First Financial reports Q1 EPS 37c, consensus 35c

Reports Q1 provision for credit losses of $808K vs. $2.78M last year. Q1 net charge-offs were $428K vs. net recoveries of $277K last year. Tangible book value was $8.24 from $8.30 at quarter end. “Our results were highlighted by an increase in net interest income which was achieved through organic loan and deposit growth during the quarter,” said CEO F. Scott Dueser. “We are also pleased that, as our bond portfolio continues to mature, we have been able to use that cash flow to fund our organic loan growth, bolster our liquidity position and begin to repurchase securities at much higher rates. We remain financially safe, sound and secure which is reflected in our strong regulatory capital ratios, diversified deposit base and access to multiple liquidity sources.”