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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 26, 1994
First Financial Corporation
______________________________________________________
(Exact name of registrant as specified in its charter)
Wisconsin 0-11889 39-1471963
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1305 Main Street
Stevens Point, Wisconsin 54481
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (715) 341-0400
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Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On May 26, 1994, First Financial Corporation (the
"Company") announced declaration of quarterly dividends
and establishment of reserves in connection with certain
mortgage-backed securities. A copy of that press release
is attached as Exhibit 99 hereto.
Item 7. Financial Statements and Exhibits
(c)(99) Press Release dated May 26, 1994.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
FIRST FINANCIAL CORP.
__________________________
(Registrant)
By /s/ John C. Seramur
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John C. Seramur
President and Chief
Executive Officer
Dated: May 26, 1994
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EXHIBIT INDEX
EXHIBITS PAGE
99 Press Release dated May 26, 1994 E-1
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FIRST FINANCIAL CORPORATION ANNOUNCES EXPECTED CHARGE TO SECOND
QUARTER EARNINGS AND PAYMENT OF QUARTELY DIVIDEND
Stevens Point, Wisconsin, May 26, 1994. First Financial Corporation
(FFHC-OTC) today reported that a rating agency has downgraded three
privately issued adjustable rate mortgage-backed securities in which First
Financial has interests aggregating approximately $34 million. The Company
previously reported that two of these securities, aggregating approximately
$21 million, had been placed on non-accrual status.
As a result of this recent development and the availability of additional
related information, the Company anticipates establishing reserves which
will result in a one-time after tax charge to earnings in the second quarter
of approximately $6 million or $.24 per share.
"It should be stressed that this is an isolated event which will not impact
the basic fundamentals of our Company, which remain strong. We have taken
quick and appropriate action on this matter to ensure that there will be no
further effect on our future earnings and the Company's performance record,"
said John C. Seramur, president and chief executive officer.
The Company also announced that its Board of Directors has approved a regular
quarterly cash dividend of $.10 per share on its common stock. The dividend
is payable to shareholders of record June 15, and will be paid on June 30,
1994.
This dividend is the 54th consecutive quarterly dividend paid by the company
since it went public in 1980.
First Financial Corporation is the holding company for First Financial Bank,
FSB, Wisconsin's largest thrift institution and First Financial-Port
Savings Bank, FSB. The Corporation has $4.9 billion in assets and operates
124 banking offices in Wisconsin and Illinois.
