First Financial (THFF) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 net income rose to $16.2M from $12.4M year-over-year; full-year net income declined to $47.3M from $60.7M.

• Diluted EPS for Q4 was $1.37 (up from $1.06); full-year EPS was $4.00 (down from $5.08).

• Return on average assets for Q4 was 1.18% (up from 1.05%); full-year ROAA was 0.92% (down from 1.26%).

• SimplyBank acquisition in July 2024 contributed significantly to loan and deposit growth.

Financial highlights

• Q4 net interest income reached a record $49.6M, up 25.29% year-over-year.

• Net interest margin for Q4 was 3.94%, up from 3.63% a year ago.

• Q4 provision for credit losses was $2.0M, down from $2.5M; full-year provision rose to $16.2M from $7.3M.

• Q4 non-interest income was $12.2M (up from $11.2M); non-interest expense was $39.8M (up from $34.2M).

• Q4 efficiency ratio improved to 62.98% from 65.62% year-over-year.

Outlook and guidance

• Management expects continued improvement in net interest margin in coming quarters.