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<SEC-DOCUMENT>0000950137-06-005119.txt : 20060428
<SEC-HEADER>0000950137-06-005119.hdr.sgml : 20060428
<ACCEPTANCE-DATETIME>20060428141535
ACCESSION NUMBER:		0000950137-06-005119
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060428
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060428
DATE AS OF CHANGE:		20060428

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:		06788940

	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>c04781e8vk.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 28, 2006


                           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 28, 2006, the Registrant issued a press release reporting its
financial results for the three months ended March 31, 2006. 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 28, 2006 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 28, 2006                (s) Norman L. Lowery
                                      ------------------------------------------
                                      Norman L. Lowery
                                      Vice Chairman and Chief Executive Officer


Dated   April 28, 2006                (s) Michael A. Carty
                                      ------------------------------------------
                                      Michael A. Carty
                                      Secretary/Treasurer and Chief Financial
                                        Officer

<PAGE>

                                  Exhibit Index


Exhibit Number


    99.1              Press Release, April 28, 2006 issued by
                      First Financial Corporation






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c04781exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1


[FIRST FINANCIAL CORPORATION LOGO]                            News Release


FIRST FINANCIAL CORPORATION
ONE FIRST FINANCIAL PLAZA, TERRE HAUTE, INDIANA  47807  (812) 238-6000


                                              For more information contact:
April 28, 2006                                Michael A. Carty at (812) 238-6264


         FIRST FINANCIAL CORPORATION RELEASES 2006 RESULTS OF OPERATIONS

         First Financial Corporation today announced net income of $5.5 million
for the first quarter of 2006. During the quarter net-interest margin improved
to 3.94% compared to the 3.92% for the same period a year ago. Due to improved
asset quality the provision for loan losses was reduced slightly compared to the
1st quarter of 2005 and was $881 thousand less than the 4th quarter of 2005
reflecting lower net charge-off's for the three month period ending March 31,
2006. Non-performing loans were reduced by 25% since year end and 58% since the
same period in 2005. Classified credits which are substandard, doubtful or loss
were reduced by $8.0 million during the quarter and by $14.6 million since the
end of the first quarter in 2005.

           Deposits increased $36.6 million or 2.5% from the same period in
2005. The increased deposits correspondingly allowed for a reduction of
borrowings by $30.0 million. Lower demand for loans resulting from a slowdown in
economic activity during the quarter resulted in a decrease in total loans of
4.6%, or $66.9 million. Investment securities and federal funds sold increased
by $74.0 million, while non-earning assets were reduced $9.8 million or 6.2%.
Cash and due from banks was reduced $7.4 million from March 31, 2005 allowing
for increased investment in earning assets.

           Due to the reduced demand for residential mortgage loans,
non-interest income for the three months ended March 31, 2006 was $319 thousand
less than the same period of 2005. Non-interest expenses increased 5.7% or $875
thousand primarily because of increased benefit costs, higher technology costs
and costs associated with opening of a new banking center. Employee compensation
increased $266 thousand or 4%. First Financial Bank, the Corporation's lead
bank, opened a new banking center in Vincennes, Indiana.

           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.




<PAGE>
                          FIRST FINANCIAL CORPORATION

                     FOR THE QUARTER ENDING MARCH 31, 2006

              (Dollar amounts in thousands except per share data)

<Table>
<Caption>
                                                  03/31/06        03/31/05       CHANGE       % CHANGE

<S>                                             <C>             <C>          <C>            <C>
QUARTER TO DATE INFORMATION:

Net Income                                          $5,509          $6,311       ($802)        -12.71%
Earnings Per Average Share                           $0.41           $0.48      ($0.07)        -14.58%
Return on Assets                                     1.03%           1.17%       -0.14%        -11.97%
Return on Equity                                     8.08%           9.27%       -1.19%        -12.84%
Net Interest Margin                                  3.94%           3.92%        0.02%          0.51%
Net Interest Income                                $18,396         $18,343          $53          0.29%
Non-Interest Income                                 $7,413          $7,732       ($319)         -4.13%
Non Interest Expense                               $16,216         $15,341         $875          5.70%
Loss Provision                                      $2,203          $2,223        ($20)         -0.90%
Net Charge Offs                                     $1,386          $2,067       ($681)        -32.95%
Efficiency Ratio                                    60.00%          55.90%        4.10%          7.33%


BALANCE SHEET:

Assets                                          $2,154,770      $2,147,451       $7,319          0.34%
Deposits                                        $1,503,044      $1,466,457      $36,587          2.49%
Loans                                           $1,381,258      $1,448,185    ($66,927)         -4.62%
Shareholders' Equity                              $271,833        $270,174       $1,659          0.61%
Book Value Per Share                                $20.42          $20.02        $0.40          2.00%
Average Assets                                   2,134,362       2,155,728    ($21,366)         -0.99%
</Table>

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