CINCINNATI, July 30, 2015 /PRNewswire/ --
- Net Income of $18.9
million
- Earnings per Share of $0.31
- Return on Average Assets of 1.05%
- Return on Average Tangible Common Equity of 11.60%
First Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the
"Company") announced today financial and operational results for
the second quarter 2015. For the three months ended
June 30, 2015, the Company recorded
net income of $18.9 million, or
$0.31 per diluted common share,
compared to net income of $17.6
million, or $0.29 per diluted
common share, in the first quarter of 2015 and $16.0 million, or $0.28 per diluted common share, in the second
quarter of 2014.
Additionally, the Company announced that its board of directors
has authorized a quarterly dividend of $0.16 per common share for the next regularly
scheduled dividend, payable on October 1,
2015 to shareholders of record as of August 28, 2015.
The Company announced its pending acquisition of Indianapolis, Indiana based Oak Street
Holdings Corporation ("Oak Street") for $110
million in cash on July 23,
2015. A specialty lender providing commission-based financing
to insurance agencies, Oak Street had total loans of $238 million as of June
30, 2015. The acquisition of Oak Street is expected to
close within 30 days and is expected to deliver operating earnings
accretion of $0.16 - $0.20 per
diluted common share and net interest margin expansion of more than
20 basis points in its first full year of operation as a subsidiary
of First Financial Bank.
Claude Davis, Chief Executive
Officer, commented, "I am very pleased with our second quarter
results. Our net income was 8% higher than the first quarter
and 19% higher than the second quarter last year. Although net
interest margin continues to be constrained by the prolonged low
interest rate environment we are excited about the growth
opportunities throughout our footprint. We are especially
encouraged by the growth of our loan portfolio which increased by
7.5%, on an annualized basis, during the second quarter."
"Demand for construction lending is especially strong in our
markets. We have funded approximately $48 million of the $156
million committed for new projects so far this year and
expect to continue to see opportunities to finance high quality
projects."
"Likewise, we are very excited about our recently announced
acquisition of Oak Street and expect it to be immediately accretive
to operating earnings. The team at Oak Street has developed a
very successful, high growth specialty lending platform that will
be a nice strategic complement to our commercial and nationwide
franchise lending businesses."
"Our ability to successfully grow low-cost deposits continues to
provide competitive advantage as we compete for new business and
will be especially advantageous to us with the addition and
expansion of Oak Street's high-yielding loan portfolio."
"As we look forward to the rest of 2015 and beyond, our focus
remains centered on serving the financial needs of our commercial,
small business, consumer and wealth management clients."
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income for the second quarter was $58.7 million as compared to $58.6 million for the first quarter 2015 and
$54.3 million for the second quarter
2014. Compared to the linked quarter, total interest income
decreased $0.2 million, or 0.3%,
while total interest expense decreased $0.3
million, or 4.6%. Net interest margin was 3.62%, on a
fully tax equivalent basis, for the second quarter compared to
3.67% for the first quarter 2015 and 3.76% for the second quarter
2014.
Interest income earned on loans increased $0.1 million compared to the prior quarter, as
average loan balances increased $22.1
million during the period, which included one additional
day. The effective yield earned on the loan portfolio
declined by 6 bps to 4.45% as the Company continued to originate
predominately floating-rate loans which have a lower initial yield
than comparable fixed-rate loans.
Interest income earned on investment securities decreased by
$0.3 million compared to the prior
quarter while average balances increased $20.2 million. The effective yield earned
on the investment portfolio decreased 13 bps to 2.34% as the
Company continued to implement strategies in preparation for a
rising interest rate environment and realized elevated prepayment
activity during the quarter.
The decrease in total interest expense was due primarily to a
$103.8 million decrease in average
borrowed funds and a $39.4 million
increase in average non-interest bearing deposits, partially offset
by an $84.7 million increase in
average interest-bearing deposits. The effective cost of
borrowed funds increased by 2 bps to 37 bps and the cost of
interest-bearing deposits decreased 3 bps to 42 bps.
NON-INTEREST INCOME
The Company's non-interest income was $21.4 million for the second quarter of 2015
compared to $17.6 million for the
first quarter of 2015 and $16.3
million for the second quarter of 2014. The increase
over the linked quarter was primarily related to a $2.0 million increase in accelerated discount
related to covered / formerly covered loans, a $1.1 million increase in gain on sale of
investment securities, a $0.7 million
increase in FDIC loss sharing income and a $0.5 million increase in gain on sale of mortgage
loans. The increase in non-interest income related to covered
/ formerly covered loans was partially offset by a related
$1.0 million increase in provision
expense.
NON-INTEREST EXPENSE
The Company's non-interest expense was $48.8 million for the second quarter of 2015
compared to $48.1 million for the
first quarter of 2015 and $47.1
million for the second quarter of 2014. The
$0.7 million increase over the linked
quarter was primarily related to a $0.5
million increase in salaries & benefits and a
$0.8 million increase in other
expenses, partially offset by a $0.6
million decrease in occupancy related expenses.
Non-interest expenses for the quarter included $0.3 million related to a legal settlement.
BALANCE SHEET & CAPITAL
Total assets were $7.4 billion,
total loans were $4.9 billion and
investment securities were $1.8
billion as of June 30,
2015. Total assets increased by $137.6
million, or 7.6% annualized, from the prior quarter and by
$837.6 million, or 12.8%, over the
prior year. Total loans increased by $89.2 million, or 7.5% annualized, from the prior
quarter and by $824.5 million, or
20.5%, over the prior year. Investment securities increased
by $16.0 million, or 3.6% annualized,
from the prior quarter and decreased by $43.7 million, or 2.4%, over the prior year.
Total deposits were $5.7 billion
as of June 30, 2015, essentially
unchanged from the prior quarter and $840.7
million, or 17.2%, higher than a year ago. Borrowed
funds were $757.1 million as of
June 30, 2015, compared to
$639.2 million as of March 31, 2015 and $874.0
million as of June 30,
2014.
As of June 30, 2015, the Company
had total shareholders' equity of $802.4
million, an increase of $6.6
million, or 3.3% annualized, over the prior quarter and
$96.6 million, or 13.7%, over the
prior year.
The Company's regulatory capital ratios remain strong and, as of
June 30, 2015, were as follows:
leverage ratio of 9.77%, total capital ratio of 13.31%, tier 1
capital ratio of 12.35% and tangible common equity ratio of
9.08%. The Company's tangible book value per share was
$10.65 as of June 30, 2015.
ASSET QUALITY
Second quarter provision expense was $3.1
million and the total allowance for loan and lease losses as
of June 30, 2015 was $52.9 million. The allowance as a
percentage of period-end loans was 1.09% at the end of the second
quarter. The balance of the Company's total allowance and
loan marks, net of the indemnification asset, was 1.27% of total
loans and leases as of June 30, 2015
which represents a 16 bps decline from 1.43% as of March 31,
2015 as the decrease in loan marks was coupled with the recognition
of a higher level of accelerated discount due to payoffs in the
covered / formerly covered portfolio, as well as higher loan
balances during the period.
For the second quarter, net charge-offs totaled $3.3 million, an increase of $1.4 million, or 77.5% compared to the linked
quarter, and were 27 bps as a percentage of loans on an annualized
basis. The increase in net charge-offs was due primarily to a
single non-owner occupied commercial real estate charge-off of
$1.7 million during the period
related to a debt restructuring. Nonaccrual loans decreased
$9.5 million, or 19.3%, to
$39.7 million as of June 30, 2015. Total classified assets
decreased $13.9 million, or 9.0%, to
$139.9 million as of June 30, 2015, primarily due to a decrease in
both commercial real estate and retail classified assets.
Teleconference / Webcast Information
First Financial's executive management will host a conference
call to discuss the Company's financial and operating results on
Friday, July 31, 2015 at 8:30 a.m. Eastern Time. Members of the
public who would like to listen to the conference call should dial
(877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003
(International) (no passcode required). The number should be
dialed five to ten minutes prior to the start of the conference
call. The conference call will also be accessible as an audio
webcast via the Investor Relations section of the Company's website
at www.bankatfirst.com. A replay of the conference call will
be available beginning one hour after the completion of the live
call at (877) 344-7529 (U.S. toll free), (855) 669-9658
(Canada toll free) and +1 (412)
317-0088 (International); conference number 10069484. The
webcast will be archived on the Investor Relations section of the
Company's website for 12 months.
Press Release and Additional Information on Website
This press release as well as supplemental information and any
non-GAAP reconciliations related to this release is available to
the public through the Investor Relations section of First
Financial's website at www.bankatfirst.com.
About First Financial Bancorp
First Financial Bancorp is a Cincinnati, Ohio based bank holding
company. As of June 30, 2015, the Company had
$7.4 billion in assets, $4.9 billion in loans, $5.7 billion in deposits and $802 million in shareholders' equity. The
Company's subsidiary, First Financial Bank, N.A., founded in 1863,
provides banking and financial services products through its four
lines of business: commercial, consumer, wealth management and
mortgage. The commercial, consumer and mortgage units provide
traditional banking services to business and retail clients.
First Financial Wealth Management provides wealth planning,
portfolio management, trust and estate, brokerage and retirement
plan services and had approximately $2.4
billion in assets under management as of June 30,
2015. The Company's strategic operating markets are located
in Ohio, Indiana and Kentucky where it operates 106 banking
centers. Additional information about the Company, including
its products, services and banking locations is available at
www.bankatfirst.com.
Forward-Looking Statement
Certain statements contained in this release which are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act. Examples of forward-looking statements include, but are
not limited to, projections of revenues, income or loss, earnings
or loss per share, the payment or non-payment of dividends, capital
structure and other financial items, statements of plans and
objectives of First Financial or its management or board of
directors and statements of future economic performances and
statements of assumptions underlying such statements. Words
such as ''believes,'' ''anticipates,'' "likely," "expected,"
''intends,'' and other similar expressions are intended to identify
forward-looking statements but are not the exclusive means of
identifying such statements. Management's analysis contains
forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance.
However, such performance involves risks and uncertainties that may
cause actual results to differ materially. These factors
include, but are not limited to: economic, market, liquidity,
credit, interest rate, operational and technological risks
associated with the Company's business; the effect of and changes
in policies and laws or regulatory agencies (notably the recently
enacted Dodd-Frank Wall Street Reform and Consumer Protection Act);
management's ability to effectively execute its business plan;
mergers and acquisitions, including costs or difficulties related
to the integration of acquired companies; the Company's ability to
comply with the terms of loss sharing agreements with the FDIC; the
effect of changes in accounting policies and practices; and the
costs and effects of litigation and of unexpected or adverse
outcomes in such litigation. Please refer to the Company's
Annual Report on Form 10-K for the year ended December 31, 2014, as well as its other filings
with the SEC, for a more detailed discussion of these risks,
uncertainties and other factors that could cause actual results to
differ from those discussed in the forward-looking
statements. Such forward-looking statements are meaningful
only on the date when such statements are made, and the Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which such a
statement is made to reflect the occurrence of unanticipated
events.
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended,
|
|
Six months
ended,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
June 30,
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
18,949
|
|
|
$
|
17,621
|
|
|
$
|
18,599
|
|
|
$
|
15,344
|
|
|
$
|
15,953
|
|
|
$
|
36,570
|
|
|
$
|
31,057
|
|
Net earnings per
share - basic
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
0.31
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.60
|
|
|
$
|
0.54
|
|
Net earnings per
share - diluted
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.32
|
|
|
$
|
0.15
|
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.05
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
|
0.88
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
|
0.97
|
%
|
Return on average
shareholders' equity
|
9.49
|
%
|
|
9.06
|
%
|
|
9.46
|
%
|
|
8.16
|
%
|
|
9.19
|
%
|
|
9.28
|
%
|
|
9.07
|
%
|
Return on average
tangible shareholders' equity
|
11.60
|
%
|
|
11.12
|
%
|
|
11.63
|
%
|
|
10.15
|
%
|
|
10.73
|
%
|
|
11.36
|
%
|
|
10.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.56
|
%
|
|
3.61
|
%
|
|
3.67
|
%
|
|
3.66
|
%
|
|
3.70
|
%
|
|
3.58
|
%
|
|
3.76
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.62
|
%
|
|
3.67
|
%
|
|
3.72
|
%
|
|
3.71
|
%
|
|
3.76
|
%
|
|
3.64
|
%
|
|
3.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
10.87
|
%
|
|
10.98
|
%
|
|
10.86
|
%
|
|
10.52
|
%
|
|
10.78
|
%
|
|
10.87
|
%
|
|
10.78
|
%
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible
assets
|
9.08
|
%
|
|
9.16
|
%
|
|
9.02
|
%
|
|
8.71
|
%
|
|
9.39
|
%
|
|
9.08
|
%
|
|
9.39
|
%
|
Risk-weighted
assets
|
11.63
|
%
|
|
11.64
|
%
|
|
12.02
|
%
|
|
12.07
|
%
|
|
13.56
|
%
|
|
11.63
|
%
|
|
13.56
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
11.05
|
%
|
|
10.95
|
%
|
|
10.77
|
%
|
|
10.75
|
%
|
|
10.79
|
%
|
|
11.00
|
%
|
|
10.74
|
%
|
Average tangible
shareholders' equity as a percent of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average tangible assets
|
9.23
|
%
|
|
9.11
|
%
|
|
8.94
|
%
|
|
8.83
|
%
|
|
9.38
|
%
|
|
9.17
|
%
|
|
9.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
13.00
|
|
|
$
|
12.90
|
|
|
$
|
12.76
|
|
|
$
|
12.61
|
|
|
$
|
12.23
|
|
|
$13.00
|
|
$12.23
|
Tangible book value
per share
|
$
|
10.65
|
|
|
$
|
10.54
|
|
|
$
|
10.38
|
|
|
$
|
10.23
|
|
|
$
|
10.49
|
|
|
$10.65
|
|
$10.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (2)
|
12.34
|
%
|
|
12.29
|
%
|
|
12.69
|
%
|
|
12.74
|
%
|
|
14.34
|
%
|
|
12.34
|
%
|
|
14.34
|
%
|
Tier 1 ratio
(2)
|
12.35
|
%
|
|
12.29
|
%
|
|
12.69
|
%
|
|
12.74
|
%
|
|
14.34
|
%
|
|
12.35
|
%
|
|
14.34
|
%
|
Total capital ratio
(2)
|
13.31
|
%
|
|
13.27
|
%
|
|
13.71
|
%
|
|
13.80
|
%
|
|
15.59
|
%
|
|
13.31
|
%
|
|
15.59
|
%
|
Leverage ratio
(2)
|
9.77
|
%
|
|
9.67
|
%
|
|
9.44
|
%
|
|
9.70
|
%
|
|
9.99
|
%
|
|
9.77
|
%
|
|
9.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(3)
|
$
|
4,793,471
|
|
|
$
|
4,770,671
|
|
|
$
|
4,758,374
|
|
|
$
|
4,403,591
|
|
|
$
|
4,025,074
|
|
|
4,782,134
|
|
|
3,996,117
|
|
FDIC indemnification
asset
|
20,744
|
|
|
22,112
|
|
|
24,172
|
|
|
28,050
|
|
|
33,987
|
|
|
21,424
|
|
|
38,866
|
|
Investment
securities
|
1,782,785
|
|
|
1,762,622
|
|
|
1,811,941
|
|
|
1,865,241
|
|
|
1,811,175
|
|
|
1,772,759
|
|
|
1,809,383
|
|
Interest-bearing
deposits with other banks
|
19,960
|
|
|
21,255
|
|
|
22,617
|
|
|
29,433
|
|
|
10,697
|
|
|
20,604
|
|
|
6,831
|
|
Total earning
assets
|
$
|
6,616,960
|
|
|
$
|
6,576,660
|
|
|
$
|
6,617,104
|
|
|
$
|
6,326,315
|
|
|
$
|
5,880,933
|
|
|
$
|
6,596,921
|
|
|
$
|
5,851,197
|
|
Total
assets
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
$
|
7,241,869
|
|
|
$
|
6,937,283
|
|
|
$
|
6,454,252
|
|
|
$
|
7,222,717
|
|
|
$
|
6,426,895
|
|
Noninterest-bearing
deposits
|
$
|
1,325,485
|
|
|
$
|
1,286,067
|
|
|
$
|
1,290,754
|
|
|
$
|
1,179,207
|
|
|
$
|
1,110,697
|
|
|
$
|
1,305,885
|
|
|
$
|
1,103,642
|
|
Interest-bearing
deposits
|
4,446,248
|
|
|
4,361,525
|
|
|
4,372,529
|
|
|
4,041,255
|
|
|
3,832,295
|
|
|
4,404,121
|
|
|
3,764,115
|
|
Total
deposits
|
$
|
5,771,733
|
|
|
$
|
5,647,592
|
|
|
$
|
5,663,283
|
|
|
$
|
5,220,462
|
|
|
$
|
4,942,992
|
|
|
$
|
5,710,006
|
|
|
$
|
4,867,757
|
|
Borrowings
|
$
|
587,225
|
|
|
$
|
691,012
|
|
|
$
|
733,726
|
|
|
$
|
896,328
|
|
|
$
|
745,990
|
|
|
$
|
638,832
|
|
|
$
|
793,968
|
|
Shareholders'
equity
|
$
|
800,598
|
|
|
$
|
788,511
|
|
|
$
|
780,131
|
|
|
$
|
745,729
|
|
|
$
|
696,609
|
|
|
$
|
794,588
|
|
|
$
|
690,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
1.09
|
%
|
|
1.11
|
%
|
|
1.11
|
%
|
|
0.95
|
%
|
|
1.15
|
%
|
|
1.09
|
%
|
|
1.15
|
%
|
Allowance to
nonaccrual loans
|
133.28
|
%
|
|
107.98
|
%
|
|
109.06
|
%
|
|
101.94
|
%
|
|
129.64
|
%
|
|
133.28
|
%
|
|
129.64
|
%
|
Allowance to
nonperforming loans
|
88.49
|
%
|
|
82.18
|
%
|
|
82.08
|
%
|
|
77.17
|
%
|
|
93.34
|
%
|
|
88.49
|
%
|
|
93.34
|
%
|
Nonperforming loans
to total loans
|
1.23
|
%
|
|
1.36
|
%
|
|
1.35
|
%
|
|
1.24
|
%
|
|
1.23
|
%
|
|
1.23
|
%
|
|
1.23
|
%
|
Nonperforming assets
to ending loans, plus OREO
|
1.56
|
%
|
|
1.79
|
%
|
|
1.81
|
%
|
|
1.49
|
%
|
|
1.59
|
%
|
|
1.56
|
%
|
|
1.59
|
%
|
Nonperforming assets
to total assets
|
1.03
|
%
|
|
1.18
|
%
|
|
1.21
|
%
|
|
0.90
|
%
|
|
0.89
|
%
|
|
1.03
|
%
|
|
0.89
|
%
|
Net charge-offs to
average loans (annualized)
|
0.27
|
%
|
|
0.16
|
%
|
|
0.27
|
%
|
|
0.07
|
%
|
|
0.11
|
%
|
|
0.22
|
%
|
|
0.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The tax equivalent
adjustment to net interest income recognizes the income tax savings
when comparing taxable and tax-exempt assets and assumes a 35% tax
rate. Management believes that it is a standard practice in the
banking industry to present net interest margin and net interest
income on a fully tax equivalent basis. Therefore, management
believes, these measures provide useful information to investors by
allowing them to make peer comparisons. Management also uses these
measures to make peer comparisons.
|
(2)
|
June 30, 2015
regulatory capital ratios are preliminary.
|
(3)
|
Includes loans held
for sale.
|
(4)
|
Includes covered and
previously covered assets for the three months ended June 30, 2015,
March 31, 2015, and December 31, 2014 as FDIC loss sharing coverage
expired for the majority of these assets effective October 1,
2014.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
Three months
ended,
|
|
Six months
ended,
|
|
Jun. 30,
|
|
Jun. 30,
|
|
2015
|
|
2014
|
|
% Change
|
|
2015
|
|
2014
|
|
% Change
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
54,586
|
|
|
$
|
48,877
|
|
|
11.7
|
%
|
|
$
|
109,050
|
|
|
$
|
98,024
|
|
|
11.2
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
9,281
|
|
|
10,355
|
|
|
(10.4)
|
%
|
|
18,889
|
|
|
20,792
|
|
|
(9.2)
|
%
|
Tax-exempt
|
1,139
|
|
|
796
|
|
|
43.1
|
%
|
|
2,256
|
|
|
1,606
|
|
|
40.5
|
%
|
Total
investment securities interest
|
10,420
|
|
|
11,151
|
|
|
(6.6)
|
%
|
|
21,145
|
|
|
22,398
|
|
|
(5.6)
|
%
|
Other earning
assets
|
(1,162)
|
|
|
(1,301)
|
|
|
(10.7)
|
%
|
|
(2,343)
|
|
|
(2,707)
|
|
|
(13.4)
|
%
|
Total interest
income
|
63,844
|
|
|
58,727
|
|
|
8.7
|
%
|
|
127,852
|
|
|
117,715
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
4,621
|
|
|
3,606
|
|
|
28.1
|
%
|
|
9,441
|
|
|
6,922
|
|
|
36.4
|
%
|
Short-term
borrowings
|
253
|
|
|
292
|
|
|
(13.4)
|
%
|
|
556
|
|
|
621
|
|
|
(10.5)
|
%
|
Long-term
borrowings
|
296
|
|
|
525
|
|
|
(43.6)
|
%
|
|
595
|
|
|
1,049
|
|
|
(43.3)
|
%
|
Total interest
expense
|
5,170
|
|
|
4,423
|
|
|
16.9
|
%
|
|
10,592
|
|
|
8,592
|
|
|
23.3
|
%
|
Net interest
income
|
58,674
|
|
|
54,304
|
|
|
8.0
|
%
|
|
117,260
|
|
|
109,123
|
|
|
7.5
|
%
|
Provision for
loan and lease losses
|
3,070
|
|
|
(384)
|
|
|
(899.5)
|
%
|
|
5,130
|
|
|
(1,417)
|
|
|
(462.0)
|
%
|
Net interest income
after provision for loan and lease losses
|
55,604
|
|
|
54,688
|
|
|
1.7
|
%
|
|
112,130
|
|
|
110,540
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,803
|
|
|
5,137
|
|
|
(6.5)
|
%
|
|
9,326
|
|
|
9,909
|
|
|
(5.9)
|
%
|
Trust and
wealth management fees
|
3,274
|
|
|
3,305
|
|
|
(0.9)
|
%
|
|
6,908
|
|
|
7,051
|
|
|
(2.0)
|
%
|
Bankcard
income
|
2,972
|
|
|
2,809
|
|
|
5.8
|
%
|
|
5,592
|
|
|
5,242
|
|
|
6.7
|
%
|
Net gains from
sales of loans
|
1,924
|
|
|
737
|
|
|
161.1
|
%
|
|
3,388
|
|
|
1,133
|
|
|
199.0
|
%
|
Gain on sale
of investment securities
|
1,094
|
|
|
0
|
|
|
100.0
|
%
|
|
1,094
|
|
|
50
|
|
|
2,088.0
|
%
|
FDIC loss
sharing income
|
(304)
|
|
|
1,108
|
|
|
127.4
|
%
|
|
(1,350)
|
|
|
600
|
|
|
(325.0)
|
%
|
Accelerated
discount on covered/formerly covered loans
|
4,094
|
|
|
621
|
|
|
559.3
|
%
|
|
6,186
|
|
|
1,636
|
|
|
278.1
|
%
|
Other
|
3,558
|
|
|
2,620
|
|
|
35.8
|
%
|
|
7,884
|
|
|
4,891
|
|
|
61.2
|
%
|
Total noninterest
income
|
21,415
|
|
|
16,337
|
|
|
31.1
|
%
|
|
39,028
|
|
|
30,512
|
|
|
27.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
27,451
|
|
|
25,615
|
|
|
7.2
|
%
|
|
54,392
|
|
|
50,876
|
|
|
6.9
|
%
|
Net
occupancy
|
4,380
|
|
|
4,505
|
|
|
(2.8)
|
%
|
|
9,385
|
|
|
9,804
|
|
|
(4.3)
|
%
|
Furniture and
equipment
|
2,219
|
|
|
1,983
|
|
|
11.9
|
%
|
|
4,372
|
|
|
4,060
|
|
|
7.7
|
%
|
Data
processing
|
2,657
|
|
|
2,770
|
|
|
(4.1)
|
%
|
|
5,429
|
|
|
5,628
|
|
|
(3.5)
|
%
|
Marketing
|
973
|
|
|
830
|
|
|
17.2
|
%
|
|
1,861
|
|
|
1,616
|
|
|
15.2
|
%
|
Communication
|
558
|
|
|
562
|
|
|
(0.7)
|
%
|
|
1,128
|
|
|
1,185
|
|
|
(4.8)
|
%
|
Professional
services
|
1,727
|
|
|
1,449
|
|
|
19.2
|
%
|
|
3,697
|
|
|
3,173
|
|
|
16.5
|
%
|
State
intangible tax
|
577
|
|
|
644
|
|
|
(10.4)
|
%
|
|
1,154
|
|
|
1,288
|
|
|
(10.4)
|
%
|
FDIC
assessments
|
1,114
|
|
|
1,074
|
|
|
3.7
|
%
|
|
2,204
|
|
|
2,208
|
|
|
(0.2)
|
%
|
Loss (gain) -
other real estate owned
|
419
|
|
|
711
|
|
|
(41.1)
|
%
|
|
893
|
|
|
1,162
|
|
|
(23.1)
|
%
|
Loss sharing
expense
|
576
|
|
|
1,465
|
|
|
(60.7)
|
%
|
|
877
|
|
|
3,034
|
|
|
(71.1)
|
%
|
Other
|
6,135
|
|
|
5,503
|
|
|
11.5
|
%
|
|
11,462
|
|
|
10,919
|
|
|
5.0
|
%
|
Total noninterest
expenses
|
48,786
|
|
|
47,111
|
|
|
3.6
|
%
|
|
96,854
|
|
|
94,953
|
|
|
2.0
|
%
|
Income before income
taxes
|
28,233
|
|
|
23,914
|
|
|
18.1
|
%
|
|
54,304
|
|
|
46,099
|
|
|
17.8
|
%
|
Income tax
expense
|
9,284
|
|
|
7,961
|
|
|
16.6
|
%
|
|
17,734
|
|
|
15,042
|
|
|
17.9
|
%
|
Net income
|
$
|
18,949
|
|
|
$
|
15,953
|
|
|
18.8
|
%
|
|
$
|
36,570
|
|
|
$
|
31,057
|
|
|
17.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.60
|
|
|
$
|
0.54
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.59
|
|
|
$
|
0.54
|
|
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.15
|
|
|
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.05
|
%
|
|
0.99
|
%
|
|
|
|
1.02
|
%
|
|
0.97
|
%
|
|
|
Return on average
shareholders' equity
|
9.49
|
%
|
|
9.19
|
%
|
|
|
|
9.28
|
%
|
|
9.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
63,844
|
|
|
$
|
58,727
|
|
|
8.7
|
%
|
|
$
|
127,852
|
|
|
$
|
117,715
|
|
|
8.6
|
%
|
Tax equivalent
adjustment
|
988
|
|
|
758
|
|
|
30.3
|
%
|
|
1,971
|
|
|
1,460
|
|
|
35.0
|
%
|
Interest
income - tax equivalent
|
64,832
|
|
|
59,485
|
|
|
9.0
|
%
|
|
129,823
|
|
|
119,175
|
|
|
8.9
|
%
|
Interest
expense
|
5,170
|
|
|
4,423
|
|
|
16.9
|
%
|
|
10,592
|
|
|
8,592
|
|
|
23.3
|
%
|
Net
interest income - tax equivalent
|
$
|
59,662
|
|
|
$
|
55,062
|
|
|
8.4
|
%
|
|
$
|
119,231
|
|
|
$
|
110,583
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.56
|
%
|
|
3.70
|
%
|
|
|
|
3.58
|
%
|
|
3.76
|
%
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
3.62
|
%
|
|
3.76
|
%
|
|
|
|
3.64
|
%
|
|
3.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1,366
|
|
|
1,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 35% tax rate. Management believes that it is a standard
practice in the banking industry to present net interest income on
a fully tax equivalent basis. Therefore, management believes,
these measures provided useful information to investors by allowing
them to make peer comparisons. Management also uses these
measures to make peer comparisons.
|
N/M = Not
meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2015
|
|
Second
|
|
First
|
|
|
|
% Change
|
|
Quarter
|
|
Quarter
|
|
YTD
|
|
Linked
Qtr.
|
Interest
income
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
54,586
|
|
|
$
|
54,464
|
|
|
$
|
109,050
|
|
|
0.2
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
Taxable
|
9,281
|
|
|
9,608
|
|
|
18,889
|
|
|
(3.4)
|
%
|
Tax-exempt
|
1,139
|
|
|
1,117
|
|
|
2,256
|
|
|
2.0
|
%
|
Total
investment securities interest
|
10,420
|
|
|
10,725
|
|
|
21,145
|
|
|
(2.8)
|
%
|
Other earning
assets
|
(1,162)
|
|
|
(1,181)
|
|
|
(2,343)
|
|
|
(1.6)
|
%
|
Total interest
income
|
63,844
|
|
|
64,008
|
|
|
127,852
|
|
|
(0.3)
|
%
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
Deposits
|
4,621
|
|
|
4,820
|
|
|
9,441
|
|
|
(4.1)
|
%
|
Short-term
borrowings
|
253
|
|
|
303
|
|
|
556
|
|
|
(16.5)
|
%
|
Long-term
borrowings
|
296
|
|
|
299
|
|
|
595
|
|
|
(1.0)
|
%
|
Total interest
expense
|
5,170
|
|
|
5,422
|
|
|
10,592
|
|
|
(4.6)
|
%
|
Net interest
income
|
58,674
|
|
|
58,586
|
|
|
117,260
|
|
|
0.2
|
%
|
Provision for
loan and lease losses
|
3,070
|
|
|
2,060
|
|
|
5,130
|
|
|
49.0
|
%
|
Net interest income
after provision for loan and lease losses
|
55,604
|
|
|
56,526
|
|
|
112,130
|
|
|
(1.6)
|
%
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,803
|
|
|
4,523
|
|
|
9,326
|
|
|
6.2
|
%
|
Trust and
wealth management fees
|
3,274
|
|
|
3,634
|
|
|
6,908
|
|
|
(9.9)
|
%
|
Bankcard
income
|
2,972
|
|
|
2,620
|
|
|
5,592
|
|
|
13.4
|
%
|
Net gains from
sales of loans
|
1,924
|
|
|
1,464
|
|
|
3,388
|
|
|
31.4
|
%
|
Gain on sale
of investment securities
|
1,094
|
|
|
0
|
|
|
1,094
|
|
|
100.0
|
%
|
FDIC loss
sharing income
|
(304)
|
|
|
(1,046)
|
|
|
(1,350)
|
|
|
(70.9)
|
%
|
Accelerated
discount on covered/formerly covered loans
|
4,094
|
|
|
2,092
|
|
|
6,186
|
|
|
95.7
|
%
|
Other
|
3,558
|
|
|
4,326
|
|
|
7,884
|
|
|
(17.8)
|
%
|
Total noninterest
income
|
21,415
|
|
|
17,613
|
|
|
39,028
|
|
|
21.6
|
%
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
27,451
|
|
|
26,941
|
|
|
54,392
|
|
|
1.9
|
%
|
Net
occupancy
|
4,380
|
|
|
5,005
|
|
|
9,385
|
|
|
(12.5)
|
%
|
Furniture and
equipment
|
2,219
|
|
|
2,153
|
|
|
4,372
|
|
|
3.1
|
%
|
Data
processing
|
2,657
|
|
|
2,772
|
|
|
5,429
|
|
|
(4.1)
|
%
|
Marketing
|
973
|
|
|
888
|
|
|
1,861
|
|
|
9.6
|
%
|
Communication
|
558
|
|
|
570
|
|
|
1,128
|
|
|
(2.1)
|
%
|
Professional
services
|
1,727
|
|
|
1,970
|
|
|
3,697
|
|
|
(12.3)
|
%
|
State
intangible tax
|
577
|
|
|
577
|
|
|
1,154
|
|
|
0.0
|
%
|
FDIC
assessments
|
1,114
|
|
|
1,090
|
|
|
2,204
|
|
|
2.2
|
%
|
Loss (gain) -
other real estate owned
|
419
|
|
|
474
|
|
|
893
|
|
|
(11.6)
|
%
|
Loss sharing
expense
|
576
|
|
|
301
|
|
|
877
|
|
|
91.4
|
%
|
Other
|
6,135
|
|
|
5,327
|
|
|
11,462
|
|
|
15.2
|
%
|
Total noninterest
expenses
|
48,786
|
|
|
48,068
|
|
|
96,854
|
|
|
1.5
|
%
|
Income before income
taxes
|
28,233
|
|
|
26,071
|
|
|
54,304
|
|
|
8.3
|
%
|
Income tax
expense
|
9,284
|
|
|
8,450
|
|
|
17,734
|
|
|
9.9
|
%
|
Net income
|
$
|
18,949
|
|
|
$
|
17,621
|
|
|
$
|
36,570
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
0.60
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
0.59
|
|
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.05
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
|
|
Return on average
shareholders' equity
|
9.49
|
%
|
|
9.06
|
%
|
|
9.28
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
63,844
|
|
|
$
|
64,008
|
|
|
$
|
127,852
|
|
|
(0.3)
|
%
|
Tax equivalent
adjustment
|
988
|
|
|
983
|
|
|
1,971
|
|
|
0.5
|
%
|
Interest
income - tax equivalent
|
64,832
|
|
|
64,991
|
|
|
129,823
|
|
|
(0.2)
|
%
|
Interest
expense
|
5,170
|
|
|
5,422
|
|
|
10,592
|
|
|
(4.6)
|
%
|
Net
interest income - tax equivalent
|
$
|
59,662
|
|
|
$
|
59,569
|
|
|
$
|
119,231
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.56
|
%
|
|
3.61
|
%
|
|
3.58
|
%
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
3.62
|
%
|
|
3.67
|
%
|
|
3.64
|
%
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1.366
|
|
|
1,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 35% tax rate. Management believes that it is a
standard practice in the banking industry to present net interest
income on a fully tax equivalent basis. Therefore, management
believes, these measures provided useful information to investors
by allowing them to make peer comparisons. Management also
uses these measures to make peer comparisons.
|
N/M = Not
meaningful.
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
57,087
|
|
|
$
|
53,725
|
|
|
$
|
48,877
|
|
|
$
|
49,147
|
|
|
$
|
208,836
|
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
9,905
|
|
|
10,227
|
|
|
10,355
|
|
|
10,437
|
|
|
40,924
|
|
Tax-exempt
|
1,060
|
|
|
894
|
|
|
796
|
|
|
810
|
|
|
3,560
|
|
Total
investment securities interest
|
10,965
|
|
|
11,121
|
|
|
11,151
|
|
|
11,247
|
|
|
44,484
|
|
Other earning
assets
|
(1,299)
|
|
|
(1,455)
|
|
|
(1,301)
|
|
|
(1,406)
|
|
|
(5,461)
|
|
Total interest
income
|
66,753
|
|
|
63,391
|
|
|
58,727
|
|
|
58,988
|
|
|
247,859
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,013
|
|
|
4,218
|
|
|
3,606
|
|
|
3,316
|
|
|
16,153
|
|
Short-term
borrowings
|
293
|
|
|
354
|
|
|
292
|
|
|
329
|
|
|
1,268
|
|
Long-term
borrowings
|
308
|
|
|
456
|
|
|
525
|
|
|
524
|
|
|
1,813
|
|
Total interest
expense
|
5,614
|
|
|
5,028
|
|
|
4,423
|
|
|
4,169
|
|
|
19,234
|
|
Net interest
income
|
61,139
|
|
|
58,363
|
|
|
54,304
|
|
|
54,819
|
|
|
228,625
|
|
Provision for
loan and lease losses
|
2,052
|
|
|
893
|
|
|
(384)
|
|
|
(1,033)
|
|
|
1,528
|
|
Net interest income
after provision for loan and lease losses
|
59,087
|
|
|
57,470
|
|
|
54,688
|
|
|
55,852
|
|
|
227,097
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
5,102
|
|
|
5,263
|
|
|
5,137
|
|
|
4,772
|
|
|
20,274
|
|
Trust and
wealth management fees
|
3,376
|
|
|
3,207
|
|
|
3,305
|
|
|
3,746
|
|
|
13,634
|
|
Bankcard
income
|
2,639
|
|
|
2,859
|
|
|
2,809
|
|
|
2,433
|
|
|
10,740
|
|
Net gains from
sales of loans
|
1,571
|
|
|
1,660
|
|
|
737
|
|
|
396
|
|
|
4,364
|
|
Gain on sale
of investment securities
|
20
|
|
|
0
|
|
|
0
|
|
|
50
|
|
|
70
|
|
FDIC loss
sharing income
|
(43)
|
|
|
(192)
|
|
|
1,108
|
|
|
(508)
|
|
|
365
|
|
Accelerated
discount on covered/formerly covered loans
|
1,759
|
|
|
789
|
|
|
621
|
|
|
1,015
|
|
|
4,184
|
|
Other
|
2,518
|
|
|
2,925
|
|
|
2,620
|
|
|
2,271
|
|
|
10,334
|
|
Total noninterest
income
|
16,942
|
|
|
16,511
|
|
|
16,337
|
|
|
14,175
|
|
|
63,965
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
28,140
|
|
|
28,686
|
|
|
25,615
|
|
|
25,261
|
|
|
107,702
|
|
Net
occupancy
|
4,806
|
|
|
4,577
|
|
|
4,505
|
|
|
5,299
|
|
|
19,187
|
|
Furniture and
equipment
|
2,229
|
|
|
2,265
|
|
|
1,983
|
|
|
2,077
|
|
|
8,554
|
|
Data
processing
|
2,942
|
|
|
4,393
|
|
|
2,770
|
|
|
2,858
|
|
|
12,963
|
|
Marketing
|
1,048
|
|
|
939
|
|
|
830
|
|
|
786
|
|
|
3,603
|
|
Communication
|
551
|
|
|
541
|
|
|
562
|
|
|
623
|
|
|
2,277
|
|
Professional
services
|
1,429
|
|
|
1,568
|
|
|
1,449
|
|
|
1,724
|
|
|
6,170
|
|
State
intangible tax
|
175
|
|
|
648
|
|
|
644
|
|
|
644
|
|
|
2,111
|
|
FDIC
assessments
|
1,128
|
|
|
1,126
|
|
|
1,074
|
|
|
1,134
|
|
|
4,462
|
|
Loss (gain) -
other real estate owned
|
289
|
|
|
(589)
|
|
|
711
|
|
|
451
|
|
|
862
|
|
Loss sharing
expense
|
650
|
|
|
1,002
|
|
|
1,465
|
|
|
1,569
|
|
|
4,686
|
|
Other
|
6,275
|
|
|
6,263
|
|
|
5,503
|
|
|
5,416
|
|
|
23,457
|
|
Total noninterest
expenses
|
49,662
|
|
|
51,419
|
|
|
47,111
|
|
|
47,842
|
|
|
196,034
|
|
Income before income
taxes
|
26,367
|
|
|
22,562
|
|
|
23,914
|
|
|
22,185
|
|
|
95,028
|
|
Income tax
expense
|
7,768
|
|
|
7,218
|
|
|
7,961
|
|
|
7,081
|
|
|
30,028
|
|
Net income
|
$
|
18,599
|
|
|
$
|
15,344
|
|
|
$
|
15,953
|
|
|
$
|
15,104
|
|
|
$
|
65,000
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.31
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
$
|
1.11
|
|
Net earnings per
share - diluted
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
$
|
1.09
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.02
|
%
|
|
0.88
|
%
|
|
0.99
|
%
|
|
0.96
|
%
|
|
0.96
|
%
|
Return on average
shareholders' equity
|
9.46
|
%
|
|
8.16
|
%
|
|
9.19
|
%
|
|
8.95
|
%
|
|
8.94
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
66,753
|
|
|
$
|
63,391
|
|
|
$
|
58,727
|
|
|
$
|
58,988
|
|
|
$
|
247,859
|
|
Tax equivalent
adjustment
|
946
|
|
|
818
|
|
|
758
|
|
|
702
|
|
|
3,224
|
|
Interest
income - tax equivalent
|
67,699
|
|
|
64,209
|
|
|
59,485
|
|
|
59,690
|
|
|
251,083
|
|
Interest
expense
|
5,614
|
|
|
5,028
|
|
|
4,423
|
|
|
4,169
|
|
|
19,234
|
|
Net
interest income - tax equivalent
|
$
|
62,085
|
|
|
$
|
59,181
|
|
|
$
|
55,062
|
|
|
$
|
55,521
|
|
|
$
|
231,849
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.67
|
%
|
|
3.66
|
%
|
|
3.70
|
%
|
|
3.82
|
%
|
|
3.71
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.72
|
%
|
|
3.71
|
%
|
|
3.76
|
%
|
|
3.87
|
%
|
|
3.76
|
%
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1,369
|
|
|
1,395
|
|
|
1,296
|
|
|
1,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 35% tax rate. Management believes that it is a standard
practice in the banking industry to present net interest income on
a fully tax equivalent basis. Therefore, management believes,
these measures provided 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
% Change
|
|
% Change
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
Linked
Qtr.
|
|
Comparable
Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
116,318
|
|
|
$
|
111,011
|
|
|
$
|
110,122
|
|
|
$
|
121,360
|
|
|
$
|
123,160
|
|
|
4.8
|
%
|
|
(5.6)
|
%
|
Interest-bearing deposits
with other banks
|
41,027
|
|
|
25,350
|
|
|
22,630
|
|
|
22,365
|
|
|
39,237
|
|
|
61.8
|
%
|
|
4.6
|
%
|
Investment securities
available-for-sale
|
955,764
|
|
|
892,169
|
|
|
840,468
|
|
|
929,594
|
|
|
897,715
|
|
|
7.1
|
%
|
|
6.5
|
%
|
Investment securities
held-to-maturity
|
791,839
|
|
|
839,666
|
|
|
867,996
|
|
|
900,521
|
|
|
899,502
|
|
|
(5.7)
|
%
|
|
(12.0)
|
%
|
Other investments
|
53,585
|
|
|
53,393
|
|
|
52,626
|
|
|
49,986
|
|
|
47,640
|
|
|
0.4
|
%
|
|
12.5
|
%
|
Loans held for
sale
|
21,151
|
|
|
14,937
|
|
|
11,005
|
|
|
16,816
|
|
|
13,108
|
|
|
41.6
|
%
|
|
61.4
|
%
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1,315,087
|
|
|
1,298,874
|
|
|
1,315,114
|
|
|
1,328,526
|
|
|
1,171,181
|
|
|
1.2
|
%
|
|
12.3
|
%
|
Real estate -
construction
|
229,256
|
|
|
227,969
|
|
|
197,571
|
|
|
195,524
|
|
|
115,703
|
|
|
0.6
|
%
|
|
98.1
|
%
|
Real estate -
commercial
|
2,171,806
|
|
|
2,120,084
|
|
|
2,140,667
|
|
|
2,135,968
|
|
|
1,700,069
|
|
|
2.4
|
%
|
|
27.7
|
%
|
Real estate -
residential
|
506,391
|
|
|
496,852
|
|
|
501,894
|
|
|
498,873
|
|
|
447,561
|
|
|
1.9
|
%
|
|
13.1
|
%
|
Installment
|
43,073
|
|
|
43,798
|
|
|
47,320
|
|
|
51,131
|
|
|
47,753
|
|
|
(1.7)
|
%
|
|
(9.8)
|
%
|
Home
equity
|
463,222
|
|
|
456,278
|
|
|
458,627
|
|
|
460,957
|
|
|
426,846
|
|
|
1.5
|
%
|
|
8.5
|
%
|
Credit
card
|
39,216
|
|
|
37,886
|
|
|
38,475
|
|
|
38,042
|
|
|
37,937
|
|
|
3.5
|
%
|
|
3.4
|
%
|
Lease
financing
|
84,723
|
|
|
81,796
|
|
|
77,567
|
|
|
73,216
|
|
|
81,212
|
|
|
3.6
|
%
|
|
4.3
|
%
|
Total loans
|
4,852,774
|
|
|
4,763,537
|
|
|
4,777,235
|
|
|
4,782,237
|
|
|
4,028,262
|
|
|
1.9
|
%
|
|
20.5
|
%
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
52,876
|
|
|
53,076
|
|
|
52,858
|
|
|
53,989
|
|
|
54,452
|
|
|
(0.4)
|
%
|
|
(2.9)
|
%
|
Net loans
|
4,799,898
|
|
|
4,710,461
|
|
|
4,724,377
|
|
|
4,728,248
|
|
|
3,973,810
|
|
|
1.9
|
%
|
|
20.8
|
%
|
Premises and
equipment
|
139,170
|
|
|
140,477
|
|
|
141,381
|
|
|
141,851
|
|
|
133,418
|
|
|
(0.9)
|
%
|
|
4.3
|
%
|
Goodwill
|
137,739
|
|
|
137,739
|
|
|
137,739
|
|
|
137,458
|
|
|
95,050
|
|
|
0.0
|
%
|
|
44.9
|
%
|
Other intangibles
|
7,726
|
|
|
7,847
|
|
|
8,114
|
|
|
8,542
|
|
|
5,344
|
|
|
(1.5)
|
%
|
|
44.6
|
%
|
FDIC indemnification
asset
|
20,338
|
|
|
20,397
|
|
|
22,666
|
|
|
24,160
|
|
|
30,420
|
|
|
(0.3)
|
%
|
|
(33.1)
|
%
|
Accrued interest and other
assets
|
298,817
|
|
|
292,349
|
|
|
278,697
|
|
|
272,568
|
|
|
287,340
|
|
|
2.2
|
%
|
|
4.0
|
%
|
Total
Assets
|
$
|
7,383,372
|
|
|
$
|
7,245,796
|
|
|
$
|
7,217,821
|
|
|
$
|
7,353,469
|
|
|
$
|
6,545,744
|
|
|
1.9
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,175,219
|
|
|
$
|
1,214,882
|
|
|
$
|
1,225,378
|
|
|
$
|
1,214,726
|
|
|
$
|
1,105,031
|
|
|
(3.3)
|
%
|
|
6.4
|
%
|
Savings
|
1,947,566
|
|
|
1,922,815
|
|
|
1,889,473
|
|
|
1,827,590
|
|
|
1,656,798
|
|
|
1.3
|
%
|
|
17.5
|
%
|
Time
|
1,262,881
|
|
|
1,277,291
|
|
|
1,255,364
|
|
|
1,247,334
|
|
|
973,100
|
|
|
(1.1)
|
%
|
|
29.8
|
%
|
Total interest-bearing deposits
|
4,385,666
|
|
|
4,414,988
|
|
|
4,370,215
|
|
|
4,289,650
|
|
|
3,734,929
|
|
|
(0.7)
|
%
|
|
17.4
|
%
|
Noninterest-bearing
|
1,330,149
|
|
|
1,299,602
|
|
|
1,285,527
|
|
|
1,243,367
|
|
|
1,140,198
|
|
|
2.4
|
%
|
|
16.7
|
%
|
Total deposits
|
5,715,815
|
|
|
5,714,590
|
|
|
5,655,742
|
|
|
5,533,017
|
|
|
4,875,127
|
|
|
0.0
|
%
|
|
17.2
|
%
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
68,349
|
|
|
68,142
|
|
|
103,192
|
|
|
113,303
|
|
|
128,013
|
|
|
0.3
|
%
|
|
(46.6)
|
%
|
FHLB short-term
borrowings
|
641,700
|
|
|
523,500
|
|
|
558,200
|
|
|
806,000
|
|
|
686,300
|
|
|
22.6
|
%
|
|
(6.5)
|
%
|
Total short-term borrowings
|
710,049
|
|
|
591,642
|
|
|
661,392
|
|
|
919,303
|
|
|
814,313
|
|
|
20.0
|
%
|
|
(12.8)
|
%
|
Long-term debt
|
47,084
|
|
|
47,598
|
|
|
48,241
|
|
|
52,656
|
|
|
59,693
|
|
|
(1.1)
|
%
|
|
(21.1)
|
%
|
Total borrowed funds
|
757,133
|
|
|
639,240
|
|
|
709,633
|
|
|
971,959
|
|
|
874,006
|
|
|
18.4
|
%
|
|
(13.4)
|
%
|
Accrued interest and other
liabilities
|
108,041
|
|
|
96,224
|
|
|
68,369
|
|
|
74,581
|
|
|
90,780
|
|
|
12.3
|
%
|
|
19.0
|
%
|
Total
Liabilities
|
6,580,989
|
|
|
6,450,054
|
|
|
6,433,744
|
|
|
6,579,557
|
|
|
5,839,913
|
|
|
2.0
|
%
|
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
571,501
|
|
|
570,623
|
|
|
574,643
|
|
|
574,209
|
|
|
574,206
|
|
|
0.2
|
%
|
|
(0.5)
|
%
|
Retained earnings
|
369,462
|
|
|
360,390
|
|
|
352,893
|
|
|
344,118
|
|
|
337,971
|
|
|
2.5
|
%
|
|
9.3
|
%
|
Accumulated other
comprehensive loss
|
(20,715)
|
|
|
(17,054)
|
|
|
(21,409)
|
|
|
(20,888)
|
|
|
(21,569)
|
|
|
21.5
|
%
|
|
(4.0)
|
%
|
Treasury stock, at
cost
|
(117,865)
|
|
|
(118,217)
|
|
|
(122,050)
|
|
|
(123,527)
|
|
|
(184,777)
|
|
|
(0.3)
|
%
|
|
(36.2)
|
%
|
Total
Shareholders' Equity
|
802,383
|
|
|
795,742
|
|
|
784,077
|
|
|
773,912
|
|
|
705,831
|
|
|
0.8
|
%
|
|
13.7
|
%
|
Total
Liabilities and Shareholders' Equity
|
$
|
7,383,372
|
|
|
$
|
7,245,796
|
|
|
$
|
7,217,821
|
|
|
$
|
7,353,469
|
|
|
$
|
6,545,744
|
|
|
1.9
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE
CONSOLIDATED STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
June 30,
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
114,024
|
|
|
$
|
112,841
|
|
|
$
|
124,216
|
|
|
$
|
125,528
|
|
|
$
|
118,947
|
|
|
$
|
113,436
|
|
|
$
|
121,252
|
|
Federal funds
sold
|
0
|
|
|
0
|
|
|
0
|
|
|
8,795
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Interest-bearing deposits
with other banks
|
19,960
|
|
|
21,255
|
|
|
22,617
|
|
|
20,638
|
|
|
10,697
|
|
|
20,604
|
|
|
6,831
|
|
Investment
securities
|
1,782,785
|
|
|
1,762,622
|
|
|
1,811,941
|
|
|
1,865,241
|
|
|
1,811,175
|
|
|
1,772,759
|
|
|
1,809,383
|
|
Loans held for
sale
|
9,292
|
|
|
8,606
|
|
|
11,774
|
|
|
15,357
|
|
|
8,464
|
|
|
8,951
|
|
|
6,704
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
1,318,408
|
|
|
1,300,869
|
|
|
1,282,752
|
|
|
1,221,637
|
|
|
1,147,876
|
|
|
1,309,687
|
|
|
1,124,520
|
|
Real estate -
construction
|
226,314
|
|
|
215,380
|
|
|
192,626
|
|
|
154,515
|
|
|
103,033
|
|
|
220,877
|
|
|
97,333
|
|
Real estate -
commercial
|
2,117,450
|
|
|
2,129,434
|
|
|
2,158,336
|
|
|
1,927,003
|
|
|
1,733,739
|
|
|
2,123,409
|
|
|
1,738,829
|
|
Real estate -
residential
|
497,350
|
|
|
496,451
|
|
|
493,895
|
|
|
475,510
|
|
|
441,383
|
|
|
496,903
|
|
|
438,008
|
|
Installment
|
43,393
|
|
|
45,376
|
|
|
49,356
|
|
|
49,958
|
|
|
48,538
|
|
|
44,379
|
|
|
49,786
|
|
Home
equity
|
459,414
|
|
|
458,083
|
|
|
456,494
|
|
|
444,745
|
|
|
423,937
|
|
|
458,752
|
|
|
423,300
|
|
Credit
card
|
39,272
|
|
|
38,409
|
|
|
38,966
|
|
|
38,381
|
|
|
37,649
|
|
|
38,843
|
|
|
37,360
|
|
Lease
financing
|
82,578
|
|
|
78,063
|
|
|
74,175
|
|
|
76,485
|
|
|
80,455
|
|
|
80,333
|
|
|
80,277
|
|
Total loans
|
4,784,179
|
|
|
4,762,065
|
|
|
4,746,600
|
|
|
4,388,234
|
|
|
4,016,610
|
|
|
4,773,183
|
|
|
3,989,413
|
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
54,662
|
|
|
53,648
|
|
|
54,656
|
|
|
55,697
|
|
|
55,149
|
|
|
54,158
|
|
|
58,507
|
|
Net loans
|
4,729,517
|
|
|
4,708,417
|
|
|
4,691,944
|
|
|
4,332,537
|
|
|
3,961,461
|
|
|
4,719,025
|
|
|
3,930,906
|
|
Premises and
equipment
|
140,117
|
|
|
141,153
|
|
|
141,871
|
|
|
136,956
|
|
|
134,522
|
|
|
140,632
|
|
|
135,567
|
|
Goodwill
|
137,739
|
|
|
137,739
|
|
|
137,551
|
|
|
118,756
|
|
|
95,050
|
|
|
137,739
|
|
|
95,050
|
|
Other intangibles
|
7,761
|
|
|
7,950
|
|
|
8,321
|
|
|
7,138
|
|
|
5,445
|
|
|
7,855
|
|
|
5,583
|
|
FDIC indemnification
asset
|
20,744
|
|
|
22,112
|
|
|
24,172
|
|
|
28,050
|
|
|
33,987
|
|
|
21,424
|
|
|
38,866
|
|
Accrued interest and other
assets
|
281,947
|
|
|
278,618
|
|
|
267,462
|
|
|
278,287
|
|
|
274,504
|
|
|
280,292
|
|
|
276,753
|
|
Total
Assets
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
$
|
7,241,869
|
|
|
$
|
6,937,283
|
|
|
$
|
6,454,252
|
|
|
$
|
7,222,717
|
|
|
$
|
6,426,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,220,391
|
|
|
$
|
1,176,263
|
|
|
$
|
1,217,852
|
|
|
$
|
1,135,126
|
|
|
$
|
1,169,350
|
|
|
$
|
1,198,449
|
|
|
$
|
1,138,767
|
|
Savings
|
1,950,127
|
|
|
1,914,723
|
|
|
1,904,568
|
|
|
1,782,472
|
|
|
1,702,521
|
|
|
1,932,523
|
|
|
1,668,405
|
|
Time
|
1,275,730
|
|
|
1,270,539
|
|
|
1,250,109
|
|
|
1,123,657
|
|
|
960,424
|
|
|
1,273,149
|
|
|
956,943
|
|
Total interest-bearing deposits
|
4,446,248
|
|
|
4,361,525
|
|
|
4,372,529
|
|
|
4,041,255
|
|
|
3,832,295
|
|
|
4,404,121
|
|
|
3,764,115
|
|
Noninterest-bearing
|
1,325,485
|
|
|
1,286,067
|
|
|
1,290,754
|
|
|
1,179,207
|
|
|
1,110,697
|
|
|
1,305,885
|
|
|
1,103,642
|
|
Total deposits
|
5,771,733
|
|
|
5,647,592
|
|
|
5,663,283
|
|
|
5,220,462
|
|
|
4,942,992
|
|
|
5,710,006
|
|
|
4,867,757
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
67,664
|
|
|
77,269
|
|
|
119,712
|
|
|
125,094
|
|
|
123,682
|
|
|
72,440
|
|
|
117,144
|
|
FHLB short-term
borrowings
|
472,295
|
|
|
565,918
|
|
|
564,062
|
|
|
710,879
|
|
|
562,466
|
|
|
518,848
|
|
|
616,721
|
|
Total short-term borrowings
|
539,959
|
|
|
643,187
|
|
|
683,774
|
|
|
835,973
|
|
|
686,148
|
|
|
591,288
|
|
|
733,865
|
|
Long-term debt
|
47,266
|
|
|
47,825
|
|
|
49,952
|
|
|
60,355
|
|
|
59,842
|
|
|
47,544
|
|
|
60,103
|
|
Total borrowed
funds
|
587,225
|
|
|
691,012
|
|
|
733,726
|
|
|
896,328
|
|
|
745,990
|
|
|
638,832
|
|
|
793,968
|
|
Accrued interest and other
liabilities
|
84,330
|
|
|
74,198
|
|
|
64,729
|
|
|
74,764
|
|
|
68,661
|
|
|
79,291
|
|
|
74,666
|
|
Total
Liabilities
|
6,443,288
|
|
|
6,412,802
|
|
|
6,461,738
|
|
|
6,191,554
|
|
|
5,757,643
|
|
|
6,428,129
|
|
|
5,736,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
571,078
|
|
|
573,932
|
|
|
574,588
|
|
|
574,190
|
|
|
573,716
|
|
|
572,497
|
|
|
574,766
|
|
Retained earnings
|
365,847
|
|
|
355,848
|
|
|
347,435
|
|
|
340,680
|
|
|
332,944
|
|
|
360,875
|
|
|
328,932
|
|
Accumulated other
comprehensive loss
|
(18,242)
|
|
|
(20,163)
|
|
|
(18,841)
|
|
|
(20,969)
|
|
|
(25,189)
|
|
|
(19,197)
|
|
|
(27,209)
|
|
Treasury stock, at
cost
|
(118,085)
|
|
|
(121,106)
|
|
|
(123,051)
|
|
|
(148,172)
|
|
|
(184,862)
|
|
|
(119,587)
|
|
|
(185,985)
|
|
Total
Shareholders' Equity
|
800,598
|
|
|
788,511
|
|
|
780,131
|
|
|
745,729
|
|
|
696,609
|
|
|
794,588
|
|
|
690,504
|
|
Total
Liabilities and Shareholders' Equity
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
$
|
7,241,869
|
|
|
$
|
6,937,283
|
|
|
$
|
6,454,252
|
|
|
$
|
7,222,717
|
|
|
$
|
6,426,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS (1)
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
|
June 30,
2015
|
|
March 31,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2014
|
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
|
1,782,785
|
|
|
2.34
|
%
|
|
$
|
1,762,622
|
|
|
2.47
|
%
|
|
$
|
1,811,175
|
|
|
2.47
|
%
|
|
$
|
1,772,759
|
|
|
2.41
|
%
|
|
$
|
1,809,383
|
|
|
2.50
|
%
|
Interest-bearing
deposits with other banks
|
|
19,960
|
|
|
0.26
|
%
|
|
21,255
|
|
|
0.27
|
%
|
|
10,697
|
|
|
0.45
|
%
|
|
20,604
|
|
|
0.26
|
%
|
|
6,831
|
|
|
0.65
|
%
|
Gross loans (2)
|
|
4,814,215
|
|
|
4.45
|
%
|
|
4,792,783
|
|
|
4.51
|
%
|
|
4,059,061
|
|
|
4.70
|
%
|
|
4,803,558
|
|
|
4.48
|
%
|
|
4,034,983
|
|
|
4.76
|
%
|
Total earning
assets
|
|
6,616,960
|
|
|
3.87
|
%
|
|
6,576,660
|
|
|
3.95
|
%
|
|
5,880,933
|
|
|
4.01
|
%
|
|
6,596,921
|
|
|
3.91
|
%
|
|
5,851,197
|
|
|
4.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
|
(54,662)
|
|
|
|
|
(53,648)
|
|
|
|
|
(55,149)
|
|
|
|
|
(54,158)
|
|
|
|
|
(58,507)
|
|
|
|
Cash and due from banks
|
|
114,024
|
|
|
|
|
112,841
|
|
|
|
|
118,947
|
|
|
|
|
113,436
|
|
|
|
|
121,252
|
|
|
|
Accrued interest and other assets
|
|
567,564
|
|
|
|
|
565,460
|
|
|
|
|
509,521
|
|
|
|
|
566,518
|
|
|
|
|
512,953
|
|
|
|
Total
assets
|
|
$
|
7,243,886
|
|
|
|
|
$
|
7,201,313
|
|
|
|
|
$
|
6,454,252
|
|
|
|
|
$
|
7,222,717
|
|
|
|
|
$
|
6,426,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
1,220,391
|
|
|
0.08
|
%
|
|
$
|
1,176,263
|
|
|
0.08
|
%
|
|
$
|
1,169,350
|
|
|
0.11
|
%
|
|
$
|
1,198,449
|
|
|
0.08
|
%
|
|
$
|
1,138,767
|
|
|
0.11
|
%
|
Savings
|
|
1,950,127
|
|
|
0.19
|
%
|
|
1,914,723
|
|
|
0.27
|
%
|
|
1,702,521
|
|
|
0.23
|
%
|
|
1,932,523
|
|
|
0.23
|
%
|
|
1,668,405
|
|
|
0.21
|
%
|
Time
|
|
1,275,730
|
|
|
1.08
|
%
|
|
1,270,539
|
|
|
1.07
|
%
|
|
960,424
|
|
|
0.98
|
%
|
|
1,273,149
|
|
|
1.08
|
%
|
|
956,943
|
|
|
0.96
|
%
|
Total interest-bearing deposits
|
|
4,446,248
|
|
|
0.42
|
%
|
|
4,361,525
|
|
|
0.45
|
%
|
|
3,832,295
|
|
|
0.38
|
%
|
|
4,404,121
|
|
|
0.43
|
%
|
|
3,764,115
|
|
|
0.37
|
%
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
539,959
|
|
|
0.19
|
%
|
|
643,187
|
|
|
0.19
|
%
|
|
686,148
|
|
|
0.17
|
%
|
|
591,288
|
|
|
0.19
|
%
|
|
733,865
|
|
|
0.17
|
%
|
Long-term
debt
|
|
47,266
|
|
|
2.51
|
%
|
|
47,825
|
|
|
2.54
|
%
|
|
59,842
|
|
|
3.52
|
%
|
|
47,544
|
|
|
2.52
|
%
|
|
60,103
|
|
|
3.52
|
%
|
Total
borrowed funds
|
|
587,225
|
|
|
0.37
|
%
|
|
691,012
|
|
|
0.35
|
%
|
|
745,990
|
|
|
0.44
|
%
|
|
638,832
|
|
|
0.36
|
%
|
|
793,968
|
|
|
0.42
|
%
|
Total
interest-bearing liabilities
|
|
5,033,473
|
|
|
0.41
|
%
|
|
5,052,537
|
|
|
0.44
|
%
|
|
4,578,285
|
|
|
0.39
|
%
|
|
5,042,953
|
|
|
0.42
|
%
|
|
4,558,083
|
|
|
0.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
1,325,485
|
|
|
|
|
1,286,067
|
|
|
|
|
1,110,697
|
|
|
|
|
1,305,885
|
|
|
|
|
1,103,642
|
|
|
|
Other liabilities
|
|
84,330
|
|
|
|
|
74,198
|
|
|
|
|
68,661
|
|
|
|
|
79,291
|
|
|
|
|
74,666
|
|
|
|
Shareholders' equity
|
|
800,598
|
|
|
|
|
788,511
|
|
|
|
|
696,609
|
|
|
|
|
794,588
|
|
|
|
|
690,504
|
|
|
|
Total
liabilities & shareholders' equity
|
|
$
|
7,243,886
|
|
|
|
|
$
|
7,201,313
|
|
|
|
|
$
|
6,454,252
|
|
|
|
|
$
|
7,222,717
|
|
|
|
|
$
|
6,426,895
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
58,674
|
|
|
|
|
$
|
58,586
|
|
|
|
|
$
|
54,304
|
|
|
|
|
$
|
117,260
|
|
|
|
|
$
|
109,123
|
|
|
|
Net interest spread
(1)
|
|
|
|
3.46
|
%
|
|
|
|
3.51
|
%
|
|
|
|
3.62
|
%
|
|
|
|
3.49
|
%
|
|
|
|
3.68
|
%
|
Net interest margin
(1)
|
|
|
|
3.56
|
%
|
|
|
|
3.61
|
%
|
|
|
|
3.70
|
%
|
|
|
|
3.58
|
%
|
|
|
|
3.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not
tax equivalent.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Loans
held for sale, nonaccrual loans, covered loans, and indemnification
asset are included in gross loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS (1)
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr.
Income Variance
|
|
Comparable Qtr.
Income Variance
|
|
Year-to-Date Income
Variance
|
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
(536)
|
|
|
$
|
231
|
|
|
$
|
(305)
|
|
|
$
|
(565)
|
|
|
$
|
(166)
|
|
|
$
|
(731)
|
|
|
$
|
(1,646)
|
|
|
$
|
(881)
|
|
|
$
|
(2,527)
|
|
Interest-bearing deposits with other banks
|
|
0
|
|
|
(1)
|
|
|
(1)
|
|
|
(5)
|
|
|
6
|
|
|
1
|
|
|
(26)
|
|
|
36
|
|
|
10
|
|
Gross loans (2)
|
|
(680)
|
|
|
822
|
|
|
142
|
|
|
(2,531)
|
|
|
8,378
|
|
|
5,847
|
|
|
(11,462)
|
|
|
34,421
|
|
|
22,959
|
|
Total earning
assets
|
|
(1,216)
|
|
|
1,052
|
|
|
(164)
|
|
|
(3,101)
|
|
|
8,218
|
|
|
5,117
|
|
|
(13,134)
|
|
|
33,576
|
|
|
20,442
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
$
|
(337)
|
|
|
$
|
138
|
|
|
$
|
(199)
|
|
|
$
|
377
|
|
|
$
|
638
|
|
|
$
|
1,015
|
|
|
$
|
2,313
|
|
|
$
|
2,767
|
|
|
$
|
5,080
|
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
(5)
|
|
|
(45)
|
|
|
(50)
|
|
|
29
|
|
|
(68)
|
|
|
(39)
|
|
|
139
|
|
|
(270)
|
|
|
(131)
|
|
Long-term debt
|
|
(3)
|
|
|
0
|
|
|
(3)
|
|
|
(150)
|
|
|
(79)
|
|
|
(229)
|
|
|
(599)
|
|
|
(317)
|
|
|
(916)
|
|
Total borrowed
funds
|
|
(8)
|
|
|
(45)
|
|
|
(53)
|
|
|
(121)
|
|
|
(147)
|
|
|
(268)
|
|
|
(460)
|
|
|
(587)
|
|
|
(1,047)
|
|
Total
interest-bearing liabilities
|
|
(345)
|
|
|
93
|
|
|
(252)
|
|
|
256
|
|
|
491
|
|
|
747
|
|
|
1,853
|
|
|
2,180
|
|
|
4,033
|
|
Net interest income (1)
|
|
$
|
(871)
|
|
|
$
|
959
|
|
|
$
|
88
|
|
|
$
|
(3,357)
|
|
|
$
|
7,727
|
|
|
$
|
4,370
|
|
|
$
|
(14,987)
|
|
|
$
|
31,396
|
|
|
$
|
16,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not
tax equivalent.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Loans
held for sale, nonaccrual loans, covered loans, and indemnification
asset are included in gross loans.
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CREDIT
QUALITY
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excludes
covered
assets*
|
|
Six
months ended
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Jun. 30,
|
|
Jun. 30,
|
|
2015
(2)
|
|
2015
(2)
|
|
2014
(2)
|
|
2014
|
|
2014
|
|
2015
(2)
|
|
2014
(3)
|
ALLOWANCE FOR LOAN
AND LEASE LOSS ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
53,076
|
|
|
$
|
52,858
|
|
|
$
|
53,989
|
|
|
$
|
42,027
|
|
|
$
|
43,023
|
|
|
$
|
52,858
|
|
|
$
|
43,829
|
|
Provision for
loan and lease losses
|
3,070
|
|
|
2,060
|
|
|
2,052
|
|
|
1,093
|
|
|
29
|
|
|
5,130
|
|
|
1,188
|
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
510
|
|
|
1,481
|
|
|
130
|
|
|
83
|
|
|
571
|
|
|
1,991
|
|
|
1,227
|
|
Real estate - construction
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Real estate - commercial
|
2,515
|
|
|
208
|
|
|
385
|
|
|
702
|
|
|
699
|
|
|
2,723
|
|
|
1,242
|
|
Real estate - residential
|
250
|
|
|
314
|
|
|
221
|
|
|
161
|
|
|
283
|
|
|
564
|
|
|
540
|
|
Installment
|
12
|
|
|
131
|
|
|
78
|
|
|
63
|
|
|
14
|
|
|
143
|
|
|
142
|
|
Home equity
|
163
|
|
|
700
|
|
|
349
|
|
|
469
|
|
|
383
|
|
|
863
|
|
|
927
|
|
Other
|
237
|
|
|
294
|
|
|
287
|
|
|
338
|
|
|
237
|
|
|
531
|
|
|
533
|
|
Covered / formerly covered loans
|
1,585
|
|
|
1,916
|
|
|
4,318
|
|
|
*
|
|
|
*
|
|
|
3,501
|
|
|
*
|
|
Total gross
charge-offs
|
5,272
|
|
|
5,044
|
|
|
5,768
|
|
|
1,816
|
|
|
2,187
|
|
|
10,316
|
|
|
4,611
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
185
|
|
|
44
|
|
|
75
|
|
|
566
|
|
|
580
|
|
|
229
|
|
|
619
|
|
Real estate - construction
|
10
|
|
|
29
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
39
|
|
|
0
|
|
Real estate - commercial
|
179
|
|
|
354
|
|
|
423
|
|
|
323
|
|
|
334
|
|
|
533
|
|
|
448
|
|
Real estate - residential
|
23
|
|
|
64
|
|
|
29
|
|
|
34
|
|
|
100
|
|
|
87
|
|
|
127
|
|
Installment
|
44
|
|
|
60
|
|
|
45
|
|
|
46
|
|
|
50
|
|
|
104
|
|
|
127
|
|
Home equity
|
129
|
|
|
154
|
|
|
45
|
|
|
46
|
|
|
37
|
|
|
283
|
|
|
140
|
|
Other
|
71
|
|
|
45
|
|
|
111
|
|
|
135
|
|
|
61
|
|
|
116
|
|
|
160
|
|
Covered / formerly covered loans
|
1,361
|
|
|
2,452
|
|
|
1,857
|
|
|
*
|
|
|
*
|
|
|
3,813
|
|
|
*
|
|
Total
recoveries
|
2,002
|
|
|
3,202
|
|
|
2,585
|
|
|
1,150
|
|
|
1,162
|
|
|
5,204
|
|
|
1,621
|
|
Total net
charge-offs
|
3,270
|
|
|
1,842
|
|
|
3,183
|
|
|
666
|
|
|
1,025
|
|
|
5,112
|
|
|
2,990
|
|
Ending allowance for
loan and lease losses
|
$
|
52,876
|
|
|
$
|
53,076
|
|
|
$
|
52,858
|
|
|
$
|
42,454
|
|
|
$
|
42,027
|
|
|
$
|
52,876
|
|
|
$
|
42,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
0.10
|
%
|
|
0.45
|
%
|
|
0.02
|
%
|
|
(0.16)%
|
|
|
0.00
|
%
|
|
0.27
|
%
|
|
0.11
|
%
|
Real estate -
construction
|
(0.02)%
|
|
|
(0.05)%
|
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
(0.04)%
|
|
|
0.00
|
%
|
Real estate -
commercial
|
0.48
|
%
|
|
(0.03)%
|
|
|
(0.01)%
|
|
|
0.09
|
%
|
|
0.10
|
%
|
|
0.22
|
%
|
|
0.11
|
%
|
Real estate -
residential
|
0.21
|
%
|
|
0.24
|
%
|
|
0.18
|
%
|
|
0.13
|
%
|
|
0.20
|
%
|
|
0.22
|
%
|
|
0.23
|
%
|
Installment
|
(0.32)%
|
|
|
0.68
|
%
|
|
0.28
|
%
|
|
0.15
|
%
|
|
(0.33)%
|
|
|
0.19
|
%
|
|
0.07
|
%
|
Home
equity
|
0.03
|
%
|
|
0.53
|
%
|
|
0.29
|
%
|
|
0.42
|
%
|
|
0.37
|
%
|
|
0.28
|
%
|
|
0.42
|
%
|
Other
|
0.55
|
%
|
|
0.88
|
%
|
|
0.63
|
%
|
|
0.72
|
%
|
|
0.61
|
%
|
|
0.71
|
%
|
|
0.65
|
%
|
Covered/formerly covered loans
|
0.33
|
%
|
|
(0.74)%
|
|
|
3.06
|
%
|
|
*
|
|
*
|
|
(0.22)%
|
|
|
*
|
Total net
charge-offs
|
0.27
|
%
|
|
0.16
|
%
|
|
0.27
|
%
|
|
0.07
|
%
|
|
0.11
|
%
|
|
0.22
|
%
|
|
0.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
|
|
Nonaccrual
loans (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
$
|
6,683
|
|
|
$
|
6,926
|
|
|
$
|
5,817
|
|
|
$
|
6,486
|
|
|
$
|
7,077
|
|
|
$
|
6,683
|
|
|
$
|
7,077
|
|
Real estate - construction
|
223
|
|
|
223
|
|
|
223
|
|
|
223
|
|
|
223
|
|
|
223
|
|
|
223
|
|
Real estate - commercial
|
21,186
|
|
|
29,925
|
|
|
27,752
|
|
|
25,262
|
|
|
15,288
|
|
|
21,186
|
|
|
15,288
|
|
Real estate - residential
|
5,257
|
|
|
6,100
|
|
|
7,241
|
|
|
6,696
|
|
|
6,806
|
|
|
5,257
|
|
|
6,806
|
|
Installment
|
305
|
|
|
278
|
|
|
443
|
|
|
398
|
|
|
459
|
|
|
305
|
|
|
459
|
|
Home equity
|
2,735
|
|
|
2,462
|
|
|
3,064
|
|
|
2,581
|
|
|
2,565
|
|
|
2,735
|
|
|
2,565
|
|
Lease financing
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Covered
/formerly covered loans
|
3,284
|
|
|
3,239
|
|
|
3,929
|
|
|
*
|
|
|
*
|
|
|
3,284
|
|
|
*
|
|
Nonaccrual
loans
|
39,673
|
|
|
49,153
|
|
|
48,469
|
|
|
41,646
|
|
|
32,418
|
|
|
39,673
|
|
|
32,418
|
|
Accruing
troubled debt restructurings (TDRs)
|
20,084
|
|
|
15,429
|
|
|
15,928
|
|
|
13,369
|
|
|
12,607
|
|
|
20,084
|
|
|
12,607
|
|
Total nonperforming
loans
|
59,757
|
|
|
64,582
|
|
|
64,397
|
|
|
55,015
|
|
|
45,025
|
|
|
59,757
|
|
|
45,025
|
|
Other real
estate owned (OREO)
|
16,401
|
|
|
20,906
|
|
|
22,674
|
|
|
11,316
|
|
|
13,370
|
|
|
16,401
|
|
|
13,370
|
|
Total nonperforming
assets
|
76,158
|
|
|
85,488
|
|
|
87,071
|
|
|
66,331
|
|
|
58,395
|
|
|
76,158
|
|
|
58,395
|
|
Accruing loans
past due 90 days or more
|
70
|
|
|
85
|
|
|
216
|
|
|
249
|
|
|
256
|
|
|
70
|
|
|
256
|
|
Total underperforming
assets
|
$
|
76,228
|
|
|
$
|
85,573
|
|
|
$
|
87,287
|
|
|
$
|
66,580
|
|
|
$
|
58,651
|
|
|
$
|
76,228
|
|
|
$
|
58,651
|
|
Classified
assets
|
$
|
106,280
|
|
|
$
|
109,090
|
|
|
$
|
109,122
|
|
|
$
|
105,914
|
|
|
$
|
103,799
|
|
|
$
|
106,280
|
|
|
$
|
103,799
|
|
Covered/formerly covered classified assets
|
33,651
|
|
|
44,727
|
|
|
|
45,682
|
|
|
*
|
|
|
*
|
|
|
33,651
|
|
|
*
|
|
Total classified
assets
|
$
|
139,931
|
|
|
$
|
153,817
|
|
|
$
|
154,804
|
|
|
$
|
105,914
|
|
|
$
|
103,799
|
|
|
$
|
139,931
|
|
|
$
|
103,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
133.28
|
%
|
|
107.98
|
%
|
|
109.06
|
%
|
|
101.94
|
%
|
|
129.64
|
%
|
|
133.28
|
%
|
|
129.64
|
%
|
Nonperforming
loans
|
88.49
|
%
|
|
82.18
|
%
|
|
82.08
|
%
|
|
77.17
|
%
|
|
93.34
|
%
|
|
88.49
|
%
|
|
93.34
|
%
|
Total ending
loans
|
1.09
|
%
|
|
1.11
|
%
|
|
1.11
|
%
|
|
0.95
|
%
|
|
1.15
|
%
|
|
1.09
|
%
|
|
1.15
|
%
|
Allowance and loan
marks, net of indemnification asset, to total loans
|
1.27
|
%
|
|
1.43
|
%
|
|
1.51
|
%
|
|
*
|
|
*
|
|
1.27
|
%
|
|
*
|
|
Nonperforming loans
to total loans
|
1.23
|
%
|
|
1.36
|
%
|
|
1.35
|
%
|
|
1.24
|
%
|
|
1.23
|
%
|
|
1.23
|
%
|
|
1.23
|
%
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
1.56
|
%
|
|
1.79
|
%
|
|
1.81
|
%
|
|
1.49
|
%
|
|
1.59
|
%
|
|
1.56
|
%
|
|
1.59
|
%
|
Total assets
|
1.03
|
%
|
|
1.18
|
%
|
|
1.21
|
%
|
|
0.90
|
%
|
|
0.89
|
%
|
|
1.03
|
%
|
|
0.89
|
%
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
1.15
|
%
|
|
1.46
|
%
|
|
1.48
|
%
|
|
1.19
|
%
|
|
1.25
|
%
|
|
1.15
|
%
|
|
1.25
|
%
|
Total assets
|
0.76
|
%
|
|
0.97
|
%
|
|
0.99
|
%
|
|
0.72
|
%
|
|
0.70
|
%
|
|
0.76
|
%
|
|
0.70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans include nonaccrual TDRs of $14.3 million, $20.3 million,
$12.3 million, $13.2 million, and $11.0 million, as of June 30.
2015, March 31, 2015, December 31, 2014, September 30, 2014, and
June 30, 2014, respectively.
|
(2) Includes covered
and previously covered assets for the three months ended June 30,
2015, March 31, 2015 and December 31, 2014 as FDIC loss sharing
coverage expired for the majority of these assets effective October
1, 2014.
|
(3) Excludes covered
assets.
|
* Amounts
reclassified in the fourth quarter of 2014 due to the expiration of
FDIC loss sharing coverage on non-single family assets effective
October 1, 2014.
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Jun. 30,
|
|
Jun. 30,
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2015
|
|
2014
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$
|
18.55
|
|
|
$
|
18.30
|
|
|
$
|
19.00
|
|
|
$
|
17.66
|
|
|
$
|
18.43
|
|
|
$
|
18.55
|
|
|
$
|
18.43
|
|
Low
|
$
|
16.68
|
|
|
$
|
16.52
|
|
|
$
|
15.34
|
|
|
$
|
15.83
|
|
|
$
|
15.51
|
|
|
$
|
16.52
|
|
|
$
|
15.51
|
|
Close
|
$
|
17.94
|
|
|
$
|
17.81
|
|
|
$
|
18.59
|
|
|
$
|
15.83
|
|
|
$
|
17.21
|
|
|
$
|
17.94
|
|
|
$
|
17.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
61,115,802
|
|
|
61,013,489
|
|
|
60,905,095
|
|
|
59,403,109
|
|
|
57,201,494
|
|
|
61,064,928
|
|
|
57,146,853
|
|
Average shares
outstanding - diluted
|
61,915,294
|
|
|
61,731,844
|
|
|
61,627,518
|
|
|
60,112,932
|
|
|
57,951,636
|
|
|
61,824,106
|
|
|
57,890,268
|
|
Ending shares
outstanding
|
61,707,847
|
|
|
61,686,887
|
|
|
61,456,547
|
|
|
61,368,473
|
|
|
57,718,317
|
|
|
61,707,847
|
|
|
57,718,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
802,383
|
|
|
$
|
795,742
|
|
|
$
|
784,077
|
|
|
$
|
773,912
|
|
|
$
|
705,831
|
|
|
$
|
802,383
|
|
|
$
|
705,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL
(1)
|
Preliminary
|
|
|
|
|
|
|
|
|
|
Preliminary
|
|
|
Common equity tier 1
capital
|
$
|
697,139
|
|
|
$
|
686,191
|
|
|
$
|
673,851
|
|
|
$
|
662,504
|
|
|
$
|
640,133
|
|
|
$
|
697,139
|
|
|
$
|
640,133
|
|
Common equity tier 1
capital ratio
|
12.34
|
%
|
|
12.29
|
%
|
|
12.69
|
%
|
|
12.74
|
%
|
|
14.34
|
%
|
|
12.34
|
%
|
|
14.34
|
%
|
Tier 1
capital
|
$
|
697,243
|
|
|
$
|
686,295
|
|
|
$
|
673,955
|
|
|
$
|
662,608
|
|
|
$
|
640,237
|
|
|
$
|
697,243
|
|
|
$
|
640,237
|
|
Tier 1
ratio
|
12.35
|
%
|
|
12.29
|
%
|
|
12.69
|
%
|
|
12.74
|
%
|
|
14.34
|
%
|
|
12.35
|
%
|
|
14.34
|
%
|
Total
capital
|
$
|
751,818
|
|
|
$
|
740,967
|
|
|
$
|
728,284
|
|
|
$
|
717,823
|
|
|
$
|
696,014
|
|
|
$
|
751,818
|
|
|
$
|
696,014
|
|
Total capital
ratio
|
13.31
|
%
|
|
13.27
|
%
|
|
13.71
|
%
|
|
13.80
|
%
|
|
15.59
|
%
|
|
13.31
|
%
|
|
15.59
|
%
|
Total capital in
excess of minimum
|
|
|
|
|
|
|
|
|
|
|
|
|
|
requirement
|
$
|
300,006
|
|
|
$
|
294,290
|
|
|
$
|
303,358
|
|
|
$
|
301,653
|
|
|
$
|
338,848
|
|
|
$
|
300,006
|
|
|
$
|
338,848
|
|
Total risk-weighted
assets
|
$
|
5,647,658
|
|
|
$
|
5,583,461
|
|
|
$
|
5,311,573
|
|
|
$
|
5,202,123
|
|
|
$
|
4,464,578
|
|
|
$
|
5,647,658
|
|
|
$
|
4,464,578
|
|
Leverage
ratio
|
9.77
|
%
|
|
9.67
|
%
|
|
9.44
|
%
|
|
9.70
|
%
|
|
9.99
|
%
|
|
9.77
|
%
|
|
9.99
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
10.87
|
%
|
|
10.98
|
%
|
|
10.86
|
%
|
|
10.52
|
%
|
|
10.78
|
%
|
|
10.87
|
%
|
|
10.78
|
%
|
Ending tangible
shareholders' equity to ending tangible assets
|
9.08
|
%
|
|
9.16
|
%
|
|
9.02
|
%
|
|
8.71
|
%
|
|
9.39
|
%
|
|
9.08
|
%
|
|
9.39
|
%
|
Average shareholders'
equity to average assets
|
11.05
|
%
|
|
10.95
|
%
|
|
10.77
|
%
|
|
10.75
|
%
|
|
10.79
|
%
|
|
11.00
|
%
|
|
10.74
|
%
|
Average tangible
shareholders' equity to average tangible assets
|
9.23
|
%
|
|
9.11
|
%
|
|
8.94
|
%
|
|
8.83
|
%
|
|
9.38
|
%
|
|
9.17
|
%
|
|
9.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
40,255
|
|
Average share
repurchase price
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
17.32
|
|
Total cost of shares
repurchased
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 2015
amounts and ratios are calculated under the Basel III standardized
approach
|
|
|
|
|
|
|
|
|
(2)
Represents share repurchases as part of publicly announced
plans.
|
|
|
|
|
|
|
|
|
|
|
N/A = Not
applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/first-financial-bancorp-reports-second-quarter-2015-financial-results-300121573.html
SOURCE First Financial Bancorp