CINCINNATI, Ohio, Jan. 19, 2017 /PRNewswire/ -- First Financial
Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company")
announced financial results for the fourth quarter and full year
2016. For the three months ended December 31, 2016, the
Company reported net income of $23.3
million, or $0.38 per diluted
common share. These results compare to net income of
$22.9 million, or $0.37 per diluted common share, for the third
quarter of 2016 and $19.8 million, or
$0.32 per diluted common share, for
the fourth quarter of 2015. For the twelve months ended
December 31, 2016, First Financial had earnings per diluted
common share of $1.43 compared to
$1.21 for the same period in
2015.
Return on average assets for the fourth quarter of 2016 was
1.11% while return on average tangible common equity was
14.19%. These compare to a return on average assets of 1.09%
and return on average tangible common equity of 14.08% in the third
quarter of 2016 and a return on average assets of 0.99% and a
return on average tangible common equity of 12.98% in the fourth
quarter of 2015.
First Financial's Board of Directors also announced a 6.3%
increase in the quarterly dividend to $0.17 per share, payable on April 3, 2017 to shareholders of record as of
March 2, 2017.
Fourth quarter and full year 2016 highlights include:
- Net income increased $0.4
million, or 1.9%, compared to the linked quarter;
$13.5 million, or 17.9%, increase for
the full year
- Loan balances declined $32.0
million, or 0.6%, compared to the linked quarter; loan
balances increased $368.7 million, or
6.8%, for the full year
- Total deposits increased $187.1
million, or 3.0%, from the linked quarter; $346.2 million, or 5.6% increase for the full
year
- Net interest margin increased 5 basis points compared to the
linked quarter to 3.66%; 3.71% on a fully tax equivalent basis
- Continued solid fourth quarter and full year credit performance
with lower nonaccrual, nonperforming and classified asset
balances
- Linked quarter improvement in capital ratios; tier 1 capital
ratio of 10.46%, total capital ratio of 13.1% and leverage
ratio of 8.59%
- Disciplined expense management reflected in fourth quarter
efficiency ratio of 57.6%; 58.8% for the full year
Claude Davis, Chief Executive
Officer, commented, "We are extremely pleased with another solid
quarter, which was our 105th consecutive quarter of
profitability. Proactive balance sheet management and an
improved net interest margin resulted in strong quarterly
earnings. Capital ratios improved during the period and our
fourth quarter results continued to reflect a steady credit
environment and disciplined expense management."
"Looking at full year results, 2016 was a particularly strong
year for First Financial. With recent acquisitions fully
integrated, we were able to concentrate our efforts on organic
growth and delivering exceptional client service. These
efforts led to a 17.9% increase in full year net income as well as
6.8% and 5.6% loan and deposit growth, respectively."
"As we head into 2017, we will continue to focus on organic
growth and capitalizing on the momentum generated by our 2016
efforts. We believe our balance sheet is well positioned for
the current interest rate environment and our capital levels and
earnings consistency position us to take advantage of strategic
opportunities should they arise. Our company remains
positioned for continued success and further progress toward our
stated goal of sustained top quartile performance in the new
year."
This release announcing our fourth quarter and full year 2016
financial results includes an accompanying slide presentation,
which management intends to refer to during the conference call on
Friday, January 20, 2017.
Teleconference / Webcast Information
First Financial's
executive management will host a conference call to discuss the
Company's financial and operating results on Friday, January 20, 2017 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 December 31, 2016, the
Company had $8.4 billion in assets,
$5.8 billion in loans, $6.5 billion in deposits and $865.2 million in shareholders' equity. The
Company's subsidiary, First Financial Bank, founded in 1863,
provides banking and financial services products through its four
lines of business: Commercial and Private Banking, Retail Banking,
Investment Commercial Real Estate and Commercial Finance.
These business units provide traditional banking services to
business and retail clients. Commercial and Private Banking
includes First Financial Wealth Management, which 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
December 31, 2016. The Company's primary operating
markets are located in Ohio,
Indiana and Kentucky where it operates 102 banking
centers, while the Commercial Finance business lends into targeted
industry verticals on a nationwide basis. Additional
information about the Company, including its products, services and
banking locations is available at www.bankatfirst.com.
Forward-Looking Statement
This earnings release
contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are not based on historical or current facts, but rather on our
current beliefs, expectations, assumptions and projections about
our business, the economy and other future conditions.
Forward-looking statements often include words such as
''believes,'' ''anticipates,'' "likely," "expected," ''intends,''
"could," "should," and other similar references to future
periods. Examples of forward-looking statements include, but
are not limited to, statements we make about (i) our future
operating or financial performance, including revenues, income or
loss and earnings or loss per share, (ii) future common stock
dividends, (iii) our capital structure, including future capital
levels, (iv) our plans, objectives and strategies, and (v) the
assumptions that underlie our forward-looking statements.
As with any forecast or projection, forward-looking statements
are subject to inherent uncertainties, risks and changes in
circumstances that may cause actual results to differ materially
from those set forth in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those in our forward-looking statements include the
following, without limitation: (i) economic, market, liquidity,
credit, interest rate, operational and technological risks
associated with the Company's business; (ii) the effect of and
changes in policies and laws or regulatory agencies, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act and other
legislation and regulation relating to the banking industry; (iii)
management's ability to effectively execute its business plans;
(iv) mergers and acquisitions, including costs or difficulties
related to the integration of acquired companies; (v) the Company's
ability to comply with the terms of loss sharing agreements with
the FDIC; (vi) the effect of changes in accounting policies and
practices; (vii) changes in consumer spending, borrowing and saving
and changes in unemployment; (viii) changes in customers'
performance and creditworthiness; and (ix) the costs and effects of
litigation and of unexpected or adverse outcomes in such
litigation. Additional factors that may cause our actual
results to differ materially from those described in our
forward-looking statements can be found in 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, which are available on the SEC website at
www.sec.gov.
Forward-looking statements are meaningful only on the date when
such statements are made. We undertake no obligation to
update any forward-looking statement to reflect events or
circumstances that may arise after the date on which a
forward-looking statement is made.
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended,
|
|
Twelve months
ended,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
23,294
|
|
|
$
|
22,850
|
|
|
$
|
22,568
|
|
|
$
|
19,814
|
|
|
$
|
19,820
|
|
|
$
|
88,526
|
|
|
$
|
75,063
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.32
|
|
|
$
|
0.33
|
|
|
$
|
1.45
|
|
|
$
|
1.23
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
|
$
|
0.32
|
|
|
$
|
0.32
|
|
|
$
|
1.43
|
|
|
$
|
1.21
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.64
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.11
|
%
|
|
1.09
|
%
|
|
1.11
|
%
|
|
0.98
|
%
|
|
0.99
|
%
|
|
1.07
|
%
|
|
1.00
|
%
|
Return on average
shareholders' equity
|
10.73
|
%
|
|
10.62
|
%
|
|
10.84
|
%
|
|
9.70
|
%
|
|
9.62
|
%
|
|
10.48
|
%
|
|
9.33
|
%
|
Return on average
tangible shareholders' equity
|
14.19
|
%
|
|
14.08
|
%
|
|
14.49
|
%
|
|
13.06
|
%
|
|
12.98
|
%
|
|
13.96
|
%
|
|
12.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.66
|
%
|
|
3.61
|
%
|
|
3.61
|
%
|
|
3.62
|
%
|
|
3.63
|
%
|
|
3.62
|
%
|
|
3.60
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.71
|
%
|
|
3.66
|
%
|
|
3.67
|
%
|
|
3.68
|
%
|
|
3.69
|
%
|
|
3.68
|
%
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
10.25
|
%
|
|
10.29
|
%
|
|
10.19
|
%
|
|
10.09
|
%
|
|
9.93
|
%
|
|
10.25
|
%
|
|
9.93
|
%
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible
assets
|
7.96
|
%
|
|
7.97
|
%
|
|
7.85
|
%
|
|
7.71
|
%
|
|
7.53
|
%
|
|
7.96
|
%
|
|
7.53
|
%
|
Risk-weighted
assets
|
9.73
|
%
|
|
9.63
|
%
|
|
9.51
|
%
|
|
9.49
|
%
|
|
9.47
|
%
|
|
9.73
|
%
|
|
9.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
10.33
|
%
|
|
10.29
|
%
|
|
10.21
|
%
|
|
10.12
|
%
|
|
10.29
|
%
|
|
10.24
|
%
|
|
10.73
|
%
|
Average tangible
shareholders' equity as a percent of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average tangible assets
|
8.01
|
%
|
|
7.96
|
%
|
|
7.83
|
%
|
|
7.71
|
%
|
|
7.83
|
%
|
|
7.89
|
%
|
|
8.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
13.96
|
|
|
$
|
13.90
|
|
|
$
|
13.67
|
|
|
$
|
13.36
|
|
|
$
|
13.13
|
|
|
$
|
13.96
|
|
|
$
|
13.13
|
|
Tangible book value
per share
|
$
|
10.56
|
|
|
$
|
10.50
|
|
|
$
|
10.26
|
|
|
$
|
9.94
|
|
|
$
|
9.69
|
|
|
$
|
10.56
|
|
|
$
|
9.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (2)
|
10.46
|
%
|
|
10.20
|
%
|
|
10.07
|
%
|
|
10.16
|
%
|
|
10.28
|
%
|
|
10.46
|
%
|
|
10.28
|
%
|
Tier 1 ratio
(2)
|
10.46
|
%
|
|
10.20
|
%
|
|
10.07
|
%
|
|
10.16
|
%
|
|
10.29
|
%
|
|
10.46
|
%
|
|
10.29
|
%
|
Total capital ratio
(2)
|
13.10
|
%
|
|
12.82
|
%
|
|
12.70
|
%
|
|
12.84
|
%
|
|
13.04
|
%
|
|
13.10
|
%
|
|
13.04
|
%
|
Leverage ratio
(2)
|
8.59
|
%
|
|
8.45
|
%
|
|
8.38
|
%
|
|
8.27
|
%
|
|
8.33
|
%
|
|
8.59
|
%
|
|
8.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(3)
|
$
|
5,780,865
|
|
|
$
|
5,743,773
|
|
|
$
|
5,569,080
|
|
|
$
|
5,417,812
|
|
|
$
|
5,248,465
|
|
|
$
|
5,628,617
|
|
|
$
|
4,962,834
|
|
FDIC indemnification
asset
|
12,782
|
|
|
14,031
|
|
|
15,404
|
|
|
17,138
|
|
|
18,437
|
|
|
14,831
|
|
|
20,274
|
|
Investment
securities
|
1,816,944
|
|
|
1,811,240
|
|
|
1,869,540
|
|
|
1,938,772
|
|
|
1,934,173
|
|
|
1,858,878
|
|
|
1,832,430
|
|
Interest-bearing
deposits with other banks
|
19,557
|
|
|
22,116
|
|
|
21,687
|
|
|
24,291
|
|
|
18,920
|
|
|
21,907
|
|
|
24,430
|
|
Total earning
assets
|
$
|
7,630,148
|
|
|
$
|
7,591,160
|
|
|
$
|
7,475,711
|
|
|
$
|
7,398,013
|
|
|
$
|
7,219,995
|
|
|
$
|
7,524,233
|
|
|
$
|
6,839,968
|
|
Total
assets
|
$
|
8,359,912
|
|
|
$
|
8,322,156
|
|
|
$
|
8,203,837
|
|
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
8,251,703
|
|
|
$
|
7,504,069
|
|
Noninterest-bearing
deposits
|
$
|
1,544,598
|
|
|
$
|
1,453,842
|
|
|
$
|
1,441,068
|
|
|
$
|
1,386,768
|
|
|
$
|
1,402,283
|
|
|
$
|
1,456,802
|
|
|
$
|
1,339,802
|
|
Interest-bearing
deposits
|
5,012,613
|
|
|
4,746,887
|
|
|
4,867,439
|
|
|
4,749,253
|
|
|
4,845,056
|
|
|
4,844,243
|
|
|
4,568,637
|
|
Total
deposits
|
$
|
6,557,211
|
|
|
$
|
6,200,729
|
|
|
$
|
6,308,507
|
|
|
$
|
6,136,021
|
|
|
$
|
6,247,339
|
|
|
$
|
6,301,045
|
|
|
$
|
5,908,439
|
|
Borrowings
|
$
|
815,928
|
|
|
$
|
1,153,042
|
|
|
$
|
965,951
|
|
|
$
|
1,065,739
|
|
|
$
|
763,408
|
|
|
$
|
1,000,079
|
|
|
$
|
697,422
|
|
Shareholders'
equity
|
$
|
863,509
|
|
|
$
|
856,296
|
|
|
$
|
837,412
|
|
|
$
|
821,588
|
|
|
$
|
817,756
|
|
|
$
|
844,784
|
|
|
$
|
804,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
1.01
|
%
|
|
1.00
|
%
|
|
0.99
|
%
|
|
0.98
|
%
|
|
0.99
|
%
|
|
1.01
|
%
|
|
0.99
|
%
|
Allowance to
nonaccrual loans
|
326.91
|
%
|
|
314.84
|
%
|
|
254.56
|
%
|
|
244.16
|
%
|
|
190.73
|
%
|
|
326.91
|
%
|
|
190.73
|
%
|
Allowance to
nonperforming loans
|
120.83
|
%
|
|
114.17
|
%
|
|
112.74
|
%
|
|
103.07
|
%
|
|
93.89
|
%
|
|
120.83
|
%
|
|
93.89
|
%
|
Nonperforming loans
to total loans
|
0.83
|
%
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.95
|
%
|
|
1.06
|
%
|
|
0.83
|
%
|
|
1.06
|
%
|
Nonperforming assets
to ending loans, plus OREO
|
0.94
|
%
|
|
1.00
|
%
|
|
1.04
|
%
|
|
1.16
|
%
|
|
1.30
|
%
|
|
0.94
|
%
|
|
1.30
|
%
|
Nonperforming assets
to total assets
|
0.64
|
%
|
|
0.69
|
%
|
|
0.72
|
%
|
|
0.78
|
%
|
|
0.86
|
%
|
|
0.64
|
%
|
|
0.86
|
%
|
Net charge-offs to
average loans (annualized)
|
0.17
|
%
|
|
0.05
|
%
|
|
0.08
|
%
|
|
0.10
|
%
|
|
0.14
|
%
|
|
0.10
|
%
|
|
0.18
|
%
|
(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) December 31,
2016 regulatory capital ratios are preliminary.
|
(3) Includes
loans held for sale.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
Three months
ended,
|
|
Twelve months
ended,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
67,883
|
|
|
$
|
62,502
|
|
|
8.6
|
%
|
|
$
|
262,703
|
|
|
$
|
230,246
|
|
|
14.1
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
10,698
|
|
|
10,702
|
|
|
0.0
|
%
|
|
43,103
|
|
|
39,577
|
|
|
8.9
|
%
|
Tax-exempt
|
1,134
|
|
|
1,192
|
|
|
(4.9)
|
%
|
|
4,535
|
|
|
4,611
|
|
|
(1.6)
|
%
|
Total
investment securities interest
|
11,832
|
|
|
11,894
|
|
|
(0.5)
|
%
|
|
47,638
|
|
|
44,188
|
|
|
7.8
|
%
|
Other earning
assets
|
(1,068)
|
|
|
(1,164)
|
|
|
8.2
|
%
|
|
(4,391)
|
|
|
(4,675)
|
|
|
(6.1)
|
%
|
Total interest
income
|
78,647
|
|
|
73,232
|
|
|
7.4
|
%
|
|
305,950
|
|
|
269,759
|
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
6,026
|
|
|
5,172
|
|
|
16.5
|
%
|
|
22,613
|
|
|
19,474
|
|
|
16.1
|
%
|
Short-term
borrowings
|
915
|
|
|
434
|
|
|
110.8
|
%
|
|
4,506
|
|
|
1,364
|
|
|
230.4
|
%
|
Long-term
borrowings
|
1,540
|
|
|
1,543
|
|
|
(0.2)
|
%
|
|
6,160
|
|
|
2,419
|
|
|
154.7
|
%
|
Total interest
expense
|
8,481
|
|
|
7,149
|
|
|
18.6
|
%
|
|
33,279
|
|
|
23,257
|
|
|
43.1
|
%
|
Net interest
income
|
70,166
|
|
|
66,083
|
|
|
6.2
|
%
|
|
272,671
|
|
|
246,502
|
|
|
10.6
|
%
|
Provision for
loan and lease losses
|
2,761
|
|
|
1,864
|
|
|
48.1
|
%
|
|
10,140
|
|
|
9,641
|
|
|
5.2
|
%
|
Net interest income
after provision for loan and lease losses
|
67,405
|
|
|
64,219
|
|
|
5.0
|
%
|
|
262,531
|
|
|
236,861
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
5,041
|
|
|
4,755
|
|
|
6.0
|
%
|
|
18,933
|
|
|
19,015
|
|
|
(0.4)
|
%
|
Trust and
wealth management fees
|
3,241
|
|
|
3,086
|
|
|
5.0
|
%
|
|
13,200
|
|
|
13,128
|
|
|
0.5
|
%
|
Bankcard
income
|
3,136
|
|
|
3,077
|
|
|
1.9
|
%
|
|
12,132
|
|
|
11,578
|
|
|
4.8
|
%
|
Client
derivative fees
|
466
|
|
|
945
|
|
|
(50.7)
|
%
|
|
4,570
|
|
|
4,389
|
|
|
4.1
|
%
|
Net gains from
sales of loans
|
1,711
|
|
|
1,325
|
|
|
29.1
|
%
|
|
6,804
|
|
|
6,471
|
|
|
5.1
|
%
|
Net gains on
sale of investment securities
|
0
|
|
|
2
|
|
|
(100.0)
|
%
|
|
234
|
|
|
1,505
|
|
|
(84.5)
|
%
|
FDIC loss
sharing income
|
(419)
|
|
|
(164)
|
|
|
155.5
|
%
|
|
(1,563)
|
|
|
(2,487)
|
|
|
(37.2)
|
%
|
Accelerated
discount on covered / formerly covered loans
|
1,197
|
|
|
785
|
|
|
52.5
|
%
|
|
3,850
|
|
|
10,791
|
|
|
(64.3)
|
%
|
Other
|
2,573
|
|
|
2,008
|
|
|
28.1
|
%
|
|
11,441
|
|
|
10,812
|
|
|
5.8
|
%
|
Total noninterest
income
|
16,946
|
|
|
15,819
|
|
|
7.1
|
%
|
|
69,601
|
|
|
75,202
|
|
|
(7.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
31,127
|
|
|
29,632
|
|
|
5.0
|
%
|
|
122,361
|
|
|
111,792
|
|
|
9.5
|
%
|
Net
occupancy
|
4,338
|
|
|
4,337
|
|
|
0.0
|
%
|
|
18,329
|
|
|
18,232
|
|
|
0.5
|
%
|
Furniture and
equipment
|
2,181
|
|
|
2,185
|
|
|
(0.2)
|
%
|
|
8,663
|
|
|
8,722
|
|
|
(0.7)
|
%
|
Data
processing
|
3,095
|
|
|
2,843
|
|
|
8.9
|
%
|
|
11,406
|
|
|
10,863
|
|
|
5.0
|
%
|
Marketing
|
1,458
|
|
|
1,052
|
|
|
38.6
|
%
|
|
3,965
|
|
|
3,723
|
|
|
6.5
|
%
|
Communication
|
404
|
|
|
502
|
|
|
(19.5)
|
%
|
|
1,889
|
|
|
2,161
|
|
|
(12.6)
|
%
|
Professional
services
|
1,731
|
|
|
1,833
|
|
|
(5.6)
|
%
|
|
6,303
|
|
|
9,622
|
|
|
(34.5)
|
%
|
State
intangible tax
|
117
|
|
|
598
|
|
|
(80.4)
|
%
|
|
2,034
|
|
|
2,331
|
|
|
(12.7)
|
%
|
FDIC
assessments
|
1,001
|
|
|
1,139
|
|
|
(12.1)
|
%
|
|
4,293
|
|
|
4,446
|
|
|
(3.4)
|
%
|
Loss (gain) -
other real estate owned
|
(953)
|
|
|
772
|
|
|
(223.4)
|
%
|
|
(1,212)
|
|
|
1,861
|
|
|
(165.1)
|
%
|
Loss sharing
expense
|
141
|
|
|
414
|
|
|
(65.9)
|
%
|
|
696
|
|
|
1,865
|
|
|
(62.7)
|
%
|
Other
|
5,523
|
|
|
5,977
|
|
|
(7.6)
|
%
|
|
22,674
|
|
|
25,512
|
|
|
(11.1)
|
%
|
Total noninterest
expenses
|
50,163
|
|
|
51,284
|
|
|
(2.2)
|
%
|
|
201,401
|
|
|
201,130
|
|
|
0.1
|
%
|
Income before income
taxes
|
34,188
|
|
|
28,754
|
|
|
18.9
|
%
|
|
130,731
|
|
|
110,933
|
|
|
17.8
|
%
|
Income tax
expense
|
10,894
|
|
|
8,934
|
|
|
21.9
|
%
|
|
42,205
|
|
|
35,870
|
|
|
17.7
|
%
|
Net income
|
$
|
23,294
|
|
|
$
|
19,820
|
|
|
17.5
|
%
|
|
$
|
88,526
|
|
|
$
|
75,063
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.33
|
|
|
|
|
$
|
1.45
|
|
|
$
|
1.23
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.32
|
|
|
|
|
$
|
1.43
|
|
|
$
|
1.21
|
|
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
|
|
$
|
0.64
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.11
|
%
|
|
0.99
|
%
|
|
|
|
1.07
|
%
|
|
1.00
|
%
|
|
|
Return on average
shareholders' equity
|
10.73
|
%
|
|
9.62
|
%
|
|
|
|
10.48
|
%
|
|
9.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
78,647
|
|
|
$
|
73,232
|
|
|
7.4
|
%
|
|
$
|
305,950
|
|
|
$
|
269,759
|
|
|
13.4
|
%
|
Tax equivalent
adjustment
|
1,077
|
|
|
1,046
|
|
|
3.0
|
%
|
|
4,215
|
|
|
4,017
|
|
|
4.9
|
%
|
Interest
income - tax equivalent
|
79,724
|
|
|
74,278
|
|
|
7.3
|
%
|
|
310,165
|
|
|
273,776
|
|
|
13.3
|
%
|
Interest
expense
|
8,481
|
|
|
7,149
|
|
|
18.6
|
%
|
|
33,279
|
|
|
23,257
|
|
|
43.1
|
%
|
Net
interest income - tax equivalent
|
$
|
71,243
|
|
|
$
|
67,129
|
|
|
6.1
|
%
|
|
$
|
276,886
|
|
|
$
|
250,519
|
|
|
10.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.66
|
%
|
|
3.63
|
%
|
|
|
|
3.62
|
%
|
|
3.60
|
%
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
3.71
|
%
|
|
3.69
|
%
|
|
|
|
3.68
|
%
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1,420
|
|
|
1,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
N/M = Not
meaningful.
|
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
% Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
|
Linked
Qtr.
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
67,883
|
|
|
$
|
66,997
|
|
|
$
|
64,424
|
|
|
$
|
63,399
|
|
|
$
|
262,703
|
|
|
1.3
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
10,698
|
|
|
10,326
|
|
|
10,706
|
|
|
11,373
|
|
|
43,103
|
|
|
3.6
|
%
|
Tax-exempt
|
1,134
|
|
|
1,083
|
|
|
1,156
|
|
|
1,162
|
|
|
4,535
|
|
|
4.7
|
%
|
Total
investment securities interest
|
11,832
|
|
|
11,409
|
|
|
11,862
|
|
|
12,535
|
|
|
47,638
|
|
|
3.7
|
%
|
Other earning
assets
|
(1,068)
|
|
|
(1,081)
|
|
|
(1,103)
|
|
|
(1,139)
|
|
|
(4,391)
|
|
|
1.2
|
%
|
Total interest
income
|
78,647
|
|
|
77,325
|
|
|
75,183
|
|
|
74,795
|
|
|
305,950
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
6,026
|
|
|
5,600
|
|
|
5,457
|
|
|
5,530
|
|
|
22,613
|
|
|
7.6
|
%
|
Short-term
borrowings
|
915
|
|
|
1,368
|
|
|
1,053
|
|
|
1,170
|
|
|
4,506
|
|
|
(33.1)
|
%
|
Long-term
borrowings
|
1,540
|
|
|
1,539
|
|
|
1,541
|
|
|
1,540
|
|
|
6,160
|
|
|
0.1
|
%
|
Total interest
expense
|
8,481
|
|
|
8,507
|
|
|
8,051
|
|
|
8,240
|
|
|
33,279
|
|
|
(0.3)
|
%
|
Net interest
income
|
70,166
|
|
|
68,818
|
|
|
67,132
|
|
|
66,555
|
|
|
272,671
|
|
|
2.0
|
%
|
Provision for
loan and lease losses
|
2,761
|
|
|
1,687
|
|
|
4,037
|
|
|
1,655
|
|
|
10,140
|
|
|
63.7
|
%
|
Net interest income
after provision for loan and lease losses
|
67,405
|
|
|
67,131
|
|
|
63,095
|
|
|
64,900
|
|
|
262,531
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
5,041
|
|
|
5,056
|
|
|
4,455
|
|
|
4,381
|
|
|
18,933
|
|
|
(0.3)
|
%
|
Trust and
wealth management fees
|
3,241
|
|
|
3,236
|
|
|
3,283
|
|
|
3,440
|
|
|
13,200
|
|
|
0.2
|
%
|
Bankcard
income
|
3,136
|
|
|
2,984
|
|
|
3,130
|
|
|
2,882
|
|
|
12,132
|
|
|
5.1
|
%
|
Client
derivative fees
|
466
|
|
|
1,210
|
|
|
1,799
|
|
|
1,095
|
|
|
4,570
|
|
|
(61.5)
|
%
|
Net gains from
sales of loans
|
1,711
|
|
|
2,066
|
|
|
1,846
|
|
|
1,181
|
|
|
6,804
|
|
|
(17.2)
|
%
|
Net gains on
sale of investment securities
|
0
|
|
|
398
|
|
|
(188)
|
|
|
24
|
|
|
234
|
|
|
(100.0)
|
%
|
FDIC loss
sharing income
|
(419)
|
|
|
(638)
|
|
|
59
|
|
|
(565)
|
|
|
(1,563)
|
|
|
(34.3)
|
%
|
Accelerated
discount on covered / formerly covered loans
|
1,197
|
|
|
491
|
|
|
1,191
|
|
|
971
|
|
|
3,850
|
|
|
143.8
|
%
|
Other
|
2,573
|
|
|
2,146
|
|
|
4,619
|
|
|
2,103
|
|
|
11,441
|
|
|
19.9
|
%
|
Total noninterest
income
|
16,946
|
|
|
16,949
|
|
|
20,194
|
|
|
15,512
|
|
|
69,601
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
31,127
|
|
|
32,093
|
|
|
29,526
|
|
|
29,615
|
|
|
122,361
|
|
|
(3.0)
|
%
|
Net
occupancy
|
4,338
|
|
|
4,543
|
|
|
4,491
|
|
|
4,957
|
|
|
18,329
|
|
|
(4.5)
|
%
|
Furniture and
equipment
|
2,181
|
|
|
2,139
|
|
|
2,130
|
|
|
2,213
|
|
|
8,663
|
|
|
2.0
|
%
|
Data
processing
|
3,095
|
|
|
2,828
|
|
|
2,765
|
|
|
2,718
|
|
|
11,406
|
|
|
9.4
|
%
|
Marketing
|
1,458
|
|
|
641
|
|
|
801
|
|
|
1,065
|
|
|
3,965
|
|
|
127.5
|
%
|
Communication
|
404
|
|
|
527
|
|
|
477
|
|
|
481
|
|
|
1,889
|
|
|
(23.3)
|
%
|
Professional
services
|
1,731
|
|
|
1,460
|
|
|
1,299
|
|
|
1,813
|
|
|
6,303
|
|
|
18.6
|
%
|
State
intangible tax
|
117
|
|
|
639
|
|
|
639
|
|
|
639
|
|
|
2,034
|
|
|
(81.7)
|
%
|
FDIC
assessments
|
1,001
|
|
|
1,048
|
|
|
1,112
|
|
|
1,132
|
|
|
4,293
|
|
|
(4.5)
|
%
|
Loss (gain) -
other real estate owned
|
(953)
|
|
|
(112)
|
|
|
43
|
|
|
(190)
|
|
|
(1,212)
|
|
|
750.9
|
%
|
Loss sharing
expense
|
141
|
|
|
270
|
|
|
(12)
|
|
|
297
|
|
|
696
|
|
|
(47.8)
|
%
|
Other
|
5,523
|
|
|
5,029
|
|
|
6,142
|
|
|
5,980
|
|
|
22,674
|
|
|
9.8
|
%
|
Total noninterest
expenses
|
50,163
|
|
|
51,105
|
|
|
49,413
|
|
|
50,720
|
|
|
201,401
|
|
|
(1.8)
|
%
|
Income before income
taxes
|
34,188
|
|
|
32,975
|
|
|
33,876
|
|
|
29,692
|
|
|
130,731
|
|
|
3.7
|
%
|
Income tax
expense
|
10,894
|
|
|
10,125
|
|
|
11,308
|
|
|
9,878
|
|
|
42,205
|
|
|
7.6
|
%
|
Net income
|
$
|
23,294
|
|
|
$
|
22,850
|
|
|
$
|
22,568
|
|
|
$
|
19,814
|
|
|
$
|
88,526
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.37
|
|
|
$
|
0.37
|
|
|
$
|
0.32
|
|
|
$
|
1.45
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.37
|
|
|
$
|
0.36
|
|
|
$
|
0.32
|
|
|
$
|
1.43
|
|
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.11
|
%
|
|
1.09
|
%
|
|
1.11
|
%
|
|
0.98
|
%
|
|
1.07
|
%
|
|
|
Return on average
shareholders' equity
|
10.73
|
%
|
|
10.62
|
%
|
|
10.84
|
%
|
|
9.70
|
%
|
|
10.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
78,647
|
|
|
$
|
77,325
|
|
|
$
|
75,183
|
|
|
$
|
74,795
|
|
|
$
|
305,950
|
|
|
1.7
|
%
|
Tax equivalent
adjustment
|
1,077
|
|
|
1,028
|
|
|
1,058
|
|
|
1,052
|
|
|
4,215
|
|
|
4.8
|
%
|
Interest
income - tax equivalent
|
79,724
|
|
|
78,353
|
|
|
76,241
|
|
|
75,847
|
|
|
310,165
|
|
|
1.7
|
%
|
Interest
expense
|
8,481
|
|
|
8,507
|
|
|
8,051
|
|
|
8,240
|
|
|
33,279
|
|
|
(0.3)
|
%
|
Net
interest income - tax equivalent
|
$
|
71,243
|
|
|
$
|
69,846
|
|
|
$
|
68,190
|
|
|
$
|
67,607
|
|
|
$
|
276,886
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.66
|
%
|
|
3.61
|
%
|
|
3.61
|
%
|
|
3.62
|
%
|
|
3.62
|
%
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
3.71
|
%
|
|
3.66
|
%
|
|
3.67
|
%
|
|
3.68
|
%
|
|
3.68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
1,420
|
|
|
1,402
|
|
|
1,403
|
|
|
1,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
QUARTERLY STATEMENTS OF INCOME
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Loans,
including fees
|
$
|
62,502
|
|
|
$
|
58,694
|
|
|
$
|
54,586
|
|
|
$
|
54,464
|
|
|
$
|
230,246
|
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
10,702
|
|
|
9,986
|
|
|
9,281
|
|
|
9,608
|
|
|
39,577
|
|
Tax-exempt
|
1,192
|
|
|
1,163
|
|
|
1,139
|
|
|
1,117
|
|
|
4,611
|
|
Total investment securities
interest
|
11,894
|
|
|
11,149
|
|
|
10,420
|
|
|
10,725
|
|
|
44,188
|
|
Other earning
assets
|
(1,164)
|
|
|
(1,168)
|
|
|
(1,162)
|
|
|
(1,181)
|
|
|
(4,675)
|
|
Total interest
income
|
73,232
|
|
|
68,675
|
|
|
63,844
|
|
|
64,008
|
|
|
269,759
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
5,172
|
|
|
4,861
|
|
|
4,621
|
|
|
4,820
|
|
|
19,474
|
|
Short-term
borrowings
|
434
|
|
|
374
|
|
|
253
|
|
|
303
|
|
|
1,364
|
|
Long-term
borrowings
|
1,543
|
|
|
281
|
|
|
296
|
|
|
299
|
|
|
2,419
|
|
Total interest expense
|
7,149
|
|
|
5,516
|
|
|
5,170
|
|
|
5,422
|
|
|
23,257
|
|
Net interest income
|
66,083
|
|
|
63,159
|
|
|
58,674
|
|
|
58,586
|
|
|
246,502
|
|
Provision for
loan and lease losses
|
1,864
|
|
|
2,647
|
|
|
3,070
|
|
|
2,060
|
|
|
9,641
|
|
Net interest income after provision for
loan and lease losses
|
64,219
|
|
|
60,512
|
|
|
55,604
|
|
|
56,526
|
|
|
236,861
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
4,755
|
|
|
4,934
|
|
|
4,803
|
|
|
4,523
|
|
|
19,015
|
|
Trust and
wealth management fees
|
3,086
|
|
|
3,134
|
|
|
3,274
|
|
|
3,634
|
|
|
13,128
|
|
Bankcard
income
|
3,077
|
|
|
2,909
|
|
|
2,972
|
|
|
2,620
|
|
|
11,578
|
|
Client
derivative fees
|
945
|
|
|
1,604
|
|
|
878
|
|
|
962
|
|
|
4,389
|
|
Net gains from
sales of loans
|
1,325
|
|
|
1,758
|
|
|
1,924
|
|
|
1,464
|
|
|
6,471
|
|
Net gains on
sale of investment securities
|
2
|
|
|
409
|
|
|
1,094
|
|
|
0
|
|
|
1,505
|
|
FDIC loss
sharing income
|
(164)
|
|
|
(973)
|
|
|
(304)
|
|
|
(1,046)
|
|
|
(2,487)
|
|
Accelerated
discount on covered / formerly covered loans
|
785
|
|
|
3,820
|
|
|
4,094
|
|
|
2,092
|
|
|
10,791
|
|
Other
|
2,008
|
|
|
2,760
|
|
|
2,680
|
|
|
3,364
|
|
|
10,812
|
|
Total noninterest income
|
15,819
|
|
|
20,355
|
|
|
21,415
|
|
|
17,613
|
|
|
75,202
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
29,632
|
|
|
27,768
|
|
|
27,451
|
|
|
26,941
|
|
|
111,792
|
|
Net
occupancy
|
4,337
|
|
|
4,510
|
|
|
4,380
|
|
|
5,005
|
|
|
18,232
|
|
Furniture and
equipment
|
2,185
|
|
|
2,165
|
|
|
2,219
|
|
|
2,153
|
|
|
8,722
|
|
Data
processing
|
2,843
|
|
|
2,591
|
|
|
2,657
|
|
|
2,772
|
|
|
10,863
|
|
Marketing
|
1,052
|
|
|
810
|
|
|
973
|
|
|
888
|
|
|
3,723
|
|
Communication
|
502
|
|
|
531
|
|
|
558
|
|
|
570
|
|
|
2,161
|
|
Professional
services
|
1,833
|
|
|
4,092
|
|
|
1,727
|
|
|
1,970
|
|
|
9,622
|
|
State
intangible tax
|
598
|
|
|
579
|
|
|
577
|
|
|
577
|
|
|
2,331
|
|
FDIC
assessments
|
1,139
|
|
|
1,103
|
|
|
1,114
|
|
|
1,090
|
|
|
4,446
|
|
Loss (gain) -
other real estate owned
|
772
|
|
|
196
|
|
|
419
|
|
|
474
|
|
|
1,861
|
|
Loss sharing
expense
|
414
|
|
|
574
|
|
|
576
|
|
|
301
|
|
|
1,865
|
|
Other
|
5,977
|
|
|
8,073
|
|
|
6,135
|
|
|
5,327
|
|
|
25,512
|
|
Total noninterest
expenses
|
51,284
|
|
|
52,992
|
|
|
48,786
|
|
|
48,068
|
|
|
201,130
|
|
Income before income
taxes
|
28,754
|
|
|
27,875
|
|
|
28,233
|
|
|
26,071
|
|
|
110,933
|
|
Income tax
expense
|
8,934
|
|
|
9,202
|
|
|
9,284
|
|
|
8,450
|
|
|
35,870
|
|
Net income
|
$
|
19,820
|
|
|
$
|
18,673
|
|
|
$
|
18,949
|
|
|
$
|
17,621
|
|
|
$
|
75,063
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
1.23
|
|
Net earnings per
share - diluted
|
$
|
0.32
|
|
|
$
|
0.30
|
|
|
$
|
0.31
|
|
|
$
|
0.29
|
|
|
$
|
1.21
|
|
Dividends declared
per share
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.99
|
%
|
|
0.97
|
%
|
|
1.05
|
%
|
|
0.99
|
%
|
|
1.00
|
%
|
Return on average
shareholders' equity
|
9.62
|
%
|
|
9.12
|
%
|
|
9.49
|
%
|
|
9.06
|
%
|
|
9.33
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
73,232
|
|
|
$
|
68,675
|
|
|
$
|
63,844
|
|
|
$
|
64,008
|
|
|
$
|
269,759
|
|
Tax equivalent
adjustment
|
1,046
|
|
|
1,000
|
|
|
988
|
|
|
983
|
|
|
4,017
|
|
Interest
income - tax equivalent
|
74,278
|
|
|
69,675
|
|
|
64,832
|
|
|
64,991
|
|
|
273,776
|
|
Interest
expense
|
7,149
|
|
|
5,516
|
|
|
5,170
|
|
|
5,422
|
|
|
23,257
|
|
Net
interest income - tax equivalent
|
$
|
67,129
|
|
|
$
|
64,159
|
|
|
$
|
59,662
|
|
|
$
|
59,569
|
|
|
$
|
250,519
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.63
|
%
|
|
3.61
|
%
|
|
3.56
|
%
|
|
3.61
|
%
|
|
3.60
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.69
|
%
|
|
3.67
|
%
|
|
3.62
|
%
|
|
3.67
|
%
|
|
3.66
|
%
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
% Change
|
|
% Change
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
Linked
Qtr.
|
|
Comparable
Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
121,598
|
|
|
$
|
117,982
|
|
|
$
|
106,174
|
|
|
$
|
102,675
|
|
|
$
|
114,841
|
|
|
3.1
|
%
|
|
5.9
|
%
|
Interest-bearing deposits
with other banks
|
82,450
|
|
|
16,765
|
|
|
18,911
|
|
|
15,582
|
|
|
33,734
|
|
|
391.8
|
%
|
|
144.4
|
%
|
Investment securities
available-for-sale
|
1,039,870
|
|
|
1,120,494
|
|
|
1,114,349
|
|
|
1,164,319
|
|
|
1,190,642
|
|
|
(7.2)
|
%
|
|
(12.7)
|
%
|
Investment securities
held-to-maturity
|
763,254
|
|
|
628,497
|
|
|
670,111
|
|
|
702,315
|
|
|
726,259
|
|
|
21.4
|
%
|
|
5.1
|
%
|
Other investments
|
51,077
|
|
|
51,170
|
|
|
51,261
|
|
|
53,255
|
|
|
53,725
|
|
|
(0.2)
|
%
|
|
(4.9)
|
%
|
Loans held for
sale
|
13,135
|
|
|
17,414
|
|
|
10,494
|
|
|
15,369
|
|
|
20,957
|
|
|
(24.6)
|
%
|
|
(37.3)
|
%
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,781,948
|
|
|
1,782,782
|
|
|
1,794,533
|
|
|
1,744,732
|
|
|
1,663,102
|
|
|
0.0
|
%
|
|
7.1
|
%
|
Lease
financing
|
93,108
|
|
|
96,046
|
|
|
100,263
|
|
|
101,135
|
|
|
93,986
|
|
|
(3.1)
|
%
|
|
(0.9)
|
%
|
Construction -
real estate
|
399,434
|
|
|
380,349
|
|
|
374,949
|
|
|
341,453
|
|
|
311,712
|
|
|
5.0
|
%
|
|
28.1
|
%
|
Commercial -
real estate
|
2,427,577
|
|
|
2,468,083
|
|
|
2,363,456
|
|
|
2,261,857
|
|
|
2,258,297
|
|
|
(1.6)
|
%
|
|
7.5
|
%
|
Residential -
real estate
|
500,980
|
|
|
507,715
|
|
|
512,800
|
|
|
508,512
|
|
|
512,311
|
|
|
(1.3)
|
%
|
|
(2.2)
|
%
|
Home
equity
|
460,388
|
|
|
463,702
|
|
|
467,549
|
|
|
466,010
|
|
|
466,629
|
|
|
(0.7)
|
%
|
|
(1.3)
|
%
|
Installment
|
50,639
|
|
|
47,825
|
|
|
46,917
|
|
|
41,627
|
|
|
41,506
|
|
|
5.9
|
%
|
|
22.0
|
%
|
Credit
card
|
43,408
|
|
|
43,009
|
|
|
40,746
|
|
|
39,283
|
|
|
41,217
|
|
|
0.9
|
%
|
|
5.3
|
%
|
Total loans
|
5,757,482
|
|
|
5,789,511
|
|
|
5,701,213
|
|
|
5,504,609
|
|
|
5,388,760
|
|
|
(0.6)
|
%
|
|
6.8
|
%
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
57,961
|
|
|
57,618
|
|
|
56,708
|
|
|
53,732
|
|
|
53,398
|
|
|
0.6
|
%
|
|
8.5
|
%
|
Net loans
|
5,699,521
|
|
|
5,731,893
|
|
|
5,644,505
|
|
|
5,450,877
|
|
|
5,335,362
|
|
|
(0.6)
|
%
|
|
6.8
|
%
|
Premises and
equipment
|
131,579
|
|
|
132,082
|
|
|
133,969
|
|
|
138,036
|
|
|
136,603
|
|
|
(0.4)
|
%
|
|
(3.7)
|
%
|
Goodwill and other
intangibles
|
210,625
|
|
|
210,888
|
|
|
211,199
|
|
|
211,533
|
|
|
211,865
|
|
|
(0.1)
|
%
|
|
(0.6)
|
%
|
Accrued interest and other
assets
|
324,858
|
|
|
341,296
|
|
|
349,129
|
|
|
339,593
|
|
|
323,423
|
|
|
(4.8)
|
%
|
|
0.4
|
%
|
Total
Assets
|
$
|
8,437,967
|
|
|
$
|
8,368,481
|
|
|
$
|
8,310,102
|
|
|
$
|
8,193,554
|
|
|
$
|
8,147,411
|
|
|
0.8
|
%
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,513,771
|
|
|
$
|
1,494,529
|
|
|
$
|
1,436,078
|
|
|
$
|
1,430,963
|
|
|
$
|
1,414,291
|
|
|
1.3
|
%
|
|
7.0
|
%
|
Savings
|
2,142,189
|
|
|
2,005,407
|
|
|
1,974,449
|
|
|
1,922,892
|
|
|
1,945,805
|
|
|
6.8
|
%
|
|
10.1
|
%
|
Time
|
1,321,843
|
|
|
1,346,736
|
|
|
1,279,934
|
|
|
1,414,313
|
|
|
1,406,124
|
|
|
(1.8)
|
%
|
|
(6.0)
|
%
|
Total interest-bearing deposits
|
4,977,803
|
|
|
4,846,672
|
|
|
4,690,461
|
|
|
4,768,168
|
|
|
4,766,220
|
|
|
2.7
|
%
|
|
4.4
|
%
|
Noninterest-bearing
|
1,547,985
|
|
|
1,492,011
|
|
|
1,429,163
|
|
|
1,408,609
|
|
|
1,413,404
|
|
|
3.8
|
%
|
|
9.5
|
%
|
Total deposits
|
6,525,788
|
|
|
6,338,683
|
|
|
6,119,624
|
|
|
6,176,777
|
|
|
6,179,624
|
|
|
3.0
|
%
|
|
5.6
|
%
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
120,212
|
|
|
77,936
|
|
|
80,084
|
|
|
75,499
|
|
|
89,325
|
|
|
54.2
|
%
|
|
34.6
|
%
|
FHLB short-term
borrowings
|
687,700
|
|
|
848,300
|
|
|
1,035,000
|
|
|
894,400
|
|
|
849,100
|
|
|
(18.9)
|
%
|
|
(19.0)
|
%
|
Total short-term borrowings
|
807,912
|
|
|
926,236
|
|
|
1,115,084
|
|
|
969,899
|
|
|
938,425
|
|
|
(12.8)
|
%
|
|
(13.9)
|
%
|
Long-term debt
|
119,589
|
|
|
119,549
|
|
|
119,596
|
|
|
119,556
|
|
|
119,540
|
|
|
0.0
|
%
|
|
0.0
|
%
|
Total borrowed funds
|
927,501
|
|
|
1,045,785
|
|
|
1,234,680
|
|
|
1,089,455
|
|
|
1,057,965
|
|
|
(11.3)
|
%
|
|
(12.3)
|
%
|
Accrued interest and other
liabilities
|
119,454
|
|
|
122,876
|
|
|
109,075
|
|
|
100,735
|
|
|
100,446
|
|
|
(2.8)
|
%
|
|
18.9
|
%
|
Total
Liabilities
|
7,572,743
|
|
|
7,507,344
|
|
|
7,463,379
|
|
|
7,366,967
|
|
|
7,338,035
|
|
|
0.9
|
%
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
570,382
|
|
|
569,199
|
|
|
567,687
|
|
|
567,497
|
|
|
571,155
|
|
|
0.2
|
%
|
|
(0.1)
|
%
|
Retained earnings
|
437,188
|
|
|
423,800
|
|
|
410,893
|
|
|
398,224
|
|
|
388,240
|
|
|
3.2
|
%
|
|
12.6
|
%
|
Accumulated other
comprehensive loss
|
(28,443)
|
|
|
(17,522)
|
|
|
(17,688)
|
|
|
(23,209)
|
|
|
(30,580)
|
|
|
62.3
|
%
|
|
(7.0)
|
%
|
Treasury stock, at
cost
|
(113,903)
|
|
|
(114,340)
|
|
|
(114,169)
|
|
|
(115,925)
|
|
|
(119,439)
|
|
|
(0.4)
|
%
|
|
(4.6)
|
%
|
Total
Shareholders' Equity
|
865,224
|
|
|
861,137
|
|
|
846,723
|
|
|
826,587
|
|
|
809,376
|
|
|
0.5
|
%
|
|
6.9
|
%
|
Total
Liabilities and Shareholders' Equity
|
$
|
8,437,967
|
|
|
$
|
8,368,481
|
|
|
$
|
8,310,102
|
|
|
$
|
8,193,554
|
|
|
$
|
8,147,411
|
|
|
0.8
|
%
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE
CONSOLIDATED STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
122,130
|
|
|
$
|
116,441
|
|
|
$
|
121,426
|
|
|
$
|
117,782
|
|
|
$
|
119,881
|
|
|
$
|
119,444
|
|
|
$
|
115,273
|
|
Interest-bearing deposits
with other banks
|
19,557
|
|
|
22,116
|
|
|
21,687
|
|
|
24,291
|
|
|
18,920
|
|
|
21,907
|
|
|
24,430
|
|
Investment
securities
|
1,816,944
|
|
|
1,811,240
|
|
|
1,869,540
|
|
|
1,938,772
|
|
|
1,934,173
|
|
|
1,858,878
|
|
|
1,832,430
|
|
Loans held for
sale
|
14,729
|
|
|
11,197
|
|
|
11,752
|
|
|
13,216
|
|
|
18,677
|
|
|
12,725
|
|
|
12,974
|
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,767,570
|
|
|
1,786,461
|
|
|
1,752,237
|
|
|
1,657,279
|
|
|
1,612,485
|
|
|
1,741,084
|
|
|
1,425,032
|
|
Lease
financing
|
93,817
|
|
|
96,518
|
|
|
100,103
|
|
|
94,935
|
|
|
89,200
|
|
|
96,337
|
|
|
83,316
|
|
Construction -
real estate
|
376,616
|
|
|
380,894
|
|
|
348,100
|
|
|
322,600
|
|
|
295,574
|
|
|
357,171
|
|
|
249,559
|
|
Commercial -
real estate
|
2,470,280
|
|
|
2,400,308
|
|
|
2,294,980
|
|
|
2,270,686
|
|
|
2,180,015
|
|
|
2,359,480
|
|
|
2,148,139
|
|
Residential -
real estate
|
503,711
|
|
|
512,341
|
|
|
510,262
|
|
|
509,422
|
|
|
505,208
|
|
|
508,929
|
|
|
499,914
|
|
Home
equity
|
461,177
|
|
|
466,062
|
|
|
466,170
|
|
|
466,722
|
|
|
465,131
|
|
|
465,025
|
|
|
461,250
|
|
Installment
|
49,071
|
|
|
47,428
|
|
|
44,438
|
|
|
41,698
|
|
|
41,148
|
|
|
45,673
|
|
|
42,967
|
|
Credit
card
|
43,894
|
|
|
42,564
|
|
|
41,038
|
|
|
41,254
|
|
|
41,027
|
|
|
42,193
|
|
|
39,683
|
|
Total loans
|
5,766,136
|
|
|
5,732,576
|
|
|
5,557,328
|
|
|
5,404,596
|
|
|
5,229,788
|
|
|
5,615,892
|
|
|
4,949,860
|
|
Less
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
58,733
|
|
|
58,284
|
|
|
55,504
|
|
|
54,882
|
|
|
53,731
|
|
|
56,860
|
|
|
54,111
|
|
Net
loans
|
5,707,403
|
|
|
5,674,292
|
|
|
5,501,824
|
|
|
5,349,714
|
|
|
5,176,057
|
|
|
5,559,032
|
|
|
4,895,749
|
|
Premises and
equipment
|
132,414
|
|
|
133,360
|
|
|
137,927
|
|
|
138,377
|
|
|
138,689
|
|
|
135,505
|
|
|
139,846
|
|
Goodwill and other
intangibles
|
210,768
|
|
|
211,029
|
|
|
211,363
|
|
|
211,707
|
|
|
211,722
|
|
|
211,215
|
|
|
170,766
|
|
Accrued interest and other
assets
|
335,967
|
|
|
342,481
|
|
|
328,318
|
|
|
325,086
|
|
|
332,159
|
|
|
332,997
|
|
|
312,601
|
|
Total
Assets
|
$
|
8,359,912
|
|
|
$
|
8,322,156
|
|
|
$
|
8,203,837
|
|
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
8,251,703
|
|
|
$
|
7,504,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,540,755
|
|
|
$
|
1,447,226
|
|
|
$
|
1,483,025
|
|
|
$
|
1,391,591
|
|
|
$
|
1,423,915
|
|
|
$
|
1,465,804
|
|
|
$
|
1,263,388
|
|
Savings
|
2,093,557
|
|
|
2,015,602
|
|
|
2,042,188
|
|
|
1,938,206
|
|
|
2,005,100
|
|
|
2,022,564
|
|
|
1,971,699
|
|
Time
|
1,378,301
|
|
|
1,284,059
|
|
|
1,342,226
|
|
|
1,419,456
|
|
|
1,416,041
|
|
|
1,355,875
|
|
|
1,333,550
|
|
Total interest-bearing deposits
|
5,012,613
|
|
|
4,746,887
|
|
|
4,867,439
|
|
|
4,749,253
|
|
|
4,845,056
|
|
|
4,844,243
|
|
|
4,568,637
|
|
Noninterest-bearing
|
1,544,598
|
|
|
1,453,842
|
|
|
1,441,068
|
|
|
1,386,768
|
|
|
1,402,283
|
|
|
1,456,802
|
|
|
1,339,802
|
|
Total deposits
|
6,557,211
|
|
|
6,200,729
|
|
|
6,308,507
|
|
|
6,136,021
|
|
|
6,247,339
|
|
|
6,301,045
|
|
|
5,908,439
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
93,452
|
|
|
87,343
|
|
|
86,457
|
|
|
89,349
|
|
|
79,354
|
|
|
89,157
|
|
|
73,191
|
|
FHLB short-term
borrowings
|
602,720
|
|
|
946,096
|
|
|
759,919
|
|
|
856,837
|
|
|
564,522
|
|
|
791,300
|
|
|
552,483
|
|
Total short-term borrowings
|
696,172
|
|
|
1,033,439
|
|
|
846,376
|
|
|
946,186
|
|
|
643,876
|
|
|
880,457
|
|
|
625,674
|
|
Long-term debt
|
119,756
|
|
|
119,603
|
|
|
119,575
|
|
|
119,553
|
|
|
119,532
|
|
|
119,622
|
|
|
71,748
|
|
Total borrowed
funds
|
815,928
|
|
|
1,153,042
|
|
|
965,951
|
|
|
1,065,739
|
|
|
763,408
|
|
|
1,000,079
|
|
|
697,422
|
|
Accrued interest and other
liabilities
|
123,264
|
|
|
112,089
|
|
|
91,967
|
|
|
95,597
|
|
|
121,775
|
|
|
105,795
|
|
|
93,292
|
|
Total
Liabilities
|
7,496,403
|
|
|
7,465,860
|
|
|
7,366,425
|
|
|
7,297,357
|
|
|
7,132,522
|
|
|
7,406,919
|
|
|
6,699,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
569,779
|
|
|
568,203
|
|
|
567,682
|
|
|
570,558
|
|
|
570,510
|
|
|
569,055
|
|
|
571,549
|
|
Retained earnings
|
430,402
|
|
|
419,901
|
|
|
406,788
|
|
|
395,756
|
|
|
385,295
|
|
|
413,277
|
|
|
371,387
|
|
Accumulated other
comprehensive loss
|
(22,436)
|
|
|
(17,701)
|
|
|
(21,901)
|
|
|
(26,165)
|
|
|
(18,962)
|
|
|
(22,040)
|
|
|
(19,271)
|
|
Treasury stock, at
cost
|
(114,236)
|
|
|
(114,107)
|
|
|
(115,157)
|
|
|
(118,561)
|
|
|
(119,087)
|
|
|
(115,508)
|
|
|
(118,749)
|
|
Total
Shareholders' Equity
|
863,509
|
|
|
856,296
|
|
|
837,412
|
|
|
821,588
|
|
|
817,756
|
|
|
844,784
|
|
|
804,916
|
|
Total
Liabilities and Shareholders' Equity
|
$
|
8,359,912
|
|
|
$
|
8,322,156
|
|
|
$
|
8,203,837
|
|
|
$
|
8,118,945
|
|
|
$
|
7,950,278
|
|
|
$
|
8,251,703
|
|
|
$
|
7,504,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS (1)
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
|
1,816,944
|
|
|
2.58
|
%
|
|
$
|
1,811,240
|
|
|
2.50
|
%
|
|
$
|
1,934,173
|
|
|
2.44
|
%
|
|
$
|
1,858,878
|
|
|
2.56
|
%
|
|
$
|
1,832,430
|
|
|
2.41
|
%
|
Interest-bearing
deposits with other banks
|
19,557
|
|
|
0.59
|
%
|
|
22,116
|
|
|
0.54
|
%
|
|
18,920
|
|
|
0.29
|
%
|
|
21,907
|
|
|
(4.81)
|
%
|
|
24,430
|
|
|
0.27
|
%
|
Gross loans (2)
|
5,793,647
|
|
|
4.57
|
%
|
|
5,757,804
|
|
|
4.54
|
%
|
|
5,266,902
|
|
|
4.62
|
%
|
|
5,643,448
|
|
|
4.60
|
%
|
|
4,983,108
|
|
|
4.53
|
%
|
Total earning
assets
|
7,630,148
|
|
|
4.09
|
%
|
|
7,591,160
|
|
|
4.04
|
%
|
|
7,219,995
|
|
|
4.02
|
%
|
|
7,524,233
|
|
|
4.07
|
%
|
|
6,839,968
|
|
|
3.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
(58,733)
|
|
|
|
|
(58,284)
|
|
|
|
|
(53,731)
|
|
|
|
|
(56,860)
|
|
|
|
|
(54,111)
|
|
|
|
Cash and due from banks
|
122,130
|
|
|
|
|
116,441
|
|
|
|
|
119,881
|
|
|
|
|
119,444
|
|
|
|
|
115,273
|
|
|
|
Accrued interest and other assets
|
666,367
|
|
|
|
|
672,839
|
|
|
|
|
664,133
|
|
|
|
|
664,886
|
|
|
|
|
602,939
|
|
|
|
Total
assets
|
$
|
8,359,912
|
|
|
|
|
$
|
8,322,156
|
|
|
|
|
$
|
7,950,278
|
|
|
|
|
$
|
8,251,703
|
|
|
|
|
$
|
7,504,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
1,540,755
|
|
|
0.14
|
%
|
|
$
|
1,447,226
|
|
|
0.15
|
%
|
|
$
|
1,423,915
|
|
|
0.13
|
%
|
|
$
|
1,465,804
|
|
|
0.14
|
%
|
|
$
|
1,263,388
|
|
|
0.10
|
%
|
Savings
|
|
2,093,557
|
|
|
0.31
|
%
|
|
2,015,602
|
|
|
0.27
|
%
|
|
2,005,100
|
|
|
0.20
|
%
|
|
2,022,564
|
|
|
0.27
|
%
|
|
1,971,699
|
|
|
0.21
|
%
|
Time
|
|
1,378,301
|
|
|
1.11
|
%
|
|
1,284,059
|
|
|
1.14
|
%
|
|
1,416,041
|
|
|
1.03
|
%
|
|
1,355,875
|
|
|
1.10
|
%
|
|
1,333,550
|
|
|
1.06
|
%
|
Total interest-bearing deposits
|
5,012,613
|
|
|
0.48
|
%
|
|
4,746,887
|
|
|
0.47
|
%
|
|
4,845,056
|
|
|
0.42
|
%
|
|
4,844,243
|
|
|
0.47
|
%
|
|
4,568,637
|
|
|
0.43
|
%
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
696,172
|
|
|
0.52
|
%
|
|
1,033,439
|
|
|
0.53
|
%
|
|
643,876
|
|
|
0.27
|
%
|
|
880,457
|
|
|
0.51
|
%
|
|
625,674
|
|
|
0.22
|
%
|
Long-term
debt
|
119,756
|
|
|
5.10
|
%
|
|
119,603
|
|
|
5.11
|
%
|
|
119,532
|
|
|
5.12
|
%
|
|
119,622
|
|
|
5.15
|
%
|
|
71,748
|
|
|
3.37
|
%
|
Total
borrowed funds
|
815,928
|
|
|
1.19
|
%
|
|
1,153,042
|
|
|
1.00
|
%
|
|
763,408
|
|
|
1.03
|
%
|
|
1,000,079
|
|
|
1.07
|
%
|
|
697,422
|
|
|
0.54
|
%
|
Total
interest-bearing liabilities
|
5,828,541
|
|
|
0.58
|
%
|
|
5,899,929
|
|
|
0.57
|
%
|
|
5,608,464
|
|
|
0.51
|
%
|
|
5,844,322
|
|
|
0.57
|
%
|
|
5,266,059
|
|
|
0.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
1,544,598
|
|
|
|
|
1,453,842
|
|
|
|
|
1,402,283
|
|
|
|
|
1,456,802
|
|
|
|
|
1,339,802
|
|
|
|
Other liabilities
|
123,264
|
|
|
|
|
112,089
|
|
|
|
|
121,775
|
|
|
|
|
105,795
|
|
|
|
|
93,292
|
|
|
|
Shareholders' equity
|
863,509
|
|
|
|
|
856,296
|
|
|
|
|
817,756
|
|
|
|
|
844,784
|
|
|
|
|
804,916
|
|
|
|
Total
liabilities & shareholders' equity
|
|
$
|
8,359,912
|
|
|
|
|
$
|
8,322,156
|
|
|
|
|
$
|
7,950,278
|
|
|
|
|
$
|
8,251,703
|
|
|
|
|
$
|
7,504,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
$
|
70,166
|
|
|
|
|
$
|
68,818
|
|
|
|
|
$
|
66,083
|
|
|
|
|
$
|
272,671
|
|
|
|
|
$
|
246,502
|
|
|
|
Net interest spread
(1)
|
|
|
3.51
|
%
|
|
|
|
3.47
|
%
|
|
|
|
3.51
|
%
|
|
|
|
3.50
|
%
|
|
|
|
3.50
|
%
|
Net interest margin
(1)
|
|
|
3.66
|
%
|
|
|
|
3.61
|
%
|
|
|
|
3.63
|
%
|
|
|
|
3.62
|
%
|
|
|
|
3.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
$
|
386
|
|
|
$
|
37
|
|
|
$
|
423
|
|
|
$
|
701
|
|
|
$
|
(763)
|
|
|
$
|
(62)
|
|
|
$
|
2,772
|
|
|
$
|
678
|
|
|
$
|
3,450
|
|
Interest-bearing deposits with other banks
|
3
|
|
|
(4)
|
|
|
(1)
|
|
|
14
|
|
|
1
|
|
|
15
|
|
|
(1,239)
|
|
|
121
|
|
|
(1,118)
|
|
Gross loans (2)
|
487
|
|
|
413
|
|
|
900
|
|
|
(610)
|
|
|
6,072
|
|
|
5,462
|
|
|
3,511
|
|
|
30,348
|
|
|
33,859
|
|
Total earning
assets
|
876
|
|
|
446
|
|
|
1,322
|
|
|
105
|
|
|
5,310
|
|
|
5,415
|
|
|
5,044
|
|
|
31,147
|
|
|
36,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
$
|
107
|
|
|
$
|
319
|
|
|
$
|
426
|
|
|
$
|
653
|
|
|
$
|
201
|
|
|
$
|
854
|
|
|
$
|
1,852
|
|
|
$
|
1,287
|
|
|
$
|
3,139
|
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
(10)
|
|
|
(443)
|
|
|
(453)
|
|
|
412
|
|
|
69
|
|
|
481
|
|
|
1,838
|
|
|
1,304
|
|
|
3,142
|
|
Long-term debt
|
(1)
|
|
|
2
|
|
|
1
|
|
|
(6)
|
|
|
3
|
|
|
(3)
|
|
|
1,276
|
|
|
2,465
|
|
|
3,741
|
|
Total borrowed
funds
|
(11)
|
|
|
(441)
|
|
|
(452)
|
|
|
406
|
|
|
72
|
|
|
478
|
|
|
3,114
|
|
|
3,769
|
|
|
6,883
|
|
Total
interest-bearing liabilities
|
96
|
|
|
(122)
|
|
|
(26)
|
|
|
1,059
|
|
|
273
|
|
|
1,332
|
|
|
4,966
|
|
|
5,056
|
|
|
10,022
|
|
Net interest income (1)
|
$
|
780
|
|
|
$
|
568
|
|
|
$
|
1,348
|
|
|
$
|
(954)
|
|
|
$
|
5,037
|
|
|
$
|
4,083
|
|
|
$
|
78
|
|
|
$
|
26,091
|
|
|
$
|
26,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Full Year
|
|
Full Year
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
ALLOWANCE FOR LOAN
AND LEASE LOSS ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
57,618
|
|
|
$
|
56,708
|
|
|
$
|
53,732
|
|
|
$
|
53,398
|
|
|
$
|
53,332
|
|
|
$
|
53,398
|
|
|
$
|
52,858
|
|
Provision for
loan and lease losses
|
2,761
|
|
|
1,687
|
|
|
4,037
|
|
|
1,655
|
|
|
1,864
|
|
|
10,140
|
|
|
9,641
|
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
1,590
|
|
|
296
|
|
|
265
|
|
|
479
|
|
|
777
|
|
|
2,630
|
|
|
5,408
|
|
Construction - real estate
|
(2)
|
|
|
64
|
|
|
28
|
|
|
3
|
|
|
0
|
|
|
93
|
|
|
85
|
|
Commercial - real estate
|
990
|
|
|
1,135
|
|
|
1,596
|
|
|
1,262
|
|
|
4,415
|
|
|
4,983
|
|
|
10,083
|
|
Residential - real estate
|
224
|
|
|
90
|
|
|
28
|
|
|
45
|
|
|
82
|
|
|
387
|
|
|
1,531
|
|
Home equity
|
232
|
|
|
475
|
|
|
398
|
|
|
340
|
|
|
633
|
|
|
1,445
|
|
|
1,891
|
|
Installment
|
60
|
|
|
223
|
|
|
30
|
|
|
73
|
|
|
129
|
|
|
386
|
|
|
509
|
|
Other
|
326
|
|
|
267
|
|
|
357
|
|
|
240
|
|
|
242
|
|
|
1,190
|
|
|
1,049
|
|
Total gross
charge-offs
|
3,420
|
|
|
2,550
|
|
|
2,702
|
|
|
2,442
|
|
|
6,278
|
|
|
11,114
|
|
|
20,556
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
186
|
|
|
327
|
|
|
420
|
|
|
222
|
|
|
841
|
|
|
1,155
|
|
|
3,724
|
|
Construction - real estate
|
51
|
|
|
6
|
|
|
202
|
|
|
26
|
|
|
104
|
|
|
285
|
|
|
253
|
|
Commercial - real estate
|
382
|
|
|
997
|
|
|
681
|
|
|
442
|
|
|
2,927
|
|
|
2,502
|
|
|
5,214
|
|
Residential - real estate
|
54
|
|
|
38
|
|
|
81
|
|
|
63
|
|
|
214
|
|
|
236
|
|
|
558
|
|
Home equity
|
144
|
|
|
257
|
|
|
131
|
|
|
188
|
|
|
104
|
|
|
720
|
|
|
1,001
|
|
Installment
|
118
|
|
|
56
|
|
|
62
|
|
|
99
|
|
|
216
|
|
|
335
|
|
|
463
|
|
Other
|
67
|
|
|
92
|
|
|
64
|
|
|
81
|
|
|
74
|
|
|
304
|
|
|
242
|
|
Total
recoveries
|
1,002
|
|
|
1,773
|
|
|
1,641
|
|
|
1,121
|
|
|
4,480
|
|
|
5,537
|
|
|
11,455
|
|
Total net
charge-offs
|
2,418
|
|
|
777
|
|
|
1,061
|
|
|
1,321
|
|
|
1,798
|
|
|
5,577
|
|
|
9,101
|
|
Ending allowance for
loan and lease losses
|
$
|
57,961
|
|
|
$
|
57,618
|
|
|
$
|
56,708
|
|
|
$
|
53,732
|
|
|
$
|
53,398
|
|
|
$
|
57,961
|
|
|
$
|
53,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.32
|
%
|
|
(0.01)
|
%
|
|
(0.04)
|
%
|
|
0.06
|
%
|
|
(0.02)
|
%
|
|
0.08
|
%
|
|
0.12
|
%
|
Construction -
real estate
|
(0.06)
|
%
|
|
0.06
|
%
|
|
(0.20)
|
%
|
|
(0.03)
|
%
|
|
(0.14)
|
%
|
|
(0.05)
|
%
|
|
(0.07)
|
%
|
Commercial -
real estate
|
0.10
|
%
|
|
0.02
|
%
|
|
0.16
|
%
|
|
0.15
|
%
|
|
0.27
|
%
|
|
0.11
|
%
|
|
0.23
|
%
|
Residential -
real estate
|
0.13
|
%
|
|
0.04
|
%
|
|
(0.04)
|
%
|
|
(0.01)
|
%
|
|
(0.10)
|
%
|
|
0.03
|
%
|
|
0.19
|
%
|
Home
equity
|
0.08
|
%
|
|
0.19
|
%
|
|
0.23
|
%
|
|
0.13
|
%
|
|
0.45
|
%
|
|
0.16
|
%
|
|
0.19
|
%
|
Installment
|
(0.47)
|
%
|
|
1.40
|
%
|
|
(0.29)
|
%
|
|
(0.25)
|
%
|
|
(0.84)
|
%
|
|
0.11
|
%
|
|
0.11
|
%
|
Other
|
0.75
|
%
|
|
0.50
|
%
|
|
0.83
|
%
|
|
0.47
|
%
|
|
0.51
|
%
|
|
0.64
|
%
|
|
0.66
|
%
|
Total net
charge-offs
|
0.17
|
%
|
|
0.05
|
%
|
|
0.08
|
%
|
|
0.10
|
%
|
|
0.14
|
%
|
|
0.10
|
%
|
|
0.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
|
|
Nonaccrual
loans (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
|
2,419
|
|
|
$
|
3,201
|
|
|
$
|
2,980
|
|
|
$
|
3,917
|
|
|
$
|
8,405
|
|
|
$
|
2,419
|
|
|
$
|
8,405
|
|
Construction - real estate
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Commercial - real estate
|
6,098
|
|
|
5,985
|
|
|
8,750
|
|
|
8,577
|
|
|
9,418
|
|
|
6,098
|
|
|
9,418
|
|
Residential - real estate
|
5,251
|
|
|
4,759
|
|
|
4,824
|
|
|
4,243
|
|
|
5,027
|
|
|
5,251
|
|
|
5,027
|
|
Home equity
|
3,400
|
|
|
3,815
|
|
|
4,123
|
|
|
5,036
|
|
|
4,898
|
|
|
3,400
|
|
|
4,898
|
|
Installment
|
367
|
|
|
327
|
|
|
433
|
|
|
113
|
|
|
127
|
|
|
367
|
|
|
127
|
|
Lease financing
|
195
|
|
|
214
|
|
|
1,167
|
|
|
121
|
|
|
122
|
|
|
195
|
|
|
122
|
|
Nonaccrual
loans
|
17,730
|
|
|
18,301
|
|
|
22,277
|
|
|
22,007
|
|
|
27,997
|
|
|
17,730
|
|
|
27,997
|
|
Accruing
troubled debt restructurings (TDRs)
|
30,240
|
|
|
32,164
|
|
|
28,022
|
|
|
30,127
|
|
|
28,876
|
|
|
30,240
|
|
|
28,876
|
|
Total nonperforming
loans
|
47,970
|
|
|
50,465
|
|
|
50,299
|
|
|
52,134
|
|
|
56,873
|
|
|
47,970
|
|
|
56,873
|
|
Other real
estate owned (OREO)
|
6,284
|
|
|
7,577
|
|
|
9,302
|
|
|
11,939
|
|
|
13,254
|
|
|
6,284
|
|
|
13,254
|
|
Total nonperforming
assets
|
54,254
|
|
|
58,042
|
|
|
59,601
|
|
|
64,073
|
|
|
70,127
|
|
|
54,254
|
|
|
70,127
|
|
Accruing loans
past due 90 days or more
|
142
|
|
|
130
|
|
|
981
|
|
|
59
|
|
|
108
|
|
|
142
|
|
|
108
|
|
Total underperforming
assets
|
$
|
54,396
|
|
|
$
|
58,172
|
|
|
$
|
60,582
|
|
|
$
|
64,132
|
|
|
$
|
70,235
|
|
|
$
|
54,396
|
|
|
$
|
70,235
|
|
Total classified
assets
|
$
|
125,155
|
|
|
$
|
142,169
|
|
|
$
|
143,331
|
|
|
$
|
133,940
|
|
|
$
|
132,431
|
|
|
$
|
125,155
|
|
|
$
|
132,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
326.91
|
%
|
|
314.84
|
%
|
|
254.56
|
%
|
|
244.16
|
%
|
|
190.73
|
%
|
|
326.91
|
%
|
|
190.73
|
%
|
Nonperforming
loans
|
120.83
|
%
|
|
114.17
|
%
|
|
112.74
|
%
|
|
103.07
|
%
|
|
93.89
|
%
|
|
120.83
|
%
|
|
93.89
|
%
|
Total ending
loans
|
1.01
|
%
|
|
1.00
|
%
|
|
0.99
|
%
|
|
0.98
|
%
|
|
0.99
|
%
|
|
1.01
|
%
|
|
0.99
|
%
|
Nonperforming loans
to total loans
|
0.83
|
%
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.95
|
%
|
|
1.06
|
%
|
|
0.83
|
%
|
|
1.06
|
%
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.94
|
%
|
|
1.00
|
%
|
|
1.04
|
%
|
|
1.16
|
%
|
|
1.30
|
%
|
|
0.94
|
%
|
|
1.30
|
%
|
Total assets
|
0.64
|
%
|
|
0.69
|
%
|
|
0.72
|
%
|
|
0.78
|
%
|
|
0.86
|
%
|
|
0.64
|
%
|
|
0.86
|
%
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.42
|
%
|
|
0.45
|
%
|
|
0.55
|
%
|
|
0.62
|
%
|
|
0.76
|
%
|
|
0.42
|
%
|
|
0.76
|
%
|
Total assets
|
0.28
|
%
|
|
0.31
|
%
|
|
0.38
|
%
|
|
0.41
|
%
|
|
0.51
|
%
|
|
0.28
|
%
|
|
0.51
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans include nonaccrual TDRs of $5.1 million, $5.6 million, $8.0
million, $7.5 million, and $9.3 million, as of December 31, 2016,
September 30, 2016, June 30, 2016, March 31, 2016, and December 31,
2015, respectively.
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
Jun. 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$
|
29.35
|
|
|
$
|
22.52
|
|
|
$
|
20.16
|
|
|
$
|
18.36
|
|
|
$
|
20.72
|
|
|
$
|
29.35
|
|
|
$
|
20.72
|
|
Low
|
$
|
21.05
|
|
|
$
|
18.83
|
|
|
$
|
17.49
|
|
|
$
|
14.91
|
|
|
$
|
17.83
|
|
|
$
|
14.91
|
|
|
$
|
16.52
|
|
Close
|
$
|
28.45
|
|
|
$
|
21.84
|
|
|
$
|
19.45
|
|
|
$
|
18.18
|
|
|
$
|
18.07
|
|
|
$
|
28.45
|
|
|
$
|
18.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
61,311,068
|
|
|
61,280,283
|
|
|
61,194,254
|
|
|
61,036,797
|
|
|
60,985,096
|
|
|
61,206,093
|
|
|
61,062,657
|
|
Average shares
outstanding - diluted
|
62,080,683
|
|
|
62,086,067
|
|
|
62,027,008
|
|
|
61,840,247
|
|
|
61,861,182
|
|
|
61,985,422
|
|
|
61,847,547
|
|
Ending shares
outstanding
|
61,979,552
|
|
|
61,952,873
|
|
|
61,959,529
|
|
|
61,855,027
|
|
|
61,641,680
|
|
|
61,979,552
|
|
|
61,641,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
865,224
|
|
|
$
|
861,137
|
|
|
$
|
846,723
|
|
|
$
|
826,587
|
|
|
$
|
809,376
|
|
|
$
|
865,224
|
|
|
$
|
809,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY CAPITAL
(1)
|
Preliminary
|
|
|
|
|
|
|
|
|
|
Preliminary
|
|
|
Common equity tier 1
capital
|
$
|
703,891
|
|
|
$
|
688,363
|
|
|
$
|
673,313
|
|
|
$
|
658,001
|
|
|
$
|
648,748
|
|
|
$
|
703,891
|
|
|
$
|
648,748
|
|
Common equity tier 1
capital ratio
|
10.46
|
%
|
|
10.20
|
%
|
|
10.07
|
%
|
|
10.16
|
%
|
|
10.28
|
%
|
|
10.46
|
%
|
|
10.28
|
%
|
Tier 1
capital
|
$
|
703,995
|
|
|
$
|
688,467
|
|
|
$
|
673,417
|
|
|
$
|
658,105
|
|
|
$
|
648,852
|
|
|
$
|
703,995
|
|
|
$
|
648,852
|
|
Tier 1
ratio
|
10.46
|
%
|
|
10.20
|
%
|
|
10.07
|
%
|
|
10.16
|
%
|
|
10.29
|
%
|
|
10.46
|
%
|
|
10.29
|
%
|
Total
capital
|
$
|
881,158
|
|
|
$
|
865,248
|
|
|
$
|
849,303
|
|
|
$
|
831,924
|
|
|
$
|
822,431
|
|
|
$
|
881,158
|
|
|
$
|
822,431
|
|
Total capital
ratio
|
13.10
|
%
|
|
12.82
|
%
|
|
12.70
|
%
|
|
12.84
|
%
|
|
13.04
|
%
|
|
13.10
|
%
|
|
13.04
|
%
|
Total capital in
excess of minimum
|
|
|
|
|
|
|
|
|
|
|
|
|
|
requirement
|
$
|
300,804
|
|
|
$
|
282,996
|
|
|
$
|
272,708
|
|
|
$
|
273,135
|
|
|
$
|
317,780
|
|
|
$
|
300,804
|
|
|
$
|
317,780
|
|
Total risk-weighted
assets
|
$
|
6,728,737
|
|
|
$
|
6,750,750
|
|
|
$
|
6,685,158
|
|
|
$
|
6,478,716
|
|
|
$
|
6,308,139
|
|
|
$
|
6,728,737
|
|
|
$
|
6,308,139
|
|
Leverage
ratio
|
8.59
|
%
|
|
8.45
|
%
|
|
8.38
|
%
|
|
8.27
|
%
|
|
8.33
|
%
|
|
8.59
|
%
|
|
8.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
10.25
|
%
|
|
10.29
|
%
|
|
10.19
|
%
|
|
10.09
|
%
|
|
9.93
|
%
|
|
10.25
|
%
|
|
9.93
|
%
|
Ending tangible
shareholders' equity to ending tangible assets
|
7.96
|
%
|
|
7.97
|
%
|
|
7.85
|
%
|
|
7.71
|
%
|
|
7.53
|
%
|
|
7.96
|
%
|
|
7.53
|
%
|
Average shareholders'
equity to average assets
|
10.33
|
%
|
|
10.29
|
%
|
|
10.21
|
%
|
|
10.12
|
%
|
|
10.29
|
%
|
|
10.24
|
%
|
|
10.73
|
%
|
Average tangible
shareholders' equity to average tangible assets
|
8.01
|
%
|
|
7.96
|
%
|
|
7.83
|
%
|
|
7.71
|
%
|
|
7.83
|
%
|
|
7.89
|
%
|
|
8.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
91,032
|
|
|
0
|
|
|
239,967
|
|
Average share
repurchase price
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
18.85
|
|
|
N/A
|
|
|
$
|
18.75
|
|
Total cost of shares
repurchased
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
1,716
|
|
|
N/A
|
|
|
$
|
4,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-fourth-quarter-and-full-year-2016-financial-results-and-announces-dividend-increase-300393825.html
SOURCE First Financial Bancorp.