Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported) July 23, 2024

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FIRST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

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Commission File Number: 0-16759

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Indiana		35-1546989
(State or other jurisdiction		(I.R.S. Employer
incorporation or organization)		Identification No.)
​	​	​
One First Financial Plaza, Terre Haute, IN		47807
(Address of principal executive office)		(Zip Code)
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(812)  238-6000		​
(Registrant's telephone number, including area code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​	Trading Symbol	​	Name of each exchange on which registered
Common Stock, par value $0.125 per share	​	THFF	​	The NASDAQ Stock Market LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition

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On July 23, 2024, the Registrant issued a press release reporting its financial results for the three and six months ended June 30, 2024. A copy of the press release is being furnished as an exhibit to this report and is incorporated herein by reference in its entirety.

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The foregoing information, including the information contained in the press release, is being furnished pursuant to this Item 2.02 and shall not be deemed to be “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

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Item 9.01. Financial Statements and Exhibits

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The exhibit to this report is as follows:

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Exhibit Number		​
​	​	​
99.1	​	Press Release, July 23, 2024, issued by First Financial Corporation
104	​	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	First Financial Corporation
​	​
Dated July 23, 2024	​
​	/s/ Rodger A. McHargue
​	Rodger A. McHargue
​	Secretary/Treasurer and Chief Financial Officer

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Exhibit 99.1

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​	News Release

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FIRST FINANCIAL CORPORATION

One First Financial Plaza, Terre Haute, Indiana 47807 [phone]

First Financial Corporation Reports Second Quarter Results

Terre Haute, Indiana, July 23, 2024 – First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2024.

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Net income was $11.4 million compared to the $16.0 million reported for the same period of 2023;

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Diluted net income per common share of $0.96 compared to $1.33 for the same period of 2023;

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Return on average assets was 0.94% compared to 1.34% for the three months ended June 30, 2023;

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Credit loss provision was $3.0 million compared to provision of $1.8 million for the second quarter 2023; and

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Pre-tax, pre-provision net income was $16.2 million compared to $21.2 million for the same period in 2023.1

The Corporation further reported results for the six months ended June 30, 2024:

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Net income was $22.3 million compared to the $32.0 million reported for the same period of 2023;

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Diluted net income per common share of $1.89 compared to $2.66 for the same period of 2023;

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Return on average assets was 0.93% compared to 1.33% for the six months ended June 30, 2023;

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Credit loss provision was $4.8 million compared to provision of $3.6 million for the six months ended June 30, 2023; and

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Pre-tax, pre-provision net income was $31.2 million compared to $42.6 million for the same period in 2023.1

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¹ Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

Average Total Loans

Average total loans for the second quarter of 2024 were $3.20 billion versus $3.10 billion for the comparable period in 2023, an increase of $100 million or 3.22%. On a linked quarter basis, average loans increased $18 million or 0.55% from $3.18 billion as of March 31, 2024.

Total Loans Outstanding

Total loans outstanding as of June 30, 2024, were $3.20 billion compared to $3.13 billion as of June 30, 2023, an increase of $69 million or 2.21%, primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans. On a linked quarter basis, total loans increased $12.0 million or 0.38% from $3.19 billion as of March 31, 2024.

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Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our second quarter results, as we experienced another quarter of loan growth. We also saw our net interest margin expand during the quarter as cost of funds pressure moderated. We expect continued improvement in coming quarters. Additionally on July 1^st we closed our acquisition of SimplyBank expanding our footprint into attractive southeastern Tennessee markets.”

Average Total Deposits

Average total deposits for the quarter ended June 30, 2024, were $4.11 billion versus $4.12 billion as of June 30, 2023.

Total Deposits

Total deposits were $4.13 billion as of June 30, 2024, compared to $4.06 billion as of June 30, 2023, a $69 million increase, or 1.70%. On a linked quarter basis, total deposits increased $27.2 million, or 0.66%. Non-interest bearing deposits were $748.5 million and time deposits were $585.8 million as of June 30, 2024, compared to $817.4 million and $414.2 million, respectively for the same period of 2023.

Shareholders’ Equity

Shareholders’ equity at June 30, 2024, was $530.7 million compared to $496.9 million on June 30, 2023. During the last twelve months, the Corporation has repurchased 228,457 shares of its common stock. There were no shares repurchased during the quarter. 518,860 shares remain available for repurchase under the current repurchase authorization. During the quarter, the Corporation paid a $0.45 per share quarterly dividend in April, and declared a $0.45 quarterly dividend paid on July 15, 2024.

Book Value Per Share

Book Value per share was $44.92 as of June 30, 2024, compared to $41.47 as of June 30, 2023, an increase of 8.33%. Tangible Book Value per share was $37.12 as of June 30, 2024, compared to $33.70 as of June 30, 2023, an increase of $3.42 per share or 10.15%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 9.14% at June 30, 2024, compared to 8.44% at June 30, 2023.

Net Interest Income

Net interest income for the second quarter of 2024 was $39.3 million, compared to $42.2 million reported for the same period of 2023, a decrease of $2.9 million, or 6.86%, driven primarily by higher interest expense. Interest income increased $4.5 million and interest expense increased $7.4 million year-over-year.

Net Interest Margin

The net interest margin for the quarter ended June 30, 2024, was 3.57% compared to the 3.81% reported at June 30, 2023. On a linked quarterly basis, the net interest margin increased 4 basis points from 3.53% at March 31, 2024.

Nonperforming Loans

Nonperforming loans as of June 30, 2024, were $15.9 million versus $13.3 million as of June 30, 2023. The ratio of nonperforming loans to total loans and leases was 0.50% as of June 30, 2024, versus 0.43% as of June 30, 2023.

Credit Loss Provision

The provision for credit losses for the three months ended June 30, 2024, was $3.0 million, compared to $1.8 million for the second quarter 2023. The increase in provision as well as charge-offs discussed below were related to one previously identified credit, reflecting further deterioration in collateral values in the quarter.

Net Charge-Offs

In the second quarter of 2024 net charge-offs were $4.7 million compared to $1.5 million in the same period of 2023.

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Allowance for Credit Losses

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The Corporation’s allowance for credit losses as of June 30, 2024, was $38.3 million compared to $39.9 million as of June 30, 2023. The allowance for credit losses as a percent of total loans was 1.20% as of June 30, 2024, compared to 1.28% as of June 30, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 5 basis points from 1.25% as of March 31, 2024.

Non-Interest Income

Non-interest income for the three months ended June 30, 2024 and 2023 was $9.9 million and $10.5 million, respectively. The 2023 amount included a $760 thousand gain on the sale of a branch which had been closed.

Non-Interest Expense

Non-interest expense for the three months ended June 30, 2024, was $32.7 million compared to $31.3 million in 2023. This included $654 thousand of acquisition related expenses during the quarter.

Efficiency Ratio

The Corporation’s efficiency ratio was 64.56% for the quarter ending June 30, 2024, versus 58.01% for the same period in 2023.

Income Taxes

Income tax expense for the three months ended June 30, 2024, was $2.2 million versus $3.5 million for the same period in 2023. The effective tax rate for 2024 was 16.29% compared to 17.99% for 2023.

About First Financial Corporation

First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A. First Financial Bank N.A., the fifth oldest national bank in the United States, operates 70 banking centers in Illinois, Indiana, Kentucky and Tennessee. Additional information is available at www.first-online.bank.

Investor Contact:

Rodger A. McHargue

Chief Financial Officer

P: 812-238-6334

E: [e-mail]

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended								​	Six Months Ended
​	​	June 30,		​	March 31,		​	June 30,		​	June 30,		​	June 30,
​		2024			2024			2023			2024			2023
END OF PERIOD BALANCES	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Assets	​	$	4,891,068	​	$	4,852,615	​	$	4,877,231	​	$	4,891,068	​	$	4,877,231
Deposits	​	$	4,132,327	​	$	4,105,103	​	$	4,063,155	​	$	4,132,327	​	$	4,063,155
Loans, including net deferred loan costs	​	$	3,204,009	​	$	3,191,983	​	$	3,134,638	​	$	3,204,009	​	$	3,134,638
Allowance for Credit Losses	​	$	38,334	​	$	40,045	​	$	39,907	​	$	38,334	​	$	39,907
Total Equity	​	$	530,670	​	$	520,766	​	$	496,888	​	$	530,670	​	$	496,888
Tangible Common Equity (a)	​	$	438,569	​	$	428,430	​	$	403,824	​	$	438,569	​	$	403,824
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
AVERAGE BALANCES	​			​			​			​			​
Total Assets	​	$	4,813,308	​	$	4,804,364	​	$	4,818,760	​	$	4,808,836	​	$	4,835,122
Earning Assets	​	$	4,556,839	​	$	4,566,461	​	$	4,581,652	​	$	4,561,650	​	$	4,597,389
Investments	​	$	1,279,278	​	$	1,308,322	​	$	1,395,446	​	$	1,293,800	​	$	1,401,695
Loans	​	$	3,197,695	​	$	3,180,147	​	$	3,097,836	​	$	3,188,921	​	$	3,083,276
Total Deposits	​	$	4,113,826	​	$	4,045,838	​	$	4,121,097	​	$	4,079,832	​	$	4,186,629
Interest-Bearing Deposits	​	$	3,413,752	​	$	3,326,090	​	$	3,297,110	​	$	3,369,921	​	$	3,352,350
Interest-Bearing Liabilities	​	$	152,303	​	$	221,425	​	$	185,318	​	$	186,864	​	$	140,739
Total Equity	​	$	517,890	​	$	522,720	​	$	501,686	​	$	520,305	​	$	494,760
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
INCOME STATEMENT DATA	​			​			​			​			​
Net Interest Income	​	$	39,294	​	$	38,920	​	$	42,187	​	$	78,214	​	$	86,522
Net Interest Income Fully Tax Equivalent (b)	​	$	40,673	​	$	40,297	​	$	43,581	​	$	80,970	​	$	89,235
Provision for Credit Losses	​	$	2,966	​	$	1,800	​	$	1,800	​	$	4,766	​	$	3,600
Non-interest Income	​	$	9,905	​	$	9,431	​	$	10,453	​	$	19,336	​	$	19,828
Non-interest Expense	​	$	32,651	​	$	33,422	​	$	31,346	​	$	66,073	​	$	63,667
Net Income	​	$	11,369	​	$	10,924	​	$	15,987	​	$	22,293	​	$	31,967
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
PER SHARE DATA	​			​			​			​			​
Basic and Diluted Net Income Per Common Share	​	$	0.96	​	$	0.93	​	$	1.33	​	$	1.89	​	$	2.66
Cash Dividends Declared Per Common Share	​	$	0.45	​	$	0.45	​	$	0.54	​	$	0.90	​	$	0.54
Book Value Per Common Share	​	$	44.92	​	$	44.08	​	$	41.47	​	$	44.92	​	$	41.47
Tangible Book Value Per Common Share (c)	​	$	36.04	​	$	36.26	​	$	33.99	​	$	37.12	​	$	33.70
Basic Weighted Average Common Shares Outstanding	​		11,814	​		11,803	​		12,022	​		11,809	​		12,040

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(a)Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.

(b)Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.

(c)Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

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​	​	​	​	​	​	​	​	​	​	​	​
Key Ratios		Three Months Ended					​	Six Months Ended
​	​	June 30,		March 31,		June 30,		June 30,		June 30,
​	​	2024		2024		2023		2024		2023
Return on average assets		0.94	%	0.91	%	1.34	%	0.93	%	1.33	%
Return on average common shareholder's equity		8.78	%	8.36	%	12.75	%	8.57	%	12.92	%
Efficiency ratio		64.56	%	67.21	%	58.01	%	65.87	%	58.38	%
Average equity to average assets		10.76	%	10.88	%	10.48	%	10.82	%	10.27	%
Net interest margin (a)		3.57	%	3.53	%	3.81	%	3.55	%	3.88	%
Net charge-offs to average loans and leases		0.59	%	0.19	%	0.20	%	0.39	%	0.23	%
Credit loss reserve to loans and leases		1.20	%	1.25	%	1.28	%	1.20	%	1.28	%
Credit loss reserve to nonperforming loans		240.85	%	165.12	%	300.10	%	240.85	%	300.10	%
Nonperforming loans to loans and leases		0.50	%	0.76	%	0.43	%	0.50	%	0.43	%
Tier 1 leverage		12.14	%	12.02	%	11.49	%	12.14	%	11.49	%
Risk-based capital - Tier 1		14.82	%	14.69	%	14.44	%	14.82	%	14.44	%

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(a)	Net interest margin is calculated on a tax equivalent basis.

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Asset Quality	​	Three Months Ended								​	Six Months Ended
​		June 30,			March 31,			June 30,			June 30,			June 30,
​	​	2024		​	2024		​	2023		​	2024		​	2023
Accruing loans and leases past due 30-89 days	​	$	14,913	​	$	17,937	​	$	15,583	​	$	14,913	​	$	15,583
Accruing loans and leases past due 90 days or more	​	$	1,353	​	$	1,395	​	$	682	​	$	1,353	​	$	682
Nonaccrual loans and leases	​	$	14,563	​	$	22,857	​	$	12,616	​	$	14,563	​	$	12,616
Other real estate owned	​	$	170	​	$	167	​	$	90	​	$	170	​	$	90
Nonperforming loans and other real estate owned	​	$	16,086	​	$	24,419	​	$	13,388	​	$	16,086	​	$	13,388
Total nonperforming assets	​	$	18,978	​	$	27,307	​	$	16,302	​	$	18,978	​	$	16,302
Gross charge-offs	​	$	6,091	​	$	3,192	​	$	3,543	​	$	9,283	​	$	7,919
Recoveries	​	$	1,414	​	$	1,670	​	$	2,030	​	$	3,084	​	$	4,447
Net charge-offs/(recoveries)	​	$	4,677	​	$	1,522	​	$	1,513	​	$	6,199	​	$	3,472

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​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Three Months Ended June 30,
​		2024			2023
($in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	13,582	​	$	19,494
Provision for credit losses	​		2,966	​		1,800
Provision for unfunded commitments	​		(300)	​		(100)
Pre-tax, Pre-provision Income	​	$	16,248	​	$	21,194

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​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Six Months Ended June 30,
​		2024			2023
($ in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	26,711	​	$	39,083
Provision for credit losses	​	​	4,766	​	​	3,600
Provision for unfunded commitments	​	​	(300)	​	​	(100)
Pre-tax, Pre-provision Income	​	$	31,177	​	$	42,583

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CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

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​	​	​	​	​	​	​
​		June 30,			December 31,
​	​	2024		​	2023
​		(unaudited)
ASSETS	​	​	​	​	​	​
Cash and due from banks	​	$	75,073	​	$	76,759
Federal funds sold	​		24,000	​		282
Securities available-for-sale	​		1,205,751	​		1,259,137
Loans:	​		​	​		​
Commercial	​		1,782,646	​		1,817,526
Residential	​		748,044	​		695,788
Consumer	​		666,130	​		646,758
​	​		3,196,820	​		3,160,072
(Less) plus:	​			​
Net deferred loan costs	​		7,189	​		7,749
Allowance for credit losses	​		(38,334)	​		(39,767)
​	​		3,165,675	​		3,128,054
Restricted stock	​		15,378	​		15,364
Accrued interest receivable	​		23,733	​		24,877
Premises and equipment, net	​		65,750	​		67,286
Bank-owned life insurance	​		114,767	​		114,122
Goodwill	​		86,985	​		86,985
Other intangible assets	​		5,116	​		5,586
Other real estate owned	​		170	​		107
Other assets	​		108,670	​		72,587
TOTAL ASSETS	​	$	4,891,068	​	$	4,851,146
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​			​
Deposits:	​			​
Non-interest-bearing	​	$	748,495	​	$	750,335
Interest-bearing:	​		​	​		​
Certificates of deposit exceeding the FDIC insurance limits	​		112,679	​		92,921
Other interest-bearing deposits	​		3,271,153	​		3,246,812
​	​		4,132,327	​		4,090,068
Short-term borrowings	​		38,211	​		67,221
FHLB advances	​		108,575	​		108,577
Other liabilities	​		81,285	​		57,304
TOTAL LIABILITIES	​		4,360,398	​		4,323,170
​	​	​	​	​	​	​
Shareholders’ equity	​			​
Common stock, $.125 stated value per share;	​			​
Authorized shares-40,000,000	​			​
Issued shares-16,165,023 in 2024 and 16,137,220 in 2023	​			​
Outstanding shares-11,814,093 in 2024 and 11,795,024 in 2023	​		2,016	​		2,014
Additional paid-in capital	​		144,632	​		144,152
Retained earnings	​		673,728	​		663,726
Accumulated other comprehensive income/(loss)	​		(134,501)	​		(127,087)
Less: Treasury shares at cost-4,350,930 in 2024 and 4,342,196 in 2023	​		(155,205)	​		(154,829)
TOTAL SHAREHOLDERS’ EQUITY	​		530,670	​		527,976
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	​	$	4,891,068	​	$	4,851,146

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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)

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Three Months Ended

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Six Months Ended

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June 30,

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June 30,

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2024

2023

2024

2023

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(unaudited)

INTEREST INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including related fees

​

$

51,459

​

$

46,479

​

$

101,511

​

$

91,074

Securities:

​

​

​

​

​

​

Taxable

​

5,833

​

6,231

​

11,764

​

12,467

Tax-exempt

​

2,601

​

2,678

​

5,204

​

5,276

Other

​

878

​

841

​

1,695

​

2,112

TOTAL INTEREST INCOME

​

60,771

​

56,229

​

120,174

​

110,929

INTEREST EXPENSE:

​

​

​

​

Deposits

​

19,694

​

11,957

​

37,425

​

21,484

Short-term borrowings

​

959

​

1,294

​

1,935

​

2,102

Other borrowings

​

824

​

791

​

2,600

​

821

TOTAL INTEREST EXPENSE

​

21,477

​

14,042

​

41,960

​

24,407

NET INTEREST INCOME

​

39,294

​

42,187

​

78,214

​

86,522

Provision for credit losses

​

2,966

​

1,800

​

4,766

​

3,600

NET INTEREST INCOME AFTER PROVISION

​

​

​

​

FOR LOAN LOSSES

​

36,328

​

40,387

​

73,448

​

82,922

NON-INTEREST INCOME:

​

​

​

​

​

Trust and financial services

​

1,318

​

1,185

​

2,652

​

2,502

Service charges and fees on deposit accounts

​

6,730

​

7,054

​

13,437

​

13,872

Other service charges and fees

​

286

​

196

​

509

​

400

Securities gains (losses), net

​

—

​

—

​

—

​

—

Interchange income

​

135

​

—

​

314

​

47

Loan servicing fees

​

414

​

264

​

683

​

549

Gain on sales of mortgage loans

​

299

​

311

​

475

​

490

Other

​

723

​

1,443

​

1,266

​

1,968

TOTAL NON-INTEREST INCOME

​

9,905

​

10,453

​

19,336

​

19,828

NON-INTEREST EXPENSE:

​

​

​

​

Salaries and employee benefits

​

17,380

​

16,946

​

34,710

​

34,104

Occupancy expense

​

2,201

​

2,132

​

4,560

​

4,731

Equipment expense

​

4,312

​

3,525

​

8,456

​

6,824

FDIC Expense

​

501

​

577

​

1,163

​

1,364

Other

​

8,257

​

8,166

​

17,184

​

16,644

TOTAL NON-INTEREST EXPENSE

​

32,651

​

31,346

​

66,073

​

63,667

INCOME BEFORE INCOME TAXES

​

13,582

​

19,494

​

26,711

​

39,083

Provision for income taxes

​

2,213

​

3,507

​

4,418

​

7,116

NET INCOME

​

11,369

​

15,987

​

22,293

​

31,967

OTHER COMPREHENSIVE INCOME (LOSS)

​

​

​

​

Change in unrealized gains/(losses) on securities, net of reclassifications and taxes

​

3,535

​

(15,808)

​

(7,561)

​

(1,570)

Change in funded status of post retirement benefits, net of taxes

​

74

​

147

​

147

​

294

COMPREHENSIVE INCOME (LOSS)

​

$

14,978

​

$

326

​

$

14,879

​

$

30,691

PER SHARE DATA

​

​

​

​

Basic and Diluted Earnings per Share

​

$

0.96

​

$

1.33

​

$

1.89

​

$

2.66

Weighted average number of shares outstanding (in thousands)

​

11,814

​

12,022

​

11,809

​

12,040

​

---

Document and Entity Information	Jul. 23, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jul. 23, 2024
Entity File Number	0-16759
Entity Registrant Name	FIRST FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-1546989
Entity Address State Or Province	IN
Entity Address, Address Line One	One First Financial Plaza
Entity Address, City or Town	Terre Haute
Entity Address, Postal Zip Code	47807
City Area Code	812
Local Phone Number	238-6000
Title of 12(b) Security	Common Stock, par value $0.125 per share
Trading Symbol	THFF
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000714562
Amendment Flag	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

---