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SYS-CON MEDIA Authors: Liz McMillan, Pat Romanski, Carmen Gonzalez, Kevin Jackson, Peter Silva

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First Financial Corporation Reports 2012 Results

TERRE HAUTE, IN -- (Marketwire) -- 02/08/13 -- First Financial Corporation (NASDAQ: THFF) today announced results for the three months and year ended December 31, 2012. Net income of $32.8 and $8.6 million for the twelve and three months, respectively, compares to $37.2 and $10.2 million for the same periods of 2011. Return on assets for the twelve and three months ended December 31, 2012 was 1.13% and 1.14%, respectively, compared to 1.49% and 1.61% for the twelve and three months ended December 31, 2011. Results for 2012 include income and expenses incurred in 2012 associated with the purchase of Freestar Bank on December 30, 2011.

Net interest income for the last quarter of 2012 was $26.7 million, an increase of 9.45% over the $24.4 million reported for the same period of 2011. Net interest income for the year ended December 31, 2012 was $108.9 million compared to the $99.2 million reported for the same period of 2011, an increase of $9.7 million. The net interest margin at December 31, 2012 was 4.30%, compared to 4.50% reported at December 31, 2011.

The provision for loan losses for the three months ended December 31, 2012 was $1.5 million compared to the $1.9 million provision for the fourth quarter of 2011. For the year ended December 31, 2012 and 2011, the provision expense was $8.8 and $5.8 million, respectively.

Non-interest income for the three months ended December 31, 2012 and 2011 was $10.6 and $8.2 million, respectively, a 28.5% increase. Gains from the sale of mortgage loans comprised $0.8 million of the increase. For the year ended December 31, 2012, non-interest income increased $6.2 million to $39.5 million from the $33.3 million reported for the same period of 2011.

Non-interest expense for the three months ended December 31, 2012 was $23.6 million compared to $18.3 million in 2011. For the year ended December 31, 2012, non-interest expense was $93.1 million compared to $75.2 for the year ended December 31, 2011. 2012 non-interest expense contains the additional salary, benefits and one-time expenses related to the acquisition of Freestar Bank and the opening of four banking centers by First Financial Bank which did not exist during 2011.

Total loans at December 31, 2012 of $1.86 billion compare to the $1.89 billion reported during the same period a year ago. Deposits increased by $1.6 million to $2.27 billion. The allowance for loan losses increased 14.1% to $22.0 million from the $19.2 million at December 31, 2011. Net charge-offs for 2012 were down $0.7 million from 2011.

Book value per share was $27.93 at year end 2012, a 5.9% increase from the $26.38 at December 31, 2011. Shareholders' equity increased 7.3% to $372.1 million from $347.0 million on December 31, 2011.

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.



CONSOLIDATED BALANCE SHEETS
                                                          December 31,
                                                     ----------------------
(Dollar amounts in thousands, except per share data)    2012        2011
                                                     ----------  ----------
ASSETS
Cash and due from banks                              $   87,230  $  134,280
Federal funds sold                                       20,800      11,725
Securities available-for-sale                           691,000     666,287
Loans, net of allowance of $21,958 in 2012 and
 $19,241 in 2011                                      1,829,978   1,874,438
Restricted Stock                                         21,292      22,282
Accrued interest receivable                              12,024      12,947
Premises and equipment, net                              47,308      40,105
Bank-owned life insurance                                77,295      82,646
Goodwill                                                 37,612      36,897
Other intangible assets                                   3,893       5,142
Other real estate owned                                   7,722       4,964
FDIC Indemnification Asset                                2,632       2,384
Other assets                                             56,622      59,964
                                                     ----------  ----------
  TOTAL ASSETS                                       $2,895,408  $2,954,061
                                                     ==========  ==========


LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest-bearing                                 $  465,954  $  435,236
Interest-bearing:
  Certificates of deposit of $100 or more               213,610     242,001
  Other interest-bearing deposits                     1,596,570   1,597,262
                                                     ----------  ----------
                                                      2,276,134   2,274,499
Short-term borrowings                                    40,551     100,022
Other borrowings                                        119,705     146,427
Other liabilities                                        86,896      86,152
                                                     ----------  ----------
  TOTAL LIABILITIES                                   2,523,286   2,607,100

Shareholders' equity
Common stock, $.125 stated value per share;
  Authorized shares-40,000,000
  Issued shares-14,490,609 in 2012 and 14,450,966 in
   2011.
  Outstanding shares-13,287,348 in 2012 and
   13,197,880 in 2011                                     1,808       1,806
Additional paid-in capital                               69,989      69,328
Retained earnings                                       338,342     318,130
Accumulated other comprehensive income (loss)            (7,472)    (10,494)
Less: Treasury shares at cost-1,203,261 in 2012 and
 1,253,086 in 2011                                      (30,545)    (31,809)
                                                     ----------  ----------

  TOTAL SHAREHOLDERS' EQUITY                            372,122     346,961
                                                     ----------  ----------
  TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY         $2,895,408  $2,954,061
                                                     ==========  ==========


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
                                                          Years Ended
                                                          December 31,
                                                     ----------------------
(Dollar amounts in thousands, except per share data)    2012        2011
                                                     ----------  ----------
INTEREST AND DIVIDEND INCOME:
Loans, including related fees                        $   99,196  $   91,392
  Securities:
  Taxable                                                13,542      16,161
  Tax-exempt                                              7,246       6,779
Other                                                     2,321       2,009
                                                     ----------  ----------
    TOTAL INTEREST AND DIVIDEND INCOME                  122,305     116,341

INTEREST EXPENSE:
Deposits                                                  8,520      12,127
Short-term borrowings                                       140         187
Other borrowings                                          4,733       4,833
                                                     ----------  ----------
    TOTAL INTEREST EXPENSE                               13,393      17,147
                                                     ----------  ----------

    NET INTEREST INCOME                                 108,912      99,194

Net Provision for loan losses                             8,773       5,755
                                                     ----------  ----------

    NET INTEREST INCOME AFTER PROVISION FOR LOAN
     LOSSES                                             100,139      93,439

NON-INTEREST INCOME:
Trust and financial services                              5,804       4,544
Service charges and fees on deposit accounts              9,742       8,995
Other service charges and fees                            9,710       8,289
Securities gain, net                                        886           6
Other-than-temporary loss
  Total impairment loss                                     (11)       (110)
  Loss recognized in other comprehensive income               -           -
                                                     ----------  ----------
    Net impairment loss recognized in earnings              (11)       (110)
Insurance commissions                                     7,422       7,347
Gain on sale of mortgage loans                            4,590       1,957
Other                                                     1,404       2,312
                                                     ----------  ----------
    TOTAL NON-INTEREST INCOME                            39,547      33,340
NON-INTEREST EXPENSES:
Salaries and employee benefits                           56,211      45,362
Occupancy expense                                         5,746       4,777
Equipment expense                                         5,489       4,352
Federal Deposit Insurance                                 1,949       1,804
Other                                                    23,661      18,892
                                                     ----------  ----------
    TOTAL NON-INTEREST EXPENSE                           93,056      75,187
                                                     ----------  ----------
    INCOME BEFORE INCOME TAXES                           46,630      51,592

Provision for income taxes                               13,818      14,397
                                                     ----------  ----------
    NET INCOME                                       $   32,812  $   37,195
OTHER COMPREHENSIVE INCOME
    Change in unrealized gains/losses on securities,
     net of reclassifications and taxes              $      691  $    8,857
    Change in funded status of post retirement
     benefits, net of taxes                          $    2,331  $   (9,982)
                                                     ----------  ----------
    COMPREHENSIVE INCOME                             $   35,834  $   36,070
                                                     ==========  ==========
EARNINGS PER SHARE:
    BASIC AND DILUTED                                $     2.48  $     2.83
                                                     ==========  ==========
Weighted average number of shares outstanding (in
 thousands)                                              13,240      13,163
                                                     ==========  ==========


Key Ratios                                          For the year ended
                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
Return on average assets                                1.13%          1.49%
Return on average common shareholder's equity           9.02%         10.90%
Average common shareholder's equity to average
 assets                                                12.84%         12.32%
End of period tangible common equity to
 tangible assets                                       11.58%         10.47%
Book value per share                           $       28.01  $       26.38
Tangible book value per share                  $       24.88  $       23.19
Risk-based capital - Tier 1                            14.78%         13.96%
Risk-based capital - Total                             15.67%         14.71%
Net interest margin                                     4.30%          4.50%
Efficiency Ratio                                       60.24%         54.47%
Net charge-offs to average loans and leases             0.45%          0.33%
Loan and lease loss reserve to loans and
 leases                                                 1.19%          1.15%
Nonperforming assets to loans and leases                2.53%          2.38%

Asset Quality                                       For the year ended
                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
Accruing loans and leases past due 90 days or
 more                                          $       3,362  $       2,047
Nonaccrual loans and leases                           35,794         38,102
Other real estate owned                                7,722          4,964
                                               -------------  -------------
Total nonperforming assets                     $      46,878  $      45,113
                                               =============  =============

For more information contact:
Rodger A. McHargue
(812) 238-6334

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