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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-05-004890.txt : 20050426
<SEC-HEADER>0000950137-05-004890.hdr.sgml : 20050426
<ACCEPTANCE-DATETIME>20050426095413
ACCESSION NUMBER:		0000950137-05-004890
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050425
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050426
DATE AS OF CHANGE:		20050426

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:		05771729

	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>c94583e8vk.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) April 25, 2005

        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 communication pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

        [ ] Pre-commencement communication 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

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

         On April 25, 2005, the Registrant issued a press release reporting its
financial results for the three months ended March 31, 2005. 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.

         The exhibit to this report is as follows:

         Exhibit No.    Description

             99.1       Press Release, dated April 25, 2005 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.

                                 FIRST FINANCIAL CORPORATION
Dated   April 25, 2005
                                 /s/ Norman L. Lowery
                                 --------------------
                                 Norman L. Lowery

                                 Vice Chairman and Chief Executive Officer

Dated   April 25, 2005           /s/ Michael A. Carty
                                 --------------------
                                 Michael A. Carty

                                 Secretary/Treasurer and Chief Financial Officer

<PAGE>

                                  Exhibit Index

Exhibit Number

     99.1           Press Release, April 25, 2005 issued by First Financial
                    Corporation


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c94583exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE                         For more information contact:
April 25, 2005                                Michael A. Carty at (812) 238-6264



  FIRST FINANCIAL CORPORATION REPORTS FIRST QUARTER EARNINGS OF $.48 PER SHARE

TERRE HAUTE, INDIANA -- First Financial Corporation (NASDAQ: THFF) today
announced first quarter results reflecting year-to-date net income of $6.3
million, or $.48 per share. During this period the Corporation's loan volume
increased to $1.45 billion compared to $1.43 billion at March 31, 2004. Deposits
rose to $1.47 billion from $1.43 billion for the same period in 2004.

The Corporation has continued to realize cost savings from consolidating our
affiliated banks into one bank. Non-interest expense for the first quarter of
2005 was reduced by $191,000 or 1.23% compared to the first quarter of 2004. Of
the eight subsidiary banks to be consolidated, seven have completed the
consolidation process and operate as a part of First Financial Bank.

Rising interest rates have had a positive impact on the Corporation's net
interest income, which for the first quarter of 2005 increased by $358,000 or
1.99% over the same period in 2004. The net interest margin increased to 3.92%
at March 31, 2005 from 3.78% for the first quarter in 2004. This 3.8% increase
was driven by growth in yields on earning assets that outpaced the average cost
of funds.

Comparing the first quarter of 2005 to 2004, deposits were up $34.0 million, or
2.37%. These deposits were used to fund an increase in loans of $15.4 million,
or 1.07%. Average assets decreased $85.7 million, or 3.82%, as the Corporation
used maturing investments to retire debt. Shareholders' equity increased $4.0
million, or 1.52%, and book value per share rose by $.35 to $20.02, or 1.78%.

In the first quarter of 2005 non-interest income declined by $4.8 million
compared to the same period in 2004. This was largely the result of a
non-taxable gain of $4.1 million on a life insurance benefit received in the
first quarter of 2004. Non-interest income was also impacted by rising interest
rates, which reduced the demand for fixed-rate mortgage loans. The Corporation's
gain on the sale of mortgage loans in the first quarter of 2005 decreased by
$224,000 compared to the same period in 2004 due to fewer loans being available
for sale.

The Corporation increased its provision for loan losses to $2.2 million for the
first quarter of 2005 compared to $1.9 million for first quarter of 2004. Net
charge-offs year-to-date for 2005 were $2.1 million compared to $1.8 million for
the same period in 2004. The Corporation made this increase in part due to
perceived uncertainties as to the direction of the U.S. economy, including
stagnant earnings in the corporate sector and a rise in the rate of inflation.

First Financial Corporation continues to focus on careful cost control,
proactive risk management, effective corporate governance and adherence to
internal controls and routines.

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

================================================================================


<PAGE>
                     FOR THE QUARTER ENDING MARCH 31, 2005

              (Dollar amounts in thousands except per share data)


<TABLE>
<CAPTION>
                                  03/31/05          03/31/04            CHANGE         % CHANGE
<S>                              <C>               <C>                 <C>             <C>
QUARTER TO DATE INFORMATION:

Net Income                       $    6,311        $   10,685          $ (4,374)        -40.94%
Earnings Per Average Share       $     0.48        $     0.79          $  (0.31)        -39.24%
Return on Assets                       1.17%             1.90%            -0.73%        -38.42%
Return on Equity                       9.27%            16.38%            -7.11%        -43.41%
Net Interest Margin                    3.92%             3.78%             0.14%          3.70%
Net Interest Income              $   18,343        $   17,985          $    358           1.99%
Non-Interest Income              $    7,732        $   12,525          $ (4,793)        -38.27%
Non Interest Expense             $   15,341        $   15,532          $   (191)         -1.23%
Loan Loss Provision              $    2,223        $    1,923          $    300          15.60%
Net Charge Offs                  $    2,067        $    1,765          $    302          17.11%
Efficiency Ratio                      55.90%            55.70%             0.20%          0.36%


BALANCE SHEET:

Assets                           $2,147,451        $2,198,863          $(51,412)         -2.34%
Deposits                         $1,466,457        $1,432,495          $ 33,962           2.37%
Loans                            $1,448,185        $1,432,816          $ 15,369           1.07%
Shareholders' Equity             $  270,174        $  266,133          $  4,041           1.52%
Book Value Per Share             $    20.02        $    19.67          $   0.35           1.78%
Average Assets                    2,155,728         2,241,453          $(85,725)         -3.82%
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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