First Financial Corporation (NASDAQ: THFF) announced second-quarter 2025 results:
– Net income was $18.6 million, up from $11.4 million in 2024
– Diluted net income per share was $1.57, compared to $0.96 in 2024
– Return on average assets increased to 1.34%
– Provision for credit losses decreased to $2.0 million
– Pre-tax, pre-provision net income rose to $24.9 million

For the six months ended June 30, 2025:
– Net income was $37.0 million, up from $22.3 million in 2024
– Diluted net income per share was $3.12, compared to $1.89 in 2024
– Return on average assets increased to 1.34%
– Provision for credit losses decreased to $3.9 million
– Pre-tax, pre-provision net income rose to $50.6 million

Average total loans for the second quarter of 2025 were $3.88 billion, up from $3.20 billion in 2024, driven by the acquisition of SimplyBank and organic growth. Total loans outstanding as of June 30, 2025, were $3.90 billion, a 21.62% increase from 2024.

President and CEO Norman D. Lowery expressed satisfaction with the results, highlighting the 7th consecutive quarter of loan growth and record net interest income. The corporation expects continued improvement in the coming quarters.

Average total deposits for the quarter ended June 30, 2025, were $4.65 billion, up from $4.11 billion in 2024. Total deposits were $4.66 billion as of June 30, 2025, compared to $4.13 billion in 2024.

Shareholders’ equity increased to $587.7 million as of June 30, 2025, compared to $530.7 million in 2024. Book value per share was $49.59, an increase from $44.92 in 2024. Tangible book value per share was $39.74, up from $37.12 in 2024.

Net interest income for the second quarter of 2025 was a record $52.7 million, compared to $39.3 million in 2024. The net interest margin was 4.15%, up from 3.57% in 2024. Nonperforming loans decreased to $9.8 million in 2025.

The provision for credit losses for the three months ended June 30, 2025, was $2.0 million, down from $3.0 million in 2024. Net charge-offs were $1.7 million in the second quarter of 2025.

The corporation’s tangible common equity to tangible asset ratio was 8.58% at June 30, 2025, compared to 9.14% at June 30, 2024. The efficiency ratio improved to 59.37% in 2025 from 64.56% in 2024.

Read more at GlobeNewswire: First Financial Corporation Reports Second Quarter Results