- Earnings per diluted share of $0.53; $0.59 on an
adjusted(1) basis
- Return on average assets of 1.18%; 1.30% on an
adjusted(1) basis
- Net interest margin on FTE basis(1) of
4.10%
- Acquired Agile Premium Finance
- Loan growth of $271.9 million;
10.0% on an annualized basis
- Tangible common equity ratio increased to 7.23%
- Quarterly dividend of $0.23
approved by Board of Directors
CINCINNATI, April 25,
2024 /PRNewswire/ -- First Financial Bancorp.
(Nasdaq: FFBC) ("First Financial" or the "Company") announced
financial results for the three months ended March 31, 2024.
For the three months ended March 31, 2024, the Company
reported net income of $50.7 million,
or $0.53 per diluted common
share. These results compare to net income of $56.7 million, or $0.60 per diluted common share, for the fourth
quarter of 2023.
Return on average assets for the first quarter of 2024 was 1.18%
while return on average tangible common equity was
17.35%(1). These compare to return on average
assets of 1.31% and return on average tangible common equity of
21.36%(1) in the fourth quarter of 2023.
First quarter 2024 highlights include:
- Net interest margin of 4.05%, or 4.10% on a fully
tax-equivalent basis(1)
- 16 bp decrease to 4.10% from 4.26% in the fourth quarter due to
increasing funding costs
- Decline from linked quarter driven by 19 bp increase in funding
costs, which was partially offset by modestly higher asset
yields
- Noninterest income of $46.5
million, or $51.7 million as
adjusted(1)
- Strong leasing business income of $14.6
million
- Wealth management continues strong performance; 9.6% increase
from linked quarter
- Foreign exchange and client derivative fees improved from lower
levels in fourth quarter
- Adjusted(1) $5.2
million for losses on sales of investment securities related
to repositioning of a portion of the portfolio
- Noninterest expenses of $122.4
million, or $121.0 million as
adjusted(1)
- Increase from fourth quarter driven by seasonal payroll taxes
and increased variable compensation tied to fee income
- First quarter adjustments(1) include $0.2 million FDIC special assessment and
$1.1 million of other costs such as
acquisition, severance and branch consolidation costs
- Efficiency ratio of 62.7%; 60.4% as adjusted(1)
- Acquired Agile Premium Finance on February 29, 2024
- Lends primarily to commercial customers to finance insurance
premiums
- $93.4 million in loan balances at
acquisition; $119.0 million at
March 31, 2024
- $5.6 million of intangible
assets, including $1.8 million of
goodwill and $2.7 million customer
list
_________________________________________________________________________________________
(1) Non-GAAP measure. 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.
- Solid loan growth during the quarter
- Loan balances increased $271.9
million compared to the linked quarter; includes
$93.4 million acquired in Agile
transaction
- Growth of 10.0% on an annualized basis driven by Investor CRE
and acquisition of Agile
- Modest average deposit growth during the quarter
- Average deposits increased $76.3
million, or 2.3% on an annualized basis; First quarter
included approximately $100 million
of seasonal business deposit outflows
- Growth in money market accounts and retail CDs offset declines
in noninterest bearing checking, savings and public funds
- Total Allowance for Credit Losses of $160.4 million; Total quarterly provision expense
of $11.2 million
- Loans and leases - ACL of $144.3
million; ratio to total loans of 1.29% unchanged from fourth
quarter
- Unfunded Commitments - ACL of $16.2
million; decreased $2.3
million from linked quarter
- Provision expense driven by net charge-offs and loan growth;
Classified assets increased to $162.3
million
- Annualized net charge-offs were 38 bps of total loans; 8 bps
decline from linked quarter
- NPAs to total assets of 0.34%; 4 bp, or 10.5% decline from
linked quarter
- Capital ratios stable and strong
- Total capital ratio increased 5 bps to 14.31%
- Tier 1 common equity decreased 6 bps to 11.67%
- Tangible common equity increased 6 bps to 7.23%(1);
9.18%(1) excluding impact from AOCI
- Tangible book value per share of $12.50(1);1.0% increase from linked
quarter
Additionally, the board of directors approved a quarterly
dividend of $0.23 per common share
for the next regularly scheduled dividend, payable on June 17, 2024 to shareholders of record as of
June 3, 2024.
Archie Brown, President and CEO,
commented on the quarter, "I am pleased with our first quarter
results and encouraged by our trends, several of which were
bolstered by actions we took during the quarter. These
actions included a repositioning of a portion of the investment
portfolio, a workforce efficiency initiative, and the acquisition
of Agile Premium Finance. We also commenced the restructuring
of a portion of our bank owned life insurance portfolio, which is
expected to increase income in the back half of the year."
Mr. Brown continued, "Adjusted(1) earnings per share
were $0.59, which resulted in an
adjusted(1) return on assets of 1.30% and an
adjusted(1) return on tangible common equity of
19.1%. At 4.10%, the net interest margin remains very
strong. Asset yields remained steady during the quarter,
however, as expected, the continued rise of funding costs
negatively impacted our net interest margin. Additionally,
loan growth was robust for the second consecutive quarter with
balances increasing by 10% on an annualized basis. Average
deposit growth slowed for the quarter to a 2.3% annualized growth
rate and included a seasonal outflow of business deposits in the
first part of the quarter."
Mr. Brown continued, "I am also pleased that noninterest income
rebounded from the fourth quarter with increases across most of our
fee revenue areas. During the quarter, we incurred a loss on
the sale of investment securities associated with the repositioning
of a portion of the investment portfolio. This repositioning
has a very short earnback and should enhance our asset yields going
forward. We also intensified our focus on expenses during the
first quarter. Our workforce efficiency initiative resulted
in the reduction of 43 associates during the quarter and we will
continue to evaluate additional expense reductions throughout
2024. While expenses increased on a linked quarter basis,
most of the increase was related to seasonal employee costs and
variable compensation tied to the increase in fee income."
Mr. Brown discussed the Agile acquisition, "We are excited to
add Agile to our mix of specialty businesses. Agile operates
an impressive business model, which originates high-quality, short
duration loans at attractive yields. At closing, we acquired
$93 million in loans, which grew to
$119 million at quarter end. We
believe Agile will further diversify the loan portfolio and is a
perfect complement to our Oak Street and commercial banking
businesses."
Mr. Brown commented on asset quality, "Asset quality was stable
for the quarter. Net charge-offs declined for the second
consecutive quarter to 38 basis points and were primarily driven by
charges on two office loans that had been on nonaccrual since early
2023. These two loans have been charged down to their net
realizable value and no other office loans were considered
classified at the end of the first quarter. Overall,
classified assets increased 12 basis points to 0.92% of assets,
while nonperforming assets declined 9.8% from the prior
quarter."
Mr. Brown concluded, "I am pleased with our quarter and with the
work our teams are doing to continuously improve the Company.
While we are in a difficult operating environment for the industry,
I am encouraged by our results and trends, and I expect we will
have another strong year."
Full detail of the Company's first quarter 2024 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, April 26, 2024 at 8:30 a.m. Eastern Time. Members of the
public who would like to listen to the conference call should dial
(888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local),
access code 5048068. The number should be dialed five to ten
minutes prior to the start of the conference call. A replay
of the conference call will be available beginning one hour after
the completion of the live call at (800) 770-2030 (U.S. toll free),
(647) 362-9199 (U.S. local), access code 5048068. The
recording will be available until May
10, 2024. 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. 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 Statements
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:
- economic, market, liquidity, credit, interest rate, operational
and technological risks associated with the Company's
business;
- future credit quality and performance, including our
expectations regarding future loan losses and our allowance for
credit losses
- 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;
- Management's ability to effectively execute its business
plans;
- mergers and acquisitions, including costs or difficulties
related to the integration of acquired companies;
- the possibility that any of the anticipated benefits of the
Company's acquisitions will not be realized or will not be realized
within the expected time period;
- the effect of changes in accounting policies and
practices;
- changes in consumer spending, borrowing and saving and changes
in unemployment;
- changes in customers' performance and creditworthiness;
- the costs and effects of litigation and of unexpected or
adverse outcomes in such litigation;
- current and future economic and market conditions, including
the effects of changes in housing prices, fluctuations in
unemployment rates, U.S. fiscal debt, budget and tax matters,
geopolitical matters, and any slowdown in global economic
growth;
- the adverse impact on the U.S. economy, including the markets
in which we operate, of the novel coronavirus, which causes the
Coronavirus disease 2019 ("COVID-19"), global pandemic, and the
impact on the performance of our loan and lease portfolio,
the market value of our investment securities, the availability of
sources of funding and the demand for our products;
- our capital and liquidity requirements (including under
regulatory capital standards, such as the Basel III capital
standards) and our ability to generate capital internally or raise
capital on favorable terms;
- financial services reform and other current, pending or future
legislation or regulation that could have a negative effect on our
revenue and businesses, including the Dodd-Frank Act and other
legislation and regulation relating to bank products and
services;
- the effect of the current interest rate environment or changes
in interest rates or in the level or composition of our assets or
liabilities on our net interest income, net interest margin and our
mortgage originations, mortgage servicing rights and mortgage loans
held for sale;
- the effect of a fall in stock market prices on our brokerage,
asset and wealth management businesses;
- a failure in or breach of our operational or security systems
or infrastructure, or those of our third-party vendors or other
service providers, including as a result of cyber attacks;
- the effect of changes in the level of checking or savings
account deposits on our funding costs and net interest margin;
and
- our ability to develop and execute effective business plans and
strategies.
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, 2023, 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 March 31, 2024, the
Company had $17.6 billion in assets,
$11.2 billion in loans, $13.5 billion in deposits and $2.3 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 $3.6 billion in assets
under management as of March 31, 2024. The Company
operated 130 full service banking centers as of March 31,
2024, located in Ohio,
Indiana, Kentucky and Illinois, 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,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 50,689
|
|
$ 56,732
|
|
$ 63,061
|
|
$ 65,667
|
|
$ 70,403
|
Net earnings per share
- basic
|
$
0.54
|
|
$
0.60
|
|
$
0.67
|
|
$
0.70
|
|
$
0.75
|
Net earnings per share
- diluted
|
$
0.53
|
|
$
0.60
|
|
$
0.66
|
|
$
0.69
|
|
$
0.74
|
Dividends declared per
share
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.18 %
|
|
1.31 %
|
|
1.48 %
|
|
1.55 %
|
|
1.69 %
|
Return on average
shareholders' equity
|
9.00 %
|
|
10.50 %
|
|
11.62 %
|
|
12.32 %
|
|
13.71 %
|
Return on average
tangible shareholders' equity (1)
|
17.35 %
|
|
21.36 %
|
|
23.60 %
|
|
25.27 %
|
|
29.02 %
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.05 %
|
|
4.21 %
|
|
4.28 %
|
|
4.43 %
|
|
4.51 %
|
Net interest margin
(fully tax equivalent) (1)(2)
|
4.10 %
|
|
4.26 %
|
|
4.33 %
|
|
4.48 %
|
|
4.55 %
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
12.99 %
|
|
12.94 %
|
|
12.49 %
|
|
12.54 %
|
|
12.53 %
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
Ending tangible assets
(1)
|
7.23 %
|
|
7.17 %
|
|
6.50 %
|
|
6.56 %
|
|
6.47 %
|
Risk-weighted assets
(1)
|
8.80 %
|
|
8.81 %
|
|
7.88 %
|
|
8.03 %
|
|
7.87 %
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
13.09 %
|
|
12.52 %
|
|
12.70 %
|
|
12.60 %
|
|
12.29 %
|
Average tangible
shareholders' equity as a percent of
|
|
|
|
|
|
|
|
|
|
average tangible assets (1)
|
7.25 %
|
|
6.57 %
|
|
6.69 %
|
|
6.57 %
|
|
6.21 %
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
23.95
|
|
$
23.84
|
|
$
22.39
|
|
$
22.52
|
|
$
22.29
|
Tangible book value per
share (1)
|
$
12.50
|
|
$
12.38
|
|
$
10.91
|
|
$
11.02
|
|
$
10.76
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (3)
|
11.67 %
|
|
11.73 %
|
|
11.60 %
|
|
11.34 %
|
|
11.00 %
|
Tier 1 ratio
(3)
|
12.00 %
|
|
12.06 %
|
|
11.94 %
|
|
11.68 %
|
|
11.34 %
|
Total capital ratio
(3)
|
14.31 %
|
|
14.26 %
|
|
14.19 %
|
|
14.16 %
|
|
13.79 %
|
Leverage ratio
(3)
|
9.75 %
|
|
9.70 %
|
|
9.59 %
|
|
9.33 %
|
|
9.03 %
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
Loans
(4)
|
$
11,066,184
|
|
$
10,751,028
|
|
$
10,623,734
|
|
$
10,513,505
|
|
$
10,373,302
|
Investment
securities
|
3,137,665
|
|
3,184,408
|
|
3,394,237
|
|
3,560,453
|
|
3,635,317
|
Interest-bearing
deposits with other banks
|
553,654
|
|
548,153
|
|
386,173
|
|
329,584
|
|
318,026
|
Total earning
assets
|
$
14,757,503
|
|
$
14,483,589
|
|
$
14,404,144
|
|
$
14,403,542
|
|
$
14,326,645
|
Total assets
|
$
17,306,221
|
|
$
17,124,955
|
|
$
16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
Noninterest-bearing
deposits
|
$
3,169,750
|
|
$
3,368,024
|
|
$
3,493,305
|
|
$
3,663,419
|
|
$
3,954,915
|
Interest-bearing
deposits
|
10,109,416
|
|
9,834,819
|
|
9,293,860
|
|
9,050,464
|
|
8,857,226
|
Total
deposits
|
$
13,279,166
|
|
$
13,202,843
|
|
$
12,787,165
|
|
$
12,713,883
|
|
$
12,812,141
|
Borrowings
|
$
1,139,014
|
|
$
1,083,954
|
|
$
1,403,071
|
|
$
1,523,699
|
|
$
1,434,338
|
Shareholders'
equity
|
$
2,265,562
|
|
$
2,144,482
|
|
$
2,153,601
|
|
$
2,137,765
|
|
$
2,082,210
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
1.29 %
|
|
1.29 %
|
|
1.36 %
|
|
1.41 %
|
|
1.36 %
|
Allowance to nonaccrual
loans
|
243.55 %
|
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
Nonaccrual loans to
total loans
|
0.53 %
|
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
Nonperforming assets to
ending loans, plus OREO
|
0.53 %
|
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
Nonperforming assets to
total assets
|
0.34 %
|
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
Classified assets to
total assets
|
0.92 %
|
|
0.80 %
|
|
0.82 %
|
|
0.81 %
|
|
0.94 %
|
Net charge-offs to
average loans (annualized)
|
0.38 %
|
|
0.46 %
|
|
0.61 %
|
|
0.22 %
|
|
0.00 %
|
|
(1) Non-GAAP measure.
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.
|
(2) 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.
|
(3) March 31, 2024
regulatory capital ratios are preliminary.
|
(4) Includes loans held
for sale.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$ 201,840
|
|
$ 197,416
|
|
$
192,261
|
|
$
184,387
|
|
$
169,706
|
|
$
743,770
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
28,296
|
|
30,294
|
|
31,297
|
|
32,062
|
|
31,867
|
|
125,520
|
Tax-exempt
|
3,092
|
|
3,402
|
|
3,522
|
|
3,513
|
|
3,464
|
|
13,901
|
Total
investment securities interest
|
31,388
|
|
33,696
|
|
34,819
|
|
35,575
|
|
35,331
|
|
139,421
|
Other earning
assets
|
7,458
|
|
7,325
|
|
5,011
|
|
3,933
|
|
3,544
|
|
19,813
|
Total interest
income
|
240,686
|
|
238,437
|
|
232,091
|
|
223,895
|
|
208,581
|
|
903,004
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
76,075
|
|
69,193
|
|
57,069
|
|
44,292
|
|
31,456
|
|
202,010
|
Short-term
borrowings
|
10,943
|
|
10,277
|
|
14,615
|
|
15,536
|
|
12,950
|
|
53,378
|
Long-term
borrowings
|
4,928
|
|
5,202
|
|
4,952
|
|
4,835
|
|
4,857
|
|
19,846
|
Total interest
expense
|
91,946
|
|
84,672
|
|
76,636
|
|
64,663
|
|
49,263
|
|
275,234
|
Net interest
income
|
148,740
|
|
153,765
|
|
155,455
|
|
159,232
|
|
159,318
|
|
627,770
|
Provision for
credit losses-loans and leases
|
13,419
|
|
8,804
|
|
12,907
|
|
12,719
|
|
8,644
|
|
43,074
|
Provision for
credit losses-unfunded commitments
|
(2,259)
|
|
1,426
|
|
(1,234)
|
|
(1,994)
|
|
1,835
|
|
33
|
Net interest income
after provision for credit losses
|
137,580
|
|
143,535
|
|
143,782
|
|
148,507
|
|
148,839
|
|
584,663
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
6,912
|
|
6,846
|
|
6,957
|
|
6,972
|
|
6,514
|
|
27,289
|
Wealth
management fees
|
6,676
|
|
6,091
|
|
6,943
|
|
6,713
|
|
6,334
|
|
26,081
|
Bankcard
income
|
3,142
|
|
3,349
|
|
3,406
|
|
3,692
|
|
3,592
|
|
14,039
|
Client
derivative fees
|
1,250
|
|
711
|
|
1,612
|
|
1,827
|
|
1,005
|
|
5,155
|
Foreign exchange
income
|
10,435
|
|
8,730
|
|
13,384
|
|
15,039
|
|
16,898
|
|
54,051
|
Leasing business
income
|
14,589
|
|
12,856
|
|
14,537
|
|
10,265
|
|
13,664
|
|
51,322
|
Net gains from
sales of loans
|
3,784
|
|
2,957
|
|
4,086
|
|
3,839
|
|
2,335
|
|
13,217
|
Net gain (loss)
on sale of investment securities
|
(5,277)
|
|
(851)
|
|
(4)
|
|
(384)
|
|
(19)
|
|
(1,258)
|
Net gain
(loss) on equity securities
|
90
|
|
202
|
|
(54)
|
|
(82)
|
|
140
|
|
206
|
Other
|
4,911
|
|
6,102
|
|
5,761
|
|
5,377
|
|
5,080
|
|
22,320
|
Total noninterest
income
|
46,512
|
|
46,993
|
|
56,628
|
|
53,258
|
|
55,543
|
|
212,422
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
74,037
|
|
70,637
|
|
75,641
|
|
74,199
|
|
72,254
|
|
292,731
|
Net
occupancy
|
5,923
|
|
5,890
|
|
5,809
|
|
5,606
|
|
5,685
|
|
22,990
|
Furniture and
equipment
|
3,688
|
|
3,523
|
|
3,341
|
|
3,362
|
|
3,317
|
|
13,543
|
Data
processing
|
8,305
|
|
8,488
|
|
8,473
|
|
9,871
|
|
9,020
|
|
35,852
|
Marketing
|
1,962
|
|
2,087
|
|
2,598
|
|
2,802
|
|
2,160
|
|
9,647
|
Communication
|
795
|
|
707
|
|
744
|
|
644
|
|
634
|
|
2,729
|
Professional
services
|
2,268
|
|
3,148
|
|
2,524
|
|
2,308
|
|
1,946
|
|
9,926
|
State intangible
tax
|
877
|
|
984
|
|
981
|
|
964
|
|
985
|
|
3,914
|
FDIC
assessments
|
2,780
|
|
3,651
|
|
2,665
|
|
2,806
|
|
2,826
|
|
11,948
|
Intangible
amortization
|
2,301
|
|
2,601
|
|
2,600
|
|
2,601
|
|
2,600
|
|
10,402
|
Leasing business
expense
|
9,754
|
|
8,955
|
|
8,877
|
|
6,730
|
|
7,938
|
|
32,500
|
Other
|
9,665
|
|
8,466
|
|
7,791
|
|
8,722
|
|
7,328
|
|
32,307
|
Total noninterest
expenses
|
122,355
|
|
119,137
|
|
122,044
|
|
120,615
|
|
116,693
|
|
478,489
|
Income before income
taxes
|
61,737
|
|
71,391
|
|
78,366
|
|
81,150
|
|
87,689
|
|
318,596
|
Income tax expense
(benefit)
|
11,048
|
|
14,659
|
|
15,305
|
|
15,483
|
|
17,286
|
|
62,733
|
Net income
|
$
50,689
|
|
$
56,732
|
|
$
63,061
|
|
$
65,667
|
|
$
70,403
|
|
$
255,863
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$ 0.54
|
|
$ 0.60
|
|
$ 0.67
|
|
$ 0.70
|
|
$ 0.75
|
|
$ 2.72
|
Net earnings per share
- diluted
|
$ 0.53
|
|
$ 0.60
|
|
$ 0.66
|
|
$ 0.69
|
|
$ 0.74
|
|
$ 2.69
|
Dividends declared per
share
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.18 %
|
|
1.31 %
|
|
1.48 %
|
|
1.55 %
|
|
1.69 %
|
|
1.51 %
|
Return on average
shareholders' equity
|
9.00 %
|
|
10.50 %
|
|
11.62 %
|
|
12.32 %
|
|
13.71 %
|
|
12.01 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$ 240,686
|
|
$ 238,437
|
|
$
232,091
|
|
$
223,895
|
|
$
208,581
|
|
$
903,004
|
Tax equivalent
adjustment
|
1,535
|
|
1,672
|
|
1,659
|
|
1,601
|
|
1,424
|
|
6,356
|
Interest
income - tax equivalent
|
242,221
|
|
240,109
|
|
233,750
|
|
225,496
|
|
210,005
|
|
909,360
|
Interest
expense
|
91,946
|
|
84,672
|
|
76,636
|
|
64,663
|
|
49,263
|
|
275,234
|
Net
interest income - tax equivalent
|
$ 150,275
|
|
$ 155,437
|
|
$
157,114
|
|
$
160,833
|
|
$
160,742
|
|
$
634,126
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.05 %
|
|
4.21 %
|
|
4.28 %
|
|
4.43 %
|
|
4.51 %
|
|
4.36 %
|
Net interest margin
(fully tax equivalent) (1)
|
4.10 %
|
|
4.26 %
|
|
4.33 %
|
|
4.48 %
|
|
4.55 %
|
|
4.40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,116
|
|
2,129
|
|
2,121
|
|
2,193
|
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
% Change
|
|
% Change
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Linked Qtr.
|
|
Comp Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 199,407
|
|
$ 213,059
|
|
$ 220,335
|
|
$ 217,385
|
|
$ 199,835
|
|
(6.4) %
|
|
(0.2) %
|
Interest-bearing deposits
with other banks
|
751,290
|
|
792,960
|
|
452,867
|
|
485,241
|
|
305,465
|
|
(5.3) %
|
|
145.9 %
|
Investment securities
available-for-sale
|
2,850,667
|
|
3,021,126
|
|
3,044,361
|
|
3,249,404
|
|
3,384,949
|
|
(5.6) %
|
|
(15.8) %
|
Investment securities
held-to-maturity
|
79,542
|
|
80,321
|
|
81,236
|
|
82,372
|
|
83,070
|
|
(1.0) %
|
|
(4.2) %
|
Other investments
|
125,548
|
|
129,945
|
|
133,725
|
|
141,892
|
|
143,606
|
|
(3.4) %
|
|
(12.6) %
|
Loans held for
sale
|
11,534
|
|
9,213
|
|
12,391
|
|
15,267
|
|
9,280
|
|
25.2 %
|
|
24.3 %
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,591,428
|
|
3,501,221
|
|
3,420,873
|
|
3,433,162
|
|
3,449,289
|
|
2.6 %
|
|
4.1 %
|
Lease
financing
|
492,862
|
|
474,817
|
|
399,973
|
|
360,801
|
|
273,898
|
|
3.8 %
|
|
79.9 %
|
Construction
real estate
|
641,596
|
|
564,832
|
|
578,824
|
|
536,464
|
|
525,906
|
|
13.6 %
|
|
22.0 %
|
Commercial real
estate
|
4,145,969
|
|
4,080,939
|
|
3,992,654
|
|
4,048,460
|
|
4,056,627
|
|
1.6 %
|
|
2.2 %
|
Residential real
estate
|
1,344,677
|
|
1,333,674
|
|
1,293,470
|
|
1,221,484
|
|
1,145,069
|
|
0.8 %
|
|
17.4 %
|
Home
equity
|
773,811
|
|
758,676
|
|
743,991
|
|
728,711
|
|
724,672
|
|
2.0 %
|
|
6.8 %
|
Installment
|
153,838
|
|
159,078
|
|
160,648
|
|
165,216
|
|
204,372
|
|
(3.3) %
|
|
(24.7) %
|
Credit
card
|
60,939
|
|
59,939
|
|
56,386
|
|
55,911
|
|
53,552
|
|
1.7 %
|
|
13.8 %
|
Total loans
|
11,205,120
|
|
10,933,176
|
|
10,646,819
|
|
10,550,209
|
|
10,433,385
|
|
2.5 %
|
|
7.4 %
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
(144,274)
|
|
(141,433)
|
|
(145,201)
|
|
(148,646)
|
|
(141,591)
|
|
2.0 %
|
|
1.9 %
|
Net loans
|
11,060,846
|
|
10,791,743
|
|
10,501,618
|
|
10,401,563
|
|
10,291,794
|
|
2.5 %
|
|
7.5 %
|
Premises and
equipment
|
198,428
|
|
194,740
|
|
192,572
|
|
192,077
|
|
188,959
|
|
1.9 %
|
|
5.0 %
|
Operating leases
|
161,473
|
|
153,214
|
|
136,883
|
|
132,272
|
|
153,986
|
|
5.4 %
|
|
4.9 %
|
Goodwill
|
1,007,656
|
|
1,005,868
|
|
1,005,868
|
|
1,005,828
|
|
1,005,738
|
|
0.2 %
|
|
0.2 %
|
Other intangibles
|
85,603
|
|
83,949
|
|
86,378
|
|
88,662
|
|
91,169
|
|
2.0 %
|
|
(6.1) %
|
Accrued interest and other
assets
|
1,067,244
|
|
1,056,762
|
|
1,186,618
|
|
1,078,186
|
|
1,076,033
|
|
1.0 %
|
|
(0.8) %
|
Total
Assets
|
$
17,599,238
|
|
$ 17,532,900
|
|
$
17,054,852
|
|
$ 17,090,149
|
|
$
16,933,884
|
|
0.4 %
|
|
3.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
2,916,518
|
|
$
2,993,219
|
|
$
2,880,617
|
|
$
2,919,472
|
|
$
2,761,811
|
|
(2.6) %
|
|
5.6 %
|
Savings
|
4,467,894
|
|
4,331,228
|
|
4,023,455
|
|
3,785,445
|
|
3,746,403
|
|
3.2 %
|
|
19.3 %
|
Time
|
2,896,860
|
|
2,718,390
|
|
2,572,909
|
|
2,484,780
|
|
2,336,368
|
|
6.6 %
|
|
24.0 %
|
Total interest-bearing deposits
|
10,281,272
|
|
10,042,837
|
|
9,476,981
|
|
9,189,697
|
|
8,844,582
|
|
2.4 %
|
|
16.2 %
|
Noninterest-bearing
|
3,175,876
|
|
3,317,960
|
|
3,438,572
|
|
3,605,181
|
|
3,830,102
|
|
(4.3) %
|
|
(17.1) %
|
Total deposits
|
13,457,148
|
|
13,360,797
|
|
12,915,553
|
|
12,794,878
|
|
12,674,684
|
|
0.7 %
|
|
6.2 %
|
FHLB short-term
borrowings
|
700,000
|
|
800,000
|
|
755,000
|
|
1,050,300
|
|
1,089,400
|
|
(12.5) %
|
|
(35.7) %
|
Other
|
162,145
|
|
137,814
|
|
219,188
|
|
165,983
|
|
128,160
|
|
17.7 %
|
|
26.5 %
|
Total short-term borrowings
|
862,145
|
|
937,814
|
|
974,188
|
|
1,216,283
|
|
1,217,560
|
|
(8.1) %
|
|
(29.2) %
|
Long-term debt
|
343,236
|
|
344,115
|
|
340,902
|
|
339,963
|
|
342,647
|
|
(0.3) %
|
|
0.2 %
|
Total borrowed funds
|
1,205,381
|
|
1,281,929
|
|
1,315,090
|
|
1,556,246
|
|
1,560,207
|
|
(6.0) %
|
|
(22.7) %
|
Accrued interest and other
liabilities
|
649,706
|
|
622,200
|
|
694,700
|
|
595,606
|
|
577,497
|
|
4.4 %
|
|
12.5 %
|
Total
Liabilities
|
15,312,235
|
|
15,264,926
|
|
14,925,343
|
|
14,946,730
|
|
14,812,388
|
|
0.3 %
|
|
3.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,632,971
|
|
1,638,972
|
|
1,636,054
|
|
1,632,659
|
|
1,629,428
|
|
(0.4) %
|
|
0.2 %
|
Retained earnings
|
1,166,065
|
|
1,136,718
|
|
1,101,905
|
|
1,060,715
|
|
1,016,893
|
|
2.6 %
|
|
14.7 %
|
Accumulated other
comprehensive income (loss)
|
(321,109)
|
|
(309,819)
|
|
(410,005)
|
|
(353,010)
|
|
(328,059)
|
|
3.6 %
|
|
(2.1) %
|
Treasury stock, at
cost
|
(190,924)
|
|
(197,897)
|
|
(198,445)
|
|
(196,945)
|
|
(196,766)
|
|
(3.5) %
|
|
(3.0) %
|
Total
Shareholders' Equity
|
2,287,003
|
|
2,267,974
|
|
2,129,509
|
|
2,143,419
|
|
2,121,496
|
|
0.8 %
|
|
7.8 %
|
Total
Liabilities and Shareholders' Equity
|
$
17,599,238
|
|
$ 17,532,900
|
|
$
17,054,852
|
|
$ 17,090,149
|
|
$
16,933,884
|
|
0.4 %
|
|
3.9 %
|
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE CONSOLIDATED
STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
Quarterly
Averages
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 204,119
|
|
$ 214,678
|
|
$ 211,670
|
|
$ 221,527
|
|
$ 218,724
|
Interest-bearing deposits
with other banks
|
553,654
|
|
548,153
|
|
386,173
|
|
329,584
|
|
318,026
|
Investment
securities
|
3,137,665
|
|
3,184,408
|
|
3,394,237
|
|
3,560,453
|
|
3,635,317
|
Loans held for
sale
|
12,069
|
|
12,547
|
|
15,420
|
|
11,856
|
|
5,531
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,543,475
|
|
3,422,381
|
|
3,443,615
|
|
3,469,683
|
|
3,456,681
|
Lease
financing
|
480,540
|
|
419,179
|
|
371,598
|
|
323,819
|
|
252,219
|
Construction
real estate
|
603,974
|
|
540,314
|
|
547,884
|
|
518,190
|
|
536,294
|
Commercial real
estate
|
4,101,238
|
|
4,060,733
|
|
4,024,798
|
|
4,050,946
|
|
4,017,021
|
Residential real
estate
|
1,336,749
|
|
1,320,670
|
|
1,260,249
|
|
1,181,053
|
|
1,115,889
|
Home
equity
|
765,410
|
|
750,925
|
|
735,251
|
|
726,333
|
|
728,185
|
Installment
|
157,663
|
|
160,242
|
|
164,092
|
|
172,147
|
|
205,934
|
Credit
card
|
65,066
|
|
64,037
|
|
60,827
|
|
59,478
|
|
55,548
|
Total loans
|
11,054,115
|
|
10,738,481
|
|
10,608,314
|
|
10,501,649
|
|
10,367,771
|
Less:
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
(143,950)
|
|
(149,398)
|
|
(150,297)
|
|
(145,578)
|
|
(136,419)
|
Net loans
|
10,910,165
|
|
10,589,083
|
|
10,458,017
|
|
10,356,071
|
|
10,231,352
|
Premises and
equipment
|
198,482
|
|
194,435
|
|
194,228
|
|
190,583
|
|
190,346
|
Operating leases
|
154,655
|
|
139,331
|
|
132,984
|
|
138,725
|
|
107,092
|
Goodwill
|
1,006,477
|
|
1,005,870
|
|
1,005,844
|
|
1,005,791
|
|
1,005,713
|
Other intangibles
|
84,109
|
|
85,101
|
|
87,427
|
|
89,878
|
|
92,587
|
Accrued interest and other
assets
|
1,044,826
|
|
1,151,349
|
|
1,065,389
|
|
1,063,587
|
|
1,138,311
|
Total
Assets
|
$
17,306,221
|
|
$ 17,124,955
|
|
$
16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
2,895,768
|
|
$
2,988,086
|
|
$
2,927,416
|
|
$
2,906,855
|
|
$
2,906,712
|
Savings
|
4,399,768
|
|
4,235,658
|
|
3,919,590
|
|
3,749,902
|
|
3,818,807
|
Time
|
2,813,880
|
|
2,611,075
|
|
2,446,854
|
|
2,393,707
|
|
2,131,707
|
Total interest-bearing deposits
|
10,109,416
|
|
9,834,819
|
|
9,293,860
|
|
9,050,464
|
|
8,857,226
|
Noninterest-bearing
|
3,169,750
|
|
3,368,024
|
|
3,493,305
|
|
3,663,419
|
|
3,954,915
|
Total deposits
|
13,279,166
|
|
13,202,843
|
|
12,787,165
|
|
12,713,883
|
|
12,812,141
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
4,204
|
|
3,586
|
|
10,788
|
|
21,881
|
|
26,380
|
FHLB short-term
borrowings
|
646,187
|
|
554,826
|
|
878,199
|
|
1,028,207
|
|
925,144
|
Other
|
146,127
|
|
185,221
|
|
175,682
|
|
132,088
|
|
139,195
|
Total short-term borrowings
|
796,518
|
|
743,633
|
|
1,064,669
|
|
1,182,176
|
|
1,090,719
|
Long-term debt
|
342,496
|
|
340,321
|
|
338,402
|
|
341,523
|
|
343,619
|
Total borrowed
funds
|
1,139,014
|
|
1,083,954
|
|
1,403,071
|
|
1,523,699
|
|
1,434,338
|
Accrued interest and other
liabilities
|
622,479
|
|
693,676
|
|
607,552
|
|
592,708
|
|
614,310
|
Total
Liabilities
|
15,040,659
|
|
14,980,473
|
|
14,797,788
|
|
14,830,290
|
|
14,860,789
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,637,835
|
|
1,637,197
|
|
1,634,102
|
|
1,631,230
|
|
1,633,396
|
Retained earnings
|
1,144,447
|
|
1,111,786
|
|
1,076,515
|
|
1,034,092
|
|
989,777
|
Accumulated other
comprehensive loss
|
(319,601)
|
|
(406,265)
|
|
(358,769)
|
|
(330,263)
|
|
(339,450)
|
Treasury stock, at
cost
|
(197,119)
|
|
(198,236)
|
|
(198,247)
|
|
(197,294)
|
|
(201,513)
|
Total
Shareholders' Equity
|
2,265,562
|
|
2,144,482
|
|
2,153,601
|
|
2,137,765
|
|
2,082,210
|
Total
Liabilities and Shareholders' Equity
|
$
17,306,221
|
|
$ 17,124,955
|
|
$
16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST MARGIN
RATE/VOLUME ANALYSIS
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
Quarterly
Averages
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
|
Balance
|
|
Interest
|
|
Yield
|
|
Balance
|
|
Interest
|
|
Yield
|
|
Balance
|
|
Interest
|
|
Yield
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
3,137,665
|
|
$
31,388
|
|
4.01 %
|
|
$
3,184,408
|
|
$
33,696
|
|
4.20 %
|
|
$
3,635,317
|
|
$ 35,331
|
|
3.94 %
|
Interest-bearing
deposits with other banks
|
|
553,654
|
|
7,458
|
|
5.40 %
|
|
548,153
|
|
7,325
|
|
5.30 %
|
|
318,026
|
|
3,544
|
|
4.52 %
|
Gross loans (1)
|
|
11,066,184
|
|
201,840
|
|
7.32 %
|
|
10,751,028
|
|
197,416
|
|
7.29 %
|
|
10,373,302
|
|
169,706
|
|
6.63 %
|
Total earning
assets
|
|
14,757,503
|
|
240,686
|
|
6.54 %
|
|
14,483,589
|
|
238,437
|
|
6.53 %
|
|
14,326,645
|
|
208,581
|
|
5.90 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
(143,950)
|
|
|
|
|
|
(149,398)
|
|
|
|
|
|
(136,419)
|
|
|
|
|
Cash
and due from banks
|
|
204,119
|
|
|
|
|
|
214,678
|
|
|
|
|
|
218,724
|
|
|
|
|
Accrued interest and other assets
|
|
2,488,549
|
|
|
|
|
|
2,576,086
|
|
|
|
|
|
2,534,049
|
|
|
|
|
Total
assets
|
|
$
17,306,221
|
|
|
|
|
|
$
17,124,955
|
|
|
|
|
|
$
16,942,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
2,895,768
|
|
$
14,892
|
|
2.06 %
|
|
$
2,988,086
|
|
$
14,480
|
|
1.92 %
|
|
$
2,906,712
|
|
$
6,604
|
|
0.92 %
|
Savings
|
|
4,399,768
|
|
29,486
|
|
2.69 %
|
|
4,235,658
|
|
26,632
|
|
2.49 %
|
|
3,818,807
|
|
7,628
|
|
0.81 %
|
Time
|
|
2,813,880
|
|
31,697
|
|
4.52 %
|
|
2,611,075
|
|
28,081
|
|
4.27 %
|
|
2,131,707
|
|
17,224
|
|
3.28 %
|
Total interest-bearing deposits
|
|
10,109,416
|
|
76,075
|
|
3.02 %
|
|
9,834,819
|
|
69,193
|
|
2.79 %
|
|
8,857,226
|
|
31,456
|
|
1.44 %
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
796,518
|
|
10,943
|
|
5.51 %
|
|
743,633
|
|
10,277
|
|
5.48 %
|
|
1,090,719
|
|
12,950
|
|
4.82 %
|
Long-term
debt
|
|
342,496
|
|
4,928
|
|
5.77 %
|
|
340,321
|
|
5,202
|
|
6.06 %
|
|
343,619
|
|
4,857
|
|
5.73 %
|
Total
borrowed funds
|
|
1,139,014
|
|
15,871
|
|
5.59 %
|
|
1,083,954
|
|
15,479
|
|
5.67 %
|
|
1,434,338
|
|
17,807
|
|
5.03 %
|
Total
interest-bearing liabilities
|
|
11,248,430
|
|
91,946
|
|
3.28 %
|
|
10,918,773
|
|
84,672
|
|
3.08 %
|
|
10,291,564
|
|
49,263
|
|
1.94 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
3,169,750
|
|
|
|
|
|
3,368,024
|
|
|
|
|
|
3,954,915
|
|
|
|
|
Other liabilities
|
|
622,479
|
|
|
|
|
|
693,676
|
|
|
|
|
|
614,310
|
|
|
|
|
Shareholders' equity
|
|
2,265,562
|
|
|
|
|
|
2,144,482
|
|
|
|
|
|
2,082,210
|
|
|
|
|
Total
liabilities & shareholders' equity
|
|
$
17,306,221
|
|
|
|
|
|
$
17,124,955
|
|
|
|
|
|
$
16,942,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
148,740
|
|
|
|
|
|
$
153,765
|
|
|
|
|
|
$
159,318
|
|
|
|
|
Net interest
spread
|
|
|
|
|
|
3.26 %
|
|
|
|
|
|
3.45 %
|
|
|
|
|
|
3.96 %
|
Net interest
margin
|
|
|
|
|
|
4.05 %
|
|
|
|
|
|
4.21 %
|
|
|
|
|
|
4.51 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment
|
|
|
|
|
|
0.05 %
|
|
|
|
|
|
0.05 %
|
|
|
|
|
|
0.04 %
|
Net interest margin
(fully tax equivalent)
|
|
|
|
|
|
4.10 %
|
|
|
|
|
|
4.26 %
|
|
|
|
|
|
4.55 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
(1,490)
|
|
$
(818)
|
|
$
(2,308)
|
|
$
636
|
|
$
(4,579)
|
|
$
(3,943)
|
Interest-bearing deposits with other banks
|
|
140
|
|
(7)
|
|
133
|
|
693
|
|
3,221
|
|
3,914
|
Gross loans (2)
|
|
831
|
|
3,593
|
|
4,424
|
|
17,417
|
|
14,717
|
|
32,134
|
Total earning
assets
|
|
(519)
|
|
2,768
|
|
2,249
|
|
18,746
|
|
13,359
|
|
32,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
$
5,629
|
|
$
1,253
|
|
$
6,882
|
|
$
34,464
|
|
$
10,155
|
|
$
44,619
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
52
|
|
614
|
|
666
|
|
1,870
|
|
(3,877)
|
|
(2,007)
|
Long-term debt
|
|
(251)
|
|
(23)
|
|
(274)
|
|
33
|
|
38
|
|
71
|
Total borrowed
funds
|
|
(199)
|
|
591
|
|
392
|
|
1,903
|
|
(3,839)
|
|
(1,936)
|
Total
interest-bearing liabilities
|
|
5,430
|
|
1,844
|
|
7,274
|
|
36,367
|
|
6,316
|
|
42,683
|
Net interest income (1)
|
|
$
(5,949)
|
|
$
924
|
|
$
(5,025)
|
|
$
(17,621)
|
|
$
7,043
|
|
$
(10,578)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
ALLOWANCE FOR CREDIT
LOSS ACTIVITY
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
141,433
|
|
$
145,201
|
|
$
148,646
|
|
$
141,591
|
|
$
132,977
|
Provision for
credit losses
|
13,419
|
|
8,804
|
|
12,907
|
|
12,719
|
|
8,644
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
2,695
|
|
6,866
|
|
9,207
|
|
2,372
|
|
730
|
Lease financing
|
3
|
|
4,244
|
|
76
|
|
90
|
|
13
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
5,319
|
|
1
|
|
6,008
|
|
2,648
|
|
66
|
Residential real estate
|
65
|
|
9
|
|
10
|
|
20
|
|
0
|
Home
equity
|
25
|
|
174
|
|
54
|
|
21
|
|
91
|
Installment
|
2,236
|
|
2,054
|
|
1,349
|
|
1,515
|
|
1,524
|
Credit card
|
794
|
|
363
|
|
319
|
|
274
|
|
217
|
Total gross
charge-offs
|
11,137
|
|
13,711
|
|
17,023
|
|
6,940
|
|
2,641
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
162
|
|
459
|
|
335
|
|
631
|
|
109
|
Lease financing
|
59
|
|
52
|
|
1
|
|
1
|
|
1
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
38
|
|
93
|
|
39
|
|
153
|
|
2,238
|
Residential real estate
|
24
|
|
24
|
|
44
|
|
113
|
|
66
|
Home
equity
|
80
|
|
178
|
|
125
|
|
232
|
|
80
|
Installment
|
145
|
|
210
|
|
87
|
|
90
|
|
54
|
Credit card
|
51
|
|
123
|
|
40
|
|
56
|
|
63
|
Total
recoveries
|
559
|
|
1,139
|
|
671
|
|
1,276
|
|
2,611
|
Total net
charge-offs
|
10,578
|
|
12,572
|
|
16,352
|
|
5,664
|
|
30
|
Ending allowance for
credit losses
|
$
144,274
|
|
$
141,433
|
|
$
145,201
|
|
$
148,646
|
|
$
141,591
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
Commercial and
industrial
|
0.29 %
|
|
0.74 %
|
|
1.02 %
|
|
0.20 %
|
|
0.07 %
|
Lease
financing
|
(0.05) %
|
|
3.97 %
|
|
0.08 %
|
|
0.11 %
|
|
0.02 %
|
Construction
real estate
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
Commercial real
estate
|
0.52 %
|
|
(0.01) %
|
|
0.59 %
|
|
0.25 %
|
|
(0.22) %
|
Residential real
estate
|
0.01 %
|
|
0.00 %
|
|
(0.01) %
|
|
(0.03) %
|
|
(0.02) %
|
Home
equity
|
(0.03) %
|
|
0.00 %
|
|
(0.04) %
|
|
(0.12) %
|
|
0.01 %
|
Installment
|
5.33 %
|
|
4.57 %
|
|
3.05 %
|
|
3.32 %
|
|
2.89 %
|
Credit
card
|
4.59 %
|
|
1.49 %
|
|
1.82 %
|
|
1.47 %
|
|
1.12 %
|
Total net
charge-offs
|
0.38 %
|
|
0.46 %
|
|
0.61 %
|
|
0.22 %
|
|
0.00 %
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
Nonaccrual
loans
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
14,532
|
|
$
15,746
|
|
$
17,152
|
|
$
21,508
|
|
$
13,971
|
Lease financing
|
3,794
|
|
3,610
|
|
7,731
|
|
4,833
|
|
175
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
23,055
|
|
27,984
|
|
33,019
|
|
11,876
|
|
5,362
|
Residential real estate
|
12,836
|
|
14,067
|
|
12,328
|
|
11,697
|
|
11,129
|
Home
equity
|
4,036
|
|
3,476
|
|
3,937
|
|
3,239
|
|
3,399
|
Installment
|
984
|
|
870
|
|
774
|
|
568
|
|
544
|
Total nonaccrual
loans
|
59,237
|
|
65,753
|
|
74,941
|
|
53,721
|
|
34,580
|
Other real
estate owned (OREO)
|
161
|
|
106
|
|
142
|
|
281
|
|
191
|
Total nonperforming
assets
|
59,398
|
|
65,859
|
|
75,083
|
|
54,002
|
|
34,771
|
Accruing loans
past due 90 days or more
|
820
|
|
2,028
|
|
698
|
|
873
|
|
159
|
Total underperforming
assets
|
$
60,218
|
|
$
67,887
|
|
$
75,781
|
|
$
54,875
|
|
$
34,930
|
Total classified
assets
|
$
162,348
|
|
$
140,995
|
|
$
140,552
|
|
$
138,909
|
|
$
158,984
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
Allowance for credit
losses to
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
243.55 %
|
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
Total ending
loans
|
1.29 %
|
|
1.29 %
|
|
1.36 %
|
|
1.41 %
|
|
1.36 %
|
Nonaccrual loans to
total loans
|
0.53 %
|
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.53 %
|
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
Total assets
|
0.34 %
|
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.53 %
|
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
Total assets
|
0.34 %
|
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
Classified assets to
total assets
|
0.92 %
|
|
0.80 %
|
|
0.82 %
|
|
0.81 %
|
|
0.94 %
|
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in thousands,
except per share data)
|
(Unaudited)
|
|
Three Months
Ended,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
2024
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
Market Price
|
|
|
|
|
|
|
|
|
|
High
|
$
23.68
|
|
$
24.28
|
|
$
24.02
|
|
$
22.27
|
|
$
26.24
|
Low
|
$
21.04
|
|
$
17.37
|
|
$
19.19
|
|
$
18.20
|
|
$
21.30
|
Close
|
$
22.42
|
|
$
23.75
|
|
$
19.60
|
|
$
20.44
|
|
$
21.77
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
94,218,067
|
|
94,063,570
|
|
94,030,275
|
|
93,924,068
|
|
93,732,532
|
Average shares
outstanding - diluted
|
95,183,998
|
|
95,126,316
|
|
95,126,269
|
|
95,169,348
|
|
94,960,158
|
Ending shares
outstanding
|
95,473,595
|
|
95,141,244
|
|
95,117,180
|
|
95,185,483
|
|
95,190,406
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,287,003
|
|
$
2,267,974
|
|
$
2,129,509
|
|
$
2,143,419
|
|
$
2,121,496
|
|
|
|
|
|
|
|
|
|
|
REGULATORY
CAPITAL
|
Preliminary
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital
|
$
1,582,113
|
|
$
1,568,815
|
|
$
1,527,793
|
|
$
1,481,913
|
|
$
1,432,332
|
Common equity tier 1
capital ratio
|
11.67 %
|
|
11.73 %
|
|
11.60 %
|
|
11.34 %
|
|
11.00 %
|
Tier 1
capital
|
$
1,626,899
|
|
$
1,613,480
|
|
$
1,572,248
|
|
$
1,526,362
|
|
$
1,476,734
|
Tier 1 ratio
|
12.00 %
|
|
12.06 %
|
|
11.94 %
|
|
11.68 %
|
|
11.34 %
|
Total
capital
|
$
1,940,762
|
|
$
1,907,441
|
|
$
1,868,490
|
|
$
1,851,144
|
|
$
1,796,385
|
Total capital
ratio
|
14.31 %
|
|
14.26 %
|
|
14.19 %
|
|
14.16 %
|
|
13.79 %
|
Total capital in excess
of minimum requirement
|
$
516,704
|
|
$
503,152
|
|
$
485,580
|
|
$
478,911
|
|
$
428,700
|
Total risk-weighted
assets
|
$
13,562,455
|
|
$
13,374,177
|
|
$
13,170,574
|
|
$
13,068,888
|
|
$
13,025,567
|
Leverage
ratio
|
9.75 %
|
|
9.70 %
|
|
9.59 %
|
|
9.33 %
|
|
9.03 %
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
12.99 %
|
|
12.94 %
|
|
12.49 %
|
|
12.54 %
|
|
12.53 %
|
Ending tangible
shareholders' equity to ending tangible assets
(1)
|
7.23 %
|
|
7.17 %
|
|
6.50 %
|
|
6.56 %
|
|
6.47 %
|
Average shareholders'
equity to average assets
|
13.09 %
|
|
12.52 %
|
|
12.70 %
|
|
12.60 %
|
|
12.29 %
|
Average tangible
shareholders' equity to average tangible assets
(1)
|
7.25 %
|
|
6.57 %
|
|
6.69 %
|
|
6.57 %
|
|
6.21 %
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(2)
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Average share
repurchase price
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
Total cost of shares
repurchased
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
(1)
Non-GAAP measure. 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.
|
(2)
Represents share repurchases as part of
publicly announced plans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A = Not
applicable
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bancorp-announces-first-quarter-2024-financial-results-and-quarterly-dividend-302127918.html
SOURCE First Financial Bancorp.