News From Terre Haute, Indiana

Business

February 8, 2014

First Financial Corp. shareholder equity up, net income down in 2013

First Financial Corp. announced results for the fourth quarter and the year ended Dec. 31, 2013. Net income of $31.5 and $8.9 million for the 12 and three months, respectively, compares to $32.8 and $8.6 million for the same periods of 2012.

Return on assets for the 12 and three months ended Dec. 31, 2013 was 1.06 percent and 1.16 percent, respectively, compared to 1.13 percent and 1.14 percent for the 12 and three months ended Dec. 31, 2012.

Net interest income for the fourth quarter of 2013 was $27.6 million, an increase of 3.27 percent over the $26.7 million reported for the same period of 2012.

Net interest income for the year ended December 31, 2013 was $107.3 million compared to the $108.9 million reported in 2012. The net interest margin at Dec. 31, 2013 was 4.13 percent, compared to 4.30 percent reported at Dec. 31, 2012.

The provision for loan losses for the three months ended Dec. 31, 2013 was $1.4 million compared to the $1.5 million provision for the fourth quarter of 2012.

For the year ended Dec. 31, 2013 and 2012, the provision expense was $7.9 and $8.8 million, respectively.

Non-interest income for the three months ended Dec. 31, 2013, was $11.3 million, a 6.5 percent increase over the $10.6 million reported for the fourth quarter of 2012.

For the year ended Dec. 31, 2013, non-interest income increased 2.3 percent to $40.5 million from the $39.5 million reported for the same period of 2012.

Non-interest expense for the three months ended Dec. 31, 2013 was $24.2 million compared to $23.6 million in 2012.

For the year ended Dec. 31, 2013, non-interest expense increased 1.6 percent to $94.6 million compared to $93.1 for the year ended Dec. 31, 2012.

Total loans at Dec. 31, 2013 of $1.79 billion compare to the $1.85 billion reported during the same period a year ago.

Deposits increased by $182.7 million to $2.46 billion. Book value per share was $28.94 at year end 2013, a 3.35 percent increase from the $28.01 at Dec. 31, 2012. Shareholders’ equity increased 3.8 percent to $386.2 million, from $372.1 million on Dec. 31, 2012.

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

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