First Financial Bancorp. Announces Third Quarter Results
Third Quarter Earnings per Share of $0.40
Year to Date Earnings per Share Increase of 9% Compared to 2016
CINCINNATI, Oct. 19, 2017 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the third quarter 2017. For the three months ended September 30, 2017, the Company reported net income of $24.8 million, or $0.40 per diluted common share. These results compare to net income of $22.7 million, or $0.37 per diluted common share, for the second quarter of 2017 and $22.9 million, or $0.37 per diluted common share, for the third quarter of 2016. For the nine months ended September 30, 2017, First Financial had earnings per diluted common share of $1.16 compared to $1.05 for the same period in 2016.
Return on average assets for the third quarter of 2017 was 1.13% while return on average tangible common equity was 14.10%. These compare to a return on average assets of 1.06% and return on average tangible common equity of 13.42% in the second quarter of 2017 and a return on average assets of 1.09% and a return on average tangible common equity of 14.08% in the third quarter of 2016.
Third quarter 2017 highlights include:
- Net income of $0.40 per diluted common share on a GAAP basis; $0.39 per diluted common on an adjusted basis as detailed on slide 6 of the accompanying slide presentation
- Net income increased $2.1 million, or 9.2%, compared to the linked quarter; $6.7 million, or 10.3%, year to date
- Net interest margin of 3.50% on a GAAP basis; margin increased 1 basis point to 3.57% on a fully tax equivalent basis
- Noninterest income increased $5.5 million, or 31.4%, compared to the linked quarter
- Includes a $5.8 million gain from the early redemption of certain off balance sheet securitizations associated with the 2009 FDIC-assisted transactions
- Noninterest expense increased $2.9 million, or 5.6%, compared to the linked quarter
- Includes $3.8 million of severance costs related to efficiency efforts as well as $0.8 million of merger-related expenses
- Period-end loans increased $103.3 million, or 7.0% on an annualized basis
- Average deposits increased $110.2 million, or 6.7% on an annualized basis
- Solid credit performance with lower classified and nonperforming asset balances
Claude Davis, Chief Executive Officer, commented, "Strong earnings, solid loan growth and a stable credit environment highlighted the third quarter, which was our 108th consecutive quarter of profitability. We are pleased with our performance improvement efforts during the quarter and believe we are well-positioned to realize the full impact of these efforts during the fourth quarter."
"We remain excited about our pending merger with MainSource Financial Group. Initial regulatory applications have been filed, integration planning efforts are well under way and we have made several key determinations in relation to our post-merger organizational structure and technology platform. While we continue preparing for a successful merger, our focus remains on executing our premier business bank strategy and delivering exceptional service to our clients and shareholders."
This release announcing our third quarter 2017 financial results includes an accompanying slide presentation, which management intends to refer to during the conference call on Friday, October 20, 2017.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, October 20, 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 September 30, 2017, the Company had $8.8 billion in assets, $6.0 billion in loans, $6.7 billion in deposits and $915.0 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 September 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.
Important Additional Information about the Merger
The Company has filed a registration statement on Form S-4 with the SEC (filed on September 22, 2017 and amended on October 17, 2017), which includes a joint proxy statement of the Company and MainSource Financial and a prospectus of the Company, and each party will file other documents regarding the proposed transaction with the SEC. A definitive joint proxy statement/prospectus will also be sent to the Company and MainSource Financial shareholders seeking required shareholder approvals.
Before making any voting or investment decision, investors and security holders of the Company and MainSource Financial are urged to carefully read the entire registration statement and joint proxy statement/prospectus, when they become available, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction.
The documents filed by the Company and MainSource Financial with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. In addition, the documents filed by the Company may be obtained free of charge at the Company's website at http://www.bankatfirst.com and the documents filed by MainSource Financial may be obtained free of charge at MainSource Financial' s website at https://www.mainsourcebank.com under the tab "Investor Relations." Alternatively, these documents, when available, can be obtained free of charge from the Company upon written request to First Financial Bancorp, Attention: Shannon M. Kuhl, Chief Legal Officer and Corporate Secretary, 255 E. Fifth Street, Suite 2900, Cincinnati, Ohio 45202 or by calling (877) 322-9530 or from MainSource Financial upon written request to MainSource Financial Group, Inc., 2105 North State Road 3 Bypass, Greensburg, Indiana 47240, Attn: James M. Anderson, Chief Financial Officer, or by calling (812) 663-6734.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise. No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The communication is not a substitute for the joint proxy statement/prospectus that the Company and MainSource Financial will file with the SEC.
Cautionary Statements Regarding Forward-Looking Information
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. Such statements include, but are not limited to, certain plans, expectations, goals, projections and benefits relating to the transaction between the Company and MainSource Financial, which are subject to numerous assumptions, risks and uncertainties. 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. Please refer to each of the Company's and MainSource Financial' s Annual Report on Form 10-K for the year ended December 31, 2016, as well as their other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed 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 the 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. In addition to factors previously disclosed in reports filed by the Company and MainSource Financial with the SEC, risks and uncertainties for the Company, MainSource Financial and the combined company include, but are not limited to: the possibility that any of the anticipated benefits of the proposed Merger will not be realized or will not be realized within the expected time period; the risk that integration of MainSource Financial's operations with those of the Company will be materially delayed or will be more costly or difficult than expected; the inability to close the Merger in a timely manner; the inability to complete the Merger due to the failure of the Company's or MainSource Financial's shareholders to adopt the Merger Agreement; diversion of management's attention from ongoing business operations and opportunities; the failure to satisfy other conditions to completion of the , including receipt of required regulatory and other approvals; the failure of the proposed Merger to close for any other reason; the challenges of integrating and retaining key employees; the effect of the announcement of the Merger on the Company's, MainSource Financial's or the combined company's respective customer relationships and operating results; the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and general competitive, economic, political and market conditions and fluctuations. 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, neither the Company nor MainSource Financial assumes any obligation to update any forward-looking statement.
Proxy Solicitation
The Company, MainSource Financial, their directors, executive officers and certain other persons may be deemed to be participants in the solicitation of proxies from the Company's and MainSource Financial's shareholders in favor of the approval of the Merger. Information about the directors and executive officers of the Company and their ownership of the Company's common stock is set forth in the proxy statement for the Company's 2017 annual meeting of shareholders, as previously filed with the SEC on April 13, 2017, and the Company's Annual Report on Form 10-K for the year ended December 31, 2016, as previously filed with the SEC on February 24, 2017. Information about the directors and executive officers of MainSource Financial and their ownership of MainSource Financial common stock is set forth in the proxy statement for MainSource Financial' s 2017 annual meeting of shareholders, as previously filed with the SEC on March 24, 2017. Shareholders may obtain additional information regarding the interests of such participants by reading the registration statement and the proxy statement/prospectus when they become available.
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS |
|||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Three Months Ended, |
Nine months ended, |
||||||||||||||||||||||||||
| Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Sep. 30, |
||||||||||||||||||||||
| 2017 |
2017 |
2017 |
2016 |
2016 |
2017 |
2016 |
|||||||||||||||||||||
| RESULTS OF OPERATIONS |
|||||||||||||||||||||||||||
| Net income |
$ |
24,826 |
$ |
22,736 |
$ |
24,414 |
$ |
23,294 |
$ |
22,850 |
$ |
71,976 |
$ |
65,232 |
|||||||||||||
| Net earnings per share - basic |
$ |
0.40 |
$ |
0.37 |
$ |
0.40 |
$ |
0.38 |
$ |
0.37 |
$ |
1.17 |
$ |
1.07 |
|||||||||||||
| Net earnings per share - diluted |
$ |
0.40 |
$ |
0.37 |
$ |
0.39 |
$ |
0.38 |
$ |
0.37 |
$ |
1.16 |
$ |
1.05 |
|||||||||||||
| Dividends declared per share |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.16 |
$ |
0.16 |
$ |
0.51 |
$ |
0.48 |
|||||||||||||
| KEY FINANCIAL RATIOS |
|||||||||||||||||||||||||||
| Return on average assets |
1.13 |
% |
1.06 |
% |
1.18 |
% |
1.11 |
% |
1.09 |
% |
1.12 |
% |
1.06 |
% |
|||||||||||||
| Return on average shareholders' equity |
10.85 |
% |
10.25 |
% |
11.36 |
% |
10.73 |
% |
10.62 |
% |
10.82 |
% |
10.39 |
% |
|||||||||||||
| Return on average tangible shareholders' equity |
14.10 |
% |
13.42 |
% |
14.98 |
% |
14.19 |
% |
14.08 |
% |
14.15 |
% |
13.88 |
% |
|||||||||||||
| Net interest margin |
3.50 |
% |
3.50 |
% |
3.63 |
% |
3.66 |
% |
3.61 |
% |
3.54 |
% |
3.61 |
% |
|||||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.57 |
% |
3.56 |
% |
3.70 |
% |
3.71 |
% |
3.66 |
% |
3.61 |
% |
3.67 |
% |
|||||||||||||
| Ending shareholders' equity as a percent of ending assets |
10.44 |
% |
10.31 |
% |
10.32 |
% |
10.25 |
% |
10.29 |
% |
10.44 |
% |
10.29 |
% |
|||||||||||||
| Ending tangible shareholders' equity as a percent of: |
|||||||||||||||||||||||||||
| Ending tangible assets |
8.25 |
% |
8.09 |
% |
8.05 |
% |
7.96 |
% |
7.97 |
% |
8.25 |
% |
7.97 |
% |
|||||||||||||
| Risk-weighted assets |
9.95 |
% |
9.92 |
% |
9.90 |
% |
9.73 |
% |
9.63 |
% |
9.95 |
% |
9.63 |
% |
|||||||||||||
| Average shareholders' equity as a percent of average assets |
10.42 |
% |
10.36 |
% |
10.36 |
% |
10.33 |
% |
10.29 |
% |
10.38 |
% |
10.21 |
% |
|||||||||||||
| Average tangible shareholders' equity as a percent of average tangible assets |
8.21 |
% |
8.12 |
% |
8.06 |
% |
8.01 |
% |
7.96 |
% |
8.13 |
% |
7.84 |
% |
|||||||||||||
| Book value per share |
$ |
14.74 |
$ |
14.45 |
$ |
14.16 |
$ |
13.96 |
$ |
13.90 |
$ |
14.74 |
$ |
13.90 |
|||||||||||||
| Tangible book value per share |
$ |
11.36 |
$ |
11.07 |
$ |
10.78 |
$ |
10.56 |
$ |
10.50 |
$ |
11.36 |
$ |
10.50 |
|||||||||||||
| Common equity tier 1 ratio (2) |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.20 |
% |
10.53 |
% |
10.20 |
% |
|||||||||||||
| Tier 1 ratio (2) |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.20 |
% |
10.53 |
% |
10.20 |
% |
|||||||||||||
| Total capital ratio (2) |
12.98 |
% |
13.05 |
% |
13.19 |
% |
13.10 |
% |
12.82 |
% |
12.98 |
% |
12.82 |
% |
|||||||||||||
| Leverage ratio (2) |
8.74 |
% |
8.69 |
% |
8.69 |
% |
8.60 |
% |
8.45 |
% |
8.74 |
% |
8.45 |
% |
|||||||||||||
| AVERAGE BALANCE SHEET ITEMS |
|||||||||||||||||||||||||||
| Loans (3) |
$ |
5,902,053 |
$ |
5,789,610 |
$ |
5,736,513 |
$ |
5,780,865 |
$ |
5,743,773 |
$ |
5,809,998 |
$ |
5,577,497 |
|||||||||||||
| FDIC indemnification asset |
8,932 |
10,327 |
11,520 |
12,782 |
14,031 |
10,250 |
15,519 |
||||||||||||||||||||
| Investment securities |
2,041,785 |
2,035,334 |
1,906,699 |
1,816,944 |
1,811,240 |
1,995,101 |
1,872,958 |
||||||||||||||||||||
| Interest-bearing deposits with other banks |
37,199 |
20,293 |
40,985 |
19,557 |
22,116 |
32,812 |
22,696 |
||||||||||||||||||||
| Total earning assets |
$ |
7,989,969 |
$ |
7,855,564 |
$ |
7,695,717 |
$ |
7,630,148 |
$ |
7,591,160 |
$ |
7,848,161 |
$ |
7,488,670 |
|||||||||||||
| Total assets |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,322,156 |
$ |
8,570,777 |
$ |
8,215,370 |
|||||||||||||
| Noninterest-bearing deposits |
$ |
1,510,032 |
$ |
1,513,995 |
$ |
1,499,097 |
$ |
1,544,598 |
$ |
1,453,842 |
$ |
1,507,748 |
$ |
1,427,323 |
|||||||||||||
| Interest-bearing deposits |
5,170,365 |
5,056,223 |
4,942,766 |
5,012,613 |
4,746,887 |
5,057,285 |
4,787,710 |
||||||||||||||||||||
| Total deposits |
$ |
6,680,397 |
$ |
6,570,218 |
$ |
6,441,863 |
$ |
6,557,211 |
$ |
6,200,729 |
$ |
6,565,033 |
$ |
6,215,033 |
|||||||||||||
| Borrowings |
$ |
999,818 |
$ |
995,132 |
$ |
968,326 |
$ |
815,928 |
$ |
1,153,042 |
$ |
987,874 |
$ |
1,061,911 |
|||||||||||||
| Shareholders' equity |
$ |
908,057 |
$ |
889,604 |
$ |
871,215 |
$ |
863,509 |
$ |
856,296 |
$ |
889,760 |
$ |
838,497 |
|||||||||||||
| CREDIT QUALITY RATIOS |
|||||||||||||||||||||||||||
| Allowance to ending loans |
0.91 |
% |
0.93 |
% |
0.98 |
% |
1.01 |
% |
1.00 |
% |
0.91 |
% |
1.00 |
% |
|||||||||||||
| Allowance to nonaccrual loans |
181.07 |
% |
150.05 |
% |
169.85 |
% |
326.91 |
% |
314.84 |
% |
181.07 |
% |
314.84 |
% |
|||||||||||||
| Allowance to nonperforming loans |
109.48 |
% |
96.77 |
% |
89.25 |
% |
120.83 |
% |
114.17 |
% |
109.48 |
% |
114.17 |
% |
|||||||||||||
| Nonperforming loans to total loans |
0.83 |
% |
0.97 |
% |
1.10 |
% |
0.83 |
% |
0.87 |
% |
0.83 |
% |
0.87 |
% |
|||||||||||||
| Nonperforming assets to ending loans, plus OREO |
0.89 |
% |
1.07 |
% |
1.19 |
% |
0.94 |
% |
1.00 |
% |
0.89 |
% |
1.00 |
% |
|||||||||||||
| Nonperforming assets to total assets |
0.60 |
% |
0.72 |
% |
0.80 |
% |
0.64 |
% |
0.69 |
% |
0.60 |
% |
0.69 |
% |
|||||||||||||
| Classified assets to total assets |
1.08 |
% |
1.13 |
% |
1.34 |
% |
1.48 |
% |
1.70 |
% |
1.08 |
% |
1.70 |
% |
|||||||||||||
| Net charge-offs to average loans (annualized) |
0.22 |
% |
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.05 |
% |
0.17 |
% |
0.08 |
% |
|||||||||||||
| (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) |
September 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, |
Nine months ended, |
||||||||||||||||||||
| Sep. 30, |
Sep. 30, |
||||||||||||||||||||
| 2017 |
2016 |
% Change |
2017 |
2016 |
% Change |
||||||||||||||||
| Interest income |
|||||||||||||||||||||
| Loans and leases, including fees |
$ |
71,148 |
$ |
66,997 |
6.2 |
% |
$ |
205,764 |
$ |
194,820 |
5.6 |
% |
|||||||||
| Investment securities |
|||||||||||||||||||||
| Taxable |
13,150 |
10,326 |
27.3 |
% |
37,356 |
32,405 |
15.3 |
% |
|||||||||||||
| Tax-exempt |
1,537 |
1,083 |
41.9 |
% |
4,347 |
3,401 |
27.8 |
% |
|||||||||||||
| Total investment securities interest |
14,687 |
11,409 |
28.7 |
% |
41,703 |
35,806 |
16.5 |
% |
|||||||||||||
| Other earning assets |
(917) |
(1,081) |
15.2 |
% |
(2,932) |
(3,323) |
11.8 |
% |
|||||||||||||
| Total interest income |
84,918 |
77,325 |
9.8 |
% |
244,535 |
227,303 |
7.6 |
% |
|||||||||||||
| Interest expense |
|||||||||||||||||||||
| Deposits |
10,335 |
5,600 |
84.6 |
% |
25,939 |
16,587 |
56.4 |
% |
|||||||||||||
| Short-term borrowings |
2,566 |
1,368 |
87.6 |
% |
6,049 |
3,591 |
68.4 |
% |
|||||||||||||
| Long-term borrowings |
1,538 |
1,539 |
(0.1) |
% |
4,616 |
4,620 |
(0.1) |
% |
|||||||||||||
| Total interest expense |
14,439 |
8,507 |
69.7 |
% |
36,604 |
24,798 |
47.6 |
% |
|||||||||||||
| Net interest income |
70,479 |
68,818 |
2.4 |
% |
207,931 |
202,505 |
2.7 |
% |
|||||||||||||
| Provision for loan and lease losses |
2,953 |
1,687 |
75.0 |
% |
3,787 |
7,379 |
(48.7) |
% |
|||||||||||||
| Net interest income after provision for loan and lease losses |
67,526 |
67,131 |
0.6 |
% |
204,144 |
195,126 |
4.6 |
% |
|||||||||||||
| Noninterest income |
|||||||||||||||||||||
| Service charges on deposit accounts |
5,169 |
5,056 |
2.2 |
% |
14,585 |
13,892 |
5.0 |
% |
|||||||||||||
| Trust and wealth management fees |
3,324 |
3,236 |
2.7 |
% |
10,476 |
9,959 |
5.2 |
% |
|||||||||||||
| Bankcard income |
3,272 |
2,984 |
9.7 |
% |
9,908 |
8,996 |
10.1 |
% |
|||||||||||||
| Client derivative fees |
1,779 |
1,210 |
47.0 |
% |
4,371 |
4,104 |
6.5 |
% |
|||||||||||||
| Net gains from sales of loans |
1,455 |
2,066 |
(29.6) |
% |
3,998 |
5,093 |
(21.5) |
% |
|||||||||||||
| Net gains on sale of investment securities |
276 |
398 |
(30.7) |
% |
1,630 |
234 |
N/M |
||||||||||||||
| Other |
7,667 |
1,999 |
N/M |
12,792 |
10,377 |
23.3 |
% |
||||||||||||||
| Total noninterest income |
22,942 |
16,949 |
35.4 |
% |
57,760 |
52,655 |
9.7 |
% |
|||||||||||||
| Noninterest expenses |
|||||||||||||||||||||
| Salaries and employee benefits |
33,827 |
32,093 |
5.4 |
% |
97,121 |
91,234 |
6.5 |
% |
|||||||||||||
| Net occupancy |
4,328 |
4,543 |
(4.7) |
% |
13,145 |
13,991 |
(6.0) |
% |
|||||||||||||
| Furniture and equipment |
2,161 |
2,139 |
1.0 |
% |
6,474 |
6,482 |
(0.1) |
% |
|||||||||||||
| Data processing |
3,455 |
2,828 |
22.2 |
% |
10,254 |
8,311 |
23.4 |
% |
|||||||||||||
| Marketing |
649 |
641 |
1.2 |
% |
2,141 |
2,507 |
(14.6) |
% |
|||||||||||||
| Communication |
430 |
527 |
(18.4) |
% |
1,345 |
1,485 |
(9.4) |
% |
|||||||||||||
| Professional services |
2,030 |
1,460 |
39.0 |
% |
5,257 |
4,572 |
15.0 |
% |
|||||||||||||
| State intangible tax |
721 |
639 |
12.8 |
% |
2,163 |
1,917 |
12.8 |
% |
|||||||||||||
| FDIC assessments |
1,051 |
1,048 |
0.3 |
% |
3,001 |
3,292 |
(8.8) |
% |
|||||||||||||
| Loss (gain) - other real estate owned |
237 |
(112) |
N/M |
423 |
(259) |
N/M |
|||||||||||||||
| Other |
5,554 |
5,299 |
4.8 |
% |
15,720 |
17,706 |
(11.2) |
% |
|||||||||||||
| Total noninterest expenses |
54,443 |
51,105 |
6.5 |
% |
157,044 |
151,238 |
3.8 |
% |
|||||||||||||
| Income before income taxes |
36,025 |
32,975 |
9.2 |
% |
104,860 |
96,543 |
8.6 |
% |
|||||||||||||
| Income tax expense |
11,199 |
10,125 |
10.6 |
% |
32,884 |
31,311 |
5.0 |
% |
|||||||||||||
| Net income |
$ |
24,826 |
$ |
22,850 |
8.6 |
% |
$ |
71,976 |
$ |
65,232 |
10.3 |
% |
|||||||||
| ADDITIONAL DATA |
|||||||||||||||||||||
| Net earnings per share - basic |
$ |
0.40 |
$ |
0.37 |
$ |
1.17 |
$ |
1.07 |
|||||||||||||
| Net earnings per share - diluted |
$ |
0.40 |
$ |
0.37 |
$ |
1.16 |
$ |
1.05 |
|||||||||||||
| Dividends declared per share |
$ |
0.17 |
$ |
0.16 |
$ |
0.51 |
$ |
0.48 |
|||||||||||||
| Return on average assets |
1.13 |
% |
1.09 |
% |
1.12 |
% |
1.06 |
% |
|||||||||||||
| Return on average shareholders' equity |
10.85 |
% |
10.62 |
% |
10.82 |
% |
10.39 |
% |
|||||||||||||
| Interest income |
$ |
84,918 |
$ |
77,325 |
9.8 |
% |
$ |
244,535 |
$ |
227,303 |
7.6 |
% |
|||||||||
| Tax equivalent adjustment |
1,353 |
1,028 |
31.6 |
% |
3,872 |
3,138 |
23.4 |
% |
|||||||||||||
| Interest income - tax equivalent |
86,271 |
78,353 |
10.1 |
% |
248,407 |
230,441 |
7.8 |
% |
|||||||||||||
| Interest expense |
14,439 |
8,507 |
69.7 |
% |
36,604 |
24,798 |
47.6 |
% |
|||||||||||||
| Net interest income - tax equivalent |
$ |
71,832 |
$ |
69,846 |
2.8 |
% |
$ |
211,803 |
$ |
205,643 |
3.0 |
% |
|||||||||
| Net interest margin |
3.50 |
% |
3.61 |
% |
3.54 |
% |
3.61 |
% |
|||||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.57 |
% |
3.66 |
% |
3.61 |
% |
3.67 |
% |
|||||||||||||
| Full-time equivalent employees |
1,363 |
1,402 |
|||||||||||||||||||
| (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 |
||||||||||||||||||
| Third |
Second |
First |
Full |
% Change |
||||||||||||||
| Quarter |
Quarter |
Quarter |
Year |
Linked Qtr. |
||||||||||||||
| Interest income |
||||||||||||||||||
| Loans and leases, including fees |
$ |
71,148 |
$ |
67,748 |
$ |
66,868 |
$ |
205,764 |
5.0 |
% |
||||||||
| Investment securities |
||||||||||||||||||
| Taxable |
13,150 |
12,598 |
11,608 |
37,356 |
4.4 |
% |
||||||||||||
| Tax-exempt |
1,537 |
1,457 |
1,353 |
4,347 |
5.5 |
% |
||||||||||||
| Total investment securities interest |
14,687 |
14,055 |
12,961 |
41,703 |
4.5 |
% |
||||||||||||
| Other earning assets |
(917) |
(1,014) |
(1,001) |
(2,932) |
9.6 |
% |
||||||||||||
| Total interest income |
84,918 |
80,789 |
78,828 |
244,535 |
5.1 |
% |
||||||||||||
| Interest expense |
||||||||||||||||||
| Deposits |
10,335 |
8,679 |
6,925 |
25,939 |
19.1 |
% |
||||||||||||
| Short-term borrowings |
2,566 |
2,051 |
1,432 |
6,049 |
25.1 |
% |
||||||||||||
| Long-term borrowings |
1,538 |
1,539 |
1,539 |
4,616 |
(0.1) |
% |
||||||||||||
| Total interest expense |
14,439 |
12,269 |
9,896 |
36,604 |
17.7 |
% |
||||||||||||
| Net interest income |
70,479 |
68,520 |
68,932 |
207,931 |
2.9 |
% |
||||||||||||
| Provision for loan and lease losses |
2,953 |
467 |
367 |
3,787 |
N/M |
|||||||||||||
| Net interest income after provision for loan and lease losses |
67,526 |
68,053 |
68,565 |
204,144 |
(0.8) |
% |
||||||||||||
| Noninterest income |
||||||||||||||||||
| Service charges on deposit accounts |
5,169 |
4,772 |
4,644 |
14,585 |
8.3 |
% |
||||||||||||
| Trust and wealth management fees |
3,324 |
3,405 |
3,747 |
10,476 |
(2.4) |
% |
||||||||||||
| Bankcard income |
3,272 |
3,501 |
3,135 |
9,908 |
(6.5) |
% |
||||||||||||
| Client derivative fees |
1,779 |
1,489 |
1,103 |
4,371 |
19.5 |
% |
||||||||||||
| Net gains from sales of loans |
1,455 |
1,327 |
1,216 |
3,998 |
9.6 |
% |
||||||||||||
| Net gains on sale of investment securities |
276 |
838 |
516 |
1,630 |
(67.1) |
% |
||||||||||||
| Other |
7,667 |
2,122 |
3,003 |
12,792 |
N/M |
|||||||||||||
| Total noninterest income |
22,942 |
17,454 |
17,364 |
57,760 |
31.4 |
% |
||||||||||||
| Noninterest expenses |
||||||||||||||||||
| Salaries and employee benefits |
33,827 |
31,544 |
31,750 |
97,121 |
7.2 |
% |
||||||||||||
| Net occupancy |
4,328 |
4,302 |
4,515 |
13,145 |
0.6 |
% |
||||||||||||
| Furniture and equipment |
2,161 |
2,136 |
2,177 |
6,474 |
1.2 |
% |
||||||||||||
| Data processing |
3,455 |
3,501 |
3,298 |
10,254 |
(1.3) |
% |
||||||||||||
| Marketing |
649 |
982 |
510 |
2,141 |
(33.9) |
% |
||||||||||||
| Communication |
430 |
468 |
447 |
1,345 |
(8.1) |
% |
||||||||||||
| Professional services |
2,030 |
1,469 |
1,758 |
5,257 |
38.2 |
% |
||||||||||||
| State intangible tax |
721 |
721 |
721 |
2,163 |
0.0 |
% |
||||||||||||
| FDIC assessments |
1,051 |
1,018 |
932 |
3,001 |
3.2 |
% |
||||||||||||
| Loss (gain) - other real estate owned |
237 |
162 |
24 |
423 |
46.3 |
% |
||||||||||||
| Other |
5,554 |
5,253 |
4,913 |
15,720 |
5.7 |
% |
||||||||||||
| Total noninterest expenses |
54,443 |
51,556 |
51,045 |
157,044 |
5.6 |
% |
||||||||||||
| Income before income taxes |
36,025 |
33,951 |
34,884 |
104,860 |
6.1 |
% |
||||||||||||
| Income tax expense |
11,199 |
11,215 |
10,470 |
32,884 |
(0.1) |
% |
||||||||||||
| Net income |
$ |
24,826 |
$ |
22,736 |
$ |
24,414 |
$ |
71,976 |
9.2 |
% |
||||||||
| ADDITIONAL DATA |
||||||||||||||||||
| Net earnings per share - basic |
$ |
0.40 |
$ |
0.37 |
$ |
0.40 |
$ |
1.17 |
||||||||||
| Net earnings per share - diluted |
$ |
0.40 |
$ |
0.37 |
$ |
0.39 |
$ |
1.16 |
||||||||||
| Dividends declared per share |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.51 |
||||||||||
| Return on average assets |
1.13 |
% |
1.06 |
% |
1.18 |
% |
1.12 |
% |
||||||||||
| Return on average shareholders' equity |
10.85 |
% |
10.25 |
% |
11.36 |
% |
10.82 |
% |
||||||||||
| Interest income |
$ |
84,918 |
$ |
80,789 |
$ |
78,828 |
$ |
244,535 |
5.1 |
% |
||||||||
| Tax equivalent adjustment |
1,353 |
1,294 |
1,225 |
3,872 |
4.6 |
% |
||||||||||||
| Interest income - tax equivalent |
86,271 |
82,083 |
80,053 |
248,407 |
5.1 |
% |
||||||||||||
| Interest expense |
14,439 |
12,269 |
9,896 |
36,604 |
17.7 |
% |
||||||||||||
| Net interest income - tax equivalent |
$ |
71,832 |
$ |
69,814 |
$ |
70,157 |
$ |
211,803 |
2.9 |
% |
||||||||
| Net interest margin |
3.50 |
% |
3.50 |
% |
3.63 |
% |
3.54 |
% |
||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.57 |
% |
3.56 |
% |
3.70 |
% |
3.61 |
% |
||||||||||
| Full-time equivalent employees |
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 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 and leases, 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) |
|||||||||||||||||||||||||
| Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
% Change |
% Change |
|||||||||||||||||||
| 2017 |
2017 |
2017 |
2016 |
2016 |
Linked Qtr. |
Comparable Qtr. |
|||||||||||||||||||
| ASSETS |
|||||||||||||||||||||||||
| Cash and due from banks |
$ |
117,840 |
$ |
117,478 |
$ |
117,914 |
$ |
121,598 |
$ |
117,982 |
0.3 |
% |
(0.1) |
% |
|||||||||||
| Interest-bearing deposits with other banks |
34,787 |
29,839 |
39,058 |
82,450 |
16,765 |
16.6 |
% |
107.5 |
% |
||||||||||||||||
| Investment securities available-for-sale |
1,286,770 |
1,298,578 |
1,220,046 |
1,039,870 |
1,120,494 |
(0.9) |
% |
14.8 |
% |
||||||||||||||||
| Investment securities held-to-maturity |
669,816 |
696,269 |
730,796 |
763,254 |
628,497 |
(3.8) |
% |
6.6 |
% |
||||||||||||||||
| Other investments |
53,198 |
53,285 |
50,996 |
51,077 |
51,170 |
(0.2) |
% |
4.0 |
% |
||||||||||||||||
| Loans held for sale |
16,466 |
11,939 |
7,657 |
13,135 |
17,414 |
37.9 |
% |
(5.4) |
% |
||||||||||||||||
| Loans and leases |
|||||||||||||||||||||||||
| Commercial and industrial |
1,886,093 |
1,824,589 |
1,779,635 |
1,781,948 |
1,782,782 |
3.4 |
% |
5.8 |
% |
||||||||||||||||
| Lease financing |
86,014 |
88,152 |
88,888 |
93,108 |
96,046 |
(2.4) |
% |
(10.4) |
% |
||||||||||||||||
| Construction real estate |
420,941 |
443,112 |
446,332 |
399,434 |
380,349 |
(5.0) |
% |
10.7 |
% |
||||||||||||||||
| Commercial real estate |
2,523,387 |
2,471,655 |
2,398,235 |
2,427,577 |
2,468,083 |
2.1 |
% |
2.2 |
% |
||||||||||||||||
| Residential real estate |
477,964 |
490,398 |
486,601 |
500,980 |
507,715 |
(2.5) |
% |
(5.9) |
% |
||||||||||||||||
| Home equity |
494,342 |
464,066 |
458,974 |
460,388 |
463,702 |
6.5 |
% |
6.6 |
% |
||||||||||||||||
| Installment |
43,650 |
47,654 |
52,063 |
50,639 |
47,825 |
(8.4) |
% |
(8.7) |
% |
||||||||||||||||
| Credit card |
44,646 |
44,139 |
43,354 |
43,408 |
43,009 |
1.1 |
% |
3.8 |
% |
||||||||||||||||
| Total loans |
5,977,037 |
5,873,765 |
5,754,082 |
5,757,482 |
5,789,511 |
1.8 |
% |
3.2 |
% |
||||||||||||||||
| Less: |
|||||||||||||||||||||||||
| Allowance for loan and lease losses |
54,534 |
54,873 |
56,326 |
57,961 |
57,618 |
(0.6) |
% |
(5.4) |
% |
||||||||||||||||
| Net loans |
5,922,503 |
5,818,892 |
5,697,756 |
5,699,521 |
5,731,893 |
1.8 |
% |
3.3 |
% |
||||||||||||||||
| Premises and equipment |
126,790 |
128,956 |
131,808 |
131,579 |
132,082 |
(1.7) |
% |
(4.0) |
% |
||||||||||||||||
| Goodwill and other intangibles |
209,730 |
210,045 |
210,324 |
210,625 |
210,888 |
(0.1) |
% |
(0.5) |
% |
||||||||||||||||
| Accrued interest and other assets |
323,789 |
344,761 |
324,815 |
324,858 |
341,296 |
(6.1) |
% |
(5.1) |
% |
||||||||||||||||
| Total Assets |
$ |
8,761,689 |
$ |
8,710,042 |
$ |
8,531,170 |
$ |
8,437,967 |
$ |
8,368,481 |
0.6 |
% |
4.7 |
% |
|||||||||||
| LIABILITIES |
|||||||||||||||||||||||||
| Deposits |
|||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,518,011 |
$ |
1,496,173 |
$ |
1,494,892 |
$ |
1,513,771 |
$ |
1,494,529 |
1.5 |
% |
1.6 |
% |
|||||||||||
| Savings |
2,434,086 |
2,398,262 |
2,284,821 |
2,142,189 |
2,005,407 |
1.5 |
% |
21.4 |
% |
||||||||||||||||
| Time |
1,188,597 |
1,097,911 |
1,202,563 |
1,321,843 |
1,346,736 |
8.3 |
% |
(11.7) |
% |
||||||||||||||||
| Total interest-bearing deposits |
5,140,694 |
4,992,346 |
4,982,276 |
4,977,803 |
4,846,672 |
3.0 |
% |
6.1 |
% |
||||||||||||||||
| Noninterest-bearing |
1,585,396 |
1,476,563 |
1,547,600 |
1,547,985 |
1,492,011 |
7.4 |
% |
6.3 |
% |
||||||||||||||||
| Total deposits |
6,726,090 |
6,468,909 |
6,529,876 |
6,525,788 |
6,338,683 |
4.0 |
% |
6.1 |
% |
||||||||||||||||
| Federal funds purchased and securities sold |
|||||||||||||||||||||||||
| under agreements to repurchase |
45,532 |
130,633 |
52,484 |
120,212 |
77,936 |
(65.1) |
% |
(41.6) |
% |
||||||||||||||||
| FHLB short-term borrowings |
818,200 |
957,700 |
806,700 |
687,700 |
848,300 |
(14.6) |
% |
(3.5) |
% |
||||||||||||||||
| Total short-term borrowings |
863,732 |
1,088,333 |
859,184 |
807,912 |
926,236 |
(20.6) |
% |
(6.7) |
% |
||||||||||||||||
| Long-term debt |
119,615 |
119,669 |
119,629 |
119,589 |
119,549 |
0.0 |
% |
0.1 |
% |
||||||||||||||||
| Total borrowed funds |
983,347 |
1,208,002 |
978,813 |
927,501 |
1,045,785 |
(18.6) |
% |
(6.0) |
% |
||||||||||||||||
| Accrued interest and other liabilities |
137,298 |
135,014 |
142,416 |
119,454 |
122,876 |
1.7 |
% |
11.7 |
% |
||||||||||||||||
| Total Liabilities |
7,846,735 |
7,811,925 |
7,651,105 |
7,572,743 |
7,507,344 |
0.4 |
% |
4.5 |
% |
||||||||||||||||
| SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||
| Common stock |
571,750 |
569,302 |
567,911 |
570,382 |
569,199 |
0.4 |
% |
0.4 |
% |
||||||||||||||||
| Retained earnings |
477,588 |
463,250 |
451,073 |
437,188 |
423,800 |
3.1 |
% |
12.7 |
% |
||||||||||||||||
| Accumulated other comprehensive loss |
(20,379) |
(22,222) |
(26,639) |
(28,443) |
(17,522) |
(8.3) |
% |
16.3 |
% |
||||||||||||||||
| Treasury stock, at cost |
(114,005) |
(112,213) |
(112,280) |
(113,903) |
(114,340) |
1.6 |
% |
(0.3) |
% |
||||||||||||||||
| Total Shareholders' Equity |
914,954 |
898,117 |
880,065 |
865,224 |
861,137 |
1.9 |
% |
6.2 |
% |
||||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
8,761,689 |
$ |
8,710,042 |
$ |
8,531,170 |
$ |
8,437,967 |
$ |
8,368,481 |
0.6 |
% |
4.7 |
% |
|||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||
| AVERAGE CONSOLIDATED STATEMENTS OF CONDITION |
|||||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Quarterly Averages |
Year-to-Date Averages |
||||||||||||||||||||||||||
| Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
September 30, |
||||||||||||||||||||||
| 2017 |
2017 |
2017 |
2016 |
2016 |
2017 |
2016 |
|||||||||||||||||||||
| ASSETS |
|||||||||||||||||||||||||||
| Cash and due from banks |
$ |
111,984 |
$ |
116,123 |
$ |
115,719 |
$ |
122,130 |
$ |
116,441 |
$ |
114,595 |
$ |
118,542 |
|||||||||||||
| Interest-bearing deposits with other banks |
37,199 |
20,293 |
40,985 |
19,557 |
22,116 |
32,812 |
22,696 |
||||||||||||||||||||
| Investment securities |
2,041,785 |
2,035,334 |
1,906,699 |
1,816,944 |
1,811,240 |
1,995,101 |
1,872,958 |
||||||||||||||||||||
| Loans held for sale |
12,705 |
9,243 |
8,125 |
14,729 |
11,197 |
10,041 |
12,052 |
||||||||||||||||||||
| Loans and leases |
|||||||||||||||||||||||||||
| Commercial and industrial |
1,843,677 |
1,778,523 |
1,782,829 |
1,767,570 |
1,786,461 |
1,801,899 |
1,732,191 |
||||||||||||||||||||
| Lease financing |
85,649 |
86,880 |
89,549 |
93,817 |
96,518 |
87,345 |
97,183 |
||||||||||||||||||||
| Construction real estate |
408,373 |
447,716 |
414,038 |
376,616 |
380,894 |
423,355 |
350,642 |
||||||||||||||||||||
| Commercial real estate |
2,497,170 |
2,418,355 |
2,390,004 |
2,470,280 |
2,400,308 |
2,435,569 |
2,322,277 |
||||||||||||||||||||
| Residential real estate |
489,508 |
490,709 |
497,412 |
503,711 |
512,341 |
492,514 |
510,681 |
||||||||||||||||||||
| Home equity |
473,988 |
462,431 |
459,821 |
461,177 |
466,062 |
465,465 |
466,317 |
||||||||||||||||||||
| Installment |
45,911 |
51,275 |
50,722 |
49,071 |
47,428 |
49,285 |
44,532 |
||||||||||||||||||||
| Credit card |
45,072 |
44,478 |
44,013 |
43,894 |
42,564 |
44,525 |
41,622 |
||||||||||||||||||||
| Total loans |
5,889,348 |
5,780,367 |
5,728,388 |
5,766,136 |
5,732,576 |
5,799,957 |
5,565,445 |
||||||||||||||||||||
| Less: |
|||||||||||||||||||||||||||
| Allowance for loan and lease losses |
55,326 |
57,379 |
58,461 |
58,733 |
58,284 |
57,044 |
56,231 |
||||||||||||||||||||
| Net loans |
5,834,022 |
5,722,988 |
5,669,927 |
5,707,403 |
5,674,292 |
5,742,913 |
5,509,214 |
||||||||||||||||||||
| Premises and equipment |
128,539 |
131,654 |
132,384 |
132,414 |
133,360 |
130,845 |
136,543 |
||||||||||||||||||||
| Goodwill and other intangibles |
209,933 |
210,215 |
210,513 |
210,768 |
211,029 |
210,218 |
211,365 |
||||||||||||||||||||
| Accrued interest and other assets |
340,750 |
337,111 |
324,719 |
335,967 |
342,481 |
334,252 |
332,000 |
||||||||||||||||||||
| Total Assets |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,322,156 |
$ |
8,570,777 |
$ |
8,215,370 |
|||||||||||||
| LIABILITIES |
|||||||||||||||||||||||||||
| Deposits |
|||||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,494,367 |
$ |
1,483,186 |
$ |
1,484,427 |
$ |
1,540,755 |
$ |
1,447,226 |
$ |
1,487,363 |
$ |
1,440,638 |
|||||||||||||
| Savings |
2,494,592 |
2,408,950 |
2,224,708 |
2,093,557 |
2,015,602 |
2,377,072 |
1,998,727 |
||||||||||||||||||||
| Time |
1,181,406 |
1,164,087 |
1,233,631 |
1,378,301 |
1,284,059 |
1,192,850 |
1,348,345 |
||||||||||||||||||||
| Total interest-bearing deposits |
5,170,365 |
5,056,223 |
4,942,766 |
5,012,613 |
4,746,887 |
5,057,285 |
4,787,710 |
||||||||||||||||||||
| Noninterest-bearing |
1,510,032 |
1,513,995 |
1,499,097 |
1,544,598 |
1,453,842 |
1,507,748 |
1,427,323 |
||||||||||||||||||||
| Total deposits |
6,680,397 |
6,570,218 |
6,441,863 |
6,557,211 |
6,200,729 |
6,565,033 |
6,215,033 |
||||||||||||||||||||
| Federal funds purchased and securities sold |
|||||||||||||||||||||||||||
| under agreements to repurchase |
71,315 |
62,893 |
88,048 |
93,452 |
87,343 |
74,024 |
87,715 |
||||||||||||||||||||
| FHLB short-term borrowings |
808,842 |
812,588 |
760,673 |
602,720 |
946,096 |
794,211 |
854,619 |
||||||||||||||||||||
| Total short-term borrowings |
880,157 |
875,481 |
848,721 |
696,172 |
1,033,439 |
868,235 |
942,334 |
||||||||||||||||||||
| Long-term debt |
119,661 |
119,651 |
119,605 |
119,756 |
119,603 |
119,639 |
119,577 |
||||||||||||||||||||
| Total borrowed funds |
999,818 |
995,132 |
968,326 |
815,928 |
1,153,042 |
987,874 |
1,061,911 |
||||||||||||||||||||
| Accrued interest and other liabilities |
128,645 |
128,007 |
127,667 |
123,264 |
112,089 |
128,110 |
99,929 |
||||||||||||||||||||
| Total Liabilities |
7,808,860 |
7,693,357 |
7,537,856 |
7,496,403 |
7,465,860 |
7,681,017 |
7,376,873 |
||||||||||||||||||||
| SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||
| Common stock |
570,216 |
568,654 |
570,058 |
569,779 |
568,203 |
569,643 |
568,812 |
||||||||||||||||||||
| Retained earnings |
470,591 |
456,648 |
442,104 |
430,402 |
419,901 |
456,552 |
407,527 |
||||||||||||||||||||
| Accumulated other comprehensive loss |
(19,940) |
(23,414) |
(27,569) |
(22,436) |
(17,701) |
(23,613) |
(21,907) |
||||||||||||||||||||
| Treasury stock, at cost |
(112,810) |
(112,284) |
(113,378) |
(114,236) |
(114,107) |
(112,822) |
(115,935) |
||||||||||||||||||||
| Total Shareholders' Equity |
908,057 |
889,604 |
871,215 |
863,509 |
856,296 |
889,760 |
838,497 |
||||||||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,322,156 |
$ |
8,570,777 |
$ |
8,215,370 |
|||||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||||||||||
| NET INTEREST MARGIN RATE/VOLUME ANALYSIS |
|||||||||||||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||||||||||
| Quarterly Averages |
Year-to-Date Averages |
||||||||||||||||||||||||||||||||||
| September 30, 2017 |
June 30, 2017 |
September 30, 2016 |
September 30, 2017 |
September 30, 2016 |
|||||||||||||||||||||||||||||||
| Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
||||||||||||||||||||||||||
| Earning assets |
|||||||||||||||||||||||||||||||||||
| Investments: |
|||||||||||||||||||||||||||||||||||
| Investment securities |
$ |
2,041,785 |
2.85 |
% |
$ |
2,035,334 |
2.77 |
% |
$ |
1,811,240 |
2.50 |
% |
$ |
1,995,101 |
2.79 |
% |
$ |
1,872,958 |
2.56 |
% |
|||||||||||||||
| Interest-bearing deposits with other banks |
37,199 |
1.28 |
% |
20,293 |
1.11 |
% |
22,116 |
0.54 |
% |
32,812 |
1.05 |
% |
22,696 |
0.52 |
% |
||||||||||||||||||||
| Gross loans (1) |
5,910,985 |
4.71 |
% |
5,799,937 |
4.61 |
% |
5,757,804 |
4.54 |
% |
5,820,248 |
4.65 |
% |
5,593,016 |
4.58 |
% |
||||||||||||||||||||
| Total earning assets |
7,989,969 |
4.22 |
% |
7,855,564 |
4.13 |
% |
7,591,160 |
4.04 |
% |
7,848,161 |
4.17 |
% |
7,488,670 |
4.06 |
% |
||||||||||||||||||||
| Nonearning assets |
|||||||||||||||||||||||||||||||||||
| Allowance for loan and lease losses |
(55,326) |
(57,379) |
(58,284) |
(57,044) |
(56,231) |
||||||||||||||||||||||||||||||
| Cash and due from banks |
111,984 |
116,123 |
116,441 |
114,595 |
118,542 |
||||||||||||||||||||||||||||||
| Accrued interest and other assets |
670,290 |
668,653 |
672,839 |
665,065 |
664,389 |
||||||||||||||||||||||||||||||
| Total assets |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,322,156 |
$ |
8,570,777 |
$ |
8,215,370 |
|||||||||||||||||||||||||
| Interest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
| Deposits: |
|||||||||||||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,494,367 |
0.33 |
% |
$ |
1,483,186 |
0.27 |
% |
$ |
1,447,226 |
0.15 |
% |
$ |
1,487,363 |
0.27 |
% |
$ |
1,440,638 |
0.14 |
% |
|||||||||||||||
| Savings |
2,494,592 |
0.82 |
% |
2,408,950 |
0.69 |
% |
2,015,602 |
0.27 |
% |
2,377,072 |
0.67 |
% |
1,998,727 |
0.26 |
% |
||||||||||||||||||||
| Time |
1,181,406 |
1.32 |
% |
1,164,087 |
1.23 |
% |
1,284,059 |
1.14 |
% |
1,192,850 |
1.24 |
% |
1,348,345 |
1.10 |
% |
||||||||||||||||||||
| Total interest-bearing deposits |
5,170,365 |
0.79 |
% |
5,056,223 |
0.69 |
% |
4,746,887 |
0.47 |
% |
5,057,285 |
0.69 |
% |
4,787,710 |
0.46 |
% |
||||||||||||||||||||
| Borrowed funds |
|||||||||||||||||||||||||||||||||||
| Short-term borrowings |
880,157 |
1.16 |
% |
875,481 |
0.94 |
% |
1,033,439 |
0.53 |
% |
868,235 |
0.93 |
% |
942,334 |
0.51 |
% |
||||||||||||||||||||
| Long-term debt |
119,661 |
5.10 |
% |
119,651 |
5.16 |
% |
119,603 |
5.11 |
% |
119,639 |
5.16 |
% |
119,577 |
5.17 |
% |
||||||||||||||||||||
| Total borrowed funds |
999,818 |
1.63 |
% |
995,132 |
1.45 |
% |
1,153,042 |
1.00 |
% |
987,874 |
1.44 |
% |
1,061,911 |
1.03 |
% |
||||||||||||||||||||
| Total interest-bearing liabilities |
6,170,183 |
0.93 |
% |
6,051,355 |
0.81 |
% |
5,899,929 |
0.57 |
% |
6,045,159 |
0.81 |
% |
5,849,621 |
0.57 |
% |
||||||||||||||||||||
| Noninterest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits |
1,510,032 |
1,513,995 |
1,453,842 |
1,507,748 |
1,427,323 |
||||||||||||||||||||||||||||||
| Other liabilities |
128,645 |
128,007 |
112,089 |
128,110 |
99,929 |
||||||||||||||||||||||||||||||
| Shareholders' equity |
908,057 |
889,604 |
856,296 |
889,760 |
838,497 |
||||||||||||||||||||||||||||||
| Total liabilities & shareholders' equity |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,322,156 |
$ |
8,570,777 |
$ |
8,215,370 |
|||||||||||||||||||||||||
| Net interest income |
$ |
70,479 |
$ |
68,520 |
$ |
68,818 |
$ |
207,931 |
$ |
202,505 |
|||||||||||||||||||||||||
| Net interest spread |
3.29 |
% |
3.32 |
% |
3.47 |
% |
3.36 |
% |
3.49 |
% |
|||||||||||||||||||||||||
| Net interest margin |
3.50 |
% |
3.50 |
% |
3.61 |
% |
3.54 |
% |
3.61 |
% |
|||||||||||||||||||||||||
| Tax equivalent adjustment |
0.07 |
% |
0.06 |
% |
0.05 |
% |
0.07 |
% |
0.06 |
% |
|||||||||||||||||||||||||
| Net interest margin (fully tax equivalent) |
3.57 |
% |
3.56 |
% |
3.66 |
% |
3.61 |
% |
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 |
$ |
426 |
$ |
206 |
$ |
632 |
$ |
1,620 |
$ |
1,658 |
$ |
3,278 |
$ |
3,344 |
$ |
2,553 |
$ |
5,897 |
||||||||||||||||||
| Interest-bearing deposits with other banks |
9 |
55 |
64 |
41 |
49 |
90 |
89 |
79 |
168 |
|||||||||||||||||||||||||||
| Gross loans (2) |
1,368 |
2,065 |
3,433 |
2,408 |
1,817 |
4,225 |
3,258 |
7,909 |
11,167 |
|||||||||||||||||||||||||||
| Total earning assets |
1,803 |
2,326 |
4,129 |
4,069 |
3,524 |
7,593 |
6,691 |
10,541 |
17,232 |
|||||||||||||||||||||||||||
| Interest-bearing liabilities |
||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits |
$ |
1,318 |
$ |
338 |
$ |
1,656 |
$ |
3,889 |
$ |
846 |
$ |
4,735 |
$ |
7,969 |
$ |
1,383 |
$ |
9,352 |
||||||||||||||||||
| Borrowed funds |
||||||||||||||||||||||||||||||||||||
| Short-term borrowings |
474 |
41 |
515 |
1,645 |
(447) |
1,198 |
2,974 |
(516) |
2,458 |
|||||||||||||||||||||||||||
| Long-term debt |
(18) |
17 |
(1) |
(2) |
1 |
(1) |
(6) |
2 |
(4) |
|||||||||||||||||||||||||||
| Total borrowed funds |
456 |
58 |
514 |
1,643 |
(446) |
1,197 |
2,968 |
(514) |
2,454 |
|||||||||||||||||||||||||||
| Total interest-bearing liabilities |
1,774 |
396 |
2,170 |
5,532 |
400 |
5,932 |
10,937 |
869 |
11,806 |
|||||||||||||||||||||||||||
| Net interest income (1) |
$ |
29 |
$ |
1,930 |
$ |
1,959 |
$ |
(1,463) |
$ |
3,124 |
$ |
1,661 |
$ |
(4,246) |
$ |
9,672 |
$ |
5,426 |
||||||||||||||||||
| (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) |
||||||||||||||||||||||||||||
| Nine months ended, |
||||||||||||||||||||||||||||
| Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Sep. 30, |
Sep. 30, |
||||||||||||||||||||||
| 2017 |
2017 |
2017 |
2016 |
2016 |
2017 |
2016 |
||||||||||||||||||||||
| ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY |
||||||||||||||||||||||||||||
| Balance at beginning of period |
$ |
54,873 |
$ |
56,326 |
$ |
57,961 |
$ |
57,618 |
$ |
56,708 |
$ |
57,961 |
$ |
53,398 |
||||||||||||||
| Provision for loan and lease losses |
2,953 |
467 |
367 |
2,761 |
1,687 |
3,787 |
7,379 |
|||||||||||||||||||||
| Gross charge-offs |
||||||||||||||||||||||||||||
| Commercial and industrial |
4,122 |
3,065 |
1,743 |
1,590 |
296 |
8,930 |
1,040 |
|||||||||||||||||||||
| Lease financing |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|||||||||||||||||||||
| Construction real estate |
0 |
0 |
0 |
(2) |
64 |
0 |
95 |
|||||||||||||||||||||
| Commercial real estate |
58 |
485 |
485 |
990 |
1,135 |
1,028 |
3,993 |
|||||||||||||||||||||
| Residential real estate |
23 |
223 |
61 |
224 |
90 |
307 |
163 |
|||||||||||||||||||||
| Home equity |
71 |
384 |
180 |
232 |
475 |
635 |
1,213 |
|||||||||||||||||||||
| Installment |
24 |
126 |
49 |
60 |
223 |
199 |
326 |
|||||||||||||||||||||
| Credit card |
201 |
215 |
232 |
326 |
267 |
648 |
864 |
|||||||||||||||||||||
| Total gross charge-offs |
4,499 |
4,498 |
2,750 |
3,420 |
2,550 |
11,747 |
7,694 |
|||||||||||||||||||||
| Recoveries |
||||||||||||||||||||||||||||
| Commercial and industrial |
325 |
693 |
262 |
186 |
327 |
1,280 |
969 |
|||||||||||||||||||||
| Lease financing |
0 |
1 |
0 |
0 |
0 |
1 |
1 |
|||||||||||||||||||||
| Construction real estate |
0 |
89 |
0 |
51 |
6 |
89 |
234 |
|||||||||||||||||||||
| Commercial real estate |
585 |
1,398 |
256 |
382 |
997 |
2,239 |
2,120 |
|||||||||||||||||||||
| Residential real estate |
70 |
59 |
9 |
54 |
38 |
138 |
182 |
|||||||||||||||||||||
| Home equity |
110 |
222 |
106 |
144 |
257 |
438 |
576 |
|||||||||||||||||||||
| Installment |
74 |
43 |
71 |
118 |
56 |
188 |
217 |
|||||||||||||||||||||
| Credit card |
43 |
73 |
44 |
67 |
92 |
160 |
236 |
|||||||||||||||||||||
| Total recoveries |
1,207 |
2,578 |
748 |
1,002 |
1,773 |
4,533 |
4,535 |
|||||||||||||||||||||
| Total net charge-offs |
3,292 |
1,920 |
2,002 |
2,418 |
777 |
7,214 |
3,159 |
|||||||||||||||||||||
| Ending allowance for loan and lease losses |
$ |
54,534 |
$ |
54,873 |
$ |
56,326 |
$ |
57,961 |
$ |
57,618 |
$ |
54,534 |
$ |
57,618 |
||||||||||||||
| NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) |
||||||||||||||||||||||||||||
| Commercial and industrial |
0.82 |
% |
0.53 |
% |
0.34 |
% |
0.32 |
% |
(0.01) |
% |
0.57 |
% |
0.01 |
% |
||||||||||||||
| Lease financing |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
||||||||||||||
| Construction real estate |
0.00 |
% |
(0.08) |
% |
0.00 |
% |
(0.06) |
% |
0.06 |
% |
(0.03) |
% |
(0.05) |
% |
||||||||||||||
| Commercial real estate |
(0.08) |
% |
(0.15) |
% |
0.04 |
% |
0.10 |
% |
0.02 |
% |
(0.07) |
% |
0.11 |
% |
||||||||||||||
| Residential real estate |
(0.04) |
% |
0.13 |
% |
0.04 |
% |
0.13 |
% |
0.04 |
% |
0.05 |
% |
0.00 |
% |
||||||||||||||
| Home equity |
(0.03) |
% |
0.14 |
% |
0.07 |
% |
0.08 |
% |
0.19 |
% |
0.06 |
% |
0.18 |
% |
||||||||||||||
| Installment |
(0.43) |
% |
0.65 |
% |
(0.18) |
% |
(0.47) |
% |
1.40 |
% |
0.03 |
% |
0.33 |
% |
||||||||||||||
| Credit card |
1.39 |
% |
1.28 |
% |
1.73 |
% |
2.35 |
% |
1.64 |
% |
1.47 |
% |
2.02 |
% |
||||||||||||||
| Total net charge-offs |
0.22 |
% |
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.05 |
% |
0.17 |
% |
0.08 |
% |
||||||||||||||
| COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS |
||||||||||||||||||||||||||||
| Nonaccrual loans (1) |
||||||||||||||||||||||||||||
| Commercial and industrial |
$ |
9,026 |
$ |
15,099 |
$ |
9,249 |
$ |
2,419 |
$ |
3,201 |
$ |
9,026 |
$ |
3,201 |
||||||||||||||
| Lease financing |
87 |
94 |
102 |
195 |
214 |
87 |
214 |
|||||||||||||||||||||
| Construction real estate |
824 |
1,075 |
1,075 |
0 |
0 |
824 |
0 |
|||||||||||||||||||||
| Commercial real estate |
12,244 |
12,617 |
14,324 |
6,098 |
5,985 |
12,244 |
5,985 |
|||||||||||||||||||||
| Residential real estate |
4,333 |
4,442 |
4,520 |
5,251 |
4,759 |
4,333 |
4,759 |
|||||||||||||||||||||
| Home equity |
3,364 |
2,937 |
3,571 |
3,400 |
3,815 |
3,364 |
3,815 |
|||||||||||||||||||||
| Installment |
240 |
307 |
322 |
367 |
327 |
240 |
327 |
|||||||||||||||||||||
| Nonaccrual loans |
30,118 |
36,571 |
33,163 |
17,730 |
18,301 |
30,118 |
18,301 |
|||||||||||||||||||||
| Accruing troubled debt restructurings (TDRs) |
19,692 |
20,135 |
29,948 |
30,240 |
32,164 |
19,692 |
32,164 |
|||||||||||||||||||||
| Total nonperforming loans |
49,810 |
56,706 |
63,111 |
47,970 |
50,465 |
49,810 |
50,465 |
|||||||||||||||||||||
| Other real estate owned (OREO) |
3,116 |
5,961 |
5,300 |
6,284 |
7,577 |
3,116 |
7,577 |
|||||||||||||||||||||
| Total nonperforming assets |
52,926 |
62,667 |
68,411 |
54,254 |
58,042 |
52,926 |
58,042 |
|||||||||||||||||||||
| Accruing loans past due 90 days or more |
84 |
124 |
96 |
142 |
130 |
84 |
130 |
|||||||||||||||||||||
| Total underperforming assets |
$ |
53,010 |
$ |
62,791 |
$ |
68,507 |
$ |
54,396 |
$ |
58,172 |
$ |
53,010 |
$ |
58,172 |
||||||||||||||
| Total classified assets |
$ |
94,320 |
$ |
98,391 |
$ |
114,550 |
$ |
125,155 |
$ |
142,169 |
$ |
94,320 |
$ |
142,169 |
||||||||||||||
| CREDIT QUALITY RATIOS |
||||||||||||||||||||||||||||
| Allowance for loan and lease losses to |
||||||||||||||||||||||||||||
| Nonaccrual loans |
181.07 |
% |
150.05 |
% |
169.85 |
% |
326.91 |
% |
314.84 |
% |
181.07 |
% |
314.84 |
% |
||||||||||||||
| Nonperforming loans |
109.48 |
% |
96.77 |
% |
89.25 |
% |
120.83 |
% |
114.17 |
% |
109.48 |
% |
114.17 |
% |
||||||||||||||
| Total ending loans |
0.91 |
% |
0.93 |
% |
0.98 |
% |
1.01 |
% |
1.00 |
% |
0.91 |
% |
1.00 |
% |
||||||||||||||
| Nonperforming loans to total loans |
0.83 |
% |
0.97 |
% |
1.10 |
% |
0.83 |
% |
0.87 |
% |
0.83 |
% |
0.87 |
% |
||||||||||||||
| Nonperforming assets to |
||||||||||||||||||||||||||||
| Ending loans, plus OREO |
0.89 |
% |
1.07 |
% |
1.19 |
% |
0.94 |
% |
1.00 |
% |
0.89 |
% |
1.00 |
% |
||||||||||||||
| Total assets |
0.60 |
% |
0.72 |
% |
0.80 |
% |
0.64 |
% |
0.69 |
% |
0.60 |
% |
0.69 |
% |
||||||||||||||
| Nonperforming assets, excluding accruing TDRs to |
||||||||||||||||||||||||||||
| Ending loans, plus OREO |
0.56 |
% |
0.72 |
% |
0.67 |
% |
0.42 |
% |
0.45 |
% |
0.56 |
% |
0.45 |
% |
||||||||||||||
| Total assets |
0.38 |
% |
0.49 |
% |
0.45 |
% |
0.28 |
% |
0.31 |
% |
0.38 |
% |
0.31 |
% |
||||||||||||||
| Classified assets to total assets |
1.08 |
% |
1.13 |
% |
1.34 |
% |
1.48 |
% |
1.70 |
% |
1.08 |
% |
1.70 |
% |
||||||||||||||
| (1) Nonaccrual loans include nonaccrual TDRs of $9.1 million, $9.4 million, $7.8 million, $5.1 million, and $5.6 million, as of September 30, 2017, June 30, 2017, March 31, 2017, December 31, 2016, and September 30, 2016, respectively. |
||||||||||||||||||||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||
| CAPITAL ADEQUACY |
|||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Nine months ended, |
|||||||||||||||||||||||||||
| Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Sep. 30, |
Sep. 30, |
Sep. 30, |
|||||||||||||||||||||
| 2017 |
2017 |
2017 |
2016 |
2016 |
2017 |
2016 |
|||||||||||||||||||||
| PER COMMON SHARE |
|||||||||||||||||||||||||||
| Market Price |
|||||||||||||||||||||||||||
| High |
$ |
28.50 |
$ |
28.95 |
$ |
28.90 |
$ |
29.35 |
$ |
22.52 |
$ |
28.95 |
$ |
22.52 |
|||||||||||||
| Low |
$ |
23.10 |
$ |
25.05 |
$ |
26.00 |
$ |
21.05 |
$ |
18.83 |
$ |
23.10 |
$ |
14.91 |
|||||||||||||
| Close |
$ |
26.15 |
$ |
27.70 |
$ |
27.45 |
$ |
28.45 |
$ |
21.84 |
$ |
26.15 |
$ |
21.84 |
|||||||||||||
| Average shares outstanding - basic |
61,577,619 |
61,543,478 |
61,398,414 |
61,311,068 |
61,280,283 |
61,507,160 |
61,170,845 |
||||||||||||||||||||
| Average shares outstanding - diluted |
62,189,637 |
62,234,022 |
62,140,384 |
62,080,683 |
62,086,067 |
62,185,874 |
61,962,961 |
||||||||||||||||||||
| Ending shares outstanding |
62,061,465 |
62,141,071 |
62,134,285 |
61,979,552 |
61,952,873 |
62,061,465 |
61,952,873 |
||||||||||||||||||||
| Total shareholders' equity |
$ |
914,954 |
$ |
898,117 |
$ |
880,065 |
$ |
865,224 |
$ |
861,137 |
$ |
914,954 |
$ |
861,137 |
|||||||||||||
| REGULATORY CAPITAL |
Preliminary |
Preliminary |
|||||||||||||||||||||||||
| Common equity tier 1 capital |
$ |
746,730 |
$ |
731,024 |
$ |
716,678 |
$ |
703,891 |
$ |
688,363 |
$ |
746,730 |
$ |
688,363 |
|||||||||||||
| Common equity tier 1 capital ratio |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.20 |
% |
10.53 |
% |
10.20 |
% |
|||||||||||||
| Tier 1 capital |
$ |
746,834 |
$ |
731,128 |
$ |
716,782 |
$ |
703,995 |
$ |
688,467 |
$ |
746,834 |
$ |
688,467 |
|||||||||||||
| Tier 1 ratio |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.20 |
% |
10.53 |
% |
10.20 |
% |
|||||||||||||
| Total capital |
$ |
920,642 |
$ |
905,222 |
$ |
892,161 |
$ |
881,158 |
$ |
865,248 |
$ |
920,642 |
$ |
865,248 |
|||||||||||||
| Total capital ratio |
12.98 |
% |
13.05 |
% |
13.19 |
% |
13.10 |
% |
12.82 |
% |
12.98 |
% |
12.82 |
% |
|||||||||||||
| Total capital in excess of minimum |
|||||||||||||||||||||||||||
| requirement |
$ |
264,751 |
$ |
263,580 |
$ |
266,367 |
$ |
300,804 |
$ |
282,996 |
$ |
264,751 |
$ |
282,996 |
|||||||||||||
| Total risk-weighted assets |
$ |
7,090,714 |
$ |
6,936,665 |
$ |
6,765,336 |
$ |
6,728,737 |
$ |
6,750,750 |
$ |
7,090,714 |
$ |
6,750,750 |
|||||||||||||
| Leverage ratio |
8.74 |
% |
8.69 |
% |
8.69 |
% |
8.60 |
% |
8.45 |
% |
8.74 |
% |
8.45 |
% |
|||||||||||||
| OTHER CAPITAL RATIOS |
|||||||||||||||||||||||||||
| Ending shareholders' equity to ending assets |
10.44 |
% |
10.31 |
% |
10.32 |
% |
10.25 |
% |
10.29 |
% |
10.44 |
% |
10.29 |
% |
|||||||||||||
| Ending tangible shareholders' equity to ending tangible assets |
8.25 |
% |
8.09 |
% |
8.05 |
% |
7.96 |
% |
7.97 |
% |
8.25 |
% |
7.97 |
% |
|||||||||||||
| Average shareholders' equity to average assets |
10.42 |
% |
10.36 |
% |
10.36 |
% |
10.33 |
% |
10.29 |
% |
10.38 |
% |
10.21 |
% |
|||||||||||||
| Average tangible shareholders' equity to average tangible assets |
8.21 |
% |
8.12 |
% |
8.06 |
% |
8.01 |
% |
7.96 |
% |
8.13 |
% |
7.84 |
% |
|||||||||||||
SOURCE First Financial Bancorp.
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