FIRST FINANCIAL CORP /IN/ — Form 8-K
Filed July 28, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 52/100
What the filing says
First Financial Corporation reported Q2 2026 net income of $22.7M ($1.91/share), up 22% YoY from $18.6M ($1.57/share). The company completed its March 1, 2026 acquisition of CedarStone Financial, Inc., adding $292M in loans and $313M in deposits, though initial bargain purchase gain was revised downward from $716K to $33K in Q2 measurement adjustments. Total loans grew to $4.47B (+14.66% YoY) with organic growth of $300M; deposits reached $4.83B (+3.69% YoY). Net interest margin improved to 4.33%, ROA rose to 1.48%, and efficiency ratio improved to 57.95%. However, nonperforming loans increased to $27.1M (0.61% ratio) from $9.8M (0.25% ratio) YoY, a concerning credit quality deterioration.
Why this rating
Earnings growth and CedarStone deal (~5% of company assets) are positive, but significant NPA deterioration and modest organic loan growth temper optimism. Material relative to company size but mixed signals.
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