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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-03-002419.txt : 20030425
<SEC-HEADER>0000950137-03-002419.hdr.sgml : 20030425
<ACCEPTANCE-DATETIME>20030425171751
ACCESSION NUMBER:		0000950137-03-002419
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030424
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST FINANCIAL CORP /IN/
		CENTRAL INDEX KEY:			0000714562
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				351546989
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-16759
		FILM NUMBER:		03665342

	BUSINESS ADDRESS:	
		STREET 1:		ONE FIRST FINANCIAL PLAZA
		CITY:			TERRE HAUTE
		STATE:			IN
		ZIP:			47807
		BUSINESS PHONE:		(812) 238-6000

	MAIL ADDRESS:	
		STREET 1:		ONE FIRST FINANCIAL PLAZA
		CITY:			TERRE HAUTE
		STATE:			IN
		ZIP:			47807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TERRE HAUTE FIRST CORP
		DATE OF NAME CHANGE:	19850808
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c76505e8vk.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 24, 2003

                           First Financial Corporation
             (Exact name of registrant as specified in its chapter)


          Indiana                     000-16759               35-1546989
(State or other jurisdiction         (Commission             (IRS Employer
     of incorporation)               File Number)         Identification No.)

       P. O. Box 540, Terre Haute, Indiana                       47808
      (Address of principal executive offices)                (Zip Code)


Registrant's telephone number, including area code    812-238-6264


<PAGE>

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

      (a) Exhibits.

          Exhibit Number:

          99.1  Press Release, dated April 24, 2003 issued by First Financial
          Corporation


ITEM 9. REGULATION FD DISCLOSURE (INFORMATION PROVIDED UNDER ITEM 12 - RESULTS
OF OPERATIONS AND FINANCIAL CONDITION).

      The following information is being provided under Item 12 - Results of
      Operations and Financial Condition. It is being furnished under Item 9 of
      this Form 8-K in accordance with interim guidance issued by the SEC in
      Release No. 33-8216. Such information, including the Exhibit attached
      hereto, shall not be deemed "filed" for purposes of Section 18 of the
      Securities Exchange Act of 1934.

      On April 24, 2003, First Financial Corporation issued a press release to
      report its financial results for the quarter ended March 31, 2003. The
      release is furnished as Exhibit 99.1 hereto.


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        First Financial Corporation

Dated April 24, 2003                    /s/ Norman L. Lowery
      ------------------                ----------------------------------------
                                            Norman L. Lowery
                                            Vice Chairman and Chief Executive
                                            Officer


Dated April 24, 2003                        /s/ Michael A. Carty
      ------------------                ----------------------------------------
                                            Michael A. Carty
                                            Secretary/Treasurer and Chief
                                            Financial Officer



                                  Exhibit Index
Exhibit Number

    99.1            Press Release, dated April 24, 2003 issued by First
                    Financial Corporation



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c76505exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
Exhibit 99.1

                             (COMPANY LOGO OMITTED)

                           First Financial Corporation

One First Financial Plaza, Terre Haute, IN 47807  -  (812) 238-6000


FOR IMMEDIATE RELEASE                         For more information contact:
April 24, 2003                                Michael A. Carty at (812) 238-6264



FIRST FINANCIAL CORPORATION SETS FIRST QUARTER EARNINGS RECORD

TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ: THFF) today
announced first quarter results which reflected year-to-date net income of $7.0
million, or $1.04 per share, a 4.5% improvement over comparable 2002 net income
of $6.7 million, or $0.98 per share. This sets a new first quarter earnings
record for the Corporation.

These strong results were driven by a $1.9 million, or 30.9%, increase over
comparable 2002 non-interest income. Amid improving economic and generally
healthy banking conditions, the evolving nature of residential lending is
challenging risk management systems. Mortgage interest rates continue to hover
at all-time lows. Selling these low fixed-rate mortgages in the secondary market
has been the over-riding strategy of the Corporation. Net cash gains on these
sales in 2003 account for $492 thousand of the $1.9 million increase. In
addition, this increased mortgage banking activity results in additional income
related to capitalized mortgage servicing rights and increased loan servicing
and origination fees.

Comparing the first quarter of 2003 to 2002, average loans are down $30.9
million due to continued refinancing and sales of fixed-rate mortgages. Average
deposits were up $11.9 million. These resources were used to reduce average bank
borrowings by $42.5 million. Average shareholders' equity increased $22.5
million, or 10.1%. Strong financial performance pushed book value per share up
11.2% to $36.34 at March 31, 2003 from $32.68 in 2002.

The sluggish economy has tempered loan growth opportunities and financial
institutions of all sizes have experienced credit quality deterioration. The
Corporation increased its provision for loan losses by $295 thousand compared to
the first quarter of 2002, resulting in an increase in the allowance for loan
losses to 1.56% of total loans for 2003, compared to 1.48% at the end of 2002.
Net charge-offs for the first quarter of 2003 were $156 thousand, or 10.4%
higher than in 2002.

First Financial Corporation is the holding company for Terre Haute First
National Bank, First State Bank, First Citizens State Bank, First Farmers State
Bank, First Parke State Bank, The Morris Plan Company of Terre Haute and Forrest
Sherer, Inc. in Indiana; and First Ridge Farm State Bank, First National Bank of
Marshall, First Crawford State Bank, and First Community Bank N.A. in Illinois.





<PAGE>
           FOR THE QUARTER AND THE TWELVE MONTHS ENDING MARCH 31, 2003

               (Dollar amounts in thousands except per share data)



<TABLE>
<CAPTION>
                                   03/31/03        03/31/02       $ CHANGE     % CHANGE
<S>                               <C>             <C>             <C>          <C>
YEAR TO DATE INFORMATION:

Net Income                            $7,033          $6,728         $305         4.53%
Earnings Per Average Share             $1.04           $0.98        $0.06         6.12%
Return on Assets                        1.29%           1.23%        0.06%        4.88%
Return on Equity                       11.45%          12.06%       -0.61%       -5.06%
Net Interest Margin                     4.02%           4.09%       -0.07%       -1.71%
Net Interest Income                  $18,929         $19,466        ($537)       -2.76%
Non-Interest Income                   $8,079          $6,173       $1,906        30.88%
Non-Interest Expense                 $15,425         $14,828         $597         4.03%
Loss Provision                        $2,227          $1,932         $295        15.27%
Net Charge Offs                       $1,662          $1,506         $156        10.36%
Efficiency Ratio                       53.98%          54.47%       -0.50%       -0.91%


BALANCE SHEET:

Assets                            $2,112,576      $2,146,344     ($33,768)       -1.57%
Deposits                          $1,421,743      $1,418,701       $3,042         0.21%
Loans                             $1,395,305      $1,442,919     ($47,614)       -3.30%
Shareholders' Equity                $246,889        $223,311      $23,578        10.56%
Book Value Per Share                  $36.34          $32.68        $3.65        11.18%
Average Assets                     2,187,124      $2,189,951      ($2,827)       -0.13%
</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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