First Financial Corp THFF

FinancialsBanking ServicesUnited States of America

Last close 76.55 USD on Nov 1, 2026, +30.9% year to date

Quant rating

Quant rating B Rank 131 of 799 in Financials

Growth C 355 of 799
Valuation C 332 of 799
Quality B 234 of 799
Revisions B 251 of 799
Momentum B 172 of 799

Wall Street consensus Hold (2.75)Average target 85.33 USD +11.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 910M
Enterprise value: 1.0B
52-week range: 52.58 – 83.83
3-year range: 34.45 – 83.83
Dividend yield: 2.93%
Beta (5 years): 0.44
Shares outstanding: 11.9M
Next earnings: Feb 3, 2027

About the company

First Financial Corporation is the holding company for First Financial Bank N.A. (the Bank). It offers a variety of financial services, including commercial, mortgage and consumer lending, lease financing, trust account services and depositor services through its subsidiary. The Bank's loan portfolio includes commercial loans, real estate mortgages and consumer loans. Its commercial loans are predominately loans to expand a business or finance asset purchases. Its real estate mortgages are secured by 1-4 family residences and are generally owner-occupied and include residential real estate and residential real estate construction loans. Its consumer portfolio primarily consists of home equity loans and lines (secured by a subordinate lien on a 1-4 family residence), secured loans (typically secured by automobiles, boats, recreational vehicles, or motorcycles), cash/CD secured, and unsecured loans. The Bank has approximately 79 branches in Indiana, Illinois, Kentucky, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	306	265	228	183	152	–
Revenue growth	15.4%	15.9%	24.6%	20.4%	−5.2%	13.7%
EPS (basic, normalized)	6.68	4.00	5.08	5.82	4.02	–
EPS growth	67.0%	−21.3%	−12.7%	45.0%	2.3%	11.2%
Gross margin	–	–	–	–	–	–
Net margin	25.9%	17.9%	26.6%	38.8%	34.8%	28.8%
ROE	13.2%	8.8%	12.5%	14.4%	9.0%	11.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.8%
Long-term debt (mil)	7.0
Net debt (mil)	–
Total equity (mil)	676
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	306	+15.4%	3.3x	54.78	+13.8%	1.4x	6.68	+67.0%	11.5x
2026	297	−2.9%	3.4x	60.32	+10.1%	1.3x	7.61	+14.0%	10.1x
2027	342	+15.2%	3.0x	66.12	+9.6%	1.2x	8.26	+8.4%	9.3x
2028	355	+3.8%	2.9x	74.80	+13.1%	1.0x	8.68	+5.1%	8.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	297	0.0%	+0.9%	+1.2%	7.61	+0.3%	+2.7%	+6.1%
2027	342	0.0%	+11.4%	+12.1%	8.26	+0.4%	+6.5%	+10.7%
2028	355	0.0%	–	–	8.68	+0.8%	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	49.4	49.2	57.7	61.8	62.5	63.1	65.8	70.5	68.2	71.9
Sales mean (mil)	50.8	50.7	58.7	60.4	62.1	63.3	65.2	68.1	69.6	72.8
Surprise	−2.8%	−2.9%	−1.6%	+2.4%	+0.7%	−0.4%	+0.9%	+3.6%	−2.0%	−1.3%
EPS reported	0.93	0.96	0.74	1.37	1.55	1.57	1.75	1.81	1.67	1.91
EPS mean	0.98	0.95	0.91	1.28	1.30	1.41	1.59	1.72	1.64	1.75
Surprise	−5.0%	+0.5%	−18.4%	+7.3%	+19.5%	+11.3%	+10.3%	+5.5%	+2.1%	+9.1%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
THFF First Financial Corp	910M	12.8%	25.9%	1.14x	10.1x	9.3x	1.3x	1.2x
MBWM Mercantile Bank Corporation	1.0B	12.3%	26.9%	1.11x	10.7x	10.3x	1.3x	1.2x
Mean		12.5%	26.4%	1.12x	10.4x	9.8x	1.3x	1.2x
Median		12.5%	26.4%	1.12x	10.4x	9.8x	1.3x	1.2x

Technical analysis

1M+2.9%
3M−3.5%
1Y+40.7%
3Y+159.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	306	265	228	183	152	160
Total interest expense	85.7	89.8	61.1	18.3	8.8	14.1
Net interest income	220	175	167	165	143	146
Loan loss provision	8.2	16.2	7.3	−2.0	2.5	10.5
Net interest income after loan loss provision	212	159	160	167	141	136
Non-interest income	42.0	42.8	42.7	46.7	42.1	42.5
Non-interest expense	−155	−144	−130	−126	−117	−113
Net income before taxes	98.7	57.2	72.5	87.8	65.6	65.5
Provision for taxes	19.5	9.9	11.8	16.7	12.6	11.7
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	79.2	47.3	60.7	71.1	53.0	53.8
Extraordinary items	–	–	–	–	–	–
Net income	79.2	47.3	60.7	71.1	53.0	53.8
Basic weighted average shares (mil)	11.9	11.8	11.9	12.2	13.2	13.7
Diluted weighted average shares (mil)	11.9	11.8	11.9	12.2	13.2	13.7
Basic EPS excluding extraordinary items	6.68	4.00	5.08	5.82	4.02	3.93
Basic EPS, normalized	6.68	4.00	5.08	5.82	4.02	3.93

Balance sheet in millions of USD, fiscal years

Balance sheet, First Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	130	93.5	76.8	223	683	657
Other earning assets	1,150	1,197	1,259	1,340	1,365	1,021
Net loans	4,007	3,790	3,128	3,028	2,768	2,563
Property, plant & equipment	78.6	81.5	67.3	66.1	69.5	62.1
Goodwill	98.2	100	87.0	87.0	86.1	78.6
Intangibles	16.2	21.5	5.6	6.7	8.0	9.0
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	275	277	227	239	196	166
Total assets	5,756	5,560	4,851	4,989	5,175	4,558
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Total deposits	4,551	4,719	4,090	4,369	4,410	3,756
Other bearing liabilities	176	7.3	109	9.6	15.9	5.9
Short-term borrowings	292	187	67.2	70.9	93.4	116
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	12.5	20.8	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	73.5	77.2	57.3	64.7	73.6	82.7
Total liabilities	5,105	5,011	4,323	4,514	4,593	3,961
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	147	146	144	143	142	141
Retained earnings (accumulated deficit)	742	687	664	615	559	521
Treasury stock	−154	−154	−155	−145	−118	−76.7
Other equity	−86.7	−132	−127	−140	−2.4	9.8
Total equity	651	549	528	475	583	597
Total liabilities & shareholders' equity	5,756	5,560	4,851	4,989	5,175	4,558

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Financial Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	79.2	47.3	60.7	71.1	53.0	53.8
Depreciation, depletion & amortization	12.2	9.9	6.5	6.1	6.2	6.1
Deferred taxes	−0.8	3.3	−0.5	−3.1	−1.6	−3.8
Non-cash items	6.5	7.6	7.5	8.8	10.6	9.5
Changes in working capital	−6.7	−7.7	11.9	−4.1	−13.1	11.8
Cash from operations	90.4	60.4	86.1	78.8	55.1	77.4
Investing activities
Capital expenditures	−4.0	−6.1	−6.5	−1.4	−3.8	−3.9
Other investing cash flows	−122	−60.0	−15.6	−432	−314	−12.3
Cash from investing	−126	−66.1	−22.1	−434	−317	−16.2
Financing activities
Financing cash flow items	−168	6.6	−278	−39.5	368	482
Cash dividends paid	−24.2	−21.2	−15.4	−14.5	−14.2	−14.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	265	37.2	83.8	−56.6	−66.2	1.4
Cash from financing	72.6	22.5	−210	−111	288	469
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	36.8	16.8	−146	−466	25.3	530
Free cash flow	86.4	54.3	79.5	77.4	51.2	73.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.