TERRE HAUTE, IN — (Marketwired) — 10/29/13 — First Financial Corporation (NASDAQ: THFF) today announced results for the three and nine months ended September 30, 2013. Net income of $8.5 million and $22.6 million for the three and nine months, respectively, compared to $8.1 million and $24.2 million for the same periods of 2012. Return on assets for the nine and three months ended September 30, 2013 was 1.02% and 1.15%, respectively, compared to 1.12% and 1.16% for the nine and three months ended September 30, 2012.
Net interest income for the third quarter of 2013 was $27.8 million, compared to the $27.4 million reported for the same period of 2012. Net interest income for the nine months ended September 30, 2013 was $79.7 million compared to the $82.2 million reported for the same period of 2012. The net interest margin at September 30, 2013 was 4.16%, compared to 4.41% reported at September 30, 2012.
The provision for loan losses for the three months ended September 30, 2013 was $495 thousand compared to the $2.6 million provision for the third quarter of 2012. For the nine months ended September 30, 2013 and 2012, the provision expense was $6.5 million and $7.3 million, respectively.
Non-interest income for the three months ended September 30, 2013 and 2012 was $9.6 million and $9.7 million, respectively. For the nine months ended September 30, 2013, non-interest income of $29.2 million increased over the $29.0 million for the same period of 2012.
Non-interest expense for the three months ended September 30, 2013 was $24.8 million compared to $23.0 million in 2012. For the nine months ended September 30, 2013, non-interest expense increased 1.3% to $70.4 million compared to $69.5 million for the nine months ended September 30, 2012. Full time equivalent employees have increased by 4% since September 30, 2012 as a result of the expansion of the branch network.
Total loans at September 30, 2013 stood at $1.81 billion compared to the $1.86 billion reported the same time a year ago. Deposits increased by $227.4 million to $2.5 billion.
Book value per share was $28.19, a 1.18% increase from $27.86 at September 30, 2012. Shareholders- equity increased 2.8% to $375.1 million from $368.8 million on September 30, 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 and Forrest Sherer Inc. in Indiana.
For more information contact:
Rodger A. McHargue
(812) 238-6334