First Financial Annual Profit Flat
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Terre Haute-based First Financial Corp. (Nasdaq: THFF) is reporting full-year net income of $53 million, compared to $53.8 million the previous year. Chief Executive Officer Norman Lowery said the bank completed its branch optimization strategy, which is projected to save $2.3 million per year in operating expenses.
The bank is also reporting fourth quarter net income of $7.4 million, down from $15.7 million during the same period in 2020.
“We are pleased with our fourth quarter results,” said Lowery. “We completed our recently announced merger with Hancock Bancorp and completed the system conversion during the quarter, allowing us to expand our presence in Kentucky, including the attractive Bowling Green, Kentucky market. Lastly, we had exceptional loan growth during the quarter. Total loans grew by $113.0 million, or 4.55% excluding the transaction.”
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