Record Profit For First Financial in 2018

(photo courtesy Southwest Indiana Chamber)

Terre Haute-based First Financial Corp. (Nasdaq: THFF) is reporting record full-year net income of $46.6 million in 2018, up from $29.1 million the previous year. Chief Executive Officer Norman Lowery says the results were driven by continued loan growth and strong asset quality.

The parent of First Financial Bank says the increase includes the recovery of a security previously written down for "other-than temporary impairment." The bank says that contributed $2.4 million pre-tax to interest income and $4.5 million pre-tax to other income.

First Financial is also reporting fourth quarter net income of $11.1 million, up from $2.6 million during the same period in 2017. You can view the full earnings report by clicking here.

The report comes less than a month after First Financial announced plans to acquire HopFed Bancorp Inc. (Nasdaq: HFBC) in Kentucky. That deal is expected to close in the second quarter.