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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 0-16759

FIRST FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Indiana	35-1546989
(State or other jurisdiction	(I.R.S. Employer
incorporation or organization)	Identification No.)

One First Financial Plaza, Terre Haute, IN	47807
(Address of principal executive office)	(Zip Code)

(812)	238-6000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.125 per share	THFF	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer (Do not check if a smaller reporting company)	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑.

As of November 1, 2025, the registrant had outstanding 11,850,645 shares of common stock, without par value.

Table of Contents

FIRST FINANCIAL CORPORATION

FORM 10-Q

INDEX


	Page No.
PART I. Financial Information

Item 1. Financial Statements:

Consolidated Balance Sheets	3

Consolidated Statements of Income and Comprehensive Income	4

Consolidated Statements of Shareholders’ Equity	5

Consolidated Statements of Cash Flows	7

Notes to Consolidated Financial Statements	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

Item 3. Quantitative and Qualitative Disclosures about Market Risk	36

Item 4. Controls and Procedures	42

PART II. Other Information:

Item 1. Legal Proceedings	43

Item 1A. Risk Factors	43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	43

Item 3. Defaults upon Senior Securities	43

Item 4. Mine Safety Disclosures	43

Item 5. Other Information	43

Item 6. Exhibits	44

Signatures	45

Table of Contents

Part I – Financial Information

Item 1.Financial Statements

FIRST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)


	September 30,		December 31,
	2025		2024
	(unaudited)
ASSETS
Cash and due from banks	$	87,438	$	93,526
Federal funds sold		157		820
Securities available-for-sale		1,186,107		1,195,990
Loans:
Commercial		2,282,062		2,196,351
Residential		997,915		967,386
Consumer		682,438		668,058
		3,962,415		3,831,795
(Less) plus:
Net deferred loan (fees)/costs		4,986		5,346
Allowance for credit losses		(47,411)		(46,732)
		3,919,990		3,790,409
Restricted stock		18,761		17,555
Accrued interest receivable		26,526		26,934
Premises and equipment, net		79,351		81,508
Bank-owned life insurance		130,747		128,766
Goodwill		98,229		100,026
Other intangible assets		17,385		21,545
Other real estate owned		138		523
Other assets		104,857		102,746
TOTAL ASSETS	$	5,669,686	$	5,560,348
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	849,978	$	859,014
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits		138,603		144,982
Other interest-bearing deposits		3,626,724		3,714,918
		4,615,305		4,718,914
Short-term borrowings		182,522		187,057
Other borrowings		170,453		28,120
Other liabilities		79,188		77,216
TOTAL LIABILITIES		5,047,468		5,011,307
Shareholders’ equity
Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,190,157 in 2025 and 16,165,023 in 2024; Outstanding shares - 11,850,645 in 2025 and 11,842,539 in 2024		2,020		2,018
Additional paid-in capital		146,624		145,927
Retained earnings		726,989		687,366
Accumulated other comprehensive loss		(98,635)		(132,285)
Less: Treasury shares at cost - 4,339,512 in 2025 and 4,322,484 in 2024		(154,780)		(153,985)
TOTAL SHAREHOLDERS’ EQUITY		622,218		549,041
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	5,669,686	$	5,560,348

See accompanying notes.

Table of Contents

FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
INTEREST INCOME:
Loans, including related fees	$	67,070	$	61,367	$	195,457	$	162,878
Securities:
Taxable		5,985		6,319		17,902		18,083
Tax-exempt		2,689		2,715		7,915		7,919
Other		900		1,294		2,579		2,989
TOTAL INTEREST INCOME		76,644		71,695		223,853		191,869
INTEREST EXPENSE:
Deposits		18,002		22,197		54,696		59,622
Short-term borrowings		1,916		993		5,007		2,928
Other borrowings		2,123		1,335		4,901		3,935
TOTAL INTEREST EXPENSE		22,041		24,525		64,604		66,485
NET INTEREST INCOME		54,603		47,170		159,249		125,384
Provision for credit losses		1,950		9,400		5,850		14,166
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		52,653		37,770		153,399		111,218
NON-INTEREST INCOME:
Trust and financial services		1,278		1,251		4,161		3,903
Service charges and fees on deposit accounts		8,104		8,139		23,243		21,576
Other service charges and fees		251		191		823		700
Securities gains (losses), net		24		103		21		104
Interchange income		176		177		570		490
Loan servicing fees		338		274		830		957
Gain on sales of mortgage loans		494		411		1,149		886
Other		484		677		1,244		1,943
TOTAL NON-INTEREST INCOME		11,149		11,223		32,041		30,559
NON-INTEREST EXPENSE:
Salaries and employee benefits		19,788		18,521		58,725		53,231
Occupancy expense		2,738		2,556		7,886		7,116
Equipment expense		4,811		4,280		13,903		12,736
FDIC Expense		690		558		2,235		1,721
Other		10,021		12,649		30,334		29,833
TOTAL NON-INTEREST EXPENSE		38,048		38,564		113,083		104,637
INCOME BEFORE INCOME TAXES		25,754		10,429		72,357		37,140
Provision for income taxes		4,992		1,688		14,603		6,106
NET INCOME		20,762		8,741		57,754		31,034
OTHER COMPREHENSIVE INCOME
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes		19,596		31,628		33,642		24,067
Change in funded status of post retirement benefits, net of taxes		3		73		8		220
COMPREHENSIVE INCOME	$	40,361	$	40,442	$	91,404	$	55,321
PER SHARE DATA
Basic and Diluted Earnings per Share	$	1.75	$	0.74	$	4.87	$	2.63
Weighted average number of shares outstanding (in thousands)		11,851		11,808		11,848		11,809

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

September 30, 2025, and 2024

(Dollar amounts in thousands, except per share data)

(Unaudited)


							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Capital		Earnings		Income/(Loss)		Stock		Total
Balance, July 1, 2024	$	2,016	$	144,632	$	673,728	$	(134,501)	$	(155,205)	$	530,670
Net income		—		—		8,741		—		—		8,741
Other comprehensive income		—		—		—		31,701		—		31,701
Omnibus Equity Incentive Plan		—		153		—		—		—		153
Cash dividends, $.45 per share		—		—		(5,314)		—		—		(5,314)
Balance, September 30, 2024	$	2,016	$	144,785	$	677,155	$	(102,800)	$	(155,205)	$	565,951

Balance, July 1, 2025	$	2,020	$	146,391	$	712,271	$	(118,234)	$	(154,780)	$	587,668
Net income		—		—		20,762		—		—		20,762
Other comprehensive income		—		—		—		19,599		—		19,599
Omnibus Equity Incentive Plan		—		233		—		—		—		233
Cash dividends, $.51 per share		—		—		(6,044)		—		—		(6,044)
Balance, September 30, 2025	$	2,020	$	146,624	$	726,989	$	(98,635)	$	(154,780)	$	622,218

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Nine Months Ended

September 30, 2025, and 2024

(Dollar amounts in thousands, except per share data)

(Unaudited)


							Accumulated
							Other
	Common		Additional		Retained		Comprehensive		Treasury
	Stock		Capital		Earnings		Income/(Loss)		Stock		Total
Balance, January 1, 2024	$	2,014	$	144,152	$	663,726	$	(127,087)	$	(154,829)	$	527,976
Cumulative change in accounting principle ASU 2023-02		—		—		(1,659)		—		—		(1,659)
Net income		—		—		31,034		—		—		31,034
Other comprehensive income		—		—		—		24,287		—		24,287
Omnibus Equity Incentive Plan		2		633		—		—		—		635
Treasury shares purchased (8,734 shares)		—		—		—		—		(376)		(376)
Cash dividends, $.90 per share		—		—		(15,946)		—		—		(15,946)
Balance, September 30, 2024	$	2,016	$	144,785	$	677,155	$	(102,800)	$	(155,205)	$	565,951

Balance, January 1, 2025	$	2,018	$	145,927	$	687,366	$	(132,285)	$	(153,985)	$	549,041
Net income		—		—		57,754		—		—		57,754
Other comprehensive income		—		—		—		33,650		—		33,650
Omnibus Equity Incentive Plan		2		697		—		—		—		699
Treasury shares purchased (17,028 shares)		—		—		—		—		(795)		(795)
Cash dividends, $1.53 per share		—		—		(18,131)		—		—		(18,131)
Balance, September 30, 2025	$	2,020	$	146,624	$	726,989	$	(98,635)	$	(154,780)	$	622,218

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)


	Nine Months Ended
	September 30,
	2025		2024

	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	57,754	$	31,034
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investments		2,981		3,489
Provision for credit losses		5,850		14,166
Securities (gains)		(21)		(104)
Depreciation and amortization		9,104		6,617
Restricted stock compensation		699		635
Gain on sale of mortgage loans		(1,149)		(886)
(Gain) on sale of other real estate		(66)		(60)
Other, net		(14,523)		(10,376)
NET CASH FROM OPERATING ACTIVITIES		60,629		44,515
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale		—		50,662
Calls, maturities and principal reductions on securities available-for-sale		93,280		82,204
Purchases of securities available-for-sale		(42,477)		(40,096)
Loans made to customers, net of repayment		(129,816)		(85,682)
Net change in federal funds sold		663		(1,074)
Redemption of restricted stock		62		745
Purchase of restricted stock		(1,268)		(21)
Cash received from acquisitions, net		—		28,152
Proceeds from sales of other real estate owned		449		316
Additions to premises and equipment		(2,787)		(5,070)
NET CASH FROM INVESTING ACTIVITIES		(81,894)		30,136
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits		(103,580)		4,947
Net change in short-term borrowings		(4,535)		17,142
Dividends paid		(18,120)		(15,934)
Purchase of treasury shares		(795)		(376)
Proceeds from other borrowings		1,850,000		1,525,000
Maturities of other borrowings		(1,707,793)		(1,604,877)
NET CASH FROM FINANCING ACTIVITIES		15,177		(74,098)
NET CHANGE IN CASH AND CASH EQUIVALENTS		(6,088)		553
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD		93,526		76,759
CASH AND DUE FROM BANKS, END OF PERIOD	$	87,438	$	77,312

See accompanying notes.

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FIRST FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The accompanying September 30, 2025 and 2024 consolidated financial statements are unaudited. The December 31, 2024 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2024 annual report. The information presented does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The following notes should be read together with notes to the consolidated financial statements included in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2024.

1. Significant Accounting Policies

The significant accounting policies followed by the Corporation and its subsidiaries for interim financial reporting are consistent with the accounting policies followed for annual financial reporting. All adjustments which are, in the opinion of management, necessary for a fair statement of the results for the periods reported have been included in the accompanying consolidated financial statements and are of a normal recurring nature. The Corporation reports financial information for only one segment, banking. Some items in the prior year financials were reclassified to conform to the current presentation.

The Omnibus Equity Incentive Plan is a long-term incentive plan that was designed to align the interests of participants with the interests of shareholders. Under the plan, awards may be made based on certain performance measures. The grants are made in restricted stock units that are subject to a vesting schedule. These shares vest over 3 years in increments of 33%, 33%, and 34% respectively. For the nine months ended 2025 and 2024, 25,134 and 27,803 shares were awarded, respectively. These shares had a grant date value of $1.2 million and $1.0 million for 2025 and 2024, vest over three years, and their grant is not subject to future performance measures. Outstanding shares are increased at the award date for the total shares awarded.

On July 1, 2024, the Corporation completed its acquisition of SimplyBank. Therefore, the results of SimplyBank have been included in the results of operations beginning on July 1, 2024. See footnote 12, Acquisitions, for more information.

On July 4, 2025, President Trump signed into law the legislation formally titled, “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14,” and commonly referred to as the One Big Beautiful Bill (“the Act”). The Corporation is currently evaluating income tax implications of the Act. The Corporation does not expect the Act to have a material impact on the Corporation’s financial statements.

2. New accounting standards

Accounting Pronouncements Adopted:

In March 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-02 “Investments Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” These amendments allow reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This guidance is effective for public business entities for fiscal years including interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted in any interim period. The Corporation adopted ASU 2023-02 on January 1, 2024 on a modified retrospective basis. As a result of the adoption, other assets increased $19 million, other liabilities increased $21 million, and retained earnings decreased $1.7 million.

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” These amendments require, among other things, that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 208. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Corporation adopted ASU 2023-07 on January 1, 2024 for fiscal year activity and will apply ASU 2023-07 in interim periods within fiscal years beginning January 1, 2025.

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” Among other things, these amendments require that public

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business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate.) The amendments also require that all entities disclose on an annual basis the following information about income taxes paid: (1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and (2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received.) This guidance is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis although retrospective application is permitted. The Corporation adopted ASU 2023-09 January 1, 2025, and will provide the required disclosures in the Corporation’s 2025 annual filings.

Recent Accounting Pronouncements:

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This update is intended to provide investors more detailed disclosures around specific types of expenses. This ASU requires certain details for expenses presented on the face of the consolidated statements of income as well as selling expenses to be presented in the notes to the financial statements. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Corporation is assessing ASU 2024-03 and its effect on its consolidated financial statements and related disclosures.

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3. Allowance for Credit Losses

The following table presents the activity of the allowance for credit losses by portfolio segment for the three months ended September 30.


Allowance for Credit Losses:			September 30, 2025
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	16,408	$	17,795	$	12,559	$	325	$	47,087
Provision for credit losses		1,584		(787)		1,100		53		1,950
Loans charged-off		(364)		(8)		(2,854)		—		(3,226)
Recoveries		248		74		1,278		—		1,600
Ending Balance	$	17,876	$	17,074	$	12,083	$	378	$	47,411


Allowance for Credit Losses:			September 30, 2024
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	12,015	$	14,324	$	11,986	$	9	$	38,334
PCD ACL on acquired loans		3,006		—		—		—		3,006
Provision for credit losses		4,246		2,766		2,113		275		9,400
Loans charged-off		(3,800)		(58)		(3,078)		—		(6,936)
Recoveries		1,197		93		1,075		—		2,365
Ending Balance	$	16,664	$	17,125	$	12,096	$	284	$	46,169

The following table presents the activity of the allowance for credit losses by portfolio segment for the nine months ended September 30.


Allowance for Credit Losses:			September 30, 2025
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	16,963	$	17,470	$	12,046	$	253	$	46,732
Provision for credit losses		1,339		(507)		4,893		125		5,850
Loans charged -off		(1,063)		(125)		(8,207)		—		(9,395)
Recoveries		637		236		3,351		—		4,224
Ending Balance	$	17,876	$	17,074	$	12,083	$	378	$	47,411


Allowance for Credit Losses:			September 30, 2024
(Dollar amounts in thousands)	Commercial		Residential		Consumer		Unallocated		Total
Beginning balance	$	13,264	$	14,327	$	11,797	$	379	$	39,767
PCD ACL on acquired loans		3,006		—		—		0		3,006
Provision for credit losses		6,328		2,686		5,247		(95)		14,166
Loans charged -off		(7,579)		(114)		(8,526)		—		(16,219)
Recoveries		1,645		226		3,578		—		5,449
Ending Balance	$	16,664	$	17,125	$	12,096	$	284	$	46,169

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The tables below present the recorded investment in non-performing loans by class of loans.


	September 30, 2025
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days				Allowance
	and Greater
(Dollar amounts in thousands)	Still Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	—	$	5,652	$	418
Farmland		177		—		—
Non Farm, Non Residential		—		1,979		72
Agriculture		29		867		—
All Other Commercial		—		1,640		143
Residential
First Liens		919		907		84
Home Equity		227		462		—
Junior Liens		189		47		—
Multifamily		232		267		212
All Other Residential		74		2,884		20
Consumer
Motor Vehicle		—		2,564		—
All Other Consumer		—		201		—
TOTAL	$	1,847	$	17,470	$	949


	December 31, 2024
	Loans Past				Nonaccrual
	Due Over				With No
	90 Days				Allowance
	and Greater
(Dollar amounts in thousands)	Still Accruing		Nonaccrual		For Credit Loss
Commercial
Commercial & Industrial	$	43	$	2,092	$	—
Farmland		—		1,047		806
Non Farm, Non Residential		—		1,733		897
Agriculture		—		644		623
All Other Commercial		—		1,181		1,116
Residential
First Liens		459		1,464		694
Home Equity		822		107		—
Junior Liens		243		85		27
Multifamily		321		291		225
All Other Residential		—		103		46
Consumer
Motor Vehicle		—		2,364		—
All Other Consumer		—		368		—
TOTAL	$	1,888	$	11,479	$	4,434

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The following tables present the amortized cost basis of collateral dependent loans by class of loans:


	September 30, 2025
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	3,868	$	5,413
Farmland		48		—
Non Farm, Non Residential		4,543		—
Agriculture		—		906
All Other Commercial		1,586		—
Residential
First Liens		84		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		212		—
All Other Residential		2,864		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	13,205	$	6,319


	December 31, 2024
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	1	$	5,978
Farmland		996		—
Non Farm, Non Residential		4,111		—
Agriculture		—		623
All Other Commercial		1,116		—
Residential
First Liens		694		—
Home Equity		—		—
Junior Liens		27		—
Multifamily		225		—
All Other Residential		46		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	7,216	$	6,601

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The following tables presents the aging of the recorded investment in loans by past due category and class of loans.


	September 30, 2025
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	3,378	$	58	$	974	$	4,410	$	587,651	$	592,061
Farmland		—		—		177		177		127,989		128,166
Non Farm, Non Residential		220		—		—		220		884,491		884,711
Agriculture		75		328		231		634		131,935		132,569
All Other Commercial		—		64		1,567		1,631		556,583		558,214
Residential
First Liens		818		437		1,067		2,322		458,644		460,966
Home Equity		599		99		633		1,331		99,387		100,718
Junior Liens		443		231		200		874		69,801		70,675
Multifamily		706		—		253		959		329,224		330,183
All Other Residential		—		—		2,952		2,952		36,129		39,081
Consumer
Motor Vehicle		6,132		1,575		761		8,468		647,706		656,174
All Other Consumer		400		118		32		550		28,731		29,281
TOTAL	$	12,771	$	2,910	$	8,847	$	24,528	$	3,958,271	$	3,982,799


	December 31, 2024
					90 Days
	30-59 Days		60-89 Days		and Greater		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial
Commercial & Industrial	$	746	$	768	$	208	$	1,722	$	571,244	$	572,966
Farmland		598		—		806		1,404		131,582		132,986
Non Farm, Non Residential		1,619		—		—		1,619		811,252		812,871
Agriculture		—		—		642		642		148,647		149,289
All Other Commercial		1,297		152		—		1,449		540,948		542,397
Residential
First Liens		4,304		1,361		1,224		6,889		444,792		451,681
Home Equity		639		157		906		1,702		88,137		89,839
Junior Liens		356		101		290		747		64,154		64,901
Multifamily		529		74		345		948		318,763		319,711
All Other Residential		25		—		108		133		44,477		44,610
Consumer
Motor Vehicle		10,176		1,435		808		12,419		627,119		639,538
All Other Consumer		555		122		123		800		30,843		31,643
TOTAL	$	20,844	$	4,170	$	5,460	$	30,474	$	3,821,958	$	3,852,432

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Loan Modifications Made to Borrowers Experiencing Financial Difficulty:

Modification of the terms of such loans typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan.

The following table presents the amortized cost of loans and leases at September 30, 2025 that were both experiencing financial difficulty and modified during the twelve months ended September 30, 2025, by class and by type of modification. The percentage of the amortized cost of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost of each class of financial receivable is also presented below.



										Combination		Combination
										Term		Term		Total
										Extension and		Extension		Class of
	Principal		Payment		Term		Interest Rate			Principal		Interest Rate		Financing
(Dollar amounts in thousands)	Forgiveness		Delay		Extension		Reduction		Forgiveness		Reduction		Receivable
Residential
First Liens	$	—	$	—	$	—	$	104	$	—	$	136		0.05	%
Junior Liens		—		—		—		—		—		53		0.08	%
Consumer
Motor Vehicle		—		—		—		—		193		90		0.04	%
TOTAL	$	—	$	—	$	—	$	104	$	193	$	279		0.01	%

The Corporation has no commitments to lend additional amounts to the borrowers included in the table above.

The Corporation closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified in the last twelve months:


	September 30, 2025

	30 - 59		60 - 89		Greater Than
	Days		Days		89 Days		Total
(Dollar amounts in thousands)	Past Due		Past Due		Past Due		Past Due

Consumer
Motor Vehicle	$	—	$	2	$	—	$	2
TOTAL	$	—	$	2	$	—	$	2

The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended September 30, 2025.


			Weighted-			Weighted-
			Average			Average
	Principal		Interest Rate			Term
(Dollar amounts in thousands)	Forgiveness		Reduction			Extension
Residential
First Liens	$	—		1.17	%		83
Junior Liens	$	—		1.25	%		60
Consumer
Motor Vehicle		97		1.95	%		22
TOTAL	$	97		1.36	%		49

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The following table presents the amortized cost basis of loans that had a payment default during the twelve months ended September 30, 2025 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms.



	Principal		Payment		Term		Interest Rate
(Dollar amounts in thousands)	Forgiveness		Delay		Extension		Reduction

Consumer
Motor Vehicle	$	2	$	—	$	2	$	2
TOTAL	$	2	$	—	$	2	$	2

Upon the Corporation’s determination that a modified loan has subsequently been deemed uncollectible, the loan is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Credit Quality Indicators:

The Corporation categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually by classifying the loans as to credit risk. This analysis includes non-homogeneous loans, such as commercial loans, with an outstanding balance greater than $250 thousand. Any consumer loans outstanding to a borrower who had commercial loans analyzed will be similarly risk rated. This analysis is performed on a quarterly basis. The Corporation uses the following definitions for risk ratings:

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and debt service capacity of the borrower or of any pledged collateral. These loans have a well-defined weakness or weaknesses which have clearly jeopardized repayment of principal and interest as originally intended. They are characterized by the distinct possibility that the institution will sustain some future loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those graded substandard, with the added characteristic that the severity of the weaknesses makes collection or liquidation in full highly questionable or improbable based upon currently existing facts, conditions, and values.

Furthermore, non-homogeneous loans which were not individually analyzed, but are 90+ days past due or on non-accrual are classified as substandard. Loans included in homogeneous pools, such as residential or consumer may be classified as substandard due to 90+ days delinquency, non-accrual status, bankruptcy, or loan restructuring.

Table of Contents

The following tables present the commercial loan portfolio by risk category. These balances do not include accrued interest:


		September 30, 2025
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2025		2024		2023		2022		2021		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	65,788	$	72,987	$	33,466	$	93,192	$	73,177	$	100,567	$	113,843	$	553,020
	Special Mention		—		4,691		3,742		135		5,606		3,892		1,431	$	19,497
	Substandard		—		11		45		613		1,556		3,609		7,765	$	13,599
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		1,320		1,207		599		425		159		73		—	$	3,783
	Subtotal	$	67,108	$	78,896	$	37,852	$	94,365	$	80,498	$	108,141	$	123,039	$	589,899

	Current period gross charge-offs	$	81	$	52	$	-	$	54	$	43	$	185	$	-	$	415

Farmland	Pass	$	10,469	$	9,795	$	17,947	$	14,332	$	16,126	$	51,864	$	1,260	$	121,793
	Special Mention		—		1,151		701		—		—		89		—	$	1,941
	Substandard		—		—		478		—		173		686		—	$	1,337
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—

FIRST FINANCIAL CORP /IN/ 10-Q