Quarterly ResultApr 28, 2026, 09:32 AM
THFF Q1 Net Income $19.8M, EPS $1.67; CedarStone Acquisition
AI Summary
First Financial Corporation reported strong first-quarter 2026 results with net income rising to $19.8 million and diluted EPS to $1.67, compared to $18.4 million and $1.55 respectively in Q1 2025. The company completed the acquisition of CedarStone Financial, Inc. on March 1, 2026, adding $292 million in loans and $313 million in deposits, and recorded a bargain purchase gain of $716 thousand. The quarter also saw record net interest income of $56.9 million and a net interest margin of 4.23%, alongside continued loan growth. However, nonperforming loans increased significantly to $28.5 million (0.64% of total loans) from $10.2 million (0.26%) year-over-year.
Key Highlights
- Completed acquisition of CedarStone Financial, Inc. on March 1, 2026.
- Q1 2026 Net income $19.8M, up 7.6% from $18.4M in Q1 2025.
- Diluted EPS $1.67, up 7.7% from $1.55 in Q1 2025.
- Average total loans $4.16B, up 8.29% YoY; total loans outstanding $4.42B, up 14.79% YoY.
- Total deposits $4.84B as of March 31, 2026, up from $4.64B YoY.
- Net interest income record $56.9M, up 9.5% YoY; net interest margin 4.23%.
- Nonperforming loans $28.5M (0.64% of total loans), up from $10.2M (0.26%) YoY.
- Provision for credit losses $2.6M, up from $2.0M in Q1 2025.