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Dienstag, 25.07.2017 23:00 von | Aufrufe: 43

First Financial Bancorp. Announces Second Quarter Results

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PR Newswire

CINCINNATI, July 25, 2017

CINCINNATI, July 25, 2017 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the second quarter 2017.  For the three months ended June 30, 2017, the Company reported net income of $22.7 million, or $0.37 per diluted common share.  These results compare to net income of $24.4 million, or $0.39 per diluted common share, for the first quarter of 2017 and $22.6 million, or $0.36 per diluted common share, for the second quarter of 2016.  For the six months ended June 30, 2017, First Financial had earnings per diluted common share of $0.76 compared to $0.68 for the same period in 2016.

Return on average assets for the second quarter of 2017 was 1.06% while return on average tangible common equity was 13.42%.  These compare to a return on average assets of 1.18% and return on average tangible common equity of 14.98% in the first quarter of 2017 and a return on average assets of 1.11% and a return on average tangible common equity of 14.49% in the second quarter of 2016.

Additionally, First Financial's board of directors has authorized a quarterly dividend of $0.17 per common share for the next regularly scheduled dividend, payable on October 2, 2017 to shareholders of record as of September 1, 2017.

Second quarter 2017 highlights include:

  • Net income increased $4.8 million, or 11.3%, year to date compared to 2016; $1.7 million, or 6.9%, decline compared to the linked quarter
  • Strong second quarter loan growth of $119.7 million, or 2.1%, compared to the linked quarter; loan balances increased $172.6 million, or 3.0%, compared to second quarter 2016
  • Average deposits increased $128.4 million, or 2.0%, from the linked quarter; $261.7 million, or 4.1%, increase compared to second quarter 2016
  • Net interest margin of 3.50% on a GAAP basis; margin declined 14 basis points to 3.56% on a fully tax equivalent basis due to lower prepayment fees and other factors
  • Solid credit performance with lower classified and nonperforming asset balances, in addition to stable net charge-offs, resulting in $0.5 million of provision expense
  • Stable capital ratios; tier 1 ratio of 10.54%, total ratio of 13.05% and leverage ratio of 8.69%
  • Efficiency ratio of 60.0% compared to 59.2% in the linked quarter and 56.6% in second quarter 2016

Claude Davis, Chief Executive Officer, commented, "Consistent earnings and strong loan demand marked the second quarter of 2017, which was our 107th consecutive quarter of profitability.  We believe that the growing loan demand and solid credit quality metrics evident during the quarter position us for a strong second half to the year.  Lower income from loan prepayment fees, which can be volatile, coupled with higher nonaccrual loan balances and changes in our earning asset and funding mix resulted in a net interest margin that fell short of our expectations.  We are taking proactive steps to reduce expenses and contain funding costs should margin remain under pressure in the back half of the year."

"In addition to announcing our quarterly results, we are extremely excited to announce the merger agreement with MainSource Financial Group, Inc, which we believe to be a perfect strategic complement to our existing business.  We are confident that the increases in scale, geographic reach and talent will enhance First Financial's ability to deliver a superior banking and client service experience.  While our integration planning activities will be intense in the months ahead, we will not be distracted from meeting the needs of our commercial and consumer clients and continuing to deliver long-term value for our shareholders through our premier business bank strategy."

This release announcing our second quarter 2017 financial results includes an accompanying slide presentation, which management intends to refer to during the conference call on Wednesday, July 26, 2017. 


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Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Wednesday, July 26, 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 10104461.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information and any non-GAAP reconciliations related to this release is available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of June 30, 2017, the Company had $8.7 billion in assets, $5.9 billion in loans, $6.5 billion in deposits and $898.1 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 $2.6 billion in assets under management as of June 30, 2017.  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, 2016, 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,

Six months ended,

Jun. 30,

Mar. 31,

Dec. 31,

Sep. 30,

Jun. 30,

Jun. 30,

2017

2017

2016

2016

2016

2017

2016

RESULTS OF OPERATIONS












Net income

$

22,736

$

24,414

$

23,294

$

22,850

$

22,568

$

47,150

$

42,382

Net earnings per share - basic

$

0.37

$

0.40

$

0.38

$

0.37

$

0.37

$

0.77

$

0.69

Net earnings per share - diluted

$

0.37

$

0.39

$

0.38

$

0.37

$

0.36

$

0.76

$

0.68

Dividends declared per share

$

0.17

$

0.17

$

0.16

$

0.16

$

0.16

$

0.34

$

0.32














KEY FINANCIAL RATIOS












Return on average assets

1.06

%

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