First Financial Corporation reported a significant increase in financial performance for the second quarter of 2025, with net income reaching $18.6 million, up from $11.4 million in the same period last year. This translates to a basic earnings per share of $1.57, compared to $0.96 in the prior year. For the first half of 2025, net income totaled $37.0 million, a substantial rise from $22.3 million in the first half of 2024. The return on average assets and return on average equity also improved, standing at 1.34% and 12.90%, respectively, for the second quarter of 2025, compared to 0.94% and 8.78% in the same quarter of 2024.
The corporation's total assets increased to $5.6 billion as of June 30, 2025, compared to $5.56 billion at the end of 2024. Loans, net of deferred loan costs, rose to $3.89 billion, reflecting a $59 million increase since December 31, 2024. Deposits, however, saw a slight decline of 1.2%, totaling $4.66 billion. The increase in loans was attributed to a rise in commercial and residential lending, with commercial loans amounting to $2.22 billion and residential loans at $987.7 million.
Strategically, First Financial Corporation completed the acquisition of SimplyBank on July 1, 2024, which has been integrated into its operations. This acquisition is expected to enhance the corporation's market presence and operational efficiencies. The corporation's non-interest income also showed growth, reaching $10.4 million for the second quarter of 2025, compared to $9.9 million in the same quarter of 2024, driven by increased service charges and fees.
Operationally, the corporation maintained a solid asset quality, with a non-performing asset ratio of 0.23% of total assets as of June 30, 2025. The allowance for credit losses stood at $47.1 million, reflecting a slight increase from $46.7 million at the end of 2024. The corporation reported net charge-offs of 0.18% to average loans and leases, indicating effective credit risk management. Looking ahead, management remains optimistic about sustaining growth and profitability, while also navigating potential challenges in the banking sector, including interest rate fluctuations and economic conditions.
About FIRST FINANCIAL CORP /IN/
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