CINCINNATI, April 21, 2016 /PRNewswire/ -- First
Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the
"Company") announced financial results for the first quarter
2016. For the three months ended March
31, 2016, the Company reported net income of $19.8 million, or $0.32 per diluted common share, compared to net
income of $19.8 million, or
$0.32 per diluted common share, in
the fourth quarter of 2015 and $17.6
million, or $0.29 per diluted
common share, in the first quarter of 2015.
Return on average assets for the first quarter of 2016 was 0.98%
while return on average tangible common equity was 13.06%.
These compare to a return on average assets of 0.99% and return on
average tangible common equity of 12.98% in the fourth quarter of
2015 and a return on average assets of 0.99% and a return on
average tangible common equity of 11.12% in the first quarter
of 2015.
First quarter 2016 results included approximately $0.5 million of pre-tax, non-operating expenses
which were primarily related to the consolidation of six branch
locations during the period. Excluding these items, net
income was $20.1 million, or
$0.33 per diluted common share,
return on average assets was 1.00% and return on average tangible
common equity was 13.27%. Excluding $1.0 million of pre-tax, non-operating expenses,
fourth quarter 2015 net income was $20.5
million, or $0.33 per diluted
common share, return on average assets was 1.02% and return on
average tangible common equity was 13.40%.
Claude Davis, Chief Executive
Officer, commented, "We are pleased with another strong quarter of
operating results, which produced our 102nd consecutive
quarter of profitability. Continuing on the momentum from
2015, loan production remained strong during the first quarter,
with balance growth of 8.6% on an annualized basis. Loan
balances grew in the first quarter as our metropolitan markets
continued to exhibit high demand, while specialty finance lending,
which includes our two nationwide lending platforms, also
contributed to loan growth during the period."
"Net interest margin remained stable, reflecting the impact from
the interest rate increase late in 2015 as well as higher yields on
the investment portfolio. We are well positioned to take
advantage of rising rates and are excited about the growth
opportunities throughout our footprint. Additionally, we
remain focused on growing fee income and reducing funding costs
through targeted initiatives across the organization."
"As we look forward, our focus remains centered on serving the
financial needs of our commercial, small business, consumer and
wealth management clients while remaining disciplined in our
approach to further our progress toward top-quartile
performance."
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income for the first quarter was $66.6 million as compared to $66.1 million for the fourth quarter 2015 and
$58.6 million for the first quarter
2015. Compared to the linked quarter, total interest income
increased $1.6 million, or 2.1%,
while total interest expense increased $1.1
million, or 15.3%. Net interest margin on a fully tax
equivalent basis was 3.68% for the first quarter compared to 3.69%
for the fourth quarter 2015 and 3.67% for the first quarter
2015.
Interest income on loans increased $0.9
million compared to the prior quarter, as average loan
balances increased $174.8 million
during the period. The effective yield on the loan
portfolio was consistent with fourth quarter results, declining
slightly to 4.59% for the first quarter 2016 compared to 4.62%
in the fourth quarter of 2015. The increase in
interest income on loans compared to first quarter of 2015 was
related to organic loan growth as well as the Oak Street
acquisition, which closed during the third quarter of
2015.
Interest income on investment securities increased $0.6 million compared to the prior
quarter due to the higher yield earned on the portfolio
as average balances were relatively unchanged. The
effective yield on the investment portfolio increased 15 bps to
2.59%, reflecting efforts to re-balance the portfolio into higher
yielding securities, the recent interest rate increase and a modest
decline in prepayment speeds during the quarter.
Interest expense increased $1.1
million compared to the prior quarter, due primarily to the
fourth quarter increase in interest rates, as well as a
$206.5 million increase in average
interest bearing liabilities during the period.
The effective cost of borrowed funds decreased by 1 bp to 1.02%,
while the cost of deposit funding increased 3 bps from 33 bps in
the fourth quarter 2015 to 36 bps during the first quarter 2016
primarily due to the impact of higher interest rates on indexed
deposits.
NONINTEREST INCOME
The Company's noninterest income was $15.5 million for the first quarter of 2016
compared to $15.8 million for the
fourth quarter of 2015 and $17.6
million for the first quarter of 2015. The
$0.3 million decrease versus the
linked quarter was primarily related to a $0.4 million decrease in FDIC loss sharing
income, as well as seasonal declines of $0.4
million in deposit service charges and $0.2 million in bankcard income. These
declines were partially offset by a $0.4 million seasonal increase in trust and
wealth management fees and a $0.2
million increase in accelerated discount on covered /
formerly covered loans during the period. The comparable
quarter decline was primarily due to higher accelerated discount on
covered / formerly covered loans as well as the recapture of a
previously accrued liability due to the favorable resolution of a
former Irwin subsidiary matter during the first quarter of
2015.
NONINTEREST EXPENSE
The Company's noninterest expense was $50.7 million for the first quarter of 2016
compared to $51.3 million for the
fourth quarter of 2015 and $48.1
million for the first quarter of 2015. The
$0.6 million decrease was primarily
related to $0.2 million of gains on
the sale of OREO properties during the period, compared to
$0.8 million of losses during the
fourth quarter. The decline in losses on sale of OREO was
partially offset by a $0.6 million
increase in occupancy expenses primarily related to branch
consolidation activity during the period. The increase
in noninterest expense compared to first quarter of 2015 was
primarily related to the Oak Street acquisition, which closed
during the third quarter of 2015.
BALANCE SHEET & CAPITAL
Total assets were $8.2 billion,
total loans were $5.5 billion and
investment securities were $1.9
billion as of March 31, 2016. Total assets
increased by $46.1 million, or 2.3%
annualized, from the prior quarter and by $947.8 million, or 13.1%, compared to the prior
year. Total loans increased by $115.8
million, or 8.6% annualized, from the prior quarter and by
$741.1 million, or 15.6%, over the
prior year. Investment securities decreased by $50.7 million, or 10.4% annualized, from the
prior quarter and increased by $134.7
million, or 7.5%, over the prior year.
Total deposits were $6.2 billion
as of March 31, 2016, a decrease of $2.8 million, or 0.2% annualized, compared to the
prior quarter and increased $462.2
million, or 8.1%, compared to first quarter 2015.
Borrowed funds were $1.1 billion as
of March 31, 2016 and December 31, 2015 compared to
$639.2 million as of March 31,
2015.
As of March 31, 2016, the Company had total shareholders'
equity of $826.6 million, an increase
of $17.2 million, or 8.6% annualized,
over the prior quarter and an increase of $30.8 million, or 3.9%, over the prior
year. The linked quarter increase in total shareholders'
equity was primarily related to quarterly retained earnings as well
as the impact to Other Comprehensive Income from unrealized gains
on the investment securities portfolio during the period.
The Company's regulatory capital ratios remain strong and, as of
March 31, 2016, were as follows: leverage ratio of
8.27%, total capital ratio of 12.84%, tier 1 capital ratio of
10.16% and tangible common equity ratio of 7.71%. The
Company's tangible book value per share was $9.94 as of March 31, 2016.
ASSET QUALITY
First quarter provision expense was $1.7
million and the total allowance for loan and lease losses as
of March 31, 2016 was $53.7
million. The allowance as a percentage of period-end
loans was 0.98% at the end of the first quarter which represents a
1 bp decline from 0.99% at the end of the fourth quarter. The
balance of the Company's total allowance and loan marks, net of the
indemnification asset, was 1.08% of total loans and leases as of
March 31, 2016 which represents a 3 bp decline from 1.11% as
of December 31, 2015. This change is largely
attributable to strong organic loan growth during the first quarter
as well as the decline in nonaccrual loans and other asset quality
improvements during the period.
For the first quarter, net charge-offs totaled $1.3 million, a decrease of $0.5 million, or 26.5% compared to the linked
quarter, and were 0.10% of average loans on an annualized
basis. Nonaccrual loans decreased $6.0
million, or 21.4%, to $22.0
million as of March 31, 2016. Total classified
assets increased slightly to $133.9
million as of March 31, 2016 compared to $132.4 million as of December 31, 2015.
Teleconference / Webcast Information
First Financial's executive management will host a conference
call to discuss the Company's financial and operating results on
Friday, April 22, 2016 at
8:30 a.m. Eastern Standard
Time. Members of the public who would like to listen
to the conference call should dial (877) 506-6873 (U.S. toll free),
(855) 669-9657 (Canada toll free)
or +1 (412) 380-2003 (International) (no passcode required).
The number should be dialed five to ten minutes prior to the start
of the conference call. The conference call will also be
accessible as an audio webcast via the Investor Relations section
of the Company's website at www.bankatfirst.com. A replay of
the conference call will be available beginning one hour after the
completion of the live call at (877) 344-7529 (U.S. toll free),
(855) 669-9658 (Canada toll free)
and +1 (412) 317-0088 (International); conference number
10084369. The webcast will be archived on the Investor
Relations section of the Company's website for 12 months.
Press Release and Additional Information on Website
This press release as well as supplemental information and any
non-GAAP reconciliations related to this release is available to
the public through the Investor Relations section of First
Financial's website at www.bankatfirst.com.
About First Financial Bancorp
First Financial Bancorp is a Cincinnati, Ohio based bank holding
company. As of March 31, 2016, the Company had
$8.2 billion in assets, $5.5 billion in loans, $6.2 billion in deposits and $826.6 million in shareholders' equity. The
Company's subsidiary, First Financial Bank, N.A., founded in 1863,
provides banking and financial services products through its five
lines of business: commercial, consumer, wealth management,
specialty finance and mortgage. The commercial, consumer,
specialty finance 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 $2.3 billion in assets
under management as of March 31, 2016. The Company's
strategic operating markets are located in Ohio, Indiana
and Kentucky where it operates 101
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, 2015, 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,
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
19,814
|
|
|
$
|
19,820
|
|
|
$
|
18,673
|
|
|
$
|
18,949
|
|
|
$
|
17,621
|
|
|
Net earnings per
share - basic
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
Net earnings per
share - diluted
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.98
|
%
|
|
0.99
|
%
|
|
0.97
|
%
|
|
1.05
|
%
|
|
0.99
|
%
|
|
Return on average
shareholders' equity
|
9.70
|
%
|
|
9.62
|
%
|
|
9.12
|
%
|
|
9.49
|
%
|
|
9.06
|
%
|
|
Return on average
tangible shareholders' equity
|
13.06
|
%
|
|
12.98
|
%
|
|
12.33
|
%
|
|
11.60
|
%
|
|
11.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.62
|
%
|
|
3.63
|
%
|
|
3.61
|
%
|
|
3.56
|
%
|
|
3.61
|
%
|
|
Net interest margin
(fully tax equivalent) (1)
|
3.68
|
%
|
|
3.69
|
%
|
|
3.67
|
%
|
|
3.62
|
%
|
|
3.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
10.09
|
%
|
|
9.93
|
%
|
|
10.32
|
%
|
|
10.87
|
%
|
|
10.98
|
%
|
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
|
Ending tangible
assets
|
7.71
|
%
|
|
7.53
|
%
|
|
7.84
|
%
|
|
9.08
|
%
|
|
9.16
|
%
|
|
Risk-weighted
assets
|
9.49
|
%
|
|
9.47
|
%
|
|
9.90
|
%
|
|
11.63
|
%
|
|
11.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
10.12
|
%
|
|
10.29
|
%
|
|
10.67
|
%
|
|
11.05
|
%
|
|
10.95
|
%
|
|
Average tangible
shareholders' equity as a percent of average tangible
assets
|
7.71
|
%
|
|
7.83
|
%
|
|
8.12
|
%
|
|
9.23
|
%
|
|
9.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
13.36
|
|
|
$
|
13.13
|
|
|
$
|
13.17
|
|
|
$
|
13.00
|
|
|
$
|
12.90
|
|
|
Tangible book value
per share
|
$
|
9.94
|
|
|
$
|
9.69
|
|
|
$
|
9.74
|
|
|
$
|
10.65
|
|
|
$
|
10.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (2)
|
10.16
|
%
|
|
10.28
|
%
|
|
10.51
|
%
|
|
12.34
|
%
|
|
12.29
|
%
|
|
Tier 1 ratio
(2)
|
10.16
|
%
|
|
10.29
|
%
|
|
10.52
|
%
|
|
12.35
|
%
|
|
12.29
|
%
|
|
Total capital ratio
(2)
|
12.84
|
%
|
|
13.04
|
%
|
|
13.37
|
%
|
|
13.31
|
%
|
|
13.27
|
%
|
|
Leverage ratio
(2)
|
8.27
|
%
|
|
8.33
|
%
|
|
8.58
|
%
|
|
9.77
|
%
|
|
9.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
Loans
(3)
|
$
|
5,417,812
|
|
|
$
|
5,248,465
|
|
|
$
|
5,032,708
|
|
|
$
|
4,793,471
|
|
|
$
|
4,770,671
|
|
|
FDIC indemnification
asset
|
17,138
|
|
|
18,437
|
|
|
19,848
|
|
|
20,744
|
|
|
22,112
|
|
|
Investment
securities
|
1,938,772
|
|
|
1,934,173
|
|
|
1,848,083
|
|
|
1,782,785
|
|
|
1,762,622
|
|
|
Interest-bearing
deposits with other banks
|
24,291
|
|
|
18,920
|
|
|
37,468
|
|
|
19,960
|
|
|
21,255
|
|
|
Total earning
assets
|
$
|
7,398,013
|
|
|
$
|
7,219,995
|
|
|
$
|
6,938,107
|
|
|
$
|
6,616,960
|
|
|
$
|
6,576,660
|
|
|
Total
assets
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
7,611,389
|
|
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
Noninterest-bearing
deposits
|
$
|
1,386,768
|
|
|
$
|
1,402,283
|
|
|
$
|
1,344,049
|
|
|
$
|
1,325,485
|
|
|
$
|
1,286,067
|
|
|
Interest-bearing
deposits
|
4,749,253
|
|
|
4,845,056
|
|
|
4,615,886
|
|
|
4,446,248
|
|
|
4,361,525
|
|
|
Total
deposits
|
$
|
6,136,021
|
|
|
$
|
6,247,339
|
|
|
$
|
5,959,935
|
|
|
$
|
5,771,733
|
|
|
$
|
5,647,592
|
|
|
Borrowings
|
$
|
1,065,739
|
|
|
$
|
763,408
|
|
|
$
|
746,706
|
|
|
$
|
587,225
|
|
|
$
|
691,012
|
|
|
Shareholders'
equity
|
$
|
821,588
|
|
|
$
|
817,756
|
|
|
$
|
812,396
|
|
|
$
|
800,598
|
|
|
$
|
788,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
0.98
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
|
1.09
|
%
|
|
1.11
|
%
|
|
Allowance to
nonaccrual loans
|
244.16
|
%
|
|
190.73
|
%
|
|
149.33
|
%
|
|
133.28
|
%
|
|
107.98
|
%
|
|
Allowance to
nonperforming loans
|
103.07
|
%
|
|
93.89
|
%
|
|
95.34
|
%
|
|
88.49
|
%
|
|
82.18
|
%
|
|
Nonperforming loans
to total loans
|
0.95
|
%
|
|
1.06
|
%
|
|
1.07
|
%
|
|
1.23
|
%
|
|
1.36
|
%
|
|
Nonperforming assets
to ending loans, plus OREO
|
1.16
|
%
|
|
1.30
|
%
|
|
1.36
|
%
|
|
1.56
|
%
|
|
1.79
|
%
|
|
Nonperforming assets
to total assets
|
0.78
|
%
|
|
0.86
|
%
|
|
0.90
|
%
|
|
1.03
|
%
|
|
1.18
|
%
|
|
Net charge-offs to
average loans (annualized)
|
0.10
|
%
|
|
0.14
|
%
|
|
0.17
|
%
|
|
0.27
|
%
|
|
0.16
|
%
|
|
|
(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) March 31, 2016 regulatory capital
ratios are preliminary.
|
(3) Includes loans
held for sale.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
First
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
63,399
|
|
|
$
|
62,502
|
|
|
$
|
58,694
|
|
|
$
|
54,586
|
|
|
$
|
54,464
|
|
|
$
|
230,246
|
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
11,373
|
|
|
10,702
|
|
|
9,986
|
|
|
9,281
|
|
|
9,608
|
|
|
39,577
|
|
Tax-exempt
|
1,162
|
|
|
1,192
|
|
|
1,163
|
|
|
1,139
|
|
|
1,117
|
|
|
4,611
|
|
Total
investment securities interest
|
12,535
|
|
|
11,894
|
|
|
11,149
|
|
|
10,420
|
|
|
10,725
|
|
|
44,188
|
|
Other earning
assets
|
(1,139)
|
|
|
(1,164)
|
|
|
(1,168)
|
|
|
(1,162)
|
|
|
(1,181)
|
|
|
(4,675)
|
|
Total interest
income
|
74,795
|
|
|
73,232
|
|
|
68,675
|
|
|
63,844
|
|
|
64,008
|
|
|
269,759
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,530
|
|
|
5,172
|
|
|
4,861
|
|
|
4,621
|
|
|
4,820
|
|
|
19,474
|
|
Short-term
borrowings
|
1,170
|
|
|
434
|
|
|
374
|
|
|
253
|
|
|
303
|
|
|
1,364
|
|
Long-term
borrowings
|
1,540
|
|
|
1,543
|
|
|
281
|
|
|
296
|
|
|
299
|
|
|
2,419
|
|
Total interest
expense
|
8,240
|
|
|
7,149
|
|
|
5,516
|
|
|
5,170
|
|
|
5,422
|
|
|
23,257
|
|
Net interest
income
|
66,555
|
|
|
66,083
|
|
|
63,159
|
|
|
58,674
|
|
|
58,586
|
|
|
246,502
|
|
Provision for
loan and lease losses
|
1,655
|
|
|
1,864
|
|
|
2,647
|
|
|
3,070
|
|
|
2,060
|
|
|
9,641
|
|
Net interest income
after provision for loan and lease losses
|
64,900
|
|
|
64,219
|
|
|
60,512
|
|
|
55,604
|
|
|
56,526
|
|
|
236,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,381
|
|
|
4,755
|
|
|
4,934
|
|
|
4,803
|
|
|
4,523
|
|
|
19,015
|
|
Trust and
wealth management fees
|
3,440
|
|
|
3,086
|
|
|
3,134
|
|
|
3,274
|
|
|
3,634
|
|
|
13,128
|
|
Bankcard
income
|
2,882
|
|
|
3,077
|
|
|
2,909
|
|
|
2,972
|
|
|
2,620
|
|
|
11,578
|
|
Client
derivative fees
|
1,095
|
|
|
945
|
|
|
1,604
|
|
|
878
|
|
|
962
|
|
|
4,389
|
|
Net gains from
sales of loans
|
1,181
|
|
|
1,325
|
|
|
1,758
|
|
|
1,924
|
|
|
1,464
|
|
|
6,471
|
|
Net gain on
sale of investment securities
|
24
|
|
|
2
|
|
|
409
|
|
|
1,094
|
|
|
0
|
|
|
1,505
|
|
FDIC loss
sharing income
|
(565)
|
|
|
(164)
|
|
|
(973)
|
|
|
(304)
|
|
|
(1,046)
|
|
|
(2,487)
|
|
Accelerated
discount on covered / formerly covered loans
|
971
|
|
|
785
|
|
|
3,820
|
|
|
4,094
|
|
|
2,092
|
|
|
10,791
|
|
Other
|
2,103
|
|
|
2,008
|
|
|
2,760
|
|
|
2,680
|
|
|
3,364
|
|
|
10,812
|
|
Total noninterest
income
|
15,512
|
|
|
15,819
|
|
|
20,355
|
|
|
21,415
|
|
|
17,613
|
|
|
75,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
29,615
|
|
|
29,632
|
|
|
27,768
|
|
|
27,451
|
|
|
26,941
|
|
|
111,792
|
|
Net
occupancy
|
4,957
|
|
|
4,337
|
|
|
4,510
|
|
|
4,380
|
|
|
5,005
|
|
|
18,232
|
|
Furniture and
equipment
|
2,213
|
|
|
2,185
|
|
|
2,165
|
|
|
2,219
|
|
|
2,153
|
|
|
8,722
|
|
Data
processing
|
2,718
|
|
|
2,843
|
|
|
2,591
|
|
|
2,657
|
|
|
2,772
|
|
|
10,863
|
|
Marketing
|
1,065
|
|
|
1,052
|
|
|
810
|
|
|
973
|
|
|
888
|
|
|
3,723
|
|
Communication
|
481
|
|
|
502
|
|
|
531
|
|
|
558
|
|
|
570
|
|
|
2,161
|
|
Professional
services
|
1,813
|
|
|
1,833
|
|
|
4,092
|
|
|
1,727
|
|
|
1,970
|
|
|
9,622
|
|
State
intangible tax
|
639
|
|
|
598
|
|
|
579
|
|
|
577
|
|
|
577
|
|
|
2,331
|
|
FDIC
assessments
|
1,132
|
|
|
1,139
|
|
|
1,103
|
|
|
1,114
|
|
|
1,090
|
|
|
4,446
|
|
Loss (gain) -
other real estate owned
|
(190)
|
|
|
772
|
|
|
196
|
|
|
419
|
|
|
474
|
|
|
1,861
|
|
Loss sharing
expense
|
297
|
|
|
414
|
|
|
574
|
|
|
576
|
|
|
301
|
|
|
1,865
|
|
Other
|
5,980
|
|
|
5,977
|
|
|
8,073
|
|
|
6,135
|
|
|
5,327
|
|
|
25,512
|
|
Total noninterest
expenses
|
50,720
|
|
|
51,284
|
|
|
52,992
|
|
|
48,786
|
|
|
48,068
|
|
|
201,130
|
|
Income before income
taxes
|
29,692
|
|
|
28,754
|
|
|
27,875
|
|
|
28,233
|
|
|
26,071
|
|
|
110,933
|
|
Income tax
expense
|
9,878
|
|
|
8,934
|
|
|
9,202
|
|
|
9,284
|
|
|
8,450
|
|
|
35,870
|
|
Net income
|
$
|
19,814
|
|
|
$
|
19,820
|
|
|
$
|
18,673
|
|
|
$
|
18,949
|
|
|
$
|
17,621
|
|
|
$
|
75,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
1.23
|
|
Net earnings per
share - diluted
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
1.21
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.98
|
%
|
|
0.99
|
%
|
|
0.97
|
%
|
|
1.05
|
%
|
|
0.99
|
%
|
|
1.00
|
%
|
Return on average
shareholders' equity
|
9.70
|
%
|
|
9.62
|
%
|
|
9.12
|
%
|
|
9.49
|
%
|
|
9.06
|
%
|
|
9.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
74,795
|
|
|
$
|
73,232
|
|
|
$
|
68,675
|
|
|
$
|
63,844
|
|
|
$
|
64,008
|
|
|
$
|
269,759
|
|
Tax equivalent
adjustment
|
1,052
|
|
|
1,046
|
|
|
1,000
|
|
|
988
|
|
|
983
|
|
|
4,017
|
|
Interest
income - tax equivalent
|
75,847
|
|
|
74,278
|
|
|
69,675
|
|
|
64,832
|
|
|
64,991
|
|
|
273,776
|
|
Interest
expense
|
8,240
|
|
|
7,149
|
|
|
5,516
|
|
|
5,170
|
|
|
5,422
|
|
|
23,257
|
|
Net
interest income - tax equivalent
|
$
|
67,607
|
|
|
$
|
67,129
|
|
|
$
|
64,159
|
|
|
$
|
59,662
|
|
|
$
|
59,569
|
|
|
$
|
250,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.62
|
%
|
|
3.63
|
%
|
|
3.61
|
%
|
|
3.56
|
%
|
|
3.61
|
%
|
|
3.60
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.68
|
%
|
|
3.69
|
%
|
|
3.67
|
%
|
|
3.62
|
%
|
|
3.67
|
%
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1,390
|
|
|
1,400
|
|
|
1,394
|
|
|
1,366
|
|
|
1,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 35% tax rate. Management believes that it is a standard
practice in the banking industry to present net interest income on
a fully tax equivalent basis. Therefore, management believes,
these measures provide useful information to investors by allowing
them to make peer comparisons. Management also uses these
measures to make peer comparisons.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
% Change
|
|
% Change
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Linked
Qtr.
|
|
Comparable
Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
102,675
|
|
|
$
|
114,841
|
|
|
$
|
112,298
|
|
|
$
|
116,318
|
|
|
$
|
111,011
|
|
|
(10.6)
|
%
|
|
(7.5)
|
%
|
Interest-bearing deposits
with other banks
|
15,582
|
|
|
33,734
|
|
|
24,191
|
|
|
41,027
|
|
|
25,350
|
|
|
(53.8)
|
%
|
|
(38.5)
|
%
|
Investment securities
available-for-sale
|
1,164,319
|
|
|
1,190,642
|
|
|
1,069,667
|
|
|
955,764
|
|
|
892,169
|
|
|
(2.2)
|
%
|
|
30.5
|
%
|
Investment securities
held-to-maturity
|
702,315
|
|
|
726,259
|
|
|
756,035
|
|
|
791,839
|
|
|
839,666
|
|
|
(3.3)
|
%
|
|
(16.4)
|
%
|
Other investments
|
53,255
|
|
|
53,725
|
|
|
53,431
|
|
|
53,585
|
|
|
53,393
|
|
|
(0.9)
|
%
|
|
(0.3)
|
%
|
Loans held for
sale
|
15,369
|
|
|
20,957
|
|
|
26,287
|
|
|
21,151
|
|
|
14,937
|
|
|
(26.7)
|
%
|
|
2.9
|
%
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,744,732
|
|
|
1,663,102
|
|
|
1,637,467
|
|
|
1,315,087
|
|
|
1,298,874
|
|
|
4.9
|
%
|
|
34.3
|
%
|
Lease
financing
|
101,135
|
|
|
93,986
|
|
|
82,679
|
|
|
84,723
|
|
|
81,796
|
|
|
7.6
|
%
|
|
23.6
|
%
|
Real estate -
construction
|
341,453
|
|
|
311,712
|
|
|
276,240
|
|
|
229,256
|
|
|
227,969
|
|
|
9.5
|
%
|
|
49.8
|
%
|
Real estate -
commercial
|
2,261,857
|
|
|
2,258,297
|
|
|
2,169,662
|
|
|
2,171,806
|
|
|
2,120,084
|
|
|
0.2
|
%
|
|
6.7
|
%
|
Real estate -
residential
|
508,512
|
|
|
512,311
|
|
|
506,653
|
|
|
506,391
|
|
|
496,852
|
|
|
(0.7)
|
%
|
|
2.3
|
%
|
Home
equity
|
466,010
|
|
|
466,629
|
|
|
463,629
|
|
|
463,222
|
|
|
456,278
|
|
|
(0.1)
|
%
|
|
2.1
|
%
|
Installment
|
41,627
|
|
|
41,506
|
|
|
39,974
|
|
|
43,073
|
|
|
43,798
|
|
|
0.3
|
%
|
|
(5.0)
|
%
|
Credit
card
|
39,283
|
|
|
41,217
|
|
|
39,759
|
|
|
39,216
|
|
|
37,886
|
|
|
(4.7)
|
%
|
|
3.7
|
%
|
Total loans
|
5,504,609
|
|
|
5,388,760
|
|
|
5,216,063
|
|
|
4,852,774
|
|
|
4,763,537
|
|
|
2.1
|
%
|
|
15.6
|
%
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
53,732
|
|
|
53,398
|
|
|
53,332
|
|
|
52,876
|
|
|
53,076
|
|
|
0.6
|
%
|
|
1.2
|
%
|
Net loans
|
5,450,877
|
|
|
5,335,362
|
|
|
5,162,731
|
|
|
4,799,898
|
|
|
4,710,461
|
|
|
2.2
|
%
|
|
15.7
|
%
|
Premises and
equipment
|
138,036
|
|
|
136,603
|
|
|
139,020
|
|
|
139,170
|
|
|
140,477
|
|
|
1.0
|
%
|
|
(1.7)
|
%
|
Goodwill and other
intangibles
|
211,533
|
|
|
211,865
|
|
|
211,732
|
|
|
145,465
|
|
|
145,586
|
|
|
(0.2)
|
%
|
|
45.3
|
%
|
FDIC indemnification
asset
|
16,256
|
|
|
17,630
|
|
|
18,931
|
|
|
20,338
|
|
|
20,397
|
|
|
(7.8)
|
%
|
|
(20.3)
|
%
|
Accrued interest and other
assets
|
323,337
|
|
|
305,793
|
|
|
306,210
|
|
|
298,817
|
|
|
292,349
|
|
|
5.7
|
%
|
|
10.6
|
%
|
Total
Assets
|
$
|
8,193,554
|
|
|
$
|
8,147,411
|
|
|
$
|
7,880,533
|
|
|
$
|
7,383,372
|
|
|
$
|
7,245,796
|
|
|
0.6
|
%
|
|
13.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,430,963
|
|
|
$
|
1,414,291
|
|
|
$
|
1,330,673
|
|
|
$
|
1,175,219
|
|
|
$
|
1,214,882
|
|
|
1.2
|
%
|
|
17.8
|
%
|
Savings
|
1,922,892
|
|
|
1,945,805
|
|
|
1,979,627
|
|
|
1,947,566
|
|
|
1,922,815
|
|
|
(1.2)
|
%
|
|
0.0
|
%
|
Time
|
1,414,313
|
|
|
1,406,124
|
|
|
1,440,223
|
|
|
1,262,881
|
|
|
1,277,291
|
|
|
0.6
|
%
|
|
10.7
|
%
|
Total interest-bearing deposits
|
4,768,168
|
|
|
4,766,220
|
|
|
4,750,523
|
|
|
4,385,666
|
|
|
4,414,988
|
|
|
0.0
|
%
|
|
8.0
|
%
|
Noninterest-bearing
|
1,408,609
|
|
|
1,413,404
|
|
|
1,330,905
|
|
|
1,330,149
|
|
|
1,299,602
|
|
|
(0.3)
|
%
|
|
8.4
|
%
|
Total deposits
|
6,176,777
|
|
|
6,179,624
|
|
|
6,081,428
|
|
|
5,715,815
|
|
|
5,714,590
|
|
|
0.0
|
%
|
|
8.1
|
%
|
Federal funds purchased and
securities sold under agreements
to repurchase
|
75,499
|
|
|
89,325
|
|
|
62,317
|
|
|
68,349
|
|
|
68,142
|
|
|
(15.5)
|
%
|
|
10.8
|
%
|
FHLB short-term
borrowings
|
894,400
|
|
|
849,100
|
|
|
701,200
|
|
|
641,700
|
|
|
523,500
|
|
|
5.3
|
%
|
|
70.9
|
%
|
Total short-term borrowings
|
969,899
|
|
|
938,425
|
|
|
763,517
|
|
|
710,049
|
|
|
591,642
|
|
|
3.4
|
%
|
|
63.9
|
%
|
Long-term debt
|
119,556
|
|
|
119,540
|
|
|
119,515
|
|
|
47,084
|
|
|
47,598
|
|
|
0.0
|
%
|
|
151.2
|
%
|
Total borrowed funds
|
1,089,455
|
|
|
1,057,965
|
|
|
883,032
|
|
|
757,133
|
|
|
639,240
|
|
|
3.0
|
%
|
|
70.4
|
%
|
Accrued interest and other
liabilities
|
100,735
|
|
|
100,446
|
|
|
103,061
|
|
|
108,041
|
|
|
96,224
|
|
|
0.3
|
%
|
|
4.7
|
%
|
Total
Liabilities
|
7,366,967
|
|
|
7,338,035
|
|
|
7,067,521
|
|
|
6,580,989
|
|
|
6,450,054
|
|
|
0.4
|
%
|
|
14.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
567,497
|
|
|
571,155
|
|
|
570,025
|
|
|
571,501
|
|
|
570,623
|
|
|
(0.6)
|
%
|
|
(0.5)
|
%
|
Retained earnings
|
398,224
|
|
|
388,240
|
|
|
378,258
|
|
|
369,462
|
|
|
360,390
|
|
|
2.6
|
%
|
|
10.5
|
%
|
Accumulated other
comprehensive loss
|
(23,209)
|
|
|
(30,580)
|
|
|
(17,219)
|
|
|
(20,715)
|
|
|
(17,054)
|
|
|
(24.1)
|
%
|
|
36.1
|
%
|
Treasury stock, at
cost
|
(115,925)
|
|
|
(119,439)
|
|
|
(118,052)
|
|
|
(117,865)
|
|
|
(118,217)
|
|
|
(2.9)
|
%
|
|
(1.9)
|
%
|
Total
Shareholders' Equity
|
826,587
|
|
|
809,376
|
|
|
813,012
|
|
|
802,383
|
|
|
795,742
|
|
|
2.1
|
%
|
|
3.9
|
%
|
Total
Liabilities and Shareholders' Equity
|
$
|
8,193,554
|
|
|
$
|
8,147,411
|
|
|
$
|
7,880,533
|
|
|
$
|
7,383,372
|
|
|
$
|
7,245,796
|
|
|
0.6
|
%
|
|
13.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE
CONSOLIDATED STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
Quarterly
Averages
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
117,782
|
|
|
$
|
119,881
|
|
|
$
|
114,279
|
|
|
$
|
114,024
|
|
|
$
|
112,841
|
|
|
Federal funds
sold
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
Interest-bearing deposits
with other banks
|
24,291
|
|
|
18,920
|
|
|
37,468
|
|
|
19,960
|
|
|
21,255
|
|
|
Investment
securities
|
1,938,772
|
|
|
1,934,173
|
|
|
1,848,083
|
|
|
1,782,785
|
|
|
1,762,622
|
|
|
Loans held for
sale
|
13,216
|
|
|
18,677
|
|
|
15,185
|
|
|
9,292
|
|
|
8,606
|
|
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,657,279
|
|
|
1,612,485
|
|
|
1,464,508
|
|
|
1,318,408
|
|
|
1,300,869
|
|
|
Lease
financing
|
94,935
|
|
|
89,200
|
|
|
83,300
|
|
|
82,578
|
|
|
78,063
|
|
|
Real estate -
construction
|
322,600
|
|
|
295,574
|
|
|
259,972
|
|
|
226,314
|
|
|
215,380
|
|
|
Real estate -
commercial
|
2,270,686
|
|
|
2,180,015
|
|
|
2,164,917
|
|
|
2,117,450
|
|
|
2,129,434
|
|
|
Real estate -
residential
|
509,422
|
|
|
505,208
|
|
|
500,544
|
|
|
497,350
|
|
|
496,451
|
|
|
Home
equity
|
466,722
|
|
|
465,131
|
|
|
462,283
|
|
|
459,414
|
|
|
458,083
|
|
|
Installment
|
41,698
|
|
|
41,148
|
|
|
42,008
|
|
|
43,393
|
|
|
45,376
|
|
|
Credit
card
|
41,254
|
|
|
41,027
|
|
|
39,991
|
|
|
39,272
|
|
|
38,409
|
|
|
Total loans
|
5,404,596
|
|
|
5,229,788
|
|
|
5,017,523
|
|
|
4,784,179
|
|
|
4,762,065
|
|
|
Less
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
54,882
|
|
|
53,731
|
|
|
54,398
|
|
|
54,662
|
|
|
53,648
|
|
|
Net loans
|
5,349,714
|
|
|
5,176,057
|
|
|
4,963,125
|
|
|
4,729,517
|
|
|
4,708,417
|
|
|
Premises and
equipment
|
138,377
|
|
|
138,689
|
|
|
139,457
|
|
|
140,117
|
|
|
141,153
|
|
|
Goodwill and other
intangibles
|
211,707
|
|
|
211,722
|
|
|
179,333
|
|
|
145,500
|
|
|
145,689
|
|
|
FDIC indemnification
asset
|
17,138
|
|
|
18,437
|
|
|
19,848
|
|
|
20,744
|
|
|
22,112
|
|
|
Accrued interest and other
assets
|
307,948
|
|
|
313,722
|
|
|
294,611
|
|
|
281,947
|
|
|
278,618
|
|
|
Total
Assets
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
7,611,389
|
|
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,391,591
|
|
|
$
|
1,423,915
|
|
|
$
|
1,230,621
|
|
|
$
|
1,220,391
|
|
|
$
|
1,176,263
|
|
|
Savings
|
1,938,206
|
|
|
2,005,100
|
|
|
2,015,373
|
|
|
1,950,127
|
|
|
1,914,723
|
|
|
Time
|
1,419,456
|
|
|
1,416,041
|
|
|
1,369,892
|
|
|
1,275,730
|
|
|
1,270,539
|
|
|
Total interest-bearing deposits
|
4,749,253
|
|
|
4,845,056
|
|
|
4,615,886
|
|
|
4,446,248
|
|
|
4,361,525
|
|
|
Noninterest-bearing
|
1,386,768
|
|
|
1,402,283
|
|
|
1,344,049
|
|
|
1,325,485
|
|
|
1,286,067
|
|
|
Total deposits
|
6,136,021
|
|
|
6,247,339
|
|
|
5,959,935
|
|
|
5,771,733
|
|
|
5,647,592
|
|
|
Federal funds purchased and
securities sold
under agreements to
repurchase
|
89,349
|
|
|
79,354
|
|
|
68,505
|
|
|
67,664
|
|
|
77,269
|
|
|
FHLB short-term
borrowings
|
856,837
|
|
|
564,522
|
|
|
606,618
|
|
|
472,295
|
|
|
565,918
|
|
|
Total short-term borrowings
|
946,186
|
|
|
643,876
|
|
|
675,123
|
|
|
539,959
|
|
|
643,187
|
|
|
Long-term debt
|
119,553
|
|
|
119,532
|
|
|
71,583
|
|
|
47,266
|
|
|
47,825
|
|
|
Total borrowed
funds
|
1,065,739
|
|
|
763,408
|
|
|
746,706
|
|
|
587,225
|
|
|
691,012
|
|
|
Accrued interest and other
liabilities
|
95,597
|
|
|
121,775
|
|
|
92,352
|
|
|
84,330
|
|
|
74,198
|
|
|
Total
Liabilities
|
7,297,357
|
|
|
7,132,522
|
|
|
6,798,993
|
|
|
6,443,288
|
|
|
6,412,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
570,558
|
|
|
570,510
|
|
|
570,723
|
|
|
571,078
|
|
|
573,932
|
|
|
Retained earnings
|
395,756
|
|
|
385,295
|
|
|
378,160
|
|
|
365,847
|
|
|
355,848
|
|
|
Accumulated other
comprehensive loss
|
(26,165)
|
|
|
(18,962)
|
|
|
(19,725)
|
|
|
(18,242)
|
|
|
(20,163)
|
|
|
Treasury stock, at
cost
|
(118,561)
|
|
|
(119,087)
|
|
|
(116,762)
|
|
|
(118,085)
|
|
|
(121,106)
|
|
|
Total
Shareholders' Equity
|
821,588
|
|
|
817,756
|
|
|
812,396
|
|
|
800,598
|
|
|
788,511
|
|
|
Total
Liabilities and Shareholders' Equity
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
7,611,389
|
|
|
$
|
7,243,886
|
|
|
$
|
7,201,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS (1)
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
Linked Qtr.
Income Variance
|
|
Comparable Qtr.
Income Variance
|
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
|
1,938,772
|
|
|
2.59
|
%
|
|
$
|
1,934,173
|
|
|
2.44
|
%
|
|
$
|
1,762,622
|
|
|
2.47
|
%
|
|
$
|
749
|
|
|
$
|
(108)
|
|
|
$
|
641
|
|
|
$
|
546
|
|
|
$
|
1,264
|
|
|
$
|
1,810
|
|
Interest-bearing
deposits with other banks
|
|
24,291
|
|
|
0.53
|
%
|
|
18,920
|
|
|
0.29
|
%
|
|
21,255
|
|
|
0.27
|
%
|
|
11
|
|
|
7
|
|
|
18
|
|
|
14
|
|
|
4
|
|
|
18
|
|
Gross loans (2)
|
|
5,434,950
|
|
|
4.59
|
%
|
|
5,266,902
|
|
|
4.62
|
%
|
|
4,792,783
|
|
|
4.51
|
%
|
|
(357)
|
|
|
1,261
|
|
|
904
|
|
|
1,003
|
|
|
7,956
|
|
|
8,959
|
|
Total earning
assets
|
|
7,398,013
|
|
|
4.06
|
%
|
|
7,219,995
|
|
|
4.02
|
%
|
|
6,576,660
|
|
|
3.95
|
%
|
|
403
|
|
|
1,160
|
|
|
1,563
|
|
|
1,563
|
|
|
9,224
|
|
|
10,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
|
(54,882)
|
|
|
|
|
(53,731)
|
|
|
|
|
(53,648)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
117,782
|
|
|
|
|
119,881
|
|
|
|
|
112,841
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest and other assets
|
|
658,032
|
|
|
|
|
664,133
|
|
|
|
|
565,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
8,118,945
|
|
|
|
|
$
|
7,950,278
|
|
|
|
|
$
|
7,201,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
1,391,591
|
|
|
0.16
|
%
|
|
$
|
1,423,915
|
|
|
0.13
|
%
|
|
$
|
1,176,263
|
|
|
0.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings
|
|
1,938,206
|
|
|
0.26
|
%
|
|
2,005,100
|
|
|
0.20
|
%
|
|
1,914,723
|
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Time
|
|
1,419,456
|
|
|
1.05
|
%
|
|
1,416,041
|
|
|
1.03
|
%
|
|
1,270,539
|
|
|
1.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
4,749,253
|
|
|
0.47
|
%
|
|
4,845,056
|
|
|
0.42
|
%
|
|
4,361,525
|
|
|
0.45
|
%
|
|
$
|
532
|
|
|
$
|
(174)
|
|
|
$
|
358
|
|
|
$
|
203
|
|
|
$
|
507
|
|
|
$
|
710
|
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
946,186
|
|
|
0.50
|
%
|
|
643,876
|
|
|
0.27
|
%
|
|
643,187
|
|
|
0.19
|
%
|
|
371
|
|
|
365
|
|
|
736
|
|
|
484
|
|
|
383
|
|
|
867
|
|
Long-term
debt
|
|
119,553
|
|
|
5.17
|
%
|
|
119,532
|
|
|
5.12
|
%
|
|
47,825
|
|
|
2.54
|
%
|
|
14
|
|
|
(17)
|
|
|
(3)
|
|
|
310
|
|
|
931
|
|
|
1,241
|
|
Total
borrowed funds
|
|
1,065,739
|
|
|
1.02
|
%
|
|
763,408
|
|
|
1.03
|
%
|
|
691,012
|
|
|
0.35
|
%
|
|
385
|
|
|
348
|
|
|
733
|
|
|
794
|
|
|
1,314
|
|
|
2,108
|
|
Total
interest-bearing liabilities
|
|
5,814,992
|
|
|
0.57
|
%
|
|
5,608,464
|
|
|
0.51
|
%
|
|
5,052,537
|
|
|
0.44
|
%
|
|
917
|
|
|
174
|
|
|
1,091
|
|
|
997
|
|
|
1,821
|
|
|
2,818
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
1,386,768
|
|
|
|
|
1,402,283
|
|
|
|
|
1,286,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
95,597
|
|
|
|
|
121,775
|
|
|
|
|
74,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
821,588
|
|
|
|
|
817,756
|
|
|
|
|
788,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities & shareholders' equity
|
|
$
|
8,118,945
|
|
|
|
|
$
|
7,950,278
|
|
|
|
|
$
|
7,201,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
66,555
|
|
|
|
|
$
|
66,083
|
|
|
|
|
$
|
58,586
|
|
|
|
|
$
|
(514)
|
|
|
$
|
986
|
|
|
$
|
472
|
|
|
$
|
566
|
|
|
$
|
7,403
|
|
|
$
|
7,969
|
|
Net interest spread
(1)
|
|
|
|
3.49
|
%
|
|
|
|
3.51
|
%
|
|
|
|
3.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
(1)
|
|
|
|
3.62
|
%
|
|
|
|
3.63
|
%
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
ALLOWANCE FOR LOAN
AND LEASE LOSS ACTIVITY
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
53,398
|
|
|
$
|
53,332
|
|
|
$
|
52,876
|
|
|
$
|
53,076
|
|
|
$
|
52,858
|
|
Provision for
loan and lease losses
|
1,655
|
|
|
1,864
|
|
|
2,647
|
|
|
3,070
|
|
|
2,060
|
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
329
|
|
|
622
|
|
|
536
|
|
|
510
|
|
|
1,481
|
|
Real estate - construction
|
0
|
|
|
0
|
|
|
85
|
|
|
0
|
|
|
0
|
|
Real estate - commercial
|
432
|
|
|
1,137
|
|
|
941
|
|
|
2,515
|
|
|
208
|
|
Real estate - residential
|
39
|
|
|
31
|
|
|
101
|
|
|
250
|
|
|
314
|
|
Home equity
|
273
|
|
|
300
|
|
|
322
|
|
|
163
|
|
|
700
|
|
Installment
|
54
|
|
|
128
|
|
|
124
|
|
|
12
|
|
|
131
|
|
Other
|
240
|
|
|
242
|
|
|
276
|
|
|
237
|
|
|
294
|
|
Covered / formerly covered loans
|
1,075
|
|
|
3,818
|
|
|
1,577
|
|
|
1,585
|
|
|
1,916
|
|
Total gross
charge-offs
|
2,442
|
|
|
6,278
|
|
|
3,962
|
|
|
5,272
|
|
|
5,044
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
163
|
|
|
386
|
|
|
357
|
|
|
185
|
|
|
44
|
|
Real estate - construction
|
7
|
|
|
91
|
|
|
0
|
|
|
10
|
|
|
29
|
|
Real estate - commercial
|
346
|
|
|
597
|
|
|
444
|
|
|
179
|
|
|
354
|
|
Real estate - residential
|
62
|
|
|
192
|
|
|
87
|
|
|
23
|
|
|
64
|
|
Home equity
|
164
|
|
|
102
|
|
|
195
|
|
|
129
|
|
|
154
|
|
Installment
|
35
|
|
|
36
|
|
|
59
|
|
|
44
|
|
|
60
|
|
Other
|
81
|
|
|
74
|
|
|
52
|
|
|
71
|
|
|
45
|
|
Covered / formerly covered loans
|
263
|
|
|
3,002
|
|
|
577
|
|
|
1,361
|
|
|
2,452
|
|
Total recoveries
|
1,121
|
|
|
4,480
|
|
|
1,771
|
|
|
2,002
|
|
|
3,202
|
|
Total net
charge-offs
|
1,321
|
|
|
1,798
|
|
|
2,191
|
|
|
3,270
|
|
|
1,842
|
|
Ending allowance for
loan and lease losses
|
$
|
53,732
|
|
|
$
|
53,398
|
|
|
$
|
53,332
|
|
|
$
|
52,876
|
|
|
$
|
53,076
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
Commercial and
industrial
|
0.04
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
0.10
|
%
|
|
0.45
|
%
|
Real estate -
construction
|
(0.01)
|
%
|
|
(0.12)
|
%
|
|
0.13
|
%
|
|
(0.02)
|
%
|
|
(0.05)
|
%
|
Real estate -
commercial
|
0.02
|
%
|
|
0.10
|
%
|
|
0.10
|
%
|
|
0.48
|
%
|
|
(0.03)
|
%
|
Real estate -
residential
|
(0.02)
|
%
|
|
(0.14)
|
%
|
|
0.01
|
%
|
|
0.21
|
%
|
|
0.24
|
%
|
Home
equity
|
0.10
|
%
|
|
0.18
|
%
|
|
0.12
|
%
|
|
0.03
|
%
|
|
0.53
|
%
|
Installment
|
0.19
|
%
|
|
0.94
|
%
|
|
0.65
|
%
|
|
(0.32)
|
%
|
|
0.68
|
%
|
Other
|
0.48
|
%
|
|
0.52
|
%
|
|
0.74
|
%
|
|
0.55
|
%
|
|
0.88
|
%
|
Covered /
formerly covered loans
|
1.51
|
%
|
|
1.40
|
%
|
|
1.60
|
%
|
|
0.33
|
%
|
|
(0.74)
|
%
|
Total net
charge-offs
|
0.10
|
%
|
|
0.14
|
%
|
|
0.17
|
%
|
|
0.27
|
%
|
|
0.16
|
%
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
Nonaccrual
loans (1)
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
|
3,757
|
|
|
$
|
8,231
|
|
|
$
|
7,191
|
|
|
$
|
6,683
|
|
|
$
|
6,926
|
|
Real estate - construction
|
0
|
|
|
0
|
|
|
79
|
|
|
223
|
|
|
223
|
|
Real estate - commercial
|
8,178
|
|
|
9,059
|
|
|
17,228
|
|
|
21,186
|
|
|
29,925
|
|
Real estate - residential
|
4,243
|
|
|
5,027
|
|
|
4,940
|
|
|
5,257
|
|
|
6,100
|
|
Home equity
|
3,018
|
|
|
2,787
|
|
|
2,702
|
|
|
2,735
|
|
|
2,462
|
|
Installment
|
113
|
|
|
127
|
|
|
321
|
|
|
305
|
|
|
278
|
|
Lease financing
|
121
|
|
|
122
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Covered
/ formerly covered loans
|
2,577
|
|
|
2,644
|
|
|
3,252
|
|
|
3,284
|
|
|
3,239
|
|
Nonaccrual
loans
|
22,007
|
|
|
27,997
|
|
|
35,713
|
|
|
39,673
|
|
|
49,153
|
|
Accruing
troubled debt restructurings (TDRs)
|
30,127
|
|
|
28,876
|
|
|
20,226
|
|
|
20,084
|
|
|
15,429
|
|
Total nonperforming loans
|
52,134
|
|
|
56,873
|
|
|
55,939
|
|
|
59,757
|
|
|
64,582
|
|
Other real
estate owned (OREO)
|
11,939
|
|
|
13,254
|
|
|
15,187
|
|
|
16,401
|
|
|
20,906
|
|
Total nonperforming assets
|
64,073
|
|
|
70,127
|
|
|
71,126
|
|
|
76,158
|
|
|
85,488
|
|
Accruing loans
past due 90 days or more
|
59
|
|
|
108
|
|
|
58
|
|
|
70
|
|
|
85
|
|
Total underperforming assets
|
$
|
64,132
|
|
|
$
|
70,235
|
|
|
$
|
71,184
|
|
|
$
|
76,228
|
|
|
$
|
85,573
|
|
Classified
assets
|
$
|
113,883
|
|
|
$
|
106,468
|
|
|
$
|
97,022
|
|
|
$
|
106,280
|
|
|
$
|
109,090
|
|
Covered /
formerly covered classified assets
|
20,057
|
|
|
25,963
|
|
|
33,110
|
|
|
33,651
|
|
|
44,727
|
|
Total classified
assets
|
$
|
133,940
|
|
|
$
|
132,431
|
|
|
$
|
130,132
|
|
|
$
|
139,931
|
|
|
$
|
153,817
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
Allowance for loan
and lease losses to
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
244.16
|
%
|
|
190.73
|
%
|
|
149.33
|
%
|
|
133.28
|
%
|
|
107.98
|
%
|
Nonperforming
loans
|
103.07
|
%
|
|
93.89
|
%
|
|
95.34
|
%
|
|
88.49
|
%
|
|
82.18
|
%
|
Total ending
loans
|
0.98
|
%
|
|
0.99
|
%
|
|
1.02
|
%
|
|
1.09
|
%
|
|
1.11
|
%
|
Allowance and loan
marks, net of indemnification asset, to total loans
|
1.08
|
%
|
|
1.11
|
%
|
|
1.17
|
%
|
|
1.27
|
%
|
|
1.43
|
%
|
Nonperforming loans
to total loans
|
0.95
|
%
|
|
1.06
|
%
|
|
1.07
|
%
|
|
1.23
|
%
|
|
1.36
|
%
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
1.16
|
%
|
|
1.30
|
%
|
|
1.36
|
%
|
|
1.56
|
%
|
|
1.79
|
%
|
Total assets
|
0.78
|
%
|
|
0.86
|
%
|
|
0.90
|
%
|
|
1.03
|
%
|
|
1.18
|
%
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.62
|
%
|
|
0.76
|
%
|
|
0.97
|
%
|
|
1.15
|
%
|
|
1.46
|
%
|
Total assets
|
0.41
|
%
|
|
0.51
|
%
|
|
0.65
|
%
|
|
0.76
|
%
|
|
0.97
|
%
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans include nonaccrual TDRs of $7.5 million, $9.3 million, $13.6
million, $14.1 million, and $20.3 million, as of March 31, 2016,
December 31, 2015, September 30, 2015, June 30. 2015, and March 31,
2015, respectively.
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
Market
Price
|
|
|
|
|
|
|
|
|
|
High
|
$
|
18.36
|
|
|
$
|
20.72
|
|
|
$
|
19.69
|
|
|
$
|
18.55
|
|
|
$
|
18.30
|
|
Low
|
$
|
14.91
|
|
|
$
|
17.83
|
|
|
$
|
17.55
|
|
|
$
|
16.68
|
|
|
$
|
16.52
|
|
Close
|
$
|
18.18
|
|
|
$
|
18.07
|
|
|
$
|
19.08
|
|
|
$
|
17.94
|
|
|
$
|
17.81
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
61,036,797
|
|
|
60,985,096
|
|
|
61,135,749
|
|
|
61,115,802
|
|
|
61,013,489
|
|
Average shares
outstanding - diluted
|
61,840,247
|
|
|
61,861,182
|
|
|
61,987,795
|
|
|
61,915,294
|
|
|
61,731,844
|
|
Ending shares
outstanding
|
61,855,027
|
|
|
61,641,680
|
|
|
61,713,633
|
|
|
61,707,847
|
|
|
61,686,887
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
826,587
|
|
|
$
|
809,376
|
|
|
$
|
813,012
|
|
|
$
|
802,383
|
|
|
$
|
795,742
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL
(1)
|
Preliminary
|
|
|
|
|
|
|
|
|
Common equity tier 1
capital
|
$
|
658,001
|
|
|
$
|
648,748
|
|
|
$
|
638,574
|
|
|
$
|
697,139
|
|
|
$
|
686,191
|
|
Common equity tier 1
capital ratio
|
10.16
|
%
|
|
10.28
|
%
|
|
10.51
|
%
|
|
12.34
|
%
|
|
12.29
|
%
|
Tier 1
capital
|
$
|
658,105
|
|
|
$
|
648,852
|
|
|
$
|
638,678
|
|
|
$
|
697,243
|
|
|
$
|
686,295
|
|
Tier 1
ratio
|
10.16
|
%
|
|
10.29
|
%
|
|
10.52
|
%
|
|
12.35
|
%
|
|
12.29
|
%
|
Total
capital
|
$
|
831,924
|
|
|
$
|
822,431
|
|
|
$
|
812,029
|
|
|
$
|
751,818
|
|
|
$
|
740,967
|
|
Total capital
ratio
|
12.84
|
%
|
|
13.04
|
%
|
|
13.37
|
%
|
|
13.31
|
%
|
|
13.27
|
%
|
Total capital in
excess of minimum requirement
|
$
|
273,135
|
|
|
$
|
317,780
|
|
|
$
|
326,117
|
|
|
$
|
300,006
|
|
|
$
|
294,290
|
|
Total risk-weighted
assets
|
$
|
6,478,716
|
|
|
$
|
6,308,139
|
|
|
$
|
6,073,899
|
|
|
$
|
5,647,658
|
|
|
$
|
5,583,461
|
|
Leverage
ratio
|
8.27
|
%
|
|
8.33
|
%
|
|
8.58
|
%
|
|
9.77
|
%
|
|
9.67
|
%
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
10.09
|
%
|
|
9.93
|
%
|
|
10.32
|
%
|
|
10.87
|
%
|
|
10.98
|
%
|
Ending tangible
shareholders' equity to ending tangible assets
|
7.71
|
%
|
|
7.53
|
%
|
|
7.84
|
%
|
|
9.08
|
%
|
|
9.16
|
%
|
Average shareholders'
equity to average assets
|
10.12
|
%
|
|
10.29
|
%
|
|
10.67
|
%
|
|
11.05
|
%
|
|
10.95
|
%
|
Average tangible
shareholders' equity to average tangible assets
|
7.71
|
%
|
|
7.83
|
%
|
|
8.12
|
%
|
|
9.23
|
%
|
|
9.11
|
%
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(2)
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
|
91,032
|
|
|
148,935
|
|
|
0
|
|
|
0
|
|
Average share
repurchase price
|
N/A
|
|
|
$
|
18.85
|
|
|
$
|
18.68
|
|
|
N/A
|
|
|
N/A
|
|
Total cost of shares
repurchased
|
N/A
|
|
|
$
|
1,716
|
|
|
$
|
2,783
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
(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-first-quarter-2016-financial-results-300255635.html
SOURCE First Financial Bancorp