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First Financial Bancorp. Reports Fourth Quarter and Full Year 2016 Financial Results and Announces Dividend Increase

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Full Year Earnings per Share Increased 18% Compared to 2015; Quarterly Shareholder Dividend Increased to $0.17 per Share

January 19, 2017 4:15 PM EST

CINCINNATI, Ohio, Jan. 19, 2017 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the fourth quarter and full year 2016.  For the three months ended December 31, 2016, the Company reported net income of $23.3 million, or $0.38 per diluted common share.  These results compare to net income of $22.9 million, or $0.37 per diluted common share, for the third quarter of 2016 and $19.8 million, or $0.32 per diluted common share, for the fourth quarter of 2015.   For the twelve months ended December 31, 2016, First Financial had earnings per diluted common share of $1.43 compared to $1.21 for the same period in 2015.

Return on average assets for the fourth quarter of 2016 was 1.11% while return on average tangible common equity was 14.19%.  These compare to a return on average assets of 1.09% and return on average tangible common equity of 14.08% in the third quarter of 2016 and a return on average assets of 0.99% and a return on average tangible common equity of 12.98% in the fourth quarter of 2015.

First Financial's Board of Directors also announced a 6.3% increase in the quarterly dividend to $0.17 per share, payable on April 3, 2017 to shareholders of record as of March 2, 2017.

Fourth quarter and full year 2016 highlights include:

  • Net income increased $0.4 million, or 1.9%, compared to the linked quarter; $13.5 million, or 17.9%, increase for the full year
  • Loan balances declined $32.0 million, or 0.6%, compared to the linked quarter; loan balances increased $368.7 million, or 6.8%, for the full year
  • Total deposits increased $187.1 million, or 3.0%, from the linked quarter; $346.2 million, or 5.6% increase for the full year
  • Net interest margin increased 5 basis points compared to the linked quarter to 3.66%; 3.71% on a fully tax equivalent basis
  • Continued solid fourth quarter and full year credit performance with lower nonaccrual, nonperforming and classified asset balances
  • Linked quarter improvement in capital ratios; tier 1 capital ratio of 10.46%, total capital ratio of 13.1% and leverage ratio of 8.59%
  • Disciplined expense management reflected in fourth quarter efficiency ratio of 57.6%; 58.8% for the full year

Claude Davis, Chief Executive Officer, commented, "We are extremely pleased with another solid quarter, which was our 105th consecutive quarter of profitability.  Proactive balance sheet management and an improved net interest margin resulted in strong quarterly earnings.  Capital ratios improved during the period and our fourth quarter results continued to reflect a steady credit environment and disciplined expense management."

"Looking at full year results, 2016 was a particularly strong year for First Financial.  With recent acquisitions fully integrated, we were able to concentrate our efforts on organic growth and delivering exceptional client service.  These efforts led to a 17.9% increase in full year net income as well as 6.8% and 5.6% loan and deposit growth, respectively."

"As we head into 2017, we will continue to focus on organic growth and capitalizing on the momentum generated by our 2016 efforts.  We believe our balance sheet is well positioned for the current interest rate environment and our capital levels and earnings consistency position us to take advantage of strategic opportunities should they arise.  Our company remains positioned for continued success and further progress toward our stated goal of sustained top quartile performance in the new year."

This release announcing our fourth quarter and full year 2016 financial results includes an accompanying slide presentation, which management intends to refer to during the conference call on Friday, January 20, 2017. 

Teleconference / Webcast InformationFirst Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, January 20, 2017 at 8:30 a.m. Eastern Standard Time.  Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10084369.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

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

About First Financial Bancorp.First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of December 31, 2016, the Company had $8.4 billion in assets, $5.8 billion in loans, $6.5 billion in deposits and $865.2 million in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its four lines of business: Commercial and Private Banking, Retail Banking, Investment Commercial Real Estate and Commercial Finance.  These business units provide traditional banking services to business and retail clients.  Commercial and Private Banking includes First Financial Wealth Management, which provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.4 billion in assets under management as of December 31, 2016.  The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operates 102 banking centers, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.

Forward-Looking StatementThis earnings release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not based on historical or current facts, but rather on our current beliefs, expectations, assumptions and projections about our business, the economy and other future conditions.   Forward-looking statements often include words such as ''believes,'' ''anticipates,'' "likely," "expected," ''intends,'' "could," "should," and other similar references to future periods.  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.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the Company's ability to comply with the terms of loss sharing agreements with the FDIC; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation.  Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as well as its other filings with the SEC, which are available on the SEC website at www.sec.gov.

Forward-looking statements are meaningful only on the date when such statements are made.  We undertake no obligation to update any forward-looking statement to reflect events or circumstances that may arise after the date on which a forward-looking statement is made.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Twelve months ended,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Dec. 31,

2016

2016

2016

2016

2015

2016

2015

RESULTS OF OPERATIONS

Net income

$

23,294

$

22,850

$

22,568

$

19,814

$

19,820

$

88,526

$

75,063

Net earnings per share - basic

$

0.38

$

0.37

$

0.37

$

0.32

$

0.33

$

1.45

$

1.23

Net earnings per share - diluted

$

0.38

$

0.37

$

0.36

$

0.32

$

0.32

$

1.43

$

1.21

Dividends declared per share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.16

$

0.64

$

0.64

KEY FINANCIAL RATIOS

Return on average assets

1.11

%

1.09

%

1.11

%

0.98

%

0.99

%

1.07

%

1.00

%

Return on average shareholders' equity

10.73

%

10.62

%

10.84

%

9.70

%

9.62

%

10.48

%

9.33

%

Return on average tangible shareholders' equity

14.19

%

14.08

%

14.49

%

13.06

%

12.98

%

13.96

%

12.66

%

Net interest margin

3.66

%

3.61

%

3.61

%

3.62

%

3.63

%

3.62

%

3.60

%

Net interest margin (fully tax equivalent) (1)

3.71

%

3.66

%

3.67

%

3.68

%

3.69

%

3.68

%

3.66

%

Ending shareholders' equity as a percent of ending assets

10.25

%

10.29

%

10.19

%

10.09

%

9.93

%

10.25

%

9.93

%

Ending tangible shareholders' equity as a percent of:

Ending tangible assets

7.96

%

7.97

%

7.85

%

7.71

%

7.53

%

7.96

%

7.53

%

Risk-weighted assets

9.73

%

9.63

%

9.51

%

9.49

%

9.47

%

9.73

%

9.47

%

Average shareholders' equity as a percent of average assets

10.33

%

10.29

%

10.21

%

10.12

%

10.29

%

10.24

%

10.73

%

Average tangible shareholders' equity as a percent of

    average tangible assets

8.01

%

7.96

%

7.83

%

7.71

%

7.83

%

7.89

%

8.13

%

Book value per share

$

13.96

$

13.90

$

13.67

$

13.36

$

13.13

$

13.96

$

13.13

Tangible book value per share

$

10.56

$

10.50

$

10.26

$

9.94

$

9.69

$

10.56

$

9.69

Common equity tier 1 ratio (2)

10.46

%

10.20

%

10.07

%

10.16

%

10.28

%

10.46

%

10.28

%

Tier 1 ratio (2)

10.46

%

10.20

%

10.07

%

10.16

%

10.29

%

10.46

%

10.29

%

Total capital ratio (2)

13.10

%

12.82

%

12.70

%

12.84

%

13.04

%

13.10

%

13.04

%

Leverage ratio (2)

8.59

%

8.45

%

8.38

%

8.27

%

8.33

%

8.59

%

8.33

%

AVERAGE BALANCE SHEET ITEMS

Loans (3)

$

5,780,865

$

5,743,773

$

5,569,080

$

5,417,812

$

5,248,465

$

5,628,617

$

4,962,834

FDIC indemnification asset

12,782

14,031

15,404

17,138

18,437

14,831

20,274

Investment securities

1,816,944

1,811,240

1,869,540

1,938,772

1,934,173

1,858,878

1,832,430

Interest-bearing deposits with other banks

19,557

22,116

21,687

24,291

18,920

21,907

24,430

  Total earning assets

$

7,630,148

$

7,591,160

$

7,475,711

$

7,398,013

$

7,219,995

$

7,524,233

$

6,839,968

Total assets

$

8,359,912

$

8,322,156

$

8,203,837

$

8,118,945

$

7,950,278

$

8,251,703

$

7,504,069

Noninterest-bearing deposits

$

1,544,598

$

1,453,842

$

1,441,068

$

1,386,768

$

1,402,283

$

1,456,802

$

1,339,802

Interest-bearing deposits

5,012,613

4,746,887

4,867,439

4,749,253

4,845,056

4,844,243

4,568,637

  Total deposits

$

6,557,211

$

6,200,729

$

6,308,507

$

6,136,021

$

6,247,339

$

6,301,045

$

5,908,439

Borrowings

$

815,928

$

1,153,042

$

965,951

$

1,065,739

$

763,408

$

1,000,079

$

697,422

Shareholders' equity

$

863,509

$

856,296

$

837,412

$

821,588

$

817,756

$

844,784

$

804,916

CREDIT QUALITY RATIOS

Allowance to ending loans

1.01

%

1.00

%

0.99

%

0.98

%

0.99

%

1.01

%

0.99

%

Allowance to nonaccrual loans

326.91

%

314.84

%

254.56

%

244.16

%

190.73

%

326.91

%

190.73

%

Allowance to nonperforming loans

120.83

%

114.17

%

112.74

%

103.07

%

93.89

%

120.83

%

93.89

%

Nonperforming loans to total loans

0.83

%

0.87

%

0.88

%

0.95

%

1.06

%

0.83

%

1.06

%

Nonperforming assets to ending loans, plus OREO

0.94

%

1.00

%

1.04

%

1.16

%

1.30

%

0.94

%

1.30

%

Nonperforming assets to total assets

0.64

%

0.69

%

0.72

%

0.78

%

0.86

%

0.64

%

0.86

%

Net charge-offs to average loans (annualized)

0.17

%

0.05

%

0.08

%

0.10

%

0.14

%

0.10

%

0.18

%

 

 

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

(2) December 31, 2016 regulatory capital ratios are preliminary.

(3)  Includes loans held for sale.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended,

Twelve months ended,

Dec. 31,

Dec. 31,

2016

2015

% Change

2016

2015

% Change

Interest income

  Loans, including fees

$

67,883

$

62,502

8.6

%

$

262,703

$

230,246

14.1

%

  Investment securities

     Taxable

10,698

10,702

0.0

%

43,103

39,577

8.9

%

     Tax-exempt

1,134

1,192

(4.9)

%

4,535

4,611

(1.6)

%

        Total investment securities interest

11,832

11,894

(0.5)

%

47,638

44,188

7.8

%

  Other earning assets

(1,068)

(1,164)

8.2

%

(4,391)

(4,675)

(6.1)

%

       Total interest income

78,647

73,232

7.4

%

305,950

269,759

13.4

%

Interest expense

  Deposits

6,026

5,172

16.5

%

22,613

19,474

16.1

%

  Short-term borrowings

915

434

110.8

%

4,506

1,364

230.4

%

  Long-term borrowings

1,540

1,543

(0.2)

%

6,160

2,419

154.7

%

      Total interest expense

8,481

7,149

18.6

%

33,279

23,257

43.1

%

      Net interest income

70,166

66,083

6.2

%

272,671

246,502

10.6

%

  Provision for loan and lease losses

2,761

1,864

48.1

%

10,140

9,641

5.2

%

      Net interest income after provision for loan and lease losses

67,405

64,219

5.0

%

262,531

236,861

10.8

%

Noninterest income

  Service charges on deposit accounts

5,041

4,755

6.0

%

18,933

19,015

(0.4)

%

  Trust and wealth management fees

3,241

3,086

5.0

%

13,200

13,128

0.5

%

  Bankcard income

3,136

3,077

1.9

%

12,132

11,578

4.8

%

  Client derivative fees

466

945

(50.7)

%

4,570

4,389

4.1

%

  Net gains from sales of loans

1,711

1,325

29.1

%

6,804

6,471

5.1

%

  Net gains on sale of investment securities

0

2

(100.0)

%

234

1,505

(84.5)

%

  FDIC loss sharing income

(419)

(164)

155.5

%

(1,563)

(2,487)

(37.2)

%

  Accelerated discount on covered / formerly covered loans

1,197

785

52.5

%

3,850

10,791

(64.3)

%

  Other

2,573

2,008

28.1

%

11,441

10,812

5.8

%

      Total noninterest income

16,946

15,819

7.1

%

69,601

75,202

(7.4)

%

Noninterest expenses

  Salaries and employee benefits

31,127

29,632

5.0

%

122,361

111,792

9.5

%

  Net occupancy

4,338

4,337

0.0

%

18,329

18,232

0.5

%

  Furniture and equipment

2,181

2,185

(0.2)

%

8,663

8,722

(0.7)

%

  Data processing

3,095

2,843

8.9

%

11,406

10,863

5.0

%

  Marketing

1,458

1,052

38.6

%

3,965

3,723

6.5

%

  Communication

404

502

(19.5)

%

1,889

2,161

(12.6)

%

  Professional services

1,731

1,833

(5.6)

%

6,303

9,622

(34.5)

%

  State intangible tax

117

598

(80.4)

%

2,034

2,331

(12.7)

%

  FDIC assessments

1,001

1,139

(12.1)

%

4,293

4,446

(3.4)

%

  Loss (gain) - other real estate owned

(953)

772

(223.4)

%

(1,212)

1,861

(165.1)

%

  Loss sharing expense

141

414

(65.9)

%

696

1,865

(62.7)

%

  Other

5,523

5,977

(7.6)

%

22,674

25,512

(11.1)

%

      Total noninterest expenses

50,163

51,284

(2.2)

%

201,401

201,130

0.1

%

Income before income taxes

34,188

28,754

18.9

%

130,731

110,933

17.8

%

Income tax expense

10,894

8,934

21.9

%

42,205

35,870

17.7

%

      Net income

$

23,294

$

19,820

17.5

%

$

88,526

$

75,063

17.9

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.38

$

0.33

$

1.45

$

1.23

Net earnings per share - diluted

$

0.38

$

0.32

$

1.43

$

1.21

Dividends declared per share

$

0.16

$

0.16

$

0.64

$

0.64

Return on average assets

1.11

%

0.99

%

1.07

%

1.00

%

Return on average shareholders' equity

10.73

%

9.62

%

10.48

%

9.33

%

Interest income

$

78,647

$

73,232

7.4

%

$

305,950

$

269,759

13.4

%

Tax equivalent adjustment

1,077

1,046

3.0

%

4,215

4,017

4.9

%

   Interest income - tax equivalent

79,724

74,278

7.3

%

310,165

273,776

13.3

%

Interest expense

8,481

7,149

18.6

%

33,279

23,257

43.1

%

   Net interest income - tax equivalent

$

71,243

$

67,129

6.1

%

$

276,886

$

250,519

10.5

%

Net interest margin

3.66

%

3.63

%

3.62

%

3.60

%

Net interest margin (fully tax equivalent) (1)

3.71

%

3.69

%

3.68

%

3.66

%

Full-time equivalent employees

1,420

1,400

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

N/M  = Not meaningful.

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2016

Fourth

Third

Second

First

Full

% Change

Quarter

Quarter

Quarter

Quarter

Year

Linked Qtr.

Interest income

  Loans, including fees

$

67,883

$

66,997

$

64,424

$

63,399

$

262,703

1.3

%

  Investment securities

     Taxable

10,698

10,326

10,706

11,373

43,103

3.6

%

     Tax-exempt

1,134

1,083

1,156

1,162

4,535

4.7

%

        Total investment securities interest

11,832

11,409

11,862

12,535

47,638

3.7

%

  Other earning assets

(1,068)

(1,081)

(1,103)

(1,139)

(4,391)

1.2

%

       Total interest income

78,647

77,325

75,183

74,795

305,950

1.7

%

Interest expense

  Deposits

6,026

5,600

5,457

5,530

22,613

7.6

%

  Short-term borrowings

915

1,368

1,053

1,170

4,506

(33.1)

%

  Long-term borrowings

1,540

1,539

1,541

1,540

6,160

0.1

%

      Total interest expense

8,481

8,507

8,051

8,240

33,279

(0.3)

%

      Net interest income

70,166

68,818

67,132

66,555

272,671

2.0

%

  Provision for loan and lease losses

2,761

1,687

4,037

1,655

10,140

63.7

%

      Net interest income after provision for loan and lease losses

67,405

67,131

63,095

64,900

262,531

0.4

%

Noninterest income

  Service charges on deposit accounts

5,041

5,056

4,455

4,381

18,933

(0.3)

%

  Trust and wealth management fees

3,241

3,236

3,283

3,440

13,200

0.2

%

  Bankcard income

3,136

2,984

3,130

2,882

12,132

5.1

%

  Client derivative fees

466

1,210

1,799

1,095

4,570

(61.5)

%

  Net gains from sales of loans

1,711

2,066

1,846

1,181

6,804

(17.2)

%

  Net gains on sale of investment securities

0

398

(188)

24

234

(100.0)

%

  FDIC loss sharing income

(419)

(638)

59

(565)

(1,563)

(34.3)

%

  Accelerated discount on covered / formerly covered loans

1,197

491

1,191

971

3,850

143.8

%

  Other

2,573

2,146

4,619

2,103

11,441

19.9

%

      Total noninterest income

16,946

16,949

20,194

15,512

69,601

0.0

%

Noninterest expenses

  Salaries and employee benefits

31,127

32,093

29,526

29,615

122,361

(3.0)

%

  Net occupancy

4,338

4,543

4,491

4,957

18,329

(4.5)

%

  Furniture and equipment

2,181

2,139

2,130

2,213

8,663

2.0

%

  Data processing

3,095

2,828

2,765

2,718

11,406

9.4

%

  Marketing

1,458

641

801

1,065

3,965

127.5

%

  Communication

404

527

477

481

1,889

(23.3)

%

  Professional services

1,731

1,460

1,299

1,813

6,303

18.6

%

  State intangible tax

117

639

639

639

2,034

(81.7)

%

  FDIC assessments

1,001

1,048

1,112

1,132

4,293

(4.5)

%

  Loss (gain) - other real estate owned

(953)

(112)

43

(190)

(1,212)

750.9

%

  Loss sharing expense

141

270

(12)

297

696

(47.8)

%

  Other

5,523

5,029

6,142

5,980

22,674

9.8

%

      Total noninterest expenses

50,163

51,105

49,413

50,720

201,401

(1.8)

%

Income before income taxes

34,188

32,975

33,876

29,692

130,731

3.7

%

Income tax expense

10,894

10,125

11,308

9,878

42,205

7.6

%

      Net income

$

23,294

$

22,850

$

22,568

$

19,814

$

88,526

1.9

%

ADDITIONAL DATA

Net earnings per share - basic

$

0.38

$

0.37

$

0.37

$

0.32

$

1.45

Net earnings per share - diluted

$

0.38

$

0.37

$

0.36

$

0.32

$

1.43

Dividends declared per share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.64

Return on average assets

1.11

%

1.09

%

1.11

%

0.98

%

1.07

%

Return on average shareholders' equity

10.73

%

10.62

%

10.84

%

9.70

%

10.48

%

Interest income

$

78,647

$

77,325

$

75,183

$

74,795

$

305,950

1.7

%

Tax equivalent adjustment

1,077

1,028

1,058

1,052

4,215

4.8

%

   Interest income - tax equivalent

79,724

78,353

76,241

75,847

310,165

1.7

%

Interest expense

8,481

8,507

8,051

8,240

33,279

(0.3)

%

   Net interest income - tax equivalent

$

71,243

$

69,846

$

68,190

$

67,607

$

276,886

2.0

%

Net interest margin

3.66

%

3.61

%

3.61

%

3.62

%

3.62

%

Net interest margin (fully tax equivalent) (1)

3.71

%

3.66

%

3.67

%

3.68

%

3.68

%

Full-time equivalent employees

1,420

1,402

1,403

1,390

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

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2015

Fourth

Third

Second

First

Full

Quarter

Quarter

Quarter

Quarter

Year

Interest income

  Loans, including fees

$

62,502

$

58,694

$

54,586

$

54,464

$

230,246

  Investment securities

     Taxable

10,702

9,986

9,281

9,608

39,577

     Tax-exempt

1,192

1,163

1,139

1,117

4,611

        Total investment securities interest

11,894

11,149

10,420

10,725

44,188

  Other earning assets

(1,164)

(1,168)

(1,162)

(1,181)

(4,675)

       Total interest income

73,232

68,675

63,844

64,008

269,759

Interest expense

  Deposits

5,172

4,861

4,621

4,820

19,474

  Short-term borrowings

434

374

253

303

1,364

  Long-term borrowings

1,543

281

296

299

2,419

      Total interest expense

7,149

5,516

5,170

5,422

23,257

      Net interest income

66,083

63,159

58,674

58,586

246,502

  Provision for loan and lease losses

1,864

2,647

3,070

2,060

9,641

      Net interest income after provision for loan and lease losses

64,219

60,512

55,604

56,526

236,861

Noninterest income

  Service charges on deposit accounts

4,755

4,934

4,803

4,523

19,015

  Trust and wealth management fees

3,086

3,134

3,274

3,634

13,128

  Bankcard income

3,077

2,909

2,972

2,620

11,578

  Client derivative fees

945

1,604

878

962

4,389

  Net gains from sales of loans

1,325

1,758

1,924

1,464

6,471

  Net gains on sale of investment securities

2

409

1,094

0

1,505

  FDIC loss sharing income

(164)

(973)

(304)

(1,046)

(2,487)

  Accelerated discount on covered / formerly covered loans

785

3,820

4,094

2,092

10,791

  Other

2,008

2,760

2,680

3,364

10,812

      Total noninterest income

15,819

20,355

21,415

17,613

75,202

Noninterest expenses

  Salaries and employee benefits

29,632

27,768

27,451

26,941

111,792

  Net occupancy

4,337

4,510

4,380

5,005

18,232

  Furniture and equipment

2,185

2,165

2,219

2,153

8,722

  Data processing

2,843

2,591

2,657

2,772

10,863

  Marketing

1,052

810

973

888

3,723

  Communication

502

531

558

570

2,161

  Professional services

1,833

4,092

1,727

1,970

9,622

  State intangible tax

598

579

577

577

2,331

  FDIC assessments

1,139

1,103

1,114

1,090

4,446

  Loss (gain) - other real estate owned

772

196

419

474

1,861

  Loss sharing expense

414

574

576

301

1,865

  Other

5,977

8,073

6,135

5,327

25,512

      Total noninterest expenses

51,284

52,992

48,786

48,068

201,130

Income before income taxes

28,754

27,875

28,233

26,071

110,933

Income tax expense

8,934

9,202

9,284

8,450

35,870

      Net income

$

19,820

$

18,673

$

18,949

$

17,621

$

75,063

ADDITIONAL DATA

Net earnings per share - basic

$

0.33

$

0.31

$

0.31

$

0.29

$

1.23

Net earnings per share - diluted

$

0.32

$

0.30

$

0.31

$

0.29

$

1.21

Dividends declared per share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.64

Return on average assets

0.99

%

0.97

%

1.05

%

0.99

%

1.00

%

Return on average shareholders' equity

9.62

%

9.12

%

9.49

%

9.06

%

9.33

%

Interest income

$

73,232

$

68,675

$

63,844

$

64,008

$

269,759

Tax equivalent adjustment

1,046

1,000

988

983

4,017

   Interest income - tax equivalent

74,278

69,675

64,832

64,991

273,776

Interest expense

7,149

5,516

5,170

5,422

23,257

   Net interest income - tax equivalent

$

67,129

$

64,159

$

59,662

$

59,569

$

250,519

Net interest margin

3.63

%

3.61

%

3.56

%

3.61

%

3.60

%

Net interest margin (fully tax equivalent) (1)

3.69

%

3.67

%

3.62

%

3.67

%

3.66

%

Full-time equivalent employees

1,400

1,394

1,366

1,353

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

 

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

% Change

% Change

2016

2016

2016

2016

2015

Linked Qtr.

Comparable Qtr.

ASSETS

     Cash and due from banks

$

121,598

$

117,982

$

106,174

$

102,675

$

114,841

3.1

%

5.9

%

     Interest-bearing deposits with other banks

82,450

16,765

18,911

15,582

33,734

391.8

%

144.4

%

     Investment securities available-for-sale

1,039,870

1,120,494

1,114,349

1,164,319

1,190,642

(7.2)

%

(12.7)

%

     Investment securities held-to-maturity

763,254

628,497

670,111

702,315

726,259

21.4

%

5.1

%

     Other investments

51,077

51,170

51,261

53,255

53,725

(0.2)

%

(4.9)

%

     Loans held for sale

13,135

17,414

10,494

15,369

20,957

(24.6)

%

(37.3)

%

     Loans and leases

       Commercial and industrial

1,781,948

1,782,782

1,794,533

1,744,732

1,663,102

0.0

%

7.1

%

       Lease financing

93,108

96,046

100,263

101,135

93,986

(3.1)

%

(0.9)

%

       Construction - real estate

399,434

380,349

374,949

341,453

311,712

5.0

%

28.1

%

       Commercial - real estate

2,427,577

2,468,083

2,363,456

2,261,857

2,258,297

(1.6)

%

7.5

%

       Residential - real estate

500,980

507,715

512,800

508,512

512,311

(1.3)

%

(2.2)

%

       Home equity

460,388

463,702

467,549

466,010

466,629

(0.7)

%

(1.3)

%

       Installment

50,639

47,825

46,917

41,627

41,506

5.9

%

22.0

%

       Credit card

43,408

43,009

40,746

39,283

41,217

0.9

%

5.3

%

          Total loans

5,757,482

5,789,511

5,701,213

5,504,609

5,388,760

(0.6)

%

6.8

%

       Less

          Allowance for loan and lease losses

57,961

57,618

56,708

53,732

53,398

0.6

%

8.5

%

                Net loans

5,699,521

5,731,893

5,644,505

5,450,877

5,335,362

(0.6)

%

6.8

%

     Premises and equipment

131,579

132,082

133,969

138,036

136,603

(0.4)

%

(3.7)

%

     Goodwill and other intangibles

210,625

210,888

211,199

211,533

211,865

(0.1)

%

(0.6)

%

     Accrued interest and other assets

324,858

341,296

349,129

339,593

323,423

(4.8)

%

0.4

%

       Total Assets

$

8,437,967

$

8,368,481

$

8,310,102

$

8,193,554

$

8,147,411

0.8

%

3.6

%

LIABILITIES

     Deposits

       Interest-bearing demand

$

1,513,771

$

1,494,529

$

1,436,078

$

1,430,963

$

1,414,291

1.3

%

7.0

%

       Savings

2,142,189

2,005,407

1,974,449

1,922,892

1,945,805

6.8

%

10.1

%

       Time

1,321,843

1,346,736

1,279,934

1,414,313

1,406,124

(1.8)

%

(6.0)

%

          Total interest-bearing deposits

4,977,803

4,846,672

4,690,461

4,768,168

4,766,220

2.7

%

4.4

%

       Noninterest-bearing

1,547,985

1,492,011

1,429,163

1,408,609

1,413,404

3.8

%

9.5

%

          Total deposits

6,525,788

6,338,683

6,119,624

6,176,777

6,179,624

3.0

%

5.6

%

     Federal funds purchased and securities sold

         under agreements to repurchase

120,212

77,936

80,084

75,499

89,325

54.2

%

34.6

%

     FHLB short-term borrowings

687,700

848,300

1,035,000

894,400

849,100

(18.9)

%

(19.0)

%

          Total short-term borrowings

807,912

926,236

1,115,084

969,899

938,425

(12.8)

%

(13.9)

%

     Long-term debt

119,589

119,549

119,596

119,556

119,540

0.0

%

0.0

%

          Total borrowed funds

927,501

1,045,785

1,234,680

1,089,455

1,057,965

(11.3)

%

(12.3)

%

     Accrued interest and other liabilities

119,454

122,876

109,075

100,735

100,446

(2.8)

%

18.9

%

       Total Liabilities

7,572,743

7,507,344

7,463,379

7,366,967

7,338,035

0.9

%

3.2

%

SHAREHOLDERS' EQUITY

     Common stock

570,382

569,199

567,687

567,497

571,155

0.2

%

(0.1)

%

     Retained earnings

437,188

423,800

410,893

398,224

388,240

3.2

%

12.6

%

     Accumulated other comprehensive loss

(28,443)

(17,522)

(17,688)

(23,209)

(30,580)

62.3

%

(7.0)

%

     Treasury stock, at cost

(113,903)

(114,340)

(114,169)

(115,925)

(119,439)

(0.4)

%

(4.6)

%

       Total Shareholders' Equity

865,224

861,137

846,723

826,587

809,376

0.5

%

6.9

%

       Total Liabilities and Shareholders' Equity

$

8,437,967

$

8,368,481

$

8,310,102

$

8,193,554

$

8,147,411

0.8

%

3.6

%

 

 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

December 31,

2016

2016

2016

2016

2015

2016

2015

ASSETS

     Cash and due from banks

$

122,130

$

116,441

$

121,426

$

117,782

$

119,881

$

119,444

$

115,273

     Interest-bearing deposits with other banks

19,557

22,116

21,687

24,291

18,920

21,907

24,430

     Investment securities

1,816,944

1,811,240

1,869,540

1,938,772

1,934,173

1,858,878

1,832,430

     Loans held for sale

14,729

11,197

11,752

13,216

18,677

12,725

12,974

     Loans and leases

       Commercial and industrial

1,767,570

1,786,461

1,752,237

1,657,279

1,612,485

1,741,084

1,425,032

       Lease financing

93,817

96,518

100,103

94,935

89,200

96,337

83,316

       Construction - real estate

376,616

380,894

348,100

322,600

295,574

357,171

249,559

       Commercial - real estate

2,470,280

2,400,308

2,294,980

2,270,686

2,180,015

2,359,480

2,148,139

       Residential - real estate

503,711

512,341

510,262

509,422

505,208

508,929

499,914

       Home equity

461,177

466,062

466,170

466,722

465,131

465,025

461,250

       Installment

49,071

47,428

44,438

41,698

41,148

45,673

42,967

       Credit card

43,894

42,564

41,038

41,254

41,027

42,193

39,683

          Total loans

5,766,136

5,732,576

5,557,328

5,404,596

5,229,788

5,615,892

4,949,860

       Less

          Allowance for loan and lease losses

58,733

58,284

55,504

54,882

53,731

56,860

54,111

            Net loans

5,707,403

5,674,292

5,501,824

5,349,714

5,176,057

5,559,032

4,895,749

     Premises and equipment

132,414

133,360

137,927

138,377

138,689

135,505

139,846

     Goodwill and other intangibles

210,768

211,029

211,363

211,707

211,722

211,215

170,766

     Accrued interest and other assets

335,967

342,481

328,318

325,086

332,159

332,997

312,601

       Total Assets

$

8,359,912

$

8,322,156

$

8,203,837

$

8,118,945

$

7,950,278

$

8,251,703

$

7,504,069

LIABILITIES

     Deposits

       Interest-bearing demand

$

1,540,755

$

1,447,226

$

1,483,025

$

1,391,591

$

1,423,915

$

1,465,804

$

1,263,388

       Savings

2,093,557

2,015,602

2,042,188

1,938,206

2,005,100

2,022,564

1,971,699

       Time

1,378,301

1,284,059

1,342,226

1,419,456

1,416,041

1,355,875

1,333,550

          Total interest-bearing deposits

5,012,613

4,746,887

4,867,439

4,749,253

4,845,056

4,844,243

4,568,637

       Noninterest-bearing

1,544,598

1,453,842

1,441,068

1,386,768

1,402,283

1,456,802

1,339,802

          Total deposits

6,557,211

6,200,729

6,308,507

6,136,021

6,247,339

6,301,045

5,908,439

     Federal funds purchased and securities sold

          under agreements to repurchase

93,452

87,343

86,457

89,349

79,354

89,157

73,191

     FHLB short-term borrowings

602,720

946,096

759,919

856,837

564,522

791,300

552,483

          Total short-term borrowings

696,172

1,033,439

846,376

946,186

643,876

880,457

625,674

     Long-term debt

119,756

119,603

119,575

119,553

119,532

119,622

71,748

       Total borrowed funds

815,928

1,153,042

965,951

1,065,739

763,408

1,000,079

697,422

     Accrued interest and other liabilities

123,264

112,089

91,967

95,597

121,775

105,795

93,292

       Total Liabilities

7,496,403

7,465,860

7,366,425

7,297,357

7,132,522

7,406,919

6,699,153

SHAREHOLDERS' EQUITY

     Common stock

569,779

568,203

567,682

570,558

570,510

569,055

571,549

     Retained earnings

430,402

419,901

406,788

395,756

385,295

413,277

371,387

     Accumulated other comprehensive loss

(22,436)

(17,701)

(21,901)

(26,165)

(18,962)

(22,040)

(19,271)

     Treasury stock, at cost

(114,236)

(114,107)

(115,157)

(118,561)

(119,087)

(115,508)

(118,749)

       Total Shareholders' Equity

863,509

856,296

837,412

821,588

817,756

844,784

804,916

       Total Liabilities and Shareholders' Equity

$

8,359,912

$

8,322,156

$

8,203,837

$

8,118,945

$

7,950,278

$

8,251,703

$

7,504,069

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

 Quarterly Averages

Year-to-Date Averages

December 31, 2016

September 30, 2016

December 31, 2015

December 31, 2016

December 31, 2015

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Balance

Yield

Earning assets

    Investments:

      Investment securities

$

1,816,944

2.58

%

$

1,811,240

2.50

%

$

1,934,173

2.44

%

$

1,858,878

2.56

%

$

1,832,430

2.41

%

      Interest-bearing deposits with other banks

19,557

0.59

%

22,116

0.54

%

18,920

0.29

%

21,907

(4.81)

%

24,430

0.27

%

    Gross loans (2)

5,793,647

4.57

%

5,757,804

4.54

%

5,266,902

4.62

%

5,643,448

4.60

%

4,983,108

4.53

%

       Total earning assets

7,630,148

4.09

%

7,591,160

4.04

%

7,219,995

4.02

%

7,524,233

4.07

%

6,839,968

3.94

%

Nonearning assets

    Allowance for loan and lease losses

(58,733)

(58,284)

(53,731)

(56,860)

(54,111)

    Cash and due from banks

122,130

116,441

119,881

119,444

115,273

    Accrued interest and other assets

666,367

672,839

664,133

664,886

602,939

       Total assets

$

8,359,912

$

8,322,156

$

7,950,278

$

8,251,703

$

7,504,069

Interest-bearing liabilities

    Deposits:

      Interest-bearing demand

$

1,540,755

0.14

%

$

1,447,226

0.15

%

$

1,423,915

0.13

%

$

1,465,804

0.14

%

$

1,263,388

0.10

%

      Savings

2,093,557

0.31

%

2,015,602

0.27

%

2,005,100

0.20

%

2,022,564

0.27

%

1,971,699

0.21

%

      Time

1,378,301

1.11

%

1,284,059

1.14

%

1,416,041

1.03

%

1,355,875

1.10

%

1,333,550

1.06

%

    Total interest-bearing deposits

5,012,613

0.48

%

4,746,887

0.47

%

4,845,056

0.42

%

4,844,243

0.47

%

4,568,637

0.43

%

    Borrowed funds

      Short-term borrowings

696,172

0.52

%

1,033,439

0.53

%

643,876

0.27

%

880,457

0.51

%

625,674

0.22

%

      Long-term debt

119,756

5.10

%

119,603

5.11

%

119,532

5.12

%

119,622

5.15

%

71,748

3.37

%

        Total borrowed funds

815,928

1.19

%

1,153,042

1.00

%

763,408

1.03

%

1,000,079

1.07

%

697,422

0.54

%

       Total interest-bearing liabilities

5,828,541

0.58

%

5,899,929

0.57

%

5,608,464

0.51

%

5,844,322

0.57

%

5,266,059

0.44

%

Noninterest-bearing liabilities

    Noninterest-bearing demand deposits

1,544,598

1,453,842

1,402,283

1,456,802

1,339,802

    Other liabilities

123,264

112,089

121,775

105,795

93,292

    Shareholders' equity

863,509

856,296

817,756

844,784

804,916

       Total liabilities & shareholders' equity

$

8,359,912

$

8,322,156

$

7,950,278

$

8,251,703

$

7,504,069

Net interest income (1)

$

70,166

$

68,818

$

66,083

$

272,671

$

246,502

Net interest spread (1)

3.51

%

3.47

%

3.51

%

3.50

%

3.50

%

Net interest margin (1)

3.66

%

3.61

%

3.63

%

3.62

%

3.60

%

(1) Not tax equivalent.

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

 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (1)

(Dollars in thousands)

(Unaudited)

 Linked Qtr. Income Variance

 Comparable Qtr. Income Variance

Year-to-Date Income Variance

Rate

Volume

Total

Rate

Volume

Total

Rate

Volume

Total

Earning assets

    Investment securities

$

386

$

37

$

423

$

701

$

(763)

$

(62)

$

2,772

$

678

$

3,450

    Interest-bearing deposits with other banks

3

(4)

(1)

14

1

15

(1,239)

121

(1,118)

    Gross loans (2)

487

413

900

(610)

6,072

5,462

3,511

30,348

33,859

       Total earning assets

876

446

1,322

105

5,310

5,415

5,044

31,147

36,191

Interest-bearing liabilities

    Total interest-bearing deposits

$

107

$

319

$

426

$

653

$

201

$

854

$

1,852

$

1,287

$

3,139

    Borrowed funds

    Short-term borrowings

(10)

(443)

(453)

412

69

481

1,838

1,304

3,142

    Long-term debt

(1)

2

1

(6)

3

(3)

1,276

2,465

3,741

       Total borrowed funds

(11)

(441)

(452)

406

72

478

3,114

3,769

6,883

       Total interest-bearing liabilities

96

(122)

(26)

1,059

273

1,332

4,966

5,056

10,022

          Net interest income (1)

$

780

$

568

$

1,348

$

(954)

$

5,037

$

4,083

$

78

$

26,091

$

26,169

(1) Not tax equivalent.

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

 

 

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Full Year

Full Year

2016

2016

2016

2016

2015

2016

2015

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY

Balance at beginning of period

$

57,618

$

56,708

$

53,732

$

53,398

$

53,332

$

53,398

$

52,858

  Provision for loan and lease losses

2,761

1,687

4,037

1,655

1,864

10,140

9,641

  Gross charge-offs

    Commercial and industrial

1,590

296

265

479

777

2,630

5,408

    Construction - real estate

(2)

64

28

3

0

93

85

    Commercial - real estate

990

1,135

1,596

1,262

4,415

4,983

10,083

    Residential - real estate

224

90

28

45

82

387

1,531

    Home equity

232

475

398

340

633

1,445

1,891

    Installment

60

223

30

73

129

386

509

    Other

326

267

357

240

242

1,190

1,049

      Total gross charge-offs

3,420

2,550

2,702

2,442

6,278

11,114

20,556

  Recoveries

    Commercial and industrial

186

327

420

222

841

1,155

3,724

    Construction - real estate

51

6

202

26

104

285

253

    Commercial - real estate

382

997

681

442

2,927

2,502

5,214

    Residential - real estate

54

38

81

63

214

236

558

    Home equity

144

257

131

188

104

720

1,001

    Installment

118

56

62

99

216

335

463

    Other

67

92

64

81

74

304

242

      Total recoveries

1,002

1,773

1,641

1,121

4,480

5,537

11,455

  Total net charge-offs

2,418

777

1,061

1,321

1,798

5,577

9,101

Ending allowance for loan and lease losses

$

57,961

$

57,618

$

56,708

$

53,732

$

53,398

$

57,961

$

53,398

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

  Commercial and industrial

0.32

%

(0.01)

%

(0.04)

%

0.06

%

(0.02)

%

0.08

%

0.12

%

  Construction - real estate

(0.06)

%

0.06

%

(0.20)

%

(0.03)

%

(0.14)

%

(0.05)

%

(0.07)

%

  Commercial - real estate

0.10

%

0.02

%

0.16

%

0.15

%

0.27

%

0.11

%

0.23

%

  Residential - real estate

0.13

%

0.04

%

(0.04)

%

(0.01)

%

(0.10)

%

0.03

%

0.19

%

  Home equity

0.08

%

0.19

%

0.23

%

0.13

%

0.45

%

0.16

%

0.19

%

  Installment

(0.47)

%

1.40

%

(0.29)

%

(0.25)

%

(0.84)

%

0.11

%

0.11

%

  Other

0.75

%

0.50

%

0.83

%

0.47

%

0.51

%

0.64

%

0.66

%

     Total net charge-offs

0.17

%

0.05

%

0.08

%

0.10

%

0.14

%

0.10

%

0.18

%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

  Nonaccrual loans (1)

    Commercial and industrial

$

2,419

$

3,201

$

2,980

$

3,917

$

8,405

$

2,419

$

8,405

    Construction - real estate

0

0

0

0

0

0

0

    Commercial - real estate

6,098

5,985

8,750

8,577

9,418

6,098

9,418

    Residential - real estate

5,251

4,759

4,824

4,243

5,027

5,251

5,027

    Home equity

3,400

3,815

4,123

5,036

4,898

3,400

4,898

    Installment

367

327

433

113

127

367

127

    Lease financing

195

214

1,167

121

122

195

122

      Nonaccrual loans

17,730

18,301

22,277

22,007

27,997

17,730

27,997

  Accruing troubled debt restructurings (TDRs)

30,240

32,164

28,022

30,127

28,876

30,240

28,876

     Total nonperforming loans

47,970

50,465

50,299

52,134

56,873

47,970

56,873

  Other real estate owned (OREO)

6,284

7,577

9,302

11,939

13,254

6,284

13,254

     Total nonperforming assets

54,254

58,042

59,601

64,073

70,127

54,254

70,127

  Accruing loans past due 90 days or more

142

130

981

59

108

142

108

     Total underperforming assets

$

54,396

$

58,172

$

60,582

$

64,132

$

70,235

$

54,396

$

70,235

Total classified assets

$

125,155

$

142,169

$

143,331

$

133,940

$

132,431

$

125,155

$

132,431

CREDIT QUALITY RATIOS

Allowance for loan and lease losses to

     Nonaccrual loans

326.91

%

314.84

%

254.56

%

244.16

%

190.73

%

326.91

%

190.73

%

     Nonperforming loans

120.83

%

114.17

%

112.74

%

103.07

%

93.89

%

120.83

%

93.89

%

     Total ending loans

1.01

%

1.00

%

0.99

%

0.98

%

0.99

%

1.01

%

0.99

%

Nonperforming loans to total loans

0.83

%

0.87

%

0.88

%

0.95

%

1.06

%

0.83

%

1.06

%

Nonperforming assets to

     Ending loans, plus OREO

0.94

%

1.00

%

1.04

%

1.16

%

1.30

%

0.94

%

1.30

%

     Total assets

0.64

%

0.69

%

0.72

%

0.78

%

0.86

%

0.64

%

0.86

%

Nonperforming assets, excluding accruing TDRs to

     Ending loans, plus OREO

0.42

%

0.45

%

0.55

%

0.62

%

0.76

%

0.42

%

0.76

%

     Total assets

0.28

%

0.31

%

0.38

%

0.41

%

0.51

%

0.28

%

0.51

%

(1)  Nonaccrual loans include nonaccrual TDRs of $5.1 million, $5.6 million, $8.0 million, $7.5 million, and $9.3 million, as of December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, and December 31, 2015, respectively.

 

 

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Twelve months ended,

Dec. 31,

Sep. 30,

Jun. 30,

Mar. 31,

Dec. 31,

Dec. 31,

Dec. 31,

2016

2016

2016

2016

2015

2016

2015

PER COMMON SHARE

Market Price

  High

$

29.35

$

22.52

$

20.16

$

18.36

$

20.72

$

29.35

$

20.72

  Low

$

21.05

$

18.83

$

17.49

$

14.91

$

17.83

$

14.91

$

16.52

  Close

$

28.45

$

21.84

$

19.45

$

18.18

$

18.07

$

28.45

$

18.07

Average shares outstanding - basic

61,311,068

61,280,283

61,194,254

61,036,797

60,985,096

61,206,093

61,062,657

Average shares outstanding - diluted

62,080,683

62,086,067

62,027,008

61,840,247

61,861,182

61,985,422

61,847,547

Ending shares outstanding

61,979,552

61,952,873

61,959,529

61,855,027

61,641,680

61,979,552

61,641,680

Total shareholders' equity

$

865,224

$

861,137

$

846,723

$

826,587

$

809,376

$

865,224

$

809,376

REGULATORY CAPITAL (1)

Preliminary

Preliminary

Common equity tier 1 capital

$

703,891

$

688,363

$

673,313

$

658,001

$

648,748

$

703,891

$

648,748

Common equity tier 1 capital ratio

10.46

%

10.20

%

10.07

%

10.16

%

10.28

%

10.46

%

10.28

%

Tier 1 capital

$

703,995

$

688,467

$

673,417

$

658,105

$

648,852

$

703,995

$

648,852

Tier 1 ratio

10.46

%

10.20

%

10.07

%

10.16

%

10.29

%

10.46

%

10.29

%

Total capital

$

881,158

$

865,248

$

849,303

$

831,924

$

822,431

$

881,158

$

822,431

Total capital ratio

13.10

%

12.82

%

12.70

%

12.84

%

13.04

%

13.10

%

13.04

%

Total capital in excess of minimum

  requirement

$

300,804

$

282,996

$

272,708

$

273,135

$

317,780

$

300,804

$

317,780

Total risk-weighted assets

$

6,728,737

$

6,750,750

$

6,685,158

$

6,478,716

$

6,308,139

$

6,728,737

$

6,308,139

Leverage ratio

8.59

%

8.45

%

8.38

%

8.27

%

8.33

%

8.59

%

8.33

%

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

10.25

%

10.29

%

10.19

%

10.09

%

9.93

%

10.25

%

9.93

%

Ending tangible shareholders' equity to ending tangible assets

7.96

%

7.97

%

7.85

%

7.71

%

7.53

%

7.96

%

7.53

%

Average shareholders' equity to average assets

10.33

%

10.29

%

10.21

%

10.12

%

10.29

%

10.24

%

10.73

%

Average tangible shareholders' equity to average tangible assets

8.01

%

7.96

%

7.83

%

7.71

%

7.83

%

7.89

%

8.13

%

REPURCHASE PROGRAM (2)

Shares repurchased

0

0

0

0

91,032

0

239,967

Average share repurchase price

N/A

N/A

N/A

N/A

$

18.85

N/A

$

18.75

Total cost of shares repurchased

N/A

N/A

N/A

N/A

$

1,716

N/A

$

4,499

(1) 2015 amounts and ratios are calculated under the Basel III standardized approach

(2) Represents share repurchases as part of publicly announced plans.

N/A = Not applicable

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bancorp-reports-fourth-quarter-and-full-year-2016-financial-results-and-announces-dividend-increase-300393825.html

SOURCE First Financial Bancorp.


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