**UNITED STATES SECURITIES AND EXCHANGECOMMISSIONWashington, D.C.  20549**

**FORM 10-QSB**

 X        QUARTERLY REPORTUNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                                    Forthe quarterly period ended September 30, 2006

__        TRANSITION REPORTUNDER SECTION 13 OR 15(D) ON THE EXCHANGE ACT

                                    For the transition period from_______________ to _______________         

** Commission file number      0-5559     **

**FIRST FINANCIAL CORPORATION**(Exactname of small business issuer as specified in its charter)

|                Texas               | 74-1502313                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| (State or otherjurisdiction 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 telephone number       (254) 757-2424                    

Check whether the issuer (1) filed all reports requiredto be filed by Section 13 or 15(d) of the Exchange Act during the past 12months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.  

                                                                                                                             Yes  X     No  __

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the ExchangeAct).                                                                                                     Yes __     No  X

Number of shares of theIssuer's Common Stock outstanding on October 31, 2006 was 173,528.

Transitional Small Business Disclosure Format (check one)                                     Yes __     No  X    

 

 

FORM 10-QSBFIRST FINANCIALCORPORATIONSeptember 30, 2006

INDEX

Part I FinancialInformation 
Page No.  
            Item 1. FinancialStatements     
 
                                   Consolidated Balance Sheet as of 
1
                                    September 30, 2006
   
                                   Consolidated Statements of Income
2
                                    forthe Nine-Months ended
 
                                    September30, 2006 and 2005
   
                                   ConsolidatedStatements of Cash 
 
                                    Flowfor the Nine-Months 
 
                                   ended September 30, 2006 and 2005    
3  
                                   Notesto Consolidated Financial 
 
                                   Statements 
4  
           Item 2. Management'sDiscussion and Analysis
 
                                   Or Plan of Operation  
7
                                    
 
           Item 3. Controls and Procedures 
13
                        
 
                                    
 
Part II Other Information
   
           Item 1. Legal Proceedings 
14  
           Item 6. Exhibits

14
                                    

 

 

Item 1. Financial Statements
First Financial Corporation
Consolidated			Balance Sheet
September 30, 2006
(Unaudited)
 
 
Assets
 
------
Cash and cash equivalents
$
171,624 
Restricted cash
- 
Accounts receivable
87,103 
Marketable investment securities
290,360 
Restricted marketable investment			securities
- 
Real estate held for			investment,at cost
- 
Mortgage loans 
72,533 
Property and equipment
79,144 
Other assets
197,913 
Total Assets
$898,677 
Liabilities and Stockholders'			Deficit
			--------------------------------------
Notes on line of credit
$
0 
Notes payable
2,746,569 
Accounts payable
246,843 
Estimated reserve for			indemnifications and early payment default losses
2,595,394 
Estimated reserve for losses			under servicing agreements
- 
Estimated reserve for losses			under insurance policies
- 
Other liabilities
113,574 
Total Liabilities
5,702,380 
Stockholders' deficit:
  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
(5,406,809)
Accumulated other comprehensive			income:
   Unrealized gain			(loss) on marketable securities, net of tax
118,713 
(4,768,394)
Less:Treasury stock - at cost
(35,309)
Total Stockholders' Deficit
(4,803,703)
Total Liabilities and			Stockholders' Deficit
$
898,677 
See accompanying notes to			consolidated financial statements.
-1-
 

 

First Financial Corporation
		Consolidated Statements of Income 
Three months and Six months ended September 30, 2006 and		2005
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2006
2005
2006
 
2005
Revenues:
   Loan administration$
- $
1,279,236 $
1,086,807 $
3,592,740 
   Interest income
- 
226,533 
5,764 
877,570 
   Oil and gas royalties
271,243 
11,301 
290,460 
40,128 
   Other income
7,399 
139,060 
 
1,304,514 
 
658,837 
       		Total Revenues
278,642 
1,656,130 
 
2,687,545 
 
5,169,275 
Expenses:
   Salaries and related		expenses
46,637 
1,197,713 
1,375,855 
3,527,057 
   Interest expense
45,003 
230,623 
159,331 
822,790 
   Provision for loan		losses
- 
1,913,002 
1,936,667 
2,568,010 
   Impairment of assets
43,940 
- 
851,177 
- 
   Other operating		expenses
7,140 
864,841 
 
1,572,207 
 
2,511,121 
       		Total Expenses
142,720 
4,206,179 
 
5,895,237 
 
9,428,978 
       		Income (loss) before income other income,
135,922 
(2,550,049)
(3,207,692)
(4,259,703)
       		and provision for income tax expense
Other non-operating income 
   Net gain from		settlement of note payable 
620,000 
- 
620,000  
- 
       		Total Other Income
620,000 
- 
620,000  
-  
       		Income (loss) before provision for income tax
755,922 
(2,550,049)
(2,587,692) 
(4,259,703) 
Federal income taxes
- 
- 
 
64 
 
- 
       		Net income (loss)
755,922 
(2,550,049)
(2,587,756)
(4,259,703)
Other comprehensive income:
   Unrealized holding		gains (losses)
(78,835)
3,440 
 
117,334 
 
(16,955)
       		Comprehensive income (loss) $
677,087 $
(2,546,609)$
(2,470,422)
$
(4,276,658)
Income Per Common Share$
3.90 $
(14.68)$
(14.24)
$
(24.65)
See accompanying notes to		consolidated financial statements.
-2-
First Financial Corporation
		Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
2006
 
2005
Cash flows from operating		activities:
   Net income (loss)$
(2,587,756)$
(4,259,704)
   Adjustments to		reconcile net income(loss) to
       		net cash used by operating activities:
   Depreciation
1,345,026 
245,101 
   Provision for loan		losses 
1,936,667 
2,568,010 
   Loan and insurance		losses paid
(1,785,156)
(2,409,143)
   Realized (gains) losses		on marketable investment securities
(11,669)
(1,214)
   Gain on sale of real		estate held for investment
(696,164)
   Net (increase) decrease		in accounts receivable
84,893 
384,322 
   Net (increase) decrease		in other assets
325,319 
88,518 
   Net increase (decrease)		in accounts payable
(150,686)
(69,569)
   Net increase (decrease)		in reserve for losses under
       		insurance policies
- 
(308,696)
   Net increase (decrease)		in other liabilities
(380,676)
(252,082)
   (Increase) decrease in		restricted cash used 
       		in operating activities - net
- 
479,495 
   Mortgage loans funded
(70,392,273)
(236,054,333)
   Mortgage loans sold
86,221,199 
247,140,071 
   Increase (decrease) in		mortgage loans participations sold
(15,669,454)
(1,850,227)
   Other
1,381 
2,137 
       		Net cash provided (used) for operating activities
(1,759,349)
5,702,687 
Cash flows from investing		activities:
   Proceeds from sale of		marketable investment securities
61,669 
2,224,741 
   Purchases of marketable		investment securities
(160,912)
(904,648)
   Unrealized holding		(gain) loss
(61,823)
(16,955)
   Proceeds from sale of		real estate held for investment
1,250,000 
   Purchase of property		and equipment
(78,258)
(71,530)
   Principal collections		on mortgage loans
53,708 
9,453 
   (Increase) decrease in		deferred gain on sale of property & equipment
- 
102,152 
       		Net cash provided (used) for investing activities
1,064,383 
1,343,213 
Cash flows from financing		activities:
   Net change in short		term borrowings
(9,136,421)
   Proceeds from notes		payable
1,138,343 
1,703,086 
   Payments on notes		payable
(1,826,240)
(174,295)
       		Net cash used for financing activities
(687,897)
(7,607,630)
Net increase (decrease) in cash and		cash equivalents
(1,382,863)
(561,730)
Cash and cash equivalents at		beginning of year
1,554,487 
1,675,465 
Cash and cash equivalents at end of		period$
171,624 $
1,113,735 
Supplemental Disclosure of Cash Flow		Information
     		Interest Paid$
214,784 $
833,415 
See accompanying notes to		consolidated financial statements.
-3-
 

FIRST FINANCIALCORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS(Unaudited)

PART I - FINANCIAL INFORMATION

1 - Basis of Presentation

The financial informationincluded herein for First Financial Corporation, and all of its wholly ownedsubsidiaries (the "Company") is unaudited; however, such unauditedinformation reflects all adjustments which are, in management's opinion,necessary for a fair presentation of the financial position, results ofoperations and statement of cash flows for the interim periods, assuming thatthe Company will continue as a going concern. In preparing these financialstatements, management is required to make estimates and assumptions thataffect the reported amounts of assets and liabilities as of the date of thebalance sheet and revenue and expense for the period. Actual results coulddiffer significantly from those estimates. 

The results of operationsand changes in cash flow for the nine-month period ended September 30, 2006 arenot necessarily indicative of the results to be expected for the full year orany future period.

Certain reclassificationswere made to prior periods to ensure comparability with the current period.

2 - Going Concern

The accompanying financial statements have been preparedassuming the Company will continue as a going concern.  At September 30, 2006,the Company has unrestricted cash and cash equivalents of $.17 million and anaccumulated deficit of $5.4 million.  At December 31, 2005, the Company hadcash and cash equivalents of $1.6 million and an accumulated deficit of $2.3million.  The Company incurred a net loss before income taxes of $2.587 millionduring the nine months ended September 30, 2006 and a net loss before incometaxes of $5.477 million during the year ended December 31, 2005.  

First Preference Mortgage Corporation ("FPMC"), a wholly owned subsidiaryof the Company, had incurred net losses of $4.9 million and $2.46 million forthe years ended December 31, 2005 and 2004, respectively.

In prior years, FPMC's primary funding source was a mortgage warehouseline of credit from Colonial Bank. During 2005, the Company was unable to maintaincertain borrowing covenants (i.e. minimum adjustable tangible net worth)resulting in the Company being unable to borrow money under the line of creditto fund mortgage loan originations.  Colonial Bank terminated the line ofcredit, effective March 31, 2006. 

4

In September 2005, FPMC entered into a Loan Participation Agreement withCitizens State Bank of Woodville, Texas ("CSB").  David W. Mann, the Company'schief executive officer and controlling beneficial owner, is also chiefexecutive officer and controlling beneficial owner of CSB. The sale ofparticipations to CSB was the Company's only source of funding after October2005.  On April 30, 2006 CSB terminated its Loan Participation Agreement withFPMC.  

In order to participate in the FHA mortgage insurance program, FPMC isrequired to maintain a minimum net worth requirement.  As of December 31, 2005,FPMC was below the minimum net worth requirement of the Department of Housingand Urban Development ("HUD"), as a result of which FPMC became ineligible forparticipation in the HUD mortgage insurance programs.

The significant losses for the nine months ended September 30, 2006, theyears ended December 31, 2005 and 2004, the inability to fund new loanoriginations through a mortgage warehouse line or participation agreement, andthe violation of the minimum net worth requirement of HUD, create significantdoubt about FPMC's ability to continue as a going concern.  Management hasdiscontinued the mortgage operation, the Company's only significant source ofrevenue, with no new mortgage loans being funded after April 28, 2006.  Thefinancial statements do not include any adjustments that might be necessary ifFPMC is unable to continue as a going concern.

The revenue from FPMC represents over 90% of the Company's total revenue. Therefore, the financial condition of FPMC creates significant doubt about theCompany's ability to continue as a going concern.  

3 - Notes Payable

During the month of June2006, and subsequently, FPMC did not make payment to CitiMortgage, Inc.("CMI"), Washington Mutual Bank, FA ("Washington Mutual") or the Department ofHousing and Urban Development ("HUD") as required by the agreements describedin Results of Operations.  The last payments due in May 2006 under each of thesethree agreements were remitted in May 2006.  The amounts payable to CMI andWashington Mutual are zero interest obligations and are reflected on theaccompanying balance sheet as notes payable.  Upon FPMC's default of these twonotes, FPMC raised the note payable balance to reflect the total of the futurescheduled payments.  Previously, the Company reflected these notes on a netpresent value basis.  This resulted in a total increase to notes payable in theamount of $223,822. This increase was reflected in the previously reportedamounts for June 2006.  

On September 15, 2006, FPMC entered into a Release andSettlement Agreement with Washington Mutual.  For consideration of $65,000 paidby FPMC, Washington Mutual released FPMC of any claims, complaints,liabilities, obligations, promises, agreements, contracts and causes of action,against FPMC.  Notes payable was decreased by $685,000.

4 - Earnings Per Share

Earnings per common sharewere computed by dividing net income by the weighted average number of sharesoutstanding during the period. 

5

5 - Income Taxes

Income taxes are providedfor the tax effects of transactions reported in the financial statements andconsist of taxes currently due plus deferred taxes related primarily todifferences between the basis of the loan loss reserve for financial and incometax reporting.  The deferred tax assets and liabilities represent the futuretax return consequences of those differences, which will either be taxable ordeductible when the assets and liabilities are recovered or settled.  Deferredtaxes also are recognized for operating losses that are available to offsetfuture taxable income and tax credits that are available to offset futurefederal income taxes.  The Company has approximately $8 million in availablenet operating loss carryforward benefits for financial statement purposes tooffset future income, if any.  A valuation allowance has been provided for alltax benefits; therefore, no asset is reflected on the Company's balance sheetfor the net operating loss carryforward benefits.

6 - Subsequent Event

The Company and its errorsand omission insurer recently agreed to settle claims with respect to errorsoccurring in the origination of loans for $482,776, receipt of which isexpected in the near future.  

7 - Contingencies

In the ordinary course of business, the Company sells loans toinstitutional investors without recourse that may have to be subsequentlyrepurchased due to defects that occurred during the origination of the loan.  Inaddition, mortgage loans sold to investors are subject to repurchase orindemnification if the loans become a specified number of months delinquentwithin a specified period of time after the loans are sold (i.e., early paymentdefault).  When a loan sold to an investor without recourse fails to perform,the investor will typically review the loan file to determine whether defectsin the origination process occurred.  If a defect is identified, the Companymay be required to either repurchase the loan or indemnify the investor forlosses sustained.  If there are no defects, the Company has no commitment torepurchase the loan.  The Company has accrued for this potential loss exposureas further discussed in Item 2.  At September 30, 2006, the estimated reservefor indemnifications and early payment default losses was $2,595,394.  

On August28, 2006, CitiMortgage, Inc. ("CMI") filed suit in the United States DistrictCourt for the Eastern District of Missouri against FPMC, David W. Mann andCitizens Mortgage Corporation ("CMC").  CMC is a subsidiary of Citizen'sState Bank, the president and chief executive officer of which is Mr. Mann andthe parent company of which is majority-owned by Mr. Mann and his affiliates. This litigation results from defaults by FPMC in the repayment to CMI of amountsrequired to be paid by FPMC under its July 20, 2006 Workout and ForbearanceAgreement with CMI and under the underlying loan agreements, as described under"Results of Operations" in Item 2 of Part I of this report.  Amountsclaimed by CMI to be payable under these agreements total approximately$3,500,000.  The sum of the amounts reflected on the accompanying balancesheet under notes payable and under estimated reserve for loan losses thatrelate to loans sold to CMI is approximately $3,500,000.  CMI also makesclaims in this litigation against FPMC, Mr. Mann and CMC based on allegationsthat FPMC made transfers to CMC of assets related to its mortgage operationswithout receiving reasonably equivalent value in exchange.  The amount ofthese claims is not quantified.  In answer to this suit, FPMC has filed ageneral denial.  CMS has moved to dismiss the suit for lack of personaljurisdiction and improper venue and Mr. Mann has moved to dismiss the suit forlack of personal jurisdiction.

6

 

Item 2. Management'sDiscussion and Analysis or Plan of Operation
Results of Operations
The Company had a net loss of$(2,587,692) for the nine months ended September 30, 2006 compared to a netloss of $(4,259,703) for the same period in 2005.  The Company had a net incomeof $755,922 for the three months ended September 30, 2006 compared to a netloss of $(2,550,049) for the same period in 2005.  As a result of thediscontinuance of the Company's mortgage operations after April 28, 2006described under "Liquidity and Capital Resources," the Company's total expensesduring the quarter ended September 30, 2006 have decreased to $140,000 from$4.2 million for the same time period last year. The Company's only materialincome during the September 30, 2006 quarter was a $620,000 gain from thesettlement of a debt and $270,000 as a lease bonus on a new oil and gas leasecovering certain real property owned by the company.  There were no mortgageloans funded in the quarter ended September 30, 2006 compared to $72 million inmortgage loans funded during the same period in 2005.  During the nine monthsended September 30, 2006, FPMC funded approximately $70 million in mortgageloans compared to approximately $236 million during the same period in 2005.  

During the quarter endedSeptember 30, 2006, there were also no loan administration revenues and nointerest revenue compared to $1,279,236 and $226,533 respectively for the sameperiod in 2005.  Loan administration revenues were $1,086,807 for the firstnine months of 2006 compared to $3,592,740 for the same period of 2005. Interest income for the nine months ended September 30, 2006 amounted to $5,764compared to $877,570 for the same period in 2005.  FPMC earned interest fromthe date the mortgage loan was closed until the date the mortgage loan was soldto investors.

7

Also, interest revenue andinterest expense reflect a lower amount for the nine months ended September 30,2006 compared to the same time period for 2005 because starting October 1,2005, the Company sold participations in the loans up to 99% of the face valueof the loan to CSB.  Through September 30, 2005, the loans held for sale werebeing reported as an asset and the amount owed on those loans to Colonial Bank,FPMC's warehouse line of credit lender, were reported as a liability. Beginning October 1, 2005, the loans held for sale were reported net of the participationssold. The interest earned and the interest owed on the loans by the Company wasbased on the remaining 1% interest held by the Company.  

During the third quarterof 2006, the Company entered into a new oil and gas lease resulting in oil andgas royalties for the quarter ended September 30, 2006 of $271,243 compared to$11,301 for the same period in 2005.  Oil and gas royalties for the nine monthsended September 30, 2006 amounted to $290,460 compared to $40,128 for the sameperiod in 2005.

For the quarter endedSeptember 30, 2006, other income was $7,399 compared to $139,060 for the sameperiod in 2005.  Other income for the nine months ended September 30, 2006amounted to $1,304,514 compared to $658,837 for the same period in 2005.  Thisincrease is primarily due to the gain realized on the transfer of the Company'sinvestment in real estate in payment of secured debt of the Company and FPMC asfurther discussed in the Company's Form 8-K dated May 22, 2006.

Other comprehensive incomeconsists of unrealized holding gains (losses) on marketable investmentsecurities net of income taxes. For the nine months ended September 30, 2006,unrealized holding gains amounted to $117,334 compared to unrealized holdinglosses of $(16,955) for the same period in 2005.  For the quarter endedSeptember 30, 2006, unrealized holding gains amounted to $(78,835) as comparedto losses of $3,440 for the same period in 2005.

8

Salaries and relatedexpenses decreased to $46,637 for the quarter ended September 30, 2006 comparedto $1,197,713 for the same period in 2005.  For the nine months ended September30, 2006, $1,375,855 was incurred in salaries and related expenses compared to$3,527,057 for the nine months ended September 30, 2005.  This decrease isprimarily due to the reduction in staff and closing of mortgage operationsduring the quarter ended June 30, 2006. 

Interest expense for thequarter ended September 30, 2006 amounted to $45,003 compared to $230,623 forthe same time period in 2005.  For the nine months ended September 30, 2006,interest expense amounted to $159,331 compared to $822,790 for the same periodin 2005.    The reduction of interest expense is primarily due to the closingof the mortgage operations.  The decrease is also due to interest owed beingreported on the loan net of the participation sold versus the interest owedbeing reported on the face value of the loan, as discussed above. 

Due to the discontinuance of FPMC's mortgage operationsduring the quarter ended June 30, 2006, the use by FPMC of certain technologybased assets used in the mortgage business significantly changed before the endof its previously estimated useful life.  The impairment of value for thesetechnology based assets resulted in an expense in the amount of $43, 940 and$851,177 for the three months and nine months ended September 30, 2006respectively.

Other operating expensesfor the three months ended September 30, 2006 amounted to $7,140 compared to$864,841 for the same period in 2005.  For the nine months ended September 30,2006, other operating expenses were $1,572,207 compared to $2,511,121 for thesame period in 2005.  In the quarter ended September 30, 2006, the Companywrote off the provision for bad debts including any corresponding receivablesin the amount of $148,848.  Of this amount, $128, 932 was recorded to provisionfor bad debts and other operating expense during the 6 months ending June 30,2006.

The Company is at risk under the agreements describedbelow with private investors and with the Department of Housing and UrbanDevelopment ("HUD") for credit losses and cost of foreclosure on default of theborrower.

FPMC entered into a Workout and Forebearance Agreementwith CMI, effective July 20, 2005 related to indemnity obligations under loanpurchase agreements under which FPMC is obligated to repurchase certain loansfrom CMI.  As of September 30, 2006, the total of amounts payable to CMI, whichhas been included as a component of the note payable on the accompanyingconsolidated balance sheet, was $2,084,032.  The amount added to the notepayable during the nine months ended September 30, 2006 was $664,608.  Thisnote payable was not increased during the quarter ended September 30, 2006. The sum of the amounts reflected on the accompanying balance sheet under notespayable and under estimated reserve for loan losses that relate to loans soldto CMI is approximately $3,500,000.  This is approximately equal to the amountclaimed in the lawsuit by CMI explained in the "Legal Proceedings" below.

9

FPMC entered into a Stipulation of Settlement Agreementwith Washington Mutual effective February 21, 2006, related to indemnityobligations under a Loan Purchase Agreement in which FPMC was obligated torepurchase certain loans from Washington Mutual.  The total amount payable toWashington Mutual was $685,000 as of September 14, 2006.  On September 15,2006, FPMC entered into a Release and Settlement Agreement with WashingtonMutual.  For consideration of $65,000 paid by FPMC, Washington Mutual releasedFPMC of any claims, complaints, liabilities, obligations, promises, agreements,contracts and causes of action, against FPMC.  Notes Payable was decreased by$685,000 and a gain of $620,000 was recorded in net gain from settlement ofnote payable.

FPMC has agreements withthe Department of Housing and Urban Development ("HUD") under which FPMC is atrisk for credit losses and cost of foreclosure on default of the borrower.  InJanuary 2005, FPMC entered into a repayment plan with HUD in the amount of$194,014 for the settlement of various claims.  FPMC booked a note payable toHUD for the amount of the obligation and reduced the amount of the loan lossreserve.  In March 2005 and February 2006, the amount payable under this planand the note payable amount were increased by $45,793 and $239,419,respectively, so that as of September 30, 2006 the total amount owed under thisplan including interest and late fees was $312,537, payable in installments of$15,012 per month, including interest.  As a result of this plan, the Companyhas booked charges against its loan loss reserve in the aggregate amount of$479,406.  

The total amount of thesettlements with CMI, Washington Mutual and HUD aggregating $3,426,931 havebeen charged against the Company's loan loss reserve, the amount of which, atSeptember 30, 2006, was $2,595,394, as compared to $2,471,106 at September 30,2005.  During the nine months ended September 30, 2006, the Company increasedits provision for loan losses, indemnifications and early default losses by$1,936,667, resulting in a charge against income in that amount, as compared toa charge of $2,568,010 for the same period in 2005.  For the quarter endedSeptember 30, 2006, FPMC did not increase its provision for loan losses.  TheCompany calculates the loan loss reserve based on historical loan losses,recoverability of losses under the Company's Errors and Omissions ("E&O")insurance policy as well as other factors.  For additional information aboutthe Company's claims under its E&O insurance policy see Liquidity andCapital Resources.

FPMC established a general reserve account on or aboutApril 27, 2006 with Countrywide Home Loans, Inc. ("Countrywide") in the amountof $143,241 to make provision for certain obligations of FPMC that may ariseunder its loan purchase agreement with Countrywide under which FPMC isobligated to repurchase loans sold to Countrywide.  The general reserve accountwas established with payment from FPMC to Countrywide in the amount of$143,241.  Countrywide and FPMC are in negotiations regarding a Loss ReserveAgreement, which would govern the general reserve account, among other things.The amount in the general reserve account at Countrywide on September 30, 2006was $91,091.

10

During the month of June2006, and subsequently, FPMC did not make payment to CMI, Washington Mutual orHUD as required by the agreements described above.  The amounts payable to CMIand Washington Mutual are zero interest obligations and are reflected on theCompany's balance sheet as notes payable.  Upon FPMC's default of these twonotes during the month of June, FPMC raised the note payable balance to reflectthe total of the future scheduled payments.  Previously, the Company reflectedthese notes on a net present value basis.  This resulted in an increase to thenote payable due CMI in the amount of $131,583 and an increase to the notepayable due Washington Mutual in the amount of $92,239.  These increases werereflected in the previously reported amounts for June 30, 2006.

On August 8, 2006 FPMC received a letter from legal counsel of CMIdated August 7, 2006, declaring FPMC to be in default under its agreements withCMI by failing to make payments due in June, July and August 2006 under theWorkout and Forbearance Agreement in the aggregate amount of $132,500.  CMIasserted that all amounts payable by FPMC under the Workout and ForbearanceAgreement and the underlying loan agreements have been accelerated and demandedthat amounts totaling approximately $3,500,000 be paid by FPMC, or that acceptablearrangements be made for those amounts to be paid.  CMI also asserted relatedclaims against certain affiliates of FPMC, including Citizens MortgageCorporation ("CMC") and David W. Mann, the Company's chief executive officer. Subsequently, CMI filed suit against FPMC, CMC and Mr. Mann in the United StateDistrict court, Eastern District of Missouri, Eastern Division, as describedunder "Legal Proceedings" in Item 1 of Part II of this report.  FPMC filed itsoriginal answer to the claims in this suit.  CMC has filed a motion to dismissfor lack of personal jurisdiction and for improper venue.  Court action ispending.  David W. Mann has filed a motion to dismiss for lack of personaljurisdiction.  Court action is pending.  

Financial Condition

At September 30, 2006, the Company's total assets were$898,677 compared to $18,416,008 at September 30, 2005.  As a result of thediscontinuance of the mortgage operations, the Company has no mortgage loansheld for sale as of September 30, 2006.  Also, at September 30, 2006, totalassets includes only the net amount of the loans originated less the loanparticipations sold.  At September 30, 2005, included in assets were the loansheld for sale and included in liabilities was the amount borrowed for theseloans.  The reduction in total assets is also reflected in cash decreasing byapproximately $.9 million from September 30, 2005 to September 30, 2006,accounts receivable decreasing by approximately $.25 million from September 30,2005 to September 30, 2006, and marketable investment securities increasing byapproximately $.29 million from September 30, 2005 to September 30, 2006. Stockholders' deficit of the Company was $(4,803,703) at September 30, 2006 andthe stockholders' deficit was $(1,133,218) at September 30, 2005.

 

11
Liquidity and Capital Resources
UntilApril 28, 2006, the Company's primary sources of liquidity were proceeds fromthe sale of mortgage loans, net interest income, fees earned from originatingmortgage loans and borrowings under the Company's warehouse credit facilities.The Company's use of cash included the funding of mortgage loans prior to theirsale, payment of interest, repayment of amounts borrowed pursuant to warehouselines of credit, loan repurchase and indemnity obligations, operating andgeneral and administrative expenses and capital expenditures. 

FPMC's mortgage warehouseline of credit with Colonial was terminated as of March 31, 2006.

Effective September 26,2005, FPMC established a temporary loan participation agreement with CSB. AtMarch 31, 2006, approximately $9.9 million participations were outstandingunder this agreement. Also, effective September 26, 2005, FPMC entered into anAmended and Restated Tri-Party Agreement with CSB and Colonial Bank in whichColonial will act as administrator for loan fundings in which CSB has purchaseda participation interest from FPMC.  By letter received March 29, 2006, FPMCwas notified by CSB that CSB would discontinue purchasing participations in theloans originated by FPMC, as a result of which no such loans have beenoriginated by the Company since April 28, 2006.  On June 20, 2006, there wereno participations outstanding under these agreements.

FPMC has been unsuccessfulin obtaining any new source of funding for its mortgage activities.  Managementdoes not expect those activities to resume.  FPMC had one employee as ofSeptember 30, 2006.

On a consolidated basis,cash and cash equivalents were $171,624 at September 30, 2006. On that date theCompany had an accumulated deficit (that is, total liabilities in excess oftotal assets) of approximately $5.4 million.  Given the cessation of theCompany's mortgage origination business, the Company's only significant sourceof liquidity are the proceeds of its errors and omissions insurance, itsMortgage Bankers Blanket Bond and the sale of its assets related to itsmortgage origination business.

The Company has assertedclaims against its errors and omissions insurer with respect to errorsoccurring in the origination of loans, particularly the failure of FPMC'semployees to obtain FHA insurance for the loans.  The Company and its errorsand omission insurer recently agreed to settle these claims for $482,776,receipt of which is expected in the near future.  In addition, the Companysubmitted a Proof of Loss for a Mortgage Bankers Blanket Bond with respect to loansthat had been procured by fraud and/or forgery.  

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Upon the discontinuance ofFPMC's mortgage operations, the assets related to those operations, includingcertain furniture, fixtures and equipment and leasehold interests in certainbranch offices, were transferred to Citizen's Mortgage Corporation ("CMC"), awholly owned subsidiary of CSB, the president and chief executive officer ofwhich is Mr. Mann and the parent company of which is majority-owned by Mr. Mannand his affiliates. In connection with this transfer, CMC also employed certainof FPMC's former employees and took over the processing of loan applicationsthat had been received by FPMC. The written agreement pursuant to which theseassets were transferred has been substantially agreed to but has not as yetbeen executed by FPMC as seller and CMC as buyer. The purchase price to be paidpursuant to the agreement is expected to be approximately $334,000, of whichapproximately $79,000 is expected to be paid in cash and the balance by thebuyer's promissory note. This price is based on an appraisal by an independentexpert and the price and terms of the transaction have been negotiated onbehalf of FPMC by the independent directors of the Company and legal counselselected by them. Management of the Company expects this agreement to beexecuted and closed in the near future.

FPMC is evaluating planswith legal counsel regarding a possible approach to negotiations and discussionsconcerning settling the claims of creditors against FPMC.

At this time, managementdoes not intend to cause the Company or FPMC to seek protection under thebankruptcy laws. If the process of selling assets is successful and creditorscan be satisfied, the Company may retain some residual value that will bepreserved for shareholders. It is entirely possible, however, that this processwill be unsuccessful, in which case the Company or FPMC may have to seekprotection under the bankruptcy laws. If that occurs, the Company's commonstock would be likely to have no value.  

Forward-lookingInformation

Certainstatements made above and elsewhere in this Form 10-QSB constitute"forward-looking statements," including but not limited to those identified bythe words "expect," "believe," "seek to," "intend," "will," "possible," "may"and similar expressions that are attributed to the Company or its management.No forward-looking statements of the Company or its management are guaranteesof future outcomes. These statements involve risks and uncertainties, andactual results may differ materially from those in the forward-lookingstatements as a result of various factors, including but not limited to thevalue that can be obtained from the sale of the Company's mortgageoperations and Company assets and the terms on which creditors will agreeto be repaid.

Item 3. Controls and Procedures

The Company evaluated the effectiveness of the design andoperation of its disclosure controls and procedures (as defined in Rule13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2006.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 the evaluation, Mr. Mann, the ChiefExecutive Officer and the Chief Financial Officer, concluded that the designand operation of the Company's disclosure controls and procedures are effectivein providing assurance that information required to be disclosed by the Companyin the reports that it files or submits to the Securities and ExchangeCommission under the Securities Exchange Act of 1934 is recorded, processed,summarized and reported within the time periods specified in the rules andforms of the Securities and Exchange Commission, and that such information isaccumulated and communicated to management as appropriate to allow timelydecisions regarding disclosure. There have been no changes during the fiscalquarter ended September 30, 2006 in the Company's internal controls overfinancial reporting that have materially affected, or are reasonably likely tomaterially affect the Company's internal control over financial reporting

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PART II -OTHER INFORMATION

Item 1. Legal Proceedings

On August 28, 2006, CitiMortgage, Inc. ("CMI") filed suitin the United States District Court for the Eastern District of Missouriagainst FPMC, David W. Mann and Citizens Mortgage Corporation ("CMC").  CMC isa subsidiary of Citizen's State Bank, the president and chief executive officerof which is Mr. Mann and the parent company of which is majority-owned by Mr.Mann and his affiliates.  This litigation results from defaults by FPMC in therepayment to CMI of amounts required to be paid by FPMC under its July 20, 2006Workout and Forbearance Agreement with CMI and under the underlying loanagreements, as described under "Results of Operations" in Item 2 of Part I ofthis report.  Amounts claimed by CMI to be payable under these agreements totalapproximately $3,500,000.  CMI also makes claims in this litigation againstFPMC, Mr. Mann and CMC based on allegations that FPMC made transfers to CMC ofassets related to its mortgage operations without receiving reasonablyequivalent value in exchange.  The amount of these claims is not quantified. In answer to this suit, FPMC has filed a general denial.  CMS has moved todismiss the suit for lack of personal jurisdiction and improper venue and Mr.Mann has moved to dismiss the suit for lack of personal jurisdiction.

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, believes that liability resultingfrom the litigation, if any, will not have a material effect on the financialposition of the Company.

Item 6. Exhibits

Exhibit 3.1  Restated Articles of Incorporation of FirstFinancial Corporation (incorporated by reference to the Company's Annual Reporton Form 10-KSB for the fiscal year ended December 31, 2002).

Exhibit 3.2  Amended and Restated Bylaws of FirstFinancial Corporation (incorporated by reference to the Company's Annual Reporton Form 10-KSB for the fiscal year ended December 31, 2002).

Exhibit 31.1   Certification of the Chief ExecutiveOfficer and Chief Financial Officer pursuant to Section 302 of theSarbanes-Oxley Act of 2002.

Exhibit 32.1  Certification of the Chief Executive Officer and Chief Financial Officerpursuant to 18 U.S.C. Section 1350.

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SIGNATURES

Pursuant to therequirements of the Securities and Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

First FinancialCorporation

____________________________________________________________________________

 
Date		November 20, 2006 
/s/ David W. Mann 
   		David W. Mann   
President
   DulyAuthorized Officer and     
PrincipalFinancial Officer
 
(Remainder of pagepurposely left blank.)

 

 

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