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**UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C.  20549**

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**FORM 10-QSB**

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 X       QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934

                                    For the quarterly period ended June 30, 2004

__        TRANSITIONREPORT UNDER SECTION 13 OR 15(D) ON THE EXCHANGE ACT

                                   For the transition period from _______________ to_______________         

**Commission file number      0-5559    **

**FIRST FINANCIAL CORPORATION**(Exact name of small business issuer as specified inits charter)

|                 Texas                			  |            74-1502313           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|
|  (State or other jurisdiction of                                                                                                                                                                          | (I.R.S. Employer Identification                                                                                                          |
|  incorporation or organization)                                                                                                                                                                           | No.)                                                                                                                                |

 

|     			800 Washington Avenue, Waco, Texas       			(Address of principal executive offices)                          |              76701              			 			(Zip Code)
Issuer's telephonenumber       (254)757-2424                   

Number of shares of the Issuer's Common stockoutstanding on July 31, 2004 was 173,528.

Transitional Small Business Disclosure Format (checkone)                   Yes ____         No_X__

           

FORM 10-QSB

FIRST FINANCIAL CORPORATIONJUNE 30, 2004

INDEX

Part I FinancialInformation 
 Page No.		          Item 1. Financial Statements 
 
 Consolidated Balance Sheet as of  1
 
 June 30, 2004   		      
Consolidated Statements of Income                 		
2  
for the Six-Months ended
   
June 30, 2004 and 2003
   		    
Consolidated Statements of Cash
   
Flow for the Six-Months 
   
ended June 30, 2004 and 2003                        		
3  		    
Notes to Consolidated Financial		Statements 
4-5  
                                                      		
 		        				Item 2. Management's Discussion and Analysis 
 
       of Results of Operations and Financial Condition5-8
 
   		        		Item 3. Controls and Procedures		8
 
   
Part II Other Information
  		   		        		Item 1. Legal Proceedings8		  		        		Item 4. Submission of Matters to a Vote Of Security Holders8-9
 
  		        		Item 5. Other Information9		  		        		Item 6. Exhibits and Reports on Form 8-K9
 
       
 

 

 First Financial Corporation

Consolidated Balance Sheet

 June 30, 2004

(Unaudited)

Assets

------

Cash and cash equivalents

$1,737,939 		

Restricted cash

           870,508  

Accounts receivable, net  of allowance for doubtful

 accounts of $76,362

           937,275 

Marketable investment  securities

           777,452 

Restricted marketable  investment securities

           577,172 

Real estate held for investment,at  cost

           549,336 

Mortgage loans 

      21,625,776  

Property and equipment

        1,399,562 

Other assets

        1,236,462 

 ------------------ 

    Total  Assets

$  29,711,482 		

     		==========

   Liabilities  and Stockholders' Equity

   --------------------------------------

Notes on line of credit

$21,127,026 		

Note payable

             50,000  

Accounts payable

        1,089,583  

Estimated reserve for  indemnifications and early payment default losses

             63,273  

Estimated reserve for  losses under servicing agreements

           234,595  

Estimated reserve for  losses under insurance policies

           756,462  

Other liabilities

           789,746  

----------------- 

    Total  Liabilities

      24,110,685  

  ----------------- 

Stockholders' equity:

 Common stock - no  par value; authorized

    500,000  shares;issued 183,750 shares,

    of  which 10,222 shares are held in

     treasury shares

              1,000  

 Additional paid-in  capital

           518,702  

 Retained earnings

        5,079,986  

 Accumulated other  comprehensive income:

     Unrealized gain (loss) on marketable securities, net of tax

             36,418  

    		----------------- 

        5,636,106  

 Less:Treasury stock  - at cost

            (35,309)

----------------- 

    Total  Stockholders' Equity

        5,600,797  

  ----------------- 

    Total  Liabilities and Stockholders' Equity

$   29,711,482  

     ==========

See accompanying notes to  consolidated financial statements.

 

 

1

 
       First Financial Corporation  		Consolidated  Statements of Income                    Three months and Six months ended June 30, 2004 and 2003      (Unaudited)       Three months ended            Six months ended     
                    June 30, 
                     June 30,     --------------------------------     --------------------------------
2004  

2003  

2004  

2003  
   ----------   ----------   ----------   ----------Revenues: Loan administration$     1,354,713  $     3,722,957  $     2,721,051  $     6,931,276   Interest income           356,413             777,947             629,486          1,448,497   Other income           275,612             284,939             680,046             676,689        Total Revenues        1,986,738          4,785,843          4,030,583          9,056,462  Expenses: Salaries and  related expenses        1,220,365          2,056,463          2,497,895          3,683,645   Interest expense           272,124             650,999             483,342          1,188,928   Other operating  expenses           805,189          1,662,144          1,654,466          3,063,506        Total Expenses        2,297,678          4,369,606          4,635,703          7,936,079        Income (loss) before income taxes,          (310,940)           416,237            (605,120)        1,120,383  Federal income taxes                   -                      -                      -                      -         Net income (loss)          (310,940)           416,237            (605,120)        1,120,383  Other comprehensive  income: Unrealized holding  gains (losses)            (25,590)             12,595              (11,639)             14,337        Comprehensive income (loss) $       (336,530)$        428,832  $       (616,759)$     1,134,720   ===========  ===========  ===========  =========== Income Per Common Share
($1.94)

$2.47  

($3.55)

$6.54  
 ===========  ===========  ===========  =========== See accompanying notes to  consolidated financial statements.
2

 

 
 
First Financial Corporation

  		Consolidated Statement of Cash Flows

(Unaudited)

Six Months Ended June 30,       ----------------------------
2004  

2003   

     -----------
     -----------Cash flows from operating  activities:   Net income  (loss)
($605,120)

$1,120,382 		
   Adjustments  to reconcile net income(loss) to    net  cash used by operating activities:   Depreciation             53,241             118,408     Provision for  loan losses              83,638             571,230     Loan and  insurance losses paid       (1,299,372)                   -      Realized  (gains) losses on marketable investment securities              4,463                     -      Net  (increase) decrease in accounts receivable        1,811,120            (126,178)   Net  (increase) decrease in other assets            (72,758)             17,048     Net increase  (decrease) in accounts payable           514,858              (65,604)   Net increase  (decrease) in other liabilities             45,808             119,756     (Increase)  decrease in restricted cash used       in operating activities - net          (102,529)             84,498     Mortgage  loans funded   (180,500,279)   (409,543,239)   Mortgage  loans sold     182,776,895       413,770,331     Increase in  mortgage loans participations sold                   -           1,195,969     Other            (31,603)          (132,718)    --------------------     --------------------          Net cash provided (used) for operating activities        2,678,362          7,129,883      --------------------     -------------------- Cash flows from investing  activities:   Proceeds from  sale of marketable investment securities             33,696                     -      Purchases of  marketable investment securities          (628,431)            (24,536)   Unrealized  holding (gain) loss                   -                14,337     Purchase of  property and equipment          (529,435)            (50,177)   Principal  collections on mortgage loans             13,213               22,769     (Increase)  decrease in deferred gain on sale of property & equipment             43,780               87,559      --------------------     --------------------          Net cash provided (used) for investing activities       (1,067,178)             49,952      --------------------     -------------------- Cash flows from financing  activities:   Net change in  short term borrowings       (2,261,985)       (5,384,935)    --------------------     --------------------          Net cash used for financing activities       (2,261,985)       (5,384,935)    --------------------     -------------------- Net increase (decrease) in  cash and cash equivalents          (650,800)        1,794,899  Cash and cash equivalents  at beginning of year        2,388,739          1,386,523      --------------------     -------------------- Cash and cash equivalents  at end of period
$1,737,939 		

$3,181,422 		
     		===========     ===========Supplemental Disclosure of  Cash Flow Information   Interest Paid
$473,849  

$1,201,867 		
     ===========     		===========See accompanying notes to  consolidated financial statements.
3

 

FIRST FINANCIAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)

PART I - FINANCIAL INFORMATION

1 - Basis of Presentation

The financial information included herein for FirstFinancial Corporation, and all of its wholly owned subsidiaries (the"Company") is unaudited; however, such unaudited information reflectsall adjustments which are, in management's opinion, necessary for a fair presentationof the financial position, results of operations and statement of cash flowsfor the interim periods. In preparing these financial statements, management isrequired to make estimates and assumptions that affect the reported amounts ofassets and liabilities as of the date of the balance sheet and revenue andexpense for the period. Actual results could differ significantly from thoseestimates. 

The results of operations and changes in cash flow forthe six-month period ended June 30, 2004 are not necessarily indicative of theresults to be expected for the full year or any future period.

Certain reclassifications were made to prior periods toensure comparability with the current period.

2 - Earnings Per Share

Earnings per common share were computed by dividing netincome by the weighted average number of shares outstanding during the period.

3 - Income Taxes

Income taxes are provided for the tax effects oftransactions reported in the financial statements and consist of taxescurrently due plus deferred taxes related primarily to differences between thebasis of the loan loss reserve for financial and income tax reporting. The deferred tax assets and liabilities represent the future tax returnconsequences of those differences, which will either be taxable or deductiblewhen the assets and liabilities are recovered or settled.  Deferred taxesalso are recognized for operating losses that are available to offset futuretaxable income and tax credits that are available to offset future federalincome taxes.  The Company has approximately $6,400,000 in available netoperating loss carryforward benefits for financial statement purposes to offsetfuture income, if any. A valuation allowance has been provided for all taxbenefits.

4
4 - Contingencies
Substantially all of the conventional pools ofmanufactured home loans serviced by the Company, approximately $289,043 at June30, 2004, were sold to investors with recourse.  The recourse provisionstypically require the Company to repurchase delinquent loans at the unpaidbalances plus accrued interest, or replace delinquent loans with another loanwhich is current.  Further, several of the agreements require the Companyto establish and maintain cash reserve accounts.  Deposits areperiodically made to the accounts equal to a specified percent of theoutstanding loans. The accounts may be used to cover deficiencies fromforeclosure and liquidation of delinquent pooled mortgage loans.  Suchcash reserve accounts totaled $4,495 and are included in restricted cash atJune 30, 2004.

5 - Subsequent Events

On July 1, 2004, First Preference Mortgage Corp., awholly owned subsidiary, executed a Real Estate Lien Note in the amount of$825,000 with a financial institution related by common ownership. This notebears interest at 6 1⁄2% for the first three months and at prime rate plus 1 1⁄2%thereafter. The note is payable in monthly installments of $10,000 until allamounts are paid or June 15, 2011. This note is secured by approximately 78.562acres of land located in McLennan County, Texas.

Item 2. Management's Discussion and Analysis of Resultsof Operations and Financial Condition

Results of Operations

The Company had a net loss of $(605,120) for the sixmonths ended June 30, 2004 compared to net income of $1,120,383 for the sameperiod in 2003.  Loan administration revenues were $2,721,051 for thefirst six months of 2004 compared to $6,931,276 for the same period of 2003.  The decrease in loan administration revenues is the result ofdecreased loan origination fees from the Company's residential mortgage loanoperations. During the six months ended June 30, 2004, FPMC fundedapproximately $180.5 million in new residential mortgage loans compared toapproximately $409.5 million during the same period in 2003. This decrease innew residential mortgage loans is primarily due to the higher mortgage loaninterest rates that existed during the first six months of 2004 compared to thesame period in of 2003. In addition, the revenues from the sale of the mortgageloans to governmental and private investors decreased by approximately $2.7million for the six months ended June 30, 2004 compared to the same period in2003. This decrease is due to an approximately 43% reduction in the net marginsrealized on the sale of these mortgage loans during the six months ended June30, 2004 compared with the same period in 2003. In addition, the amount onloans sold during the period decreased by $232.1 million from the same periodin 2003. 

Interest income for the six months ended June 30, 2004amounted to $629,486 compared to $1,448,497 for the same period in 2003. During 2004, the interest income earned by the Company on investments increasedby approximately $7,400 or 24%. This increase is primarily the result ofimproved cash and investment management. During the six months ended June 30,2004, the interest income earned on mortgages held-for-sale decreased by approximately$826,000 from the same period in 2003 primarily due to the approximate $229.0million decrease in loan originations from 2004 to 2003 as discussed above.FPMC earns interest from the date the mortgage loan is closed until the datethe mortgage loan is sold to investors.

5

Other income for the six months ended June 30, 2004amounted to $680,046 compared to $676,689 for the same period in 2003. Thisincrease is primarily due to increased fees earned under fronting andreinsurance agreements

Salaries and related expenses decreased to $2,497,895for the six months ended June 30, 2004, compared to $3,683,645 for the sameperiod in 2003. This decrease is primarily due to the overall decrease in thevolume of new residential mortgage loans originated during the six months endedJune 30, 2004 compared to the same period in 2003 as previously discussed.

For the six months ended June 30, 2004, interest expenseamounted to $483,342 compared to $1,118,928 for the same period in 2003. The significant decrease in interest expense for the six months ended June 30,2004 is primarily the result of decreased utilization of the warehouse line ofcredit and loan participation agreements due to the previously discusseddecrease in loan origination volume. During this period, the weighted averageinterest rate on the Company's financing of its mortgage lending activitiesdecreased to approximately 4.38% compared to approximately 4.62% for the sameperiod in 2003.

Operating expenses for the six months ended June 30,2004 were $1,654,466 compared to $3,063,506 for the same period in 2003. Thisdecrease is primarily due to the overall decrease in the volume of newresidential mortgage loans originated during the six months ended June 30, 2004compared to the same period in 2003 as previously discussed.

During the six months ended June 30, 2004, the Companyrecorded a provision for loan losses of $83,638 compared to $571,230 for thesame period in 2003. At June 30, 2004, the reserve for loan losses amounted to$63,273 compared to $678,470 at June 30, 2003. The Company is at risk undercertain of its agreements with private investors for credit losses and cost offoreclosure on default of the borrower. The Company has analyzed certainattributes of the mortgage loans that it has sold to investors, includingdelinquencies, credit quality, credit insurance, loss experience and insurancecoverage. Based on this review, the Company believes that its reserve for loanlosses is adequate for potential loan losses.

The Company made no provision for losses under servicingagreements in either the six months ended June 30, 2004 or 2003. The reservefor losses under servicing agreements amounted to $234,595 at June 30, 2004 and2003. Under the terms of certain of its servicing agreements, the Company is atrisk for any credit losses and costs of foreclosure, net of credit insuranceproceeds, if any, sustained on default of the borrower. The Company hasanalyzed its servicing portfolio characteristics, including servicing portfoliobalance, loss experience, maturity and aging of the loans and the creditinsurance coverage on the loans. Based on this analysis, it is the Company'sbelief that its reserve for losses under servicing agreements is adequate forpotential losses attributable to the servicing agreements.

 

 

 

6

The reserve for losses under insurance policies is basedon estimates for reported claims and on estimates, based on experience, forunreported claims and potential loss exposure as calculated by an independentactuary. The reserve for losses under insurance policies has been establishedto cover the estimated net cost of insured losses. It is the Company's beliefthat its reserve in the amount of $756,462 is adequate to absorb potentiallosses associated with reinsurance.

Other comprehensive income consists of unrealizedholding gains (losses) on marketable investment securities net of income taxes.For the six months ended June 30, 2004, unrealized holding losses amounted to($11,639) compared to unrealized holding gains of $14,337 for the same periodin 2003.

Financial Condition

At June 30, 2004, the Company's total assets were$29,711,482 compared to $45,713,331 at June 30, 2003.  The decrease in thetotal assets is primarily due to the decrease in residential mortgage loanproduction during the six months ended June 30, 2004 as previously discussed.As reflected in the financial statements, the stockholders' equity of theCompany was $5,600,797 at June 30, 2004 and the stockholders' equity was$5,986,344 at June 30, 2003.

Liquidity and Capital Resources

The Company's primary sources of liquidity are proceedsfrom the sale of mortgage loans, net interest income, fees earned fromoriginating mortgage loans, premiums written from insurance operations andborrowings under the Company's warehouse credit facilities. The Company's useof cash include the funding of mortgage loans prior to their sale, payment of interest,repayment of amounts borrowed pursuant to warehouse lines of credit, operatingand general and administrative expenses and capital expenditures.

On a consolidated basis, cash and cash equivalents(including restricted cash) were $2,608,447 at June 30, 2004.  Includedtherein was cash and cash equivalents of Apex Lloyds Insurance Company of$1,569,445 and First Apex Re of $443,240.  The cash flow of Apex LloydsInsurance Company and First Apex Re are only available to the Company as allowedby state insurance regulations.

As more fully discussed in the Annual Report Form 10-KSBfor the year ended December 31, 2003, FPMC has a mortgage warehouse line ofcredit with a financial institution totaling $35,000,000 which expired on June30, 2004. This maturity date of this agreement has been extended to August 31,2004. This agreement includes certain financial covenants includingrequirements to maintain adjusted-tangible-net worth above $3,500,000. Also,FPMC's total liabilities to adjusted tangible net worth may never exceed 15 to1. The obligations under this agreement are guaranteed  under an UnlimitedContinuing Guaranty Agreement executed by David W. Mann. Management expects torenew this agreement or possibly seek an alternate funding source for itsfinancing of operations, and therefore, management does not believe that thismatter will have a material adverse effect on the financial position of FPMC,however, the ability to provide adequate funding sources for its financing ofoperations has a direct impact on maintaining the level of operations.

 

 

 

 

7

FPMC has a loan participation agreement in the amount of$10,000,000 with its line of credit lender. Under this agreement, the financialinstitution has the option to purchase an undivided interest in the residentialmortgage loans originated by FPMC. When a subject mortgage loan is sold in thesecondary market, the financial institution recoups its investment plus aspecified yield on its investment. At June 30, 2004, no participations were outstandingunder this agreement.

In addition, FPMC has a loan participation agreementwith another financial institution, which is a related party by commonownership, amounting to $22,500,000. Under this agreement, the financialinstitution has the option to purchase an undivided interest in the residentialmortgage loans originated by FPMC. When the subject mortgage loan is sold inthe secondary market, the financial institution recoups its investment plus aspecified yield on its investment. At June 30, 2004, no participations wereoutstanding under this agreement.

Item 3. Controls and Procedures

As of June 30, 2004, the Company evaluated theeffectiveness of the design and operation of its disclosure controls and procedures.The evaluation was carried out under the supervision and with the participationof the Company's management, including the Company's Chief Executive Officerand Chief Financial Officer. Based on and as of the date of the evaluation, theChief Executive Officer and the Chief Financial Officer concluded that theCompany's disclosure controls and procedures are effective in timely alertingthem to material information relating to the Company, including it consolidatedsubsidiaries, required to be included in reports the Company files with orsubmits to the Securities and Exchange Commission under the Securities ExchangeAct of 1934. There have been no significant changes in the Company's internalcontrols or in other factors that could significantly affect the Company'sinternal controls subsequent to the date of the evaluation.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

The Company is involved in routine litigation incidentalto its business, both as a plaintiff and a defendant. Management of theCompany, after consulting with legal counsel, feels that liability resultingfrom the litigation, if any, will no have a material effect on this financialposition of the Company.

Item 4. Submission of Matters to a Vote of Security Holders

The annual meeting of the shareholders was held on May20, 2004, pursuant to an information statement dated April 29, 2004, furnishedby the Board of Directors to the Shareholders of Record.

At the meeting, the following were elected to the Boardof Directors: David W. Mann, Walter J. Rusek, James Lee Motheral, Dr. RaymondA. Parker and Joseph Edward Walker.

 

 

 

 

8

 

In other matters, the shareholders approved theselection of Pattillo, Brown & Hill, Certified Public Accountants, asauditors for the fiscal year ended December 31, 2004 and ratified and approvedall actions taken by the Company's directors and management during thepreceding year. No other matters were voted upon.

Item 5. Other Information

This report on Form 10-Q is accompanied by a statement ofthe Chief Executive Officer and the Chief Financial Officer of the registrantmaking certain certifications as to the contents hereof, as required by Section906 of the Sarbanes-Oxley Act of 2002.

Item 6. Exhibits and Reports on Form 8-K

No Form 8-K was filed during the quarter ended June 30,2004.

 

 

 

 

 

9

 

SIGNATURES

Pursuant to the requirements of the Securities andExchange Act of 1934, the registrant has duly caused this report to be signedon its behalf by the undersigned thereunto duly authorized.

First Financial Corporation

 
Date         August13, 2004       
   /s/ David W.Mann                                                     David W. Mann        President        Duly Authorized Officer and        Principal Financial Officer
 
 
Date         August13, 2004        
  /s/ Robert L.Harris                                                     Robert L. Harris       Vice President and       Principal Accounting Officer

 

 

 

(Remainder of page purposely left blank.)

 

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