First Financial Corporation reports 1st Quarter results
TERRE HAUTE, INDIANA – First Financial Corporation (NASDAQ:THFF) today announced results for
the first quarter of 2019. Net income for the three months ending March 31, 2019 was $9.68 million
compared to $8.95 million for the same period of 2018. Diluted net income per common share was $0.79
compared to $0.73 for the same period of 2018. Return on assets for the three months ended March 31,
2019 was 1.29% compared to 1.20% for the three months ended March 31, 2018.
Average total loans for the first quarter of 2019 were $1.97 billion versus $1.91 billion for the comparable
period in 2018, an increase of $64.2 million or 3.37%. Total loans outstanding increased $76.6 million, or
4.02%, from $1.91 billion as of March 31, 2018 to $1.98 billion as of March 31, 2019. On a linked quarter
basis, average total loans increased $31.7 million, or 1.63%, from $1.94 billion for the quarter ending
December 31, 2018.
Average total deposits for the quarter ended March 31, 2019 were $2.43 billion versus $2.45 billion as of
March 31, 2018. Total deposits were $2.42 billion as of March 31, 2019 compared to $2.46 billion as of
March 31, 2018.
Book value per share was $37.66 at March 31, 2019 compared to $33.86 at March 31, 2018. Shareholders
equity at March 31, 2019 was $462.8 million compared to $414.9 million on March 31, 2018. The
company’s tangible common equity to tangible asset ratio was 14.29% at March 31, 2019, compared to
12.98% at March 31, 2018.
Net interest income for the first quarter of 2019 was $29.4 million, an increase of 7.11% over the $27.5
million reported for the same period of 2018. The net interest margin for the quarter ended March 31,
2019 increased to 4.31% from the 4.06% reported at March 31, 2018.
Nonperforming loans as of March 31, 2019 were $16.1 million versus $20.7 million as of March 31, 2018.
The ratio of nonperforming loans to total loans and leases was 0.81% as of March 31, 2019 versus 1.09%
as of March 31, 2018.
The provision for loan losses for the three months ended March 31, 2019 was $1.47 million, equal to the
$1.47 million provision for the first quarter of 2018. Net charge-offs were $946 thousand for the first
quarter of 2019 compared to $1.1 million in the same period of 2018. The Corporation’s allowance for
loan losses as of March 31, 2019 was $21.0 million compared to $20.2 million as of March 31, 2018. The
allowance for loan losses as a percent of total loans was 1.06% as of March 31, 2019, the same as March
31, 2018.
Non-interest income for the three months ended March 31, 2019 and 2018 was $7.6 and $8.1 million,
respectively.
Non-interest expense for the three months ended March 31, 2019 was $23.7 million, which included $416
thousand of merger related expenses, compared to $23.2 million in 2018. The Corporation’s efficiency
ratio was 62.29% for the quarter ending March 31, 2019 versus 63.49% for the same period in 2018.
Income tax expense for the three months ended March 31, 2019 was $2.22 million versus $1.94 million
for the same period in 2018. The effective tax rate for 2019 was 18.63% compared to 17.80% for 2018.
Norman L. Lowery, President and Chief Executive Officer, commented, “We are pleased with our first
quarter 2019 results. We continue to have good growth in loans and our net interest income. We are
looking forward to closing our acquisition of HopFed Bancorp and excited about the opportunities
presented with our expansion into new markets.”
First Financial Corporation is the holding company for First Financial Bank N.A. in Indiana and Illinois,
and The Morris Plan Company of Terre Haute in Indiana.
