-----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, Rq37u0cYVHkPgRPEBeLfDgG+8dJhP9s5QxZ01/Nq5QIFBdLaNjZ92MYlXZ+aYBY2 xDJudKmhKh2Ejq+upQXaNQ== 0000950137-04-003333.txt : 20040429 0000950137-04-003333.hdr.sgml : 20040429 20040429144151 ACCESSION NUMBER: 0000950137-04-003333 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040427 ITEM INFORMATION: FILED AS OF DATE: 20040429 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16759 FILM NUMBER: 04764251 BUSINESS ADDRESS: STREET 1: ONE FIRST FINANCIAL PLAZA CITY: TERRE HAUTE STATE: IN ZIP: 47807 BUSINESS PHONE: (812) 238-6000 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 8-K 1 c85017e8vk.txt CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 27, 2004 First Financial Corporation (Exact name of registrant as specified in its chapter) Indiana 000-16759 35-1546989 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) P. O. Box 540, Terre Haute, Indiana 47808 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 812-238-6264 ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 27, 2004, the Registrant issued a press release reporting its financial results for the three months ended March 31, 2004. 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 27, 2004 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 28, 2004 (s) Norman L. Lowery ----------------------------------------- Norman L. Lowery Vice Chairman and Chief Executive Officer Dated April 28, 2004 (s) Michael A. Carty ----------------------------------------- Michael A. Carty Secretary/Treasurer and Chief Financial Officer Exhibit Index Exhibit Number 99.1 Press Release, March 27, 2004 issued by First Financial Corporation EX-99.1 2 c85017exv99w1.txt PRESS RELEASE Exhibit 99.1 (COMPANY LOGO OMITTED) One First Financial Plaza, Terre Haute, IN 47807 o (812) 238-6000 FOR IMMEDIATE RELEASE For more information contact: April 27, 2004 Michael A. Carty at (812) 238-6264 FIRST FINANCIAL CORPORATION REPORTS 1ST QUARTER EARNINGS TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ: THFF) today announced year-to-date net income of $10.7 million, or $.79 per share compared to $7.0 million and $.52 per share for the same period in 2003, an increase of 51.9%. The continued low interest rate environment lead to a decrease in net interest income for the quarter of $1.0 million or 5.3% compared to the same period for 2003. During the quarter, non-interest income increased by $4.5 million, or 55.7%, over the same period in 2003. This increase includes proceeds of $4.1 million from a life insurance policy. Non interest expense increased $107 thousand during the quarter, a .7% increase over the same period in 2003. This modest increase is a reflection of the Corporation's commitment to control the expense of its operations. Comparing the first quarter of 2004 to the same period in 2003, average loans are up $18.7 million, or 1.3%. The Corporation achieved this increase even though it sold $183.1 million of loans over the previous 12 months to reduce exposure to rising interest rates and to produce fee income. Average deposits were up $19.4 million, or 1.3%. These funds were used to reduce average bank borrowings by $19.0 million. Average shareholders' equity increased $15.3 million, or 6.2%. The financial performance increased book value per share on March 31, 2004 to $19.67, an 8.3% increase over the March 31, 2003 book value of $18.17. Statements in this press release that relate to future results and events (including statements about future financial and operating performance) are based on the Corporation's current expectations. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including general economic and business conditions; changes in interest rates; loss of deposits and loan demand to other financial institutions; substantial changes in financial markets; changes in real estate values and the real estate market; or regulatory changes. Additional discussion of these and other factors affecting the Corporation's business and prospects is contained in the Corporation's periodic filings with the Securities and Exchange Commission. First Financial Corporation is the holding company for First Financial Bank, N.A., First State Bank, First Farmers State Bank, First Parke State Bank, The Morris Plan Company of Terre Haute and Forrest Sherer, Inc. in Indiana, and First Crawford State Bank, and First Community Bank N.A. in Illinois. FIRST FINANCIAL CORPORATION FOR THE QUARTER AND THE THREE MONTHS ENDING MARCH 31, 2004 (Dollar amounts in thousands except per share data)
03/31/04 03/31/03 Change % Change YEAR & QUARTER TO DATE INFORMATION: Net Income $10,685 $7,033 $3,652 51.93% Earnings Per Average Share $0.79 $0.52 $0.27 51.92% Return on Assets 1.90% 1.29% 0.61% 47.29% Return on Equity 16.38% 11.45% 4.93% 43.06% Net Interest Margin 3.78% 4.02% -0.24% -5.97% Net Interest Income $17,933 $18,929 ($996) -5.26% Non-Interest Income $12,577 $8,079 $4,498 55.68% Non Interest Expense $15,532 $15,425 $107 0.69% Loss Provision $1,923 $2,227 ($304) -13.65% Net Charge Offs $1,765 $1,662 $103 6.20% Efficiency Ratio 55.70% 53.98% 1.72% 3.19% BALANCE SHEET: Assets $2,198,863 $2,112,576 $86,287 4.08% Deposits $1,432,495 $1,421,743 $10,752 0.76% Loans $1,432,816 $1,395,305 $37,511 2.69% Shareholders' Equity $266,133 $246,889 $19,244 7.79% Book Value Per Share $19.67 $18.17 $1.50 8.26% Average Assets 2,243,928 2,187,124 $56,804 2.60%
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