First Financial Corporation (NASDAQ: THFF) has reported its first quarter results for 2024, revealing several important changes from the same period in 2023.
Net income for the first quarter of 2024 was $10.9 million, a decrease from $16.0 million reported for the same period in 2023. This is reflected in the diluted net income per common share, which decreased from $1.33 in the first quarter of 2023 to $0.93 in the first quarter of 2024. The return on average assets also decreased to 0.91% from 1.32% for the three months ended March 31, 2023.
Total loans outstanding as of March 31, 2024, were $3.19 billion compared to $3.08 billion as of March 31, 2023, marking an increase of $112 million or 3.63%. Total deposits, however, decreased to $4.11 billion as of March 31, 2024, from $4.17 billion as of March 31, 2023.
Shareholders' equity at March 31, 2024, stood at $520.8 million, compared to $505.5 million on March 31, 2023. Book value per share also increased to $44.08 as of March 31, 2024, from $41.89 as of March 31, 2023, marking an increase of $2.19 per share or 5.22%.
Net interest income for the first quarter of 2024 was $38.9 million, a decrease from $44.3 million reported for the same period of 2023. Interest income increased by $4.7 million, and interest expense increased by $10.1 million year over year.
Nonperforming loans as of March 31, 2024, were $24.3 million versus $12.1 million as of March 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.76% as of March 31, 2024, versus 0.39% as of March 31, 2023.
Efficiency ratio increased to 67.21% for the quarter ending March 31, 2024, versus 58.73% for the same period in 2023. Income tax expense for the three months ended March 31, 2024, was $2.2 million, compared to $3.6 million for the same period in 2023.
The market has reacted to these announcements by moving the company's shares -0.5% to a price of $36.46. For more information, read the company's full 8-K submission here.
