FIRST I^INANCI
ORPORATION
l005-0;i
^r^lehmting
hiiings bervices
APR 01 2009
SNL Financial, LC
1-800-969-4121
2008 ANNUAL REPORT
•Ti,!i';S'i^-i'*i;«l#f!.'',
Our Service Area
Our Mission
The mission of First Financial Corporation Is to be the FIRST choice for all your financial needs.
Sliareliolder information
•< N A S D Aq
The common stock of First Financial Corporation is traded on the NASDAQ
Global under the symbol THFF A copy of form 10-K, as filed with the Securities
and Exchange Commission, is available upon written request to: Michael A. Carty, First Financial
Corporation, P.O. Box 540, Terre Haute, IN 47808.
©2009 First Financial Corporation
2 0 08 A N N U AL REPORT
Financial Highlights
Dollar amounts in thousands, except per share amounts
2 0 08
2007
2 0 06
December 3 1,
FORTHEYEAR
Net income
Net income per share
Book value per share
Cash dividends per share
AT YEAR END
Assets
Deposits
Loans, net
Securities
Shareholders' equit)^
NETINCOME
in millions
$25.6
$
24,769
$
25,580
$
23,539
1.89
21.87
.89
1.94
21.49
.87
1.77
20.44
.85
$2,302,675
$2,231,562
$2,175,998
1,563,498
1,471,327
596,915
286,844
1,529,721
1,443,067
558,020
281,692
1,502,682
1,392,755
530,400
271,260
DEPOSITS
in millions
$2000 •
$ 1 , 5 0 2 .7
^
'"
* ' ' ' ' ' •'
2006
2007
2008
2006
2007
2008
NET LOANS
in millions
SHAREHOLDERS' EQUITIT
in millions
Sl,443.1-.-».™«i5ItL
2006
2007
2008
2006
2007
2008
FIRST F I N A N C I AL C O R P O R A T I ON
Letter to Shareholders
To our Shareholders and Friends:
It will be decades before our memories fade of 2008 and ofthe collapse, or
near collapse, of many ofthe giants ofthe fmancial world. The news media are
dominated by stories of bailouts and economic stimulus packages. Locally,
businesses are failing and we all know someone who has lost his or her job. Our
industry has been hard hit during the past year as fmancial institutions, one after
another, have informed their constituents of less than satisfactory performance,
which in some instances threatens their very essence and brings their long-term
viability into question. For many companies, the only answer has been to par
ticipate in the federal bailout program. We have no intention of criticizing the
companies that elected to participate because we have no particular knowledge
oftheir practices or circumstances. We are happy, however, to report to our
shareholders that because ofour strong capital position and consistent perfor
mance. First Financial Corporation did not apply for, nor did it accept, any
federal bailout funds.
National and International Recognition
During the past year. First Financial Bank received several recognitions of
Donald E. Smith
Presicient and Chairman
which we are extremely proud. The Banker, a London-based banking industry publication, again named First Financial
Bank one the top 1,000 banks in the world and top 200 banks in the United States based on capital levels, return on
assets, real profits growth and other performance factors. Bauer Financial Inc., a leading independent bank rating firm,
honored First Financial Bank with its prestigious 5-Star Rating and TheStreet.com awarded us its highest "A" rating,
placing First Financial in the top four percent of banks in America based on financial strength and stability. We appreciate
these recognitions as they are tributes to our employees and their dedication to providing value to you, our shareholders.
Financial Accomplishments
The news of reckless and greedy behavior on Wall Street may lead some to believe poor performance was the norm
for financial institutions in 2008. We are pleased to report otherwise. Our talented employees, commitment to customer
relationships, dedication to outstanding service, quality products and unparalleled delivery system paved the way for a
successful 2008. Our financial highlights for the year include:
• Net income of $24.8 million;
• Record net interest income of $81.5 million, up 8.96% over 2007;
• Record net interest margin of 4.06%, up from 3.57% in 2007;
• A continued strong capital position;
• A 3.2% increase in total assets to $2.3 billion;
• A 2.2% increase in total deposits to $1.6 billion;
•
Increased annual dividends for the 20th consecutive year.
First Class Customer Service
We remain committed to our customers and to adding value to their experience. During 2008, we expanded
"First Class Service," a corporate-wide commitment to provide superior service that cannot be easily duplicated by
our competition. We also instituted a monthly branch shopping program utilizing actual customers. We know great
service is determined individually by customers, one at a time, so there is no better way to evaluate our service than
by using our own customers. We are happy to report, based on these evaluations, each ofour branches exceeded
customer satisfaction goals for 2008.
2 0 08 A N N U AL REPORT
» ^ ^ ^ ^ _ . ^ ^ ^_ ^ ^ ^ ^K
j B H ^ ^ ^y ^ ^ ^^
j ^ H ^^ ^ a ^^
Convenience is important to our customers. To further our commitment to being
"Always Close to Fiome," we broke ground in February 2009 for our 49th banking center
at Sycamore Terrace on Terre Haute's east side. This branch, together with our new drive-
through ATM in Riley, Ind., allows us to better serve this developing retail center and south-
eastern Vigo County. In 2008, we also introduced mobile banking, an extension ofour
internet banking product. This service, valued by many ofour younger customers, allows
them to manage accounts, transfer funds and pay bills conveniently using their cell phones.
Enhancing the Communities We Serve
During the year, hundreds of our employees contributed thousands of hours to civic and
charitable causes. As an engaged community partner, to assist civic and charitable organiza
tions in their fundraising efforts, the Corporation financially supported a variety of pro
grams and events that make a substantial difference in the regions we serve. Following are
several we would like to highlight:
• For the past 32 years. First Financial Bank has invited local not-for-profit organizations
Norman L. Lowery
CEO and Vice Chairman
to decorate our 12 Vigo County banking centers to celebrate "Christmas Around the
World." Each organization receives a cash award for its creative efforts. First originated and
continues to sponsor "Christmas in the Park," in which area organizations earn cash prizes
for decorating the picnic shelters in Terre Haute's Deming Park. Now in its 23rd year, the event has become a popular holi
day tradition; more than 100,000 people drive through the park each December to see the lighted displays.
• First Financial Bank has sponsored the Vigo County School Corporation's Teacher ofthe Year Award for 25 years.
This award recognizes a local educator for exceptional teaching ability. The recipient is presented with a plaque, a Waterford
mantle clock and a cash award from First Financial Bank during a program at his or her school. First Financial Corporation
also underwrites the Vigo County School Corporation's annual Academic Excellence Awards, which honor middle and high
school students who have the highest grade-point average in their grade level.
• First Financial Bank is a key sponsor for the Dancing with the Stars competition, a major fundraiser for C H A N C ES for
Indiana Youth. Each year thousands of young people in our communities learn about substance abuse prevention through
CFLANCES programs and services such as summer day camps and after school care. The organization has been recognized
locally and nationally for its efforts in tobacco, alcohol and drug abuse prevention for children and teens.
175 Years of Continuous Senice
In 2009, First Financial Bank observes its 175th anniversary. It is a significant milestone not only for our bank and our
employees, but also for the communities we serve, where we have forged enduring partnerships that make them better places to
live and work. As we celebrate our history, we renew our commitment to the values that sustained us and that still provide the
foundation for fiature achievements—a strong focus on customer service and a clear vision to help people and businesses reach
their fmancial goals.
Our longevity and success cannot and should not be taken for granted. There are many we must thank for our outstanding
performance. First, we would like to thank our customers for their loyalty and trust. Without them, we have no purpose. We
would also like to thank our Directors for their vision and support. A special thanks goes to our dedicated employees, whose
commitment and hard work are the bedrock ofour success. Finally, our thanks goes to you, our shareholders, for your
continued support and confidence.
ij^jt*^ ^ -^
Indianapolis, Indiana
March 5, 2009
FIRST F I N A N C I AL CORPORATION
Management's Report on Internal Control
Over Financial Reporting
The management of First Financial Corporation (the "Corporation") has prepared and is responsible for the preparation
and accuracy ofthe consolidated financial statements and related financial information included in the Annual Report.
The management of the Corporation is responsible for establishing and maintaining adequate internal contioi over finan
cial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Corporation's
internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted account
ing principles. The Corporation's internal control over financial reporting includes those policies and procedures that: (i)
pertain to the maintenance of lecoids that, in leasonable detail, accuiately and fairly reflect the transactions and dispositions
of the assets of the Corporation; (ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accoidance with generally accepted accounting principles, and that receipts and
expenditures ofthe Corporation are being made only in accordance with authoiizations of management and directors ofthe
Corporation; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition ofthe Corporation's assets that could have a material effect on the fmancial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections ofany evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because ofchanges in conditions, or that the degree of compliance with the policies oi ptocedures may deteriorate.
Management assessed the Corporation's system of internal control over financial reporting as of Decembei 3 1, 2008, in
relation
to criteria foi effective internal control over financial reporting as described in "Internal Control-Integrated
Framework," issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assess
ment, management concluded that, as ofDecember 3 1, 2008, its system of internal control over financial reporting is effec
tive and meets the criteria ofthe "Internal Control-Integrated Framework."
Crowe Horwath LLP, independent tegisteted public accounting firm, has issued a report dated March 5, 2009 on the
Corporation's internal control over financial reporting.
Management's Discussion and Analysis
Management's discussion and analysis reviews the financial condition of First Financial Corporation at December 31, 2008
and 2007, and the results ofits opeiations fot the three yeais ended December 31, 2008. Where appropriate, factors that may
affect future financial performance are also discussed. The discussion should be read in conjunction with the accompanying
consolidated financial statements, related footnotes and selected financial data.
A cautionary note about forward-looking statements: In its oral and written communication. First Financial Corporation from
time to time includes forward-looking statements, within the meaning ofthe Private Securities Litigation Reform Act of 1995.
Such forward-looking statements can include statements about estimated cost savings, plans and objectives foi futuie opera
tions and expectations about performance, as well as economic and market conditions and trends. They often can be identified
by the use of words such as "expect," "may," "could," "intend," "project," "estimate," "believe" or "anticipate." First Financial
Corporation may include forward-looking statements in filings with the Securities and Exchange Commission, in other written
materials such as this Annual Report and in oral statements made by senioi management to analysts, investois, representatives
of the media and otheis. It is intended that these fotward-looking statements speak only as of the date they are made, and First
Financial Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances
after the date on which the forward-looking statement is made or to reflect the occuirence of unanticipated events.
By theit nature, foiwaid-looking statements are based on assumptions and are subject to risks, uncertainties and othei factois.
Actual tesults may diffei mateiially from those contained in the foiward-looking statement. The discussion in this
"Management's Discussion and Analysis of Results of Operations and Financial Condition" lists some of the factors which
could cause actual results to vary materially from those in any forward-looking statements. Other uncertainties which could
affect Fiist Financial Coiporation's futuie peiformance include the effects of competition, technological changes and regulatoty
developments; changes in fiscal, monetary and tax policies; market, economic, operational, liquidity, credit and interest rate
risks associated with First Financial Coiporation's business; inflation; competition in the financial services industiy; changes in
general economic conditions, either nationally oi regionally, resulting in, among othei things, credit quality deterioration; and
changes in securities markets. Investors should consider these risks, uncertainties and other factors in addition to those men
tioned by First Financial Corporation in its other filings from time to time when considering any forward-looking statement.
9
Management's Discussion and Analysis
2 0 08 A N N U AL REPORT
Fiist Financial Corporation (the Corporation) is a financial services company. The Corporation, which is headquartered in
Terre Haute, Ind., offers a wide variety of financial services including commercial, mortgage and consumer lending, lease
financing, trust account services and depositor services through its three subsidiaries. At the close of business in 2008 the
Corporation and its subsidiaries had 766 full-time equivalent employees.
First Financial Bank is the largest bank in Vigo County, Ind. It operates 12 full-service banking branches within the county;
five in Clay County, Ind.; one in Greene County, Ind.; three in Knox County, Ind.; five in Parke County, Ind.; one in
Putnam County, Ind., five in Sullivan County, Ind.; four in VermiUion County, Ind.; one in Clark County, 111.; one in Coles
County, 111.; three in Crawford County, 111.; one in Jasper County, 111.; two in Lawrence County, IU.; rwo in Richland
County, IU.; one in Vermilion County, IU.; and one in Wayne County, 111. In addition to its branches, it has a main office in
downtown Terre Haute and a 50,000-square-foot commercial building on South Third Street in Terre Haute, which serves as
the Corporation's operations center and provides additional office space. Morris Plan has one office and is located in Vigo
County.
First Financial Bank and Morris Plan face competition from other financial institutions. These competitors consist of com
mercial banks, a mutual savings bank and other financial institutions, including consumer fmance companies, insurance
companies, brokerage firms and credit unions.
The Corporation's business activities are centered in west-central Indiana and east-central Illinois. The Corporation has no for
eign activities othei than periodically investing available funds in time deposits held in foreign branches of domestic banks.
Forrest Sherer Inc. is a premier regional supplier of insurance, surety and other financial products. The Forrest Sherer brand is
well recognized in the Midwest, with more than 55 professionals and over 87 years of successfiil service to both businesses and
households in their market area. The agency has representation agreements with more than 40 regional and national insuieis to
market their products of pioperty and casualty insurance, surety bonds, employee benefit plans, life insurance and annuities.
CRITICAL ACCOUNTING POUCIES AND ESTIMATES
The Management's Discussion and Analysis of Financial Condition and Results of Operations, as well as disclosures found else
where in this report are based upon First Financial Corporation's consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States of America. The preparation of these financial
statements requires the Corporation to make estimates and judgments that affect the reported amounts of assets, liabilities, rev
enues, and expenses. Material estimates that are particularly susceptible to significant change in the near term relate to the deter
mination of the allowance for loan losses, securities valuation and goodwill. Actual results could differ from those estimates.
Allowance for loan losses. The allowance for loan losses represents management's estimate of losses inherent in the existing
loan portfolio. The allowance fot loan losses is incieased by the piovision fot loan losses chaiged to expense and reduced by
loans charged off net ofrecoveries. The allowance for loan losses is determined based on management's assessment of several
factors: reviews and evaluations of specific loans, changes in the nature and volume of the loan portfolio, current economic
conditions and the related impact on segments of the loan portfolio, historical loan loss experience and the level of classified
and nonperforming loans.
Loans are considered impaired if based on current information and events, it is probable that the Corporation will be
unable to collect the scheduled payments of principal or interest according to the contractual terms of the loan agreement.
When a loan is deemed impaired, impairment is measured by using the fair value of underlying collateral, the present value
of the future cash flows discounted at the effective interest rate stipulated in the loan agreement, or the estimated market
value of the loan. In measuring the fair value of the collateral, management uses assumptions (e.g., discount late) and
methodologies (e.g., comparison to the recent selling price of similar assets) consistent with those that would be utilized by
unrelated third parties.
Changes in the financial condition oflndividual boiioweis, economic conditions, histoiical loss expeiience, oi the condition
of the various markets in which collateral may be sold may affect the required level of the allowance for loan losses and the
associated provision for loan losses. Should cash flow assumptions or market conditions change, a different amount may be
recorded for the allowance for loan losses and the associated provision for loan losses.
Securities valuation. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported
separately in accumulated othet comprehensive income (loss), net of tax. The Corporation obtains market values from a
third party on a monthly basis in order to adjust the securities to fail value. Equity securities that do not have readily deter
minable fair values are carried at cost. Additionally, all securities are required to be written down to fair value when a decline
in fair value is other than temporary; therefore, future changes in the fair value of securities could have a significant impact
on the Corporation's operating results. In deteimining whether a market value decline is other than temporary, management
considers the reason for the decline, the extent of the decline and the duration of the decline.
Changes in credit latings, financial condition of underlying debtors, default experience and market liquidity aflfect the con
clusions on whether securities are other-than-temporarily impaired. Additional losses may be recorded through earnings for
other than temporary impairment, should there be an adverse change in the expected cash flows foi these investments.
Results ofoperations — Summary for 2008
FIRST F I N A N C I AL CORPORATION
GoodwUl. The canying value of goodwill requites management to use estimates and assumptions about the fait value of
the repotting unit compared to its book value. An impairment analysis is prepared on an annual basis. Fair values ofthe
reporting units are determined by an analysis which considers cash flows streams, profitability and estimated maiket val
ues ofthe reporting unit. The majority ofthe Corporation's goodwill is recorded at Foiest Sheier, Inc.
Management believes the accounting estimates related to the allowance for loan losses, valuation of investment securities
and the valuation of goodwill ate "critical accounting estimates" because: (1) the estimates are highly susceptible to change
from period to period because they require management to make assumptions concerning, among other factors, the
changes in the types and volumes ofthe poitfolios, valuation assumptions, and economic conditions, and (2) the impact of
lecognizing an impairment or loan loss could have a material effect on the Corporation's assets reported on the balance
sheet as well as net income.
Net income foi 2008 was $24.8 million, or $1.89 per share. This represents a 3.2% deciease in net income and a 2.6%
decrease in earnings per share, compared to 2007. Return on assets at Decembei 3 1, 2008 decreased 6.0% to 1.09% com-
paied to 1.16% at Decembei 31, 2007.
NET INTEREST INCOME
T he piincipal souice of the Coiporation's earnings is net interest income, which represents the difference between
interest earned on loans and investments and the interest cost associated with deposits and other sources of funding.
Net interest income was increased in 2008 to $81.5 million compared to $74.8 million in 2007. Total average inter
est-earning assets grew to $2.14 billion in 2008 from $2.06 billion in 2007. The tax-equivalent yield on these assets
decreased to 6 . 5 1% in 2008 from 6.98% in 2007. Total aveiage interest-bearing liabUities increased to $1.71 bUlion
in 2008 fiom $1.65 biUion in 2007. T he average cost ofthese interest-bearing liabUities decieased to 3.06% in 2008
fiom 3 . 8 1% in 2007.
The net interest margin increased from 3.92% in 2007 to 4.06% in 2008. This increase is primarily the result o f t he
decreased costs of funding provided by interest-bearing liabilities. Earning asset yields decreased 47 basis points while
the rate on interest-bearing liabilities decreased by 75 basis points.
The following table sets forth the components of net interest income due to changes in volume and late. T he table
information compaies 2008 to 2007 and 2007 to 2006.
(Dollar amounts in thousands)
Interest earned on
interest-earning assets:
Loans () (2)
Taxable investment
securities
Tax-exempt investment
securities ()
Federal funds sold
Total interest income
Interest paid on
interest-bearing liabilities:
Transaction accounts
Time deposits
Short-term borrowings
Other borrowings
Total interest expense
Net interest income
2008 Compared to 2007
Increase (Decrease) Due to
2007 Compared to 2006
Increase (Decrease) Due to
Volume
Rate
Volume/
Rate
Total
Volume
Rate
Volume/
Rate
Total
$3,218
$(8,261)
$
(251)
$ (5,294)
$ 1,808
$ 3,459
$
62
$
5,329
2,172
(379)
(35)
1,758
698
940
30
1,668
(244)
259
5,405
79
(389)
(8,950)
(1)
(131)
(418)
(166)
(261)
(3,963)
870
(70)
3,306
(290)
54
4,163
(20)
(5)
67
560
(21)
7,536
1,470
(1,013)
261
555
1,273
$4,132
(3,981)
(5,468)
(692)
(1,189)
(11,330)
$ 2,380
(463)
189
(112)
(34)
(420)
2
(2,974)
(6,292)
(543)
(668)
(10,477)
$ 6,514
$
(55)
(82)
775
42
680
S 2,626
1,853
2,980
44
254
5,131
$
(968)
$
(9)
(9)
46
1
29
38
1,789
2,889
865
297
5,840
$ 1,696
(') For purposes ofthese computations, nonaccruing loans are included in the daily average loan amounts outstanding.
(2) Interest income includes the effect of tax equivalent adjustments using a federal tax rate of 35%.
Results of Operations — Summary for 2008
2 0 08 A N N U AL REPORT
PROVISION FOR LOAN LOSSES
The provision for loan losses charged to expense is based upon credit loss experience and the tesults of a detailed
analysis estimating an apptopriate and adequate allowance for loan losses. The analysis includes the evaluation of
impaired loans as prescribed under Statement ofFinancial Accounting Standards (SFAS) Nos. 114 and 118, pooled
loans as prescribed under SFAS No. 5, and economic and other risk factors as outlined in various Joint Interagency
Statements issued by the bank regulatory agencies. For the year ended December 31, 2008, the provision for loan
losses was $7.9 miUion, an increase of $1.3 miUion, or 19.4%, compared to 2007. The increase was the result of sev
eral components related to the analysis ofthe Corporation's Allowance for Loan and Lease Losses, including nonper
forming and impaired loan ttends.
Net charge-offs for 2008 were $6.9 miUion as compared to $7.4 million for 2007 and $6.8 million for 2006.
Delinquent loans as a percentage oftotal outstanding loans increased to 2.4% at December 31, 2008 compared to
2.1% at December 31, 2007. Non-accrual loans increased 56.6% to $12.5 miUion at December 31, 2008 from
$8.0 mUUon at Decembei 31, 2007. At Decembei 31, 2008, the resulting allowance foi loan losses was $16.3 mU
lion OI 1.12% oftotal loans, net of unearned income. A year earlier the allowance was $15.4 miUion or 1.07% of
total loans.
NON-INTEREST INCOME
Non-interest income of $25.4 miUion decreased $6.1 milUon from the $31.5 miUion earned in 2007. This decrease
was directly related to the other-than-temporary impairment charge of $6.1 million recognized in the third quarter.
Note 4 to the financial statements included in this report provides information about our processes for determining
other-than-temporary impairment for 2008. There was no othei-than-tempoiary impairment recognized during 2007.
NON-INTEREST EXPENSES
Non-inteiest expenses incieased 2.6% to $66.4 miUion foi 2008 compared to $64.7 miUion foi 2007. Salaries and
employee benefits incieased $1.9 million due primarily to increased benefit costs. Occupancy and equipment
expenses were relatively unchanged.
INCOME TAXES
The Corporation's federal income tax provision was $7.8 miUion in 2008 compared to a provision of $9.4 mUlion
in 2007. The overall effective tax rate in 2008 of 24.0% compares to a 2007 effective late of 26.8%. The
Coipoiation had increased amounts of tax-exempt income relative to the total income in 2008 compaied to 2007.
COMPARISON OF 2 0 07 TO 2 0 06
Net income fot 2007 was $25.6 mUUon oi $1.94 pet shaie compaied to $23.5 miUion in 2006 or $1.77 per
share. This increased income was the result of improved net interest income combined with a reduction in the
provision for loan losses.
Net interest income was increased in 2007 to $74.8 million compared to $73.7 million in 2006. Total average inter
est-earning assets grew to $2.06 billion in 2007 from $2.01 biUion in 2006. The tax-equivalent yield on these assets
increased to 6.98% in 2007 from 6.77% in 2006. Total average inteiest-bearing liabUities incieased to $1.65 billion
in 2007 from $1.64 billion in 2006. The average cost ofthese interest-bearing liabilities increased to 3.81% in 2007
from 3.48% in 2006.
The net interest maigin decieased slightly from 3.93% in 2006 to 3.92% in 2007. This deciease is primarily the
result ofthe increased costs of funding provided by interest-bearing liabilities. Earning asset yields increased 21 basis
points while the rate on intetest-beating liabilities increased by 33 basis points.Non-interest income was improved
by 9% while non-interest expense was held at the same level as 2006. Total average interest-earning assets
increased in 2007 compared to 2006. The tax equivalent net interest margin was stable at 3.92% in 2007 from
3.93% in 2006.
The provision for loan losses decreased $403 thousand from $7.0 miUion in 2006 to $6.6 miUion in 2007, and
net charge-offs increased $542 thousand from $6.9 million in 2006 to $7.4 million in 2007. Delinquent loans as
a percentage oftotal outstanding loans declined to 2 . 1% at December 31, 2007 compared to 2.3% at December
31, 2006. Non-accrual loans decreased 19.2% to $8.0 million at Decembef 31, 2007 from $9.9 million at
December 31, 2006.
Net non-interest income and expense declined $2.6 million from 2006 to 2007. Non-interest expenses increased
just $70 thousand while non-interest income incieased $2.7 miUion. The inciease in non-interest income resulted
from increased gains on sales of investment securities and loans in 2007.
The pfovision for income taxes increased $2.0 million from 2006 to 2007, increasing the efifective tax rate ffom
23.8% in 2006 to 26.8% in 2007.
Financial Condition — Summary
FIRST F I N A N C I AL CORPORATION
The Corporation's total assets increased 3.2% or $71.1 million at December 31, 2008, from a year earlier.
AvaUable-for-sale securities increased $38.9 mUlion at December 31, 2008, from the previous year. Loans, net of
unearned income, increased by $29.5 mUlion, to $1.46 bUlion. Deposits increased $33.8 miUion while borrow
ings increased by $38.0 miUion.
Total shareholders' equity increased $5.2 million to $286.8 miUion at Decembef 31, 2008. Net income was par
tially offset by highef dividends and the continued repurchase of corporate stock. The Corporation decreased
purchases of treasury stock in 2008, acquiring 52,744 shares at a cost of $1.5 mUlion compared to 174,962
shares during 2007 at a cost of $5.2 million. There were also 33,015 shares from the treasury with a value of
$1.28 million that were contributed to the ESOP plan. Declines in the fair values of certain investment securi
ties decreased other comprehensive income as the Corporation recorded a net unrealized loss on available-for-
sale securities of $8.3 mUlion. Other comprehensive income also included an increase of $511 thousand related
to the change in the unrealized gain on post-retirement benefits in accordance with SFAS No. 158.
Following is an analysis of the components of the Corporation's balance sheet.
SECURITIES
The Corporation's investment strategy seeks ro maximize income from the investment poftfolio while using it as
a risk management tool and ensufing safety of principal and capital. During 2008 the portfolio's balance
increased by 6.97%. During 2008 the Federal Reserve decreased the fed funds tate by 4.00% to 0.25%. The
average life ofthe portfolio declined from 4.08 years in 2007 to 3.84 years in 2008. The portfolio structure wUl
continue to provide cash flows to be reinvested during 2009.
Year-end securities maturity schedules were comprised of the following:
1 Year and Less
Balance
Rate
1 to 5 Years
Balance
Rate
5 to 10 Years
Balance
Rate
Over 10 Years
Rate
Balance
2008
Totai
(Dollar amounts in thousands)
U.S. government sponsored
entity mortgage-backed
securities and agencies(i)
Collateralized mortage obligations(i
)
States and political subdivisions
Corporate obligations
13,154
—
S
937
4.34%
-
6.85
Total
Equities
TOTAL
14,091
6.68
—
—
$14,091
$28,467
-
37,134
6,394
71,995
—
$71,995
4.32%
-
7.51
5.60
7.29
$ 88,761 4.69%
8 11.37
40,515 6.83
— —
5.77
— —
129,284
$129,284
$247,466
70,219
53,038
4,239
374,962
6,583
$381,545
5.54%
6.15
6.27
7.74
5.40
^
$365,631
70,227
143,841
10,633
590,332
6,583
$596,915
(1) Distribution of maturities is based on the estimated average life of the asset.
(Dollar amounts in thousands)
U.S. government sponsored
entity mortgage-backed
securities and agencies(i)
Collateralized mortgage obligations(0
States and political subdivisions
Corporate obligations
Total
Equities
TOTAL
1 Year and Less
Balance
Rate
1 to 5 Years
Balance
Rate
5 to 10 Years
Balance
Rate
Over 10 Years
Rate
Balance
2007
Total
$
212
-
6,933
7,048
14,193
-
;i4,193
5.08%
-
5.49
6.40
5.93
-
$ 1,366
4.60%
4 11.50
7.37
_
7.29
-
43,192
_
44,562
-
$44,562
$ 65,393
27
49,290
-
114,710
-
$114,710
4.44%
6.94
7.54
5.77
-
$222,732
77,144
47,100
29,795
376,771
7,784
$384,555
5.26%
5.27
6.19
5.54
5.40
-
$289,703
77,175
146,515
36,843
550,236
7,784
$558,020
(0 Distribution of maturities is based on the estimated average life ofthe asset.
2 0 08 A N N U AL REPORT
Financial Condition — Summary
LOAN PORTFOLIO
Loans outstanding by major category as ofDecember 31 for each ofthe last five yeais and the maturities at year-
end 2008 are set forth in the following analyses.
(Dollar amounts in thousands)
Loan Category
Commercial, financial and agricultural
Real estate - construction
Real estate - mortgage
Consumer
Lease financing
TOTAL
2008
2007
2006
2005
2004
$ 499,636
26,137
628,027
302,977
1,878
$1,458,655
$ 461,086
29,637
673,355
262,858
2,275
$1,429,211
$ 407,995
33,336
691,989
257,065
2,604
$1,392,989
$ 382,214 $ 401,724
32,810
753,826
272,261
3,658
$1,396,047 $1,464,279
31,918
707,008
272,062
2,845
Credit card loans held-for-sale
$
12,800
$
14,068
-
-
-
(Dollar amounts in thousands)
Maturity Distribution
Commercial, financial and agricultural
Real estate - construction
TOTAL
Real estate - mortgage
Consumer
Lease financing
TOTAL
Credit card loans held-for-sale
Loans maturing after one year with:
Fixed interest rates
Variable interest rates
TOTAL
Within
One Year
After One
But Within
Five Years
After Five
Years
Total
$ 234,037
8,925
$ 242,962
$ 219,900
9,471
$ 229,371
$
$
$
45,699
7,741
53,440
499,636
26,137
525,773
628,027
302,977
1,878
$1,458,655
1 12,800
$ 80,757 $ 38,737
14,703
148,614
$ 229,371 $ 53,440
FIRST F I N A N C I AL CORPORATION
Financial Condition — Summary
ALLOWANCE FOR LOAN LOSSES
The activity in the Corporation's allowance for loan losses is shown in the following analysis:
(Dollar amounts in thousands)
Amount ofloans outstanding
at December 31,
2008
2007
2006
2005
2004
$1,458,655
$1,429,211
$1,392,989
$1,396,047
$1,464,279
Average amount of loans by year
$1,451,911
$1,409,051
$1,384,138
$1,441,247
$1,452,572
Allowance for loan losses
at beginning ofyear
Loans charged off:
Commercial, financial and agricultural
Real estate - mortgage
Consumer
Leasing
Total loans charged off
Recoveries of loans previously charged off:
Commercial, financial and agricultural
Real estate - mortgage
Consume!
Leasing
Total recoveries
Net loans chaiged off
Provision charged to expense
Balance at end ofyear
Ratio of net charge-offs during period
to average loans outstanding
$
15,351
$
16,169
$
16,042
$
19,918
$
21,239
2,406
1,274
5,914
9,594
704
101
1,863
2,668
6,926
7,855
3,433
1,026
5,712
5
10,176
389
139
2,250
2,778
7,398
6,580
2,066
1,617
6,826
6,093
2,590
8,809
10,509
17,492
1,262
187
2,204
3,653
6,856
6,983
284
343
1,291
1,918
15,574
11,698
16,042
1.08%
4,080
623
6,680
1
11,384
452
37
1,281
1
1,771
9,613
8,292
19,918
.66%
$
16,280
$
15,351
t.
16,169
$
.48%
.53%
.50%
The allowance is maintained at an amount management believes sufficient to absorb probable incurred losses in
the loan portfolio. Monitoring loan quality and maintaining an adequate allowance is an ongoing process overseen
by senior management and the loan leview function. On at least a quartetly basis, a foimal analysis of the adequacy
of the allowance is prepared and reviewed by management and the Board of Directors. This analysis serves as a
point in time assessment of the level of the allowance and serves as a basis for provisions for loan losses. The loan
quality monitoiing piocess includes assigning loan grades and the use of a watch list to identify loans of concern.
The analysis of the allowance for loan losses includes the allocation of specific amounts of the allowance to individ
ual pioblem loans, generally based on an analysis of the collateral securing those loans. Portions of the allowance
are also allocated to loan portfolios, based upon a variety of factors including histoiical loss experience, trends in
the type and volume of the loan portfolios, trends in delinquent and non-performing loans, and economic trends
affecting our market. These components are added together and compared to the balance of our allowance at the
evaluation date. The following table presents the allocation of the allowance to the loan poitfolios at yeai-end.
^^
Financial Condition — Summary
2 0 08 A N N U AL REPORT
(Dollar amounts in thousands)
Commeicial, financial and agiicultuial
Real estate - moitgage
Consume!
Years Ended December 3 1,
2008
$10,181
1,517
4,582
2007
$10,090
1,245
4,016
2006
$ 9,043
1,364
5,762
2005
$ 8,148
867
7,027
2004
$11,840
850
7,228
TOTAL ALLOWANCE FOR LOAN LOSSES
$16,280
$15,351
$16,169
$16,042
$19,918
NONPERFORMING LOANS
Management monitois the components and status of nonpeiforming loans as a part of the evaluation procedures used
in determining the adequacy of the allowance for loan losses. It is the Corporation's policy to discontinue the accrual
of interest on loans where, in management's opinion, seiious doubt exists as to collectibility. The amounts shown
below lepiesent non-accrual loans, loans which have been restiuctuied to piovide for a reduction or deferral of interest
or principal because of deterioration in the financial condition of the boiiowei and those loans which are past due
more than 90 days where the Corporation continues to accrue interest.
(Dollar amounts in thousands)
Non-accfual loans
Restiuctuied loans
Acciuing loans past due ovei 90 days
2008
$12,486
98
3,624
$16,208
2007
$ 7,971
50
4,462
$12,483
2006
$ 9,893
52
4,691
$14,636
2005
$ 8,464
57
6,354
$14,875
2004
$19,862
430
7,813
$28,105
The ratio ofthe allowance foi loan losses as a peicentage of nonpeiforming loans was 100% at December 31, 2008,
compared to 123% in 2007. The following loan categories comprise significant components of the nonperforming loans
at December 31, 2008 and 2007:
(Dollar amounts in thousands)
Non-accrual loans:
1-4 family residential
Commeicial loans
Consumer loans
Past due 90 days or more:
I -4 family residential
Commercial loans
Consumer loans
2008
2007
$ 1,835
9,210
1,441
$12,486
$ 1,495
1,582
54Z
$ 3,624
14%
74
12
100%
4 1%
44
15
100%
$ 2,574
3,938
1,459
$ 7,971
$ 1,230
2,795
437
$ 4,462
32%
50
18
100%
28%
62
10
100%
FiRST F I N A N C I AL CORPORATION
Financial Condition — Summary
DEPOSITS
The information below presents the average amount of deposits and rates paid on those deposits for 2008, 2007
and 2006.
(Dollar amounts in thousands)
Amount
Rate
Amount
Rate
Amount
Rate
2008
2007
2006
Non-interest-bearing
demand deposits
Inteiest-beaiing demand deposits
Savings deposits
Time deposits:
$100,000 or more
Other time deposits
TOTAL
$ 236,628
247,017
433,179
183,664
459,916
$1,560,404
1.11%
1.60%
3.67%
3.54%
$ 226,822
198,368
410,919
189,501
477,114
$1,502,724
0.94%
2.62%
4.66%
4.30%
$ 206,839
201,928
410,458
188,572
480,116
$1,487,913
1.14%
1.87%
4.27%
4.01%
The maturities of certificates ofdeposit of $100 thousand or more outstanding at December 31, 2008, are summa
rized as follows:
3 months or less
Over 3 through 6 months
Over 6 through 12 months
Over 12 months
TOTAL
$ 50,721
56,779
53,173
50,434
$211,107
2 0 08 A N N U AL REPORT
Financial Condition — Summary
OTHER BORROWINGS
Advances from the Federal Home Loan Bank increased to $378.6 million in 2008 compared to $334.7 million in
2007. The Asset/Liability Committee leviews these investments and funding souices and considers the related strate
gies on a weekly basis. See Interest Rate Sensitivity and Liquidity below for more information.
CAPITAL RESOURCES
Bank regulatory agencies have established capital adequacy standards which are used extensively in their monitor
ing and control of the industry. These standards relate capital to level of risk by assigning different weightings to
assets and ceitain off-balance-sheet activity. As shown in the footnote to the consolidated financial statements
("Regulatoiy Matteis"), the Coiporation's capital exceeds the requirements to be consideied well capitalized at
December 31, 2008.
First Financial Coipoiation's objective continues to be to maintain adequate capital to meiit the confidence of its
customers and shaieholdeis. To wairant this confidence, the Corporation's management maintains a capital posi
tion which they believe is sufficient to absorb unforeseen financial shocks without unnecessarily restricting divi
dends to its shaieholdeis. The Coiporation's dividend payout ratio for 2008 and 2007 was 47.1% and 44.8%,
respectively. The Corporation expects to continue its policy of paying regular cash dividends, subject to future
earnings and regulatoiy restrictions and capital requirements.
INTEREST RATE SENSITIVITY AND LIQUIDITY
First Financial Corporation has established lisk measuies, limits and policy guidelines for managing interest late risk
and liquidiry. Responsibility for management of these functions lesides with the Asset Liability Committee. The pri
mary goal of the Asset Liability Committee is to maximize net interest income within the interest rate risk limits
appioved by the Board of Directors.
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 lesult of changes in inteiest fates.
Consistency in the Cot potation's net interest income is largely dependent on the effective management of this risk.
The Asset Liability position is measufed using sophisticated risk management tools, including earnings simulation
and market value of equity sensitivity analysis. These tools allow management to quantify and monitof both shoft-
and long-term exposure to interest rate fisk. Simulation modeling measures the effects of changes in interest fates,
changes in the shape of the yield curve and the effects of embedded options on net interest income. This measure
projects earnings in the various environments over the next three years. It is important to note that measures of
interest rate risk have limitations and are dependent on various assumptions. These assumptions afe inherently
unceftain and, as a result, the model cannot precisely predict the impact of interest rate fluctuations on net interest
income. Actual tesults 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 of these assump
tions and believes them to be valid and theoretically sound. These assumptions are continuously monitored for
behavioral changes.
The Corporation from time to time utilizes derivatives to manage interest rate risk. Management continuously eval
uates the merits of such interest rate risk products but does not anticipate the use of such products to become a
major part ofthe Corporation's risk management strategy.
The table on the following page shows the Corporation's estimated sensitivity profile as ofDecember 31, 2008.
The change in interest rates assumes a parallel shift in interest rates of 100 and 200 basis points. Given a 100 basis
point incfease in rates, net interest income would increase 0.15% over the next 12 months and increase 1.79%
over the following 12 months. Given a 100 basis point decrease in rates, net interest income would increase
3.53% over the next 12 months and increase 3.69% over the following 12 months. These estimates assume all
rate changes occur overnight and management takes no action as a result of this change.
Financial Condition — Summary
FIRST F I N A N C I AL C O R P O R A T I ON
Basis Point
Interest Rate Change
D o wn 200
D o wn 100
Up 100
Up 200
Percentage Change in Net Interest Income
36 months
24 months
3.74%
3.68%
3.69
3.75
3.66
1.79
5.94
1.99
12 months
3.53%
3.53
.15
-1.13
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.
Liquidity Risk: Liquidity is measufed by the bank's ability to raise funds to meet the obligations of its customers,
including deposit withdrawals and credit needs. This is accomplished pfimarily by maintaining sufficient liquid
assets in the form ofinvestment securities and core deposits. T he Cofporation has $14.1 million of investments
that mature throughout the coming 12 m o n t h s. T he Corporation also anticipates $180.0 miUion ofprincipal
payments from mortgage-backed secutities. Given the cufrent rate environment, the Corporation anticipates
$25.6 mUlion in securities to be called within the next 12 m o n t h s.
CONTRACTUAL OBLIGATIONS, COMMITMENTS, CONTINGENT LIABILITIES AND OFF-BALANCE SHEET ARRANGEMENTS
T he Corporation has various financial obligations, including contractual obligations and commitments, that may
require future cash payments.
Contractual Obligations: T he following table pfesents, as ofDecember 3 1, 2008, significant fixed and determinable
contractual obligations to third parties by payment date. Furthet discussion of the nature of each obligation is
included in the referenced note to the consolidated financial statements.
(Dollar amounts in thousands)
Deposits without a stated maturity
Consumer certificates of deposit
Short-term borrowings
O t h er borrowings
Payments Due In
Note
Reference
One Year
or Less
One to
Three Years
Three to
Five Years
Over Five
Years
$927,151
446,158
21,500
97,416
$
$
$
138,751
-
204,478
51,330
-
76,187
108
-
7,072
10
11
Total
$927,151
636,347
21,500
385,153
C o m m i t m e n t s: T he foUowing table details the a m o u nt and expected maturities of significant commitments as of
December 3
finan-
December 3 1, 2 0 0 8. Further discussion ofthese commitments is included in N o te 13 to the consolidated
cial statements
(Dollar amounts in thousands)
C o m m i t m e n ts to extend credit:
Unused loan commitments
Commercial letters ofcredit
Total Amount
Committed
One Year
or Less
Over One
Year
$302,141
16,230
$194,088
11,262
$108,053
4,968
Commitments to extend credit, including loan commitments, standby and commercial letters of credir do not neces
sarily represenr future cash requirements, in that these commitments often expire without being drawn upon.
OUTLOOK
T he Corporation's primary market is west-central Indiana and east-central Illinois. T he market is pfimatily driven
by the retail, higher education and health care industries. Typically, this mafket does not expand of contract at
rates that are experienced by b o th the state and national economies. According to the National Bufeau of
Economic Research, the nation entefed an economic recession in December 2007. It is anticipated that the econ
omy will continue to struggle well into 2009 with some improvement in the latter half of the yean Contraction in
both laboi and retail sales will affect the local market as well. Therefore, the Corporation anticipates limited
growth opportunities in 2009.
Consolidated Balance Sheet — Average Balances and Interest Rates
2 0 08 A N N U AL REPORT
2008
December 3 1,
2007
2006
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
Average
Balance
Interest
Yield/
Rate
(Dollar amounts in thousands)
ASSETS
Interest-earning assets:
Loans (1) (2)
Taxable investment securities
Tax-exempt investments (2)
Federal funds sold
Total interest-earning assets
$1,451,911
485,194
184,574
19,729
2,141,408
100,510
25,303
13,188
507
139,508
6.92%
5.22
7.14
2.57
6.51%
$1,409,051
444,220
188,012
14,756
2,056,039
105,804 7.51%
5.30
23,545
7.10
13,354
5.20
768
6.98%
143,471
$1,384,138
430,492
176,044
16,203
2,006,877
100,475
21,877
12,794
788
135,934
7.26%
5.08
7.27
4.87
6.77%
Non-interest earning assets:
Cash and due from banks
Premises and equipment, net
O t h er assets
Less allowance for loan losses
TOTALS
58,676
32,524
64,952
(15,539)
$2,282,021
61,655
32,762
64,801
(15,665)
$2,199,592
66,302
31,309
59,363
(16,533)
$2,147,318
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Tiansaction accounts
Time deposits
Short-term borrowings
Other borrowings
Total interest-bearing
$ 680,196
643,580
37,352
353,598
9,660
23,036
1,068
18,726
1.42%
3.58
2.86
5.30
$ 609,287
666,615
32,140
343,767
12,634
29,322
1,611
19,394
2.07% $ 612,387
4.40
668,687
5.01
15,759
343,014
5.64
10,845
26,440
746
19,098
1.77%
3.95
4.73
5.57
liabilities:
1,714,726
52,490
3.06%
1,651,809
62,961
3.81%
1,639,847
57,129
3.48%
Non interest-bearing
liabilities:
Demand deposits
Other
236,628
43,045
1,994,399
Shareholders' equity
TOTALS
287,622
$2,282,021
226,822
42,974
1,921,605
277,987
$2,199,592
206,839
25,958
1,872,644
274,674
$2,147,318
Net interest earnings
$ 87,018
$ 80,510
$ 78,805
Net yield on interest-earning assets
assets
4.06%
3.92%
3.93%
(') For purposes ofthese computations, nonaccruing loans are included in the daily average loan amounts outstanding.
(2) Interest income includes the effect of tax equivalent adjustments using a federal tax rate of 35%.
FIRST F I N A N C I AL CORPORATION
MARKET AND DIVIDEND INFORMATION
At year-end 2008 shareholders owned 13,116,630 shares ofthe Corporation's common stock. The stock is traded
on the NASDAQ Global under the symbol T H FF
Histoiically, the Coiporation has paid cash dividends semi-annually and currently expects that comparable cash
dividends will continue to be paid in the futuie. The following table gives quaiterly high and low trade prices and
dividends per share during each quarter for 2008 and 2007.
2008
Trade Price
Cash
Dividends
Low Declared
Quarter ended
March 31
June 30
September 30
December 31
High
$32.06
$33.31
$49.30
$47.70
$25.30
$28.16
$30.05
$31.01
$ .44
$ .45
2007
Trade Price
High
$35.74
$32.45
$32.78
$32.29
Low
$28.20
$27.26
$23.48
$26.93
Cash
Dividends
Declared
$ .43
$ .44
TOTAL RETURN PERFORMANCE
160
150
A First Financial Corporation
• Russell 2000
SNL $1B-$5B Bank Index
140
120
X
0)
TJ
12/31'03
12/31/O'l
12/31/05
12/31/06
12/31/07
12/31/08
INDIANA
First Financial Bank N.A.
Vigo County
Terre Haute Main Office*
One First Financial Plaza
Sixth & Wabash
812-238-6000
Honey Creek Mall*
U.S. 41 South
812-238-6000
Indiana State University*
Hulman Memorial Union
812-238-6000
Industrial Park*
1749 East Industrial Drive
812-238-6000
Maple Avenue*
4065 Maple Avenue
812-238-6000
Meadows*
350 South 25th Street
812-238-6000
Plaza North*
Ft. Harrison & Lafayette
812-238-6000
Seelyvllle*
9520 East U.S. 40
812-238-6000
Southland*
3005 South Seventh Street
812-238-6000
Springhill*
4500 U.S. 41 South
812-238-6000
West Terre Haute*
309 National Avenue
812-238-6000
Westminster Village
1120 East Davis Drive
812-238-6000
The Morris Plan Company
of Terre Haute
817 Wabash Avenue
812-238-6063
F I R ST B A N K I NG
C E N T E RS
First Financial Bank N.A.
Clay County
Brazil*
7995 North State Road 59
812-443-4481
Brazil Downtown*
18 North Walnut
812-448-3357
Brazil Eastside*
2180 East National Avenue
812-448-8110
Clay City*
502-504 Main Street
812-939-2145
Poland*
8490 East State Road 42
812-986-2115
First Financial Bank N.A.
Greene County
Worthington*
9 North Commercial Street
812-875-3021
First Financial Bank N.A.
Knox County
Monroe City*
201 West First Street
812-743-5151
Sandborn
102 North Anderson Street
812-694-8462
Vincennes*
2707 North Sixth Street
812-882-4800
First Financial Bank N.A.
Parke County
Rockville*
1311 North Lincoln Road
765-569-3171
Rockville Downtown*
120 East Ohio Street
765-569-3442
Marshall
10 South Main Street
765-597-2261
Montezuma*
232 East Crawford Street
765-245-2706
Rosedale
62 East Central Street
765-548-2266
First Financial Bank N.A.
Putnam County
Greencastle*
101 South Warren Drive
765-653-4444
First Financial Bank N.A.
Sullivan County
Sullivan*
15 South Main Street
812-268-3331
Carlisle*
8571 Old US 41 South
812-398-4100
Dugger
8100 East Main Street
812-648-2251
Farmersburg*
819 West Main Street
812-696-2106
Hymera
102 South Main Street
812-383-4933
First Financial Bank N.A.
Vermillion County
Newport*
100 West Market Street
765-492-3321
Cayuga
211 Curtis Street
765-492-3391
Clinton*
221 South Main Street
765-832-3504
Clinton Crown Hill*
1775 East State Road 163
765-832-5546
ILUNOIS
First Financial Bank N.A.
Clark County
Marshall*
215 North Michigan
217-826-6311
First Financial Bank N.A.
Coles County
Charleston*
820 West Uncoln Avenue
217-345-4824
First Financial Bank N.A.
Crawford County
Robinson*
108 West Main Street
618-544-8666
Robinson Motor Bank*
(Drive-Through Only)
602 West Walnut Street
618-544-3355
Oblong*
301 East Main Street
618-592-4252
First Financial Bank N.A.
Jasper County
Newton*
601 West Jourdan Street
618-783-2022
First Financial Bank N.A.
Lawrence County
Lawrenceville*
1601 State Street
618-943-3323
Sumner
211 South Christy
618-936-2321
First Financial Bank N.A.
Richland County
Olney*
240 East Chestnut Street
618-395-8676
Olney*
1110 South West Street
618-395-2112
First Financial Bank N.A.
Vermilion County
Ridge Farm*
11 South State Street
217-247-2126
First Financial Bank N.A.
Wayne County
Fairfield*
303 West Delaware
618-842-2145
*FirstPlus 24-hour
ATM available at
these locations
L 1
FIRST FINANCIAL CORPORATION
O NE FIRST FINANCIAL PLAZA
TERRE HAUTE, INDIANA 47807
812-238-6000 • 800-511-0045
www.first-online.com
i
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