First Financial Bancorp Announces Fourth Quarter and Full Year 2024 Financial Results
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.
- 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
- 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
Balance Sheet Strength: The
Revenue Diversification: The record noninterest income of
Operational Efficiency: The workforce reduction initiative, eliminating 145 positions, reflects proactive cost management. The adjusted efficiency ratio of
Credit Quality & Risk Management: While net charge-offs increased to
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 on an adjusted(1) basis$0.71 - 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 on an adjusted(1) basis$69.7 million - 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
For the three months ended December 31, 2024, the Company reported net income of
Return on average assets for the fourth quarter of 2024 was
Fourth quarter 2024 highlights include:
- Robust net interest margin of
3.91% , or3.94% 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
, or$69.9 million as adjusted(1)$69.7 million - Adjustments include
gain on securities$0.1 million - Record wealth management income
- Strong results from foreign exchange and leasing businesses
- Adjustments include
- Noninterest expenses of
, or$147.9 million as adjusted(1);$130.9 million 5.0% increase from linked quarter- Fourth quarter adjustments(1) include
of efficiency related costs,$4.7 million of tax credit writedowns,$14.3 million of state tax credits and$1.0 million of gains on the sale of previously closed branches$2.0 million - 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)
- Fourth quarter adjustments(1) include
- Broad-based loan growth during the quarter
- Loan balances increased
compared to the linked quarter;$208.7 million 7% annualized growth - Growth driven by C&I, ICRE, leasing and mortgage
- Loan balances increased
_________________________________________________________________________________________
(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
, or$543.1 million 15.7% on an annualized basis - Growth across most product types offset a decline in brokered CDs and savings
- Average deposits increased
- Total Allowance for Credit Losses of
; Total quarterly provision expense of$173.7 million $9.4 million - Loans and leases - ACL of
; ratio to total loans of$156.8 million 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
- Loans and leases - ACL of
- 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
(1)$14.15
- Total capital ratio decreased 15 bps to
Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our fourth quarter performance. Adjusted(1) earnings per share were
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
Mr. Brown commented on asset quality, "Asset quality was relatively stable for the quarter. Nonperforming assets were flat compared to the linked quarter at
Mr. Brown highlighted full year results. "2024 was an excellent year for our Company. On an adjusted(1) basis, we earned
Mr. Brown continued, "I am very pleased with our balance sheet growth for the year. Total loans increased by
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
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,
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 (
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
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 | 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 |
(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 |
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 | (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 | 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 | $ 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 | (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 |
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 | $ 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 | $ 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 | $ 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 |
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 | $ 18,166,180 | $ 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 | $ 18,166,180 | $ 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 | $ 17,728,251 | $ 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 | $ 17,728,251 | $ 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 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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 | 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 | 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 |
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.
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