First Financial Bancorp. Reports Third Quarter 2016 Financial Results
Year to date Earnings Increased 18% Compared to 2015
CINCINNATI, Oct. 20, 2016 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the third quarter 2016. For the three months ended September 30, 2016, the Company reported net income of $22.9 million, or $0.37 per diluted common share. These results compare to net income of $22.6 million, or $0.36 per diluted common share, for the second quarter of 2016 and $18.7 million, or $0.30 per diluted common share, for the third quarter of 2015. For the nine months ended September 30, 2016, First Financial had earnings per diluted common share of $1.05 compared to $0.89 for the same period in 2015.
Return on average assets for the third quarter of 2016 was 1.09% while return on average tangible common equity was 14.08%. These compare to a return on average assets of 1.11% and return on average tangible common equity of 14.49% in the second quarter of 2016 and a return on average assets of 0.97% and a return on average tangible common equity of 12.33% in the third quarter of 2015.
Third quarter 2016 highlights include:
- Loans increased $88.3 million, or 6.2% on an annualized basis, from the linked quarter
- Stable net interest margin of 3.61%; 3.66% on a fully tax equivalent basis
- Provision expense declined $2.4 million consistent with stable credit quality
- Noninterest income included $0.4 million of gains on sales of investment securities
- Noninterest expense included $0.8 million of severance costs, $0.2 million of gains related to branch consolidation activities and a $0.2 million legal recovery
- Efficiency ratio of 59.6%
- Effective tax rate of 30.7% included seasonal adjustments
Claude Davis, Chief Executive Officer, commented, "We are extremely pleased with another quarter of solid results, which produced our 104th consecutive quarter of profitability. Solid demand in our metropolitan markets resulted in annualized loan growth of 6.2% for the quarter. Net interest margin remained stable and our third quarter results reflect continued discipline in managing expenses as well as a steady credit environment."
"As we look to close 2016 on a positive note, we will focus on continuing the momentum generated through the first three quarters and delivering on our stated goals of top quartile performance and being a premier business bank."
This release announcing our third quarter financial results includes an accompanying slide presentation. Management intends to make reference to the accompanying slides during the earnings conference call on Friday, October 21, 2016.
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 21, 2016 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 Website
This 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 September 30, 2016, the Company had $8.4 billion in assets, $5.8 billion in loans, $6.3 billion in deposits and $861.1 million in shareholders' equity. The Company's subsidiary, First Financial Bank, N.A., 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 September 30, 2016. The Company's primary operating markets are located in Ohio, Indiana and Kentucky where it operates 101 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 Statement
This 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, | Nine months ended, | ||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | ||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||
RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Net income | $ | 22,850 | $ | 22,568 | $ | 19,814 | $ | 19,820 | $ | 18,673 | $ | 65,232 | $ | 55,243 | |||||||||||||
Net earnings per share - basic | $ | 0.37 | $ | 0.37 | $ | 0.32 | $ | 0.33 | $ | 0.31 | $ | 1.07 | $ | 0.90 | |||||||||||||
Net earnings per share - diluted | $ | 0.37 | $ | 0.36 | $ | 0.32 | $ | 0.32 | $ | 0.30 | $ | 1.05 | $ | 0.89 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.48 | $ | 0.48 | |||||||||||||
KEY FINANCIAL RATIOS | |||||||||||||||||||||||||||
Return on average assets | 1.09 | % | 1.11 | % | 0.98 | % | 0.99 | % | 0.97 | % | 1.06 | % | 1.00 | % | |||||||||||||
Return on average shareholders' equity | 10.62 | % | 10.84 | % | 9.70 | % | 9.62 | % | 9.12 | % | 10.39 | % | 9.23 | % | |||||||||||||
Return on average tangible shareholders' equity | 14.08 | % | 14.49 | % | 13.06 | % | 12.98 | % | 12.33 | % | 13.88 | % | 12.54 | % | |||||||||||||
Net interest margin | 3.61 | % | 3.61 | % | 3.62 | % | 3.63 | % | 3.61 | % | 3.61 | % | 3.59 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.66 | % | 3.67 | % | 3.68 | % | 3.69 | % | 3.67 | % | 3.67 | % | 3.65 | % | |||||||||||||
Ending shareholders' equity as a percent of ending assets | 10.29 | % | 10.19 | % | 10.09 | % | 9.93 | % | 10.32 | % | 10.29 | % | 10.32 | % | |||||||||||||
Ending tangible shareholders' equity as a percent of: | |||||||||||||||||||||||||||
Ending tangible assets | 7.97 | % | 7.85 | % | 7.71 | % | 7.53 | % | 7.84 | % | 7.97 | % | 7.84 | % | |||||||||||||
Risk-weighted assets | 9.63 | % | 9.51 | % | 9.49 | % | 9.47 | % | 9.90 | % | 9.63 | % | 9.90 | % | |||||||||||||
Average shareholders' equity as a percent of average assets | 10.29 | % | 10.21 | % | 10.12 | % | 10.29 | % | 10.67 | % | 10.21 | % | 10.89 | % | |||||||||||||
Average tangible shareholders' equity as a percent of | |||||||||||||||||||||||||||
average tangible assets | 7.96 | % | 7.83 | % | 7.71 | % | 7.83 | % | 8.12 | % | 7.84 | % | 8.25 | % | |||||||||||||
Book value per share | $ | 13.90 | $ | 13.67 | $ | 13.36 | $ | 13.13 | $ | 13.17 | $ | 13.90 | $ | 13.17 | |||||||||||||
Tangible book value per share | $ | 10.50 | $ | 10.26 | $ | 9.94 | $ | 9.69 | $ | 9.74 | $ | 10.50 | $ | 9.74 | |||||||||||||
Common equity tier 1 ratio (2) | 10.20 | % | 10.07 | % | 10.16 | % | 10.28 | % | 10.51 | % | 10.20 | % | 10.51 | % | |||||||||||||
Tier 1 ratio (2) | 10.20 | % | 10.07 | % | 10.16 | % | 10.29 | % | 10.52 | % | 10.20 | % | 10.52 | % | |||||||||||||
Total capital ratio (2) | 12.82 | % | 12.70 | % | 12.84 | % | 13.04 | % | 13.37 | % | 12.82 | % | 13.37 | % | |||||||||||||
Leverage ratio (2) | 8.45 | % | 8.38 | % | 8.27 | % | 8.33 | % | 8.58 | % | 8.45 | % | 8.58 | % | |||||||||||||
AVERAGE BALANCE SHEET ITEMS | |||||||||||||||||||||||||||
Loans (3) | $ | 5,743,773 | $ | 5,569,080 | $ | 5,417,812 | $ | 5,248,465 | $ | 5,032,708 | $ | 5,577,497 | $ | 4,866,577 | |||||||||||||
FDIC indemnification asset | 14,031 | 15,404 | 17,138 | 18,437 | 19,848 | 15,519 | 20,893 | ||||||||||||||||||||
Investment securities | 1,811,240 | 1,869,540 | 1,938,772 | 1,934,173 | 1,848,083 | 1,872,958 | 1,798,143 | ||||||||||||||||||||
Interest-bearing deposits with other banks | 22,116 | 21,687 | 24,291 | 18,920 | 37,468 | 22,696 | 26,287 | ||||||||||||||||||||
Total earning assets | $ | 7,591,160 | $ | 7,475,711 | $ | 7,398,013 | $ | 7,219,995 | $ | 6,938,107 | $ | 7,488,670 | $ | 6,711,900 | |||||||||||||
Total assets | $ | 8,322,156 | $ | 8,203,837 | $ | 8,118,945 | $ | 7,950,278 | $ | 7,611,389 | $ | 8,215,370 | $ | 7,353,698 | |||||||||||||
Noninterest-bearing deposits | $ | 1,453,842 | $ | 1,441,068 | $ | 1,386,768 | $ | 1,402,283 | $ | 1,344,049 | $ | 1,427,323 | $ | 1,318,746 | |||||||||||||
Interest-bearing deposits | 4,746,887 | 4,867,439 | 4,749,253 | 4,845,056 | 4,615,886 | 4,787,710 | 4,475,485 | ||||||||||||||||||||
Total deposits | $ | 6,200,729 | $ | 6,308,507 | $ | 6,136,021 | $ | 6,247,339 | $ | 5,959,935 | $ | 6,215,033 | $ | 5,794,231 | |||||||||||||
Borrowings | $ | 1,153,042 | $ | 965,951 | $ | 1,065,739 | $ | 763,408 | $ | 746,706 | $ | 1,061,911 | $ | 675,185 | |||||||||||||
Shareholders' equity | $ | 856,296 | $ | 837,412 | $ | 821,588 | $ | 817,756 | $ | 812,396 | $ | 838,497 | $ | 800,589 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||||||||||||
Allowance to ending loans | 1.00 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | 1.00 | % | 1.02 | % | |||||||||||||
Allowance to nonaccrual loans | 314.84 | % | 254.56 | % | 244.16 | % | 190.73 | % | 149.33 | % | 314.84 | % | 149.33 | % | |||||||||||||
Allowance to nonperforming loans | 114.17 | % | 112.74 | % | 103.07 | % | 93.89 | % | 95.34 | % | 114.17 | % | 95.34 | % | |||||||||||||
Nonperforming loans to total loans | 0.87 | % | 0.88 | % | 0.95 | % | 1.06 | % | 1.07 | % | 0.87 | % | 1.07 | % | |||||||||||||
Nonperforming assets to ending loans, plus OREO | 1.00 | % | 1.04 | % | 1.16 | % | 1.30 | % | 1.36 | % | 1.00 | % | 1.36 | % | |||||||||||||
Nonperforming assets to total assets | 0.69 | % | 0.72 | % | 0.78 | % | 0.86 | % | 0.90 | % | 0.69 | % | 0.90 | % | |||||||||||||
Net charge-offs to average loans (annualized) | 0.05 | % | 0.08 | % | 0.10 | % | 0.14 | % | 0.17 | % | 0.08 | % | 0.20 | % | |||||||||||||
(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) September 30, 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, | Nine months ended, | ||||||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||
Interest income | |||||||||||||||||||||
Loans, including fees | $ | 66,997 | $ | 58,694 | 14.1 | % | $ | 194,820 | $ | 167,744 | 16.1 | % | |||||||||
Investment securities | |||||||||||||||||||||
Taxable | 10,326 | 9,986 | 3.4 | % | 32,405 | 28,875 | 12.2 | % | |||||||||||||
Tax-exempt | 1,083 | 1,163 | (6.9)% | 3,401 | 3,419 | (0.5)% | |||||||||||||||
Total investment securities interest | 11,409 | 11,149 | 2.3 | % | 35,806 | 32,294 | 10.9 | % | |||||||||||||
Other earning assets | (1,081) | (1,168) | 7.4 | % | (3,323) | (3,511) | (5.4)% | ||||||||||||||
Total interest income | 77,325 | 68,675 | 12.6 | % | 227,303 | 196,527 | 15.7 | % | |||||||||||||
Interest expense | |||||||||||||||||||||
Deposits | 5,600 | 4,861 | 15.2 | % | 16,587 | 14,302 | 16.0 | % | |||||||||||||
Short-term borrowings | 1,368 | 374 | 265.8 | % | 3,591 | 930 | 286.1 | % | |||||||||||||
Long-term borrowings | 1,539 | 281 | 447.7 | % | 4,620 | 876 | 427.4 | % | |||||||||||||
Total interest expense | 8,507 | 5,516 | 54.2 | % | 24,798 | 16,108 | 53.9 | % | |||||||||||||
Net interest income | 68,818 | 63,159 | 9.0 | % | 202,505 | 180,419 | 12.2 | % | |||||||||||||
Provision for loan and lease losses | 1,687 | 2,647 | (36.3)% | 7,379 | 7,777 | (5.1)% | |||||||||||||||
Net interest income after provision for loan and lease losses | 67,131 | 60,512 | 10.9 | % | 195,126 | 172,642 | 13.0 | % | |||||||||||||
Noninterest income | |||||||||||||||||||||
Service charges on deposit accounts | 5,056 | 4,934 | 2.5 | % | 13,892 | 14,260 | (2.6)% | ||||||||||||||
Trust and wealth management fees | 3,236 | 3,134 | 3.3 | % | 9,959 | 10,042 | (0.8)% | ||||||||||||||
Bankcard income | 2,984 | 2,909 | 2.6 | % | 8,996 | 8,501 | 5.8 | % | |||||||||||||
Client derivative fees | 1,210 | 1,604 | (24.6)% | 4,104 | 3,444 | 19.2 | % | ||||||||||||||
Net gains from sales of loans | 2,066 | 1,758 | 17.5 | % | 5,093 | 5,146 | (1.0)% | ||||||||||||||
Net gains on sale of investment securities | 398 | 409 | (2.7)% | 234 | 1,503 | (84.4)% | |||||||||||||||
FDIC loss sharing income | (638) | (973) | (34.4)% | (1,144) | (2,323) | (50.8)% | |||||||||||||||
Accelerated discount on covered / formerly covered loans | 491 | 3,820 | (87.1)% | 2,653 | 10,006 | (73.5)% | |||||||||||||||
Other | 2,146 | 2,760 | (22.2)% | 8,868 | 8,804 | 0.7 | % | ||||||||||||||
Total noninterest income | 16,949 | 20,355 | (16.7)% | 52,655 | 59,383 | (11.3)% | |||||||||||||||
Noninterest expenses | |||||||||||||||||||||
Salaries and employee benefits | 32,093 | 27,768 | 15.6 | % | 91,234 | 82,160 | 11.0 | % | |||||||||||||
Net occupancy | 4,543 | 4,510 | 0.7 | % | 13,991 | 13,895 | 0.7 | % | |||||||||||||
Furniture and equipment | 2,139 | 2,165 | (1.2)% | 6,482 | 6,537 | (0.8)% | |||||||||||||||
Data processing | 2,828 | 2,591 | 9.1 | % | 8,311 | 8,020 | 3.6 | % | |||||||||||||
Marketing | 641 | 810 | (20.9)% | 2,507 | 2,671 | (6.1)% | |||||||||||||||
Communication | 527 | 531 | (0.8)% | 1,485 | 1,659 | (10.5)% | |||||||||||||||
Professional services | 1,460 | 4,092 | (64.3)% | 4,572 | 7,789 | (41.3)% | |||||||||||||||
State intangible tax | 639 | 579 | 10.4 | % | 1,917 | 1,733 | 10.6 | % | |||||||||||||
FDIC assessments | 1,048 | 1,103 | (5.0)% | 3,292 | 3,307 | (0.5)% | |||||||||||||||
Loss (gain) - other real estate owned | (112) | 196 | (157.1)% | (259) | 1,089 | (123.8)% | |||||||||||||||
Loss sharing expense | 270 | 574 | (53.0)% | 555 | 1,451 | (61.8)% | |||||||||||||||
Other | 5,029 | 8,073 | (37.7)% | 17,151 | 19,535 | (12.2)% | |||||||||||||||
Total noninterest expenses | 51,105 | 52,992 | (3.6)% | 151,238 | 149,846 | 0.9 | % | ||||||||||||||
Income before income taxes | 32,975 | 27,875 | 18.3 | % | 96,543 | 82,179 | 17.5 | % | |||||||||||||
Income tax expense | 10,125 | 9,202 | 10.0 | % | 31,311 | 26,936 | 16.2 | % | |||||||||||||
Net income | $ | 22,850 | $ | 18,673 | 22.4 | % | $ | 65,232 | $ | 55,243 | 18.1 | % | |||||||||
ADDITIONAL DATA | |||||||||||||||||||||
Net earnings per share - basic | $ | 0.37 | $ | 0.31 | $ | 1.07 | $ | 0.90 | |||||||||||||
Net earnings per share - diluted | $ | 0.37 | $ | 0.30 | $ | 1.05 | $ | 0.89 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.48 | $ | 0.48 | |||||||||||||
Return on average assets | 1.09 | % | 0.97 | % | 1.06 | % | 1.00 | % | |||||||||||||
Return on average shareholders' equity | 10.62 | % | 9.12 | % | 10.39 | % | 9.23 | % | |||||||||||||
Interest income | $ | 77,325 | $ | 68,675 | 12.6 | % | $ | 227,303 | $ | 196,527 | 15.7 | % | |||||||||
Tax equivalent adjustment | 1,028 | 1,000 | 2.8 | % | 3,138 | 2,971 | 5.6 | % | |||||||||||||
Interest income - tax equivalent | 78,353 | 69,675 | 12.5 | % | 230,441 | 199,498 | 15.5 | % | |||||||||||||
Interest expense | 8,507 | 5,516 | 54.2 | % | 24,798 | 16,108 | 53.9 | % | |||||||||||||
Net interest income - tax equivalent | $ | 69,846 | $ | 64,159 | 8.9 | % | $ | 205,643 | $ | 183,390 | 12.1 | % | |||||||||
Net interest margin | 3.61 | % | 3.61 | % | 3.61 | % | 3.59 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.66 | % | 3.67 | % | 3.67 | % | 3.65 | % | |||||||||||||
Full-time equivalent employees | 1,402 | 1,394 | |||||||||||||||||||
(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 | ||||||||||||||||||
Third | Second | First | Full | % Change | ||||||||||||||
Quarter | Quarter | Quarter | Year | Linked Qtr. | ||||||||||||||
Interest income | ||||||||||||||||||
Loans, including fees | $ | 66,997 | $ | 64,424 | $ | 63,399 | $ | 194,820 | 4.0 | % | ||||||||
Investment securities | ||||||||||||||||||
Taxable | 10,326 | 10,706 | 11,373 | 32,405 | (3.5)% | |||||||||||||
Tax-exempt | 1,083 | 1,156 | 1,162 | 3,401 | (6.3)% | |||||||||||||
Total investment securities interest | 11,409 | 11,862 | 12,535 | 35,806 | (3.8)% | |||||||||||||
Other earning assets | (1,081) | (1,103) | (1,139) | (3,323) | 2.0 | % | ||||||||||||
Total interest income | 77,325 | 75,183 | 74,795 | 227,303 | 2.8 | % | ||||||||||||
Interest expense | ||||||||||||||||||
Deposits | 5,600 | 5,457 | 5,530 | 16,587 | 2.6 | % | ||||||||||||
Short-term borrowings | 1,368 | 1,053 | 1,170 | 3,591 | 29.9 | % | ||||||||||||
Long-term borrowings | 1,539 | 1,541 | 1,540 | 4,620 | (0.1)% | |||||||||||||
Total interest expense | 8,507 | 8,051 | 8,240 | 24,798 | 5.7 | % | ||||||||||||
Net interest income | 68,818 | 67,132 | 66,555 | 202,505 | 2.5 | % | ||||||||||||
Provision for loan and lease losses | 1,687 | 4,037 | 1,655 | 7,379 | (58.2)% | |||||||||||||
Net interest income after provision for loan and lease losses | 67,131 | 63,095 | 64,900 | 195,126 | 6.4 | % | ||||||||||||
Noninterest income | ||||||||||||||||||
Service charges on deposit accounts | 5,056 | 4,455 | 4,381 | 13,892 | 13.5 | % | ||||||||||||
Trust and wealth management fees | 3,236 | 3,283 | 3,440 | 9,959 | (1.4)% | |||||||||||||
Bankcard income | 2,984 | 3,130 | 2,882 | 8,996 | (4.7)% | |||||||||||||
Client derivative fees | 1,210 | 1,799 | 1,095 | 4,104 | (32.7)% | |||||||||||||
Net gains from sales of loans | 2,066 | 1,846 | 1,181 | 5,093 | 11.9 | % | ||||||||||||
Net gains on sale of investment securities | 398 | (188) | 24 | 234 | (311.7)% | |||||||||||||
FDIC loss sharing income | (638) | 59 | (565) | (1,144) | N/M | |||||||||||||
Accelerated discount on covered / formerly covered loans | 491 | 1,191 | 971 | 2,653 | (58.8)% | |||||||||||||
Other | 2,146 | 4,619 | 2,103 | 8,868 | (53.5)% | |||||||||||||
Total noninterest income | 16,949 | 20,194 | 15,512 | 52,655 | (16.1)% | |||||||||||||
Noninterest expenses | ||||||||||||||||||
Salaries and employee benefits | 32,093 | 29,526 | 29,615 | 91,234 | 8.7 | % | ||||||||||||
Net occupancy | 4,543 | 4,491 | 4,957 | 13,991 | 1.2 | % | ||||||||||||
Furniture and equipment | 2,139 | 2,130 | 2,213 | 6,482 | 0.4 | % | ||||||||||||
Data processing | 2,828 | 2,765 | 2,718 | 8,311 | 2.3 | % | ||||||||||||
Marketing | 641 | 801 | 1,065 | 2,507 | (20.0)% | |||||||||||||
Communication | 527 | 477 | 481 | 1,485 | 10.5 | % | ||||||||||||
Professional services | 1,460 | 1,299 | 1,813 | 4,572 | 12.4 | % | ||||||||||||
State intangible tax | 639 | 639 | 639 | 1,917 | 0.0 | % | ||||||||||||
FDIC assessments | 1,048 | 1,112 | 1,132 | 3,292 | (5.8)% | |||||||||||||
Loss (gain) - other real estate owned | (112) | 43 | (190) | (259) | (360.5)% | |||||||||||||
Loss sharing expense | 270 | (12) | 297 | 555 | N/M | |||||||||||||
Other | 5,029 | 6,142 | 5,980 | 17,151 | (18.1)% | |||||||||||||
Total noninterest expenses | 51,105 | 49,413 | 50,720 | 151,238 | 3.4 | % | ||||||||||||
Income before income taxes | 32,975 | 33,876 | 29,692 | 96,543 | (2.7)% | |||||||||||||
Income tax expense | 10,125 | 11,308 | 9,878 | 31,311 | (10.5)% | |||||||||||||
Net income | $ | 22,850 | $ | 22,568 | $ | 19,814 | $ | 65,232 | 1.2 | % | ||||||||
ADDITIONAL DATA | ||||||||||||||||||
Net earnings per share - basic | $ | 0.37 | $ | 0.37 | $ | 0.32 | $ | 1.07 | ||||||||||
Net earnings per share - diluted | $ | 0.37 | $ | 0.36 | $ | 0.32 | $ | 1.05 | ||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.48 | ||||||||||
Return on average assets | 1.09 | % | 1.11 | % | 0.98 | % | 1.06 | % | ||||||||||
Return on average shareholders' equity | 10.62 | % | 10.84 | % | 9.70 | % | 10.39 | % | ||||||||||
Interest income | $ | 77,325 | $ | 75,183 | $ | 74,795 | $ | 227,303 | 2.8 | % | ||||||||
Tax equivalent adjustment | 1,028 | 1,058 | 1,052 | 3,138 | (2.8)% | |||||||||||||
Interest income - tax equivalent | 78,353 | 76,241 | 75,847 | 230,441 | 2.8 | % | ||||||||||||
Interest expense | 8,507 | 8,051 | 8,240 | 24,798 | 5.7 | % | ||||||||||||
Net interest income - tax equivalent | $ | 69,846 | $ | 68,190 | $ | 67,607 | $ | 205,643 | 2.4 | % | ||||||||
Net interest margin | 3.61 | % | 3.61 | % | 3.62 | % | 3.61 | % | ||||||||||
Net interest margin (fully tax equivalent) (1) | 3.66 | % | 3.67 | % | 3.68 | % | 3.67 | % | ||||||||||
Full-time equivalent employees | 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. | ||||||||||||||||||
N/M = Not meaningful. | ||||||||||||||||||
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) | |||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | % Change | % Change | |||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | Linked Qtr. | Comparable Qtr. | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and due from banks | $ | 117,982 | $ | 106,174 | $ | 102,675 | $ | 114,841 | $ | 112,298 | 11.1 | % | 5.1 | % | |||||||||||
Interest-bearing deposits with other banks | 16,765 | 18,911 | 15,582 | 33,734 | 24,191 | (11.3)% | (30.7)% | ||||||||||||||||||
Investment securities available-for-sale | 1,120,494 | 1,114,349 | 1,164,319 | 1,190,642 | 1,069,667 | 0.6 | % | 4.8 | % | ||||||||||||||||
Investment securities held-to-maturity | 628,497 | 670,111 | 702,315 | 726,259 | 756,035 | (6.2)% | (16.9)% | ||||||||||||||||||
Other investments | 51,170 | 51,261 | 53,255 | 53,725 | 53,431 | (0.2)% | (4.2)% | ||||||||||||||||||
Loans held for sale | 17,414 | 10,494 | 15,369 | 20,957 | 26,287 | 65.9 | % | (33.8)% | |||||||||||||||||
Loans and leases | |||||||||||||||||||||||||
Commercial and industrial | 1,782,782 | 1,794,533 | 1,744,732 | 1,663,102 | 1,637,467 | (0.7)% | 8.9 | % | |||||||||||||||||
Lease financing | 96,046 | 100,263 | 101,135 | 93,986 | 82,679 | (4.2)% | 16.2 | % | |||||||||||||||||
Construction - real estate | 380,349 | 374,949 | 341,453 | 311,712 | 276,240 | 1.4 | % | 37.7 | % | ||||||||||||||||
Commercial - real estate | 2,468,083 | 2,363,456 | 2,261,857 | 2,258,297 | 2,169,662 | 4.4 | % | 13.8 | % | ||||||||||||||||
Residential - real estate | 507,715 | 512,800 | 508,512 | 512,311 | 506,653 | (1.0)% | 0.2 | % | |||||||||||||||||
Home equity | 463,702 | 467,549 | 466,010 | 466,629 | 463,629 | (0.8)% | 0.0 | % | |||||||||||||||||
Installment | 47,825 | 46,917 | 41,627 | 41,506 | 39,974 | 1.9 | % | 19.6 | % | ||||||||||||||||
Credit card | 43,009 | 40,746 | 39,283 | 41,217 | 39,759 | 5.6 | % | 8.2 | % | ||||||||||||||||
Total loans | 5,789,511 | 5,701,213 | 5,504,609 | 5,388,760 | 5,216,063 | 1.5 | % | 11.0 | % | ||||||||||||||||
Less | |||||||||||||||||||||||||
Allowance for loan and lease losses | 57,618 | 56,708 | 53,732 | 53,398 | 53,332 | 1.6 | % | 8.0 | % | ||||||||||||||||
Net loans | 5,731,893 | 5,644,505 | 5,450,877 | 5,335,362 | 5,162,731 | 1.5 | % | 11.0 | % | ||||||||||||||||
Premises and equipment | 132,082 | 133,969 | 138,036 | 136,603 | 139,020 | (1.4)% | (5.0)% | ||||||||||||||||||
Goodwill and other intangibles | 210,888 | 211,199 | 211,533 | 211,865 | 211,732 | (0.1)% | (0.4)% | ||||||||||||||||||
FDIC indemnification asset | 13,287 | 14,504 | 16,256 | 17,630 | 18,931 | (8.4)% | (29.8)% | ||||||||||||||||||
Accrued interest and other assets | 328,009 | 334,625 | 323,337 | 305,793 | 306,210 | (2.0)% | 7.1 | % | |||||||||||||||||
Total Assets | $ | 8,368,481 | $ | 8,310,102 | $ | 8,193,554 | $ | 8,147,411 | $ | 7,880,533 | 0.7 | % | 6.2 | % | |||||||||||
LIABILITIES | |||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||
Interest-bearing demand | $ | 1,494,529 | $ | 1,436,078 | $ | 1,430,963 | $ | 1,414,291 | $ | 1,330,673 | 4.1 | % | 12.3 | % | |||||||||||
Savings | 2,005,407 | 1,974,449 | 1,922,892 | 1,945,805 | 1,979,627 | 1.6 | % | 1.3 | % | ||||||||||||||||
Time | 1,346,736 | 1,279,934 | 1,414,313 | 1,406,124 | 1,440,223 | 5.2 | % | (6.5)% | |||||||||||||||||
Total interest-bearing deposits | 4,846,672 | 4,690,461 | 4,768,168 | 4,766,220 | 4,750,523 | 3.3 | % | 2.0 | % | ||||||||||||||||
Noninterest-bearing | 1,492,011 | 1,429,163 | 1,408,609 | 1,413,404 | 1,330,905 | 4.4 | % | 12.1 | % | ||||||||||||||||
Total deposits | 6,338,683 | 6,119,624 | 6,176,777 | 6,179,624 | 6,081,428 | 3.6 | % | 4.2 | % | ||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||
under agreements to repurchase | 77,936 | 80,084 | 75,499 | 89,325 | 62,317 | (2.7)% | 25.1 | % | |||||||||||||||||
FHLB short-term borrowings | 848,300 | 1,035,000 | 894,400 | 849,100 | 701,200 | (18.0)% | 21.0 | % | |||||||||||||||||
Total short-term borrowings | 926,236 | 1,115,084 | 969,899 | 938,425 | 763,517 | (16.9)% | 21.3 | % | |||||||||||||||||
Long-term debt | 119,549 | 119,596 | 119,556 | 119,540 | 119,515 | 0.0 | % | 0.0 | % | ||||||||||||||||
Total borrowed funds | 1,045,785 | 1,234,680 | 1,089,455 | 1,057,965 | 883,032 | (15.3)% | 18.4 | % | |||||||||||||||||
Accrued interest and other liabilities | 122,876 | 109,075 | 100,735 | 100,446 | 103,061 | 12.7 | % | 19.2 | % | ||||||||||||||||
Total Liabilities | 7,507,344 | 7,463,379 | 7,366,967 | 7,338,035 | 7,067,521 | 0.6 | % | 6.2 | % | ||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock | 569,199 | 567,687 | 567,497 | 571,155 | 570,025 | 0.3 | % | (0.1)% | |||||||||||||||||
Retained earnings | 423,800 | 410,893 | 398,224 | 388,240 | 378,258 | 3.1 | % | 12.0 | % | ||||||||||||||||
Accumulated other comprehensive loss | (17,522) | (17,688) | (23,209) | (30,580) | (17,219) | (0.9)% | 1.8 | % | |||||||||||||||||
Treasury stock, at cost | (114,340) | (114,169) | (115,925) | (119,439) | (118,052) | 0.1 | % | (3.1)% | |||||||||||||||||
Total Shareholders' Equity | 861,137 | 846,723 | 826,587 | 809,376 | 813,012 | 1.7 | % | 5.9 | % | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 8,368,481 | $ | 8,310,102 | $ | 8,193,554 | $ | 8,147,411 | $ | 7,880,533 | 0.7 | % | 6.2 | % | |||||||||||
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, | ||||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and due from banks | $ | 116,441 | $ | 121,426 | $ | 117,782 | $ | 119,881 | $ | 114,279 | $ | 118,542 | $ | 113,720 | |||||||||||||
Interest-bearing deposits with other banks | 22,116 | 21,687 | 24,291 | 18,920 | 37,468 | 22,696 | 26,287 | ||||||||||||||||||||
Investment securities | 1,811,240 | 1,869,540 | 1,938,772 | 1,934,173 | 1,848,083 | 1,872,958 | 1,798,143 | ||||||||||||||||||||
Loans held for sale | 11,197 | 11,752 | 13,216 | 18,677 | 15,185 | 12,052 | 11,052 | ||||||||||||||||||||
Loans and leases | |||||||||||||||||||||||||||
Commercial and industrial | 1,786,461 | 1,752,237 | 1,657,279 | 1,612,485 | 1,464,508 | 1,732,191 | 1,361,861 | ||||||||||||||||||||
Lease financing | 96,518 | 100,103 | 94,935 | 89,200 | 83,300 | 97,183 | 81,333 | ||||||||||||||||||||
Construction - real estate | 380,894 | 348,100 | 322,600 | 295,574 | 259,972 | 350,642 | 234,052 | ||||||||||||||||||||
Commercial - real estate | 2,400,308 | 2,294,980 | 2,270,686 | 2,180,015 | 2,164,917 | 2,322,277 | 2,137,397 | ||||||||||||||||||||
Residential - real estate | 512,341 | 510,262 | 509,422 | 505,208 | 500,544 | 510,681 | 498,130 | ||||||||||||||||||||
Home equity | 466,062 | 466,170 | 466,722 | 465,131 | 462,283 | 466,317 | 459,942 | ||||||||||||||||||||
Installment | 47,428 | 44,438 | 41,698 | 41,148 | 42,008 | 44,532 | 43,580 | ||||||||||||||||||||
Credit card | 42,564 | 41,038 | 41,254 | 41,027 | 39,991 | 41,622 | 39,230 | ||||||||||||||||||||
Total loans | 5,732,576 | 5,557,328 | 5,404,596 | 5,229,788 | 5,017,523 | 5,565,445 | 4,855,525 | ||||||||||||||||||||
Less | |||||||||||||||||||||||||||
Allowance for loan and lease losses | 58,284 | 55,504 | 54,882 | 53,731 | 54,398 | 56,231 | 54,239 | ||||||||||||||||||||
Net loans | 5,674,292 | 5,501,824 | 5,349,714 | 5,176,057 | 4,963,125 | 5,509,214 | 4,801,286 | ||||||||||||||||||||
Premises and equipment | 133,360 | 137,927 | 138,377 | 138,689 | 139,457 | 136,543 | 140,236 | ||||||||||||||||||||
Goodwill and other intangibles | 211,029 | 211,363 | 211,707 | 211,722 | 179,333 | 211,365 | 156,964 | ||||||||||||||||||||
FDIC indemnification asset | 14,031 | 15,404 | 17,138 | 18,437 | 19,848 | 15,519 | 20,893 | ||||||||||||||||||||
Accrued interest and other assets | 328,450 | 312,914 | 307,948 | 313,722 | 294,611 | 316,481 | 285,117 | ||||||||||||||||||||
Total Assets | $ | 8,322,156 | $ | 8,203,837 | $ | 8,118,945 | $ | 7,950,278 | $ | 7,611,389 | $ | 8,215,370 | $ | 7,353,698 | |||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,447,226 | $ | 1,483,025 | $ | 1,391,591 | $ | 1,423,915 | $ | 1,230,621 | $ | 1,440,638 | $ | 1,209,291 | |||||||||||||
Savings | 2,015,602 | 2,042,188 | 1,938,206 | 2,005,100 | 2,015,373 | 1,998,727 | 1,960,443 | ||||||||||||||||||||
Time | 1,284,059 | 1,342,226 | 1,419,456 | 1,416,041 | 1,369,892 | 1,348,345 | 1,305,751 | ||||||||||||||||||||
Total interest-bearing deposits | 4,746,887 | 4,867,439 | 4,749,253 | 4,845,056 | 4,615,886 | 4,787,710 | 4,475,485 | ||||||||||||||||||||
Noninterest-bearing | 1,453,842 | 1,441,068 | 1,386,768 | 1,402,283 | 1,344,049 | 1,427,323 | 1,318,746 | ||||||||||||||||||||
Total deposits | 6,200,729 | 6,308,507 | 6,136,021 | 6,247,339 | 5,959,935 | 6,215,033 | 5,794,231 | ||||||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||||
under agreements to repurchase | 87,343 | 86,457 | 89,349 | 79,354 | 68,505 | 87,715 | 71,114 | ||||||||||||||||||||
FHLB short-term borrowings | 946,096 | 759,919 | 856,837 | 564,522 | 606,618 | 854,619 | 548,426 | ||||||||||||||||||||
Total short-term borrowings | 1,033,439 | 846,376 | 946,186 | 643,876 | 675,123 | 942,334 | 619,540 | ||||||||||||||||||||
Long-term debt | 119,603 | 119,575 | 119,553 | 119,532 | 71,583 | 119,577 | 55,645 | ||||||||||||||||||||
Total borrowed funds | 1,153,042 | 965,951 | 1,065,739 | 763,408 | 746,706 | 1,061,911 | 675,185 | ||||||||||||||||||||
Accrued interest and other liabilities | 112,089 | 91,967 | 95,597 | 121,775 | 92,352 | 99,929 | 83,693 | ||||||||||||||||||||
Total Liabilities | 7,465,860 | 7,366,425 | 7,297,357 | 7,132,522 | 6,798,993 | 7,376,873 | 6,553,109 | ||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||
Common stock | 568,203 | 567,682 | 570,558 | 570,510 | 570,723 | 568,812 | 571,899 | ||||||||||||||||||||
Retained earnings | 419,901 | 406,788 | 395,756 | 385,295 | 378,160 | 407,527 | 366,700 | ||||||||||||||||||||
Accumulated other comprehensive loss | (17,701) | (21,901) | (26,165) | (18,962) | (19,725) | (21,907) | (19,375) | ||||||||||||||||||||
Treasury stock, at cost | (114,107) | (115,157) | (118,561) | (119,087) | (116,762) | (115,935) | (118,635) | ||||||||||||||||||||
Total Shareholders' Equity | 856,296 | 837,412 | 821,588 | 817,756 | 812,396 | 838,497 | 800,589 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 8,322,156 | $ | 8,203,837 | $ | 8,118,945 | $ | 7,950,278 | $ | 7,611,389 | $ | 8,215,370 | $ | 7,353,698 | |||||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Quarterly Averages | Year-to-Date Averages | ||||||||||||||||||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | ||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Investment securities | $ | 1,811,240 | 2.50 | % | $ | 1,869,540 | 2.54 | % | $ | 1,848,083 | 2.39 | % | $ | 1,872,958 | 2.56 | % | $ | 1,798,143 | 2.40 | % | |||||||||||||||
Interest-bearing deposits with other banks | 22,116 | 0.54 | % | 21,687 | 0.50 | % | 37,468 | 0.25 | % | 22,696 | 0.52 | % | 26,287 | 0.26 | % | ||||||||||||||||||||
Gross loans (2) | 5,757,804 | 4.54 | % | 5,584,484 | 4.55 | % | 5,052,556 | 4.52 | % | 5,593,016 | 4.58 | % | 4,887,470 | 4.49 | % | ||||||||||||||||||||
Total earning assets | 7,591,160 | 4.04 | % | 7,475,711 | 4.03 | % | 6,938,107 | 3.93 | % | 7,488,670 | 4.06 | % | 6,711,900 | 3.91 | % | ||||||||||||||||||||
Nonearning assets | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (58,284) | (55,504) | (54,398) | (56,231) | (54,239) | ||||||||||||||||||||||||||||||
Cash and due from banks | 116,441 | 121,426 | 114,279 | 118,542 | 113,720 | ||||||||||||||||||||||||||||||
Accrued interest and other assets | 672,839 | 662,204 | 613,401 | 664,389 | 582,317 | ||||||||||||||||||||||||||||||
Total assets | $ | 8,322,156 | $ | 8,203,837 | $ | 7,611,389 | $ | 8,215,370 | $ | 7,353,698 | |||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,447,226 | 0.15 | % | $ | 1,483,025 | 0.13 | % | $ | 1,230,621 | 0.09 | % | $ | 1,440,638 | 0.14 | % | $ | 1,209,291 | 0.08 | % | |||||||||||||||
Savings | 2,015,602 | 0.27 | % | 2,042,188 | 0.25 | % | 2,015,373 | 0.19 | % | 1,998,727 | 0.26 | % | 1,960,443 | 0.22 | % | ||||||||||||||||||||
Time | 1,284,059 | 1.14 | % | 1,342,226 | 1.10 | % | 1,369,892 | 1.05 | % | 1,348,345 | 1.10 | % | 1,305,751 | 1.07 | % | ||||||||||||||||||||
Total interest-bearing deposits | 4,746,887 | 0.47 | % | 4,867,439 | 0.45 | % | 4,615,886 | 0.42 | % | 4,787,710 | 0.46 | % | 4,475,485 | 0.43 | % | ||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 1,033,439 | 0.53 | % | 846,376 | 0.50 | % | 675,123 | 0.22 | % | 942,334 | 0.51 | % | 619,540 | 0.20 | % | ||||||||||||||||||||
Long-term debt | 119,603 | 5.11 | % | 119,575 | 5.17 | % | 71,583 | 1.56 | % | 119,577 | 5.17 | % | 55,645 | 2.10 | % | ||||||||||||||||||||
Total borrowed funds | 1,153,042 | 1.00 | % | 965,951 | 1.08 | % | 746,706 | 0.35 | % | 1,061,911 | 1.03 | % | 675,185 | 0.36 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 5,899,929 | 0.57 | % | 5,833,390 | 0.55 | % | 5,362,592 | 0.41 | % | 5,849,621 | 0.57 | % | 5,150,670 | 0.42 | % | ||||||||||||||||||||
Noninterest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 1,453,842 | 1,441,068 | 1,344,049 | 1,427,323 | 1,318,746 | ||||||||||||||||||||||||||||||
Other liabilities | 112,089 | 91,967 | 92,352 | 99,929 | 83,693 | ||||||||||||||||||||||||||||||
Shareholders' equity | 856,296 | 837,412 | 812,396 | 838,497 | 800,589 | ||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 8,322,156 | $ | 8,203,837 | $ | 7,611,389 | $ | 8,215,370 | $ | 7,353,698 | |||||||||||||||||||||||||
Net interest income (1) | $ | 68,818 | $ | 67,132 | $ | 63,159 | $ | 202,505 | $ | 180,419 | |||||||||||||||||||||||||
Net interest spread (1) | 3.47 | % | 3.48 | % | 3.52 | % | 3.49 | % | 3.49 | % | |||||||||||||||||||||||||
Net interest margin (1) | 3.61 | % | 3.61 | % | 3.61 | % | 3.61 | % | 3.59 | % | |||||||||||||||||||||||||
(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 | $ | (214) | $ | (239) | $ | (453) | $ | 492 | $ | (232) | $ | 260 | $ | 2,082 | $ | 1,430 | $ | 3,512 | ||||||||||||||||||
Interest-bearing deposits with other banks | 2 | 1 | 3 | 27 | (21) | 6 | 52 | (14) | 38 | |||||||||||||||||||||||||||
Gross loans (2) | (86) | 2,678 | 2,592 | 314 | 8,070 | 8,384 | 3,080 | 24,146 | 27,226 | |||||||||||||||||||||||||||
Total earning assets | (298) | 2,440 | 2,142 | 833 | 7,817 | 8,650 | 5,214 | 25,562 | 30,776 | |||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 223 | $ | (80) | $ | 143 | $ | 584 | $ | 155 | $ | 739 | $ | 1,203 | $ | 1,082 | $ | 2,285 | ||||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 55 | 260 | 315 | 520 | 474 | 994 | 1,431 | 1,230 | 2,661 | |||||||||||||||||||||||||||
Long-term debt | (19) | 17 | (2) | 640 | 618 | 1,258 | 1,274 | 2,470 | 3,744 | |||||||||||||||||||||||||||
Total borrowed funds | 36 | 277 | 313 | 1,160 | 1,092 | 2,252 | 2,705 | 3,700 | 6,405 | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 259 | 197 | 456 | 1,744 | 1,247 | 2,991 | 3,908 | 4,782 | 8,690 | |||||||||||||||||||||||||||
Net interest income (1) | $ | (557) | $ | 2,243 | $ | 1,686 | $ | (911) | $ | 6,570 | $ | 5,659 | $ | 1,306 | $ | 20,780 | $ | 22,086 | ||||||||||||||||||
(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) | |||||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 56,708 | $ | 53,732 | $ | 53,398 | $ | 53,332 | $ | 52,876 | $ | 53,398 | $ | 52,858 | |||||||||||||
Provision for loan and lease losses | 1,687 | 4,037 | 1,655 | 1,864 | 2,647 | 7,379 | 7,777 | ||||||||||||||||||||
Gross charge-offs | |||||||||||||||||||||||||||
Commercial and industrial | 296 | 265 | 479 | 777 | 1,808 | 1,040 | 4,631 | ||||||||||||||||||||
Construction - real estate | 64 | 28 | 3 | 0 | 85 | 95 | 85 | ||||||||||||||||||||
Commercial - real estate | 1,135 | 1,596 | 1,262 | 4,415 | 1,082 | 3,993 | 5,668 | ||||||||||||||||||||
Residential - real estate | 90 | 28 | 45 | 82 | 288 | 163 | 1,449 | ||||||||||||||||||||
Home equity | 475 | 398 | 340 | 633 | 268 | 1,213 | 1,258 | ||||||||||||||||||||
Installment | 223 | 30 | 73 | 129 | 155 | 326 | 380 | ||||||||||||||||||||
Other | 267 | 357 | 240 | 242 | 276 | 864 | 807 | ||||||||||||||||||||
Total gross charge-offs | 2,550 | 2,702 | 2,442 | 6,278 | 3,962 | 7,694 | 14,278 | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||
Commercial and industrial | 327 | 420 | 222 | 841 | 374 | 969 | 2,883 | ||||||||||||||||||||
Construction - real estate | 6 | 202 | 26 | 104 | 87 | 234 | 149 | ||||||||||||||||||||
Commercial - real estate | 997 | 681 | 442 | 2,927 | 691 | 2,120 | 2,287 | ||||||||||||||||||||
Residential - real estate | 38 | 81 | 63 | 214 | 237 | 182 | 344 | ||||||||||||||||||||
Home equity | 257 | 131 | 188 | 104 | 236 | 576 | 897 | ||||||||||||||||||||
Installment | 56 | 62 | 99 | 216 | 94 | 217 | 247 | ||||||||||||||||||||
Other | 92 | 64 | 81 | 74 | 52 | 237 | 168 | ||||||||||||||||||||
Total recoveries | 1,773 | 1,641 | 1,121 | 4,480 | 1,771 | 4,535 | 6,975 | ||||||||||||||||||||
Total net charge-offs | 777 | 1,061 | 1,321 | 1,798 | 2,191 | 3,159 | 7,303 | ||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 57,618 | $ | 56,708 | $ | 53,732 | $ | 53,398 | $ | 53,332 | $ | 57,618 | $ | 53,332 | |||||||||||||
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | |||||||||||||||||||||||||||
Commercial and industrial | (0.01)% | (0.04)% | 0.06 | % | (0.02)% | 0.39 | % | 0.01 | % | 0.17 | % | ||||||||||||||||
Construction - real estate | 0.06 | % | (0.20)% | (0.03)% | (0.14)% | 0.00 | % | (0.05)% | (0.04)% | ||||||||||||||||||
Commercial - real estate | 0.02 | % | 0.16 | % | 0.15 | % | 0.27 | % | 0.07 | % | 0.11 | % | 0.21 | % | |||||||||||||
Residential - real estate | 0.04 | % | (0.04)% | (0.01)% | (0.10)% | 0.04 | % | 0.00 | % | 0.30 | % | ||||||||||||||||
Home equity | 0.19 | % | 0.23 | % | 0.13 | % | 0.45 | % | 0.03 | % | 0.18 | % | 0.10 | % | |||||||||||||
Installment | 1.40 | % | (0.29)% | (0.25)% | (0.84)% | 0.58 | % | 0.33 | % | 0.41 | % | ||||||||||||||||
Other | 0.50 | % | 0.83 | % | 0.47 | % | 0.51 | % | 0.72 | % | 0.60 | % | 0.71 | % | |||||||||||||
Total net charge-offs | 0.05 | % | 0.08 | % | 0.10 | % | 0.14 | % | 0.17 | % | 0.08 | % | 0.20 | % | |||||||||||||
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | |||||||||||||||||||||||||||
Nonaccrual loans (1) | |||||||||||||||||||||||||||
Commercial and industrial | $ | 3,201 | $ | 2,980 | $ | 3,917 | $ | 8,405 | $ | 7,438 | $ | 3,201 | $ | 7,438 | |||||||||||||
Construction - real estate | 0 | 0 | 0 | 0 | 79 | 0 | 79 | ||||||||||||||||||||
Commercial - real estate | 5,985 | 8,750 | 8,577 | 9,418 | 17,732 | 5,985 | 17,732 | ||||||||||||||||||||
Residential - real estate | 4,759 | 4,824 | 4,243 | 5,027 | 4,940 | 4,759 | 4,940 | ||||||||||||||||||||
Home equity | 3,815 | 4,123 | 5,036 | 4,898 | 5,203 | 3,815 | 5,203 | ||||||||||||||||||||
Installment | 327 | 433 | 113 | 127 | 321 | 327 | 321 | ||||||||||||||||||||
Lease financing | 214 | 1,167 | 121 | 122 | 0 | 214 | 0 | ||||||||||||||||||||
Nonaccrual loans | 18,301 | 22,277 | 22,007 | 27,997 | 35,713 | 18,301 | 35,713 | ||||||||||||||||||||
Accruing troubled debt restructurings (TDRs) | 32,164 | 28,022 | 30,127 | 28,876 | 20,226 | 32,164 | 20,226 | ||||||||||||||||||||
Total nonperforming loans | 50,465 | 50,299 | 52,134 | 56,873 | 55,939 | 50,465 | 55,939 | ||||||||||||||||||||
Other real estate owned (OREO) | 7,577 | 9,302 | 11,939 | 13,254 | 15,187 | 7,577 | 15,187 | ||||||||||||||||||||
Total nonperforming assets | 58,042 | 59,601 | 64,073 | 70,127 | 71,126 | 58,042 | 71,126 | ||||||||||||||||||||
Accruing loans past due 90 days or more | 130 | 981 | 59 | 108 | 58 | 130 | 58 | ||||||||||||||||||||
Total underperforming assets | $ | 58,172 | $ | 60,582 | $ | 64,132 | $ | 70,235 | $ | 71,184 | $ | 58,172 | $ | 71,184 | |||||||||||||
Total classified assets | $ | 142,169 | $ | 143,331 | $ | 133,940 | $ | 132,431 | $ | 130,132 | $ | 142,169 | $ | 130,132 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||||||||||||
Allowance for loan and lease losses to | |||||||||||||||||||||||||||
Nonaccrual loans | 314.84 | % | 254.56 | % | 244.16 | % | 190.73 | % | 149.33 | % | 314.84 | % | 149.33 | % | |||||||||||||
Nonperforming loans | 114.17 | % | 112.74 | % | 103.07 | % | 93.89 | % | 95.34 | % | 114.17 | % | 95.34 | % | |||||||||||||
Total ending loans | 1.00 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | 1.00 | % | 1.02 | % | |||||||||||||
Nonperforming loans to total loans | 0.87 | % | 0.88 | % | 0.95 | % | 1.06 | % | 1.07 | % | 0.87 | % | 1.07 | % | |||||||||||||
Nonperforming assets to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 1.00 | % | 1.04 | % | 1.16 | % | 1.30 | % | 1.36 | % | 1.00 | % | 1.36 | % | |||||||||||||
Total assets | 0.69 | % | 0.72 | % | 0.78 | % | 0.86 | % | 0.90 | % | 0.69 | % | 0.90 | % | |||||||||||||
Nonperforming assets, excluding accruing TDRs to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 0.45 | % | 0.55 | % | 0.62 | % | 0.76 | % | 0.97 | % | 0.45 | % | 0.97 | % | |||||||||||||
Total assets | 0.31 | % | 0.38 | % | 0.41 | % | 0.51 | % | 0.65 | % | 0.31 | % | 0.65 | % | |||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $5.6 million, $8.0 million, $7.5 million, $9.3 million, and $13.6 million, as of September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015, and September 30, 2015, respectively. | |||||||||||||||||||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CAPITAL ADEQUACY | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Nine months ended, | |||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | 2016 | 2015 | |||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||||||
Market Price | |||||||||||||||||||||||||||
High | $ | 22.52 | $ | 20.16 | $ | 18.36 | $ | 20.72 | $ | 19.69 | $ | 22.52 | $ | 19.69 | |||||||||||||
Low | $ | 18.83 | $ | 17.49 | $ | 14.91 | $ | 17.83 | $ | 17.55 | $ | 14.91 | $ | 16.52 | |||||||||||||
Close | $ | 21.84 | $ | 19.45 | $ | 18.18 | $ | 18.07 | $ | 19.08 | $ | 21.84 | $ | 19.08 | |||||||||||||
Average shares outstanding - basic | 61,280,283 | 61,194,254 | 61,036,797 | 60,985,096 | 61,135,749 | 61,170,845 | 61,088,794 | ||||||||||||||||||||
Average shares outstanding - diluted | 62,086,067 | 62,027,008 | 61,840,247 | 61,861,182 | 61,987,795 | 61,962,961 | 61,858,724 | ||||||||||||||||||||
Ending shares outstanding | 61,952,873 | 61,959,529 | 61,855,027 | 61,641,680 | 61,713,633 | 61,952,873 | 61,713,633 | ||||||||||||||||||||
Total shareholders' equity | $ | 861,137 | $ | 846,723 | $ | 826,587 | $ | 809,376 | $ | 813,012 | $ | 861,137 | $ | 813,012 | |||||||||||||
REGULATORY CAPITAL (1) | Preliminary | Preliminary | |||||||||||||||||||||||||
Common equity tier 1 capital | $ | 688,363 | $ | 673,313 | $ | 658,001 | $ | 648,748 | $ | 638,574 | $ | 688,363 | $ | 638,574 | |||||||||||||
Common equity tier 1 capital ratio | 10.20 | % | 10.07 | % | 10.16 | % | 10.28 | % | 10.51 | % | 10.20 | % | 10.51 | % | |||||||||||||
Tier 1 capital | $ | 688,467 | $ | 673,417 | $ | 658,105 | $ | 648,852 | $ | 638,678 | $ | 688,467 | $ | 638,678 | |||||||||||||
Tier 1 ratio | 10.20 | % | 10.07 | % | 10.16 | % | 10.29 | % | 10.52 | % | 10.20 | % | 10.52 | % | |||||||||||||
Total capital | $ | 865,248 | $ | 849,303 | $ | 831,924 | $ | 822,431 | $ | 812,029 | $ | 865,248 | $ | 812,029 | |||||||||||||
Total capital ratio | 12.82 | % | 12.70 | % | 12.84 | % | 13.04 | % | 13.37 | % | 12.82 | % | 13.37 | % | |||||||||||||
Total capital in excess of minimum | |||||||||||||||||||||||||||
requirement | $ | 282,996 | $ | 272,708 | $ | 273,135 | $ | 317,780 | $ | 326,117 | $ | 282,996 | $ | 326,117 | |||||||||||||
Total risk-weighted assets | $ | 6,750,749 | $ | 6,685,158 | $ | 6,478,716 | $ | 6,308,139 | $ | 6,073,899 | $ | 6,750,749 | $ | 6,073,899 | |||||||||||||
Leverage ratio | 8.45 | % | 8.38 | % | 8.27 | % | 8.33 | % | 8.58 | % | 8.45 | % | 8.58 | % | |||||||||||||
OTHER CAPITAL RATIOS | |||||||||||||||||||||||||||
Ending shareholders' equity to ending assets | 10.29 | % | 10.19 | % | 10.09 | % | 9.93 | % | 10.32 | % | 10.29 | % | 10.32 | % | |||||||||||||
Ending tangible shareholders' equity to ending tangible assets | 7.97 | % | 7.85 | % | 7.71 | % | 7.53 | % | 7.84 | % | 7.97 | % | 7.84 | % | |||||||||||||
Average shareholders' equity to average assets | 10.29 | % | 10.21 | % | 10.12 | % | 10.29 | % | 10.67 | % | 10.21 | % | 10.89 | % | |||||||||||||
Average tangible shareholders' equity to average tangible assets | 7.96 | % | 7.83 | % | 7.71 | % | 7.83 | % | 8.12 | % | 7.84 | % | 8.25 | % | |||||||||||||
REPURCHASE PROGRAM (2) | |||||||||||||||||||||||||||
Shares repurchased | 0 | 0 | 0 | 91,032 | 148,935 | 0 | 148,935 | ||||||||||||||||||||
Average share repurchase price | N/A | N/A | N/A | $ | 18.85 | $ | 18.68 | N/A | $ | 18.68 | |||||||||||||||||
Total cost of shares repurchased | N/A | N/A | N/A | $ | 1,716 | $ | 2,783 | N/A | $ | 2,783 | |||||||||||||||||
(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-third-quarter-2016-financial-results-300348709.html
SOURCE First Financial Bancorp.
