First Financial (THFF) - 2024 Q4 - Annual Results

Loan Performance - Average total loans for Q4 2024 were $3.79 billion, an increase of $657 million or 20.98% year-over-year[5] - Total loans outstanding as of December 31, 2024, were $3.84 billion, up $669 million or 21.13% from the previous year[6] - Nonperforming loans decreased to $13.3 million, down from $24.6 million year-over-year, resulting in a nonperforming loan ratio of 0.35%[15] - Nonperforming loans to loans and leases decreased to 0.35% as of December 31, 2024, down from 0.78% a year earlier[28] - Total nonperforming assets decreased to $16,719 thousand as of December 31, 2024, from $27,665 thousand a year earlier[29] Financial Performance - Net income for Q4 2024 was $16.2 million, compared to $12.4 million for the same period in 2023, representing a 30.65% increase[7] - Net income for the year ended December 31, 2024, was $47,275 thousand, compared to $60,672 thousand in 2023[32] - Basic and diluted earnings per share for the year ended December 31, 2024, were $4.00, down from $5.08 in 2023[32] Deposits and Assets - Average total deposits for Q4 2024 were $4.76 billion, an increase of $706 million or 17.44% year-over-year[8] - Total assets reached $5,560,348 thousand as of December 31, 2024, an increase from $4,851,146 thousand in 2023[31] Income and Expenses - Net interest income for Q4 2024 reached a record $49.6 million, an increase of $10.0 million or 25.29% from Q4 2023[13] - Total non-interest expense increased to $144,438 thousand for the year ended December 31, 2024, compared to $130,176 thousand in 2023[32] Efficiency and Ratios - The efficiency ratio improved to 62.98% for Q4 2024, compared to 65.62% for the same period in 2023[21] - Return on average assets increased to 1.18% for the three months ended December 31, 2024, compared to 0.64% in the previous quarter[28] - Net interest margin improved to 3.94% for the three months ended December 31, 2024, up from 3.78% in the previous quarter[28] - Average equity to average assets increased to 10.09% for the three months ended December 31, 2024, compared to 9.97% in the previous quarter[28] Shareholder Equity - Shareholders' equity increased to $549.0 million as of December 31, 2024, compared to $528.0 million a year earlier[10] - Book value per share rose to $46.36 as of December 31, 2024, an increase of $1.60 or 3.57% from the previous year[11] Credit Loss Provision - The provision for credit losses for Q4 2024 was $2.0 million, down from $2.5 million in Q4 2023[16] - Provision for credit losses increased to $16,166 thousand for the year ended December 31, 2024, from $7,295 thousand in 2023[32]