First Financial Corporation Reports 2024 Results

Core Viewpoint - First Financial Corporation reported strong financial results for the fourth quarter and the year ended December 31, 2024, highlighting significant growth in loans and deposits, record net interest income, and improved net interest margin. Financial Performance - Net income for Q4 2024 was $16.2 million, up from $12.4 million in Q4 2023, with diluted net income per share increasing to $1.37 from $1.06 [6] - For the full year 2024, net income was $47.3 million, down from $60.7 million in 2023, with diluted net income per share at $4.00 compared to $5.08 [6] Loan and Deposit Growth - Average total loans for Q4 2024 were $3.79 billion, a 20.98% increase from $3.13 billion in Q4 2023, primarily due to the acquisition of SimplyBank [3] - Total loans outstanding as of December 31, 2024, were $3.84 billion, up 21.13% from $3.17 billion a year earlier [4] - Average total deposits for Q4 2024 were $4.76 billion, a 17.44% increase from $4.05 billion in Q4 2023 [7] - Total deposits as of December 31, 2024, were $4.72 billion, a 15.37% increase from $4.09 billion a year earlier [8] Net Interest Income and Margin - Record net interest income for Q4 2024 was $49.6 million, an increase of 25.29% from $39.6 million in Q4 2023 [12] - The net interest margin for Q4 2024 was 3.94%, up from 3.63% in Q4 2023 [13] Asset Quality - Nonperforming loans decreased to $13.3 million as of December 31, 2024, from $24.6 million a year earlier, with a nonperforming loans to total loans ratio of 0.35% compared to 0.78% [14] - The allowance for credit losses was $46.7 million as of December 31, 2024, compared to $39.8 million a year earlier, representing 1.22% of total loans [18] Shareholder Equity and Dividends - Shareholders' equity at December 31, 2024, was $549.0 million, up from $528.0 million a year earlier [9] - The book value per share increased to $46.36 as of December 31, 2024, from $44.76 a year earlier [10] - The corporation declared a quarterly dividend of $0.51 per share, paid on January 15, 2025 [9]