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February 5, 2012

First Financial Corp. reports 2011 results

Special to the Tribune-Star

First Financial Corporation announced results for the year and the quarter ended Dec. 31.

Net income for 2011 increased 32.6 percent or $9.2 million to $37.2 million from the $28 million reported for 2010. Net income for the three months ended Dec. 31 was $10.2 million compared to $8.4 million for the same period of 2010. Return on assets and return on equity for 2011 was 1.49 percent and 10.90 percent, respectively, compared to 1.11 percent and 8.73 percent for 2010.

Net interest income for 2011 of $99.2 million is an increase of 2.7 percent over the $96.6 million reported for 2010. Net interest income for the quarter ended Dec. 31 was $24.4 million compared to $24.6 million for the fourth quarter of 2010. The net interest margin of 4.50 percent for 2011 is an increase of 3.45 percent over the 4.35 percent reported for 2010 as the corporation continued to realize the benefits of reduced funding costs.

Non-interest income for the years ended Dec. 31 and 2010 was $33.5 and $29.8 million, respectively. For the three months ended Dec. 31, non-interest income was $8.4 million compared to the $9.6 million reported for the same period of 2010.

Non-interest expense for 2011 was $75.4 million compared to $77.2 million in 2010. For the three months ended Dec. 31, non-interest expenses were reduced $1.1 million to $18.5 million from the $19.6 million reported for the same period of 2010. FDIC expense was $1 million less in 2011 than in 2010.

Total deposits at Dec. 31 increased by $371.5 million or 19.52 percent to $2.27 billion compared to $1.90 billion reported the same time a year ago. In 2011, loans increased by $254.7 million to $1.89 billion. These increases were driven by the acquisition of Freestar Bank. The Freestar acquisition increased total deposits and total loans by approximately $360 million and $250 million, respectively. Assets acquired and liabilities assumed in a business combination are recorded at fair value at the date of acquisition. These values are still being finalized. Preliminarily, the $55 million Freestar acquisition added total assets of approximately $410 million, including goodwill of approximately $26 million. Shareholders’ equity and book value per share increased 7.85 percent to $347.0 million and $26.38 per share for 2011. The capital and book value increases were not impacted by the purchase of Freestar Bank. This improvement allowed the corporation to increase the dividends it paid to shareholders in 2011, something it has done for each of the past 23 years. 

First Financial Corporation is the holding company for First Financial Bank NA in Indiana and Illinois, The Morris Plan Co. of Terre Haute and Forrest Sherer Inc. in Indiana.

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