THFF

EX-99.1

2 thff-ex99d1.htm

EX-99.1

Exhibit 99.1

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News Release

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FIRST FINANCIAL CORPORATION

One First Financial Plaza, Terre Haute, Indiana 47807 (812) 238-6000

First Financial Corporation Reports Third Quarter Results

Terre Haute, Indiana, October 27, 2026 – First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2026.

●Net income was $27.4 million compared to $20.8 million reported for the same period of 2025;

●Diluted net income per common share of $2.31 compared to $1.75 for the same period of 2025;

●Return on average assets was 1.79% compared to 1.48% for the three months ended September 30, 2025;

●Benefit from credit losses was $750 thousand compared to provision expense of $2.0 million for the third quarter 2025; and

●Pre-tax, pre-provision net income was $33.7 million compared to $27.7 million for the same period in 2025.1

The Corporation further reported results for the nine months ended September 30, 2026:

●Net income was $70.0 million compared to $57.8 million reported for the same period of 2025;

●Diluted net income per common share of $5.89 compared to $4.87 for the same period of 2025;

●Return on average assets was 1.54% compared to 1.39% for the nine months ended September 30, 2025;

●Provision for credit losses was $3.1 million compared to provision of $6.0 million for the nine months ended September 30, 2025; and

●Pre-tax, pre-provision net income was $90.3 million compared to $78.3 million for the same period in 2025.1

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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.

Acquisitions

On March 1, 2026, First Financial Corporation completed the acquisition of CedarStone Financial, Inc. As a result of the acquisition, loans acquired were $292 million, and deposits acquired were $313 million. Although we initially recognized a bargain purchase gain of $716 thousand in the first quarter 2026, measurement period adjustments recorded in the second quarter revised the preliminary purchase accounting. The cumulative resulting year-to-date bargain purchase gain was $33 thousand.

On August 26, 2026, First Financial Corporation, Terre Haute, Indiana (“FFC” or the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Illinois Corporation, Decatur, Illinois (“First Illinois”). Under the terms of the Merger Agreement, subject to the allocation and election procedures set forth therein, each outstanding share of First Illinois common stock will be converted into the right to receive either 0.5727 shares of FFC common stock or $44.35 in cash, with 70% of First Illinois common stock to be exchanged for FFC common stock and 30% to be exchanged for cash, in each case subject to the terms of the Merger Agreement. Cash will be paid in lieu of fractional shares. The merger is expected to close in the first quarter of 2027.

Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our third quarter results. The quarter marked another quarter of record net income and record net interest income. Our net interest margin and profitability remain strong

with a 4.36% net interest margin and a 1.54% return on assets year-to-date. Loan pipelines remain strong and credit quality remains stable.”

Average Total Loans

Average total loans for the third quarter of 2026 were $4.45 billion versus $3.93 billion for the comparable period in 2025, an increase of $520 million or 13.23%. On a linked quarter basis, average loans decreased $3.5 million or 0.08% from $4.45 billion as of June 30, 2026.

Total Loans Outstanding

Total loans outstanding as of September 30, 2026, were $4.41 billion compared to $3.97 billion as of September 30, 2025, an increase of $444 million or 11.20%. On a linked quarter basis, total loans decreased $56.1 million or 1.26% from $4.47 billion as of June 30, 2026. Organic growth of $191 million year-over-year was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

Average Total Deposits

Average total deposits for the quarter ended September 30, 2026, were $4.85 billion versus $4.59 billion as of September 30, 2025, an increase of $260 million, or 5.66%. On a linked quarter basis, average deposits decreased $17 million or 0.36% from $4.87 billion as of June 30, 2026.

Total Deposits

Total deposits were $4.87 billion as of September 30, 2026, compared to $4.62 billion as of September 30, 2025. On a linked quarter basis, total deposits increased $31.9 million or 0.66% from $4.83 billion as of June 30, 2026. Non-interest bearing

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