First Financial Corporation (IN) reported significant changes in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. The company’s total assets increased to $5.48 billion, up from $4.85 billion at the end of 2023, driven by a rise in commercial loans, which surged to $2.11 billion from $1.82 billion, and residential loans, which grew to $924.28 million from $695.79 million.
Interest income for the third quarter of 2024 reached $71.70 million, a notable increase from $58.72 million in the prior year. However, net interest income for the nine months decreased to $125.38 million from $127.67 million in 2023. The net interest margin for the nine months also declined to 3.63% from 3.83%. The provision for credit losses rose significantly, totaling $14.2 million for the nine months, compared to $4.8 million in the same period last year, reflecting increased credit risk.
Net income for the third quarter fell to $8.74 million, down from $16.29 million in 2023, while net income for the nine months decreased to $31.03 million from $48.25 million. Basic earnings per share for the third quarter were $0.74, down from $1.37, and for the nine months, they decreased to $2.63 from $4.02.
The company completed the acquisition of SimplyBank on July 1, 2024, for approximately $73.4 million, which is expected to enhance its operational capabilities. The acquisition added $700.65 million in assets and $63.09 million in net identifiable assets. The goodwill from this acquisition amounted to $10.3 million, primarily due to anticipated synergies.
Non-performing loans decreased to $14.13 million as of September 30, 2024, from $24.56 million at the end of 2023, indicating improved asset quality. However, non-accrual loans also saw a decline, dropping to $12.62 million from $23.60 million.
The company’s liquidity position remains strong, with cash and available-for-sale securities representing approximately 24.6% of total assets. Shareholders’ equity increased by 7.19% to $565.95 million, resulting in a book value per share of $47.93, up from $44.76 at the end of 2023. The common equity tier 1 capital ratio decreased to 12.31% from 14.76%, reflecting the impact of the acquisition and changes in the capital structure.
About FIRST FINANCIAL CORP /IN/
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