First Financial (US:THFF)2024-10-22 14:04Financial Performance - Net income for Q3 2024 was $8.7 million, down from $16.3 million in Q3 2023, representing a decrease of 46.58%[1] - Net income for the three months ended September 30, 2024, was $8,741, a decrease of 23.5% from $11,369 in the previous quarter[19] - Net income for the three months ended September 30, 2024, was $8,741 thousand, down from $16,285 thousand in Q3 2023, a decrease of 46.3%[24] - Basic and diluted net income per common share for the three months ended September 30, 2024, was $0.74, down from $0.96 in the previous quarter[19] - Basic and diluted earnings per share decreased to $0.74 for Q3 2024, compared to $1.37 for Q3 2023, reflecting a decline of 46.0%[24] - Comprehensive income for the three months ended September 30, 2024, was $40,442 thousand, compared to a loss of $(18,503) thousand in Q3 2023, showing a significant recovery[24] Loan and Deposit Growth - Average total loans increased to $3.71 billion in Q3 2024, up $558 million or 17.74% from Q3 2023[2] - Total loans outstanding reached $3.72 billion as of September 30, 2024, an increase of $598 million or 19.17% year-over-year[3] - Average total deposits rose to $4.71 billion in Q3 2024, an increase of $705 million or 17.63% compared to Q3 2023[4] - Total deposits as of September 30, 2024, were $4.72 billion, up $676 million or 16.74% from the previous year[5] - Total deposits increased to $4,717,489 as of September 30, 2024, compared to $4,040,995 on September 30, 2023, representing a growth of 16.7%[19] Interest Income and Expenses - Net interest income for Q3 2024 was $47.2 million, reflecting a $6.0 million increase or 14.63% from the same period in 2023[9] - Net interest income for the three months ended September 30, 2024, was $47,170, up 20.5% from $39,294 in the previous quarter[19] - Net interest income for the three months ended September 30, 2024, was $47,170 thousand, compared to $41,150 thousand for the same period in 2023, reflecting an increase of 14.8%[24] - Non-interest income rose to $11,223 for the three months ended September 30, 2024, compared to $9,905 in the previous quarter, reflecting a growth of 13.3%[19] - Non-interest income totaled $11,223 thousand for the three months ended September 30, 2024, slightly down from $11,627 thousand in the same period last year[24] - Total non-interest expense rose to $38,564 thousand for the three months ended September 30, 2024, compared to $32,265 thousand in the same period last year, an increase of 19.5%[24] Credit Quality and Loss Provisions - The provision for credit losses was $9.4 million in Q3 2024, significantly higher than $1.2 million in Q3 2023[12] - Provision for credit losses increased to $9,400 for the three months ended September 30, 2024, compared to $2,966 in the previous quarter[19] - Provision for credit losses rose to $9,400 thousand in Q3 2024, significantly higher than $1,200 thousand in Q3 2023, indicating increased risk management measures[24] - Nonperforming loans increased to $14.1 million as of September 30, 2024, compared to $12.6 million a year earlier[11] - Nonperforming loans and other real estate owned totaled $14,303 as of September 30, 2024, compared to $12,647 on September 30, 2023, indicating a rise of 13.1%[21] - The allowance for credit losses was $46,169 as of September 30, 2024, compared to $39,034 on September 30, 2023, reflecting a 18.3% increase[19] - The allowance for credit losses increased to $(46,169) thousand as of September 30, 2024, compared to $(39,767) thousand at December 31, 2023, indicating a more conservative approach to credit risk[23] Capital and Asset Growth - Book value per share increased to $47.93 as of September 30, 2024, up $7.93 or 19.82% from the previous year[7] - Total assets as of September 30, 2024, reached $5,483,351, an increase of 12.1% from $4,784,806 on September 30, 2023[19] - Total assets increased to $5,483,351 thousand as of September 30, 2024, up from $4,851,146 thousand at December 31, 2023, representing a growth of 13.0%[23] - Total liabilities increased to $4,917,400 thousand as of September 30, 2024, compared to $4,323,170 thousand at December 31, 2023, marking a rise of 13.8%[23] - The Tier 1 capital ratio was 13.63% as of September 30, 2024, compared to 14.61% on September 30, 2023, showing a decrease in capital adequacy[20] Operational Efficiency - The efficiency ratio for Q3 2024 was 64.43%, compared to 59.57% in Q3 2023, indicating increased operational costs[17]