TERRE HAUTE, IN -- (MARKET WIRE) -- January 19, 2007 -- First Financial Corporation (
Total assets of the Corporation increased $39 million to $2.176 billion at December 31, 2006. Deposits increased $37.8 million while loans fell $3.0 million in a year of reduced loan demand and a focus on credit quality. Shareholders' equity increased $1.9 million and the book value per share of stock increased $0.30 to $20.44 per share.
During 2006 the Corporation's net interest margin increased for the third consecutive year to 3.93%. Non-interest expense was held to a $1.1 million or 1.76% increase. This modest increase includes the cost of two new banking centers opened in the first and fourth quarters of 2006.
"We're proud of our employees for their outstanding performance in a challenging economic environment," said First Financial Corporation Chairman Donald E. Smith. "Our success results from the dedication of our employees, our convenient delivery systems and attention to the customer experience."
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, 2006 (Dollar amounts in thousands except per share data) 12/31/06 12/31/05 Change % Change Year to Date Information: Net Income $23,539 $23,054 $485 2.10% Earnings Per Average Share $1.77 $1.72 $0.05 2.91% Return on Assets 1.10% 1.07% 0.03% 2.80% Return on Equity 8.57% 8.52% 0.05% 0.59% Net Interest Margin 3.93% 3.92% 0.01% 0.26% Net Interest Income $73,703 $74,178 ($475) -0.64% Non-Interest Income $28,826 $32,025 ($3,199) -9.99% Non-Interest Expense $64,656 $63,538 $1,118 1.76% Loan Loss Provision $6,983 $11,698 ($4,715) -40.31% Net Charge Offs $6,856 $15,574 ($8,718) -55.98% Efficiency Ratio 60.07% 57.21% 2.86% 5.00% Quarter to Date Information: Net Income $6,150 $5,428 $722 13.30% Earnings Per Average Share $0.46 $0.41 $0.05 12.20% Return on Assets 1.14% 1.00% 0.14% 14.00% Return on Equity 8.77% 8.15% 0.62% 7.61% Net Interest Margin 3.96% 3.95% 0.01% 0.25% Net Interest Income $18,552 $18,872 ($320) -1.70% Non-Interest Income $7,134 $7,679 ($545) -7.10% Non Interest Expense $16,559 $16,455 $104 0.63% Loan Loss Provision $1,640 $3,084 ($1,444) -46.82% Net Charge Offs $1,293 $3,336 ($2,043) -61.24% Efficiency Ratio 61.25% 59.23% 2.02% 3.41% Balance Sheet: Assets $2,175,998 $2,136,918 $39,080 1.83% Deposits $1,502,682 $1,464,918 $37,764 2.58% Loans $1,392,755 $1,395,741 ($2,986) -0.21% Shareholders' Equity $271,260 $269,323 $1,937 0.72% Book Value Per Share $20.44 $20.14 $0.30 1.50% Average Assets 2,147,318 2,163,296 ($15,978) -0.74%
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