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Jun 30, 2024
First Financial Q2 2024 Earnings Report
Second quarter results reported with loan growth and net interest margin expansion.
Key Takeaways
First Financial Corporation reported a net income of $11.4 million for the second quarter of 2024, with diluted net income per common share of $0.96. The corporation experienced loan growth and net interest margin expansion.
Net income was $11.4 million, a decrease compared to $16.0 million in the same period of 2023.
Diluted net income per common share was $0.96, down from $1.33 for the same period in 2023.
Average total loans for the second quarter of 2024 were $3.20 billion, versus $3.10 billion for the comparable period in 2023.
Net interest margin for the quarter ended June 30, 2024, was 3.57% compared to 3.81% reported at June 30, 2023.
Forward Guidance
First Financial Corporation expects continued improvement in coming quarters.
Positive Outlook
- Experienced another quarter of loan growth.
- Net interest margin expanded during the quarter.
- Cost of funds pressure moderated.
- Expect continued improvement in coming quarters.
- Closed acquisition of SimplyBank expanding footprint into attractive southeastern Tennessee markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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