UNITED STATES

**SECURITIES AND EXCHANGECOMMISSION**

**Washington, 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, 2008

 

 

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

 

For the transition period from_______________ to _______________         

 

 

**Commission file number      0-5559     **

** **

**FIRST FINANCIAL CORPORATION**

(Exactname of small business issuer as specified in its charter)

 
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|  (State or other jurisdiction of                                                                                                                                                           | (I.R.S. 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|  incorporation or organization)                                                                                                                                                            | No.)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     800 Washington Avenue, Waco, Texas        (Address of principal executive offices)                                                   |               76701              		 (Zip Code)
 

Issuer’s telephone number       (254) 757-2424                   

 

Check whether the issuer (1) filed all reports requiredto be filed by Section 13 or 15(d) of the Exchange Act during the past 12months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.   Yes  X     No  __

 

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

 

Number of shares of theIssuer’s Common Stock outstanding on April 30, 2008 was 402,058.

 

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

 

 

 

 

 

 

FORM 10-QSB

 

FIRST FINANCIALCORPORATION

March 31, 2008

 

 

INDEX

 
   
 
   
Part I FinancialInformation
  
 Page No.
 
   
            Item 1. FinancialStatements
   
 
   
                                   Consolidated Balance Sheet asof
  1
                                    March 31, 2008
   
 
   
                                   ConsolidatedStatements of Income
  2
                                    forthe Three-Months ended
   
                                    March31, 2008 and 2007
   
 
   
                                   ConsolidatedStatements of Cash 
   
                                    Flowfor the Three-Months 
   
                                   ended March 31, 2008 and 2007
  3
 
   
                                   Notesto Consolidated Financial 
   
                                   Statements
  4
 
   
           Item 2. Management'sDiscussion and Analysis
   
                                   Or Plan of Operation
  8
                                   
   
           Item 3. Controls andProcedures
  			11
                       
   
                                   
   
Part II Other Information
   
 
   
           Item 1. Legal Proceedings
  			11
 
   
            Item 4. Submissionof Matters to 
   
                       a Vote of Security Holders
  			11
 
   
           Item 6. Exhibits
  			12
                                    

 

 

 

Item 1. Financial Statements 

First Financial Corporation

Consolidated Balance Sheet

March 31, 2008

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

------

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

$

44,971 

 

 

Accounts receivable

 

 

 

 

 

 

 

88,636 

 

 

Notes receivable

 

 

 

 

 

 

 

- 

 

 

Marketable investment securities

 

 

 

 

 

961,349 

 

 

Mortgage loans

 

 

 

 

 

 

 

4,008 

 

 

Property and equipment

 

 

 

 

 

 

250 

 

 

Other assets

 

 

 

 

 

 

 

78,948 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Total Assets

 

 

 

 

 

 

$

1,178,161 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Liabilities and Stockholders' Deficit

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Notes on line of credit

 

 

 

 

 

 

$

0 

 

 

Notes payable

 

 

 

 

 

 

 

2,881,726 

 

 

Accounts payable

 

 

 

 

 

 

 

69,409 

 

 

Estimated reserve for indemnifications and early payment default losses

 

 

3,916,875 

 

 

Other liabilities

 

 

 

 

 

 

 

145,070 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Total Liabilities

 

 

 

 

 

 

7,013,080 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

 

 

  Common stock - no par value; authorized

 

 

 

 

 

 

 

 

    500,000 shares; issued 402,058 shares

 

 

 

 

 

1,000 

 

 

  Additional paid-in capital

 

 

 

 

 

 

1,454,594 

 

 

  Retained earnings

 

 

 

 

 

 

 

(7,882,900)

 

 

  Accumulated other comprehensive income:

 

 

 

 
   
 

 

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

 

 

 

592,386 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,834,919)

 

 

  Less:Treasury stock - at cost

 

 

 

 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Total Stockholders' Deficit

 

 

 

 

 

(5,834,919)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Total Liabilities and Stockholders' Deficit

 

 

 

 

$

1,178,161 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-1-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Financial Corporation

Consolidated Statements of Income

Three months ended March 31, 2008 and 2007

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008

2007

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

  Loan administration

 

 

 

 

$

260 

$

186 

 

$

260 

 

$

186 

  Interest income

 

 

 

 

127 

576 

 

127 

 

576 

  Oil and gas royalties

 

 

 

68,096 

9,267 

 

68,096 

 

9,267 

  Net gain from sale of securities

 

 

 

- 

- 

 

- 

 

- 

  Other income

 

 

 

 

- 

8,553 

 

- 

 

8,553 

     Total Revenues

 

 

 

 

68,483 

18,582 

 

68,483 

 

18,582 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

  Salaries and related expenses

 

 

 

27,471 

38,092 

 

27,471 

 

38,092 

  Interest expense

 

 

 

 

2,349 

771 

 

2,349 

 

771 

  Provision for loan losses

 

 

 

- 

101,662 

 

- 

 

101,662 

  Other operating expenses

 

 

 

154,290 

48,158 

 

154,290 

 

48,158 

     Total Expenses

 

 

 

 

184,111 

188,683 

 

184,111 

 

188,683 

 

 

 

 

 

 

 

 

 

 

 

 

     Income (loss) before income other income,

 

(115,628)

(170,101)

 

(115,628)

 

(170,101)

      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

 

(115,628)

(170,101)

 

(115,628)

 

(170,101)

 

 

 

 

 

 

 

 

 

 

 

 

Federal income taxes

 

 

 

 

- 

- 

 

- 

 

- 

     Net income (loss)

 

 

 

 

(115,628)

(170,101)

 

(115,628)

 

(170,101)

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

  Unrealized holding gains (losses)

 

 

(410,158)

469,198 

 

(410,158)

 

469,198 

     Comprehensive income (loss)

 

 

$

(525,785)

$

299,097 

 

$

(525,785)

 

$

299,097 

 

 

 

 

 

 

 

 

 

 

 

 

Income Per Common Share

 

 

 

$

(1.31)

$

0.74 

 

$

(1.31)

 

$

0.74 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-2-

 

 

 

First Financial Corporation

Consolidated Statement of Cash Flows

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

   Net income (loss)

 

 

 

 

 

 

 

$

(115,628)

 

$

(170,101)

   Adjustments to reconcile net income(loss) to

 

 

 

 

 

 

 

    net cash used by operating activities:

 

 

 

 

 

 

 

 

   Depreciation

 

 

 

 

 

 

 

1,910 

 

4,981 

   Provision for loan losses

 

 

 

 

 

 

(415,968)

 

101,662 

   Loan and insurance losses paid

 

 

 

 

 

- 

 

22 

   Realized (gains) losses on marketable investment securities

 

 

 

- 

 

- 

   Gain on sale of real estate held for investment

 

 

 

 

- 

 

- 

   Net (increase) decrease in accounts receivable

 

 

 

 

(187)

 

(1,512)

   Net (increase) decrease in other assets

 

 

 

 

 

35,926 

 

(3,609)

   Net increase (decrease) in accounts payable

 

 

 

 

17,971 

 

(24,314)

   Net increase (decrease) in other liabilities

 

 

 

 

 

20,349 

 

(4,788)

   Mortgage loans sold

 

 

 

 

 

 

1,072 

 

- 

   Other

 

 

 

 

 

 

 

 

 

 

2,050 

 

 

 

 

 

 

 

 

 

 

 

 

        Net cash provided (used) for operating activities

 

 

 

 

(454,555)

 

(95,609)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

   Net (increase) decrease in notes receivable

 

 

 

 

- 

 

35,000 

   Proceeds from sale of marketable investment securities

 

 

 

- 

 

- 

   Purchases of marketable investment securities

 

 

 

 

- 

 

(95,928)

   Proceeds from sale of real estate held for investment

 

 

 

 

- 

 

- 

   Purchase of property and equipment

 

 

 

 

 

- 

 

- 

   Principal collections on mortgage loans

 

 

 

 

 

- 

 

1,696 

   (Increase) decrease in deferred gain on sale of property & equipment

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

        Net cash provided (used) for investing activities

 

 

 

 

- 

 

(59,232)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

   Net change in short term borrowings

 

 

 

 

 

- 

 

- 

   Proceeds from notes payable

 

 

 

 

 

 

416,757 

 

- 

   Payments on notes payable

 

 

 

 

 

 

- 

 

110,771 

   Proceeds from additional paid-in capital

 

 

 

 

 

- 

 

- 

   Proceeds from sale of treasury stock

 

 

 

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

        Net cash used for financing activities

 

 

 

 

 

416,757 

 

110,771 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

 

 

(37,798)

 

(44,070)

Cash and cash equivalents at beginning of year

 

 

 

 

82,769 

 

463,031 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

 

 

 

 

$

44,971 

 

$

418,961 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

 

   Interest Paid

 

 

 

 

 

 

 

$

2,349 

 

$

111 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

-3-

 

 

 

 

 

 

FIRST FINANCIAL CORPORATIONAND 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, 2008 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, 2008, theCompany has unrestricted cash and cash equivalents of $44,971 and anaccumulated deficit of $5.8 million.  At December 31, 2007, the Company hadcash and cash equivalents of $82,769 and an accumulated deficit of $5.3million.  The Company recorded a loss before provision for income tax of $115,628during the three months ended March 31, 2008 and a net loss before income taxesof $1.670 million during the year ended December 31, 2007.  

 

First Preference Mortgage Corporation (“FPMC”), a wholly owned subsidiaryof the Company that historically contributed over 90% to the Company’s totalrevenue, had incurred net losses of $1.65 million, $4.4 million, and $4.9million for the years ended December 31, 2007, 2006, and 2005 respectively.

 

 

4

 

 

 

 

 

In prior years, FPMC’s primary funding source was a mortgage warehouseline of credit from Colonial Bank. During 2005, FPMC was unable to maintaincertain borrowing covenants (*i.e.*, minimum adjustable tangible networth) resulting in FPMC being unable to borrow money under the line of creditto fund mortgage loan originations.  Colonial Bank terminated the line ofcredit, effective June 30, 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 FPMC’s only source of funding after October 2005.  OnApril 30, 2006 CSB terminated its Loan Participation Agreement with FPMC.  

 

In order to participate in the FHA mortgage insurance program, FPMC wasrequired 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, 2007, 2006, 2005,and 2004, the inability of FPMC to fund new loan originations through amortgage warehouse line or participation agreement, and the violation by FPMC ofthe minimum net worth requirement of HUD, create significant doubt about FPMC’sand possibly the Company’s ability to continue as a going concern.  Managementhas discontinued the mortgage operation, the Company’s and FPMC’s onlysignificant source of revenue, with no new mortgage loans being funded afterApril 28, 2006.  The financial statements do not include any adjustments thatmight be necessary if FPMC or the Company is unable to continue as a goingconcern.

 

On December 1, 2006, FPMCand Citizens Mortgage Corporation (“CMC”) executed an agreement entitledMemorandum of Asset Purchase (the “Agreement”) under which FPMC sold to CMCsubstantially all of its furniture, fixtures and equipment and its retail andwholesale loan production operations and going concern value for a purchaseprice of $333,873, of which $78,873 was paid in cash on the date of executionand the $255,000 balance was paid in the form of CMC’s promissory note.  Thepromissory note was unsecured, earned interest at 0.75% below the prime ratepublished in the Wall Street Journal (initially, 7.50%), and was repayable in12 quarterly installments of principal and accrued interest starting March 15,2007.  The effective date provided in the Agreement was May 1, 2006.  Paymentson CMC’s promissory note were made periodically in 2007, with the balance paidin full on December 27, 2007.  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.

 

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.  Thepurchase price was based on an evaluation provided by an independent expert.

 

 

5

 

 

 

 

 

3– Notes Payable

 

Duringand  prior to 2006, FPMC had agreements with CitiMortgage, Inc.(“CitiMortgage”), Washington Mutual Bank, F.A. (“Washington Mutual”) or theDepartment of Housing and Urban Development (“HUD”), under which mortgagesoriginated by FPMC were sold to those parties.  Amounts payable to CitiMortgage and Washington Mutual underthese agreements have been reflected as notes payable on the Company’s balancesheets and, because they were zero interestobligations the amounts were determined on a net present value basis. Duringthe month of June 2006, and subsequently, FPMC did not make payment toCitiMortgage, Washington Mutual or HUD as required by FPMC’s agreements withthose parties.  The last payments made by FPMC under each of these agreementswere remitted in May 2006.  Upon FPMC’s non-payment of the payments due afterMay 2006, FPMC raised the note payable balance to reflect the total of thefuture scheduled payments to CitiMortgage and Washington Mutual.  This resultedin a total increase to notes payable in the amount of $223,822. This increasewas reflected in the previously 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 August 28, 2006, CitiMortgage initiated an action in theUnited States District Court for the Eastern District of Missouri naming FPMC,CMC, and David W. Mann as defendants and alleging breach of contract claims anda fraudulent transfer claim (the “CitiMortgage Litigation”). On March 25, 2008,FPMC, David W. Mann, the President, Chief Executive Officer and principalbeneficial owner of the Company’s outstanding shares, and CitiMortgage enteredinto a settlement agreement to resolve the litigation initiated by CitiMortgage. The settlement agreement provides for the entry of a consent judgment in favorof CitiMortgage against FPMC in the amount of $2,500,000 and a stay of the actionagainst the defendants.  The consent judgment was entered by the court on March27, 2008 and thereafter bears interest at a rate of 9% per year.  The consentjudgment is included in notes payable on the Company’s March 31, 2008 balancesheet. The stay will remain in effect until CitiMortgage receives $600,000 intwo payments of $300,000 each on or before March 31, 2008 and July 31, 2008,respectively, at which time the releases described below will become effective.

 

The first $300,000 payment was made on March 31, 2008 by Mr.Mann and other entities of which he is a principal owner (other than theCompany and its subsidiaries).  The second $300,000 payment is expected to bepaid by Mr. Mann or entities of which he is a principal owner (other than theCompany and its subsidiaries).  Upon CitiMortgage’s receipt of the July 31,2008 payment, CitiMortgage will assign the $2,500,000 judgment against FPMC toMr. Mann. 

 

6

 

 

 

 

 

If, within 91 days after the July 31, 2008 payment is made, nopetition in bankruptcy has been filed with respect to FPMC or any party makinga payment in the settlement and no finding has been made by a court orarbitrator that Mr. Mann, FPMC or its officers, directors or shareholdersengaged in any fraudulent or other transfer of assets in defraud ofCitiMortgage or other creditors, the litigation will be permanently dismissedand Mr. Mann, FPMC, the Company, and all related parties will be released fromall claims that CitiMortgage made, or could have made, in the litigation.  The$2,500,000 consent judgment against FPMC, which will not be released in thereleases given by CitiMortgage, will bear interest at the rate of 9% per annumfrom date of entry and, upon its assignment to Mr. Mann, will be enforceable byhim against FPMC.  In the event that the July 31, 2008 payment is not made, thestay of the action would expire, the releases would not become effective andCitiMortgage would become entitled to sue FPMC and Mr. Mann for breach of thesettlement agreement or to reinstitute its original suit.

 

Pursuant to the judgment described above, the note payable toCitiMortgage recorded on FPMC’s books was increased by $415,968 to $2,500,000during the quarter ended March 31, 2008.  The offset to this entry was to the estimatedreserve for indemnifications and early payment default losses.

 

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, was originally payable in full as toprincipal and interest on July 25, 2007, and is secured by a pledge of 82,143of the IMC shares.  As of July 31, 2007, the Company made a payment of$8,578.75, including $3,578.75 in interest, to JRPM and renewed the note to bepayable in full on October 31, 2007.  On October 31, 2007, the Company made apayment of $42,526 including $2,526 in interest, to JRPM, reducing theprincipal amount of the note to $65,000, and renewed the note to be payable infull on April 22, 2008.  JRPM extended the note payable by 90 days past April22, 2008.

 

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 ordeductible when the assets and liabilities are recovered or settled.  Deferredtaxes also are recognized for operating losses that are available to offsetfuture taxable income and tax credits that are available to offset futurefederal income taxes.  As of December 31, 2007, the Company had approximately$18.2 million in available net operating loss carryforward benefits forfinancial statement purposes to offset future income, if any.  A valuationallowance has been provided for all tax benefits; therefore, no asset isreflected on the Company’s balance sheet for the net operating loss carryforwardbenefits.

7

 

 

 

 

 

 

 

6 - Contingencies

 

In the ordinary course of FPMC’s mortgage business, prior to itsdiscontinuance in April, 2006, FPMC sold loans to institutional investorswithout recourse that may have to be subsequently repurchased due to defectsthat occurred during the origination of the loan.  In addition, mortgage loanssold to investors were subject to repurchase or indemnification if the loansbecame a specified number of months delinquent within a specified period oftime after the loans were sold (i.e., early payment default).  When a loan soldto an investor without recourse failed to perform, the investor would typicallyreview the loan file to determine whether defects in the origination processoccurred.  If a defect was identified, FPMC would be required to eitherrepurchase the loan or indemnify the investor for losses sustained.  If therewere no defects, FPMC had no commitment to repurchase the loan.  FPMC hasaccrued for this potential loss exposure.  At March 31, 2008, the estimatedreserve for indemnifications and early payment default losses of the Companywas $3,916,875.

 

On August 28, 2006, CitiMortgage, Inc. (“CitiMortgage”)initiated an action in the United States District Court for the EasternDistrict of Missouri naming FPMC, CMC, and David W. Mann as defendants andalleging breach of contract claims and a fraudulent transfer claim (the“CitiMortgage Litigation”).  On March 25, 2008, CitiMortgage, FPMC, and Mr.Mann entered into a settlement agreement to resolve all claims thatCitiMortgage may have against FPMC, Mr. Mann, the Company and all relatedparties.  This settlement is described further in Note 3.

 

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.

 

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

 

Results of Operations

 

The Company had a net loss of $115,628for the three months ended March 31, 2008 compared to a net loss of $170,101for the same period in 2007.  The total expenses during the quarter ended March31, 2008 were $184,111 as compared to $188,683 for the same period last year.  

 

Loan administration revenues were $260 for the first threemonths of 2008 compared to $186 for the same period of 2007.  Interest incomefor the three months ended March 31, 2008 amounted to $127 compared to $576 forthe same period in 2007. Because of the discontinuance of FPMC’s mortgageoperations, the Company’s loan administration revenues and interest income willcontinue to be insignificant.

 

8

 

 

 

 

 

Oil and gas royalties forthe three months ended March 31, 2008 amounted to $68,096 compared to $9,267for the same period in 2007.  The Company received a $60,020 oil and gas leasebonus in the first quarter of 2008.

 

For the quarter ended March 31, 2008, other income was zerocompared to $8,553 for the same period in 2007.

 

Other comprehensive incomeconsists of unrealized holding gains (losses) on marketable investmentsecurities. For the three months ended March 31, 2008, unrealized holdinglosses amounted to $410,158 compared to a gain of $469,198 for the same periodin 2007.  Most of the volatility is attributable to the change in the marketvalue of shares of stock of a Canadian mining company, Inspiration MiningCorporation (“ISM”), which is traded on the Toronto Stock Exchange.

 

Salaries and relatedexpenses decreased to $27,471 for the quarter ended March 31, 2008 compared to$38,092 for the same period in 2007. 

 

Interest expense for thequarter ended March 31, 2008 was $2,349 compared to $771 for the same timeperiod in 2007. The$2,500,000 consent judgment entered into in connection with the settlement ofthe CitiMortgage Litigation described in Note 3 to the financial statementsfiled with this report will increase the Company’s interest expense in thefuture.  The judgment bears interest at a rate of 9% per year.

 

Other operating expensesfor the three months ended March 31, 2008 amounted to $154,290 compared to $48,158for the same period in 2007.  The increase in other operating expenses is dueto an increase in legal fees incurred mainly with regard to the lawsuit andsettlement with CitiMortgage described in Note 3.  During the quarter endedMarch 31, 2008, there were legal fees of $103,820 reported in other operatingexpenses compared to $8,154 for the same period in 2007.

 

During the three months ended March31, 2008, FPMC did not record a provision for loan losses, indemnifications andearly default losses.   During the nine months ended March 31, 2007, FPMC increasedits provision for loan losses, indemnifications and early default losses by$101,662, resulting in a charge against income in that amount.  At March 31,2008, the reserve for loan losses amounted to $3,916,875 compared to $3,221,965at March 31, 2007.  FPMC is at risk under certain of its agreements withprivate investors and HUD for credit losses and cost of foreclosure on defaultof the borrower.  FPMC calculates the loan loss reserve based on historicalloan losses, current claims against FPMC, and recoverability of losses under FPMC’sErrors and Omissions insurance policy as well as other factors.

 

 

 

9

 

 

Financial Condition

 

 

At March 31, 2008, the Company's total assets were $1,178,161compared to $2,386,249 at March 31, 2007.  The decrease in total assets isprimarily due to the decreased value of marketable investment securities ofabout $470,738, a decrease in the cash and cash equivalents balance of $373,990and a decrease in the note receivable balance of $220,000 due to the payoff ofthe note receivable from CMC described under Note 2.  The Company’s primarysource of potential value is its net operating loss carryforward in the amountof approximately $18.2 million which, in circumstances permitted by United States federal income tax laws and regulations, could be available to sheltertaxable income produced by the operations of certain entities if thoseoperations and the Company’s operations were combined.  Under those laws andregulations, entities that could make maximum use of the Company’s net operatingloss carry forwards would be those controlled by David W. Mann.  As reflectedin the financial statements, the stockholders’ deficit of the Company was$5,834,919 at March 31, 2008 and the stockholders’ deficit was $3,568,378 at March31, 2007.

 

Liquidity and Capital Resources

 

As of April 28, 2006, FPMC’smortgage operations, its primary source of revenue ceased.  Further discussioncan be found under “Liquidity and Capital Resources” in the 10-KSB filed by theCompany on April 16, 2007 for the year ended December 31, 2006.

 

On a consolidated basis,cash and cash equivalents were $44,971 at March 31, 2008. On that date theCompany had an accumulated deficit (that is, total liabilities in excess oftotal assets) of approximately $5.8 million.  

 

At this time, management doesnot intend to cause the Company or FPMC to seek protection under the bankruptcylaws, but intends to seek settlements with creditors, to the extent that suchsettlements are in the best interest of the Company, as part of the orderlywinding down of FPMC's business.  FPMC has reached settlements with WashingtonMutual and has settled the litigation with CitiMortgage, as reported in Note 3to the financial statements filed with this report.  If its other creditors canbe satisfied, FPMC may retain some residual value that will be preserved forshareholders.  It is entirely possible, however, that this process will beunsuccessful, in which case FPMC, the Company or both may have to seekprotection under the bankruptcy laws or may be forced into involuntarybankruptcy by creditors.  If that occurs, the Company’s common stock would belikely 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 mortgage operationsand Company assets and the terms on which creditors will agree to berepaid.

 

 

10

 
Item 3. Controls and Procedures
 

 

 

 

The Company evaluated the effectiveness of the design andoperation of its disclosure controls and procedures (as defined in Rule13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2008. Theevaluation was carried out under the supervision and with the participation ofthe Company’s management, including the Company’s Chief Executive Officer andChief Financial Officer. Based on the evaluation, Mr. Mann, the Chief ExecutiveOfficer and the Chief Financial Officer, concluded that the design andoperation of the Company’s disclosure controls and procedures are effective inproviding assurance that information required to be disclosed by the Company inthe reports that it files or submits to the Securities and Exchange Commissionunder the Securities Exchange Act of 1934 is recorded, processed, summarizedand reported within the time periods specified in the rules and forms of the Securitiesand 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 March31, 2008 in the Company’s internal controls over financial reporting that havematerially affected, or are reasonably likely to materially affect theCompany’s internal control over financial reporting.

 

 

PART II -OTHER INFORMATION

 

Item 1. Legal Proceedings

 

FPMC’s litigation andrecent settlement with CitiMortgage is reported in Note 3 to the financial statementsfiled with this report. In addition, the Company is also involved in routinelitigation incidental to its business, both as a plaintiff and adefendant.  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.

 

Item 4. Submission of Matters to a Vote of SecurityHolders

 

No matters were submitted to a vote of security holdersduring the quarter ended March 31, 2008. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

12

 

 

 

 

 

 

 

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, 2008                  
   /s/ David W. Mann    DavidW. Mann
 
President
 
DulyAuthorized Officer and  
 
PrincipalFinancial Officer

 

 

 

 

 

 

 

 

 

 

(Remainder of pagepurposely left blank.)

 

13

 
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