News From Terre Haute, Indiana

August 4, 2013

First Financial Corp. reports second-quarter results


The Tribune-Star

TERRE HAUTE — First Financial Corp. has announced results for the six and three months ending June 30. Net income of $14.1 and $6.4 million for the six and three months, respectively, compares to $16.1 and $8.7 million for the same periods of 2012. Return on assets was 0.96 percent and 0.88 percent, respectively, compared to 1.11 percent and 1.20 percent for the six and three months ending June 30, 2012.

Net interest income for the second quarter of 2013 was $25.7 million, compared to the $27.7 million reported for the same period of 2012. Net interest income for the six months ending June 30 was $51.9 million compared to the $54.8 million reported for the same period of 2012. The net interest margin at June 30 was 4.09 percent, compared to 4.34 percent reported June 30, 2012.

The provision for loan losses for the three months ending June 30 was $3 million compared to the $1.8 million provision for the second quarter of 2012. For the six months ending June 30, 2013 and 2012, the provision expense was $6.0 and $4.7 million, respectively.  

Non-interest income for the three months ending June 30, 2013 and 2012 was $9.7 and $9.8 million, respectively. A decrease in securities gains in the second quarter of 2013 compared to 2012 offset increases in other components of non-interest income. For the six months ending June 30, non-interest income of $19.5 million slightly increased over the $19.3 million for the same period of 2012.

Non-interest expense for the three months ending June 30 was $23.4 million compared to $23.1 million in 2012.  

For the six months ending June 30, non-interest expense was $45.6 million compared to $46.5 for the six months ending June 30, 2012. Efficiencies realized from the consolidation of the operations of the former Freestar Bank acquired on Dec. 30, 2011 contributed to the reduced non-interest expense in the first half of 2013.

Total loans on June 30 of $1.80 billion compare to the $1.88 billion reported the same time a year ago. Deposits increased by $26.3 million to $2.28 billion.   

Book value per share was $27.68, a 2.3 percent increase from the $27.07 on June 30, 2012. Shareholders’ equity increased 2.8 percent to $368.4 million from $358.3 million on June 30, 2012.

During the second quarter of 2013 the corporation declared a $0.48 per share dividend. This marked the 25th consecutive year of dividend increases to shareholders.

First Financial Corp. is the holding company for First Financial Bank, The Morris Plan Company of Terre Haute and Forrest Sherer Inc.