First Financial (THFF) - 2025 Q1 - Quarterly Results

Loans and Deposits - Average total loans for Q1 2025 were $3.84 billion, an increase of$662 million or 20.80% year-over-year [5]. - Total loans outstanding as of March 31, 2025, were $3.85 billion, up$662 million or 20.74% from the same period in 2024 [6]. - Average total deposits for Q1 2025 were $4.65 billion, an increase of$605 million or 14.95% year-over-year [7]. Financial Performance - Net income for Q1 2025 was $18.4 million, compared to$10.9 million for the same period in 2024 [9]. - Net interest income for Q1 2025 was a record $52.0 million, an increase of$13.1 million or 33.5% year-over-year [13]. - The net interest margin for Q1 2025 was 4.11%, compared to 3.53% for the same period in 2024 [14]. - Basic and diluted earnings per share increased to $1.55 in Q1 2025, up from$0.93 in Q1 2024, representing a growth of 66.7% [31]. - Non-interest income for Q1 2025 was $10,511 thousand, an increase from$9,431 thousand in Q1 2024, reflecting a growth of 11.5% [31]. Asset Quality - Nonperforming loans as of March 31, 2025, were $10.2 million, down from$24.3 million a year earlier, with a ratio of 0.26% [15]. - Total nonperforming assets decreased to $13,631 thousand as of March 31, 2025, down from$16,719 thousand at December 31, 2024, indicating a reduction of 18.5% [28]. - The provision for credit losses increased to $1,950 thousand in Q1 2025, compared to$1,800 thousand in Q1 2024, marking an 8.3% rise [31]. Equity and Valuation - Shareholders' equity at March 31, 2025, was $571.9 million, up from$520.8 million on March 31, 2024 [10]. - Book value per share increased to $48.26 as of March 31, 2025, from$44.08 a year earlier, representing a 9.49% increase [11]. Efficiency and Expenses - The efficiency ratio improved to 57.54% for Q1 2025, down from 67.21% for the same period in 2024 [21]. - Total non-interest expense rose to $36,759 thousand in Q1 2025, compared to$33,422 thousand in Q1 2024, indicating an increase of 9.0% [31]. Assets and Liabilities - Total assets as of March 31, 2025, were $5,549,094 thousand, slightly down from$5,560,348 thousand at December 31, 2024 [30]. - Total liabilities decreased to $4,977,149 thousand as of March 31, 2025, from$5,011,307 thousand at December 31, 2024, a decline of 0.7% [30]. Interest Income - Total interest income increased to $73,032 thousand in Q1 2025, up from$59,403 thousand in Q1 2024, representing a growth of 22.9% [31]. - Net interest income after provision for loan losses rose to $50,025 thousand in Q1 2025, compared to$37,120 thousand in Q1 2024, reflecting a 34.6% increase [31].