**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 March 31, 2007

__        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**(Exact name of small business issuer as specified inits charter)

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Employer Identification                                                                                                                             |
|  incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                                                                                              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|     800 Washington Avenue, Waco, Texas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |              76701             |
| (Address of principal executive offices)(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 file suchreports), and (2) has been subject to such filing requirements for the past 90days.  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 April 30, 2007 was 402,058.

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

 

 

FORM 10-QSB

FIRST FINANCIALCORPORATIONMarch 31, 2007

INDEX

Part I FinancialInformation
Page No.  
            Item 1. FinancialStatements     
 
                                   Consolidated Balance Sheet as of March 31, 2007
1
                                    
 
                                   Consolidated Statements of Income
2
                                    forthe Three-Months ended
 
                                    March31, 2007 and 2006
    
                                   ConsolidatedStatements of Cash 
 
                                    Flowfor the Three-Months 
 
                                   ended March 31, 2007 and 2006
3   
                                   Notesto Consolidated Financial Statements 
4   
           Item 2. Management'sDiscussion and Analysis Or Plan of Operation
8
                                    
 
           Item 3. Controls and Procedures
12
                        
 
                                    
 
Part II Other Information
    
           Item 1. Legal Proceedings
13   
           Item 6. Exhibits
14
                                    

 

Item 1. Financial Statements
First Financial Corporation
Consolidated Balance Sheet
 March 31, 2007
 (Unaudited)
** **
** **
Assets
** **
------
Cash and cash equivalents
$418,961 
Restricted cash
                 			-   
Accounts receivable
           			98,197 
Notes receivable
         			220,000 
Marketable investment securities
      			1,432,087 
Restricted marketable investment			securities
                 			-   
Real estate held for			investment,at cost
                 			-   
Mortgage loans 
           			21,937 
Property and equipment
           			17,105 
Other assets
         			177,962 
    Total Assets
$2,386,249 
   Liabilities and			Stockholders' Deficit
 			--------------------------------------
Notes on line of credit
$0 
Notes payable
      			2,507,599 
Accounts payable
           			74,249 
Estimated reserve for			indemnifications and early payment default losses
      			3,221,965 
Estimated reserve for losses			under servicing agreements
                 			-   
Estimated reserve for losses			under insurance policies
                 			-   
Other liabilities
         			150,814 
    Total			Liabilities
      			5,954,627 
Stockholders' deficit:
 Common stock - no par value;			authorized
    500,000			shares; issued 402,058 shares
            			1,000 
 Additional paid-in capital
      			1,471,004 
  Retained earnings
     			(6,267,391)
  Accumulated other			comprehensive income:
    Unrealized			gain (loss) on marketable securities, net of tax
      			1,227,009 
     			(3,568,378)
  Less:Treasury stock - at			cost
                 			-   
    Total			Stockholders' Deficit
     			(3,568,378)
    Total			Liabilities and Stockholders' Deficit
 $    2,386,249			
See accompanying notes to			consolidated financial statements. 
1

  
First Financial Corporation
Consolidated Statements of Income 
Three months ended March 31, 2007 and 2006
(Unaudited)  
Three Months Ended
Three Months Ended
March 31, 
March 31,  
2007 
2006
2007 
2006  
Revenues:  
 Loan administration
 $            			186  
 $      			775,374  
 $            			186  
 $        			775,374 
  Interest income
               			576  
            			4,649  
               			576  
              			4,649 
 Oil and gas royalties
            			9,267  
           			11,462  
            			9,267  
             			11,462 
 Other income
            			8,553  
         			242,939  
            			8,553  
           			242,939 
     Total			Revenues
           			18,582  
      			1,034,424  
           			18,582  
        			1,034,424    
Expenses:   
  Salaries and related			expenses
           			38,092  
         			975,067  
           38,092 
           			975,067 
  Interest expense
               			771  
           			75,751  
               			771 
             			75,751 
  Provision for loan losses
         			101,662  
            			8,778  
         			101,662  
              			8,778 
  Impairment of assets
                 			-    
                 			-    
                 			-    
                   			-   
 Other operating expenses
           			48,158  
      			   728,560  
           			48,158  
           			728,560 
     Total			Expenses
         			188,683  
      			1,788,156  
         			188,683  
        			1,788,156    
     Income			(loss) before income other income,
        			(170,101) 
        			(753,732) 
        			(170,101) 
          			(753,732)
     			and provision for income tax expense      
Other non-operating income   
 Net gain from settlement of			note payable 
                 			-    
                 			-   
                 			-    
                   			-   
     Total			Other Income
                 			-    
                 			-   
                 			-    
                   			-     
     Income			(loss) before provision for income tax
        			(170,101) 
        			(753,732)
        			(170,101) 
          			(753,732)  
Federal income taxes
                 			-    
                 			-    
                 			-    
                   			-   
     Net			income (loss)
        			(170,101) 
        			(753,732) 
        			(170,101) 
          			(753,732)   
Other comprehensive income:   
  Unrealized holding gains			(losses)
         			469,198  
           			12,868  
         			469,198  
             			12,868 
    			Comprehensive income (loss) 
 $       299,097			 
 $     			(740,864) 
 $      			299,097  
 $       			(740,864)   
Income Per Common Share
$0.74  
$4.27  
$0.74  
$4.27           
See accompanying notes to			consolidated financial statements.  
  2

 

First Financial Corporation
   Consolidated Statement of Cash Flows
(Unaudited)
Three Months Ended
2007			 
2006			 
Cash flows from operating			activities:			 
   Net income (loss)
($170,101)			 
($753,732)
   Adjustments to			reconcile net income(loss) to
    net cash used			by operating activities:
   Depreciation
            			4,981 
           			345,027 
   Provision for loan			losses 
         			101,662 
              			8,778 
   Loan and insurance			losses paid
                 			22 
       			(1,188,837)
   Realized (gains)			losses on marketable investment securities
                 			-   
            			(11,669)
   Gain on sale of			real estate held for investment
                 			-   
   Net (increase)			decrease in accounts receivable
           			(1,512)
             			(4,762)
   Net (increase)			decrease in other assets
           (3,609)
           			132,791 
   Net increase			(decrease) in accounts payable
          			(24,314)
              			4,022 
   Net increase			(decrease) in reserve for losses under
    			insurance policies
                 			-   
                   			-   
   Net increase			(decrease) in other liabilities
           			(4,788)
          			(153,151)
   (Increase) decrease			in restricted cash used 
     in			operating activities - net
                 			-   
                   			-   
   Mortgage loans			funded
                 			-   
     			(51,979,957)
   Mortgage loans sold
               			  -   
      			57,811,287 
   Increase (decrease)			in mortgage loans participations sold
                 			-   
       			(5,773,017)
   Other
            			2,050 
             			(3,430)
       			Net cash provided (used) for operating activities
          			(95,609)
       			(1,566,649)
Cash flows from investing			activities:
   Net (increase)			decrease in notes receivable
           			35,000 
   Proceeds from sale			of marketable investment securities
                 			-   
             			61,669 
   Purchases of			marketable investment securities
          			(95,928)
    			      (136,669)
   Proceeds from sale			of real estate held for investment
                 			-   
   Purchase of			property and equipment
                 			-   
          			(267,887)
   Principal			collections on mortgage loans
            			1,696 
             			11,745 
   (Increase) decrease			in deferred gain on sale of property & equipment
                 			-   
                   			-   
       			Net cash provided (used) for investing activities
          			(59,232)
          			(331,142)
Cash flows from financing			activities:
   Net change in short			term borrowings
   Proceeds from notes			payable
                 			-   
        			1,138,343 
   Proceeds from notes			payable
         			110,771 
          			(187,752)
			Proceeds from additional paid-in capital
                 			-   
			Proceeds from sale of treasury stock
                 			-   
       			Net cash used for financing activities
         			110,771 
           			950,591 
Net increase (decrease) in cash			and cash equivalents
          			(44,070)
          			(947,200)
Cash and cash equivalents at			beginning of year
         			463,031 
        			1,554,487 
Cash and cash equivalents at end			of period
$418,961 
$607,287 
Supplemental Disclosure of Cash			Flow Information
   Interest Paid
$111 
$68,736 
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 three-month period ended March 31, 2007 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 March 31, 2007, theCompany has unrestricted cash and cash equivalents of $.42 million and anaccumulated deficit of $3.6 million.  At December 31, 2006, the Company hadcash and cash equivalents of $.46 million and an accumulated deficit of $6.1million.  The Company incurred a net loss before income taxes of $170.1thousand during the three months ended March 31, 2007 and a net loss beforeincome taxes of $2.522 million during the year ended December 31, 2006.  

First Preference Mortgage Corporation ("FPMC"), a wholly owned subsidiaryof the Company, had incurred net losses of $4.4 million and $4.9 million forthe years ended December 31, 2006 and 2005, respectively.

4

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

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 years ended December 31, 2006, 2005, and2004, the inability to fund new loan originations through a mortgage warehouseline or participation agreement, and the violation of the minimum net worthrequirement of HUD, create significant doubt about FPMC's ability to continueas a going concern.  Management has discontinued the mortgage operation, theCompany's only significant source of revenue, with no new mortgage loans beingfunded after April 28, 2006.  The financial statements do not include anyadjustments that might be necessary if FPMC is unable to continue as a goingconcern.

On December 1, 2006 FPMCand CMC executed an agreement entitled Memorandum of Asset Purchase (the"Agreement") under which FPMC sold to CMC substantially all of its furniture,fixtures and equipment and its retail and wholesale loan production operationsand going concern value for a purchase price of $333,873, of which $78,873 waspaid in cash on the date of execution and the $255,000 balance was paid in theform of CMS's promissory note.  The promissory note is unsecured, bearsinterest at 0.75% below the prime rate published in the Wall Street Journal(initially, 7.50%), and is repayable in 12 quarterly installments of principaland accrued interest starting March 15, 2007.  The effective date provided inthe Agreement was May 1, 2006.  Under the Agreement CMC assumed no liabilities,obligations or commitments of FPMC, other than certain equipment lease agreements. In connection with the discontinuance by FPMC of its loan productionoperations, CMC employed certain of FPMC's former employees and took over theprocessing of loan applications that had been received by FPMC.

CMC is a wholly-ownedsubsidiary of Citizens State Bank of Woodville, Texas, the president and chiefexecutive officer of which is David W. Mann and the parent company of which ismajority-owned by Mr. Mann and his affiliates.  Mr. Mann is also the chiefexecutive officer and a director of both FPMC and the Company.  Mr. Mann andhis affiliates have controlling beneficial ownership of the Company and theparent company of CMC.

The purchase price andterms provided in the Agreement were negotiated on behalf of FPMC by theindependent directors of the Company and by legal counsel selected by them. The purchase price was based on an evaluation provided by an independentexpert.

5

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 ofthese three agreements were remitted in May 2006.  The amounts payable to CMIand Washington Mutual are zero interest obligations and are reflected on theaccompanying balance sheet as notes payable.  Upon FPMC's non-payment of thepayments due after May 2006, 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 a total increase tonotes payable in the amount of $223,822. This increase was reflected in thepreviously reported amounts 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.

On March 28, 2007 JRPM loaned the Company $110,000 inorder to fund the Company's exercise of a warrant held by the Company topurchase 246,429 shares of Inspiration Mining Corporation ("IMC") at a price of$0.450 CAD per share, or $.0389 USD per share. At the time of the loan theclosing price of the IMC shares on the Toronto Stock Exchange was $3.12 CAD pershare, or $2.69 USD per share. The $110,000 loan is represented by a promissorynote that bears interest at 9.5% per year, is payable in full as to principaland interest on July 25, 2007, and is secured by a pledge of 82,143 of the IMCshares.

4 - Earnings Per Share

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

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 or deductiblewhen the assets and liabilities are recovered or settled.  Deferred taxes alsoare recognized for operating losses that are available to offset future taxableincome and tax credits that are available to offset future federal incometaxes.  The Company has approximately $13.1 million in available net operatingloss carryforward benefits for financial statement purposes to offset futureincome, if any.  A valuation allowance has been provided for all tax benefits;therefore, no asset is reflected on the Company's balance sheet for the netoperating loss carryforward benefits.

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6 - Subsequent Event

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. In addition, 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 March 31, 2007, the estimated reserve forindemnifications and early payment default losses was $3,221,965.  

On August 28, 2006, CitiMortgage, Inc.("CMI") filed suit in the United States District Court for theEastern District of Missouri against FPMC, David W. Mann, and Citizens MortgageCorporation ("CMC").  CMC is a subsidiary of Citizen's StateBank, the president and chief executive officer of which is Mr. Mann and theparent company of which is majority-owned by Mr. Mann and his affiliates. In this litigation CMI makes claims against FPMC based on allegations ofdefault in the repayment to CMI of amounts payable by FPMC under its July 20,2006 Workout and Forbearance Agreement with CMI and under the underlying loanagreements, as described under "Results of Operations" in Item 6 ofPart II of this report.  Amounts claimed by CMI to be payable under theseagreements total approximately $3,500,000.  CMI also makes claims in thislitigation against FPMC, Mr. Mann, and CMC based on allegations that FPMC madetransfers to CMC of assets related to its mortgage operations without receivingreasonably equivalent value in exchange.  The amount of these claims isnot quantified.  FPMC has filed an answer in this suit, contesting many ofthe allegations and claims of CMI.  CMC has moved to dismiss the suit forlack of personal jurisdiction and improper venue and Mr. Mann has moved todismiss the suit for lack of personal jurisdiction.  The parties to thissuit are now engaged in jurisdictional discovery and the court has not yetruled on whether the court has personal jurisdiction over CMC and Mr. Mann.

In addition to the foregoing, the Company isinvolved in routine litigation incidental to its business, both as a plaintiffand a defendant.  Management of the Company, after consulting with legalcounsel, believes that liability resulting from such litigation, if any, willnot have a material effect on the financial position of the Company.

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Item 2. Management'sDiscussion and Analysis or Plan of Operation

Results of Operations

The Company had a net loss of$(170,101) for the three months ended March 31, 2007 compared to a net loss of$(753,732) for the same period in 2006.  As a result of the discontinuance ofthe Company's mortgage operations after April 28, 2006 described under"Liquidity and Capital Resources," the Company's total expenses during thequarter ended March 31, 2007 have decreased to $188,683 from $1.8 million forthe same time period last year.  There were no mortgage loans funded in thequarter ended March 31, 2007 compared to $52 million in mortgage loans fundedduring the same period in 2006.  

During the quarter endedMarch 31, 2007, there were loan administration revenues and interest revenue of$186 and $576 compared to $775,374 and $4,649 respectively for the same periodin 2006.  In 2006, FPMC earned interest from the date the mortgage loan wasclosed until the date the mortgage loan was sold to investors.

Oil and gas royalties forthe three months ended March 31, 2007 amounted to $9,267 compared to $11,462for the same period in 2006.

For the quarter endedMarch 31, 2007, other income was $8,553 compared to $242,939 for the sameperiod in 2006.  First Advisory Services, Inc., ("FAS") a wholly-ownedsubsidiary of the Company, has provided accounting, personnel, general andadministrative, and information technology services to entities that areaffiliated through common ownership.  Due to the discontinuance of theCompany's mortgage operation, the services provided by FAS have been reduced. The decrease in other income is primarily due to the reduction in revenuegenerated from these services.

Other comprehensive incomeconsists of unrealized holding gains (losses) on marketable investmentsecurities net of income taxes. For the three months ended March 31, 2007,unrealized holding gains amounted to $469,198 compared to $12,868 for the sameperiod in 2006.  

Salaries and relatedexpenses decreased to $38,092 for the quarter ended March 31, 2007 compared to$975,067 for the same period in 2006.  This decrease is primarily due to thereduction in staff and closing of mortgage operations during the quarter endedJune 30, 2006. 

Interest expense for thequarter ended March 31, 2007 was $771 compared to $75,761 for the same timeperiod in 2006.  The reduction of interest expense is primarily due to theclosing of the mortgage operations.

Other operating expensesfor the three months ended March 31, 2007 amounted to $48,158 compared to$728,560 for the same period in 2006.  The reduction of other operatingexpenses is primarily due to the closing of the mortgage operations.

8

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 March 31, 2006, the total of amounts payable to CMI, which hasbeen 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 year ended December 31, 2006 was $664,608.  This notepayable was not increased during the quarter ended March 31, 2007.  The sum ofthe amounts reflected on the accompanying balance sheet under notes payable andunder estimated reserve for loan losses that relate to loans sold to CMI isapproximately $3,500,000.  This is approximately equal to the amount claimed inthe lawsuit by CMI explained in the "Legal Proceedings" below.

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 of notepayable during the year ended December 31, 2006.

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 March 31, 2007 the total amount owed under thisplan including interest at the rate of one percent was $313,568, payable in installmentsof $15,012 per month, including interest.  As a result of this plan, theCompany has booked charges against its loan loss reserve in the aggregateamount of $479,406. 

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The total amount payable under the agreement with CMI, Washington Mutual and HUD aggregating $3,426,931 havebeen charged against the Company's loan loss reserve, the amount of which, atMarch 31, 2007, was $3,221,965, as compared to $1,263,824 at March 31, 2006. During year ended December 31, 2006, the Company increased its provision forloan losses, indemnifications and early default losses by $1,983,600, resultingin a charge against income in that amount.  For the quarter ended March 31,2007, FPMC increase its provision for loan losses by $101,662.  The Companycalculates the loan loss reserve based on historical loan losses, currentclaims against the Company, and recoverability of losses under the Company'sErrors and Omissions ("E&O") insurance policy as well as other factors. 

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 March 31, 2007 was$91,613.

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.  When FPMC stopped making payments onthese two notes during the month of June, FPMC raised the note payable balanceto reflect the total of the future scheduled payments.  Previously, the Companyreflected these notes on a net present value basis.  This resulted in anincrease to the note payable due CMI in the amount of $131,583 and an increaseto the note payable due Washington Mutual in the amount of $92,239.  Theseincreases were reflected in the previously reported amounts for June 30, 2006.

On August 28, 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 ofCitizen's State Bank, the president and chief executive officer of which is Mr.Mann and the parent company of which is majority-owned by Mr. Mann and hisaffiliates.  In this litigation CMI makes claims against FPMC based onallegations of default in the repayment to CMI of amounts payable by FPMC underits July 20, 2006 Workout and Forbearance Agreement with CMI and under the underlyingloan agreements, as described under "Results of Operations" in Item 6of Part II of this report.  Amounts claimed by CMI to be payable underthese agreements total approximately $3,500,000.  CMI also makes claims inthis litigation against FPMC, Mr. Mann, and CMC based on allegations that FPMCmade transfers to CMC of assets related to its mortgage operations withoutreceiving reasonably equivalent value in exchange.  The amount of theseclaims is not quantified.  FPMC has filed an answer in this suit, contestingmany of the allegations and claims of CMI.  CMC has moved to dismiss thesuit for lack of personal jurisdiction and improper venue and Mr. Mann hasmoved to dismiss the suit for lack of personal jurisdiction.  The partiesto this suit are now engaged in jurisdictional discovery and the court has notyet ruled on whether the court has personal jurisdiction over CMC and Mr. Mann.

Financial Condition

At March 31, 2007, the Company's total assets were$2,386,249 compared to $3,317,385 at March 31, 2006.    The decrease in totalassets is primarily due to the discontinuation of the mortgage operations andthe sale of the assets of FPMC.  The Company'sprimary source of potential value is the Company's approximate $13.1million of net operating loss carryforward, which would be available to shelterincome from any operations that the Company could acquire.  As reflected in thefinancial statements, the stockholders' deficit of the Company was $(3,568,378)at March 31, 2007 and the stockholders' equity was $(3,074,146) at March 31,2006.

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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.  

On December 1, 2006 FPMCand CMC executed an agreement entitled Memorandum of Asset Purchase (the"Agreement") under which FPMC sold to CMC substantially all of its furniture,fixtures and equipment and its retail and wholesale loan production operationsand going concern value for a purchase price of $333,873, of which $78,873 waspaid in cash on the date of execution and the $255,000 balance was paid in theform of CMS's promissory note.  The promissory note is unsecured, bearsinterest at 0.75% below the prime rate published in the Wall Street Journal(initially, 7.50%), and is repayable in 12 quarterly installments of principaland accrued interest starting March 15, 2007.  The effective date provided inthe Agreement was May 1, 2006.  Under the Agreement CMC assumed no liabilities,obligations or commitments of FPMC, other than certain equipment leaseagreements.  In connection with the discontinuance by FPMC of its loanproduction operations, CMC employed certain of FPMC's former employees and tookover the processing of loan applications that had been received by FPMC.

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CMC is a wholly-ownedsubsidiary of Citizens State Bank of Woodville, Texas, the president and chiefexecutive officer of which is David W. Mann and the parent company of which ismajority-owned by Mr. Mann and his affiliates.  Mr. Mann is also the chiefexecutive officer and a director of both FPMC and the Company.  Mr. Mann andhis affiliates have controlling beneficial ownership of the Company and theparent company of CMC.

The purchase price andterms provided in the Agreement were negotiated on behalf of FPMC by theindependent directors of the Company and by legal counsel selected by them. The purchase price was based on an evaluation provided by an independentexpert.

On a consolidated basis,cash and cash equivalents were $418,961 at March 31, 2007. On that date theCompany had an accumulated deficit (that is, total liabilities in excess of totalassets) of approximately $3.6 million.  

At this time, management doesnot intend to cause the Company or FPMC to seek protection under the bankruptcylaws.  If creditors can be satisfied, the Company may retain some residualvalue that will be preserved for shareholders.  It is entirely possible,however, that this process will be unsuccessful, in which case the Company orFPMC may be forced into bankruptcy by its creditors or may have to seekprotection under the bankruptcy laws or may be forced into involuntarybankruptcy by its creditors.  If that occurs, the Company's common stock wouldbe 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 and operation of itsdisclosure controls and procedures (as defined in Rule 13a-15(e) under theSecurities Exchange Act of 1934) as of March 31, 2007. The evaluation wascarried out under the supervision and with the participation of the Company'smanagement, including the Company's Chief Executive Officer and Chief FinancialOfficer. Based on the evaluation, Mr. Mann, the Chief Executive Officer and theChief Financial Officer, concluded that the design and operation of theCompany's disclosure controls and procedures are effective in providingassurance that information required to be disclosed by the Company in thereports that it files or submits to the Securities and Exchange Commission underthe Securities Exchange Act of 1934 is recorded, processed, summarized andreported within the time periods specified in the rules and forms of theSecurities and Exchange Commission, and that such information is accumulated andcommunicated to management as appropriate to allow timely decisions regardingdisclosure. There have been no changes during the fiscal quarter ended March 31,2007 in the Company's internal controls over financial reporting that havematerially affected, or are reasonably likely to materially affect the Company'sinternal control over financial reporting.
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PART II -OTHER INFORMATION

Item 1. Legal Proceedings

On August 28, 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 ofCitizen's State Bank, the president and chief executive officer of which is Mr.Mann and the parent company of which is majority-owned by Mr. Mann and hisaffiliates.  In this litigation CMI makes claims against FPMC based onallegations of default in the repayment to CMI of amounts payable by FPMC underits July 20, 2006 Workout and Forbearance Agreement with CMI and under theunderlying loan agreements, as described under "Results ofOperations" in Item 6 of Part II of this report.  Amounts claimed byCMI to be payable under these agreements total approximately $3,500,000. CMI also makes claims in this litigation against FPMC, Mr. Mann, and CMC basedon allegations that FPMC made transfers to CMC of assets related to itsmortgage operations without receiving reasonably equivalent value inexchange.  The amount of these claims is not quantified.  FPMC hasfiled an answer in this suit, contesting many of the allegations and claims ofCMI.  CMC has moved to dismiss the suit for lack of personal jurisdictionand improper venue and Mr. Mann has moved to dismiss the suit for lack ofpersonal jurisdiction.  The parties to this suit are now engaged injurisdictional discovery and the court has not yet ruled on whether the courthas personal jurisdiction over CMC and Mr. Mann.

In addition to theforegoing, the Company is involved in routine litigation incidental to itsbusiness, both as a plaintiff and a defendant.  Management of the Company,after consulting with legal counsel, believes that liability resulting fromsuch litigation, if any, will not have a material effect on the financialposition of the Company.

 

 

 

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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, filed herewith.

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

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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     May 15,2007   
   /s/  David W.Mann    
 David W. Mann 
President
 DulyAuthorized Officer and   
PrincipalFinancial Officer
 
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