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) October 22, 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 October 22, 2024, the Registrant issued a press release reporting its financial results for the three and nine months ended September 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, October 22, 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 October 22, 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 Third Quarter Results

Terre Haute, Indiana, October 22, 2024 – First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2024. During the quarter, the Corporation closed its acquisition of SimplyBank, Dayton, Tennessee. The quarter was impacted by purchase accounting adjustments and charges, which are reflected in the results.

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Net income was $8.7 million compared to $16.3 million reported for the same period of 2023;

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Diluted net income per common share of $0.74 compared to $1.37 for the same period of 2023;

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Return on average assets was 0.64% compared to 1.35% for the three months ended September 30, 2023;

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Credit loss provision was $9.4 million compared to provision of $1.2 million for the third quarter 2023; and

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Pre-tax, pre-provision net income was $19.9 million compared to $20.5 million for the same period in 2023.1

The Corporation further reported results for the nine months ended September 30, 2024:

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Net income was $31.0 million compared to $48.3 million reported for the same period of 2023;

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Diluted net income per common share of $2.63 compared to $4.02 for the same period of 2023;

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Return on average assets was 0.82% compared to 1.33% for the nine months ended September 30, 2023;

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Credit loss provision was $14.2 million compared to provision of $4.8 million for the nine months ended September 30, 2023; and

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Pre-tax, pre-provision net income was $51.1 million compared to $63.1 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 third quarter of 2024 were $3.71 billion versus $3.15 billion for the comparable period in 2023, an increase of $558 million or 17.74%. On a linked quarter basis, average loans increased $508 million or 15.89% from $3.20 billion as of June 30, 2024. Increases in average loans over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Loans Outstanding section below.

Total Loans Outstanding

Total loans outstanding as of September 30, 2024, were $3.72 billion compared to $3.12 billion as of September 30, 2023, an increase of $598 million or 19.17%. On a linked quarter basis, total loans increased $511 million or 15.96% from $3.20 billion as of June 30, 2024. The main driver of the increase was $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

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Norman D. Lowery, President and Chief Executive Officer, commented “During the quarter, we closed the acquisition of SimplyBank, which gives us access to very attractive markets in Southeast Tennessee and Northwest Georgia. We also experienced another sound quarter of loan and net interest income growth. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”

Average Total Deposits

Average total deposits for the quarter ended September 30, 2024, were $4.71 billion versus $4.00 billion as of September 30, 2023, an increase of $705 million or 17.63%. Increases in average deposits over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Deposits section below.

Total Deposits

Total deposits were $4.72 billion as of September 30, 2024, compared to $4.04 billion as of September 30, 2023, a $676 million increase, or 16.74%. On a linked quarter basis, total deposits increased $585.2 million, or 14.16%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $831.6 million, and time deposits were $791.1 million as of September 30, 2024, compared to $770.5 million and $471.6 million, respectively for the same period of 2023.

Shareholders’ Equity

Shareholders’ equity at September 30, 2024, was $566.0 million compared to $470.2 million on September 30, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in July and declared a $0.45 quarterly dividend, which was paid on October 15, 2024.

Book Value Per Share

Book Value per share was $47.93 as of September 30, 2024, compared to $40.00 as of September 30, 2023, an increase of $7.93 per share, or 19.82%. Tangible Book Value per share was $37.84 as of September 30, 2024, compared to $32.10 as of September 30, 2023, an increase of $5.74 per share, or 17.88%.

Tangible Common Equity to Tangible Asset Ratio

The Corporation’s tangible common equity to tangible asset ratio was 8.33% at September 30, 2024, compared to 8.04% at September 30, 2023.

Net Interest Income

Net interest income for the third quarter of 2024 was $47.2 million, compared to $41.2 million reported for the same period of 2023, an increase of $6.0 million, or 14.63%.

Net Interest Margin

The net interest margin for the quarter ended September 30, 2024, was 3.78% compared to the 3.74% reported at September 30, 2023. On a linked quarterly basis, the net interest margin increased 21 basis points from 3.57% at June 30, 2024.

Nonperforming Loans

Nonperforming loans as of September 30, 2024, were $14.1 million versus $12.6 million as of September 30, 2023. The increase was due primarily to the SimplyBank acquisition. The ratio of nonperforming loans to total loans and leases was 0.38% as of September 30, 2024, versus 0.40% as of September 30, 2023.

Credit Loss Provision

The provision for credit losses for the three months ended September 30, 2024, was $9.4 million, compared to $1.2 million for the third quarter 2023. The Corporation recorded $5.5 million in provision for the acquisition of SimplyBank. The increase in provision was also related to one previously identified credit, reflecting further deterioration in collateral values during the quarter.

Net Charge-Offs

Third quarter net charge-offs were $4.6 million compared to $2.1 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 September 30, 2024, was $46.2 million compared to $39.0 million as of September 30, 2023. The allowance for credit losses as a percent of total loans was 1.24% as of September 30, 2024, compared to 1.25% as of September 30, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans increased 4 basis points from 1.20% as of June 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.

Non-Interest Income

Non-interest income for the three months ended September 30, 2024 and 2023 was $11.2 million and $11.6 million, respectively.

Non-Interest Expense

Non-interest expense for the three months ended September 30, 2024, was $38.6 million compared to $32.3 million in 2023. This includes $844 thousand of acquisition-related expenses during the quarter, as well as an overall increase in operating expenses as a result of the acquisition.

Efficiency Ratio

The Corporation’s efficiency ratio was 64.43% for the quarter ending September 30, 2024, versus 59.57% for the same period in 2023.

Income Taxes

Income tax expense for the three months ended September 30, 2024, was $1.7 million versus $3.0 million for the same period in 2023. The effective tax rate for 2024 was 16.44% compared to 17.37% for 2023.

About First Financial Corporation

First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. 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								​	Nine Months Ended
​	​	September 30,		​	June 30,		​	September 30,		​	September 30,		​	September 30,
​		2024			2024			2023			2024			2023
END OF PERIOD BALANCES	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Assets	​	$	5,483,351	​	$	4,891,068	​	$	4,784,806	​	$	5,483,351	​	$	4,784,806
Deposits	​	$	4,717,489	​	$	4,132,327	​	$	4,040,995	​	$	4,717,489	​	$	4,040,995
Loans, including net deferred loan costs	​	$	3,715,235	​	$	3,204,009	​	$	3,117,626	​	$	3,715,235	​	$	3,117,626
Allowance for Credit Losses	​	$	46,169	​	$	38,334	​	$	39,034	​	$	46,169	​	$	39,034
Total Equity	​	$	565,951	​	$	530,670	​	$	470,168	​	$	565,951	​	$	470,168
Tangible Common Equity (a)	​	$	446,786	​	$	438,569	​	$	377,367	​	$	446,786	​	$	377,367
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
AVERAGE BALANCES	​			​			​			​			​
Total Assets	​	$	5,483,572	​	$	4,813,308	​	$	4,814,251	​	$	5,033,748	​	$	4,828,165
Earning Assets	​	$	5,165,520	​	$	4,556,839	​	$	4,575,996	​	$	4,762,940	​	$	4,590,258
Investments	​	$	1,342,037	​	$	1,279,278	​	$	1,351,433	​	$	1,309,879	​	$	1,384,941
Loans	​	$	3,705,779	​	$	3,197,695	​	$	3,147,317	​	$	3,361,207	​	$	3,104,623
Total Deposits	​	$	4,705,614	​	$	4,113,826	​	$	4,000,302	​	$	4,288,426	​	$	4,124,520
Interest-Bearing Deposits	​	$	4,403,454	​	$	3,413,752	​	$	3,222,633	​	$	3,714,432	​	$	3,309,111
Interest-Bearing Liabilities	​	$	157,227	​	$	152,303	​	$	309,948	​	$	176,985	​	$	197,142
Total Equity	​	$	546,912	​	$	517,890	​	$	493,764	​	$	529,174	​	$	494,428
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INCOME STATEMENT DATA	​			​			​			​			​
Net Interest Income	​	$	47,170	​	$	39,294	​	$	41,150	​	$	125,384	​	$	127,672
Net Interest Income Fully Tax Equivalent (b)	​	$	48,630	​	$	40,673	​	$	42,539	​	$	129,600	​	$	131,774
Provision for Credit Losses	​	$	9,400	​	$	2,966	​	$	1,200	​	$	14,166	​	$	4,800
Non-interest Income	​	$	11,223	​	$	9,905	​	$	11,627	​	$	30,559	​	$	31,455
Non-interest Expense	​	$	38,564	​	$	32,651	​	$	32,265	​	$	104,637	​	$	95,932
Net Income	​	$	8,741	​	$	11,369	​	$	16,285	​	$	31,034	​	$	48,252
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
PER SHARE DATA	​			​			​			​			​
Basic and Diluted Net Income Per Common Share	​	$	0.74	​	$	0.96	​	$	1.37	​	$	2.63	​	$	4.02
Cash Dividends Declared Per Common Share	​	$	0.45	​	$	0.45	​	$	—	​	$	1.35	​	$	0.54
Book Value Per Common Share	​	$	47.93	​	$	44.92	​	$	40.00	​	$	47.93	​	$	40.00
Tangible Book Value Per Common Share (c)	​	$	36.22	​	$	36.04	​	$	33.69	​	$	37.84	​	$	32.10
Basic Weighted Average Common Shares Outstanding	​		11,808	​		11,814	​		11,901	​		11,809	​		11,993

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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					​	Nine Months Ended
​	​	September 30,		June 30,		September 30,		September 30,		September 30,
​	​	2024		2024		2023		2024		2023
Return on average assets		0.64	%	0.94	%	1.35	%	0.82	%	1.33	%
Return on average common shareholder's equity		6.39	%	8.78	%	13.19	%	7.80	%	12.98	%
Efficiency ratio		64.43	%	64.56	%	59.57	%	65.33	%	58.77	%
Average equity to average assets		9.97	%	10.76	%	10.26	%	10.51	%	10.24	%
Net interest margin (a)		3.78	%	3.57	%	3.74	%	3.63	%	3.83	%
Net charge-offs to average loans and leases		0.49	%	0.59	%	0.24	%	0.43	%	0.24	%
Credit loss reserve to loans and leases		1.24	%	1.20	%	1.25	%	1.24	%	1.25	%
Credit loss reserve to nonperforming loans		326.65	%	240.85	%	310.19	%	326.65	%	310.19	%
Nonperforming loans to loans and leases		0.38	%	0.50	%	0.40	%	0.38	%	0.40	%
Tier 1 leverage		10.25	%	12.14	%	11.72	%	10.25	%	11.72	%
Risk-based capital - Tier 1		13.63	%	14.82	%	14.61	%	13.63	%	14.61	%

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

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Asset Quality	​	Three Months Ended								​	Nine Months Ended
​		September 30,			June 30,			September 30,			September 30,			September 30,
​	​	2024		​	2024		​	2023		​	2024		​	2023
Accruing loans and leases past due 30-89 days	​	$	16,391	​	$	14,913	​	$	15,961	​	$	16,391	​	$	15,961
Accruing loans and leases past due 90 days or more	​	$	1,517	​	$	1,353	​	$	1,370	​	$	1,517	​	$	1,370
Nonaccrual loans and leases	​	$	12,617	​	$	14,563	​	$	11,214	​	$	12,617	​	$	11,214
Other real estate owned	​	$	169	​	$	170	​	$	63	​	$	169	​	$	63
Nonperforming loans and other real estate owned	​	$	14,303	​	$	16,086	​	$	12,647	​	$	14,303	​	$	12,647
Total nonperforming assets	​	$	17,179	​	$	18,978	​	$	15,671	​	$	17,179	​	$	15,671
Gross charge-offs	​	$	6,936	​	$	6,091	​	$	3,601	​	$	16,219	​	$	11,520
Recoveries	​	$	2,365	​	$	1,414	​	$	1,528	​	$	5,449	​	$	5,975
Net charge-offs/(recoveries)	​	$	4,571	​	$	4,677	​	$	2,073	​	$	10,770	​	$	5,545

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​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Three Months Ended September 30,
​		2024			2023
($in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	10,429	​	$	19,312
Provision for credit losses	​		9,400	​		1,200
Provision for unfunded commitments	​		100	​		—
Pre-tax, Pre-provision Income	​	$	19,929	​	$	20,512

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​	​	​	​	​	​	​
Non-GAAP Reconciliations	​	Nine Months Ended September 30,
​		2024			2023
($ in thousands, except EPS)	​	​	​	​	​	​
Income before Income Taxes	​	$	37,140	​	$	58,395
Provision for credit losses	​	​	14,166	​	​	4,800
Provision for unfunded commitments	​	​	(200)	​	​	(100)
Pre-tax, Pre-provision Income	​	$	51,106	​	$	63,095

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CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)

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​	​	​	​	​	​	​
​		September 30,			December 31,
​	​	2024		​	2023
​		(unaudited)
ASSETS	​	​	​	​	​	​
Cash and due from banks	​	$	77,312	​	$	76,759
Federal funds sold	​		1,356	​		282
Securities available-for-sale	​		1,271,992	​		1,259,137
Loans:	​		​	​		​
Commercial	​		2,112,738	​		1,817,526
Residential	​		924,276	​		695,788
Consumer	​		671,353	​		646,758
​	​		3,708,367	​		3,160,072
(Less) plus:	​			​
Net deferred loan costs	​		6,868	​		7,749
Allowance for credit losses	​		(46,169)	​		(39,767)
​	​		3,669,066	​		3,128,054
Restricted stock	​		15,366	​		15,364
Accrued interest receivable	​		25,386	​		24,877
Premises and equipment, net	​		82,213	​		67,286
Bank-owned life insurance	​		128,242	​		114,122
Goodwill	​		93,363	​		86,985
Other intangible assets	​		25,802	​		5,586
Other real estate owned	​		169	​		107
Other assets	​		93,084	​		72,587
TOTAL ASSETS	​	$	5,483,351	​	$	4,851,146
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​			​
Deposits:	​			​
Non-interest-bearing	​	$	831,575	​	$	750,335
Interest-bearing:	​		​	​		​
Certificates of deposit exceeding the FDIC insurance limits	​		159,618	​		92,921
Other interest-bearing deposits	​		3,726,296	​		3,246,812
​	​		4,717,489	​		4,090,068
Short-term borrowings	​		84,363	​		67,221
FHLB advances	​		30,456	​		108,577
Other liabilities	​		85,092	​		57,304
TOTAL LIABILITIES	​		4,917,400	​		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-11,808,304 in 2024 and 11,795,024 in 2023	​		2,016	​		2,014
Additional paid-in capital	​		144,785	​		144,152
Retained earnings	​		677,155	​		663,726
Accumulated other comprehensive income/(loss)	​		(102,800)	​		(127,087)
Less: Treasury shares at cost-4,356,719 in 2024 and 4,342,196 in 2023	​		(155,205)	​		(154,829)
TOTAL SHAREHOLDERS’ EQUITY	​		565,951	​		527,976
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	​	$	5,483,351	​	$	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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Nine Months Ended

​

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September 30,

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September 30,

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2024

2023

2024

2023

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(unaudited)

INTEREST INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Loans, including related fees

​

$

61,367

​

$

49,146

​

$

162,878

​

$

140,220

Securities:

​

​

​

​

​

​

Taxable

​

6,319

​

6,164

​

18,083

​

18,631

Tax-exempt

​

2,715

​

2,661

​

7,919

​

7,937

Other

​

1,294

​

752

​

2,989

​

2,864

TOTAL INTEREST INCOME

​

71,695

​

58,723

​

191,869

​

169,652

INTEREST EXPENSE:

​

​

​

​

Deposits

​

22,197

​

13,627

​

59,622

​

35,111

Short-term borrowings

​

993

​

1,923

​

2,928

​

4,025

Other borrowings

​

1,335

​

2,023

​

3,935

​

2,844

TOTAL INTEREST EXPENSE

​

24,525

​

17,573

​

66,485

​

41,980

NET INTEREST INCOME

​

47,170

​

41,150

​

125,384

​

127,672

Provision for credit losses

​

9,400

​

1,200

​

14,166

​

4,800

NET INTEREST INCOME AFTER PROVISION

​

​

​

​

FOR LOAN LOSSES

​

37,770

​

39,950

​

111,218

​

122,872

NON-INTEREST INCOME:

​

​

​

​

​

Trust and financial services

​

1,251

​

1,140

​

3,903

​

3,642

Service charges and fees on deposit accounts

​

8,139

​

7,099

​

21,576

​

20,971

Other service charges and fees

​

191

​

213

​

700

​

613

Securities gains (losses), net

​

103

​

—

​

104

​

—

Interchange income

​

177

​

—

​

490

​

47

Loan servicing fees

​

274

​

447

​

957

​

997

Gain on sales of mortgage loans

​

411

​

321

​

886

​

811

Other

​

677

​

2,407

​

1,943

​

4,374

TOTAL NON-INTEREST INCOME

​

11,223

​

11,627

​

30,559

​

31,455

NON-INTEREST EXPENSE:

​

​

​

​

Salaries and employee benefits

​

18,521

​

17,159

​

53,231

​

51,263

Occupancy expense

​

2,556

​

2,389

​

7,116

​

7,120

Equipment expense

​

4,280

​

3,580

​

12,736

​

10,404

FDIC Expense

​

558

​

613

​

1,721

​

1,977

Other

​

12,649

​

8,524

​

29,833

​

25,168

TOTAL NON-INTEREST EXPENSE

​

38,564

​

32,265

​

104,637

​

95,932

INCOME BEFORE INCOME TAXES

​

10,429

​

19,312

​

37,140

​

58,395

Provision for income taxes

​

1,688

​

3,027

​

6,106

​

10,143

NET INCOME

​

8,741

​

16,285

​

31,034

​

48,252

OTHER COMPREHENSIVE INCOME (LOSS)

​

​

​

​

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

​

31,628

​

(34,934)

​

24,067

​

(36,504)

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

​

73

​

146

​

220

​

440

COMPREHENSIVE INCOME (LOSS)

​

$

40,442

​

$

(18,503)

​

$

55,321

​

$

12,188

PER SHARE DATA

​

​

​

​

Basic and Diluted Earnings per Share

​

$

0.74

​

$

1.37

​

$

2.63

​

$

4.02

Weighted average number of shares outstanding (in thousands)

​

11,808

​

11,901

​

11,809

​

11,993

​

---

Document and Entity Information	Oct. 22, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 22, 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

---