News From Terre Haute, Indiana

Business

November 9, 2013

First Financial Corp. reports third-quarter results

TERRE HAUTE — First Financial Corp. has announced results for the three and nine months ending Sept. 30. Net income of $8.5 million and $22.6 million compared to $8.1 million and $24.2 million for the same periods of 2012. Return on assets was 1.02 percent and 1.15 percent compared to 1.12 percent and 1.16 percent for the nine and three months ending Sept. 30, 2012.

Net interest income for the third quarter of 2013 was $27.8 million, compared to the $27.4 million reported for the same period of 2012. Net interest income for the nine months ending Sept. 30 was $79.7 million compared to the $82.2 million reported in 2012. The net interest margin at Sept. 30 was 4.16 percent, compared to 4.41 percent reported Sept. 30, 2012.

The provision for loan losses for the three months ending Sept. 30 was $495,000 compared to the $2.6 million provision for the third quarter of 2012. For the nine months ending Sept. 30, the provision expense was $6.5 million and $7.3 million.

Non-interest income for the three months ending Sept. 30, 2013, and 2012 was $9.6 million and $9.7 million, respectively. For the nine months ending Sept. 30, non-interest income of $29.2 million increased over the $29.0 million for the same period of 2012.

Non-interest expense for the three months ending Sept. 30 was $24.8 million compared to $23 million in 2012. For the nine months ending Sept. 30, non-interest expense increased 1.3 percent to $70.4 million compared to $69.5 million for the nine months ending Sept. 30, 2012. Full-time equivalent employees have increased by 4 percent since Sept. 30, 2012, as a result of the expansion of the branch network.

Total loans at Sept. 30 stood at $1.81 billion compared to the $1.86 billion reported the same time a year ago. Deposits increased by $227.4 million to $2.5 billion.

Book value per share was $28.19, a 1.18 percent increase from $27.86 at Sept. 30, 2012. Shareholders’ equity increased 2.8 percent to $375.1 million from $368.8 million on Sept. 30, 2012.

 

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