The mixed quarter shows solid core earnings growth offset by a sharp spike in nonperforming loans and margin compression from Q4 levels. Watch for credit quality trends in Q2 — if NPLs stabilize, the acquisition-driven growth story remains intact.
Price Chart
Executive Summary
First Financial Corp reported Q1 2026 net income of $19.8M ($1.67 EPS) vs $18.4M ($1.55 EPS) a year ago, a 7.7% YoY EPS increase. Net interest income rose 9.5% to a record $56.9M, and the completed CedarStone acquisition added $292M in loans and $313M in deposits. However, nonperforming loans surged to $28.5M (0.64% of loans) from $10.2M (0.26%) a year ago, and the efficiency ratio deteriorated to 58.72% from 57.54%, tempering the headline growth.
Key Financial Metrics
Key Facts
- Q1 2026 diluted EPS of $1.67 vs $1.55 YoY, up 7.7%
- Net interest income record $56.9M, up 9.5% YoY
- Completed CedarStone acquisition on March 1, 2026: $292M loans, $313M deposits acquired
- Nonperforming loans rose to $28.5M (0.64% of loans) from $10.2M (0.26%) YoY
- Efficiency ratio worsened to 58.72% from 57.54% YoY
- Net interest margin compressed to 4.23% from 4.66% linked quarter, but up from 4.11% YoY
- Book value per share grew 14.17% YoY to $55.10
- No share repurchases in the last 12 months; 518,860 shares remain authorized
Financial Impact
EPS beat consensus by ~$0.03 (1.8%) vs $1.64 estimate; revenue not explicitly guided but net interest income up 9.5% YoY
Risk Factors
- Nonperforming loans tripled YoY to $28.5M, signaling potential credit deterioration
- Net interest margin compressed 43bp linked quarter from 4.66% to 4.23%
- Efficiency ratio worsened, indicating cost pressures from the acquisition integration
- Tangible common equity to tangible assets ratio declined to 8.93% from 9.51% at year-end
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000714562-26-000035 |
| Document: thff-20260428x8k.htm | 0000714562-26-000035 |
| Document: 0000714562-26-000035-index-headers.html | 0000714562-26-000035 |
| Document: 0000714562-26-000035-index.html | 0000714562-26-000035 |
| Document: 0000714562-26-000035.txt | 0000714562-26-000035 |
| 8-K Data (Synthetic) | 0000714562-26-000035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G/A | $78.02 | awaiting T+5 | — | $77.78 (−0.31%) |
Oct 27, 2026 today | 8-K | $77.11 | awaiting T+5 | — | $77.78 (+0.87%) |
Oct 27, 2026 today | Press Release | $77.11 | awaiting T+5 | — | $77.78 (+0.87%) |
Sep 17, 2026 5w ago | 8-K | $76.55 $75.56 | ▼ −1.29% | ▼ −2.56% | $77.78 (+1.61%) |
Sep 17, 2026 5w ago | 8-K | $77.09 $75.22 | ▼ −2.43% | ▼ −3.03% | $77.78 (+0.90%) |
Sep 10, 2026 6w ago | 425 | $77.80 $77.09 | ▼ −0.91% | ▼ −0.41% | $77.78 (−0.03%) |
Sep 4, 2026 7w ago | 8-K | $79.34 $78.20 | ▼ −1.44% | ▼ −0.23% | $77.78 (−1.97%) |
Aug 27, 2026 8w ago | 8-K | $79.50 $78.70 | ▼ −1.01% | ▼ −1.27% | $77.78 (−2.16%) |
Jul 28, 2026 13w ago | 8-K | $79.91 $82.59 | ▲ +3.35% | ▲ +1.08% | $77.78 (−2.67%) |
Jul 28, 2026 13w ago | Press Release | $79.91 $82.59 | ▲ +3.35% | ▲ +1.08% | $77.78 (−2.67%) |
US Market Status
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