Le Lézard
Classified in: Business
Subjects: ERN, CCA, DIV, FVT

First Financial Bancorp Announces Second Quarter Financial Results


CINCINNATI, July 18, 2019 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the second quarter 2019 and an increase in the quarterly dividend from $0.22 to $0.23 per share, payable on September 16, 2019 to shareholders of record as of September 2, 2019.

For the three months ended June 30, 2019, the Company reported net income of $52.7 million, or $0.53 per diluted common share.  These results compare to net income of $45.8 million, or $0.47 per diluted common share, for the first quarter of 2019 and $36.4 million, or $0.37 per diluted common share, for the second quarter of 2018.  Second quarter 2019 income before taxes was negatively impacted by $5.2 million of severance and merger related costs.  For the six months ended June 30, 2019, First Financial had earnings per diluted common share of $1.00 compared to $0.83 for the same period in 2018.

Return on average assets for the second quarter of 2019 was 1.50% while return on average tangible common equity was 17.33%.  These compare to returns on average assets of 1.33% and 1.05%, and returns on average tangible common equity of 15.95% and 13.75%, in the first quarter of 2019 and the second quarter of 2018, respectively.

Second quarter 2019 highlights include:

(1) Financial information in this release that is described as "adjusted" or that is presented on a fully tax equivalent basis is non-GAAP.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Archie Brown, President and Chief Executive Officer, commented, "The second quarter of 2019 was another highly successful one for First Financial, and further demonstrates the consistency and capabilities of the Company.  Loan growth, net interest margin, fee income and efficiency all met or surpassed our expectations resulting in adjusted(1) earnings per share of $0.58 and a top quartile adjusted(1) return on assets of 1.63%."

Mr. Brown continued, "We remain optimistic about the prospect of sustained success in the near term.  We were particularly pleased with the level of loan growth during the quarter, in addition to record fee income and prudent expense management.  While we face some pressure on the margin given the expected rate environment, we are working to mitigate the potential impact through disciplined deposit pricing initiatives.  Aside from additional provision related to the workout of the franchise credit disclosed last quarter, credit costs were better than expectations and overall credit remains stable."

Mr. Brown concluded, "We were excited to announce the acquisition of Bannockburn Global Forex, LLC, which will enhance our capabilities to serve middle market clients, broaden our customer base and drive higher fee income.  Additionally, we are pleased to announce an increase in the quarterly dividend to $0.23, reflecting our commitment to deploying capital in a way that sustains financial and operating success in addition to directly rewarding shareholders.  While the announced acquisition impacted potential share repurchase activity during the quarter, our strong capital levels provide the flexibility for further additional capital deployment opportunities in the future."

Full detail of the Company's second quarter and year to date performance is provided in the accompanying financial statements and slide presentation.


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 19, 2019 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10133133.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position.  Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Forward-Looking Statement

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

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the possibility that any of the anticipated benefits of the Company's merger with MainSource Financial Group, Inc. will not be realized or will not be realized within the expected time period; (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 our Form 10-K for the year ended December 31, 2018, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.  

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of June 30, 2019, the Company had $14.4 billion in assets, $9.0 billion in loans, $10.1 billion in deposits and $2.2 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.8 billion in assets under management as of June 30, 2019.  The Company operated 159 banking centers as of June 30, 2019, primarily in Ohio, Indiana and Kentucky, 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.

 

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,


June 30,


2019


2019


2018


2018


2018


2019


2018

RESULTS OF OPERATIONS














Net income

$

52,703



$

45,839



$

55,014



$

50,657



$

36,418



$

98,542



$

66,924


Net earnings per share - basic

$

0.54



$

0.47



$

0.56



$

0.52



$

0.37



$

1.01



$

0.84


Net earnings per share - diluted

$

0.53



$

0.47



$

0.56



$

0.51



$

0.37



$

1.00



$

0.83


Dividends declared per share

$

0.22



$

0.22



$

0.20



$

0.20



$

0.19



$

0.44



$

0.38
















KEY FINANCIAL RATIOS














Return on average assets

1.50

%


1.33

%


1.59

%


1.45

%


1.05

%


1.42

%


1.18

%

Return on average shareholders' equity

9.85

%


8.88

%


10.68

%


9.94

%


7.36

%


9.37

%


9.19

%

Return on average tangible shareholders' equity

17.33

%


15.95

%


19.63

%


18.52

%


13.75

%


16.66

%


15.12

%















Net interest margin

3.99

%


4.05

%


4.16

%


4.06

%


4.10

%


4.02

%


3.98

%

Net interest margin (fully tax equivalent) (1)

4.04

%


4.10

%


4.21

%


4.12

%


4.15

%


4.07

%


4.03

%















Ending shareholders' equity as a percent of ending assets

15.16

%


15.14

%


14.86

%


14.70

%


14.46

%


15.16

%


14.46

%

Ending tangible shareholders' equity as a percent of:














Ending tangible assets

9.34

%


9.15

%


8.79

%


8.53

%


8.30

%


9.34

%


8.30

%

Risk-weighted assets

11.84

%


11.61

%


11.20

%


10.77

%


10.52

%


11.84

%


10.52

%















Average shareholders' equity as a percent of average assets

15.22

%


15.01

%


14.84

%


14.62

%


14.33

%


15.12

%


12.87

%

Average tangible shareholders' equity as a percent of














    average tangible assets

9.26

%


8.95

%


8.66

%


8.42

%


8.16

%


9.11

%


8.24

%















Book value per share

$

22.18



$

21.60



$

21.23



$

20.79



$

20.56



$

22.18



$

20.56


Tangible book value per share

$

12.79



$

12.19



$

11.72



$

11.25



$

11.01



$

12.79



$

11.01
















Common equity tier 1 ratio (2)

12.02

%


12.03

%


11.87

%


11.52

%


11.15

%


12.02

%


11.15

%

Tier 1 ratio (2)

12.42

%


12.43

%


12.28

%


11.93

%


11.55

%


12.42

%


11.55

%

Total capital ratio (2)

14.21

%


14.24

%


14.10

%


13.77

%


13.36

%


14.21

%


13.36

%

Leverage ratio (2)

10.02

%


9.84

%


9.71

%


9.41

%


9.06

%


10.02

%


9.06

%















AVERAGE BALANCE SHEET ITEMS














Loans (3)

$

8,852,662



$

8,773,310



$

8,766,302



$

8,848,710



$

8,933,400



$

8,813,206



$

7,483,004


FDIC indemnification asset

?



?



?



?



?



?



747


Investment securities

3,408,994



3,355,732



3,204,758



3,168,044



3,157,339



3,382,510



2,603,139


Interest-bearing deposits with other banks

33,255



34,709



32,013



39,873



29,261



33,978



28,173


  Total earning assets

$

12,294,911



$

12,163,751



$

12,003,073



$

12,056,627



$

12,120,000



$

12,229,694



$

10,115,063


Total assets

$

14,102,733



$

13,952,551



$

13,768,958



$

13,822,675



$

13,956,360



$

14,028,058



$

11,407,429


Noninterest-bearing deposits

$

2,484,214



$

2,457,587



$

2,476,773



$

2,388,976



$

2,421,230



$

2,470,974



$

1,998,251


Interest-bearing deposits

7,612,146



7,610,092



7,573,069



7,499,112



7,961,405



7,611,125



6,654,334


  Total deposits

$

10,096,360



$

10,067,679



$

10,049,842



$

9,888,088



$

10,382,635



$

10,082,099



$

8,652,585


Borrowings

$

1,656,570



$

1,587,068



$

1,509,642



$

1,748,415



$

1,408,024



$

1,622,011



$

1,138,931


Shareholders' equity

$

2,146,997



$

2,094,234



$

2,042,884



$

2,021,400



$

2,000,093



$

2,120,762



$

1,467,741
















CREDIT QUALITY RATIOS













Allowance to ending loans

0.69

%


0.64

%


0.64

%


0.65

%


0.61

%


0.69

%


0.61

%

Allowance to nonaccrual loans

119.86

%


95.40

%


79.97

%


136.22

%


133.65

%


119.86

%


133.65

%

Allowance to nonperforming loans

69.33

%


68.94

%


65.13

%


92.08

%


86.80

%


69.33

%


86.80

%

Nonperforming loans to total loans

0.99

%


0.93

%


0.98

%


0.71

%


0.70

%


0.99

%


0.70

%

Nonperforming assets to ending loans, plus OREO

1.00

%


0.95

%


1.00

%


0.73

%


0.72

%


1.00

%


0.72

%

Nonperforming assets to total assets

0.62

%


0.60

%


0.63

%


0.47

%


0.46

%


0.62

%


0.46

%

Classified assets to total assets

1.02

%


1.01

%


0.94

%


1.00

%


1.00

%


1.02

%


1.00

%

Net charge-offs to average loans (annualized)

0.08

%


0.64

%


0.29

%


(0.02)

%


0.18

%


0.36

%


0.16

%






















(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  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, 2019 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,


June 30,


June 30,


2019


2018


% Change


2019


2018


% Change

Interest income












  Loans and leases, including fees

$

126,365



$

122,290



3.3

%


$

249,421



$

197,210



26.5

%

  Investment securities












     Taxable

23,616



20,844



13.3

%


47,851



34,514



38.6

%

     Tax-exempt

4,336



4,068



6.6

%


8,594



5,725



50.1

%

        Total investment securities interest

27,952



24,912



12.2

%


56,445



40,239



40.3

%

  Other earning assets

206



177



16.4

%


416



284



46.5

%

       Total interest income

154,523



147,379



4.8

%


306,282



237,733



28.8

%













Interest expense












  Deposits

20,612



14,794



39.3

%


39,855



25,092



58.8

%

  Short-term borrowings

6,646



4,132



60.8

%


12,606



6,795



85.5

%

  Long-term borrowings

4,963



4,474



10.9

%


10,004



6,055



65.2

%

      Total interest expense

32,221



23,400



37.7

%


62,465



37,942



64.6

%

      Net interest income

122,302



123,979



(1.4)

%


243,817



199,791



22.0

%

  Provision for loan and lease losses

6,658



3,735



78.3

%


20,741



6,038



243.5

%

      Net interest income after provision for loan and lease losses

115,644



120,244



(3.8)

%


223,076



193,753



15.1

%













Noninterest income












  Service charges on deposit accounts

9,819



9,568



2.6

%


18,722



14,607



28.2

%

  Trust and wealth management fees

3,943



3,697



6.7

%


8,013



7,651



4.7

%

  Bankcard income

6,497



5,343



21.6

%


12,083



8,737



38.3

%

  Client derivative fees

4,905



1,463



235.3

%


6,609



3,220



105.2

%

  Net gains from sales of loans

3,432



2,316



48.2

%


5,322



2,904



83.3

%

  Net gains (losses) on sale of investment securities

(37)



(30)



23.3

%


(215)



(30)



616.7

%

  Other

6,079



5,899



3.1

%


10,931



8,105



34.9

%

      Total noninterest income

34,638



28,256



22.6

%


61,465



45,194



36.0

%













Noninterest expenses












  Salaries and employee benefits

53,985



55,531



(2.8)

%


101,897



86,633



17.6

%

  Net occupancy

5,596



6,631



(15.6)

%


12,226



11,128



9.9

%

  Furniture and equipment

4,222



5,298



(20.3)

%


7,638



7,338



4.1

%

  Data processing

4,984



14,304



(65.2)

%


10,111



17,976



(43.8)

%

  Marketing

1,976



2,644



(25.3)

%


3,582



3,445



4.0

%

  Communication

747



1,118



(33.2)

%


1,475



1,577



(6.5)

%

  Professional services

2,039



5,659



(64.0)

%


4,291



7,857



(45.4)

%

  State intangible tax

1,307



1,078



21.2

%


2,617



1,843



42.0

%

  FDIC assessments

1,065



1,323



(19.5)

%


2,015



2,217



(9.1)

%

  Intangible amortization

2,044



2,364



(13.5)

%


4,089



2,644



54.7

%

  Other

6,413



6,805



(5.8)

%


12,936



12,385



4.4

%

      Total noninterest expenses

84,378



102,755



(17.9)

%


162,877



155,043



5.1

%

Income before income taxes

65,904



45,745



44.1

%


121,664



83,904



45.0

%

Income tax expense

13,201



9,327



41.5

%


23,122



16,980



36.2

%

      Net income

$

52,703



$

36,418



44.7

%


$

98,542



$

66,924



47.2

%













ADDITIONAL DATA












Net earnings per share - basic

$

0.54



$

0.37





$

1.01



$

0.84




Net earnings per share - diluted

$

0.53



$

0.37





$

1.00



$

0.83




Dividends declared per share

$

0.22



$

0.19





$

0.44



$

0.38
















Return on average assets

1.50

%


1.05

%




1.42

%


1.18

%



Return on average shareholders' equity

9.85

%


7.36

%




9.37

%


9.19

%















Interest income

$

154,523



$

147,379



4.8

%


$

306,282



$

237,733



28.8

%

Tax equivalent adjustment

1,416



1,420



(0.3)

%


2,939



2,138



37.5

%

   Interest income - tax equivalent

155,939



148,799



4.8

%


309,221



239,871



28.9

%

Interest expense

32,221



23,400



37.7

%


62,465



37,942



64.6

%

   Net interest income - tax equivalent

$

123,718



$

125,399



(1.3)

%


$

246,756



$

201,929



22.2

%













Net interest margin

3.99

%


4.10

%




4.02

%


3.98

%



Net interest margin (fully tax equivalent) (1)

4.04

%


4.15

%




4.07

%


4.03

%















Full-time equivalent employees

2,076



2,118






















(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  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 QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)










2019


Second


First


Full


% Change


Quarter


Quarter


Year


Linked Qtr.

Interest income








  Loans and leases, including fees

$

126,365



$

123,056



$

249,421



2.7

%

  Investment securities








     Taxable

23,616



24,235



47,851



(2.6)

%

     Tax-exempt

4,336



4,258



8,594



1.8

%

        Total investment securities interest

27,952



28,493



56,445



(1.9)

%

  Other earning assets

206



210



416



(1.9)

%

       Total interest income

154,523



151,759



306,282



1.8

%









Interest expense








  Deposits

20,612



19,243



39,855



7.1

%

  Short-term borrowings

6,646



5,960



12,606



11.5

%

  Long-term borrowings

4,963



5,041



10,004



(1.5)

%

      Total interest expense

32,221



30,244



62,465



6.5

%

      Net interest income

122,302



121,515



243,817



0.6

%

  Provision for loan and lease losses

6,658



14,083



20,741



(52.7)

%

      Net interest income after provision for loan and lease losses

115,644



107,432



223,076



7.6

%









Noninterest income








  Service charges on deposit accounts

9,819



8,903



18,722



10.3

%

  Trust and wealth management fees

3,943



4,070



8,013



(3.1)

%

  Bankcard income

6,497



5,586



12,083



16.3

%

  Client derivative fees

4,905



1,704



6,609



187.9

%

  Net gains from sales of loans

3,432



1,890



5,322



81.6

%

  Net gains (losses) on sale of investment securities

(37)



(178)



(215)



79.2

%

  Other

6,079



4,852



10,931



25.3

%

      Total noninterest income

34,638



26,827



61,465



29.1

%









Noninterest expenses








  Salaries and employee benefits

53,985



47,912



101,897



12.7

%

  Net occupancy

5,596



6,630



12,226



(15.6)

%

  Furniture and equipment

4,222



3,416



7,638



23.6

%

  Data processing

4,984



5,127



10,111



(2.8)

%

  Marketing

1,976



1,606



3,582



23.0

%

  Communication

747



728



1,475



2.6

%

  Professional services

2,039



2,252



4,291



(9.5)

%

  State intangible tax

1,307



1,310



2,617



(0.2)

%

  FDIC assessments

1,065



950



2,015



12.1

%

  Intangible amortization

2,044



2,045



4,089



0.0

%

  Other

6,413



6,523



12,936



(1.7)

%

      Total noninterest expenses

84,378



78,499



162,877



7.5

%

Income before income taxes

65,904



55,760



121,664



18.2

%

Income tax expense

13,201



9,921



23,122



33.1

%

      Net income

$

52,703



$

45,839



$

98,542



15.0

%









ADDITIONAL DATA








Net earnings per share - basic

$

0.54



$

0.47



$

1.01




Net earnings per share - diluted

$

0.53



$

0.47



$

1.00




Dividends declared per share

$

0.22



$

0.22



$

0.44












Return on average assets

1.50

%


1.33

%


1.42

%



Return on average shareholders' equity

9.85

%


8.88

%


9.37

%











Interest income

$

154,523



$

151,759



$

306,282



1.8

%

Tax equivalent adjustment

1,416



1,523



2,939



(7.0)

%

   Interest income - tax equivalent

155,939



153,282



309,221



1.7

%

Interest expense

32,221



30,244



62,465



6.5

%

   Net interest income - tax equivalent

$

123,718



$

123,038



$

246,756



0.6

%









Net interest margin

3.99

%


4.05

%


4.02

%



Net interest margin (fully tax equivalent) (1)

4.04

%


4.10

%


4.07

%











Full-time equivalent employees

2,076



2,087














(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  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 QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)












2018


Fourth


Third


Second


First


Full


Quarter


Quarter


Quarter


Quarter


Year

Interest income










  Loans and leases, including fees

$

126,580



$

123,397



$

122,290



$

74,920



$

447,187


  Investment securities










     Taxable

22,761



21,801



20,844



13,670



79,076


     Tax-exempt

3,896



3,807



4,068



1,657



13,428


        Total investment securities interest

26,657



25,608



24,912



15,327



92,504


  Other earning assets

192



215



177



107



691


       Total interest income

153,429



149,220



147,379



90,354



540,382












Interest expense










  Deposits

17,198



14,672



14,794



10,298



56,962


  Short-term borrowings

5,186



6,052



4,132



2,663



18,033


  Long-term borrowings

5,086



5,011



4,474



1,581



16,152


      Total interest expense

27,470



25,735



23,400



14,542



91,147


      Net interest income

125,959



123,485



123,979



75,812



449,235


  Provision for loan and lease losses

5,310



3,238



3,735



2,303



14,586


      Net interest income after provision for loan and lease losses

120,649



120,247



120,244



73,509



434,649












Noninterest income










  Service charges on deposit accounts

10,185



10,316



9,568



5,039



35,108


  Trust and wealth management fees

3,703



3,728



3,697



3,954



15,082


  Bankcard income

6,247



5,261



5,343



3,394



20,245


  Client derivative fees

1,433



3,029



1,463



1,757



7,682


  Net gains from sales of loans

1,428



1,739



2,316



588



6,071


  Net gains on sale of investment securities

36



(167)



(30)



0



(161)


  Other

6,472



4,778



5,899



2,206



19,355


      Total noninterest income

29,504



28,684



28,256



16,938



103,382












Noninterest expenses










  Salaries and employee benefits

51,505



50,852



55,531



31,102



188,990


  Net occupancy

6,322



6,765



6,631



4,497



24,215


  Furniture and equipment

3,498



4,072



5,298



2,040



14,908


  Data processing

5,599



4,502



14,304



3,672



28,077


  Marketing

1,651



2,502



2,644



801



7,598


  Communication

805



785



1,118



459



3,167


  Professional services

1,794



2,621



5,659



2,198



12,272


  State intangible tax

1,086



1,223



1,078



765



4,152


 FDIC assessments

1,018



734



1,323



894



3,969


  Intangible amortization

2,229



2,486



2,364



280



7,359


  Other

7,845



8,873



6,805



5,580



29,103


      Total noninterest expenses

83,352



85,415



102,755



52,288



323,810


Income before income taxes

66,801



63,516



45,745



38,159



214,221


Income tax expense (benefit)

11,787



12,859



9,327



7,653



41,626


      Net income

$

55,014



$

50,657



$

36,418



$

30,506



$

172,595












ADDITIONAL DATA










Net earnings per share - basic

$

0.56



$

0.52



$

0.37



$

0.49



$

1.95


Net earnings per share - diluted

$

0.56



$

0.51



$

0.37



$

0.49



$

1.93


Dividends declared per share

$

0.20



$

0.20



$

0.19



$

0.19



$

0.78












Return on average assets

1.59

%


1.45

%


1.05

%


1.40

%


1.37

%

Return on average shareholders' equity

10.68

%


9.94

%


7.36

%


13.31

%


9.85

%











Interest income

$

153,429



$

149,220



$

147,379



$

90,354



$

540,382


Tax equivalent adjustment

1,442



1,567



1,420



718



5,147


   Interest income - tax equivalent

154,871



150,787



148,799



91,072



545,529


Interest expense

27,470



25,735



23,400



14,542



91,147


   Net interest income - tax equivalent

$

127,401



$

125,052



$

125,399



$

76,530



$

454,382












Net interest margin

4.16

%


4.06

%


4.10

%


3.80

%


4.05

%

Net interest margin (fully tax equivalent) (1)

4.21

%


4.12

%


4.15

%


3.84

%


4.10

%











Full-time equivalent employees

2,073



2,028



2,118



1,289














(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  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


2019


2019


2018


2018


2018


Linked Qtr.


Comp Qtr.

ASSETS














     Cash and due from banks

$

169,694



$

169,004



$

236,221



$

193,288



$

216,667



0.4

%


(21.7)

%

     Interest-bearing deposits with other banks

101,668



50,224



37,738



28,989



37,915



102.4

%


168.1

%

     Investment securities available-for-sale

3,152,970



3,113,811



2,779,255



2,626,726



2,654,909



1.3

%


18.8

%

     Investment securities held-to-maturity

154,327



158,305



429,328



434,369



443,957



(2.5)

%


(65.2)

%

     Other investments

127,439



115,731



115,660



115,757



95,004



10.1

%


34.1

%

     Loans held for sale

20,244



8,217



4,372



13,277



15,821



146.4

%


28.0

%

     Loans and leases














       Commercial and industrial

2,547,997



2,543,427



2,514,661



2,426,590



2,440,596



0.2

%


4.4

%

       Lease financing

90,638



95,573



93,415



95,317



96,198



(5.2)

%


(5.8)

%

       Construction real estate

497,683



458,113



548,935



565,077



555,468



8.6

%


(10.4)

%

       Commercial real estate

3,903,654



3,802,179



3,754,681



3,868,143



3,888,993



2.7

%


0.4

%

       Residential real estate

1,015,820



975,120



955,646



932,962



918,904



4.2

%


10.5

%

       Home equity

787,139



797,118



817,282



816,133



835,031



(1.3)

%


(5.7)

%

       Installment

89,149



90,689



93,212



97,413



100,726



(1.7)

%


(11.5)

%

       Credit card

48,706



46,982



46,382



45,741



48,665



3.7

%


0.1

%

          Total loans

8,980,786



8,809,201



8,824,214



8,847,376



8,884,581



1.9

%


1.1

%

       Less:














          Allowance for loan and lease losses

61,549



56,722



56,542



57,715



54,076



8.5

%


13.8

%

                Net loans

8,919,237



8,752,479



8,767,672



8,789,661



8,830,505



1.9

%


1.0

%

     Premises and equipment

211,313



210,676



215,652



219,940



223,950



0.3

%


(5.6)

%

     Goodwill

879,727



879,727



880,251



881,033



883,025



0.0

%


(0.4)

%

     Other intangibles

36,349



38,571



40,805



43,356



42,891



(5.8)

%


(15.3)

%

     Accrued interest and other assets

664,695



577,518



479,706



496,271



475,523



15.1

%


39.8

%

       Total Assets

$

14,437,663



$

14,074,263



$

13,986,660



$

13,842,667



$

13,920,167



2.6

%


3.7

%















LIABILITIES














     Deposits














       Interest-bearing demand

$

2,332,692



$

2,235,036



$

2,307,071



$

2,284,271



$

2,440,088



4.4

%


(4.4)

%

       Savings

2,953,114



3,100,894



3,167,325



3,134,944



3,087,683



(4.8)

%


(4.4)

%

       Time

2,321,908



2,309,810



2,173,564



1,957,574



2,104,044



0.5

%


10.4

%

          Total interest-bearing deposits

7,607,714



7,645,740



7,647,960



7,376,789



7,631,815



(0.5)

%


(0.3)

%

       Noninterest-bearing

2,501,290



2,488,157



2,492,434



2,375,845



2,471,932



0.5

%


1.2

%

          Total deposits

10,109,004



10,133,897



10,140,394



9,752,634



10,103,747



(0.2)

%


0.1

%

     Federal funds purchased and securities sold














         under agreements to repurchase

260,621



95,015



183,591



123,452



88,070



174.3

%


195.9

%

     FHLB short-term borrowings

1,052,700



952,400



857,100



1,170,800



1,100,233



10.5

%


(4.3)

%

          Total short-term borrowings

1,313,321



1,047,415



1,040,691



1,294,252



1,188,303



25.4

%


10.5

%

     Long-term debt

547,042



546,423



570,739



570,037



469,423



0.1

%


16.5

%

          Total borrowed funds

1,860,363



1,593,838



1,611,430



1,864,289



1,657,726



16.7

%


12.2

%

     Accrued interest and other liabilities

280,107



216,109



156,587



190,224



145,757



29.6

%


92.2

%

       Total Liabilities

12,249,474



11,943,844



11,908,411



11,807,147



11,907,230



2.6

%


2.9

%















SHAREHOLDERS' EQUITY














     Common stock

1,623,699



1,622,554



1,633,256



1,633,828



1,632,572



0.1

%


(0.5)

%

     Retained earnings

657,730



626,408



600,014



564,545



533,319



5.0

%


23.3

%

     Accumulated other comprehensive income (loss)

5,193



(19,635)



(44,408)



(52,897)



(43,008)



(126.4)

%


(112.1)

%

     Treasury stock, at cost

(98,433)



(98,908)



(110,613)



(109,956)



(109,946)



(0.5)

%


(10.5)

%

       Total Shareholders' Equity

2,188,189



2,130,419



2,078,249



2,035,520



2,012,937



2.7

%


8.7

%

       Total Liabilities and Shareholders' Equity

$

14,437,663



$

14,074,263



$

13,986,660



$

13,842,667



$

13,920,167



2.6

%


3.7

%

 


 

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,


2019


2019


2018


2018


2018


2019


2018

ASSETS














     Cash and due from banks

$

173,278



$

181,695



$

213,927



$

199,843



$

224,824



$

177,463



$

170,760


     Federal funds sold

0



0



0



0



786



0



395


     Interest-bearing deposits with other banks

33,255



34,709



32,013



39,873



28,475



33,978



27,778


     Investment securities

3,408,994



3,355,732



3,204,758



3,168,044



3,157,339



3,382,510



2,603,139


     Loans held for sale

13,258



6,392



10,411



15,270



14,462



9,844



11,831


     Loans and leases














       Commercial and industrial

2,533,981



2,509,274



2,402,296



2,392,229



2,421,244



2,521,696



2,641,410


       Lease financing

94,458



91,043



94,111



94,030



94,431



92,760



88,837


       Construction real estate

457,962



496,153



567,086



570,125



577,883



476,952



510,949


       Commercial real estate

3,834,404



3,762,314



3,793,376



3,887,748



3,923,784



3,798,558



2,772,050


       Residential real estate

989,923



961,584



941,047



918,361



929,667



975,832



686,525


       Home equity

789,087



807,768



813,779



822,834



825,236



798,376



629,998


       Installment

89,778



91,270



95,779



99,907



99,896



90,520



93,818


       Credit card

49,811



47,512



48,417



48,206



46,797



48,668



47,586


          Total loans

8,839,404



8,766,918



8,755,891



8,833,440



8,918,938



8,803,362



7,471,173


       Less:














          Allowance for loan and lease losses

58,335



57,088



58,216



55,877



55,318



57,715



55,168


                Net loans

8,781,069



8,709,830



8,697,675



8,777,563



8,863,620



8,745,647



7,416,005


     Premises and equipment

211,714



213,208



218,430



222,718



230,475



212,457



178,534


     Goodwill

879,726



878,541



878,669



882,917



883,179



879,137



545,507


     Other intangibles

37,666



39,900



42,305



43,830



44,383



38,777



24,141


     Accrued interest and other assets

563,773



532,544



470,770



472,617



508,817



548,245



429,339


       Total Assets

$

14,102,733



$

13,952,551



$

13,768,958



$

13,822,675



$

13,956,360



$

14,028,058



$

11,407,429
















LIABILITIES














     Deposits














       Interest-bearing demand

$

2,334,322



$

2,269,948



$

2,342,528



$

2,334,305



$

2,573,150



$

2,302,313



$

1,997,574


       Savings

3,057,100



3,115,557



3,156,789



3,149,871



3,196,059



3,086,167



2,825,437


       Time

2,220,724



2,224,587



2,073,752



2,014,936



2,192,196



2,222,645



1,831,323


          Total interest-bearing deposits

7,612,146



7,610,092



7,573,069



7,499,112



7,961,405



7,611,125



6,654,334


       Noninterest-bearing

2,484,214



2,457,587



2,476,773



2,388,976



2,421,230



2,470,974



1,998,251


          Total deposits

10,096,360



10,067,679



10,049,842



9,888,088



10,382,635



10,082,099



8,652,585


     Federal funds purchased and securities sold














          under agreements to repurchase

126,872



103,147



65,805



112,308



97,708



115,075



85,355


     FHLB short-term borrowings

982,993



913,974



873,533



1,076,106



818,909



948,674



743,693


          Total short-term borrowings

1,109,865



1,017,121



939,338



1,188,414



916,617



1,063,749



829,048


     Long-term debt

546,705



569,947



570,304



560,001



491,407



558,262



309,883


       Total borrowed funds

1,656,570



1,587,068



1,509,642



1,748,415



1,408,024



1,622,011



1,138,931


     Accrued interest and other liabilities

202,806



203,570



166,590



164,772



165,608



203,186



148,172


       Total Liabilities

11,955,736



11,858,317



11,726,074



11,801,275



11,956,267



11,907,296



9,939,688
















SHAREHOLDERS' EQUITY














     Common stock

1,622,994



1,625,228



1,632,361



1,633,129



1,632,569



1,624,105



1,105,669


     Retained earnings

635,629



610,737



576,145



542,835



517,548



623,252



510,384


     Accumulated other comprehensive loss

(12,889)



(39,796)



(55,161)



(44,505)



(39,117)



(26,268)



(36,217)


     Treasury stock, at cost

(98,737)



(101,935)



(110,461)



(110,059)



(110,907)



(100,327)



(112,095)


       Total Shareholders' Equity

2,146,997



2,094,234



2,042,884



2,021,400



2,000,093



2,120,762



1,467,741


       Total Liabilities and Shareholders' Equity

$

14,102,733



$

13,952,551



$

13,768,958



$

13,822,675



$

13,956,360



$

14,028,058



$

11,407,429
















 


 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)







 Quarterly Averages

Year-to-Date Averages



June 30, 2019


March 31, 2019


June 30, 2018

June 30, 2019


June 30, 2018



Balance


Yield


Balance


Yield


Balance


Yield

Balance


Yield


Balance


Yield

Earning assets




















    Investments:




















      Investment securities


$

3,408,994



3.29

%


$

3,355,732



3.44

%


$

3,157,339



3.16

%

$

3,382,510



3.37

%


$

2,603,139



3.12

%

      Interest-bearing deposits with other banks


33,255



2.48

%


34,709



2.45

%


29,261



2.43

%

33,978



2.47

%


28,173



2.03

%

    Gross loans (1)


8,852,662



5.73

%


8,773,310



5.69

%


8,933,400



5.49

%

8,813,206



5.71

%


7,483,751



5.31

%

       Total earning assets


12,294,911



5.04

%


12,163,751



5.06

%


12,120,000



4.88

%

12,229,694



5.05

%


10,115,063



4.74

%





















Nonearning assets




















    Allowance for loan and lease losses


(58,335)





(57,088)





(55,318)




(57,715)





(55,168)




    Cash and due from banks


173,278





181,695





224,824




177,463





170,760




    Accrued interest and other assets


1,692,879





1,664,193





1,666,854




1,678,616





1,176,774




       Total assets


$

14,102,733





$

13,952,551





$

13,956,360




$

14,028,058





$

11,407,429
























Interest-bearing liabilities




















    Deposits:




















      Interest-bearing demand


$

2,334,322



0.60

%


$

2,269,948



0.50

%


$

2,573,150



0.36

%

$

2,302,313



0.55

%


$

1,997,574



0.37

%

      Savings


3,057,100



0.78

%


3,115,557



0.76

%


3,196,059



0.54

%

3,086,167



0.77

%


2,825,437



0.58

%

      Time


2,220,724



2.02

%


2,224,587



1.94

%


2,192,196



1.50

%

2,222,645



1.98

%


1,831,323



1.47

%

    Total interest-bearing deposits


7,612,146



1.09

%


7,610,092



1.03

%


7,961,405



0.75

%

7,611,125



1.06

%


6,654,334



0.76

%

    Borrowed funds




















      Short-term borrowings


1,109,865



2.40

%


1,017,121



2.38

%


916,617



1.81

%

1,063,749



2.39

%


829,048



1.65

%

      Long-term debt


546,705



3.64

%


569,947



3.59

%


491,407



3.65

%

558,262



3.61

%


309,883



3.94

%

        Total borrowed funds


1,656,570



2.81

%


1,587,068



2.81

%


1,408,024



2.45

%

1,622,011



2.81

%


1,138,931



2.28

%

       Total interest-bearing liabilities


9,268,716



1.39

%


9,197,160



1.33

%


9,369,429



1.00

%

9,233,136



1.36

%


7,793,265



0.98

%





















Noninterest-bearing liabilities




















    Noninterest-bearing demand deposits


2,484,214





2,457,587





2,421,230




2,470,974





1,998,251




    Other liabilities


202,806





203,570





165,608




203,186





148,172




    Shareholders' equity


2,146,997





2,094,234





2,000,093




2,120,762





1,467,741




       Total liabilities & shareholders' equity


$

14,102,733





$

13,952,551





$

13,956,360




$

14,028,058





$

11,407,429
























Net interest income


$

122,302





$

121,515





$

123,979




$

243,817





$

199,791




Net interest spread




3.65

%




3.73

%




3.88

%



3.69

%




3.76

%

Net interest margin




3.99

%




4.05

%




4.10

%



4.02

%




3.98

%





















Tax equivalent adjustment




0.05

%




0.05

%




0.05

%



0.05

%




0.05

%

Net interest margin (fully tax equivalent)




4.04

%




4.10

%




4.15

%



4.07

%




4.03

%









































(1) Loans held for sale and nonaccrual loans 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


$

(1,280)



$

739



$

(541)



$

977



$

2,063



$

3,040



$

3,200



$

13,006



$

16,206


    Interest-bearing deposits with other banks


3



(7)



(4)



4



25



29



61



71



132


    Gross loans (2)


800



2,509



3,309



5,227



(1,152)



4,075



14,586



37,625



52,211


       Total earning assets


(477)



3,241



2,764



6,208



936



7,144



17,847



50,702



68,549





















Interest-bearing liabilities



















    Total interest-bearing deposits


$

1,137



$

232



$

1,369



$

6,764



$

(946)



$

5,818



$

9,753



$

5,010



$

14,763


    Borrowed funds



















    Short-term borrowings


64



622



686



1,357



1,157



2,514



3,030



2,781



5,811


    Long-term debt


76



(154)



(78)



(13)



502



489



(502)



4,451



3,949


       Total borrowed funds


140



468



608



1,344



1,659



3,003



2,528



7,232



9,760


       Total interest-bearing liabilities


1,277



700



1,977



8,108



713



8,821



12,281



12,242



24,523


          Net interest income (1)


$

(1,754)



$

2,541



$

787



$

(1,900)



$

223



$

(1,677)



$

5,566



$

38,460



$

44,026








































(1) Not tax equivalent.



















(2) Loans held for sale and nonaccrual loans 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,


June 30,


June 30,


2019


2019


2018


2018


2018


2019


2018

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY











Balance at beginning of period

$

56,722



$

56,542



$

57,715



$

54,076



$

54,380



$

56,542



$

54,021


  Provision for loan and lease losses

6,658



14,083



5,310



3,238



3,735



20,741



6,038


  Gross charge-offs














    Commercial and industrial

1,873



12,328



6,060



232



4,356



14,201



5,241


    Lease financing

0



100



0



0



0



100



0


    Construction real estate

0



0



0



0



0



0



0


    Commercial real estate

86



1,214



1,679



902



78



1,300



2,254


    Residential real estate

150



82



80



145



101



232



197


    Home equity

689



468



747



351



385



1,157



627


    Installment

78



49



158



43



218



127



234


    Credit card

289



341



392



390



684



630



938


      Total gross charge-offs

3,165



14,582



9,116



2,063



5,822



17,747



9,491


  Recoveries














    Commercial and industrial

291



240



485



627



518



531



954


    Lease financing

0



0



0



0



1



0



1


    Construction real estate

5



63



0



146



0



68



0


    Commercial real estate

254



73



1,681



786



887



327



1,639


    Residential real estate

101



36



44



71



70



137



96


    Home equity

572



185



274



419



187



757



616


    Installment

61



48



94



351



82



109



130


    Credit card

50



34



55



64



38



84



72


      Total recoveries

1,334



679



2,633



2,464



1,783



2,013



3,508


  Total net charge-offs

1,831



13,903



6,483



(401)



4,039



15,734



5,983


Ending allowance for loan and lease losses

$

61,549



$

56,722



$

56,542



$

57,715



$

54,076



$

61,549



$

54,076
















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











  Commercial and industrial

0.25

%


1.95

%


0.92

%


(0.07)

%


0.64

%


1.09

%


0.33

%

  Lease financing

0.00

%


0.45

%


0.00

%


0.00

%


0.00

%


0.22

%


0.00

%

  Construction real estate

0.00

%


(0.05)

%


0.00

%


(0.10)

%


0.00

%


(0.03)

%


0.00

%

  Commercial real estate

(0.02)

%


0.12

%


0.00

%


0.01

%


(0.08)

%


0.05

%


0.04

%

  Residential real estate

0.02

%


0.02

%


0.02

%


0.03

%


0.01

%


0.02

%


0.03

%

  Home equity

0.06

%


0.14

%


0.23

%


(0.03)

%


0.10

%


0.10

%


0.00

%

  Installment

0.08

%


0.00

%


0.27

%


(1.22)

%


0.55

%


0.04

%


0.22

%

  Credit card

1.92

%


2.62

%


2.76

%


2.68

%


5.54

%


2.26

%


3.67

%

     Total net charge-offs

0.08

%


0.64

%


0.29

%


(0.02)

%


0.18

%


0.36

%


0.16

%















COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS



  Nonaccrual loans (1)














    Commercial and industrial

$

18,502



$

19,263



$

30,925



$

4,310



$

3,448



$

18,502



$

3,448


    Lease financing

295



301



22



0



0



295



0


    Construction real estate

6



7



9



10



24



6



24


    Commercial real estate

15,981



21,082



20,500



20,338



21,593



15,981



21,593


    Residential real estate

11,627



13,052



13,495



11,365



9,278



11,627



9,278


    Home equity

4,745



5,581



5,580



6,018



5,820



4,745



5,820


    Installment

195



170



169



327



299



195



299


      Nonaccrual loans

51,351



59,456



70,700



42,368



40,462



51,351



40,462


  Accruing troubled debt restructurings (TDRs)

37,420



22,817



16,109



20,313



21,839



37,420



21,839


     Total nonperforming loans

88,771



82,273



86,809



62,681



62,301



88,771



62,301


  Other real estate owned (OREO)

1,421



1,665



1,401



1,918



1,853



1,421



1,853


     Total nonperforming assets

90,192



83,938



88,210



64,599



64,154



90,192



64,154


  Accruing loans past due 90 days or more

107



178



63



144



327



107



327


     Total underperforming assets

$

90,299



$

84,116



$

88,273



$

64,743



$

64,481



$

90,299



$

64,481


Total classified assets

$

147,753



$

142,014



$

131,668



$

138,868



$

139,317



$

147,753



$

139,317
















CREDIT QUALITY RATIOS











Allowance for loan and lease losses to














     Nonaccrual loans

119.86

%


95.40

%


79.97

%


136.22

%


133.65

%


119.86

%


133.65

%

     Nonperforming loans

69.33

%


68.94

%


65.13

%


92.08

%


86.80

%


69.33

%


86.80

%

     Total ending loans

0.69

%


0.64

%


0.64

%


0.65

%


0.61

%


0.69

%


0.61

%

Nonperforming loans to total loans

0.99

%


0.93

%


0.98

%


0.71

%


0.70

%


0.99

%


0.70

%

Nonperforming assets to














     Ending loans, plus OREO

1.00

%


0.95

%


1.00

%


0.73

%


0.72

%


1.00

%


0.72

%

     Total assets

0.62

%


0.60

%


0.63

%


0.47

%


0.46

%


0.62

%


0.46

%

Nonperforming assets, excluding accruing TDRs to














     Ending loans, plus OREO

0.59

%


0.69

%


0.82

%


0.50

%


0.48

%


0.59

%


0.48

%

     Total assets

0.37

%


0.43

%


0.52

%


0.32

%


0.30

%


0.37

%


0.30

%

Classified assets to total assets

1.02

%


1.01

%


0.94

%


1.00

%


1.00

%


1.02

%


1.00

%















(1)  Nonaccrual loans include nonaccrual TDRs of $11.0 million, $13.1 million, $22.4 million, $4.7 million, and $5.9 million, as of June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018, and June 30, 2018,
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,


June 30,


June 30,


2019


2019


2018


2018


2018


2019


2018

PER COMMON SHARE














Market Price














  High

$

25.80



$

28.56



$

29.58



$

32.35



$

33.55



$

28.56



$

33.55


  Low

$

22.16



$

23.02



$

22.40



$

29.40



$

28.10



$

22.16



$

26.40


  Close

$

24.22



$

24.06



$

23.72



$

29.70



$

30.65



$

24.22



$

30.65
















Average shares outstanding - basic

98,083,799



97,926,088



97,424,839



97,411,201



97,347,533



98,005,379



79,599,709


Average shares outstanding - diluted

98,648,384



98,436,311



98,468,237



98,484,228



98,432,072



98,542,947



80,629,495


Ending shares outstanding

98,647,690



98,613,872



97,894,286



97,914,526



97,904,897



98,647,690



97,904,897
















Total shareholders' equity

$

2,188,189



$

2,130,419



$

2,078,249



$

2,035,520



$

2,012,937



$

2,188,189



$

2,012,937
















REGULATORY CAPITAL

Preliminary










Preliminary



Common equity tier 1 capital

$

1,281,406



$

1,246,004



$

1,215,613



$

1,177,630



$

1,142,718



$

1,281,406



$

1,142,718


Common equity tier 1 capital ratio

12.02

%


12.03

%


11.87

%


11.52

%


11.15

%


12.02

%


11.15

%

Tier 1 capital

$

1,323,905



$

1,287,757



$

1,257,366



$

1,219,383



$

1,184,471



$

1,323,905



$

1,184,471


Tier 1 ratio

12.42

%


12.43

%


12.28

%


11.93

%


11.55

%


12.42

%


11.55

%

Total capital

$

1,515,382



$

1,474,723



$

1,444,146



$

1,407,252



$

1,369,231



$

1,515,382



$

1,369,231


Total capital ratio

14.21

%


14.24

%


14.10

%


13.77

%


13.36

%


14.21

%


13.36

%

Total capital in excess of minimum requirement

$

395,719



$

387,048



$

432,832



$

397,783



$

356,930



$

395,719



$

356,930


Total risk-weighted assets

$

10,663,459



$

10,358,805



$

10,241,159



$

10,222,466



$

10,251,147



$

10,663,459



$

10,251,147


Leverage ratio

10.02

%


9.84

%


9.71

%


9.41

%


9.06

%


10.02

%


9.06

%















OTHER CAPITAL RATIOS














Ending shareholders' equity to ending assets

15.16

%


15.14

%


14.86

%


14.70

%


14.46

%


15.16

%


14.46

%

Ending tangible shareholders' equity to ending

tangible assets

9.34

%


9.15

%


8.79

%


8.53

%


8.30

%


9.34

%


8.30

%

Average shareholders' equity to average assets

15.22

%


15.01

%


14.84

%


14.62

%


14.33

%


15.12

%


12.87

%

Average tangible shareholders' equity to average

tangible assets

9.26

%


8.95

%


8.66

%


8.42

%


8.16

%


9.11

%


8.24

%

 

SOURCE First Financial Bancorp.


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