TERRE HAUTE, IN--(Marketwire - Jul 21, 2011) - First Financial Corporation (
Net interest income for the second quarter of 2011 was $25.2 million, an increase of 4.48% over the $24.1 million reported for same period of 2010. The net interest margin of 4.53% for 2011 is an increase of 5.35% over the 4.30% reported for the first six months of 2010 as the Corporation continues to realize the benefits of reduced funding costs.
Year-to date non-interest income for 2011 was $16.2 million, a 25.6% increase over the $12.9 million reported for the same period of 2010. Non-interest income for the three months ended June 30, 2011 of $7.9 million was $14 thousand higher than the same period of 2010.
Non-interest expense for the three months ended June 30, 2011 was $19.4 million compared to $18.7 million for the same period of 2010, a $712 thousand or 3.8% increase. Non-interest expense for the six months ended June 30, 2011 increased 3.7% or $1.4 million over the six months ended June 30, 2010.
Total deposits at June 30, 2011 grew by $12.1 million or 0.6% to $1.89 billion compared to $1.88 billion reported the same time a year ago. During the second quarter of 2011 the Corporation declared a dividend of $0.47 per share. This is the 23rd consecutive year in which a dividend has been declared.
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, 2011 | |||||||||||||||
(Dollar amounts in thousands except per share data) | |||||||||||||||
06/30/11 | 06/30/10 | Change | % Change | ||||||||||||
Year to Date Information: | |||||||||||||||
Net Income | $ | 17,220 | $ | 13,399 | $ | 3,821 | 28.52 | % | |||||||
Earnings Per Average Share | $ | 1.31 | $ | 1.02 | $ | 0.29 | 28.43 | % | |||||||
Return on Assets | 1.38 | % | 1.07 | % | 0.31 | % | 28.97 | % | |||||||
Return on Equity | 10.34 | % | 8.50 | % | 1.84 | % | 21.65 | % | |||||||
Net Interest Margin | 4.53 | % | 4.30 | % | 0.23 | % | 5.35 | % | |||||||
Net Interest Income | $ | 49,914 | $ | 47,362 | $ | 2,552 | 5.39 | % | |||||||
Non-Interest Income | $ | 16,188 | $ | 12,886 | $ | 3,302 | 25.62 | % | |||||||
Non-Interest Expense | $ | 38,362 | $ | 36,981 | $ | 1,381 | 3.73 | % | |||||||
Loss Provision | $ | 2,534 | $ | 4,620 | $ | (2,086 | ) | -45.15 | % | ||||||
Net Charge Offs | $ | 3,141 | $ | 4,142 | $ | (1,001 | ) | -24.17 | % | ||||||
Efficiency Ratio | 55.79 | % | 58.86 | % | -3.08 | % | -5.23 | % | |||||||
Quarter to Date Information: | |||||||||||||||
Net Income | $ | 8,417 | $ | 7,713 | $ | 704 | 9.13 | % | |||||||
Earnings Per Average Share | $ | 0.64 | $ | 0.59 | $ | 0.05 | 8.47 | % | |||||||
Return on Assets | 1.35 | % | 1.23 | % | 0.12 | % | 9.76 | % | |||||||
Return on Equity | 9.93 | % | 9.68 | % | 0.25 | % | 2.58 | % | |||||||
Net Interest Margin | 4.55 | % | 4.34 | % | 0.21 | % | 4.84 | % | |||||||
Net Interest Income | $ | 25,159 | $ | 24,081 | $ | 1,078 | 4.48 | % | |||||||
Non-Interest Income | $ | 7,886 | $ | 7,872 | $ | 14 | 0.18 | % | |||||||
Non-Interest Expense | $ | 19,412 | $ | 18,700 | $ | 712 | 3.81 | % | |||||||
Loss Provision | $ | 1,352 | $ | 2,190 | $ | (838 | ) | -38.26 | % | ||||||
Net Charge Offs | $ | 1,583 | $ | 1,653 | $ | (70 | ) | -4.23 | % | ||||||
Efficiency Ratio | 56.43 | % | 56.28 | % | 0.15 | % | 0.27 | % | |||||||
Balance Sheet: | |||||||||||||||
Assets | $ | 2,502,265 | $ | 2,529,069 | $ | (26,804 | ) | -1.06 | % | ||||||
Deposits | $ | 1,893,328 | $ | 1,881,198 | $ | 12,130 | 0.64 | % | |||||||
Loans | $ | 1,645,074 | $ | 1,652,619 | $ | (7,545 | ) | -0.46 | % | ||||||
Shareholders' Equity | $ | 342,852 | $ | 319,186 | $ | 23,666 | 7.41 | % | |||||||
Book Value Per Share | $ | 26.07 | $ | 24.33 | $ | 1.74 | 7.16 | % | |||||||
Average Assets | $ | 2,488,855 | $ | 2,498,158 | $ | (9,303 | ) | -0.37 | % |
Contact Information:
For more information contact:
Rodger A. McHargue
(812) 238-6334