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Dec 31, 2021
First Financial Q4 2021 Earnings Report
Reported results for the period ending December 31, 2021.
Key Takeaways
First Financial Corporation reported a net income of $7.4 million for Q4 2021, which includes merger and branch optimization expenses. Excluding these expenses, adjusted net income would have been $13.0 million or $0.99 per common share. Total loans grew by $113.0 million, or 4.55% excluding the transaction.
Net income was $7.4 million, impacted by merger and branch optimization expenses.
Adjusted net income would have been $13.0 million, or $0.99 per common share, excluding certain expenses.
Diluted net income per common share was $0.58, compared to $1.15 for the same period in 2020.
Total loans grew by $113.0 million, or 4.55% excluding the transaction.
Forward Guidance
The branch optimization strategy is projected to save $2.3 million per year in operating expenses.
Positive Outlook
- Completed merger with Hancock Bancorp and completed the system conversion during the quarter
- Expanded presence in Kentucky, including the attractive Bowling Green, Kentucky market
- Completed branch optimization strategy during the quarter
- Branch optimization strategy is projected to save $2.3 million per year in operating expenses
- Had exceptional loan growth during the quarter. Total loans grew by $113.0 million, or 4.55% excluding the transaction.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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