-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ugo1IkKGb5yYj6pJLzn9DIAlDZZr32+N7prA0HGzR79LFTSSyHAZx9Udkm9+Yk1A UWAL0d8q7h8XPTAjSSIMxQ== 0000714562-98-000009.txt : 19980810 0000714562-98-000009.hdr.sgml : 19980810 ACCESSION NUMBER: 0000714562-98-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980807 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST FINANCIAL CORP /IN/ CENTRAL INDEX KEY: 0000714562 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 351546989 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-16759 FILM NUMBER: 98679552 BUSINESS ADDRESS: STREET 1: ONE FIRST FINANCIAL PLZ CITY: TERRE HAUTE STATE: IN ZIP: 47807 BUSINESS PHONE: 8122386000 MAIL ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 FORMER COMPANY: FORMER CONFORMED NAME: TERRE HAUTE FIRST CORP DATE OF NAME CHANGE: 19850808 10-Q 1 06/30/98 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FIRST FINANCIAL CORPORATION June 30 , 1998 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended June 30, 1998 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) 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 __x___ No _____. As of June 30, 1998 were outstanding 7,210,183 shares without par value, of the registrant. 1 FIRST FINANCIAL CORPORATION FORM 10-Q INDEX PART I. Financial Information Page No. Item 1. Financial Statements: Consolidated Statements of Condition.................................3 Consolidated Statements of Income....................................4 Consolidated Statements of Comprehensive Income......................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................9 PART II. Other Information: Item 4. Submission of Matters to a Vote of Security Holders...........................................11 Signatures..............................................................13 2 FIRST FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CONDITION
June 30, December 31, 1998 1997 (Unaudited) (Amounts in thousands) ASSETS Cash and due from banks $58,964 $53,815 Federal funds sold and securities purchased under agreement to resell 0 280 Investments: Available-For-Sale 567,559 527,993 Loans: Commercial, financial and agricultural 211,162 229,855 Real estate - construction 28,702 23,734 Real estate - mortgage 615,198 561,466 Installment 201,118 188,552 Lease financing 3,363 3,271 1,059,543 1,006,878 Less: Unearned income 1,008 1,079 Allowance for loan losses 15,452 13,503 1,043,083 992,296 Accrued interest receivable 14,567 14,086 Premises and equipment, net 24,478 24,925 Other assets 22,768 21,541 TOTAL ASSETS $1,731,419 $1,634,936 LIABILITIES AND SHAREHOLDERS EQUITY Deposits: Noninterest-bearing $133,966 $162,880 Interest-bearing: Certificates of deposit of $100,000 or more 235,054 195,487 Other interest-bearing deposits 901,451 836,157 1,270,471 1,194,524 Short-term borrowings: Federal funds purchased and securities sold under agreements to repurchase 46,397 47,015 Treasury tax and loan open-end note 9,720 4,282 Advances from Federal Home Loan Bank 168,913 167,680 225,030 218,977 Other liabilities 19,310 18,718 Long-term debt 6,630 6,641 Long-term advances from Federal Home Loan Bank 34,752 30,596 TOTAL LIABILITIES 1,556,193 1,469,456 Shareholders equity: Common stock, $.125 stated value per share; authorized 10,000,000 shares; issued and outstanding 903 877 7,015,504 shares for 1997 and 7,225,483 shares for 1998 including treasury shares of 15,300 Additional capital 60,309 59,787 Retained earnings 107,766 98,046 Accumulated other comprehensive income: Unrealized gains on securities, net of tax 7,028 6,770 Less: Treasury shares at cost -780 0 TOTAL SHAREHOLDERS EQUITY 175,226 165,480 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,731,419 $1,634,936 The accompanying notes are an integral part of the consolidated financial statements.
3 FIRST FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Six Months Ended June 30, June 30, 1998 1997 1998 1997 (Unaudited) (Amounts in thousands, except per share amounts) INTEREST INCOME: Loans $23,151 $20,502 $45,755 $40,442 Investment securities: Taxable 6,659 8,098 13,272 16,205 Tax-exempt 2,072 1,864 4,036 3,647 8,731 9,962 17,308 19,852 Other interest income 224 57 522 77 TOTAL INTEREST INCOME 32,106 30,521 63,585 60,371 INTEREST EXPENSE: Deposits 12,885 11,585 25,076 22,889 Other 3,700 3,930 7,583 7,811 TOTAL INTEREST EXPENSE 16,585 15,515 32,659 30,700 NET INTEREST INCOME 15,521 15,006 30,926 29,671 Provision for loan losses 1,549 1,336 2,956 2,737 NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 13,972 13,670 27,970 26,934 OTHER INCOME Trust department income 503 495 1,085 985 Service charges on deposit accounts 325 338 645 676 Other service charges and fees 1,184 804 2,264 1,690 Investment securities gains 39 124 391 355 Other 274 158 556 572 2,325 1,919 4,941 4,278 OTHER EXPENSES Salaries and employee benefits 5,983 5,326 11,977 10,601 Occupancy expense 684 702 1,388 1,396 Equipment expense 830 769 1,648 1,531 Other 3,200 2,800 6,190 5,680 10,697 9,597 21,203 19,208 INCOME BEFORE INCOME TAX EXPENSE 5,600 5,992 11,708 12,004 Income Tax Expense 1,430 1,618 3,038 3,199 NET INCOME $4,170 $4,374 $8,670 $8,805 BASIC EARNINGS PER SHARE $0.58 $0.62 $1.20 $1.25 Weighted average number of shares outstanding 7,217 7,016 7,221 7,016 The accompanying notes are an integral part of the consolidated financial statements.
4 FIRST FINANCIAL CORPORATION Consolidated Statements of Comprehensive Income
Three Months Ended Six Months Ended June 30, June 30, 1998 1997 1998 1997 (Unaudited) (Amounts in thousands) Net Income $4,170 $4,374 $8,670 $8,805 Other Comprehensive income, net of tax: Unrealized gains (losses) losses on securities: Unrealized holding gains (losses) arising during period 1,034 1,969 512 -1,828 Less: reclassification adjustment for gains - 25 - 81 -254 - 231 included in net income Other Comprehensive income 1,009 1,888 258 - 2,059 Comprehensive Income $5,179 $6,262 $8,928 $6,746
5 FIRST FINANCIAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 1998 1997 (Unaudited) (Amounts in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $8,670 $8,805 Adjustment to reconcile net income to net cash provided by operating activities: Provision for loan losses 2,956 2,737 Provision for depreciation and amortization 1,228 1,352 Net (increase) decrease in accrued interest receivable -481 152 Other, net -1,671 -912 NET CASH PROVIDED BY OPERATING ACTIVITIES 10,702 12,134 CASH FLOWS FROM INVESTING ACTIVITIES: Net decrease from purchase and maturities of interest-bearing deposits with financial institutions 0 499 Sales and maturities of available-for-sale securities 146,026 78,787 Purchases of available-for-sale securities -178,689 -105,042 Loans made to customers, net of repayments -23,463 -21,847 Net decrease in federal funds sold 680 1,725 Additions to premises and equipment -929 -470 NET CASH USED BY INVESTING ACTIVITIES -56,375 -46,348 CASH FLOWS FROM FINANCING ACTIVITIES: Net increase from sales and redemptions of certificates of deposit 80,492 19,629 Net (decrease) increase in other deposits -36,818 1,977 Net increase in short-term borrowings 6,053 16,145 Cash dividends -2,740 -2,338 Purchase of treasury stock -780 0 Net increase (decrease) in long-term debt 4,145 -5,997 NET CASH PROVIDED BY FINANCING ACTIVITIES 50,352 29,416 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,679 -4,798 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 54,285 66,658 CASH AND CASH EQUIVALENTS, END OF PERIOD $58,964 $61,860 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for interest $32,190 $32,444 Income taxes paid $3,689 $3,134 The accompanying notes are an integral part of the consolidated financial statements.
6 FIRST FINANCIAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The accompanying June 30, 1998 and 1997 consolidated financial statements are unaudited. The December 31, 1997, consolidated financial statements are as reported in the First Financial Corporation (the Corporation) 1997 annual report. 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. On March 16, 1998, the Corporation completed its previously announced acquisition of Morris Plan Company of Terre Haute, Inc., (Morris Plan). In exchange for all of the outstanding common shares of Morris Plan, the Corporation issued 210,000 shares of its common stock. The acquisition has been accounted for as a pooling of interests. The Corporation s consolidated financial statements for periods prior to the acquisition have not been restated because the acquisition would not result in material changes to previously reported statements. The acquisition resulted in an increase of 4.6 million to the Corporation s shareholders equity at March 16, 1998. Effective January 1, 1998 the Corporation adopted Statement of Financial Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income . SFAS No. 130 establishes standards for the reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. The Corporation s comprehensive income, determined in accordance with the provisions of the statements, was $8.9 million and $6.7 million for the six months ended June 30, 1998 and 1997, respectively. Accumulated other comprehensive income, resulting from unrealized gains or losses on available for sale securities, at December 31, 1997 and June 30, 1998 was $6.8 and $7.0 million respectively. Recently Issued Accounting Standards Statement of Financial Accounting Standards (SFAS) No. 131, Disclosures about Segments of an Enterprise and Related Information and SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities have been issued by the Financial Accounting Standards Board. The Corporation is currently reviewing these two pronouncements and does not anticipate the adoption of SFAS No. 131 and SFAS No. 133 to have a material effect on the Corporation s financial position or results of operation. 2. A loan is considered to be impaired when, based upon current information and events, it is probable that the Corporation will be unable to collect all amounts due according to the contractual terms of the loan. Impairment is primarily measured based on the fair value of the loan s collateral. The following table summarizes impaired loan information. (000's) June 30, 1998 1997 Impaired loans with related reserve for loan losses calculated under SFAS 114............................................... 993 2,107 Interest payments on impaired loans are typically applied to principal unless collectability of the principal amount is deemed to be fully assured, in which case interest is recognized on a cash basis. 7 Interest income on commercial loans and residential real estate loans is no longer accrued at the time the loan is 90 days delinquent unless the credit is well secured and in the process of collection. Commercial loans are charged off at the time the loan becomes 180 days delinquent unless the loan is well secured and in process of collection, or other circumstances support collection. Credit card loans and other unsecured personal credit lines are typically charged off no later than 180 days delinquent. Other consumer loans are typically charged off when they become 150 days delinquent. In all cases, loans must be placed on nonaccrual status or charged off at an earlier date if collection of principal or interest is considered doubtful. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual status. Loans may be returned to accrual status when all the principal and interest amounts contractually due are paid. 3. The cost and fair value of the Corporation s investments at June 30, 1998 are shown below. All investments are considered as available-for-sale. (000's) June 30, 1998 Amortized Cost Fair Value Available-For-Sale: United States Government $155,041 $156,689 United States Government Agencies 206,509 208,268 State and Municipal 151,540 156,568 Other 45,892 46,034 $558,982 $567,559 8 FIRST FINANCIAL CORPORATION ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The purpose of this discussion is to point out key factors in the Corporation s recent performance, compared with earlier periods. The discussion should be read in conjunction with the financial statements beginning on page three of this report. All figures are for the consolidated entities. It is presumed the readers of these financial statements and the following narrative have previously read the Corporation s annual report for 1997. Forward-looking statements contained in the following discussion are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Corporation s control and are subject to change. These uncertainties can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements in this discussion. Summary of Operating Results The Corporation reported earnings of $8.7 million for the first six months which reflect a 1.5% decrease from the same period for 1997, while the second quarter net income of $4.2 million reflects a 4.7% decrease from the second quarter of 1997. Although net interest income was up $1.3 million, or 4.2%, the first six months results were impacted by expenses resulting from the acquisition of Morris Plan in Terre Haute. Basic earnings per share results of $1.20 and $0.58 for the six and three month periods in 1998, respectively, reflect similar decreases from the respective prior year's $1.25 and $0.62 per share. Net Interest Income The Corporation's primary source of earnings is net interest income, which is the difference between the interest earned on loans and other investments and the interest incurred for deposits and other sources of funds. Although net interest income increased to $30.9 million in the first six months of 1998 from $29.7 million in the same period of 1997, the net interest margin decreased to 4.16% in 1998 from 4.20% in the same period of 1997. This decrease was the result of a higher cost of funds in 1998 than the prior year. Higher costs of funds also affected second quarter net interest income which increased to $15.5 million from $15.0 million for the same quarter of 1997 while net interest margin decreased to 4.14% for the second quarter of 1998 from 4.24% in the same quarter of 1997. Other Income Other income for the six months of 1998, as compared to the same period of 1997, increased $663,000 or 15.5%. Trust income and other service fee income increased to $1.1 million and $2.3 million or 10.1% and 34.0%, respectively, compared to the same period of 1997 as a result of increased service volume or increased service charges. Second quarter other income increased to $2.3 million from $1.9 million compared to the same quarter of 1997. These increases are the result of a focused effort to increase fee based income. Other Expenses Other expenses for the first six months of 1998, as compared to the same period of 1997, increased to $21.2 million from $19.2 million. This represents an increase of $2.0 million or 10.4%. Most of the components of other expenses increased slightly while salaries and related benefits, the largest component of this group, increased from $10.6 million to almost $12.0 million or 13.0%. The primary reason for this increase were higher average salaries and higher health insurance costs. This also affected second quarter other expenses which increased to $10.7 million from $9.6 million for the same quarter of 1997. Expenses were also increased by the acquisition of Morris Plan during the first quarter of 1998. There were no other significant changes. 9 Allowance for Loan Losses The Corporation's provision for loan losses increased to almost $3.0 million from $2.7 million for the first six months of 1998 compared to the same period a year earlier. At June 30, 1998, the allowance for loan losses was 1.46% of net loans. This compares with an allowance of 1.34% at December 31, 1997. Net chargeoffs for the first six months of 1998 were $2.0 million compared to $.9 million for the same period of 1997. This increase was due to the resolution of a few problem commercial loans. The ratio of net chargeoffs to average loans outstanding for the last five years ended December 31, 1997, was .35%. With this experience and based on management's review of the portfolio, management believes the allowance of $15.5 million at June 30, 1998 is adequate. Underperforming Assets Underperforming assets consist primarily of (1) nonaccrual loans and leases on which the ultimate collectability of the full amount of interest is uncertain, (2) loans and leases which have been renegotiated to provide for a reduction or deferral of interest or principal because of a deterioration in the financial position of the borrower, (3) loans and leases past due ninety days or more as to principal or interest and (4) land sold on contract. A summary of Underperforming assets at June 30, 1998 and December 31, 1997 follows: (000') (000') June 30, 1998 December 31, 1997 Nonaccrual loans and leases $ 4,243 $ 3,866 Renegotiated loans and leases 7 17 Land sold on contract and others 2,037 2,236 Total non-performing assets $ 6,287 $ 6,119 Ninety days past due loans and leases 5,539 4,384 Total Underperforming assets $11,826 $10,503 Ratio of the allowance for loan losses as a percentage of non-performing assets 246% 221% Ratio of the allowance for loan losses as a percentage of Underperforming assets 131% 129% The following loan categories comprise significant components of the non-performing loans at June 30, 1998 Non-Accrual Loans: (000's) (000's) June 30, 1998 December 31, 1997 1-4 family residential 1,782 42% $ 728 19% Commercial loans 1,268 30 1,622 42 Installment loans 922 22 872 23 Other, various 271 6 644 16 $4,243 100% $3,866 100% Past due 90 days or more: 1-4 family residential $3,418 62% $2,785 64% Commercial loans 976 18 112 3 Installment loans 688 12 851 19 Other, various 457 8 636 14 $5,539 100% $4,384 100% 10 There are no material industry concentrations within the under-performing loans. In addition to the above under-performing loans, certain loans are felt by management to be impaired for reasons other than the current repayment status. Such reasons may include but not be limited to previous payment history, bankruptcy proceedings, industry concerns, or information related to a specific borrower that may result in a negative future event to that borrower. At June 30, 1998 the Corporation had $144,000 of doubtful loans which are still in accrual status. Interest Rate Sensitivity and Liquidity The Corporation charges the nine subsidiary banks with monitoring and managing their individual sensitivity to fluctuations in interest rates and assuring that they have adequate liquidity to meet loan demand or any potential unexpected deposit withdrawals. This function is facilitated by the Asset/Liability Committee. The primary goal of the committee is to maximize net interest income within the interest rate risk limits approved by the Board of Directors. This goal is accomplished through management of the subsidiary banks balance sheet liquidity and interest rate risk exposures due to the changes in economic conditions and interest rate levels. Interest Rate Risk Management considers interest rate risk to be the Corporation s most significant market risk. Interest rate risk is the exposure to changes in net interest income as a result of changes in interest rates. Consistency in the Corporation s net income is largely dependent on the effective management of this risk. The Committee reviews a series of monthly reports to ensure that performance objectives are being met. The Committee monitors and controls interest rate risk through earnings simulation. Simulation modeling measures the effects of changes in interest rates, changes in the shape of the yield curve, and changes in prepayment speeds on net interest income. The primary measure of Interest Rate Risk is "Earnings at Risk." This measure projects the earnings effect of various rate movements over the next three years on net interest income. It is important to note that measures of interest rate risk have limitations and are dependent upon certain assumptions. These assumptions are inherently uncertain and, as a result, the model cannot precisely predict the impact of interest rate fluctuations on net interest income. Actual results will differ from simulated results due to timing, frequency and amount of interest rate changes as well as overall market conditions. The Committee has performed a thorough analysis and believes the assumptions to be valid and theoretically sound. The relationships are continuously monitored for behavioral changes. In its interest rate risk management, the Corporation currently does not utilize any derivative products and is not engaged in securities trading activity. The Corporation instead invests in assets whose value is derived from an underlying asset. These assets are mostly government agency issued mortgage-backed securities. The performance of these assets in changing rate environments is included in the following table. The table below shows the Corporation's estimated earnings sensitivity profile as of June 30, 1998. Given a 100 basis point increase in rates, net interest income would increase .10% over the next 12 months and decrease 1.41% over the next 24 months. A 100 basis point decrease would result in a .44% decrease in net interest income over the next 12 months and a .65% increase over the next 24 month periods. These estimates assume all rates changed overnight and management took no action as a result of this change. Basis Point Percentage Change in net Interest Income Interest Rate Change 12 months 24 months 36 months Down 300 -2 .95% .46% -5.26% Down 200 - 1.31 .93 - 2.76 Down 100 - . 44 .65 - 1.12 Up 100 .10 -1.41 .07 Up 200 .53 -1.86 1.46 Up 300 1.62 .43 4.43 11 Liquidity Risk Liquidity is measured by each bank's ability to raise funds to meet the obligations from its customers, including deposit withdrawals and credit needs. This is accomplished primarily by maintaining sufficient liquid assets in the form of investment securities and core deposits. The Corporation has $14.0 million of investments that mature throughout the coming 12 months. The Corporation also anticipates $76.1 million of principal payments from mortgage-backed securities. Given the current rate environment, the Corporation anticipates $20.8 million of Federal Agency Securities to be called within the next 12 months. With these sources of funds, the Corporation currently anticipates adequate liquidity to meet the expected obligations of its customers. Capital Adequacy As of June 30, 1998 the Corporation's leverage ratio was 9.74% compared to 9.68% at December 31, 1997. At June 30 , 1998 the Corporation's total capital, which includes Tier II capital, was 17.13% compared to 17.10% at December 31, 1997.These amounts exceed minimum regulatory capital requirements. Year 2000 The Corporation has established a Year 2000 (YR2000) team which is meeting and discussing issuesrelated to YR2000. This team has the background and financial support to complete the early-stage assessment of YR2000 issues. The Corporation is also in the process of obtaining statements of direction from all of its hardware and software vendors to determine their plans for resolving the YR2000 issue. The statements of direction from the vendors have indicated that the vendors have already resolved the issue or have scheduled a release that will include YR2000 date fixes. The goal of the YR2000 team is to install all software updates by the first quarter of 1999. In addition, testing has been scheduled to perform daily processing on December 31, 1999, January 1, 2000, and February 29, 2000. The Corporation believes that YR2000 costs will not have a material adverse effect on the Corporation s financial position or future results of operations. 12 FIRST FINANCIAL CORPORATION PART II OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders (a) The Annual meeting of the shareholders of the Corporation was held on April 15, 1998. (b) The following were elected Directors of the Corporation for a three year term: Walter A. Bledsoe, Max Gibson, William Niemeyer and Donald E. Smith. (c) The shareholders unanimously approved the annual report of the Corporation and unanimously approved the actions of the Directors and Officers of the Corporation for the fiscal year ended December 31, 1997. No other information is required to be filed under Part II of this form. 13 FIRST FINANCIAL CORPORATION PART II OTHER INFORMATION FORM 10-Q SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FIRST FINANCIAL CORPORATION (Registrant) Date: August 14, 1998 By (Signature) Donald E. Smith, President Date: August 14, 1998 By (Signature) John W. Perry, Secretary Date: August 14, 1998 By (Signature) Michael A. Carty, Treasurer 14 15 EX-27 2 06/30/98 FDS SCHEDULE
9 1000 6-MOS DEC-31-1998 JUN-30-1998 58,964 0 0 0 0 567,559 567,559 1,058,535 15,452 1,731,419 133,966 225,030 19,310 41,382 0 0 903 174,323 1,731,419 45,755 17,308 522 63,585 25,076 32,659 30,926 2,956 391 21,203 11,708 11,708 0 0 8,670 1.20 1.20 4.14 4,243 5,539 7 144 14,473 2,591 614 15,452 15,452 0 0
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