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Mar 31, 2020
First Financial Q1 2020 Earnings Report
First quarter results reported with increased net income and EPS compared to the same period of 2019.
Key Takeaways
First Financial Corporation reported a net income of $12.2 million and diluted earnings per share of $0.89 for the first quarter of 2020. The company's average total loans increased by 33.70% compared to the same period in 2019, and total deposits increased by 36.03%. The company has been focusing on the safety of its employees and customers in response to COVID-19.
Net income was $12.2 million, up from $9.68 million in Q1 2019.
Diluted EPS was $0.89, compared to $0.79 in the same period of 2019.
Average total loans increased by 33.70% to $2.64 billion.
Total deposits increased by 36.03% to $3.29 billion.
Revenue by Segment
Forward Guidance
The company did not provide a quantitative forward guidance. However, they stated that the company is facing challenges due to COVID-19 and is taking measures to protect the health and safety of its associates, customers, and communities.
Positive Outlook
- Implemented pandemic response plan.
- Shifted to drive-up and appointment only banking.
- Restricted travel.
- Facilitated remote working arrangements.
- Practiced social distancing and encouraged associates to follow CDC guidelines.
Challenges Ahead
- Restricted activities of non-essential businesses in four states.
- Wide-spread furloughs, layoffs and reduced spending.
- Increased provision for loan losses due to COVID-19.
- Net charge-offs increased compared to the same period in 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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