News From Terre Haute, Indiana

May 5, 2013

First Financial’s net income up 3 percent


The Tribune-Star

TERRE HAUTE — First Financial Corp. has announced results for its quarter that ended March 31.

The Corp.’s net income increased 3.4 percent to $7.7 million, compared to $7.4 million for the same period of 2012.

Return on assets for the three months ended March 31, 2013, was 1.05 percent, compared to 1.02 percent for the three months ended March 31, 2012.

Net interest income for the first quarter of 2013 was $26.2 million, a decrease of 3.65 percent from the $27.2 million reported for the same period of 2012. The net interest margin at March 31, 2013 was 4.09 percent, compared to 4.26 percent reported at March 31, 2012.

The provision for loan losses for the three months ended March 31, 2013, and March 31, 2012, was $3.0 million. The first quarter of 2013 saw recoveries of loan losses exceed charge-offs by $1.0 million.

Non-interest income for the three months ended March 31, 2013 and 2012 was $9.9 and $9.5 million, respectively, a 3.85 percent increase. Trust fees and income from electronic banking comprised most of the increase.

Non-interest expense for the first quarter of 2013 was $22.2 million compared to $23.4 million in 2012.

Total loans at March 31, 2013, are $1.82 billion, compare to the $1.85 billion reported during the same period a year ago. Deposits increased by $70.2 million to $2.35 billion. The allowance for loan losses increased 38.0 percent to $25.3 million from the $18.3 million at March 31, 2012. Net charge-offs for 2013 were down $4.4 million from 2012.

Book value per share was $28.43 at March 31, 2013, a 6.05 percent increase from the $26.81 at March 31, 2012. Shareholders’ equity increased 6.6 percent to $378.4 million from $354.9 million on March 31, 2012.

First Financial Corp. is the holding company for First Financial Bank N.A. in Indiana and Illinois; The Morris Plan Company of Terre Haute; Forrest Sherer Inc. in Indiana; and FFB Risk Management Co. Inc. in Las Vegas, Nev.