First Financial Bancorp Announces Third Quarter 2018 Results

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/13/2026

1. CSCO
2. CBRS
3. COHR
4. SPY
5. BTGO
6. NVDA
7. WYFI
8. STUB
9. EAT
10. BIRK

October 18, 2018 4:15 PM EDT

CINCINNATI, Oct. 18, 2018 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the third quarter of 2018.

For the three months ended September 30, 2018, the Company reported net income of $50.7 million, or $0.51 per diluted common share.  These results compare to net income of $36.4 million, or $0.37 per diluted common share, for the second quarter of 2018 and $24.8 million, or $0.40 per diluted common share, for the third quarter of 2017.   Net income was negatively impacted during the quarter by $6.3 million of merger related items, which reduced earnings per diluted common share by $0.07.  For the nine months ended September 30, 2018, First Financial had earnings per diluted common share of $1.36 compared to $1.16 for the same period in 2017.

Return on average assets for the third quarter of 2018 was 1.45% while return on average tangible common equity was 18.52%.  These compare to a return on average assets of 1.05% and return on average tangible common equity of 13.75% in the second quarter of 2018 and a return on average assets of 1.13% and a return on average tangible common equity of 14.11% in the third quarter of 2017.  On an adjusted(1) basis, third quarter 2018 return on average assets was 1.64% and return on average tangible common equity was 20.83%.

Third quarter 2018 highlights include:

  • After adjustments(1) for merger related items:
    • Net income of $0.58 per diluted common share
    • 1.64% return on average assets
    • 20.83% return on average tangible common equity
  • Total revenue of $152.8 million, as adjusted(1)
    • Net interest margin declined 3 basis points from the linked quarter to 4.12% on a fully tax equivalent basis(1)
    • Noninterest income increased $0.7 million to $29.3 million, as adjusted(1)
  • Noninterest expenses of $85.4 million, or $78.0 million as adjusted(1)
    • Efficiency ratio of 56.13% for the third quarter; 51.06% as adjusted(1)
  • Improved loan origination activity
    • Loan fundings increased 9% compared to the linked quarter
    • Origination commitments increased 15% compared to the linked quarter
  • Stable credit performance with provision expense of $3.2 million; annualized net recoveries of 2 basis points as a percentage of average loans

Archie Brown, President and Chief Executive Officer, commented, "We are pleased with our third quarter performance as it demonstrates the earnings power of the Company.  On an adjusted basis(1), earnings per share increased to $0.58 as our strong net interest margin, combined with improved efficiency, resulted in a top quartile return on assets and return on average tangible common equity."

(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.

Mr. Brown continued, "We are encouraged with the increases in loan fundings and commitments, however lower than expected credit line utilization and elevated payoffs led to a slight decline in overall balances. During the quarter we added depth to our commercial banking and business banking teams in addition to wealth advisors and mortgage loan officers and are approaching planned staffing levels in our targeted growth markets. We are optimistic that these investments will contribute to our planned revenue growth in 2019."

Mr. Brown concluded, "Our strong earnings for the quarter led to further strengthening of our capital ratios with tangible common equity increasing to 8.53% and tangible book value per share increasing to $11.25. As a result, in July our Board of Directors elected to increase the common dividend from $0.19 to $0.20 per share, which was the second dividend increase in 2018."

Full detail of the Company's third 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, October 19, 2018 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 10124868.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

This 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 Measures

This 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 recent 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 the Form 10-K for the year ended December 31, 2017, as well as its 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 September 30, 2018, the Company had $13.8 billion in assets, $8.8 billion in loans, $9.8 billion in deposits and $2.0 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 September 30, 2018.  The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operated 159 banking centers as of September 30, 2018, 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,

Nine months ended,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Sep. 30,

2018

2018

2018

2017

2017

2018

2017

RESULTS OF OPERATIONS

Net income

$

50,657

$

36,418

$

30,506

$

24,811

$

24,826

$

117,581

$

71,976

Net earnings per share - basic

$

0.52

$

0.37

$

0.49

$

0.40

$

0.40

$

1.37

$

1.17

Net earnings per share - diluted

$

0.51

$

0.37

$

0.49

$

0.40

$

0.40

$

1.36

$

1.16

Dividends declared per share

$

0.20

$

0.19

$

0.19

$

0.17

$

0.17

$

0.58

$

0.51

KEY FINANCIAL RATIOS

Return on average assets

1.45

%

1.05

%

1.40

%

1.13

%

1.13

%

1.29

%

1.12

%

Return on average shareholders' equity

9.94

%

7.36

%

13.31

%

10.70

%

10.85

%

9.50

%

10.82

%

Return on average tangible shareholders' equity

18.52

%

13.75

%

17.18

%

13.85

%

14.11

%

16.42

%

14.16

%

Net interest margin

4.06

%

4.10

%

3.80

%

3.75

%

3.50

%

4.01

%

3.54

%

Net interest margin (fully tax equivalent) (1)

4.12

%

4.15

%

3.84

%

3.82

%

3.57

%

4.06

%

3.61

%

Ending shareholders' equity as a percent of ending assets

14.70

%

14.46

%

10.56

%

10.46

%

10.44

%

14.70

%

10.44

%

Ending tangible shareholders' equity as a percent of:

Ending tangible assets

8.53

%

8.30

%

8.41

%

8.30

%

8.25

%

8.53

%

8.25

%

Risk-weighted assets

10.77

%

10.52

%

10.09

%

10.15

%

9.95

%

10.77

%

9.95

%

Average shareholders' equity as a percent of average assets

14.62

%

14.33

%

10.53

%

10.54

%

10.42

%

13.54

%

10.38

%

Average tangible shareholders' equity as a percent of

    average tangible assets

8.42

%

8.16

%

8.35

%

8.34

%

8.21

%

8.31

%

8.13

%

Book value per share

$

20.79

$

20.56

$

15.11

$

14.99

$

14.74

$

20.79

$

14.74

Tangible book value per share

$

11.25

$

11.01

$

11.75

$

11.62

$

11.36

$

11.25

$

11.36

Common equity tier 1 ratio (2)

11.52

%

11.15

%

10.77

%

10.63

%

10.53

%

11.52

%

10.53

%

Tier 1 ratio (2)

11.93

%

11.55

%

10.77

%

10.63

%

10.53

%

11.93

%

10.53

%

Total capital ratio (2)

13.77

%

13.36

%

13.17

%

13.07

%

12.98

%

13.77

%

12.98

%

Leverage ratio (2)

9.41

%

9.06

%

9.00

%

8.84

%

8.74

%

9.41

%

8.74

%

AVERAGE BALANCE SHEET ITEMS

Loans (3)

$

8,848,710

$

8,933,400

$

6,016,492

$

5,952,290

$

5,902,053

$

7,943,242

$

5,809,998

FDIC indemnification asset

—

—

1,502

7,413

8,932

495

10,250

Investment securities

3,168,044

3,157,339

2,042,781

2,020,040

2,041,785

2,793,510

1,995,101

Interest-bearing deposits with other banks

39,873

29,261

27,073

25,357

37,199

32,116

32,812

  Total earning assets

$

12,056,627

$

12,120,000

$

8,087,848

$

8,005,100

$

7,989,969

$

10,769,363

$

7,848,161

Total assets

$

13,822,675

$

13,956,360

$

8,830,176

$

8,731,956

$

8,716,917

$

12,221,358

$

8,570,777

Noninterest-bearing deposits

$

2,388,976

$

2,421,230

$

1,570,572

$

1,637,228

$

1,510,032

$

2,129,924

$

1,507,748

Interest-bearing deposits

7,499,112

7,961,405

5,332,740

5,202,412

5,170,365

6,939,021

5,057,285

  Total deposits

$

9,888,088

$

10,382,635

$

6,903,312

$

6,839,640

$

6,680,397

$

9,068,945

$

6,565,033

Borrowings

$

1,748,415

$

1,408,024

$

866,848

$

842,211

$

999,818

$

1,344,325

$

987,874

Shareholders' equity

$

2,021,400

$

2,000,093

$

929,474

$

920,194

$

908,057

$

1,654,322

$

889,760

CREDIT QUALITY RATIOS

Allowance to ending loans

0.65

%

0.61

%

0.89

%

0.90

%

0.91

%

0.65

%

0.91

%

Allowance to nonaccrual loans

136.22

%

133.65

%

179.57

%

224.32

%

181.07

%

136.22

%

181.07

%

Allowance to nonperforming loans

92.08

%

86.80

%

120.24

%

129.77

%

109.48

%

92.08

%

109.48

%

Nonperforming loans to total loans

0.71

%

0.70

%

0.74

%

0.69

%

0.83

%

0.71

%

0.83

%

Nonperforming assets to ending loans, plus OREO

0.73

%

0.72

%

0.76

%

0.74

%

0.89

%

0.73

%

0.89

%

Nonperforming assets to total assets

0.47

%

0.46

%

0.52

%

0.50

%

0.60

%

0.47

%

0.60

%

Classified assets to total assets

1.00

%

1.00

%

0.98

%

0.98

%

1.08

%

1.00

%

1.08

%

Net charge-offs to average loans (annualized)

(0.02)

%

0.18

%

0.13

%

0.02

%

0.22

%

0.09

%

0.17

%

 

(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 for 2018 and a 35% tax rate for 2017.  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) September 30, 2018 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,

Nine months ended,

Sep. 30,

Sep. 30,

2018

2017

% Change

2018

2017

% Change

Interest income

  Loans and leases, including fees

$

123,397

$

71,148

73.4

%

$

320,607

$

205,764

55.8

%

  Investment securities

     Taxable

21,801

13,150

65.8

%

56,315

37,356

50.8

%

     Tax-exempt

3,807

1,537

147.7

%

9,532

4,347

119.3

%

        Total investment securities interest

25,608

14,687

74.4

%

65,847

41,703

57.9

%

  Other earning assets

215

(917)

123.4

%

499

(2,932)

117.0

%

       Total interest income

149,220

84,918

75.7

%

386,953

244,535

58.2

%

Interest expense

  Deposits

14,672

10,335

42.0

%

39,764

25,939

53.3

%

  Short-term borrowings

6,052

2,566

135.9

%

12,847

6,049

112.4

%

  Long-term borrowings

5,011

1,538

225.8

%

11,066

4,616

139.7

%

      Total interest expense

25,735

14,439

78.2

%

63,677

36,604

74.0

%

      Net interest income

123,485

70,479

75.2

%

323,276

207,931

55.5

%

  Provision for loan and lease losses

3,238

2,953

9.7

%

9,276

3,787

144.9

%

      Net interest income after provision for loan and lease losses

120,247

67,526

78.1

%

314,000

204,144

53.8

%

Noninterest income

  Service charges on deposit accounts

10,316

5,169

99.6

%

24,923

14,585

70.9

%

  Trust and wealth management fees

3,728

3,324

12.2

%

11,379

10,476

8.6

%

  Bankcard income

5,261

3,272

60.8

%

13,998

9,908

41.3

%

  Client derivative fees

3,029

1,779

70.3

%

6,249

4,371

43.0

%

  Net gains from sales of loans

1,739

1,455

19.5

%

4,643

3,998

16.1

%

  Net gains (losses) on sale of investment securities

(167)

276

(160.5)

%

(197)

1,630

(112.1)

%

  Other

4,778

7,667

(37.7)

%

12,883

12,792

0.7

%

      Total noninterest income

28,684

22,942

25.0

%

73,878

57,760

27.9

%

Noninterest expenses

  Salaries and employee benefits

50,852

33,827

50.3

%

137,485

97,121

41.6

%

  Net occupancy

6,765

4,328

56.3

%

17,893

13,145

36.1

%

  Furniture and equipment

4,072

2,161

88.4

%

11,410

6,474

76.2

%

  Data processing

4,502

3,455

30.3

%

22,478

10,254

119.2

%

  Marketing

2,502

649

285.5

%

5,947

2,141

177.8

%

  Communication

785

430

82.6

%

2,362

1,345

75.6

%

  Professional services

2,621

2,030

29.1

%

10,478

5,257

99.3

%

  State intangible tax

1,223

721

69.6

%

3,066

2,163

41.7

%

  FDIC assessments

734

1,051

(30.2)

%

2,951

3,001

(1.7)

%

  Loss (gain) - other real estate owned

538

237

127.0

%

332

423

(21.5)

%

  Other

10,821

5,554

94.8

%

26,056

15,720

65.8

%

      Total noninterest expenses

85,415

54,443

56.9

%

240,458

157,044

53.1

%

Income before income taxes

63,516

36,025

76.3

%

147,420

104,860

40.6

%

Income tax expense

12,859

11,199

14.8

%

29,839

32,884

(9.3)

%

      Net income

$

50,657

$

24,826

104.0

%

$

117,581

$

71,976

63.4

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.52

$

0.40

$

1.37

$

1.17

Net earnings per share - diluted

$

0.51

$

0.40

$

1.36

$

1.16

Dividends declared per share

$

0.20

$

0.17

$

0.58

$

0.51

Return on average assets

1.45

%

1.13

%

1.29

%

1.12

%

Return on average shareholders' equity

9.94

%

10.85

%

9.50

%

10.82

%

Interest income

$

149,220

$

84,918

75.7

%

$

386,953

$

244,535

58.2

%

Tax equivalent adjustment

1,567

1,353

15.8

%

3,705

3,872

(4.3)

%

   Interest income - tax equivalent

150,787

86,271

74.8

%

390,658

248,407

57.3

%

Interest expense

25,735

14,439

78.2

%

63,677

36,604

74.0

%

   Net interest income - tax equivalent

$

125,052

$

71,832

74.1

%

$

326,981

$

211,803

54.4

%

Net interest margin

4.06

%

3.50

%

4.01

%

3.54

%

Net interest margin (fully tax equivalent) (1)

4.12

%

3.57

%

4.06

%

3.61

%

Full-time equivalent employees

2,028

1,363

(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 for 2018 and a 35% tax rate for 2017. 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.

N/M  = Not meaningful.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2018

Third

Second

First

Full

% Change

Quarter

Quarter

Quarter

Year

Linked Qtr.

Interest income

  Loans and leases, including fees

$

123,397

$

122,290

$

74,920

$

320,607

0.9

%

  Investment securities

     Taxable

21,801

20,844

13,670

56,315

4.6

%

     Tax-exempt

3,807

4,068

1,657

9,532

(6.4)

%

        Total investment securities interest

25,608

24,912

15,327

65,847

2.8

%

  Other earning assets

215

177

107

499

21.5

%

       Total interest income

149,220

147,379

90,354

386,953

1.2

%

Interest expense

  Deposits

14,672

14,794

10,298

39,764

(0.8)

%

  Short-term borrowings

6,052

4,132

2,663

12,847

46.5

%

  Long-term borrowings

5,011

4,474

1,581

11,066

12.0

%

      Total interest expense

25,735

23,400

14,542

63,677

10.0

%

      Net interest income

123,485

123,979

75,812

323,276

(0.4)

%

  Provision for loan and lease losses

3,238

3,735

2,303

9,276

(13.3)

%

      Net interest income after provision for loan and lease losses

120,247

120,244

73,509

314,000

0.0

%

Noninterest income

  Service charges on deposit accounts

10,316

9,568

5,039

24,923

7.8

%

  Trust and wealth management fees

3,728

3,697

3,954

11,379

0.8

%

  Bankcard income

5,261

5,343

3,394

13,998

(1.5)

%

  Client derivative fees

3,029

1,463

1,757

6,249

107.0

%

  Net gains from sales of loans

1,739

2,316

588

4,643

(24.9)

%

  Net gains (losses) on sale of investment securities

(167)

(30)

0

(197)

456.7

%

  Other

4,778

5,899

2,206

12,883

(19.0)

%

      Total noninterest income

28,684

28,256

16,938

73,878

1.5

%

Noninterest expenses

  Salaries and employee benefits

50,852

55,531

31,102

137,485

(8.4)

%

  Net occupancy

6,765

6,631

4,497

17,893

2.0

%

  Furniture and equipment

4,072

5,298

2,040

11,410

(23.1)

%

  Data processing

4,502

14,304

3,672

22,478

(68.5)

%

  Marketing

2,502

2,644

801

5,947

(5.4)

%

  Communication

785

1,118

459

2,362

(29.8)

%

  Professional services

2,621

5,659

2,198

10,478

(53.7)

%

  State intangible tax

1,223

1,078

765

3,066

13.5

%

  FDIC assessments

734

1,323

894

2,951

(44.5)

%

  Loss (gain) - other real estate owned

538

(283)

77

332

(290.1)

%

  Other

10,821

9,452

5,783

26,056

14.5

%

      Total noninterest expenses

85,415

102,755

52,288

240,458

(16.9)

%

Income before income taxes

63,516

45,745

38,159

147,420

38.8

%

Income tax expense

12,859

9,327

7,653

29,839

37.9

%

      Net income

$

50,657

$

36,418

$

30,506

$

117,581

39.1

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.52

$

0.37

$

0.49

$

1.37

Net earnings per share - diluted

$

0.51

$

0.37

$

0.49

$

1.36

Dividends declared per share

$

0.20

$

0.19

$

0.19

$

0.58

Return on average assets

1.45

%

1.05

%

1.40

%

1.29

%

Return on average shareholders' equity

9.94

%

7.36

%

13.31

%

9.50

%

Interest income

$

149,220

$

147,379

$

90,354

$

386,953

1.2

%

Tax equivalent adjustment

1,567

1,420

718

3,705

10.4

%

   Interest income - tax equivalent

150,787

148,799

91,072

390,658

1.3

%

Interest expense

25,735

23,400

14,542

63,677

10.0

%

   Net interest income - tax equivalent

$

125,052

$

125,399

$

76,530

$

326,981

(0.3)

%

Net interest margin

4.06

%

4.10

%

3.80

%

4.01

%

Net interest margin (fully tax equivalent) (1)

4.12

%

4.15

%

3.84

%

4.06

%

Full-time equivalent employees

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 for 2018 and a 35% tax rate for 2017.  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.

N/M = Not meaningful.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2017

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans and leases, including fees

$

74,347

$

71,148

$

67,748

$

66,868

$

280,111

  Investment securities

     Taxable

13,212

13,150

12,598

11,608

50,568

     Tax-exempt

1,571

1,537

1,457

1,353

5,918

        Total investment securities interest

14,783

14,687

14,055

12,961

56,486

  Other earning assets

(592)

(917)

(1,014)

(1,001)

(3,524)

       Total interest income

88,538

84,918

80,789

78,828

333,073

Interest expense

  Deposits

9,243

10,335

8,679

6,925

35,182

  Short-term borrowings

2,144

2,566

2,051

1,432

8,193

  Long-term borrowings

1,537

1,538

1,539

1,539

6,153

      Total interest expense

12,924

14,439

12,269

9,896

49,528

      Net interest income

75,614

70,479

68,520

68,932

283,545

  Provision for loan and lease losses

(205)

2,953

467

367

3,582

      Net interest income after provision for loan and lease losses

75,819

67,526

68,053

68,565

279,963

Noninterest income

  Service charges on deposit accounts

5,190

5,169

4,772

4,644

19,775

  Trust and wealth management fees

3,597

3,324

3,405

3,747

14,073

  Bankcard income

3,390

3,272

3,501

3,135

13,298

  Client derivative fees

2,047

1,779

1,489

1,103

6,418

  Net gains from sales of loans

1,171

1,455

1,327

1,216

5,169

  Net gains on sale of investment securities

19

276

838

516

1,649

  Other

2,968

7,667

2,122

3,003

15,760

      Total noninterest income

18,382

22,942

17,454

17,364

76,142

Noninterest expenses

  Salaries and employee benefits

35,439

33,827

31,544

31,750

132,560

  Net occupancy

4,252

4,328

4,302

4,515

17,397

  Furniture and equipment

1,969

2,161

2,136

2,177

8,443

  Data processing

3,768

3,455

3,501

3,298

14,022

  Marketing

1,060

649

982

510

3,201

  Communication

474

430

468

447

1,819

  Professional services

9,766

2,030

1,469

1,758

15,023

  State intangible tax

492

721

721

721

2,655

  FDIC assessments

943

1,051

1,018

932

3,944

  Loss (gain) - other real estate owned

219

237

162

24

642

  Other

24,516

5,554

5,253

4,913

40,236

      Total noninterest expenses

82,898

54,443

51,556

51,045

239,942

Income before income taxes

11,303

36,025

33,951

34,884

116,163

Income tax expense (benefit)

(13,508)

11,199

11,215

10,470

19,376

      Net income

$

24,811

$

24,826

$

22,736

$

24,414

$

96,787

ADDITIONAL DATA

Net earnings per share - basic

$

0.40

$

0.40

$

0.37

$

0.40

$

1.57

Net earnings per share - diluted

$

0.40

$

0.40

$

0.37

$

0.39

$

1.56

Dividends declared per share

$

0.17

$

0.17

$

0.17

$

0.17

$

0.68

Return on average assets

1.13

%

1.13

%

1.06

%

1.18

%

1.12

%

Return on average shareholders' equity

10.70

%

10.85

%

10.25

%

11.36

%

10.78

%

Interest income

$

88,538

$

84,918

$

80,789

$

78,828

$

333,073

Tax equivalent adjustment

1,387

1,353

1,294

1,225

5,259

   Interest income - tax equivalent

89,925

86,271

82,083

80,053

338,332

Interest expense

12,924

14,439

12,269

9,896

49,528

   Net interest income - tax equivalent

$

77,001

$

71,832

$

69,814

$

70,157

$

288,804

Net interest margin

3.75

%

3.50

%

3.50

%

3.63

%

3.59

%

Net interest margin (fully tax equivalent) (1)

3.82

%

3.57

%

3.56

%

3.70

%

3.66

%

Full-time equivalent employees

1,304

1,363

1,429

1,424

(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 for 2018 and a 35% tax rate for 2017. 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)

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

% Change

% Change

2018

2018

2018

2017

2017

Linked Qtr.

Comparable Qtr.

ASSETS

     Cash and due from banks

$

193,288

$

216,667

$

116,581

$

150,650

$

117,840

(10.8)

%

64.0

%

     Interest-bearing deposits with other banks

28,989

37,915

10,200

33,974

34,787

(23.5)

%

(16.7)

%

     Investment securities available-for-sale

2,626,726

2,654,909

1,359,381

1,349,408

1,286,770

(1.1)

%

104.1

%

     Investment securities held-to-maturity

434,369

443,957

633,722

654,008

669,816

(2.2)

%

(35.2)

%

     Other investments

115,757

95,004

53,070

53,140

53,198

21.8

%

117.6

%

     Loans held for sale

13,277

15,821

8,048

11,502

16,466

(16.1)

%

(19.4)

%

     Loans and leases

       Commercial and industrial

2,426,590

2,440,596

1,943,741

1,912,743

1,886,093

(0.6)

%

28.7

%

       Lease financing

95,317

96,198

81,617

89,347

86,014

(0.9)

%

10.8

%

       Construction real estate

565,077

555,468

494,665

467,730

420,941

1.7

%

34.2

%

       Commercial real estate

3,868,143

3,888,993

2,544,051

2,490,091

2,523,387

(0.5)

%

53.3

%

       Residential real estate

932,962

918,904

468,584

471,391

477,964

1.5

%

95.2

%

       Home equity

816,133

835,031

483,643

493,604

494,342

(2.3)

%

65.1

%

       Installment

97,413

100,726

39,248

41,586

43,650

(3.3)

%

123.2

%

       Credit card

45,741

48,665

46,472

46,691

44,646

(6.0)

%

2.5

%

          Total loans

8,847,376

8,884,581

6,102,021

6,013,183

5,977,037

(0.4)

%

48.0

%

       Less:

          Allowance for loan and lease losses

57,715

54,076

54,380

54,021

54,534

6.7

%

5.8

%

                Net loans

8,789,661

8,830,505

6,047,641

5,959,162

5,922,503

(0.5)

%

48.4

%

     Premises and equipment

219,940

223,950

127,046

125,036

126,790

(1.8)

%

73.5

%

     Goodwill and other intangibles

934,360

934,656

209,053

209,379

209,730

0.0

%

345.5

%

     Accrued interest and other assets

486,300

466,783

333,687

350,664

323,789

4.2

%

50.2

%

       Total Assets

$

13,842,667

$

13,920,167

$

8,898,429

$

8,896,923

$

8,761,689

(0.6)

%

58.0

%

LIABILITIES

     Deposits

       Interest-bearing demand

$

2,284,271

$

2,440,088

$

1,442,399

$

1,453,463

$

1,518,011

(6.4)

%

50.5

%

       Savings

3,134,944

3,087,683

2,450,196

2,462,420

2,434,086

1.5

%

28.8

%

       Time

1,957,574

2,104,044

1,545,273

1,317,105

1,188,597

(7.0)

%

64.7

%

          Total interest-bearing deposits

7,376,789

7,631,815

5,437,868

5,232,988

5,140,694

(3.3)

%

43.5

%

       Noninterest-bearing

2,375,845

2,471,932

1,572,636

1,662,058

1,585,396

(3.9)

%

49.9

%

          Total deposits

9,752,634

10,103,747

7,010,504

6,895,046

6,726,090

(3.5)

%

45.0

%

     Federal funds purchased and securities sold

         under agreements to repurchase

123,452

88,070

56,732

72,265

45,532

40.2

%

171.1

%

     FHLB short-term borrowings

1,170,800

1,100,233

601,600

742,300

818,200

6.4

%

43.1

%

          Total short-term borrowings

1,294,252

1,188,303

658,332

814,565

863,732

8.9

%

49.8

%

     Long-term debt

570,037

469,423

169,695

119,654

119,615

21.4

%

376.6

%

          Total borrowed funds

1,864,289

1,657,726

828,027

934,219

983,347

12.5

%

89.6

%

     Accrued interest and other liabilities

190,224

145,757

119,913

136,994

137,298

30.5

%

38.5

%

       Total Liabilities

11,807,147

11,907,230

7,958,444

7,966,259

7,846,735

(0.8)

%

50.5

%

SHAREHOLDERS' EQUITY

     Common stock

1,633,828

1,632,572

571,457

573,109

571,750

0.1

%

185.8

%

     Retained earnings

564,545

533,319

515,498

491,847

477,588

5.9

%

18.2

%

     Accumulated other comprehensive loss

(52,897)

(43,008)

(34,683)

(20,390)

(20,379)

23.0

%

159.6

%

     Treasury stock, at cost

(109,956)

(109,946)

(112,287)

(113,902)

(114,005)

0.0

%

(3.6)

%

       Total Shareholders' Equity

2,035,520

2,012,937

939,985

930,664

914,954

1.1

%

122.5

%

       Total Liabilities and Shareholders' Equity

$

13,842,667

$

13,920,167

$

8,898,429

$

8,896,923

$

8,761,689

(0.6)

%

58.0

%

 

 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

September 30,

2018

2018

2018

2017

2017

2018

2017

ASSETS

     Cash and due from banks

$

199,843

$

224,824

$

116,095

$

121,792

$

111,984

$

180,561

$

114,595

     Federal funds sold

0

786

0

0

0

262

0

     Interest-bearing deposits with other banks

39,873

28,475

27,073

25,357

37,199

31,854

32,812

     Investment securities

3,168,044

3,157,339

2,042,781

2,020,040

2,041,785

2,793,510

1,995,101

     Loans held for sale

15,270

14,462

9,171

12,572

12,705

12,990

10,041

     Loans and leases

       Commercial and industrial

2,392,229

2,421,244

1,897,726

1,857,546

1,843,677

2,238,878

1,801,899

       Lease financing

94,030

94,431

86,755

84,635

85,649

91,765

87,345

       Construction real estate

570,125

577,883

483,930

449,195

408,373

544,295

423,355

       Commercial real estate

3,887,748

3,923,784

2,495,604

2,487,149

2,497,170

3,440,811

2,435,569

       Residential real estate

918,361

929,667

468,855

477,454

489,508

773,941

492,514

       Home equity

822,834

825,236

487,073

494,804

473,988

712,944

465,465

       Installment

99,907

99,896

40,409

42,283

45,911

80,289

49,285

       Credit card

48,206

46,797

46,969

46,652

45,072

47,329

44,525

          Total loans

8,833,440

8,918,938

6,007,321

5,939,718

5,889,348

7,930,252

5,799,957

       Less:

          Allowance for loan and lease losses

55,877

55,318

55,016

55,279

55,326

55,407

57,044

                Net loans

8,777,563

8,863,620

5,952,305

5,884,439

5,834,022

7,874,845

5,742,913

     Premises and equipment

222,718

230,475

126,016

126,310

128,539

193,424

130,845

     Goodwill and other intangibles

935,930

937,457

209,244

209,571

209,933

696,872

210,218

     Accrued interest and other assets

463,434

498,922

347,491

331,875

340,750

437,040

334,252

       Total Assets

$

13,822,675

$

13,956,360

$

8,830,176

$

8,731,956

$

8,716,917

$

12,221,358

$

8,570,777

LIABILITIES

     Deposits

       Interest-bearing demand

$

2,334,305

$

2,573,150

$

1,415,603

$

1,502,245

$

1,494,367

$

2,111,051

$

1,487,363

       Savings

3,149,871

3,196,059

2,450,697

2,518,771

2,494,592

2,934,770

2,377,072

       Time

2,014,936

2,192,196

1,466,440

1,181,396

1,181,406

1,893,200

1,192,850

          Total interest-bearing deposits

7,499,112

7,961,405

5,332,740

5,202,412

5,170,365

6,939,021

5,057,285

       Noninterest-bearing

2,388,976

2,421,230

1,570,572

1,637,228

1,510,032

2,129,924

1,507,748

          Total deposits

9,888,088

10,382,635

6,903,312

6,839,640

6,680,397

9,068,945

6,565,033

     Federal funds purchased and securities sold

          under agreements to repurchase

112,308

97,708

72,865

57,131

71,315

94,438

74,024

     FHLB short-term borrowings

1,076,106

818,909

667,641

660,859

808,842

855,715

794,211

          Total short-term borrowings

1,188,414

916,617

740,506

717,990

880,157

950,153

868,235

     Long-term debt

560,001

491,407

126,342

124,221

119,661

394,172

119,639

       Total borrowed funds

1,748,415

1,408,024

866,848

842,211

999,818

1,344,325

987,874

     Accrued interest and other liabilities

164,772

165,608

130,542

129,911

128,645

153,766

128,110

       Total Liabilities

11,801,275

11,956,267

7,900,702

7,811,762

7,808,860

10,567,036

7,681,017

SHAREHOLDERS' EQUITY

     Common stock

1,633,129

1,632,569

572,915

572,392

570,216

1,283,421

569,643

     Retained earnings

542,835

517,548

503,140

483,554

470,591

521,320

456,552

     Accumulated other comprehensive loss

(44,505)

(39,117)

(33,285)

(21,740)

(19,940)

(39,010)

(23,613)

     Treasury stock, at cost

(110,059)

(110,907)

(113,296)

(114,012)

(112,810)

(111,409)

(112,822)

       Total Shareholders' Equity

2,021,400

2,000,093

929,474

920,194

908,057

1,654,322

889,760

       Total Liabilities and Shareholders' Equity

$

13,822,675

$

13,956,360

$

8,830,176

$

8,731,956

$

8,716,917

$

12,221,358

$

8,570,777

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

Year-to-Date Averages

September 30, 2018

June 30, 2018

September 30, 2017

September 30, 2018

September 30, 2017

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Earning assets

    Investments:

      Investment securities

$

3,168,044

3.21

%

$

3,157,339

3.16

%

$

2,041,785

2.85

%

$

2,793,510

3.15

%

$

1,995,101

2.79

%

      Interest-bearing deposits with other banks

39,873

2.14

%

29,261

2.43

%

37,199

1.28

%

32,116

2.08

%

32,812

1.05

%

    Gross loans (1)

8,848,710

5.53

%

8,933,400

5.49

%

5,910,985

4.71

%

7,943,737

5.40

%

5,820,248

4.65

%

       Total earning assets

12,056,627

4.91

%

12,120,000

4.88

%

7,989,969

4.22

%

10,769,363

4.80

%

7,848,161

4.17

%

Nonearning assets

    Allowance for loan and lease losses

(55,877)

(55,318)

(55,326)

(55,407)

(57,044)

    Cash and due from banks

199,843

224,824

111,984

180,561

114,595

    Accrued interest and other assets

1,622,082

1,666,854

670,290

1,326,841

665,065

       Total assets

$

13,822,675

$

13,956,360

$

8,716,917

$

12,221,358

$

8,570,777

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$

2,334,305

0.34

%

$

2,573,150

0.36

%

$

1,494,367

0.33

%

$

2,111,051

0.36

%

$

1,487,363

0.27

%

      Savings

3,149,871

0.59

%

3,196,059

0.54

%

2,494,592

0.82

%

2,934,770

0.58

%

2,377,072

0.67

%

      Time

2,014,936

1.58

%

2,192,196

1.50

%

1,181,406

1.32

%

1,893,200

1.51

%

1,192,850

1.24

%

    Total interest-bearing deposits

7,499,112

0.78

%

7,961,405

0.75

%

5,170,365

0.79

%

6,939,021

0.77

%

5,057,285

0.69

%

    Borrowed funds

      Short-term borrowings

1,188,414

2.02

%

916,617

1.81

%

880,157

1.16

%

950,153

1.81

%

868,235

0.93

%

      Long-term debt

560,001

3.55

%

491,407

3.65

%

119,661

5.10

%

394,172

3.75

%

119,639

5.16

%

        Total borrowed funds

1,748,415

2.51

%

1,408,024

2.45

%

999,818

1.63

%

1,344,325

2.38

%

987,874

1.44

%

       Total interest-bearing liabilities

9,247,527

1.10

%

9,369,429

1.00

%

6,170,183

0.93

%

8,283,346

1.03

%

6,045,159

0.81

%

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

2,388,976

2,421,230

1,510,032

2,129,924

1,507,748

    Other liabilities

164,772

165,608

128,645

153,766

128,110

    Shareholders' equity

2,021,400

2,000,093

908,057

1,654,322

889,760

       Total liabilities & shareholders' equity

$

13,822,675

$

13,956,360

$

8,716,917

$

12,221,358

$

8,570,777

Net interest income

$

123,485

$

123,979

$

70,479

$

323,276

$

207,931

Net interest spread

3.81

%

3.88

%

3.29

%

3.77

%

3.36

%

Net interest margin

4.06

%

4.10

%

3.50

%

4.01

%

3.54

%

Tax equivalent adjustment

0.06

%

0.05

%

0.07

%

0.05

%

0.07

%

Net interest margin (fully tax equivalent)

4.12

%

4.15

%

3.57

%

4.06

%

3.61

%

(1) Loans held for sale, nonaccrual loans, and indemnification asset 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

$

332

$

364

$

696

$

1,817

$

9,104

$

10,921

$

5,324

$

18,820

$

24,144

    Interest-bearing deposits with other banks

(21)

59

38

81

14

95

253

(11)

242

    Gross loans (2)

934

173

1,107

12,319

40,967

53,286

32,329

85,703

118,032

       Total earning assets

1,245

596

1,841

14,217

50,085

64,302

37,906

104,512

142,418

Interest-bearing liabilities

    Total interest-bearing deposits

$

613

$

(735)

$

(122)

$

(219)

$

4,556

$

4,337

$

3,042

$

10,783

$

13,825

    Borrowed funds

    Short-term borrowings

485

1,435

1,920

1,916

1,570

3,486

5,690

1,108

6,798

    Long-term debt

(125)

662

537

(467)

3,940

3,473

(1,257)

7,707

6,450

       Total borrowed funds

360

2,097

2,457

1,449

5,510

6,959

4,433

8,815

13,248

       Total interest-bearing liabilities

973

1,362

2,335

1,230

10,066

11,296

7,475

19,598

27,073

          Net interest income (1)

$

272

$

(766)

$

(494)

$

12,987

$

40,019

$

53,006

$

30,431

$

84,914

$

115,345

(1) Not tax equivalent.

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

 

 

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Nine months ended,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Sep. 30,

Sep. 30,

2018

2018

2018

2017

2017

2018

2017

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY

Balance at beginning of period

$

54,076

$

54,380

$

54,021

$

54,534

$

54,873

$

54,021

$

57,961

  Provision for loan and lease losses

3,238

3,735

2,303

(205)

2,953

9,276

3,787

  Gross charge-offs

    Commercial and industrial

232

4,356

885

1,264

4,122

5,473

8,930

    Construction real estate

0

0

0

1

0

0

0

    Commercial real estate

902

78

2,176

10

58

3,156

1,028

    Residential real estate

145

101

96

128

23

342

307

    Home equity

351

385

242

278

71

978

635

    Installment

43

218

16

26

24

277

199

    Credit card

390

684

254

209

201

1,328

648

      Total gross charge-offs

2,063

5,822

3,669

1,916

4,499

11,554

11,747

  Recoveries

    Commercial and industrial

627

518

436

370

325

1,581

1,280

    Lease financing

0

1

0

0

0

1

1

    Construction real estate

146

0

0

0

0

146

89

    Commercial real estate

786

887

752

480

585

2,425

2,239

    Residential real estate

71

70

26

77

70

167

138

    Home equity

419

187

429

589

110

1,035

438

    Installment

351

82

48

46

74

481

188

    Credit card

64

38

34

46

43

136

160

      Total recoveries

2,464

1,783

1,725

1,608

1,207

5,972

4,533

  Total net charge-offs

(401)

4,039

1,944

308

3,292

5,582

7,214

Ending allowance for loan and lease losses

$

57,715

$

54,076

$

54,380

$

54,021

$

54,534

$

57,715

$

54,534

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

  Commercial and industrial

(0.07)

%

0.64

%

0.10

%

0.19

%

0.82

%

0.23

%

0.57

%

  Lease financing

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

  Construction real estate

(0.10)

%

0.00

%

0.00

%

0.00

%

0.00

%

(0.04)

%

(0.03)

%

  Commercial real estate

0.01

%

(0.08)

%

0.23

%

(0.07)

%

(0.08)

%

0.03

%

(0.07)

%

  Residential real estate

0.03

%

0.01

%

0.06

%

0.04

%

(0.04)

%

0.03

%

0.05

%

  Home equity

(0.03)

%

0.10

%

(0.16)

%

(0.25)

%

(0.03)

%

(0.01)

%

0.06

%

  Installment

(1.22)

%

0.55

%

(0.32)

%

(0.19)

%

(0.43)

%

(0.34)

%

0.03

%

  Credit card

2.68

%

5.54

%

1.90

%

1.39

%

1.39

%

3.37

%

1.47

%

     Total net charge-offs

(0.02)

%

0.18

%

0.13

%

0.02

%

0.22

%

0.09

%

0.17

%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)

    Commercial and industrial

$

4,310

$

3,448

$

6,275

$

5,229

$

9,026

$

4,310

$

9,026

    Lease financing

0

0

0

82

87

0

87

    Construction real estate

10

24

26

29

824

10

824

    Commercial real estate

20,338

21,593

16,878

10,616

12,244

20,338

12,244

    Residential real estate

11,365

9,278

3,324

4,140

4,333

11,365

4,333

    Home equity

6,018

5,820

3,484

3,743

3,364

6,018

3,364

    Installment

327

299

296

243

240

327

240

      Nonaccrual loans

42,368

40,462

30,283

24,082

30,118

42,368

30,118

  Accruing troubled debt restructurings (TDRs)

20,313

21,839

14,943

17,545

19,692

20,313

19,692

     Total nonperforming loans

62,681

62,301

45,226

41,627

49,810

62,681

49,810

  Other real estate owned (OREO)

1,918

1,853

1,065

2,781

3,116

1,918

3,116

     Total nonperforming assets

64,599

64,154

46,291

44,408

52,926

64,599

52,926

  Accruing loans past due 90 days or more

144

327

529

61

84

144

84

     Total underperforming assets

$

64,743

$

64,481

$

46,820

$

44,469

$

53,010

$

64,743

$

53,010

Total classified assets

$

138,868

$

139,317

$

87,577

$

87,293

$

94,320

$

138,868

$

94,320

CREDIT QUALITY RATIOS

Allowance for loan and lease losses to

     Nonaccrual loans

136.22

%

133.65

%

179.57

%

224.32

%

181.07

%

136.22

%

181.07

%

     Nonperforming loans

92.08

%

86.80

%

120.24

%

129.77

%

109.48

%

92.08

%

109.48

%

     Total ending loans

0.65

%

0.61

%

0.89

%

0.90

%

0.91

%

0.65

%

0.91

%

Nonperforming loans to total loans

0.71

%

0.70

%

0.74

%

0.69

%

0.83

%

0.71

%

0.83

%

Nonperforming assets to

     Ending loans, plus OREO

0.73

%

0.72

%

0.76

%

0.74

%

0.89

%

0.73

%

0.89

%

     Total assets

0.47

%

0.46

%

0.52

%

0.50

%

0.60

%

0.47

%

0.60

%

Nonperforming assets, excluding accruing TDRs to

     Ending loans, plus OREO

0.50

%

0.48

%

0.51

%

0.45

%

0.56

%

0.50

%

0.56

%

     Total assets

0.32

%

0.30

%

0.35

%

0.30

%

0.38

%

0.32

%

0.38

%

Classified assets to total assets

1.00

%

1.00

%

0.98

%

0.98

%

1.08

%

1.00

%

1.08

%

(1)  Nonaccrual loans include nonaccrual TDRs of $4.7 million, $5.9 million, $6.0 million, $6.4 million, and $9.1 million, as of September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017, and September 30, 2017, respectively.

 

 

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Nine months ended,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

Sep. 30,

Sep. 30,

2018

2018

2018

2017

2017

2018

2017

PER COMMON SHARE

Market Price

  High

$

32.35

$

33.55

$

29.35

$

29.15

$

28.50

$

33.55

$

28.95

  Low

$

29.40

$

28.10

$

26.40

$

25.30

$

23.10

$

26.40

$

23.10

  Close

$

29.70

$

30.65

$

29.35

$

26.35

$

26.15

$

29.70

$

26.15

Average shares outstanding - basic

97,411,201

97,347,533

61,654,686

61,595,629

61,577,619

85,602,116

61,507,160

Average shares outstanding - diluted

98,484,228

98,432,072

62,180,744

62,131,840

62,189,637

86,639,927

62,185,874

Ending shares outstanding

97,914,526

97,904,897

62,213,823

62,069,087

62,061,465

97,914,526

62,061,465

Total shareholders' equity

$

2,035,520

$

2,012,937

$

939,985

$

930,664

$

914,954

$

2,035,520

$

914,954

REGULATORY CAPITAL

Preliminary

Preliminary

Common equity tier 1 capital

$

1,177,630

$

1,142,718

$

779,491

$

755,735

$

746,730

$

1,177,630

$

746,730

Common equity tier 1 capital ratio

11.52

%

11.15

%

10.77

%

10.63

%

10.53

%

11.52

%

10.53

%

Tier 1 capital

$

1,219,383

$

1,184,471

$

779,595

$

755,839

$

746,834

$

1,219,383

$

746,834

Tier 1 ratio

11.93

%

11.55

%

10.77

%

10.63

%

10.53

%

11.93

%

10.53

%

Total capital

$

1,407,252

$

1,369,231

$

953,243

$

929,148

$

920,642

$

1,407,252

$

920,642

Total capital ratio

13.77

%

13.36

%

13.17

%

13.07

%

12.98

%

13.77

%

12.98

%

Total capital in excess of minimum

  requirement

$

397,783

$

356,930

$

238,221

$

271,600

$

264,751

$

397,783

$

264,751

Total risk-weighted assets

$

10,222,466

$

10,251,147

$

7,240,731

$

7,108,629

$

7,090,714

$

10,222,466

$

7,090,714

Leverage ratio

9.41

%

9.06

%

9.00

%

8.84

%

8.74

%

9.41

%

8.74

%

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

14.70

%

14.46

%

10.56

%

10.46

%

10.44

%

14.70

%

10.44

%

Ending tangible shareholders' equity to ending tangible assets

8.53

%

8.30

%

8.41

%

8.30

%

8.25

%

8.53

%

8.25

%

Average shareholders' equity to average assets

14.62

%

14.33

%

10.53

%

10.54

%

10.42

%

13.54

%

10.38

%

Average tangible shareholders' equity to average tangible assets

8.42

%

8.16

%

8.35

%

8.34

%

8.21

%

8.31

%

8.13

%

 

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-third-quarter-2018-results-300733909.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, Earnings, Definitive Agreement