THFFMEDIUM SIGNALFINANCIAL10-K

First Financial Corporation reported substantially higher net income alongside strong growth in net interest income and operating cash flow, while expanding its loan production office network.

The bank's profitability improved meaningfully year-over-year, driven by solid growth in core net interest income and strong operating cash generation. The company also strengthened its regulatory capital position across all key ratios, indicating improved financial resilience and potential capacity for future growth initiatives.

Comparing 2026-03-04 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

THFF delivered strong financial performance with net income growing substantially while net interest income expanded by a solid 15.4% to $305.6M. Operating cash flow approached the $90M mark with nearly 50% growth, while the company maintained disciplined capital allocation with reduced capital expenditures and modest dividend increases. The balance sheet strengthened with stockholders' equity growing to $651M, supported by improved regulatory capital ratios across all key metrics including CET1 rising to 13.21%.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+67.5%
$47.3M$79.2M

Net income grew 67.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+49.8%
$60.4M$90.4M

Operating cash flow surged 49.8% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-34.8%
$6.1M$4.0M

Capex reduced 34.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
+18.5%
$549.0M$650.9M

Equity base grew 18.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+15.4%
$264.7M$305.6M

Net interest income grew 15.4% — benefiting from rate environment or loan book expansion.

Dividends Paid
Cash Flow
+13.7%
$21.2M$24.2M

Dividend payments increased 13.7% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-05
ADDED
At the close of business in 2025 the Corporation and its subsidiaries had 946 full-time equivalent employees.
It operates six full-service banking branches within the county.
In addition to the six branches in Vigo County, the Bank operates fifteen other full-service banking branches in Indiana; twenty-four branches in Illinois; sixteen branches in Kentucky; fifteen branches in Tennessee; and three branches in Georgia.; There are eight loan production offices, four in Indiana; and four in Tennessee.
COMPETITION First Financial Bank faces competition from other financial institutions.
The CFPB has the authority to investigate possible violations of federal consumer financial law, hold hearings and commence civil litigation.
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REMOVED
At the close of business in 2024 the Corporation and its subsidiaries had 937 full-time equivalent employees.
There are seven loan production offices, one in Allen County, Indiana; one in Hamilton County, Indiana; one in Monroe County, Indiana; one in Vanderburgh County, Indiana; one in Hamilton County, Tennessee; one in Rutherford County, Tn; and one in Williamson County, Tn.
REGULATION AND SUPERVISION The Corporation and its subsidiaries operate in highly regulated environments and are subject to supervision and regulation by several governmental regulatory agencies, including the Board of Governors of the Federal Reserve System (the Federal Reserve ), the Office of the Comptroller of the Currency (the OCC ), and the Federal Deposit Insurance Corporation (the FDIC ).
BASEL III In July 2013, the federal banking agencies published the Basel III Capital Rules establishing a new comprehensive capital framework for U.S.
Certain regulatory capital ratios for the Corporation as of December 31, 2024, are shown below: 12.43% CET1 to risk-weighted assets; 12.43% Tier 1 capital to risk-weighted assets; 13.46% Total capital to risk-weighted assets; and 10.38% leverage ratio.
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