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First Financial Bancorp Announces Fourth Quarter and Full Year 2024 Financial Results

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First Financial Bancorp (FFBC) reported strong Q4 2024 financial results with net income of $64.9 million, or $0.68 per diluted share, compared to $52.5 million ($0.55 per share) in Q3 2024. Full-year 2024 earnings were $2.40 per diluted share versus $2.69 in 2023.

Key Q4 highlights include a net interest margin of 3.94% on a tax-equivalent basis, noninterest income of $69.9 million, and robust loan growth of $208.7 million (7.2% annualized). Average deposits grew significantly by $543.1 million (15.7% annualized). The company maintained strong capital ratios with a total capital ratio of 14.43% and tier 1 common equity of 12.16%.

Asset quality remained stable with nonperforming assets at 0.36% of total assets and classified assets at 1.21%. The company completed significant workforce efficiency initiatives, eliminating 145 positions to date.

First Financial Bancorp (FFBC) ha riportato risultati finanziari solidi per il Q4 2024, con un reddito netto di 64,9 milioni di dollari, ovvero 0,68 dollari per azione diluita, rispetto ai 52,5 milioni di dollari (0,55 dollari per azione) del Q3 2024. Gli utili dell'intero anno 2024 sono stati di 2,40 dollari per azione diluita rispetto ai 2,69 dollari del 2023.

Tra i punti salienti del Q4 ci sono un margine di interesse netto del 3,94% su base equivalente fiscale, un reddito non da interessi di 69,9 milioni di dollari e una solida crescita dei prestiti di 208,7 milioni di dollari (7,2% annualizzato). I depositi medi sono cresciuti significativamente di 543,1 milioni di dollari (15,7% annualizzato). L'azienda ha mantenuto rapporti di capitale solidi con un rapporto di capitale totale del 14,43% e un capitale comune di base di livello 1 del 12,16%.

La qualità degli attivi è rimasta stabile, con attivi non performanti allo 0,36% del totale degli attivi e attivi classificati all'1,21%. L'azienda ha completato importanti iniziative di efficienza della forza lavoro, eliminando fino ad oggi 145 posizioni.

First Financial Bancorp (FFBC) reportó sólidos resultados financieros para el Q4 2024, con un ingreso neto de 64.9 millones de dólares, o 0.68 dólares por acción diluida, en comparación con 52.5 millones de dólares (0.55 dólares por acción) en el Q3 2024. Las ganancias del año completo 2024 fueron de 2.40 dólares por acción diluida frente a 2.69 dólares en 2023.

Los aspectos destacados del Q4 incluyen un margen de interés neto del 3.94% en una base equivalente a impuestos, un ingreso no por intereses de 69.9 millones de dólares y un sólido crecimiento de préstamos de 208.7 millones de dólares (7.2% anualizado). Los depósitos promedio crecieron significativamente en 543.1 millones de dólares (15.7% anualizado). La compañía mantuvo ratios de capital sólidos con un ratio de capital total del 14.43% y un capital común de nivel 1 del 12.16%.

La calidad de los activos se mantuvo estable, con activos no productivos en el 0.36% del total de activos y activos clasificados en el 1.21%. La compañía completó iniciativas significativas de eficiencia en la fuerza laboral, eliminando hasta la fecha 145 puestos.

퍼스트 파이낸셜 뱅코프 (FFBC)는 2024년 4분기 재무 결과를 발표하였으며, 순이익은 6,490만 달러로 희석주당 0.68달러에 해당하며, 이는 2024년 3분기의 5,250만 달러(주당 0.55달러)에 비해 증가한 수치입니다. 2024년 전체 연간 수익은 2.40달러인 반면, 2023년은 2.69달러로 집계되었습니다.

4분기의 주요 사항으로는 순이자 마진이 세금 등가 기준으로 3.94%에 달하며, 비이자 수익은 6,990만 달러, 강력한 대출 성장률은 2억 8,700만 달러(연율 7.2%)로 나타났습니다. 평균 예금은 5억 4,310만 달러(연율 15.7%) 증가했습니다. 회사는 총 자본 비율 14.43%와 1단계 보통주 자본 12.16%로 강력한 자본 비율을 유지하고 있습니다.

자산 품질은 안정적으로 유지되었으며, 불량 자산은 총 자산의 0.36%, 분류된 자산은 1.21%로 나타났습니다. 회사는 현재까지 145개의 직위를 감축하는 중요한 인력 효율성 이니셔티브를 완료했습니다.

First Financial Bancorp (FFBC) a annoncé des résultats financiers solides pour le T4 2024, avec un revenu net de 64,9 millions de dollars, soit 0,68 dollar par action diluée, contre 52,5 millions de dollars (0,55 dollar par action) au T3 2024. Les bénéfices pour l'année entière 2024 s'élevaient à 2,40 dollars par action diluée contre 2,69 dollars en 2023.

Les points forts du T4 incluent une marge d'intérêt nette de 3,94% sur une base équivalente fiscale, des revenus non liés aux intérêts de 69,9 millions de dollars, et une forte croissance des prêts de 208,7 millions de dollars (7,2% annualisé). Les dépôts moyens ont considérablement augmenté de 543,1 millions de dollars (15,7% annualisé). L'entreprise a maintenu de solides ratios de capital avec un ratio de capital total de 14,43% et des fonds propres de niveau 1 de 12,16%.

La qualité des actifs est restée stable, avec des actifs non performants représentant 0,36% du total des actifs et des actifs classés à 1,21%. L'entreprise a mené des initiatives significatives d'efficacité de la main-d'œuvre, éliminant jusqu'à présent 145 postes.

First Financial Bancorp (FFBC) hat starke Finanzzahlen für das 4. Quartal 2024 bekannt gegeben, mit einem Nettogewinn von 64,9 Millionen USD oder 0,68 USD pro verwässerter Aktie, im Vergleich zu 52,5 Millionen USD (0,55 USD pro Aktie) im 3. Quartal 2024. Die Gewinne für das gesamte Jahr 2024 betrugen 2,40 USD pro verwässerter Aktie im Vergleich zu 2,69 USD im Jahr 2023.

Wichtige Highlights des 4. Quartals umfassen eine Nettozinsmarge von 3,94% auf steuerlicher Gegenwertbasis, ein nichtzinsbezogenes Einkommen von 69,9 Millionen USD und ein robustes Kreditwachstum von 208,7 Millionen USD (annualisiert 7,2%). Die durchschnittlichen Einlagen stiegen bedeutend um 543,1 Millionen USD (annualisiert 15,7%). Das Unternehmen hielt starke Kapitalquoten mit einer Gesamtkapitalquote von 14,43% und einem Tier-1-Kernkapital von 12,16%.

Die Asset-Qualität blieb stabil, mit notleidenden Vermögenswerten in Höhe von 0,36% der Gesamtvermögen und eingestuften Vermögenswerten von 1,21%. Das Unternehmen hat bedeutende Effizienzinitiativen in der Belegschaft abgeschlossen und bis heute 145 Stellen abgebaut.

Positive
  • Q4 net income increased to $64.9M from $52.5M in Q3 2024
  • Strong loan growth of $208.7M (7.2% annualized)
  • Significant deposit growth of $543.1M (15.7% annualized)
  • Record revenue of $853.8M for 2024, up 2% from 2023
  • Tangible book value per share increased 14.3% to $14.15
Negative
  • Full-year EPS declined to $2.40 from $2.69 in 2023
  • Net interest margin declined to 3.94% from previous levels
  • Net charge-offs elevated at 40 bps of total loans in Q4
  • Classified assets increased 7 bps to 1.21% of total assets

Insights

First Financial's Q4 2024 results demonstrate resilient performance amid challenging market conditions. The adjusted earnings of $0.71 per share and ROA of 1.47% showcase the bank's ability to maintain profitability despite margin pressures. Several key aspects deserve attention:

Balance Sheet Strength: The 7.2% annualized loan growth and impressive 15.7% deposit growth indicate strong market positioning and effective customer acquisition strategies. The deposit growth is particularly noteworthy as it occurred across multiple product types, reducing reliance on higher-cost funding sources.

Revenue Diversification: The record noninterest income of $69.9 million, driven by wealth management, foreign exchange and leasing businesses, demonstrates successful fee income diversification. This reduces dependency on net interest income during periods of margin compression.

Operational Efficiency: The workforce reduction initiative, eliminating 145 positions, reflects proactive cost management. The adjusted efficiency ratio of 58.4% positions the bank favorably compared to peers, though higher incentive compensation impacted expenses.

Credit Quality & Risk Management: While net charge-offs increased to 0.40% annualized in Q4, the full-year rate of 0.30% and stable nonperforming assets ratio of 0.36% suggest controlled credit risk. The $45 million foreign exchange obligation, while notable, appears adequately collateralized.

Strategic Expansion: The bank's growth into Chicago, Evansville, Cleveland and now Grand Rapids demonstrates a calculated geographic diversification strategy, potentially creating new revenue streams and reducing market concentration risk.

  • Earnings per diluted share of $0.68; $0.71 on an adjusted(1) basis
  • Return on average assets of 1.41%; 1.47% on an adjusted(1) basis
  • Net interest margin on FTE basis(1) of 3.94%
  • Noninterest income of $69.9 million; $69.7 million on an adjusted(1) basis
  • Loan growth of $208.7 million; 7.2% on an annualized basis
  • Average deposit growth of $543.1 million; 15.7% on an annualized basis

CINCINNATI, Jan. 23, 2025 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and twelve months ended December 31, 2024. 

For the three months ended December 31, 2024, the Company reported net income of $64.9 million, or $0.68 per diluted common share.  These results compare to net income of $52.5 million, or $0.55 per diluted common share, for the third quarter of 2024.  For the twelve months ended December 31, 2024, First Financial had earnings per diluted share of $2.40 compared to $2.69 for the same period in 2023.

Return on average assets for the fourth quarter of 2024 was 1.41% while return on average tangible common equity was 19.08%(1).  These compare to return on average assets of 1.17% and return on average tangible common equity of 16.29%(1) in the third quarter of 2024. 

Fourth quarter 2024 highlights include:

  • Robust net interest margin of 3.91%, or 3.94% on a fully tax-equivalent basis(1)
    • 14 bp decline from third quarter, in line with initial expectations 
    • 13 bp decline in cost of deposits and favorable shift in funding mix offset by 37 bp decline in loan yields
  • Noninterest income of $69.9 million, or $69.7 million as adjusted(1) 
    • Adjustments include $0.1 million gain on securities
    • Record wealth management income
    • Strong results from foreign exchange and leasing businesses
  • Noninterest expenses of $147.9 million, or $130.9 million as adjusted(1); 5.0% increase from linked quarter
    • Fourth quarter adjustments(1) include $4.7 million of efficiency related costs, $14.3 million of tax credit writedowns, $1.0 million of state tax credits and $2.0 million of gains on the sale of previously closed branches
    • Increase from prior quarter driven by higher incentive compensation tied to increase in noninterest income and overall company performance
    • Efficiency ratio of 66.0%; 58.4% as adjusted(1)
  • Broad-based loan growth during the quarter
    • Loan balances increased $208.7 million compared to the linked quarter; 7% annualized growth
    • Growth driven by C&I, ICRE, leasing and mortgage

_________________________________________________________________________________________
(1) Non-GAAP measure.  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.

  • Average deposit growth surged during the quarter
    • Average deposits increased $543.1 million, or 15.7% on an annualized basis
    • Growth across most product types offset a decline in brokered CDs and savings
  • Total Allowance for Credit Losses of $173.7 million; Total quarterly provision expense of $9.4 million
    • Loans and leases - ACL of $156.8 million; ratio to total loans of 1.33% declined 4 bps from third quarter
    • Unfunded Commitments - ACL of $16.9 million
    • Provision expense driven by net charge offs, slower prepayment rates and loan growth
    • Classified assets increased 7 bps to 1.21% of total assets
    • Annualized net charge-offs were 40 bps of total loans; 30 bps for full year
  • Capital ratios stable and strong 
    • Total capital ratio decreased 15 bps to 14.43%
    • Tier 1 common equity increased 12 bps to 12.16%
    • Tangible common equity of 7.73%(1); 9.39%(1) excluding impact from AOCI
    • Tangible book value per share of $14.15(1)

Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our fourth quarter performance.  Adjusted(1) earnings per share were $0.71, leading to an adjusted(1) return on assets of 1.47%, and an adjusted(1) return on tangible common equity ratio of 19.90%.  As expected, due to decreases in short term rates by the Fed, the decline in asset yields outpaced the decline in deposit costs, leading to a reduction in our net interest margin to 3.94%.  Balance sheet trends were very strong for the quarter with loan growth exceeding 7% on an annualized basis and total deposits surging by approximately 16% on an annualized basis." 

Mr. Brown continued, "Adjusted(1) noninterest income was robust in the fourth quarter with leasing, foreign exchange and wealth management income all increasing by double-digit percentages from the linked quarter.  While adjusted(1) expenses increased by 5% from the linked quarter, the increase was driven by higher incentive compensation tied to the strong fee income and overall company performance.  Our workforce efficiency initiative continued during the quarter, and we have eliminated 145 positions to date.  We expect to complete this work in 2025." 

Mr. Brown commented on asset quality, "Asset quality was relatively stable for the quarter.  Nonperforming assets were flat compared to the linked quarter at 0.36%, while classified assets increased by 7 basis points to 1.21%.  The increase in classified assets was driven by the mutually agreed upon termination of a foreign exchange trade, resulting in a $45 million obligation from the customer, which we believe is fully collateralized.  We expect the customer to pay this obligation in 2025.  Net charge-offs were slightly elevated due to the resolution of three loans that have been longer term workouts.  We believe that overall credit trends are improving and, as a result, we anticipate lower credit costs going forward."

Mr. Brown highlighted full year results.  "2024 was an excellent year for our Company.  On an adjusted(1) basis, we earned $249 million, or $2.61 per share.  Adjusted(1) return on assets was 1.40% and adjusted(1) return on tangible common equity was 19.9%.  While the net interest margin declined from 4.40% to 4.05%, due to declining short-term rates, strong loan growth offset most of the impact with net interest income declining by only 2.5%.  Noninterest income increased by 13.3% to a record $241.8 million, led by growth in leasing and wealth management income.  The result was record revenue for the Company of $853.8 million, which was a 2% increase over 2023."

Mr. Brown continued, "I am very pleased with our balance sheet growth for the year.  Total loans increased by 7.6% to $11.8 billion and total deposits increased by 7.2% to $14.3 billion.  Additionally, tangible common equity increased by 56 basis points to 7.73% and tangible book value per share increased from $12.38 to $14.15, which was a 14.3% increase."

Mr. Brown commented on asset quality, "Similar to the fourth quarter, asset quality was relatively stable for the year.  Net charge-offs as a percent of average loans declined 3 basis points to 0.30% and nonperforming assets as a percent of total assets declined by 2 basis points to 0.36%." 

Mr. Brown concluded, "During the year, we were excited to add the Agile team and I want to thank them for making an immediate contribution to our Company.  We continued to gain momentum in our expansion markets, Chicago, IL, Evansville, IN and Cleveland, OH and at the beginning of 2025, we expanded into Grand Rapids, MI with a commercial banking team.  We look forward to the continued growth and success of our expansion strategies.  Performing at a consistently high level requires an engaged team that is committed to its clients.  This describes the team at First Financial.  I want to thank our associates for their outstanding work in 2024."

Full detail of the Company's fourth quarter 2024 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, January 24, 2025 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068.  The number should be dialed five to ten minutes prior to the start of the conference call.  A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068.  The recording will be available until February 7, 2025.  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. 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 Statements
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:

  • economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business;
  • future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses
  • 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; 
  • Management's ability to effectively execute its business plans;
  • mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
  • the possibility that any of the anticipated benefits of the Company's acquisitions will not be realized or will not be realized within the expected time period;
  • the effect of changes in accounting policies and practices;
  • changes in consumer spending, borrowing and saving and changes in unemployment;
  • changes in customers' performance and creditworthiness;
  • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;  
  • current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;
  • the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 ("COVID-19"), global pandemic, and the impact  on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products;
  • our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
  • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
  • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
  • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
  • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
  • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
  • our ability to develop and execute effective business plans and strategies.

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2023, as well as our 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 December 31, 2024, the Company had $18.6 billion in assets, $11.8 billion in loans, $14.3 billion in deposits and $2.4 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 $3.7 billion in assets under management as of December 31, 2024.  The Company operated 127 full service banking centers as of December 31, 2024, located in Ohio, Indiana, Kentucky and Illinois, 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,


Twelve months ended,


Dec. 31,


Sep. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,


2024


2024


2024


2024


2023


2024


2023

RESULTS OF OPERATIONS














Net income

$      64,885


$      52,451


$      60,805


$      50,689


$      56,732


$    228,830


$    255,863

Net earnings per share - basic

$         0.69


$         0.56


$         0.64


$         0.54


$         0.60


$         2.42


$         2.72

Net earnings per share - diluted

$         0.68


$         0.55


$         0.64


$         0.53


$         0.60


$         2.40


$         2.69

Dividends declared per share

$         0.24


$         0.24


$         0.23


$         0.23


$         0.23


$         0.94


$         0.92















KEY FINANCIAL RATIOS














Return on average assets

1.41 %


1.17 %


1.38 %


1.18 %


1.31 %


1.29 %


1.51 %

Return on average shareholders' equity

10.57 %


8.80 %


10.72 %


9.00 %


10.50 %


9.78 %


12.01 %

Return on average tangible shareholders' equity (1)

19.08 %


16.29 %


20.57 %


17.35 %


21.36 %


18.31 %


24.72 %















Net interest margin

3.91 %


4.05 %


4.06 %


4.05 %


4.21 %


4.02 %


4.36 %

Net interest margin (fully tax equivalent) (1)(2)

3.94 %


4.08 %


4.10 %


4.10 %


4.26 %


4.05 %


4.40 %















Ending shareholders' equity as a percent of ending assets

13.13 %


13.50 %


12.81 %


12.99 %


12.94 %


13.13 %


12.94 %

Ending tangible shareholders' equity as a percent of:














Ending tangible assets (1)

7.73 %


7.98 %


7.23 %


7.23 %


7.17 %


7.73 %


7.17 %

Risk-weighted assets (1)

9.61 %


9.86 %


8.95 %


8.80 %


8.81 %


9.61 %


8.81 %















Average shareholders' equity as a percent of average assets

13.36 %


13.28 %


12.87 %


13.09 %


12.52 %


13.15 %


12.53 %

Average tangible shareholders' equity as a percent
of average tangible assets (1)

7.87 %


7.64 %


7.15 %


7.25 %


6.57 %


7.48 %


6.51 %















Book value per share

$        25.53


$        25.66


$        24.36


$        23.95


$        23.84


$        25.53


$        23.84

Tangible book value per share (1)

$        14.15


$        14.26


$        12.94


$        12.50


$        12.38


$        14.15


$        12.38















Common equity tier 1 ratio (3)

12.16 %


12.04 %


11.78 %


11.67 %


11.73 %


12.16 %


11.73 %

Tier 1 ratio (3)

12.48 %


12.37 %


12.11 %


12.00 %


12.06 %


12.48 %


12.06 %

Total capital ratio (3)

14.43 %


14.58 %


14.47 %


14.31 %


14.26 %


14.43 %


14.26 %

Leverage ratio (3)

9.98 %


9.93 %


9.73 %


9.75 %


9.70 %


9.98 %


9.70 %















AVERAGE BALANCE SHEET ITEMS














Loans (4)

$  11,687,886


$  11,534,000


$  11,440,930


$  11,066,184


$  10,751,028


$  11,433,226


$  10,566,587

Investment securities

3,372,539


3,274,498


3,131,541


3,137,665


3,184,408


3,229,577


3,442,233

Interest-bearing deposits with other banks

654,251


483,880


599,348


553,654


548,153


572,763


396,089

  Total earning assets

$  15,714,676


$  15,292,378


$  15,171,819


$  14,757,503


$  14,483,589


$  15,235,566


$  14,404,909

Total assets

$  18,273,419


$  17,854,191


$  17,728,251


$  17,306,221


$  17,124,955


$  17,792,014


$  16,997,223

Noninterest-bearing deposits

$  3,162,643


$  3,106,239


$  3,144,198


$  3,169,750


$  3,368,024


$  3,145,646


$  3,617,961

Interest-bearing deposits

11,177,010


10,690,265


10,486,068


10,109,416


9,834,819


10,617,427


9,261,866

  Total deposits

$  14,339,653


$  13,796,504


$  13,630,266


$  13,279,166


$  13,202,843


$  13,763,073


$  12,879,827

Borrowings

$    855,083


$  1,053,737


$  1,171,246


$  1,139,014


$  1,083,954


$  1,054,222


$  1,360,420

Shareholders' equity

$  2,441,045


$  2,371,125


$  2,281,040


$  2,265,562


$  2,144,482


$  2,340,056


$  2,129,751















CREDIT QUALITY RATIOS













Allowance to ending loans

1.33 %


1.37 %


1.36 %


1.29 %


1.29 %


1.33 %


1.29 %

Allowance to nonaccrual loans

237.66 %


242.72 %


249.21 %


243.55 %


215.10 %


237.66 %


215.10 %

Nonaccrual loans to total loans

0.56 %


0.57 %


0.54 %


0.53 %


0.60 %


0.56 %


0.60 %

Nonperforming assets to ending loans, plus OREO

0.56 %


0.57 %


0.54 %


0.53 %


0.60 %


0.56 %


0.60 %

Nonperforming assets to total assets

0.36 %


0.36 %


0.35 %


0.34 %


0.38 %


0.36 %


0.38 %

Classified assets to total assets

1.21 %


1.14 %


1.07 %


0.92 %


0.80 %


1.21 %


0.80 %

Net charge-offs to average loans (annualized)

0.40 %


0.25 %


0.15 %


0.38 %


0.46 %


0.30 %


0.33 %


(1) Non-GAAP measure.  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.

(2) 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.  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.

(3) December 31, 2024 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)






Three months ended,


Twelve months ended,


Dec. 31,


Dec. 31,


2024


2023


% Change


2024


2023


% Change

Interest income












  Loans and leases, including fees

$     207,508


$     197,416


5.1 %


$     836,541


$     743,770


12.5 %

  Investment securities












     Taxable

33,978


30,294


12.2 %


124,936


125,520


(0.5) %

     Tax-exempt

2,423


3,402


(28.8) %


10,835


13,901


(22.1) %

        Total investment securities interest

36,401


33,696


8.0 %


135,771


139,421


(2.6) %

  Other earning assets

7,662


7,325


4.6 %


29,783


19,813


50.3 %

       Total interest income

251,571


238,437


5.5 %


1,002,095


903,004


11.0 %













Interest expense












  Deposits

85,441


69,193


23.5 %


331,092


202,010


63.9 %

  Short-term borrowings

6,586


10,277


(35.9) %


38,856


53,378


(27.2) %

  Long-term borrowings

5,145


5,202


(1.1) %


20,137


19,846


1.5 %

      Total interest expense

97,172


84,672


14.8 %


390,085


275,234


41.7 %

      Net interest income

154,399


153,765


0.4 %


612,010


627,770


(2.5) %

  Provision for credit losses-loans and leases

9,705


8,804


10.2 %


49,211


43,074


14.2 %

  Provision for credit losses-unfunded commitments

(273)


1,426


(119.1) %


(1,552)


33


N/M

      Net interest income after provision for credit losses

144,967


143,535


1.0 %


564,351


584,663


(3.5) %













Noninterest income












  Service charges on deposit accounts

7,632


6,846


11.5 %


29,279


27,289


7.3 %

  Wealth management fees

7,962


6,091


30.7 %


28,720


26,081


10.1 %

  Bankcard income

3,659


3,349


9.3 %


14,399


14,039


2.6 %

  Client derivative fees

1,528


711


114.9 %


4,701


5,155


(8.8) %

  Foreign exchange income

16,794


8,730


92.4 %


56,064


54,051


3.7 %

  Leasing business income

19,413


12,856


51.0 %


67,641


51,322


31.8 %

  Net gains from sales of loans

4,634


2,957


56.7 %


17,918


13,217


35.6 %

  Net gain (loss) on investment securities

144


(649)


122.2 %


(22,575)


(1,052)


N/M

  Other

8,088


6,102


32.5 %


27,421


22,320


22.9 %

      Total noninterest income

69,854


46,993


48.6 %


223,568


212,422


5.2 %













Noninterest expenses












  Salaries and employee benefits

80,314


70,637


13.7 %


304,389


292,731


4.0 %

  Net occupancy

5,415


5,890


(8.1) %


23,050


22,990


0.3 %

  Furniture and equipment

3,476


3,523


(1.3) %


14,427


13,543


6.5 %

  Data processing

9,139


8,488


7.7 %


35,178


35,852


(1.9) %

  Marketing

2,204


2,087


5.6 %


9,026


9,647


(6.4) %

  Communication

767


707


8.5 %


3,229


2,729


18.3 %

  Professional services

6,631


3,148


110.6 %


14,087


9,926


41.9 %

  State intangible tax

(104)


984


(110.6) %


2,524


3,914


(35.5) %

  FDIC assessments

2,736


3,651


(25.1) %


11,209


11,948


(6.2) %

  Intangible amortization

2,395


2,601


(7.9) %


9,487


10,402


(8.8) %

  Leasing business expense

12,536


8,955


40.0 %


44,317


32,500


36.4 %

  Other

22,398


8,466


164.6 %


48,672


32,307


50.7 %

      Total noninterest expenses

147,907


119,137


24.1 %


519,595


478,489


8.6 %

Income before income taxes

66,914


71,391


(6.3) %


268,324


318,596


(15.8) %

Income tax expense (benefit)

2,029


14,659


(86.2) %


39,494


62,733


(37.0) %

      Net income

$       64,885


$       56,732


14.4 %


$     228,830


$     255,863


(10.6) %













ADDITIONAL DATA












Net earnings per share - basic

$          0.69


$          0.60




$          2.42


$          2.72



Net earnings per share - diluted

$          0.68


$          0.60




$          2.40


$          2.69



Dividends declared per share

$          0.24


$          0.23




$          0.94


$          0.92















Return on average assets

1.41 %


1.31 %




1.29 %


1.51 %



Return on average shareholders' equity

10.57 %


10.50 %




9.78 %


12.01 %















Interest income

$     251,571


$     238,437


5.5 %


$   1,002,095


$     903,004


11.0 %

Tax equivalent adjustment

1,274


1,672


(23.8) %


5,589


6,356


(12.1) %

   Interest income - tax equivalent

252,845


240,109


5.3 %


1,007,684


909,360


10.8 %

Interest expense

97,172


84,672


14.8 %


390,085


275,234


41.7 %

   Net interest income - tax equivalent

$     155,673


$     155,437


0.2 %


$     617,599


$     634,126


(2.6) %













Net interest margin

3.91 %


4.21 %




4.02 %


4.36 %



Net interest margin (fully tax equivalent) (1)

3.94 %


4.26 %




4.05 %


4.40 %















Full-time equivalent employees

2,064


2,129





















(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.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)














2024


Fourth


Third


Second


First


Year to


% Change


Quarter


Quarter


Quarter


Quarter


Date


Linked Qtr.

Interest income












  Loans and leases, including fees

$   207,508


$ 215,433


$ 211,760


$ 201,840


$ 836,541


(3.7) %

  Investment securities












     Taxable

33,978


32,367


30,295


28,296


124,936


5.0 %

     Tax-exempt

2,423


2,616


2,704


3,092


10,835


(7.4) %

        Total investment securities interest

36,401


34,983


32,999


31,388


135,771


4.1 %

  Other earning assets

7,662


6,703


7,960


7,458


29,783


14.3 %

       Total interest income

251,571


257,119


252,719


240,686


1,002,095


(2.2) %













Interest expense












  Deposits

85,441


86,554


83,022


76,075


331,092


(1.3) %

  Short-term borrowings

6,586


9,932


11,395


10,943


38,856


(33.7) %

  Long-term borrowings

5,145


5,073


4,991


4,928


20,137


1.4 %

      Total interest expense

97,172


101,559


99,408


91,946


390,085


(4.3) %

      Net interest income

154,399


155,560


153,311


148,740


612,010


(0.7) %

  Provision for credit losses-loans and leases

9,705


9,930


16,157


13,419


49,211


(2.3) %

  Provision for credit losses-unfunded commitments

(273)


694


286


(2,259)


(1,552)


(139.3) %

      Net interest income after provision for credit losses

144,967


144,936


136,868


137,580


564,351


0.0 %













Noninterest income












  Service charges on deposit accounts

7,632


7,547


7,188


6,912


29,279


1.1 %

  Wealth management fees

7,962


6,910


7,172


6,676


28,720


15.2 %

  Bankcard income

3,659


3,698


3,900


3,142


14,399


(1.1) %

  Client derivative fees

1,528


1,160


763


1,250


4,701


31.7 %

  Foreign exchange income

16,794


12,048


16,787


10,435


56,064


39.4 %

  Leasing business income

19,413


16,811


16,828


14,589


67,641


15.5 %

  Net gains from sales of loans

4,634


5,021


4,479


3,784


17,918


(7.7) %

  Net gain (loss) on investment securities

144


(17,468)


(64)


(5,187)


(22,575)


100.8 %

  Other

8,088


9,974


4,448


4,911


27,421


(18.9) %

      Total noninterest income

69,854


45,701


61,501


46,512


223,568


52.9 %













Noninterest expenses












  Salaries and employee benefits

80,314


74,813


75,225


74,037


304,389


7.4 %

  Net occupancy

5,415


5,919


5,793


5,923


23,050


(8.5) %

  Furniture and equipment

3,476


3,617


3,646


3,688


14,427


(3.9) %

  Data processing

9,139


8,857


8,877


8,305


35,178


3.2 %

  Marketing

2,204


2,255


2,605


1,962


9,026


(2.3) %

  Communication

767


851


816


795


3,229


(9.9) %

  Professional services

6,631


2,303


2,885


2,268


14,087


187.9 %

  State intangible tax

(104)


876


875


877


2,524


(111.9) %

  FDIC assessments

2,736


3,036


2,657


2,780


11,209


(9.9) %

  Intangible amortization

2,395


2,395


2,396


2,301


9,487


0.0 %

  Leasing business expense

12,536


11,899


10,128


9,754


44,317


5.4 %

  Other

22,398


8,938


7,671


9,665


48,672


150.6 %

      Total noninterest expenses

147,907


125,759


123,574


122,355


519,595


17.6 %

Income before income taxes

66,914


64,878


74,795


61,737


268,324


3.1 %

Income tax expense (benefit)

2,029


12,427


13,990


11,048


39,494


(83.7) %

      Net income

$     64,885


$   52,451


$   60,805


$   50,689


$ 228,830


23.7 %













ADDITIONAL DATA












Net earnings per share - basic

$        0.69


$      0.56


$      0.64


$      0.54


$      2.42



Net earnings per share - diluted

$        0.68


$      0.55


$      0.64


$      0.53


$      2.40



Dividends declared per share

$        0.24


$      0.24


$      0.23


$      0.23


$      0.94















Return on average assets

1.41 %


1.17 %


1.38 %


1.18 %


1.29 %



Return on average shareholders' equity

10.57 %


8.80 %


10.72 %


9.00 %


9.78 %















Interest income

$   251,571


$ 257,119


$ 252,719


$ 240,686


$  1,002,095


(2.2) %

Tax equivalent adjustment

1,274


1,362


1,418


1,535


5,589


(6.5) %

   Interest income - tax equivalent

252,845


258,481


254,137


242,221


1,007,684


(2.2) %

Interest expense

97,172


101,559


99,408


91,946


390,085


(4.3) %

   Net interest income - tax equivalent

$   155,673


$ 156,922


$ 154,729


$ 150,275


$ 617,599


(0.8) %













Net interest margin

3.91 %


4.05 %


4.06 %


4.05 %


4.02 %



Net interest margin (fully tax equivalent) (1)

3.94 %


4.08 %


4.10 %


4.10 %


4.05 %















Full-time equivalent employees

2,064


2,084


2,144


2,116

















(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.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)












2023


Fourth


Third


Second


First


Full


Quarter


Quarter


Quarter


Quarter


Year

Interest income










  Loans and leases, including fees

$ 197,416


$  192,261


$  184,387


$  169,706


$  743,770

  Investment securities










     Taxable

30,294


31,297


32,062


31,867


125,520

     Tax-exempt

3,402


3,522


3,513


3,464


13,901

        Total investment securities interest

33,696


34,819


35,575


35,331


139,421

  Other earning assets

7,325


5,011


3,933


3,544


19,813

       Total interest income

238,437


232,091


223,895


208,581


903,004











Interest expense










  Deposits

69,193


57,069


44,292


31,456


202,010

  Short-term borrowings

10,277


14,615


15,536


12,950


53,378

  Long-term borrowings

5,202


4,952


4,835


4,857


19,846

      Total interest expense

84,672


76,636


64,663


49,263


275,234

      Net interest income

153,765


155,455


159,232


159,318


627,770

  Provision for credit losses-loans and leases

8,804


12,907


12,719


8,644


43,074

  Provision for credit losses-unfunded commitments

1,426


(1,234)


(1,994)


1,835


33

      Net interest income after provision for credit losses

143,535


143,782


148,507


148,839


584,663











Noninterest income










  Service charges on deposit accounts

6,846


6,957


6,972


6,514


27,289

  Wealth management fees

6,091


6,943


6,713


6,334


26,081

  Bankcard income

3,349


3,406


3,692


3,592


14,039

  Client derivative fees

711


1,612


1,827


1,005


5,155

  Foreign exchange income

8,730


13,384


15,039


16,898


54,051

  Leasing business income

12,856


14,537


10,265


13,664


51,322

  Net gains from sales of loans

2,957


4,086


3,839


2,335


13,217

  Net gain (loss) on investment securities

(649)


(58)


(466)


121


(1,052)

  Other

6,102


5,761


5,377


5,080


22,320

      Total noninterest income

46,993


56,628


53,258


55,543


212,422











Noninterest expenses










  Salaries and employee benefits

70,637


75,641


74,199


72,254


292,731

  Net occupancy

5,890


5,809


5,606


5,685


22,990

  Furniture and equipment

3,523


3,341


3,362


3,317


13,543

  Data processing

8,488


8,473


9,871


9,020


35,852

  Marketing

2,087


2,598


2,802


2,160


9,647

  Communication

707


744


644


634


2,729

  Professional services

3,148


2,524


2,308


1,946


9,926

  State intangible tax

984


981


964


985


3,914

  FDIC assessments

3,651


2,665


2,806


2,826


11,948

  Intangible amortization

2,601


2,600


2,601


2,600


10,402

  Leasing business expense

8,955


8,877


6,730


7,938


32,500

  Other

8,466


7,791


8,722


7,328


32,307

      Total noninterest expenses

119,137


122,044


120,615


116,693


478,489

Income before income taxes

71,391


78,366


81,150


87,689


318,596

Income tax expense (benefit)

14,659


15,305


15,483


17,286


62,733

      Net income

$   56,732


$   63,061


$   65,667


$   70,403


$  255,863











ADDITIONAL DATA










Net earnings per share - basic

$      0.60


$      0.67


$      0.70


$      0.75


$       2.72

Net earnings per share - diluted

$      0.60


$      0.66


$      0.69


$      0.74


$       2.69

Dividends declared per share

$      0.23


$      0.23


$      0.23


$      0.23


$       0.92











Return on average assets

1.31 %


1.48 %


1.55 %


1.69 %


1.51 %

Return on average shareholders' equity

10.50 %


11.62 %


12.32 %


13.71 %


12.01 %











Interest income

$ 238,437


$  232,091


$  223,895


$  208,581


$  903,004

Tax equivalent adjustment

1,672


1,659


1,601


1,424


6,356

   Interest income - tax equivalent

240,109


233,750


225,496


210,005


909,360

Interest expense

84,672


76,636


64,663


49,263


275,234

   Net interest income - tax equivalent

$ 155,437


$  157,114


$  160,833


$  160,742


$  634,126











Net interest margin

4.21 %


4.28 %


4.43 %


4.51 %


4.36 %

Net interest margin (fully tax equivalent) (1)

4.26 %


4.33 %


4.48 %


4.55 %


4.40 %











Full-time equivalent employees

2,129


2,121


2,193


2,066













(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.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)
















Dec. 31,


Sep. 30,


June 30,


Mar. 31,


Dec. 31,


% Change


% Change


2024


2024


2024


2024


2023


Linked Qtr.


Comp Qtr.

ASSETS














     Cash and due from banks

$      174,258


$      190,618


$      193,794


$      199,407


$      213,059


(8.6) %


(18.2) %

     Interest-bearing deposits with other banks

730,228


660,576


738,555


751,290


792,960


10.5 %


(7.9) %

     Investment securities available-for-sale

3,183,776


3,157,265


3,036,758


2,850,667


3,021,126


0.8 %


5.4 %

     Investment securities held-to-maturity

76,960


77,985


78,921


79,542


80,321


(1.3) %


(4.2) %

     Other investments

114,598


120,318


132,412


125,548


129,945


(4.8) %


(11.8) %

     Loans held for sale

13,181


12,685


16,911


11,534


9,213


3.9 %


43.1 %

     Loans and leases














       Commercial and industrial

3,815,858


3,678,546


3,782,487


3,591,428


3,501,221


3.7 %


9.0 %

       Lease financing

598,045


587,415


534,557


492,862


474,817


1.8 %


26.0 %

       Construction real estate

779,446


802,264


741,406


641,596


564,832


(2.8) %


38.0 %

       Commercial real estate

4,061,744


4,034,820


4,076,596


4,145,969


4,080,939


0.7 %


(0.5) %

       Residential real estate

1,462,284


1,422,186


1,377,290


1,344,677


1,333,674


2.8 %


9.6 %

       Home equity

849,039


825,431


800,860


773,811


758,676


2.9 %


11.9 %

       Installment

133,051


141,270


148,530


153,838


159,078


(5.8) %


(16.4) %

       Credit card

62,311


61,140


59,477


60,939


59,939


1.9 %


4.0 %

          Total loans

11,761,778


11,553,072


11,521,203


11,205,120


10,933,176


1.8 %


7.6 %

       Less:














          Allowance for credit losses

(156,791)


(158,831)


(156,185)


(144,274)


(141,433)


(1.3) %


10.9 %

                Net loans

11,604,987


11,394,241


11,365,018


11,060,846


10,791,743


1.8 %


7.5 %

     Premises and equipment

197,965


196,692


197,873


198,428


194,740


0.6 %


1.7 %

     Operating leases

209,119


201,080


167,472


161,473


153,214


4.0 %


36.5 %

     Goodwill

1,007,656


1,007,656


1,007,656


1,007,656


1,005,868


0.0 %


0.2 %

     Other intangibles

79,291


81,547


83,528


85,603


83,949


(2.8) %


(5.5) %

     Accrued interest and other assets

1,178,242


1,045,669


1,147,282


1,067,244


1,056,762


12.7 %


11.5 %

       Total Assets

$  18,570,261


$ 18,146,332


$  18,166,180


$ 17,599,238


$  17,532,900


2.3 %


5.9 %















LIABILITIES














     Deposits














       Interest-bearing demand

$   3,095,724


$   2,884,971


$   2,922,540


$   2,916,518


$   2,993,219


7.3 %


3.4 %

       Savings

4,948,768


4,710,223


4,628,320


4,467,894


4,331,228


5.1 %


14.3 %

       Time

3,152,265


3,244,861


3,049,635


2,896,860


2,718,390


(2.9) %


16.0 %

          Total interest-bearing deposits

11,196,757


10,840,055


10,600,495


10,281,272


10,042,837


3.3 %


11.5 %

       Noninterest-bearing

3,132,381


3,107,699


3,061,427


3,175,876


3,317,960


0.8 %


(5.6) %

          Total deposits

14,329,138


13,947,754


13,661,922


13,457,148


13,360,797


2.7 %


7.2 %

     FHLB short-term borrowings

625,000


765,000


1,040,000


700,000


800,000


(18.3) %


(21.9) %

     Other

130,452


46,653


139,172


162,145


137,814


179.6 %


(5.3) %

          Total short-term borrowings

755,452


811,653


1,179,172


862,145


937,814


(6.9) %


(19.4) %

     Long-term debt

347,509


344,086


338,556


343,236


344,115


1.0 %


1.0 %

          Total borrowed funds

1,102,961


1,155,739


1,517,728


1,205,381


1,281,929


(4.6) %


(14.0) %

     Accrued interest and other liabilities

700,121


592,401


660,091


649,706


622,200


18.2 %


12.5 %

       Total Liabilities

16,132,220


15,695,894


15,839,741


15,312,235


15,264,926


2.8 %


5.7 %















SHAREHOLDERS' EQUITY














     Common stock

1,642,055


1,639,045


1,635,705


1,632,971


1,638,972


0.2 %


0.2 %

     Retained earnings

1,276,329


1,234,375


1,204,844


1,166,065


1,136,718


3.4 %


12.3 %

     Accumulated other comprehensive income (loss)

(289,799)


(232,262)


(323,409)


(321,109)


(309,819)


24.8 %


(6.5) %

     Treasury stock, at cost

(190,544)


(190,720)


(190,701)


(190,924)


(197,897)


(0.1) %


(3.7) %

       Total Shareholders' Equity

2,438,041


2,450,438


2,326,439


2,287,003


2,267,974


(0.5) %


7.5 %

       Total Liabilities and Shareholders' Equity

$  18,570,261


$ 18,146,332


$  18,166,180


$ 17,599,238


$  17,532,900


2.3 %


5.9 %


 

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)








Quarterly Averages


Year-to-Date Averages


Dec. 31,


Sep. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,


2024


2024


2024


2024


2023


2024


2023

ASSETS














     Cash and due from banks

$      182,242


$      179,321


$      174,435


$      204,119


$      214,678


$      185,006


$      216,625

     Interest-bearing deposits with other banks

654,251


483,880


599,348


553,654


548,153


572,763


396,089

     Investment securities

3,372,539


3,274,498


3,131,541


3,137,665


3,184,408


3,229,577


3,442,233

     Loans held for sale

17,284


16,399


14,075


12,069


12,547


14,967


11,369

     Loans and leases














       Commercial and industrial

3,727,549


3,723,761


3,716,083


3,543,475


3,422,381


3,677,979


3,447,984

       Lease financing

587,110


550,634


509,758


480,540


419,179


532,212


342,243

       Construction real estate

826,936


763,779


683,780


603,974


540,314


720,031


535,715

       Commercial real estate

4,045,347


4,059,939


4,146,764


4,101,238


4,060,733


4,088,127


4,038,457

       Residential real estate

1,442,799


1,399,932


1,361,133


1,336,749


1,320,670


1,385,351


1,220,138

       Home equity

837,863


811,265


790,384


765,410


750,925


801,358


735,236

       Installment

136,927


143,102


151,753


157,663


160,242


147,321


175,447

       Credit card

66,071


65,189


67,200


65,066


64,037


65,880


59,998

          Total loans

11,670,602


11,517,601


11,426,855


11,054,115


10,738,481


11,418,259


10,555,218

       Less:














          Allowance for credit losses

(161,477)


(159,252)


(147,666)


(143,950)


(149,398)


(153,126)


(145,472)

                Net loans

11,509,125


11,358,349


11,279,189


10,910,165


10,589,083


11,265,133


10,409,746

     Premises and equipment

197,664


197,881


199,096


198,482


194,435


198,278


192,414

     Operating leases

202,110


180,118


156,457


154,655


139,331


173,432


129,631

     Goodwill

1,007,658


1,007,654


1,007,657


1,006,477


1,005,870


1,007,363


1,005,805

     Other intangibles

80,486


82,619


84,577


84,109


85,101


82,940


88,724

     Accrued interest and other assets

1,050,060


1,073,472


1,081,876


1,044,826


1,151,349


1,062,555


1,104,587

       Total Assets

$  18,273,419


$ 17,854,191


$  17,728,251


$  17,306,221


$  17,124,955


$  17,792,014


$  16,997,223















LIABILITIES














     Deposits














       Interest-bearing demand

$   3,081,148


$   2,914,934


$   2,888,252


$   2,895,768


$   2,988,086


$   2,945,315


$   2,932,477

       Savings

4,886,784


4,694,923


4,617,658


4,399,768


4,235,658


4,650,554


3,932,100

       Time

3,209,078


3,080,408


2,980,158


2,813,880


2,611,075


3,021,558


2,397,289

          Total interest-bearing deposits

11,177,010


10,690,265


10,486,068


10,109,416


9,834,819


10,617,427


9,261,866

       Noninterest-bearing

3,162,643


3,106,239


3,144,198


3,169,750


3,368,024


3,145,646


3,617,961

          Total deposits

14,339,653


13,796,504


13,630,266


13,279,166


13,202,843


13,763,073


12,879,827

     Federal funds purchased and securities sold














          under agreements to repurchase

2,282


10,807


750


4,204


3,586


4,522


15,583

     FHLB short-term borrowings

415,652


626,490


669,111


646,187


554,826


588,987


845,666

     Other

93,298


76,859


161,913


146,127


185,221


119,361


158,221

          Total short-term borrowings

511,232


714,156


831,774


796,518


743,633


712,870


1,019,470

     Long-term debt

343,851


339,581


339,472


342,496


340,321


341,352


340,950

       Total borrowed funds

855,083


1,053,737


1,171,246


1,139,014


1,083,954


1,054,222


1,360,420

     Accrued interest and other liabilities

637,638


632,825


645,699


622,479


693,676


634,663


627,225

       Total Liabilities

15,832,374


15,483,066


15,447,211


15,040,659


14,980,473


15,451,958


14,867,472















SHAREHOLDERS' EQUITY














     Common stock

1,640,280


1,637,045


1,634,183


1,637,835


1,637,197


1,637,343


1,633,992

     Retained earnings

1,249,263


1,210,924


1,179,827


1,144,447


1,111,786


1,196,301


1,053,441

     Accumulated other comprehensive loss

(257,792)


(285,978)


(341,941)


(319,601)


(406,265)


(301,167)


(358,870)

     Treasury stock, at cost

(190,706)


(190,866)


(191,029)


(197,119)


(198,236)


(192,421)


(198,812)

       Total Shareholders' Equity

2,441,045


2,371,125


2,281,040


2,265,562


2,144,482


2,340,056


2,129,751

       Total Liabilities and Shareholders' Equity

$  18,273,419


$ 17,854,191


$  17,728,251


$  17,306,221


$  17,124,955


$  17,792,014


$  16,997,223
















 

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)








 Quarterly Averages


Year-to-Date Averages



December 31, 2024


September 30, 2024


December 31, 2023


December 31, 2024


December 31, 2023



Balance


Interest


Yield


Balance


Interest


Yield


Balance


Interest


Yield


Balance


Yield


Balance


Yield

Earning assets



























    Investments:



























      Investment securities


$  3,372,539


$  36,401


4.28 %


$  3,274,498


$  34,983


4.24 %


$  3,184,408


$  33,696


4.20 %


$  3,229,577


4.20 %


$  3,442,233


4.05 %

      Interest-bearing deposits with other banks


654,251


7,662


4.65 %


483,880


6,703


5.50 %


548,153


7,325


5.30 %


572,763


5.20 %


396,089


5.00 %

    Gross loans (1)


11,687,886


207,508


7.04 %


11,534,000


215,433


7.41 %


10,751,028


197,416


7.29 %


11,433,226


7.32 %


10,566,587


7.04 %

       Total earning assets


15,714,676


251,571


6.35 %


15,292,378


257,119


6.67 %


14,483,589


238,437


6.53 %


15,235,566


6.58 %


14,404,909


6.27 %




























Nonearning assets



























    Allowance for credit losses


(161,477)






(159,252)






(149,398)






(153,126)




(145,472)



    Cash and due from banks


182,242






179,321






214,678






185,006




216,625



    Accrued interest and other assets


2,537,978






2,541,744






2,576,086






2,524,568




2,521,161



       Total assets


$ 18,273,419






$ 17,854,191






$ 17,124,955






$ 17,792,014




$ 16,997,223






























Interest-bearing liabilities



























    Deposits:



























      Interest-bearing demand


$  3,081,148


$  15,092


1.94 %


$  2,914,934


$  15,919


2.17 %


$  2,988,086


$  14,480


1.92 %


$  2,945,315


2.07 %


$  2,932,477


1.45 %

      Savings


4,886,784


33,924


2.75 %


4,694,923


34,220


2.89 %


4,235,658


26,632


2.49 %


4,650,554


2.81 %


3,932,100


1.73 %

      Time


3,209,078


36,425


4.50 %


3,080,408


36,415


4.69 %


2,611,075


28,081


4.27 %


3,021,558


4.62 %


2,397,289


3.81 %

    Total interest-bearing deposits


11,177,010


85,441


3.03 %


10,690,265


86,554


3.21 %


9,834,819


69,193


2.79 %


10,617,427


3.12 %


9,261,866


2.18 %

    Borrowed funds



























      Short-term borrowings


511,232


6,586


5.11 %


714,156


9,932


5.52 %


743,633


10,277


5.48 %


712,870


5.45 %


1,019,470


5.24 %

      Long-term debt


343,851


5,145


5.94 %


339,581


5,073


5.93 %


340,321


5,202


6.06 %


341,352


5.90 %


340,950


5.82 %

        Total borrowed funds


855,083


11,731


5.44 %


1,053,737


15,005


5.65 %


1,083,954


15,479


5.67 %


1,054,222


5.60 %


1,360,420


5.38 %

       Total interest-bearing liabilities


12,032,093


97,172


3.20 %


11,744,002


101,559


3.43 %


10,918,773


84,672


3.08 %


11,671,649


3.34 %


10,622,286


2.59 %




























Noninterest-bearing liabilities



























    Noninterest-bearing demand deposits


3,162,643






3,106,239






3,368,024






3,145,646




3,617,961



    Other liabilities


637,638






632,825






693,676






634,663




627,225



    Shareholders' equity


2,441,045






2,371,125






2,144,482






2,340,056




2,129,751



       Total liabilities & shareholders' equity


$ 18,273,419






$ 17,854,191






$ 17,124,955






$ 17,792,014




$ 16,997,223






























Net interest income


$     154,399






$     155,560






$     153,765






$     612,010




$     627,770



Net interest spread






3.15 %






3.24 %






3.45 %




3.24 %




3.68 %

Net interest margin






3.91 %






4.05 %






4.21 %




4.02 %




4.36 %




























Tax equivalent adjustment






0.03 %






0.03 %






0.05 %




0.03 %




0.04 %

Net interest margin (fully tax equivalent)






3.94 %






4.08 %






4.26 %




4.05 %




4.40 %























































(1) Loans held for sale and nonaccrual loans 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


$        360


$     1,058


$     1,418


$        674


$     2,031


$     2,705


$     5,290


$    (8,940)


$    (3,650)

    Interest-bearing deposits with other banks


(1,036)


1,995


959


(906)


1,243


337


783


9,187


9,970

    Gross loans (2)


(10,657)


2,732


(7,925)


(6,541)


16,633


10,092


29,361


63,410


92,771

       Total earning assets


(11,333)


5,785


(5,548)


(6,773)


19,907


13,134


35,434


63,657


99,091




















Interest-bearing liabilities



















    Total interest-bearing deposits


$    (4,834)


$     3,721


$    (1,113)


$     5,988


$    10,260


$    16,248


$    86,810


$    42,272


$  129,082

    Borrowed funds



















    Short-term borrowings


(732)


(2,614)


(3,346)


(697)


(2,994)


(3,691)


2,190


(16,712)


(14,522)

    Long-term debt


8


64


72


(110)


53


(57)


267


24


291

       Total borrowed funds


(724)


(2,550)


(3,274)


(807)


(2,941)


(3,748)


2,457


(16,688)


(14,231)

       Total interest-bearing liabilities


(5,558)


1,171


(4,387)


5,181


7,319


12,500


89,267


25,584


114,851

          Net interest income (1)


$    (5,775)


$     4,614


$    (1,161)


$  (11,954)


$    12,588


$        634


$  (53,833)


$    38,073


$  (15,760)







































(1) Not tax equivalent.



















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





 

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)
















Dec. 31,


Sep. 30,


June 30,


Mar. 31,


Dec. 31,


Full Year


Full Year


2024


2024


2024


2024


2023


2024


2023

ALLOWANCE FOR CREDIT LOSS ACTIVITY











Balance at beginning of period

$  158,831


$  156,185


$  144,274


$  141,433


$  145,201


$ 141,433


$ 132,977

  Provision for credit losses

9,705


9,930


16,157


13,419


8,804


49,211


43,074

  Gross charge-offs














    Commercial and industrial

4,333


5,471


2,149


2,695


6,866


14,648


19,175

    Lease financing

2,831


368


190


3


4,244


3,392


4,423

    Construction real estate

0


0


0


0


0


0


0

    Commercial real estate

5,051


261


2


5,319


1


10,633


8,723

    Residential real estate

12


60


6


65


9


143


39

    Home equity

210


90


122


25


174


447


340

    Installment

1,680


1,510


2,034


2,236


2,054


7,460


6,442

    Credit card

492


768


532


794


363


2,586


1,173

      Total gross charge-offs

14,609


8,528


5,035


11,137


13,711


39,309


40,315

  Recoveries














    Commercial and industrial

1,779


434


236


162


459


2,611


1,534

    Lease financing

17


11


1


59


52


88


55

    Construction real estate

0


0


0


0


0


0


0

    Commercial real estate

19


25


137


38


93


219


2,523

    Residential real estate

23


22


37


24


24


106


247

    Home equity

222


240


118


80


178


660


615

    Installment

499


421


219


145


210


1,284


441

    Credit card

305


91


41


51


123


488


282

      Total recoveries

2,864


1,244


789


559


1,139


5,456


5,697

  Total net charge-offs

11,745


7,284


4,246


10,578


12,572


33,853


34,618

Ending allowance for credit losses

$  156,791


$  158,831


$  156,185


$  144,274


$  141,433


$ 156,791


$ 141,433















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











  Commercial and industrial

0.27 %


0.54 %


0.21 %


0.29 %


0.74 %


0.33 %


0.51 %

  Lease financing

1.91 %


0.26 %


0.15 %


(0.05) %


3.97 %


0.62 %


1.28 %

  Construction real estate

0.00 %


0.00 %


0.00 %


0.00 %


0.00 %


0.00 %


0.00 %

  Commercial real estate

0.49 %


0.02 %


(0.01) %


0.52 %


(0.01) %


0.25 %


0.15 %

  Residential real estate

0.00 %


0.01 %


(0.01) %


0.01 %


0.00 %


0.00 %


(0.02) %

  Home equity

(0.01) %


(0.07) %


0.00 %


(0.03) %


0.00 %


(0.03) %


(0.04) %

  Installment

3.43 %


3.03 %


4.81 %


5.33 %


4.57 %


4.19 %


3.42 %

  Credit card

1.13 %


4.13 %


2.94 %


4.59 %


1.49 %


3.18 %


1.49 %

     Total net charge-offs

0.40 %


0.25 %


0.15 %


0.38 %


0.46 %


0.30 %


0.33 %















COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS



  Nonaccrual loans














    Commercial and industrial

$     6,641


$    10,703


$    17,665


$    14,532


$    15,746


$     6,641


$   15,746

    Lease financing

6,227


11,632


5,374


3,794


3,610


6,227


3,610

    Construction real estate

0


0


0


0


0


0


0

    Commercial real estate

32,303


23,608


22,942


23,055


27,984


32,303


27,984

    Residential real estate

16,700


14,596


12,715


12,836


14,067


16,700


14,067

    Home equity

3,418


4,074


3,295


4,036


3,476


3,418


3,476

    Installment

684


826


682


984


870


684


870

      Total nonaccrual loans

65,973


65,439


62,673


59,237


65,753


65,973


65,753

  Other real estate owned (OREO)

64


30


30


161


106


64


106

     Total nonperforming assets

66,037


65,469


62,703


59,398


65,859


66,037


65,859

  Accruing loans past due 90 days or more

361


463


1,573


820


2,028


361


2,028

     Total underperforming assets

$    66,398


$    65,932


$    64,276


$    60,218


$    67,887


$   66,398


$   67,887

Total classified assets

$  224,084


$  206,194


$  195,277


$  162,348


$  140,995


$ 224,084


$ 140,995















CREDIT QUALITY RATIOS











Allowance for credit losses to














     Nonaccrual loans

237.66 %


242.72 %


249.21 %


243.55 %


215.10 %


237.66 %


215.10 %

     Total ending loans

1.33 %


1.37 %


1.36 %


1.29 %


1.29 %


1.33 %


1.29 %

Nonaccrual loans to total loans

0.56 %


0.57 %


0.54 %


0.53 %


0.60 %


0.56 %


0.60 %

Nonperforming assets to














     Ending loans, plus OREO

0.56 %


0.57 %


0.54 %


0.53 %


0.60 %


0.56 %


0.60 %

     Total assets

0.36 %


0.36 %


0.35 %


0.34 %


0.38 %


0.36 %


0.38 %

Classified assets to total assets

1.21 %


1.14 %


1.07 %


0.92 %


0.80 %


1.21 %


0.80 %


 

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)


Three Months Ended,


Twelve months ended,


Dec. 31,


Sep. 30,


June 30,


Mar. 31,


Dec. 31,


Dec. 31,


Dec. 31,


2024


2024


2024


2024


2023


2024


2023

PER COMMON SHARE














Market Price














  High

$        30.34


$        28.09


$        23.78


$        23.68


$        24.28


$        30.34


$        26.24

  Low

$        23.98


$        21.70


$        20.79


$        21.04


$        17.37


$        20.79


$        17.37

  Close

$        26.88


$        25.23


$        22.22


$        22.42


$        23.75


$        26.88


$        23.75















Average shares outstanding - basic

94,486,838


94,473,666


94,438,235


94,218,067


94,063,570


94,404,617


93,938,772

Average shares outstanding - diluted

95,487,564


95,479,510


95,470,093


95,183,998


95,126,316


95,405,719


95,096,067

Ending shares outstanding

95,494,840


95,486,317


95,486,010


95,473,595


95,141,244


95,494,840


95,141,244















Total shareholders' equity

$  2,438,041


$  2,450,438


$  2,326,439


$  2,287,003


$  2,267,974


$  2,438,041


$  2,267,974















REGULATORY CAPITAL

Preliminary










Preliminary



Common equity tier 1 capital

$  1,709,422


$  1,661,759


$  1,626,345


$  1,582,113


$  1,568,815


$  1,709,422


$  1,568,815

Common equity tier 1 capital ratio

12.16 %


12.04 %


11.78 %


11.67 %


11.73 %


12.16 %


11.73 %

Tier 1 capital

$  1,754,584


$  1,706,796


$  1,671,258


$  1,626,899


$  1,613,480


$  1,754,584


$  1,613,480

Tier 1 ratio

12.48 %


12.37 %


12.11 %


12.00 %


12.06 %


12.48 %


12.06 %

Total capital

$  2,028,099


$  2,012,349


$  1,997,378


$  1,940,762


$  1,907,441


$  2,028,099


$  1,907,441

Total capital ratio

14.43 %


14.58 %


14.47 %


14.31 %


14.26 %


14.43 %


14.26 %

Total capital in excess of minimum requirement

$    551,881


$    563,273


$    548,037


$    516,704


$    503,152


$    551,881


$    503,152

Total risk-weighted assets

$  14,059,215


$  13,800,728


$  13,803,249


$  13,562,455


$  13,374,177


$  14,059,215


$  13,374,177

Leverage ratio

9.98 %


9.93 %


9.73 %


9.75 %


9.70 %


9.98 %


9.70 %















OTHER CAPITAL RATIOS














Ending shareholders' equity to ending assets

13.13 %


13.50 %


12.81 %


12.99 %


12.94 %


13.13 %


12.94 %

Ending tangible shareholders' equity to ending tangible
assets (1)

7.73 %


7.98 %


7.23 %


7.23 %


7.17 %


7.73 %


7.17 %

Average shareholders' equity to average assets

13.36 %


13.28 %


12.87 %


13.09 %


12.52 %


13.15 %


12.53 %

Average tangible shareholders' equity to average tangible
assets (1)

7.87 %


7.64 %


7.15 %


7.25 %


6.57 %


7.48 %


6.51 %















REPURCHASE PROGRAM (2)














Shares repurchased

0


0


0


0


0


0


0

Average share repurchase price

N/A


N/A


N/A


N/A


N/A


N/A


N/A

Total cost of shares repurchased

N/A


N/A


N/A


N/A


N/A


N/A


N/A















(1) Non-GAAP measure.  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.

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






















N/A = Not applicable














 

Cision View original content:https://www.prnewswire.com/news-releases/first-financial-bancorp-announces-fourth-quarter-and-full-year-2024-financial-results-302359036.html

SOURCE First Financial Bancorp.

FAQ

What was FFBC's earnings per share in Q4 2024?

First Financial Bancorp reported earnings of $0.68 per diluted share in Q4 2024, or $0.71 on an adjusted basis.

How much did FFBC's deposits grow in Q4 2024?

Average deposits increased by $543.1 million, representing a 15.7% annualized growth rate.

What was FFBC's loan growth in Q4 2024?

Loan balances increased by $208.7 million, representing a 7.2% annualized growth rate.

How did FFBC's full-year 2024 earnings compare to 2023?

FFBC's full-year earnings per diluted share were $2.40 in 2024, compared to $2.69 in 2023.

What was FFBC's net interest margin in Q4 2024?

The net interest margin was 3.94% on a fully tax-equivalent basis in Q4 2024.

First Financial Bancorp

NASDAQ:FFBC

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2.45B
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Banks - Regional
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United States of America
CINCINNATI