First Financial Q4 net income falls 25% to $12.4M; signs SimplyBank deal

FIRST FINANCIAL CORP /IN/

2023-FY EPS reported $5.08

Q4 diluted EPS $1.06 vs $1.37 YoY; full-year EPS $5.08 vs $5.82.
Net interest margin narrowed to 3.63% from 3.81%; NIM down 17 bps.
Nonperforming loans surged to $24.6M (0.78% of loans) from $9.6M (0.31%) due to a downgraded commercial relationship.
Definitive agreement signed to acquire SimplyBank, expanding into Tennessee MSAs.
Quarterly dividend maintained at $0.45 per share; no share repurchases in Q4.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST FINANCIAL CORP /IN/ reported the fourth quarter of 2023 results: net income $12.4 million, EPS $1.06.

Period: the fourth quarter of 2023
Net income: $12.4 million
EPS: $1.06
Result: reported results

Exact text from the filing

Net income was $12.4 million compared to the $16.5 million reported for the same period of 2022;

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST FINANCIAL CORP /IN/ reported the year ended December 31, 2023 results: net income $60.7 million, EPS $5.08.

Period: the year ended December 31, 2023
Net income: $60.7 million
EPS: $5.08
Result: reported results

Exact text from the filing

Net income was $60.7 million compared to the $71.1 million reported for the same period of 2022

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Source: SEC EDGAR

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