First Financial Bancorp Announces Third Quarter 2018 Results

First Financial Bancorp Announces Third Quarter 2018 Results

PR Newswire

CINCINNATI, Oct. 18, 2018 /PRNewswire/ -- First Financial Bancorp. FFBC ("First Financial" or the "Company") announced financial results for the third quarter of 2018.

For the three months ended September 30, 2018, the Company reported net income of $50.7 million, or $0.51 per diluted common share.  These results compare to net income of $36.4 million, or $0.37 per diluted common share, for the second quarter of 2018 and $24.8 million, or $0.40 per diluted common share, for the third quarter of 2017.   Net income was negatively impacted during the quarter by $6.3 million of merger related items, which reduced earnings per diluted common share by $0.07.  For the nine months ended September 30, 2018, First Financial had earnings per diluted common share of $1.36 compared to $1.16 for the same period in 2017.

Return on average assets for the third quarter of 2018 was 1.45% while return on average tangible common equity was 18.52%.  These compare to a return on average assets of 1.05% and return on average tangible common equity of 13.75% in the second quarter of 2018 and a return on average assets of 1.13% and a return on average tangible common equity of 14.11% in the third quarter of 2017.  On an adjusted(1) basis, third quarter 2018 return on average assets was 1.64% and return on average tangible common equity was 20.83%.

Third quarter 2018 highlights include:

  • 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."

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

Mr. Brown continued, "We are encouraged with the increases in loan fundings and commitments, however lower than expected credit line utilization and elevated payoffs led to a slight decline in overall balances. During the quarter we added depth to our commercial banking and business banking teams in addition to wealth advisors and mortgage loan officers and are approaching planned staffing levels in our targeted growth markets. We are optimistic that these investments will contribute to our planned revenue growth in 2019."

Mr. Brown concluded, "Our strong earnings for the quarter led to further strengthening of our capital ratios with tangible common equity increasing to 8.53% and tangible book value per share increasing to $11.25. As a result, in July our Board of Directors elected to increase the common dividend from $0.19 to $0.20 per share, which was the second dividend increase in 2018."

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

Teleconference / Webcast Information

First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, October 19, 2018 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required).  The number should be dialed five to ten minutes prior to the start of the conference call.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com.  A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10124868.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com

Use of Non-GAAP Financial Measures

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

Forward-Looking Statement

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

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the possibility that any of the anticipated benefits of the Company's recent merger with MainSource Financial Group, Inc. will not be realized or will not be realized within the expected time period; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in the Form 10-K for the year ended December 31, 2017, as well as its 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 September 30, 2018, the Company had $13.8 billion in assets, $8.8 billion in loans, $9.8 billion in deposits and $2.0 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.8 billion in assets under management as of September 30, 2018.  The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operated 159 banking centers as of September 30, 2018, 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,



Nine months ended,



Sep. 30,



Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



Sep. 30,



2018



2018



2018



2017



2017



2018



2017

RESULTS OF OPERATIONS



























Net income

$

50,657





$

36,418





$

30,506





$

24,811





$

24,826





$

117,581





$

71,976



Net earnings per share - basic

$

0.52





$

0.37





$

0.49





$

0.40





$

0.40





$

1.37





$

1.17



Net earnings per share - diluted

$

0.51





$

0.37





$

0.49





$

0.40





$

0.40





$

1.36





$

1.16



Dividends declared per share

$

0.20





$

0.19





$

0.19





$

0.17





$

0.17





$

0.58





$

0.51































KEY FINANCIAL RATIOS



























Return on average assets

1.45

%



1.05

%



1.40

%



1.13

%



1.13

%



1.29

%



1.12

%

Return on average shareholders' equity

9.94

%



7.36

%



13.31

%



10.70

%



10.85

%



9.50

%



10.82

%

Return on average tangible shareholders' equity

18.52

%



13.75

%



17.18

%



13.85

%



14.11

%



16.42

%



14.16

%





























Net interest margin

4.06

%



4.10

%



3.80

%



3.75

%



3.50

%



4.01

%



3.54

%

Net interest margin (fully tax equivalent) (1)

4.12

%



4.15

%



3.84

%



3.82

%



3.57

%



4.06

%



3.61

%





























Ending shareholders' equity as a percent of ending assets

14.70

%



14.46

%



10.56

%



10.46

%



10.44

%



14.70

%



10.44

%

Ending tangible shareholders' equity as a percent of:



























Ending tangible assets

8.53

%



8.30

%



8.41

%



8.30

%



8.25

%



8.53

%



8.25

%

Risk-weighted assets

10.77

%



10.52

%



10.09

%



10.15

%



9.95

%



10.77

%



9.95

%





























Average shareholders' equity as a percent of average assets

14.62

%



14.33

%



10.53

%



10.54

%



10.42

%



13.54

%



10.38

%

Average tangible shareholders' equity as a percent of



























    average tangible assets

8.42

%



8.16

%



8.35

%



8.34

%



8.21

%



8.31

%



8.13

%





























Book value per share

$

20.79





$

20.56





$

15.11





$

14.99





$

14.74





$

20.79





$

14.74



Tangible book value per share

$

11.25





$

11.01





$

11.75





$

11.62





$

11.36





$

11.25





$

11.36































Common equity tier 1 ratio (2)

11.52

%



11.15

%



10.77

%



10.63

%



10.53

%



11.52

%



10.53

%

Tier 1 ratio (2)

11.93

%



11.55

%



10.77

%



10.63

%



10.53

%



11.93

%



10.53

%

Total capital ratio (2)

13.77

%



13.36

%



13.17

%



13.07

%



12.98

%



13.77

%



12.98

%

Leverage ratio (2)

9.41

%



9.06

%



9.00

%



8.84

%



8.74

%



9.41

%



8.74

%





























AVERAGE BALANCE SHEET ITEMS



























Loans (3)

$

8,848,710





$

8,933,400





$

6,016,492





$

5,952,290





$

5,902,053





$

7,943,242





$

5,809,998



FDIC indemnification asset









1,502





7,413





8,932





495





10,250



Investment securities

3,168,044





3,157,339





2,042,781





2,020,040





2,041,785





2,793,510





1,995,101



Interest-bearing deposits with other banks

39,873





29,261





27,073





25,357





37,199





32,116





32,812



  Total earning assets

$

12,056,627





$

12,120,000





$

8,087,848





$

8,005,100





$

7,989,969





$

10,769,363





$

7,848,161



Total assets

$

13,822,675





$

13,956,360





$

8,830,176





$

8,731,956





$

8,716,917





$

12,221,358





$

8,570,777



Noninterest-bearing deposits

$

2,388,976





$

2,421,230





$

1,570,572





$

1,637,228





$

1,510,032





$

2,129,924





$

1,507,748



Interest-bearing deposits

7,499,112





7,961,405





5,332,740





5,202,412





5,170,365





6,939,021





5,057,285



  Total deposits

$

9,888,088





$

10,382,635





$

6,903,312





$

6,839,640





$

6,680,397





$

9,068,945





$

6,565,033



Borrowings

$

1,748,415





$

1,408,024





$

866,848





$

842,211





$

999,818





$

1,344,325





$

987,874



Shareholders' equity

$

2,021,400





$

2,000,093





$

929,474





$

920,194





$

908,057





$

1,654,322





$

889,760































CREDIT QUALITY RATIOS

























Allowance to ending loans

0.65

%



0.61

%



0.89

%



0.90

%



0.91

%



0.65

%



0.91

%

Allowance to nonaccrual loans

136.22

%



133.65

%



179.57

%



224.32

%



181.07

%



136.22

%



181.07

%

Allowance to nonperforming loans

92.08

%



86.80

%



120.24

%



129.77

%



109.48

%



92.08

%



109.48

%

Nonperforming loans to total loans

0.71

%



0.70

%



0.74

%



0.69

%



0.83

%



0.71

%



0.83

%

Nonperforming assets to ending loans, plus OREO

0.73

%



0.72

%



0.76

%



0.74

%



0.89

%



0.73

%



0.89

%

Nonperforming assets to total assets

0.47

%



0.46

%



0.52

%



0.50

%



0.60

%



0.47

%



0.60

%

Classified assets to total assets

1.00

%



1.00

%



0.98

%



0.98

%



1.08

%



1.00

%



1.08

%

Net charge-offs to average loans (annualized)

(0.02)

%



0.18

%



0.13

%



0.02

%



0.22

%



0.09

%



0.17

%

 

(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 for 2018 and a 35% tax rate for 2017.  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) September 30, 2018 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,



Nine months ended,



Sep. 30,



Sep. 30,



2018



2017



% Change



2018



2017



% Change

Interest income























  Loans and leases, including fees

$

123,397





$

71,148





73.4

%



$

320,607





$

205,764





55.8

%

  Investment securities























     Taxable

21,801





13,150





65.8

%



56,315





37,356





50.8

%

     Tax-exempt

3,807





1,537





147.7

%



9,532





4,347





119.3

%

        Total investment securities interest

25,608





14,687





74.4

%



65,847





41,703





57.9

%

  Other earning assets

215





(917)





123.4

%



499





(2,932)





117.0

%

       Total interest income

149,220





84,918





75.7

%



386,953





244,535





58.2

%

























Interest expense























  Deposits

14,672





10,335





42.0

%



39,764





25,939





53.3

%

  Short-term borrowings

6,052





2,566





135.9

%



12,847





6,049





112.4

%

  Long-term borrowings

5,011





1,538





225.8

%



11,066





4,616





139.7

%

      Total interest expense

25,735





14,439





78.2

%



63,677





36,604





74.0

%

      Net interest income

123,485





70,479





75.2

%



323,276





207,931





55.5

%

  Provision for loan and lease losses

3,238





2,953





9.7

%



9,276





3,787





144.9

%

      Net interest income after provision for loan and lease losses

120,247





67,526





78.1

%



314,000





204,144





53.8

%

























Noninterest income























  Service charges on deposit accounts

10,316





5,169





99.6

%



24,923





14,585





70.9

%

  Trust and wealth management fees

3,728





3,324





12.2

%



11,379





10,476





8.6

%

  Bankcard income

5,261





3,272





60.8

%



13,998





9,908





41.3

%

  Client derivative fees

3,029





1,779





70.3

%



6,249





4,371





43.0

%

  Net gains from sales of loans

1,739





1,455





19.5

%



4,643





3,998





16.1

%

  Net gains (losses) on sale of investment securities

(167)





276





(160.5)

%



(197)





1,630





(112.1)

%

  Other

4,778





7,667





(37.7)

%



12,883





12,792





0.7

%

      Total noninterest income

28,684





22,942





25.0

%



73,878





57,760





27.9

%

























Noninterest expenses























  Salaries and employee benefits

50,852





33,827





50.3

%



137,485





97,121





41.6

%

  Net occupancy

6,765





4,328





56.3

%



17,893





13,145





36.1

%

  Furniture and equipment

4,072





2,161





88.4

%



11,410





6,474





76.2

%

  Data processing

4,502





3,455





30.3

%



22,478





10,254





119.2

%

  Marketing

2,502





649





285.5

%



5,947





2,141





177.8

%

  Communication

785





430





82.6

%



2,362





1,345





75.6

%

  Professional services

2,621





2,030





29.1

%



10,478





5,257





99.3

%

  State intangible tax

1,223





721





69.6

%



3,066





2,163





41.7

%

  FDIC assessments

734





1,051





(30.2)

%



2,951





3,001





(1.7)

%

  Loss (gain) - other real estate owned

538





237





127.0

%



332





423





(21.5)

%

  Other

10,821





5,554





94.8

%



26,056





15,720





65.8

%

      Total noninterest expenses

85,415





54,443





56.9

%



240,458





157,044





53.1

%

Income before income taxes

63,516





36,025





76.3

%



147,420





104,860





40.6

%

Income tax expense

12,859





11,199





14.8

%



29,839





32,884





(9.3)

%

      Net income

$

50,657





$

24,826





104.0

%



$

117,581





$

71,976





63.4

%

























ADDITIONAL DATA























Net earnings per share - basic

$

0.52





$

0.40









$

1.37





$

1.17







Net earnings per share - diluted

$

0.51





$

0.40









$

1.36





$

1.16







Dividends declared per share

$

0.20





$

0.17









$

0.58





$

0.51































Return on average assets

1.45

%



1.13

%







1.29

%



1.12

%





Return on average shareholders' equity

9.94

%



10.85

%







9.50

%



10.82

%





























Interest income

$

149,220





$

84,918





75.7

%



$

386,953





$

244,535





58.2

%

Tax equivalent adjustment

1,567





1,353





15.8

%



3,705





3,872





(4.3)

%

   Interest income - tax equivalent

150,787





86,271





74.8

%



390,658





248,407





57.3

%

Interest expense

25,735





14,439





78.2

%



63,677





36,604





74.0

%

   Net interest income - tax equivalent

$

125,052





$

71,832





74.1

%



$

326,981





$

211,803





54.4

%

























Net interest margin

4.06

%



3.50

%







4.01

%



3.54

%





Net interest margin (fully tax equivalent) (1)

4.12

%



3.57

%







4.06

%



3.61

%





























Full-time equivalent employees

2,028





1,363











































(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 for 2018 and a 35% tax rate for 2017. 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)























2018



Third



Second



First



Full



% Change



Quarter



Quarter



Quarter



Year



Linked Qtr.

Interest income



















  Loans and leases, including fees

$

123,397





$

122,290





$

74,920





$

320,607





0.9

%

  Investment securities



















     Taxable

21,801





20,844





13,670





56,315





4.6

%

     Tax-exempt

3,807





4,068





1,657





9,532





(6.4)

%

        Total investment securities interest

25,608





24,912





15,327





65,847





2.8

%

  Other earning assets

215





177





107





499





21.5

%

       Total interest income

149,220





147,379





90,354





386,953





1.2

%





















Interest expense



















  Deposits

14,672





14,794





10,298





39,764





(0.8)

%

  Short-term borrowings

6,052





4,132





2,663





12,847





46.5

%

  Long-term borrowings

5,011





4,474





1,581





11,066





12.0

%

      Total interest expense

25,735





23,400





14,542





63,677





10.0

%

      Net interest income

123,485





123,979





75,812





323,276





(0.4)

%

  Provision for loan and lease losses

3,238





3,735





2,303





9,276





(13.3)

%

      Net interest income after provision for loan and lease losses

120,247





120,244





73,509





314,000





0.0

%





















Noninterest income



















  Service charges on deposit accounts

10,316





9,568





5,039





24,923





7.8

%

  Trust and wealth management fees

3,728





3,697





3,954





11,379





0.8

%

  Bankcard income

5,261





5,343





3,394





13,998





(1.5)

%

  Client derivative fees

3,029





1,463





1,757





6,249





107.0

%

  Net gains from sales of loans

1,739





2,316





588





4,643





(24.9)

%

  Net gains (losses) on sale of investment securities

(167)





(30)





0





(197)





456.7

%

  Other

4,778





5,899





2,206





12,883





(19.0)

%

      Total noninterest income

28,684





28,256





16,938





73,878





1.5

%





















Noninterest expenses



















  Salaries and employee benefits

50,852





55,531





31,102





137,485





(8.4)

%

  Net occupancy

6,765





6,631





4,497





17,893





2.0

%

  Furniture and equipment

4,072





5,298





2,040





11,410





(23.1)

%

  Data processing

4,502





14,304





3,672





22,478





(68.5)

%

  Marketing

2,502





2,644





801





5,947





(5.4)

%

  Communication

785





1,118





459





2,362





(29.8)

%

  Professional services

2,621





5,659





2,198





10,478





(53.7)

%

  State intangible tax

1,223





1,078





765





3,066





13.5

%

  FDIC assessments

734





1,323





894





2,951





(44.5)

%

  Loss (gain) - other real estate owned

538





(283)





77





332





(290.1)

%

  Other

10,821





9,452





5,783





26,056





14.5

%

      Total noninterest expenses

85,415





102,755





52,288





240,458





(16.9)

%

Income before income taxes

63,516





45,745





38,159





147,420





38.8

%

Income tax expense

12,859





9,327





7,653





29,839





37.9

%

      Net income

$

50,657





$

36,418





$

30,506





$

117,581





39.1

%





















ADDITIONAL DATA



















Net earnings per share - basic

$

0.52





$

0.37





$

0.49





$

1.37







Net earnings per share - diluted

$

0.51





$

0.37





$

0.49





$

1.36







Dividends declared per share

$

0.20





$

0.19





$

0.19





$

0.58



























Return on average assets

1.45

%



1.05

%



1.40

%



1.29

%





Return on average shareholders' equity

9.94

%



7.36

%



13.31

%



9.50

%

























Interest income

$

149,220





$

147,379





$

90,354





$

386,953





1.2

%

Tax equivalent adjustment

1,567





1,420





718





3,705





10.4

%

   Interest income - tax equivalent

150,787





148,799





91,072





390,658





1.3

%

Interest expense

25,735





23,400





14,542





63,677





10.0

%

   Net interest income - tax equivalent

$

125,052





$

125,399





$

76,530





$

326,981





(0.3)

%





















Net interest margin

4.06

%



4.10

%



3.80

%



4.01

%





Net interest margin (fully tax equivalent) (1)

4.12

%



4.15

%



3.84

%



4.06

%

























Full-time equivalent employees

2,028





2,118





1,289































(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate for 2018 and a 35% tax rate for 2017.  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)























2017



Fourth



Third



Second



First



Full



Quarter



Quarter



Quarter



Quarter



Year

Interest income



















  Loans and leases, including fees

$

74,347





$

71,148





$

67,748





$

66,868





$

280,111



  Investment securities



















     Taxable

13,212





13,150





12,598





11,608





50,568



     Tax-exempt

1,571





1,537





1,457





1,353





5,918



        Total investment securities interest

14,783





14,687





14,055





12,961





56,486



  Other earning assets

(592)





(917)





(1,014)





(1,001)





(3,524)



       Total interest income

88,538





84,918





80,789





78,828





333,073























Interest expense



















  Deposits

9,243





10,335





8,679





6,925





35,182



  Short-term borrowings

2,144





2,566





2,051





1,432





8,193



  Long-term borrowings

1,537





1,538





1,539





1,539





6,153



      Total interest expense

12,924





14,439





12,269





9,896





49,528



      Net interest income

75,614





70,479





68,520





68,932





283,545



  Provision for loan and lease losses

(205)





2,953





467





367





3,582



      Net interest income after provision for loan and lease losses

75,819





67,526





68,053





68,565





279,963























Noninterest income



















  Service charges on deposit accounts

5,190





5,169





4,772





4,644





19,775



  Trust and wealth management fees

3,597





3,324





3,405





3,747





14,073



  Bankcard income

3,390





3,272





3,501





3,135





13,298



  Client derivative fees

2,047





1,779





1,489





1,103





6,418



  Net gains from sales of loans

1,171





1,455





1,327





1,216





5,169



  Net gains on sale of investment securities

19





276





838





516





1,649



  Other

2,968





7,667





2,122





3,003





15,760



      Total noninterest income

18,382





22,942





17,454





17,364





76,142























Noninterest expenses



















  Salaries and employee benefits

35,439





33,827





31,544





31,750





132,560



  Net occupancy

4,252





4,328





4,302





4,515





17,397



  Furniture and equipment

1,969





2,161





2,136





2,177





8,443



  Data processing

3,768





3,455





3,501





3,298





14,022



  Marketing

1,060





649





982





510





3,201



  Communication

474





430





468





447





1,819



  Professional services

9,766





2,030





1,469





1,758





15,023



  State intangible tax

492





721





721





721





2,655



  FDIC assessments

943





1,051





1,018





932





3,944



  Loss (gain) - other real estate owned

219





237





162





24





642



  Other

24,516





5,554





5,253





4,913





40,236



      Total noninterest expenses

82,898





54,443





51,556





51,045





239,942



Income before income taxes

11,303





36,025





33,951





34,884





116,163



Income tax expense (benefit)

(13,508)





11,199





11,215





10,470





19,376



      Net income

$

24,811





$

24,826





$

22,736





$

24,414





$

96,787























ADDITIONAL DATA



















Net earnings per share - basic

$

0.40





$

0.40





$

0.37





$

0.40





$

1.57



Net earnings per share - diluted

$

0.40





$

0.40





$

0.37





$

0.39





$

1.56



Dividends declared per share

$

0.17





$

0.17





$

0.17





$

0.17





$

0.68























Return on average assets

1.13

%



1.13

%



1.06

%



1.18

%



1.12

%

Return on average shareholders' equity

10.70

%



10.85

%



10.25

%



11.36

%



10.78

%





















Interest income

$

88,538





$

84,918





$

80,789





$

78,828





$

333,073



Tax equivalent adjustment

1,387





1,353





1,294





1,225





5,259



   Interest income - tax equivalent

89,925





86,271





82,083





80,053





338,332



Interest expense

12,924





14,439





12,269





9,896





49,528



   Net interest income - tax equivalent

$

77,001





$

71,832





$

69,814





$

70,157





$

288,804























Net interest margin

3.75

%



3.50

%



3.50

%



3.63

%



3.59

%

Net interest margin (fully tax equivalent) (1)

3.82

%



3.57

%



3.56

%



3.70

%



3.66

%





















Full-time equivalent employees

1,304





1,363





1,429





1,424



























(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 for 2018 and a 35% tax rate for 2017. 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)































Sep. 30,



Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



% Change



% Change



2018



2018



2018



2017



2017



Linked Qtr.



Comparable Qtr.

ASSETS



























     Cash and due from banks

$

193,288





$

216,667





$

116,581





$

150,650





$

117,840





(10.8)

%



64.0

%

     Interest-bearing deposits with other banks

28,989





37,915





10,200





33,974





34,787





(23.5)

%



(16.7)

%

     Investment securities available-for-sale

2,626,726





2,654,909





1,359,381





1,349,408





1,286,770





(1.1)

%



104.1

%

     Investment securities held-to-maturity

434,369





443,957





633,722





654,008





669,816





(2.2)

%



(35.2)

%

     Other investments

115,757





95,004





53,070





53,140





53,198





21.8

%



117.6

%

     Loans held for sale

13,277





15,821





8,048





11,502





16,466





(16.1)

%



(19.4)

%

     Loans and leases



























       Commercial and industrial

2,426,590





2,440,596





1,943,741





1,912,743





1,886,093





(0.6)

%



28.7

%

       Lease financing

95,317





96,198





81,617





89,347





86,014





(0.9)

%



10.8

%

       Construction real estate

565,077





555,468





494,665





467,730





420,941





1.7

%



34.2

%

       Commercial real estate

3,868,143





3,888,993





2,544,051





2,490,091





2,523,387





(0.5)

%



53.3

%

       Residential real estate

932,962





918,904





468,584





471,391





477,964





1.5

%



95.2

%

       Home equity

816,133





835,031





483,643





493,604





494,342





(2.3)

%



65.1

%

       Installment

97,413





100,726





39,248





41,586





43,650





(3.3)

%



123.2

%

       Credit card

45,741





48,665





46,472





46,691





44,646





(6.0)

%



2.5

%

          Total loans

8,847,376





8,884,581





6,102,021





6,013,183





5,977,037





(0.4)

%



48.0

%

       Less:



























          Allowance for loan and lease losses

57,715





54,076





54,380





54,021





54,534





6.7

%



5.8

%

                Net loans

8,789,661





8,830,505





6,047,641





5,959,162





5,922,503





(0.5)

%



48.4

%

     Premises and equipment

219,940





223,950





127,046





125,036





126,790





(1.8)

%



73.5

%

     Goodwill and other intangibles

934,360





934,656





209,053





209,379





209,730





0.0

%



345.5

%

     Accrued interest and other assets

486,300





466,783





333,687





350,664





323,789





4.2

%



50.2

%

       Total Assets

$

13,842,667





$

13,920,167





$

8,898,429





$

8,896,923





$

8,761,689





(0.6)

%



58.0

%





























LIABILITIES



























     Deposits



























       Interest-bearing demand

$

2,284,271





$

2,440,088





$

1,442,399





$

1,453,463





$

1,518,011





(6.4)

%



50.5

%

       Savings

3,134,944





3,087,683





2,450,196





2,462,420





2,434,086





1.5

%



28.8

%

       Time

1,957,574





2,104,044





1,545,273





1,317,105





1,188,597





(7.0)

%



64.7

%

          Total interest-bearing deposits

7,376,789





7,631,815





5,437,868





5,232,988





5,140,694





(3.3)

%



43.5

%

       Noninterest-bearing

2,375,845





2,471,932





1,572,636





1,662,058





1,585,396





(3.9)

%



49.9

%

          Total deposits

9,752,634





10,103,747





7,010,504





6,895,046





6,726,090





(3.5)

%



45.0

%

     Federal funds purchased and securities sold



























         under agreements to repurchase

123,452





88,070





56,732





72,265





45,532





40.2

%



171.1

%

     FHLB short-term borrowings

1,170,800





1,100,233





601,600





742,300





818,200





6.4

%



43.1

%

          Total short-term borrowings

1,294,252





1,188,303





658,332





814,565





863,732





8.9

%



49.8

%

     Long-term debt

570,037





469,423





169,695





119,654





119,615





21.4

%



376.6

%

          Total borrowed funds

1,864,289





1,657,726





828,027





934,219





983,347





12.5

%



89.6

%

     Accrued interest and other liabilities

190,224





145,757





119,913





136,994





137,298





30.5

%



38.5

%

       Total Liabilities

11,807,147





11,907,230





7,958,444





7,966,259





7,846,735





(0.8)

%



50.5

%





























SHAREHOLDERS' EQUITY



























     Common stock

1,633,828





1,632,572





571,457





573,109





571,750





0.1

%



185.8

%

     Retained earnings

564,545





533,319





515,498





491,847





477,588





5.9

%



18.2

%

     Accumulated other comprehensive loss

(52,897)





(43,008)





(34,683)





(20,390)





(20,379)





23.0

%



159.6

%

     Treasury stock, at cost

(109,956)





(109,946)





(112,287)





(113,902)





(114,005)





0.0

%



(3.6)

%

       Total Shareholders' Equity

2,035,520





2,012,937





939,985





930,664





914,954





1.1

%



122.5

%

       Total Liabilities and Shareholders' Equity

$

13,842,667





$

13,920,167





$

8,898,429





$

8,896,923





$

8,761,689





(0.6)

%



58.0

%





























 

 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)















Quarterly Averages



Year-to-Date Averages



Sep. 30,



Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



September 30,



2018



2018



2018



2017



2017



2018



2017

ASSETS



























     Cash and due from banks

$

199,843





$

224,824





$

116,095





$

121,792





$

111,984





$

180,561





$

114,595



     Federal funds sold

0





786





0





0





0





262





0



     Interest-bearing deposits with other banks

39,873





28,475





27,073





25,357





37,199





31,854





32,812



     Investment securities

3,168,044





3,157,339





2,042,781





2,020,040





2,041,785





2,793,510





1,995,101



     Loans held for sale

15,270





14,462





9,171





12,572





12,705





12,990





10,041



     Loans and leases



























       Commercial and industrial

2,392,229





2,421,244





1,897,726





1,857,546





1,843,677





2,238,878





1,801,899



       Lease financing

94,030





94,431





86,755





84,635





85,649





91,765





87,345



       Construction real estate

570,125





577,883





483,930





449,195





408,373





544,295





423,355



       Commercial real estate

3,887,748





3,923,784





2,495,604





2,487,149





2,497,170





3,440,811





2,435,569



       Residential real estate

918,361





929,667





468,855





477,454





489,508





773,941





492,514



       Home equity

822,834





825,236





487,073





494,804





473,988





712,944





465,465



       Installment

99,907





99,896





40,409





42,283





45,911





80,289





49,285



       Credit card

48,206





46,797





46,969





46,652





45,072





47,329





44,525



          Total loans

8,833,440





8,918,938





6,007,321





5,939,718





5,889,348





7,930,252





5,799,957



       Less:



























          Allowance for loan and lease losses

55,877





55,318





55,016





55,279





55,326





55,407





57,044



                Net loans

8,777,563





8,863,620





5,952,305





5,884,439





5,834,022





7,874,845





5,742,913



     Premises and equipment

222,718





230,475





126,016





126,310





128,539





193,424





130,845



     Goodwill and other intangibles

935,930





937,457





209,244





209,571





209,933





696,872





210,218



     Accrued interest and other assets

463,434





498,922





347,491





331,875





340,750





437,040





334,252



       Total Assets

$

13,822,675





$

13,956,360





$

8,830,176





$

8,731,956





$

8,716,917





$

12,221,358





$

8,570,777































LIABILITIES



























     Deposits



























       Interest-bearing demand

$

2,334,305





$

2,573,150





$

1,415,603





$

1,502,245





$

1,494,367





$

2,111,051





$

1,487,363



       Savings

3,149,871





3,196,059





2,450,697





2,518,771





2,494,592





2,934,770





2,377,072



       Time

2,014,936





2,192,196





1,466,440





1,181,396





1,181,406





1,893,200





1,192,850



          Total interest-bearing deposits

7,499,112





7,961,405





5,332,740





5,202,412





5,170,365





6,939,021





5,057,285



       Noninterest-bearing

2,388,976





2,421,230





1,570,572





1,637,228





1,510,032





2,129,924





1,507,748



          Total deposits

9,888,088





10,382,635





6,903,312





6,839,640





6,680,397





9,068,945





6,565,033



     Federal funds purchased and securities sold



























          under agreements to repurchase

112,308





97,708





72,865





57,131





71,315





94,438





74,024



     FHLB short-term borrowings

1,076,106





818,909





667,641





660,859





808,842





855,715





794,211



          Total short-term borrowings

1,188,414





916,617





740,506





717,990





880,157





950,153





868,235



     Long-term debt

560,001





491,407





126,342





124,221





119,661





394,172





119,639



       Total borrowed funds

1,748,415





1,408,024





866,848





842,211





999,818





1,344,325





987,874



     Accrued interest and other liabilities

164,772





165,608





130,542





129,911





128,645





153,766





128,110



       Total Liabilities

11,801,275





11,956,267





7,900,702





7,811,762





7,808,860





10,567,036





7,681,017































SHAREHOLDERS' EQUITY



























     Common stock

1,633,129





1,632,569





572,915





572,392





570,216





1,283,421





569,643



     Retained earnings

542,835





517,548





503,140





483,554





470,591





521,320





456,552



     Accumulated other comprehensive loss

(44,505)





(39,117)





(33,285)





(21,740)





(19,940)





(39,010)





(23,613)



     Treasury stock, at cost

(110,059)





(110,907)





(113,296)





(114,012)





(112,810)





(111,409)





(112,822)



       Total Shareholders' Equity

2,021,400





2,000,093





929,474





920,194





908,057





1,654,322





889,760



       Total Liabilities and Shareholders' Equity

$

13,822,675





$

13,956,360





$

8,830,176





$

8,731,956





$

8,716,917





$

12,221,358





$

8,570,777































 

 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)















 Quarterly Averages



Year-to-Date Averages





September 30, 2018



June 30, 2018



September 30, 2017



September 30, 2018



September 30, 2017





Balance



Yield



Balance



Yield



Balance



Yield



Balance



Yield



Balance



Yield

Earning assets









































    Investments:









































      Investment securities



$

3,168,044





3.21

%



$

3,157,339





3.16

%



$

2,041,785





2.85

%



$

2,793,510





3.15

%



$

1,995,101





2.79

%

      Interest-bearing deposits with other banks



39,873





2.14

%



29,261





2.43

%



37,199





1.28

%



32,116





2.08

%



32,812





1.05

%

    Gross loans (1)



8,848,710





5.53

%



8,933,400





5.49

%



5,910,985





4.71

%



7,943,737





5.40

%



5,820,248





4.65

%

       Total earning assets



12,056,627





4.91

%



12,120,000





4.88

%



7,989,969





4.22

%



10,769,363





4.80

%



7,848,161





4.17

%











































Nonearning assets









































    Allowance for loan and lease losses



(55,877)









(55,318)









(55,326)









(55,407)









(57,044)







    Cash and due from banks



199,843









224,824









111,984









180,561









114,595







    Accrued interest and other assets



1,622,082









1,666,854









670,290









1,326,841









665,065







       Total assets



$

13,822,675









$

13,956,360









$

8,716,917









$

12,221,358









$

8,570,777

















































Interest-bearing liabilities









































    Deposits:









































      Interest-bearing demand



$

2,334,305





0.34

%



$

2,573,150





0.36

%



$

1,494,367





0.33

%



$

2,111,051





0.36

%



$

1,487,363





0.27

%

      Savings



3,149,871





0.59

%



3,196,059





0.54

%



2,494,592





0.82

%



2,934,770





0.58

%



2,377,072





0.67

%

      Time



2,014,936





1.58

%



2,192,196





1.50

%



1,181,406





1.32

%



1,893,200





1.51

%



1,192,850





1.24

%

    Total interest-bearing deposits



7,499,112





0.78

%



7,961,405





0.75

%



5,170,365





0.79

%



6,939,021





0.77

%



5,057,285





0.69

%

    Borrowed funds









































      Short-term borrowings



1,188,414





2.02

%



916,617





1.81

%



880,157





1.16

%



950,153





1.81

%



868,235





0.93

%

      Long-term debt



560,001





3.55

%



491,407





3.65

%



119,661





5.10

%



394,172





3.75

%



119,639





5.16

%

        Total borrowed funds



1,748,415





2.51

%



1,408,024





2.45

%



999,818





1.63

%



1,344,325





2.38

%



987,874





1.44

%

       Total interest-bearing liabilities



9,247,527





1.10

%



9,369,429





1.00

%



6,170,183





0.93

%



8,283,346





1.03

%



6,045,159





0.81

%











































Noninterest-bearing liabilities









































    Noninterest-bearing demand deposits



2,388,976









2,421,230









1,510,032









2,129,924









1,507,748







    Other liabilities



164,772









165,608









128,645









153,766









128,110







    Shareholders' equity



2,021,400









2,000,093









908,057









1,654,322









889,760







       Total liabilities & shareholders' equity



$

13,822,675









$

13,956,360









$

8,716,917









$

12,221,358









$

8,570,777

















































Net interest income



$

123,485









$

123,979









$

70,479









$

323,276









$

207,931







Net interest spread







3.81

%







3.88

%







3.29

%







3.77

%







3.36

%

Net interest margin







4.06

%







4.10

%







3.50

%







4.01

%







3.54

%











































Tax equivalent adjustment







0.06

%







0.05

%







0.07

%







0.05

%







0.07

%

Net interest margin (fully tax equivalent)







4.12

%







4.15

%







3.57

%







4.06

%







3.61

%





















































































(1) Loans held for sale, nonaccrual 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



$

332





$

364





$

696





$

1,817





$

9,104





$

10,921





$

5,324





$

18,820





$

24,144



    Interest-bearing deposits with other banks



(21)





59





38





81





14





95





253





(11)





242



    Gross loans (2)



934





173





1,107





12,319





40,967





53,286





32,329





85,703





118,032



       Total earning assets



1,245





596





1,841





14,217





50,085





64,302





37,906





104,512





142,418









































Interest-bearing liabilities





































    Total interest-bearing deposits



$

613





$

(735)





$

(122)





$

(219)





$

4,556





$

4,337





$

3,042





$

10,783





$

13,825



    Borrowed funds





































    Short-term borrowings



485





1,435





1,920





1,916





1,570





3,486





5,690





1,108





6,798



    Long-term debt



(125)





662





537





(467)





3,940





3,473





(1,257)





7,707





6,450



       Total borrowed funds



360





2,097





2,457





1,449





5,510





6,959





4,433





8,815





13,248



       Total interest-bearing liabilities



973





1,362





2,335





1,230





10,066





11,296





7,475





19,598





27,073



          Net interest income (1)



$

272





$

(766)





$

(494)





$

12,987





$

40,019





$

53,006





$

30,431





$

84,914





$

115,345















































































(1) Not tax equivalent.





































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









 



 

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)



















































Nine months ended,



Sep. 30,



Jun. 30,



Mar. 31,



Dec. 31,



Sep. 30,



Sep. 30,



Sep. 30,



2018



2018



2018



2017



2017



2018



2017

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY





















Balance at beginning of period

$

54,076





$

54,380





$

54,021





$

54,534





$

54,873





$

54,021





$

57,961



  Provision for loan and lease losses

3,238





3,735





2,303





(205)





2,953





9,276





3,787



  Gross charge-offs



























    Commercial and industrial

232





4,356





885





1,264





4,122





5,473





8,930



    Construction real estate

0





0





0





1





0





0





0



    Commercial real estate

902





78





2,176





10





58





3,156





1,028



    Residential real estate

145





101





96





128





23





342





307



    Home equity

351





385





242





278





71





978





635



    Installment

43





218





16





26





24





277





199



    Credit card

390





684





254





209





201





1,328





648



      Total gross charge-offs

2,063





5,822





3,669





1,916





4,499





11,554





11,747



  Recoveries



























    Commercial and industrial

627





518





436





370





325





1,581





1,280



    Lease financing

0





1





0





0





0





1





1



    Construction real estate

146





0





0





0





0





146





89



    Commercial real estate

786





887





752





480





585





2,425





2,239



    Residential real estate

71





70





26





77





70





167





138



    Home equity

419





187





429





589





110





1,035





438



    Installment

351





82





48





46





74





481





188



    Credit card

64





38





34





46





43





136





160



      Total recoveries

2,464





1,783





1,725





1,608





1,207





5,972





4,533



  Total net charge-offs

(401)





4,039





1,944





308





3,292





5,582





7,214



Ending allowance for loan and lease losses

$

57,715





$

54,076





$

54,380





$

54,021





$

54,534





$

57,715





$

54,534































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





















  Commercial and industrial

(0.07)

%



0.64

%



0.10

%



0.19

%



0.82

%



0.23

%



0.57

%

  Lease financing

0.00

%



0.00

%



0.00

%



0.00

%



0.00

%



0.00

%



0.00

%

  Construction real estate

(0.10)

%



0.00

%



0.00

%



0.00

%



0.00

%



(0.04)

%



(0.03)

%

  Commercial real estate

0.01

%



(0.08)

%



0.23

%



(0.07)

%



(0.08)

%



0.03

%



(0.07)

%

  Residential real estate

0.03

%



0.01

%



0.06

%



0.04

%



(0.04)

%



0.03

%



0.05

%

  Home equity

(0.03)

%



0.10

%



(0.16)

%



(0.25)

%



(0.03)

%



(0.01)

%



0.06

%

  Installment

(1.22)

%



0.55

%



(0.32)

%



(0.19)

%



(0.43)

%



(0.34)

%



0.03

%

  Credit card

2.68

%



5.54

%



1.90

%



1.39

%



1.39

%



3.37

%



1.47

%

     Total net charge-offs

(0.02)

%



0.18

%



0.13

%



0.02

%



0.22

%



0.09

%



0.17

%





























COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS





  Nonaccrual loans (1)



























    Commercial and industrial

$

4,310





$

3,448





$

6,275





$

5,229





$

9,026





$

4,310





$

9,026



    Lease financing

0





0





0





82





87





0





87



    Construction real estate

10





24





26





29





824





10





824



    Commercial real estate

20,338





21,593





16,878





10,616





12,244





20,338





12,244



    Residential real estate

11,365





9,278





3,324





4,140





4,333





11,365





4,333



    Home equity

6,018





5,820





3,484





3,743





3,364





6,018





3,364



    Installment

327





299





296





243





240





327





240



      Nonaccrual loans

42,368





40,462





30,283





24,082





30,118





42,368





30,118



  Accruing troubled debt restructurings (TDRs)

20,313





21,839





14,943





17,545





19,692





20,313





19,692



     Total nonperforming loans

62,681





62,301





45,226





41,627





49,810





62,681





49,810



  Other real estate owned (OREO)

1,918





1,853





1,065





2,781





3,116





1,918





3,116



     Total nonperforming assets

64,599





64,154





46,291





44,408





52,926





64,599





52,926



  Accruing loans past due 90 days or more

144





327





529





61





84





144





84



     Total underperforming assets

$

64,743





$

64,481





$

46,820





$

44,469





$

53,010





$

64,743





$

53,010



Total classified assets

$

138,868





$

139,317





$

87,577





$

87,293





$

94,320





$

138,868





$

94,320































CREDIT QUALITY RATIOS





















Allowance for loan and lease losses to



























     Nonaccrual loans

136.22

%



133.65

%



179.57

%



224.32

%



181.07

%



136.22

%



181.07

%

     Nonperforming loans

92.08

%



86.80

%



120.24

%



129.77

%



109.48

%



92.08

%



109.48

%

     Total ending loans

0.65

%



0.61

%



0.89

%



0.90

%



0.91

%



0.65

%



0.91

%

Nonperforming loans to total loans

0.71

%



0.70

%



0.74

%



0.69

%



0.83

%



0.71

%



0.83

%

Nonperforming assets to



























     Ending loans, plus OREO

0.73

%



0.72

%



0.76

%



0.74

%



0.89

%



0.73

%



0.89

%

     Total assets

0.47

%



0.46

%



0.52

%



0.50

%



0.60

%



0.47

%



0.60

%

Nonperforming assets, excluding accruing TDRs to



























     Ending loans, plus OREO

0.50

%



0.48

%



0.51

%



0.45

%



0.56

%



0.50

%



0.56

%

     Total assets

0.32

%



0.30

%



0.35

%



0.30

%



0.38

%



0.32

%



0.38

%

Classified assets to total assets

1.00

%



1.00

%



0.98

%



0.98

%



1.08

%



1.00

%



1.08

%





























(1)  Nonaccrual loans include nonaccrual TDRs of $4.7 million, $5.9 million, $6.0 million, $6.4 million, and $9.1 million, as of September 30, 2018, June 30, 2018, March 31, 2018, December 31, 2017, and September 30, 2017, respectively.











 

 



FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)























Nine months ended,



Sep. 30,



June 30,



Mar. 31,



Dec. 31,



Sep. 30,



Sep. 30,



Sep. 30,



2018



2018



2018



2017



2017



2018



2017

PER COMMON SHARE



























Market Price



























  High

$

32.35





$

33.55





$

29.35





$

29.15





$

28.50





$

33.55





$

28.95



  Low

$

29.40





$

28.10





$

26.40





$

25.30





$

23.10





$

26.40





$

23.10



  Close

$

29.70





$

30.65





$

29.35





$

26.35





$

26.15





$

29.70





$

26.15































Average shares outstanding - basic

97,411,201





97,347,533





61,654,686





61,595,629





61,577,619





85,602,116





61,507,160



Average shares outstanding - diluted

98,484,228





98,432,072





62,180,744





62,131,840





62,189,637





86,639,927





62,185,874



Ending shares outstanding

97,914,526





97,904,897





62,213,823





62,069,087





62,061,465





97,914,526





62,061,465































Total shareholders' equity

$

2,035,520





$

2,012,937





$

939,985





$

930,664





$

914,954





$

2,035,520





$

914,954































REGULATORY CAPITAL

Preliminary



















Preliminary





Common equity tier 1 capital

$

1,177,630





$

1,142,718





$

779,491





$

755,735





$

746,730





$

1,177,630





$

746,730



Common equity tier 1 capital ratio

11.52

%



11.15

%



10.77

%



10.63

%



10.53

%



11.52

%



10.53

%

Tier 1 capital

$

1,219,383





$

1,184,471





$

779,595





$

755,839





$

746,834





$

1,219,383





$

746,834



Tier 1 ratio

11.93

%



11.55

%



10.77

%



10.63

%



10.53

%



11.93

%



10.53

%

Total capital

$

1,407,252





$

1,369,231





$

953,243





$

929,148





$

920,642





$

1,407,252





$

920,642



Total capital ratio

13.77

%



13.36

%



13.17

%



13.07

%



12.98

%



13.77

%



12.98

%

Total capital in excess of minimum



























  requirement

$

397,783





$

356,930





$

238,221





$

271,600





$

264,751





$

397,783





$

264,751



Total risk-weighted assets

$

10,222,466





$

10,251,147





$

7,240,731





$

7,108,629





$

7,090,714





$

10,222,466





$

7,090,714



Leverage ratio

9.41

%



9.06

%



9.00

%



8.84

%



8.74

%



9.41

%



8.74

%





























OTHER CAPITAL RATIOS



























Ending shareholders' equity to ending assets

14.70

%



14.46

%



10.56

%



10.46

%



10.44

%



14.70

%



10.44

%

Ending tangible shareholders' equity to ending tangible assets

8.53

%



8.30

%



8.41

%



8.30

%



8.25

%



8.53

%



8.25

%

Average shareholders' equity to average assets

14.62

%



14.33

%



10.53

%



10.54

%



10.42

%



13.54

%



10.38

%

Average tangible shareholders' equity to average tangible assets

8.42

%



8.16

%



8.35

%



8.34

%



8.21

%



8.31

%



8.13

%





























 

 

Cision View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-third-quarter-2018-results-300733909.html

SOURCE First Financial Bancorp.

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