Subjects: ERN, CCA, FVT
First Financial Bancorp Announces Fourth Quarter and Full Year 2017 Financial Results
CINCINNATI, Jan. 18, 2018 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the fourth quarter and full year 2017. For the three months ended December 31, 2017, the Company reported net income of $24.8 million, or $0.40 per diluted common share. These results compare to net income of $24.8 million, or $0.40 per diluted common share, for the third quarter of 2017 and $23.3 million, or $0.38 per diluted common share, for the fourth quarter of 2016. For the twelve months ended December 31, 2017, First Financial had earnings per diluted common share of $1.56 compared to $1.43 for the same period in 2016.
Return on average assets for the fourth quarter of 2017 was 1.13% while return on average tangible common equity was 13.85%. These compare to a return on average assets of 1.13% and return on average tangible common equity of 14.10% in the third quarter of 2017 and a return on average assets of 1.11% and a return on average tangible common equity of 14.19% in the fourth quarter of 2016. The return on average assets and tangible common equity were 1.12% and 14.07%, respectively, for the twelve months ended December 31, 2017.
Fourth quarter 2017 net income totaled $0.40 per share on a GAAP basis, in line with the prior quarter. Fourth quarter 2017 net income totaled $0.45 per share on an adjusted basis as detailed in the accompanying slide presentation, a 15% increase from the prior quarter.
Significant items impacting fourth quarter performance include:
- Net interest margin increased 25 basis points to 3.75% on a GAAP basis, 3.82% on a fully tax equivalent basis
- Elevated loan fees, solid execution of recent deposit strategies and favorable shifts in earning asset and funding mix
- Noninterest expense increased $28.5 million, or 52.3%, compared to the linked quarter, including:
- $11.3 million historic tax credit investment write-down
- $8.4 million of merger-related expenses
- $5.1 million impairment charge resulting from preliminary agreement to early terminate FDIC loss sharing agreements
- $3.0 million charitable contribution to the First Financial Foundation
- Impact of the recent tax reform legislation and historic tax credits on income tax expense
- Strong credit performance including lower net charge-offs, nonperforming loans and classified assets resulted in provision recapture of $0.2 million
Full detail of the Company's fourth quarter and full year performance are provided in the accompanying financial statements and slide presentation.
Claude Davis, Chief Executive Officer, commented, "Strong earnings, improved net interest margin, continued credit improvement and stable loan growth combined to produce fourth quarter adjusted earnings of $0.45 per share, representing our 109th consecutive quarter of profitability. The increase in net interest margin was driven by the combination of higher loan fees, improved earning asset mix and lower funding costs resulting from deposit strategies implemented during the third quarter."
"Fourth quarter results were also impacted by the recently enacted tax reform legislation, the preliminary agreement to early terminate our FDIC-loss sharing agreements and the realization of a significant historic tax credit. Additionally, we made a $3.0 million charitable contribution to the newly established First Financial Foundation during the period and continued to make steady progress in our integration efforts as we near our anticipated merger with MainSource Financial Group."
"We remain extremely excited about our pending merger with MainSource and the formation of a new First Financial with the necessary scale and reach to successfully execute our strategy, deliver exceptional client service and provide solid shareholder returns. Finally, I want to take the opportunity to thank our associates for their efforts in 2017. As the embodiment of our organizational values, the work they do every day adds great value in exceeding client expectations, serving our communities and driving First Financial's current and future success."
This release announcing our fourth quarter and full year 2017 financial results includes an accompanying slide presentation, which management intends to refer to during the conference call on Friday, January 19, 2018.
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 19, 2018 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 10115503. 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, 2017, the Company had $8.9 billion in assets, $6.0 billion in loans, $6.9 billion in deposits and $930.7 million in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its four lines of business: Commercial and Private Banking, Retail Banking, Investment Commercial Real Estate and Commercial Finance. These business units provide traditional banking services to business and retail clients. Commercial and Private Banking includes First Financial Wealth Management, which provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.7 billion in assets under management as of December 31, 2017. The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operates 94 banking centers, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.
Forward-Looking Statement
Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain plans, expectations, goals, projections and benefits relating to the transaction between the Company and MainSource, which are subject to numerous assumptions, risks and uncertainties. Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.
As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the Company's ability to comply with the terms of loss sharing agreements with the FDIC; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Form 10-K for the year ended December 31, 2016, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov.
Statements concerning the potential merger of the Company and MainSource may also be forward-looking statements. Please refer to each of the Company's and MainSource's Annual Report on Form 10-K for the year ended December 31, 2016, as well as their other filings with the SEC, for a more detailed discussion of risks, uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.
In addition to factors previously disclosed in reports filed by the Company and MainSource with the SEC, risks and uncertainties for the Company, MainSource and the combined company include, but are not limited to: the possibility that any of the anticipated benefits of the proposed Merger will not be realized or will not be realized within the expected time period; the risk that integration of MainSource's operations with those of the Company will be materially delayed or will be more costly or difficult than expected; the inability to close the Merger in a timely manner; diversion of management's attention from ongoing business operations and opportunities; the failure to satisfy other conditions to completion of the , including receipt of required regulatory and other approvals; the failure of the proposed Merger to close for any other reason; the challenges of integrating and retaining key employees; the effect of the announcement of the Merger on the Company's, MainSource's or the combined company's respective customer relationships and operating results; the possibility that the Merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and general competitive, economic, political and market conditions and fluctuations. All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, neither the Company nor MainSource assumes any obligation to update any forward-looking statement.
|
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
|
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
|
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||
|
Three Months Ended, |
Twelve months ended, | ||||||||||||||||||||||||||
|
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
Dec. 31, | ||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2016 |
2017 |
2016 | |||||||||||||||||||||
|
RESULTS OF OPERATIONS |
|||||||||||||||||||||||||||
|
Net income |
$ |
24,811 |
$ |
24,826 |
$ |
22,736 |
$ |
24,414 |
$ |
23,294 |
$ |
96,787 |
$ |
88,526 |
|||||||||||||
|
Net earnings per share - basic |
$ |
0.40 |
$ |
0.40 |
$ |
0.37 |
$ |
0.40 |
$ |
0.38 |
$ |
1.57 |
$ |
1.45 |
|||||||||||||
|
Net earnings per share - diluted |
$ |
0.40 |
$ |
0.40 |
$ |
0.37 |
$ |
0.39 |
$ |
0.38 |
$ |
1.56 |
$ |
1.43 |
|||||||||||||
|
Dividends declared per share |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.16 |
$ |
0.68 |
$ |
0.64 |
|||||||||||||
|
KEY FINANCIAL RATIOS |
|||||||||||||||||||||||||||
|
Return on average assets |
1.13 |
% |
1.13 |
% |
1.06 |
% |
1.18 |
% |
1.11 |
% |
1.12 |
% |
1.07 |
% | |||||||||||||
|
Return on average shareholders' equity |
10.70 |
% |
10.85 |
% |
10.25 |
% |
11.36 |
% |
10.73 |
% |
10.78 |
% |
10.48 |
% | |||||||||||||
|
Return on average tangible shareholders' equity |
13.85 |
% |
14.10 |
% |
13.42 |
% |
14.98 |
% |
14.19 |
% |
14.07 |
% |
13.96 |
% | |||||||||||||
|
Net interest margin |
3.75 |
% |
3.50 |
% |
3.50 |
% |
3.63 |
% |
3.66 |
% |
3.59 |
% |
3.62 |
% | |||||||||||||
|
Net interest margin (fully tax equivalent) (1) |
3.82 |
% |
3.57 |
% |
3.56 |
% |
3.70 |
% |
3.71 |
% |
3.66 |
% |
3.68 |
% | |||||||||||||
|
Ending shareholders' equity as a percent of ending assets |
10.46 |
% |
10.44 |
% |
10.31 |
% |
10.32 |
% |
10.25 |
% |
10.46 |
% |
10.25 |
% | |||||||||||||
|
Ending tangible shareholders' equity as a percent of: |
|||||||||||||||||||||||||||
|
Ending tangible assets |
8.30 |
% |
8.25 |
% |
8.09 |
% |
8.05 |
% |
7.96 |
% |
8.30 |
% |
7.96 |
% | |||||||||||||
|
Risk-weighted assets |
10.11 |
% |
9.95 |
% |
9.92 |
% |
9.90 |
% |
9.73 |
% |
10.11 |
% |
9.73 |
% | |||||||||||||
|
Average shareholders' equity as a percent of average assets |
10.54 |
% |
10.42 |
% |
10.36 |
% |
10.36 |
% |
10.33 |
% |
10.42 |
% |
10.24 |
% | |||||||||||||
|
Average tangible shareholders' equity as a percent of |
|||||||||||||||||||||||||||
|
average tangible assets |
8.34 |
% |
8.21 |
% |
8.12 |
% |
8.06 |
% |
8.01 |
% |
8.19 |
% |
7.89 |
% | |||||||||||||
|
Book value per share |
$ |
14.99 |
$ |
14.74 |
$ |
14.45 |
$ |
14.16 |
$ |
13.96 |
$ |
14.99 |
$ |
13.96 |
|||||||||||||
|
Tangible book value per share |
$ |
11.62 |
$ |
11.36 |
$ |
11.07 |
$ |
10.78 |
$ |
10.56 |
$ |
11.62 |
$ |
10.56 |
|||||||||||||
|
Common equity tier 1 ratio (2) |
10.59 |
% |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.59 |
% |
10.46 |
% | |||||||||||||
|
Tier 1 ratio (2) |
10.59 |
% |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.59 |
% |
10.46 |
% | |||||||||||||
|
Total capital ratio (2) |
13.02 |
% |
12.98 |
% |
13.05 |
% |
13.19 |
% |
13.10 |
% |
13.02 |
% |
13.10 |
% | |||||||||||||
|
Leverage ratio (2) |
8.84 |
% |
8.74 |
% |
8.69 |
% |
8.69 |
% |
8.60 |
% |
8.84 |
% |
8.60 |
% | |||||||||||||
|
AVERAGE BALANCE SHEET ITEMS |
|||||||||||||||||||||||||||
|
Loans (3) |
$ |
5,952,290 |
$ |
5,902,053 |
$ |
5,789,610 |
$ |
5,736,513 |
$ |
5,780,865 |
$ |
5,845,863 |
$ |
5,628,617 |
|||||||||||||
|
FDIC indemnification asset |
7,413 |
8,932 |
10,327 |
11,520 |
12,782 |
9,535 |
14,831 |
||||||||||||||||||||
|
Investment securities |
2,020,040 |
2,041,785 |
2,035,334 |
1,906,699 |
1,816,944 |
2,001,387 |
1,858,878 |
||||||||||||||||||||
|
Interest-bearing deposits with other banks |
25,357 |
37,199 |
20,293 |
40,985 |
19,557 |
30,933 |
21,907 |
||||||||||||||||||||
|
Total earning assets |
$ |
8,005,100 |
$ |
7,989,969 |
$ |
7,855,564 |
$ |
7,695,717 |
$ |
7,630,148 |
$ |
7,887,718 |
$ |
7,524,233 |
|||||||||||||
|
Total assets |
$ |
8,731,956 |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,611,403 |
$ |
8,251,703 |
|||||||||||||
|
Noninterest-bearing deposits |
$ |
1,637,228 |
$ |
1,510,032 |
$ |
1,513,995 |
$ |
1,499,097 |
$ |
1,544,598 |
$ |
1,540,384 |
$ |
1,456,802 |
|||||||||||||
|
Interest-bearing deposits |
5,202,412 |
5,170,365 |
5,056,223 |
4,942,766 |
5,012,613 |
5,093,865 |
4,844,243 |
||||||||||||||||||||
|
Total deposits |
$ |
6,839,640 |
$ |
6,680,397 |
$ |
6,570,218 |
$ |
6,441,863 |
$ |
6,557,211 |
$ |
6,634,249 |
$ |
6,301,045 |
|||||||||||||
|
Borrowings |
$ |
842,211 |
$ |
999,818 |
$ |
995,132 |
$ |
968,326 |
$ |
815,928 |
$ |
951,159 |
$ |
1,000,079 |
|||||||||||||
|
Shareholders' equity |
$ |
920,194 |
$ |
908,057 |
$ |
889,604 |
$ |
871,215 |
$ |
863,509 |
$ |
897,431 |
$ |
844,784 |
|||||||||||||
|
CREDIT QUALITY RATIOS |
|||||||||||||||||||||||||||
|
Allowance to ending loans |
0.90 |
% |
0.91 |
% |
0.93 |
% |
0.98 |
% |
1.01 |
% |
0.90 |
% |
1.01 |
% | |||||||||||||
|
Allowance to nonaccrual loans |
224.32 |
% |
181.07 |
% |
150.05 |
% |
169.85 |
% |
326.91 |
% |
224.32 |
% |
326.91 |
% | |||||||||||||
|
Allowance to nonperforming loans |
129.77 |
% |
109.48 |
% |
96.77 |
% |
89.25 |
% |
120.83 |
% |
129.77 |
% |
120.83 |
% | |||||||||||||
|
Nonperforming loans to total loans |
0.69 |
% |
0.83 |
% |
0.97 |
% |
1.10 |
% |
0.83 |
% |
0.69 |
% |
0.83 |
% | |||||||||||||
|
Nonperforming assets to ending loans, plus OREO |
0.74 |
% |
0.89 |
% |
1.07 |
% |
1.19 |
% |
0.94 |
% |
0.74 |
% |
0.94 |
% | |||||||||||||
|
Nonperforming assets to total assets |
0.50 |
% |
0.60 |
% |
0.72 |
% |
0.80 |
% |
0.64 |
% |
0.50 |
% |
0.64 |
% | |||||||||||||
|
Classified assets to total assets |
0.98 |
% |
1.08 |
% |
1.13 |
% |
1.34 |
% |
1.48 |
% |
0.98 |
% |
1.48 |
% | |||||||||||||
|
Net charge-offs to average loans (annualized) |
0.02 |
% |
0.22 |
% |
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.13 |
% |
0.10 |
% | |||||||||||||
|
(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, 2017 regulatory capital ratios are preliminary. |
|
(3) Includes loans held for sale. |
|
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
|
(Dollars in thousands, except per share data) | |||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||
|
Three months ended, |
Twelve months ended, | ||||||||||||||||||||
|
Dec. 31, |
Dec. 31, | ||||||||||||||||||||
|
2017 |
2016 |
% Change |
2017 |
2016 |
% Change | ||||||||||||||||
|
Interest income |
|||||||||||||||||||||
|
Loans and leases, including fees |
$ |
74,347 |
$ |
67,883 |
9.5 |
% |
$ |
280,111 |
$ |
262,703 |
6.6 |
% | |||||||||
|
Investment securities |
|||||||||||||||||||||
|
Taxable |
13,212 |
10,698 |
23.5 |
% |
50,568 |
43,103 |
17.3 |
% | |||||||||||||
|
Tax-exempt |
1,571 |
1,134 |
38.5 |
% |
5,918 |
4,535 |
30.5 |
% | |||||||||||||
|
Total investment securities interest |
14,783 |
11,832 |
24.9 |
% |
56,486 |
47,638 |
18.6 |
% | |||||||||||||
|
Other earning assets |
(592) |
(1,068) |
44.6 |
% |
(3,524) |
(4,391) |
19.7 |
% | |||||||||||||
|
Total interest income |
88,538 |
78,647 |
12.6 |
% |
333,073 |
305,950 |
8.9 |
% | |||||||||||||
|
Interest expense |
|||||||||||||||||||||
|
Deposits |
9,243 |
6,026 |
53.4 |
% |
35,182 |
22,613 |
55.6 |
% | |||||||||||||
|
Short-term borrowings |
2,144 |
915 |
134.3 |
% |
8,193 |
4,506 |
81.8 |
% | |||||||||||||
|
Long-term borrowings |
1,537 |
1,540 |
(0.2) |
% |
6,153 |
6,160 |
(0.1) |
% | |||||||||||||
|
Total interest expense |
12,924 |
8,481 |
52.4 |
% |
49,528 |
33,279 |
48.8 |
% | |||||||||||||
|
Net interest income |
75,614 |
70,166 |
7.8 |
% |
283,545 |
272,671 |
4.0 |
% | |||||||||||||
|
Provision for loan and lease losses |
(205) |
2,761 |
(107.4) |
% |
3,582 |
10,140 |
(64.7) |
% | |||||||||||||
|
Net interest income after provision for loan and lease losses |
75,819 |
67,405 |
12.5 |
% |
279,963 |
262,531 |
6.6 |
% | |||||||||||||
|
Noninterest income |
|||||||||||||||||||||
|
Service charges on deposit accounts |
5,190 |
5,041 |
3.0 |
% |
19,775 |
18,933 |
4.4 |
% | |||||||||||||
|
Trust and wealth management fees |
3,597 |
3,241 |
11.0 |
% |
14,073 |
13,200 |
6.6 |
% | |||||||||||||
|
Bankcard income |
3,390 |
3,136 |
8.1 |
% |
13,298 |
12,132 |
9.6 |
% | |||||||||||||
|
Client derivative fees |
2,047 |
466 |
339.3 |
% |
6,418 |
4,570 |
40.4 |
% | |||||||||||||
|
Net gains from sales of loans |
1,171 |
1,711 |
(31.6) |
% |
5,169 |
6,804 |
(24.0) |
% | |||||||||||||
|
Net gains on sale of investment securities |
19 |
0 |
N/M |
1,649 |
234 |
N/M |
|||||||||||||||
|
Other |
2,968 |
3,351 |
(11.4) |
% |
15,760 |
13,728 |
14.8 |
% | |||||||||||||
|
Total noninterest income |
18,382 |
16,946 |
8.5 |
% |
76,142 |
69,601 |
9.4 |
% | |||||||||||||
|
Noninterest expenses |
|||||||||||||||||||||
|
Salaries and employee benefits |
35,439 |
31,127 |
13.9 |
% |
132,560 |
122,361 |
8.3 |
% | |||||||||||||
|
Net occupancy |
4,252 |
4,338 |
(2.0) |
% |
17,397 |
18,329 |
(5.1) |
% | |||||||||||||
|
Furniture and equipment |
1,969 |
2,181 |
(9.7) |
% |
8,443 |
8,663 |
(2.5) |
% | |||||||||||||
|
Data processing |
3,768 |
3,095 |
21.7 |
% |
14,022 |
11,406 |
22.9 |
% | |||||||||||||
|
Marketing |
1,060 |
1,458 |
(27.3) |
% |
3,201 |
3,965 |
(19.3) |
% | |||||||||||||
|
Communication |
474 |
404 |
17.3 |
% |
1,819 |
1,889 |
(3.7) |
% | |||||||||||||
|
Professional services |
9,766 |
1,731 |
464.2 |
% |
15,023 |
6,303 |
138.3 |
% | |||||||||||||
|
State intangible tax |
492 |
117 |
320.5 |
% |
2,655 |
2,034 |
30.5 |
% | |||||||||||||
|
FDIC assessments |
943 |
1,001 |
(5.8) |
% |
3,944 |
4,293 |
(8.1) |
% | |||||||||||||
|
Loss (gain) - other real estate owned |
219 |
(953) |
(123.0) |
% |
642 |
(1,212) |
(153.0) |
% | |||||||||||||
|
Other |
24,516 |
5,664 |
332.8 |
% |
40,236 |
23,370 |
72.2 |
% | |||||||||||||
|
Total noninterest expenses |
82,898 |
50,163 |
65.3 |
% |
239,942 |
201,401 |
19.1 |
% | |||||||||||||
|
Income before income taxes |
11,303 |
34,188 |
(66.9) |
% |
116,163 |
130,731 |
(11.1) |
% | |||||||||||||
|
Income tax expense |
(13,508) |
10,894 |
(224.0) |
% |
19,376 |
42,205 |
(54.1) |
% | |||||||||||||
|
Net income |
$ |
24,811 |
$ |
23,294 |
6.5 |
% |
$ |
96,787 |
$ |
88,526 |
9.3 |
% | |||||||||
|
ADDITIONAL DATA |
|||||||||||||||||||||
|
Net earnings per share - basic |
$ |
0.40 |
$ |
0.38 |
$ |
1.57 |
$ |
1.45 |
|||||||||||||
|
Net earnings per share - diluted |
$ |
0.40 |
$ |
0.38 |
$ |
1.56 |
$ |
1.43 |
|||||||||||||
|
Dividends declared per share |
$ |
0.17 |
$ |
0.16 |
$ |
0.68 |
$ |
0.64 |
|||||||||||||
|
Return on average assets |
1.13 |
% |
1.11 |
% |
1.12 |
% |
1.07 |
% |
|||||||||||||
|
Return on average shareholders' equity |
10.70 |
% |
10.73 |
% |
10.78 |
% |
10.48 |
% |
|||||||||||||
|
Interest income |
$ |
88,538 |
$ |
78,647 |
12.6 |
% |
$ |
333,073 |
$ |
305,950 |
8.9 |
% | |||||||||
|
Tax equivalent adjustment |
1,387 |
1,077 |
28.8 |
% |
5,259 |
4,215 |
24.8 |
% | |||||||||||||
|
Interest income - tax equivalent |
89,925 |
79,724 |
12.8 |
% |
338,332 |
310,165 |
9.1 |
% | |||||||||||||
|
Interest expense |
12,924 |
8,481 |
52.4 |
% |
49,528 |
33,279 |
48.8 |
% | |||||||||||||
|
Net interest income - tax equivalent |
$ |
77,001 |
$ |
71,243 |
8.1 |
% |
$ |
288,804 |
$ |
276,886 |
4.3 |
% | |||||||||
|
Net interest margin |
3.75 |
% |
3.66 |
% |
3.59 |
% |
3.62 |
% |
|||||||||||||
|
Net interest margin (fully tax equivalent) (1) |
3.82 |
% |
3.71 |
% |
3.66 |
% |
3.68 |
% |
|||||||||||||
|
Full-time equivalent employees |
1,304 |
1,420 |
|||||||||||||||||||
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | |||||||||||||||||||||
|
N/M = Not meaningful. |
|||||||||||||||||||||
|
FIRST FINANCIAL BANCORP. | ||||||||||||||||||||||
|
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | ||||||||||||||||||||||
|
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||||
|
2017 | ||||||||||||||||||||||
|
Fourth |
Third |
Second |
First |
Full |
% Change | |||||||||||||||||
|
Quarter |
Quarter |
Quarter |
Quarter |
Year |
Linked Qtr. | |||||||||||||||||
|
Interest income |
||||||||||||||||||||||
|
Loans and leases, including fees |
$ |
74,347 |
$ |
71,148 |
$ |
67,748 |
$ |
66,868 |
$ |
280,111 |
4.5 |
% | ||||||||||
|
Investment securities |
||||||||||||||||||||||
|
Taxable |
13,212 |
13,150 |
12,598 |
11,608 |
50,568 |
0.5 |
% | |||||||||||||||
|
Tax-exempt |
1,571 |
1,537 |
1,457 |
1,353 |
5,918 |
2.2 |
% | |||||||||||||||
|
Total investment securities interest |
14,783 |
14,687 |
14,055 |
12,961 |
56,486 |
0.7 |
% | |||||||||||||||
|
Other earning assets |
(592) |
(917) |
(1,014) |
(1,001) |
(3,524) |
35.4 |
% | |||||||||||||||
|
Total interest income |
88,538 |
84,918 |
80,789 |
78,828 |
333,073 |
4.3 |
% | |||||||||||||||
|
Interest expense |
||||||||||||||||||||||
|
Deposits |
9,243 |
10,335 |
8,679 |
6,925 |
35,182 |
(10.6) |
% | |||||||||||||||
|
Short-term borrowings |
2,144 |
2,566 |
2,051 |
1,432 |
8,193 |
(16.4) |
% | |||||||||||||||
|
Long-term borrowings |
1,537 |
1,538 |
1,539 |
1,539 |
6,153 |
(0.1) |
% | |||||||||||||||
|
Total interest expense |
12,924 |
14,439 |
12,269 |
9,896 |
49,528 |
(10.5) |
% | |||||||||||||||
|
Net interest income |
75,614 |
70,479 |
68,520 |
68,932 |
283,545 |
7.3 |
% | |||||||||||||||
|
Provision for loan and lease losses |
(205) |
2,953 |
467 |
367 |
3,582 |
(106.9) |
% | |||||||||||||||
|
Net interest income after provision for loan and lease losses |
75,819 |
67,526 |
68,053 |
68,565 |
279,963 |
12.3 |
% | |||||||||||||||
|
Noninterest income |
||||||||||||||||||||||
|
Service charges on deposit accounts |
5,190 |
5,169 |
4,772 |
4,644 |
19,775 |
0.4 |
% | |||||||||||||||
|
Trust and wealth management fees |
3,597 |
3,324 |
3,405 |
3,747 |
14,073 |
8.2 |
% | |||||||||||||||
|
Bankcard income |
3,390 |
3,272 |
3,501 |
3,135 |
13,298 |
3.6 |
% | |||||||||||||||
|
Client derivative fees |
2,047 |
1,779 |
1,489 |
1,103 |
6,418 |
15.1 |
% | |||||||||||||||
|
Net gains from sales of loans |
1,171 |
1,455 |
1,327 |
1,216 |
5,169 |
(19.5) |
% | |||||||||||||||
|
Net gains on sale of investment securities |
19 |
276 |
838 |
516 |
1,649 |
(93.1) |
% | |||||||||||||||
|
Other |
2,968 |
7,667 |
2,122 |
3,003 |
15,760 |
(61.3) |
% | |||||||||||||||
|
Total noninterest income |
18,382 |
22,942 |
17,454 |
17,364 |
76,142 |
(19.9) |
% | |||||||||||||||
|
Noninterest expenses |
||||||||||||||||||||||
|
Salaries and employee benefits |
35,439 |
33,827 |
31,544 |
31,750 |
132,560 |
4.8 |
% | |||||||||||||||
|
Net occupancy |
4,252 |
4,328 |
4,302 |
4,515 |
17,397 |
(1.8) |
% | |||||||||||||||
|
Furniture and equipment |
1,969 |
2,161 |
2,136 |
2,177 |
8,443 |
(8.9) |
% | |||||||||||||||
|
Data processing |
3,768 |
3,455 |
3,501 |
3,298 |
14,022 |
9.1 |
% | |||||||||||||||
|
Marketing |
1,060 |
649 |
982 |
510 |
3,201 |
63.3 |
% | |||||||||||||||
|
Communication |
474 |
430 |
468 |
447 |
1,819 |
10.2 |
% | |||||||||||||||
|
Professional services |
9,766 |
2,030 |
1,469 |
1,758 |
15,023 |
N/M |
||||||||||||||||
|
State intangible tax |
492 |
721 |
721 |
721 |
2,655 |
(31.8) |
% | |||||||||||||||
|
FDIC assessments |
943 |
1,051 |
1,018 |
932 |
3,944 |
(10.3) |
% | |||||||||||||||
|
Loss (gain) - other real estate owned |
219 |
237 |
162 |
24 |
642 |
(7.6) |
% | |||||||||||||||
|
Other |
24,516 |
5,554 |
5,253 |
4,913 |
40,236 |
N/M |
||||||||||||||||
|
Total noninterest expenses |
82,898 |
54,443 |
51,556 |
51,045 |
239,942 |
52.3 |
% | |||||||||||||||
|
Income before income taxes |
11,303 |
36,025 |
33,951 |
34,884 |
116,163 |
(68.6) |
% | |||||||||||||||
|
Income tax expense |
(13,508) |
11,199 |
11,215 |
10,470 |
19,376 |
N/M |
||||||||||||||||
|
Net income |
$ |
24,811 |
$ |
24,826 |
$ |
22,736 |
$ |
24,414 |
$ |
96,787 |
(0.1) |
% | ||||||||||
|
ADDITIONAL DATA |
||||||||||||||||||||||
|
Net earnings per share - basic |
$ |
0.40 |
$ |
0.40 |
$ |
0.37 |
$ |
0.40 |
$ |
1.57 |
||||||||||||
|
Net earnings per share - diluted |
$ |
0.40 |
$ |
0.40 |
$ |
0.37 |
$ |
0.39 |
$ |
1.56 |
||||||||||||
|
Dividends declared per share |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.17 |
$ |
0.68 |
||||||||||||
|
Return on average assets |
1.13 |
% |
1.13 |
% |
1.06 |
% |
1.18 |
% |
1.12 |
% |
||||||||||||
|
Return on average shareholders' equity |
10.70 |
% |
10.85 |
% |
10.25 |
% |
11.36 |
% |
10.78 |
% |
||||||||||||
|
Interest income |
$ |
88,538 |
$ |
84,918 |
$ |
80,789 |
$ |
78,828 |
$ |
333,073 |
4.3 |
% | ||||||||||
|
Tax equivalent adjustment |
1,387 |
1,353 |
1,294 |
1,225 |
5,259 |
2.5 |
% | |||||||||||||||
|
Interest income - tax equivalent |
89,925 |
86,271 |
82,083 |
80,053 |
338,332 |
4.2 |
% | |||||||||||||||
|
Interest expense |
12,924 |
14,439 |
12,269 |
9,896 |
49,528 |
(10.5) |
% | |||||||||||||||
|
Net interest income - tax equivalent |
$ |
77,001 |
$ |
71,832 |
$ |
69,814 |
$ |
70,157 |
$ |
288,804 |
7.2 |
% | ||||||||||
|
Net interest margin |
3.75 |
% |
3.50 |
% |
3.50 |
% |
3.63 |
% |
3.59 |
% |
||||||||||||
|
Net interest margin (fully tax equivalent) (1) |
3.82 |
% |
3.57 |
% |
3.56 |
% |
3.70 |
% |
3.66 |
% |
||||||||||||
|
Full-time equivalent employees |
1,304 |
1,363 |
1,429 |
1,424 |
||||||||||||||||||
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | ||||||||||||||||||||||
|
N/M = Not meaningful. |
||||||||||||||||||||||
|
FIRST FINANCIAL BANCORP. | ||||||||||||||||||||
|
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | ||||||||||||||||||||
|
(Dollars in thousands, except per share data) | ||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||
|
2016 | ||||||||||||||||||||
|
Fourth |
Third |
Second |
First |
Full | ||||||||||||||||
|
Quarter |
Quarter |
Quarter |
Quarter |
Year | ||||||||||||||||
|
Interest income |
||||||||||||||||||||
|
Loans and leases, including fees |
$ |
67,883 |
$ |
66,997 |
$ |
64,424 |
$ |
63,399 |
$ |
262,703 |
||||||||||
|
Investment securities |
||||||||||||||||||||
|
Taxable |
10,698 |
10,326 |
10,706 |
11,373 |
43,103 |
|||||||||||||||
|
Tax-exempt |
1,134 |
1,083 |
1,156 |
1,162 |
4,535 |
|||||||||||||||
|
Total investment securities interest |
11,832 |
11,409 |
11,862 |
12,535 |
47,638 |
|||||||||||||||
|
Other earning assets |
(1,068) |
(1,081) |
(1,103) |
(1,139) |
(4,391) |
|||||||||||||||
|
Total interest income |
78,647 |
77,325 |
75,183 |
74,795 |
305,950 |
|||||||||||||||
|
Interest expense |
||||||||||||||||||||
|
Deposits |
6,026 |
5,600 |
5,457 |
5,530 |
22,613 |
|||||||||||||||
|
Short-term borrowings |
915 |
1,368 |
1,053 |
1,170 |
4,506 |
|||||||||||||||
|
Long-term borrowings |
1,540 |
1,539 |
1,541 |
1,540 |
6,160 |
|||||||||||||||
|
Total interest expense |
8,481 |
8,507 |
8,051 |
8,240 |
33,279 |
|||||||||||||||
|
Net interest income |
70,166 |
68,818 |
67,132 |
66,555 |
272,671 |
|||||||||||||||
|
Provision for loan and lease losses |
2,761 |
1,687 |
4,037 |
1,655 |
10,140 |
|||||||||||||||
|
Net interest income after provision for loan and lease losses |
67,405 |
67,131 |
63,095 |
64,900 |
262,531 |
|||||||||||||||
|
Noninterest income |
||||||||||||||||||||
|
Service charges on deposit accounts |
5,041 |
5,056 |
4,455 |
4,381 |
18,933 |
|||||||||||||||
|
Trust and wealth management fees |
3,241 |
3,236 |
3,283 |
3,440 |
13,200 |
|||||||||||||||
|
Bankcard income |
3,136 |
2,984 |
3,130 |
2,882 |
12,132 |
|||||||||||||||
|
Client derivative fees |
466 |
1,210 |
1,799 |
1,095 |
4,570 |
|||||||||||||||
|
Net gains from sales of loans |
1,711 |
2,066 |
1,846 |
1,181 |
6,804 |
|||||||||||||||
|
Net gains on sale of investment securities |
0 |
398 |
(188) |
24 |
234 |
|||||||||||||||
|
Other |
3,351 |
1,999 |
5,869 |
2,509 |
13,728 |
|||||||||||||||
|
Total noninterest income |
16,946 |
16,949 |
20,194 |
15,512 |
69,601 |
|||||||||||||||
|
Noninterest expenses |
||||||||||||||||||||
|
Salaries and employee benefits |
31,127 |
32,093 |
29,526 |
29,615 |
122,361 |
|||||||||||||||
|
Net occupancy |
4,338 |
4,543 |
4,491 |
4,957 |
18,329 |
|||||||||||||||
|
Furniture and equipment |
2,181 |
2,139 |
2,130 |
2,213 |
8,663 |
|||||||||||||||
|
Data processing |
3,095 |
2,828 |
2,765 |
2,718 |
11,406 |
|||||||||||||||
|
Marketing |
1,458 |
641 |
801 |
1,065 |
3,965 |
|||||||||||||||
|
Communication |
404 |
527 |
477 |
481 |
1,889 |
|||||||||||||||
|
Professional services |
1,731 |
1,460 |
1,299 |
1,813 |
6,303 |
|||||||||||||||
|
State intangible tax |
117 |
639 |
639 |
639 |
2,034 |
|||||||||||||||
|
FDIC assessments |
1,001 |
1,048 |
1,112 |
1,132 |
4,293 |
|||||||||||||||
|
Loss (gain) - other real estate owned |
(953) |
(112) |
43 |
(190) |
(1,212) |
|||||||||||||||
|
Other |
5,664 |
5,299 |
6,130 |
6,277 |
23,370 |
|||||||||||||||
|
Total noninterest expenses |
50,163 |
51,105 |
49,413 |
50,720 |
201,401 |
|||||||||||||||
|
Income before income taxes |
34,188 |
32,975 |
33,876 |
29,692 |
130,731 |
|||||||||||||||
|
Income tax expense |
10,894 |
10,125 |
11,308 |
9,878 |
42,205 |
|||||||||||||||
|
Net income |
$ |
23,294 |
$ |
22,850 |
$ |
22,568 |
$ |
19,814 |
$ |
88,526 |
||||||||||
|
ADDITIONAL DATA |
||||||||||||||||||||
|
Net earnings per share - basic |
$ |
0.38 |
$ |
0.37 |
$ |
0.37 |
$ |
0.32 |
$ |
1.45 |
||||||||||
|
Net earnings per share - diluted |
$ |
0.38 |
$ |
0.37 |
$ |
0.36 |
$ |
0.32 |
$ |
1.43 |
||||||||||
|
Dividends declared per share |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.16 |
$ |
0.64 |
||||||||||
|
Return on average assets |
1.11 |
% |
1.09 |
% |
1.11 |
% |
0.98 |
% |
1.07 |
% | ||||||||||
|
Return on average shareholders' equity |
10.73 |
% |
10.62 |
% |
10.84 |
% |
9.70 |
% |
10.48 |
% | ||||||||||
|
Interest income |
$ |
78,647 |
$ |
77,325 |
$ |
75,183 |
$ |
74,795 |
$ |
305,950 |
||||||||||
|
Tax equivalent adjustment |
1,077 |
1,028 |
1,058 |
1,052 |
4,215 |
|||||||||||||||
|
Interest income - tax equivalent |
79,724 |
78,353 |
76,241 |
75,847 |
310,165 |
|||||||||||||||
|
Interest expense |
8,481 |
8,507 |
8,051 |
8,240 |
33,279 |
|||||||||||||||
|
Net interest income - tax equivalent |
$ |
71,243 |
$ |
69,846 |
$ |
68,190 |
$ |
67,607 |
$ |
276,886 |
||||||||||
|
Net interest margin |
3.66 |
% |
3.61 |
% |
3.61 |
% |
3.62 |
% |
3.62 |
% | ||||||||||
|
Net interest margin (fully tax equivalent) (1) |
3.71 |
% |
3.66 |
% |
3.67 |
% |
3.68 |
% |
3.68 |
% | ||||||||||
|
Full-time equivalent employees |
1,420 |
1,402 |
1,403 |
1,390 |
||||||||||||||||
|
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | ||||||||||||||||||||
|
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||||||||
|
(Dollars in thousands) | |||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||
|
Dec. 31, |
Sep. 30, |
Jun. 30, |
Mar. 31, |
Dec. 31, |
% Change |
% Change | |||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2016 |
Linked Qtr. |
Comparable Qtr. | |||||||||||||||||||
|
ASSETS |
|||||||||||||||||||||||||
|
Cash and due from banks |
$ |
150,650 |
$ |
117,840 |
$ |
117,478 |
$ |
117,914 |
$ |
121,598 |
27.8 |
% |
23.9 |
% | |||||||||||
|
Interest-bearing deposits with other banks |
33,974 |
34,787 |
29,839 |
39,058 |
82,450 |
(2.3) |
% |
(58.8) |
% | ||||||||||||||||
|
Investment securities available-for-sale |
1,349,408 |
1,286,770 |
1,298,578 |
1,220,046 |
1,039,870 |
4.9 |
% |
29.8 |
% | ||||||||||||||||
|
Investment securities held-to-maturity |
654,008 |
669,816 |
696,269 |
730,796 |
763,254 |
(2.4) |
% |
(14.3) |
% | ||||||||||||||||
|
Other investments |
53,140 |
53,198 |
53,285 |
50,996 |
51,077 |
(0.1) |
% |
4.0 |
% | ||||||||||||||||
|
Loans held for sale |
11,502 |
16,466 |
11,939 |
7,657 |
13,135 |
(30.1) |
% |
(12.4) |
% | ||||||||||||||||
|
Loans and leases |
|||||||||||||||||||||||||
|
Commercial and industrial |
1,912,743 |
1,886,093 |
1,824,589 |
1,779,635 |
1,781,948 |
1.4 |
% |
7.3 |
% | ||||||||||||||||
|
Lease financing |
89,347 |
86,014 |
88,152 |
88,888 |
93,108 |
3.9 |
% |
(4.0) |
% | ||||||||||||||||
|
Construction real estate |
467,730 |
420,941 |
443,112 |
446,332 |
399,434 |
11.1 |
% |
17.1 |
% | ||||||||||||||||
|
Commercial real estate |
2,490,091 |
2,523,387 |
2,471,655 |
2,398,235 |
2,427,577 |
(1.3) |
% |
2.6 |
% | ||||||||||||||||
|
Residential real estate |
471,391 |
477,964 |
490,398 |
486,601 |
500,980 |
(1.4) |
% |
(5.9) |
% | ||||||||||||||||
|
Home equity |
493,604 |
494,342 |
464,066 |
458,974 |
460,388 |
(0.1) |
% |
7.2 |
% | ||||||||||||||||
|
Installment |
41,586 |
43,650 |
47,654 |
52,063 |
50,639 |
(4.7) |
% |
(17.9) |
% | ||||||||||||||||
|
Credit card |
46,691 |
44,646 |
44,139 |
43,354 |
43,408 |
4.6 |
% |
7.6 |
% | ||||||||||||||||
|
Total loans |
6,013,183 |
5,977,037 |
5,873,765 |
5,754,082 |
5,757,482 |
0.6 |
% |
4.4 |
% | ||||||||||||||||
|
Less: |
|||||||||||||||||||||||||
|
Allowance for loan and lease losses |
54,021 |
54,534 |
54,873 |
56,326 |
57,961 |
(0.9) |
% |
(6.8) |
% | ||||||||||||||||
|
Net loans |
5,959,162 |
5,922,503 |
5,818,892 |
5,697,756 |
5,699,521 |
0.6 |
% |
4.6 |
% | ||||||||||||||||
|
Premises and equipment |
125,036 |
126,790 |
128,956 |
131,808 |
131,579 |
(1.4) |
% |
(5.0) |
% | ||||||||||||||||
|
Goodwill and other intangibles |
209,379 |
209,730 |
210,045 |
210,324 |
210,625 |
(0.2) |
% |
(0.6) |
% | ||||||||||||||||
|
Accrued interest and other assets |
350,664 |
323,789 |
344,761 |
324,815 |
324,858 |
8.3 |
% |
7.9 |
% | ||||||||||||||||
|
Total Assets |
$ |
8,896,923 |
$ |
8,761,689 |
$ |
8,710,042 |
$ |
8,531,170 |
$ |
8,437,967 |
1.5 |
% |
5.4 |
% | |||||||||||
|
LIABILITIES |
|||||||||||||||||||||||||
|
Deposits |
|||||||||||||||||||||||||
|
Interest-bearing demand |
$ |
1,453,463 |
$ |
1,518,011 |
$ |
1,496,173 |
$ |
1,494,892 |
$ |
1,513,771 |
(4.3) |
% |
(4.0) |
% | |||||||||||
|
Savings |
2,462,420 |
2,434,086 |
2,398,262 |
2,284,821 |
2,142,189 |
1.2 |
% |
14.9 |
% | ||||||||||||||||
|
Time |
1,317,105 |
1,188,597 |
1,097,911 |
1,202,563 |
1,321,843 |
10.8 |
% |
(0.4) |
% | ||||||||||||||||
|
Total interest-bearing deposits |
5,232,988 |
5,140,694 |
4,992,346 |
4,982,276 |
4,977,803 |
1.8 |
% |
5.1 |
% | ||||||||||||||||
|
Noninterest-bearing |
1,662,058 |
1,585,396 |
1,476,563 |
1,547,600 |
1,547,985 |
4.8 |
% |
7.4 |
% | ||||||||||||||||
|
Total deposits |
6,895,046 |
6,726,090 |
6,468,909 |
6,529,876 |
6,525,788 |
2.5 |
% |
5.7 |
% | ||||||||||||||||
|
Federal funds purchased and securities sold |
|||||||||||||||||||||||||
|
under agreements to repurchase |
72,265 |
45,532 |
130,633 |
52,484 |
120,212 |
58.7 |
% |
(39.9) |
% | ||||||||||||||||
|
FHLB short-term borrowings |
742,300 |
818,200 |
957,700 |
806,700 |
687,700 |
(9.3) |
% |
7.9 |
% | ||||||||||||||||
|
Total short-term borrowings |
814,565 |
863,732 |
1,088,333 |
859,184 |
807,912 |
(5.7) |
% |
0.8 |
% | ||||||||||||||||
|
Long-term debt |
119,654 |
119,615 |
119,669 |
119,629 |
119,589 |
0.0 |
% |
0.1 |
% | ||||||||||||||||
|
Total borrowed funds |
934,219 |
983,347 |
1,208,002 |
978,813 |
927,501 |
(5.0) |
% |
0.7 |
% | ||||||||||||||||
|
Accrued interest and other liabilities |
136,994 |
137,298 |
135,014 |
142,416 |
119,454 |
(0.2) |
% |
14.7 |
% | ||||||||||||||||
|
Total Liabilities |
7,966,259 |
7,846,735 |
7,811,925 |
7,651,105 |
7,572,743 |
1.5 |
% |
5.2 |
% | ||||||||||||||||
|
SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||
|
Common stock |
573,109 |
571,750 |
569,302 |
567,911 |
570,382 |
0.2 |
% |
0.5 |
% | ||||||||||||||||
|
Retained earnings |
491,847 |
477,588 |
463,250 |
451,073 |
437,188 |
3.0 |
% |
12.5 |
% | ||||||||||||||||
|
Accumulated other comprehensive loss |
(20,390) |
(20,379) |
(22,222) |
(26,639) |
(28,443) |
0.1 |
% |
(28.3) |
% | ||||||||||||||||
|
Treasury stock, at cost |
(113,902) |
(114,005) |
(112,213) |
(112,280) |
(113,903) |
(0.1) |
% |
0.0 |
% | ||||||||||||||||
|
Total Shareholders' Equity |
930,664 |
914,954 |
898,117 |
880,065 |
865,224 |
1.7 |
% |
7.6 |
% | ||||||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
8,896,923 |
$ |
8,761,689 |
$ |
8,710,042 |
$ |
8,531,170 |
$ |
8,437,967 |
1.5 |
% |
5.4 |
% | |||||||||||
|
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, | ||||||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2016 |
2017 |
2016 | |||||||||||||||||||||
|
ASSETS |
|||||||||||||||||||||||||||
|
Cash and due from banks |
$ |
121,792 |
$ |
111,984 |
$ |
116,123 |
$ |
115,719 |
$ |
122,130 |
$ |
116,409 |
$ |
119,444 |
|||||||||||||
|
Interest-bearing deposits with other banks |
25,357 |
37,199 |
20,293 |
40,985 |
19,557 |
30,933 |
21,907 |
||||||||||||||||||||
|
Investment securities |
2,020,040 |
2,041,785 |
2,035,334 |
1,906,699 |
1,816,944 |
2,001,387 |
1,858,878 |
||||||||||||||||||||
|
Loans held for sale |
12,572 |
12,705 |
9,243 |
8,125 |
14,729 |
10,679 |
12,725 |
||||||||||||||||||||
|
Loans and leases |
|||||||||||||||||||||||||||
|
Commercial and industrial |
1,857,546 |
1,843,677 |
1,778,523 |
1,782,829 |
1,767,570 |
1,815,925 |
1,741,084 |
||||||||||||||||||||
|
Lease financing |
84,635 |
85,649 |
86,880 |
89,549 |
93,817 |
86,662 |
96,337 |
||||||||||||||||||||
|
Construction real estate |
449,195 |
408,373 |
447,716 |
414,038 |
376,616 |
429,868 |
357,171 |
||||||||||||||||||||
|
Commercial real estate |
2,487,149 |
2,497,170 |
2,418,355 |
2,390,004 |
2,470,280 |
2,448,570 |
2,359,480 |
||||||||||||||||||||
|
Residential real estate |
477,454 |
489,508 |
490,709 |
497,412 |
503,711 |
488,718 |
508,929 |
||||||||||||||||||||
|
Home equity |
494,804 |
473,988 |
462,431 |
459,821 |
461,177 |
472,860 |
465,025 |
||||||||||||||||||||
|
Installment |
42,283 |
45,911 |
51,275 |
50,722 |
49,071 |
47,520 |
45,673 |
||||||||||||||||||||
|
Credit card |
46,652 |
45,072 |
44,478 |
44,013 |
43,894 |
45,061 |
42,193 |
||||||||||||||||||||
|
Total loans |
5,939,718 |
5,889,348 |
5,780,367 |
5,728,388 |
5,766,136 |
5,835,184 |
5,615,892 |
||||||||||||||||||||
|
Less: |
|||||||||||||||||||||||||||
|
Allowance for loan and lease losses |
55,279 |
55,326 |
57,379 |
58,461 |
58,733 |
56,599 |
56,860 |
||||||||||||||||||||
|
Net loans |
5,884,439 |
5,834,022 |
5,722,988 |
5,669,927 |
5,707,403 |
5,778,585 |
5,559,032 |
||||||||||||||||||||
|
Premises and equipment |
126,310 |
128,539 |
131,654 |
132,384 |
132,414 |
129,702 |
135,505 |
||||||||||||||||||||
|
Goodwill and other intangibles |
209,571 |
209,933 |
210,215 |
210,513 |
210,768 |
210,055 |
211,215 |
||||||||||||||||||||
|
Accrued interest and other assets |
331,875 |
340,750 |
337,111 |
324,719 |
335,967 |
333,653 |
332,997 |
||||||||||||||||||||
|
Total Assets |
$ |
8,731,956 |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,611,403 |
$ |
8,251,703 |
|||||||||||||
|
LIABILITIES |
|||||||||||||||||||||||||||
|
Deposits |
|||||||||||||||||||||||||||
|
Interest-bearing demand |
$ |
1,502,245 |
$ |
1,494,367 |
$ |
1,483,186 |
$ |
1,484,427 |
$ |
1,540,755 |
$ |
1,491,114 |
$ |
1,465,804 |
|||||||||||||
|
Savings |
2,518,771 |
2,494,592 |
2,408,950 |
2,224,708 |
2,093,557 |
2,412,788 |
2,022,564 |
||||||||||||||||||||
|
Time |
1,181,396 |
1,181,406 |
1,164,087 |
1,233,631 |
1,378,301 |
1,189,963 |
1,355,875 |
||||||||||||||||||||
|
Total interest-bearing deposits |
5,202,412 |
5,170,365 |
5,056,223 |
4,942,766 |
5,012,613 |
5,093,865 |
4,844,243 |
||||||||||||||||||||
|
Noninterest-bearing |
1,637,228 |
1,510,032 |
1,513,995 |
1,499,097 |
1,544,598 |
1,540,384 |
1,456,802 |
||||||||||||||||||||
|
Total deposits |
6,839,640 |
6,680,397 |
6,570,218 |
6,441,863 |
6,557,211 |
6,634,249 |
6,301,045 |
||||||||||||||||||||
|
Federal funds purchased and securities sold |
|||||||||||||||||||||||||||
|
under agreements to repurchase |
57,131 |
71,315 |
62,893 |
88,048 |
93,452 |
69,766 |
89,157 |
||||||||||||||||||||
|
FHLB short-term borrowings |
660,859 |
808,842 |
812,588 |
760,673 |
602,720 |
760,599 |
791,300 |
||||||||||||||||||||
|
Total short-term borrowings |
717,990 |
880,157 |
875,481 |
848,721 |
696,172 |
830,365 |
880,457 |
||||||||||||||||||||
|
Long-term debt |
124,221 |
119,661 |
119,651 |
119,605 |
119,756 |
120,794 |
119,622 |
||||||||||||||||||||
|
Total borrowed funds |
842,211 |
999,818 |
995,132 |
968,326 |
815,928 |
951,159 |
1,000,079 |
||||||||||||||||||||
|
Accrued interest and other liabilities |
129,911 |
128,645 |
128,007 |
127,667 |
123,264 |
128,564 |
105,795 |
||||||||||||||||||||
|
Total Liabilities |
7,811,762 |
7,808,860 |
7,693,357 |
7,537,856 |
7,496,403 |
7,713,972 |
7,406,919 |
||||||||||||||||||||
|
SHAREHOLDERS' EQUITY |
|||||||||||||||||||||||||||
|
Common stock |
572,392 |
570,216 |
568,654 |
570,058 |
569,779 |
570,336 |
569,055 |
||||||||||||||||||||
|
Retained earnings |
483,554 |
470,591 |
456,648 |
442,104 |
430,402 |
463,358 |
413,277 |
||||||||||||||||||||
|
Accumulated other comprehensive loss |
(21,740) |
(19,940) |
(23,414) |
(27,569) |
(22,436) |
(23,141) |
(22,040) |
||||||||||||||||||||
|
Treasury stock, at cost |
(114,012) |
(112,810) |
(112,284) |
(113,378) |
(114,236) |
(113,122) |
(115,508) |
||||||||||||||||||||
|
Total Shareholders' Equity |
920,194 |
908,057 |
889,604 |
871,215 |
863,509 |
897,431 |
844,784 |
||||||||||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
8,731,956 |
$ |
8,716,917 |
$ |
8,582,961 |
$ |
8,409,071 |
$ |
8,359,912 |
$ |
8,611,403 |
$ |
8,251,703 |
|||||||||||||
|
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||||||||||
|
NET INTEREST MARGIN RATE/VOLUME ANALYSIS | |||||||||||||||||||||||||||||||||||
|
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||||||||||||||
|
Quarterly Averages |
Year-to-Date Averages | ||||||||||||||||||||||||||||||||||
|
December 31, 2017 |
September 30, 2017 |
December 31, 2016 |
December 31, 2017 |
December 31, 2016 | |||||||||||||||||||||||||||||||
|
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield |
Balance |
Yield | ||||||||||||||||||||||||||
|
Earning assets |
|||||||||||||||||||||||||||||||||||
|
Investments: |
|||||||||||||||||||||||||||||||||||
|
Investment securities |
$ |
2,020,040 |
2.90 |
% |
$ |
2,041,785 |
2.85 |
% |
$ |
1,816,944 |
2.58 |
% |
$ |
2,001,387 |
2.82 |
% |
$ |
1,858,878 |
2.56 |
% | |||||||||||||||
|
Interest-bearing deposits with other banks |
25,357 |
1.41 |
% |
37,199 |
1.28 |
% |
19,557 |
0.59 |
% |
30,933 |
1.12 |
% |
21,907 |
(4.81) |
% | ||||||||||||||||||||
|
Gross loans (1) |
5,959,703 |
4.90 |
% |
5,910,985 |
4.71 |
% |
5,793,647 |
4.57 |
% |
5,855,398 |
4.72 |
% |
5,643,448 |
4.60 |
% | ||||||||||||||||||||
|
Total earning assets |
8,005,100 |
4.39 |
% |
7,989,969 |
4.22 |
% |
7,630,148 |
4.09 |
% |
7,887,718 |
4.22 |
% |
7,524,233 |
4.07 |
% | ||||||||||||||||||||
|
Nonearning assets |
|||||||||||||||||||||||||||||||||||
|
Allowance for loan and lease losses |
(55,279) |
(55,326) |
(58,733) |
(56,599) |
(56,860) |
||||||||||||||||||||||||||||||
|
Cash and due from banks |
121,792 |
111,984 |
122,130 |
116,409 |
119,444 |
||||||||||||||||||||||||||||||
|
Accrued interest and other assets |
660,343 |
670,290 |
666,367 |
663,875 |
664,886 |
||||||||||||||||||||||||||||||
|
Total assets |
$ |
8,731,956 |
$ |
8,716,917 |
$ |
8,359,912 |
$ |
8,611,403 |
$ |
8,251,703 |
|||||||||||||||||||||||||
|
Interest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
|
Deposits: |
|||||||||||||||||||||||||||||||||||
|
Interest-bearing demand |
$ |
1,502,245 |
0.34 |
% |
$ |
1,494,367 |
0.33 |
% |
$ |
1,540,755 |
0.14 |
% |
$ |
1,491,114 |
0.28 |
% |
$ |
1,465,804 |
0.14 |
% | |||||||||||||||
|
Savings |
2,518,771 |
0.63 |
% |
2,494,592 |
0.82 |
% |
2,093,557 |
0.31 |
% |
2,412,788 |
0.66 |
% |
2,022,564 |
0.27 |
% | ||||||||||||||||||||
|
Time |
1,181,396 |
1.33 |
% |
1,181,406 |
1.32 |
% |
1,378,301 |
1.11 |
% |
1,189,963 |
1.26 |
% |
1,355,875 |
1.10 |
% | ||||||||||||||||||||
|
Total interest-bearing deposits |
5,202,412 |
0.70 |
% |
5,170,365 |
0.79 |
% |
5,012,613 |
0.48 |
% |
5,093,865 |
0.69 |
% |
4,844,243 |
0.47 |
% | ||||||||||||||||||||
|
Borrowed funds |
|||||||||||||||||||||||||||||||||||
|
Short-term borrowings |
717,990 |
1.18 |
% |
880,157 |
1.16 |
% |
696,172 |
0.52 |
% |
830,365 |
0.99 |
% |
880,457 |
0.51 |
% | ||||||||||||||||||||
|
Long-term debt |
124,221 |
4.91 |
% |
119,661 |
5.10 |
% |
119,756 |
5.10 |
% |
120,794 |
5.09 |
% |
119,622 |
5.15 |
% | ||||||||||||||||||||
|
Total borrowed funds |
842,211 |
1.73 |
% |
999,818 |
1.63 |
% |
815,928 |
1.19 |
% |
951,159 |
1.51 |
% |
1,000,079 |
1.07 |
% | ||||||||||||||||||||
|
Total interest-bearing liabilities |
6,044,623 |
0.85 |
% |
6,170,183 |
0.93 |
% |
5,828,541 |
0.58 |
% |
6,045,024 |
0.82 |
% |
5,844,322 |
0.57 |
% | ||||||||||||||||||||
|
Noninterest-bearing liabilities |
|||||||||||||||||||||||||||||||||||
|
Noninterest-bearing demand deposits |
1,637,228 |
1,510,032 |
1,544,598 |
1,540,384 |
1,456,802 |
||||||||||||||||||||||||||||||
|
Other liabilities |
129,911 |
128,645 |
123,264 |
128,564 |
105,795 |
||||||||||||||||||||||||||||||
|
Shareholders' equity |
920,194 |
908,057 |
863,509 |
897,431 |
844,784 |
||||||||||||||||||||||||||||||
|
Total liabilities & shareholders' equity |
$ |
8,731,956 |
$ |
8,716,917 |
$ |
8,359,912 |
$ |
8,611,403 |
$ |
8,251,703 |
|||||||||||||||||||||||||
|
Net interest income |
$ |
75,614 |
$ |
70,479 |
$ |
70,166 |
$ |
283,545 |
$ |
272,671 |
|||||||||||||||||||||||||
|
Net interest spread |
3.54 |
% |
3.29 |
% |
3.51 |
% |
3.40 |
% |
3.50 |
% | |||||||||||||||||||||||||
|
Net interest margin |
3.75 |
% |
3.50 |
% |
3.66 |
% |
3.59 |
% |
3.62 |
% | |||||||||||||||||||||||||
|
Tax equivalent adjustment |
0.07 |
% |
0.07 |
% |
0.05 |
% |
0.07 |
% |
0.06 |
% | |||||||||||||||||||||||||
|
Net interest margin (fully tax equivalent) |
3.82 |
% |
3.57 |
% |
3.71 |
% |
3.66 |
% |
3.68 |
% | |||||||||||||||||||||||||
|
(1) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans. |
|||||||||||||||||||||||||||||||||||
|
FIRST FINANCIAL BANCORP. | ||||||||||||||||||||||||||||||||||||
|
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) | ||||||||||||||||||||||||||||||||||||
|
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||||||||||||||||||
|
Linked Qtr. Income Variance |
Comparable Qtr. Income Variance |
Year-to-Date Income Variance | ||||||||||||||||||||||||||||||||||
|
Rate |
Volume |
Total |
Rate |
Volume |
Total |
Rate |
Volume |
Total | ||||||||||||||||||||||||||||
|
Earning assets |
||||||||||||||||||||||||||||||||||||
|
Investment securities |
$ |
255 |
$ |
(159) |
$ |
96 |
$ |
1,465 |
$ |
1,486 |
$ |
2,951 |
$ |
4,826 |
$ |
4,022 |
$ |
8,848 |
||||||||||||||||||
|
Interest-bearing deposits with other banks |
12 |
(42) |
(30) |
40 |
21 |
61 |
1,299 |
101 |
1,400 |
|||||||||||||||||||||||||||
|
Gross loans (2) |
2,952 |
602 |
3,554 |
4,826 |
2,053 |
6,879 |
6,876 |
9,999 |
16,875 |
|||||||||||||||||||||||||||
|
Total earning assets |
3,219 |
401 |
3,620 |
6,331 |
3,560 |
9,891 |
13,001 |
14,122 |
27,123 |
|||||||||||||||||||||||||||
|
Interest-bearing liabilities |
||||||||||||||||||||||||||||||||||||
|
Total interest-bearing deposits |
$ |
(1,149) |
$ |
57 |
$ |
(1,092) |
$ |
2,880 |
$ |
337 |
$ |
3,217 |
$ |
10,845 |
$ |
1,724 |
$ |
12,569 |
||||||||||||||||||
|
Borrowed funds |
||||||||||||||||||||||||||||||||||||
|
Short-term borrowings |
62 |
(484) |
(422) |
1,164 |
65 |
1,229 |
4,181 |
(494) |
3,687 |
|||||||||||||||||||||||||||
|
Long-term debt |
(57) |
56 |
(1) |
(58) |
55 |
(3) |
(67) |
60 |
(7) |
|||||||||||||||||||||||||||
|
Total borrowed funds |
5 |
(428) |
(423) |
1,106 |
120 |
1,226 |
4,114 |
(434) |
3,680 |
|||||||||||||||||||||||||||
|
Total interest-bearing liabilities |
(1,144) |
(371) |
(1,515) |
3,986 |
457 |
4,443 |
14,959 |
1,290 |
16,249 |
|||||||||||||||||||||||||||
|
Net interest income (1) |
$ |
4,363 |
$ |
772 |
$ |
5,135 |
$ |
2,345 |
$ |
3,103 |
$ |
5,448 |
$ |
(1,958) |
$ |
12,832 |
$ |
10,874 |
||||||||||||||||||
|
(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 | |||||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2016 |
2017 |
2016 | |||||||||||||||||||||
|
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY |
|||||||||||||||||||||||||||
|
Balance at beginning of period |
$ |
54,534 |
$ |
54,873 |
$ |
56,326 |
$ |
57,961 |
$ |
57,618 |
$ |
57,961 |
$ |
53,398 |
|||||||||||||
|
Provision for loan and lease losses |
(205) |
2,953 |
467 |
367 |
2,761 |
3,582 |
10,140 |
||||||||||||||||||||
|
Gross charge-offs |
|||||||||||||||||||||||||||
|
Commercial and industrial |
1,264 |
4,122 |
3,065 |
1,743 |
1,590 |
10,194 |
2,630 |
||||||||||||||||||||
|
Lease financing |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||||||||||||||||||||
|
Construction real estate |
1 |
0 |
0 |
0 |
(2) |
1 |
93 |
||||||||||||||||||||
|
Commercial real estate |
10 |
58 |
485 |
485 |
990 |
1,038 |
4,983 |
||||||||||||||||||||
|
Residential real estate |
128 |
23 |
223 |
61 |
224 |
435 |
387 |
||||||||||||||||||||
|
Home equity |
278 |
71 |
384 |
180 |
232 |
913 |
1,445 |
||||||||||||||||||||
|
Installment |
26 |
24 |
126 |
49 |
60 |
225 |
386 |
||||||||||||||||||||
|
Credit card |
209 |
201 |
215 |
232 |
326 |
857 |
1,190 |
||||||||||||||||||||
|
Total gross charge-offs |
1,916 |
4,499 |
4,498 |
2,750 |
3,420 |
13,663 |
11,114 |
||||||||||||||||||||
|
Recoveries |
|||||||||||||||||||||||||||
|
Commercial and industrial |
370 |
325 |
693 |
262 |
186 |
1,650 |
1,155 |
||||||||||||||||||||
|
Lease financing |
0 |
0 |
1 |
0 |
0 |
1 |
1 |
||||||||||||||||||||
|
Construction real estate |
0 |
0 |
89 |
0 |
51 |
89 |
285 |
||||||||||||||||||||
|
Commercial real estate |
480 |
585 |
1,398 |
256 |
382 |
2,719 |
2,502 |
||||||||||||||||||||
|
Residential real estate |
77 |
70 |
59 |
9 |
54 |
215 |
236 |
||||||||||||||||||||
|
Home equity |
589 |
110 |
222 |
106 |
144 |
1,027 |
720 |
||||||||||||||||||||
|
Installment |
46 |
74 |
43 |
71 |
118 |
234 |
335 |
||||||||||||||||||||
|
Credit card |
46 |
43 |
73 |
44 |
67 |
206 |
303 |
||||||||||||||||||||
|
Total recoveries |
1,608 |
1,207 |
2,578 |
748 |
1,002 |
6,141 |
5,537 |
||||||||||||||||||||
|
Total net charge-offs |
308 |
3,292 |
1,920 |
2,002 |
2,418 |
7,522 |
5,577 |
||||||||||||||||||||
|
Ending allowance for loan and lease losses |
$ |
54,021 |
$ |
54,534 |
$ |
54,873 |
$ |
56,326 |
$ |
57,961 |
$ |
54,021 |
$ |
57,961 |
|||||||||||||
|
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) |
|||||||||||||||||||||||||||
|
Commercial and industrial |
0.19 |
% |
0.82 |
% |
0.53 |
% |
0.34 |
% |
0.32 |
% |
0.47 |
% |
0.08 |
% | |||||||||||||
|
Lease financing |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% | |||||||||||||
|
Construction real estate |
0.00 |
% |
0.00 |
% |
(0.08) |
% |
0.00 |
% |
(0.06) |
% |
(0.02) |
% |
(0.05) |
% | |||||||||||||
|
Commercial real estate |
(0.07) |
% |
(0.08) |
% |
(0.15) |
% |
0.04 |
% |
0.10 |
% |
(0.07) |
% |
0.11 |
% | |||||||||||||
|
Residential real estate |
0.04 |
% |
(0.04) |
% |
0.13 |
% |
0.04 |
% |
0.13 |
% |
0.05 |
% |
0.03 |
% | |||||||||||||
|
Home equity |
(0.25) |
% |
(0.03) |
% |
0.14 |
% |
0.07 |
% |
0.08 |
% |
(0.02) |
% |
0.16 |
% | |||||||||||||
|
Installment |
(0.19) |
% |
(0.43) |
% |
0.65 |
% |
(0.18) |
% |
(0.47) |
% |
(0.02) |
% |
0.11 |
% | |||||||||||||
|
Credit card |
1.39 |
% |
1.39 |
% |
1.28 |
% |
1.73 |
% |
2.35 |
% |
1.44 |
% |
2.10 |
% | |||||||||||||
|
Total net charge-offs |
0.02 |
% |
0.22 |
% |
0.13 |
% |
0.14 |
% |
0.17 |
% |
0.13 |
% |
0.10 |
% | |||||||||||||
|
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS |
|||||||||||||||||||||||||||
|
Nonaccrual loans (1) |
|||||||||||||||||||||||||||
|
Commercial and industrial |
$ |
5,229 |
$ |
9,026 |
$ |
15,099 |
$ |
9,249 |
$ |
2,419 |
$ |
5,229 |
$ |
2,419 |
|||||||||||||
|
Lease financing |
82 |
87 |
94 |
102 |
195 |
82 |
195 |
||||||||||||||||||||
|
Construction real estate |
29 |
824 |
1,075 |
1,075 |
0 |
29 |
0 |
||||||||||||||||||||
|
Commercial real estate |
10,616 |
12,244 |
12,617 |
14,324 |
6,098 |
10,616 |
6,098 |
||||||||||||||||||||
|
Residential real estate |
4,140 |
4,333 |
4,442 |
4,520 |
5,251 |
4,140 |
5,251 |
||||||||||||||||||||
|
Home equity |
3,743 |
3,364 |
2,937 |
3,571 |
3,400 |
3,743 |
3,400 |
||||||||||||||||||||
|
Installment |
243 |
240 |
307 |
322 |
367 |
243 |
367 |
||||||||||||||||||||
|
Nonaccrual loans |
24,082 |
30,118 |
36,571 |
33,163 |
17,730 |
24,082 |
17,730 |
||||||||||||||||||||
|
Accruing troubled debt restructurings (TDRs) |
17,545 |
19,692 |
20,135 |
29,948 |
30,240 |
17,545 |
30,240 |
||||||||||||||||||||
|
Total nonperforming loans |
41,627 |
49,810 |
56,706 |
63,111 |
47,970 |
41,627 |
47,970 |
||||||||||||||||||||
|
Other real estate owned (OREO) |
2,781 |
3,116 |
5,961 |
5,300 |
6,284 |
2,781 |
6,284 |
||||||||||||||||||||
|
Total nonperforming assets |
44,408 |
52,926 |
62,667 |
68,411 |
54,254 |
44,408 |
54,254 |
||||||||||||||||||||
|
Accruing loans past due 90 days or more |
61 |
84 |
124 |
96 |
142 |
61 |
142 |
||||||||||||||||||||
|
Total underperforming assets |
$ |
44,469 |
$ |
53,010 |
$ |
62,791 |
$ |
68,507 |
$ |
54,396 |
$ |
44,469 |
$ |
54,396 |
|||||||||||||
|
Total classified assets |
$ |
87,293 |
$ |
94,320 |
$ |
98,391 |
$ |
114,550 |
$ |
125,155 |
$ |
87,293 |
$ |
125,155 |
|||||||||||||
|
CREDIT QUALITY RATIOS |
|||||||||||||||||||||||||||
|
Allowance for loan and lease losses to |
|||||||||||||||||||||||||||
|
Nonaccrual loans |
224.32 |
% |
181.07 |
% |
150.05 |
% |
169.85 |
% |
326.91 |
% |
224.32 |
% |
326.91 |
% | |||||||||||||
|
Nonperforming loans |
129.77 |
% |
109.48 |
% |
96.77 |
% |
89.25 |
% |
120.83 |
% |
129.77 |
% |
120.83 |
% | |||||||||||||
|
Total ending loans |
0.90 |
% |
0.91 |
% |
0.93 |
% |
0.98 |
% |
1.01 |
% |
0.90 |
% |
1.01 |
% | |||||||||||||
|
Nonperforming loans to total loans |
0.69 |
% |
0.83 |
% |
0.97 |
% |
1.10 |
% |
0.83 |
% |
0.69 |
% |
0.83 |
% | |||||||||||||
|
Nonperforming assets to |
|||||||||||||||||||||||||||
|
Ending loans, plus OREO |
0.74 |
% |
0.89 |
% |
1.07 |
% |
1.19 |
% |
0.94 |
% |
0.74 |
% |
0.94 |
% | |||||||||||||
|
Total assets |
0.50 |
% |
0.60 |
% |
0.72 |
% |
0.80 |
% |
0.64 |
% |
0.50 |
% |
0.64 |
% | |||||||||||||
|
Nonperforming assets, excluding accruing TDRs to |
|||||||||||||||||||||||||||
|
Ending loans, plus OREO |
0.45 |
% |
0.56 |
% |
0.72 |
% |
0.67 |
% |
0.42 |
% |
0.45 |
% |
0.42 |
% | |||||||||||||
|
Total assets |
0.30 |
% |
0.38 |
% |
0.49 |
% |
0.45 |
% |
0.28 |
% |
0.30 |
% |
0.28 |
% | |||||||||||||
|
Classified assets to total assets |
0.98 |
% |
1.08 |
% |
1.13 |
% |
1.34 |
% |
1.48 |
% |
0.98 |
% |
1.48 |
% | |||||||||||||
|
(1) Nonaccrual loans include nonaccrual TDRs of $5.5 million, $9.1 million, $9.4 million, $7.8 million, and $5.1 million, as of December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017, and December 31, 2016, 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, | |||||||||||||||||||||
|
2017 |
2017 |
2017 |
2017 |
2016 |
2017 |
2016 | |||||||||||||||||||||
|
PER COMMON SHARE |
|||||||||||||||||||||||||||
|
Market Price |
|||||||||||||||||||||||||||
|
High |
$ |
29.15 |
$ |
28.50 |
$ |
28.95 |
$ |
28.90 |
$ |
29.35 |
$ |
29.15 |
$ |
29.35 |
|||||||||||||
|
Low |
$ |
25.30 |
$ |
23.10 |
$ |
25.05 |
$ |
26.00 |
$ |
21.05 |
$ |
23.10 |
$ |
14.91 |
|||||||||||||
|
Close |
$ |
26.35 |
$ |
26.15 |
$ |
27.70 |
$ |
27.45 |
$ |
28.45 |
$ |
26.35 |
$ |
28.45 |
|||||||||||||
|
Average shares outstanding - basic |
61,595,629 |
61,577,619 |
61,543,478 |
61,398,414 |
61,311,068 |
61,529,460 |
61,206,093 |
||||||||||||||||||||
|
Average shares outstanding - diluted |
62,131,840 |
62,189,637 |
62,234,022 |
62,140,384 |
62,080,683 |
62,171,590 |
61,985,422 |
||||||||||||||||||||
|
Ending shares outstanding |
62,069,087 |
62,061,465 |
62,141,071 |
62,134,285 |
61,979,552 |
62,069,087 |
61,979,552 |
||||||||||||||||||||
|
Total shareholders' equity |
$ |
930,664 |
$ |
914,954 |
$ |
898,117 |
$ |
880,065 |
$ |
865,224 |
$ |
930,664 |
$ |
865,224 |
|||||||||||||
|
REGULATORY CAPITAL |
Preliminary |
Preliminary |
|||||||||||||||||||||||||
|
Common equity tier 1 capital |
$ |
755,735 |
$ |
746,730 |
$ |
731,024 |
$ |
716,678 |
$ |
703,891 |
$ |
755,735 |
$ |
703,891 |
|||||||||||||
|
Common equity tier 1 capital ratio |
10.59 |
% |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.59 |
% |
10.46 |
% | |||||||||||||
|
Tier 1 capital |
$ |
755,839 |
$ |
746,834 |
$ |
731,128 |
$ |
716,782 |
$ |
703,995 |
$ |
755,839 |
$ |
703,995 |
|||||||||||||
|
Tier 1 ratio |
10.59 |
% |
10.53 |
% |
10.54 |
% |
10.59 |
% |
10.46 |
% |
10.59 |
% |
10.46 |
% | |||||||||||||
|
Total capital |
$ |
929,148 |
$ |
920,642 |
$ |
905,222 |
$ |
892,161 |
$ |
881,158 |
$ |
929,148 |
$ |
881,158 |
|||||||||||||
|
Total capital ratio |
13.02 |
% |
12.98 |
% |
13.05 |
% |
13.19 |
% |
13.10 |
% |
13.02 |
% |
13.10 |
% | |||||||||||||
|
Total capital in excess of minimum |
|||||||||||||||||||||||||||
|
requirement |
$ |
269,245 |
$ |
264,751 |
$ |
263,580 |
$ |
266,367 |
$ |
300,804 |
$ |
269,245 |
$ |
300,804 |
|||||||||||||
|
Total risk-weighted assets |
$ |
7,134,085 |
$ |
7,090,714 |
$ |
6,936,665 |
$ |
6,765,336 |
$ |
6,728,737 |
$ |
7,134,085 |
$ |
6,728,737 |
|||||||||||||
|
Leverage ratio |
8.84 |
% |
8.74 |
% |
8.69 |
% |
8.69 |
% |
8.60 |
% |
8.84 |
% |
8.60 |
% | |||||||||||||
|
OTHER CAPITAL RATIOS |
|||||||||||||||||||||||||||
|
Ending shareholders' equity to ending assets |
10.46 |
% |
10.44 |
% |
10.31 |
% |
10.32 |
% |
10.25 |
% |
10.46 |
% |
10.25 |
% | |||||||||||||
|
Ending tangible shareholders' equity to ending tangible assets |
8.30 |
% |
8.25 |
% |
8.09 |
% |
8.05 |
% |
7.96 |
% |
8.30 |
% |
7.96 |
% | |||||||||||||
|
Average shareholders' equity to average assets |
10.54 |
% |
10.42 |
% |
10.36 |
% |
10.36 |
% |
10.33 |
% |
10.42 |
% |
10.24 |
% | |||||||||||||
|
Average tangible shareholders' equity to average tangible assets |
8.34 |
% |
8.21 |
% |
8.12 |
% |
8.06 |
% |
8.01 |
% |
8.19 |
% |
7.89 |
% | |||||||||||||
SOURCE First Financial Bancorp.
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