TERRE HAUTE, IN--(Marketwire - April 16, 2008) - First Financial Corporation (
Non-interest income improved by 6.2% or $502 thousand over 2007, while the increase in non-interest expense was $366 thousand or 2.3%. The overall efficiency ratio of the Corporation improved by 6.82% to 51.27%.
Total assets of the Corporation grew 4.3% to $2.3 billion at March 31, 2008, with deposits increasing $77.4 million or 5.1% from March 31, 2007. Loans grew by $33.2 million and shareholders equity increased $16.3 million over the same period.
The 2008 book value per share of the Corporation's stock increased $1.44 or 6.9% to $22.38 from $20.94 at March 31,2007.
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 March 31, 2008 (Dollar amounts in thousands except per share data) 3/31/08 3/31/07 Change % Change Quarter to Date Information: Net Income $ 6,950 $ 6,423 $ 527 8.20% Earnings Per Average Share $ .53 $ .48 $ 0.05 10.42% Return on Assets 1.23% 1.18% 0.05% 4.24% Return on Equity 9.62% 9.36% 0.26% 2.78% Net Interest Margin 3.85% 3.91% -0.06% -1.53% Net Interest Income $18,956 $18,457 $ 499 2.70% Non-Interest Income $ 8,649 $ 8,147 $ 502 6.16% Non-Interest Expense $16,424 $16,058 $ 366 2.28% Loan Loss Provision $ 1,925 $ 1,690 $ 235 13.91% Net Charge Offs $ 1,833 $ 2,029 ($ 196) -9.66% Efficiency Ratio 51.27% 58.09% -6.82% -11.73% Balance Sheet: Assets $2,298,834 $2,203,730 $95,104 4.32% Deposits $1,592,650 $1,515,288 $77,362 5.11% Loans $1,425,716 $1,392,472 $33,244 2.39% Shareholders' Equity $ 293,228 $ 276,929 $16,299 5.89% Book Value Per Share $ 22.38 $ 20.94 $ 1.44 6.87% Average Assets $2,268,177 $2,169,732 $98,445 4.54%
Contact Information: For more information contact: Michael A. Carty (812) 238-6264