Here are 1-3 brief analogies for First Financial (THFF):

• It's like a regional **Bank of America**, concentrated in parts of Indiana, Illinois, Kentucky, and Tennessee.

• Think of it as the **U.S. Bank** for a four-state region, offering traditional banking and financial services.

• Deposits: The company offers various types of deposit accounts, including demand, savings, and time deposits.
• Commercial Loans: It provides loans primarily to businesses for expansion or asset financing.
• Residential Real Estate Loans: These loans include financing for residential real estate purchases and construction.
• Home Equity and Other Loans: The company offers home equity loans and lines, as well as secured and unsecured personal loans.
• Lease Financing: This service provides financing for leases.
• Trust Services: The company manages trust accounts for its clients.
• Insurance Services: It offers various insurance-related services.

First Financial Corporation (THFF), as a regional bank holding company, serves a diverse customer base rather than having a few "major customers" in the traditional sense of other public companies. Its services cater to both individuals and businesses within its operating regions. Therefore, its customers can be categorized as follows:

1. Individual Consumers: This category includes individuals utilizing the bank's services for personal financial needs. This encompasses checking and savings accounts, certificates of deposit (CDs), residential real estate loans (mortgages), home equity loans and lines of credit, and secured or unsecured personal loans.

2. Commercial Clients (Small to Medium-sized Businesses): First Financial provides services to local and regional businesses. These customers primarily utilize commercial loans for business expansion, asset purchases, and operational financing. They also use business checking and savings accounts, and potentially lease financing and other treasury management services.

3. Real Estate Developers and Investors: This category includes individuals or entities involved in real estate development and investment. They are served through residential real estate construction loans and potentially other real estate-related financing options.

Mr. Norman D. Lowery became President and Chief Executive Officer of First Financial Corporation and First Financial Bank, N.A. on January 1, 2024. He joined the company in 1990 and previously served as Chief Operating Officer from 2010 to 2022. His career at First Financial has included management positions in Private Banking and as a Trust Investment Officer. Mr. Lowery holds a B.A. from Indiana University and an MBA from Indiana Wesleyan University, and is an accredited Fiduciary Investment Manager and a graduate of the ABA Stonier Graduate School of Banking. He has experience across acquisitions, enterprise risk, and strategic planning, and under his leadership, THFF completed the SimplyBank acquisition in 2024.

Mr. Rodger A. McHargue has served as Chief Financial Officer of First Financial Corporation and First Financial Bank, N.A., and also as Secretary and Treasurer of the Corporation, since 2010. He joined the Corporation in 1994. Mr. McHargue received a B.S. degree in Economics and Finance and a Master of Business Administration degree from Indiana State University.

Mr. Stephen P. Panagouleas was appointed Senior Vice President, Chief Credit Officer of First Financial Corporation and its subsidiary, First Financial Bank N.A., effective July 1, 2024. He joined the Bank in 2013 as Chief Credit Administrator. Prior to joining First Financial, Mr. Panagouleas was a Senior Vice President and Commercial Lending Executive at Old National Bancorp from 2007 to 2013. He holds a B.S. degree in Business from Indiana State University, an MBA from Butler University, a Credit Risk Certification, and is a graduate of the Butler University Executive Leadership Academy.

Mr. Mark A. Franklin has been the Senior Vice President and Chief Lending Officer of First Financial Corporation and First Financial Bank, N.A., since February 2022.

Mr. Norman L. Lowery has served as the Non-Executive Chairman of First Financial Corporation since January 1, 2025. He previously served as Executive Chairman from January 1 to December 31, 2024, and as CEO from 2004 to 2023, and President from 2013 to 2023. He joined the Board in 1989. Before joining the Corporation, Mr. Lowery was a partner in the law firm of Wright, Shagley & Lowery, P.C. He also served on Indiana State University's Board of Trustees and Foundation Board. Mr. Lowery is the father of the current CEO, Norman D. Lowery.

1. Interest Rate Risk and Economic Cycles: As a financial institution, First Financial Corporation is highly susceptible to fluctuations in interest rates and broader economic cycles. Shifts in interest rate policy, such as rising or falling rates, can directly impact the bank's net interest margin—the difference between the interest earned on assets (like loans) and the interest paid on liabilities (like deposits). For instance, falling interest rates can significantly compress net interest margins. Furthermore, general economic downturns, inflation, and liquidity pressures can affect borrower's ability to repay loans and deposit stability, impacting the bank's financial performance.
2. Credit Risk, Especially in Commercial and Commercial Real Estate Loans: A substantial portion of First Financial Corporation's loan portfolio, approximately 58.6%, is concentrated in commercial and commercial real estate loans. This concentration heightens the company's exposure to credit risk, particularly during economic downturns or adverse conditions in the commercial real estate market. Instability in these sectors can lead to increased loan default rates and higher provisions for credit losses, directly affecting profitability.
3. Operational and Technology Risks, including Cybersecurity and Fintech Competition: First Financial Corporation, like other financial institutions, faces evolving operational and technology risks. These include the constant threat of cybersecurity breaches, the increasing reliance on third-party vendors for technology services, and the challenges and opportunities presented by rapid advancements in financial technology (fintech) and artificial intelligence (AI). Cybersecurity is a dominant concern for bank leaders, with sophisticated attacks targeting financial infrastructure. The emergence of new technologies also brings regulatory and compliance challenges, and competition from fintechs, cryptocurrencies, and stablecoins can disrupt traditional banking models.

First Financial Corporation (THFF) operates in west-central Indiana, east-central Illinois, western Kentucky, and middle and western Tennessee. Identifying the precise addressable market size for each of its main products and services within these highly specific sub-regions is challenging due to the granular nature of the request. However, state-level market data for commercial banking, which encompasses deposits and various loan types, and broader regional data for other services, can provide an estimate of their addressable markets.

For their main products and services, the estimated addressable markets are as follows:

• Commercial Banking (Deposits and Loans): This category generally includes commercial loans, residential real estate and construction loans, home equity loans and lines, secured and unsecured loans, and various types of deposits. Given the difficulty in obtaining market sizes for highly specific sub-regions (e.g., "west-central Indiana" or "east-central Illinois"), state-level commercial banking market sizes are provided below.
  • Tennessee: The market size of the Commercial Banking industry in Tennessee is projected to be approximately $23.0 billion in 2026. This market includes commercial, industrial, and consumer loans, as well as deposits.
  • Kentucky: The market size of the Commercial Banking industry in Kentucky is projected to be approximately $13.3 billion in 2026. This includes receiving deposits and issuing consumer, commercial, and industrial loans.
  • Indiana: The Commercial Banking industry in Indiana has been growing at an average annual rate of 6.1% from 2020 to 2025. (Specific dollar value for 2026 not publicly available without purchasing full report.)
  • Illinois: The Commercial Banking industry in Illinois has been growing at an average annual rate of 7.0% from 2020 to 2025. (Specific dollar value for 2026 not publicly available without purchasing full report.)
  • For broader context, the US commercial banking market size is estimated at USD 765.53 billion in 2026.
• Lease Financing: The global financial leasing services market was valued at $214.9 billion in 2022 and is projected to reach $624.3 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032. North America accounted for the largest revenue share of over 30.0% in the global finance lease market in 2021. The global finance lease market size is projected to reach $324.40 billion by 2030.
• Trust Account Services: The global trust and corporate service market size is expected to grow from $14.33 billion in 2025 to $15.05 billion in 2026. North America was the largest region in the trust and corporate service market in 2025. Another estimate places the global market value at approximately USD 150 billion by 2026. The global Commercial Trust Service Market size was estimated at USD 2.25 billion in 2025 and is expected to reach USD 2.39 billion in 2026.
• Insurance Services: Null. Specific regional market sizes for insurance services offered by a bank subsidiary within the specified sub-regions or states were not found.

• Sustained Loan Portfolio Expansion: First Financial Corporation has consistently demonstrated strong loan growth, with total loans outstanding reaching $4.06 billion as of December 31, 2025, representing a 5.69% increase from the prior year. The company has achieved nine consecutive quarters of loan growth, indicating a continued upward trend in its lending business.
• Strategic Acquisitions and Market Expansion: The company is actively pursuing strategic acquisitions to expand its market presence and service offerings. Recent initiatives include the $25 million cash acquisition of CedarStone and a definitive merger agreement to integrate CedarStone Bank into First Financial Bank N.A. Prior acquisitions, such as SimplyBank and Agile Premium Finance in 2024, have contributed to loan growth and broadened the customer base.
• Net Interest Margin (NIM) Optimization: First Financial has experienced a surge in its net interest margin, reaching 4.66%, which has driven record net interest income. The net interest income for Q4 2025 was a record $60.6 million, an increase of 22.2% from the same period in 2024, indicating robust growth in interest income due to efficient balance sheet management and higher average yields.
• Growth in Fee-Based Services, particularly Wealth Management and Trust Services: Fee-based services, especially wealth management and trust services, are a crucial and growing component of the company's business model. This segment generates non-interest income, which provides diversification and is less susceptible to interest rate fluctuations than traditional lending. In 2023, trust and wealth management fees were the largest single component of non-interest income, reflecting the growing wealth management market.
• Digital Advancements and Customer Acquisition: First Financial is committed to enhancing its digital banking platforms to meet contemporary customer needs and maintain a competitive edge. These digital advancements support customer acquisition strategies, as demonstrated by the integration of acquired customers onto improved digital platforms.

Outbound Investments

• First Financial Corporation completed the acquisition of SimplyBank, a Tennessee-chartered commercial bank, for approximately $73.4 million in July 2024, expanding its regional footprint into Tennessee.
• In August 2021, the company announced a merger with Hancock Bank & Trust Co. from Kentucky, a deal valued at over $31 million, which was expected to extend First Financial's reach into western Kentucky.
• Effective March 1, 2026, First Financial Corporation completed the acquisition of Cedarstone Financial Inc. for $25 million, as noted in its 2025 10-K filing as a subsequent event.