First Financial reports Q2 EPS 96c, two estimates 95c

Return on average assets was 0.94% compared to 1.34% for the three months ended June 30, 2023. Pre-tax, pre-provision net income was $16.2M compared to $21.2M for the same period in 2023. Book Value per share was $44.92 as of June 30, 2024, compared to $41.47 as of June 30, 2023, an increase of 8.33%. Tangible Book Value per share was $37.12 as of June 30, 2024, compared to $33.70 as of June 30, 2023, an increase of $3.42 per share or 10.15%. Norman D. Lowery, President and CEO, commented “We are pleased with our second quarter results, as we experienced another quarter of loan growth. We also saw our net interest margin expand during the quarter as cost of funds pressure moderated. We expect continued improvement in coming quarters. Additionally on July 1st we closed our acquisition of SimplyBank expanding our footprint into attractive southeastern Tennessee markets.”