TERRE HAUTE, IN--(Marketwire - July 19, 2007) - First Financial Corporation (
For the quarter, net interest income increased to $18.6 million compared to $18.5 million for the same period of 2006. Non-interest income for the three months ending June 30, 2007 improved to $7.5 million compared to $7.2 million for the three months ending June 30, 2006, while non-interest expense decreased to $16.1 million compared to $16.2 million in 2006.
For the three and six months ended June 30, 2007, the Corporation's provision for loan losses was $1.2 million and $2.9 million, respectively, compared to $0.6 million and $2.8 million for the three and six months ended June 30, 2006.
At June 30, 2007, deposits of the Corporation increased $11.3 million from the same date in 2006. Loans increased for the same period by $25.0 million. For the 19th consecutive year the Corporation increased dividends to the shareholders. A dividend of $.43 per share was declared during the second quarter and reduced shareholders' equity $5.7 million.
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.
FIRST FINANCIAL CORPORATION
Financial Ratios for the Quarter and Six Months Ended June 30 2007
(Dollar amounts in thousands except per share data)
06/30/07 06/30/06 $ Change % Change
----------- ----------- ----------- -----------
Year to Date
Information:
Net Income $2,836 $11,934 $902 7.56%
Earnings Per Average
Share $0.97 $0.90 $0.07 7.78%
Return on Assets 1.18% 1.11% 0.07% 6.31%
Return on Equity 9.29% 8.75% 0.54% 6.17%
Net Interest Margin 3.89% 3.92% -0.03% -0.77%
Net Interest Income $37,022 $36,907 $115 0.31%
Non-Interest Income $15,676 $14,628 $1,048 7.16%
Non-Interest Expense $32,166 $32,427 ($261) -0.80%
Loan Loss Provision $2,930 $2,848 $82 2.88%
Net Charge Offs $3,750 $2,745 $1,005 36.61%
Efficiency Ratio 58.68% 60.07% -1.39% -2.32%
Quarter to Date
Information:
Net Income $6,413 $6,425 ($12) -0.19%
Earnings Per Average
Share $0.49 $0.48 $0.01 2.08%
Return on Assets 1.17% 1.19% -0.02% -1.68%
Return on Equity 9.21% 9.41% -0.20% -2.13%
Net Interest Margin 3.87% 3.90% -0.03% -0.77%
Net Interest Income $18,565 $18,511 $54 0.29%
Non-Interest Income $7,529 $7,205 $314 4.35%
Non-Interest Expense $16,108 $16,211 ($103) -0.64%
Loan Loss Provision $1,240 $645 $595 92.25%
Net Charge Offs $1,721 $1,359 $362 26.64%
Efficiency Ratio 59.27% 60.15% -0.87% -1.45%
Balance Sheet:
Assets $2,220,294 $2,177,763 $42,531 1.95%
Deposits $1,510,818 $1,499,474 $11,344 0.76%
Loans $1,411,166 $1,386,137 $25,029 1.81%
Shareholders' Equity $269,795 $267,076 $2,719 1.02%
Book Value Per Share $20.50 $20.13 $0.37 1.83%
Average Assets 2,181,863 2,148,024 $33,839 1.58%
Contact Information: For more information contact: Michael A. Carty (812) 238-6264