First Financial Bancorp Reports Fourth Quarter 2015 Financial Results
Full Year Net Income Increases 15.5%
-- Net Income of $19.8 million (4Q) and $75.1 million (Full Year)
-- Earnings per Share of $0.32 (4Q) and $1.21 (Full Year)
-- Return on Average Assets of 0.99% (4Q) and 1.00% (Full Year)
-- Return on Average Tangible Common Equity of 12.98% (4Q) and 12.66% (Full Year)
-- Net Interest Margin of 3.69% (4Q) and 3.66% (Full Year)
CINCINNATI, Jan. 21, 2016 /PRNewswire/ -- First Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the fourth quarter and full year 2015. For the three months ended December 31, 2015, the Company reported net income of $19.8 million, or $0.32 per diluted common share, compared to net income of $18.7 million, or $0.30 per diluted common share, in the third quarter of 2015 and $18.6 million, or $0.30 per diluted common share, in the fourth quarter of 2014. For the twelve months ended December 31, 2015, the Company reported net income of $75.1 million, or $1.21 per diluted common share, compared to net income of $65.0 million, or $1.09 per diluted common share, in 2014.
Fourth quarter results included approximately $1.0 million of pre-tax, non-operating expenses which were primarily related to severance benefits accrued during the period. Excluding these items, net income was $20.5 million, or $0.33 per diluted common share, return on average assets was 1.02% and return on average tangible common equity was 13.40%.
Full year results included approximately $5.0 million of pre-tax, non-operating expenses, which were primarily related to the severance expense noted above, expenses related to the Oak Street acquisition and adjustments to reserves for litigation related items. Excluding these items, net income for the twelve months ended December 31, 2015 was $78.3 million, or $1.27 per diluted common share, return on average assets was 1.04% and return on average tangible common equity was 13.20%.
Claude Davis, Chief Executive Officer, commented, "2015 was an exciting year for First Financial. During the year, we celebrated the first anniversary of our expansion into the Columbus, Ohio market, announced and closed the acquisition of Oak Street, executed a $120 million subordinated debt offering and marked our 100th consecutive quarter of profitability. In addition, we recently unveiled a fresh and exciting new website that enhances product and service delivery to our clients through a more modern online experience. I am very pleased with our progress toward building a company that can consistently produce top-quartile results."
"Although net interest margin has been constrained by the prolonged low interest rate environment, we believe we are well positioned to take advantage of rising rates and continue to be excited about the growth opportunities throughout our footprint. Organic loan growth was strong again during the fourth quarter, Oak Street is performing as expected and our ability to successfully grow low-cost core deposits continues to provide competitive advantage as we compete for new business."
"As we look forward to another successful year in 2016, our focus remains centered on effectively and efficiently serving the financial needs of our commercial, small business, consumer and wealth management clients."
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income for the fourth quarter was $66.1 million as compared to $63.2 million for the third quarter 2015 and $61.1 million for the fourth quarter 2014. Compared to the linked quarter, total interest income increased $4.6 million, or 6.6%, while total interest expense increased $1.6 million, or 29.6%. Net interest margin was 3.69%, on a fully tax equivalent basis, for the fourth quarter compared to 3.67% for the third quarter 2015 and 3.72% for the fourth quarter 2014.
Interest income earned on loans increased $3.8 million compared to the prior quarter, as average loan balances increased $212.3 million during the period. The effective yield earned on the loan portfolio increased by 10 bps, to 4.62%, compared to the third quarter. This increase was primarily related to the full-quarter impact of the Oak Street acquisition which closed during the third quarter.
Interest income earned on investment securities increased $0.7 million compared to the prior quarter with average balances increasing $86.1 million. The effective yield earned on the investment portfolio increased 5 bps to 2.44% as the Company continued to reinvest cash flows into predominately fixed-rate instruments during the quarter.
Interest expense increased by $1.6 million, compared to the prior quarter, due primarily to a full quarter's impact of the $120 million subordinated debt issued during the third quarter as well as a $16.7 million increase in average borrowed funds and a $229.2 million increase in average interest-bearing deposits. Additionally, and as previously reported, accelerated amortization of the fair-value mark on acquired, long-term FHLB debt, which was prepaid during the third quarter, reduced interest expense by $0.5 million during that period.
The effective cost of borrowed funds increased by 68 bps to 103 bps, primarily related to the full-quarter impact of the subordinated debt, while the cost of interest-bearing deposits was unchanged at 42 bps when compared to the third quarter.
NON-INTEREST INCOME
The Company's non-interest income was $15.8 million for the fourth quarter of 2015 compared to $20.4 million for the third quarter of 2015 and $16.9 million for the fourth quarter of 2014. The $4.5 million decrease versus the linked quarter was primarily related to a $3.0 million decrease in accelerated discount on covered / formerly covered loans, a $0.7 million decrease in fee income related to the Company's client derivative program, a $0.5 million decrease in income distributions from limited partnerships, a $0.4 million decrease in gain on sale of mortgage loans, and a $0.4 million decrease in gain on sale of investment securities, partially offset by a $0.8 million increase in FDIC indemnification income.
NON-INTEREST EXPENSE
The Company's non-interest expense was $51.3 million for the fourth quarter of 2015 compared to $53.0 million for the third quarter of 2015 and $49.7 million for the fourth quarter of 2014. The $1.7 million decrease over the linked quarter was primarily related to $4.0 million of previously disclosed third quarter expenses not expected to recur, partially offset by a $0.8 million increase in severance, a $0.6 million increase in health care related costs, a $0.5 million increase in losses on OREO and a $0.4 million increase in performance incentives.
BALANCE SHEET & CAPITAL
Total assets were $8.1 billion, total loans were $5.4 billion and investment securities were $2.0 billion as of December 31, 2015. Total assets increased by $266.9 million, or 13.4% annualized, from the prior quarter and by $929.6 million, or 12.9%, over the prior year. Total loans increased by $172.7 million, or 13.1% annualized, from the prior quarter and by $611.5 million, or 12.8%, over the prior year. Investment securities increased by $91.5 million, or 19.3% annualized, from the prior quarter and increased by $209.5 million, or 11.9%, over the prior year.
Total deposits were $6.2 billion as of December 31, 2015, an increase of $98.2 million, or 6.4% annualized, compared to the prior quarter and $523.9 million, or 9.3%, higher than a year ago. Borrowed funds were $1.1 billion as of December 31, 2015, compared to $883.0 million as of September 30, 2015 and $709.6 million as of December 31, 2014.
During the quarter, the Company repurchased 91,032 of its shares at a weighted average price of $18.85 and has now repurchased 1,490,867 of the 5,000,000 shares authorized in 2012. As of December 31, 2015, the Company had total shareholders' equity of $809.4 million, a decrease of $3.6 million, or 1.8% annualized, over the prior quarter and an increase of $25.3 million, or 3.2%, over the prior year. The linked quarter decline in total shareholders' equity was primarily related to the impact to Other Comprehensive Income from the year-end valuation of the Company's pension plan.
The Company's regulatory capital ratios remain strong and, as of December 31, 2015, were as follows: leverage ratio of 8.33%, total capital ratio of 13.04%, tier 1 capital ratio of 10.29% and tangible common equity ratio of 7.53%. The Company's tangible book value per share was $9.69 as of December 31, 2015.
ASSET QUALITY
Fourth quarter provision expense was $1.9 million and the total allowance for loan and lease losses as of December 31, 2015 was $53.4 million. The allowance as a percentage of period-end loans was 0.99% at the end of the fourth quarter which represents a 3 bps decline from 1.02% at the end of the third quarter. The balance of the Company's total allowance and loan marks, net of the indemnification asset, was 1.11% of total loans and leases as of December 31, 2015 which represents a 6 bps decline from 1.17% as of September 30, 2015. This change is largely attributable to the strong organic loan growth during the fourth quarter as well as the decline in nonaccrual loans and other asset quality improvements during the period.
For the fourth quarter, net charge-offs totaled $1.8 million, a decrease of $0.4 million, or 17.9% compared to the linked quarter, and were 0.14% of average loans on an annualized basis. For the full year 2015, net charge-offs were $9.1 million or 0.18% of average loans. Nonaccrual loans decreased $7.7 million, or 21.6%, to $28.0 million as of December 31, 2015. Total classified assets increased $3.7 million, or 2.9% to $132.4 million as of December 31, 2015, as payoffs and other resolution activities during the period were offset by the downgrade of a single performing commercial relationship during the fourth quarter on which First Financial expects to receive all contractual principal and interest.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, January 22, 2016 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 10079287. 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 December 31, 2015, the Company had $8.1 billion in assets, $5.4 billion in loans, $6.2 billion in deposits and $809.4 million in shareholders' equity. The Company's subsidiary, First Financial Bank, N.A., founded in 1863, provides banking and financial services products through its four lines of business: commercial, consumer, wealth management and mortgage. The commercial, consumer and mortgage units provide traditional banking services to business and retail clients. First Financial Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.3 billion in assets under management as of December 31, 2015. The Company's strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 106 banking centers. 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 release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Examples of forward-looking statements include, but are not limited to, projections of revenues, income or loss, earnings or loss per share, the payment or non-payment of dividends, capital structure and other financial items, statements of plans and objectives of First Financial or its management or board of directors and statements of future economic performances and statements of assumptions underlying such statements. Words such as ''believes,'' ''anticipates,'' "likely," "expected," ''intends,'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Management's analysis contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to: economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; the effect of and changes in policies and laws or regulatory agencies (notably the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act); management's ability to effectively execute its business plan; mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; the Company's ability to comply with the terms of loss sharing agreements with the FDIC; the effect of changes in accounting policies and practices; and the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2014, as well as its other filings with the SEC, for a more detailed discussion of these risks, uncertainties and other factors that could cause actual results to differ from those discussed in the forward-looking statements. Such forward-looking statements are meaningful only on the date when such statements are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such a statement is made to reflect the occurrence of unanticipated events.
| FIRST FINANCIAL BANCORP. |
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| CONSOLIDATED FINANCIAL HIGHLIGHTS |
|||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Three Months Ended, |
Twelve months ended, |
||||||||||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Dec. 31, |
||||||||||||||||||||||
| 2015 |
2015 |
2015 |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||||||||
| RESULTS OF OPERATIONS |
|||||||||||||||||||||||||||
| Net income |
$ |
19,820 |
$ |
18,673 |
$ |
18,949 |
$ |
17,621 |
$ |
18,599 |
$ |
75,063 |
$ |
65,000 |
|||||||||||||
| Net earnings per share - basic |
$ |
0.33 |
$ |
0.31 |
$ |
0.31 |
$ |
0.29 |
$ |
0.31 |
$ |
1.23 |
$ |
1.11 |
|||||||||||||
| Net earnings per share - diluted |
$ |
0.32 |
$ |
0.30 |
$ |
0.31 |
$ |
0.29 |
$ |
0.30 |
$ |
1.21 |
$ |
1.09 |
|||||||||||||
| Dividends declared per share |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.64 |
$ |
0.61 |
|||||||||||||
| KEY FINANCIAL RATIOS |
|||||||||||||||||||||||||||
| Return on average assets |
0.99 |
% |
0.97 |
% |
1.05 |
% |
0.99 |
% |
1.02 |
% |
1.00 |
% |
0.96 |
% |
|||||||||||||
| Return on average shareholders' equity |
9.62 |
% |
9.12 |
% |
9.49 |
% |
9.06 |
% |
9.46 |
% |
9.33 |
% |
8.94 |
% |
|||||||||||||
| Return on average tangible shareholders' equity |
12.98 |
% |
12.33 |
% |
11.60 |
% |
11.12 |
% |
11.63 |
% |
12.66 |
% |
11.18 |
% |
|||||||||||||
| Net interest margin |
3.63 |
% |
3.61 |
% |
3.56 |
% |
3.61 |
% |
3.67 |
% |
3.60 |
% |
3.71 |
% |
|||||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.69 |
% |
3.67 |
% |
3.62 |
% |
3.67 |
% |
3.72 |
% |
3.66 |
% |
3.76 |
% |
|||||||||||||
| Ending shareholders' equity as a percent of ending assets |
9.93 |
% |
10.32 |
% |
10.87 |
% |
10.98 |
% |
10.86 |
% |
9.93 |
% |
10.86 |
% |
|||||||||||||
| Ending tangible shareholders' equity as a percent of: |
|||||||||||||||||||||||||||
| Ending tangible assets |
7.53 |
% |
7.84 |
% |
9.08 |
% |
9.16 |
% |
9.02 |
% |
7.53 |
% |
9.02 |
% |
|||||||||||||
| Risk-weighted assets |
9.47 |
% |
9.90 |
% |
11.63 |
% |
11.64 |
% |
12.02 |
% |
9.47 |
% |
12.02 |
% |
|||||||||||||
| Average shareholders' equity as a percent of average assets |
10.29 |
% |
10.67 |
% |
11.05 |
% |
10.95 |
% |
10.77 |
% |
10.73 |
% |
10.75 |
% |
|||||||||||||
| Average tangible shareholders' equity as a percent of |
|||||||||||||||||||||||||||
| average tangible assets |
7.83 |
% |
8.12 |
% |
9.23 |
% |
9.11 |
% |
8.94 |
% |
8.13 |
% |
8.79 |
% |
|||||||||||||
| Book value per share |
$ |
13.13 |
$ |
13.17 |
$ |
13.00 |
$ |
12.90 |
$ |
12.76 |
$ |
13.13 |
$ |
12.76 |
|||||||||||||
| Tangible book value per share |
$ |
9.69 |
$ |
9.74 |
$ |
10.65 |
$ |
10.54 |
$ |
10.38 |
$ |
9.69 |
$ |
10.38 |
|||||||||||||
| Common equity tier 1 ratio (2) |
10.28 |
% |
10.51 |
% |
12.34 |
% |
12.29 |
% |
12.69 |
% |
10.28 |
% |
12.69 |
% |
|||||||||||||
| Tier 1 ratio (2) |
10.29 |
% |
10.52 |
% |
12.35 |
% |
12.29 |
% |
12.69 |
% |
10.29 |
% |
12.69 |
% |
|||||||||||||
| Total capital ratio (2) |
13.04 |
% |
13.37 |
% |
13.31 |
% |
13.27 |
% |
13.71 |
% |
13.04 |
% |
13.71 |
% |
|||||||||||||
| Leverage ratio (2) |
8.33 |
% |
8.58 |
% |
9.77 |
% |
9.67 |
% |
9.44 |
% |
8.33 |
% |
9.44 |
% |
|||||||||||||
| AVERAGE BALANCE SHEET ITEMS |
|||||||||||||||||||||||||||
| Loans (3) |
$ |
5,248,465 |
$ |
5,032,708 |
$ |
4,793,471 |
$ |
4,770,671 |
$ |
4,758,374 |
$ |
4,962,834 |
$ |
4,290,953 |
|||||||||||||
| FDIC indemnification asset |
18,437 |
19,848 |
20,744 |
22,112 |
24,172 |
20,274 |
32,436 |
||||||||||||||||||||
| Investment securities |
1,934,173 |
1,848,083 |
1,782,785 |
1,762,622 |
1,811,941 |
1,832,430 |
1,824,107 |
||||||||||||||||||||
| Interest-bearing deposits with other banks |
18,920 |
37,468 |
19,960 |
21,255 |
22,617 |
24,430 |
16,507 |
||||||||||||||||||||
| Total earning assets |
$ |
7,219,995 |
$ |
6,938,107 |
$ |
6,616,960 |
$ |
6,576,660 |
$ |
6,617,104 |
$ |
6,839,968 |
$ |
6,164,003 |
|||||||||||||
| Total assets |
$ |
7,950,278 |
$ |
7,611,389 |
$ |
7,243,886 |
$ |
7,201,313 |
$ |
7,241,869 |
$ |
7,504,069 |
$ |
6,760,959 |
|||||||||||||
| Noninterest-bearing deposits |
$ |
1,402,283 |
$ |
1,344,049 |
$ |
1,325,485 |
$ |
1,286,067 |
$ |
1,290,754 |
$ |
1,339,802 |
$ |
1,169,851 |
|||||||||||||
| Interest-bearing deposits |
4,845,056 |
4,615,886 |
4,446,248 |
4,361,525 |
4,372,529 |
4,568,637 |
3,987,323 |
||||||||||||||||||||
| Total deposits |
$ |
6,247,339 |
$ |
5,959,935 |
$ |
5,771,733 |
$ |
5,647,592 |
$ |
5,663,283 |
$ |
5,908,439 |
$ |
5,157,174 |
|||||||||||||
| Borrowings |
$ |
763,408 |
$ |
746,706 |
$ |
587,225 |
$ |
691,012 |
$ |
733,726 |
$ |
697,422 |
$ |
804,584 |
|||||||||||||
| Shareholders' equity |
$ |
817,756 |
$ |
812,396 |
$ |
800,598 |
$ |
788,511 |
$ |
780,131 |
$ |
804,916 |
$ |
727,015 |
|||||||||||||
| CREDIT QUALITY RATIOS |
|||||||||||||||||||||||||||
| Allowance to ending loans |
0.99 |
% |
1.02 |
% |
1.09 |
% |
1.11 |
% |
1.11 |
% |
0.99 |
% |
1.11 |
% |
|||||||||||||
| Allowance to nonaccrual loans |
190.73 |
% |
149.33 |
% |
133.28 |
% |
107.98 |
% |
109.06 |
% |
190.73 |
% |
109.06 |
% |
|||||||||||||
| Allowance to nonperforming loans |
93.89 |
% |
95.34 |
% |
88.49 |
% |
82.18 |
% |
82.08 |
% |
93.89 |
% |
82.08 |
% |
|||||||||||||
| Nonperforming loans to total loans |
1.06 |
% |
1.07 |
% |
1.23 |
% |
1.36 |
% |
1.35 |
% |
1.06 |
% |
1.35 |
% |
|||||||||||||
| Nonperforming assets to ending loans, plus OREO |
1.30 |
% |
1.36 |
% |
1.56 |
% |
1.79 |
% |
1.81 |
% |
1.30 |
% |
1.81 |
% |
|||||||||||||
| Nonperforming assets to total assets |
0.86 |
% |
0.90 |
% |
1.03 |
% |
1.18 |
% |
1.21 |
% |
0.86 |
% |
1.21 |
% |
|||||||||||||
| Net charge-offs to average loans (annualized) |
0.14 |
% |
0.17 |
% |
0.27 |
% |
0.16 |
% |
0.27 |
% |
0.18 |
% |
0.28 |
% |
|||||||||||||
| (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) December 31, 2015 regulatory capital ratios are preliminary. |
| (3) Includes loans held for sale. |
| FIRST FINANCIAL BANCORP. |
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| CONSOLIDATED STATEMENTS OF INCOME |
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| (Dollars in thousands, except per share data) |
|||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||
| Three months ended, |
Twelve months ended, |
||||||||||||||||||||
| Dec. 31, |
Dec. 31, |
||||||||||||||||||||
| 2015 |
2014 |
% Change |
2015 |
2014 |
% Change |
||||||||||||||||
| Interest income |
|||||||||||||||||||||
| Loans, including fees |
$ |
62,502 |
$ |
57,087 |
9.5 |
% |
$ |
230,246 |
$ |
208,836 |
10.3 |
% |
|||||||||
| Investment securities |
|||||||||||||||||||||
| Taxable |
10,702 |
9,905 |
8.0 |
% |
39,577 |
40,924 |
(3.3) |
% |
|||||||||||||
| Tax-exempt |
1,192 |
1,060 |
12.5 |
% |
4,611 |
3,560 |
29.5 |
% |
|||||||||||||
| Total investment securities interest |
11,894 |
10,965 |
8.5 |
% |
44,188 |
44,484 |
(0.7) |
% |
|||||||||||||
| Other earning assets |
(1,164) |
(1,299) |
10.4 |
% |
(4,675) |
(5,461) |
14.4 |
% |
|||||||||||||
| Total interest income |
73,232 |
66,753 |
9.7 |
% |
269,759 |
247,859 |
8.8 |
% |
|||||||||||||
| Interest expense |
|||||||||||||||||||||
| Deposits |
5,172 |
5,013 |
3.2 |
% |
19,474 |
16,153 |
20.6 |
% |
|||||||||||||
| Short-term borrowings |
434 |
293 |
48.1 |
% |
1,364 |
1,268 |
7.6 |
% |
|||||||||||||
| Long-term borrowings |
1,543 |
308 |
401.0 |
% |
2,419 |
1,813 |
33.4 |
% |
|||||||||||||
| Total interest expense |
7,149 |
5,614 |
27.3 |
% |
23,257 |
19,234 |
20.9 |
% |
|||||||||||||
| Net interest income |
66,083 |
61,139 |
8.1 |
% |
246,502 |
228,625 |
7.8 |
% |
|||||||||||||
| Provision for loan and lease losses |
1,864 |
2,052 |
(9.2) |
% |
9,641 |
1,528 |
531.0 |
% |
|||||||||||||
| Net interest income after provision for loan and lease losses |
64,219 |
59,087 |
8.7 |
% |
236,861 |
227,097 |
4.3 |
% |
|||||||||||||
| Noninterest income |
|||||||||||||||||||||
| Service charges on deposit accounts |
4,755 |
5,102 |
(6.8) |
% |
19,015 |
20,274 |
(6.2) |
% |
|||||||||||||
| Trust and wealth management fees |
3,086 |
3,376 |
(8.6) |
% |
13,128 |
13,634 |
(3.7) |
% |
|||||||||||||
| Bankcard income |
3,077 |
2,639 |
16.6 |
% |
11,578 |
10,740 |
7.8 |
% |
|||||||||||||
| Net gains from sales of loans |
1,325 |
1,571 |
(15.7) |
% |
6,471 |
4,364 |
48.3 |
% |
|||||||||||||
| Net gain on sale of investment securities |
2 |
20 |
100.0 |
% |
1,505 |
70 |
2,050.0 |
% |
|||||||||||||
| FDIC loss sharing income |
(164) |
(43) |
(281.4) |
% |
(2,487) |
365 |
(781.4) |
% |
|||||||||||||
| Accelerated discount on covered / formerly covered loans |
785 |
1,759 |
(55.4) |
% |
10,791 |
4,184 |
157.9 |
% |
|||||||||||||
| Other |
2,953 |
2,518 |
17.3 |
% |
15,201 |
10,334 |
47.1 |
% |
|||||||||||||
| Total noninterest income |
15,819 |
16,942 |
(6.6) |
% |
75,202 |
63,965 |
17.6 |
% |
|||||||||||||
| Noninterest expenses |
|||||||||||||||||||||
| Salaries and employee benefits |
29,632 |
28,140 |
5.3 |
% |
111,792 |
107,702 |
3.8 |
% |
|||||||||||||
| Net occupancy |
4,337 |
4,806 |
(9.8) |
% |
18,232 |
19,187 |
(5.0) |
% |
|||||||||||||
| Furniture and equipment |
2,185 |
2,229 |
(2.0) |
% |
8,722 |
8,554 |
2.0 |
% |
|||||||||||||
| Data processing |
2,843 |
2,942 |
(3.4) |
% |
10,863 |
12,963 |
(16.2) |
% |
|||||||||||||
| Marketing |
1,052 |
1,048 |
0.4 |
% |
3,723 |
3,603 |
3.3 |
% |
|||||||||||||
| Communication |
502 |
551 |
(8.9) |
% |
2,161 |
2,277 |
(5.1) |
% |
|||||||||||||
| Professional services |
1,833 |
1,429 |
28.3 |
% |
9,622 |
6,170 |
55.9 |
% |
|||||||||||||
| State intangible tax |
598 |
175 |
241.7 |
% |
2,331 |
2,111 |
10.4 |
% |
|||||||||||||
| FDIC assessments |
1,139 |
1,128 |
1.0 |
% |
4,446 |
4,462 |
(0.4) |
% |
|||||||||||||
| Loss (gain) - other real estate owned |
772 |
289 |
167.1 |
% |
1,861 |
862 |
115.9 |
% |
|||||||||||||
| Loss sharing expense |
414 |
650 |
(36.3) |
% |
1,865 |
4,686 |
(60.2) |
% |
|||||||||||||
| Other |
5,977 |
6,275 |
(4.7) |
% |
25,512 |
23,457 |
8.8 |
% |
|||||||||||||
| Total noninterest expenses |
51,284 |
49,662 |
3.3 |
% |
201,130 |
196,034 |
2.6 |
% |
|||||||||||||
| Income before income taxes |
28,754 |
26,367 |
9.1 |
% |
110,933 |
95,028 |
16.7 |
% |
|||||||||||||
| Income tax expense |
8,934 |
7,768 |
15.0 |
% |
35,870 |
30,028 |
19.5 |
% |
|||||||||||||
| Net income |
$ |
19,820 |
$ |
18,599 |
6.6 |
% |
$ |
75,063 |
$ |
65,000 |
15.5 |
% |
|||||||||
| ADDITIONAL DATA |
|||||||||||||||||||||
| Net earnings per share - basic |
$ |
0.33 |
$ |
0.31 |
$ |
1.23 |
$ |
1.11 |
|||||||||||||
| Net earnings per share - diluted |
$ |
0.32 |
$ |
0.30 |
$ |
1.21 |
$ |
1.09 |
|||||||||||||
| Dividends declared per share |
$ |
0.16 |
$ |
0.16 |
$ |
0.64 |
$ |
0.61 |
|||||||||||||
| Return on average assets |
0.99 |
% |
1.02 |
% |
1.00 |
% |
0.96 |
% |
|||||||||||||
| Return on average shareholders' equity |
9.62 |
% |
9.46 |
% |
9.33 |
% |
8.94 |
% |
|||||||||||||
| Interest income |
$ |
73,232 |
$ |
66,753 |
9.7 |
% |
$ |
269,759 |
$ |
247,859 |
8.8 |
% |
|||||||||
| Tax equivalent adjustment |
1,046 |
946 |
10.6 |
% |
4,017 |
3,224 |
24.6 |
% |
|||||||||||||
| Interest income - tax equivalent |
74,278 |
67,699 |
9.7 |
% |
273,776 |
251,083 |
9.0 |
% |
|||||||||||||
| Interest expense |
7,149 |
5,614 |
27.3 |
% |
23,257 |
19,234 |
20.9 |
% |
|||||||||||||
| Net interest income - tax equivalent |
$ |
67,129 |
$ |
62,085 |
8.1 |
% |
$ |
250,519 |
$ |
231,849 |
8.1 |
% |
|||||||||
| Net interest margin |
3.63 |
% |
3.67 |
% |
3.60 |
% |
3.71 |
% |
|||||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.69 |
% |
3.72 |
% |
3.66 |
% |
3.76 |
% |
|||||||||||||
| Full-time equivalent employees |
1,400 |
1,369 |
|||||||||||||||||||
| (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) |
||||||||||||||||||||||
| 2015 |
||||||||||||||||||||||
| Fourth |
Third |
Second |
First |
Full |
% Change |
|||||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Year |
Linked Qtr. |
|||||||||||||||||
| Interest income |
||||||||||||||||||||||
| Loans, including fees |
$ |
62,502 |
$ |
58,694 |
$ |
54,586 |
$ |
54,464 |
$ |
230,246 |
6.5 |
% |
||||||||||
| Investment securities |
||||||||||||||||||||||
| Taxable |
10,702 |
9,986 |
9,281 |
9,608 |
39,577 |
7.2 |
% |
|||||||||||||||
| Tax-exempt |
1,192 |
1,163 |
1,139 |
1,117 |
4,611 |
2.5 |
% |
|||||||||||||||
| Total investment securities interest |
11,894 |
11,149 |
10,420 |
10,725 |
44,188 |
6.7 |
% |
|||||||||||||||
| Other earning assets |
(1,164) |
(1,168) |
(1,162) |
(1,181) |
(4,675) |
0.3 |
% |
|||||||||||||||
| Total interest income |
73,232 |
68,675 |
63,844 |
64,008 |
269,759 |
6.6 |
% |
|||||||||||||||
| Interest expense |
||||||||||||||||||||||
| Deposits |
5,172 |
4,861 |
4,621 |
4,820 |
19,474 |
6.4 |
% |
|||||||||||||||
| Short-term borrowings |
434 |
374 |
253 |
303 |
1,364 |
16.0 |
% |
|||||||||||||||
| Long-term borrowings |
1,543 |
281 |
296 |
299 |
2,419 |
449.1 |
% |
|||||||||||||||
| Total interest expense |
7,149 |
5,516 |
5,170 |
5,422 |
23,257 |
29.6 |
% |
|||||||||||||||
| Net interest income |
66,083 |
63,159 |
58,674 |
58,586 |
246,502 |
4.6 |
% |
|||||||||||||||
| Provision for loan and lease losses |
1,864 |
2,647 |
3,070 |
2,060 |
9,641 |
(29.6) |
% |
|||||||||||||||
| Net interest income after provision for loan and lease losses |
64,219 |
60,512 |
55,604 |
56,526 |
236,861 |
6.1 |
% |
|||||||||||||||
| Noninterest income |
||||||||||||||||||||||
| Service charges on deposit accounts |
4,755 |
4,934 |
4,803 |
4,523 |
19,015 |
(3.6) |
% |
|||||||||||||||
| Trust and wealth management fees |
3,086 |
3,134 |
3,274 |
3,634 |
13,128 |
(1.5) |
% |
|||||||||||||||
| Bankcard income |
3,077 |
2,909 |
2,972 |
2,620 |
11,578 |
5.8 |
% |
|||||||||||||||
| Net gains from sales of loans |
1,325 |
1,758 |
1,924 |
1,464 |
6,471 |
(24.6) |
% |
|||||||||||||||
| Net gain on sale of investment securities |
2 |
409 |
1,094 |
0 |
1,505 |
100.0 |
% |
|||||||||||||||
| FDIC loss sharing income |
(164) |
(973) |
(304) |
(1,046) |
(2,487) |
(83.1) |
% |
|||||||||||||||
| Accelerated discount on covered / formerly covered loans |
785 |
3,820 |
4,094 |
2,092 |
10,791 |
(79.5) |
% |
|||||||||||||||
| Other |
2,953 |
4,364 |
3,558 |
4,326 |
15,201 |
(32.3) |
% |
|||||||||||||||
| Total noninterest income |
15,819 |
20,355 |
21,415 |
17,613 |
75,202 |
(22.3) |
% |
|||||||||||||||
| Noninterest expenses |
||||||||||||||||||||||
| Salaries and employee benefits |
29,632 |
27,768 |
27,451 |
26,941 |
111,792 |
6.7 |
% |
|||||||||||||||
| Net occupancy |
4,337 |
4,510 |
4,380 |
5,005 |
18,232 |
(3.8) |
% |
|||||||||||||||
| Furniture and equipment |
2,185 |
2,165 |
2,219 |
2,153 |
8,722 |
0.9 |
% |
|||||||||||||||
| Data processing |
2,843 |
2,591 |
2,657 |
2,772 |
10,863 |
9.7 |
% |
|||||||||||||||
| Marketing |
1,052 |
810 |
973 |
888 |
3,723 |
29.9 |
% |
|||||||||||||||
| Communication |
502 |
531 |
558 |
570 |
2,161 |
(5.5) |
% |
|||||||||||||||
| Professional services |
1,833 |
4,092 |
1,727 |
1,970 |
9,622 |
(55.2) |
% |
|||||||||||||||
| State intangible tax |
598 |
579 |
577 |
577 |
2,331 |
3.3 |
% |
|||||||||||||||
| FDIC assessments |
1,139 |
1,103 |
1,114 |
1,090 |
4,446 |
3.3 |
% |
|||||||||||||||
| Loss (gain) - other real estate owned |
772 |
196 |
419 |
474 |
1,861 |
293.9 |
% |
|||||||||||||||
| Loss sharing expense |
414 |
574 |
576 |
301 |
1,865 |
(27.9) |
% |
|||||||||||||||
| Other |
5,977 |
8,073 |
6,135 |
5,327 |
25,512 |
(26.0) |
% |
|||||||||||||||
| Total noninterest expenses |
51,284 |
52,992 |
48,786 |
48,068 |
201,130 |
(3.2) |
% |
|||||||||||||||
| Income before income taxes |
28,754 |
27,875 |
28,233 |
26,071 |
110,933 |
3.2 |
% |
|||||||||||||||
| Income tax expense |
8,934 |
9,202 |
9,284 |
8,450 |
35,870 |
(2.9) |
% |
|||||||||||||||
| Net income |
$ |
19,820 |
$ |
18,673 |
$ |
18,949 |
$ |
17,621 |
$ |
75,063 |
6.1 |
% |
||||||||||
| ADDITIONAL DATA |
||||||||||||||||||||||
| Net earnings per share - basic |
$ |
0.33 |
$ |
0.31 |
$ |
0.31 |
$ |
0.29 |
$ |
1.23 |
||||||||||||
| Net earnings per share - diluted |
$ |
0.32 |
$ |
0.30 |
$ |
0.31 |
$ |
0.29 |
$ |
1.21 |
||||||||||||
| Dividends declared per share |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.64 |
||||||||||||
| Return on average assets |
0.99 |
% |
0.97 |
% |
1.05 |
% |
0.99 |
% |
1.00 |
% |
||||||||||||
| Return on average shareholders' equity |
9.62 |
% |
9.12 |
% |
9.49 |
% |
9.06 |
% |
9.33 |
% |
||||||||||||
| Interest income |
$ |
73,232 |
$ |
68,675 |
$ |
63,844 |
$ |
64,008 |
$ |
269,759 |
6.6 |
% |
||||||||||
| Tax equivalent adjustment |
1,046 |
1,000 |
988 |
983 |
4,017 |
4.6 |
% |
|||||||||||||||
| Interest income - tax equivalent |
74,278 |
69,675 |
64,832 |
64,991 |
273,776 |
6.6 |
% |
|||||||||||||||
| Interest expense |
7,149 |
5,516 |
5,170 |
5,422 |
23,257 |
29.6 |
% |
|||||||||||||||
| Net interest income - tax equivalent |
$ |
67,129 |
$ |
64,159 |
$ |
59,662 |
$ |
59,569 |
$ |
250,519 |
4.6 |
% |
||||||||||
| Net interest margin |
3.63 |
% |
3.61 |
% |
3.56 |
% |
3.61 |
% |
3.60 |
% |
||||||||||||
| Net interest margin (fully tax equivalent) (1) |
3.69 |
% |
3.67 |
% |
3.62 |
% |
3.67 |
% |
3.66 |
% |
||||||||||||
| Full-time equivalent employees |
1,400 |
1,394 |
1,366 |
1,353 |
||||||||||||||||||
| (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) |
|||||||||||||||||||
| 2014 |
|||||||||||||||||||
| Fourth |
Third |
Second |
First |
Full |
|||||||||||||||
| Quarter |
Quarter |
Quarter |
Quarter |
Year |
|||||||||||||||
| Interest income |
|||||||||||||||||||
| Loans, including fees |
$ |
57,087 |
$ |
53,725 |
$ |
48,877 |
$ |
49,147 |
$ |
208,836 |
|||||||||
| Investment securities |
|||||||||||||||||||
| Taxable |
9,905 |
10,227 |
10,355 |
10,437 |
40,924 |
||||||||||||||
| Tax-exempt |
1,060 |
894 |
796 |
810 |
3,560 |
||||||||||||||
| Total investment securities interest |
10,965 |
11,121 |
11,151 |
11,247 |
44,484 |
||||||||||||||
| Other earning assets |
(1,299) |
(1,455) |
(1,301) |
(1,406) |
(5,461) |
||||||||||||||
| Total interest income |
66,753 |
63,391 |
58,727 |
58,988 |
247,859 |
||||||||||||||
| Interest expense |
|||||||||||||||||||
| Deposits |
5,013 |
4,218 |
3,606 |
3,316 |
16,153 |
||||||||||||||
| Short-term borrowings |
293 |
354 |
292 |
329 |
1,268 |
||||||||||||||
| Long-term borrowings |
308 |
456 |
525 |
524 |
1,813 |
||||||||||||||
| Total interest expense |
5,614 |
5,028 |
4,423 |
4,169 |
19,234 |
||||||||||||||
| Net interest income |
61,139 |
58,363 |
54,304 |
54,819 |
228,625 |
||||||||||||||
| Provision for loan and lease losses |
2,052 |
893 |
(384) |
(1,033) |
1,528 |
||||||||||||||
| Net interest income after provision for loan and lease losses |
59,087 |
57,470 |
54,688 |
55,852 |
227,097 |
||||||||||||||
| Noninterest income |
|||||||||||||||||||
| Service charges on deposit accounts |
5,102 |
5,263 |
5,137 |
4,772 |
20,274 |
||||||||||||||
| Trust and wealth management fees |
3,376 |
3,207 |
3,305 |
3,746 |
13,634 |
||||||||||||||
| Bankcard income |
2,639 |
2,859 |
2,809 |
2,433 |
10,740 |
||||||||||||||
| Net gains from sales of loans |
1,571 |
1,660 |
737 |
396 |
4,364 |
||||||||||||||
| Net gain on sale of investment securities |
20 |
0 |
0 |
50 |
70 |
||||||||||||||
| FDIC loss sharing income |
(43) |
(192) |
1,108 |
(508) |
365 |
||||||||||||||
| Accelerated discount on covered / formerly covered loans |
1,759 |
789 |
621 |
1,015 |
4,184 |
||||||||||||||
| Other |
2,518 |
2,925 |
2,620 |
2,271 |
10,334 |
||||||||||||||
| Total noninterest income |
16,942 |
16,511 |
16,337 |
14,175 |
63,965 |
||||||||||||||
| Noninterest expenses |
|||||||||||||||||||
| Salaries and employee benefits |
28,140 |
28,686 |
25,615 |
25,261 |
107,702 |
||||||||||||||
| Net occupancy |
4,806 |
4,577 |
4,505 |
5,299 |
19,187 |
||||||||||||||
| Furniture and equipment |
2,229 |
2,265 |
1,983 |
2,077 |
8,554 |
||||||||||||||
| Data processing |
2,942 |
4,393 |
2,770 |
2,858 |
12,963 |
||||||||||||||
| Marketing |
1,048 |
939 |
830 |
786 |
3,603 |
||||||||||||||
| Communication |
551 |
541 |
562 |
623 |
2,277 |
||||||||||||||
| Professional services |
1,429 |
1,568 |
1,449 |
1,724 |
6,170 |
||||||||||||||
| State intangible tax |
175 |
648 |
644 |
644 |
2,111 |
||||||||||||||
| FDIC assessments |
1,128 |
1,126 |
1,074 |
1,134 |
4,462 |
||||||||||||||
| Loss (gain) - other real estate owned |
289 |
(589) |
711 |
451 |
862 |
||||||||||||||
| Loss sharing expense |
650 |
1,002 |
1,465 |
1,569 |
4,686 |
||||||||||||||
| Other |
6,275 |
6,263 |
5,503 |
5,416 |
23,457 |
||||||||||||||
| Total noninterest expenses |
49,662 |
51,419 |
47,111 |
47,842 |
196,034 |
||||||||||||||
| Income before income taxes |
26,367 |
22,562 |
23,914 |
22,185 |
95,028 |
||||||||||||||
| Income tax expense |
7,768 |
7,218 |
7,961 |
7,081 |
30,028 |
||||||||||||||
| Net income |
$ |
18,599 |
$ |
15,344 |
$ |
15,953 |
$ |
15,104 |
$ |
65,000 |
|||||||||
| ADDITIONAL DATA |
|||||||||||||||||||
| Net earnings per share - basic |
$ |
0.31 |
$ |
0.26 |
$ |
0.28 |
$ |
0.26 |
$ |
1.11 |
|||||||||
| Net earnings per share - diluted |
$ |
0.30 |
$ |
0.26 |
$ |
0.28 |
$ |
0.26 |
$ |
1.09 |
|||||||||
| Dividends declared per share |
$ |
0.16 |
$ |
0.15 |
$ |
0.15 |
$ |
0.15 |
$ |
0.61 |
|||||||||
| Return on average assets |
1.02 |
% |
0.88 |
% |
0.99 |
% |
0.96 |
% |
0.96 |
% |
|||||||||
| Return on average shareholders' equity |
9.46 |
% |
8.16 |
% |
9.19 |
% |
8.95 |
% |
8.94 |
% |
|||||||||
| Interest income |
$ |
66,753 |
$ |
63,391 |
$ |
58,727 |
$ |
58,988 |
$ |
247,859 |
|||||||||
| Tax equivalent adjustment |
946 |
818 |
758 |
702 |
3,224 |
||||||||||||||
| Interest income - tax equivalent |
67,699 |
64,209 |
59,485 |
59,690 |
251,083 |
||||||||||||||
| Interest expense |
5,614 |
5,028 |
4,423 |
4,169 |
19,234 |
||||||||||||||
| Net interest income - tax equivalent |
$ |
62,085 |
$ |
59,181 |
$ |
55,062 |
$ |
55,521 |
$ |
231,849 |
|||||||||
| Net interest margin |
3.67 |
% |
3.66 |
% |
3.70 |
% |
3.82 |
% |
3.71 |
% |
|||||||||
| Net interest margin (fully tax equivalent) (1) |
3.72 |
% |
3.71 |
% |
3.76 |
% |
3.87 |
% |
3.76 |
% |
|||||||||
| Full-time equivalent employees |
1,369 |
1,395 |
1,296 |
1,286 |
|||||||||||||||
| (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) |
|||||||||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
% Change |
% Change |
|||||||||||||||||||
| 2015 |
2015 |
2015 |
2015 |
2014 |
Linked Qtr. |
Comparable Qtr. |
|||||||||||||||||||
| ASSETS |
|||||||||||||||||||||||||
| Cash and due from banks |
$ |
114,841 |
$ |
112,298 |
$ |
116,318 |
$ |
111,011 |
$ |
110,122 |
2.3 |
% |
4.3 |
% |
|||||||||||
| Interest-bearing deposits with other banks |
33,734 |
24,191 |
41,027 |
25,350 |
22,630 |
39.4 |
% |
49.1 |
% |
||||||||||||||||
| Investment securities available-for-sale |
1,190,642 |
1,069,667 |
955,764 |
892,169 |
840,468 |
11.3 |
% |
41.7 |
% |
||||||||||||||||
| Investment securities held-to-maturity |
726,259 |
756,035 |
791,839 |
839,666 |
867,996 |
(3.9) |
% |
(16.3) |
% |
||||||||||||||||
| Other investments |
53,725 |
53,431 |
53,585 |
53,393 |
52,626 |
0.6 |
% |
2.1 |
% |
||||||||||||||||
| Loans held for sale |
20,957 |
26,287 |
21,151 |
14,937 |
11,005 |
(20.3) |
% |
90.4 |
% |
||||||||||||||||
| Loans |
|||||||||||||||||||||||||
| Commercial |
1,663,102 |
1,637,467 |
1,315,087 |
1,298,874 |
1,315,114 |
1.6 |
% |
26.5 |
% |
||||||||||||||||
| Real estate - construction |
311,712 |
276,240 |
229,256 |
227,969 |
197,571 |
12.8 |
% |
57.8 |
% |
||||||||||||||||
| Real estate - commercial |
2,258,297 |
2,169,662 |
2,171,806 |
2,120,084 |
2,140,667 |
4.1 |
% |
5.5 |
% |
||||||||||||||||
| Real estate - residential |
512,311 |
506,653 |
506,391 |
496,852 |
501,894 |
1.1 |
% |
2.1 |
% |
||||||||||||||||
| Installment |
41,506 |
39,974 |
43,073 |
43,798 |
47,320 |
3.8 |
% |
(12.3) |
% |
||||||||||||||||
| Home equity |
466,629 |
463,629 |
463,222 |
456,278 |
458,627 |
0.6 |
% |
1.7 |
% |
||||||||||||||||
| Credit card |
41,217 |
39,759 |
39,216 |
37,886 |
38,475 |
3.7 |
% |
7.1 |
% |
||||||||||||||||
| Lease financing |
93,986 |
82,679 |
84,723 |
81,796 |
77,567 |
13.7 |
% |
21.2 |
% |
||||||||||||||||
| Total loans |
5,388,760 |
5,216,063 |
4,852,774 |
4,763,537 |
4,777,235 |
3.3 |
% |
12.8 |
% |
||||||||||||||||
| Less |
|||||||||||||||||||||||||
| Allowance for loan and lease losses |
53,398 |
53,332 |
52,876 |
53,076 |
52,858 |
0.1 |
% |
1.0 |
% |
||||||||||||||||
| Net loans |
5,335,362 |
5,162,731 |
4,799,898 |
4,710,461 |
4,724,377 |
3.3 |
% |
12.9 |
% |
||||||||||||||||
| Premises and equipment |
136,603 |
139,020 |
139,170 |
140,477 |
141,381 |
(1.7) |
% |
(3.4) |
% |
||||||||||||||||
| Goodwill and other intangibles |
211,865 |
211,732 |
145,465 |
145,586 |
145,853 |
0.1 |
% |
45.3 |
% |
||||||||||||||||
| FDIC indemnification asset |
17,630 |
18,931 |
20,338 |
20,397 |
22,666 |
(6.9) |
% |
(22.2) |
% |
||||||||||||||||
| Accrued interest and other assets |
305,793 |
306,210 |
298,817 |
292,349 |
278,697 |
(0.1)% |
9.7 |
% |
|||||||||||||||||
| Total Assets |
$ |
8,147,411 |
$ |
7,880,533 |
$ |
7,383,372 |
$ |
7,245,796 |
$ |
7,217,821 |
3.4 |
% |
12.9 |
% |
|||||||||||
| LIABILITIES |
|||||||||||||||||||||||||
| Deposits |
|||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,414,291 |
$ |
1,330,673 |
$ |
1,175,219 |
$ |
1,214,882 |
$ |
1,225,378 |
6.3 |
% |
15.4 |
% |
|||||||||||
| Savings |
1,945,805 |
1,979,627 |
1,947,566 |
1,922,815 |
1,889,473 |
(1.7) |
% |
3.0 |
% |
||||||||||||||||
| Time |
1,406,124 |
1,440,223 |
1,262,881 |
1,277,291 |
1,255,364 |
(2.4) |
% |
12.0 |
% |
||||||||||||||||
| Total interest-bearing deposits |
4,766,220 |
4,750,523 |
4,385,666 |
4,414,988 |
4,370,215 |
0.3 |
% |
9.1 |
% |
||||||||||||||||
| Noninterest-bearing |
1,413,404 |
1,330,905 |
1,330,149 |
1,299,602 |
1,285,527 |
6.2 |
% |
9.9 |
% |
||||||||||||||||
| Total deposits |
6,179,624 |
6,081,428 |
5,715,815 |
5,714,590 |
5,655,742 |
1.6 |
% |
9.3 |
% |
||||||||||||||||
| Federal funds purchased and securities sold |
|||||||||||||||||||||||||
| under agreements to repurchase |
89,325 |
62,317 |
68,349 |
68,142 |
103,192 |
43.3 |
% |
(13.4) |
% |
||||||||||||||||
| FHLB short-term borrowings |
849,100 |
701,200 |
641,700 |
523,500 |
558,200 |
21.1 |
% |
52.1 |
% |
||||||||||||||||
| Total short-term borrowings |
938,425 |
763,517 |
710,049 |
591,642 |
661,392 |
22.9 |
% |
41.9 |
% |
||||||||||||||||
| Long-term debt |
119,540 |
119,515 |
47,084 |
47,598 |
48,241 |
0.0 |
% |
147.8 |
% |
||||||||||||||||
| Total borrowed funds |
1,057,965 |
883,032 |
757,133 |
639,240 |
709,633 |
19.8 |
% |
49.1 |
% |
||||||||||||||||
| Accrued interest and other liabilities |
100,446 |
103,061 |
108,041 |
96,224 |
68,369 |
(2.5) |
% |
46.9 |
% |
||||||||||||||||
| Total Liabilities |
7,338,035 |
7,067,521 |
6,580,989 |
6,450,054 |
6,433,744 |
3.8 |
% |
14.1 |
% |
||||||||||||||||
| SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||
| Common stock |
571,155 |
570,025 |
571,501 |
570,623 |
574,643 |
0.2 |
% |
(0.6) |
% |
||||||||||||||||
| Retained earnings |
388,240 |
378,258 |
369,462 |
360,390 |
352,893 |
2.6 |
% |
10.0 |
% |
||||||||||||||||
| Accumulated other comprehensive loss |
(30,580) |
(17,219) |
(20,715) |
(17,054) |
(21,409) |
77.6 |
% |
42.8 |
% |
||||||||||||||||
| Treasury stock, at cost |
(119,439) |
(118,052) |
(117,865) |
(118,217) |
(122,050) |
1.2 |
% |
(2.1) |
% |
||||||||||||||||
| Total Shareholders' Equity |
809,376 |
813,012 |
802,383 |
795,742 |
784,077 |
(0.4) |
% |
3.2 |
% |
||||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
8,147,411 |
$ |
7,880,533 |
$ |
7,383,372 |
$ |
7,245,796 |
$ |
7,217,821 |
3.4 |
% |
12.9 |
% |
|||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||
| AVERAGE CONSOLIDATED STATEMENTS OF CONDITION |
|||||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Quarterly Averages |
Year-to-Date Averages |
||||||||||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
December 31, |
||||||||||||||||||||||
| 2015 |
2015 |
2015 |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||||||||
| ASSETS |
|||||||||||||||||||||||||||
| Cash and due from banks |
$ |
119,881 |
$ |
114,279 |
$ |
114,024 |
$ |
112,841 |
$ |
124,216 |
$ |
115,273 |
$ |
123,077 |
|||||||||||||
| Federal funds sold |
0 |
0 |
0 |
0 |
0 |
0 |
2,217 |
||||||||||||||||||||
| Interest-bearing deposits with other banks |
18,920 |
37,468 |
19,960 |
21,255 |
22,617 |
24,430 |
14,290 |
||||||||||||||||||||
| Investment securities |
1,934,173 |
1,848,083 |
1,782,785 |
1,762,622 |
1,811,941 |
1,832,430 |
1,824,107 |
||||||||||||||||||||
| Loans held for sale |
18,677 |
15,185 |
9,292 |
8,606 |
11,774 |
12,974 |
10,163 |
||||||||||||||||||||
| Loans |
|||||||||||||||||||||||||||
| Commercial |
1,612,485 |
1,464,508 |
1,318,408 |
1,300,869 |
1,282,752 |
1,425,032 |
1,188,882 |
||||||||||||||||||||
| Real estate - construction |
295,574 |
259,972 |
226,314 |
215,380 |
192,626 |
249,559 |
135,765 |
||||||||||||||||||||
| Real estate - commercial |
2,180,015 |
2,164,917 |
2,117,450 |
2,129,434 |
2,158,336 |
2,148,139 |
1,891,998 |
||||||||||||||||||||
| Real estate - residential |
505,208 |
500,544 |
497,350 |
496,451 |
493,895 |
499,914 |
461,547 |
||||||||||||||||||||
| Installment |
41,148 |
42,008 |
43,393 |
45,376 |
49,356 |
42,967 |
49,721 |
||||||||||||||||||||
| Home equity |
465,131 |
462,283 |
459,414 |
458,083 |
456,494 |
461,250 |
437,072 |
||||||||||||||||||||
| Credit card |
41,027 |
39,991 |
39,272 |
38,409 |
38,966 |
39,683 |
38,022 |
||||||||||||||||||||
| Lease financing |
89,200 |
83,300 |
82,578 |
78,063 |
74,175 |
83,316 |
77,783 |
||||||||||||||||||||
| Total loans |
5,229,788 |
5,017,523 |
4,784,179 |
4,762,065 |
4,746,600 |
4,949,860 |
4,280,790 |
||||||||||||||||||||
| Less |
|||||||||||||||||||||||||||
| Allowance for loan and lease losses |
53,731 |
54,398 |
54,662 |
53,648 |
54,656 |
54,111 |
56,828 |
||||||||||||||||||||
| Net loans |
5,176,057 |
4,963,125 |
4,729,517 |
4,708,417 |
4,691,944 |
4,895,749 |
4,223,962 |
||||||||||||||||||||
| Premises and equipment |
138,689 |
139,457 |
140,117 |
141,153 |
141,871 |
139,846 |
137,506 |
||||||||||||||||||||
| Goodwill and other intangibles |
211,722 |
179,333 |
145,500 |
145,689 |
145,872 |
170,766 |
118,403 |
||||||||||||||||||||
| FDIC indemnification asset |
18,437 |
19,848 |
20,744 |
22,112 |
24,172 |
20,274 |
32,436 |
||||||||||||||||||||
| Accrued interest and other assets |
313,722 |
294,611 |
281,947 |
278,618 |
267,462 |
292,327 |
274,798 |
||||||||||||||||||||
| Total Assets |
$ |
7,950,278 |
$ |
7,611,389 |
$ |
7,243,886 |
$ |
7,201,313 |
$ |
7,241,869 |
$ |
7,504,069 |
$ |
6,760,959 |
|||||||||||||
| LIABILITIES |
|||||||||||||||||||||||||||
| Deposits |
|||||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,423,915 |
$ |
1,230,621 |
$ |
1,220,391 |
$ |
1,176,263 |
$ |
1,217,852 |
$ |
1,263,388 |
$ |
1,157,783 |
|||||||||||||
| Savings |
2,005,100 |
2,015,373 |
1,950,127 |
1,914,723 |
1,904,568 |
1,971,699 |
1,756,682 |
||||||||||||||||||||
| Time |
1,416,041 |
1,369,892 |
1,275,730 |
1,270,539 |
1,250,109 |
1,333,550 |
1,072,858 |
||||||||||||||||||||
| Total interest-bearing deposits |
4,845,056 |
4,615,886 |
4,446,248 |
4,361,525 |
4,372,529 |
4,568,637 |
3,987,323 |
||||||||||||||||||||
| Noninterest-bearing |
1,402,283 |
1,344,049 |
1,325,485 |
1,286,067 |
1,290,754 |
1,339,802 |
1,169,851 |
||||||||||||||||||||
| Total deposits |
6,247,339 |
5,959,935 |
5,771,733 |
5,647,592 |
5,663,283 |
5,908,439 |
5,157,174 |
||||||||||||||||||||
| Federal funds purchased an securities sold |
|||||||||||||||||||||||||||
| under agreements to repurchase |
79,354 |
68,505 |
67,664 |
77,269 |
119,712 |
73,191 |
119,795 |
||||||||||||||||||||
| FHLB short-term borrowings |
564,522 |
606,618 |
472,295 |
565,918 |
564,062 |
552,483 |
627,181 |
||||||||||||||||||||
| Total short-term borrowings |
643,876 |
675,123 |
539,959 |
643,187 |
683,774 |
625,674 |
746,976 |
||||||||||||||||||||
| Long-term debt |
119,532 |
71,583 |
47,266 |
47,825 |
49,952 |
71,748 |
57,608 |
||||||||||||||||||||
| Total borrowed funds |
763,408 |
746,706 |
587,225 |
691,012 |
733,726 |
697,422 |
804,584 |
||||||||||||||||||||
| Accrued interest and other liabilities |
121,775 |
92,352 |
84,330 |
74,198 |
64,729 |
93,292 |
72,186 |
||||||||||||||||||||
| Total Liabilities |
7,132,522 |
6,798,993 |
6,443,288 |
6,412,802 |
6,461,738 |
6,699,153 |
6,033,944 |
||||||||||||||||||||
| SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||
| Common stock |
570,510 |
570,723 |
571,078 |
573,932 |
574,588 |
571,549 |
574,576 |
||||||||||||||||||||
| Retained earnings |
385,295 |
378,160 |
365,847 |
355,848 |
347,435 |
371,387 |
336,557 |
||||||||||||||||||||
| Accumulated other comprehensive loss |
(18,962) |
(19,725) |
(18,242) |
(20,163) |
(18,841) |
(19,271) |
(23,527) |
||||||||||||||||||||
| Treasury stock, at cost |
(119,087) |
(116,762) |
(118,085) |
(121,106) |
(123,051) |
(118,749) |
(160,591) |
||||||||||||||||||||
| Total Shareholders' Equity |
817,756 |
812,396 |
800,598 |
788,511 |
780,131 |
804,916 |
727,015 |
||||||||||||||||||||
| Total Liabilities and Shareholders' Equity |
$ |
7,950,278 |
$ |
7,611,389 |
$ |
7,243,886 |
$ |
7,201,313 |
$ |
7,241,869 |
$ |
7,504,069 |
$ |
6,760,959 |
|||||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||||||||||
| NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) |
|||||||||||||||||||||||||||||||||||
| (Dollars in thousands) |
|||||||||||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||||||||||
| Quarterly Averages |
Year-to-Date Averages |
||||||||||||||||||||||||||||||||||
| December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
|||||||||||||||||||||||||||||||
| Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
||||||||||||||||||||||||||
| Earning assets |
|||||||||||||||||||||||||||||||||||
| Investments: |
|||||||||||||||||||||||||||||||||||
| Investment securities |
$ |
1,934,173 |
2.44 |
% |
$ |
1,848,083 |
2.39 |
% |
$ |
1,811,941 |
2.40 |
% |
$ |
1,832,430 |
2.41 |
% |
$ |
1,824,107 |
2.44 |
% |
|||||||||||||||
| Interest-bearing deposits with other banks |
18,920 |
0.29 |
% |
37,468 |
0.25 |
% |
22,617 |
0.30 |
% |
24,430 |
0.27 |
% |
16,507 |
0.42 |
% |
||||||||||||||||||||
| Gross loans (2) |
5,266,902 |
4.62 |
% |
5,052,556 |
4.52 |
% |
4,782,546 |
4.63 |
% |
4,983,108 |
4.53 |
% |
4,323,389 |
4.70 |
% |
||||||||||||||||||||
| Total earning assets |
7,219,995 |
4.02 |
% |
6,938,107 |
3.93 |
% |
6,617,104 |
4.00 |
% |
6,839,968 |
3.94 |
% |
6,164,003 |
4.02 |
% |
||||||||||||||||||||
| Nonearning assets |
|||||||||||||||||||||||||||||||||||
| Allowance for loan and lease losses |
(53,731) |
(54,398) |
(54,656) |
(54,111) |
(56,828) |
||||||||||||||||||||||||||||||
| Cash and due from banks |
119,881 |
114,279 |
124,216 |
115,273 |
123,077 |
||||||||||||||||||||||||||||||
| Accrued interest and other assets |
664,133 |
613,401 |
555,205 |
602,939 |
530,707 |
||||||||||||||||||||||||||||||
| Total assets |
$ |
7,950,278 |
$ |
7,611,389 |
$ |
7,241,869 |
$ |
7,504,069 |
$ |
6,760,959 |
|||||||||||||||||||||||||
| Interest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
| Deposits: |
|||||||||||||||||||||||||||||||||||
| Interest-bearing demand |
$ |
1,423,915 |
0.13 |
% |
$ |
1,230,621 |
0.09 |
% |
$ |
1,217,852 |
0.10 |
% |
$ |
1,263,388 |
0.10 |
% |
$ |
1,157,783 |
0.11 |
% |
|||||||||||||||
| Savings |
2,005,100 |
0.20 |
% |
2,015,373 |
0.19 |
% |
1,904,568 |
0.31 |
% |
1,971,699 |
0.21 |
% |
1,756,682 |
0.25 |
% |
||||||||||||||||||||
| Time |
1,416,041 |
1.03 |
% |
1,369,892 |
1.05 |
% |
1,250,109 |
1.02 |
% |
1,333,550 |
1.06 |
% |
1,072,858 |
0.98 |
% |
||||||||||||||||||||
| Total interest-bearing deposits |
4,845,056 |
0.42 |
% |
4,615,886 |
0.42 |
% |
4,372,529 |
0.45 |
% |
4,568,637 |
0.43 |
% |
3,987,323 |
0.41 |
% |
||||||||||||||||||||
| Borrowed funds |
|||||||||||||||||||||||||||||||||||
| Short-term borrowings |
643,876 |
0.27 |
% |
675,123 |
0.22 |
% |
683,774 |
0.17 |
% |
625,674 |
0.22 |
% |
746,976 |
0.17 |
% |
||||||||||||||||||||
| Long-term debt |
119,532 |
5.12 |
% |
71,583 |
1.56 |
% |
49,952 |
2.45 |
% |
71,748 |
3.37 |
% |
57,608 |
3.15 |
% |
||||||||||||||||||||
| Total borrowed funds |
763,408 |
1.03 |
% |
746,706 |
0.35 |
% |
733,726 |
0.32 |
% |
697,422 |
0.54 |
% |
804,584 |
0.38 |
% |
||||||||||||||||||||
| Total interest-bearing liabilities |
5,608,464 |
0.51 |
% |
5,362,592 |
0.41 |
% |
5,106,255 |
0.44 |
% |
5,266,059 |
0.44 |
% |
4,791,907 |
0.40 |
% |
||||||||||||||||||||
| Noninterest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits |
1,402,283 |
1,344,049 |
1,290,754 |
1,339,802 |
1,169,851 |
||||||||||||||||||||||||||||||
| Other liabilities |
121,775 |
92,352 |
64,729 |
93,292 |
72,186 |
||||||||||||||||||||||||||||||
| Shareholders' equity |
817,756 |
812,396 |
780,131 |
804,916 |
727,015 |
||||||||||||||||||||||||||||||
| Total liabilities & shareholders' equity |
$ |
7,950,278 |
$ |
7,611,389 |
$ |
7,241,869 |
$ |
7,504,069 |
$ |
6,760,959 |
|||||||||||||||||||||||||
| Net interest income (1) |
$ |
66,083 |
$ |
63,159 |
$ |
61,139 |
$ |
246,502 |
$ |
228,625 |
|||||||||||||||||||||||||
| Net interest spread (1) |
3.51 |
% |
3.52 |
% |
3.56 |
% |
3.50 |
% |
3.62 |
% |
|||||||||||||||||||||||||
| Net interest margin (1) |
3.63 |
% |
3.61 |
% |
3.67 |
% |
3.60 |
% |
3.71 |
% |
|||||||||||||||||||||||||
| (1) Not tax equivalent. |
|||||||||||||||||||||||||||||||||||
| (2) 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 |
$ |
216 |
$ |
529 |
$ |
745 |
$ |
177 |
$ |
752 |
$ |
929 |
$ |
(497) |
$ |
201 |
$ |
(296) |
||||||||||||||||||
| Interest-bearing deposits with other banks |
4 |
(14) |
(10) |
0 |
(3) |
(3) |
(26) |
21 |
(5) |
|||||||||||||||||||||||||||
| Gross loans (2) |
1,326 |
2,496 |
3,822 |
(86) |
5,639 |
5,553 |
(7,654) |
29,855 |
22,201 |
|||||||||||||||||||||||||||
| Total earning assets |
1,546 |
3,011 |
4,557 |
91 |
6,388 |
6,479 |
(8,177) |
30,077 |
21,900 |
|||||||||||||||||||||||||||
| Interest-bearing liabilities |
||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits |
$ |
66 |
$ |
245 |
$ |
311 |
$ |
(345) |
$ |
504 |
$ |
159 |
$ |
843 |
$ |
2,478 |
$ |
3,321 |
||||||||||||||||||
| Borrowed funds |
||||||||||||||||||||||||||||||||||||
| Short-term borrowings |
81 |
(21) |
60 |
168 |
(27) |
141 |
360 |
(264) |
96 |
|||||||||||||||||||||||||||
| Long-term debt |
643 |
619 |
1,262 |
337 |
898 |
1,235 |
129 |
477 |
606 |
|||||||||||||||||||||||||||
| Total borrowed funds |
724 |
598 |
1,322 |
505 |
871 |
1,376 |
489 |
213 |
702 |
|||||||||||||||||||||||||||
| Total interest-bearing liabilities |
790 |
843 |
1,633 |
160 |
1,375 |
1,535 |
1,332 |
2,691 |
4,023 |
|||||||||||||||||||||||||||
| Net interest income (1) |
$ |
756 |
$ |
2,168 |
$ |
2,924 |
$ |
(69) |
$ |
5,013 |
$ |
4,944 |
$ |
(9,509) |
$ |
27,386 |
$ |
17,877 |
||||||||||||||||||
| (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) |
|||||||||||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Full Year |
Full Year |
|||||||||||||||||||||
| 2015 |
2015 |
2015 |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||||||||
| ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY |
|||||||||||||||||||||||||||
| Balance at beginning of period |
$ |
53,332 |
$ |
52,876 |
$ |
53,076 |
$ |
52,858 |
$ |
53,989 |
$ |
52,858 |
$ |
62,730 |
|||||||||||||
| Provision for loan and lease losses |
1,864 |
2,647 |
3,070 |
2,060 |
2,052 |
9,641 |
1,528 |
||||||||||||||||||||
| Gross charge-offs |
|||||||||||||||||||||||||||
| Commercial |
622 |
536 |
510 |
1,481 |
130 |
3,149 |
1,440 |
||||||||||||||||||||
| Real estate - construction |
0 |
85 |
0 |
0 |
0 |
85 |
0 |
||||||||||||||||||||
| Real estate - commercial |
1,137 |
941 |
2,515 |
208 |
385 |
4,801 |
2,329 |
||||||||||||||||||||
| Real estate - residential |
31 |
101 |
250 |
314 |
221 |
696 |
922 |
||||||||||||||||||||
| Installment |
128 |
124 |
12 |
131 |
78 |
395 |
283 |
||||||||||||||||||||
| Home equity |
300 |
322 |
163 |
700 |
349 |
1,485 |
1,745 |
||||||||||||||||||||
| Other |
242 |
276 |
237 |
294 |
287 |
1,049 |
1,158 |
||||||||||||||||||||
| Covered / formerly covered loans |
3,818 |
1,577 |
1,585 |
1,916 |
4,318 |
8,896 |
18,096 |
||||||||||||||||||||
| Total gross charge-offs |
6,278 |
3,962 |
5,272 |
5,044 |
5,768 |
20,556 |
25,973 |
||||||||||||||||||||
| Recoveries |
|||||||||||||||||||||||||||
| Commercial |
386 |
357 |
185 |
44 |
75 |
972 |
1,260 |
||||||||||||||||||||
| Real estate - construction |
91 |
0 |
10 |
29 |
0 |
130 |
0 |
||||||||||||||||||||
| Real estate - commercial |
597 |
444 |
179 |
354 |
423 |
1,574 |
1,194 |
||||||||||||||||||||
| Real estate - residential |
192 |
87 |
23 |
64 |
29 |
366 |
190 |
||||||||||||||||||||
| Installment |
36 |
59 |
44 |
60 |
45 |
199 |
218 |
||||||||||||||||||||
| Home equity |
102 |
195 |
129 |
154 |
45 |
580 |
231 |
||||||||||||||||||||
| Other |
74 |
52 |
71 |
45 |
111 |
242 |
406 |
||||||||||||||||||||
| Covered / formerly covered loans |
3,002 |
577 |
1,361 |
2,452 |
1,857 |
7,392 |
11,074 |
||||||||||||||||||||
| Total recoveries |
4,480 |
1,771 |
2,002 |
3,202 |
2,585 |
11,455 |
14,573 |
||||||||||||||||||||
| Total net charge-offs |
1,798 |
2,191 |
3,270 |
1,842 |
3,183 |
9,101 |
11,400 |
||||||||||||||||||||
| Ending allowance for loan and lease losses |
$ |
53,398 |
$ |
53,332 |
$ |
52,876 |
$ |
53,076 |
$ |
52,858 |
$ |
53,398 |
$ |
52,858 |
|||||||||||||
| NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) |
|||||||||||||||||||||||||||
| Commercial |
0.06 |
% |
0.05 |
% |
0.10 |
% |
0.45 |
% |
0.02 |
% |
0.15 |
% |
0.02 |
% |
|||||||||||||
| Real estate - construction |
(0.12) |
% |
0.13 |
% |
(0.02) |
% |
(0.05) |
% |
0.00 |
% |
(0.02) |
% |
0.00 |
% |
|||||||||||||
| Real estate - commercial |
0.10 |
% |
0.10 |
% |
0.48 |
% |
(0.03) |
% |
(0.01) |
% |
0.16 |
% |
0.07 |
% |
|||||||||||||
| Real estate - residential |
(0.14) |
% |
0.01 |
% |
0.21 |
% |
0.24 |
% |
0.18 |
% |
0.08 |
% |
0.19 |
% |
|||||||||||||
| Installment |
0.94 |
% |
0.65 |
% |
(0.32) |
% |
0.68 |
% |
0.28 |
% |
0.49 |
% |
0.14 |
% |
|||||||||||||
| Home equity |
0.18 |
% |
0.12 |
% |
0.03 |
% |
0.53 |
% |
0.29 |
% |
0.21 |
% |
0.39 |
% |
|||||||||||||
| Other |
0.52 |
% |
0.74 |
% |
0.55 |
% |
0.88 |
% |
0.63 |
% |
0.67 |
% |
0.66 |
% |
|||||||||||||
| Covered / formerly covered loans |
1.40 |
% |
1.60 |
% |
0.33 |
% |
(0.74) |
% |
3.06 |
% |
0.58 |
% |
1.88 |
% |
|||||||||||||
| Total net charge-offs |
0.14 |
% |
0.17 |
% |
0.27 |
% |
0.16 |
% |
0.27 |
% |
0.18 |
% |
0.28 |
% |
|||||||||||||
| COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS |
|||||||||||||||||||||||||||
| Nonaccrual loans (1) |
|||||||||||||||||||||||||||
| Commercial |
$ |
8,231 |
$ |
7,191 |
$ |
6,683 |
$ |
6,926 |
$ |
5,817 |
$ |
8,231 |
$ |
5,817 |
|||||||||||||
| Real estate - construction |
0 |
79 |
223 |
223 |
223 |
0 |
223 |
||||||||||||||||||||
| Real estate - commercial |
9,059 |
17,228 |
21,186 |
29,925 |
27,752 |
9,059 |
27,752 |
||||||||||||||||||||
| Real estate - residential |
5,027 |
4,940 |
5,257 |
6,100 |
7,241 |
5,027 |
7,241 |
||||||||||||||||||||
| Installment |
127 |
321 |
305 |
278 |
443 |
127 |
443 |
||||||||||||||||||||
| Home equity |
2,787 |
2,702 |
2,735 |
2,462 |
3,064 |
2,787 |
3,064 |
||||||||||||||||||||
| Lease financing |
122 |
0 |
0 |
0 |
0 |
122 |
0 |
||||||||||||||||||||
| Covered / formerly covered loans |
2,644 |
3,252 |
3,284 |
3,239 |
3,929 |
2,644 |
3,929 |
||||||||||||||||||||
| Nonaccrual loans |
27,997 |
35,713 |
39,673 |
49,153 |
48,469 |
27,997 |
48,469 |
||||||||||||||||||||
| Accruing troubled debt restructurings (TDRs) |
28,876 |
20,226 |
20,084 |
15,429 |
15,928 |
28,876 |
15,928 |
||||||||||||||||||||
| Total nonperforming loans |
56,873 |
55,939 |
59,757 |
64,582 |
64,397 |
56,873 |
64,397 |
||||||||||||||||||||
| Other real estate owned (OREO) |
13,254 |
15,187 |
16,401 |
20,906 |
22,674 |
13,254 |
22,674 |
||||||||||||||||||||
| Total nonperforming assets |
70,127 |
71,126 |
76,158 |
85,488 |
87,071 |
70,127 |
87,071 |
||||||||||||||||||||
| Accruing loans past due 90 days or more |
108 |
58 |
70 |
85 |
216 |
108 |
216 |
||||||||||||||||||||
| Total underperforming assets |
$ |
70,235 |
$ |
71,184 |
$ |
76,228 |
$ |
85,573 |
$ |
87,287 |
$ |
70,235 |
$ |
87,287 |
|||||||||||||
| Classified assets |
$ |
106,468 |
$ |
95,597 |
$ |
106,280 |
$ |
109,090 |
$ |
109,122 |
$ |
106,468 |
$ |
109,122 |
|||||||||||||
| Covered / formerly covered classified assets |
25,963 |
33,110 |
33,651 |
44,727 |
45,682 |
25,963 |
45,682 |
||||||||||||||||||||
| Total classified assets |
$ |
132,431 |
$ |
128,707 |
$ |
139,931 |
$ |
153,817 |
$ |
154,804 |
$ |
132,431 |
$ |
154,804 |
|||||||||||||
| CREDIT QUALITY RATIOS |
|||||||||||||||||||||||||||
| Allowance for loan and lease losses to |
|||||||||||||||||||||||||||
| Nonaccrual loans |
190.73 |
% |
149.33 |
% |
133.28 |
% |
107.98 |
% |
109.06 |
% |
190.73 |
% |
109.06 |
% |
|||||||||||||
| Nonperforming loans |
93.89 |
% |
95.34 |
% |
88.49 |
% |
82.18 |
% |
82.08 |
% |
93.89 |
% |
82.08 |
% |
|||||||||||||
| Total ending loans |
0.99 |
% |
1.02 |
% |
1.09 |
% |
1.11 |
% |
1.11 |
% |
0.99 |
% |
1.11 |
% |
|||||||||||||
| Allowance and loan marks, net of indemnification asset, to total loans |
1.11 |
% |
1.17 |
% |
1.27 |
% |
1.43 |
% |
1.51 |
% |
1.11 |
% |
1.51 |
% |
|||||||||||||
| Nonperforming loans to total loans |
1.06 |
% |
1.07 |
% |
1.23 |
% |
1.36 |
% |
1.35 |
% |
1.06 |
% |
1.35 |
% |
|||||||||||||
| Nonperforming assets to |
|||||||||||||||||||||||||||
| Ending loans, plus OREO |
1.30 |
% |
1.36 |
% |
1.56 |
% |
1.79 |
% |
1.81 |
% |
1.30 |
% |
1.81 |
% |
|||||||||||||
| Total assets |
0.86 |
% |
0.90 |
% |
1.03 |
% |
1.18 |
% |
1.21 |
% |
0.86 |
% |
1.21 |
% |
|||||||||||||
| Nonperforming assets, excluding accruing TDRs to |
|||||||||||||||||||||||||||
| Ending loans, plus OREO |
0.76 |
% |
0.97 |
% |
1.15 |
% |
1.46 |
% |
1.48 |
% |
0.76 |
% |
1.48 |
% |
|||||||||||||
| Total assets |
0.51 |
% |
0.65 |
% |
0.76 |
% |
0.97 |
% |
0.99 |
% |
0.51 |
% |
0.99 |
% |
|||||||||||||
| (1) Nonaccrual loans include nonaccrual TDRs of $9.3 million, $13.6 million, $14.1 million, $20.3 million, and $12.3 million, as of December 31, 2015, September 30, 2015, June 30. 2015, March 31, 2015, and December 31, 2014, respectively. |
|||||||||||||||||||||||||||
| FIRST FINANCIAL BANCORP. |
|||||||||||||||||||||||||||
| CAPITAL ADEQUACY |
|||||||||||||||||||||||||||
| (Dollars in thousands, except per share data) |
|||||||||||||||||||||||||||
| (Unaudited) |
|||||||||||||||||||||||||||
| Twelve months ended, |
|||||||||||||||||||||||||||
| Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Dec. 31, |
Dec. 31, |
|||||||||||||||||||||
| 2015 |
2015 |
2015 |
2015 |
2014 |
2015 |
2014 |
|||||||||||||||||||||
| PER COMMON SHARE |
|||||||||||||||||||||||||||
| Market Price |
|||||||||||||||||||||||||||
| High |
$ |
20.72 |
$ |
19.69 |
$ |
18.55 |
$ |
18.30 |
$ |
19.00 |
$ |
20.72 |
$ |
19.00 |
|||||||||||||
| Low |
$ |
17.83 |
$ |
17.55 |
$ |
16.68 |
$ |
16.52 |
$ |
15.34 |
$ |
16.52 |
$ |
15.34 |
|||||||||||||
| Close |
$ |
18.07 |
$ |
19.08 |
$ |
17.94 |
$ |
17.81 |
$ |
18.59 |
$ |
18.07 |
$ |
18.59 |
|||||||||||||
| Average shares outstanding - basic |
60,985,096 |
61,135,749 |
61,115,802 |
61,013,489 |
60,905,095 |
61,062,657 |
58,662,836 |
||||||||||||||||||||
| Average shares outstanding - diluted |
61,861,182 |
61,987,795 |
61,915,294 |
61,731,844 |
61,627,518 |
61,847,547 |
59,392,667 |
||||||||||||||||||||
| Ending shares outstanding |
61,641,680 |
61,713,633 |
61,707,847 |
61,686,887 |
61,456,547 |
61,641,680 |
61,456,547 |
||||||||||||||||||||
| Total shareholders' equity |
$ |
809,376 |
$ |
813,012 |
$ |
802,383 |
$ |
795,742 |
$ |
784,077 |
$ |
809,376 |
$ |
784,077 |
|||||||||||||
| REGULATORY CAPITAL (1) |
Preliminary |
Preliminary |
|||||||||||||||||||||||||
| Common equity tier 1 capital |
$ |
648,748 |
$ |
638,574 |
$ |
697,139 |
$ |
686,191 |
$ |
673,851 |
$ |
648,748 |
$ |
673,851 |
|||||||||||||
| Common equity tier 1 capital ratio |
10.28 |
% |
10.51 |
% |
12.34 |
% |
12.29 |
% |
12.69 |
% |
10.28 |
% |
12.69 |
% |
|||||||||||||
| Tier 1 capital |
$ |
648,852 |
$ |
638,678 |
$ |
697,243 |
$ |
686,295 |
$ |
673,955 |
$ |
648,852 |
$ |
673,955 |
|||||||||||||
| Tier 1 ratio |
10.29 |
% |
10.52 |
% |
12.35 |
% |
12.29 |
% |
12.69 |
% |
10.29 |
% |
12.69 |
% |
|||||||||||||
| Total capital |
$ |
822,431 |
$ |
812,029 |
$ |
751,818 |
$ |
740,967 |
$ |
728,284 |
$ |
822,431 |
$ |
728,284 |
|||||||||||||
| Total capital ratio |
13.04 |
% |
13.37 |
% |
13.31 |
% |
13.27 |
% |
13.71 |
% |
13.04 |
% |
13.71 |
% |
|||||||||||||
| Total capital in excess of minimum |
|||||||||||||||||||||||||||
| requirement |
$ |
317,780 |
$ |
326,117 |
$ |
300,006 |
$ |
294,290 |
$ |
303,358 |
$ |
317,780 |
$ |
303,358 |
|||||||||||||
| Total risk-weighted assets |
$ |
6,308,139 |
$ |
6,073,899 |
$ |
5,647,658 |
$ |
5,583,461 |
$ |
5,311,573 |
$ |
6,308,139 |
$ |
5,311,573 |
|||||||||||||
| Leverage ratio |
8.33 |
% |
8.58 |
% |
9.77 |
% |
9.67 |
% |
9.44 |
% |
8.33 |
% |
9.44 |
% |
|||||||||||||
| OTHER CAPITAL RATIOS |
|||||||||||||||||||||||||||
| Ending shareholders' equity to ending assets |
9.93 |
% |
10.32 |
% |
10.87 |
% |
10.98 |
% |
10.86 |
% |
9.93 |
% |
10.86 |
% |
|||||||||||||
| Ending tangible shareholders' equity to ending tangible assets |
7.53 |
% |
7.84 |
% |
9.08 |
% |
9.16 |
% |
9.02 |
% |
7.53 |
% |
9.02 |
% |
|||||||||||||
| Average shareholders' equity to average assets |
10.29 |
% |
10.67 |
% |
11.05 |
% |
10.95 |
% |
10.77 |
% |
10.73 |
% |
10.75 |
% |
|||||||||||||
| Average tangible shareholders' equity to average tangible assets |
7.83 |
% |
8.12 |
% |
9.23 |
% |
9.11 |
% |
8.94 |
% |
8.13 |
% |
8.79 |
% |
|||||||||||||
| REPURCHASE PROGRAM (2) |
|||||||||||||||||||||||||||
| Shares repurchased |
91,032 |
148,935 |
0 |
0 |
0 |
239,967 |
40,255 |
||||||||||||||||||||
| Average share repurchase price |
$ |
18.85 |
$ |
18.68 |
N/A |
N/A |
N/A |
$ |
18.75 |
$ |
17.32 |
||||||||||||||||
| Total cost of shares repurchased |
$ |
1,716 |
$ |
2,783 |
N/A |
N/A |
N/A |
$ |
4,499 |
$ |
697 |
||||||||||||||||
| (1) 2015 amounts and ratios are calculated under the Basel III standardized approach |
|||||||||||||||||||||||||||
| (2) Represents share repurchases as part of publicly announced plans. |
|||||||||||||||||||||||||||
| N/A = Not applicable |
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SOURCE First Financial Bancorp
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