$THFF

FIRST FINANCIAL CORP /IN/

CIK:0000714562|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
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 Earnings per Share (in dollars per share)	$ 1.91	$ 1.57	$ 3.58	$ 3.12
Diluted Earnings per Share (in dollars per share)			$ 3.58	$ 3.12
Weighted average number of shares outstanding, basic (in shares)	11,892	11,851	11,888	11,847
Weighted average number of shares outstanding, diluted (in shares)			11,888	11,847

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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	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)
Loans, net	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
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
Total Deposits	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
Commercial
ASSETS
Loans	2,424,325	2,375,344
Residential
ASSETS
Loans	1,316,108	986,955
Consumer
ASSETS
Loans	$ 721,551	$ 688,135