FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FIRST FINANCIAL CORPORATION
March 31 , 1999
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 1999
Commission File Number 0-16759
FIRST FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA 35-1546989
(State or other jurisdiction (I.R.S. Employer
Incorporation or organization) Identification No.)
One First Financial Plaza, Terre Haute, IN 47807
(Address of principal executive office) (Zip Code)
(812) -238-6000
(Registrant s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes __x___ No _____.
As of March 31, 1999 were outstanding 6,975,219 shares without par value, of
the registrant.
1
FIRST FINANCIAL CORPORATION
FORM 10-Q
INDEX
PART I. Financial Information Page No.
Item 1. Financial Statements:
Consolidated Statements of Condition.... ...............3
Consolidated Statements of Income.......................4
Consolidated Statements of Shareholders
Equity and Comprehensive Income.......................5
Consolidated Statements of Cash Flows...................6
Notes to Consolidated Financial Statements..............7
Item 2. Management s Discussion and Analysis of
Financial Condition and Results
of Operations............................9
PART II. Other Information:
Signatures.................................................................14
2
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
March, 31 December, 31
1999 1998
(Unaudited)
(Amounts in thousands)
ASSETS
Cash and due from banks $46,209 $54,877
Federal funds sold and securities purchased under agreement to resell 27,410 450
Investments, available-for-sale 594,833 633,365
Loans:
Commercial, financial and agricultural 232,420 233,080
Real estate - construction 34,908 32,880
Real estate - mortgage 641,868 636,615
Installment 205,329 205,251
Lease financing 5,656 5,825
1,120,181 1,113,651
Less:
Unearned income 1,818 1,886
Allowance for loan losses 17,390 16,429
1,100,973 1,095,336
Accrued interest receivable 12,718 14,704
Premises and equipment, net 24,561 24,426
Other assets 27,330 26,594
TOTAL ASSETS $1,834,034 $1,849,752
LIABILITIES AND SHAREHOLDERS EQUITY
Deposits:
Noninterest-bearing $145,123 $148,747
Interest-bearing:
Certificates of deposit of $100,000 or more 199,690 196,773
Other interest-bearing deposits 895,467 914,845
1,240,280 1,260,365
Short-term borrowings:
Federal funds purchased and securities
sold under agreements to repurchase 80,736 100,571
Treasury tax and loan open-end note 2,429 3,061
Advances from Federal Home Loan Bank 202,118 185,930
285,283 289,562
Other liabilities 19,225 21,504
Long-term debt 6,613 6,619
Long-term advances from Federal Home Loan Bank 105,353 89,519
TOTAL LIABILITIES 1,656,754 1,667,569
Shareholders equity:
Common stock, $.125 stated value per share;
authorized 10,000,000 shares; issued and outstanding 903 903
7,225,483 shares for 1998 and 1999 including treasury shares of
91,093 in 1998 and 250,264 in 1999
Additional capital 66,680 66,680
Retained earnings 115,558 110,566
Accumulated other comprehensive income:
Unrealized gains on investments, net of tax 5,988 8,123
Less: Treasury shares at cost -11,849 -4,089
TOTAL SHAREHOLDERS EQUITY 177,280 182,183
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $1,834,034 $1,849,752
The accompanying notes are an integral part of the consolidated financial statements.
3
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31
1999 1998
(Unaudited)
(Amounts in thousands,
except per share data)
INTEREST INCOME:
Loans $23,434 $22,604
Investment securities:
Taxable 6,999 6,613
Tax-exempt 1,999 1,964
8,998 8,577
Other interest income 334 298
TOTAL INTEREST INCOME 32,766 31,479
INTEREST EXPENSE:
Deposits 11,431 12,191
Other 4,852 3,883
TOTAL INTEREST EXPENSE 16,283 16,074
NET INTEREST INCOME 16,483 15,405
Provision for loan losses 1,482 1,407
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 15,001 13,998
OTHER INCOME
Trust department income 737 582
Service charges on deposit accounts 301 320
Other service charges and fees 1,116 1,080
Investment securities gains 24 352
Other 669 282
2,847 2,616
OTHER EXPENSES
Salaries and employee benefits 6,064 5,994
Occupancy expense 735 704
Equipment expense 883 818
Other 3,203 2,990
10,885 10,506
INCOME BEFORE INCOME TAX
EXPENSE 6,963 6,108
Income Tax Expense 1,971 1,608
NET INCOME $ 4,992 $ 4,500
BASIC EARNINGS PER SHARE $0.71 $ 0.62
Weighted average number of
shares outstanding 7,046 7,225
The accompanying notes are an integral part of the consolidated financial statements.
4
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
AND COMPREHENSIVE INCOME
Three Months Ended
March 31, 1999 and 1998
Accumulated
Other
(Dollar amounts in thousands, Common Additional Retained Comprehensive Treasury
except per share data) Stock Capital Earnings Income Stock Total
Balance, January 1, 1999 $903 $66,680 $110,566 $8,123 $- 4,089 $182,183
Comprehensive income:
Net income 4,992 4,992
Other comprehensive income,
net of tax:
Change in unrealized gains on securities,
net of tax of $-1,141 -2,119 -2,119
Less: reclassification adjustment
for gains included in net
income, net of tax of $-9 - 16 - 16
Total comprehensive income 2,857
Treasury stock purchase - 7,760 -7,760
____________________________________________________________________________________
Balance, March 31, 1999 $903 $66,680 $115,558 $5,988 $-11,849 $177,280
Balance, January 1, 1998 $877 $59,787 $ 98,046 $6,770 - $165,480
Comprehensive income:
Net income 4,500 4,500
Other comprehensive income,
net of tax:
Change in unrealized gains on securities,
net of tax of $-281 -522 -522
Less: reclassification adjustment
for gains included in net
income, net of tax of $-123 -229 -229
Total comprehensive income 3,749
Issurance of shares for
Morris Plan acquisition 26 6,893 6,919
___________________________________________________________________________________
Balance, March 31, 1998 $903 $66,680 $102,546 $6,019 $ - $176,148
5
FIRST FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31,
1999 1998
(Unaudited)
(Amounts in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $4,992 $4,500
Adjustment to reconcile net income to net cash
provided by operating activities:
Net amortization of discounts on investments -375 -421
Provision for loan losses 1,482 1,407
Investment gains -24 -352
Provision for depreciation and amortization 703 637
Provision for deferred income taxes -397 273
Net decrease in accrued interest receivable 1,986 815
Other, net 1,445 156
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,812 7,015
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales and maturities of available-for-sale securities 100,905 87,284
Purchases of available-for-sale securities -65,032 -105,125
Loans made to customers, net of repayments -7,034 -6,328
Net increase in federal funds sold -26,960 -9,520
Additions to premises and equipment -909 -598
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 970 -34,287
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase from sales and
redemptions of certificates of deposit -8,172 61,528
Net decrease in other deposits -11,913 -40,057
Net (decrease) increase in short-term borrowings -4,279 13,673
Cash dividends -3,154 -2,740
Purchase of treasury stock -7,760 0
Net increase (decrease) in long-term debt and advances 15,828 -689
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES -19,450 31,715
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS -8,668 4,443
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 54,877 54,285
CASH AND CASH EQUIVALENTS, END OF PERIOD $46,209 $58,728
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest $16,327 $15,537
Income taxes paid $ 721 $531
The accompanying notes are an integral part of the consolidated financial statements.
6
FIRST FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The accompanying March 31, 1999 and 1998 consolidated financial statements
are unaudited. The December 31, 1998 consolidated financial statements are as
reported in the First Financial Corporation (the Corporation) 1998 annual
report. The following notes should be read together with notes to the
consolidated financial statements included in the 1998 annual report.
1. The significant accounting policies followed by the Corporation and its
subsidiaries for interim financial reporting are consistent with the accounting
policies followed for annual financial reporting. All adjustments which are,
in the opinion of management, necessary for a fair statement of the results for
the periods reported have been included in the accompanying consolidated
financial statements and are of a normal recurring nature.
Effective January 1, 1998, the Corporation adopted Statement of Financial
Accounting Standards (SFAS) No. 130, Reporting Comprehensive Income. SFAS No.
130 establishes standards for the reporting and display of comprehensive income
and its components in a full set of general-purpose financial statements.
SFAS No. 131, Disclosures about Segments of an Enterprise and Related
Information, establishes a new framework for segment reporting. The Corporation
adopted SFAS No. 131 in 1998 and determined that it has only one segment of
reporting as presented in the consolidated balance sheets and statements of
income. The Corporation does not have significant revenues from external
customers domiciled outside of the United States or places significant reliance
on major customers. As many of the assets of the Corporation are used for the
various products and services provided to customers, an allocation of revenues
and expenses for each major product or service is considered impracticable to
determine for each period ended.
SFAS No. 132, Employers Disclosures about Pensions and Other
Postretirement Benefits, was adopted by the Corporation in 1998. This statement
does not change the measurement or recognition of the benefit plans, but it
standardizes the disclosure requirements for pensions and other postretirement
benefits.
SFAS No. 133, Accounting for Derivative Instruments and Hedging
Activities, establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts and for hedging activities. SFAS No. 133, which will be adopted by the
Corporation in 2000, is not anticipated to have a material impact on the
Corporation's financial position or results of operations.
2. A loan is considered to be impaired when, based upon current information and
events, it is probable that the Corporation will be unable to collect all
amounts due according to the contractual terms of the loan. Impairment is
primarily measured based on the fair value of the loan's collateral.
The following table summarizes impaired loan information.
(000's)
March 31,
1999 1998
Impaired loans with related allowance for loan losses calculated under
SFAS No. 114............................................................... $3,033 $1,440
Interest payments on impaired loans are typically applied to principal
unless collection of the principal amount is deemed to be fully assured, in
which case interest is recognized on a cash basis.
7
Interest income on commercial loans and residential real estate loans is no
longer accrued at the time the loan is 90 days delinquent unless the credit is
well secured and in the process of collection. Commercial loans are charged off
at the time the loan becomes 180 days delinquent unless the loan is well secured
and in process of collection, or other circumstances support collection. Credit
card loans and other unsecured personal credit lines are typically charged off
no later than 180 days delinquent. Other consumer loans are typically charged
off when they become 150 days delinquent. In all cases, loans must be placed on
nonaccrual status or charged off at an earlier date if collection of principal
or interest is considered doubtful.
The interest on these loans is accounted for on the cash basis or cost
recovery method, until qualifying for return to accrual status. Loans may be
returned to accrual status when all the principal and interest amounts
contractually due are paid.
3. Investments
The cost and fair value of the Corporation s investments at March 31, 1999
are shown below. All investments are classified as available-for-sale.
(000's)
March 31, 1999
Amortized Cost Fair Value
Available-For-Sale:
United States Government $182,990 $184,058
United States Government Agencies 204,658 205,414
State and Municipal 151,514 157,274
Other 48,094 48,087
$587,256 $594,833
4. Changes in Shareholders Equity
Under the Corporation s common stock repurchase program announced in September
1998, the Corporation has repurchased 250,264 shares as of March 31, 1999
compared to 91,903 shares as of December 31, 1998.
In March 1998, the Corporation completed it s acquisition of The Morris Plan
Company of Terre Haute, which was accounted for using the purchase method and
resulted in goodwill of $2.4 million.
8
FIRST FINANCIAL CORPORATION
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The purpose of this discussion is to point out key factors in the
Corporation's recent performance compared with earlier periods. The discussion
should be read in conjunction with the financial statements beginning on page
three of this report. All figures are for the consolidated entities. It is
presumed the readers of these financial statements and of the following
narrative have previously read the Corporation's annual report for 1998.
Forward-looking statements contained in the following discussion are based
on estimates and assumptions that are subject to significant business, economic
and competitive uncertainties, many of which are beyond the Corporation's
control and are subject to change. These uncertainties can affect actual results
and could cause actual results to differ materially from those expressed in any
forward-looking statements in this discussion.
Summary of Operating Results
Net income of $5.0 million was up 10.9% from the $4.5 million reported in
1998. Basic earnings per share was up 14.5% from the $.62 reported in the first
quarter of 1998 to $.71 per share for the same period in 1999.
The increased earnings are the result of a 7.0% increase in net interest
income and an 8.8% increase in non-interest income over the same period for
1998.
Net Interest Income
The Corporation's primary source of earnings is net interest income, which
is the difference between the interest earned on loans and other investments and
the interest incurred for deposits and other sources of funds. Net interest
income increased to $16.5 million in the first three months of 1999 from $15.4
million in the same period of 1998 due to an increase in earning asset volume
while the net interest margin decreased to 4.08% in 1999 from 4.18% in the same
period of 1998. This decrease resulted from a shift in the deposit mix to higher
cost deposit products.
Other Income
Other income for the three month period ending March 31, 1999, as compared
to the same period of 1998 increased $.2 million or 8.8%. Trust department
income and other income increased to $.7 million and $.7 million or 26.6% and
137.2% respectively compared to the same period of 1998. The main reason for the
increase of other income is the result of realized gains from the sale of other
real estate owned and the sale of mortgage loans in the secondary market for $.2
million and $.1 million, respectively.
These increases were partially offset by the reduction in realized gains
from investments sales of $.3 million.
Other Expenses
Other expenses for the first three months of 1999, as compared to the same
period of 1998, increased to $10.9 million from $10.5 million. Most categories
of other expenses increased due to overall growth.
9
Allowance for Loan Losses
The Corporation s provision for loan losses increased to $1.5 million for
the first three months of 1999 compared to $1.4 million in the same period of
1998.
At March 31, 1999, the allowance for loan losses was 1.55% of net loans.
This compares with an allowance of 1.48% at December 31, 1998. Net chargeoffs
for the first three months of 1999 were $.5 million compared to $.7 million for
the same period of 1998. The ratio of net chargeoffs to average loans
outstanding for the last five years ended December 31, 1998, was .33%. With this
experience and based on management's review of the portfolio, management
believes the allowance of $17.4 million at March 31, 1999 is adequate.
Underperforming Assets
Underperforming assets consist primarily of (1) nonaccrual loans and leases
on which the ultimate collectability of the full amount of interest is
uncertain, (2) loans and leases which have been renegotiated to provide for a
reduction or deferral of interest or principal because of a deterioration in
the financial position of the borrower, (3) loans and leases past due ninety
days or more as to principal or interest and (4) land sold on contract. A
summary of underperforming assets at March 31, 1999 and December 31, 1998
follows:
(000') (000')
March 31, 1999 December 31, 1998
Nonaccrual loans and leases $ 4,153 $ 4,103
Renegotiated loans and leases 1,058 70
Land sold on contract and others 1,957 1,914
Total non-performing assets $ 7,168 $ 6,087
Ninety days past due loans and leases 6,399 8,184
Total underperforming assets $13,567 $ 14,271
Ratio of the allowance for loan losses
as a percentage of non-performing assets 243% 270%
Ratio of the allowance for loan losses
as a percentage of underperforming assets 128% 115%
10
The following loan categories comprise significant components of the under-
performing loans at March 31, 1999 and December 31, 1998.
Non-Accrual Loans:
(000's) (000's)
March 31, 1999 December 31, 1998
1-4 family residential $ 2,004 48% $ 1,927 47%
Commercial loans 1,275 31 587 14
Installment loans 849 20 879 22
Other, various 25 1 710 17
$4,153 100% $4,103 100%
Past due 90 days or more:
1-4 family residential $3,487 55% $3,456 42%
Commercial loans 589 9 2,963 36
Installment loans 1,985 31 590 7
Other, various 338 5 1,175 15
$6,399 100% $8,184 100%
There are no material industry concentrations within the underperforming
loans.
In addition to the above Underperforming loans, certain loans are felt by
management to be impaired for reasons other than the current repayment status.
Such reasons may include but not be limited to previous payment history,
bankruptcy proceedings, industry concerns, or information related to a specific
borrower that may result in a negative future event to that borrower. At
March 31, 1999 the Corporation had $1.9 million of these loans which are still
in accrual status.
Interest Rate Sensitivity and Liquidity
The Corporation charges the nine subsidiary banks with monitoring and
managing their individual sensitivity to fluctuations in interest rates and
assuring that they have adequate liquidity to meet loan demand or any potential
unexpected deposit withdrawals. This function is facilitated by the
Asset/Liability Committee. The primary goal of the committee is to maximize net
interest income within the interest rate risk limits approved by the Board of
Directors. This goal is accomplished through management of the subsidiary bank's
balance sheet liquidity and interest rate risk exposures due to the changes in
economic conditions and interest rate levels.
Interest Rate Risk
Management considers interest rate risk to be the Corporation s most
significant market risk. Interest rate risk is the exposure to changes in net
interest income as a result of changes in interest rates. Consistency in the
Corporation's net income is largely dependent on the effective management of
this risk.
The Committee reviews a series of monthly reports to ensure that
performance objectives are being met. The Committee monitors and controls
interest rate risk through earnings simulation. Simulation modeling measures
the effects of changes in interest rates, changes in the shape of the yield
curve, and changes in prepayment speeds on net interest income. The primary
measure of Interest Rate Risk is "Earnings at Risk." This measure projects the
earnings effect of various rate movements over the next three years on net
interest income. It is important to note that measures of interest rate risk
have limitations and are dependent upon certain assumptions. These assumptions
are inherently uncertain and, as a result, the model cannot precisely predict
the impact of interest rate fluctuations on net interest income. Actual results
will differ from simulated results due to timing, frequency and amount of
interest rate changes as well as overall market conditions. The Committee has
performed a thorough analysis and believes the assumptions to be valid and
theoretically sound. The relationships are continuously monitored for
behavioral changes.
11
In its interest rate risk management, the Corporation currently does not
utilize any derivative products and is not engaged in securities trading
activity. The Corporation instead invests in assets whose value is derived from
an underlying asset. These assets include government agency issued mortgage-
backed securities. The performance of these assets in changing rate
environments is included in the following table.
The table below shows the Corporation's estimated earnings sensitivity
profile as of March 31, 1999. Given a 100 basis point increase in rates, net
interest income would decrease 3.83% over the next 12 months and decrease 4.27%
over the next 24 months. A 100 basis point decrease would result in a 1.20%
increase in net interest income over the next 12 months and a .88% increase over
the next 24 month periods. These estimates assume all rates changed overnight
and management took no action as a result of this change.
Basis Point Percentage Change in Net Interest Income
Interest Rate Change 12 months 24 months 36 months
Down 300 -.84% -1.63% -9.26%
Down 200 1.44 .86 -4.24
Down 100 1.20 .88 -1.72
Up 100 -3.83 - 4.27 -1.95
Up 200 -7.66 -8.24 -3.37
Up 300 -11.69 -12.32 -4.60
The Corporation uses products which contain options, most notably callable
agency securities and putable Federal Home Loan Bank advances. The securities
pay a premium rate and the advances charge a discounted rate in exchange for the
option. Therefore, there is a benefit to current income by using these products.
Typical rate shock analysis does not reflect management s ability to react and
thereby reduce the effects of rate changes, and represents a worst case
scenario. The model assumes no actions are taken and prices change to the full
extent of the rate shock.
Liquidity Risk
Liquidity is measured by each bank's ability to raise funds to meet the
obligations from its customers, including deposit withdrawals and credit needs.
This is accomplished primarily by maintaining sufficient liquid assets in the
form of investment securities and core deposits. The Corporation has $16.1
million of investments that mature throughout the coming 12 months. The
Corporation also anticipates $88.6 million of principal payments from mortgage-
backed securities. Given the current interest rate environment, the Corporation
anticipates $27.0 million of securities to be called within the next 12 months.
With these sources of funds, the Corporation currently anticipates adequate
liquidity to meet the expected obligations of its customers.
Capital Adequacy
As of March 31, 1999 the Corporation's leverage ratio was 9.24% compared
to 9.51% at December 31, 1998.
At March 31, 1999 the Corporation's total capital, which includes Tier II
capital, was 16.61% compared to 16.29% at December 31, 1998. These amounts
exceed minimum regulatory capital requirements.
12
Year 2000
The Year 2000 problem concerns the inability of information systems to
properly recognize and process date sensitive information beginning on December
31, 1999. The Corporation has developed a Year 2000 team responsible for
ensuring that its information technology (IT) systems and software, and non-IT
systems are Year 2000 compliant in time to minimize any significant detrimental
effects on operations and service to its customers.
The Corporation is currently in the validation stage of a five step Year
2000 program. The awareness, assessment and renovation steps have been
completed for all mission critical applications. The validation stage includes
the necessary software and hardware testing that is required as well as ongoing
discussions with vendors and customers on the success of their validation
efforts. The Corporation utilizes Fiserv-CBS software for processing all of its
core applications. The testing of this software began on September 1, 1998, and
was substantially completed by the end of 1998. Currently the Corporation is
focusing on maintaining the internal core processing system s readiness and will
be continuing the effort until the Year 2000. In addition, the Corporation will
continue to manage third party system relationships, update disaster recovery
and contingency plans, and will also continue to test secondary computer
systems. The Corporation is confident that the remainder of the systems Year
2000 testing will be substantially completed by June 30, 1999.
The Corporation is in the process of corresponding with its major
commercial loan customers and major suppliers and vendors to assess the credit
risk related to the Year 2000 problem as well as the risk of business
interruption. The majority of the Corporation s non-IT related systems have
been assessed as Year 2000 compliant or are in the final testing phase which
will be completed by June 30, 1999.
The total estimated cost related to the Year 2000 issue, including the cost
of replacing equipment is $615,000. Total incremental cost incurred through
March 31, 1999 is approximately $400,000. The Corporation does not expect that
the cost relating to the Year 2000 project will have a material effect on the
results of its operations or financial condition.
The above expectations are subject to inherent uncertainties of the Year
2000 problem, including the readiness of third-party suppliers and regulatory
agencies that the Corporation depends upon to meet customers needs. The
failure to correct a material problem could result in an interruption or failure
of normal business activities or operations. Such failures could materially
affect the Corporation s ability to meet customers needs and ultimately affect
its results of operations and financial condition. The Corporation believes
that with the successful completion of its Year 2000 program, the possibility of
significant interruptions will be reduced.
Concurrently with the Year 2000 program described above, the Corporation is
developing contingency plans intended to mitigate the possible disruption in
business operations that may result from the year 2000 problem and is estimating
the costs for such plans. Contingency plans may include increasing cash in
vault, ordering extra forms/supplies, increasing allowance for loan loss
allocation for year 2000 credit risk, establishing trigger dates for activating
alternative solutions/vendors, identifying possible alternative vendors,
preparing for some manual preparation of checks, forms, etc. , and other
appropriate measures. Once developed, contingency plans and related cost
estimates are being continually refined as information becomes available.
13
FIRST FINANCIAL CORPORATION
PART II OTHER INFORMATION
FORM 10-Q
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST FINANCIAL CORPORATION
(Registrant)
Date: May 14, 1999 By (Signature)
Donald E. Smith, President
Date: May 14, 1999 By (Signature)
John W. Perry, Secretary
Date: May 14, 1999 By (Signature)
Michael A. Carty, Treasurer
14