$	1.67		$	1.81		$	1.55
Cash Dividends Declared Per Common Share		$	0.56		$	0.56		$	0.51
Book Value Per Common Share		$	55.10		$	54.78		$	48.26
Tangible Book Value Per Common Share ^(c)		$	45.13		$	44.31		$	38.13
Basic Weighted Average Common Shares Outstanding			11,885			11,865			11,842

(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 shareholder’s 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 shareholder’s equity.


Key Ratios		Three Months Ended
		March 31,		December 31,		March 31,
		2026		2025		2025
Return on average assets		1.35	%	1.52	%	1.34	%
Return on average common shareholder's equity		11.93	%	13.41	%	13.04	%
Efficiency ratio		58.72	%	58.17	%	57.54	%
Average equity to average assets		11.35	%	11.32	%	10.25	%
Net interest margin ^(a)		4.23	%	4.66	%	4.11	%
Net charge-offs to average loans and leases		0.15	%	0.18	%	0.19	%
Credit loss reserve to loans and leases		1.18	%	1.18	%	1.22	%
Credit loss reserve to nonperforming loans		183.89	%	167.94	%	460.57	%
Nonperforming loans to loans and leases		0.64	%	0.70	%	0.26	%
Tier 1 leverage		11.03	%	11.25	%	10.63	%
Risk-based capital - Tier 1		12.50	%	13.21	%	12.70	%

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


Asset Quality		Three Months Ended
		March 31,			December 31,			March 31,
		2026			2025			2025
Accruing loans and leases past due 30-89 days		$	19,882		$	17,294		$	17,007
Accruing loans and leases past due 90 days or more		$	938		$	1,083		$	1,109
Nonaccrual loans and leases		$	27,524		$	27,495		$	9,060
Other real estate owned		$	184		$	94		$	560
Nonperforming loans and other real estate owned		$	28,646		$	28,672		$	10,729
Total nonperforming assets		$	31,288		$	31,522		$	13,631
Gross charge-offs		$	2,945		$	3,415		$	3,241
Recoveries		$	1,418		$	1,649		$	1,394
Net charge-offs/(recoveries)		$	1,527		$	1,766		$	1,847


Non-GAAP Reconciliations		Three Months Ended March 31,
		2026			2025
($in thousands, except EPS)
Income before Income Taxes		$	24,721		$	23,777
Provision for credit losses			2,550			1,950
Provision for unfunded commitments			—			—
Pre-tax, Pre-provision Income		$	27,271		$	25,727

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)


		March 31,			December 31,
		2026			2025

		(unaudited)
ASSETS
Cash and due from banks		$	96,887		$	130,369
Federal funds sold			—			475
Securities available-for-sale			1,170,768			1,149,526
Loans:
Commercial			2,525,068			2,375,344
Residential			1,187,587			986,955
Consumer			703,322			688,135
			4,415,977			4,050,434
(Less) plus:
Net deferred loan costs			7,944			4,869
Allowance for credit losses			(52,338)			(47,995)
			4,371,583			4,007,308
Restricted stock			18,553			18,536
Accrued interest receivable			27,881			27,762
Premises and equipment, net			88,692			78,582
Bank-owned life insurance			136,453			131,286
Goodwill			98,229			98,229
Other intangible assets			20,400			16,234
Other real estate owned			184			94
Other assets			98,959			97,725
TOTAL ASSETS		$	6,128,589		$	5,756,126

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing		$	1,139,666		$	916,473
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits			135,035			135,605
Other interest-bearing deposits			3,567,685			3,499,033
			4,842,386			4,551,111
Short-term borrowings			349,781			292,468
FHLB advances			208,756			188,208
Other liabilities			72,378			73,470
TOTAL LIABILITIES			5,473,301			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			2,021			2,021
Additional paid-in capital			147,643			147,442
Retained earnings			754,938			741,793
Accumulated other comprehensive income/(loss)			(95,276)			(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			655,288			650,869
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	6,128,589		$	5,756,126

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)


		Three Months Ended
		March 31,
		2026			2025

INTEREST INCOME:
Loans, including related fees		$	67,521		$	63,612
Securities:
Taxable			6,536			6,002
Tax-exempt			2,864			2,604
Other			1,025			814
TOTAL INTEREST INCOME			77,946			73,032
INTEREST EXPENSE:
Deposits			16,629			18,199
Short-term borrowings			2,352			1,693
Other borrowings			2,032			1,165
TOTAL INTEREST EXPENSE			21,013			21,057
NET INTEREST INCOME			56,933			51,975
Provision for credit losses			2,550			1,950
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES			54,383			50,025
NON-INTEREST INCOME:
Trust and financial services			1,491			1,393
Service charges and fees on deposit accounts			7,382			7,585
Other service charges and fees			374			316
Interchange income			186			214
Loan servicing fees			326			165
Gain on sales of mortgage loans			294			225
Bargain purchase gain			716			—
Other			448			613
TOTAL NON-INTEREST INCOME			11,217			10,511
NON-INTEREST EXPENSE:
Salaries and employee benefits			21,361			19,248
Occupancy expense			2,958			2,676
Equipment expense			5,340			4,505
FDIC Expense			690			750
Other			10,530			9,580
TOTAL NON-INTEREST EXPENSE			40,879			36,759
INCOME BEFORE INCOME TAXES			24,721			23,777
Provision for income taxes			4,917			5,371
NET INCOME			19,804			18,406
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes			(8,674)			11,100
Change in funded status of post retirement benefits, net of taxes			79			3
COMPREHENSIVE INCOME (LOSS)		$	11,209		$	29,509
PER SHARE DATA
Basic and Diluted Earnings per Share		$	1.67		$	1.55
Weighted average number of shares outstanding (in thousands)			11,885			11,842

Source: View Original Filing on SEC EDGAR

FAQ

How did First Financial Corporation (THFF) perform financially in Q1 2026?

First Financial Corporation reported net income of $19.8 million in Q1 2026, up from $18.4 million a year earlier. Earnings per share rose to $1.67 from $1.55, supported by record net interest income of $56.9 million and a higher 4.23% net interest margin.

What loan and deposit growth did First Financial Corporation (THFF) report for Q1 2026?

Total loans reached $4.42 billion as of March 31, 2026, an increase of $570 million, or 14.79%, year over year. Total deposits were $4.84 billion, up from $4.64 billion a year earlier, reflecting both organic growth and the impact of the CedarStone acquisition.

How did the CedarStone Financial acquisition affect First Financial Corporation (THFF)?

Completed on March 1, 2026, the CedarStone Financial acquisition added $292 million of loans and $313 million of deposits to First Financial Corporation. The transaction also produced a $716 thousand bargain purchase gain, contributing to first quarter 2026 non-interest income.

What happened to First Financial Corporation’s (THFF) credit quality in Q1 2026?

Nonperforming loans rose to $28.5 million as of March 31, 2026, representing 0.64% of loans and leases versus 0.26% a year earlier. The provision for credit losses increased to $2.6 million, while net charge-offs declined modestly to $1.5 million for the quarter.

How strong are First Financial Corporation’s (THFF) capital and book value measures?

Shareholders’ equity reached $655.3 million at March 31, 2026. Book value per share increased to $55.10, and tangible book value per share rose to $45.13. The tangible common equity to tangible asset ratio improved to 8.93%, indicating a stronger capital position.

What profitability and efficiency ratios did First Financial Corporation (THFF) report?

For Q1 2026, return on average assets was 1.35% and return on average common shareholders’ equity was 11.93%. The net interest margin was 4.23%, while the efficiency ratio was 58.72%, slightly higher than the 57.54% reported in the prior-year quarter.

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