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First Financial reports 8% rise in Q1 net income

First Financial Corporation has reported a net income of $6.95 million for the first quarter ended March 31, 2008, an 8.2% improvement over the net income of $6.42 million for the same period in 2007.

Return on assets and return on equity were 1.23% and 9.62%, respectively, compared to 1.18% and 9.36%, respectively, for 2007.

The corporation increased net interest income for the first quarter of 2008 by $499,000 or 2.7% over the comparable period of 2007. Non-interest income improved by 6.2% or $502 thousand over 2007, while the increase in non-interest expense was $366 thousand or 2.3%. The overall efficiency ratio of the corporation improved by 6.82% to 51.27%.

Total assets of the corporation grew 4.3% to $2.3 billion at March 31, 2008, with deposits increasing $77.4 million or 5.1% from March 31, 2007. Likewise, loans grew by $33.2 million and shareholders equity increased $16.3 million over the same period.