THFF - First Financial Corporation Reports Third Quarter Results
TERRE HAUTE, Ind., Oct. 28, 2025 (GLOBE NEWSWIRE) -- First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2025.
- Net income was $20.8 million compared to $8.7 million reported for the same period of 2024;
- Diluted net income per common share of $1.75 compared to $0.74 for the same period of 2024;
- Return on average assets was 1.48% compared to 0.64% for the three months ended September 30, 2024;
- Provision for credit losses was $2.0 million compared to provision of $9.4 million for the third quarter 2024; and
- Pre-tax, pre-provision net income was $27.7 million compared to $19.9 million for the same period in 2024. 1
The Corporation further reported results for the nine months ended September 30, 2025:
- Net income was $57.8 million compared to $31.0 million reported for the same period of 2024;
- Diluted net income per common share of $4.87 compared to $2.63 for the same period of 2024;
- Return on average assets was 1.39% compared to 0.82% for the nine months ended September 30, 2024;
- Provision for credit losses was $5.9 million compared to provision of $14.2 million for the nine months ended September 30, 2024; and
- Pre-tax, pre-provision net income was $78.3 million compared to $51.1 million for the same period in 2024. 1
_______________
1 Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation ’ s performance over time as well as comparison to the Corporation ’ s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.
Average Total Loans
Average total loans for the third quarter of 2025 were $3.93 billion versus $3.71 billion for the comparable period in 2024, an increase of $223 million or 6.02%. On a linked quarter basis, average loans increased $52 million or 1.33% from $3.88 billion as of June 30, 2025.
Total Loans Outstanding
Total loans outstanding as of September 30, 2025, were $3.97 billion compared to $3.72 billion as of September 30, 2024, an increase of $252 million or 6.79%. On a linked quarter basis, total loans increased $70.8 million or 1.82% from $3.90 billion as of June 30, 2025. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.
Norman D. Lowery, President and Chief Executive Officer, commented “We are satisfied with our third quarter performance, marking the eighth consecutive quarter of loan growth and maintaining robust pipelines. Additionally, we achieved another record in net interest income with our net margin increasing to 4.25%. We anticipate further margin expansion due to our liability-sensitive positioning. Our capital position remains solid, ensuring we are well equipped for the current market environment.”
Average Total Deposits
Average total deposits for the quarter ended September 30, 2025, were $4.59 billion versus $4.71 billion as of September 30, 2024, a decrease of $114 million, or 2.42%. On a linked quarter basis, average deposits decreased $59 million or 1.28% from $4.65 billion as of June 30, 2025.
Total Deposits
Total deposits were $4.62 billion as of September 30, 2025, compared to $4.72 billion as of September 30, 2024. On a linked quarter basis, total deposits decreased $47.6 million or 1.02% from $4.66 billion as of June 30, 2025. Non-interest bearing deposits were $850 million, and time deposits were $703 million as of September 30, 2025, compared to $831.6 million and $791.1 million, respectively for the same period of 2024.
Shareholders’ Equity
Shareholders’ equity at September 30, 2025, was $622.2 million compared to $566.0 million on September 30, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in July and declared a $0.51 quarterly dividend, which was paid on October 15, 2025.
Book Value Per Share
Book Value per share was $52.50 as of September 30, 2025, compared to $47.93 as of September 30, 2024, an increase of $4.58 per share, or 9.55%. Tangible Book Value per share was $42.75 as of September 30, 2025, compared to $37.84 as of September 30, 2024, an increase of $4.91 per share or 12.98%.
Tangible Common Equity to Tangible Asset Ratio
The Corporation’s tangible common equity to tangible asset ratio was 9.12% at September 30, 2025, compared to 8.33% at September 30, 2024.
Net Interest Income
Net interest income for the third quarter of 2025 was a record $54.6 million, compared to $47.2 million reported for the same period of 2024, an increase of $7.4 million, or 15.8%. Interest income increased $4.9 million and interest expense decreased $2.5 million year over year. As mentioned in the president’s comments above, loan growth has continued for eight consecutive quarters, which contributed to steadily increasing net interest income.
Net Interest Margin
The net interest margin for the quarter ended September 30, 2025, was 4.25% compared to the 3.78% reported at September 30, 2024.
Nonperforming Loans
Nonperforming loans as of September 30, 2025, were $19.3 million versus $14.1 million as of September 30, 2024. The ratio of nonperforming loans to total loans and leases was 0.49% as of September 30, 2025, versus 0.38% as of September 30, 2024. On a linked quarter basis, nonperforming loans were $9.8 million, and the ratio of nonperforming loans to total loans and leases was 0.25% as of June 30, 2025.
Credit Loss Provision
The provision for credit losses for the three months ended September 30, 2025, was $2.0 million, compared to $9.4 million for the same period 2024. During September 2024, the Corporation recorded $5.5 million in provision for the acquisition of SimplyBank. The increase in provision in 2024 was also related to one previously identified credit, reflecting further deterioration in collateral values during the quarter.
Net Charge-Offs
In the third quarter of 2025 net charge-offs were $1.6 million compared to $4.6 million in the same period of 2024.
Allowance for Credit Losses
The Corporation’s allowance for credit losses as of September 30, 2025, was $47.4 million compared to $46.2 million as of September 30, 2024. The allowance for credit losses as a percent of total loans was 1.20% as of September 30, 2025, compared to 1.24% as of September 30, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased one basis point from 1.21% as of June 30, 2025.
Non-Interest Income
Non-interest income for the three months ended September 30, 2025 and 2024 was $11.1 million and $11.2 million, respectively.
Non-Interest Expense
Non-interest expense for the three months ended September 30, 2025, was $38.0 million compared to $38.6 million in 2024. This includes $844 thousand of acquisition-related expenses during the quarter in 2024.
Efficiency Ratio
The Corporation’s efficiency ratio was 56.63% for the quarter ending September 30, 2025, versus 64.43% for the same period in 2024.
Income Taxes
Income tax expense for the three months ended September 30, 2025, was $5.0 million versus $1.7 million for the same period in 2024. The effective tax rate for 2025 was 20.18% compared to 16.44% for 2024.
About First Financial Corporation
First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 79 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.
Investor Contact:
Rodger A. McHargue
Chief Financial Officer
P: 812-238-6334
E: rmchargue@first-online.com
| Three Months Ended |
| Nine Months Ended |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| September 30, |
| 2025 |
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| END OF PERIOD BALANCES |
| Assets |
| $ |
| 5,669,686 |
| $ |
| 5,602,969 |
| $ |
| 5,483,351 |
| $ |
| 5,669,686 |
| $ |
| 5,483,351 |
| Deposits |
| $ |
| 4,615,305 |
| $ |
| 4,662,889 |
| $ |
| 4,717,489 |
| $ |
| 4,615,305 |
| $ |
| 4,717,489 |
| Loans, including net deferred loan costs |
| $ |
| 3,967,401 |
| $ |
| 3,896,563 |
| $ |
| 3,715,235 |
| $ |
| 3,967,401 |
| $ |
| 3,715,235 |
| Allowance for Credit Losses |
| $ |
| 47,411 |
| $ |
| 47,087 |
| $ |
| 46,169 |
| $ |
| 47,411 |
| $ |
| 46,169 |
| Total Equity |
| $ |
| 622,218 |
| $ |
| 587,668 |
| $ |
| 565,951 |
| $ |
| 622,218 |
| $ |
| 565,951 |
| Tangible Common Equity (a) |
| $ |
| 506,604 |
| $ |
| 470,894 |
| $ |
| 446,786 |
| $ |
| 506,604 |
| $ |
| 446,786 |
| AVERAGE BALANCES |
| Total Assets |
| $ |
| 5,593,870 |
| $ |
| 5,529,225 |
| $ |
| 5,483,572 |
| $ |
| 5,543,954 |
| $ |
| 5,033,748 |
| Earning Assets |
| $ |
| 5,270,173 |
| $ |
| 5,213,220 |
| $ |
| 5,165,520 |
| $ |
| 5,225,957 |
| $ |
| 4,762,940 |
| Investments |
| $ |
| 1,248,519 |
| $ |
| 1,244,208 |
| $ |
| 1,342,037 |
| $ |
| 1,253,009 |
| $ |
| 1,309,879 |
| Loans |
| $ |
| 3,928,817 |
| $ |
| 3,877,246 |
| $ |
| 3,705,779 |
| $ |
| 3,882,605 |
| $ |
| 3,361,207 |
| Total Deposits |
| $ |
| 4,591,531 |
| $ |
| 4,651,051 |
| $ |
| 4,705,614 |
| $ |
| 4,631,155 |
| $ |
| 4,288,426 |
| Interest-Bearing Deposits |
| $ |
| 3,783,393 |
| $ |
| 3,843,143 |
| $ |
| 4,403,454 |
| $ |
| 3,821,405 |
| $ |
| 3,714,432 |
| Interest-Bearing Liabilities |
| $ |
| 359,579 |
| $ |
| 269,338 |
| $ |
| 157,227 |
| $ |
| 296,667 |
| $ |
| 176,985 |
| Total Equity |
| $ |
| 601,034 |
| $ |
| 576,288 |
| $ |
| 546,912 |
| $ |
| 580,688 |
| $ |
| 529,174 |
| INCOME STATEMENT DATA |
| Net Interest Income |
| $ |
| 54,603 |
| $ |
| 52,671 |
| $ |
| 47,170 |
| $ |
| 159,249 |
| $ |
| 125,384 |
| Net Interest Income Fully Tax Equivalent (b) |
| $ |
| 56,033 |
| $ |
| 54,091 |
| $ |
| 48,630 |
| $ |
| 163,497 |
| $ |
| 129,600 |
| Provision for Credit Losses |
| $ |
| 1,950 |
| $ |
| 1,950 |
| $ |
| 9,400 |
| $ |
| 5,850 |
| $ |
| 14,166 |
| Non-interest Income |
| $ |
| 11,149 |
| $ |
| 10,381 |
| $ |
| 11,223 |
| $ |
| 32,041 |
| $ |
| 30,559 |
| Non-interest Expense |
| $ |
| 38,048 |
| $ |
| 38,276 |
| $ |
| 38,564 |
| $ |
| 113,083 |
| $ |
| 104,637 |
| Net Income |
| $ |
| 20,762 |
| $ |
| 18,586 |
| $ |
| 8,741 |
| $ |
| 57,754 |
| $ |
| 31,034 |
| PER SHARE DATA |
| Basic and Diluted Net Income Per Common Share |
| $ |
| 1.75 |
| $ |
| 1.57 |
| $ |
| 0.74 |
| $ |
| 4.87 |
| $ |
| 2.63 |
| Cash Dividends Declared Per Common Share |
| $ |
| 0.51 |
| $ |
| 0.51 |
| $ |
| 0.45 |
| $ |
| 1.53 |
| $ |
| 1.35 |
| Book Value Per Common Share |
| $ |
| 52.50 |
| $ |
| 49.59 |
| $ |
| 47.93 |
| $ |
| 52.50 |
| $ |
| 47.93 |
| Tangible Book Value Per Common Share (c) |
| $ |
| 40.96 |
| $ |
| 38.78 |
| $ |
| 36.22 |
| $ |
| 42.75 |
| $ |
| 37.84 |
| Basic Weighted Average Common Shares Outstanding |
| 11,851 |
| 11,851 |
| 11,808 |
| 11,848 |
| 11,809 |
_______________
(a) Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
(b) Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
(c) Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.
| Key Ratios |
| Three Months Ended |
| Nine Months Ended |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| September 30, |
| 2025 |
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| Return on average assets |
| 1.48 |
| % |
| 1.34 |
| % |
| 0.64 |
| % |
| 1.39 |
| % |
| 0.82 |
| % |
| Return on average common shareholder's equity |
| 13.82 |
| % |
| 12.90 |
| % |
| 6.39 |
| % |
| 13.23 |
| % |
| 7.80 |
| % |
| Efficiency ratio |
| 56.63 |
| % |
| 59.37 |
| % |
| 64.43 |
| % |
| 57.83 |
| % |
| 65.33 |
| % |
| Average equity to average assets |
| 10.74 |
| % |
| 10.42 |
| % |
| 9.97 |
| % |
| 10.47 |
| % |
| 10.51 |
| % |
| Net interest margin (a) |
| 4.25 |
| % |
| 4.15 |
| % |
| 3.78 |
| % |
| 4.17 |
| % |
| 3.63 |
| % |
| Net charge-offs to average loans and leases |
| 0.17 |
| % |
| 0.18 |
| % |
| 0.49 |
| % |
| 0.18 |
| % |
| 0.43 |
| % |
| Credit loss reserve to loans and leases |
| 1.20 |
| % |
| 1.21 |
| % |
| 1.24 |
| % |
| 1.20 |
| % |
| 1.24 |
| % |
| Credit loss reserve to nonperforming loans |
| 246.14 |
| % |
| 480.72 |
| % |
| 326.65 |
| % |
| 246.14 |
| % |
| 326.65 |
| % |
| Nonperforming loans to loans and leases |
| 0.49 |
| % |
| 0.25 |
| % |
| 0.38 |
| % |
| 0.49 |
| % |
| 0.38 |
| % |
| Tier 1 leverage |
| 11.05 |
| % |
| 10.91 |
| % |
| 10.25 |
| % |
| 11.05 |
| % |
| 10.25 |
| % |
| Risk-based capital - Tier 1 |
| 13.12 |
| % |
| 12.86 |
| % |
| 12.31 |
| % |
| 13.12 |
| % |
| 12.31 |
| % |
_______________
(a) Net interest margin is calculated on a tax equivalent basis.
| Asset Quality |
| Three Months Ended |
| Nine Months Ended |
| September 30, |
| June 30, |
| September 30, |
| September 30, |
| September 30, |
| 2025 |
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| Accruing loans and leases past due 30-89 days |
| $ |
| 14,388 |
| $ |
| 22,303 |
| $ |
| 16,391 |
| $ |
| 14,388 |
| $ |
| 16,391 |
| Accruing loans and leases past due 90 days or more |
| $ |
| 1,792 |
| $ |
| 1,917 |
| $ |
| 1,517 |
| $ |
| 1,792 |
| $ |
| 1,517 |
| Nonaccrual loans and leases |
| $ |
| 17,470 |
| $ |
| 7,878 |
| $ |
| 12,617 |
| $ |
| 17,470 |
| $ |
| 12,617 |
| Other real estate owned |
| $ |
| 138 |
| $ |
| 383 |
| $ |
| 169 |
| $ |
| 138 |
| $ |
| 169 |
| Nonperforming loans and other real estate owned |
| $ |
| 19,400 |
| $ |
| 10,178 |
| $ |
| 14,303 |
| $ |
| 19,400 |
| $ |
| 14,303 |
| Total nonperforming assets |
| $ |
| 22,243 |
| $ |
| 13,087 |
| $ |
| 17,179 |
| $ |
| 22,243 |
| $ |
| 17,179 |
| Gross charge-offs |
| $ |
| 3,226 |
| $ |
| 2,928 |
| $ |
| 6,936 |
| $ |
| 9,395 |
| $ |
| 16,219 |
| Recoveries |
| $ |
| 1,600 |
| $ |
| 1,230 |
| $ |
| 2,365 |
| $ |
| 4,224 |
| $ |
| 5,449 |
| Net charge-offs/(recoveries) |
| $ |
| 1,626 |
| $ |
| 1,698 |
| $ |
| 4,571 |
| $ |
| 5,171 |
| $ |
| 10,770 |
| Non-GAAP Reconciliations |
| Three Months Ended September 30, |
| 2025 |
| 2024 |
| ( thousands, except EPS) |
| Income before Income Taxes |
| $ |
| 25,754 |
| $ |
| 10,429 |
| Provision for credit losses |
| 1,950 |
| 9,400 |
| Provision for unfunded commitments |
| — |
| 100 |
| Pre-tax, Pre-provision Income |
| $ |
| 27,704 |
| $ |
| 19,929 |
| Non-GAAP Reconciliations |
| Nine Months Ended September 30, |
| 2025 |
| 2024 |
| ($ in thousands, except EPS) |
| Income before Income Taxes |
| $ |
| 72,357 |
| $ |
| 37,140 |
| Provision for credit losses |
| 5,850 |
| 14,166 |
| Provision for unfunded commitments |
| 100 |
| (200 |
| ) |
| Pre-tax, Pre-provision Income |
| $ |
| 78,307 |
| $ |
| 51,106 |
| CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except per share data) |
| September 30, |
| December 31, |
| 2025 |
| 2024 |
| (unaudited) |
| ASSETS |
| Cash and due from banks |
| $ |
| 87,438 |
| $ |
| 93,526 |
| Federal funds sold |
| 157 |
| 820 |
| Securities available-for-sale |
| 1,186,107 |
| 1,195,990 |
| Loans: |
| Commercial |
| 2,282,062 |
| 2,196,351 |
| Residential |
| 997,915 |
| 967,386 |
| Consumer |
| 682,438 |
| 668,058 |
| 3,962,415 |
| 3,831,795 |
| (Less) plus: |
| Net deferred loan costs |
| 4,986 |
| 5,346 |
| Allowance for credit losses |
| (47,411 |
| ) |
| (46,732 |
| ) |
| 3,919,990 |
| 3,790,409 |
| Restricted stock |
| 18,761 |
| 17,555 |
| Accrued interest receivable |
| 26,526 |
| 26,934 |
| Premises and equipment, net |
| 79,351 |
| 81,508 |
| Bank-owned life insurance |
| 130,747 |
| 128,766 |
| Goodwill |
| 98,229 |
| 100,026 |
| Other intangible assets |
| 17,385 |
| 21,545 |
| Other real estate owned |
| 138 |
| 523 |
| Other assets |
| 104,857 |
| 102,746 |
| TOTAL ASSETS |
| $ |
| 5,669,686 |
| $ |
| 5,560,348 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
| Deposits: |
| Non-interest-bearing |
| $ |
| 849,978 |
| $ |
| 859,014 |
| Interest-bearing: |
| Certificates of deposit exceeding the FDIC insurance limits |
| 138,603 |
| 144,982 |
| Other interest-bearing deposits |
| 3,626,724 |
| 3,714,918 |
| 4,615,305 |
| 4,718,914 |
| Short-term borrowings |
| 182,522 |
| 187,057 |
| FHLB advances |
| 170,453 |
| 28,120 |
| Other liabilities |
| 79,188 |
| 77,216 |
| TOTAL LIABILITIES |
| 5,047,468 |
| 5,011,307 |
| Shareholders’ equity |
| Common stock, $.125 stated value per share; |
| Authorized shares-40,000,000 |
| Issued shares-16,190,157 in 2025 and 16,165,023 in 2024 |
| Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024 |
| 2,020 |
| 2,018 |
| Additional paid-in capital |
| 146,624 |
| 145,927 |
| Retained earnings |
| 726,989 |
| 687,366 |
| Accumulated other comprehensive income/(loss) |
| (98,635 |
| ) |
| (132,285 |
| ) |
| Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024 |
| (154,780 |
| ) |
| (153,985 |
| ) |
| TOTAL SHAREHOLDERS’ EQUITY |
| 622,218 |
| 549,041 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
| $ |
| 5,669,686 |
| $ |
| 5,560,348 |
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollar amounts in thousands, except per share data) |
| Three Months Ended |
| Nine Months Ended |
| September 30, |
| September 30, |
| 2025 |
| 2024 |
| 2025 |
| 2024 |
| (unaudited) |
| INTEREST INCOME: |
| Loans, including related fees |
| $ |
| 67,070 |
| $ |
| 61,367 |
| $ |
| 195,457 |
| $ |
| 162,878 |
| Securities: |
| Taxable |
| 5,985 |
| 6,319 |
| 17,902 |
| 18,083 |
| Tax-exempt |
| 2,689 |
| 2,715 |
| 7,915 |
| 7,919 |
| Other |
| 900 |
| 1,294 |
| 2,579 |
| 2,989 |
| TOTAL INTEREST INCOME |
| 76,644 |
| 71,695 |
| 223,853 |
| 191,869 |
| INTEREST EXPENSE: |
| Deposits |
| 18,002 |
| 22,197 |
| 54,696 |
| 59,622 |
| Short-term borrowings |
| 1,916 |
| 993 |
| 5,007 |
| 2,928 |
| Other borrowings |
| 2,123 |
| 1,335 |
| 4,901 |
| 3,935 |
| TOTAL INTEREST EXPENSE |
| 22,041 |
| 24,525 |
| 64,604 |
| 66,485 |
| NET INTEREST INCOME |
| 54,603 |
| 47,170 |
| 159,249 |
| 125,384 |
| Provision for credit losses |
| 1,950 |
| 9,400 |
| 5,850 |
| 14,166 |
| NET INTEREST INCOME AFTER PROVISION |
| FOR LOAN LOSSES |
| 52,653 |
| 37,770 |
| 153,399 |
| 111,218 |
| NON-INTEREST INCOME: |
| Trust and financial services |
| 1,278 |
| 1,251 |
| 4,161 |
| 3,903 |
| Service charges and fees on deposit accounts |
| 8,104 |
| 8,139 |
| 23,243 |
| 21,576 |
| Other service charges and fees |
| 251 |
| 191 |
| 823 |
| 700 |
| Securities gains (losses), net |
| 24 |
| 103 |
| 21 |
| 104 |
| Interchange income |
| 176 |
| 177 |
| 570 |
| 490 |
| Loan servicing fees |
| 338 |
| 274 |
| 830 |
| 957 |
| Gain on sales of mortgage loans |
| 494 |
| 411 |
| 1,149 |
| 886 |
| Other |
| 484 |
| 677 |
| 1,244 |
| 1,943 |
| TOTAL NON-INTEREST INCOME |
| 11,149 |
| 11,223 |
| 32,041 |
| 30,559 |
| NON-INTEREST EXPENSE: |
| Salaries and employee benefits |
| 19,788 |
| 18,521 |
| 58,725 |
| 53,231 |
| Occupancy expense |
| 2,738 |
| 2,556 |
| 7,886 |
| 7,116 |
| Equipment expense |
| 4,811 |
| 4,280 |
| 13,903 |
| 12,736 |
| FDIC Expense |
| 690 |
| 558 |
| 2,235 |
| 1,721 |
| Other |
| 10,021 |
| 12,649 |
| 30,334 |
| 29,833 |
| TOTAL NON-INTEREST EXPENSE |
| 38,048 |
| 38,564 |
| 113,083 |
| 104,637 |
| INCOME BEFORE INCOME TAXES |
| 25,754 |
| 10,429 |
| 72,357 |
| 37,140 |
| Provision for income taxes |
| 4,992 |
| 1,688 |
| 14,603 |
| 6,106 |
| NET INCOME |
| 20,762 |
| 8,741 |
| 57,754 |
| 31,034 |
| OTHER COMPREHENSIVE INCOME (LOSS) |
| Change in unrealized gains/(losses) on securities, net of reclassifications and taxes |
| 19,596 |
| 31,628 |
| 33,642 |
| 24,067 |
| Change in funded status of post retirement benefits, net of taxes |
| 3 |
| 73 |
| 8 |
| 220 |
| COMPREHENSIVE INCOME (LOSS) |
| $ |
| 40,361 |
| $ |
| 40,442 |
| $ |
| 91,404 |
| $ |
| 55,321 |
| PER SHARE DATA |
| Basic and Diluted Earnings per Share |
| $ |
| 1.75 |
| $ |
| 0.74 |
| $ |
| 4.87 |
| $ |
| 2.63 |
| Weighted average number of shares outstanding (in thousands) |
| 11,851 |
| 11,808 |
| 11,848 |
| 11,809 |