TERRE HAUTE, IN – First Financial Corp (NASDAQ:THFF) announced today the appointment of Stephen P. Panagouleas as the new Senior Vice President, Chief Credit Officer of the company and its subsidiary, First Financial Bank N.A. The change took effect on Monday, marking a new chapter in the leadership of the state commercial bank.
The announcement, based on a press release statement, came alongside the company's recent filing with the Securities and Exchange Commission (SEC). The filing indicates a strategic move in the company's executive structure, with Panagouleas stepping into a key role overseeing credit policies and risk.
First Financial Corporation, headquartered at One First Financial Plaza in Terre Haute, Indiana, is recognized within the financial industry for its commitment to stability and sound credit practices. The appointment of Panagouleas aligns with the company's ethos, as he brings a wealth of experience to the table which is expected to fortify the bank's credit operations.
The company, which trades on The NASDAQ Stock Market under the ticker symbol THFF, has a history of ensuring strong leadership within its ranks. This latest appointment is perceived as a continuation of that tradition, maintaining the company's strong position within the competitive banking sector.
Rodger A. McHargue, Secretary/Treasurer and Chief Financial Officer of First Financial Corporation, confirmed the appointment in the SEC filing dated July 1, 2024. The details of Panagouleas's compensatory arrangements were not disclosed in the document.
As the financial landscape continues to evolve, the role of Chief Credit Officer remains crucial. Panagouleas's responsibilities will include the management of credit risk and the development of credit-related strategies to navigate the complex economic environment.
This move is part of First Financial Corp's ongoing strategy to strengthen its executive team and ensure the company's continued success in providing financial services. Investors and clients alike will be watching closely as Panagouleas takes the helm of the credit department, anticipating a positive impact on the company's financial health and operations.
In other recent news, First Financial Corp. experienced a cut in share target by Keefe, Bruyette & Woods due to an earnings miss. The firm reduced its price target from $45.00 to $43.00, maintaining a Market Perform rating.
This adjustment came after First Financial reported operating earnings of $0.95 per share, falling short of analysts' expectations. Factors such as a decrease in net interest income, lower fees, and steady expenses played a role in this outcome.
In addition, First Financial's anticipated merger with SimplyBank has been delayed, with completion now expected in the third quarter of 2024. This postponement could further affect the company's earnings per share. Keefe, Bruyette & Woods analysts have also expressed concerns over the lower starting point for net interest margin, potentially impacting the net interest income outlook for First Financial.
Given these developments, Keefe, Bruyette & Woods has revised its earnings estimates for First Financial for 2024 and 2025, reducing them by 10% and 3% respectively. These adjustments underscore the firm's neutral stance on the anticipated performance of First Financial's stock.
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