On this page of StockholderLetter.com we present the latest annual shareholder letter from FIRST FINANCIAL CORP /IN/ — ticker symbol THFF. Reading current and past THFF letters to shareholders can bring important insights into the investment thesis.

 •  3/17/2025 Letter Continued (Full PDF)
 •  3/17/2023 THFF Stockholder Letter
 •  3/18/2024 THFF Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  THFF Benford's Law Stock Score = 91

THFF Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Dear Shareholders,
It is an honor to present this annual report celebrating 190 years for First
Financial Bank. We re   ect on the strength of our foundation, the integrity
of our culture, and the remarkable progress achieved in 2024. This report
highlights how we continue to honor our legacy while embracing opportunities
to grow and empower the communities we serve while facing unexpected
challenges, showcasing our resiliency and strength.
Norman D. Lowery
President and CEO
2024 At A Glance
    2024    nancial results were mixed. The extended compression of
margins coupled with regulatory delays yielded a less than expected net
income of $47.275M. Commercial Loan Production hit new highs and
shows no signs of slowing in 2025 ending with a Net Interest Margin
of 3.71%. Our year over year dividend payout increased by $0.52 per
share, with our Book Value ending the year at $46.36 per share.
    Associate-led culture initiative launched in October. OneFirst
introduced an evolution of First   s guiding principles, refreshing the
Mission, Vision, and Core Values. This launch prioritizes growth and
development and has renewed our commitment to our purpose, our
people, and the communities we serve.
    East Tennessee added to extensive footprint. The strategic
partnership with SimplyBank, announced in November 2023, was
executed with a slight regulatory delay in July adding East Tennessee
and Northwest Georgia to our map. Introduction to these key growth
markets will continue to yield results for years to come and has already
provided opportunities to expand to adjacent markets, most notably,
Knoxville.
    Leadership transitions propelling future growth. 2024 saw Norm
D. Lowery assume the President and CEO role as Norm L. Lowery
retired. The retirement of Chief Credit Of   cer, Steve Holliday, led to the
promotion of Steve Panagouleas to that role and Chip Knight stepping
into the Central Credit Administration Manager role. Andy Decker was
appointed to the role of Director of Trust & Asset Management.
    Increased commitment to our communities. Substantial investments
were made in 2024, including a partnership with Banzai, a leading
   nancial wellness education platform, to provide access to    nancial
literacy tools internally to First Financial Associates and externally
to schools, business clients for the bene   t of their employees, and
other organizations throughout our footprint. In addition, Kadince was
onboarded as a vendor to help centralize the management and tracking
of volunteer hours, sponsorship requests, and donations. Speci   cally
for our Spanish-speaking clients, both Gabby, our industry leading
chatbot, and our retail digital banking platform are now available in
Spanish.
The following sections are a deeper dive into initiatives and events that
shaped 2024 and are positioning First Financial for success in 2025
and beyond.

Expanding Our Presence in East Tennessee
First Financial Bank   s commitment to thoughtful growth took a signi   cant step forward in 2024 with the
acquisition of SimplyBank. Announced in November 2023 and    nalized in the third quarter of 2024, this
strategic partnership brought SimplyBank, a well-regarded community bank headquartered in Dayton,
Tennessee, into the First Financial family. With 13 branches and a loan production of   ce serving East
Tennessee and Northwest Georgia, the acquisition enhances our ability to serve these dynamic markets.
This partnership is a cornerstone of our expansion plans:
    Strengthening Our Market Position
The acquisition broadens First   s reach into key East Tennessee markets, including Chattanooga,
Cleveland, and Knoxville. These thriving areas align with our focus on serving growing communities
with tailored    nancial solutions.
    Delivering Expanded Services
By July 2024, SimplyBank customers transitioned to First Financial   s robust digital banking
platforms, gaining access to enhanced tools, an expanded range of products, and the strength of a
larger    nancial institution.
First Financial Bank celebrates its Ringgold, GA Ribbon Cutting in August 2024, marking the o   cial merger with SimplyBank and a new chapter of growth and service.

    Advancing Our Long-Term Vision
This acquisition is a key component of First Financial   s strategic plan to grow in high-potential
regions. By expanding into these areas, we are better equipped to invest in local economies and
provide exceptional value to businesses and families.
By the close of 2024, First had added an additional presence in Knoxville with the hiring of 4 commercial
lenders and a mortgage loan originator to continue our growth in the region.
OneFirst: Investing in Our People
We recognize that our associates are our most valuable asset, and their growth and development are
essential to our success. In 2024, we proudly launched the OneFirst culture initiative, designed to bring
together voices from across the organization and align our diverse talents, experiences, and ideas into
a shared vision for the future. This initiative underscores our commitment to building a workplace where
collaboration, inclusion, and empowerment thrive.
Empowering Our Team Members
The OneFirst initiative is more than a strategy   it   s a promise
to provide our team members with the resources, tools, and
support needed to succeed. In 2024, we introduced:
    A refreshed Mission, Vision, and Core Values:
Shaped directly by input from associates through
surveys and meetings, these guiding principles re   ect
our shared purpose and commitment to stability,
growth, and delivering value.
    Expanded learning and development opportunities: Through structured training programs and
self-directed growth initiatives, including Banzai Financial Wellness, we equipped our team with the
skills needed to grow both professionally and personally.
Fostering a Culture of Collaboration and Inclusion
A cornerstone of OneFirst is cultivating a sense of belonging where every voice is heard and valued.
Regular communications and team discussions throughout the year reinforced key cultural priorities,
such as collaboration, respect, and accountability. These efforts contributed to a shared sense of
purpose and strengthened connections across our branches and departments.
Building a Uni   ed Vision
In 2024, our associates embraced the evolution of our culture with open minds and a forward-thinking
spirit. Leadership teams played an integral role in championing the OneFirst values, ensuring that all
associates were aligned with our mission to empower communities and enhance lives.
Shaping the Future Together
As part of our strategic focus, the OneFirst initiative positions us for sustainable growth by integrating
a culture of soundness, innovation, and inclusivity. With systems, communications, and training fully
implemented by year-end, First is well-prepared to continue driving positive change and fostering
prosperity for our associates, clients, and communities.
This intentional investment in our people and culture will ensure that First not only embraces the changes
ahead but also leads the way with integrity, stability, and a commitment to excellence.

Continuing the Momentum
As we look toward the future, First is committed to building on the progress achieved in 2024. Guided
by our refreshed Mission, Vision, and Values, we are poised to embrace new opportunities and navigate
challenges with con   dence and purpose.
In 2025 our focus is on increasing shareholder value through growing assets, continually evaluating costs
and identifying ef   ciencies, and maintaining a strong regulatory standing.
Final Words for 2024
As we pave the way forward, we recognize the unpredictability of economic and industry trends. However,
First Financial Bank   s 190-year history provides us with a solid foundation to face challenges with
con   dence and embrace opportunities as they arise. The successes of 2024 showcase our readiness to
adapt, grow, and thrive in an ever-changing landscape.
We want to take this moment to sincerely thank our shareholders, clients, and associates for their trust
and partnership. Your support drives our mission and inspires us to deliver meaningful results that
bene   t not only our organization but also the communities we serve.
Moving forward, we remain committed to our core strategies and values, focused on generating
sustainable growth and delivering long-term value. With innovation, agility, and a steadfast dedication
to excellence, we will continue to strive toward becoming a regional banking leader that sets the
standard for success. Thank you for being an essential part of our journey. Together, we look forward to a
prosperous future.
Sincerely,
Norman D. Lowery
President and CEO



 3/17/2025 Letter Continued (Full PDF)