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<SEC-DOCUMENT>0000950137-04-009370.txt : 20041103
<SEC-HEADER>0000950137-04-009370.hdr.sgml : 20041103
<ACCEPTANCE-DATETIME>20041103151506
ACCESSION NUMBER:		0000950137-04-009370
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041027
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20041103
DATE AS OF CHANGE:		20041103

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:		041116172

	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>c89132e8vk.txt
<DESCRIPTION>CURRENT REPORT
<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) October 27, 2004

                          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


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:


[ ]      Written communication pursuant to Rule 425 under the Securities Act (17
         CFR 230.425)


[ ]      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
         CFR 240.14a-12)


[ ]      Pre-commencement communications pursuant to Rule 14d-2(b) under the
         Exchange Act (17 CFR 240.14d-2(b))


[ ]      Pre-commencement communications pursuant to Rule 13e-4(c) under the
         Exchange Act (17 CFR 240.13e-4(c))




<PAGE>

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION


     On October 27, 2004, the Registrant issued a press release reporting its
financial results for the three months ended September 31, 2004. A copy of the
press release is being furnished as an exhibit to this report and is
incorporated by reference into this item 12.


     The foregoing information, including the information contained in the press
release, is being furnished pursuant to this Item 12 and shall not be deemed to
be "filed" for purposes of section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that Section or Sections 11
and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this
information shall not be deemed to be incorporated by reference into any of the
Registrant's filings with the Securities and Exchange Commission, except as
shall be expressly set forth by specific reference in any such filing.
<PAGE>


     The exhibit to this report is as follows:



EXHIBIT NO.                                DESCRIPTION
- -----------      ---------------------------------------------------------------


99.1             Press Release, dated October 27, 2004 issued by First
                 Financial Corporation




<PAGE>

                                   SIGNATURES


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


Dated October 27, 2004                     FIRST FINANCIAL CORPORATION

                                           (s) Norman L. Lowery Norman L. Lowery
                                           -------------------------------------
                                           Vice Chairman and Chief Executive
                                           Officer


Dated October 27, 2004                     (s) Michael A. Carty Michael A. Carty
                                           -------------------------------------
                                           Secretary/Treasurer and Chief
                                           Financial Officer


<PAGE>
                                  Exhibit Index



<Table>
<Caption>
EXHIBIT
NUMBER
- -------

<S>                 <C>
99.1                Press Release, October 27, 2004 issued by First Financial
                    Corporation
</Table>




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c89132exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

(FIRST FINANCIAL LOGO)                                              News Release

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


FOR IMMEDIATE RELEASE                      For more information contact:
October 27, 2004                           Michael A. Carty at (812) 238-6264


                  FIRST FINANCIAL CORPORATION REPORTS RESULTS


TERRE HAUTE, INDIANA - First Financial Corporation (NASDAQ: THFF) today
announced that the net income for the nine months ending September 30, 2004
increased 16.8% to $23.0 million compared to the $19.7 million earned for the
same period of 2003. Earnings per share for the first nine months of 2004
increased 17.2% to $1.70 per share compared to $1.45 for the same period of
2003. Non-interest income, including life insurance proceeds has increased $6.2
million or 27.0% to $29.1 million for the first nine months of 2004 compared to
2003. Non-interest expense increased $903,000 or 2.0% for the same period.


Loans of the Corporation at September 30, 2004 increased $30.4 million or 2.1%
over balances at the September 30, 2003 while deposits fell 1.2% or $17.6
million during the same period. Funds provided by maturing investments were used
to fund the loan growth.


The earnings for the third quarter of 2004 decreased $468,000 to $6.0 million
from $6.4 million for the third quarter of 2003. This represents a decrease in
earnings per share of $0.03 to $0.44 per share from $0.47 for the same period of
2003. The third quarter net interest income for 2004 was $684,000 less than the
same period of 2003. The increases and decreases related to the provision for
loan losses, non-interest income, non-interest expense and tax expense reduced
the effect of this decrease in net interest income on net income by $216,000.


The net interest margin remained stable during the third quarter of 2004, the
result of two rate increases that took place during the 3rd quarter of 2004 by
the Federal Reserve. This allowed the Corporation the benefit of earnings on
assets from rate changes to occur at a faster rate than the cost of interest
bearing liabilities.


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; and First Crawford State Bank and First
Community Bank N.A. in Illinois.



<PAGE>

                          FIRST FINANCIAL CORPORATION

         FOR THE QUARTER AND THE NINE MONTHS ENDING SEPTEMBER 30, 2004

              (Dollar amounts in thousands except per share data)


<Table>
<Caption>
                           09/30/04        09/30/03        CHANGE            % CHANGE
                          ----------      ----------      ---------      -----------------
<S>                       <C>             <C>             <C>            <C>
YEAR TO DATE
INFORMATION:

Net Income                   $22,989         $19,650         $3,339                 16.99%
Earnings Per
Average Share                  $1.70           $1.45          $0.25                 17.24%
Return on Assets               1.38%           1.20%          0.18%                 15.00%
Return on Equity              11.62%          10.50%          1.12%                 10.67%
Net Interest Margin            3.77%           4.00%         -0.23%                 -5.75%
Net Interest Income          $53,533         $56,138       $(2,605)                 -4.64%
Non-Interest Income          $29,091         $22,899         $6,192                 27.04%
Non-Interest Expense         $47,279         $46,376           $903                  1.95%
Loan Loss Provision           $6,069          $6,848         $(779)                -11.38%
Net Charge Offs               $4,602          $5,359         $(757)                -14.13%
Efficiency Ratio              57.16%          55.33%          1.83%                  3.31%

QUARTER TO DATE
INFORMATION:

Net Income                    $5,975          $6,443         $(468)                 -7.26%
Earnings Per
Average Share                  $0.44           $0.47        $(0.03)                 -6.38%
Return on Assets               1.08%           1.18%         -0.10%                 -8.47%
Return on Equity               9.05%          10.28%         -1.23%                -11.96%
Net Interest Margin            3.77%           3.96%         -0.19%                 -4.80%
Net Interest Income          $17,847         $18,531         $(684)                 -3.69%
Non-Interest Income           $8,193          $7,310           $883                 12.08%
Non Interest Expense         $15,875         $15,578           $297                  1.91%
Loan Loss Provision           $2,223          $2,318          $(95)                 -4.10%
Net Charge Offs               $1,332          $1,283            $49                  3.82%
Efficiency Ratio              58.00%          56.78%          1.22%                  2.15%

BALANCE SHEET:

Assets                    $2,184,724      $2,193,686       $(8,962)                 -0.41%
Deposits                  $1,432,577      $1,450,167      $(17,590)                 -1.21%
Loans                     $1,468,044      $1,437,677        $30,367                  2.11%
Shareholders' Equity        $269,474        $253,933        $15,541                  6.12%
Book Value Per Share          $19.96          $18.66          $1.30                  6.95%
Average Assets             2,216,600       2,183,120        $33,480                  1.53%
</Table>

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