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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950137-06-008239.txt : 20060728
<SEC-HEADER>0000950137-06-008239.hdr.sgml : 20060728
<ACCEPTANCE-DATETIME>20060728122812
ACCESSION NUMBER:		0000950137-06-008239
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060727
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060728
DATE AS OF CHANGE:		20060728

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:		06986801

	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>c07167e8vk.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) July 27, 2006

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

<TABLE>
<S>                                    <C>                   <C>
           Indiana                       000-16759                35-1546989
(State or other jurisdiction            (Commission             (IRS Employer
      of incorporation)                File Number)          Identification No.)
</TABLE>

<TABLE>
<S>                                                                   <C>
   P. O. Box 540, Terre Haute, Indiana                                   47808
(Address of principal executive offices)                              (Zip Code)
</TABLE>

         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 July 27, 2006, the Registrant issued a press release reporting its
financial results for the six months ended June 30, 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:

<TABLE>
<CAPTION>
Exhibit No.   Description
- -----------   -----------
<S>           <C>
    99.1      Press Release, dated July 27, 2006 issued by First
              Financial Corporation
</TABLE>

<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 July 27, 2006                     (s) Norman L. Lowery
                                        ----------------------------------------
                                        Norman L. Lowery
                                        Vice Chairman and
                                        Chief Executive Officer


Dated July 27, 2006                     (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, July 27, 2006 issued by First Financial
                 Corporation
</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c07167exv99w1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

(FIRST LOGO)

                                  News Release

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

                                              For more information contact:
July 27, 2006                                 Michael A. Carty at (812) 238-6264

              FIRST FINANCIAL CORPORATION REPORTS EARNINGS INCREASE

     First Financial Corporation (NASDAQ:THFF) today announced a 28.7% increase
in net income for the three months ending June 30, 2006 over the same period of
2005. Net income was $6.4 million or $.48 per average share compared to $5.0
million or $.37 per average share for the second quarter of 2005. This
performance brings the year-to-date earnings to $11.9 million or $.90 per
average share compared to $11.3 million or $.84 per average share reported for
the six months ended June 30, 2005.

     During the quarter net interest income improved to $18.5 million compared
to $18.3 million for the same period a year ago. The Corporation's improved
asset quality, evidenced by a 15% reduction in classified assets at June 30,
2006 as compared to June 30, 2005, resulted in a reduction of the provision for
loan losses of $3.1 million compared to the prior year quarter. Due to a higher
interest rate environment, the Corporation has chosen to retain mortgage loans
in the portfolio during 2006. This has resulted in $413 thousand less income
from gains on the sale of loans during the second quarter of 2006 compared to
the second quarter of 2005. Total non-interest income of $7.2 million for this

<PAGE>

period was $592 thousand less than 2005. Non-interest expenses for the second
quarter increased by $434 thousand or 2.7% over the same period of 2005. A new
banking center facility in Vincennes, Indiana which opened early in 2006,
accounted for 36% or $156 thousand of this increase.

     During the quarter deposits of the Corporation increased $9.9 million from
the same period in 2005. While loans have decreased during this period $75
million or 5.1% as a result of reducing classified assets and improving asset
quality, loans have increased from the first quarter of this year by $4.1
million and total assets increased by $22.1 million for the same period. For the
18th consecutive year the Corporation increased dividends to the shareholders.
The dividend of $.42 per share was declared during the second quarter and
reduced shareholders' equity $5.7 million.

     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.

<PAGE>

                           FIRST FINANCIAL CORPORATION

       Financial Ratios for the Quarter and Six Months Ended June 30, 2006

               (Dollar amounts in thousands except per share data)

<TABLE>
<CAPTION>
                                06/30/06     06/30/05     $ CHANGE   % CHANGE
                               ----------   ----------   ---------   --------
<S>                            <C>          <C>          <C>         <C>
YEAR TO DATE INFORMATION:
Net Income                     $   11,934   $   11,303   $     631      5.58%
Earnings Per Average Share     $     0.90   $     0.84   $    0.06      7.14%
Return on Assets                     1.11%        1.05%       0.06%     5.71%
Return on Equity                     8.75%        8.30%       0.45%     5.42%
Net Interest Margin                  3.92%        3.95%      -0.03%    -0.76%
Net Interest Income            $   36,907   $   36,621   $     286      0.78%
Non-Interest Income            $   14,628   $   15,539       ($911)    -5.86%
Non-Interest Expense           $   32,427   $   31,118   $   1,309      4.21%
Loan Loss Provision            $    2,848   $    6,006     ($3,158)   -52.58%
Net Charge Offs                $    2,745   $    8,360     ($5,615)   -67.17%
Efficiency Ratio                    60.07%       56.94%       3.13%     5.50%

QUARTER TO DATE INFORMATION:
Net Income                     $    6,425   $    4,992   $   1,433     28.71%
Earnings Per Average Share     $     0.48   $     0.37   $    0.11     29.73%
Return on Assets                     1.19%        0.93%       0.26%    27.96%
Return on Equity                     9.41%        7.34%       2.07%    28.20%
Net Interest Margin                  3.90%        3.98%      -0.08%    -2.01%
Net Interest Income            $   18,511   $   18,278   $     233      1.27%
Non-Interest Income            $    7,215   $    7,807       ($592)    -7.58%
Non-Interest Expense           $   16,211   $   15,777   $     434      2.75%
Loan Loss Provision            $      645   $    3,783     ($3,138)   -82.95%
Net Charge Offs                $    1,359   $    6,137     ($4,778)   -77.86%
Efficiency Ratio                    60.15%       57.99%       2.16%     3.72%

BALANCE SHEET:
Assets                         $2,177,763   $2,157,759   $  20,004      0.93%
Deposits                       $1,499,474   $1,489,608   $   9,866      0.66%
Loans                          $1,386,137   $1,461,131    ($74,994)    -5.13%
Shareholders' Equity           $  267,076   $  268,545     ($1,469)    -0.55%
Book Value Per Share           $    20.13   $    20.04   $    0.09      0.45%
Average Assets                  2,148,024    2,150,014     ($1,990)    -0.09%
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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