TERRE HAUTE, IN — (Marketwired) — 04/29/13 — First Financial Corporation (NASDAQ: THFF) today announced results for the three months ended March 31, 2013. Net income increased 3.4% to $7.7 million compared to $7.4 million for the same period of 2012. Return on assets for the three months ended March 31, 2013 was 1.05% compared to 1.02% for the three months ended March 31, 2012.
Net interest income for the first quarter of 2013 was $26.2 million, a decrease of 3.65% from the $27.2 million reported for the same period of 2012. The net interest margin at March 31, 2013 was 4.09%, compared to 4.26% reported at March 31, 2012.
The provision for loan losses for the three months ended March 31, 2013 and March 31, 2012 was $3.0 million. The first quarter of 2013 saw recoveries of loan losses exceed charge-offs by $1.0 million.
Non-interest income for the three months ended March 31, 2013 and 2012 was $9.9 and $9.5 million, respectively, a 3.85% increase. Trust fees and income from electronic banking comprised most of the increase.
Non-interest expense for the first quarter of 2013 was $22.2 million compared to $23.4 million in 2012. This decrease of 5.21% is realized largely due to the efficiencies gained from the full transition of the operations of Freestar Bank that was acquired December 30, 2011.
Total loans at March 31, 2013 of $1.82 billion compare to the $1.85 billion reported during the same period a year ago. Deposits increased by $70.2 million to $2.35 billion. The allowance for loan losses increased 38.0% to $25.3 million from the $18.3 million at March 31, 2012. Net charge-offs for 2013 were down $4.4 million from 2012.
Book value per share was $28.43 at March 31, 2013, a 6.05% increase from the $26.81 at March 31, 2012. Shareholders- equity increased 6.6% to $378.4 million from $354.9 million on March 31, 2012.
First Financial Corporation is the holding company for First Financial Bank N.A. in Indiana and Illinois; The Morris Plan Company of Terre Haute; Forrest Sherer Inc. in Indiana; and FFB Risk Management Co. Inc. in Las Vegas, Nevada.
For more information contact:
Rodger A. McHargue
(812) 238-6334