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

First Financial Bancorp (NASDAQ: FFBC) reported Q3 EPS of $0.58, $0.01 better than the analyst estimate of $0.57. Revenue for the quarter came in at $152.8 million versus the consensus estimate of $151.89 million.

• After adjustments(1) for merger related items:
  • Net income of $0.58 per diluted common share
  • 1.64% return on average assets
  • 20.83% return on average tangible common equity
• Total revenue of $152.8 million, as adjusted(1)
  • Net interest margin declined 3 basis points from the linked quarter to 4.12% on a fully tax equivalent basis(1)
  • Noninterest income increased $0.7 million to $29.3 million, as adjusted(1)
• Noninterest expenses of $85.4 million, or $78.0 million as adjusted(1)
  • Efficiency ratio of 56.13% for the third quarter; 51.06% as adjusted(1)
• Improved loan origination activity
  • Loan fundings increased 9% compared to the linked quarter
  • Origination commitments increased 15% compared to the linked quarter
• Stable credit performance with provision expense of $3.2 million; annualized net recoveries of 2 basis points as a percentage of average loans

Archie Brown, President and Chief Executive Officer, commented, "We are pleased with our third quarter performance as it demonstrates the earnings power of the Company. On an adjusted basis(1), earnings per share increased to $0.58 as our strong net interest margin, combined with improved efficiency, resulted in a top quartile return on assets and return on average tangible common equity."

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

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