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

• Like a smaller, Midwest-focused US Bancorp, providing traditional banking services primarily in Indiana and Illinois.
• A regional community bank for Indiana and Illinois, similar to a localized PNC Financial Services.
• A scaled-down Wells Fargo, but solely focused on traditional banking in specific communities within Indiana and Illinois.

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• Commercial and Industrial Loans: Provides financing solutions to businesses for operational needs, expansion, and equipment purchases.
• Commercial Real Estate Loans: Offers loans secured by various types of commercial properties for investment or owner-occupied purposes.
• Residential Mortgage Loans: Supplies financing for individuals to purchase or refinance homes.
• Consumer Loans: Provides a variety of loans to individuals, including auto loans, personal loans, and home equity lines of credit.
• Deposit Products: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Trust and Wealth Management Services: Delivers financial planning, investment management, and fiduciary services to individuals, families, and businesses.

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First Financial Corporation (THFF) is a financial holding company that operates primarily through its subsidiary, First Financial Bank, N.A. As a regional bank, First Financial serves a broad and diverse customer base rather than having a few "major customers" in the traditional sense of specific named companies. Its business model involves providing financial products and services to a multitude of individuals and businesses across its operating footprint.

Given its banking nature, First Financial serves both individual and business clients. Therefore, the most appropriate way to describe its customer base is through categories of clients it serves:

• Individual Customers (Retail Banking): This category encompasses a wide range of consumers and households who utilize personal banking services. These include checking and savings accounts, certificates of deposit, personal loans, mortgages, home equity loans, and credit cards.
• Business Customers (Commercial Banking): This segment includes various small to medium-sized businesses, corporations, and other organizations. First Financial provides these entities with commercial loans, lines of credit, business checking and savings accounts, treasury management services, and other specialized financial solutions tailored to corporate needs. While these are "other companies," they represent a diverse and numerous client base rather than a few specific major customers.
• Wealth Management and Trust Clients: This category typically includes high-net-worth individuals, families, and sometimes institutional clients who require specialized financial planning, investment management, trust administration, and estate planning services to manage and grow their assets.

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Norman D. Lowery, President and Chief Executive Officer

Norman D. Lowery assumed the role of President and Chief Executive Officer of First Financial Corporation and its subsidiary bank on January 1, 2024. He previously served as the Senior Vice President and Chief Operating Officer of the Corporation and the Bank from 2010 to 2022. Mr. Lowery joined First Financial in 1990, accumulating over three decades of experience within the company across various lines of business and functions, including management positions in Private Banking and as a Trust Investment Officer. He holds a Bachelor of Arts degree from Indiana University and a Master of Business Administration degree from Indiana Wesleyan University. His professional development includes graduating from the Cannon Financial Institute Trust Investment School, Private Banking School, and the ABA Stonier Graduate School of Banking.

Rodger A. McHargue, Chief Financial Officer, Secretary, and Treasurer

Rodger A. McHargue has been the Chief Financial Officer, Secretary, and Treasurer of First Financial Corporation and its subsidiary bank since 2010. He joined the Corporation in 1994. Mr. McHargue earned a Bachelor of Science degree in Economics and Finance and a Master of Business Administration degree from Indiana State University. He is also a graduate of the ABA Stonier Graduate School of Banking.

Stephen P. Panagouleas, Senior Vice President, Chief Credit Officer

Stephen P. Panagouleas began serving as the Senior Vice President and Chief Credit Officer of First Financial Corporation and its subsidiary bank on July 1, 2024. He joined the Bank in 2013 as the Chief Credit Administrator. Before his tenure at First Financial, Mr. Panagouleas was a Senior Vice President and Commercial Lending Executive at Old National Bancorp from 2007 to 2013. He holds a Bachelor of Science degree in Business from Indiana State University and a Master of Business Administration degree from Butler University. He also possesses a Credit Risk Certification designation through The Risk Management Association and is an alumnus of the Butler University Executive Leadership Academy.

Anthony White, Chief Lending Officer

Anthony White has served as the Chief Lending Officer of First Financial Corporation and its subsidiary bank since February 2022. He joined the Bank in January 2020 as the Senior Commercial Lending Executive for the Indianapolis Region. Prior to joining First Financial, Mr. White was a Region President for German American Bank from February 2009 to December 2019. He obtained a Bachelor of Science degree from the University of Southern Indiana and a Master of Arts degree from Ball State University. Mr. White is a graduate of the ABA Stonier Graduate School of Banking and holds a Credit Risk Certification designation through The Risk Management Association.

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The primary risk for First Financial is its exposure to interest rate volatility and potential net interest margin (NIM) compression. The company is described as "liability-sensitive," meaning that while it benefits from rising interest rates, a reversal in monetary policy, such as aggressive rate cuts by the Federal Reserve, could cause its NIM expansion to stall or sharply reverse. This directly impacts the bank's profitability from its lending activities.

Another significant risk is slower long-term and organic growth prospects. Forecasts indicate that THFF's revenue growth is projected at 5.1% per year, with earnings expected to expand by only 0.5% annually, both rates trailing the broader U.S. market. Analysts have also noted that the company's five-year average annual earnings growth rate is a modest 0.6%, suggesting that any recent surges in profitability might be outliers rather than a new consistent trend. Furthermore, the bank's deposit growth has largely been driven by acquisitions rather than core expansion, and its limited geographic scope (primarily Indiana, Illinois, and Kentucky) may cap its organic growth potential and expose it to regional economic shocks.

Finally, First Financial faces aggressive competition, particularly from larger national banks leveraging digital channels. There is a fundamental shift in the banking landscape where larger national institutions are increasingly competing in THFF's core markets through digital-first approaches, negating the need for physical branches. This digital competition allows institutions to effectively enter First Financial's service areas without significant infrastructure investment, posing a considerable threat to its market share and customer relationships.

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The accelerating shift of consumer preferences towards digital-first banking services, coupled with the rise of agile, technology-driven challenger banks (neobanks) and the enhanced digital capabilities of larger national financial institutions, poses a clear emerging threat. These competitors offer streamlined mobile-centric experiences, often with lower fees and without the overhead of physical branches, directly challenging First Financial Corporation's traditional branch-based business model by attracting new customers, particularly younger demographics, and eroding market share in deposits and consumer lending.

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The addressable markets for First Financial (THFF)'s main products and services are as follows:

• Commercial Banking: The market size of the Commercial Banking industry in Indiana is projected to be $14.4 billion in 2025.
• Mortgage Lending: In Indiana, approximately $73 billion in home loans were funded by nearly 900 mortgage companies in 2021.
• Trust Account Services: The U.S. Trust and Corporate Service market was valued at $8.27 billion in 2025.
• Insurance Services: The United States general insurance market reached approximately $2.10 trillion in 2024, with projections to grow to nearly $4.58 trillion by 2034. Other estimates for the U.S. insurance market size vary, with one source valuing it at $1.48 trillion in 2023, predicted to reach $2.39 trillion by 2030, and another stating it crossed $3.7 trillion in 2024, projected to surpass $9.1 trillion by 2032.
• Consumer Lending: null
• Lease Financing: null
• Wealth Management: null

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First Financial Corporation (THFF) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and market dynamics:

1. Strategic Acquisitions and Market Expansion: First Financial has demonstrated a clear strategy of growth through acquisitions. The acquisition of SimplyBank in July 2024 significantly expanded its total loans and deposits, as well as its geographic footprint into Tennessee and Georgia. More recently, on November 6, 2025, First Financial Corporation announced a merger agreement with CedarStone Financial, Inc., indicating a continued focus on expanding its asset base and market presence through strategic consolidations.
2. Organic Loan and Deposit Growth: Beyond acquisitions, the company has shown a capacity for organic loan growth, particularly in sectors such as Commercial Real Estate. Growth in average total deposits also contributed to increased net interest income.
3. Net Interest Margin Enhancement: The SimplyBank acquisition notably improved First Financial's funding profile, leading to a "very strong expansion of net interest margin." Net interest income reached a record $52.0 million in the first quarter of 2025, a 33.5% increase from the prior year, highlighting the positive impact of efficient interest income generation.
4. Digital Banking and Cross-Selling Initiatives: First Financial Bancorp is committed to digital advancements, enhancing its digital banking platforms to meet evolving customer needs and maintain a competitive edge. The company's digital marketing plan focuses on lead generation tactics and cross-selling strategies to attract and deepen customer relationships.
5. Expansion of Fee-Based Services: First Financial offers a diverse range of financial services, including investment advisory and wealth management, investment and brokerage, and investment consulting. Growth in these non-interest income generating services could contribute to overall revenue expansion.

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Share Repurchases

• In Q4 2023, First Financial (THFF) repurchased 89,781 shares of common stock for approximately $1.5 million.
• A share repurchase program authorizing up to $150 million of common stock was in effect from January 1, 2022, to December 31, 2023.
• A new program was authorized in October 2023 to repurchase up to $100.0 million of common stock, effective from January 1, 2024, through December 31, 2025.

Share Issuance

• During the year ended December 31, 2021, First Financial sold 7,322,471 shares of common stock through an At-The-Market (ATM) program, yielding approximately $247.8 million in net proceeds.
• There were no unregistered equity securities sold by the company during 2022 or 2023.

Outbound Investments

• On July 1, 2024, First Financial Corporation completed the acquisition of SimplyBank, which significantly contributed by adding $467 million in loans and $622 million in deposits.

Capital Expenditures

• First Financial (THFF) generally maintains very low capital expenditures.