TERRE HAUTE, IN -- 07/24/08 --
First Financial Corporation (NASDAQ: THFF)
today announced net income for the three and six months ended June 30, 2008
of $7.1 million and $14.1 million, respectively. These are 11.4% and 9.8%
improvements over the $6.41 million and $12.8 reported for the same periods
of 2007. Earnings per share for the six months ended June 30, 2008
increased 10.3% 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 is also a record result for the Corporation and
is a 10.9% increase over the same period for the prior year. Return on
assets and return on equity for 2008 were 1.24% and 9.68% as compared to
1.18% and 9.29% for 2007. The Corporation increased net interest income for
the first six months of 2008 by $1.9 million or 5.1% over the same period
of 2007.
For the first six months of 2008, non-interest income rose by 3.9% or $614
thousand over the same period in 2007, while the increase in non-interest
expense was 1.5% or $488 thousand. For the quarter ending June 30, 2008,
non-interest income improved by 1.5% or $112 thousand over 2007, while
non-interest expense increased 0.8% or $122 thousand.
Total assets of the Corporation grew 3.7% to $2.3 billion at June 30, 2008,
with deposits increasing $100.0 million or 6.2% 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 $1.00 or
4.9% to $21.50 from $20.50 at June 30, 2007. For the 20th consecutive year
the Corporation increased dividends to our shareholders. A dividend of $.44
per share was declared during the second quarter of 2008.
First Financial Corporation is the holding company for First Financial Bank
NA in Indiana and Illinois, The Morris Plan Company of Terre Haute and
Forrest Sherer Inc. in Indiana.
First Financial Corporation
For the Quarter Ending June 30, 2008
(Dollar amounts in thousands except per share data)
06/30/08 06/30/07 Change % Change
Year to Date Information:
Net Income $ 14,093 $ 12,836 $ 1,257 9.79%
Earnings Per Average Share $ 1.07 $ 0.97 $ 0.10 10.31%
Return on Assets 1.24% 1.18% 0.06% 5.08%
Return on Equity 9.68% 9.29% 0.39% 4.20%
Net Interest Margin 3.93% 3.89% 0.04% 1.03%
Net Interest Income $ 38,916 $ 37,022 $ 1,894 5.12%
Non-Interest Income $ 16,290 $ 15,676 $ 614 3.92%
Non-Interest Expense $ 32,654 $ 32,166 $ 488 1.52%
Loan Loss Provision $ 3,660 $ 2,930 $ 730 24.91%
Net Charge Offs $ 3,458 $ 3,750 $ (292) -7.79%
Efficiency Ratio 56.96% 58.68% -1.72% -2.93%
Quarter to Date Information:
Net Income $ 7,143 $ 6,413 $ 730 11.38%
Earnings Per Average Share $ 0.55 $ 0.49 $ 0.06 12.24%
Return on Assets 1.26% 1.17% 0.09% 7.69%
Return on Equity 9.74% 9.21% 0.53% 5.75%
Net Interest Margin 4.01% 3.87% 0.14% 3.62%
Net Interest Income $ 19,960 $ 18,565 $ 1,395 7.51%
Non-Interest Income $ 7,641 $ 7,529 $ 112 1.49%
Non Interest Expense $ 16,230 $ 16,108 $ 122 0.76%
Loan Loss Provision $ 1,735 $ 1,240 $ 495 39.92%
Net Charge Offs $ 1,625 $ 1,721 $ (96) -5.58%
Efficiency Ratio 56.63% 59.27% -2.64% -4.46%
Balance Sheet:
Assets $2,303,425 $2,220,294 $ 83,131 3.74%
Deposits $1,610,835 $1,510,818 $ 100,017 6.62%
Loans $1,459,582 $1,411,166 $ 48,416 3.43%
Shareholders' Equity $ 281,717 $ 269,795 $ 11,922 4.42%
Book Value Per Share $ 21.51 $ 20.50 $ 1.01 4.92%
Average Assets 2,271,771 2,181,863 $ 89,908 4.12%
For more information contact:
Michael A. Carty
(812) 238-6264
FIRST FINANCIAL CORPORATION
One First Financial Plaza
Terre Haute, Indiana 47807
(812) 238-6000
