STEVENS POINT, Wis. -- First Financial Corp. said a rating agency's downgrades of three adjustable rate mortgage-backed securities will result in a one-time charge to second-quarter earnings of about $6 million, or 24 cents a share.
The $5 billion-asset company, parent of First Financial Bank, had previously reported that two securities totaling $21 million had been placed on nonaccrual status. The thrift company's total interest in the downgraded, privately issued securities is $34 million.
"It should be stressed that this is an isolated event which will not impact the basic fundamentals of our company, which remain strong," said John C. Seramur, president and chief executive.
First Financial also declared its 54th consecutive quarterly dividend since it went public in 1980. The 10-cent dividend is payable June 30 to shareholders of record June 15.