First Financial Bancorp Reports Second Quarter 2016 Financial Results

Net Income Increases 14% from First Quarter 2016

News provided by

First Financial Bancorp

Jul 21, 2016, 04:15 ET

CINCINNATI, July 21, 2016 /PRNewswire/ -- First Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the second quarter 2016.  For the three months ended June 30, 2016, the Company reported net income of $22.6 million, or $0.36 per diluted common share.  These results compare to net income of $19.8 million, or $0.32 per diluted common share, for the first quarter of 2016 and $18.9 million, or $0.31 per diluted common share, for the second quarter of 2015. 

Return on average assets for the second quarter of 2016 was 1.11% while return on average tangible common equity was 14.49%.  These compare to a return on average assets of 0.98% and return on average tangible common equity of 13.06% in the first quarter of 2016 and a return on average assets of 1.05% and a return on average tangible common equity of 11.60% in the second quarter of 2015.

Second quarter highlights include:

  • Loan balances increased $196.6 million, or 14.4% on an annualized basis, from the linked quarter
  • Stable net interest margin of 3.61%; 3.67% on a fully tax equivalent basis
  • Other noninterest income included $2.4 million of previously unrealized income from the redemption of a limited partnership investment and $0.2 million in losses on sales of investment securities
  • Other noninterest expense included $0.2 million of expenses related to branch consolidation activities
  • Emphasis on expense management reflected in 56.6% efficiency ratio for the quarter
  • Provision expense increased $2.4 million as a result of strong loan growth and a moderate increase in classified assets

Claude Davis, Chief Executive Officer, commented, "We are pleased with another strong quarter of results, which produced our 103rd consecutive quarter of profitability.  Strong demand in our metropolitan markets and our specialty finance business resulted in loan growth of 14.4% on an annualized basis during the quarter."

"In addition to strong loan growth during the period, our results reflect a stable net interest margin, disciplined expense management and a steady credit outlook.  As we look forward, we remain focused on executing our strategy and raising the performance level of the Company."

The format of this release announcing our second quarter financial results was updated to include an accompanying slide presentation.  Management intends to make reference to the accompanying slides during the earnings conference call on Friday, July 22, 2016.

Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, July 22, 2016 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 10084369.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information and any non-GAAP reconciliations related to this release is available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

About First Financial Bancorp
First Financial Bancorp is a Cincinnati, Ohio based bank holding company.  As of June 30, 2016, the Company had $8.3 billion in assets, $5.7 billion in loans, $6.1 billion in deposits and $846.7 million in shareholders' equity.  The Company's subsidiary, First Financial Bank, N.A., founded in 1863, provides banking and financial services products through its five lines of business: commercial, consumer, wealth management, specialty finance and mortgage.  The commercial, consumer, specialty finance 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 $2.4 billion in assets under management as of June 30, 2016.  The Company's strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 101 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, 2015, 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.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)













Three Months Ended,

Six months ended,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Jun. 30,

2016

2016

2015

2015

2015

2016

2015

RESULTS OF OPERATIONS












Net income

$

22,568

$

19,814

$

19,820

$

18,673

$

18,949

$

42,382

$

36,570

Net earnings per share - basic

$

0.37

$

0.32

$

0.33

$

0.31

$

0.31

$

0.69

$

0.60

Net earnings per share - diluted

$

0.36

$

0.32

$

0.32

$

0.30

$

0.31

$

0.68

$

0.59

Dividends declared per share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.16

$

0.32

$

0.32














KEY FINANCIAL RATIOS












Return on average assets

1.11

%

0.98

%

0.99

%

0.97

%

1.05

%

1.04

%

1.02

%

Return on average shareholders' equity

10.84

%

9.70

%

9.62

%

9.12

%

9.49

%

10.27

%

9.28

%

Return on average tangible shareholders' equity

14.49

%

13.06

%

12.98

%

12.33

%

11.60

%

13.78

%

11.36

%












Net interest margin

3.61

%

3.62

%

3.63

%

3.61

%

3.56

%

3.62

%

3.58

%

Net interest margin (fully tax equivalent) (1)

3.67

%

3.68

%

3.69

%

3.67

%

3.62

%

3.67

%

3.64

%












Ending shareholders' equity as a percent of ending assets

10.19

%

10.09

%

9.93

%

10.32

%

10.87

%

10.19

%

10.87

%

Ending tangible shareholders' equity as a percent of:












Ending tangible assets

7.85

%

7.71

%

7.53

%

7.84

%

9.08

%

7.85

%

9.08

%

Risk-weighted assets

9.51

%

9.49

%

9.47

%

9.90

%

11.63

%

9.51

%

11.63

%












Average shareholders' equity as a percent of average assets

10.21

%

10.12

%

10.29

%

10.67

%

11.05

%

10.16

%

11.00

%

Average tangible shareholders' equity as a percent of












    average tangible assets

7.83

%

7.71

%

7.83

%

8.12

%

9.23

%

7.78

%

9.17

%












Book value per share

$

13.67

$

13.36

$

13.13

$

13.17

$

13.00

$

13.67

$

13.00

Tangible book value per share

$

10.26

$

9.94

$

9.69

$

9.74

$

10.65

$

10.26

$

10.65














Common equity tier 1 ratio (2)

10.07

%

10.16

%

10.28

%

10.51

%

12.34

%

10.07

%

12.34

%

Tier 1 ratio (2)

10.07

%

10.16

%

10.29

%

10.52

%

12.35

%

10.07

%

12.35

%

Total capital ratio (2)

12.70

%

12.84

%

13.04

%

13.37

%

13.31

%

12.70

%

13.31

%

Leverage ratio (2)

8.38

%

8.27

%

8.33

%

8.58

%

9.77

%

8.38

%

9.77

%












AVERAGE BALANCE SHEET ITEMS












Loans (3)

$

5,569,080

$

5,417,812

$

5,248,465

$

5,032,708

$

4,793,471

$

5,493,446

$

4,782,134

FDIC indemnification asset

15,404

17,138

18,437

19,848

20,744

16,271

21,424

Investment securities

1,869,540

1,938,772

1,934,173

1,848,083

1,782,785

1,904,156

1,772,759

Interest-bearing deposits with other banks

21,687

24,291

18,920

37,468

19,960

22,989

20,604

  Total earning assets

$

7,475,711

$

7,398,013

$

7,219,995

$

6,938,107

$

6,616,960

$

7,436,862

$

6,596,921

Total assets

$

8,203,837

$

8,118,945

$

7,950,278

$

7,611,389

$

7,243,886

$

8,161,391

$

7,222,717

Noninterest-bearing deposits

$

1,441,068

$

1,386,768

$

1,402,283

$

1,344,049

$

1,325,485

$

1,413,918

$

1,305,885

Interest-bearing deposits

4,867,439

4,749,253

4,845,056

4,615,886

4,446,248

4,808,346

4,404,121

  Total deposits

$

6,308,507

$

6,136,021

$

6,247,339

$

5,959,935

$

5,771,733

$

6,222,264

$

5,710,006

Borrowings

$

965,951

$

1,065,739

$

763,408

$

746,706

$

587,225

$

1,015,845

$

638,832

Shareholders' equity

$

837,412

$

821,588

$

817,756

$

812,396

$

800,598

$

829,500

$

794,588














CREDIT QUALITY RATIOS











Allowance to ending loans

0.99

%

0.98

%

0.99

%

1.02

%

1.09

%

0.99

%

1.09

%

Allowance to nonaccrual loans

254.56

%

244.16

%

190.73

%

149.33

%

133.28

%

254.56

%

133.28

%

Allowance to nonperforming loans

112.74

%

103.07

%

93.89

%

95.34

%

88.49

%

112.74

%

88.49

%

Nonperforming loans to total loans

0.88

%

0.95

%

1.06

%

1.07

%

1.23

%

0.88

%

1.23

%

Nonperforming assets to ending loans, plus OREO

1.04

%

1.16

%

1.30

%

1.36

%

1.56

%

1.04

%

1.56

%

Nonperforming assets to total assets

0.72

%

0.78

%

0.86

%

0.90

%

1.03

%

0.72

%

1.03

%

Net charge-offs to average loans (annualized)

0.08

%

0.10

%

0.14

%

0.17

%

0.27

%

0.09

%

0.23

%



















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










(2) June 30, 2016 regulatory capital ratios are preliminary.










(3) Includes loans held for sale.



















FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)



Three months ended,

Six months ended,

Jun. 30,

Jun. 30,

2016

2015

% Change

2016

2015

% Change

Interest income










  Loans, including fees

$

64,424

$

54,586

18.0

%

$

127,823

$

109,050

17.2

%

  Investment securities










     Taxable

10,706

9,281

15.4

%

22,079

18,889

16.9

%

     Tax-exempt

1,156

1,139

1.5

%

2,318

2,256

2.7

%

        Total investment securities interest

11,862

10,420

13.8

%

24,397

21,145

15.4

%

  Other earning assets

(1,103)

(1,162)

5.1

%

(2,242)

(2,343)

(4.3)

%

       Total interest income

75,183

63,844

17.8

%

149,978

127,852

17.3

%










Interest expense










  Deposits

5,457

4,621

18.1

%

10,987

9,441

16.4

%

  Short-term borrowings

1,053

253

316.2

%

2,223

556

299.8

%

  Long-term borrowings

1,541

296

420.6

%

3,081

595

417.8

%

      Total interest expense

8,051

5,170

55.7

%

16,291

10,592

53.8

%

      Net interest income

67,132

58,674

14.4

%

133,687

117,260

14.0

%

  Provision for loan and lease losses

4,037

3,070

31.5

%

5,692

5,130

11.0

%

      Net interest income after provision for loan and lease losses

63,095

55,604

13.5

%

127,995

112,130

14.1

%










Noninterest income










  Service charges on deposit accounts

4,455

4,803

(7.2)

%

8,836

9,326

(5.3)

%

  Trust and wealth management fees

3,283

3,274

0.3

%

6,723

6,908

(2.7)

%

  Bankcard income

3,130

2,972

5.3

%

6,012

5,592

7.5

%

  Client derivative fees

1,799

878

104.9

%

2,894

1,840

57.3

%

  Net gains from sales of loans

1,846

1,924

(4.1)

%

3,027

3,388

(10.7)

%

  Net gain on sale of investment securities

(188)

1,094

(117.2)

%

(164)

1,094

(115.0)

%

  FDIC loss sharing income

59

(304)

(119.4)

%

(506)

(1,350)

(62.5)

%

  Accelerated discount on covered / formerly covered loans

1,191

4,094

(70.9)

%

2,162

6,186

(65.1)

%

  Other

4,619

2,680

72.4

%

6,722

6,044

11.2

%

      Total noninterest income

20,194

21,415

(5.7)%

35,706

39,028

(8.5)%












Noninterest expenses










  Salaries and employee benefits

29,526

27,451

7.6

%

59,141

54,392

8.7

%

  Net occupancy

4,491

4,380

2.5

%

9,448

9,385

0.7

%

  Furniture and equipment

2,130

2,219

(4.0)

%

4,343

4,372

(0.7)

%

  Data processing

2,765

2,657

4.1

%

5,483

5,429

1.0

%

  Marketing

801

973

(17.7)

%

1,866

1,861

0.3

%

  Communication

477

558

(14.5)

%

958

1,128

(15.1)

%

  Professional services

1,299

1,727

(24.8)

%

3,112

3,697

(15.8)

%

  State intangible tax

639

577

10.7

%

1,278

1,154

10.7

%

  FDIC assessments

1,112

1,114

(0.2)

%

2,244

2,204

1.8

%

  Loss (gain) - other real estate owned

43

419

(89.7)

%

(147)

893

(116.5)

%

  Loss sharing expense

(12)

576

(102.1)

%

285

877

(67.5)

%

  Other

6,142

6,135

0.1

%

12,122

11,462

5.8

%

      Total noninterest expenses

49,413

48,786

1.3

%

100,133

96,854

3.4

%

Income before income taxes

33,876

28,233

20.0

%

63,568

54,304

17.1

%

Income tax expense

11,308

9,284

21.8

%

21,186

17,734

19.5

%

      Net income

$

22,568

$

18,949

19.1

%

$

42,382

$

36,570

15.9

%










ADDITIONAL DATA










Net earnings per share - basic

$

0.37

$

0.31



$

0.69

$

0.60


Net earnings per share - diluted

$

0.36

$

0.31



$

0.68

$

0.59


Dividends declared per share

$

0.16

$

0.16



$

0.32

$

0.32














Return on average assets

1.11

%

1.05

%


1.04

%

1.02

%

Return on average shareholders' equity

10.84

%

9.49

%


10.27

%

9.28

%













Interest income

$

75,183

$

63,844

17.8

%

$

149,978

$

127,852

17.3

%

Tax equivalent adjustment

1,058

988

7.1

%

2,110

1,971

7.1

%

   Interest income - tax equivalent

76,241

64,832

17.6

%

152,088

129,823

17.2

%

Interest expense

8,051

5,170

55.7

%

16,291

10,592

53.8

%

   Net interest income - tax equivalent

$

68,190

$

59,662

14.3

%

$

135,797

$

119,231

13.9

%










Net interest margin

3.61

%

3.56

%


3.62

%

3.58

%

Net interest margin (fully tax equivalent) (1)

3.67

%

3.62

%


3.67

%

3.64

%













Full-time equivalent employees

1,403

1,366




















(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

Second

First

Full

% Change

Quarter

Quarter

Year

Linked Qtr.

Interest income







  Loans, including fees

$

64,424

$

63,399

$

127,823

1.6

%

  Investment securities







     Taxable

10,706

11,373

22,079

(5.9)

%

     Tax-exempt

1,156

1,162

2,318

(0.5)

%

        Total investment securities interest

11,862

12,535

24,397

(5.4)

%

  Other earning assets

(1,103)

(1,139)

(2,242)

3.2

%

       Total interest income

75,183

74,795

149,978

0.5

%







Interest expense







  Deposits

5,457

5,530

10,987

(1.3)

%

  Short-term borrowings

1,053

1,170

2,223

(10.0)

%

  Long-term borrowings

1,541

1,540

3,081

0.1

%

      Total interest expense

8,051

8,240

16,291

(2.3)

%

      Net interest income

67,132

66,555

133,687

0.9

%

  Provision for loan and lease losses

4,037

1,655

5,692

143.9

%

      Net interest income after provision for loan and lease losses

63,095

64,900

127,995

(2.8)

%







Noninterest income







  Service charges on deposit accounts

4,455

4,381

8,836

1.7

%

  Trust and wealth management fees

3,283

3,440

6,723

(4.6)

%

  Bankcard income

3,130

2,882

6,012

8.6

%

  Client derivative fees

1,799

1,095

2,894

64.3

%

  Net gains from sales of loans

1,846

1,181

3,027

56.3

%

  Net gain on sale of investment securities

(188)

24

(164)

100.0

%

  FDIC loss sharing income

59

(565)

(506)

(110.4)

%

  Accelerated discount on covered / formerly covered loans

1,191

971

2,162

22.7

%

  Other

4,619

2,103

6,722

119.6

%

      Total noninterest income

20,194

15,512

35,706

30.2

%







Noninterest expenses







  Salaries and employee benefits

29,526

29,615

59,141

(0.3)

%

  Net occupancy

4,491

4,957

9,448

(9.4)

%

  Furniture and equipment

2,130

2,213

4,343

(3.8)

%

  Data processing

2,765

2,718

5,483

1.7

%

  Marketing

801

1,065

1,866

(24.8)

%

  Communication

477

481

958

(0.8)

%

  Professional services

1,299

1,813

3,112

(28.4)

%

  State intangible tax

639

639

1,278

0.0

%

  FDIC assessments

1,112

1,132

2,244

(1.8)

%

  Loss (gain) - other real estate owned

43

(190)

(147)

(122.6)

%

  Loss sharing expense

(12)

297

285

(104.0)

%

  Other

6,142

5,980

12,122

2.7

%

      Total noninterest expenses

49,413

50,720

100,133

(2.6)

%

Income before income taxes

33,876

29,692

63,568

14.1

%

Income tax expense

11,308

9,878

21,186

14.5

%

      Net income

$

22,568

$

19,814

$

42,382

13.9

%







ADDITIONAL DATA







Net earnings per share - basic

$

0.37

$

0.32

$

0.69


Net earnings per share - diluted

$

0.36

$

0.32

$

0.68


Dividends declared per share

$

0.16

$

0.16

$

0.32











Return on average assets

1.11

%

0.98

%

1.04

%

Return on average shareholders' equity

10.84

%

9.70

%

10.27

%










Interest income

$

75,183

$

74,795

$

149,978

0.5

%

Tax equivalent adjustment

1,058

1,052

2,110

0.6

%

   Interest income - tax equivalent

76,241

75,847

152,088

0.5

%

Interest expense

8,051

8,240

16,291

(2.3)

%

   Net interest income - tax equivalent

$

68,190

$

67,607

$

135,797

0.9

%







Net interest margin

3.61

%

3.62

%

3.62

%

Net interest margin (fully tax equivalent) (1)

3.67

%

3.68

%

3.67

%










Full-time equivalent employees

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.

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

Quarter

Quarter

Quarter

Quarter

Year

Interest income








  Loans, including fees

$

62,502

$

58,694

$

54,586

$

54,464

$

230,246

  Investment securities








     Taxable

10,702

9,986

9,281

9,608

39,577

     Tax-exempt

1,192

1,163

1,139

1,117

4,611

        Total investment securities interest

11,894

11,149

10,420

10,725

44,188

  Other earning assets

(1,164)

(1,168)

(1,162)

(1,181)

(4,675)

       Total interest income

73,232

68,675

63,844

64,008

269,759










Interest expense








  Deposits

5,172

4,861

4,621

4,820

19,474

  Short-term borrowings

434

374

253

303

1,364

  Long-term borrowings

1,543

281

296

299

2,419

      Total interest expense

7,149

5,516

5,170

5,422

23,257

      Net interest income

66,083

63,159

58,674

58,586

246,502

  Provision for loan and lease losses

1,864

2,647

3,070

2,060

9,641

      Net interest income after provision for loan and lease losses

64,219

60,512

55,604

56,526

236,861










Noninterest income








  Service charges on deposit accounts

4,755

4,934

4,803

4,523

19,015

  Trust and wealth management fees

3,086

3,134

3,274

3,634

13,128

  Bankcard income

3,077

2,909

2,972

2,620

11,578

  Client derivative fees

945

1,604

878

962

4,389

  Net gains from sales of loans

1,325

1,758

1,924

1,464

6,471

  Net gain on sale of investment securities

2

409

1,094

0

1,505

  FDIC loss sharing income

(164)

(973)

(304)

(1,046)

(2,487)

  Accelerated discount on covered / formerly covered loans

785

3,820

4,094

2,092

10,791

  Other

2,008

2,760

2,680

3,364

10,812

      Total noninterest income

15,819

20,355

21,415

17,613

75,202










Noninterest expenses








  Salaries and employee benefits

29,632

27,768

27,451

26,941

111,792

  Net occupancy

4,337

4,510

4,380

5,005

18,232

  Furniture and equipment

2,185

2,165

2,219

2,153

8,722

  Data processing

2,843

2,591

2,657

2,772

10,863

  Marketing

1,052

810

973

888

3,723

  Communication

502

531

558

570

2,161

  Professional services

1,833

4,092

1,727

1,970

9,622

  State intangible tax

598

579

577

577

2,331

  FDIC assessments

1,139

1,103

1,114

1,090

4,446

  Loss (gain) - other real estate owned

772

196

419

474

1,861

  Loss sharing expense

414

574

576

301

1,865

  Other

5,977

8,073

6,135

5,327

25,512

      Total noninterest expenses

51,284

52,992

48,786

48,068

201,130

Income before income taxes

28,754

27,875

28,233

26,071

110,933

Income tax expense

8,934

9,202

9,284

8,450

35,870

      Net income

$

19,820

$

18,673

$

18,949

$

17,621

$

75,063










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

Tax equivalent adjustment

1,046

1,000

988

983

4,017

   Interest income - tax equivalent

74,278

69,675

64,832

64,991

273,776

Interest expense

7,149

5,516

5,170

5,422

23,257

   Net interest income - tax equivalent

$

67,129

$

64,159

$

59,662

$

59,569

$

250,519










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.

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)













Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

% Change

% Change

2016

2016

2015

2015

2015

Linked Qtr.

Comparable Qtr.

ASSETS












     Cash and due from banks

$

106,174

$

102,675

$

114,841

$

112,298

$

116,318

3.4

%

(8.7)

%

     Interest-bearing deposits with other banks

18,911

15,582

33,734

24,191

41,027

21.4

%

(53.9)

%

     Investment securities available-for-sale

1,114,349

1,164,319

1,190,642

1,069,667

955,764

(4.3)

%

16.6

%

     Investment securities held-to-maturity

670,111

702,315

726,259

756,035

791,839

(4.6)

%

(15.4)

%

     Other investments

51,261

53,255

53,725

53,431

53,585

(3.7)

%

(4.3)

%

     Loans held for sale

10,494

15,369

20,957

26,287

21,151

(31.7)

%

(50.4)

%

     Loans and leases












       Commercial and industrial

1,794,533

1,744,732

1,663,102

1,637,467

1,315,087

2.9

%

36.5

%

       Lease financing

100,263

101,135

93,986

82,679

84,723

(0.9)

%

18.3

%

       Construction - real estate

374,949

341,453

311,712

276,240

229,256

9.8

%

63.6

%

       Commercial - real estate

2,363,456

2,261,857

2,258,297

2,169,662

2,171,806

4.5

%

8.8

%

       Residential - real estate

512,800

508,512

512,311

506,653

506,391

0.8

%

1.3

%

       Home equity

467,549

466,010

466,629

463,629

463,222

0.3

%

0.9

%

       Installment

46,917

41,627

41,506

39,974

43,073

12.7

%

8.9

%

       Credit card

40,746

39,283

41,217

39,759

39,216

3.7

%

3.9

%

          Total loans

5,701,213

5,504,609

5,388,760

5,216,063

4,852,774

3.6

%

17.5

%

       Less












          Allowance for loan and lease losses

56,708

53,732

53,398

53,332

52,876

5.5

%

7.2

%

                Net loans

5,644,505

5,450,877

5,335,362

5,162,731

4,799,898

3.6

%

17.6

%

     Premises and equipment

133,969

138,036

136,603

139,020

139,170

(2.9)

%

(3.7)

%

     Goodwill and other intangibles

211,199

211,533

211,865

211,732

145,465

(0.2)

%

45.2

%

     FDIC indemnification asset

14,504

16,256

17,630

18,931

20,338

(10.8)

%

(28.7)

%

     Accrued interest and other assets

334,625

323,337

305,793

306,210

298,817

3.5

%

12.0

%

       Total Assets

$

8,310,102

$

8,193,554

$

8,147,411

$

7,880,533

$

7,383,372

1.4

%

12.6

%












LIABILITIES












     Deposits












       Interest-bearing demand

$

1,436,078

$

1,430,963

$

1,414,291

$

1,330,673

$

1,175,219

0.4

%

22.2

%

       Savings

1,974,449

1,922,892

1,945,805

1,979,627

1,947,566

2.7

%

1.4

%

       Time

1,279,934

1,414,313

1,406,124

1,440,223

1,262,881

(9.5)

%

1.4

%

          Total interest-bearing deposits

4,690,461

4,768,168

4,766,220

4,750,523

4,385,666

(1.6)

%

6.9

%

       Noninterest-bearing

1,429,163

1,408,609

1,413,404

1,330,905

1,330,149

1.5

%

7.4

%

          Total deposits

6,119,624

6,176,777

6,179,624

6,081,428

5,715,815

(0.9)

%

7.1

%

     Federal funds purchased and securities sold












         under agreements to repurchase

80,084

75,499

89,325

62,317

68,349

6.1

%

17.2

%

     FHLB short-term borrowings

1,035,000

894,400

849,100

701,200

641,700

15.7

%

61.3

%

          Total short-term borrowings

1,115,084

969,899

938,425

763,517

710,049

15.0

%

57.0

%

     Long-term debt

119,596

119,556

119,540

119,515

47,084

0.0

%

154.0

%

          Total borrowed funds

1,234,680

1,089,455

1,057,965

883,032

757,133

13.3

%

63.1

%

     Accrued interest and other liabilities

109,075

100,735

100,446

103,061

108,041

8.3

%

1.0

%

       Total Liabilities

7,463,379

7,366,967

7,338,035

7,067,521

6,580,989

1.3

%

13.4

%












SHAREHOLDERS' EQUITY












     Common stock

567,687

567,497

571,155

570,025

571,501

0.0

%

(0.7)

%

     Retained earnings

410,893

398,224

388,240

378,258

369,462

3.2

%

11.2

%

     Accumulated other comprehensive loss

(17,688)

(23,209)

(30,580)

(17,219)

(20,715)

(23.8)

%

(14.6)

%

     Treasury stock, at cost

(114,169)

(115,925)

(119,439)

(118,052)

(117,865)

(1.5)

%

(3.1)

%

       Total Shareholders' Equity

846,723

826,587

809,376

813,012

802,383

2.4

%

5.5

%

       Total Liabilities and Shareholders' Equity

$

8,310,102

$

8,193,554

$

8,147,411

$

7,880,533

$

7,383,372

1.4

%

12.6

%












FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)





Quarterly Averages

Year-to-Date Averages

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

June 30,

2016

2016

2015

2015

2015

2016

2015

ASSETS












     Cash and due from banks

$

121,426

$

117,782

$

119,881

$

114,279

$

114,024

$

119,604

$

113,436

     Federal funds sold

0

0

0

0

0

0

0

     Interest-bearing deposits with other banks

21,687

24,291

18,920

37,468

19,960

22,989

20,604

     Investment securities

1,869,540

1,938,772

1,934,173

1,848,083

1,782,785

1,904,156

1,772,759

     Loans held for sale

11,752

13,216

18,677

15,185

9,292

12,484

8,951

     Loans and leases












       Commercial and industrial

1,752,237

1,657,279

1,612,485

1,464,508

1,318,408

1,704,758

1,309,687

       Lease financing

100,103

94,935

89,200

83,300

82,578

97,519

220,877

       Construction - real estate

348,100

322,600

295,574

259,972

226,314

335,350

2,123,409

       Commercial - real estate

2,294,980

2,270,686

2,180,015

2,164,917

2,117,450

2,282,833

496,903

       Residential - real estate

510,262

509,422

505,208

500,544

497,350

509,842

44,379

       Home equity

466,170

466,722

465,131

462,283

459,414

466,446

458,752

       Installment

44,438

41,698

41,148

42,008

43,393

43,068

38,843

       Credit card

41,038

41,254

41,027

39,991

39,272

41,146

80,333

          Total loans

5,557,328

5,404,596

5,229,788

5,017,523

4,784,179

5,480,962

4,773,183

       Less












          Allowance for loan and lease losses

55,504

54,882

53,731

54,398

54,662

55,193

54,158

                Net loans

5,501,824

5,349,714

5,176,057

4,963,125

4,729,517

5,425,769

4,719,025

     Premises and equipment

137,927

138,377

138,689

139,457

140,117

138,152

140,632

     Goodwill and other intangibles

211,363

211,707

211,722

179,333

145,500

211,535

145,594

     FDIC indemnification asset

15,404

17,138

18,437

19,848

20,744

16,271

21,424

     Accrued interest and other assets

312,914

307,948

313,722

294,611

281,947

310,431

280,292

       Total Assets

$

8,203,837

$

8,118,945

$

7,950,278

$

7,611,389

$

7,243,886

$

8,161,391

$

7,222,717














LIABILITIES












     Deposits












       Interest-bearing demand

$

1,483,025

$

1,391,591

$

1,423,915

$

1,230,621

$

1,220,391

$

1,437,308

$

1,198,449

       Savings

2,042,188

1,938,206

2,005,100

2,015,373

1,950,127

1,990,197

1,932,523

       Time

1,342,226

1,419,456

1,416,041

1,369,892

1,275,730

1,380,841

1,273,149

          Total interest-bearing deposits

4,867,439

4,749,253

4,845,056

4,615,886

4,446,248

4,808,346

4,404,121

       Noninterest-bearing

1,441,068

1,386,768

1,402,283

1,344,049

1,325,485

1,413,918

1,305,885

          Total deposits

6,308,507

6,136,021

6,247,339

5,959,935

5,771,733

6,222,264

5,710,006

     Federal funds purchased and securities sold












          under agreements to repurchase

86,457

89,349

79,354

68,505

67,664

87,903

72,440

     FHLB short-term borrowings

759,919

856,837

564,522

606,618

472,295

808,378

518,848

          Total short-term borrowings

846,376

946,186

643,876

675,123

539,959

896,281

591,288

     Long-term debt

119,575

119,553

119,532

71,583

47,266

119,564

47,544

       Total borrowed funds

965,951

1,065,739

763,408

746,706

587,225

1,015,845

638,832

     Accrued interest and other liabilities

91,967

95,597

121,775

92,352

84,330

93,782

79,291

       Total Liabilities

7,366,425

7,297,357

7,132,522

6,798,993

6,443,288

7,331,891

6,428,129














SHAREHOLDERS' EQUITY












     Common stock

567,682

570,558

570,510

570,723

571,078

569,120

572,497

     Retained earnings

406,788

395,756

385,295

378,160

365,847

401,272

360,875

     Accumulated other comprehensive loss

(21,901)

(26,165)

(18,962)

(19,725)

(18,242)

(24,033)

(19,197)

     Treasury stock, at cost

(115,157)

(118,561)

(119,087)

(116,762)

(118,085)

(116,859)

(119,587)

       Total Shareholders' Equity

837,412

821,588

817,756

812,396

800,598

829,500

794,588

       Total Liabilities and Shareholders' Equity

$

8,203,837

$

8,118,945

$

7,950,278

$

7,611,389

$

7,243,886

$

8,161,391

$

7,222,717














FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)





 Quarterly Averages

Year-to-Date Averages

June 30, 2016

March 31, 2016

June 30, 2015

June 30, 2016

June 30, 2015

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Earning assets



















    Investments:



















      Investment securities

$

1,869,540

2.54

%

$

1,938,772

2.59

%

$

1,782,785

2.34

%

$

1,904,156

2.58

%

$

1,772,759

2.41

%

      Interest-bearing deposits with other banks

21,687

0.50

%

24,291

0.53

%

19,960

0.26

%

22,989

0.52

%

20,604

0.26

%

    Gross loans (2)

5,584,484

4.55

%

5,434,950

4.59

%

4,814,215

4.45

%

5,509,717

4.59

%

4,803,558

4.48

%

       Total earning assets

7,475,711

4.03

%

7,398,013

4.06

%

6,616,960

3.87

%

7,436,862

4.07

%

6,596,921

3.91

%



















Nonearning assets



















    Allowance for loan and lease losses

(55,504)



(54,882)



(54,662)



(55,193)



(54,158)


    Cash and due from banks

121,426



117,782



114,024



119,604



113,436


    Accrued interest and other assets

662,204



658,032



567,564



660,118



566,518


       Total assets

$

8,203,837



$

8,118,945



$

7,243,886



$

8,161,391



$

7,222,717























Interest-bearing liabilities



















    Deposits:



















      Interest-bearing demand

$

1,483,025

0.13

%

$

1,391,591

0.16

%

$

1,220,391

0.08

%

$

1,437,308

0.14

%

$

1,198,449

0.08

%

      Savings

2,042,188

0.25

%

1,938,206

0.26

%

1,950,127

0.19

%

1,990,197

0.26

%

1,932,523

0.23

%

      Time

1,342,226

1.10

%

1,419,456

1.05

%

1,275,730

1.08

%

1,380,841

1.08

%

1,273,149

1.08

%

    Total interest-bearing deposits

4,867,439

0.45

%

4,749,253

0.47

%

4,446,248

0.42

%

4,808,346

0.46

%

4,404,121

0.43

%

    Borrowed funds



















      Short-term borrowings

846,376

0.50

%

946,186

0.50

%

539,959

0.19

%

896,281

0.50

%

591,288

0.19

%

      Long-term debt

119,575

5.17

%

119,553

5.17

%

47,266

2.51

%

119,564

5.20

%

47,544

2.52

%

        Total borrowed funds

965,951

1.08

%

1,065,739

1.02

%

587,225

0.37

%

1,015,845

1.05

%

638,832

0.36

%

       Total interest-bearing liabilities

5,833,390

0.55

%

5,814,992

0.57

%

5,033,473

0.41

%

5,824,191

0.56

%

5,042,953

0.42

%



















Noninterest-bearing liabilities



















    Noninterest-bearing demand deposits

1,441,068



1,386,768



1,325,485



1,413,918



1,305,885


    Other liabilities

91,967



95,597



84,330



93,782



79,291


    Shareholders' equity

837,412



821,588



800,598



829,500



794,588


       Total liabilities & shareholders' equity

$

8,203,837



$

8,118,945



$

7,243,886



$

8,161,391



$

7,222,717























Net interest income (1)

$

67,132



$

66,555



$

58,674



$

133,687



$

117,260


Net interest spread (1)


3.48

%


3.49

%


3.46

%


3.51

%


3.49

%

Net interest margin (1)


3.61

%


3.62

%


3.56

%


3.62

%


3.58

%








































(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

$

(234)

$

(439)

$

(673)

$

892

$

550

$

1,442

$

1,568

$

1,684

$

3,252

    Interest-bearing deposits with other banks

(2)

(3)

(5)

12

2

14

26

6

32

    Gross loans (2)

(629)

1,695

1,066

1,153

8,730

9,883

2,754

16,088

18,842

       Total earning assets

(865)

1,253

388

2,057

9,282

11,339

4,348

17,778

22,126



















Interest-bearing liabilities

















    Total interest-bearing deposits

$

(206)

$

133

$

(73)

$

364

$

472

$

836

$

622

$

924

$

1,546

    Borrowed funds

















    Short-term borrowings

7

(124)

(117)

419

381

800

911

756

1,667

    Long-term debt

1

0

1

313

932

1,245

630

1,856

2,486

       Total borrowed funds

8

(124)

(116)

732

1,313

2,045

1,541

2,612

4,153

       Total interest-bearing liabilities

(198)

9

(189)

1,096

1,785

2,881

2,163

3,536

5,699

          Net interest income (1)

$

(667)

$

1,244

$

577

$

961

$

7,497

$

8,458

$

2,185

$

14,242

$

16,427






































(1) Not tax equivalent.

















(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans.



FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)























Six months ended

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2016

2016

2015

2015

2015

2016

2015

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY









Balance at beginning of period

$

53,732

$

53,398

$

53,332

$

52,876

$

53,076

$

53,398

$

52,858

  Provision for loan and lease losses

4,037

1,655

1,864

2,647

3,070

5,692

5,130

  Gross charge-offs












    Commercial and industrial

189

329

622

536

510

518

1,991

    Construction - real estate

0

0

0

85

0

0

0

    Commercial - real estate

1,224

432

1,137

941

2,515

1,656

2,723

    Residential - real estate

20

39

31

101

250

59

564

    Home equity

230

273

300

322

163

503

863

    Installment

29

54

128

124

12

83

143

    Other

357

240

242

276

237

597

531

    Covered / formerly covered loans

653

1,075

3,818

1,577

1,585

1,728

3,501

      Total gross charge-offs

2,702

2,442

6,278

3,962

5,272

5,144

10,316

  Recoveries












    Commercial and industrial

387

163

386

357

185

550

229

    Construction - real estate

0

7

91

0

10

7

39

    Commercial - real estate

158

346

597

444

179

504

533

    Residential - real estate

78

62

192

87

23

140

87

    Home equity

121

164

102

195

129

285

283

    Installment

37

35

36

59

44

72

104

    Other

64

81

74

52

71

145

116

    Covered / formerly covered loans

796

263

3,002

577

1,361

1,059

3,813

      Total recoveries

1,641

1,121

4,480

1,771

2,002

2,762

5,204

  Total net charge-offs

1,061

1,321

1,798

2,191

3,270

2,382

5,112

Ending allowance for loan and lease losses

$

56,708

$

53,732

$

53,398

$

53,332

$

52,876

$

56,708

$

52,876














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









  Commercial and industrial

(0.05)

%

0.04

%

0.06

%

0.05

%

0.10

%

0.00

%

0.27

%

  Construction - real estate

0.00

%

(0.01)

%

(0.12)

%

0.13

%

(0.02)

%

0.00

%

(0.04)

%

  Commercial - real estate

0.20

%

0.02

%

0.10

%

0.10

%

0.48

%

0.11

%

0.22

%

  Residential - real estate

(0.05)

%

(0.02)

%

(0.14)

%

0.01

%

0.21

%

(0.04)

%

0.22

%

  Home equity

0.10

%

0.10

%

0.18

%

0.12

%

0.03

%

0.10

%

0.28

%

  Installment

(0.08)

%

0.19

%

0.94

%

0.65

%

(0.32)

%

0.05

%

0.19

%

  Other

0.85

%

0.48

%

0.52

%

0.74

%

0.55

%

0.66

%

0.71

%

  Covered / formerly covered loans

(0.29)

%

1.51

%

1.40

%

1.60

%

0.33

%

0.64

%

(0.22)

%

     Total net charge-offs

0.08

%

0.10

%

0.14

%

0.17

%

0.27

%

0.09

%

0.23

%












COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)












    Commercial and industrial

$

2,870

$

3,757

$

8,231

$

7,191

$

6,683

$

2,870

$

6,683

    Construction - real estate

0

0

0

79

223

0

223

    Commercial - real estate

8,397

8,178

9,059

17,228

21,186

8,397

21,186

    Residential - real estate

4,824

4,243

5,027

4,940

5,257

4,824

5,257

    Home equity

2,250

3,018

2,787

2,702

2,735

2,250

2,735

    Installment

433

113

127

321

305

433

305

    Lease financing

1,167

121

122

0

0

1,167

0

    Covered / formerly covered loans

2,336

2,577

2,644

3,252

3,284

2,336

3,284

      Nonaccrual loans

22,277

22,007

27,997

35,713

39,673

22,277

39,673

  Accruing troubled debt restructurings (TDRs)

28,022

30,127

28,876

20,226

20,084

28,022

20,084

     Total nonperforming loans

50,299

52,134

56,873

55,939

59,757

50,299

59,757

  Other real estate owned (OREO)

9,302

11,939

13,254

15,187

16,401

9,302

16,401

     Total nonperforming assets

59,601

64,073

70,127

71,126

76,158

59,601

76,158

  Accruing loans past due 90 days or more

981

59

108

58

70

981

70

     Total underperforming assets

$

60,582

$

64,132

$

70,235

$

71,184

$

76,228

$

60,582

$

76,228

Total classified assets

$

143,331

$

133,940

$

132,431

$

130,132

$

139,931

$

143,331

$

151,962














CREDIT QUALITY RATIOS









Allowance for loan and lease losses to












     Nonaccrual loans

254.56

%

244.16

%

190.73

%

149.33

%

133.28

%

254.56

%

133.28

%

     Nonperforming loans

112.74

%

103.07

%

93.89

%

95.34

%

88.49

%

112.74

%

88.49

%

     Total ending loans

0.99

%

0.98

%

0.99

%

1.02

%

1.09

%

0.99

%

1.09

%

Allowance and loan marks, net of indemnification asset, to total loans

1.06

%

1.08

%

1.11

%

1.17

%

1.27

%

1.06

%

1.27

%

Nonperforming loans to total loans

0.88

%

0.95

%

1.06

%

1.07

%

1.23

%

0.88

%

1.23

%

Nonperforming assets to












     Ending loans, plus OREO

1.04

%

1.16

%

1.30

%

1.36

%

1.56

%

1.04

%

1.56

%

     Total assets

0.72

%

0.78

%

0.86

%

0.90

%

1.03

%

0.72

%

1.03

%

Nonperforming assets, excluding accruing TDRs to












     Ending loans, plus OREO

0.55

%

0.62

%

0.76

%

0.97

%

1.15

%

0.55

%

1.15

%

     Total assets

0.38

%

0.41

%

0.51

%

0.65

%

0.76

%

0.38

%

0.76

%












(1)  Nonaccrual loans include nonaccrual TDRs of $8.0 million, $7.5 million, $9.3 million, $13.6 million, and $14.1 million, as of June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015, and June 30 2015, respectively.



FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)









Six months ended,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Jun. 30,

Jun. 30,

2016

2016

2015

2015

2015

2016

2015

PER COMMON SHARE












Market Price












  High

$

20.16

$

18.36

$

20.72

$

19.69

$

18.55

$

20.16

$

18.55

  Low

$

17.49

$

14.91

$

17.83

$

17.55

$

16.68

$

14.91

$

16.52

  Close

$

19.45

$

18.18

$

18.07

$

19.08

$

17.94

$

19.45

$

17.94














Average shares outstanding - basic

61,194,254

61,036,797

60,985,096

61,135,749

61,115,802

61,115,525

61,064,928

Average shares outstanding - diluted

62,027,008

61,840,247

61,861,182

61,987,795

61,915,294

61,912,366

61,824,106

Ending shares outstanding

61,959,529

61,855,027

61,641,680

61,713,633

61,707,847

61,959,529

61,707,847














Total shareholders' equity

$

846,723

$

826,587

$

809,376

$

813,012

$

802,383

$

846,723

$

802,383














REGULATORY CAPITAL (1)

Preliminary








Preliminary

Common equity tier 1 capital

$

673,313

$

658,001

$

648,748

$

638,574

$

697,139

$

673,313

$

697,139

Common equity tier 1 capital ratio

10.07

%

10.16

%

10.28

%

10.51

%

12.34

%

10.07

%

12.34

%

Tier 1 capital

$

673,417

$

658,105

$

648,852

$

638,678

$

697,243

$

673,417

$

697,243

Tier 1 ratio

10.07

%

10.16

%

10.29

%

10.52

%

12.35

%

10.07

%

12.35

%

Total capital

$

849,303

$

831,924

$

822,431

$

812,029

$

751,818

$

849,303

$

751,818

Total capital ratio

12.70

%

12.84

%

13.04

%

13.37

%

13.31

%

12.70

%

13.31

%

Total capital in excess of minimum












  requirement

$

272,708

$

273,135

$

317,780

$

326,117

$

300,006

$

272,708

$

300,006

Total risk-weighted assets

$

6,685,158

$

6,478,716

$

6,308,139

$

6,073,899

$

5,647,658

$

6,685,158

$

5,647,658

Leverage ratio

8.38

%

8.27

%

8.33

%

8.58

%

9.77

%

8.38

%

9.77

%












OTHER CAPITAL RATIOS












Ending shareholders' equity to ending assets

10.19

%

10.09

%

9.93

%

10.32

%

10.87

%

10.19

%

10.87

%

Ending tangible shareholders' equity to ending tangible assets

7.85

%

7.71

%

7.53

%

7.84

%

9.08

%

7.85

%

9.08

%

Average shareholders' equity to average assets

10.21

%

10.12

%

10.29

%

10.67

%

11.05

%

10.16

%

11.00

%

Average tangible shareholders' equity to average tangible assets

7.83

%

7.71

%

7.83

%

8.12

%

9.23

%

7.78

%

9.17

%












REPURCHASE PROGRAM (2)












Shares repurchased

0

0

91,032

148,935

0

0

0

Average share repurchase price

N/A

N/A

$

18.85

$

18.68

N/A

N/A

N/A

Total cost of shares repurchased

N/A

N/A

$

1,716

$

2,783

N/A

N/A

N/A












(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












SOURCE First Financial Bancorp