TERRE HAUTE, IN--(Marketwire - October 27, 2009) - First Financial Corporation (
NASDAQ:
THFF)
today announced third quarter net income of $7.72 million compared to $3.50
million in the third quarter of 2008. For the first three quarters of the
year, net income was $16.87 million versus $17.6 million a year earlier.
Results for the third quarter include the results of the acquisition of the
First National Bank of Danville, Illinois from the Federal Deposit
Insurance Corporation.
Earnings per share for the third quarter of 2009 increased to $0.59
compared to $0.27 per share for the three months ended September 30, 2008.
Third quarter earnings per share included approximately $0.25 related to
the acquisition of the bank in Danville.
Net interest income increased 8.4% to $22.9 million over the $21.1 million
reported for the third quarter of 2008. The corporation's quarterly
provision for loan and lease losses increased by $1.48 million over the
previous year as non-performing loan balances have increased compared to
last year. Classified credits remained at nearly the same level as the
prior quarter and net charge-offs for the period were the lowest of the
year.
Non-interest income increased to $10.3 million for the current quarter from
$1.4 million for the three months ended September 30, 2008, due in part to
a gain recognized from the Danville acquisition in the amount of $5.4
million. Third quarter non-interest income for 2008 was reduced by the
write-down of securities deemed to be other than temporarily impaired.
Non-interest expense was $18.5 million for the third quarter of 2009
compared to $16.5 for the same period of 2008 and included $1.2 million of
expenses related to the Danville acquisition.
Total loans at September 30, 2009 were $1.64 billion compared to $1.49
billion at September 30, 2008, a 10.0% increase. $77 million of this $149
million increase is attributable to the loans acquired by purchase from the
FDIC. Total deposits at September 30, 2009 were $1.73 billion compared to
$1.53 billion at September 30, 2008. $146 million of this growth was
purchased as well from the FDIC in the acquisition of assets and
liabilities of the bank in Danville. Shareholder's equity increased 10.6%
to $309 million and the book value per share rose to $23.58 per share
compared to $21.35 at September 30, 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.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements. Forward-looking
statements provide current expectations or forecasts of future events and
are not guarantees of future performance, nor should they be relied upon as
representing management's views as of any subsequent date. The
forward-looking statements are based on management's expectations and are
subject to a number of risks and uncertainties. Although management
believes that the expectations reflected in such forward-looking statements
are reasonable, actual results may differ materially from those expressed
or implied in such statements. Risks and uncertainties that could cause
actual results to differ materially include, without limitation, the
Corporation's ability to effectively execute its business plans; changes in
general economic and financial market conditions; changes in interest
rates; changes in the competitive environment; continuing consolidation in
the financial services industry; new litigation or changes in existing
litigation; losses, customer bankruptcy, claims and assessments; changes in
banking regulations or other regulatory or legislative requirements
affecting the Corporation's business; and changes in accounting policies or
procedures as may be required by the Financial Accounting Standards Board
or other regulatory agencies. Additional information concerning factors
that could cause actual results to differ materially from those expressed
or implied in the forward-looking statements is available in the
Corporation's Annual Report on Form 10-K for the year ended December 31,
2008, and subsequent filings with the United States Securities and Exchange
Commission (SEC). Copies of these filings are available at no cost on the
SEC's Web site at
www.sec.gov or on the Corporation's Web site at
www.first-online.com. Management may elect to update forward-looking
statements at some future point; however, it specifically disclaims any
obligation to do so.
First Financial Corporation
For the Quarter Ending September 30, 2009
(Dollar amounts in thousands except per share data)
9/30/2009 9/30/2008 Change % Change
Year to Date Information:
Net Income $ 16,870 $ 17,595 ($ 725) -4.12%
Earnings Per Average Share $ 1.29 $ 1.34 ($ 0.05) -3.73%
Return on Assets 0.95% 1.03% -0.08% -7.77%
Return on Equity 7.53% 8.11% -0.58% -7.15%
Net Interest Margin 4.11% 4.02% 0.09% 2.24%
Net Interest Income $ 63,906 $ 60,020 $ 3,886 6.47%
Non-Interest Income $ 21,174 $ 17,730 $ 3,444 19.42%
Non-Interest Expense $ 53,210 $ 49,157 $ 4,053 8.25%
Loss Provision $ 9,380 $ 5,875 $ 3,505 59.66%
Net Charge Offs $ 6,832 $ 5,386 $ 1,446 26.85%
Efficiency Ratio 59.66% 60.68% -1.02% -1.68%
Quarter to Date Information:
Net Income $ 7,719 $ 3,502 $ 4,217 120.42%
Earnings Per Average Share $ 0.59 $ 0.27 $ 0.32 118.52%
Return on Assets 1.26% 0.61% 0.65% 106.56%
Return on Equity 10.25% 4.94% 5.31% 107.49%
Net Interest Margin 4.29% 4.20% 0.09% 2.14%
Net Interest Income $ 22,867 $ 21,104 $ 1,763 8.35%
Non-Interest Income $ 10,299 $ 1,440 $ 8,859 615.21%
Non-Interest Expense $ 18,511 $ 16,503 $ 2,008 12.17%
Loan Loss Provision $ 3,690 $ 2,215 $ 1,475 66.59%
Net Charge Offs $ 1,899 $ 1,928 ($ 29) -1.50%
Efficiency Ratio 53.55% 69.70% -16.15% -23.17%
Balance Sheet:
Assets $2,500,913 $2,305,735 $ 195,178 8.46%
Deposits $1,727,686 $1,529,212 $ 198,474 12.98%
Loans $1,639,916 $1,490,763 $ 149,153 10.01%
Shareholders' Equity $ 309,223 $ 279,655 $ 29,568 10.57%
Book Value Per Share $ 23.58 $ 21.35 $ 2.23 10.43%
Average Assets 2,357,478 2,277,023 $ 80,455 3.53%
Asset Quality:
Loans Past Due 90 Days or More
and Still Accruing $ 7,809 $ 3,326 $ 4,483 134.79%
Non-Accrual Loans $ 37,918 $ 12,147 $ 25,771 212.16%
Other Real Estate Owned $ 5,131 $ 3,469 $ 1,662 47.91%
Total Nonperforming Assets 50,858 18,942 $ 31,916 168.49%
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