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 29, 2009

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: 812-238-6264

(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 29, 2009, the Registrant issued a press release reporting its financial results for the three months ended March 31, 2009. 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 29, 2009 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 29, 2009	/s/ Michael A. Carty
	Michael A. Carty
	Secretary/Treasurer and Chief Financial Officer

Exhibit Index

Exhibit Number
	99.1	Press Release, April 29, 2009 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 29, 2009	Michael A. Carty at (812) 238-6264

First Financial Corporation reports 1^st Quarter Operating Results

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ:THFF) today announced the results of first-quarter performance. Total loans increased by $59 million or 4.14% over the same period in 2008. Commercial, financial and agriculture lending increased by $27.3 million, 5.8% over the same period in 2008, while consumer loans increased by $40 million or 14.2%. This increase was funded primarily by the reduction of non-earning assets, cash and due from banks and a decrease in the amount of excess funds sold daily to correspondents.

Total deposits at March 31, 2009 of $1.581 billion were $11.3 million less than at the same period in 2008 due to the daily fluctuation in demand deposits. Average deposits for the quarter were $15 million higher than in the same quarter of 2008.

Net interest income continues to be a source of strength for the Corporation as it increased by $1.5 million to $20.5 million in 2009 from $19 million in 2008. The net interest margin increased by 18 basis points to 4.03%

The Corporation increased the quarterly provision for loan and lease losses by $905 thousand when compared to the same period of 2008 as the recession continues to impact our customer base. Although there were no significant changes in classified credits during the quarter, management believes that the continued economic stress placed on borrowers warrants additional provisions for loan losses and a higher allowance for loan losses.

Non-interest income was $3.9 million less than the same period of 2008 and is mostly the result of the Corporation choosing to recognize losses related to other-than-temporary impairment on two collateralized debt obligations (CDO’s). The companies whose securities comprise these CDO’s continue to be negatively affected by the economic downturn. The Corporation did not choose early adoption of the Financial Accounting Standards Board’s revised pronouncements and staff positions because of the confusing income statement presentation which would have reflected losses on the above mentioned CDO’s in excess of their cost.

Net income of $4.5 million is 34.8% less than that reported in the same period of 2008 as the additional provision for loan losses and the write down on CDO’s exceeded the increases in net interest income. Although we are seeing signs of an improving economy, the Corporation believes that a conservative approach to loss recognition is appropriate. Recovery of recognized losses is expected should the economic cycle improve; however, there can be no assurance that such recoveries, if any, will occur or, if such recoveries occur, any assurance as to the timing of such recoveries.

First Financial Corporation believes that with a strong capital base which increased during the first quarter by $2.7 million, it is well positioned weather the economic downturn.

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.

FORWARD LOOKING STATEMENTS

This document contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Corporation’s ability to effectively execute its business plans; changes in general economic and financial market conditions; changes in interest rates; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Corporation’s business; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. Additional information concerning factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements is available in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007, and subsequent filings with the United States Securities and Exchange Commission (SEC). Copies of these filings are available at no cost on the SEC’s Web site at www.sec.gov or on the Corporation’s Web site at www.first-online.com. Management may elect to update forward-looking statements at some future point; however, it specifically disclaims any obligation to do so.

First Financial Corporation

For the Quarter Ending March 31, 2009

(Dollar amounts in thousands except per share data)

	03/31/09			03/31/08			Change			% Change
Quarter to Date Information:
Net Income	$	4,530		$	6,950		$	(2,420	)		-34.82	%
Earnings Per Average Share	$	0.35		$	0.53		$	(0.18	)		-33.96	%
Return on Assets		0.79	%		1.23	%		-0.44	%		-35.77	%
Return on Equity		6.17	%		9.62	%		-3.45	%		-35.86	%
Net Interest Margin		4.03	%		3.85	%		0.18	%		4.68	%
Net Interest Income	$	20,463		$	18,956		$	1,507			7.95	%
Non-Interest Income	$	4,746		$	8,649		$	(3,903	)		-45.13	%
Non-Interest Expense	$	16,697		$	16,424		$	273			1.66	%
Loss Provision	$	2,830		$	1,925		$	905			47.01	%
Net Charge Offs	$	2,081		$	1,833		$	248			13.53	%
Efficiency Ratio		62.89	%		51.27	%		11.62	%		22.66	%
Balance Sheet:
Assets	$	2,293,847		$	2,298,834		$	(4,987	)		-0.22	%
Deposits	$	1,581,323		$	1,592,650		$	(11,327	)		-0.71	%
Loans	$	1,484,804		$	1,425,716		$	59,088			4.14	%
Shareholders’ Equity	$	295,917		$	293,228		$	2,689			0.92	%
Book Value Per Share	$	22.56		$	22.38		$	0.18			0.81	%
Average Assets		2,301,617			2,268,177			33,440			1.47	%