8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2011

First Financial Corporation
(Exact name of registrant as specified in its charter)

Indiana	000-16759	35-1546989
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P. O. Box 540 , Terre Haute, Indiana	47808
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 812-238-6334

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

Item 9.01. Financial Statements and Exhibits

On April 22, 2011, the Registrant issued a press release reporting its financial results for the three months ended March 31, 2011. A copy of the press release is being furnished as an exhibit to this report and is incorporated by reference into this item 12.

The foregoing information, including the information contained in the press release, is being furnished pursuant to this Item 12 and shall not be deemed to be “filed” for purposes of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

The exhibit to this report is as follows:

Exhibit No.	Description
99.1	Press Release, dated April 22, 2011 issued by First Financial Corporation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

First Financial Corporation

Dated April 22, 2011

/s/Rodger A. McHargue
Rodger A. McHargue
Secretary/Treasurer and Chief Financial Officer

Exhibit Index

Exhibit Number
99.1	Press Release, April 22, 2011 issued by First Financial Corporation

EX-99.1

Exhibit 99.1

News Release

FIRST FINANCIAL CORPORATION
One First Financial Plaza, Terre Haute, Indiana 47807 (812) 238-6000

	For more information contact:
April 22, 2011	Rodger A. McHargue at (812) 238-6334

1^st Quarter Results Announced for First Financial Corporation

TERRE HAUTE, INDIANA — First Financial Corporation (NASDAQ:THFF) today announced results for the three months ended March 31, 2011. Net income for the quarter increased 54.8% or $3.1 million to $8.8 million from the $5.7 million reported for 2010. Return on assets and return on equity for 2011 was 1.42% and 10.76%, respectively, compared to 0.92% and 7.29% for 2010. Earnings per share increased $0.24 to $0.67 compared to $0.43 at March 31, 2010.

Net interest income for 2011 of $24.8 million is an increase of 6.3% over the $23.3 million reported for 2010. The net interest margin of 4.51% for 2011 is an increase of 5.9% over the 4.26% reported for 2010 as the Corporation continues to realize the benefits of reduced funding costs.

The provision for loan losses decreased $1.2 million or 51.4% for the three months ended March 31, 2011, as net charge-offs were down 62.1% or $1.5 million from the same period of 2010.

Non-interest income for the three months ended March 31, 2011 was $8.3 million compared to $5.0 million for the same period of 2010 as non-interest income during the first quarter of 2010 was reduced by $2.9 million for other-than-temporary impairment of collateralized debt obligations.

Non-interest expense for 2011 was $19.0 million compared to $18.3 million in 2010, a $669 thousand or 3.7% increase. The Corporation continues to control expenses as employee attrition has been absorbed through more efficient operations. The Corporation has 15 fewer full-time equivalent employees at March 31, 2011 than at the same time last year contributing to a to 55.15% efficiency ratio, a 6.6% improvement.

Total deposits at March 31, 2011 grew by $137.0 million or 7.6% to $1.94 billion compared to $1.81 billion reported the same time a year ago. The increase in deposits was used to decrease the Corporation’s Federal Home Loan Bank borrowings by $127.0 million, contributing to the improved net interest income. 2011 shareholders’ equity and book value per share increased 5.9% and 5.6%, respectively, to $334.6 million and $25.44 per share.

First Financial Corporation is the holding company for First Financial Bank NA in Indiana and Illinois, The Morris Plan Company of Terre Haute and Forrest Sherer Inc. in Indiana.

First Financial Corporation

For the Quarter Ending March 31, 2011

(Dollar amounts in thousands except per share data)

	03/31/11			03/31/10			Change			% Change
Year to Date Information:
Net Income	$	8,803		$	5,686		$	3,117			54.82	%
Earnings Per Average Share	$	0.67		$	0.43		$	0.24			55.81	%
Return on Assets		1.42	%		0.92	%		0.50	%		54.35	%
Return on Equity		10.76	%		7.29	%		3.47	%		47.60	%
Net Interest Margin		4.51	%		4.26	%		0.25	%		5.87	%
Net Interest Income	$	24,755		$	23,281		$	1,474			6.33	%
Non-Interest Income	$	8,302		$	5,014		$	3,288			65.58	%
Non-Interest Expense	$	18,950		$	18,281		$	669			3.66	%
Loss Provision	$	1,182		$	2,430			($1,248	)		-51.36	%
Net Charge Offs	$	944		$	2,489			($1,545	)		-62.07	%
Efficiency Ratio		55.15	%		61.76	%		-6.62	%		-10.71	%
Balance Sheet:
Assets	$	2,496,164		$	2,473,056		$	23,108			0.93	%
Deposits	$	1,943,524		$	1,806,542		$	136,982			7.58	%
Loans	$	1,610,854		$	1,620,690			($9,836	)		-0.61	%
Shareholders’ Equity	$	334,632		$	316,096		$	18,536			5.86	%
Book Value Per Share	$	25.44		$	24.09		$	1.35			5.61	%
Average Assets		2,485,855			2,481,084		$	4,771			0.19	%