SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

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First Financial Corporation Reports 1st Quarter 2014 Results

TERRE HAUTE, IN -- (Marketwired) -- 04/29/14 -- First Financial Corporation (NASDAQ: THFF) today announced results for the three months ended March 31, 2014. Net income of $7.8 million increased 1.8% compared to $7.7 million for the same period of 2013. Return on assets for the first quarter of 2014 was 1.03% compared to 1.05% for the three months ended March 31, 2013.

Net interest income for the first quarter of 2014 was $27.1 million, a 3.7% increase, from the $26.2 million reported for the same period of 2013. The net interest margin at March 31, 2014 was 4.10%, compared to 4.09% reported at March 31, 2013.

The provision for loan losses for the three months ended March 31, 2014 was $1.96 million compared to the $3.02 million provision for the first quarter of 2013. Net charge-offs were $1.39 million for the first quarter of 2014 compared to a net recovery in 2013 of $1.04 million.

Non-interest income for the three months ended March 31, 2014 and 2013 was $10.1 million and $9.9 million, respectively. Gain on sale of loans decreased $587 thousand while the income from service charges on deposits and other service fees increased by virtually the same amount.

Non-interest expense for the three months ended March 31, 2014 was $23.7 million compared to $22.1 million in 2013. The expansion of the branch network in the last half of 2013 resulted in increased occupancy and equipment expense as well as a 4% increase in full-time equivalent employees when comparing the first quarters of 2014 and 2013.

Total loans at March 31, 2014 stood at $1.78 billion compared to the $1.82 billion reported the same time a year ago. Deposits increased by $157.2 million to $2.5 billion at March 31, 2014 from March 31, 2013. Reduced demand for loans allowed for the reduction of Federal Home Loan Bank borrowings by $76.4 million during this period.

Book value per share for the first quarter of 2014 was $29.90, a 5.16% increase from $28.43 at March 31, 2013. Shareholders' equity increased 5.54% to $399.3 million from $378.4 million on March 31, 2013.

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
            (Dollar amounts in thousands, except per share data)

                                                 March 31,     December 31,
                                                    2014           2013
                                               -------------  -------------
                                                        (unaudited)
                                               ----------------------------
ASSETS
Cash and due from banks                        $      83,988  $      71,033
Federal funds sold                                     9,791          4,276
Securities available-for-sale                        921,165        914,560
Loans:
Commercial                                         1,037,518      1,042,138
Residential                                          481,663        482,377
Consumer                                             265,428        268,033
                                               -------------  -------------
                                                   1,784,609      1,792,548
Less:
Unearned Income                                         (635)        (1,120)
Allowance for loan losses                            (20,408)       (20,068)
                                               -------------  -------------
                                                   1,763,566      1,771,360
Restricted Stock                                      21,057         21,057
Accrued interest receivable                           11,451         11,554
Premises and equipment, net                           50,655         51,449
Bank-owned life insurance                             79,444         79,035
Goodwill                                              39,489         39,489
Other intangible assets                                4,656          4,935
Other real estate owned                                4,806          5,291
FDIC Indemnification Asset                               754          1,055
Other assets                                          41,720         43,624
                                               -------------  -------------
TOTAL ASSETS                                   $   3,032,542  $   3,018,718
                                               =============  =============

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest-bearing                           $     535,333  $     506,815
Interest-bearing:
Certificates of deposit of $100 or more              171,165        179,177
Other interest-bearing deposits                    1,800,516      1,772,799
                                               -------------  -------------
                                                   2,507,014      2,458,791
Short-term borrowings                                 35,710         59,592
Other borrowings                                      38,214         58,288
Other liabilities                                     52,275         55,852
                                               -------------  -------------
TOTAL LIABILITIES                                  2,633,213      2,632,523

Shareholders' equity
Common stock, $.125 stated value per share;
Authorized shares-40,000,000
Issued shares-14,538,132 in 2014 and
 14,516,113 in 2013
Outstanding shares-13,355,272 in 2014 and
 13,343,029 in 2013                                    1,812          1,811
Additional paid-in capital                            71,315         71,074
Retained earnings                                    364,914        357,083
Accumulated other comprehensive income (loss)         (8,551)       (13,969)
Less: Treasury shares at cost-1,182,860 in
 2014 and 1,173,084 in 2013                          (30,161)       (29,804)
                                               -------------  -------------
TOTAL SHAREHOLDERS' EQUITY                           399,329        386,195
                                               -------------  -------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY     $   3,032,542  $   3,018,718
                                               =============  =============



         CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
            (Dollar amounts in thousands, except per share data)

                                                     Three Months Ended
                                                          March 31,
                                                     2014          2013
                                                ------------- -------------
                                                 (unaudited)   (unaudited)
                                                ------------- -------------
INTEREST INCOME:
Loans, including related fees                   $      22,218 $      23,454
Securities:
Taxable                                                 4,444         3,214
Tax-exempt                                              1,746         1,770
Other                                                     416           504
                                                ------------- -------------
TOTAL INTEREST INCOME                                  28,824        28,942
                                                ------------- -------------
INTEREST EXPENSE:
Deposits                                                1,290         1,742
Short-term borrowings                                      14            20
Other borrowings                                          378         1,007
                                                ------------- -------------
TOTAL INTEREST EXPENSE                                  1,682         2,769
                                                ------------- -------------
NET INTEREST INCOME                                    27,142        26,173
Provision for loan losses                               1,960         3,021
                                                ------------- -------------
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES                                        25,182        23,152
NON-INTEREST INCOME:
Trust and financial services                            1,489         1,526
Service charges and fees on deposit accounts            2,484         2,254
Other service charges and fees                          2,839         2,500
Securities gains/(losses), net                             --             4
Insurance commissions                                   1,913         1,963
Gain on sales of mortgage loans                           376           963
Other                                                   1,010           667
                                                ------------- -------------
TOTAL NON-INTEREST INCOME                              10,111         9,877
                                                ------------- -------------
NON-INTEREST EXPENSE:
Salaries and employee benefits                         14,096        13,596
Occupancy expense                                       1,925         1,522
Equipment expense                                       1,658         1,501
FDIC Expense                                              487           557
Other                                                   5,539         5,023
                                                ------------- -------------
TOTAL NON-INTEREST EXPENSE                             23,705        22,199
                                                ------------- -------------
INCOME BEFORE INCOME TAXES                             11,588        10,830
Provision for income taxes                              3,757         3,137
                                                ------------- -------------
NET INCOME                                              7,831         7,693
OTHER COMPREHENSIVE INCOME (LOSS)
Change in unrealized gains/losses on
 securities, net of reclassifications and taxes         5,303        (1,667)
Change in funded status of post retirement
 benefits, net of taxes                                   115           214
                                                ------------- -------------
COMPREHENSIVE INCOME (LOSS)                     $      13,249 $       6,240
                                                ============= =============
PER SHARE DATA
Basic and Diluted Earnings per Share            $        0.59 $        0.58
                                                ============= =============
Weighted average number of shares outstanding
 (in thousands)                                        13,349        13,300
                                                ============= =============



                                                     For the Three Months
Key Ratios                                                   Ended
                                                     March 31,   March 31,
                                                       2014        2013
                                                    ----------  ----------
Return on average assets                                  1.03%       1.05%
Return on average common shareholder's equity             7.90%       8.21%
Average common shareholder's equity to average
 assets                                                  13.08%      12.79%
End of period tangible common equity to tangible
 assets                                                  11.89%      11.53%
Book value per share                                $    29.90  $    28.43
Tangible book value per share                       $    26.60  $    25.34
Risk-based capital - Tier 1                              16.63%      15.82%
Risk-based capital - Total                               17.56%      16.97%
Net interest margin                                       4.10%       4.09%
Efficiency Ratio                                         62.30%      59.25%
Net charge-offs to average loans and leases               0.31%      (0.23)%
Loan and lease loss reserve to loans and leases           1.14%       1.39%
Nonperforming assets to loans and leases                  1.44%       2.63%


                                                     For the Three Months
Asset Quality                                                Ended
                                                     March 31,   March 31,
                                                       2014        2013
                                                    ----------  ----------
Accruing loans and leases past due 90 days or more  $    1,153  $    1,262
Nonaccrual loans and leases                             19,798      38,132
Other real estate owned                                  4,806       7,752
                                                    ----------  ----------
Total nonperforming assets                          $   25,757  $   47,146
                                                    ==========  ==========


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

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