First Financial Bancorp. Announces Second Quarter Results

First Financial Bancorp. Announces Second Quarter Results

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

PR Newswire

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 Information
First 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 Website
This 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 Statement
This 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.

Copyright CNW Group 2017