First Financial (THFF) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $18.6M, up from $11.4M in Q2 2024; six-month net income rose to $37.0M from $22.3M year-over-year.

• Basic and diluted EPS increased to $1.57 for Q2 2025 from $0.96 in Q2 2024; six-month EPS rose to $3.12 from $1.89 year-over-year.

• Return on average assets was 1.34% and return on average equity was 12.90% for Q2 2025, both up from prior year.

• Pre-tax, pre-provision net income for Q2 was $24.9M, up from $16.2M; for six months, $50.6M vs. $31.2M.

• Acquisition of SimplyBank completed July 1, 2024, with $11.2M in goodwill recognized.

Financial highlights

• Net interest income for Q2 2025 was $52.7M, up from $39.3M in Q2 2024; net interest margin increased to 4.15% from 3.57%.

• Non-interest income for Q2 2025 was $10.4M, up from $9.9M in Q2 2024.

• Non-interest expense for Q2 2025 was $38.3M, up from $32.7M in Q2 2024, reflecting higher operating costs post-acquisition.

• Provision for credit losses for Q2 2025 was $2.0M, down from $3.0M in Q2 2024; net charge-offs decreased to $1.7M from $4.7M.

• Book value per share increased to $49.59 at June 30, 2025.

Outlook and guidance

• Management considers liquidity and capital positions strong, with ratios well above regulatory requirements.

• Management expects continued improvement in coming quarters, citing ongoing loan growth and margin expansion.

• No material impact expected from recent tax legislation; ongoing evaluation of economic and credit conditions.

• Interest rate risk and liquidity are actively managed; net interest income sensitivity modeled for various rate scenarios.