PART I REGISTRANT INFORMATION
U. S. SECURITIES AND EXCHANGE COMMISSION
FORM NT 10-K
For year ended December 31, 1999
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, 1999, 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. As of
February 29, 2000, the stockholders' equity of First
Preference Mortgage Corp., a third tier subsidiary of Key
Group, LTD., in which the Registrant is a 52.94% limited
partner, was less than the amount required under its Master
Whole-Loan Purchase Agreement with a financial institution.
First Preference Mortgage Corp. is working with the
financial institution to remedy this default and additional
time is required to determine the impact of this default on
the Registrant's financial statements and required
disclosures.
The Company will reflect a net income of approximately
$(181,000) compared to net income of $400,158 for 1998. In
general, the 1999 loss is due to the Company's significant
reduction in the amount of residential mortgage loans funded
in 1999, and a reduction in the realized gain on the sale of
the residential mortgage loans. The Company's results of
operations include the Company's share of the net loss of
Key Group, LTD., which amounted to approximately
$(315,000)in 1999 compared to net income of $248,306 in
1998.
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 NT 10-K to be
filed by First Financial Corporation and Subsidiaries (FFC)
on or about March 28, 2000, which contains notification of
the registrant's inability to file its Form 10-KSB by March
31, 2000. 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, 1999 to
be included in the Form 10-KSB.
signed: Pattillo Brown & Hill LLP
March 28, 2000
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.
Date: March 28, 2000 By:Annie Laurie Miller
Executive Vice President
