TERRE HAUTE, IN--(Marketwire - January 18, 2008) - First Financial Corporation (
The provision for loan losses was reduced 5.8% from 2006 as the Corporation continued to focus on asset quality. Non-interest income was improved by 9.3% or $2.7 million over 2006 while the increase in non-interest expense was held to $70 thousand or 0.1%.
Total assets of the Corporation grew 2.6% to $2.23 billion at December 31, 2007 compared to $2.18 billion at December 31, 2006. Deposits increased $27.0 million while loans increased $50.3 million. Shareholder's equity rose $9.4 million and the Corporation increased dividends for the 19th consecutive year to $0.87 per average share outstanding.
The 2007 book value per share of the Corporation's stock increased $0.97 or 4.8% to $21.41 from $20.44 for 2006.
"In 2007 'The Banker,' a London-based financial publication, named First Financial Bank one of the top 200 banks in the United States and one of the top 1,000 banks in the world," said First Financial Corporation Chairman Donald E. Smith. "Their selection was based on capital levels, return on assets, real profits growth and related factors. Our solid financial performance for the year clearly demonstrates why First Financial was given this prestigious recognition."
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 and the Twelve Months Ending December 31, 2007 (Dollar amounts in thousands except per share data) 12/31/07 12/31/06 Change % Change ----------- ----------- ----------- ----------- Year to Date Information: Net Income $ 25,580 $ 23,539 $ 2,041 8.67% Earnings Per Average Share $ 1.94 $ 1.77 $ 0.17 9.60% Return on Assets 1.16% 1.10% 0.06% 5.45% Return on Equity 9.20% 8.57% 0.63% 7.35% Net Interest Margin 3.92% 3.93% -0.01% -0.25% Net Interest Income $ 74,773 $ 73,703 $ 1,070 1.45% Non-Interest Income $ 31,497 $ 28,826 $ 2,671 9.27% Non-Interest Expense $ 64,726 $ 64,656 $ 70 0.11% Loan Loss Provision $ 6,580 $ 6,983 ($403) -5.77% Net Charge Offs $ 7,398 $ 6,856 $ 542 7.91% Efficiency Ratio 58.47% 60.07% -1.60% -2.66% Quarter to Date Information: Net Income $ 6,382 $ 6,150 $ 232 3.77% Earnings Per Average Share $ 0.49 $ 0.46 $ 0.03 6.52% Return on Assets 1.14% 1.14% 0.00% 0.00% Return on Equity 8.96% 8.77% 0.19% 2.17% Net Interest Margin 4.01% 3.96% 0.05% 1.26% Net Interest Income $ 19,002 $ 18,552 $ 450 2.43% Non-Interest Income $ 7,986 $ 7,134 $ 852 11.94% Non-Interest Expense $ 16,432 $ 16,559 ($127) -0.77% Loan Loss Provision $ 2,075 $ 1,640 $ 435 26.52% Net Charge Offs $ 2,231 $ 1,293 $ 938 72.54% Efficiency Ratio 58.35% 61.25% -2.90% -4.74% Balance Sheet: Assets $ 2,232,277 $ 2,175,998 $ 56,279 2.59% Deposits $ 1,529,721 $ 1,502,682 $ 27,039 1.80% Loans $ 1,443,067 $ 1,392,755 $ 50,312 3.61% Shareholders' Equity $ 280,619 $ 271,260 $ 9,359 3.45% Book Value Per Share $ 21.41 $ 20.44 $ 0.97 4.75% Average Assets $ 2,199,592 $ 2,147,318 $ 52,274 2.43%
Contact Information: For more information contact: Michael A. Carty (812) 238-6264 First Financial Corporation One First Financial Plaza Terre Haute, Indiana 47807 (812) 238-6000