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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 March 31, 2026


☐	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 May 1, 2026, the registrant had outstanding 11,891,896 shares of common stock, without par value.

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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	6

Notes to Consolidated Financial Statements	7

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

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Part I – Financial Information

Item 1.Financial Statements

FIRST FINANCIAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except per share data)


	December 31,
	2026			2025

ASSETS
Cash and due from banks	$	96,887		$	130,369
Federal funds sold		—			475
Securities available-for-sale		1,170,768			1,149,526
Loans:
Commercial		2,410,989			2,375,344
Residential		1,301,666			986,955
Consumer		703,322			688,135
		4,415,977			4,050,434
(Less) plus:
Net deferred loan (fees)/costs		7,944			4,869
Allowance for credit losses		(52,338)			(47,995)
		4,371,583			4,007,308
Restricted stock		18,553			18,536
Accrued interest receivable		27,881			27,762
Premises and equipment, net		88,692			78,582
Bank-owned life insurance		136,453			131,286
Goodwill		98,229			98,229
Other intangible assets		20,400			16,234
Other real estate owned		184			94
Other assets		98,959			97,725
TOTAL ASSETS	$	6,128,589		$	5,756,126
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	1,139,666		$	916,473
Interest-bearing:
Certificates of deposit exceeding the FDIC insurance limits		135,035			135,605
Other interest-bearing deposits		3,567,685			3,499,033
		4,842,386			4,551,111
Short-term borrowings		349,781			292,468
Other borrowings		208,756			188,208
Other liabilities		72,378			73,470
TOTAL LIABILITIES		5,473,301			5,105,257
Shareholders’ equity
Common stock, $0.125 stated value per share; Authorized shares - 40,000,000; Issued shares-16,206,804 in 2026 and 16,190,157 in 2025; Outstanding shares - 11,891,896 in 2026 and 11,880,759 in 2025		2,021			2,021
Additional paid-in capital		147,643			147,442
Retained earnings		754,938			741,793
Accumulated other comprehensive loss		(95,276)			(86,681)
Less: Treasury shares at cost - 4,314,908 in 2026 and 4,309,398 in 2025		(154,038)			(153,706)
TOTAL SHAREHOLDERS’ EQUITY		655,288			650,869
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	6,128,589		$	5,756,126

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)


	Three Months Ended
	March 31,
	2026			2025
	(unaudited)			(unaudited)
INTEREST INCOME:
Loans, including related fees	$	67,521		$	63,612
Securities:
Taxable		6,536			6,002
Tax-exempt		2,864			2,604
Other		1,025			814
TOTAL INTEREST INCOME		77,946			73,032
INTEREST EXPENSE:
Deposits		16,629			18,199
Short-term borrowings		2,352			1,693
Other borrowings		2,032			1,165
TOTAL INTEREST EXPENSE		21,013			21,057
NET INTEREST INCOME		56,933			51,975
Provision for credit losses		2,550			1,950
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		54,383			50,025
NON-INTEREST INCOME:
Trust and financial services		1,491			1,393
Service charges and fees on deposit accounts		7,382			7,585
Other service charges and fees		374			316
Securities gains (losses), net		—			—
Interchange income		186			214
Loan servicing fees		326			165
Gain on sales of mortgage loans		294			225
Other		1,164			613
TOTAL NON-INTEREST INCOME		11,217			10,511
NON-INTEREST EXPENSE:
Salaries and employee benefits		21,361			19,248
Occupancy expense		2,958			2,676
Equipment expense		5,340			4,505
FDIC Expense		690			750
Other		10,530			9,580
TOTAL NON-INTEREST EXPENSE		40,879			36,759
INCOME BEFORE INCOME TAXES		24,721			23,777
Provision for income taxes		4,917			5,371
NET INCOME		19,804			18,406
OTHER COMPREHENSIVE INCOME
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes		(8,674)			11,100
Change in funded status of post retirement benefits, net of taxes		79			3
COMPREHENSIVE INCOME	$	11,209		$	29,509
PER SHARE DATA
Basic and Diluted Earnings per Share	$	1.67		$	1.55
Weighted average number of shares outstanding (in thousands)		11,885			11,842

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended

March 30, 2026, and 2025

(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, 2025		$	2,018		$	145,927		$	687,366		$	(132,285)		$	(153,985)	$	549,041
Net income			—			—			18,406			—			—		18,406
Other comprehensive income			—			—			—			11,103			—		11,103
Omnibus Equity Incentive Plan			1			232			—			—			—		233
Treasury shares purchased (17,028 shares)			—			—			—			—			(795)		(795)
Cash dividends, $.51 per share			—			—			(6,043)			—			—		(6,043)
Balance, March 31, 2025		$	2,019		$	146,159		$	699,729		$	(121,182)		$	(154,780)	$	571,945

Balance, January 1, 2026		$	2,021		$	147,442		$	741,793		$	(86,681)		$	(153,706)	$	650,869
Net income			—			—			19,804			—			—		19,804
Other comprehensive income			—			—			—			(8,595)			—		(8,595)
Omnibus Equity Incentive Plan			—			201			—			—			—		201
Treasury shares purchased (5,510 shares)			—			—			—			—			(332)		(332)
Cash dividends, $.56 per share			—			—			(6,659)			—			—		(6,659)
Balance, March 31, 2026		$	2,021		$	147,643		$	754,938		$	(95,276)		$	(154,038)	$	655,288

See accompanying notes.

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FIRST FINANCIAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands, except per share data)


		Three Months Ended
		March 31,
		2026			2025

		(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income		$	19,804		$	18,406
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of premiums and discounts on investments			790			1,050
Provision for credit losses			2,550			1,950
Depreciation and amortization			2,833			3,257
Bargain purchase gain			(716)			—
Restricted stock compensation			201			233
Gain on sale of mortgage loans			(294)			(225)
(Gain)/loss on sale of other real estate			—			(2)
Other, net			(2,548)			(3,612)
NET CASH FROM OPERATING ACTIVITIES			22,620			21,057
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available-for-sale			47,691			—
Calls, maturities and principal reductions on securities available-for-sale			34,149			26,968
Purchases of securities available-for-sale			(61,532)			—
Loans made to customers, net of repayment			(79,792)			(16,795)
Net change in federal funds sold			475			393
Redemption of restricted stock			1,220			48
Purchase of restricted stock			(22)			(21)
Cash received (disbursed) from acquisitions, net			(11,779)			—
Proceeds from sales of other real estate owned			—			2
Additions to premises and equipment			(687)			(566)
NET CASH FROM INVESTING ACTIVITIES			(70,277)			10,029
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits			(22,246)			(78,863)
Net change in short-term borrowings			51,827			(49,448)
Dividends paid			(6,650)			(6,032)
Purchase of treasury shares			(332)			(795)
Proceeds from other borrowings			1,200,000			350,000
Maturities of other borrowings			(1,208,424)			(253,263)
NET CASH FROM FINANCING ACTIVITIES			14,175			(38,401)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(33,482)			(7,315)
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD			130,369			93,526
CASH AND DUE FROM BANKS, END OF PERIOD		$	96,887		$	86,211

See accompanying notes.

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FIRST FINANCIAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The accompanying March 31, 2026 and 2025 consolidated financial statements are unaudited. The December 31, 2025 consolidated financial statements are as reported in the First Financial Corporation (the “Corporation”) 2025 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, 2025.

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 three months ended 2026 and 2025, 16,647 and 25,134 shares were awarded, respectively. These shares had a grant date value of $1.1 million and $1.2 million for 2026 and 2025, 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 March 1, 2026, the Corporation completed its acquisition of CedarStone Financial, Inc. Therefore, the results of CedarStone have been included in the results of operations beginning on March 1, 2026. 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 evaluated and applied the income tax implications of the Act. The Corporation’s financial statements were not materially impacted by the Act.

2. New accounting standards

Accounting Pronouncements Adopted:

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets." This ASU amends ASC 326-202 to provide a practical expedient (for all entities) and an accounting policy election (for all entities, other than public business entities that elect the practical expedient) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, "Revenue From Contracts with Customers". This ASU is effective for annual and interim reporting periods in fiscal years beginning after December 15, 2025. Early adoption is permitted for financial statements that have not yet been issued. The Corporation adopted ASU 2025-05 on January 1, 2026. The Corporation assessed ASU 2025-05 and applied the standard to the consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-08 Financial Instruments—Credit Losses (Topic 326) — Purchased Loans. The amendments in this Update expand the population of acquired financial assets subject to the gross-up approach in Topic 326. In accordance with the amendments in this Update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” are purchased seasoned loans and accounted for using the gross-up approach at acquisition. All non- PCD (purchased financial asset with credit deterioration) loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The

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amendments in this Update should be applied prospectively to loans that are acquired on or after the initial application date. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been issued or made available for issuance. The Corporation early adopted ASU 2025-08 on January 1, 2026. The Corporation applied the standard to the acquisition of CedarStone Financial Inc., which supported the impact to the allowance for credit loss, but limited the impact to the provision for balances on March 1, 2026.

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 March 31.


Allowance for Credit Losses:				March 31, 2026
(Dollar amounts in thousands)		Commercial		Residential		Consumer		Unallocated		Total
Beginning balance		$	18,805	$	16,620	$	12,348	$	222	$	47,995
Initial allowance on acquired loans			502		2,722		96		—		3,320
Provision for credit losses			477		174		1,992		(93)		2,550
Loans charged-off			(174)		(65)		(2,706)		—		(2,945)
Recoveries			140		87		1,191		—		1,418
Ending Balance		$	19,750	$	19,538	$	12,921	$	129	$	52,338


Allowance for Credit Losses:					March 31, 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			775			(540)		1,959		(244)			1,950
Loans charged-off			(490)			(108)		(2,643)		—			(3,241)
Recoveries			277			143		974		—			1,394
Ending Balance		$	17,525		$	16,965	$	12,336	$	9		$	46,835

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


		March 31, 2026
		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		$	127	$	5,684	$	—
Farmland			—		—		—
Non Farm, Non Residential			—		16,699		13,376
Agriculture			318		1,337		—
All Other Commercial			—		191		143
Residential
First Liens			104		984		—
Home Equity			138		465		—
Junior Liens			263		180		—
Multifamily			—		508		453
All Other Residential			—		—		—
Consumer
Motor Vehicle			22		2,428		—
All Other Consumer			—		183		—
TOTAL		$	972	$	28,659	$	13,972


		December 31, 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		$	51	$	6,058	$	394
Farmland			—		—		—
Non Farm, Non Residential			—		15,365		13,126
Agriculture			—		1,218		—
All Other Commercial			—		195		143
Residential
First Liens			606		918		82
Home Equity			178		442		—
Junior Liens			232		81		—
Multifamily			47		517		205
All Other Residential			—		39		20
Consumer
Motor Vehicle			—		2,449		—
All Other Consumer			—		213		—
TOTAL		$	1,114	$	27,495	$	13,970

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


		March 31, 2026
		Collateral Type
(Dollar amounts in thousands)		Real Estate		Other
Commercial
Commercial & Industrial		$	3,527	$	5,965
Farmland			48		—
Non Farm, Non Residential			17,866		—
Agriculture			—		1,334
All Other Commercial			143		—
Residential
First Liens			2,963		—
Home Equity			255		—
Junior Liens			402		—
Multifamily			453		—
All Other Residential			16		—
Consumer
Motor Vehicle			—		—
All Other Consumer			—		—
Total		$	25,673	$	7,299


	December 31, 2025
	Collateral Type
(Dollar amounts in thousands)	Real Estate		Other
Commercial
Commercial & Industrial	$	3,644	$	5,666
Farmland		48		—
Non Farm, Non Residential		17,572		—
Agriculture		—		829
All Other Commercial		143		—
Residential
First Liens		82		—
Home Equity		—		—
Junior Liens		—		—
Multifamily		205		—
All Other Residential		20		—
Consumer
Motor Vehicle		—		—
All Other Consumer		—		—
Total	$	21,714	$	6,495

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


		March 31, 2026
						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		$	646	$	647	$	1,407	$	2,700	$	644,066	$	646,766
Farmland			180		214		—		394		133,864		134,258
Non Farm, Non Residential			14,651		87		79		14,817		1,155,018		1,169,835
Agriculture			238		—		1,262		1,500		120,170		121,670
All Other Commercial			—		—		162		162		351,099		351,261
Residential
First Liens			5,799		3,169		398		9,366		549,392		558,758
Home Equity			1,053		264		646		1,963		141,803		143,766
Junior Liens			633		229		311		1,173		75,488		76,661
Multifamily			154		1		278		433		489,265		489,698
All Other Residential			96		—		—		96		37,897		37,993
Consumer
Motor Vehicle			4,931		979		666		6,576		671,186		677,762
All Other Consumer			385		75		50		510		28,127		28,637
TOTAL		$	28,766	$	5,665	$	5,259	$	39,690	$	4,397,375	$	4,437,065


		December 31, 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		$	883	$	3,937	$	1,640	$	6,460	$	642,454	$	648,914
Farmland			320		—		—		320		128,663		128,983
Non Farm, Non Residential			1,060		1,772		85		2,917		910,280		913,197
Agriculture			63		71		343		477		141,341		141,818
All Other Commercial			17		—		175		192		556,861		557,053
Residential
First Liens			3,852		1,151		779		5,782		444,131		449,913
Home Equity			618		234		566		1,418		105,700		107,118
Junior Liens			403		126		266		795		71,989		72,784
Multifamily			187		265		68		520		331,317		331,837
All Other Residential			26		—		24		50		28,936		28,986
Consumer
Motor Vehicle			7,186		1,457		629		9,272		653,385		662,657
All Other Consumer			392		103		68		563		28,056		28,619
TOTAL		$	15,007	$	9,116	$	4,643	$	28,766	$	4,043,113	$	4,071,879

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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 March 31, 2026 that were both experiencing financial difficulty and modified during the twelve months ended March 31, 2026, 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		$	—	$	—	$	12	$	103	$	—	$	50		0.03	%
Junior Liens			—		—		14		—		—		52		0.09	%
All Other Residential			—		—		—		—		—		74		0.20	%
Consumer
Motor Vehicle			15		—		5		—		229		49		0.04	%
TOTAL		$	15	$	—	$	31	$	103	$	229	$	225		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:


		March 31, 2026

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

Residential
First Liens		$	103	$	—	$	—	$	103
Consumer
Motor Vehicle		$	18	$	—	$	—	$	18
TOTAL		$	121	$	—	$	—	$	121

The following table presents the financial effect of loan and lease modifications presented above to borrowers experiencing financial difficulty for the twelve months ended March 31, 2026.


				Weighted-			Weighted-
				Average			Average
		Principal		Interest Rate			Term
(Dollar amounts in thousands)		Forgiveness		Reduction			Extension
Residential
First Liens		$	—		1.53	%		100
Junior Liens			—		1.25	%		99
All Other Residential			—		0.63	%		180
Consumer
Motor Vehicle			107		1.27	%		22
TOTAL		$	107		1.25	%		72

Table of Contents

The following table presents the amortized cost basis of loans that had a payment default during the twelve months ended March 31, 2026 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

Residential
First Liens		$	—	$	—	$	—	$	103
Consumer
Motor Vehicle			18		—		18		—
TOTAL		$	18	$	—	$	18	$	103

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:


		March 31, 2026
		Term Loans at Amortized Cost Basis by Origination Year												Revolving
		2026		2025		2024		2023		2022		Prior		Loans		Total
Commercial
Commercial and Industrial	Pass	$	32,340	$	73,976	$	68,693	$	29,830	$	87,896	$	158,351	$	161,619	$	612,705
	Special Mention		3,132		1,979		1,154		277		413		4,784		3,243	$	14,982
	Substandard		—		99		15		25		1,007		7,981		4,541	$	13,668
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		152		1,405		972		425		201		130		—	$	3,285
	Subtotal	$	35,624	$	77,459	$	70,834	$	30,557	$	89,517	$	171,246	$	169,403	$	644,640

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	1	$	-	$	1

Farmland	Pass	$	3,962	$	19,258	$	9,588	$	17,674	$	14,254	$	61,932	$	315	$	126,983
	Special Mention		—		749		1,357		478		81		1,978		—	$	4,643
	Substandard		—		—		—		—		48		280		—	$	328
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		6		—	$	6
	Subtotal	$	3,962	$	20,007	$	10,945	$	18,152	$	14,383	$	64,196	$	315	$	131,960

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Non Farm, Non Residential	Pass	$	41,575	$	194,778	$	201,574	$	123,729	$	174,132	$	384,102	$	11,995	$	1,131,885
	Special Mention		—		—		8,329		—		900		2,114		—	$	11,343
	Substandard		—		—		—		—		1,907		20,381		—	$	22,288
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		—		701		—	$	701
	Subtotal	$	41,575	$	194,778	$	209,903	$	123,729	$	176,939	$	407,298	$	11,995	$	1,166,217

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Agriculture	Pass	$	1,813	$	9,515	$	9,470	$	4,937	$	3,832	$	19,694	$	53,283	$	102,544
	Special Mention		—		—		279		676		2,758		1,102		3,767	$	8,582
	Substandard		—		28		296		196		109		4,967		1,798	$	7,394
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		1		—		—		—		—	$	1
	Subtotal	$	1,813	$	9,543	$	10,046	$	5,809	$	6,699	$	25,763	$	58,848	$	118,521

	Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	—

Other Commercial	Pass	$	19,711	$	109,369	$	42,489	$	13,240	$	66,376	$	88,845	$	7,843	$	347,873
	Special Mention		—		300		561		—		—		—		—	$	861
	Substandard		—		—		—		—		—		743		—	$	743
	Doubtful		—		—		—		—		—		—		—	$	—
	Not Rated		—		—		—		—		4		170		—	$	174
	Subtotal	$	19,711	$	109,669	$	43,050	$	13,240	$	66,380	$	89,758	$	7,843	$	349,651

	Current period gross charge-offs	$	173	$	-	$	-	$	-	$	-	$	-	$	-	$	173

Residential
Multifamily >5 Residential	Pass	$	3,578	$	54,040	$	134,852	$	80,749	$	69,263	$	124,611	$	235	$	467,328
	Special Mention		6,181		—		—		—		11,956		69		—	$	18,206
	Substandard		—		—		—

FIRST FINANCIAL CORP /IN/ 10-Q