First Financial Corporation (THFF) has reported 27.21 percent rise in profit for the year ended Dec. 31, 2016. The company has earned $38.41 million, or $3.12 a share in the year, compared with $30.20 million, or $2.35 a share for the last year. Revenue during the year grew 6.92 percent to $148.60 million from $138.99 million in the previous year. Net interest income for the quarter rose 0.45 percent over the prior year period to $104.97 million. Non-interest income for the year rose 19.79 percent over the last year to $46.93 million.
First Financial Corp has made provision of $3.30 million for loan losses during the year, down 29.79 percent from $4.70 million in the same period last year.
Net interest margin was stable at 4.04 percent in the year, when compared with the last year. Efficiency ratio for the year improved to 57.13 percent from 65.63 percent in the previous year. A decline in efficiency ratio indicates a rise in profitability.
Norman L. Lowery, President and Chief Executive Officer, commented, “We are pleased with our 2016 results. Net income was the highest in the history of the company and we had another solid quarter of loan growth.”
Assets, liabilities remain almost stable
Total assets stood at $2,988.53 million as on Dec. 31, 2016, up 0.30 percent compared with $2,979.58 million on Dec. 31, 2015. On the other hand, total liabilities stood at $2,574.13 million as on Dec. 31, 2016, up 0.19 percent from $2,569.27 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $1,820.41 million as on Dec. 31, 2016, up 4.39 percent compared with $1,743.86 million on Dec. 31, 2015. Deposits stood at $2,428.53 million as on Dec. 31, 2016, down 0.57 percent compared with $2,442.37 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $564.09 million or 23.23 percent of total deposits on Dec. 31, 2016, compared with $563.30 million or 23.06 percent of total deposits on Dec. 31, 2015.
Investments stood at $853.72 million as on Dec. 31, 2016, down 4.19 percent or $37.36 million from year-ago. Shareholders equity stood at $414.40 million as on Dec. 31, 2016, up 0.99 percent or $4.08 million from year-ago.
Return on average assets moved up 29 basis points to 1.30 percent in the year from 1.01 percent in the last year. At the same time, return on average equity increased 180 basis points to 9.26 percent in the year from 7.46 percent in the last year.
Nonperforming assets moved down 14.23 percent or $6.23 million to $37.57 million on Dec. 31, 2016 from $43.80 million on Dec. 31, 2015.
Tier-1 leverage ratio stood at 13.39 percent for the year, up from 12.92 percent for the previous year. Average equity to average assets ratio was 14.01 percent for the year, up from 13.60 percent for the previous year. Book value per share was $33.92 for the year, up 5.31 percent or $1.71 compared to $32.21 for the same period last year.
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