<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1993
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission file number: 0-11889
First Financial Corporation
401(k) Profit Sharing Plan and Trust
1305 Main Street
Stevens Point, Wisconsin 54481
(Full title and address of the plan)
First Financial Corporation
1305 Main Street
Stevens Point, Wisconsin 54481
(Name and address of issuer of the
securities held pursuant to the plan)
<PAGE>
Information Included
Report of Independent Auditors 4
Audited Financial Statements
Statements of Net Assets Available for Plan Benefits 5
Statements of Changes in Net Assets Available for Plan Benefits 7
Notes to Financial Statements 10
Supplemental Schedules
Assets Held for Investment 14
Transactions or Series of Transactions in Excess of 5%
of the Current Value of Plan Assets 15
Exhibits:
Exhibit 24 - Consent of Accountant
<PAGE>
Report of Independent Auditors
First Financial Corporation 401(k)
Profit-Sharing Plan and Trust
We have audited the accompanying statements of net assets
available for plan benefits of the First Financial
Corporation 401(k) Profit-Sharing Plan and Trust (the Plan)
as of December 31, 1993 and 1992, and the related statements
of changes in net assets available for plan benefits for the
years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. These standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan at December 31, 1993
and 1992, and the changes in its net assets available for
plan benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion
on the financial statements taken as a whole. The
accompanying supplemental schedules of assets held for
investment as of December 31, 1993, and transactions or
series of transactions in excess of 5 percent of the current
value of plan assets for the year then ended, are presented
for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974, and are not
a required part of the financial statements. The
supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial
statements and, in our opinion, are fairly stated in all
material respects in relation to the 1993 financial
statements taken as a whole.
May 27, 1994
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1993
<TABLE>
<CAPTION>
First
First First First Financial
M&I M&I M&I Financial Financial Financial Advance
Money Market Bond Max-Cap CD Stock Loan Contribution
Fund Fund Fund Fund Fund Fund Account Other Total
___________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments at fair
value:
Pooled funds $ - $3,220,548 $2,767,484 $ - $ - $ - $ - $ - $ 5,988,032
Common stock - - - - 31,605,951 - 301,500 128,746 32,036,197
Interest-bearing
deposits 1,076,404 3,767 3,570 1,261,167 336,160 - 2,285,394 3,481 4,969,943
Notes receivable - - - - - 480,270 - 9,873 490,143
___________________________________________________________________________________________________________
Total investments 1,076,404 3,224,315 2,771,054 1,261,167 31,942,111 480,270 2,586,894 142,100 43,484,315
Accrued interest 2,296 33 26 462 234 3296 386 343 7,076
Employer contributions
receivable - - - - - - - -
-
Participant contributions
receivable 555 2,416 1,919 1,657 15,536 - - - 22,083
___________________________________________________________________________________________________________
Total assets 1,079,255 3,226,764 2,772,999 1,263,286 31,957,881 483,566 2,587,280 142,443 43,513,474
Liabilities
Benefits payable - - - - 60,668 - - - 60,668
Excess contributions
payable 286 5,913 6,099 5,948 40,647 - - - 58,893
Other payables 50 50 50 50 650 - - - 850
___________________________________________________________________________________________________________
Net assets available
for plan benefits $1,078,919 $3,220,801 $2,766,850 $1,257,288 $31,855,916 $483,566 $2,587,280 $142,443 $43,393,063
===========================================================================================================
See accompanying notes.
/TABLE
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Net Assets Available for Plan Benefits
December 31, 1992
<TABLE>
<CAPTION>
Participant Forfeiture
Money Market Fixed Equity CD Stock Loan Suspense
Fund Pool Pool Pool Pool Pool Account Total
__________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments at fair
value:
Pooled funds $ - $2,298,262 $2,007,184 $ - $ - $ - $ - $ 4,305,446
Common stock - - - - 20,474,003 - 20,474,003
Interest-bearing
deposits 3,048,259 16,819 14,982 1,271,747 25,409 - 136,726 4,513,942
Notes receivable - - - - 8,580 275,688 - 284,268
___________________________________________________________________________________________________________
Total investments 3,048,259 2,315,081 2,022,166 1,271,747 20,507,992 275,688 136,726 29,577,659
Accrued interest 2,476 50 26 93 102,934 - 330 105,909
Employer contributions
receivable 122,303 - - - - - - 122,303
Participant contri-
butions receivable 800 1,432 1,457 1,774 - 8,580 - 14,043
___________________________________________________________________________________________________________
Total assets 3,173,838 2,316,563 2,023,649 1,273,614 20,610,926 284,268 137,056 29,819,914
Liability
Excess contributions
payable - - - - - - - -
___________________________________________________________________________________________________________
Net assets available
for plan benefits $3,173,838 $2,316,563 $2,023,649 $1,273,614 $20,610,926 $284,268 $137,056 $29,819,914
===========================================================================================================
See accompanying notes.
</TABLE>
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1993
<TABLE>
<CAPTION>
Participant Forfeiture
Money Market Fixed Equity CD Stock Loan Suspense M&I Money
Fund Pool Pool Pool Pool Pool Account Market Fund
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from
First Financial
Corporation $ 34,242 $ 8,277 $ 7,414 $ 7,473 $ 29,594 $ - $ - $ 217,181
Contributions from
Plan participants 16,838 52,529 51,763 34,548 199,838 - - 14,863
Rollover of partici-
pants' funds from
other plans 5,599 47 40 7 1,119 - - -
Investment income 52,032 249 249 28,878 139,404 13,948 1,555 13,947
________________________________________________________________________________________________________
108,711 61,102 59,466 70,906 369,955 13,948 1,555 245,991
Deductions -
Payments to Plan
participants 71,499 20,229 8,651 20,673 373,714 8,985 - 31,540
Administrative
expenses - - - - - - - 50
________________________________________________________________________________________________________
Net additions 37,212 40,873 50,815 50,233 ( 3,759) 4,963 1,555 214,401
Net realized and unrealized
appreciation (depreciation)
in aggregate fair value
of investments - 161,448 99,278 - (11,853,511) - - -
Transfers (3,211,050) (2,518,884) (2,173,742) (1,323,847) (8,753,656) (289,231) (138,611) 864,518
________________________________________________________________________________________________________
Net increase
(decrease) (3,173,838) (2,316,563) (2,023,649) (1,273,614) (20,610,926) (284,268) (137,056) 1,078,919
Net assets available
for plan benefits at
beginning of year 3,173,838 2,316,563 2,023,649 1,273,614 20,610,926 284,268 137,056 -
________________________________________________________________________________________________________
Net assets available
for plan benefits
at end of year $ - $ - $ - $ - $ - $ - $ - $1,078,919
========================================================================================================
See accompanying notes.
/TABLE
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits (continued)
Year Ended December 31, 1993
<TABLE>
<CAPTION>
First
Financial
First First First Advance
M&I M&I Financial Financial Financial Contribution
Bond Fund Max-Cap Pool CD Fund Stock Fund Loan Fund Fund Other Total
___________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from
First Financial
Corporation $ 370,463 $ 305,826 $ 180,615 $ - $ - $ 2,619,469 $ - $ 3,780,554
76,657 72,686 34,579 320,677 - - - 874,978
Contributions from Plan
participants Rollover
of participants' funds
from other plans 4,828 1,881 - 3,797 - - - 17,318
Investment income 97,776 30,481 24,943 515,850 16,258 2,186 3,231 940,987
___________________________________________________________________________________________________________
549,724 410,874 240,137 840,324 16,258 2,621,655 3,231 5,613,837
Deductions -
Payments to Plan
participants 34,177 46,888 15,602 297,691 12,479 - - 942,128
Administrative
expenses 50 100 78 1,349 - - - 1,627
___________________________________________________________________________________________________________
Net additions 515,497 363,886 224,457 541,284 3,779 2,621,655 3,231 4,670,082
Net realized and
unrealized appreciation
(depreciation) in
aggregate fair value
of investments (58,147) 89,599 - 20,431,978 - (34,375) 66,797 8,903,067
Transfers 2,763,451 2,313,365 1,032,831 10,882,654 479,787 - 72,415 -
___________________________________________________________________________________________________________
Net increase 3,220,801 2,766,850 1,257,288 31,855,916 483,566 2,587,280 142,443 13,573,149
Net assets available
for plan benefits at
beginning of year - - - - - - - 29,819,914
___________________________________________________________________________________________________________
Net assets available
for plan benefits
at end of year $3,220,801 $2,766,850 $1,257,288 $31,855,916 $483,566 $ 2,587,280 $142,443 $43,393,063
===========================================================================================================
See accompanying notes.
/TABLE
<PAGE>
First Financial Corporation
401 (k) Profit-Sharing Plan and Trust
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 1992
<TABLE>
<CAPTION> Participant Forfeiture
Money Market Fixed Equity CD Stock Loan Suspense
Fund Pool Pool Pool Pool Pool Account Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions from
First Financial
Corporation $2,253,670 $ - $ - $ - $ 668,633 $ - $ - $ 2,922,303
Contributions from
Plan participants 46,443 126,637 118,504 84,437 378,859 - - 754,880
Rollover of partici-
pants' funds from
other plans 662 19,933 22,567 28,606 27,597 - - 99,365
Investment income 57,458 2,439 2,604 87,763 412,569 18,559 2,006 583,398
_____________________________________________________________________________________________________
2,358,233 149,009 143,675 200,806 1,487,658 18,559 2,006 4,359,946
Deductions -
Payments to Plan
participants 104,939 108,487 31,862 122,924 509,047 12 - 877,271
_____________________________________________________________________________________________________
Net additions 2,253,294 40,522 111,813 77,882 978,611 18,547 2,006 3,482,675
Net realized and un-
realized appreciation
in aggregate fair value
of investments - 195,808 165,093 - 9,478,723 - - 9,839,624
Transfers (2,676,286) (15,225) 850,827 (609,839) 2,346,277 88,623 15,623 -
_____________________________________________________________________________________________________
Net increase
(decrease) (422,992) 221,105 1,127,733 (531,957) 12,803,611 107,170 17,629 13,322,299
Net assets available
for plan benefits
at beginning of year 3,596,830 2,095,458 895,916 1,805,571 7,807,315 177,098 119,427 16,497,615
_____________________________________________________________________________________________________
Net assets available
for plan benfits
at end of year $3,173,838 $2,316,563 $2,023,649 $1,273,614 $20,610,926 $284,268 $137,056 $29,819,914
=====================================================================================================
See accompanying notes.
</TABLE>
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements
December 31, 1993
1. Description of the Plan
The following description of the First Financial Corporation
401(k) Profit-Sharing Plan and Trust (Plan) as of
December 31, 1993, provides only general information. Par-
ticipants should refer to the Summary Plan Description for a
more complete description of the Plan's provisions.
The Plan is a contributory defined contribution retirement
plan that covers any employee of First Financial Corporation
(the Employer) who is at least 21 years of age and has
completed a minimum of 1,000 hours of service during a
consecutive twelve-month period. It is subject to the
provisions of the Employee Retirement Income Security Act of
1974 (ERISA).
Employer contributions to the Plan are made on a
discretionary basis (profit sharing). Employer contributions
are allocated based on annual compensation. Participants
vest in employer contributions on a sliding scale and are
fully vested after 7 years. In addition, participants may
contribute a tax deferred amount each year which is limited
by Internal Revenue Code (IRC) Section 401(k). Participants
may also contribute on an after-tax basis, up to the lesser
of 12% of their compensation each year or the amount set by
the IRC ($8,994 in 1993). Participant tax deferred and
after-tax contributions are 100% vested immediately. The
after-tax contributions are not matched by the employer.
Employer contributions in 1993 were also made through a
matching program whereby the employer matched initial
employee 401(k) contributions at 25% of the employee
contribution up to a maximum matching contribution of $100.
Benefits may be paid to a participant or beneficiary upon
retirement, death, disability or termination of employment.
Benefits are payable in a lump-sum or in equal installments
over a period not to exceed the life expectancy of the
participant and designated beneficiary.
2. Significant Accounting Policies
Basis of Accounting
The accompanying financial statements have been prepared on
the accrual basis.
Investments
All investments are stated at fair value. Fair values of
mutual funds and common stock are determined by reference to
quoted redemption and market prices, respectively. Fair
values of pooled funds are determined by the Plan trustee.
Interest-bearing and noninterest-bearing deposits and notes
receivable are carried at cost, which approximates fair
value.
Administrative Expenses
Administrative expenses are generally paid by the Employer.
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
3. Investments
The Plan's investments are held by a bank-administered trust
fund. During 1993 and 1992, the Plan's investments
appreciated in fair value as follows:
Net Appreciation Fair Value
in Fair Value at End
During Year of Year
________________ __________
Year ended December 31, 1993:
Fair value determined by Plan trustee -
Pooled funds $ 292,178 $ 5,988,032
Fair value determined by reference
to quoted sources -
Common stocks 8,610,889 32,036,197
_________ __________
8,903,067 38,024,229
Assets carried at cost:
Interest-bearing deposits -- 4,969,943
Notes receivable from participants -- 490,143
________ _________
$8,903,067 $43,484,315
Year ended December 31, 1992:
Fair value determined by Plan trustee -
Pooled funds $ 349,991 $ 4,305,446
Fair value determined by reference to
quoted sources:
Mutual funds 39,146 --
Common stocks 9,450,487 20,474,003
_________ __________
9,839,624 24,779,449
Assets carried at cost:
Interest-bearing deposits -- 4,513,942
Notes receivable from participants -- 284,268
_________ _________
$9,839,624 $29,577,659
========== ==========
The fair values of individual investments that represent 5%
or more of the Plan s net assets are as follows:
December 31
1993 1992
___________________
First Financial Corporation common stock $31,907,812 $20,339,429
Boston Financial Federated Master Trust -- 2,131,368
American National Bank Investment
Management Equity Index -- 2,007,184
American National Bank Investment
Management Bond Index -- 2,298,262
Federated Index TR Max-Cap Fund 2,767,484 --
Marshall Intermediate Bond Fund 3,220,548 --
Marshall Money Market Fund 3,891,372 --
4. Income Tax Status
The Internal Revenue Service has ruled that the Plan
qualifies under Section 401(a) of the IRC and is, therefore,
not subject to tax under present income tax laws. Once
qualified, the Plan is required to operate in conformity
with the IRC to maintain its qualification. The Plan
Administrator is not aware of any course of action or series
of events that have occurred that might adversely affect the
Plan's qualified status.
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Notes to Financial Statements (continued)
5. Transactions with Parties-in-Interest
The Plan owned 1,904,944 and 1,720,992 shares of First
Financial Corporation common stock, as adjusted for a 2-for-
1 stock split in 1993, with a fair value of $31,907,812 and
$20,339,429 at December 31, 1993 and 1992, respectively.
Dividends, after being adjusted for stock splits, of $0.35
and $0.20 per share were declared and paid on the
Corporation's common stock in 1993 and 1992, respectively.
Fees paid by the Employer during the year for legal,
accounting and other services provided by parties-in-
interest were based on customary and reasonable rates.
During 1993 and 1992, the Plan received $50,461 and $82,363
in interest from the Employer relating to its certificates
of deposit, which totaled $1,075,000 and $1,230,000 at
December 31, 1993 and 1992, respectively.
6. Plan Termination
Although it has not expressed any intent to do so, the
Employer has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject
to the provisions of ERISA. In the event of Plan
termination, participants will become 100% vested in their
accounts.
<PAGE>
Supplemental Schedules
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Assets Held for Investment
December 31, 1993
Shares,
Units or
Principal
Amount Description Cost Current Value
_________ _____________________________ ________ _____________
Common stocks:
665 Associated Banc Corporation $ 9,782 $ 22,943
1,904,944 First Financial Corporation 11,844,539 31,907,812
1,840 Firstar Corporation 21,084 56,580
600 Actava Group Inc. 14,273 4,500
845 AT&T 16,461 44,363
__________ __________
11,906,138 32,036,197
Pooled funds:
233,543 Federated Index Tr Max-Cap 2,749,078 2,767,484
Fund
324,325 Marshall Intermediate Bond 3,326,128 3,220,548
Fund
___________________________
6,075,206 5,988,032
Interest-bearing deposits:
$1,075,000 First Financial Corporation
certificates of deposit;
due March 8, 1994 to July
1, 1995; interest rates
of 3.80% to 4.25% 1,075,000 1,075,000
3,891,372 Marshall Money Market Fund 3,891,372 3,891,372
3,571 Cash 3,571 3,571
___________________________
4,969,943 4,969,943
Notes receivable from
participants:
490,143 Various notes; due January 1,
1994 to January 30, 2004;
interest rates of 5.75% to
10% 490,143 490,143
___________________________
Total investments $23,441,430 $43,484,315
============================
<PAGE>
First Financial Corporation
401(k) Profit-Sharing Plan and Trust
Transactions of Series of Transactions in Excess of 5 Percent
of the Current Value of Plan Assets
Year ended December 31, 1993
Description Type of Number of Purchase
Transaction Transactions Amount
______________________________________________________________________________
American National Bank Investment
Management Bond Index III 4 $ 89,943
American National Bank Management
Equity Index III 5 281,802
Federated Index Tr Max-Cap Fund III 36 2,924,396
Federated Master Trust III 2 229,078
First Financial Corporation
Certificates of Deposit III 2 400,000
First Financial Corporation
common stock III 22 1,792,049
Goldman Sachs Money Market Fund III 24 453,721
Marshall Intermediate Bond Fund III 40 3,377,688
Marshall Money Market Fund III 206 12,326,858
Temp Cash Money Market Fund III 121 1,630,271
As defined by ERISA, transactions in excess of 5 percent of the fair value
of plan assets are categorized as:
(I) - a single transaction
(II) - a series of transactions (other than securities)
(III) - a series of transactions involving securities
of the same issue
(IV) - a series of transactions involving securities
with the same person
There were no Type II or IV transactions during the plan year.
Type I transactions are included with Type III transactions.
<PAGE>
Fair Value
of Assets on
Number of Sale Cost Transaction
Transactions Amount of Assets Date Net Gain
1 $2,255,636 $2,255,636 $2,255,636 $ -
1 2,131,464 2,131,464 2,131,464 -
17 179,269 175,318 179,269 3,951
19 2,371,909 2,371,909 2,371,909 -
6 455,000 455,000 455,000 -
14 980,984 376,019 980,984 604,965
17 1,370,614 1,370,614 1,370,614 -
13 51,605 51,560 51,605 45
159 8,435,486 8,435,486 8,435,486 -
69 1,865,940 1,865,940 1,865,940 -
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
administrative committee of the Plan has duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
FIRST FINANCIAL CORPORATION 401(k)
PROFIT SHARING PLAN AND TRUST
Date: June 29, 1994 By: /s/ John C. Seramur
______________________________
John C. Seramur
Member of the Administrative Committee<PAGE>
EXHIBIT INDEX
Exhibit
Number Description Page
24 Consent of Independent Auditors 19
<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-36295) pertaining to the First Financial Corporation 401(k)
Profit-Sharing Plan and Trust and in the related prospectus of our report
dated May 27, 1994, with respect to the financial statements and schedules
of the First Financial Corporation 401(k) Profit-Sharing Plan and Trust
included in this Annual Report (Form 11-K) for the year ended December 31,
1993.
/s/ Ernst & Young
Milwaukee, Wisconsin
June 27, 1994
