First Financial Bancorp - FFBC STOCK NEWS

First Financial Bancorp (FFBC) reported Q4 2021 earnings per diluted share of $0.50 ($0.58 adjusted). Net income was $46.9 million, a decline from $60.0 million in Q3 2021. The return on average assets stood at 1.16%, down from 1.49%. The company closed the acquisition of Summit Funding Group and achieved $143.6 million in commercial loan sales. A quarterly dividend of $0.23 per share was announced along with a share repurchase authorization of up to 5 million shares. Noninterest income grew to $45.7 million, while noninterest expenses were $109.6 million.

First Financial Bancorp (Nasdaq: FFBC) will announce its fourth quarter and full-year 2021 financial results after market close on January 27, 2022. A teleconference and webcast to discuss these results is scheduled for January 28, 2022, at 8:30 a.m. Eastern time. As of September 30, 2021, the company reported $16 billion in assets, $9.4 billion in loans, $12.7 billion in deposits, and $2.2 billion in shareholders' equity. First Financial Bancorp operates in Ohio, Indiana, Kentucky, and Illinois with a focus on commercial and retail banking services.

First Financial Bank (Nasdaq: FFBC) President and CEO Archie Brown has been appointed to the Board of Directors of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for a three-year term starting January 1, 2022. Brown, who has led First Financial since April 2018, expressed his commitment to contributing to the Board's discussions on financial needs in the region. The Federal Reserve considered his extensive community service and banking experience in making this appointment, which enhances the Board's regional economic insights.

First Financial Bancorp (Nasdaq: FFBC) has successfully completed its acquisition of Cincinnati-based Summit Funding Group, the fourth largest independent equipment financing platform in the U.S. This acquisition enhances First Financial's service offerings by integrating Summit's extensive leasing capabilities, which include a portfolio worth approximately $1 billion and outstanding balances of around $500 million across over 4,000 leases. Summit will operate as a subsidiary, maintaining its brand and leadership under CEO Rick Ross.

First Financial Bancorp (Nasdaq: FFBC) has announced plans to acquire Cincinnati-based Summit Funding Group, the fourth largest independent equipment financing platform in the U.S. The transaction aims to enhance growth opportunities by leveraging both companies' strengths. Summit will maintain its branding and leadership post-acquisition. Expected to close in Q4 2021, this deal is projected to be mid-single-digit accretive to First Financial's earnings per share in the first year post-integration, with further growth anticipated thereafter. Financial advisors for the transaction include Lazard and Keefe, Bruyette & Woods.

First Financial Bank (Nasdaq: FFBC) has received national Bank On certification for its NoWorry Checking account, validating its compliance with the 2021-2022 Bank On National Account Standards. This account features no overdraft fees and no minimum balance requirements, enhancing banking accessibility in Ohio, Indiana, Kentucky, and Illinois. The certification underscores the bank's commitment to improving financial access, particularly for unbanked populations. With $16.0 billion in assets and community initiatives, First Financial aims to elevate financial education and services in low-income areas.

First Financial Bancorp (NASDAQ: FFBC) declared a quarterly cash dividend of $0.23 per common share on October 26, 2021. This dividend is payable on December 15, 2021 to shareholders on record by December 1, 2021. As of September 30, 2021, the company reported $16.0 billion in assets, $9.4 billion in loans, and $12.7 billion in deposits. The bank operates 139 full-service banking centers across Ohio, Indiana, Kentucky, and Illinois.

First Financial Bancorp (FFBC) reported robust Q3 2021 earnings with net income of $60.0 million ($0.63 per diluted share), a significant increase from $50.9 million in Q2 2021 and $41.5 million in Q3 2020. The return on average assets was 1.49%, while net interest margin stood at 3.32%. Loan growth was strong at $74.8 million, despite a decline in PPP loans. The company recaptured $10.1 million in provisions, driven by improved credit quality, and repurchased 2.5 million shares. The total capital ratio remained high at 14.97%. Performance continues to suggest positive trends in earnings and loan origination.

First Financial Bancorp (Nasdaq: FFBC) will announce its third quarter 2021 financial results after market close on October 21, 2021. A teleconference and webcast discussing the results are scheduled for October 22, 2021 at 8:30 a.m. Eastern time. Interested parties can join the call by dialing 1-833-950-0062 (US Toll Free) or through the webcast available at ir.bankatfirst.com. The archived webcast will be accessible for 12 months following the live event.