First Financial Corporation (NASDAQ:THFF) Reports Strong 2024 Financial Results

First Financial Corporation, a leading company in the financial sector, has recently disclosed its financial performance for the year ended December 31, 2024. The corporation reported notable achievements in various key areas compared to the same period in 2023. Net income for the fourth quarter of 2024 was $16.2 million, exhibiting growth from $12.4 million reported during the same period in 2023. Diluted net income per common share also showed improvement, standing at $1.37 compared to $1.06 in 2023.

Key financial highlights include a return on average assets increasing to 1.18% from 1.05% for the three months ended December 31, 2023. The credit loss provision decreased to $2.0 million compared to $2.5 million for the fourth quarter of 2023. Pre-tax, pre-provision net income saw a significant rise to $22.3 million from $16.6 million for the same period in 2023.

For the entire year of 2024, First Financial Corporation reported net income of $47.3 million, down from $60.7 million in 2023. Diluted net income per common share for the year was $4.00 compared to $5.08 in 2023. Return on average assets declined to 0.92% from 1.26% for the twelve months ended December 31, 2023. The credit loss provision for the full year amounted to $16.2 million compared to $7.3 million in the prior year. Pre-tax, pre-provision net income for the year was $73.4 million, a decrease from $79.7 million in 2023.

The financial report also highlighted growth in average total loans, total loans outstanding, total deposits, and shareholders’ equity. The company experienced improvements in net interest income, net interest margin, and a decrease in nonperforming loans, reflecting a sound performance in lending and asset management.

Norman D. Lowery, President and Chief Executive Officer of First Financial Corporation, expressed confidence in the company’s solid loan growth and record net interest income. He anticipates continued enhancement in the net interest margin in the upcoming quarters.

The detailed financial results and information presented by First Financial Corporation show a resilient performance, indicating robust management strategies despite certain fluctuations in key financial metrics. The corporation remains committed to its financial obligations, ensuring sustained growth and shareholder value.

The full financial report can be accessed on the company’s website for further details.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Financial’s 8K filing here.

First Financial Company Profile

First Financial Corporation, through its subsidiaries, provides various financial services. The company offers non-interest-bearing demand, interest-bearing demand, savings, time, and other time deposits. It also provides commercial loans primarily to expand a business or finance asset purchases; residential real estate and residential real estate construction loans; and home equity loans and lines, secured loans, and cash/CD secured and unsecured loans.