(Source: MARKETWIRE)
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.
