First Financial Bancorp (FFBC) Tops Q3 EPS by 1c, Miss on Revenues

First Financial Bancorp (NASDAQ: FFBC) reported Q3 EPS of $0.39, $0.01 better than the analyst estimate of $0.38. Revenue for the quarter came in at $84.92 million versus the consensus estimate of $89.26 million.

Third quarter 2017 highlights include:

• Net income of $0.40 per diluted common share on a GAAP basis; $0.39 per diluted common on an adjusted basis as detailed on slide 6 of the accompanying slide presentation
• Net income increased $2.1 million, or 9.2%, compared to the linked quarter; $6.7 million, or 10.3%, year to date
• Net interest margin of 3.50% on a GAAP basis; margin increased 1 basis point to 3.57% on a fully tax equivalent basis
• Noninterest income increased $5.5 million, or 31.4%, compared to the linked quarter
  • Includes a $5.8 million gain from the early redemption of certain off balance sheet securitizations associated with the 2009 FDIC-assisted transactions
• Noninterest expense increased $2.9 million, or 5.6%, compared to the linked quarter
  • Includes $3.8 million of severance costs related to efficiency efforts as well as $0.8 million of merger-related expenses
• Period-end loans increased $103.3 million, or 7.0% on an annualized basis
• Average deposits increased $110.2 million, or 6.7% on an annualized basis
• Solid credit performance with lower classified and nonperforming asset balances

For earnings history and earnings-related data on First Financial Bancorp (FFBC) click here.

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