First Financial Bancorp Announces Second Quarter Financial Results

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/10/2026

1. TTD
2. ABNB
3. NET
4. TEAM
5. FROG
6. DV
7. TWLO
8. CART
9. SPY
10. LYFT

- Second Quarter 2019 Earnings per Diluted Share Increased 13% from First Quarter 2019 - 7.8% Loan Growth on an Annualized Basis - Board Approves Dividend Increase

July 18, 2019 4:15 PM EDT

CINCINNATI, July 18, 2019 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the second quarter 2019 and an increase in the quarterly dividend from $0.22 to $0.23 per share, payable on September 16, 2019 to shareholders of record as of September 2, 2019.

For the three months ended June 30, 2019, the Company reported net income of $52.7 million, or $0.53 per diluted common share.  These results compare to net income of $45.8 million, or $0.47 per diluted common share, for the first quarter of 2019 and $36.4 million, or $0.37 per diluted common share, for the second quarter of 2018.  Second quarter 2019 income before taxes was negatively impacted by $5.2 million of severance and merger related costs.  For the six months ended June 30, 2019, First Financial had earnings per diluted common share of $1.00 compared to $0.83 for the same period in 2018.

Return on average assets for the second quarter of 2019 was 1.50% while return on average tangible common equity was 17.33%.  These compare to returns on average assets of 1.33% and 1.05%, and returns on average tangible common equity of 15.95% and 13.75%, in the first quarter of 2019 and the second quarter of 2018, respectively.

Second quarter 2019 highlights include:

  • After adjustments(1) for merger-related and nonrecurring items:
    • Net income of $0.58 per diluted common share
    • 1.63% return on average assets
    • 18.87% return on average tangible common equity
  • Loan balances grew 7.8% on an annualized basis
    • $171.6 million increase compared to the linked quarter
  • Net interest margin of 4.04% on a fully tax-equivalent basis(1)
    • 6 basis point reduction from the linked quarter driven by higher funding costs and day count
  • Noninterest income increased 29.1% compared to the linked quarter
    • Driven by record client derivative fees and solid mortgage banking activity combined with higher bankcard and service charge income
  • Noninterest expenses of $84.4 million, or $78.9 million as adjusted(1)
    • Efficiency ratio of 53.8% for the second quarter; 50.3% as adjusted(1)
  • Provision expense of $6.7 million; primarily impacted by additional reserves required for the franchise relationship discussed in the first quarter
  • Strong capital ratios
    • Total capital of 14.21%; Tier 1 common equity of 12.02%; Tangible common equity of 9.34%
    • Tangible book value increased to $12.79

(1) Financial information in this release that is described as "adjusted" or that is presented on a fully tax equivalent basis is non-GAAP.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Archie Brown, President and Chief Executive Officer, commented, "The second quarter of 2019 was another highly successful one for First Financial, and further demonstrates the consistency and capabilities of the Company.  Loan growth, net interest margin, fee income and efficiency all met or surpassed our expectations resulting in adjusted(1) earnings per share of $0.58 and a top quartile adjusted(1) return on assets of 1.63%."

Mr. Brown continued, "We remain optimistic about the prospect of sustained success in the near term.  We were particularly pleased with the level of loan growth during the quarter, in addition to record fee income and prudent expense management.  While we face some pressure on the margin given the expected rate environment, we are working to mitigate the potential impact through disciplined deposit pricing initiatives.  Aside from additional provision related to the workout of the franchise credit disclosed last quarter, credit costs were better than expectations and overall credit remains stable."

Mr. Brown concluded, "We were excited to announce the acquisition of Bannockburn Global Forex, LLC, which will enhance our capabilities to serve middle market clients, broaden our customer base and drive higher fee income.  Additionally, we are pleased to announce an increase in the quarterly dividend to $0.23, reflecting our commitment to deploying capital in a way that sustains financial and operating success in addition to directly rewarding shareholders.  While the announced acquisition impacted potential share repurchase activity during the quarter, our strong capital levels provide the flexibility for further additional capital deployment opportunities in the future."

Full detail of the Company's second quarter and year to date performance is provided in the accompanying financial statements and slide presentation.

Teleconference / Webcast Information First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, July 19, 2019 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10133133.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on WebsiteThis press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial MeasuresThis earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position.  Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Forward-Looking Statement

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the possibility that any of the anticipated benefits of the Company's merger with MainSource Financial Group, Inc. will not be realized or will not be realized within the expected time period; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation.  Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2018, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.  

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of June 30, 2019, the Company had $14.4 billion in assets, $9.0 billion in loans, $10.1 billion in deposits and $2.2 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.8 billion in assets under management as of June 30, 2019.  The Company operated 159 banking centers as of June 30, 2019, primarily in Ohio, Indiana and Kentucky, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Six months ended,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

RESULTS OF OPERATIONS

Net income

$

52,703

$

45,839

$

55,014

$

50,657

$

36,418

$

98,542

$

66,924

Net earnings per share - basic

$

0.54

$

0.47

$

0.56

$

0.52

$

0.37

$

1.01

$

0.84

Net earnings per share - diluted

$

0.53

$

0.47

$

0.56

$

0.51

$

0.37

$

1.00

$

0.83

Dividends declared per share

$

0.22

$

0.22

$

0.20

$

0.20

$

0.19

$

0.44

$

0.38

KEY FINANCIAL RATIOS

Return on average assets

1.50

%

1.33

%

1.59

%

1.45

%

1.05

%

1.42

%

1.18

%

Return on average shareholders' equity

9.85

%

8.88

%

10.68

%

9.94

%

7.36

%

9.37

%

9.19

%

Return on average tangible shareholders' equity

17.33

%

15.95

%

19.63

%

18.52

%

13.75

%

16.66

%

15.12

%

Net interest margin

3.99

%

4.05

%

4.16

%

4.06

%

4.10

%

4.02

%

3.98

%

Net interest margin (fully tax equivalent) (1)

4.04

%

4.10

%

4.21

%

4.12

%

4.15

%

4.07

%

4.03

%

Ending shareholders' equity as a percent of ending assets

15.16

%

15.14

%

14.86

%

14.70

%

14.46

%

15.16

%

14.46

%

Ending tangible shareholders' equity as a percent of:

Ending tangible assets

9.34

%

9.15

%

8.79

%

8.53

%

8.30

%

9.34

%

8.30

%

Risk-weighted assets

11.84

%

11.61

%

11.20

%

10.77

%

10.52

%

11.84

%

10.52

%

Average shareholders' equity as a percent of average assets

15.22

%

15.01

%

14.84

%

14.62

%

14.33

%

15.12

%

12.87

%

Average tangible shareholders' equity as a percent of

    average tangible assets

9.26

%

8.95

%

8.66

%

8.42

%

8.16

%

9.11

%

8.24

%

Book value per share

$

22.18

$

21.60

$

21.23

$

20.79

$

20.56

$

22.18

$

20.56

Tangible book value per share

$

12.79

$

12.19

$

11.72

$

11.25

$

11.01

$

12.79

$

11.01

Common equity tier 1 ratio (2)

12.02

%

12.03

%

11.87

%

11.52

%

11.15

%

12.02

%

11.15

%

Tier 1 ratio (2)

12.42

%

12.43

%

12.28

%

11.93

%

11.55

%

12.42

%

11.55

%

Total capital ratio (2)

14.21

%

14.24

%

14.10

%

13.77

%

13.36

%

14.21

%

13.36

%

Leverage ratio (2)

10.02

%

9.84

%

9.71

%

9.41

%

9.06

%

10.02

%

9.06

%

AVERAGE BALANCE SHEET ITEMS

Loans (3)

$

8,852,662

$

8,773,310

$

8,766,302

$

8,848,710

$

8,933,400

$

8,813,206

$

7,483,004

FDIC indemnification asset

—

—

—

—

—

—

747

Investment securities

3,408,994

3,355,732

3,204,758

3,168,044

3,157,339

3,382,510

2,603,139

Interest-bearing deposits with other banks

33,255

34,709

32,013

39,873

29,261

33,978

28,173

  Total earning assets

$

12,294,911

$

12,163,751

$

12,003,073

$

12,056,627

$

12,120,000

$

12,229,694

$

10,115,063

Total assets

$

14,102,733

$

13,952,551

$

13,768,958

$

13,822,675

$

13,956,360

$

14,028,058

$

11,407,429

Noninterest-bearing deposits

$

2,484,214

$

2,457,587

$

2,476,773

$

2,388,976

$

2,421,230

$

2,470,974

$

1,998,251

Interest-bearing deposits

7,612,146

7,610,092

7,573,069

7,499,112

7,961,405

7,611,125

6,654,334

  Total deposits

$

10,096,360

$

10,067,679

$

10,049,842

$

9,888,088

$

10,382,635

$

10,082,099

$

8,652,585

Borrowings

$

1,656,570

$

1,587,068

$

1,509,642

$

1,748,415

$

1,408,024

$

1,622,011

$

1,138,931

Shareholders' equity

$

2,146,997

$

2,094,234

$

2,042,884

$

2,021,400

$

2,000,093

$

2,120,762

$

1,467,741

CREDIT QUALITY RATIOS

Allowance to ending loans

0.69

%

0.64

%

0.64

%

0.65

%

0.61

%

0.69

%

0.61

%

Allowance to nonaccrual loans

119.86

%

95.40

%

79.97

%

136.22

%

133.65

%

119.86

%

133.65

%

Allowance to nonperforming loans

69.33

%

68.94

%

65.13

%

92.08

%

86.80

%

69.33

%

86.80

%

Nonperforming loans to total loans

0.99

%

0.93

%

0.98

%

0.71

%

0.70

%

0.99

%

0.70

%

Nonperforming assets to ending loans, plus OREO

1.00

%

0.95

%

1.00

%

0.73

%

0.72

%

1.00

%

0.72

%

Nonperforming assets to total assets

0.62

%

0.60

%

0.63

%

0.47

%

0.46

%

0.62

%

0.46

%

Classified assets to total assets

1.02

%

1.01

%

0.94

%

1.00

%

1.00

%

1.02

%

1.00

%

Net charge-offs to average loans (annualized)

0.08

%

0.64

%

0.29

%

(0.02)

%

0.18

%

0.36

%

0.16

%

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) June 30, 2019 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended,

Six months ended,

June 30,

June 30,

2019

2018

% Change

2019

2018

% Change

Interest income

  Loans and leases, including fees

$

126,365

$

122,290

3.3

%

$

249,421

$

197,210

26.5

%

  Investment securities

     Taxable

23,616

20,844

13.3

%

47,851

34,514

38.6

%

     Tax-exempt

4,336

4,068

6.6

%

8,594

5,725

50.1

%

        Total investment securities interest

27,952

24,912

12.2

%

56,445

40,239

40.3

%

  Other earning assets

206

177

16.4

%

416

284

46.5

%

       Total interest income

154,523

147,379

4.8

%

306,282

237,733

28.8

%

Interest expense

  Deposits

20,612

14,794

39.3

%

39,855

25,092

58.8

%

  Short-term borrowings

6,646

4,132

60.8

%

12,606

6,795

85.5

%

  Long-term borrowings

4,963

4,474

10.9

%

10,004

6,055

65.2

%

      Total interest expense

32,221

23,400

37.7

%

62,465

37,942

64.6

%

      Net interest income

122,302

123,979

(1.4)

%

243,817

199,791

22.0

%

  Provision for loan and lease losses

6,658

3,735

78.3

%

20,741

6,038

243.5

%

      Net interest income after provision for loan and lease losses

115,644

120,244

(3.8)

%

223,076

193,753

15.1

%

Noninterest income

  Service charges on deposit accounts

9,819

9,568

2.6

%

18,722

14,607

28.2

%

  Trust and wealth management fees

3,943

3,697

6.7

%

8,013

7,651

4.7

%

  Bankcard income

6,497

5,343

21.6

%

12,083

8,737

38.3

%

  Client derivative fees

4,905

1,463

235.3

%

6,609

3,220

105.2

%

  Net gains from sales of loans

3,432

2,316

48.2

%

5,322

2,904

83.3

%

  Net gains (losses) on sale of investment securities

(37)

(30)

23.3

%

(215)

(30)

616.7

%

  Other

6,079

5,899

3.1

%

10,931

8,105

34.9

%

      Total noninterest income

34,638

28,256

22.6

%

61,465

45,194

36.0

%

Noninterest expenses

  Salaries and employee benefits

53,985

55,531

(2.8)

%

101,897

86,633

17.6

%

  Net occupancy

5,596

6,631

(15.6)

%

12,226

11,128

9.9

%

  Furniture and equipment

4,222

5,298

(20.3)

%

7,638

7,338

4.1

%

  Data processing

4,984

14,304

(65.2)

%

10,111

17,976

(43.8)

%

  Marketing

1,976

2,644

(25.3)

%

3,582

3,445

4.0

%

  Communication

747

1,118

(33.2)

%

1,475

1,577

(6.5)

%

  Professional services

2,039

5,659

(64.0)

%

4,291

7,857

(45.4)

%

  State intangible tax

1,307

1,078

21.2

%

2,617

1,843

42.0

%

  FDIC assessments

1,065

1,323

(19.5)

%

2,015

2,217

(9.1)

%

  Intangible amortization

2,044

2,364

(13.5)

%

4,089

2,644

54.7

%

  Other

6,413

6,805

(5.8)

%

12,936

12,385

4.4

%

      Total noninterest expenses

84,378

102,755

(17.9)

%

162,877

155,043

5.1

%

Income before income taxes

65,904

45,745

44.1

%

121,664

83,904

45.0

%

Income tax expense

13,201

9,327

41.5

%

23,122

16,980

36.2

%

      Net income

$

52,703

$

36,418

44.7

%

$

98,542

$

66,924

47.2

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.54

$

0.37

$

1.01

$

0.84

Net earnings per share - diluted

$

0.53

$

0.37

$

1.00

$

0.83

Dividends declared per share

$

0.22

$

0.19

$

0.44

$

0.38

Return on average assets

1.50

%

1.05

%

1.42

%

1.18

%

Return on average shareholders' equity

9.85

%

7.36

%

9.37

%

9.19

%

Interest income

$

154,523

$

147,379

4.8

%

$

306,282

$

237,733

28.8

%

Tax equivalent adjustment

1,416

1,420

(0.3)

%

2,939

2,138

37.5

%

   Interest income - tax equivalent

155,939

148,799

4.8

%

309,221

239,871

28.9

%

Interest expense

32,221

23,400

37.7

%

62,465

37,942

64.6

%

   Net interest income - tax equivalent

$

123,718

$

125,399

(1.3)

%

$

246,756

$

201,929

22.2

%

Net interest margin

3.99

%

4.10

%

4.02

%

3.98

%

Net interest margin (fully tax equivalent) (1)

4.04

%

4.15

%

4.07

%

4.03

%

Full-time equivalent employees

2,076

2,118

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2019

Second

First

Full

% Change

Quarter

Quarter

Year

Linked Qtr.

Interest income

  Loans and leases, including fees

$

126,365

$

123,056

$

249,421

2.7

%

  Investment securities

     Taxable

23,616

24,235

47,851

(2.6)

%

     Tax-exempt

4,336

4,258

8,594

1.8

%

        Total investment securities interest

27,952

28,493

56,445

(1.9)

%

  Other earning assets

206

210

416

(1.9)

%

       Total interest income

154,523

151,759

306,282

1.8

%

Interest expense

  Deposits

20,612

19,243

39,855

7.1

%

  Short-term borrowings

6,646

5,960

12,606

11.5

%

  Long-term borrowings

4,963

5,041

10,004

(1.5)

%

      Total interest expense

32,221

30,244

62,465

6.5

%

      Net interest income

122,302

121,515

243,817

0.6

%

  Provision for loan and lease losses

6,658

14,083

20,741

(52.7)

%

      Net interest income after provision for loan and lease losses

115,644

107,432

223,076

7.6

%

Noninterest income

  Service charges on deposit accounts

9,819

8,903

18,722

10.3

%

  Trust and wealth management fees

3,943

4,070

8,013

(3.1)

%

  Bankcard income

6,497

5,586

12,083

16.3

%

  Client derivative fees

4,905

1,704

6,609

187.9

%

  Net gains from sales of loans

3,432

1,890

5,322

81.6

%

  Net gains (losses) on sale of investment securities

(37)

(178)

(215)

79.2

%

  Other

6,079

4,852

10,931

25.3

%

      Total noninterest income

34,638

26,827

61,465

29.1

%

Noninterest expenses

  Salaries and employee benefits

53,985

47,912

101,897

12.7

%

  Net occupancy

5,596

6,630

12,226

(15.6)

%

  Furniture and equipment

4,222

3,416

7,638

23.6

%

  Data processing

4,984

5,127

10,111

(2.8)

%

  Marketing

1,976

1,606

3,582

23.0

%

  Communication

747

728

1,475

2.6

%

  Professional services

2,039

2,252

4,291

(9.5)

%

  State intangible tax

1,307

1,310

2,617

(0.2)

%

  FDIC assessments

1,065

950

2,015

12.1

%

  Intangible amortization

2,044

2,045

4,089

0.0

%

  Other

6,413

6,523

12,936

(1.7)

%

      Total noninterest expenses

84,378

78,499

162,877

7.5

%

Income before income taxes

65,904

55,760

121,664

18.2

%

Income tax expense

13,201

9,921

23,122

33.1

%

      Net income

$

52,703

$

45,839

$

98,542

15.0

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.54

$

0.47

$

1.01

Net earnings per share - diluted

$

0.53

$

0.47

$

1.00

Dividends declared per share

$

0.22

$

0.22

$

0.44

Return on average assets

1.50

%

1.33

%

1.42

%

Return on average shareholders' equity

9.85

%

8.88

%

9.37

%

Interest income

$

154,523

$

151,759

$

306,282

1.8

%

Tax equivalent adjustment

1,416

1,523

2,939

(7.0)

%

   Interest income - tax equivalent

155,939

153,282

309,221

1.7

%

Interest expense

32,221

30,244

62,465

6.5

%

   Net interest income - tax equivalent

$

123,718

$

123,038

$

246,756

0.6

%

Net interest margin

3.99

%

4.05

%

4.02

%

Net interest margin (fully tax equivalent) (1)

4.04

%

4.10

%

4.07

%

Full-time equivalent employees

2,076

2,087

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2018

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans and leases, including fees

$

126,580

$

123,397

$

122,290

$

74,920

$

447,187

  Investment securities

     Taxable

22,761

21,801

20,844

13,670

79,076

     Tax-exempt

3,896

3,807

4,068

1,657

13,428

        Total investment securities interest

26,657

25,608

24,912

15,327

92,504

  Other earning assets

192

215

177

107

691

       Total interest income

153,429

149,220

147,379

90,354

540,382

Interest expense

  Deposits

17,198

14,672

14,794

10,298

56,962

  Short-term borrowings

5,186

6,052

4,132

2,663

18,033

  Long-term borrowings

5,086

5,011

4,474

1,581

16,152

      Total interest expense

27,470

25,735

23,400

14,542

91,147

      Net interest income

125,959

123,485

123,979

75,812

449,235

  Provision for loan and lease losses

5,310

3,238

3,735

2,303

14,586

      Net interest income after provision for loan and lease losses

120,649

120,247

120,244

73,509

434,649

Noninterest income

  Service charges on deposit accounts

10,185

10,316

9,568

5,039

35,108

  Trust and wealth management fees

3,703

3,728

3,697

3,954

15,082

  Bankcard income

6,247

5,261

5,343

3,394

20,245

  Client derivative fees

1,433

3,029

1,463

1,757

7,682

  Net gains from sales of loans

1,428

1,739

2,316

588

6,071

  Net gains on sale of investment securities

36

(167)

(30)

0

(161)

  Other

6,472

4,778

5,899

2,206

19,355

      Total noninterest income

29,504

28,684

28,256

16,938

103,382

Noninterest expenses

  Salaries and employee benefits

51,505

50,852

55,531

31,102

188,990

  Net occupancy

6,322

6,765

6,631

4,497

24,215

  Furniture and equipment

3,498

4,072

5,298

2,040

14,908

  Data processing

5,599

4,502

14,304

3,672

28,077

  Marketing

1,651

2,502

2,644

801

7,598

  Communication

805

785

1,118

459

3,167

  Professional services

1,794

2,621

5,659

2,198

12,272

  State intangible tax

1,086

1,223

1,078

765

4,152

 FDIC assessments

1,018

734

1,323

894

3,969

  Intangible amortization

2,229

2,486

2,364

280

7,359

  Other

7,845

8,873

6,805

5,580

29,103

      Total noninterest expenses

83,352

85,415

102,755

52,288

323,810

Income before income taxes

66,801

63,516

45,745

38,159

214,221

Income tax expense (benefit)

11,787

12,859

9,327

7,653

41,626

      Net income

$

55,014

$

50,657

$

36,418

$

30,506

$

172,595

ADDITIONAL DATA

Net earnings per share - basic

$

0.56

$

0.52

$

0.37

$

0.49

$

1.95

Net earnings per share - diluted

$

0.56

$

0.51

$

0.37

$

0.49

$

1.93

Dividends declared per share

$

0.20

$

0.20

$

0.19

$

0.19

$

0.78

Return on average assets

1.59

%

1.45

%

1.05

%

1.40

%

1.37

%

Return on average shareholders' equity

10.68

%

9.94

%

7.36

%

13.31

%

9.85

%

Interest income

$

153,429

$

149,220

$

147,379

$

90,354

$

540,382

Tax equivalent adjustment

1,442

1,567

1,420

718

5,147

   Interest income - tax equivalent

154,871

150,787

148,799

91,072

545,529

Interest expense

27,470

25,735

23,400

14,542

91,147

   Net interest income - tax equivalent

$

127,401

$

125,052

$

125,399

$

76,530

$

454,382

Net interest margin

4.16

%

4.06

%

4.10

%

3.80

%

4.05

%

Net interest margin (fully tax equivalent) (1)

4.21

%

4.12

%

4.15

%

3.84

%

4.10

%

Full-time equivalent employees

2,073

2,028

2,118

1,289

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

% Change

% Change

2019

2019

2018

2018

2018

Linked Qtr.

Comp Qtr.

ASSETS

     Cash and due from banks

$

169,694

$

169,004

$

236,221

$

193,288

$

216,667

0.4

%

(21.7)

%

     Interest-bearing deposits with other banks

101,668

50,224

37,738

28,989

37,915

102.4

%

168.1

%

     Investment securities available-for-sale

3,152,970

3,113,811

2,779,255

2,626,726

2,654,909

1.3

%

18.8

%

     Investment securities held-to-maturity

154,327

158,305

429,328

434,369

443,957

(2.5)

%

(65.2)

%

     Other investments

127,439

115,731

115,660

115,757

95,004

10.1

%

34.1

%

     Loans held for sale

20,244

8,217

4,372

13,277

15,821

146.4

%

28.0

%

     Loans and leases

       Commercial and industrial

2,547,997

2,543,427

2,514,661

2,426,590

2,440,596

0.2

%

4.4

%

       Lease financing

90,638

95,573

93,415

95,317

96,198

(5.2)

%

(5.8)

%

       Construction real estate

497,683

458,113

548,935

565,077

555,468

8.6

%

(10.4)

%

       Commercial real estate

3,903,654

3,802,179

3,754,681

3,868,143

3,888,993

2.7

%

0.4

%

       Residential real estate

1,015,820

975,120

955,646

932,962

918,904

4.2

%

10.5

%

       Home equity

787,139

797,118

817,282

816,133

835,031

(1.3)

%

(5.7)

%

       Installment

89,149

90,689

93,212

97,413

100,726

(1.7)

%

(11.5)

%

       Credit card

48,706

46,982

46,382

45,741

48,665

3.7

%

0.1

%

          Total loans

8,980,786

8,809,201

8,824,214

8,847,376

8,884,581

1.9

%

1.1

%

       Less:

          Allowance for loan and lease losses

61,549

56,722

56,542

57,715

54,076

8.5

%

13.8

%

                Net loans

8,919,237

8,752,479

8,767,672

8,789,661

8,830,505

1.9

%

1.0

%

     Premises and equipment

211,313

210,676

215,652

219,940

223,950

0.3

%

(5.6)

%

     Goodwill

879,727

879,727

880,251

881,033

883,025

0.0

%

(0.4)

%

     Other intangibles

36,349

38,571

40,805

43,356

42,891

(5.8)

%

(15.3)

%

     Accrued interest and other assets

664,695

577,518

479,706

496,271

475,523

15.1

%

39.8

%

       Total Assets

$

14,437,663

$

14,074,263

$

13,986,660

$

13,842,667

$

13,920,167

2.6

%

3.7

%

LIABILITIES

     Deposits

       Interest-bearing demand

$

2,332,692

$

2,235,036

$

2,307,071

$

2,284,271

$

2,440,088

4.4

%

(4.4)

%

       Savings

2,953,114

3,100,894

3,167,325

3,134,944

3,087,683

(4.8)

%

(4.4)

%

       Time

2,321,908

2,309,810

2,173,564

1,957,574

2,104,044

0.5

%

10.4

%

          Total interest-bearing deposits

7,607,714

7,645,740

7,647,960

7,376,789

7,631,815

(0.5)

%

(0.3)

%

       Noninterest-bearing

2,501,290

2,488,157

2,492,434

2,375,845

2,471,932

0.5

%

1.2

%

          Total deposits

10,109,004

10,133,897

10,140,394

9,752,634

10,103,747

(0.2)

%

0.1

%

     Federal funds purchased and securities sold

         under agreements to repurchase

260,621

95,015

183,591

123,452

88,070

174.3

%

195.9

%

     FHLB short-term borrowings

1,052,700

952,400

857,100

1,170,800

1,100,233

10.5

%

(4.3)

%

          Total short-term borrowings

1,313,321

1,047,415

1,040,691

1,294,252

1,188,303

25.4

%

10.5

%

     Long-term debt

547,042

546,423

570,739

570,037

469,423

0.1

%

16.5

%

          Total borrowed funds

1,860,363

1,593,838

1,611,430

1,864,289

1,657,726

16.7

%

12.2

%

     Accrued interest and other liabilities

280,107

216,109

156,587

190,224

145,757

29.6

%

92.2

%

       Total Liabilities

12,249,474

11,943,844

11,908,411

11,807,147

11,907,230

2.6

%

2.9

%

SHAREHOLDERS' EQUITY

     Common stock

1,623,699

1,622,554

1,633,256

1,633,828

1,632,572

0.1

%

(0.5)

%

     Retained earnings

657,730

626,408

600,014

564,545

533,319

5.0

%

23.3

%

     Accumulated other comprehensive income (loss)

5,193

(19,635)

(44,408)

(52,897)

(43,008)

(126.4)

%

(112.1)

%

     Treasury stock, at cost

(98,433)

(98,908)

(110,613)

(109,956)

(109,946)

(0.5)

%

(10.5)

%

       Total Shareholders' Equity

2,188,189

2,130,419

2,078,249

2,035,520

2,012,937

2.7

%

8.7

%

       Total Liabilities and Shareholders' Equity

$

14,437,663

$

14,074,263

$

13,986,660

$

13,842,667

$

13,920,167

2.6

%

3.7

%

 

 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

ASSETS

     Cash and due from banks

$

173,278

$

181,695

$

213,927

$

199,843

$

224,824

$

177,463

$

170,760

     Federal funds sold

0

0

0

0

786

0

395

     Interest-bearing deposits with other banks

33,255

34,709

32,013

39,873

28,475

33,978

27,778

     Investment securities

3,408,994

3,355,732

3,204,758

3,168,044

3,157,339

3,382,510

2,603,139

     Loans held for sale

13,258

6,392

10,411

15,270

14,462

9,844

11,831

     Loans and leases

       Commercial and industrial

2,533,981

2,509,274

2,402,296

2,392,229

2,421,244

2,521,696

2,641,410

       Lease financing

94,458

91,043

94,111

94,030

94,431

92,760

88,837

       Construction real estate

457,962

496,153

567,086

570,125

577,883

476,952

510,949

       Commercial real estate

3,834,404

3,762,314

3,793,376

3,887,748

3,923,784

3,798,558

2,772,050

       Residential real estate

989,923

961,584

941,047

918,361

929,667

975,832

686,525

       Home equity

789,087

807,768

813,779

822,834

825,236

798,376

629,998

       Installment

89,778

91,270

95,779

99,907

99,896

90,520

93,818

       Credit card

49,811

47,512

48,417

48,206

46,797

48,668

47,586

          Total loans

8,839,404

8,766,918

8,755,891

8,833,440

8,918,938

8,803,362

7,471,173

       Less:

          Allowance for loan and lease losses

58,335

57,088

58,216

55,877

55,318

57,715

55,168

                Net loans

8,781,069

8,709,830

8,697,675

8,777,563

8,863,620

8,745,647

7,416,005

     Premises and equipment

211,714

213,208

218,430

222,718

230,475

212,457

178,534

     Goodwill

879,726

878,541

878,669

882,917

883,179

879,137

545,507

     Other intangibles

37,666

39,900

42,305

43,830

44,383

38,777

24,141

     Accrued interest and other assets

563,773

532,544

470,770

472,617

508,817

548,245

429,339

       Total Assets

$

14,102,733

$

13,952,551

$

13,768,958

$

13,822,675

$

13,956,360

$

14,028,058

$

11,407,429

LIABILITIES

     Deposits

       Interest-bearing demand

$

2,334,322

$

2,269,948

$

2,342,528

$

2,334,305

$

2,573,150

$

2,302,313

$

1,997,574

       Savings

3,057,100

3,115,557

3,156,789

3,149,871

3,196,059

3,086,167

2,825,437

       Time

2,220,724

2,224,587

2,073,752

2,014,936

2,192,196

2,222,645

1,831,323

          Total interest-bearing deposits

7,612,146

7,610,092

7,573,069

7,499,112

7,961,405

7,611,125

6,654,334

       Noninterest-bearing

2,484,214

2,457,587

2,476,773

2,388,976

2,421,230

2,470,974

1,998,251

          Total deposits

10,096,360

10,067,679

10,049,842

9,888,088

10,382,635

10,082,099

8,652,585

     Federal funds purchased and securities sold

          under agreements to repurchase

126,872

103,147

65,805

112,308

97,708

115,075

85,355

     FHLB short-term borrowings

982,993

913,974

873,533

1,076,106

818,909

948,674

743,693

          Total short-term borrowings

1,109,865

1,017,121

939,338

1,188,414

916,617

1,063,749

829,048

     Long-term debt

546,705

569,947

570,304

560,001

491,407

558,262

309,883

       Total borrowed funds

1,656,570

1,587,068

1,509,642

1,748,415

1,408,024

1,622,011

1,138,931

     Accrued interest and other liabilities

202,806

203,570

166,590

164,772

165,608

203,186

148,172

       Total Liabilities

11,955,736

11,858,317

11,726,074

11,801,275

11,956,267

11,907,296

9,939,688

SHAREHOLDERS' EQUITY

     Common stock

1,622,994

1,625,228

1,632,361

1,633,129

1,632,569

1,624,105

1,105,669

     Retained earnings

635,629

610,737

576,145

542,835

517,548

623,252

510,384

     Accumulated other comprehensive loss

(12,889)

(39,796)

(55,161)

(44,505)

(39,117)

(26,268)

(36,217)

     Treasury stock, at cost

(98,737)

(101,935)

(110,461)

(110,059)

(110,907)

(100,327)

(112,095)

       Total Shareholders' Equity

2,146,997

2,094,234

2,042,884

2,021,400

2,000,093

2,120,762

1,467,741

       Total Liabilities and Shareholders' Equity

$

14,102,733

$

13,952,551

$

13,768,958

$

13,822,675

$

13,956,360

$

14,028,058

$

11,407,429

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

Year-to-Date Averages

June 30, 2019

March 31, 2019

June 30, 2018

June 30, 2019

June 30, 2018

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Earning assets

    Investments:

      Investment securities

$

3,408,994

3.29

%

$

3,355,732

3.44

%

$

3,157,339

3.16

%

$

3,382,510

3.37

%

$

2,603,139

3.12

%

      Interest-bearing deposits with other banks

33,255

2.48

%

34,709

2.45

%

29,261

2.43

%

33,978

2.47

%

28,173

2.03

%

    Gross loans (1)

8,852,662

5.73

%

8,773,310

5.69

%

8,933,400

5.49

%

8,813,206

5.71

%

7,483,751

5.31

%

       Total earning assets

12,294,911

5.04

%

12,163,751

5.06

%

12,120,000

4.88

%

12,229,694

5.05

%

10,115,063

4.74

%

Nonearning assets

    Allowance for loan and lease losses

(58,335)

(57,088)

(55,318)

(57,715)

(55,168)

    Cash and due from banks

173,278

181,695

224,824

177,463

170,760

    Accrued interest and other assets

1,692,879

1,664,193

1,666,854

1,678,616

1,176,774

       Total assets

$

14,102,733

$

13,952,551

$

13,956,360

$

14,028,058

$

11,407,429

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$

2,334,322

0.60

%

$

2,269,948

0.50

%

$

2,573,150

0.36

%

$

2,302,313

0.55

%

$

1,997,574

0.37

%

      Savings

3,057,100

0.78

%

3,115,557

0.76

%

3,196,059

0.54

%

3,086,167

0.77

%

2,825,437

0.58

%

      Time

2,220,724

2.02

%

2,224,587

1.94

%

2,192,196

1.50

%

2,222,645

1.98

%

1,831,323

1.47

%

    Total interest-bearing deposits

7,612,146

1.09

%

7,610,092

1.03

%

7,961,405

0.75

%

7,611,125

1.06

%

6,654,334

0.76

%

    Borrowed funds

      Short-term borrowings

1,109,865

2.40

%

1,017,121

2.38

%

916,617

1.81

%

1,063,749

2.39

%

829,048

1.65

%

      Long-term debt

546,705

3.64

%

569,947

3.59

%

491,407

3.65

%

558,262

3.61

%

309,883

3.94

%

        Total borrowed funds

1,656,570

2.81

%

1,587,068

2.81

%

1,408,024

2.45

%

1,622,011

2.81

%

1,138,931

2.28

%

       Total interest-bearing liabilities

9,268,716

1.39

%

9,197,160

1.33

%

9,369,429

1.00

%

9,233,136

1.36

%

7,793,265

0.98

%

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

2,484,214

2,457,587

2,421,230

2,470,974

1,998,251

    Other liabilities

202,806

203,570

165,608

203,186

148,172

    Shareholders' equity

2,146,997

2,094,234

2,000,093

2,120,762

1,467,741

       Total liabilities & shareholders' equity

$

14,102,733

$

13,952,551

$

13,956,360

$

14,028,058

$

11,407,429

Net interest income

$

122,302

$

121,515

$

123,979

$

243,817

$

199,791

Net interest spread

3.65

%

3.73

%

3.88

%

3.69

%

3.76

%

Net interest margin

3.99

%

4.05

%

4.10

%

4.02

%

3.98

%

Tax equivalent adjustment

0.05

%

0.05

%

0.05

%

0.05

%

0.05

%

Net interest margin (fully tax equivalent)

4.04

%

4.10

%

4.15

%

4.07

%

4.03

%

(1) Loans held for sale and nonaccrual loans are included in gross loans.

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (1)

(Dollars in thousands)

(Unaudited)

 Linked Qtr. Income Variance

 Comparable Qtr. Income Variance

Year-to-Date Income Variance

Rate

Volume

Total

Rate

Volume

Total

Rate

Volume

Total

Earning assets

    Investment securities

$

(1,280)

$

739

$

(541)

$

977

$

2,063

$

3,040

$

3,200

$

13,006

$

16,206

    Interest-bearing deposits with other banks

3

(7)

(4)

4

25

29

61

71

132

    Gross loans (2)

800

2,509

3,309

5,227

(1,152)

4,075

14,586

37,625

52,211

       Total earning assets

(477)

3,241

2,764

6,208

936

7,144

17,847

50,702

68,549

Interest-bearing liabilities

    Total interest-bearing deposits

$

1,137

$

232

$

1,369

$

6,764

$

(946)

$

5,818

$

9,753

$

5,010

$

14,763

    Borrowed funds

    Short-term borrowings

64

622

686

1,357

1,157

2,514

3,030

2,781

5,811

    Long-term debt

76

(154)

(78)

(13)

502

489

(502)

4,451

3,949

       Total borrowed funds

140

468

608

1,344

1,659

3,003

2,528

7,232

9,760

       Total interest-bearing liabilities

1,277

700

1,977

8,108

713

8,821

12,281

12,242

24,523

          Net interest income (1)

$

(1,754)

$

2,541

$

787

$

(1,900)

$

223

$

(1,677)

$

5,566

$

38,460

$

44,026

(1) Not tax equivalent.

(2) Loans held for sale and nonaccrual loans are included in gross loans.

 

 

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Six months ended

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

June 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY

Balance at beginning of period

$

56,722

$

56,542

$

57,715

$

54,076

$

54,380

$

56,542

$

54,021

  Provision for loan and lease losses

6,658

14,083

5,310

3,238

3,735

20,741

6,038

  Gross charge-offs

    Commercial and industrial

1,873

12,328

6,060

232

4,356

14,201

5,241

    Lease financing

0

100

0

0

0

100

0

    Construction real estate

0

0

0

0

0

0

0

    Commercial real estate

86

1,214

1,679

902

78

1,300

2,254

    Residential real estate

150

82

80

145

101

232

197

    Home equity

689

468

747

351

385

1,157

627

    Installment

78

49

158

43

218

127

234

    Credit card

289

341

392

390

684

630

938

      Total gross charge-offs

3,165

14,582

9,116

2,063

5,822

17,747

9,491

  Recoveries

    Commercial and industrial

291

240

485

627

518

531

954

    Lease financing

0

0

0

0

1

0

1

    Construction real estate

5

63

0

146

0

68

0

    Commercial real estate

254

73

1,681

786

887

327

1,639

    Residential real estate

101

36

44

71

70

137

96

    Home equity

572

185

274

419

187

757

616

    Installment

61

48

94

351

82

109

130

    Credit card

50

34

55

64

38

84

72

      Total recoveries

1,334

679

2,633

2,464

1,783

2,013

3,508

  Total net charge-offs

1,831

13,903

6,483

(401)

4,039

15,734

5,983

Ending allowance for loan and lease losses

$

61,549

$

56,722

$

56,542

$

57,715

$

54,076

$

61,549

$

54,076

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)

  Commercial and industrial

0.25

%

1.95

%

0.92

%

(0.07)

%

0.64

%

1.09

%

0.33

%

  Lease financing

0.00

%

0.45

%

0.00

%

0.00

%

0.00

%

0.22

%

0.00

%

  Construction real estate

0.00

%

(0.05)

%

0.00

%

(0.10)

%

0.00

%

(0.03)

%

0.00

%

  Commercial real estate

(0.02)

%

0.12

%

0.00

%

0.01

%

(0.08)

%

0.05

%

0.04

%

  Residential real estate

0.02

%

0.02

%

0.02

%

0.03

%

0.01

%

0.02

%

0.03

%

  Home equity

0.06

%

0.14

%

0.23

%

(0.03)

%

0.10

%

0.10

%

0.00

%

  Installment

0.08

%

0.00

%

0.27

%

(1.22)

%

0.55

%

0.04

%

0.22

%

  Credit card

1.92

%

2.62

%

2.76

%

2.68

%

5.54

%

2.26

%

3.67

%

     Total net charge-offs

0.08

%

0.64

%

0.29

%

(0.02)

%

0.18

%

0.36

%

0.16

%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)

    Commercial and industrial

$

18,502

$

19,263

$

30,925

$

4,310

$

3,448

$

18,502

$

3,448

    Lease financing

295

301

22

0

0

295

0

    Construction real estate

6

7

9

10

24

6

24

    Commercial real estate

15,981

21,082

20,500

20,338

21,593

15,981

21,593

    Residential real estate

11,627

13,052

13,495

11,365

9,278

11,627

9,278

    Home equity

4,745

5,581

5,580

6,018

5,820

4,745

5,820

    Installment

195

170

169

327

299

195

299

      Nonaccrual loans

51,351

59,456

70,700

42,368

40,462

51,351

40,462

  Accruing troubled debt restructurings (TDRs)

37,420

22,817

16,109

20,313

21,839

37,420

21,839

     Total nonperforming loans

88,771

82,273

86,809

62,681

62,301

88,771

62,301

  Other real estate owned (OREO)

1,421

1,665

1,401

1,918

1,853

1,421

1,853

     Total nonperforming assets

90,192

83,938

88,210

64,599

64,154

90,192

64,154

  Accruing loans past due 90 days or more

107

178

63

144

327

107

327

     Total underperforming assets

$

90,299

$

84,116

$

88,273

$

64,743

$

64,481

$

90,299

$

64,481

Total classified assets

$

147,753

$

142,014

$

131,668

$

138,868

$

139,317

$

147,753

$

139,317

CREDIT QUALITY RATIOS

Allowance for loan and lease losses to

     Nonaccrual loans

119.86

%

95.40

%

79.97

%

136.22

%

133.65

%

119.86

%

133.65

%

     Nonperforming loans

69.33

%

68.94

%

65.13

%

92.08

%

86.80

%

69.33

%

86.80

%

     Total ending loans

0.69

%

0.64

%

0.64

%

0.65

%

0.61

%

0.69

%

0.61

%

Nonperforming loans to total loans

0.99

%

0.93

%

0.98

%

0.71

%

0.70

%

0.99

%

0.70

%

Nonperforming assets to

     Ending loans, plus OREO

1.00

%

0.95

%

1.00

%

0.73

%

0.72

%

1.00

%

0.72

%

     Total assets

0.62

%

0.60

%

0.63

%

0.47

%

0.46

%

0.62

%

0.46

%

Nonperforming assets, excluding accruing TDRs to

     Ending loans, plus OREO

0.59

%

0.69

%

0.82

%

0.50

%

0.48

%

0.59

%

0.48

%

     Total assets

0.37

%

0.43

%

0.52

%

0.32

%

0.30

%

0.37

%

0.30

%

Classified assets to total assets

1.02

%

1.01

%

0.94

%

1.00

%

1.00

%

1.02

%

1.00

%

(1)  Nonaccrual loans include nonaccrual TDRs of $11.0 million, $13.1 million, $22.4 million, $4.7 million, and $5.9 million, as of June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018, and June 30, 2018, respectively.

 

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Six months ended,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

June 30,

June 30,

2019

2019

2018

2018

2018

2019

2018

PER COMMON SHARE

Market Price

  High

$

25.80

$

28.56

$

29.58

$

32.35

$

33.55

$

28.56

$

33.55

  Low

$

22.16

$

23.02

$

22.40

$

29.40

$

28.10

$

22.16

$

26.40

  Close

$

24.22

$

24.06

$

23.72

$

29.70

$

30.65

$

24.22

$

30.65

Average shares outstanding - basic

98,083,799

97,926,088

97,424,839

97,411,201

97,347,533

98,005,379

79,599,709

Average shares outstanding - diluted

98,648,384

98,436,311

98,468,237

98,484,228

98,432,072

98,542,947

80,629,495

Ending shares outstanding

98,647,690

98,613,872

97,894,286

97,914,526

97,904,897

98,647,690

97,904,897

Total shareholders' equity

$

2,188,189

$

2,130,419

$

2,078,249

$

2,035,520

$

2,012,937

$

2,188,189

$

2,012,937

REGULATORY CAPITAL

Preliminary

Preliminary

Common equity tier 1 capital

$

1,281,406

$

1,246,004

$

1,215,613

$

1,177,630

$

1,142,718

$

1,281,406

$

1,142,718

Common equity tier 1 capital ratio

12.02

%

12.03

%

11.87

%

11.52

%

11.15

%

12.02

%

11.15

%

Tier 1 capital

$

1,323,905

$

1,287,757

$

1,257,366

$

1,219,383

$

1,184,471

$

1,323,905

$

1,184,471

Tier 1 ratio

12.42

%

12.43

%

12.28

%

11.93

%

11.55

%

12.42

%

11.55

%

Total capital

$

1,515,382

$

1,474,723

$

1,444,146

$

1,407,252

$

1,369,231

$

1,515,382

$

1,369,231

Total capital ratio

14.21

%

14.24

%

14.10

%

13.77

%

13.36

%

14.21

%

13.36

%

Total capital in excess of minimum requirement

$

395,719

$

387,048

$

432,832

$

397,783

$

356,930

$

395,719

$

356,930

Total risk-weighted assets

$

10,663,459

$

10,358,805

$

10,241,159

$

10,222,466

$

10,251,147

$

10,663,459

$

10,251,147

Leverage ratio

10.02

%

9.84

%

9.71

%

9.41

%

9.06

%

10.02

%

9.06

%

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

15.16

%

15.14

%

14.86

%

14.70

%

14.46

%

15.16

%

14.46

%

Ending tangible shareholders' equity to ending

tangible assets

9.34

%

9.15

%

8.79

%

8.53

%

8.30

%

9.34

%

8.30

%

Average shareholders' equity to average assets

15.22

%

15.01

%

14.84

%

14.62

%

14.33

%

15.12

%

12.87

%

Average tangible shareholders' equity to average

tangible assets

9.26

%

8.95

%

8.66

%

8.42

%

8.16

%

9.11

%

8.24

%

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-second-quarter-financial-results-300887579.html

SOURCE First Financial Bancorp.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Press Releases

Related Entities

Dividend, FDIC, Stock Buyback, Earnings, Definitive Agreement