PART I REGISTRANT INFORMATION
U. S. SECURITIES AND EXCHANGE COMMISSION
FORM NT 10-K
For year ended December 31, 1998
Commission file number 0-5559
First Financial Corporation
Exact name of registrant as specified in its charter)
Texas 74-1502313
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification)
800 Washington Avenue, Waco, Texas 76701
(Address of principal execute offices) (Zip Code)
Registrant's telephone number, including area code (254)757-2424
PART II RULES 12b-25(b) AND (c)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report will be filed on or before the
fifteenth calendar day following the prescribed due date.
(c) The accountant's statement required by Rule 12b-25(c) has been
included.
PART III NARRATIVE
The Registrant is unable to timely file its Form 10-KSB for the period
ended December 31, 1998, because the auditors have not completed the
audited financial statements of the Registrant and are unable to
complete such financial statements without unreasonable effort and
expense. The Registrant was unable to obtain certain information
related to contingencies in a timely manner and additional time is
required to determine their impact on the Registrant's financial
statements and required disclosures.
The Company will reflect net income for 1998 of approximately $431,000
compared to net income of $329,979 for 1997. In general, the 1998
income is due to the Company's negative provision for losses under
manufactured home servicing agreements as a result of the continued
decrease in the amount of loans serviced under these agreements and
the Company's belief that its exposure to potential losses has
declined. The Company's results of operations include the Company's
share of the net income Key Group, LTD., which amounted approximately
to $134,000 compared to $115,801 in 1997.
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PATTILLO, BROWN, & HILL, L.L.P.
First Financial Corporation and Subsidiaries
Waco, Texas
Pursuant to Rule 12B-25 of the General Rules and Regulations under
Securities and Exchange Act of 1934, we inform you that we have been
furnished a copy of Form 12B-25 to be filed by First Financial
Corporation and Subsidiaries (FFC) on or about March 29, 1999, which
contains notification of the registrant's inability to file its Form
10-KSB by March 31, 1999. We have read FFC's statements contained in
Part III therein and we agree with the stated reason as to why we have
been unable to complete our audit and report on the financial
statements for the year ended December 31, 1998 to be included in the
Form 10-KSB.
signed: Pattillo Brown & Hill LLP
March 29, 1999
Waco, Texas
PART IV OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Annie Laurie Miller (254)757-2424
(2) Have all other periodic reports under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports) been filed? If answer is no, identify report(s).
Yes.
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in
the subject report or portion thereof?
Yes.
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results can not be made.
See Narrative Section.
First Financial Corporation has caused this notification to be
signed on its behalf by the undersigned thereunto duly
authorized.
/s/ Annie Laurie Miller
Date: March 29, 1999 By: Annie Laurie Miller
Executive Vice President
