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First Financial Bancorp. Announces Second Quarter Results

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Year to Date Earnings per Share Increase of 12% Compared to 2016; Announces Strategic Merger with MainSource Financial Group

July 25, 2017 5:00 PM EDT

CINCINNATI, July 25, 2017 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the second quarter 2017.  For the three months ended June 30, 2017, the Company reported net income of $22.7 million, or $0.37 per diluted common share.  These results compare to net income of $24.4 million, or $0.39 per diluted common share, for the first quarter of 2017 and $22.6 million, or $0.36 per diluted common share, for the second quarter of 2016.  For the six months ended June 30, 2017, First Financial had earnings per diluted common share of $0.76 compared to $0.68 for the same period in 2016.

Return on average assets for the second quarter of 2017 was 1.06% while return on average tangible common equity was 13.42%.  These compare to a return on average assets of 1.18% and return on average tangible common equity of 14.98% in the first quarter of 2017 and a return on average assets of 1.11% and a return on average tangible common equity of 14.49% in the second quarter of 2016.

Additionally, First Financial's board of directors has authorized a quarterly dividend of $0.17 per common share for the next regularly scheduled dividend, payable on October 2, 2017 to shareholders of record as of September 1, 2017.

Second quarter 2017 highlights include:

  • Net income increased $4.8 million, or 11.3%, year to date compared to 2016; $1.7 million, or 6.9%, decline compared to the linked quarter
  • Strong second quarter loan growth of $119.7 million, or 2.1%, compared to the linked quarter; loan balances increased $172.6 million, or 3.0%, compared to second quarter 2016
  • Average deposits increased $128.4 million, or 2.0%, from the linked quarter; $261.7 million, or 4.1%, increase compared to second quarter 2016
  • Net interest margin of 3.50% on a GAAP basis; margin declined 14 basis points to 3.56% on a fully tax equivalent basis due to lower prepayment fees and other factors
  • Solid credit performance with lower classified and nonperforming asset balances, in addition to stable net charge-offs, resulting in $0.5 million of provision expense
  • Stable capital ratios; tier 1 ratio of 10.54%, total ratio of 13.05% and leverage ratio of 8.69%
  • Efficiency ratio of 60.0% compared to 59.2% in the linked quarter and 56.6% in second quarter 2016

Claude Davis, Chief Executive Officer, commented, "Consistent earnings and strong loan demand marked the second quarter of 2017, which was our 107th consecutive quarter of profitability.  We believe that the growing loan demand and solid credit quality metrics evident during the quarter position us for a strong second half to the year.  Lower income from loan prepayment fees, which can be volatile, coupled with higher nonaccrual loan balances and changes in our earning asset and funding mix resulted in a net interest margin that fell short of our expectations.  We are taking proactive steps to reduce expenses and contain funding costs should margin remain under pressure in the back half of the year."

"In addition to announcing our quarterly results, we are extremely excited to announce the merger agreement with MainSource Financial Group, Inc, which we believe to be a perfect strategic complement to our existing business.  We are confident that the increases in scale, geographic reach and talent will enhance First Financial's ability to deliver a superior banking and client service experience.  While our integration planning activities will be intense in the months ahead, we will not be distracted from meeting the needs of our commercial and consumer clients and continuing to deliver long-term value for our shareholders through our premier business bank strategy."

This release announcing our second quarter 2017 financial results includes an accompanying slide presentation, which management intends to refer to during the conference call on Wednesday, July 26, 2017. 

Teleconference / Webcast InformationFirst Financial's executive management will host a conference call to discuss the Company's financial and operating results on Wednesday, July 26, 2017 at 8:30 a.m. Eastern Standard 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 10104461.  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 and any non-GAAP reconciliations related to this release is available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

About First Financial Bancorp.First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of June 30, 2017, the Company had $8.7 billion in assets, $5.9 billion in loans, $6.5 billion in deposits and $898.1 million in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its four lines of business: Commercial and Private Banking, Retail Banking, Investment Commercial Real Estate and Commercial Finance.  These business units provide traditional banking services to business and retail clients.  Commercial and Private Banking includes First Financial Wealth Management, which provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.6 billion in assets under management as of June 30, 2017.  The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operates 102 banking centers, 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.

Forward-Looking StatementThis earnings release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not based on historical or current facts, but rather on our current beliefs, expectations, assumptions and projections about our business, the economy and other future conditions.   Forward-looking statements often include words such as ''believes,'' ''anticipates,'' "likely," "expected," ''intends,'' "could," "should," and other similar references to future periods.  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.  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 Company's ability to comply with the terms of loss sharing agreements with the FDIC; (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 Company's Annual Report on Form 10-K for the year ended December 31, 2016, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov.

Forward-looking statements are meaningful only on the date when such statements are made.  We undertake no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date on which a forward-looking statement is made.

 

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,

Jun. 30,

2017

2017

2016

2016

2016

2017

2016

RESULTS OF OPERATIONS

Net income

$

22,736

$

24,414

$

23,294

$

22,850

$

22,568

$

47,150

$

42,382

Net earnings per share - basic

$

0.37

$

0.40

$

0.38

$

0.37

$

0.37

$

0.77

$

0.69

Net earnings per share - diluted

$

0.37

$

0.39

$

0.38

$

0.37

$

0.36

$

0.76

$

0.68

Dividends declared per share

$

0.17

$

0.17

$

0.16

$

0.16

$

0.16

$

0.34

$

0.32

KEY FINANCIAL RATIOS

Return on average assets

1.06

%

1.18

%

1.11

%

1.09

%

1.11

%

1.12

%

1.04

%

Return on average shareholders' equity

10.25

%

11.36

%

10.73

%

10.62

%

10.84

%

10.80

%

10.27

%

Return on average tangible shareholders' equity

13.42

%

14.98

%

14.19

%

14.08

%

14.49

%

14.18

%

13.78

%

Net interest margin

3.50

%

3.63

%

3.66

%

3.61

%

3.61

%

3.56

%

3.62

%

Net interest margin (fully tax equivalent) (1)

3.56

%

3.70

%

3.71

%

3.66

%

3.67

%

3.63

%

3.67

%

Ending shareholders' equity as a percent of ending assets

10.31

%

10.32

%

10.25

%

10.29

%

10.19

%

10.31

%

10.19

%

Ending tangible shareholders' equity as a percent of:

Ending tangible assets

8.09

%

8.05

%

7.96

%

7.97

%

7.85

%

8.09

%

7.85

%

Risk-weighted assets

9.92

%

9.90

%

9.73

%

9.63

%

9.51

%

9.92

%

9.51

%

Average shareholders' equity as a percent of average assets

10.36

%

10.36

%

10.33

%

10.29

%

10.21

%

10.36

%

10.16

%

Average tangible shareholders' equity as a percent of

    average tangible assets

8.12

%

8.06

%

8.01

%

7.96

%

7.83

%

8.09

%

7.78

%

Book value per share

$

14.45

$

14.16

$

13.96

$

13.90

$

13.67

$

14.45

$

13.67

Tangible book value per share

$

11.07

$

10.78

$

10.56

$

10.50

$

10.26

$

11.07

$

10.26

Common equity tier 1 ratio (2)

10.54

%

10.59

%

10.46

%

10.20

%

10.07

%

10.54

%

10.07

%

Tier 1 ratio (2)

10.54

%

10.59

%

10.46

%

10.20

%

10.07

%

10.54

%

10.07

%

Total capital ratio (2)

13.05

%

13.19

%

13.10

%

12.82

%

12.70

%

13.05

%

12.70

%

Leverage ratio (2)

8.69

%

8.69

%

8.60

%

8.45

%

8.38

%

8.69

%

8.38

%

AVERAGE BALANCE SHEET ITEMS

Loans (3)

$

5,789,610

$

5,736,513

$

5,780,865

$

5,743,773

$

5,569,080

$

5,763,208

$

5,493,446

FDIC indemnification asset

10,327

11,520

12,782

14,031

15,404

10,920

16,271

Investment securities

2,035,334

1,906,699

1,816,944

1,811,240

1,869,540

1,971,372

1,904,156

Interest-bearing deposits with other banks

20,293

40,985

19,557

22,116

21,687

30,582

22,989

  Total earning assets

$

7,855,564

$

7,695,717

$

7,630,148

$

7,591,160

$

7,475,711

$

7,776,082

$

7,436,862

Total assets

$

8,582,961

$

8,409,071

$

8,359,912

$

8,322,156

$

8,203,837

$

8,496,496

$

8,161,391

Noninterest-bearing deposits

$

1,513,995

$

1,499,097

$

1,544,598

$

1,453,842

$

1,441,068

$

1,506,587

$

1,413,918

Interest-bearing deposits

5,056,223

4,942,766

5,012,613

4,746,887

4,867,439

4,999,808

4,808,346

  Total deposits

$

6,570,218

$

6,441,863

$

6,557,211

$

6,200,729

$

6,308,507

$

6,506,395

$

6,222,264

Borrowings

$

995,132

$

968,326

$

815,928

$

1,153,042

$

965,951

$

981,803

$

1,015,845

Shareholders' equity

$

889,604

$

871,215

$

863,509

$

856,296

$

837,412

$

880,460

$

829,500

CREDIT QUALITY RATIOS

Allowance to ending loans

0.93

%

0.98

%

1.01

%

1.00

%

0.99

%

0.93

%

0.99

%

Allowance to nonaccrual loans

150.05

%

169.85

%

326.91

%

314.84

%

254.56

%

150.05

%

254.56

%

Allowance to nonperforming loans

96.77

%

89.25

%

120.83

%

114.17

%

112.74

%

96.77

%

112.74

%

Nonperforming loans to total loans

0.97

%

1.10

%

0.83

%

0.87

%

0.88

%

0.97

%

0.88

%

Nonperforming assets to ending loans, plus OREO

1.07

%

1.19

%

0.94

%

1.00

%

1.04

%

1.07

%

1.04

%

Nonperforming assets to total assets

0.72

%

0.80

%

0.64

%

0.69

%

0.72

%

0.72

%

0.72

%

Classified assets to total assets

1.13

%

1.34

%

1.48

%

1.70

%

1.72

%

1.13

%

1.72

%

Net charge-offs to average loans (annualized)

0.13

%

0.14

%

0.17

%

0.05

%

0.08

%

0.14

%

0.09

%

(1)

The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% 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, 2017 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,

Jun. 30,

Jun. 30,

2017

2016

% Change

2017

2016

% Change

Interest income

  Loans, including fees

$

67,748

$

64,424

5.2

%

$

134,616

$

127,823

5.3

%

  Investment securities

     Taxable

12,598

10,706

17.7

%

24,206

22,079

9.6

%

     Tax-exempt

1,457

1,156

26.0

%

2,810

2,318

21.2

%

        Total investment securities interest

14,055

11,862

18.5

%

27,016

24,397

10.7

%

  Other earning assets

(1,014)

(1,103)

8.1

%

(2,015)

(2,242)

(10.1)

%

       Total interest income

80,789

75,183

7.5

%

159,617

149,978

6.4

%

Interest expense

  Deposits

8,679

5,457

59.0

%

15,604

10,987

42.0

%

  Short-term borrowings

2,051

1,053

94.8

%

3,483

2,223

56.7

%

  Long-term borrowings

1,539

1,541

(0.1)

%

3,078

3,081

(0.1)

%

      Total interest expense

12,269

8,051

52.4

%

22,165

16,291

36.1

%

      Net interest income

68,520

67,132

2.1

%

137,452

133,687

2.8

%

  Provision for loan and lease losses

467

4,037

(88.4)

%

834

5,692

(85.3)

%

      Net interest income after provision for loan and lease losses

68,053

63,095

7.9

%

136,618

127,995

6.7

%

Noninterest income

  Service charges on deposit accounts

4,772

4,455

7.1

%

9,416

8,836

6.6

%

  Trust and wealth management fees

3,405

3,283

3.7

%

7,152

6,723

6.4

%

  Bankcard income

3,501

3,130

11.9

%

6,636

6,012

10.4

%

  Client derivative fees

1,489

1,799

(17.2)

%

2,592

2,894

(10.4)

%

  Net gains from sales of loans

1,327

1,846

(28.1)

%

2,543

3,027

(16.0)

%

  Net gains on sale of investment securities

838

(188)

N/M

1,354

(164)

N/M

  Other

2,122

5,869

(63.8)

%

5,125

8,378

(38.8)

%

      Total noninterest income

17,454

20,194

(13.6)

%

34,818

35,706

(2.5)

%

Noninterest expenses

  Salaries and employee benefits

31,544

29,526

6.8

%

63,294

59,141

7.0

%

  Net occupancy

4,302

4,491

(4.2)

%

8,817

9,448

(6.7)

%

  Furniture and equipment

2,136

2,130

0.3

%

4,313

4,343

(0.7)

%

  Data processing

3,501

2,765

26.6

%

6,799

5,483

24.0

%

  Marketing

982

801

22.6

%

1,492

1,866

(20.0)

%

  Communication

468

477

(1.9)

%

915

958

(4.5)

%

  Professional services

1,469

1,299

13.1

%

3,227

3,112

3.7

%

  State intangible tax

721

639

12.8

%

1,442

1,278

12.8

%

  FDIC assessments

1,018

1,112

(8.5)

%

1,950

2,244

(13.1)

%

  Loss (gain) - other real estate owned

162

43

N/M

186

(147)

N/M

  Other

5,253

6,130

(14.3)

%

10,166

12,407

(18.1)

%

      Total noninterest expenses

51,556

49,413

4.3

%

102,601

100,133

2.5

%

Income before income taxes

33,951

33,876

0.2

%

68,835

63,568

8.3

%

Income tax expense

11,215

11,308

(0.8)

%

21,685

21,186

2.4

%

      Net income

$

22,736

$

22,568

0.7

%

$

47,150

$

42,382

11.3

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.37

$

0.37

$

0.77

$

0.69

Net earnings per share - diluted

$

0.37

$

0.36

$

0.76

$

0.68

Dividends declared per share

$

0.17

$

0.16

$

0.34

$

0.32

Return on average assets

1.06

%

1.11

%

1.12

%

1.04

%

Return on average shareholders' equity

10.25

%

10.84

%

10.80

%

10.27

%

Interest income

$

80,789

$

75,183

7.5

%

$

159,617

$

149,978

6.4

%

Tax equivalent adjustment

1,294

1,058

22.3

%

2,519

2,110

19.4

%

   Interest income - tax equivalent

82,083

76,241

7.7

%

162,136

152,088

6.6

%

Interest expense

12,269

8,051

52.4

%

22,165

16,291

36.1

%

   Net interest income - tax equivalent

$

69,814

$

68,190

2.4

%

$

139,971

$

135,797

3.1

%

Net interest margin

3.50

%

3.61

%

3.56

%

3.62

%

Net interest margin (fully tax equivalent) (1)

3.56

%

3.67

%

3.63

%

3.67

%

Full-time equivalent employees

1,429

1,403

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% 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.

N/M  = Not meaningful.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2017

Second

First

Full

% Change

Quarter

Quarter

Year

Linked Qtr.

Interest income

  Loans, including fees

$

67,748

$

66,868

$

134,616

1.3

%

  Investment securities

     Taxable

12,598

11,608

24,206

8.5

%

     Tax-exempt

1,457

1,353

2,810

7.7

%

        Total investment securities interest

14,055

12,961

27,016

8.4

%

  Other earning assets

(1,014)

(1,001)

(2,015)

(1.3)

%

       Total interest income

80,789

78,828

159,617

2.5

%

Interest expense

  Deposits

8,679

6,925

15,604

25.3

%

  Short-term borrowings

2,051

1,432

3,483

43.2

%

  Long-term borrowings

1,539

1,539

3,078

0.0

%

      Total interest expense

12,269

9,896

22,165

24.0

%

      Net interest income

68,520

68,932

137,452

(0.6)

%

  Provision for loan and lease losses

467

367

834

27.2

%

      Net interest income after provision for loan and lease losses

68,053

68,565

136,618

(0.7)

%

Noninterest income

  Service charges on deposit accounts

4,772

4,644

9,416

2.8

%

  Trust and wealth management fees

3,405

3,747

7,152

(9.1)

%

  Bankcard income

3,501

3,135

6,636

11.7

%

  Client derivative fees

1,489

1,103

2,592

35.0

%

  Net gains from sales of loans

1,327

1,216

2,543

9.1

%

  Net gains on sale of investment securities

838

516

1,354

62.4

%

  Other

2,122

3,003

5,125

(29.3)

%

      Total noninterest income

17,454

17,364

34,818

0.5

%

Noninterest expenses

  Salaries and employee benefits

31,544

31,750

63,294

(0.6)

%

  Net occupancy

4,302

4,515

8,817

(4.7)

%

  Furniture and equipment

2,136

2,177

4,313

(1.9)

%

  Data processing

3,501

3,298

6,799

6.2

%

  Marketing

982

510

1,492

92.5

%

  Communication

468

447

915

4.7

%

  Professional services

1,469

1,758

3,227

(16.4)

%

  State intangible tax

721

721

1,442

0.0

%

  FDIC assessments

1,018

932

1,950

9.2

%

  Loss (gain) - other real estate owned

162

24

186

N/M

  Other

5,253

4,913

10,166

6.9

%

      Total noninterest expenses

51,556

51,045

102,601

1.0

%

Income before income taxes

33,951

34,884

68,835

(2.7)

%

Income tax expense

11,215

10,470

21,685

7.1

%

      Net income

$

22,736

$

24,414

$

47,150

(6.9)

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.37

$

0.40

$

0.77

Net earnings per share - diluted

$

0.37

$

0.39

$

0.76

Dividends declared per share

$

0.17

$

0.17

$

0.34

Return on average assets

1.06

%

1.18

%

1.12

%

Return on average shareholders' equity

10.25

%

11.36

%

10.80

%

Interest income

$

80,789

$

78,828

$

159,617

2.5

%

Tax equivalent adjustment

1,294

1,225

2,519

5.6

%

   Interest income - tax equivalent

82,083

80,053

162,136

2.5

%

Interest expense

12,269

9,896

22,165

24.0

%

   Net interest income - tax equivalent

$

69,814

$

70,157

$

139,971

(0.5)

%

Net interest margin

3.50

%

3.63

%

3.56

%

Net interest margin (fully tax equivalent) (1)

3.56

%

3.70

%

3.63

%

Full-time equivalent employees

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 35% 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.

N/M = Not meaningful.

 

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2016

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans, including fees

$

67,883

$

66,997

$

64,424

$

63,399

$

262,703

  Investment securities

     Taxable

10,698

10,326

10,706

11,373

43,103

     Tax-exempt

1,134

1,083

1,156

1,162

4,535

        Total investment securities interest

11,832

11,409

11,862

12,535

47,638

  Other earning assets

(1,068)

(1,081)

(1,103)

(1,139)

(4,391)

       Total interest income

78,647

77,325

75,183

74,795

305,950

Interest expense

  Deposits

6,026

5,600

5,457

5,530

22,613

  Short-term borrowings

915

1,368

1,053

1,170

4,506

  Long-term borrowings

1,540

1,539

1,541

1,540

6,160

      Total interest expense

8,481

8,507

8,051

8,240

33,279

      Net interest income

70,166

68,818

67,132

66,555

272,671

  Provision for loan and lease losses

2,761

1,687

4,037

1,655

10,140

      Net interest income after provision for loan and lease losses

67,405

67,131

63,095

64,900

262,531

Noninterest income

  Service charges on deposit accounts

5,041

5,056

4,455

4,381

18,933

  Trust and wealth management fees

3,241

3,236

3,283

3,440

13,200

  Bankcard income

3,136

2,984

3,130

2,882

12,132

  Client derivative fees

466

1,210

1,799

1,095

4,570

  Net gains from sales of loans

1,711

2,066

1,846

1,181

6,804

  Net gains on sale of investment securities

0

398

(188)

24

234

  Other

3,351

1,999

5,869

2,509

13,728

      Total noninterest income

16,946

16,949

20,194

15,512

69,601

Noninterest expenses

  Salaries and employee benefits

31,127

32,093

29,526

29,615

122,361

  Net occupancy

4,338

4,543

4,491

4,957

18,329

  Furniture and equipment

2,181

2,139

2,130

2,213

8,663

  Data processing

3,095

2,828

2,765

2,718

11,406

  Marketing

1,458

641

801

1,065

3,965

  Communication

404

527

477

481

1,889

  Professional services

1,731

1,460

1,299

1,813

6,303

  State intangible tax

117

639

639

639

2,034

  FDIC assessments

1,001

1,048

1,112

1,132

4,293

  Loss (gain) - other real estate owned

(953)

(112)

43

(190)

(1,212)

  Other

5,664

5,299

6,130

6,277

23,370

      Total noninterest expenses

50,163

51,105

49,413

50,720

201,401

Income before income taxes

34,188

32,975

33,876

29,692

130,731

Income tax expense

10,894

10,125

11,308

9,878

42,205

      Net income

$

23,294

$

22,850

$

22,568

$

19,814

$

88,526

ADDITIONAL DATA

Net earnings per share - basic

$

0.38

$

0.37

$

0.37

$

0.32

$

1.45

Net earnings per share - diluted

$

0.38

$

0.37

$

0.36

$

0.32

$

1.43

Dividends declared per share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.64

Return on average assets

1.11

%

1.09

%

1.11

%

0.98

%

1.07

%

Return on average shareholders' equity

10.73

%

10.62

%

10.84

%

9.70

%

10.48

%

Interest income

$

78,647

$

77,325

$

75,183

$

74,795

$

305,950

Tax equivalent adjustment

1,077

1,028

1,058

1,052

4,215

   Interest income - tax equivalent

79,724

78,353

76,241

75,847

310,165

Interest expense

8,481

8,507

8,051

8,240

33,279

   Net interest income - tax equivalent

$

71,243

$

69,846

$

68,190

$

67,607

$

276,886

Net interest margin

3.66

%

3.61

%

3.61

%

3.62

%

3.62

%

Net interest margin (fully tax equivalent) (1)

3.71

%

3.66

%

3.67

%

3.68

%

3.68

%

Full-time equivalent employees

1,420

1,402

1,403

1,390

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% 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

2017

2017

2016

2016

2016

Linked Qtr.

Comparable Qtr.

ASSETS

     Cash and due from banks

$

117,478

$

117,914

$

121,598

$

117,982

$

106,174

(0.4)

%

10.6

%

     Interest-bearing deposits with other banks

29,839

39,058

82,450

16,765

18,911

(23.6)

%

57.8

%

     Investment securities available-for-sale

1,298,578

1,220,046

1,039,870

1,120,494

1,114,349

6.4

%

16.5

%

     Investment securities held-to-maturity

696,269

730,796

763,254

628,497

670,111

(4.7)

%

3.9

%

     Other investments

53,285

50,996

51,077

51,170

51,261

4.5

%

3.9

%

     Loans held for sale

11,939

7,657

13,135

17,414

10,494

55.9

%

13.8

%

     Loans and leases

       Commercial and industrial

1,824,589

1,779,635

1,781,948

1,782,782

1,794,533

2.5

%

1.7

%

       Lease financing

88,152

88,888

93,108

96,046

100,263

(0.8)

%

(12.1)

%

       Construction real estate

443,112

446,332

399,434

380,349

374,949

(0.7)

%

18.2

%

       Commercial real estate

2,471,655

2,398,235

2,427,577

2,468,083

2,363,456

3.1

%

4.6

%

       Residential real estate

490,398

486,601

500,980

507,715

512,800

0.8

%

(4.4)

%

       Home equity

464,066

458,974

460,388

463,702

467,549

1.1

%

(0.7)

%

       Installment

47,654

52,063

50,639

47,825

46,917

(8.5)

%

1.6

%

       Credit card

44,139

43,354

43,408

43,009

40,746

1.8

%

8.3

%

          Total loans

5,873,765

5,754,082

5,757,482

5,789,511

5,701,213

2.1

%

3.0

%

       Less:

          Allowance for loan and lease losses

54,873

56,326

57,961

57,618

56,708

(2.6)

%

(3.2)

%

                Net loans

5,818,892

5,697,756

5,699,521

5,731,893

5,644,505

2.1

%

3.1

%

     Premises and equipment

128,956

131,808

131,579

132,082

133,969

(2.2)

%

(3.7)

%

     Goodwill and other intangibles

210,045

210,324

210,625

210,888

211,199

(0.1)

%

(0.5)

%

     Accrued interest and other assets

344,761

324,815

324,858

341,296

349,129

6.1

%

(1.3)

%

       Total Assets

$

8,710,042

$

8,531,170

$

8,437,967

$

8,368,481

$

8,310,102

2.1

%

4.8

%

LIABILITIES

     Deposits

       Interest-bearing demand

$

1,496,173

$

1,494,892

$

1,513,771

$

1,494,529

$

1,436,078

0.1

%

4.2

%

       Savings

2,398,262

2,284,821

2,142,189

2,005,407

1,974,449

5.0

%

21.5

%

       Time

1,097,911

1,202,563

1,321,843

1,346,736

1,279,934

(8.7)

%

(14.2)

%

          Total interest-bearing deposits

4,992,346

4,982,276

4,977,803

4,846,672

4,690,461

0.2

%

6.4

%

       Noninterest-bearing

1,476,563

1,547,600

1,547,985

1,492,011

1,429,163

(4.6)

%

3.3

%

          Total deposits

6,468,909

6,529,876

6,525,788

6,338,683

6,119,624

(0.9)

%

5.7

%

     Federal funds purchased and securities sold

         under agreements to repurchase

130,633

52,484

120,212

77,936

80,084

148.9

%

63.1

%

     FHLB short-term borrowings

957,700

806,700

687,700

848,300

1,035,000

18.7

%

(7.5)

%

          Total short-term borrowings

1,088,333

859,184

807,912

926,236

1,115,084

26.7

%

(2.4)

%

     Long-term debt

119,669

119,629

119,589

119,549

119,596

0.0

%

0.1

%

          Total borrowed funds

1,208,002

978,813

927,501

1,045,785

1,234,680

23.4

%

(2.2)

%

     Accrued interest and other liabilities

135,014

142,416

119,454

122,876

109,075

(5.2)

%

23.8

%

       Total Liabilities

7,811,925

7,651,105

7,572,743

7,507,344

7,463,379

2.1

%

4.7

%

SHAREHOLDERS' EQUITY

     Common stock

569,302

567,911

570,382

569,199

567,687

0.2

%

0.3

%

     Retained earnings

463,250

451,073

437,188

423,800

410,893

2.7

%

12.7

%

     Accumulated other comprehensive loss

(22,222)

(26,639)

(28,443)

(17,522)

(17,688)

(16.6)

%

25.6

%

     Treasury stock, at cost

(112,213)

(112,280)

(113,903)

(114,340)

(114,169)

(0.1)

%

(1.7)

%

       Total Shareholders' Equity

898,117

880,065

865,224

861,137

846,723

2.1

%

6.1

%

       Total Liabilities and Shareholders' Equity

$

8,710,042

$

8,531,170

$

8,437,967

$

8,368,481

$

8,310,102

2.1

%

4.8

%

 

 

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,

2017

2017

2016

2016

2016

2017

2016

ASSETS

     Cash and due from banks

$

116,123

$

115,719

$

122,130

$

116,441

$

121,426

$

115,922

$

119,604

     Interest-bearing deposits with other banks

20,293

40,985

19,557

22,116

21,687

30,582

22,989

     Investment securities

2,035,334

1,906,699

1,816,944

1,811,240

1,869,540

1,971,372

1,904,156

     Loans held for sale

9,243

8,125

14,729

11,197

11,752

8,687

12,484

     Loans and leases

       Commercial and industrial

1,778,523

1,782,829

1,767,570

1,786,461

1,752,237

1,780,664

1,704,758

       Lease financing

86,880

89,549

93,817

96,518

100,103

88,207

97,519

       Construction real estate

447,716

414,038

376,616

380,894

348,100

430,970

335,350

       Commercial real estate

2,418,355

2,390,004

2,470,280

2,400,308

2,294,980

2,404,258

2,282,833

       Residential real estate

490,709

497,412

503,711

512,341

510,262

494,042

509,842

       Home equity

462,431

459,821

461,177

466,062

466,170

461,133

466,446

       Installment

51,275

50,722

49,071

47,428

44,438

51,000

43,068

       Credit card

44,478

44,013

43,894

42,564

41,038

44,247

41,146

          Total loans

5,780,367

5,728,388

5,766,136

5,732,576

5,557,328

5,754,521

5,480,962

       Less:

          Allowance for loan and lease losses

57,379

58,461

58,733

58,284

55,504

57,917

55,193

                Net loans

5,722,988

5,669,927

5,707,403

5,674,292

5,501,824

5,696,604

5,425,769

     Premises and equipment

131,654

132,384

132,414

133,360

137,927

132,017

138,152

     Goodwill and other intangibles

210,215

210,513

210,768

211,029

211,363

210,363

211,535

     Accrued interest and other assets

337,111

324,719

335,967

342,481

328,318

330,949

326,702

       Total Assets

$

8,582,961

$

8,409,071

$

8,359,912

$

8,322,156

$

8,203,837

$

8,496,496

$

8,161,391

LIABILITIES

     Deposits

       Interest-bearing demand

$

1,483,186

$

1,484,427

$

1,540,755

$

1,447,226

$

1,483,025

$

1,483,803

$

1,437,308

       Savings

2,408,950

2,224,708

2,093,557

2,015,602

2,042,188

2,317,338

1,990,197

       Time

1,164,087

1,233,631

1,378,301

1,284,059

1,342,226

1,198,667

1,380,841

          Total interest-bearing deposits

5,056,223

4,942,766

5,012,613

4,746,887

4,867,439

4,999,808

4,808,346

       Noninterest-bearing

1,513,995

1,499,097

1,544,598

1,453,842

1,441,068

1,506,587

1,413,918

          Total deposits

6,570,218

6,441,863

6,557,211

6,200,729

6,308,507

6,506,395

6,222,264

     Federal funds purchased and securities sold

          under agreements to repurchase

62,893

88,048

93,452

87,343

86,457

75,401

87,903

     FHLB short-term borrowings

812,588

760,673

602,720

946,096

759,919

786,774

808,378

          Total short-term borrowings

875,481

848,721

696,172

1,033,439

846,376

862,175

896,281

     Long-term debt

119,651

119,605

119,756

119,603

119,575

119,628

119,564

       Total borrowed funds

995,132

968,326

815,928

1,153,042

965,951

981,803

1,015,845

     Accrued interest and other liabilities

128,007

127,667

123,264

112,089

91,967

127,838

93,782

       Total Liabilities

7,693,357

7,537,856

7,496,403

7,465,860

7,366,425

7,616,036

7,331,891

SHAREHOLDERS' EQUITY

     Common stock

568,654

570,058

569,779

568,203

567,682

569,352

569,120

     Retained earnings

456,648

442,104

430,402

419,901

406,788

449,416

401,272

     Accumulated other comprehensive loss

(23,414)

(27,569)

(22,436)

(17,701)

(21,901)

(25,480)

(24,033)

     Treasury stock, at cost

(112,284)

(113,378)

(114,236)

(114,107)

(115,157)

(112,828)

(116,859)

       Total Shareholders' Equity

889,604

871,215

863,509

856,296

837,412

880,460

829,500

       Total Liabilities and Shareholders' Equity

$

8,582,961

$

8,409,071

$

8,359,912

$

8,322,156

$

8,203,837

$

8,496,496

$

8,161,391

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

Year-to-Date Averages

June 30, 2017

March 31, 2017

June 30, 2016

June 30, 2017

June 30, 2016

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Earning assets

    Investments:

      Investment securities

$

2,035,334

2.77

%

$

1,906,699

2.76

%

$

1,869,540

2.54

%

$

1,971,372

2.76

%

$

1,904,156

2.58

%

      Interest-bearing deposits with other banks

20,293

1.11

%

40,985

0.80

%

21,687

0.50

%

30,582

0.90

%

22,989

0.52

%

    Gross loans (1)

5,799,937

4.61

%

5,748,033

4.64

%

5,584,484

4.55

%

5,774,128

4.63

%

5,509,717

4.59

%

       Total earning assets

7,855,564

4.13

%

7,695,717

4.15

%

7,475,711

4.03

%

7,776,082

4.14

%

7,436,862

4.07

%

Nonearning assets

    Allowance for loan and lease losses

(57,379)

(58,461)

(55,504)

(57,917)

(55,193)

    Cash and due from banks

116,123

115,719

121,426

115,922

119,604

    Accrued interest and other assets

668,653

656,096

662,204

662,409

660,118

       Total assets

$

8,582,961

$

8,409,071

$

8,203,837

$

8,496,496

$

8,161,391

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$

1,483,186

0.27

%

$

1,484,427

0.20

%

$

1,483,025

0.13

%

$

1,483,803

0.23

%

$

1,437,308

0.14

%

      Savings

2,408,950

0.69

%

2,224,708

0.48

%

2,042,188

0.25

%

2,317,338

0.59

%

1,990,197

0.26

%

      Time

1,164,087

1.23

%

1,233,631

1.17

%

1,342,226

1.10

%

1,198,667

1.20

%

1,380,841

1.08

%

    Total interest-bearing deposits

5,056,223

0.69

%

4,942,766

0.57

%

4,867,439

0.45

%

4,999,808

0.63

%

4,808,346

0.46

%

    Borrowed funds

      Short-term borrowings

875,481

0.94

%

848,721

0.68

%

846,376

0.50

%

862,175

0.81

%

896,281

0.50

%

      Long-term debt

119,651

5.16

%

119,605

5.22

%

119,575

5.17

%

119,628

5.19

%

119,564

5.20

%

        Total borrowed funds

995,132

1.45

%

968,326

1.24

%

965,951

1.08

%

981,803

1.35

%

1,015,845

1.05

%

       Total interest-bearing liabilities

6,051,355

0.81

%

5,911,092

0.68

%

5,833,390

0.55

%

5,981,611

0.75

%

5,824,191

0.56

%

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

1,513,995

1,499,097

1,441,068

1,506,587

1,413,918

    Other liabilities

128,007

127,667

91,967

127,838

93,782

    Shareholders' equity

889,604

871,215

837,412

880,460

829,500

       Total liabilities & shareholders' equity

$

8,582,961

$

8,409,071

$

8,203,837

$

8,496,496

$

8,161,391

Net interest income

$

68,520

$

68,932

$

67,132

$

137,452

$

133,687

Net interest spread

3.32

%

3.47

%

3.48

%

3.39

%

3.51

%

Net interest margin

3.50

%

3.63

%

3.61

%

3.56

%

3.62

%

Tax equivalent adjustment

0.06

%

0.07

%

0.06

%

0.07

%

0.05

%

Net interest margin (fully tax equivalent)

3.56

%

3.70

%

3.67

%

3.63

%

3.67

%

(1) Loans held for sale, nonaccrual loans, covered 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

$

61

$

1,033

$

1,094

$

1,048

$

1,145

$

2,193

$

1,698

$

921

$

2,619

    Interest-bearing deposits with other banks

31

(56)

(25)

33

(4)

29

44

34

78

    Gross loans (2)

(431)

1,323

892

907

2,477

3,384

876

6,066

6,942

       Total earning assets

(339)

2,300

1,961

1,988

3,618

5,606

2,618

7,021

9,639

Interest-bearing liabilities

    Total interest-bearing deposits

$

1,466

$

288

$

1,754

$

2,898

$

324

$

3,222

$

4,019

$

598

$

4,617

    Borrowed funds

    Short-term borrowings

534

85

619

930

68

998

1,398

(138)

1,260

    Long-term debt

(17)

17

0

(3)

1

(2)

(5)

2

(3)

       Total borrowed funds

517

102

619

927

69

996

1,393

(136)

1,257

       Total interest-bearing liabilities

1,983

390

2,373

3,825

393

4,218

5,412

462

5,874

          Net interest income (1)

$

(2,322)

$

1,910

$

(412)

$

(1,837)

$

3,225

$

1,388

$

(2,794)

$

6,559

$

3,765

(1) Not tax equivalent.

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

Jun. 30,

Jun. 30,

2017

2017

2016

2016

2016

2017

2016

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY

Balance at beginning of period

$

56,326

$

57,961

$

57,618

$

56,708

$

53,732

$

57,961

$

53,398

  Provision for loan and lease losses

467

367

2,761

1,687

4,037

834

5,692

  Gross charge-offs

    Commercial and industrial

3,065

1,743

1,590

296

265

4,808

744

    Lease financing

0

0

0

0

0

0

0

    Construction real estate

0

0

(2)

64

28

0

31

    Commercial real estate

485

485

990

1,135

1,596

970

2,859

    Residential real estate

223

61

224

90

28

284

73

    Home equity

384

180

232

475

398

564

738

    Installment

126

49

60

223

30

175

102

    Credit card

215

232

326

267

357

447

597

      Total gross charge-offs

4,498

2,750

3,420

2,550

2,702

7,248

5,144

  Recoveries

    Commercial and industrial

693

262

186

327

420

955

641

    Lease financing

1

0

0

0

1

1

1

    Construction real estate

89

0

51

6

202

89

228

    Commercial real estate

1,398

256

382

997

681

1,654

1,123

    Residential real estate

59

9

54

38

81

68

145

    Home equity

222

106

144

257

131

328

319

    Installment

43

71

118

56

62

114

161

    Credit card

73

44

67

92

63

117

144

      Total recoveries

2,578

748

1,002

1,773

1,641

3,326

2,762

  Total net charge-offs

1,920

2,002

2,418

777

1,061

3,922

2,382

Ending allowance for loan and lease losses

$

54,873

$

56,326

$

57,961

$

57,618

$

56,708

$

54,873

$

56,708

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

  Commercial and industrial

0.53

%

0.34

%

0.32

%

(0.01)

%

(0.04)

%

0.44

%

0.01

%

  Lease financing

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

0.00

%

  Construction real estate

(0.08)

%

0.00

%

(0.06)

%

0.06

%

(0.20)

%

(0.04)

%

(0.12)

%

  Commercial real estate

(0.15)

%

0.04

%

0.10

%

0.02

%

0.16

%

(0.06)

%

0.15

%

  Residential real estate

0.13

%

0.04

%

0.13

%

0.04

%

(0.04)

%

0.09

%

(0.03)

%

  Home equity

0.14

%

0.07

%

0.08

%

0.19

%

0.23

%

0.10

%

0.18

%

  Installment

0.65

%

(0.18)

%

(0.47)

%

1.40

%

(0.29)

%

0.24

%

(0.28)

%

  Credit card

1.28

%

1.73

%

2.35

%

1.64

%

2.88

%

1.50

%

2.21

%

     Total net charge-offs

0.13

%

0.14

%

0.17

%

0.05

%

0.08

%

0.14

%

0.09

%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)

    Commercial and industrial

$

15,099

$

9,249

$

2,419

$

3,201

$

2,980

$

15,099

$

2,980

    Lease financing

94

102

195

214

1,167

94

1,167

    Construction real estate

1,075

1,075

0

0

0

1,075

0

    Commercial real estate

12,617

14,324

6,098

5,985

8,750

12,617

8,750

    Residential real estate

4,442

4,520

5,251

4,759

4,824

4,442

4,824

    Home equity

2,937

3,571

3,400

3,815

4,123

2,937

4,123

    Installment

307

322

367

327

433

307

433

      Nonaccrual loans

36,571

33,163

17,730

18,301

22,277

36,571

22,277

  Accruing troubled debt restructurings (TDRs)

20,135

29,948

30,240

32,164

28,022

20,135

28,022

     Total nonperforming loans

56,706

63,111

47,970

50,465

50,299

56,706

50,299

  Other real estate owned (OREO)

5,961

5,300

6,284

7,577

9,302

5,961

9,302

     Total nonperforming assets

62,667

68,411

54,254

58,042

59,601

62,667

59,601

  Accruing loans past due 90 days or more

124

96

142

130

981

124

981

     Total underperforming assets

$

62,791

$

68,507

$

54,396

$

58,172

$

60,582

$

62,791

$

60,582

Total classified assets

$

98,391

$

114,550

$

125,155

$

142,169

$

143,331

$

98,391

$

143,331

CREDIT QUALITY RATIOS

Allowance for loan and lease losses to

     Nonaccrual loans

150.05

%

169.85

%

326.91

%

314.84

%

254.56

%

150.05

%

254.56

%

     Nonperforming loans

96.77

%

89.25

%

120.83

%

114.17

%

112.74

%

96.77

%

112.74

%

     Total ending loans

0.93

%

0.98

%

1.01

%

1.00

%

0.99

%

0.93

%

0.99

%

Nonperforming loans to total loans

0.97

%

1.10

%

0.83

%

0.87

%

0.88

%

0.97

%

0.88

%

Nonperforming assets to

     Ending loans, plus OREO

1.07

%

1.19

%

0.94

%

1.00

%

1.04

%

1.07

%

1.04

%

     Total assets

0.72

%

0.80

%

0.64

%

0.69

%

0.72

%

0.72

%

0.72

%

Nonperforming assets, excluding accruing TDRs to

     Ending loans, plus OREO

0.72

%

0.67

%

0.42

%

0.45

%

0.55

%

0.72

%

0.55

%

     Total assets

0.49

%

0.45

%

0.28

%

0.31

%

0.38

%

0.49

%

0.38

%

Classified assets to total assets

1.13

%

1.34

%

1.48

%

1.70

%

1.72

%

1.13

%

1.72

%

(1)  Nonaccrual loans include nonaccrual TDRs of $9.4 million, $7.8 million, $5.1 million, $5.6 million, and $8.0 million, as of June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, 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,

Jun. 30,

Jun. 30,

2017

2017

2016

2016

2016

2017

2016

PER COMMON SHARE

Market Price

  High

$

28.90

$

28.90

$

29.35

$

22.52

$

20.16

$

28.90

$

20.16

  Low

$

25.00

$

26.00

$

21.05

$

18.83

$

17.49

$

25.00

$

14.91

  Close

$

27.65

$

27.45

$

28.45

$

21.84

$

19.45

$

27.65

$

19.45

Average shares outstanding - basic

61,543,478

61,398,414

61,311,068

61,280,283

61,194,254

61,471,347

61,115,525

Average shares outstanding - diluted

62,234,022

62,140,384

62,080,683

62,086,067

62,027,008

62,187,473

61,912,366

Ending shares outstanding

62,141,071

62,134,285

61,979,552

61,952,873

61,959,529

62,141,071

61,959,529

Total shareholders' equity

$

898,117

$

880,065

$

865,224

$

861,137

$

846,723

$

898,117

$

846,723

REGULATORY CAPITAL

Preliminary

Preliminary

Common equity tier 1 capital

$

731,024

$

716,678

$

703,891

$

688,363

$

673,313

$

731,024

$

673,313

Common equity tier 1 capital ratio

10.54

%

10.59

%

10.46

%

10.20

%

10.07

%

10.54

%

10.07

%

Tier 1 capital

$

731,128

$

716,782

$

703,995

$

688,467

$

673,417

$

731,128

$

673,417

Tier 1 ratio

10.54

%

10.59

%

10.46

%

10.20

%

10.07

%

10.54

%

10.07

%

Total capital

$

905,222

$

892,161

$

881,158

$

865,248

$

849,303

$

905,222

$

849,303

Total capital ratio

13.05

%

13.19

%

13.10

%

12.82

%

12.70

%

13.05

%

12.70

%

Total capital in excess of minimum

  requirement

$

263,580

$

266,367

$

300,804

$

282,996

$

272,708

$

263,580

$

272,708

Total risk-weighted assets

$

6,936,665

$

6,765,336

$

6,728,737

$

6,750,750

$

6,685,158

$

6,936,665

$

6,685,158

Leverage ratio

8.69

%

8.69

%

8.60

%

8.45

%

8.38

%

8.69

%

8.38

%

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

10.31

%

10.32

%

10.25

%

10.29

%

10.19

%

10.31

%

10.19

%

Ending tangible shareholders' equity to ending tangible assets

8.09

%

8.05

%

7.96

%

7.97

%

7.85

%

8.09

%

7.85

%

Average shareholders' equity to average assets

10.36

%

10.36

%

10.33

%

10.29

%

10.21

%

10.36

%

10.16

%

Average tangible shareholders' equity to average tangible assets

8.12

%

8.06

%

8.01

%

7.96

%

7.83

%

8.09

%

7.78

%

 

 

View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-second-quarter-results-300494036.html

SOURCE First Financial Bancorp.


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