CINCINNATI, July 23, 2020 /PRNewswire/ --
- Earnings per diluted share of $0.38; $0.40 on an
adjusted(1) basis
- Return on average assets of 0.96%; 1.00% as
adjusted(1)
- 57.5% efficiency ratio; 56.1% as
adjusted(1)
- Record core fee income driven by $16.7 million of mortgage banking income
- $20.2 million total provision
for credit losses
First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or
the "Company") announced financial results for the three and six
months ended June 30, 2020.
For the three months ended June 30, 2020, the Company
reported net income of $37.4 million,
or $0.38 per diluted common
share. These results compare to net income of $28.6 million, or $0.29 per diluted common share, for the first
quarter of 2020 and $52.7 million, or
$0.53 per diluted common share, for
the second quarter of 2019. For the six months ended
June 30, 2020, First Financial had
earnings per diluted common share of $0.67 compared to $1.00 for the same period in 2019.
Return on average assets for the second quarter of 2020 was
0.96% while return on average tangible common equity was
12.90%. These compare to returns on average assets of 0.79%
and 1.50%, and returns on average tangible common equity of 9.71%
and 17.33%, in the first quarter of 2020 and the second quarter of
2019, respectively.
Second quarter 2020 highlights include:
- After adjustments(1) for certain nonrecurring and
certain COVID-19 related items:
-
- Net income of $0.40 per diluted
common share
- 1.00% return on average assets
- 13.47% return on average tangible common equity
- Adjustments(1) to net income include:
-
- $0.7 million of costs directly
related to COVID-19
- $1.5 million of other
nonrecurring costs such as branch consolidation costs
- Total Allowance for Credit Losses of $175.3 million; Total quarterly provision for
credit losses of $20.2 million
-
- Loans and leases - ACL of $158.7
million, 1.56% of total loans; 1.71% of loans excluding
PPP
- Unfunded Commitments - ACL of $16.7
million; $2.4 million
provision expense
- Similar to first quarter, substantially all second quarter
provision expense related to expected economic impact from
COVID-19
- Strong noninterest income of $42.7
million, an increase of 20.7% from the linked quarter
-
- Mortgage banking revenue increased $13.8
million, or 488.6%
- Continued strong client derivative fee income
- Foreign exchange income of $6.6
million despite COVID-19 headwinds
- Service charges on deposits, including overdrafts, declined
$2.4 million, or 28.9%
- Noninterest expenses of $88.7
million, or $86.5 million as
adjusted(1)
-
- Efficiency ratio of 57.5%; 56.1% as adjusted(1)
(1)
Financial information in this release that is described as
"adjusted" or that is presented on a fully tax equivalent basis is
non-GAAP. For details on the calculation of these non-GAAP
financial measures and a reconciliation to the GAAP financial
measure, see the sections titled "Use of Non-GAAP Financial
Measures" in this release and "Appendix: Non-GAAP to GAAP
Reconciliation" in the accompanying slide presentation.
|
- Loan balances grew $873.9
million, or 37.8% on an annualized basis
-
- Loan growth driven by $885.3
million of PPP loans, net of unearned fees
- Net interest margin of 3.44% on a fully tax-equivalent
basis(1)
-
- 33 basis point decline compared to the linked quarter; 62 basis
point decline due to loan yields
- 3 basis points of dilution from PPP
- Impact of downward movement in short term rates, including the
normalization of LIBOR, partially offset by funding cost
reductions, higher loan fees, and elevated purchase accounting
accretion
- Strong capital ratios
-
- Total capital of 15.13%; bolstered by $150 million sub-debt issuance in early second
quarter
- Tier 1 common equity of 11.44%
- Tangible common equity of 8.09%; 8.62% excluding PPP
loans
- Tangible book value per share of $12.26
In response to COVID-19, the Company has:
- Introduced hardship relief programs that include payment
deferrals, fee-waivers and suspension of foreclosures
-
- Processed over $2.0 billion of
commercial modifications
- Modified over $126 million of
consumer loans including $103 million
in residential mortgages
- Participated in CARES Act SBA Paycheck Protection Program
-
- Received in excess of 8,200 PPP applications; over $1.2 billion in requests
- Approximately 6,800 PPP requests, or 83% of applicants,
approved by SBA
- $912.9 million in PPP balances as
of June 30; to date forgiveness has
not been requested on any loan
- Continued implementation of new processes and technologies to
improve customer access to banking services
- Updated existing internal processes and systems to react to
high customer demand for relief
- Donated $1.0 million to fund
COVID-19 related relief in our geographic footprint in the first
quarter
Archie Brown, President and Chief
Executive Officer, remarked, "We are very pleased with our second
quarter performance, especially when considering the unique
circumstances in which we were operating due to COVID-19.
While second quarter earnings were negatively impacted by
pandemic-related events, we posted solid results as reflected in
our adjusted(1) earnings per share of $0.40, adjusted(1) return on assets of
1.00% and adjusted(1) efficiency ratio of 56.1%.
Additionally, credit trends remained stable while our allowance for
credit losses increased to 1.71% of total loans, excluding PPP, and
we recorded $20.2 million of
provision expense in anticipation of credit deterioration in the
latter part of the year and into 2021."
Mr. Brown continued, "The second quarter was our highest core
fee income quarter on record and was the primary driver of our
excellent performance. Our mortgage team had a sensational
quarter as the hard work of our team combined with the historic low
interest rate environment to drive an almost 500% increase in total
mortgage banking revenue to $16.7
million. In addition, client derivative income
remained steady during the quarter and Bannockburn revenue, while
lower than the first quarter, was in line with our expectations
given the challenges caused by business shutdowns.
Additionally, total expenses declined during the quarter as we
limited discretionary spending and implemented additional controls
on hiring."
Mr. Brown further commented, "We are pleased with and
appreciative of the incredible work performed by our associates
during the quarter. We successfully implemented our pandemic
management plan, which resulted in over 50% of our associates
working remotely and our branches operating with closed lobbies for
most of the quarter. This required a prompt evaluation of our
client service model and a shift to leveraging technology in new
and innovative ways. Our associates met the challenge, and
went above and beyond to originate and fund over $900 million in PPP loans, provide customer
deferrals for over $2 billion of
loans, and process historic numbers of fee waivers and mortgage
applications. By the second half of the quarter, sales
activity returned to near pre-pandemic levels which led to
increases in new households with checking accounts, strong consumer
loan originations and robust wealth production."
Mr. Brown continued, "At this time, approximately 60% of our
banking center lobbies are fully open with the remainder servicing
clients by appointment. Physical staffing levels in our
office buildings is currently limited to 25% of normal capacity,
mostly on a volunteer basis, with the remainder of the staff
continuing to work remotely. We continually monitor
conditions in our markets and banking centers, in addition to
guidance provided by local and state governments with regard to
safely returning to the workplace and opening our branch locations
to customers."
Mr. Brown concluded, "The second quarter was historic and
challenging, however it illuminated what we are capable of as a
company and positioned us to build on the lessons learned in a
meaningful way. We continue to better leverage technology and
are reevaluating our distribution model to better serve the needs
of our customers. The broader economic environment remains
uncertain and our clients continue to face serious
challenges. We are committed to be a stabilizing presence in
our communities and remain steadfast in our promise to manage the
Company in a manner that prioritizes the physical and financial
well-being of our associates and clients while delivering long-term
value to our shareholders."
Full detail of the Company's second quarter performance is
provided in the accompanying financial statements and slide
presentation.
Teleconference / Webcast Information
First
Financial's executive management will host a conference call to
discuss the Company's financial and operating results on
Friday, July 24, 2020 at 8:30 a.m. Eastern Time. Members of the
public who would like to listen to the conference call should dial
(877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003
(International) (no passcode required). The number should be
dialed five to ten minutes prior to the start of the conference
call. The conference call will also be accessible as an audio
webcast via the Investor Relations section of the Company's website
at www.bankatfirst.com. A replay of the conference call will
be available beginning one hour after the completion of the live
call at (877) 344-7529 (U.S. toll free), (855) 669-9658
(Canada toll free) and +1 (412)
317-0088 (International); conference number 10145789. 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 are
available to the public through the Investor Relations section of
First Financial's website at www.bankatfirst.com.
Use of Non-GAAP Financial Measures
This earnings
release contains GAAP financial measures and Non-GAAP financial
measures where management believes it to be helpful in
understanding the Company's results of operations or financial
position. Where Non-GAAP financial measures are used, the
comparable GAAP financial measures, as well as a reconciliation to
the comparable GAAP financial measure, can be found in the section
titled "Appendix: Non-GAAP to GAAP Reconciliation" in the
accompanying slide presentation.
Forward-Looking Statement
Certain statements contained in this report which are not
statements of historical fact constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as ''believes,'' ''anticipates,''
"likely," "expected," "estimated," ''intends'' and other similar
expressions are intended to identify forward-looking statements but
are not the exclusive means of identifying such statements.
Examples of forward-looking statements include, but are not limited
to, statements we make about (i) our future operating or financial
performance, including revenues, income or loss and earnings or
loss per share, (ii) future common stock dividends, (iii) our
capital structure, including future capital levels, (iv) our plans,
objectives and strategies, and (v) the assumptions that underlie
our forward-looking statements.
As with any forecast or projection, forward-looking statements
are subject to inherent uncertainties, risks and changes in
circumstances that may cause actual results to differ materially
from those set forth in the forward-looking statements.
Forward-looking statements are not historical facts but instead
express only management's beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management's control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. Important factors that could cause actual results
to differ materially from those in our forward-looking statements
include the following, without limitation:
- economic, market, liquidity, credit, interest rate, operational
and technological risks associated with the Company's
business;
- future credit quality and performance, including our
expectations regarding future loan losses and our allowance for
credit losses
- the effect of and changes in policies and laws or regulatory
agencies, including the Dodd-Frank Wall Street Reform and Consumer
Protection Act and other legislation and regulation relating to the
banking industry; (iv) management's ability to effectively execute
its business plans;
- mergers and acquisitions, including costs or difficulties
related to the integration of acquired companies;
- the possibility that any of the anticipated benefits of the
Company's acquisitions will not be realized or will not be realized
within the expected time period;
- the effect of changes in accounting policies and
practices;
- changes in consumer spending, borrowing and saving and changes
in unemployment;
- changes in customers' performance and creditworthiness;
- the costs and effects of litigation and of unexpected or
adverse outcomes in such litigation;
- current and future economic and market conditions, including
the effects of declines in housing prices, high unemployment rates,
U.S. fiscal debt, budget and tax matters, geopolitical matters, and
any slowdown in global economic growth;
- the adverse impact on the U.S. economy, including the markets
in which we operate, of the novel coronavirus, which causes the
Coronavirus disease 2019 ("COVID-19"), global pandemic, and the
impact of a slowing U.S. economy and increased unemployment on the
performance of our loan and lease portfolio, the market value of
our investment securities, the availability of sources of funding
and the demand for our products;
- our capital and liquidity requirements (including under
regulatory capital standards, such as the Basel III capital
standards) and our ability to generate capital internally or raise
capital on favorable terms;
- financial services reform and other current, pending or future
legislation or regulation that could have a negative effect on our
revenue and businesses, including the Dodd-Frank Act and other
legislation and regulation relating to bank products and
services;
- the effect of the current interest rate environment or changes
in interest rates or in the level or composition of our assets or
liabilities on our net interest income, net interest margin and our
mortgage originations, mortgage servicing rights and mortgage loans
held for sale;
- the effect of a fall in stock market prices on our brokerage,
asset and wealth management businesses;
- a failure in or breach of our operational or security systems
or infrastructure, or those of our third-party vendors or other
service providers, including as a result of cyber attacks;
- the effect of changes in the level of checking or savings
account deposits on our funding costs and net interest margin;
and
- our ability to develop and execute effective business plans and
strategies.
Additional factors that may cause our actual results to differ
materially from those described in our forward-looking statements
can be found in our Form 10-K for the year ended December 31, 2019, as well as our other filings
with the SEC, which are available on the SEC website at
www.sec.gov.
All forward-looking statements included in this filing are made
as of the date hereof and are based on information available at the
time of the filing. Except as required by law, the Company
does not assume any obligation to update any forward-looking
statement.
About First Financial Bancorp.
First Financial
Bancorp. is a Cincinnati, Ohio
based bank holding company. As of June 30, 2020, the
Company had $15.9 billion in assets,
$10.2 billion in loans, $11.7 billion in deposits and $2.2 billion in shareholders' equity. The
Company's subsidiary, First Financial Bank, founded in 1863,
provides banking and financial services products through its six
lines of business: Commercial, Retail Banking, Investment
Commercial Real Estate, Mortgage Banking, Commercial Finance and
Wealth Management. These business units provide traditional
banking services to business and retail clients. Wealth
Management provides wealth planning, portfolio management, trust
and estate, brokerage and retirement plan services and had
approximately $2.8 billion in assets
under management as of June 30, 2020. The Company
operated 141 full service banking centers as of June 30, 2020,
primarily in Ohio, Indiana and Kentucky, 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.
FIRST FINANCIAL
BANCORP.
|
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended,
|
|
Six months
ended,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
37,393
|
|
|
$
|
28,628
|
|
|
$
|
48,677
|
|
|
$
|
50,856
|
|
|
$
|
52,703
|
|
|
$
|
66,021
|
|
|
$
|
98,542
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.29
|
|
|
$
|
0.49
|
|
|
$
|
0.52
|
|
|
$
|
0.54
|
|
|
$
|
0.68
|
|
|
$
|
1.01
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.29
|
|
|
$
|
0.49
|
|
|
$
|
0.51
|
|
|
$
|
0.53
|
|
|
$
|
0.67
|
|
|
$
|
1.00
|
|
Dividends declared
per share
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.96
|
%
|
|
0.79
|
%
|
|
1.34
|
%
|
|
1.41
|
%
|
|
1.50
|
%
|
|
0.88
|
%
|
|
1.42
|
%
|
Return on average
shareholders' equity
|
6.88
|
%
|
|
5.21
|
%
|
|
8.60
|
%
|
|
9.13
|
%
|
|
9.85
|
%
|
|
6.04
|
%
|
|
9.37
|
%
|
Return on average
tangible shareholders' equity
|
12.90
|
%
|
|
9.71
|
%
|
|
15.84
|
%
|
|
16.15
|
%
|
|
17.33
|
%
|
|
11.29
|
%
|
|
16.66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.38
|
%
|
|
3.71
|
%
|
|
3.84
|
%
|
|
3.91
|
%
|
|
3.99
|
%
|
|
3.54
|
%
|
|
4.02
|
%
|
Net interest margin
(fully tax equivalent) (1)
|
3.44
|
%
|
|
3.77
|
%
|
|
3.89
|
%
|
|
3.96
|
%
|
|
4.04
|
%
|
|
3.60
|
%
|
|
4.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
13.99
|
%
|
|
14.47
|
%
|
|
15.49
|
%
|
|
15.62
|
%
|
|
15.16
|
%
|
|
13.99
|
%
|
|
15.16
|
%
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible
assets
|
8.09
|
%
|
|
8.25
|
%
|
|
9.07
|
%
|
|
9.17
|
%
|
|
9.34
|
%
|
|
8.09
|
%
|
|
9.34
|
%
|
Risk-weighted
assets
|
10.85
|
%
|
|
10.50
|
%
|
|
11.09
|
%
|
|
11.34
|
%
|
|
11.82
|
%
|
|
10.85
|
%
|
|
11.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
13.91
|
%
|
|
15.21
|
%
|
|
15.53
|
%
|
|
15.43
|
%
|
|
15.22
|
%
|
|
14.54
|
%
|
|
15.12
|
%
|
Average tangible
shareholders' equity as a percent of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average tangible assets
|
7.94
|
%
|
|
8.79
|
%
|
|
9.07
|
%
|
|
9.35
|
%
|
|
9.26
|
%
|
|
8.34
|
%
|
|
9.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
|
22.66
|
|
|
$
|
22.25
|
|
|
$
|
22.82
|
|
|
$
|
22.59
|
|
|
$
|
22.18
|
|
|
$
|
22.66
|
|
|
$
|
22.18
|
|
Tangible book value
per share
|
$
|
12.26
|
|
|
$
|
11.82
|
|
|
$
|
12.42
|
|
|
$
|
12.33
|
|
|
$
|
12.79
|
|
|
$
|
12.26
|
|
|
$
|
12.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (2)
|
11.44
|
%
|
|
11.27
|
%
|
|
11.30
|
%
|
|
11.52
|
%
|
|
12.00
|
%
|
|
11.44
|
%
|
|
12.00
|
%
|
Tier 1 ratio
(2)
|
11.83
|
%
|
|
11.66
|
%
|
|
11.69
|
%
|
|
11.91
|
%
|
|
12.40
|
%
|
|
11.83
|
%
|
|
12.40
|
%
|
Total capital ratio
(2)
|
15.13
|
%
|
|
13.54
|
%
|
|
13.39
|
%
|
|
13.62
|
%
|
|
14.20
|
%
|
|
15.13
|
%
|
|
14.20
|
%
|
Leverage ratio
(2)
|
8.98
|
%
|
|
9.49
|
%
|
|
9.58
|
%
|
|
9.75
|
%
|
|
10.02
|
%
|
|
8.98
|
%
|
|
10.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(3)
|
$
|
10,002,379
|
|
|
$
|
9,220,643
|
|
|
$
|
9,149,222
|
|
|
$
|
9,014,092
|
|
|
$
|
8,852,662
|
|
|
$
|
9,611,511
|
|
|
$
|
8,813,206
|
|
Investment
securities
|
3,164,243
|
|
|
3,115,723
|
|
|
3,102,867
|
|
|
3,290,666
|
|
|
3,408,994
|
|
|
3,139,983
|
|
|
3,382,510
|
|
Interest-bearing
deposits with other banks
|
91,990
|
|
|
39,332
|
|
|
36,672
|
|
|
38,569
|
|
|
33,255
|
|
|
65,661
|
|
|
33,978
|
|
Total earning
assets
|
$
|
13,258,612
|
|
|
$
|
12,375,698
|
|
|
$
|
12,288,761
|
|
|
$
|
12,343,327
|
|
|
$
|
12,294,911
|
|
|
$
|
12,817,155
|
|
|
$
|
12,229,694
|
|
Total
assets
|
$
|
15,710,204
|
|
|
$
|
14,524,422
|
|
|
$
|
14,460,288
|
|
|
$
|
14,320,514
|
|
|
$
|
14,102,733
|
|
|
$
|
15,117,313
|
|
|
$
|
14,028,058
|
|
Noninterest-bearing
deposits
|
$
|
3,335,866
|
|
|
$
|
2,643,240
|
|
|
$
|
2,638,908
|
|
|
$
|
2,513,458
|
|
|
$
|
2,484,214
|
|
|
$
|
2,989,553
|
|
|
$
|
2,470,974
|
|
Interest-bearing
deposits
|
8,395,229
|
|
|
7,590,791
|
|
|
7,583,531
|
|
|
7,504,708
|
|
|
7,612,146
|
|
|
7,993,010
|
|
|
7,611,125
|
|
Total
deposits
|
$
|
11,731,095
|
|
|
$
|
10,234,031
|
|
|
$
|
10,222,439
|
|
|
$
|
10,018,166
|
|
|
$
|
10,096,360
|
|
|
$
|
10,982,563
|
|
|
$
|
10,082,099
|
|
Borrowings
|
$
|
1,272,819
|
|
|
$
|
1,735,767
|
|
|
$
|
1,613,696
|
|
|
$
|
1,816,983
|
|
|
$
|
1,656,570
|
|
|
$
|
1,504,293
|
|
|
$
|
1,622,011
|
|
Shareholders'
equity
|
$
|
2,185,865
|
|
|
$
|
2,209,733
|
|
|
$
|
2,245,107
|
|
|
$
|
2,210,327
|
|
|
$
|
2,146,997
|
|
|
$
|
2,197,799
|
|
|
$
|
2,120,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
1.56
|
%
|
|
1.55
|
%
|
|
0.63
|
%
|
|
0.62
|
%
|
|
0.69
|
%
|
|
1.56
|
%
|
|
0.69
|
%
|
Allowance to
nonaccrual loans
|
233.74
|
%
|
|
296.51
|
%
|
|
119.69
|
%
|
|
93.18
|
%
|
|
119.86
|
%
|
|
233.74
|
%
|
|
119.86
|
%
|
Allowance to
nonperforming loans
|
208.06
|
%
|
|
203.42
|
%
|
|
96.73
|
%
|
|
71.46
|
%
|
|
69.33
|
%
|
|
208.06
|
%
|
|
69.33
|
%
|
Nonperforming loans
to total loans
|
0.75
|
%
|
|
0.76
|
%
|
|
0.65
|
%
|
|
0.87
|
%
|
|
0.99
|
%
|
|
0.75
|
%
|
|
0.99
|
%
|
Nonperforming assets
to ending loans, plus OREO
|
0.77
|
%
|
|
0.78
|
%
|
|
0.67
|
%
|
|
0.89
|
%
|
|
1.00
|
%
|
|
0.77
|
%
|
|
1.00
|
%
|
Nonperforming assets
to total assets
|
0.49
|
%
|
|
0.48
|
%
|
|
0.42
|
%
|
|
0.56
|
%
|
|
0.62
|
%
|
|
0.49
|
%
|
|
0.62
|
%
|
Classified assets to
total assets
|
0.79
|
%
|
|
0.83
|
%
|
|
0.62
|
%
|
|
0.92
|
%
|
|
1.02
|
%
|
|
0.79
|
%
|
|
1.02
|
%
|
Net charge-offs to
average loans (annualized)
|
0.12
|
%
|
|
(0.04)
|
%
|
|
0.15
|
%
|
|
0.45
|
%
|
|
0.08
|
%
|
|
0.05
|
%
|
|
0.36
|
%
|
|
(1) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 21% tax rate. Management believes that it is a standard
practice in the banking industry to present net interest margin and
net interest income on a fully tax equivalent basis.
Therefore, management believes these measures provide useful
information to investors by allowing them to make peer
comparisons. Management also uses these measures to make peer
comparisons.
|
(2) June 30, 2020
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,
|
|
Six months
ended,
|
|
June 30,
|
|
June 30,
|
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$
|
105,900
|
|
|
$
|
126,365
|
|
|
(16.2)
|
%
|
|
$
|
221,675
|
|
|
$
|
249,421
|
|
|
(11.1)
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
18,476
|
|
|
23,616
|
|
|
(21.8)
|
%
|
|
37,481
|
|
|
47,851
|
|
|
(21.7)
|
%
|
Tax-exempt
|
4,937
|
|
|
4,336
|
|
|
13.9
|
%
|
|
9,519
|
|
|
8,594
|
|
|
10.8
|
%
|
Total
investment securities interest
|
23,413
|
|
|
27,952
|
|
|
(16.2)
|
%
|
|
47,000
|
|
|
56,445
|
|
|
(16.7)
|
%
|
Other earning
assets
|
47
|
|
|
206
|
|
|
(77.2)
|
%
|
|
189
|
|
|
416
|
|
|
(54.6)
|
%
|
Total interest
income
|
129,360
|
|
|
154,523
|
|
|
(16.3)
|
%
|
|
268,864
|
|
|
306,282
|
|
|
(12.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
11,751
|
|
|
20,612
|
|
|
(43.0)
|
%
|
|
28,116
|
|
|
39,855
|
|
|
(29.5)
|
%
|
Short-term
borrowings
|
1,274
|
|
|
6,646
|
|
|
(80.8)
|
%
|
|
6,361
|
|
|
12,606
|
|
|
(49.5)
|
%
|
Long-term
borrowings
|
4,759
|
|
|
4,963
|
|
|
(4.1)
|
%
|
|
8,529
|
|
|
10,004
|
|
|
(14.7)
|
%
|
Total interest
expense
|
17,784
|
|
|
32,221
|
|
|
(44.8)
|
%
|
|
43,006
|
|
|
62,465
|
|
|
(31.2)
|
%
|
Net interest
income
|
111,576
|
|
|
122,302
|
|
|
(8.8)
|
%
|
|
225,858
|
|
|
243,817
|
|
|
(7.4)
|
%
|
Provision for
credit losses-loans and leases (1)
|
17,859
|
|
|
6,658
|
|
|
168.2
|
%
|
|
41,739
|
|
|
20,741
|
|
|
101.2
|
%
|
Provision for
credit losses-unfunded commitments (1)
|
2,370
|
|
|
(132)
|
|
|
N/M
|
|
3,938
|
|
|
(126)
|
|
|
N/M
|
Net interest income
after provision for credit losses
|
91,347
|
|
|
115,776
|
|
|
(21.1)
|
%
|
|
180,181
|
|
|
223,202
|
|
|
(19.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
6,001
|
|
|
9,819
|
|
|
(38.9)
|
%
|
|
14,436
|
|
|
18,722
|
|
|
(22.9)
|
%
|
Trust and
wealth management fees
|
4,114
|
|
|
3,943
|
|
|
4.3
|
%
|
|
8,583
|
|
|
8,013
|
|
|
7.1
|
%
|
Bankcard
income
|
2,844
|
|
|
6,497
|
|
|
(56.2)
|
%
|
|
5,542
|
|
|
12,083
|
|
|
(54.1)
|
%
|
Client
derivative fees
|
2,984
|
|
|
4,905
|
|
|
(39.2)
|
%
|
|
6,089
|
|
|
6,609
|
|
|
(7.9)
|
%
|
Foreign
exchange income
|
6,576
|
|
|
17
|
|
|
N/M
|
|
16,542
|
|
|
17
|
|
|
N/M
|
Net gains from
sales of loans
|
16,662
|
|
|
3,432
|
|
|
385.5
|
%
|
|
19,493
|
|
|
5,322
|
|
|
266.3
|
%
|
Net gains
(losses) on sale of investment securities
|
2
|
|
|
(37)
|
|
|
105.4
|
%
|
|
(57)
|
|
|
(215)
|
|
|
73.5
|
%
|
Other
|
3,542
|
|
|
6,062
|
|
|
(41.6)
|
%
|
|
7,481
|
|
|
10,914
|
|
|
(31.5)
|
%
|
Total noninterest
income
|
42,725
|
|
|
34,638
|
|
|
23.3
|
%
|
|
78,109
|
|
|
61,465
|
|
|
27.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
55,925
|
|
|
53,985
|
|
|
3.6
|
%
|
|
110,747
|
|
|
101,897
|
|
|
8.7
|
%
|
Net
occupancy
|
5,378
|
|
|
5,596
|
|
|
(3.9)
|
%
|
|
11,482
|
|
|
12,226
|
|
|
(6.1)
|
%
|
Furniture and
equipment
|
3,681
|
|
|
4,222
|
|
|
(12.8)
|
%
|
|
7,734
|
|
|
7,638
|
|
|
1.3
|
%
|
Data
processing
|
7,019
|
|
|
4,984
|
|
|
40.8
|
%
|
|
13,408
|
|
|
10,111
|
|
|
32.6
|
%
|
Marketing
|
1,339
|
|
|
1,976
|
|
|
(32.2)
|
%
|
|
2,559
|
|
|
3,582
|
|
|
(28.6)
|
%
|
Communication
|
907
|
|
|
747
|
|
|
21.4
|
%
|
|
1,797
|
|
|
1,475
|
|
|
21.8
|
%
|
Professional
services
|
2,205
|
|
|
2,039
|
|
|
8.1
|
%
|
|
4,480
|
|
|
4,291
|
|
|
4.4
|
%
|
State
intangible tax
|
1,514
|
|
|
1,307
|
|
|
15.8
|
%
|
|
3,030
|
|
|
2,617
|
|
|
15.8
|
%
|
FDIC
assessments
|
1,290
|
|
|
1,065
|
|
|
21.1
|
%
|
|
2,695
|
|
|
2,015
|
|
|
33.7
|
%
|
Intangible
amortization
|
2,791
|
|
|
2,044
|
|
|
36.5
|
%
|
|
5,583
|
|
|
4,089
|
|
|
36.5
|
%
|
Other
|
6,640
|
|
|
6,545
|
|
|
1.5
|
%
|
|
14,840
|
|
|
13,062
|
|
|
13.6
|
%
|
Total noninterest
expenses
|
88,689
|
|
|
84,510
|
|
|
4.9
|
%
|
|
178,355
|
|
|
163,003
|
|
|
9.4
|
%
|
Income before income
taxes
|
45,383
|
|
|
65,904
|
|
|
(31.1)
|
%
|
|
79,935
|
|
|
121,664
|
|
|
(34.3)
|
%
|
Income tax
expense
|
7,990
|
|
|
13,201
|
|
|
(39.5)
|
%
|
|
13,914
|
|
|
23,122
|
|
|
(39.8)
|
%
|
Net income
|
$
|
37,393
|
|
|
$
|
52,703
|
|
|
(29.0)
|
%
|
|
$
|
66,021
|
|
|
$
|
98,542
|
|
|
(33.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.54
|
|
|
|
|
$
|
0.68
|
|
|
$
|
1.01
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.53
|
|
|
|
|
$
|
0.67
|
|
|
$
|
1.00
|
|
|
|
Dividends declared
per share
|
$
|
0.23
|
|
|
$
|
0.22
|
|
|
|
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.96
|
%
|
|
1.50
|
%
|
|
|
|
0.88
|
%
|
|
1.42
|
%
|
|
|
Return on average
shareholders' equity
|
6.88
|
%
|
|
9.85
|
%
|
|
|
|
6.04
|
%
|
|
9.37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
129,360
|
|
|
$
|
154,523
|
|
|
(16.3)
|
%
|
|
$
|
268,864
|
|
|
$
|
306,282
|
|
|
(12.2)
|
%
|
Tax equivalent
adjustment
|
1,664
|
|
|
1,416
|
|
|
17.5
|
%
|
|
3,288
|
|
|
2,939
|
|
|
11.9
|
%
|
Interest
income - tax equivalent
|
131,024
|
|
|
155,939
|
|
|
(16.0)
|
%
|
|
272,152
|
|
|
309,221
|
|
|
(12.0)
|
%
|
Interest
expense
|
17,784
|
|
|
32,221
|
|
|
(44.8)
|
%
|
|
43,006
|
|
|
62,465
|
|
|
(31.2)
|
%
|
Net
interest income - tax equivalent
|
$
|
113,240
|
|
|
$
|
123,718
|
|
|
(8.5)
|
%
|
|
$
|
229,146
|
|
|
$
|
246,756
|
|
|
(7.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.38
|
%
|
|
3.99
|
%
|
|
|
|
3.54
|
%
|
|
4.02
|
%
|
|
|
Net interest margin
(fully tax equivalent) (2)
|
3.44
|
%
|
|
4.04
|
%
|
|
|
|
3.60
|
%
|
|
4.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,076
|
|
|
2,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning January
1,2020, calculation is based on current expected loss methodology.
Prior to January 1, 2020, calculation was based on the incurred
loss methodology.
|
|
|
(2) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 21% 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)
|
|
|
|
|
|
|
|
|
|
2020
|
|
Second
|
|
First
|
|
Full
|
|
% Change
|
|
Quarter
|
|
Quarter
|
|
Year
|
|
Linked
Qtr.
|
Interest
income
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$
|
105,900
|
|
|
$
|
115,775
|
|
|
$
|
221,675
|
|
|
(8.5)
|
%
|
Investment
securities
|
|
|
|
|
|
|
|
Taxable
|
18,476
|
|
|
19,005
|
|
|
37,481
|
|
|
(2.8)
|
%
|
Tax-exempt
|
4,937
|
|
|
4,582
|
|
|
9,519
|
|
|
7.7
|
%
|
Total
investment securities interest
|
23,413
|
|
|
23,587
|
|
|
47,000
|
|
|
(0.7)
|
%
|
Other earning
assets
|
47
|
|
|
142
|
|
|
189
|
|
|
(66.9)
|
%
|
Total interest
income
|
129,360
|
|
|
139,504
|
|
|
268,864
|
|
|
(7.3)
|
%
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
Deposits
|
11,751
|
|
|
16,365
|
|
|
28,116
|
|
|
(28.2)
|
%
|
Short-term
borrowings
|
1,274
|
|
|
5,087
|
|
|
6,361
|
|
|
(75.0)
|
%
|
Long-term
borrowings
|
4,759
|
|
|
3,770
|
|
|
8,529
|
|
|
26.2
|
%
|
Total interest
expense
|
17,784
|
|
|
25,222
|
|
|
43,006
|
|
|
(29.5)
|
%
|
Net interest
income
|
111,576
|
|
|
114,282
|
|
|
225,858
|
|
|
(2.4)
|
%
|
Provision for
credit losses-loans and leases (1)
|
17,859
|
|
|
23,880
|
|
|
41,739
|
|
|
(25.2)
|
%
|
Provision for
credit losses-unfunded commitments (1)
|
2,370
|
|
|
1,568
|
|
|
3,938
|
|
|
51.1
|
%
|
Net interest income
after provision for credit losses
|
91,347
|
|
|
88,834
|
|
|
180,181
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
6,001
|
|
|
8,435
|
|
|
14,436
|
|
|
(28.9)
|
%
|
Trust and
wealth management fees
|
4,114
|
|
|
4,469
|
|
|
8,583
|
|
|
(7.9)
|
%
|
Bankcard
income
|
2,844
|
|
|
2,698
|
|
|
5,542
|
|
|
5.4
|
%
|
Client
derivative fees
|
2,984
|
|
|
3,105
|
|
|
6,089
|
|
|
(3.9)
|
%
|
Foreign
exchange income
|
6,576
|
|
|
9,966
|
|
|
16,542
|
|
|
(34.0)
|
%
|
Net gains from
sales of loans
|
16,662
|
|
|
2,831
|
|
|
19,493
|
|
|
488.6
|
%
|
Net gains
(losses) on sale of investment securities
|
2
|
|
|
(59)
|
|
|
(57)
|
|
|
103.4
|
%
|
Other
|
3,542
|
|
|
3,939
|
|
|
7,481
|
|
|
(10.1)
|
%
|
Total noninterest
income
|
42,725
|
|
|
35,384
|
|
|
78,109
|
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
55,925
|
|
|
54,822
|
|
|
110,747
|
|
|
2.0
|
%
|
Net
occupancy
|
5,378
|
|
|
6,104
|
|
|
11,482
|
|
|
(11.9)
|
%
|
Furniture and
equipment
|
3,681
|
|
|
4,053
|
|
|
7,734
|
|
|
(9.2)
|
%
|
Data
processing
|
7,019
|
|
|
6,389
|
|
|
13,408
|
|
|
9.9
|
%
|
Marketing
|
1,339
|
|
|
1,220
|
|
|
2,559
|
|
|
9.8
|
%
|
Communication
|
907
|
|
|
890
|
|
|
1,797
|
|
|
1.9
|
%
|
Professional
services
|
2,205
|
|
|
2,275
|
|
|
4,480
|
|
|
(3.1)
|
%
|
State
intangible tax
|
1,514
|
|
|
1,516
|
|
|
3,030
|
|
|
(0.1)
|
%
|
FDIC
assessments
|
1,290
|
|
|
1,405
|
|
|
2,695
|
|
|
(8.2)
|
%
|
Intangible
amortization
|
2,791
|
|
|
2,792
|
|
|
5,583
|
|
|
0.0
|
%
|
Other
|
6,640
|
|
|
8,200
|
|
|
14,840
|
|
|
(19.0)
|
%
|
Total noninterest
expenses
|
88,689
|
|
|
89,666
|
|
|
178,355
|
|
|
(1.1)
|
%
|
Income before income
taxes
|
45,383
|
|
|
34,552
|
|
|
79,935
|
|
|
31.3
|
%
|
Income tax
expense
|
7,990
|
|
|
5,924
|
|
|
13,914
|
|
|
34.9
|
%
|
Net income
|
$
|
37,393
|
|
|
$
|
28,628
|
|
|
$
|
66,021
|
|
|
30.6
|
%
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.38
|
|
|
$
|
0.29
|
|
|
$
|
0.68
|
|
|
|
Net earnings per
share - diluted
|
$
|
0.38
|
|
|
$
|
0.29
|
|
|
$
|
0.67
|
|
|
|
Dividends declared
per share
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.96
|
%
|
|
0.79
|
%
|
|
0.88
|
%
|
|
|
Return on average
shareholders' equity
|
6.88
|
%
|
|
5.21
|
%
|
|
6.04
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
129,360
|
|
|
$
|
139,504
|
|
|
$
|
268,864
|
|
|
(7.3)
|
%
|
Tax equivalent
adjustment
|
1,664
|
|
|
1,624
|
|
|
3,288
|
|
|
2.5
|
%
|
Interest
income - tax equivalent
|
131,024
|
|
|
141,128
|
|
|
272,152
|
|
|
(7.2)
|
%
|
Interest
expense
|
17,784
|
|
|
25,222
|
|
|
43,006
|
|
|
(29.5)
|
%
|
Net
interest income - tax equivalent
|
$
|
113,240
|
|
|
$
|
115,906
|
|
|
$
|
229,146
|
|
|
(2.3)
|
%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.38
|
%
|
|
3.71
|
%
|
|
3.54
|
%
|
|
|
Net interest margin
(fully tax equivalent) (2)
|
3.44
|
%
|
|
3.77
|
%
|
|
3.60
|
%
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,076
|
|
|
2,067
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning January
1,2020, calculation is based on current expected loss methodology.
Prior to January 1, 2020, calculation was based on the incurred
loss methodology.
|
|
|
(2) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 21% 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)
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$
|
122,802
|
|
|
$
|
126,786
|
|
|
$
|
126,365
|
|
|
$
|
123,056
|
|
|
$
|
499,009
|
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
20,137
|
|
|
22,180
|
|
|
23,616
|
|
|
24,235
|
|
|
90,168
|
|
Tax-exempt
|
4,545
|
|
|
4,457
|
|
|
4,336
|
|
|
4,258
|
|
|
17,596
|
|
Total
investment securities interest
|
24,682
|
|
|
26,637
|
|
|
27,952
|
|
|
28,493
|
|
|
107,764
|
|
Other earning
assets
|
167
|
|
|
222
|
|
|
206
|
|
|
210
|
|
|
805
|
|
Total interest
income
|
147,651
|
|
|
153,645
|
|
|
154,523
|
|
|
151,759
|
|
|
607,578
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
19,026
|
|
|
20,151
|
|
|
20,612
|
|
|
19,243
|
|
|
79,032
|
|
Short-term
borrowings
|
5,430
|
|
|
7,199
|
|
|
6,646
|
|
|
5,960
|
|
|
25,235
|
|
Long-term
borrowings
|
4,293
|
|
|
4,760
|
|
|
4,963
|
|
|
5,041
|
|
|
19,057
|
|
Total interest
expense
|
28,749
|
|
|
32,110
|
|
|
32,221
|
|
|
30,244
|
|
|
123,324
|
|
Net interest
income
|
118,902
|
|
|
121,535
|
|
|
122,302
|
|
|
121,515
|
|
|
484,254
|
|
Provision for
credit losses-loans and leases (1)
|
4,629
|
|
|
5,228
|
|
|
6,658
|
|
|
14,083
|
|
|
30,598
|
|
Provision for
credit losses-unfunded commitments (1)
|
177
|
|
|
(216)
|
|
|
(132)
|
|
|
6
|
|
|
(165)
|
|
Net interest income
after provision for credit losses
|
114,096
|
|
|
116,523
|
|
|
115,776
|
|
|
107,426
|
|
|
453,821
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts
|
9,343
|
|
|
9,874
|
|
|
9,819
|
|
|
8,903
|
|
|
37,939
|
|
Trust and
wealth management fees
|
3,913
|
|
|
3,718
|
|
|
3,943
|
|
|
4,070
|
|
|
15,644
|
|
Bankcard
income
|
3,405
|
|
|
3,316
|
|
|
6,497
|
|
|
5,586
|
|
|
18,804
|
|
Client
derivative fees
|
4,194
|
|
|
4,859
|
|
|
4,905
|
|
|
1,704
|
|
|
15,662
|
|
Foreign
exchange income
|
6,014
|
|
|
1,708
|
|
|
17
|
|
|
0
|
|
|
7,739
|
|
Net gains from
sales of loans
|
4,723
|
|
|
4,806
|
|
|
3,432
|
|
|
1,890
|
|
|
14,851
|
|
Net gains on
sale of investment securities
|
(296)
|
|
|
105
|
|
|
(37)
|
|
|
(178)
|
|
|
(406)
|
|
Other
|
5,472
|
|
|
4,754
|
|
|
6,062
|
|
|
4,852
|
|
|
21,140
|
|
Total noninterest
income
|
36,768
|
|
|
33,140
|
|
|
34,638
|
|
|
26,827
|
|
|
131,373
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
53,952
|
|
|
53,212
|
|
|
53,985
|
|
|
47,912
|
|
|
209,061
|
|
Net
occupancy
|
6,334
|
|
|
5,509
|
|
|
5,596
|
|
|
6,630
|
|
|
24,069
|
|
Furniture and
equipment
|
4,145
|
|
|
4,120
|
|
|
4,222
|
|
|
3,416
|
|
|
15,903
|
|
Data
processing
|
5,996
|
|
|
5,774
|
|
|
4,984
|
|
|
5,127
|
|
|
21,881
|
|
Marketing
|
1,980
|
|
|
1,346
|
|
|
1,976
|
|
|
1,606
|
|
|
6,908
|
|
Communication
|
882
|
|
|
910
|
|
|
747
|
|
|
728
|
|
|
3,267
|
|
Professional
services
|
2,192
|
|
|
4,771
|
|
|
2,039
|
|
|
2,252
|
|
|
11,254
|
|
State
intangible tax
|
1,767
|
|
|
1,445
|
|
|
1,307
|
|
|
1,310
|
|
|
5,829
|
|
FDIC
assessments
|
1,055
|
|
|
(1,097)
|
|
|
1,065
|
|
|
950
|
|
|
1,973
|
|
Intangible
amortization
|
3,150
|
|
|
2,432
|
|
|
2,044
|
|
|
2,045
|
|
|
9,671
|
|
Other
|
11,434
|
|
|
8,020
|
|
|
6,545
|
|
|
6,517
|
|
|
32,516
|
|
Total noninterest
expenses
|
92,887
|
|
|
86,442
|
|
|
84,510
|
|
|
78,493
|
|
|
342,332
|
|
Income before income
taxes
|
57,977
|
|
|
63,221
|
|
|
65,904
|
|
|
55,760
|
|
|
242,862
|
|
Income tax expense
(benefit)
|
9,300
|
|
|
12,365
|
|
|
13,201
|
|
|
9,921
|
|
|
44,787
|
|
Net income
|
$
|
48,677
|
|
|
$
|
50,856
|
|
|
$
|
52,703
|
|
|
$
|
45,839
|
|
|
$
|
198,075
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
Net earnings per
share - basic
|
$
|
0.49
|
|
|
$
|
0.52
|
|
|
$
|
0.54
|
|
|
$
|
0.47
|
|
|
$
|
2.01
|
|
Net earnings per
share - diluted
|
$
|
0.49
|
|
|
$
|
0.51
|
|
|
$
|
0.53
|
|
|
$
|
0.47
|
|
|
$
|
2.00
|
|
Dividends declared
per share
|
$
|
0.23
|
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
|
$
|
0.22
|
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.34
|
%
|
|
1.41
|
%
|
|
1.50
|
%
|
|
1.33
|
%
|
|
1.39
|
%
|
Return on average
shareholders' equity
|
8.60
|
%
|
|
9.13
|
%
|
|
9.85
|
%
|
|
8.88
|
%
|
|
9.11
|
%
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
|
147,651
|
|
|
$
|
153,645
|
|
|
$
|
154,523
|
|
|
$
|
151,759
|
|
|
$
|
607,578
|
|
Tax equivalent
adjustment
|
1,630
|
|
|
1,759
|
|
|
1,416
|
|
|
1,523
|
|
|
6,328
|
|
Interest
income - tax equivalent
|
149,281
|
|
|
155,404
|
|
|
155,939
|
|
|
153,282
|
|
|
613,906
|
|
Interest
expense
|
28,749
|
|
|
32,110
|
|
|
32,221
|
|
|
30,244
|
|
|
123,324
|
|
Net
interest income - tax equivalent
|
$
|
120,532
|
|
|
$
|
123,294
|
|
|
$
|
123,718
|
|
|
$
|
123,038
|
|
|
$
|
490,582
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
3.84
|
%
|
|
3.91
|
%
|
|
3.99
|
%
|
|
4.05
|
%
|
|
3.95
|
%
|
Net interest margin
(fully tax equivalent) (2)
|
3.89
|
%
|
|
3.96
|
%
|
|
4.04
|
%
|
|
4.10
|
%
|
|
4.00
|
%
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,065
|
|
|
2,064
|
|
|
2,076
|
|
|
2,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning January
1,2020, calculation is based on current expected loss methodology.
Prior to January 1, 2020, calculation was based on the incurred
loss methodology.
|
|
|
(2) The tax
equivalent adjustment to net interest income recognizes the income
tax savings when comparing taxable and tax-exempt assets and
assumes a 21% 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
% Change
|
|
% Change
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
Linked
Qtr.
|
|
Comp Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
283,639
|
|
|
$
|
261,892
|
|
|
$
|
200,691
|
|
|
$
|
242,482
|
|
|
$
|
169,694
|
|
|
8.3
|
%
|
|
67.1
|
%
|
Interest-bearing deposits
with other banks
|
38,845
|
|
|
71,071
|
|
|
56,948
|
|
|
39,669
|
|
|
101,668
|
|
|
(45.3)
|
%
|
|
(61.8)
|
%
|
Investment securities
available-for-sale
|
2,897,413
|
|
|
2,908,688
|
|
|
2,852,084
|
|
|
2,850,502
|
|
|
3,152,970
|
|
|
(0.4)
|
%
|
|
(8.1)
|
%
|
Investment securities
held-to-maturity
|
127,347
|
|
|
136,744
|
|
|
142,862
|
|
|
148,778
|
|
|
154,327
|
|
|
(6.9)
|
%
|
|
(17.5)
|
%
|
Other investments
|
132,366
|
|
|
143,581
|
|
|
125,020
|
|
|
124,965
|
|
|
127,439
|
|
|
(7.8)
|
%
|
|
3.9
|
%
|
Loans held for
sale
|
43,950
|
|
|
27,334
|
|
|
13,680
|
|
|
23,528
|
|
|
20,244
|
|
|
60.8
|
%
|
|
117.1
|
%
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,322,374
|
|
|
2,477,773
|
|
|
2,465,877
|
|
|
2,470,017
|
|
|
2,547,997
|
|
|
34.1
|
%
|
|
30.4
|
%
|
Lease
financing
|
80,087
|
|
|
82,602
|
|
|
88,364
|
|
|
92,616
|
|
|
90,638
|
|
|
(3.0)
|
%
|
|
(11.6)
|
%
|
Construction
real estate
|
506,085
|
|
|
500,311
|
|
|
493,182
|
|
|
515,960
|
|
|
497,683
|
|
|
1.2
|
%
|
|
1.7
|
%
|
Commercial real
estate
|
4,343,702
|
|
|
4,278,257
|
|
|
4,194,651
|
|
|
4,015,908
|
|
|
3,903,654
|
|
|
1.5
|
%
|
|
11.3
|
%
|
Residential real
estate
|
1,043,745
|
|
|
1,061,792
|
|
|
1,055,949
|
|
|
1,055,007
|
|
|
1,015,820
|
|
|
(1.7)
|
%
|
|
2.7
|
%
|
Home
equity
|
764,171
|
|
|
781,243
|
|
|
771,869
|
|
|
776,885
|
|
|
787,139
|
|
|
(2.2)
|
%
|
|
(2.9)
|
%
|
Installment
|
79,150
|
|
|
80,085
|
|
|
82,589
|
|
|
88,275
|
|
|
89,149
|
|
|
(1.2)
|
%
|
|
(11.2)
|
%
|
Credit
card
|
42,397
|
|
|
45,756
|
|
|
49,184
|
|
|
49,010
|
|
|
48,706
|
|
|
(7.3)
|
%
|
|
(13.0)
|
%
|
Total loans
|
10,181,711
|
|
|
9,307,819
|
|
|
9,201,665
|
|
|
9,063,678
|
|
|
8,980,786
|
|
|
9.4
|
%
|
|
13.4
|
%
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses (1)
|
158,661
|
|
|
143,885
|
|
|
57,650
|
|
|
56,552
|
|
|
61,549
|
|
|
10.3
|
%
|
|
157.8
|
%
|
Net loans
|
10,023,050
|
|
|
9,163,934
|
|
|
9,144,015
|
|
|
9,007,126
|
|
|
8,919,237
|
|
|
9.4
|
%
|
|
12.4
|
%
|
Premises and
equipment
|
211,164
|
|
|
212,787
|
|
|
214,506
|
|
|
213,681
|
|
|
211,313
|
|
|
(0.8)
|
%
|
|
(0.1)
|
%
|
Goodwill
|
937,771
|
|
|
937,771
|
|
|
937,771
|
|
|
937,689
|
|
|
879,727
|
|
|
0.0
|
%
|
|
6.6
|
%
|
Other intangibles
|
70,325
|
|
|
73,258
|
|
|
76,201
|
|
|
79,506
|
|
|
36,349
|
|
|
(4.0)
|
%
|
|
93.5
|
%
|
Accrued interest and other
assets
|
1,105,020
|
|
|
1,120,507
|
|
|
747,847
|
|
|
812,519
|
|
|
664,695
|
|
|
(1.4)
|
%
|
|
66.2
|
%
|
Total
Assets
|
$
|
15,870,890
|
|
|
$
|
15,057,567
|
|
|
$
|
14,511,625
|
|
|
$
|
14,480,445
|
|
|
$
|
14,437,663
|
|
|
5.4
|
%
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
2,657,841
|
|
|
$
|
2,498,109
|
|
|
$
|
2,364,881
|
|
|
$
|
2,316,301
|
|
|
$
|
2,332,692
|
|
|
6.4
|
%
|
|
13.9
|
%
|
Savings
|
3,287,314
|
|
|
2,978,250
|
|
|
2,960,979
|
|
|
2,924,200
|
|
|
2,953,114
|
|
|
10.4
|
%
|
|
11.3
|
%
|
Time
|
2,241,212
|
|
|
2,435,858
|
|
|
2,240,441
|
|
|
2,308,617
|
|
|
2,321,908
|
|
|
(8.0)
|
%
|
|
(3.5)
|
%
|
Total interest-bearing deposits
|
8,186,367
|
|
|
7,912,217
|
|
|
7,566,301
|
|
|
7,549,118
|
|
|
7,607,714
|
|
|
3.5
|
%
|
|
7.6
|
%
|
Noninterest-bearing
|
3,515,048
|
|
|
2,723,341
|
|
|
2,643,928
|
|
|
2,534,739
|
|
|
2,501,290
|
|
|
29.1
|
%
|
|
40.5
|
%
|
Total deposits
|
11,701,415
|
|
|
10,635,558
|
|
|
10,210,229
|
|
|
10,083,857
|
|
|
10,109,004
|
|
|
10.0
|
%
|
|
15.8
|
%
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
154,347
|
|
|
215,824
|
|
|
165,181
|
|
|
85,286
|
|
|
260,621
|
|
|
(28.5)
|
%
|
|
(40.8)
|
%
|
FHLB short-term
borrowings
|
0
|
|
|
1,181,900
|
|
|
1,151,000
|
|
|
1,128,900
|
|
|
1,052,700
|
|
|
(100.0)
|
%
|
|
(100.0)
|
%
|
Total short-term borrowings
|
154,347
|
|
|
1,397,724
|
|
|
1,316,181
|
|
|
1,214,186
|
|
|
1,313,321
|
|
|
(89.0)
|
%
|
|
(88.2)
|
%
|
Long-term debt
|
1,285,767
|
|
|
325,566
|
|
|
414,376
|
|
|
498,778
|
|
|
547,042
|
|
|
294.9
|
%
|
|
135.0
|
%
|
Total borrowed funds
|
1,440,114
|
|
|
1,723,290
|
|
|
1,730,557
|
|
|
1,712,964
|
|
|
1,860,363
|
|
|
(16.4)
|
%
|
|
(22.6)
|
%
|
Accrued interest and other
liabilities
|
508,342
|
|
|
519,336
|
|
|
323,134
|
|
|
422,311
|
|
|
280,107
|
|
|
(2.1)
|
%
|
|
81.5
|
%
|
Total
Liabilities
|
13,649,871
|
|
|
12,878,184
|
|
|
12,263,920
|
|
|
12,219,132
|
|
|
12,249,474
|
|
|
6.0
|
%
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,635,070
|
|
|
1,633,950
|
|
|
1,640,771
|
|
|
1,639,333
|
|
|
1,623,699
|
|
|
0.1
|
%
|
|
0.7
|
%
|
Retained earnings
|
675,532
|
|
|
660,653
|
|
|
711,249
|
|
|
685,368
|
|
|
657,730
|
|
|
2.3
|
%
|
|
2.7
|
%
|
Accumulated other
comprehensive income (loss)
|
36,431
|
|
|
11,788
|
|
|
13,323
|
|
|
15,450
|
|
|
5,193
|
|
|
209.1
|
%
|
|
601.5
|
%
|
Treasury stock, at
cost
|
(126,014)
|
|
|
(127,008)
|
|
|
(117,638)
|
|
|
(78,838)
|
|
|
(98,433)
|
|
|
(0.8)
|
%
|
|
28.0
|
%
|
Total
Shareholders' Equity
|
2,221,019
|
|
|
2,179,383
|
|
|
2,247,705
|
|
|
2,261,313
|
|
|
2,188,189
|
|
|
1.9
|
%
|
|
1.5
|
%
|
Total
Liabilities and Shareholders' Equity
|
$
|
15,870,890
|
|
|
$
|
15,057,567
|
|
|
$
|
14,511,625
|
|
|
$
|
14,480,445
|
|
|
$
|
14,437,663
|
|
|
5.4
|
%
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning January
1,2020, calculation is based on current expected loss methodology.
Prior to January 1, 2020, calculation was based on the incurred
loss methodology.
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE
CONSOLIDATED STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
284,726
|
|
|
$
|
235,696
|
|
|
$
|
221,060
|
|
|
$
|
191,000
|
|
|
$
|
173,278
|
|
|
$
|
260,211
|
|
|
$
|
177,463
|
|
Interest-bearing deposits
with other banks
|
91,990
|
|
|
39,332
|
|
|
36,672
|
|
|
38,569
|
|
|
33,255
|
|
|
65,661
|
|
|
33,978
|
|
Investment
securities
|
3,164,243
|
|
|
3,115,723
|
|
|
3,102,867
|
|
|
3,290,666
|
|
|
3,408,994
|
|
|
3,139,983
|
|
|
3,382,510
|
|
Loans held for
sale
|
36,592
|
|
|
13,174
|
|
|
21,050
|
|
|
18,197
|
|
|
13,258
|
|
|
24,883
|
|
|
9,844
|
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,058,677
|
|
|
2,450,893
|
|
|
2,469,810
|
|
|
2,509,782
|
|
|
2,533,981
|
|
|
2,754,785
|
|
|
2,521,696
|
|
Lease
financing
|
81,218
|
|
|
85,782
|
|
|
91,225
|
|
|
94,858
|
|
|
94,458
|
|
|
83,500
|
|
|
92,760
|
|
Construction
real estate
|
495,407
|
|
|
501,471
|
|
|
501,892
|
|
|
509,742
|
|
|
457,962
|
|
|
498,439
|
|
|
476,952
|
|
Commercial real
estate
|
4,381,647
|
|
|
4,209,345
|
|
|
4,102,288
|
|
|
3,925,028
|
|
|
3,834,404
|
|
|
4,295,496
|
|
|
3,798,558
|
|
Residential real
estate
|
1,052,996
|
|
|
1,055,456
|
|
|
1,053,707
|
|
|
1,035,975
|
|
|
989,923
|
|
|
1,054,226
|
|
|
975,832
|
|
Home
equity
|
772,424
|
|
|
773,082
|
|
|
773,119
|
|
|
781,340
|
|
|
789,087
|
|
|
772,753
|
|
|
798,376
|
|
Installment
|
79,016
|
|
|
81,234
|
|
|
85,515
|
|
|
88,760
|
|
|
89,778
|
|
|
80,125
|
|
|
90,520
|
|
Credit
card
|
44,402
|
|
|
50,206
|
|
|
50,616
|
|
|
50,410
|
|
|
49,811
|
|
|
47,304
|
|
|
48,668
|
|
Total loans
|
9,965,787
|
|
|
9,207,469
|
|
|
9,128,172
|
|
|
8,995,895
|
|
|
8,839,404
|
|
|
9,586,628
|
|
|
8,803,362
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses (1)
|
155,454
|
|
|
121,126
|
|
|
56,649
|
|
|
61,911
|
|
|
58,335
|
|
|
138,290
|
|
|
57,715
|
|
Net loans
|
9,810,333
|
|
|
9,086,343
|
|
|
9,071,523
|
|
|
8,933,984
|
|
|
8,781,069
|
|
|
9,448,338
|
|
|
8,745,647
|
|
Premises and
equipment
|
213,903
|
|
|
215,545
|
|
|
215,171
|
|
|
215,671
|
|
|
211,714
|
|
|
214,724
|
|
|
212,457
|
|
Goodwill
|
937,771
|
|
|
937,771
|
|
|
937,710
|
|
|
899,888
|
|
|
879,726
|
|
|
937,771
|
|
|
879,137
|
|
Other intangibles
|
72,086
|
|
|
75,014
|
|
|
78,190
|
|
|
51,365
|
|
|
37,666
|
|
|
73,550
|
|
|
38,777
|
|
Accrued interest and other
assets
|
1,098,560
|
|
|
805,824
|
|
|
776,045
|
|
|
681,174
|
|
|
563,773
|
|
|
952,192
|
|
|
548,245
|
|
Total
Assets
|
$
|
15,710,204
|
|
|
$
|
14,524,422
|
|
|
$
|
14,460,288
|
|
|
$
|
14,320,514
|
|
|
$
|
14,102,733
|
|
|
$
|
15,117,313
|
|
|
$
|
14,028,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
2,602,917
|
|
|
$
|
2,418,193
|
|
|
$
|
2,373,962
|
|
|
$
|
2,325,405
|
|
|
$
|
2,334,322
|
|
|
$
|
2,510,555
|
|
|
$
|
2,302,313
|
|
Savings
|
3,173,274
|
|
|
2,976,518
|
|
|
2,995,395
|
|
|
2,945,076
|
|
|
3,057,100
|
|
|
3,074,896
|
|
|
3,086,167
|
|
Time
|
2,619,038
|
|
|
2,196,080
|
|
|
2,214,174
|
|
|
2,234,227
|
|
|
2,220,724
|
|
|
2,407,559
|
|
|
2,222,645
|
|
Total interest-bearing deposits
|
8,395,229
|
|
|
7,590,791
|
|
|
7,583,531
|
|
|
7,504,708
|
|
|
7,612,146
|
|
|
7,993,010
|
|
|
7,611,125
|
|
Noninterest-bearing
|
3,335,866
|
|
|
2,643,240
|
|
|
2,638,908
|
|
|
2,513,458
|
|
|
2,484,214
|
|
|
2,989,553
|
|
|
2,470,974
|
|
Total deposits
|
11,731,095
|
|
|
10,234,031
|
|
|
10,222,439
|
|
|
10,018,166
|
|
|
10,096,360
|
|
|
10,982,563
|
|
|
10,082,099
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
145,291
|
|
|
164,093
|
|
|
206,800
|
|
|
185,156
|
|
|
126,872
|
|
|
154,692
|
|
|
115,075
|
|
FHLB short-term
borrowings
|
548,183
|
|
|
1,189,765
|
|
|
952,625
|
|
|
1,112,091
|
|
|
982,993
|
|
|
868,974
|
|
|
948,674
|
|
Total short-term borrowings
|
693,474
|
|
|
1,353,858
|
|
|
1,159,425
|
|
|
1,297,247
|
|
|
1,109,865
|
|
|
1,023,666
|
|
|
1,063,749
|
|
Long-term debt
|
579,345
|
|
|
381,909
|
|
|
454,271
|
|
|
519,736
|
|
|
546,705
|
|
|
480,627
|
|
|
558,262
|
|
Total borrowed
funds
|
1,272,819
|
|
|
1,735,767
|
|
|
1,613,696
|
|
|
1,816,983
|
|
|
1,656,570
|
|
|
1,504,293
|
|
|
1,622,011
|
|
Accrued interest and other
liabilities
|
520,425
|
|
|
344,891
|
|
|
379,046
|
|
|
275,038
|
|
|
202,806
|
|
|
432,658
|
|
|
203,186
|
|
Total
Liabilities
|
13,524,339
|
|
|
12,314,689
|
|
|
12,215,181
|
|
|
12,110,187
|
|
|
11,955,736
|
|
|
12,919,514
|
|
|
11,907,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,634,405
|
|
|
1,638,851
|
|
|
1,640,066
|
|
|
1,629,286
|
|
|
1,622,994
|
|
|
1,636,628
|
|
|
1,624,105
|
|
Retained earnings
|
658,312
|
|
|
660,108
|
|
|
691,236
|
|
|
662,899
|
|
|
635,629
|
|
|
659,210
|
|
|
623,252
|
|
Accumulated other
comprehensive loss
|
19,888
|
|
|
31,200
|
|
|
13,986
|
|
|
11,985
|
|
|
(12,889)
|
|
|
25,544
|
|
|
(26,268)
|
|
Treasury stock, at
cost
|
(126,740)
|
|
|
(120,426)
|
|
|
(100,181)
|
|
|
(93,843)
|
|
|
(98,737)
|
|
|
(123,583)
|
|
|
(100,327)
|
|
Total
Shareholders' Equity
|
2,185,865
|
|
|
2,209,733
|
|
|
2,245,107
|
|
|
2,210,327
|
|
|
2,146,997
|
|
|
2,197,799
|
|
|
2,120,762
|
|
Total
Liabilities and Shareholders' Equity
|
$
|
15,710,204
|
|
|
$
|
14,524,422
|
|
|
$
|
14,460,288
|
|
|
$
|
14,320,514
|
|
|
$
|
14,102,733
|
|
|
$
|
15,117,313
|
|
|
$
|
14,028,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Beginning January
1,2020, calculation is based on current expected loss methodology.
Prior to January 1, 2020, calculation was based on the incurred
loss methodology.
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
|
June 30,
2020
|
|
March 31,
2020
|
|
June 30,
2019
|
|
June 30,
2020
|
|
June 30,
2019
|
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
|
3,164,243
|
|
|
2.97
|
%
|
|
$
|
3,115,723
|
|
|
3.04
|
%
|
|
$
|
3,408,994
|
|
|
3.29
|
%
|
|
$
|
3,139,983
|
|
|
3.02
|
%
|
|
$
|
3,382,510
|
|
|
3.37
|
%
|
Interest-bearing
deposits with other banks
|
|
91,990
|
|
|
0.20
|
%
|
|
39,332
|
|
|
1.45
|
%
|
|
33,255
|
|
|
2.48
|
%
|
|
65,661
|
|
|
0.58
|
%
|
|
33,978
|
|
|
2.47
|
%
|
Gross loans (1)
|
|
10,002,379
|
|
|
4.25
|
%
|
|
9,220,643
|
|
|
5.04
|
%
|
|
8,852,662
|
|
|
5.73
|
%
|
|
9,611,511
|
|
|
4.65
|
%
|
|
8,813,206
|
|
|
5.71
|
%
|
Total earning
assets
|
|
13,258,612
|
|
|
3.91
|
%
|
|
12,375,698
|
|
|
4.52
|
%
|
|
12,294,911
|
|
|
5.04
|
%
|
|
12,817,155
|
|
|
4.23
|
%
|
|
12,229,694
|
|
|
5.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
(155,454)
|
|
|
|
|
(121,126)
|
|
|
|
|
(58,335)
|
|
|
|
|
(138,290)
|
|
|
|
|
(57,715)
|
|
|
|
Cash and due from banks
|
|
284,726
|
|
|
|
|
235,696
|
|
|
|
|
173,278
|
|
|
|
|
260,211
|
|
|
|
|
177,463
|
|
|
|
Accrued interest and other assets
|
|
2,322,320
|
|
|
|
|
2,034,154
|
|
|
|
|
1,692,879
|
|
|
|
|
2,178,237
|
|
|
|
|
1,678,616
|
|
|
|
Total
assets
|
|
$
|
15,710,204
|
|
|
|
|
$
|
14,524,422
|
|
|
|
|
$
|
14,102,733
|
|
|
|
|
$
|
15,117,313
|
|
|
|
|
$
|
14,028,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
|
2,602,917
|
|
|
0.11
|
%
|
|
$
|
2,418,193
|
|
|
0.45
|
%
|
|
$
|
2,334,322
|
|
|
0.60
|
%
|
|
$
|
2,510,555
|
|
|
0.27
|
%
|
|
$
|
2,302,313
|
|
|
0.55
|
%
|
Savings
|
|
3,173,274
|
|
|
0.17
|
%
|
|
2,976,518
|
|
|
0.45
|
%
|
|
3,057,100
|
|
|
0.78
|
%
|
|
3,074,896
|
|
|
0.31
|
%
|
|
3,086,167
|
|
|
0.77
|
%
|
Time
|
|
2,619,038
|
|
|
1.49
|
%
|
|
2,196,080
|
|
|
1.88
|
%
|
|
2,220,724
|
|
|
2.02
|
%
|
|
2,407,559
|
|
|
1.68
|
%
|
|
2,222,645
|
|
|
1.98
|
%
|
Total interest-bearing deposits
|
|
8,395,229
|
|
|
0.56
|
%
|
|
7,590,791
|
|
|
0.86
|
%
|
|
7,612,146
|
|
|
1.09
|
%
|
|
7,993,010
|
|
|
0.71
|
%
|
|
7,611,125
|
|
|
1.06
|
%
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
693,474
|
|
|
0.74
|
%
|
|
1,353,858
|
|
|
1.51
|
%
|
|
1,109,865
|
|
|
2.40
|
%
|
|
1,023,666
|
|
|
1.25
|
%
|
|
1,063,749
|
|
|
2.39
|
%
|
Long-term
debt
|
|
579,345
|
|
|
3.29
|
%
|
|
381,909
|
|
|
3.96
|
%
|
|
546,705
|
|
|
3.64
|
%
|
|
480,627
|
|
|
3.58
|
%
|
|
558,262
|
|
|
3.61
|
%
|
Total
borrowed funds
|
|
1,272,819
|
|
|
1.90
|
%
|
|
1,735,767
|
|
|
2.05
|
%
|
|
1,656,570
|
|
|
2.81
|
%
|
|
1,504,293
|
|
|
2.00
|
%
|
|
1,622,011
|
|
|
2.81
|
%
|
Total
interest-bearing liabilities
|
|
9,668,048
|
|
|
0.74
|
%
|
|
9,326,558
|
|
|
1.08
|
%
|
|
9,268,716
|
|
|
1.39
|
%
|
|
9,497,303
|
|
|
0.91
|
%
|
|
9,233,136
|
|
|
1.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
3,335,866
|
|
|
|
|
2,643,240
|
|
|
|
|
2,484,214
|
|
|
|
|
2,989,553
|
|
|
|
|
2,470,974
|
|
|
|
Other liabilities
|
|
520,425
|
|
|
|
|
344,891
|
|
|
|
|
202,806
|
|
|
|
|
432,658
|
|
|
|
|
203,186
|
|
|
|
Shareholders' equity
|
|
2,185,865
|
|
|
|
|
2,209,733
|
|
|
|
|
2,146,997
|
|
|
|
|
2,197,799
|
|
|
|
|
2,120,762
|
|
|
|
Total
liabilities & shareholders' equity
|
|
$
|
15,710,204
|
|
|
|
|
$
|
14,524,422
|
|
|
|
|
$
|
14,102,733
|
|
|
|
|
$
|
15,117,313
|
|
|
|
|
$
|
14,028,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
111,576
|
|
|
|
|
$
|
114,282
|
|
|
|
|
$
|
122,302
|
|
|
|
|
$
|
225,858
|
|
|
|
|
$
|
243,817
|
|
|
|
Net interest
spread
|
|
|
|
3.17
|
%
|
|
|
|
3.44
|
%
|
|
|
|
3.65
|
%
|
|
|
|
3.32
|
%
|
|
|
|
3.69
|
%
|
Net interest
margin
|
|
|
|
3.38
|
%
|
|
|
|
3.71
|
%
|
|
|
|
3.99
|
%
|
|
|
|
3.54
|
%
|
|
|
|
4.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment
|
|
|
|
0.06
|
%
|
|
|
|
0.06
|
%
|
|
|
|
0.05
|
%
|
|
|
|
0.06
|
%
|
|
|
|
0.05
|
%
|
Net interest margin
(fully tax equivalent)
|
|
|
|
3.44
|
%
|
|
|
|
3.77
|
%
|
|
|
|
4.04
|
%
|
|
|
|
3.60
|
%
|
|
|
|
4.07
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loans held for sale and
nonaccrual loans are included in gross loans.
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST
MARGIN RATE/VOLUME ANALYSIS (1)
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Qtr.
Income Variance
|
|
Comparable Qtr.
Income Variance
|
|
Year-to-Date Income
Variance
|
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
|
Rate
|
|
Volume
|
|
Total
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
|
|
$
|
(533)
|
|
|
$
|
359
|
|
|
$
|
(174)
|
|
|
$
|
(2,728)
|
|
|
$
|
(1,811)
|
|
|
$
|
(4,539)
|
|
|
$
|
(5,815)
|
|
|
$
|
(3,630)
|
|
|
$
|
(9,445)
|
|
Interest-bearing deposits with other banks
|
|
(122)
|
|
|
27
|
|
|
(95)
|
|
|
(189)
|
|
|
30
|
|
|
(159)
|
|
|
(318)
|
|
|
91
|
|
|
(227)
|
|
Gross loans (2)
|
|
(18,152)
|
|
|
8,277
|
|
|
(9,875)
|
|
|
(32,638)
|
|
|
12,173
|
|
|
(20,465)
|
|
|
(46,158)
|
|
|
18,412
|
|
|
(27,746)
|
|
Total earning
assets
|
|
(18,807)
|
|
|
8,663
|
|
|
(10,144)
|
|
|
(35,555)
|
|
|
10,392
|
|
|
(25,163)
|
|
|
(52,291)
|
|
|
14,873
|
|
|
(37,418)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
$
|
(5,740)
|
|
|
$
|
1,126
|
|
|
$
|
(4,614)
|
|
|
$
|
(9,957)
|
|
|
$
|
1,096
|
|
|
$
|
(8,861)
|
|
|
$
|
(13,082)
|
|
|
$
|
1,343
|
|
|
$
|
(11,739)
|
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
(2,600)
|
|
|
(1,213)
|
|
|
(3,813)
|
|
|
(4,607)
|
|
|
(765)
|
|
|
(5,372)
|
|
|
(5,996)
|
|
|
(249)
|
|
|
(6,245)
|
|
Long-term debt
|
|
(633)
|
|
|
1,622
|
|
|
989
|
|
|
(472)
|
|
|
268
|
|
|
(204)
|
|
|
(97)
|
|
|
(1,378)
|
|
|
(1,475)
|
|
Total borrowed
funds
|
|
(3,233)
|
|
|
409
|
|
|
(2,824)
|
|
|
(5,079)
|
|
|
(497)
|
|
|
(5,576)
|
|
|
(6,093)
|
|
|
(1,627)
|
|
|
(7,720)
|
|
Total
interest-bearing liabilities
|
|
(8,973)
|
|
|
1,535
|
|
|
(7,438)
|
|
|
(15,036)
|
|
|
599
|
|
|
(14,437)
|
|
|
(19,175)
|
|
|
(284)
|
|
|
(19,459)
|
|
Net interest income (1)
|
|
$
|
(9,834)
|
|
|
$
|
7,128
|
|
|
$
|
(2,706)
|
|
|
$
|
(20,519)
|
|
|
$
|
9,793
|
|
|
$
|
(10,726)
|
|
|
$
|
(33,116)
|
|
|
$
|
15,157
|
|
|
$
|
(17,959)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Not tax equivalent.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Loans held for sale and
nonaccrual loans are included in gross loans.
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CREDIT
QUALITY
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR
CREDIT LOSS ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
143,885
|
|
|
$
|
57,650
|
|
|
$
|
56,552
|
|
|
$
|
61,549
|
|
|
$
|
56,722
|
|
|
$
|
57,650
|
|
|
$
|
56,542
|
|
Day one
adoption impact of ASC 326
|
0
|
|
|
61,505
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
61,505
|
|
|
0
|
|
Provision for
credit losses
|
17,859
|
|
|
23,880
|
|
|
4,629
|
|
|
5,228
|
|
|
6,658
|
|
|
41,739
|
|
|
20,741
|
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
1,282
|
|
|
1,091
|
|
|
2,919
|
|
|
9,556
|
|
|
1,873
|
|
|
2,373
|
|
|
14,201
|
|
Lease financing
|
0
|
|
|
0
|
|
|
62
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
100
|
|
Construction real estate
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Commercial real estate
|
2,037
|
|
|
4
|
|
|
1,854
|
|
|
535
|
|
|
86
|
|
|
2,041
|
|
|
1,300
|
|
Residential real estate
|
148
|
|
|
115
|
|
|
167
|
|
|
278
|
|
|
150
|
|
|
263
|
|
|
232
|
|
Home equity
|
428
|
|
|
267
|
|
|
807
|
|
|
627
|
|
|
689
|
|
|
695
|
|
|
1,157
|
|
Installment
|
7
|
|
|
61
|
|
|
31
|
|
|
65
|
|
|
78
|
|
|
68
|
|
|
127
|
|
Credit card
|
234
|
|
|
311
|
|
|
319
|
|
|
598
|
|
|
289
|
|
|
545
|
|
|
630
|
|
Total gross
charge-offs
|
4,136
|
|
|
1,849
|
|
|
6,159
|
|
|
11,659
|
|
|
3,165
|
|
|
5,985
|
|
|
17,747
|
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
275
|
|
|
2,000
|
|
|
1,796
|
|
|
556
|
|
|
291
|
|
|
2,275
|
|
|
531
|
|
Lease financing
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
Construction real estate
|
14
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
5
|
|
|
14
|
|
|
68
|
|
Commercial real estate
|
424
|
|
|
234
|
|
|
439
|
|
|
347
|
|
|
254
|
|
|
658
|
|
|
327
|
|
Residential real estate
|
93
|
|
|
52
|
|
|
72
|
|
|
64
|
|
|
101
|
|
|
145
|
|
|
137
|
|
Home equity
|
156
|
|
|
339
|
|
|
243
|
|
|
335
|
|
|
572
|
|
|
495
|
|
|
757
|
|
Installment
|
27
|
|
|
31
|
|
|
49
|
|
|
93
|
|
|
61
|
|
|
58
|
|
|
109
|
|
Credit card
|
64
|
|
|
43
|
|
|
29
|
|
|
39
|
|
|
50
|
|
|
107
|
|
|
84
|
|
Total
recoveries
|
1,053
|
|
|
2,699
|
|
|
2,628
|
|
|
1,434
|
|
|
1,334
|
|
|
3,752
|
|
|
2,013
|
|
Total net
charge-offs
|
3,083
|
|
|
(850)
|
|
|
3,531
|
|
|
10,225
|
|
|
1,831
|
|
|
2,233
|
|
|
15,734
|
|
Ending allowance for
credit losses
|
$
|
158,661
|
|
|
$
|
143,885
|
|
|
$
|
57,650
|
|
|
$
|
56,552
|
|
|
$
|
61,549
|
|
|
$
|
158,661
|
|
|
$
|
61,549
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.13
|
%
|
|
(0.15)
|
%
|
|
0.18
|
%
|
|
1.42
|
%
|
|
0.25
|
%
|
|
0.01
|
%
|
|
1.09
|
%
|
Lease
financing
|
0.00
|
%
|
|
0.00
|
%
|
|
0.27
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.22
|
%
|
Construction
real estate
|
(0.01)
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
0.00
|
%
|
|
(0.01)
|
%
|
|
(0.03)
|
%
|
Commercial
real estate
|
0.15
|
%
|
|
(0.02)
|
%
|
|
0.14
|
%
|
|
0.02
|
%
|
|
(0.02)
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
Residential
real estate
|
0.02
|
%
|
|
0.02
|
%
|
|
0.04
|
%
|
|
0.08
|
%
|
|
0.02
|
%
|
|
0.02
|
%
|
|
0.02
|
%
|
Home
equity
|
0.14
|
%
|
|
(0.04)
|
%
|
|
0.29
|
%
|
|
0.15
|
%
|
|
0.06
|
%
|
|
0.05
|
%
|
|
0.10
|
%
|
Installment
|
(0.10)
|
%
|
|
0.15
|
%
|
|
(0.08)
|
%
|
|
(0.13)
|
%
|
|
0.08
|
%
|
|
0.03
|
%
|
|
0.04
|
%
|
Credit
card
|
1.54
|
%
|
|
2.15
|
%
|
|
2.27
|
%
|
|
4.40
|
%
|
|
1.92
|
%
|
|
1.86
|
%
|
|
2.26
|
%
|
Total net
charge-offs
|
0.12
|
%
|
|
(0.04)
|
%
|
|
0.15
|
%
|
|
0.45
|
%
|
|
0.08
|
%
|
|
0.05
|
%
|
|
0.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
|
|
Nonaccrual
loans (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
|
33,906
|
|
|
$
|
21,126
|
|
|
$
|
24,346
|
|
|
$
|
28,358
|
|
|
$
|
18,502
|
|
|
$
|
33,906
|
|
|
$
|
18,502
|
|
Lease financing
|
1,353
|
|
|
222
|
|
|
223
|
|
|
284
|
|
|
295
|
|
|
1,353
|
|
|
295
|
|
Construction real estate
|
0
|
|
|
0
|
|
|
0
|
|
|
5
|
|
|
6
|
|
|
0
|
|
|
6
|
|
Commercial real estate
|
14,002
|
|
|
10,050
|
|
|
7,295
|
|
|
14,889
|
|
|
15,981
|
|
|
14,002
|
|
|
15,981
|
|
Residential real estate
|
12,813
|
|
|
11,163
|
|
|
10,892
|
|
|
11,655
|
|
|
11,627
|
|
|
12,813
|
|
|
11,627
|
|
Home equity
|
5,604
|
|
|
5,821
|
|
|
5,242
|
|
|
5,427
|
|
|
4,745
|
|
|
5,604
|
|
|
4,745
|
|
Installment
|
201
|
|
|
145
|
|
|
167
|
|
|
75
|
|
|
195
|
|
|
201
|
|
|
195
|
|
Nonaccrual
loans
|
67,879
|
|
|
48,527
|
|
|
48,165
|
|
|
60,693
|
|
|
51,351
|
|
|
67,879
|
|
|
51,351
|
|
Accruing
troubled debt restructurings (TDRs)
|
8,377
|
|
|
22,206
|
|
|
11,435
|
|
|
18,450
|
|
|
37,420
|
|
|
8,377
|
|
|
37,420
|
|
Total nonperforming
loans
|
76,256
|
|
|
70,733
|
|
|
59,600
|
|
|
79,143
|
|
|
88,771
|
|
|
76,256
|
|
|
88,771
|
|
Other real
estate owned (OREO)
|
1,872
|
|
|
1,467
|
|
|
2,033
|
|
|
1,613
|
|
|
1,421
|
|
|
1,872
|
|
|
1,421
|
|
Total nonperforming
assets
|
78,128
|
|
|
72,200
|
|
|
61,633
|
|
|
80,756
|
|
|
90,192
|
|
|
78,128
|
|
|
90,192
|
|
Accruing loans
past due 90 days or more
|
124
|
|
|
120
|
|
|
201
|
|
|
287
|
|
|
107
|
|
|
124
|
|
|
107
|
|
Total underperforming
assets
|
$
|
78,252
|
|
|
$
|
72,320
|
|
|
$
|
61,834
|
|
|
$
|
81,043
|
|
|
$
|
90,299
|
|
|
$
|
78,252
|
|
|
$
|
90,299
|
|
Total classified
assets
|
$
|
125,543
|
|
|
$
|
124,510
|
|
|
$
|
89,250
|
|
|
$
|
132,500
|
|
|
$
|
147,753
|
|
|
$
|
125,543
|
|
|
$
|
147,753
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
233.74
|
%
|
|
296.51
|
%
|
|
119.69
|
%
|
|
93.18
|
%
|
|
119.86
|
%
|
|
233.74
|
%
|
|
119.86
|
%
|
Nonperforming
loans
|
208.06
|
%
|
|
203.42
|
%
|
|
96.73
|
%
|
|
71.46
|
%
|
|
69.33
|
%
|
|
208.06
|
%
|
|
69.33
|
%
|
Total ending
loans
|
1.56
|
%
|
|
1.55
|
%
|
|
0.63
|
%
|
|
0.62
|
%
|
|
0.69
|
%
|
|
1.56
|
%
|
|
0.69
|
%
|
Nonperforming loans
to total loans
|
0.75
|
%
|
|
0.76
|
%
|
|
0.65
|
%
|
|
0.87
|
%
|
|
0.99
|
%
|
|
0.75
|
%
|
|
0.99
|
%
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.77
|
%
|
|
0.78
|
%
|
|
0.67
|
%
|
|
0.89
|
%
|
|
1.00
|
%
|
|
0.77
|
%
|
|
1.00
|
%
|
Total assets
|
0.49
|
%
|
|
0.48
|
%
|
|
0.42
|
%
|
|
0.56
|
%
|
|
0.62
|
%
|
|
0.49
|
%
|
|
0.62
|
%
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.68
|
%
|
|
0.54
|
%
|
|
0.55
|
%
|
|
0.69
|
%
|
|
0.59
|
%
|
|
0.68
|
%
|
|
0.59
|
%
|
Total assets
|
0.44
|
%
|
|
0.33
|
%
|
|
0.35
|
%
|
|
0.43
|
%
|
|
0.37
|
%
|
|
0.44
|
%
|
|
0.37
|
%
|
Classified assets to
total assets
|
0.79
|
%
|
|
0.83
|
%
|
|
0.62
|
%
|
|
0.92
|
%
|
|
1.02
|
%
|
|
0.79
|
%
|
|
1.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonaccrual
loans include nonaccrual TDRs of $32.7 million, $18.4 million,
$18.5 million, $21.5 million, and $11.0 million, as of June 30,
2020, March 31, 2020, December 31, 2019, September 30, 2019, and
June 30, 2019, respectively.
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six months
ended,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
2020
|
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2020
|
|
2019
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$
|
16.38
|
|
|
$
|
25.52
|
|
|
$
|
26.04
|
|
|
$
|
25.49
|
|
|
$
|
25.80
|
|
|
$
|
25.52
|
|
|
$
|
28.56
|
|
Low
|
$
|
11.52
|
|
|
$
|
12.67
|
|
|
$
|
23.24
|
|
|
$
|
22.37
|
|
|
$
|
22.16
|
|
|
$
|
11.52
|
|
|
$
|
22.16
|
|
Close
|
$
|
13.89
|
|
|
$
|
14.91
|
|
|
$
|
25.44
|
|
|
$
|
24.48
|
|
|
$
|
24.22
|
|
|
$
|
13.89
|
|
|
$
|
24.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
97,220,748
|
|
|
97,736,690
|
|
|
98,684,706
|
|
|
98,517,025
|
|
|
98,083,799
|
|
|
97,478,719
|
|
|
98,005,379
|
|
Average shares
outstanding - diluted
|
97,988,600
|
|
|
98,356,214
|
|
|
99,232,167
|
|
|
99,077,723
|
|
|
98,648,384
|
|
|
98,172,408
|
|
|
98,542,947
|
|
Ending shares
outstanding
|
98,018,858
|
|
|
97,968,958
|
|
|
98,490,998
|
|
|
100,094,819
|
|
|
98,647,690
|
|
|
98,018,858
|
|
|
98,647,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
|
2,221,019
|
|
|
$
|
2,179,383
|
|
|
$
|
2,247,705
|
|
|
$
|
2,261,313
|
|
|
$
|
2,188,189
|
|
|
$
|
2,221,019
|
|
|
$
|
2,188,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY
CAPITAL
|
Preliminary
|
|
|
|
|
|
|
|
|
|
Preliminary
|
|
|
Common equity tier 1
capital
|
$
|
1,267,609
|
|
|
$
|
1,243,152
|
|
|
$
|
1,245,746
|
|
|
$
|
1,253,803
|
|
|
$
|
1,281,406
|
|
|
$
|
1,267,609
|
|
|
$
|
1,281,406
|
|
Common equity tier 1
capital ratio
|
11.44
|
%
|
|
11.27
|
%
|
|
11.30
|
%
|
|
11.52
|
%
|
|
12.00
|
%
|
|
11.44
|
%
|
|
12.00
|
%
|
Tier 1
capital
|
$
|
1,310,276
|
|
|
$
|
1,285,705
|
|
|
$
|
1,288,185
|
|
|
$
|
1,296,399
|
|
|
$
|
1,323,905
|
|
|
$
|
1,310,276
|
|
|
$
|
1,323,905
|
|
Tier 1
ratio
|
11.83
|
%
|
|
11.66
|
%
|
|
11.69
|
%
|
|
11.91
|
%
|
|
12.40
|
%
|
|
11.83
|
%
|
|
12.40
|
%
|
Total
capital
|
$
|
1,676,532
|
|
|
$
|
1,493,100
|
|
|
$
|
1,475,813
|
|
|
$
|
1,482,708
|
|
|
$
|
1,515,382
|
|
|
$
|
1,676,532
|
|
|
$
|
1,515,382
|
|
Total capital
ratio
|
15.13
|
%
|
|
13.54
|
%
|
|
13.39
|
%
|
|
13.62
|
%
|
|
14.20
|
%
|
|
15.13
|
%
|
|
14.20
|
%
|
Total capital in
excess of minimum requirement
|
$
|
513,267
|
|
|
$
|
335,229
|
|
|
$
|
318,315
|
|
|
$
|
339,935
|
|
|
$
|
394,571
|
|
|
$
|
513,267
|
|
|
$
|
394,571
|
|
Total risk-weighted
assets
|
$
|
11,078,714
|
|
|
$
|
11,027,347
|
|
|
$
|
11,023,795
|
|
|
$
|
10,883,554
|
|
|
$
|
10,674,393
|
|
|
$
|
11,078,714
|
|
|
$
|
10,674,393
|
|
Leverage
ratio
|
8.98
|
%
|
|
9.49
|
%
|
|
9.58
|
%
|
|
9.75
|
%
|
|
10.02
|
%
|
|
8.98
|
%
|
|
10.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
13.99
|
%
|
|
14.47
|
%
|
|
15.49
|
%
|
|
15.62
|
%
|
|
15.16
|
%
|
|
13.99
|
%
|
|
15.16
|
%
|
Ending tangible
shareholders' equity to ending tangible assets
|
8.09
|
%
|
|
8.25
|
%
|
|
9.07
|
%
|
|
9.17
|
%
|
|
9.34
|
%
|
|
8.09
|
%
|
|
9.34
|
%
|
Average shareholders'
equity to average assets
|
13.91
|
%
|
|
15.21
|
%
|
|
15.53
|
%
|
|
15.43
|
%
|
|
15.22
|
%
|
|
14.54
|
%
|
|
15.12
|
%
|
Average tangible
shareholders' equity to average tangible assets
|
7.94
|
%
|
|
8.79
|
%
|
|
9.07
|
%
|
|
9.35
|
%
|
|
9.26
|
%
|
|
8.34
|
%
|
|
9.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
|
880,000
|
|
|
1,609,778
|
|
|
1,143,494
|
|
|
0
|
|
|
880,000
|
|
|
0
|
|
Average share
repurchase price
|
N/A
|
|
$
|
18.96
|
|
|
$
|
24.13
|
|
|
$
|
23.94
|
|
|
N/A
|
|
$
|
18.96
|
|
|
N/A
|
Total cost of shares
repurchased
|
N/A
|
|
$
|
16,686
|
|
|
$
|
38,846
|
|
|
$
|
27,372
|
|
|
N/A
|
|
$
|
16,686
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Represents share repurchases as part of publicly announced
plans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A = Not
applicable
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-second-quarter-2020-financial-results-301099122.html
SOURCE First Financial Bancorp.