19.04.2018 22:15:00

First Financial Bancorp Announces First Quarter 2018 Results

CINCINNATI, April 19, 2018 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the first quarter 2018.  For the three months ended March 31, 2018, the Company reported net income of $30.5 million, or $0.49 per diluted common share.  These results compare to net income of $24.8 million, or $0.40 per diluted common share, for the fourth quarter of 2017 and $24.4 million, or $0.39 per diluted common share, for the first quarter of 2017.

Return on average assets for the first quarter of 2018 was 1.40% while return on average tangible common equity was 17.17%.  These compare to a return on average assets of 1.13% and return on average tangible common equity of 13.85% in the fourth quarter of 2017 and a return on average assets of 1.18% and a return on average tangible common equity of 14.98% in the first quarter of 2017.

First quarter 2018 highlights include:

  • Reported net income of $0.49 per diluted common share, 1.40% return on average assets and 17.17% return on average tangible common equity
    • Adjusted net income of $0.52 per share, 1.49% return on average assets and 18.24% return on average tangible common equity as detailed in the accompanying slide presentation
  • Net interest income of $75.8 million, a $0.2 million increase compared to the linked quarter
    • Net interest margin increased 5 basis points from the linked quarter to 3.80% on a GAAP basis, 3.84% on a fully tax equivalent basis
  • Noninterest expenses of $52.3 million, or $49.9 million as adjusted
    • Efficiency ratio of 56.4% for the first quarter; 53.8% as adjusted
  • Loan balances increased $88.8 million, or 6.0% on an annualized basis compared to the linked quarter
  • Stable credit performance with provision expense of $2.3 million; annualized net charge-offs of 13 basis points as a percentage of average loans

Full detail of the Company's first quarter performance is provided in the accompanying financial statements and slide presentation, which also includes a reconciliation of adjusted financial results. First quarter 2018 financial highlights for MainSource Financial Group, Inc. are also included in the accompanying slide presentation.

Claude Davis, Executive Chairman, commented, "We are extremely pleased with our strong first quarter performance, representing our 110th consecutive quarter of profitability and top-quartile level returns.  We are also excited about our recent merger with MainSource which closed on April 1st.  We welcome our new colleagues from MainSource and together look forward to building an even stronger company going forward."

Archie Brown, President and Chief Executive Officer, remarked, "I echo Claude's excitement and am pleased with the financial performance of the Company during the first quarter.  I am also looking forward to the opportunity to maximize synergies between two community-focused financial institutions that have already demonstrated the capability to independently produce industry-leading returns.  As we complete our transition into a larger bank with greater scale and capabilities, we remain steadfast in our commitment to providing superior service and exceeding expectations for our clients, communities and shareholders." 

Teleconference / Webcast Information

First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 20, 2018 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10118954.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of March 31, 2018, the Company had $8.9 billion in assets, $6.1 billion in loans, $7.0 billion in deposits and $940.0 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 March 31, 2018.  The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operated 95 banking centers as of March 31, 2018, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.

Forward-Looking Statement

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

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the possibility that any of the anticipated benefits of the Company's recent merger with MainSource Financial Group, Inc. will not be realized or will not be realized within the expected time period, or that integration of MainSource's operations with those of the Company will be materially delayed or will be more costly or difficult than expected; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Form 10-K for the year ended December 31, 2017, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov.

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

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)












Three Months Ended,


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


2018


2017


2017


2017


2017

RESULTS OF OPERATIONS










Net income

$

30,506



$

24,811



$

24,826



$

22,736



$

24,414


Net earnings per share - basic

$

0.49



$

0.40



$

0.40



$

0.37



$

0.40


Net earnings per share - diluted

$

0.49



$

0.40



$

0.40



$

0.37



$

0.39


Dividends declared per share

$

0.19



$

0.17



$

0.17



$

0.17



$

0.17












KEY FINANCIAL RATIOS










Return on average assets

1.40

%


1.13

%


1.13

%


1.06

%


1.18

%

Return on average shareholders' equity

13.31

%


10.70

%


10.85

%


10.25

%


11.36

%

Return on average tangible shareholders' equity

17.17

%


13.85

%


14.10

%


13.42

%


14.98

%











Net interest margin

3.80

%


3.75

%


3.50

%


3.50

%


3.63

%

Net interest margin (fully tax equivalent) (1)

3.84

%


3.82

%


3.57

%


3.56

%


3.70

%











Ending shareholders' equity as a percent of ending assets

10.56

%


10.46

%


10.44

%


10.31

%


10.32

%

Ending tangible shareholders' equity as a percent of:










Ending tangible assets

8.41

%


8.30

%


8.25

%


8.09

%


8.05

%

Risk-weighted assets

10.09

%


10.15

%


9.95

%


9.92

%


9.90

%











Average shareholders' equity as a percent of average assets

10.53

%


10.54

%


10.42

%


10.36

%


10.36

%

Average tangible shareholders' equity as a percent of










    average tangible assets

8.36

%


8.34

%


8.21

%


8.12

%


8.06

%











Book value per share

$

15.11



$

14.99



$

14.74



$

14.45



$

14.16


Tangible book value per share

$

11.75



$

11.62



$

11.36



$

11.07



$

10.78












Common equity tier 1 ratio (2)

10.77

%


10.63

%


10.53

%


10.54

%


10.59

%

Tier 1 ratio (2)

10.77

%


10.63

%


10.53

%


10.54

%


10.59

%

Total capital ratio (2)

13.17

%


13.07

%


12.98

%


13.05

%


13.19

%

Leverage ratio (2)

9.00

%


8.84

%


8.74

%


8.69

%


8.69

%











AVERAGE BALANCE SHEET ITEMS










Loans (3)

$

6,016,492



$

5,952,290



$

5,902,053



$

5,789,610



$

5,736,513


FDIC indemnification asset

1,502



7,413



8,932



10,327



11,520


Investment securities

2,042,781



2,020,040



2,041,785



2,035,334



1,906,699


Interest-bearing deposits with other banks

27,073



25,357



37,199



20,293



40,985


  Total earning assets

$

8,087,848



$

8,005,100



$

7,989,969



$

7,855,564



$

7,695,717


Total assets

$

8,830,176



$

8,731,956



$

8,716,917



$

8,582,961



$

8,409,071


Noninterest-bearing deposits

$

1,570,572



$

1,637,228



$

1,510,032



$

1,513,995



$

1,499,097


Interest-bearing deposits

5,332,740



5,202,412



5,170,365



5,056,223



4,942,766


  Total deposits

$

6,903,312



$

6,839,640



$

6,680,397



$

6,570,218



$

6,441,863


Borrowings

$

866,848



$

842,211



$

999,818



$

995,132



$

968,326


Shareholders' equity

$

929,474



$

920,194



$

908,057



$

889,604



$

871,215












CREDIT QUALITY RATIOS









Allowance to ending loans

0.89

%


0.90

%


0.91

%


0.93

%


0.98

%

Allowance to nonaccrual loans

179.57

%


224.32

%


181.07

%


150.05

%


169.85

%

Allowance to nonperforming loans

120.24

%


129.77

%


109.48

%


96.77

%


89.25

%

Nonperforming loans to total loans

0.74

%


0.69

%


0.83

%


0.97

%


1.10

%

Nonperforming assets to ending loans, plus OREO

0.76

%


0.74

%


0.89

%


1.07

%


1.19

%

Nonperforming assets to total assets

0.52

%


0.50

%


0.60

%


0.72

%


0.80

%

Classified assets to total assets

0.98

%


0.98

%


1.08

%


1.13

%


1.34

%

Net charge-offs to average loans (annualized)

0.13

%


0.02

%


0.22

%


0.13

%


0.14

%



(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate for 2018 and a 35% tax rate for 2017.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

(2) March 31, 2018 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

 

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)














2018


2017


First


Fourth


Third


Second


First


Full


Quarter


Quarter


Quarter


Quarter


Quarter


Year

Interest income












  Loans and leases, including fees

$

74,920



$

74,347



$

71,148



$

67,748



$

66,868



$

280,111


  Investment securities












     Taxable

13,670



13,212



13,150



12,598



11,608



50,568


     Tax-exempt

1,657



1,571



1,537



1,457



1,353



5,918


        Total investment securities interest

15,327



14,783



14,687



14,055



12,961



56,486


  Other earning assets

107



(592)



(917)



(1,014)



(1,001)



(3,524)


       Total interest income

90,354



88,538



84,918



80,789



78,828



333,073














Interest expense












  Deposits

10,298



9,243



10,335



8,679



6,925



35,182


  Short-term borrowings

2,663



2,144



2,566



2,051



1,432



8,193


  Long-term borrowings

1,581



1,537



1,538



1,539



1,539



6,153


      Total interest expense

14,542



12,924



14,439



12,269



9,896



49,528


      Net interest income

75,812



75,614



70,479



68,520



68,932



283,545


  Provision for loan and lease losses

2,303



(205)



2,953



467



367



3,582


      Net interest income after provision for loan and lease losses

73,509



75,819



67,526



68,053



68,565



279,963














Noninterest income












  Service charges on deposit accounts

5,039



5,190



5,169



4,772



4,644



19,775


  Trust and wealth management fees

3,954



3,597



3,324



3,405



3,747



14,073


  Bankcard income

3,394



3,390



3,272



3,501



3,135



13,298


  Client derivative fees

1,757



2,047



1,779



1,489



1,103



6,418


  Net gains from sales of loans

588



1,171



1,455



1,327



1,216



5,169


  Net gains on sale of investment securities

0



19



276



838



516



1,649


  Other

2,206



2,968



7,667



2,122



3,003



15,760


      Total noninterest income

16,938



18,382



22,942



17,454



17,364



76,142














Noninterest expenses












  Salaries and employee benefits

31,102



35,439



33,827



31,544



31,750



132,560


  Net occupancy

4,497



4,252



4,328



4,302



4,515



17,397


  Furniture and equipment

2,040



1,969



2,161



2,136



2,177



8,443


  Data processing

3,672



3,768



3,455



3,501



3,298



14,022


  Marketing

801



1,060



649



982



510



3,201


  Communication

459



474



430



468



447



1,819


  Professional services

2,198



9,766



2,030



1,469



1,758



15,023


  State intangible tax

765



492



721



721



721



2,655


  FDIC assessments

894



943



1,051



1,018



932



3,944


  Loss (gain) - other real estate owned

77



219



237



162



24



642


  Other

5,783



24,516



5,554



5,253



4,913



40,236


      Total noninterest expenses

52,288



82,898



54,443



51,556



51,045



239,942


Income before income taxes

38,159



11,303



36,025



33,951



34,884



116,163


Income tax expense

7,653



(13,508)



11,199



11,215



10,470



19,376


      Net income

$

30,506



$

24,811



$

24,826



$

22,736



$

24,414



$

96,787














ADDITIONAL DATA












Net earnings per share - basic

$

0.49



$

0.40



$

0.40



$

0.37



$

0.40



$

1.57


Net earnings per share - diluted

$

0.49



$

0.40



$

0.40



$

0.37



$

0.39



$

1.56


Dividends declared per share

$

0.19



$

0.17



$

0.17



$

0.17



$

0.17



$

0.68














Return on average assets

1.40

%


1.13

%


1.13

%


1.06

%


1.18

%


1.12

%

Return on average shareholders' equity

13.31

%


10.70

%


10.85

%


10.25

%


11.36

%


10.78

%













Interest income

$

90,354



$

88,538



$

84,918



$

80,789



$

78,828



$

333,073


Tax equivalent adjustment

718



1,387



1,353



1,294



1,225



5,259


   Interest income - tax equivalent

91,072



89,925



86,271



82,083



80,053



338,332


Interest expense

14,542



12,924



14,439



12,269



9,896



49,528


   Net interest income - tax equivalent

$

76,530



$

77,001



$

71,832



$

69,814



$

70,157



$

288,804














Net interest margin

3.80

%


3.75

%


3.50

%


3.50

%


3.63

%


3.59

%

Net interest margin (fully tax equivalent) (1)

3.84

%


3.82

%


3.57

%


3.56

%


3.70

%


3.66

%













Full-time equivalent employees

1,289



1,304



1,363



1,429



1,424
















(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate for 2018 and a 35% tax rate for 2017. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.


 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)
















Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


% Change


% Change


2018


2017


2017


2017


2017


Linked Qtr.


Comparable Qtr.

ASSETS














     Cash and due from banks

$

116,581



$

150,650



$

117,840



$

117,478



$

117,914



(22.6)

%


(1.1)

%

     Interest-bearing deposits with other banks

10,200



33,974



34,787



29,839



39,058



(70.0)

%


(73.9)

%

     Investment securities available-for-sale

1,359,381



1,349,408



1,286,770



1,298,578



1,220,046



0.7

%


11.4

%

     Investment securities held-to-maturity

633,722



654,008



669,816



696,269



730,796



(3.1)

%


(13.3)

%

     Other investments

53,070



53,140



53,198



53,285



50,996



(0.1)

%


4.1

%

     Loans held for sale

8,048



11,502



16,466



11,939



7,657



(30.0)

%


5.1

%

     Loans and leases














       Commercial and industrial

1,943,741



1,912,743



1,886,093



1,824,589



1,779,635



1.6

%


9.2

%

       Lease financing

81,617



89,347



86,014



88,152



88,888



(8.7)

%


(8.2)

%

       Construction real estate

494,665



467,730



420,941



443,112



446,332



5.8

%


10.8

%

       Commercial real estate

2,544,051



2,490,091



2,523,387



2,471,655



2,398,235



2.2

%


6.1

%

       Residential real estate

468,584



471,391



477,964



490,398



486,601



(0.6)

%


(3.7)

%

       Home equity

483,643



493,604



494,342



464,066



458,974



(2.0)

%


5.4

%

       Installment

39,248



41,586



43,650



47,654



52,063



(5.6)

%


(24.6)

%

       Credit card

46,472



46,691



44,646



44,139



43,354



(0.5)

%


7.2

%

          Total loans

6,102,021



6,013,183



5,977,037



5,873,765



5,754,082



1.5

%


6.0

%

       Less:














          Allowance for loan and lease losses

54,380



54,021



54,534



54,873



56,326



0.7

%


(3.5)

%

                Net loans

6,047,641



5,959,162



5,922,503



5,818,892



5,697,756



1.5

%


6.1

%

     Premises and equipment

127,046



125,036



126,790



128,956



131,808



1.6

%


(3.6)

%

     Goodwill and other intangibles

209,053



209,379



209,730



210,045



210,324



(0.2)

%


(0.6)

%

     Accrued interest and other assets

333,687



350,664



323,789



344,761



324,815



(4.8)

%


2.7

%

       Total Assets

$

8,898,429



$

8,896,923



$

8,761,689



$

8,710,042



$

8,531,170



0.0

%


4.3

%















LIABILITIES














     Deposits














       Interest-bearing demand

$

1,442,399



$

1,453,463



$

1,518,011



$

1,496,173



$

1,494,892



(0.8)

%


(3.5)

%

       Savings

2,450,196



2,462,420



2,434,086



2,398,262



2,284,821



(0.5)

%


7.2

%

       Time

1,545,273



1,317,105



1,188,597



1,097,911



1,202,563



17.3

%


28.5

%

          Total interest-bearing deposits

5,437,868



5,232,988



5,140,694



4,992,346



4,982,276



3.9

%


9.1

%

       Noninterest-bearing

1,572,636



1,662,058



1,585,396



1,476,563



1,547,600



(5.4)

%


1.6

%

          Total deposits

7,010,504



6,895,046



6,726,090



6,468,909



6,529,876



1.7

%


7.4

%

     Federal funds purchased and securities sold














         under agreements to repurchase

56,732



72,265



45,532



130,633



52,484



(21.5)

%


8.1

%

     FHLB short-term borrowings

601,600



742,300



818,200



957,700



806,700



(19.0)

%


(25.4)

%

          Total short-term borrowings

658,332



814,565



863,732



1,088,333



859,184



(19.2)

%


(23.4)

%

     Long-term debt

169,695



119,654



119,615



119,669



119,629



41.8

%


41.9

%

          Total borrowed funds

828,027



934,219



983,347



1,208,002



978,813



(11.4)

%


(15.4)

%

     Accrued interest and other liabilities

119,913



136,994



137,298



135,014



142,416



(12.5)

%


(15.8)

%

       Total Liabilities

7,958,444



7,966,259



7,846,735



7,811,925



7,651,105



(0.1)

%


4.0

%















SHAREHOLDERS' EQUITY














     Common stock

571,457



573,109



571,750



569,302



567,911



(0.3)

%


0.6

%

     Retained earnings

515,498



491,847



477,588



463,250



451,073



4.8

%


14.3

%

     Accumulated other comprehensive loss

(34,683)



(20,390)



(20,379)



(22,222)



(26,639)



70.1

%


30.2

%

     Treasury stock, at cost

(112,287)



(113,902)



(114,005)



(112,213)



(112,280)



(1.4)

%


0.0

%

       Total Shareholders' Equity

939,985



930,664



914,954



898,117



880,065



1.0

%


6.8

%

       Total Liabilities and Shareholders' Equity

$

8,898,429



$

8,896,923



$

8,761,689



$

8,710,042



$

8,531,170



0.0

%


4.3

%
















 

 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)




Quarterly Averages


Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


2018


2017


2017


2017


2017

ASSETS










     Cash and due from banks

$

116,095



$

121,792



$

111,984



$

116,123



$

115,719


     Interest-bearing deposits with other banks

27,073



25,357



37,199



20,293



40,985


     Investment securities

2,042,781



2,020,040



2,041,785



2,035,334



1,906,699


     Loans held for sale

9,171



12,572



12,705



9,243



8,125


     Loans and leases










       Commercial and industrial

1,897,726



1,857,546



1,843,677



1,778,523



1,782,829


       Lease financing

86,755



84,635



85,649



86,880



89,549


       Construction real estate

483,930



449,195



408,373



447,716



414,038


       Commercial real estate

2,495,604



2,487,149



2,497,170



2,418,355



2,390,004


       Residential real estate

468,855



477,454



489,508



490,709



497,412


       Home equity

487,073



494,804



473,988



462,431



459,821


       Installment

40,409



42,283



45,911



51,275



50,722


       Credit card

46,969



46,652



45,072



44,478



44,013


          Total loans

6,007,321



5,939,718



5,889,348



5,780,367



5,728,388


       Less:










          Allowance for loan and lease losses

55,016



55,279



55,326



57,379



58,461


                Net loans

5,952,305



5,884,439



5,834,022



5,722,988



5,669,927


     Premises and equipment

126,016



126,310



128,539



131,654



132,384


     Goodwill and other intangibles

209,244



209,571



209,933



210,215



210,513


     Accrued interest and other assets

347,491



331,875



340,750



337,111



324,719


       Total Assets

$

8,830,176



$

8,731,956



$

8,716,917



$

8,582,961



$

8,409,071












LIABILITIES










     Deposits










       Interest-bearing demand

$

1,415,603



$

1,502,245



$

1,494,367



$

1,483,186



$

1,484,427


       Savings

2,450,697



2,518,771



2,494,592



2,408,950



2,224,708


       Time

1,466,440



1,181,396



1,181,406



1,164,087



1,233,631


          Total interest-bearing deposits

5,332,740



5,202,412



5,170,365



5,056,223



4,942,766


       Noninterest-bearing

1,570,572



1,637,228



1,510,032



1,513,995



1,499,097


          Total deposits

6,903,312



6,839,640



6,680,397



6,570,218



6,441,863


     Federal funds purchased and securities sold










          under agreements to repurchase

72,865



57,131



71,315



62,893



88,048


     FHLB short-term borrowings

667,641



660,859



808,842



812,588



760,673


          Total short-term borrowings

740,506



717,990



880,157



875,481



848,721


     Long-term debt

126,342



124,221



119,661



119,651



119,605


       Total borrowed funds

866,848



842,211



999,818



995,132



968,326


     Accrued interest and other liabilities

130,542



129,911



128,645



128,007



127,667


       Total Liabilities

7,900,702



7,811,762



7,808,860



7,693,357



7,537,856












SHAREHOLDERS' EQUITY










     Common stock

572,915



572,392



570,216



568,654



570,058


     Retained earnings

503,140



483,554



470,591



456,648



442,104


     Accumulated other comprehensive loss

(33,285)



(21,740)



(19,940)



(23,414)



(27,569)


     Treasury stock, at cost

(113,296)



(114,012)



(112,810)



(112,284)



(113,378)


       Total Shareholders' Equity

929,474



920,194



908,057



889,604



871,215


       Total Liabilities and Shareholders' Equity

$

8,830,176



$

8,731,956



$

8,716,917



$

8,582,961



$

8,409,071












 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)


















 Quarterly Averages















March 31, 2018


December 31, 2017


March 31, 2017


 Linked Qtr. Income Variance


 Comparable Qtr. Income Variance



Balance


Yield


Balance


Yield


Balance


Yield


Rate


Volume


Total


Rate


Volume


Total

Earning assets

























    Investments:

























      Investment securities


$

2,042,781



3.04

%


$

2,020,040



2.90

%


$

1,906,699



2.76

%


$

710



$

(166)



$

544



$

1,345



$

1,021



$

2,366


      Interest-bearing deposits with other banks


27,073



1.60

%


25,357



1.41

%


40,985



0.80

%


12



5



17



81



(55)



26


    Gross loans (1)


6,017,994



5.05

%


5,959,703



4.90

%


5,748,033



4.64

%


2,178



(923)



1,255



5,773



3,361



9,134


       Total earning assets


8,087,848



4.53

%


8,005,100



4.39

%


7,695,717



4.15

%


2,901



(1,085)



1,816



7,199



4,327



11,526



























Nonearning assets

























    Allowance for loan and lease losses


(55,016)





(55,279)





(58,461)
















    Cash and due from banks


116,095





121,792





115,719
















    Accrued interest and other assets


681,249





660,343





656,096
















       Total assets


$

8,830,176





$

8,731,956





$

8,409,071









































Interest-bearing liabilities

























    Deposits:

























      Interest-bearing demand


$

1,415,603



0.37

%


$

1,502,245



0.34

%


$

1,484,427



0.20

%













      Savings


2,450,697



0.64

%


2,518,771



0.63

%


2,224,708



0.48

%













      Time


1,466,440



1.41

%


1,181,396



1.33

%


1,233,631



1.17

%













    Total interest-bearing deposits


5,332,740



0.78

%


5,202,412



0.70

%


4,942,766



0.57

%


$

1,027



$

28



$

1,055



$

2,620



$

753



$

3,373


    Borrowed funds

























      Short-term borrowings


740,506



1.46

%


717,990



1.18

%


848,721



0.68

%


495



24



519



1,620



(389)



1,231


      Long-term debt


126,342



5.07

%


124,221



4.91

%


119,605



5.22

%


52



(8)



44



(42)



84



42


        Total borrowed funds


866,848



1.99

%


842,211



1.73

%


968,326



1.24

%


547



16



563



1,578



(305)



1,273


       Total interest-bearing liabilities


6,199,588



0.95

%


6,044,623



0.85

%


5,911,092



0.68

%


1,574



44



1,618



4,198



448



4,646



























Noninterest-bearing liabilities

























    Noninterest-bearing demand deposits


1,570,572





1,637,228





1,499,097
















    Other liabilities


130,542





129,911





127,667
















    Shareholders' equity


929,474





920,194





871,215
















       Total liabilities & shareholders' equity


$

8,830,176





$

8,731,956





$

8,409,071









































Net interest income


$

75,812





$

75,614





$

68,932





$

1,327



$

(1,129)



$

198



$

3,001



$

3,879



$

6,880


Net interest spread




3.58

%




3.54

%




3.47

%













Net interest margin




3.80

%




3.75

%




3.63

%






































Tax equivalent adjustment




0.04

%




0.07

%




0.07

%













Net interest margin (fully tax equivalent)




3.84

%




3.82

%




3.70

%































































(1) 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)






















Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


2018


2017


2017


2017


2017

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY







Balance at beginning of period

$

54,021



$

54,534



$

54,873



$

56,326



$

57,961


  Provision for loan and lease losses

2,303



(205)



2,953



467



367


  Gross charge-offs










    Commercial and industrial

885



1,264



4,122



3,065



1,743


    Construction real estate

0



1



0



0



0


    Commercial real estate

2,176



10



58



485



485


    Residential real estate

96



128



23



223



61


    Home equity

242



278



71



384



180


    Installment

16



26



24



126



49


    Credit card

254



209



201



215



232


      Total gross charge-offs

3,669



1,916



4,499



4,498



2,750


  Recoveries










    Commercial and industrial

436



370



325



693



262


    Lease financing

0



0



0



1



0


    Construction real estate

0



0



0



89



0


    Commercial real estate

752



480



585



1,398



256


    Residential real estate

26



77



70



59



9


    Home equity

429



589



110



222



106


    Installment

48



46



74



43



71


    Credit card

34



46



43



73



44


      Total recoveries

1,725



1,608



1,207



2,578



748


  Total net charge-offs

1,944



308



3,292



1,920



2,002


Ending allowance for loan and lease losses

$

54,380



$

54,021



$

54,534



$

54,873



$

56,326












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







  Commercial and industrial

0.10

%


0.19

%


0.82

%


0.53

%


0.34

%

  Lease financing

0.00

%


0.00

%


0.00

%


0.00

%


0.00

%

  Construction real estate

0.00

%


0.00

%


0.00

%


(0.08)

%


0.00

%

  Commercial real estate

0.23

%


(0.07)

%


(0.08)

%


(0.15)

%


0.04

%

  Residential real estate

0.06

%


0.04

%


(0.04)

%


0.13

%


0.04

%

  Home equity

(0.16)

%


(0.25)

%


(0.03)

%


0.14

%


0.07

%

  Installment

(0.32)

%


(0.19)

%


(0.43)

%


0.65

%


(0.18)

%

  Credit card

1.90

%


1.39

%


1.39

%


1.28

%


1.73

%

     Total net charge-offs

0.13

%


0.02

%


0.22

%


0.13

%


0.14

%











COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)










    Commercial and industrial

$

6,275



$

5,229



$

9,026



$

15,099



$

9,249


    Lease financing

0



82



87



94



102


    Construction real estate

26



29



824



1,075



1,075


    Commercial real estate

16,878



10,616



12,244



12,617



14,324


    Residential real estate

3,324



4,140



4,333



4,442



4,520


    Home equity

3,484



3,743



3,364



2,937



3,571


    Installment

296



243



240



307



322


      Nonaccrual loans

30,283



24,082



30,118



36,571



33,163


  Accruing troubled debt restructurings (TDRs)

14,943



17,545



19,692



20,135



29,948


     Total nonperforming loans

45,226



41,627



49,810



56,706



63,111


  Other real estate owned (OREO)

1,065



2,781



3,116



5,961



5,300


     Total nonperforming assets

46,291



44,408



52,926



62,667



68,411


  Accruing loans past due 90 days or more

529



61



84



124



96


     Total underperforming assets

$

46,820



$

44,469



$

53,010



$

62,791



$

68,507


Total classified assets

$

87,577



$

87,293



$

94,320



$

98,391



$

114,550












CREDIT QUALITY RATIOS







Allowance for loan and lease losses to










     Nonaccrual loans

179.57

%


224.32

%


181.07

%


150.05

%


169.85

%

     Nonperforming loans

120.24

%


129.77

%


109.48

%


96.77

%


89.25

%

     Total ending loans

0.89

%


0.90

%


0.91

%


0.93

%


0.98

%

Nonperforming loans to total loans

0.74

%


0.69

%


0.83

%


0.97

%


1.10

%

Nonperforming assets to










     Ending loans, plus OREO

0.76

%


0.74

%


0.89

%


1.07

%


1.19

%

     Total assets

0.52

%


0.50

%


0.60

%


0.72

%


0.80

%

Nonperforming assets, excluding accruing TDRs to










     Ending loans, plus OREO

0.51

%


0.45

%


0.56

%


0.72

%


0.67

%

     Total assets

0.35

%


0.30

%


0.38

%


0.49

%


0.45

%

Classified assets to total assets

0.98

%


0.98

%


1.08

%


1.13

%


1.34

%











(1)  Nonaccrual loans include nonaccrual TDRs of $6.0 million, $5.5 million, $9.1 million, $9.4 million, and $7.8 million as of March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017, and March 31, 2017, respectively.


 

 


FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)












Mar. 31,


Dec. 31,


Sep. 30,


Jun. 30,


Mar. 31,


2018


2017


2017


2017


2017

PER COMMON SHARE










Market Price










  High

$

29.35



$

29.15



$

28.50



$

28.95



$

28.90


  Low

$

26.40



$

25.30



$

23.10



$

25.05



$

26.00


  Close

$

29.35



$

26.35



$

26.15



$

27.70



$

27.45












Average shares outstanding - basic

61,654,686



61,595,629



61,577,619



61,543,478



61,398,414


Average shares outstanding - diluted

62,180,744



62,131,840



62,189,637



62,234,022



62,140,384


Ending shares outstanding

62,213,823



62,069,087



62,061,465



62,141,071



62,134,285












Total shareholders' equity

$

939,985



$

930,664



$

914,954



$

898,117



$

880,065












REGULATORY CAPITAL

Preliminary









Common equity tier 1 capital

$

779,491



$

755,735



$

746,730



$

731,024



$

716,678


Common equity tier 1 capital ratio

10.77

%


10.63

%


10.53

%


10.54

%


10.59

%

Tier 1 capital

$

779,595



$

755,839



$

746,834



$

731,128



$

716,782


Tier 1 ratio

10.77

%


10.63

%


10.53

%


10.54

%


10.59

%

Total capital

$

953,243



$

929,148



$

920,642



$

905,222



$

892,161


Total capital ratio

13.17

%


13.07

%


12.98

%


13.05

%


13.19

%

Total capital in excess of minimum










  requirement

$

238,221



$

271,600



$

264,751



$

263,580



$

266,367


Total risk-weighted assets

$

7,240,731



$

7,108,629



$

7,090,714



$

6,936,665



$

6,765,336


Leverage ratio

9.00

%


8.84

%


8.74

%


8.69

%


8.69

%











OTHER CAPITAL RATIOS










Ending shareholders' equity to ending assets

10.56

%


10.46

%


10.44

%


10.31

%


10.32

%

Ending tangible shareholders' equity to ending tangible assets

8.41

%


8.30

%


8.25

%


8.09

%


8.05

%

Average shareholders' equity to average assets

10.53

%


10.54

%


10.42

%


10.36

%


10.36

%

Average tangible shareholders' equity to average tangible assets

8.36

%


8.34

%


8.21

%


8.12

%


8.06

%











 

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-first-quarter-2018-results-300633255.html

SOURCE First Financial Bancorp.

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