First Financial Corporation Reports First Quarter Results

Core Viewpoint - First Financial Corporation reported strong financial results for the first quarter of 2025, highlighting significant growth in loans and deposits, record net interest income, and improved profitability metrics compared to the same period in 2024 [1][5]. Financial Performance - Average total loans increased to $3.84 billion, up $662 million or 20.80% year-over-year, driven by the acquisition of SimplyBank and organic growth [3][4]. - Total loans outstanding reached $3.85 billion, reflecting a similar year-over-year increase of $662 million or 20.74% [4]. - Average total deposits rose to $4.65 billion, an increase of $605 million or 14.95% year-over-year, primarily due to the SimplyBank acquisition [5][6]. - Total deposits were $4.64 billion, up from $4.11 billion a year earlier [6]. Profitability Metrics - Net income for the first quarter was $18.4 million, compared to $10.9 million in the same period of 2024, with diluted net income per share increasing to $1.55 from $0.93 [9]. - Return on average assets improved to 1.34% from 0.91% year-over-year [9][27]. - Net interest income reached a record $52.0 million, up $13.1 million or 33.5% from the previous year [12]. - The net interest margin increased to 4.11% from 3.53% year-over-year [13]. Asset Quality - Nonperforming loans decreased to $10.2 million, down from $24.3 million a year earlier, with the ratio of nonperforming loans to total loans at 0.26% [14]. - The allowance for credit losses was $46.8 million, representing 1.22% of total loans, slightly down from 1.25% a year earlier [17]. Shareholder Information - Shareholders' equity increased to $571.9 million from $520.8 million year-over-year [7]. - Book value per share rose to $48.26, an increase of $4.18 or 9.49% from the previous year [10]. - The company declared a quarterly dividend of $0.51 per share [7]. Efficiency and Expenses - The efficiency ratio improved to 57.54% from 67.21% year-over-year, indicating better cost management [20]. - Non-interest expense for the quarter was $36.8 million, compared to $33.4 million in the same period of 2024 [19].