-----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, MfnluyEiCLiCzUbj+TnZmB0Q+s2ZaGpe+FIw1CjH4EVGCiRqaFrBtIMkl+mnKHCR 7TwChZ43WKluqT4AdlA4YQ== 0000950137-06-008239.txt : 20060728 0000950137-06-008239.hdr.sgml : 20060728 20060728122812 ACCESSION NUMBER: 0000950137-06-008239 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060728 DATE AS OF CHANGE: 20060728 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: 06986801 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 c07167e8vk.txt FORM 8-K 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) July 27, 2006 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 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: [ ] Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communication 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 July 27, 2006, the Registrant issued a press release reporting its financial results for the six months ended June 30, 2006. 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 July 27, 2006 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 July 27, 2006 (s) Norman L. Lowery ---------------------------------------- Norman L. Lowery Vice Chairman and Chief Executive Officer Dated July 27, 2006 (s) Michael A. Carty ---------------------------------------- Michael A. Carty Secretary/Treasurer and Chief Financial Officer Exhibit Index
Exhibit Number - -------------- 99.1 Press Release, July 27, 2006 issued by First Financial Corporation
EX-99.1 2 c07167exv99w1.txt PRESS RELEASE Exhibit 99.1 (FIRST LOGO) News Release FIRST FINANCIAL CORPORATION ONE FIRST FINANCIAL PLAZA, TERRE HAUTE, INDIANA 47807 (812) 238-6000 For more information contact: July 27, 2006 Michael A. Carty at (812) 238-6264 FIRST FINANCIAL CORPORATION REPORTS EARNINGS INCREASE First Financial Corporation (NASDAQ:THFF) today announced a 28.7% increase in net income for the three months ending June 30, 2006 over the same period of 2005. Net income was $6.4 million or $.48 per average share compared to $5.0 million or $.37 per average share for the second quarter of 2005. This performance brings the year-to-date earnings to $11.9 million or $.90 per average share compared to $11.3 million or $.84 per average share reported for the six months ended June 30, 2005. During the quarter net interest income improved to $18.5 million compared to $18.3 million for the same period a year ago. The Corporation's improved asset quality, evidenced by a 15% reduction in classified assets at June 30, 2006 as compared to June 30, 2005, resulted in a reduction of the provision for loan losses of $3.1 million compared to the prior year quarter. Due to a higher interest rate environment, the Corporation has chosen to retain mortgage loans in the portfolio during 2006. This has resulted in $413 thousand less income from gains on the sale of loans during the second quarter of 2006 compared to the second quarter of 2005. Total non-interest income of $7.2 million for this period was $592 thousand less than 2005. Non-interest expenses for the second quarter increased by $434 thousand or 2.7% over the same period of 2005. A new banking center facility in Vincennes, Indiana which opened early in 2006, accounted for 36% or $156 thousand of this increase. During the quarter deposits of the Corporation increased $9.9 million from the same period in 2005. While loans have decreased during this period $75 million or 5.1% as a result of reducing classified assets and improving asset quality, loans have increased from the first quarter of this year by $4.1 million and total assets increased by $22.1 million for the same period. For the 18th consecutive year the Corporation increased dividends to the shareholders. The dividend of $.42 per share was declared during the second quarter and reduced shareholders' equity $5.7 million. 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. FIRST FINANCIAL CORPORATION Financial Ratios for the Quarter and Six Months Ended June 30, 2006 (Dollar amounts in thousands except per share data)
06/30/06 06/30/05 $ CHANGE % CHANGE ---------- ---------- --------- -------- YEAR TO DATE INFORMATION: Net Income $ 11,934 $ 11,303 $ 631 5.58% Earnings Per Average Share $ 0.90 $ 0.84 $ 0.06 7.14% Return on Assets 1.11% 1.05% 0.06% 5.71% Return on Equity 8.75% 8.30% 0.45% 5.42% Net Interest Margin 3.92% 3.95% -0.03% -0.76% Net Interest Income $ 36,907 $ 36,621 $ 286 0.78% Non-Interest Income $ 14,628 $ 15,539 ($911) -5.86% Non-Interest Expense $ 32,427 $ 31,118 $ 1,309 4.21% Loan Loss Provision $ 2,848 $ 6,006 ($3,158) -52.58% Net Charge Offs $ 2,745 $ 8,360 ($5,615) -67.17% Efficiency Ratio 60.07% 56.94% 3.13% 5.50% QUARTER TO DATE INFORMATION: Net Income $ 6,425 $ 4,992 $ 1,433 28.71% Earnings Per Average Share $ 0.48 $ 0.37 $ 0.11 29.73% Return on Assets 1.19% 0.93% 0.26% 27.96% Return on Equity 9.41% 7.34% 2.07% 28.20% Net Interest Margin 3.90% 3.98% -0.08% -2.01% Net Interest Income $ 18,511 $ 18,278 $ 233 1.27% Non-Interest Income $ 7,215 $ 7,807 ($592) -7.58% Non-Interest Expense $ 16,211 $ 15,777 $ 434 2.75% Loan Loss Provision $ 645 $ 3,783 ($3,138) -82.95% Net Charge Offs $ 1,359 $ 6,137 ($4,778) -77.86% Efficiency Ratio 60.15% 57.99% 2.16% 3.72% BALANCE SHEET: Assets $2,177,763 $2,157,759 $ 20,004 0.93% Deposits $1,499,474 $1,489,608 $ 9,866 0.66% Loans $1,386,137 $1,461,131 ($74,994) -5.13% Shareholders' Equity $ 267,076 $ 268,545 ($1,469) -0.55% Book Value Per Share $ 20.13 $ 20.04 $ 0.09 0.45% Average Assets 2,148,024 2,150,014 ($1,990) -0.09%
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