First Financial Corporation,(THFF) a leading financial institution, an nounced its financial results, showcasing a notable net income of $15.98 million. The company's total revenue during the quarter reached $54.70 million, indicating robust performance despite economic challenges. Let's take a closer look at the key financial data and statements of First Financial Corporation for the first quarter of 2023.
Net Income/Loss
First Financial Corporation recorded a net income of $15.98 million for the first quarter of 2023. This figure demonstrates the company's ability to generate profits and create value for its shareholders amidst a dynamic economic landscape.
Revenue
The company's total revenue for the first quarter of 2023 was an impressive $54.70 million. This significant revenue highlights First Financial Corporation's capacity to attract customers and generate income from various sources, including loans, securities, and other services.
Let's delve deeper into the financial statements of First Financial Corporation for the first quarter of 2023:
Consolidated Balance Sheets
The company's total assets stood at $4.87 billion as of March 31, 2023. Notably, the cash and due from banks decreased from $222.52 million in 2022 to $82.62 million in 2023. However, the securities available-for-sale increased slightly to $1.34 billion, and loans reached $3.07 billion during the same period.
Liabilities and Shareholders' Equity
First Financial Corporation's total liabilities amounted to $4.36 billion, with deposits constituting a significant portion. Non-interest-bearing deposits decreased to $830.23 million, and interest-bearing deposits declined to $4.17 billion in 2023. The company's shareholders' equity, on the other hand, experienced growth, reaching $505.50 million, highlighting investor confidence.
The company's net interest income for the first quarter of 2023 was $44.34 million, indicating an increase from the previous year. Despite a provision for credit losses of $1.80 million, the net interest income after the provision for credit losses amounted to $42.54 million.
Non-Interest Income and Expenses
First Financial Corporation generated $9.37 million in non-interest income, comprising various sources such as trust and financial services, service charges, and securities gains. Non-interest expenses totaled $32.32 million, encompassing salaries, occupancy expense, equipment expense, and other operational costs.
Cash Flows
The company's cash flows from operating activities reached $23.78 million, reflecting a strong operational performance. Cash flows from investing activities were negative $13.83 million, mainly due to investments in securities and premises and equipment. Cash flows from financing activities amounted to negative $149.85 million, primarily due to a net decrease in deposits and treasury stock purchases.
First Financial Corporation's prudent financial management strategies contributed to its positive net income and strong revenue performance in the first quarter of 2023. As the company continues to navigate through the ever-changing economic landscape, stakeholders remain optimistic about its growth prospects in the financial market.