First Financial Corporation Reports 2nd Quarter 2012 Results
(firmenpresse) - TERRE HAUTE, IN -- (Marketwire) -- 07/30/12 -- First Financial Corporation (NASDAQ: THFF) today announced results for the six and three months ended June 30, 2012. Net income of $16.1 and $8.7 million for the six and three months, respectively, compares to $17.2 and $8.4 million for the same periods of 2011. Return on assets for the six and three months ended June 30, 2012 was 1.11% and 1.20%, respectively, compared to 1.38% and 1.35% for the six and three months ended June 30, 2011. The first six months of 2012 include income and expenses associated with the purchase of Freestar Bank on December 31, 2011 that are not part of the results for the first six months of 2011.
Net interest income for the second quarter of 2012 was $27.7 million, an increase of 10.0% over the $25.2 million reported for the same period of 2011. Net interest income for the six months ended June 30, 2012 was $54.8 million compared to the $49.9 million reported for the same period of 2011, an increase of $4.9 million. The net interest margin at June 30, 2012 was 4.34%, compared to 4.53% reported at June 30, 2011.
The provision for loan losses for the three months ended June 30, 2012 was $1.8 million compared to the $1.4 million provision for the second quarter of 2011. For the six months ended June 30, 2012 and 2011, the provision expense was $4.7 and $2.5 million, respectively.
Non-interest income for the three months ended June 30, 2012 and 2011 was $9.8 and $7.9 million, respectively, a 23.7% increase. Securities gains and gains from the sale of mortgage loans of $1.1 million comprise most of the increase. For the six months ended June 30, 2012, non-interest income increased $3.1 million to $19.3 million from the $16.2 million for the same period of 2011. All categories of non-interest income increased.
Non-interest expense for the three months ended June 30, 2012 was $23.1 million compared to $19.4 million in 2011. For the six months ended June 30, 2012, non-interest expense was $46.5 million compared to $38.3 for the six months ended June 30, 2011. The 2012 non-interest expense contains salary, benefits and one-time expenses related to the acquisition of the Freestar Bank.
Total loans at June 30, 2012 of $1.88 billion compare to the $1.65 billion reported the same time a year ago. Deposits increased by $359.9 million to $2.25 billion. These increases were primarily driven by the Freestar Bank acquisition.
Book value per share was $27.07, a 3.82% increase from $26.07 at June 30, 2011. Shareholders' equity increased 4.05% to $358.3 million from $342.9 million on June 30, 2011. During the second quarter of 2012 the Corporation declared a $0.47 per share dividend. This marked the 24th consecutive year of dividend increases to shareholders.
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.
For more information contact:
Rodger A. McHargue
(812) 238-6334
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Datum: 30.07.2012 - 15:52 Uhr
Sprache: Deutsch
News-ID 169839
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TERRE HAUTE, IN
Kategorie:
Commercial & Investment Banking
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