First Financial Corp. recently announced net income for the three and six months ending June 30 of $7.1 million and $14.1 million, respectively. These are 11.4 percent and 9.8 percent improvements over the $6.41 million and $12.8 reported for the same periods of 2007.

Earnings per share for the six months ending June 30 increased 10.3 percent to $1.07, an increase of $0.10 per average share outstanding over the same period for the prior year. Earnings per share for the second quarter of $.55 also is a record result for the corporation and is a 10.9 percent increase over the same period for the prior year. Return on assets and return on equity for 2008 were 1.24 percent and 9.68 percent as compared with 1.18 percent and 9.29 percent for 2007. The corporation increased net interest income for the first six months of 2008 by $1.9 million or 5.1 percent over the same period of 2007.

For the first six months of 2008, non-interest income rose by 3.9 percent or $614,000 over the same period in 2007, while the increase in non-interest expense was 1.5 percent or $488,000. For the quarter ending June 30, non-interest income improved by 1.5 percent or $112,000 over 2007, while non-interest expense increased 0.8 percent or $122,000.

Total assets of the corporation grew 3.7 percent to $2.3 billion at June 30, with deposits increasing $100 million or 6.2 percent from June 30, 2007. Loans grew by $48.4 million and shareholders equity increased $11.9 million over the same period.

The 2008 book value per share of the corporation’s stock increased $1 or 4.9 percent to $21.50 from $20.50 at June 30, 2007. For the 20th consecutive year, the corporation increased dividends to its shareholders. A dividend of $0.44 per share was declared during the second quarter of 2008.

First Financial Corp. is the holding company for First Financial Bank NA in Indiana and Illinois, The Morris Plan Co. of Terre Haute and Forrest Sherer Inc. in Indiana.

Trending Video