- Earnings per diluted share of $0.60; $0.62 on an
adjusted(1) basis
- Return on average assets of 1.31%; 1.37% on an
adjusted(1) basis
- Net interest margin on FTE basis(1) of
4.26%; 7 bp decrease from linked quarter
- Loan growth of $286.4 million;
10.7% on an annualized basis
- Average deposit balances increased 12.9% on an annualized
basis
- Credit trends stable to improving in the quarter
- Tangible Book Value increased $1.47, or 13.5% from linked quarter
- Quarterly dividend of $0.23
approved by Board of Directors
CINCINNATI, Jan. 25,
2024 /PRNewswire/ -- First Financial Bancorp.
(Nasdaq: FFBC) ("First Financial" or the "Company") announced
financial results for the three and twelve months ended
December 31, 2023.
For the three months ended December 31,
2023, the Company reported net income of $56.7 million, or $0.60 per diluted common share. These results
compare to net income of $63.1
million, or $0.66 per diluted
common share, for the third quarter of 2023. For the twelve months
ended December 31, 2023, First
Financial had earnings per diluted share of $2.69 compared to $2.30 for the same period in 2022.
Return on average assets for the fourth quarter of 2023 was
1.31% while return on average tangible common equity was
21.36%(1). These compare to return on average assets of
1.48% and return on average tangible common equity of
23.60%(1) in the third quarter of 2023.
Fourth quarter 2023 highlights include:
- Net interest margin of 4.21%, or 4.26% on a fully
tax-equivalent basis(1)
- 7 bp decrease to 4.26% from 4.33% in the third quarter due to
increasing funding costs
- Higher asset yields and earning asset mix significantly offset
31 bp increase in cost of deposits
- Average deposit balances increased $415.7 million with growth in money market
accounts, interest bearing checking accounts, retail CDs and
brokered CD's offsetting declines in noninterest bearing checking
and savings accounts
- Noninterest income of $47.0
million, or $47.6 million as
adjusted(1)
- Bannockburn income of $8.7
million included $4.6 million
loss on a trade; loss was offset by lower noninterest expenses
- Strong leasing business income of $12.9
million
- Higher other noninterest income driven by increase in
syndication fees
- Adjusted(1) $0.6
million for losses on investment securities and other items
not expected to recur
- Noninterest expenses of $119.1
million, or $116.8 million as
adjusted(1)
- $2.9 million decrease from linked
quarter driven primarily by lower employee costs and marketing
expenses
- Fourth quarter adjustments(1) include $0.9 million FDIC special assessment and other
costs not expected to recur such as acquisition, severance and
branch consolidation costs
- Efficiency ratio of 59.3%; 58.0% as adjusted(1)
______________________________________________________________________________
(1) Non-GAAP measure. 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.
- Accelerating loan growth during the quarter
- Loan balances increased $286.4
million compared to the third quarter
- Growth of 10.7% on an annualized basis
- CRE, specialty lending, residential mortgages and finance
leases drove quarterly growth
- Robust deposit growth during the quarter
- Total deposits increased $445.2
million, or 3.4%, from linked quarter
- Average deposit balances increased $415.7 million with growth in money market
accounts, interest bearing checking accounts, retail CDs and
brokered CD's offsetting declines in noninterest bearing checking
and savings accounts
- Total Allowance for Credit Losses of $159.9 million; Total quarterly provision expense
of $10.2 million
- Loans and leases - ACL of $141.4
million; decreased 7 bps to 1.29% of total loans
- Unfunded Commitments - ACL of $18.4
million; increased $1.4
million from linked quarter
- Provision expense driven by net charge-offs and loan growth;
Classified assets were stable at $141.0
million
- Annualized net charge-offs were 46 bps of total loans and
included $9.2 million related to a
single relationship that was previously reserved for
- Capital ratios remain solid
- Total capital ratio increased 24 bps to 13.75%
- Tier 1 common equity increased 25 bps to 11.85%
- Tangible common equity increased 67 bps to 7.17%(1);
9.05%(1) excluding impact from AOCI
- Tangible book value per share of $12.38(1); 13.5% increase from linked
quarter
Additionally, the board of directors approved a quarterly
dividend of $0.23 per common share
for the next regularly scheduled dividend, payable on March 15, 2024 to shareholders of record as of
March 1, 2024.
Archie Brown, President and CEO,
commented on the quarter, "I am pleased with our fourth quarter
performance. Adjusted(1) earnings per share were
$0.62, which resulted in an
adjusted(1) return on assets of 1.37% and an
adjusted(1) return on tangible common equity ratio of
22.2%. As expected, rising funding costs outpaced our asset
yields, however our net interest margin remained very strong at
4.26%. Additionally, balance sheet trends were positive
during the quarter, with loans increasing $286 million, or 11% on an annualized basis, and
average deposits increasing $416
million, or 13% on an annualized basis."
Mr. Brown continued, "Noninterest income and expenses were both
lower than we expected during the quarter. The decline in
noninterest income included a $4.6
million loss on a trade at Bannockburn, however excluding
this loss, foreign exchange income was within our range of
expectations. Leasing income also declined during the period
due to lower end of term fees and lease originations shifting to a
greater mix of finance leases. While this shift increased
interest income and the net interest margin, it resulted in lower
noninterest income during the period. Noninterest expenses
declined for the quarter primarily due to lower incentive
compensation, which is tied directly to noninterest
income."
Mr. Brown commented on asset quality, "Asset quality was stable
for the quarter with underlying credit trends improving. Net
charge-offs were 46 basis points during the quarter and were driven
by a relationship that included borrower fraud.
This loan had been on non-accrual for most of the year and was
almost fully reserved coming into the fourth quarter.
Additionally, nonperforming assets declined by 12% to 0.38% of
total assets and classified asset balances were relatively
unchanged from the third quarter."
Mr. Brown discussed full year results, "2023 was a record year
for First Financial. Adjusted(1) earnings per
share increased 17% from the prior year to $2.77, while adjusted(1) return on
assets was 1.55%, adjusted (1) return on tangible common
equity was 25.4% and our adjusted(1) efficiency ratio
was 56%. Total revenue of $840.2
million was the highest in the Company's history, increasing
18.5% over the prior year. Our balance sheet responded
favorably to the interest rate environment, resulting in a 21%
increase in net interest income. Additionally, record years
from wealth management and Summit drove a 12% increase in
noninterest income."
Mr. Brown continued, "We are extremely pleased with the
performance of our balance sheet during 2023, especially given the
turmoil in the banking industry in the first half of the
year. Loan production was solid, exceeding 6% in balance
growth, while average deposit balances increased 2.4% compared to
the prior year. We are also very happy with the 122 basis
point expansion in the tangible common equity ratio and 24%
increase in tangible book value per share for the year."
Mr. Brown commented on full year asset quality, "Asset quality
trends were elevated during the year. Net charge-offs
increased to 33 basis points for 2023, after we achieved a record
low of 6 basis points in 2022. This increase was driven by
two large relationships, as well as the loss on the sale of a small
portfolio of ICRE loans. Non-performing assets to total
assets ended the year at 38 basis points. We believe we are
well positioned to manage the coming year and we are cautiously
optimistic regarding asset quality in 2024."
Mr. Brown concluded, "Finally, I'd like to commend our
associates for their exemplary performance in 2023. They were
client focused and executed at a very high level despite the
industry uncertainty earlier in the year. During the year we
have strengthened our team with the addition of talent in Wealth
Management and in expansion markets, including Chicago, IL, Evansville, IN and Cleveland, OH. I'm extremely proud of
the work our team accomplished in 2023 and believe we are
positioned to have sustained success in 2024 and beyond."
Full detail of the Company's fourth quarter 2023 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, January 26, 2024 at 8:30 a.m. Eastern Time. Members of the
public who would like to listen to the conference call should dial
(888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local),
access code 5048068. The number should be dialed five to ten
minutes prior to the start of the conference call. A replay
of the conference call will be available beginning one hour after
the completion of the live call at (800) 770-2030 (U.S. toll free),
(647) 362-9199 (U.S. local), access code 5048068. The
recording will be available until February
9, 2024. 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. 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 Statements
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;
- 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 changes in housing prices, fluctuations in
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 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, 2022, 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 December 31, 2023, the
Company had $17.5 billion in assets,
$10.9 billion in loans, $13.4 billion in deposits and $2.3 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 $3.5 billion in assets
under management as of December 31, 2023. The Company
operated 130 full service banking centers as of December 31,
2023, located in Ohio,
Indiana, Kentucky and Illinois, 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,
|
|
Twelve months
ended,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
56,732
|
|
$
63,061
|
|
$
65,667
|
|
$
70,403
|
|
$
69,086
|
|
$
255,863
|
|
$
217,612
|
Net earnings per share
- basic
|
$
0.60
|
|
$
0.67
|
|
$
0.70
|
|
$
0.75
|
|
$
0.74
|
|
$
2.72
|
|
$
2.33
|
Net earnings per share
- diluted
|
$
0.60
|
|
$
0.66
|
|
$
0.69
|
|
$
0.74
|
|
$
0.73
|
|
$
2.69
|
|
$
2.30
|
Dividends declared per
share
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
$
0.23
|
|
$
0.92
|
|
$
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY FINANCIAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.31 %
|
|
1.48 %
|
|
1.55 %
|
|
1.69 %
|
|
1.63 %
|
|
1.51 %
|
|
1.33 %
|
Return on average
shareholders' equity
|
10.50 %
|
|
11.62 %
|
|
12.32 %
|
|
13.71 %
|
|
13.64 %
|
|
12.01 %
|
|
10.34 %
|
Return on average
tangible shareholders' equity (1)
|
21.36 %
|
|
23.60 %
|
|
25.27 %
|
|
29.02 %
|
|
29.93 %
|
|
24.72 %
|
|
21.62 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.21 %
|
|
4.28 %
|
|
4.43 %
|
|
4.51 %
|
|
4.43 %
|
|
4.36 %
|
|
3.73 %
|
Net interest margin
(fully tax equivalent) (1)(2)
|
4.26 %
|
|
4.33 %
|
|
4.48 %
|
|
4.55 %
|
|
4.47 %
|
|
4.40 %
|
|
3.77 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity as a percent of ending assets
|
12.94 %
|
|
12.49 %
|
|
12.54 %
|
|
12.53 %
|
|
12.01 %
|
|
12.94 %
|
|
12.01 %
|
Ending tangible
shareholders' equity as a percent of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending tangible assets
(1)
|
7.17 %
|
|
6.50 %
|
|
6.56 %
|
|
6.47 %
|
|
5.95 %
|
|
7.17 %
|
|
5.95 %
|
Risk-weighted assets
(1)
|
8.90 %
|
|
7.88 %
|
|
8.03 %
|
|
7.87 %
|
|
7.32 %
|
|
8.90 %
|
|
7.32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity as a percent of average assets
|
12.52 %
|
|
12.70 %
|
|
12.60 %
|
|
12.29 %
|
|
11.98 %
|
|
12.53 %
|
|
12.85 %
|
Average tangible
shareholders' equity as a percent of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
average tangible assets (1)
|
6.57 %
|
|
6.69 %
|
|
6.57 %
|
|
6.21 %
|
|
5.84 %
|
|
6.51 %
|
|
6.59 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per
share
|
$
23.84
|
|
$
22.39
|
|
$
22.52
|
|
$
22.29
|
|
$
21.51
|
|
$
23.84
|
|
$
21.51
|
Tangible book value per
share (1)
|
$
12.38
|
|
$
10.91
|
|
$
11.02
|
|
$
10.76
|
|
$
9.97
|
|
$
12.38
|
|
$
9.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity tier 1
ratio (3)
|
11.85 %
|
|
11.60 %
|
|
11.34 %
|
|
11.00 %
|
|
10.83 %
|
|
11.85 %
|
|
10.83 %
|
Tier 1 ratio
(3)
|
12.19 %
|
|
11.94 %
|
|
11.68 %
|
|
11.34 %
|
|
11.17 %
|
|
12.19 %
|
|
11.17 %
|
Total capital ratio
(3)
|
13.75 %
|
|
13.51 %
|
|
13.44 %
|
|
13.11 %
|
|
13.09 %
|
|
13.75 %
|
|
13.09 %
|
Leverage ratio
(3)
|
9.70 %
|
|
9.59 %
|
|
9.33 %
|
|
9.03 %
|
|
8.89 %
|
|
9.70 %
|
|
8.89 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE
SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(4)
|
$
10,751,028
|
|
$
10,623,734
|
|
$
10,513,505
|
|
$
10,373,302
|
|
$
10,059,119
|
|
$
10,566,587
|
|
$
9,574,965
|
Investment
securities
|
3,184,408
|
|
3,394,237
|
|
3,560,453
|
|
3,635,317
|
|
3,705,304
|
|
3,442,233
|
|
4,032,046
|
Interest-bearing
deposits with other banks
|
548,153
|
|
386,173
|
|
329,584
|
|
318,026
|
|
372,054
|
|
396,089
|
|
314,552
|
Total earning
assets
|
$
14,483,589
|
|
$
14,404,144
|
|
$
14,403,542
|
|
$
14,326,645
|
|
$
14,136,477
|
|
$
14,404,909
|
|
$
13,921,563
|
Total assets
|
$
17,124,955
|
|
$
16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
|
$
16,767,598
|
|
$
16,997,223
|
|
$
16,382,730
|
Noninterest-bearing
deposits
|
$
3,368,024
|
|
$
3,493,305
|
|
$
3,663,419
|
|
$
3,954,915
|
|
$
4,225,192
|
|
$
3,617,961
|
|
$
4,196,735
|
Interest-bearing
deposits
|
9,834,819
|
|
9,293,860
|
|
9,050,464
|
|
8,857,226
|
|
8,407,114
|
|
9,261,866
|
|
8,383,529
|
Total
deposits
|
$
13,202,843
|
|
$
12,787,165
|
|
$
12,713,883
|
|
$
12,812,141
|
|
$
12,632,306
|
|
$
12,879,827
|
|
$
12,580,264
|
Borrowings
|
$
1,083,954
|
|
$
1,403,071
|
|
$
1,523,699
|
|
$
1,434,338
|
|
$
1,489,088
|
|
$
1,360,420
|
|
$
1,177,013
|
Shareholders'
equity
|
$
2,144,482
|
|
$
2,153,601
|
|
$
2,137,765
|
|
$
2,082,210
|
|
$
2,009,564
|
|
$
2,129,751
|
|
$
2,105,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to ending
loans
|
1.29 %
|
|
1.36 %
|
|
1.41 %
|
|
1.36 %
|
|
1.29 %
|
|
1.29 %
|
|
1.29 %
|
Allowance to nonaccrual
loans
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
|
464.58 %
|
|
215.10 %
|
|
464.58 %
|
Allowance to
nonperforming loans
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
|
335.94 %
|
|
215.10 %
|
|
335.94 %
|
Nonperforming loans to
total loans
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
|
0.38 %
|
|
0.60 %
|
|
0.38 %
|
Nonaccrual loans to
total loans
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
|
0.28 %
|
|
0.60 %
|
|
0.28 %
|
Nonperforming assets to
ending loans, plus OREO
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
|
0.39 %
|
|
0.60 %
|
|
0.39 %
|
Nonperforming assets to
total assets
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
|
0.23 %
|
|
0.38 %
|
|
0.23 %
|
Classified assets to
total assets
|
0.80 %
|
|
0.82 %
|
|
0.81 %
|
|
0.94 %
|
|
0.75 %
|
|
0.80 %
|
|
0.75 %
|
Net charge-offs to
average loans (annualized)
|
0.46 %
|
|
0.61 %
|
|
0.22 %
|
|
0.00 %
|
|
(0.01) %
|
|
0.33 %
|
|
0.06 %
|
|
(1) Non-GAAP
measure. 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.
|
(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
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.
|
(3) December 31, 2023 regulatory
capital ratios are preliminary.
|
(4) 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,
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$ 197,416
|
|
$ 152,299
|
|
29.6 %
|
|
$ 743,770
|
|
$ 458,742
|
|
62.1 %
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
30,294
|
|
30,248
|
|
0.2 %
|
|
125,520
|
|
102,314
|
|
22.7 %
|
Tax-exempt
|
3,402
|
|
4,105
|
|
(17.1) %
|
|
13,901
|
|
18,466
|
|
(24.7) %
|
Total
investment securities interest
|
33,696
|
|
34,353
|
|
(1.9) %
|
|
139,421
|
|
120,780
|
|
15.4 %
|
Other earning
assets
|
7,325
|
|
3,262
|
|
124.6 %
|
|
19,813
|
|
5,484
|
|
261.3 %
|
Total interest
income
|
238,437
|
|
189,914
|
|
25.5 %
|
|
903,004
|
|
585,006
|
|
54.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
69,193
|
|
16,168
|
|
328.0 %
|
|
202,010
|
|
28,140
|
|
617.9 %
|
Short-term
borrowings
|
10,277
|
|
11,091
|
|
(7.3) %
|
|
53,378
|
|
19,132
|
|
179.0 %
|
Long-term
borrowings
|
5,202
|
|
4,759
|
|
9.3 %
|
|
19,846
|
|
18,591
|
|
6.8 %
|
Total interest
expense
|
84,672
|
|
32,018
|
|
164.5 %
|
|
275,234
|
|
65,863
|
|
317.9 %
|
Net interest
income
|
153,765
|
|
157,896
|
|
(2.6) %
|
|
627,770
|
|
519,143
|
|
20.9 %
|
Provision for
credit losses-loans and leases
|
8,804
|
|
8,689
|
|
1.3 %
|
|
43,074
|
|
6,731
|
|
539.9 %
|
Provision for
credit losses-unfunded commitments
|
1,426
|
|
1,341
|
|
6.3 %
|
|
33
|
|
4,982
|
|
(99.3) %
|
Net interest income
after provision for credit losses
|
143,535
|
|
147,866
|
|
(2.9) %
|
|
584,663
|
|
507,430
|
|
15.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
6,846
|
|
6,406
|
|
6.9 %
|
|
27,289
|
|
28,062
|
|
(2.8) %
|
Wealth
management fees
|
6,091
|
|
5,648
|
|
7.8 %
|
|
26,081
|
|
23,506
|
|
11.0 %
|
Bankcard
income
|
3,349
|
|
3,736
|
|
(10.4) %
|
|
14,039
|
|
14,380
|
|
(2.4) %
|
Client
derivative fees
|
711
|
|
1,822
|
|
(61.0) %
|
|
5,155
|
|
5,441
|
|
(5.3) %
|
Foreign exchange
income
|
8,730
|
|
19,592
|
|
(55.4) %
|
|
54,051
|
|
54,965
|
|
(1.7) %
|
Leasing business
income
|
12,856
|
|
11,124
|
|
15.6 %
|
|
51,322
|
|
31,574
|
|
62.5 %
|
Net gains from
sales of loans
|
2,957
|
|
2,206
|
|
34.0 %
|
|
13,217
|
|
15,048
|
|
(12.2) %
|
Net gain (loss)
on sale of investment securities
|
(851)
|
|
(393)
|
|
116.5 %
|
|
(1,258)
|
|
(569)
|
|
121.1 %
|
Net gain (loss)
on equity securities
|
202
|
|
1,315
|
|
(84.6) %
|
|
206
|
|
(639)
|
|
(132.2) %
|
Other
|
6,102
|
|
4,579
|
|
33.3 %
|
|
22,320
|
|
17,873
|
|
24.9 %
|
Total noninterest
income
|
46,993
|
|
56,035
|
|
(16.1) %
|
|
212,422
|
|
189,641
|
|
12.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
70,637
|
|
73,621
|
|
(4.1) %
|
|
292,731
|
|
269,368
|
|
8.7 %
|
Net
occupancy
|
5,890
|
|
5,434
|
|
8.4 %
|
|
22,990
|
|
22,208
|
|
3.5 %
|
Furniture and
equipment
|
3,523
|
|
3,234
|
|
8.9 %
|
|
13,543
|
|
13,224
|
|
2.4 %
|
Data
processing
|
8,488
|
|
8,567
|
|
(0.9) %
|
|
35,852
|
|
33,662
|
|
6.5 %
|
Marketing
|
2,087
|
|
2,198
|
|
(5.1) %
|
|
9,647
|
|
8,744
|
|
10.3 %
|
Communication
|
707
|
|
690
|
|
2.5 %
|
|
2,729
|
|
2,683
|
|
1.7 %
|
Professional
services
|
3,148
|
|
3,015
|
|
4.4 %
|
|
9,926
|
|
9,734
|
|
2.0 %
|
State intangible
tax
|
984
|
|
974
|
|
1.0 %
|
|
3,914
|
|
4,285
|
|
(8.7) %
|
FDIC
assessments
|
3,651
|
|
2,173
|
|
68.0 %
|
|
11,948
|
|
7,194
|
|
66.1 %
|
Intangible
amortization
|
2,601
|
|
2,573
|
|
1.1 %
|
|
10,402
|
|
11,185
|
|
(7.0) %
|
Leasing business
expense
|
8,955
|
|
6,061
|
|
47.7 %
|
|
32,500
|
|
20,363
|
|
59.6 %
|
Other
|
8,466
|
|
15,902
|
|
(46.8) %
|
|
32,307
|
|
52,699
|
|
(38.7) %
|
Total noninterest
expenses
|
119,137
|
|
124,442
|
|
(4.3) %
|
|
478,489
|
|
455,349
|
|
5.1 %
|
Income before income
taxes
|
71,391
|
|
79,459
|
|
(10.2) %
|
|
318,596
|
|
241,722
|
|
31.8 %
|
Income tax expense
(benefit)
|
14,659
|
|
10,373
|
|
41.3 %
|
|
62,733
|
|
24,110
|
|
160.2 %
|
Net income
|
$
56,732
|
|
$
69,086
|
|
(17.9) %
|
|
$
255,863
|
|
$
217,612
|
|
17.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
0.60
|
|
$
0.74
|
|
|
|
$
2.72
|
|
$
2.33
|
|
|
Net earnings per share
- diluted
|
$
0.60
|
|
$
0.73
|
|
|
|
$
2.69
|
|
$
2.30
|
|
|
Dividends declared per
share
|
$
0.23
|
|
$
0.23
|
|
|
|
$
0.92
|
|
$
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.31 %
|
|
1.63 %
|
|
|
|
1.51 %
|
|
1.33 %
|
|
|
Return on average
shareholders' equity
|
10.50 %
|
|
13.64 %
|
|
|
|
12.01 %
|
|
10.34 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$ 238,437
|
|
$ 189,914
|
|
25.5 %
|
|
$ 903,004
|
|
$ 585,006
|
|
54.4 %
|
Tax equivalent
adjustment
|
1,672
|
|
1,553
|
|
7.7 %
|
|
6,356
|
|
6,357
|
|
0.0 %
|
Interest
income - tax equivalent
|
240,109
|
|
191,467
|
|
25.4 %
|
|
909,360
|
|
591,363
|
|
53.8 %
|
Interest
expense
|
84,672
|
|
32,018
|
|
164.5 %
|
|
275,234
|
|
65,863
|
|
317.9 %
|
Net
interest income - tax equivalent
|
$ 155,437
|
|
$ 159,449
|
|
(2.5) %
|
|
$ 634,126
|
|
$ 525,500
|
|
20.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.21 %
|
|
4.43 %
|
|
|
|
4.36 %
|
|
3.73 %
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
4.26 %
|
|
4.47 %
|
|
|
|
4.40 %
|
|
3.77 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,129
|
|
2,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Year to
|
|
% Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Date
|
|
Linked Qtr.
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$
197,416
|
|
$ 192,261
|
|
$ 184,387
|
|
$ 169,706
|
|
$ 743,770
|
|
2.7 %
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
30,294
|
|
31,297
|
|
32,062
|
|
31,867
|
|
125,520
|
|
(3.2) %
|
Tax-exempt
|
3,402
|
|
3,522
|
|
3,513
|
|
3,464
|
|
13,901
|
|
(3.4) %
|
Total
investment securities interest
|
33,696
|
|
34,819
|
|
35,575
|
|
35,331
|
|
139,421
|
|
(3.2) %
|
Other earning
assets
|
7,325
|
|
5,011
|
|
3,933
|
|
3,544
|
|
19,813
|
|
46.2 %
|
Total interest
income
|
238,437
|
|
232,091
|
|
223,895
|
|
208,581
|
|
903,004
|
|
2.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
69,193
|
|
57,069
|
|
44,292
|
|
31,456
|
|
202,010
|
|
21.2 %
|
Short-term
borrowings
|
10,277
|
|
14,615
|
|
15,536
|
|
12,950
|
|
53,378
|
|
(29.7) %
|
Long-term
borrowings
|
5,202
|
|
4,952
|
|
4,835
|
|
4,857
|
|
19,846
|
|
5.0 %
|
Total interest
expense
|
84,672
|
|
76,636
|
|
64,663
|
|
49,263
|
|
275,234
|
|
10.5 %
|
Net interest
income
|
153,765
|
|
155,455
|
|
159,232
|
|
159,318
|
|
627,770
|
|
(1.1) %
|
Provision for
credit losses-loans and leases
|
8,804
|
|
12,907
|
|
12,719
|
|
8,644
|
|
43,074
|
|
(31.8) %
|
Provision for
credit losses-unfunded commitments
|
1,426
|
|
(1,234)
|
|
(1,994)
|
|
1,835
|
|
33
|
|
(215.6) %
|
Net interest income
after provision for credit losses
|
143,535
|
|
143,782
|
|
148,507
|
|
148,839
|
|
584,663
|
|
(0.2) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
6,846
|
|
6,957
|
|
6,972
|
|
6,514
|
|
27,289
|
|
(1.6) %
|
Wealth
management fees
|
6,091
|
|
6,943
|
|
6,713
|
|
6,334
|
|
26,081
|
|
(12.3) %
|
Bankcard
income
|
3,349
|
|
3,406
|
|
3,692
|
|
3,592
|
|
14,039
|
|
(1.7) %
|
Client
derivative fees
|
711
|
|
1,612
|
|
1,827
|
|
1,005
|
|
5,155
|
|
(55.9) %
|
Foreign exchange
income
|
8,730
|
|
13,384
|
|
15,039
|
|
16,898
|
|
54,051
|
|
(34.8) %
|
Leasing business
income
|
12,856
|
|
14,537
|
|
10,265
|
|
13,664
|
|
51,322
|
|
(11.6) %
|
Net gains from
sales of loans
|
2,957
|
|
4,086
|
|
3,839
|
|
2,335
|
|
13,217
|
|
(27.6) %
|
Net gain (loss)
on sale of investment securities
|
(851)
|
|
(4)
|
|
(384)
|
|
(19)
|
|
(1,258)
|
|
N/M
|
Net gain (loss)
on equity securities
|
202
|
|
(54)
|
|
(82)
|
|
140
|
|
206
|
|
474.1 %
|
Other
|
6,102
|
|
5,761
|
|
5,377
|
|
5,080
|
|
22,320
|
|
5.9 %
|
Total noninterest
income
|
46,993
|
|
56,628
|
|
53,258
|
|
55,543
|
|
212,422
|
|
(17.0) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
70,637
|
|
75,641
|
|
74,199
|
|
72,254
|
|
292,731
|
|
(6.6) %
|
Net
occupancy
|
5,890
|
|
5,809
|
|
5,606
|
|
5,685
|
|
22,990
|
|
1.4 %
|
Furniture and
equipment
|
3,523
|
|
3,341
|
|
3,362
|
|
3,317
|
|
13,543
|
|
5.4 %
|
Data
processing
|
8,488
|
|
8,473
|
|
9,871
|
|
9,020
|
|
35,852
|
|
0.2 %
|
Marketing
|
2,087
|
|
2,598
|
|
2,802
|
|
2,160
|
|
9,647
|
|
(19.7) %
|
Communication
|
707
|
|
744
|
|
644
|
|
634
|
|
2,729
|
|
(5.0) %
|
Professional
services
|
3,148
|
|
2,524
|
|
2,308
|
|
1,946
|
|
9,926
|
|
24.7 %
|
State intangible
tax
|
984
|
|
981
|
|
964
|
|
985
|
|
3,914
|
|
0.3 %
|
FDIC
assessments
|
3,651
|
|
2,665
|
|
2,806
|
|
2,826
|
|
11,948
|
|
37.0 %
|
Intangible
amortization
|
2,601
|
|
2,600
|
|
2,601
|
|
2,600
|
|
10,402
|
|
0.0 %
|
Leasing business
expense
|
8,955
|
|
8,877
|
|
6,730
|
|
7,938
|
|
32,500
|
|
0.9 %
|
Other
|
8,466
|
|
7,791
|
|
8,722
|
|
7,328
|
|
32,307
|
|
8.7 %
|
Total noninterest
expenses
|
119,137
|
|
122,044
|
|
120,615
|
|
116,693
|
|
478,489
|
|
(2.4) %
|
Income before income
taxes
|
71,391
|
|
78,366
|
|
81,150
|
|
87,689
|
|
318,596
|
|
(8.9) %
|
Income tax expense
(benefit)
|
14,659
|
|
15,305
|
|
15,483
|
|
17,286
|
|
62,733
|
|
(4.2) %
|
Net income
|
$ 56,732
|
|
$
63,061
|
|
$
65,667
|
|
$
70,403
|
|
$ 255,863
|
|
(10.0) %
|
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$
0.60
|
|
$ 0.67
|
|
$ 0.70
|
|
$ 0.75
|
|
$ 2.72
|
|
|
Net earnings per share
- diluted
|
$
0.60
|
|
$ 0.66
|
|
$ 0.69
|
|
$ 0.74
|
|
$ 2.69
|
|
|
Dividends declared per
share
|
$
0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.31 %
|
|
1.48 %
|
|
1.55 %
|
|
1.69 %
|
|
1.51 %
|
|
|
Return on average
shareholders' equity
|
10.50 %
|
|
11.62 %
|
|
12.32 %
|
|
13.71 %
|
|
12.01 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$
238,437
|
|
$ 232,091
|
|
$ 223,895
|
|
$ 208,581
|
|
$ 903,004
|
|
2.7 %
|
Tax equivalent
adjustment
|
1,672
|
|
1,659
|
|
1,601
|
|
1,424
|
|
6,356
|
|
0.8 %
|
Interest
income - tax equivalent
|
240,109
|
|
233,750
|
|
225,496
|
|
210,005
|
|
909,360
|
|
2.7 %
|
Interest
expense
|
84,672
|
|
76,636
|
|
64,663
|
|
49,263
|
|
275,234
|
|
10.5 %
|
Net
interest income - tax equivalent
|
$
155,437
|
|
$ 157,114
|
|
$ 160,833
|
|
$ 160,742
|
|
$ 634,126
|
|
(1.1) %
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.21 %
|
|
4.28 %
|
|
4.43 %
|
|
4.51 %
|
|
4.36 %
|
|
|
Net interest margin
(fully tax equivalent) (1)
|
4.26 %
|
|
4.33 %
|
|
4.48 %
|
|
4.55 %
|
|
4.40 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,129
|
|
2,121
|
|
2,193
|
|
2,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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)
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
|
Full
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Year
|
Interest
income
|
|
|
|
|
|
|
|
|
|
Loans and
leases, including fees
|
$ 152,299
|
|
$
122,170
|
|
$
97,091
|
|
$
87,182
|
|
$
458,742
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
30,248
|
|
26,331
|
|
23,639
|
|
22,096
|
|
102,314
|
Tax-exempt
|
4,105
|
|
5,014
|
|
4,916
|
|
4,431
|
|
18,466
|
Total
investment securities interest
|
34,353
|
|
31,345
|
|
28,555
|
|
26,527
|
|
120,780
|
Other earning
assets
|
3,262
|
|
1,597
|
|
505
|
|
120
|
|
5,484
|
Total interest
income
|
189,914
|
|
155,112
|
|
126,151
|
|
113,829
|
|
585,006
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Deposits
|
16,168
|
|
6,386
|
|
2,963
|
|
2,623
|
|
28,140
|
Short-term
borrowings
|
11,091
|
|
6,158
|
|
1,566
|
|
317
|
|
19,132
|
Long-term
borrowings
|
4,759
|
|
4,676
|
|
4,612
|
|
4,544
|
|
18,591
|
Total interest
expense
|
32,018
|
|
17,220
|
|
9,141
|
|
7,484
|
|
65,863
|
Net interest
income
|
157,896
|
|
137,892
|
|
117,010
|
|
106,345
|
|
519,143
|
Provision for
credit losses-loans and leases
|
8,689
|
|
7,898
|
|
(4,267)
|
|
(5,589)
|
|
6,731
|
Provision for
credit losses-unfunded commitments
|
1,341
|
|
386
|
|
3,481
|
|
(226)
|
|
4,982
|
Net interest income
after provision for credit losses
|
147,866
|
|
129,608
|
|
117,796
|
|
112,160
|
|
507,430
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Service charges
on deposit accounts
|
6,406
|
|
6,279
|
|
7,648
|
|
7,729
|
|
28,062
|
Wealth
management fees
|
5,648
|
|
5,487
|
|
6,311
|
|
6,060
|
|
23,506
|
Bankcard
income
|
3,736
|
|
3,484
|
|
3,823
|
|
3,337
|
|
14,380
|
Client
derivative fees
|
1,822
|
|
1,447
|
|
1,369
|
|
803
|
|
5,441
|
Foreign exchange
income
|
19,592
|
|
11,752
|
|
13,470
|
|
10,151
|
|
54,965
|
Leasing business
income
|
11,124
|
|
7,127
|
|
7,247
|
|
6,076
|
|
31,574
|
Net gains from
sales of loans
|
2,206
|
|
3,729
|
|
5,241
|
|
3,872
|
|
15,048
|
Net gain (loss)
on sale of investment securities
|
(393)
|
|
(179)
|
|
0
|
|
3
|
|
(569)
|
Net gain
(loss) on equity securities
|
1,315
|
|
(701)
|
|
(1,054)
|
|
(199)
|
|
(639)
|
Other
|
4,579
|
|
4,109
|
|
5,723
|
|
3,462
|
|
17,873
|
Total noninterest
income
|
56,035
|
|
42,534
|
|
49,778
|
|
41,294
|
|
189,641
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
73,621
|
|
66,808
|
|
64,992
|
|
63,947
|
|
269,368
|
Net
occupancy
|
5,434
|
|
5,669
|
|
5,359
|
|
5,746
|
|
22,208
|
Furniture and
equipment
|
3,234
|
|
3,222
|
|
3,201
|
|
3,567
|
|
13,224
|
Data
processing
|
8,567
|
|
8,497
|
|
8,334
|
|
8,264
|
|
33,662
|
Marketing
|
2,198
|
|
2,523
|
|
2,323
|
|
1,700
|
|
8,744
|
Communication
|
690
|
|
657
|
|
670
|
|
666
|
|
2,683
|
Professional
services
|
3,015
|
|
2,346
|
|
2,214
|
|
2,159
|
|
9,734
|
State intangible
tax
|
974
|
|
1,090
|
|
1,090
|
|
1,131
|
|
4,285
|
FDIC
assessments
|
2,173
|
|
1,885
|
|
1,677
|
|
1,459
|
|
7,194
|
Intangible
amortization
|
2,573
|
|
2,783
|
|
2,915
|
|
2,914
|
|
11,185
|
Leasing business
expense
|
6,061
|
|
5,746
|
|
4,687
|
|
3,869
|
|
20,363
|
Other
|
15,902
|
|
23,842
|
|
5,572
|
|
7,383
|
|
52,699
|
Total noninterest
expenses
|
124,442
|
|
125,068
|
|
103,034
|
|
102,805
|
|
455,349
|
Income before income
taxes
|
79,459
|
|
47,074
|
|
64,540
|
|
50,649
|
|
241,722
|
Income tax expense
(benefit)
|
10,373
|
|
(8,631)
|
|
13,020
|
|
9,348
|
|
24,110
|
Net income
|
$
69,086
|
|
$
55,705
|
|
$
51,520
|
|
$
41,301
|
|
$
217,612
|
|
|
|
|
|
|
|
|
|
|
ADDITIONAL
DATA
|
|
|
|
|
|
|
|
|
|
Net earnings per share
- basic
|
$ 0.74
|
|
$ 0.60
|
|
$ 0.55
|
|
$ 0.44
|
|
$ 2.33
|
Net earnings per share
- diluted
|
$ 0.73
|
|
$ 0.59
|
|
$ 0.55
|
|
$ 0.44
|
|
$ 2.30
|
Dividends declared per
share
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.23
|
|
$ 0.92
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
1.63 %
|
|
1.35 %
|
|
1.28 %
|
|
1.03 %
|
|
1.33 %
|
Return on average
shareholders' equity
|
13.64 %
|
|
10.58 %
|
|
9.84 %
|
|
7.53 %
|
|
10.34 %
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
$ 189,914
|
|
$
155,112
|
|
$
126,151
|
|
$
113,829
|
|
$
585,006
|
Tax equivalent
adjustment
|
1,553
|
|
1,712
|
|
1,625
|
|
1,467
|
|
6,357
|
Interest
income - tax equivalent
|
191,467
|
|
156,824
|
|
127,776
|
|
115,296
|
|
591,363
|
Interest
expense
|
32,018
|
|
17,220
|
|
9,141
|
|
7,484
|
|
65,863
|
Net
interest income - tax equivalent
|
$ 159,449
|
|
$
139,604
|
|
$
118,635
|
|
$
107,812
|
|
$
525,500
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin
|
4.43 %
|
|
3.93 %
|
|
3.41 %
|
|
3.11 %
|
|
3.73 %
|
Net interest margin
(fully tax equivalent) (1)
|
4.47 %
|
|
3.98 %
|
|
3.45 %
|
|
3.16 %
|
|
3.77 %
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent
employees
|
2,070
|
|
2,072
|
|
2,096
|
|
2,050
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
% Change
|
|
% Change
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
Linked Qtr.
|
|
Comp Qtr.
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 213,059
|
|
$ 220,335
|
|
$ 217,385
|
|
$ 199,835
|
|
$ 207,501
|
|
(3.3) %
|
|
2.7 %
|
Interest-bearing deposits
with other banks
|
792,960
|
|
452,867
|
|
485,241
|
|
305,465
|
|
388,182
|
|
75.1 %
|
|
104.3 %
|
Investment securities
available-for-sale
|
3,021,126
|
|
3,044,361
|
|
3,249,404
|
|
3,384,949
|
|
3,409,648
|
|
(0.8) %
|
|
(11.4) %
|
Investment securities
held-to-maturity
|
80,321
|
|
81,236
|
|
82,372
|
|
83,070
|
|
84,021
|
|
(1.1) %
|
|
(4.4) %
|
Other investments
|
129,945
|
|
133,725
|
|
141,892
|
|
143,606
|
|
143,160
|
|
(2.8) %
|
|
(9.2) %
|
Loans held for
sale
|
9,213
|
|
12,391
|
|
15,267
|
|
9,280
|
|
7,918
|
|
(25.6) %
|
|
16.4 %
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,501,221
|
|
3,420,873
|
|
3,433,162
|
|
3,449,289
|
|
3,410,272
|
|
2.3 %
|
|
2.7 %
|
Lease
financing
|
474,817
|
|
399,973
|
|
360,801
|
|
273,898
|
|
236,124
|
|
18.7 %
|
|
101.1 %
|
Construction
real estate
|
564,832
|
|
578,824
|
|
536,464
|
|
525,906
|
|
512,050
|
|
(2.4) %
|
|
10.3 %
|
Commercial real
estate
|
4,080,939
|
|
3,992,654
|
|
4,048,460
|
|
4,056,627
|
|
4,052,759
|
|
2.2 %
|
|
0.7 %
|
Residential real
estate
|
1,333,674
|
|
1,293,470
|
|
1,221,484
|
|
1,145,069
|
|
1,092,265
|
|
3.1 %
|
|
22.1 %
|
Home
equity
|
758,676
|
|
743,991
|
|
728,711
|
|
724,672
|
|
733,791
|
|
2.0 %
|
|
3.4 %
|
Installment
|
159,078
|
|
160,648
|
|
165,216
|
|
204,372
|
|
209,895
|
|
(1.0) %
|
|
(24.2) %
|
Credit
card
|
59,939
|
|
56,386
|
|
55,911
|
|
53,552
|
|
51,815
|
|
6.3 %
|
|
15.7 %
|
Total loans
|
10,933,176
|
|
10,646,819
|
|
10,550,209
|
|
10,433,385
|
|
10,298,971
|
|
2.7 %
|
|
6.2 %
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
(141,433)
|
|
(145,201)
|
|
(148,646)
|
|
(141,591)
|
|
(132,977)
|
|
(2.6) %
|
|
6.4 %
|
Net loans
|
10,791,743
|
|
10,501,618
|
|
10,401,563
|
|
10,291,794
|
|
10,165,994
|
|
2.8 %
|
|
6.2 %
|
Premises and
equipment
|
194,740
|
|
192,572
|
|
192,077
|
|
188,959
|
|
189,080
|
|
1.1 %
|
|
3.0 %
|
Operating leases
|
153,214
|
|
136,883
|
|
132,272
|
|
153,986
|
|
91,738
|
|
11.9 %
|
|
67.0 %
|
Goodwill
|
1,005,868
|
|
1,005,868
|
|
1,005,828
|
|
1,005,738
|
|
1,001,507
|
|
0.0 %
|
|
0.4 %
|
Other intangibles
|
83,949
|
|
86,378
|
|
88,662
|
|
91,169
|
|
93,919
|
|
(2.8) %
|
|
(10.6) %
|
Accrued interest and other
assets
|
1,056,762
|
|
1,186,618
|
|
1,078,186
|
|
1,076,033
|
|
1,220,648
|
|
(10.9) %
|
|
(13.4) %
|
Total
Assets
|
$
17,532,900
|
|
$ 17,054,852
|
|
$
17,090,149
|
|
$ 16,933,884
|
|
$
17,003,316
|
|
2.8 %
|
|
3.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
2,993,219
|
|
$
2,880,617
|
|
$
2,919,472
|
|
$
2,761,811
|
|
$
3,037,153
|
|
3.9 %
|
|
(1.4) %
|
Savings
|
4,331,228
|
|
4,023,455
|
|
3,785,445
|
|
3,746,403
|
|
3,828,139
|
|
7.6 %
|
|
13.1 %
|
Time
|
2,718,390
|
|
2,572,909
|
|
2,484,780
|
|
2,336,368
|
|
1,700,705
|
|
5.7 %
|
|
59.8 %
|
Total interest-bearing deposits
|
10,042,837
|
|
9,476,981
|
|
9,189,697
|
|
8,844,582
|
|
8,565,997
|
|
6.0 %
|
|
17.2 %
|
Noninterest-bearing
|
3,317,960
|
|
3,438,572
|
|
3,605,181
|
|
3,830,102
|
|
4,135,180
|
|
(3.5) %
|
|
(19.8) %
|
Total deposits
|
13,360,797
|
|
12,915,553
|
|
12,794,878
|
|
12,674,684
|
|
12,701,177
|
|
3.4 %
|
|
5.2 %
|
FHLB short-term
borrowings
|
800,000
|
|
755,000
|
|
1,050,300
|
|
1,089,400
|
|
1,130,000
|
|
6.0 %
|
|
(29.2) %
|
Other
|
137,814
|
|
219,188
|
|
165,983
|
|
128,160
|
|
157,156
|
|
(37.1) %
|
|
(12.3) %
|
Total short-term borrowings
|
937,814
|
|
974,188
|
|
1,216,283
|
|
1,217,560
|
|
1,287,156
|
|
(3.7) %
|
|
(27.1) %
|
Long-term debt
|
344,115
|
|
340,902
|
|
339,963
|
|
342,647
|
|
346,672
|
|
0.9 %
|
|
(0.7) %
|
Total borrowed funds
|
1,281,929
|
|
1,315,090
|
|
1,556,246
|
|
1,560,207
|
|
1,633,828
|
|
(2.5) %
|
|
(21.5) %
|
Accrued interest and other
liabilities
|
622,200
|
|
694,700
|
|
595,606
|
|
577,497
|
|
626,938
|
|
(10.4) %
|
|
(0.8) %
|
Total
Liabilities
|
15,264,926
|
|
14,925,343
|
|
14,946,730
|
|
14,812,388
|
|
14,961,943
|
|
2.3 %
|
|
2.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,638,972
|
|
1,636,054
|
|
1,632,659
|
|
1,629,428
|
|
1,634,605
|
|
0.2 %
|
|
0.3 %
|
Retained earnings
|
1,136,718
|
|
1,101,905
|
|
1,060,715
|
|
1,016,893
|
|
968,237
|
|
3.2 %
|
|
17.4 %
|
Accumulated other
comprehensive income (loss)
|
(309,819)
|
|
(410,005)
|
|
(353,010)
|
|
(328,059)
|
|
(358,663)
|
|
(24.4) %
|
|
(13.6) %
|
Treasury stock, at
cost
|
(197,897)
|
|
(198,445)
|
|
(196,945)
|
|
(196,766)
|
|
(202,806)
|
|
(0.3) %
|
|
(2.4) %
|
Total
Shareholders' Equity
|
2,267,974
|
|
2,129,509
|
|
2,143,419
|
|
2,121,496
|
|
2,041,373
|
|
6.5 %
|
|
11.1 %
|
Total
Liabilities and Shareholders' Equity
|
$
17,532,900
|
|
$ 17,054,852
|
|
$
17,090,149
|
|
$ 16,933,884
|
|
$
17,003,316
|
|
2.8 %
|
|
3.1 %
|
|
FIRST FINANCIAL
BANCORP.
|
AVERAGE CONSOLIDATED
STATEMENTS OF CONDITION
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 214,678
|
|
$ 211,670
|
|
$ 221,527
|
|
$ 218,724
|
|
$ 218,216
|
|
$ 216,625
|
|
$ 233,925
|
Interest-bearing deposits
with other banks
|
548,153
|
|
386,173
|
|
329,584
|
|
318,026
|
|
372,054
|
|
396,089
|
|
314,552
|
Investment
securities
|
3,184,408
|
|
3,394,237
|
|
3,560,453
|
|
3,635,317
|
|
3,705,304
|
|
3,442,233
|
|
4,032,046
|
Loans held for
sale
|
12,547
|
|
15,420
|
|
11,856
|
|
5,531
|
|
8,639
|
|
11,369
|
|
12,968
|
Loans and leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,422,381
|
|
3,443,615
|
|
3,469,683
|
|
3,456,681
|
|
3,249,252
|
|
3,447,984
|
|
2,979,273
|
Lease
financing
|
419,179
|
|
371,598
|
|
323,819
|
|
252,219
|
|
203,790
|
|
342,243
|
|
153,380
|
Construction
real estate
|
540,314
|
|
547,884
|
|
518,190
|
|
536,294
|
|
501,787
|
|
535,715
|
|
476,597
|
Commercial real
estate
|
4,060,733
|
|
4,024,798
|
|
4,050,946
|
|
4,017,021
|
|
4,028,944
|
|
4,038,457
|
|
4,040,365
|
Residential real
estate
|
1,320,670
|
|
1,260,249
|
|
1,181,053
|
|
1,115,889
|
|
1,066,859
|
|
1,220,138
|
|
976,775
|
Home
equity
|
750,925
|
|
735,251
|
|
726,333
|
|
728,185
|
|
735,039
|
|
735,236
|
|
721,048
|
Installment
|
160,242
|
|
164,092
|
|
172,147
|
|
205,934
|
|
208,484
|
|
175,447
|
|
159,807
|
Credit
card
|
64,037
|
|
60,827
|
|
59,478
|
|
55,548
|
|
56,325
|
|
59,998
|
|
54,752
|
Total loans
|
10,738,481
|
|
10,608,314
|
|
10,501,649
|
|
10,367,771
|
|
10,050,480
|
|
10,555,218
|
|
9,561,997
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
(149,398)
|
|
(150,297)
|
|
(145,578)
|
|
(136,419)
|
|
(127,541)
|
|
(145,472)
|
|
(125,001)
|
Net loans
|
10,589,083
|
|
10,458,017
|
|
10,356,071
|
|
10,231,352
|
|
9,922,939
|
|
10,409,746
|
|
9,436,996
|
Premises and
equipment
|
194,435
|
|
194,228
|
|
190,583
|
|
190,346
|
|
189,342
|
|
192,414
|
|
191,191
|
Operating leases
|
139,331
|
|
132,984
|
|
138,725
|
|
107,092
|
|
88,365
|
|
129,631
|
|
76,967
|
Goodwill
|
1,005,870
|
|
1,005,844
|
|
1,005,791
|
|
1,005,713
|
|
998,575
|
|
1,005,805
|
|
999,611
|
Other intangibles
|
85,101
|
|
87,427
|
|
89,878
|
|
92,587
|
|
95,256
|
|
88,724
|
|
99,081
|
Accrued interest and other
assets
|
1,151,349
|
|
1,065,389
|
|
1,063,587
|
|
1,138,311
|
|
1,168,908
|
|
1,104,587
|
|
985,393
|
Total
Assets
|
$
17,124,955
|
|
$ 16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
|
$
16,767,598
|
|
$
16,997,223
|
|
$
16,382,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
2,988,086
|
|
$
2,927,416
|
|
$
2,906,855
|
|
$
2,906,712
|
|
$
3,103,091
|
|
$
2,932,477
|
|
$
3,158,560
|
Savings
|
4,235,658
|
|
3,919,590
|
|
3,749,902
|
|
3,818,807
|
|
3,943,342
|
|
3,932,100
|
|
4,049,883
|
Time
|
2,611,075
|
|
2,446,854
|
|
2,393,707
|
|
2,131,707
|
|
1,360,681
|
|
2,397,289
|
|
1,175,086
|
Total interest-bearing deposits
|
9,834,819
|
|
9,293,860
|
|
9,050,464
|
|
8,857,226
|
|
8,407,114
|
|
9,261,866
|
|
8,383,529
|
Noninterest-bearing
|
3,368,024
|
|
3,493,305
|
|
3,663,419
|
|
3,954,915
|
|
4,225,192
|
|
3,617,961
|
|
4,196,735
|
Total deposits
|
13,202,843
|
|
12,787,165
|
|
12,713,883
|
|
12,812,141
|
|
12,632,306
|
|
12,879,827
|
|
12,580,264
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreements to repurchase
|
3,586
|
|
10,788
|
|
21,881
|
|
26,380
|
|
16,167
|
|
15,583
|
|
29,526
|
FHLB short-term
borrowings
|
554,826
|
|
878,199
|
|
1,028,207
|
|
925,144
|
|
944,320
|
|
845,666
|
|
672,928
|
Other
|
185,221
|
|
175,682
|
|
132,088
|
|
139,195
|
|
184,439
|
|
158,221
|
|
115,041
|
Total short-term borrowings
|
743,633
|
|
1,064,669
|
|
1,182,176
|
|
1,090,719
|
|
1,144,926
|
|
1,019,470
|
|
817,495
|
Long-term debt
|
340,321
|
|
338,402
|
|
341,523
|
|
343,619
|
|
344,162
|
|
340,950
|
|
359,518
|
Total borrowed
funds
|
1,083,954
|
|
1,403,071
|
|
1,523,699
|
|
1,434,338
|
|
1,489,088
|
|
1,360,420
|
|
1,177,013
|
Accrued interest and other
liabilities
|
693,676
|
|
607,552
|
|
592,708
|
|
614,310
|
|
636,640
|
|
627,225
|
|
520,114
|
Total
Liabilities
|
14,980,473
|
|
14,797,788
|
|
14,830,290
|
|
14,860,789
|
|
14,758,034
|
|
14,867,472
|
|
14,277,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
1,637,197
|
|
1,634,102
|
|
1,631,230
|
|
1,633,396
|
|
1,632,941
|
|
1,633,992
|
|
1,634,558
|
Retained earnings
|
1,111,786
|
|
1,076,515
|
|
1,034,092
|
|
989,777
|
|
941,987
|
|
1,053,441
|
|
887,826
|
Accumulated other
comprehensive loss
|
(406,265)
|
|
(358,769)
|
|
(330,263)
|
|
(339,450)
|
|
(361,284)
|
|
(358,870)
|
|
(207,778)
|
Treasury stock, at
cost
|
(198,236)
|
|
(198,247)
|
|
(197,294)
|
|
(201,513)
|
|
(204,080)
|
|
(198,812)
|
|
(209,267)
|
Total
Shareholders' Equity
|
2,144,482
|
|
2,153,601
|
|
2,137,765
|
|
2,082,210
|
|
2,009,564
|
|
2,129,751
|
|
2,105,339
|
Total
Liabilities and Shareholders' Equity
|
$
17,124,955
|
|
$ 16,951,389
|
|
$
16,968,055
|
|
$
16,942,999
|
|
$
16,767,598
|
|
$
16,997,223
|
|
$
16,382,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST FINANCIAL
BANCORP.
|
NET INTEREST MARGIN
RATE/VOLUME ANALYSIS
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarterly
Averages
|
|
Year-to-Date
Averages
|
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
|
|
Balance
|
|
Interest
|
|
Yield
|
|
Balance
|
|
Interest
|
|
Yield
|
|
Balance
|
|
Interest
|
|
Yield
|
|
Balance
|
|
Yield
|
|
Balance
|
|
Yield
|
Earning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities
|
|
$
3,184,408
|
|
$
33,696
|
|
4.20 %
|
|
$
3,394,237
|
|
$ 34,819
|
|
4.07 %
|
|
$
3,705,304
|
|
$ 34,353
|
|
3.68 %
|
|
$
3,442,233
|
|
4.05 %
|
|
$
4,032,046
|
|
3.00 %
|
Interest-bearing
deposits with other banks
|
|
548,153
|
|
7,325
|
|
5.30 %
|
|
386,173
|
|
5,011
|
|
5.15 %
|
|
372,054
|
|
3,262
|
|
3.48 %
|
|
396,089
|
|
5.00 %
|
|
314,552
|
|
1.74 %
|
Gross loans (1)
|
|
10,751,028
|
|
197,416
|
|
7.29 %
|
|
10,623,734
|
|
192,261
|
|
7.18 %
|
|
10,059,119
|
|
152,299
|
|
6.01 %
|
|
10,566,587
|
|
7.04 %
|
|
9,574,965
|
|
4.79 %
|
Total earning
assets
|
|
14,483,589
|
|
238,437
|
|
6.53 %
|
|
14,404,144
|
|
232,091
|
|
6.39 %
|
|
14,136,477
|
|
189,914
|
|
5.33 %
|
|
14,404,909
|
|
6.27 %
|
|
13,921,563
|
|
4.20 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonearning
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
(149,398)
|
|
|
|
|
|
(150,297)
|
|
|
|
|
|
(127,541)
|
|
|
|
|
|
(145,472)
|
|
|
|
(125,001)
|
|
|
Cash
and due from banks
|
|
214,678
|
|
|
|
|
|
211,670
|
|
|
|
|
|
218,216
|
|
|
|
|
|
216,625
|
|
|
|
233,925
|
|
|
Accrued interest and other assets
|
|
2,576,086
|
|
|
|
|
|
2,485,872
|
|
|
|
|
|
2,540,446
|
|
|
|
|
|
2,521,161
|
|
|
|
2,352,243
|
|
|
Total assets
|
|
$ 17,124,955
|
|
|
|
|
|
$ 16,951,389
|
|
|
|
|
|
$ 16,767,598
|
|
|
|
|
|
$ 16,997,223
|
|
|
|
$ 16,382,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
|
$
2,988,086
|
|
$
14,480
|
|
1.92 %
|
|
$
2,927,416
|
|
$ 12,953
|
|
1.76 %
|
|
$
3,103,091
|
|
$
5,195
|
|
0.66 %
|
|
$
2,932,477
|
|
1.45 %
|
|
$
3,158,560
|
|
0.28 %
|
Savings
|
|
4,235,658
|
|
26,632
|
|
2.49 %
|
|
3,919,590
|
|
19,853
|
|
2.01 %
|
|
3,943,342
|
|
4,819
|
|
0.48 %
|
|
3,932,100
|
|
1.73 %
|
|
4,049,883
|
|
0.22 %
|
Time
|
|
2,611,075
|
|
28,081
|
|
4.27 %
|
|
2,446,854
|
|
24,263
|
|
3.93 %
|
|
1,360,681
|
|
6,154
|
|
1.79 %
|
|
2,397,289
|
|
3.81 %
|
|
1,175,086
|
|
0.88 %
|
Total interest-bearing deposits
|
|
9,834,819
|
|
69,193
|
|
2.79 %
|
|
9,293,860
|
|
57,069
|
|
2.44 %
|
|
8,407,114
|
|
16,168
|
|
0.76 %
|
|
9,261,866
|
|
2.18 %
|
|
8,383,529
|
|
0.34 %
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
743,633
|
|
10,277
|
|
5.48 %
|
|
1,064,669
|
|
14,615
|
|
5.45 %
|
|
1,144,926
|
|
11,091
|
|
3.84 %
|
|
1,019,470
|
|
5.24 %
|
|
817,495
|
|
2.34 %
|
Long-term
debt
|
|
340,321
|
|
5,202
|
|
6.06 %
|
|
338,402
|
|
4,952
|
|
5.81 %
|
|
344,162
|
|
4,759
|
|
5.49 %
|
|
340,950
|
|
5.82 %
|
|
359,518
|
|
5.17 %
|
Total
borrowed funds
|
|
1,083,954
|
|
15,479
|
|
5.67 %
|
|
1,403,071
|
|
19,567
|
|
5.53 %
|
|
1,489,088
|
|
15,850
|
|
4.22 %
|
|
1,360,420
|
|
5.38 %
|
|
1,177,013
|
|
3.20 %
|
Total
interest-bearing liabilities
|
|
10,918,773
|
|
84,672
|
|
3.08 %
|
|
10,696,931
|
|
76,636
|
|
2.84 %
|
|
9,896,202
|
|
32,018
|
|
1.28 %
|
|
10,622,286
|
|
2.59 %
|
|
9,560,542
|
|
0.69 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits
|
|
3,368,024
|
|
|
|
|
|
3,493,305
|
|
|
|
|
|
4,225,192
|
|
|
|
|
|
3,617,961
|
|
|
|
4,196,735
|
|
|
Other liabilities
|
|
693,676
|
|
|
|
|
|
607,552
|
|
|
|
|
|
636,640
|
|
|
|
|
|
627,225
|
|
|
|
520,114
|
|
|
Shareholders' equity
|
|
2,144,482
|
|
|
|
|
|
2,153,601
|
|
|
|
|
|
2,009,564
|
|
|
|
|
|
2,129,751
|
|
|
|
2,105,339
|
|
|
Total liabilities & shareholders'
equity
|
|
$ 17,124,955
|
|
|
|
|
|
$ 16,951,389
|
|
|
|
|
|
$ 16,767,598
|
|
|
|
|
|
$ 16,997,223
|
|
|
|
$ 16,382,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
153,765
|
|
|
|
|
|
$
155,455
|
|
|
|
|
|
$
157,896
|
|
|
|
|
|
$
627,770
|
|
|
|
$
519,143
|
|
|
Net interest
spread
|
|
|
|
|
|
3.45 %
|
|
|
|
|
|
3.55 %
|
|
|
|
|
|
4.05 %
|
|
|
|
3.68 %
|
|
|
|
3.51 %
|
Net interest
margin
|
|
|
|
|
|
4.21 %
|
|
|
|
|
|
4.28 %
|
|
|
|
|
|
4.43 %
|
|
|
|
4.36 %
|
|
|
|
3.73 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax equivalent
adjustment
|
|
|
|
|
|
0.05 %
|
|
|
|
|
|
0.05 %
|
|
|
|
|
|
0.04 %
|
|
|
|
0.04 %
|
|
|
|
0.04 %
|
Net interest margin
(fully tax equivalent)
|
|
|
|
|
|
4.26 %
|
|
|
|
|
|
4.33 %
|
|
|
|
|
|
4.47 %
|
|
|
|
4.40 %
|
|
|
|
3.77 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
$ 1,097
|
|
$
(2,220)
|
|
$
(1,123)
|
|
$ 4,855
|
|
$
(5,512)
|
|
$
(657)
|
|
$
42,530
|
|
$
(23,889)
|
|
$
18,641
|
Interest-bearing deposits with other banks
|
|
149
|
|
2,165
|
|
2,314
|
|
1,710
|
|
2,353
|
|
4,063
|
|
10,250
|
|
4,079
|
|
14,329
|
Gross loans (2)
|
|
2,818
|
|
2,337
|
|
5,155
|
|
32,412
|
|
12,705
|
|
45,117
|
|
215,229
|
|
69,799
|
|
285,028
|
Total earning
assets
|
|
4,064
|
|
2,282
|
|
6,346
|
|
38,977
|
|
9,546
|
|
48,523
|
|
268,009
|
|
49,989
|
|
317,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits
|
|
$ 8,318
|
|
$ 3,806
|
|
$
12,124
|
|
$
42,980
|
|
$
10,045
|
|
$
53,025
|
|
$
154,713
|
|
$
19,157
|
|
$
173,870
|
Borrowed funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
99
|
|
(4,437)
|
|
(4,338)
|
|
4,732
|
|
(5,546)
|
|
(814)
|
|
23,671
|
|
10,575
|
|
34,246
|
Long-term debt
|
|
221
|
|
29
|
|
250
|
|
502
|
|
(59)
|
|
443
|
|
2,336
|
|
(1,081)
|
|
1,255
|
Total borrowed
funds
|
|
320
|
|
(4,408)
|
|
(4,088)
|
|
5,234
|
|
(5,605)
|
|
(371)
|
|
26,007
|
|
9,494
|
|
35,501
|
Total
interest-bearing liabilities
|
|
8,638
|
|
(602)
|
|
8,036
|
|
48,214
|
|
4,440
|
|
52,654
|
|
180,720
|
|
28,651
|
|
209,371
|
Net interest income (1)
|
|
$
(4,574)
|
|
$ 2,884
|
|
$
(1,690)
|
|
$
(9,237)
|
|
$ 5,106
|
|
$
(4,131)
|
|
$
87,289
|
|
$
21,338
|
|
$
108,627
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Full Year
|
|
Full Year
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
ALLOWANCE FOR CREDIT
LOSS ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of
period
|
$
145,201
|
|
$
148,646
|
|
$
141,591
|
|
$
132,977
|
|
$
124,096
|
|
$ 132,977
|
|
$ 131,992
|
Provision for
credit losses
|
8,804
|
|
12,907
|
|
12,719
|
|
8,644
|
|
8,689
|
|
43,074
|
|
6,731
|
Gross
charge-offs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
6,866
|
|
9,207
|
|
2,372
|
|
730
|
|
334
|
|
19,175
|
|
5,899
|
Lease financing
|
4,244
|
|
76
|
|
90
|
|
13
|
|
0
|
|
4,423
|
|
152
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
1
|
|
6,008
|
|
2,648
|
|
66
|
|
245
|
|
8,723
|
|
3,667
|
Residential real estate
|
9
|
|
10
|
|
20
|
|
0
|
|
79
|
|
39
|
|
224
|
Home
equity
|
174
|
|
54
|
|
21
|
|
91
|
|
72
|
|
340
|
|
160
|
Installment
|
2,054
|
|
1,349
|
|
1,515
|
|
1,524
|
|
717
|
|
6,442
|
|
1,549
|
Credit card
|
363
|
|
319
|
|
274
|
|
217
|
|
212
|
|
1,173
|
|
907
|
Total gross
charge-offs
|
13,711
|
|
17,023
|
|
6,940
|
|
2,641
|
|
1,659
|
|
40,315
|
|
12,558
|
Recoveries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
459
|
|
335
|
|
631
|
|
109
|
|
293
|
|
1,534
|
|
939
|
Lease financing
|
52
|
|
1
|
|
1
|
|
1
|
|
0
|
|
55
|
|
49
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
93
|
|
39
|
|
153
|
|
2,238
|
|
1,327
|
|
2,523
|
|
4,304
|
Residential real estate
|
24
|
|
44
|
|
113
|
|
66
|
|
15
|
|
247
|
|
174
|
Home
equity
|
178
|
|
125
|
|
232
|
|
80
|
|
88
|
|
615
|
|
898
|
Installment
|
210
|
|
87
|
|
90
|
|
54
|
|
68
|
|
441
|
|
165
|
Credit card
|
123
|
|
40
|
|
56
|
|
63
|
|
60
|
|
282
|
|
283
|
Total
recoveries
|
1,139
|
|
671
|
|
1,276
|
|
2,611
|
|
1,851
|
|
5,697
|
|
6,812
|
Total net
charge-offs
|
12,572
|
|
16,352
|
|
5,664
|
|
30
|
|
(192)
|
|
34,618
|
|
5,746
|
Ending allowance for
credit losses
|
$
141,433
|
|
$
145,201
|
|
$
148,646
|
|
$
141,591
|
|
$
132,977
|
|
$ 141,433
|
|
$ 132,977
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET CHARGE-OFFS TO
AVERAGE LOANS AND LEASES (ANNUALIZED)
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.74 %
|
|
1.02 %
|
|
0.20 %
|
|
0.07 %
|
|
0.01 %
|
|
0.51 %
|
|
0.17 %
|
Lease
financing
|
3.97 %
|
|
0.08 %
|
|
0.11 %
|
|
0.02 %
|
|
0.00 %
|
|
1.28 %
|
|
0.07 %
|
Construction
real estate
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
|
0.00 %
|
Commercial real
estate
|
(0.01) %
|
|
0.59 %
|
|
0.25 %
|
|
(0.22) %
|
|
(0.11) %
|
|
0.15 %
|
|
(0.02) %
|
Residential real
estate
|
0.00 %
|
|
(0.01) %
|
|
(0.03) %
|
|
(0.02) %
|
|
0.02 %
|
|
(0.02) %
|
|
0.01 %
|
Home
equity
|
0.00 %
|
|
(0.04) %
|
|
(0.12) %
|
|
0.01 %
|
|
(0.01) %
|
|
(0.04) %
|
|
(0.10) %
|
Installment
|
4.57 %
|
|
3.05 %
|
|
3.32 %
|
|
2.89 %
|
|
1.24 %
|
|
3.42 %
|
|
0.87 %
|
Credit
card
|
1.49 %
|
|
1.82 %
|
|
1.47 %
|
|
1.12 %
|
|
1.07 %
|
|
1.49 %
|
|
1.14 %
|
Total net
charge-offs
|
0.46 %
|
|
0.61 %
|
|
0.22 %
|
|
0.00 %
|
|
(0.01) %
|
|
0.33 %
|
|
0.06 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF
NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING
ASSETS
|
|
|
Nonaccrual loans
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
15,746
|
|
$
17,152
|
|
$
21,508
|
|
$
13,971
|
|
$ 8,242
|
|
$
15,746
|
|
$ 8,242
|
Lease financing
|
3,610
|
|
7,731
|
|
4,833
|
|
175
|
|
178
|
|
3,610
|
|
178
|
Construction real estate
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Commercial real estate
|
27,984
|
|
33,019
|
|
11,876
|
|
5,362
|
|
5,786
|
|
27,984
|
|
5,786
|
Residential real estate
|
14,067
|
|
12,328
|
|
11,697
|
|
11,129
|
|
10,691
|
|
14,067
|
|
10,691
|
Home
equity
|
3,476
|
|
3,937
|
|
3,239
|
|
3,399
|
|
3,123
|
|
3,476
|
|
3,123
|
Installment
|
870
|
|
774
|
|
568
|
|
544
|
|
603
|
|
870
|
|
603
|
Nonaccrual
loans
|
65,753
|
|
74,941
|
|
53,721
|
|
34,580
|
|
28,623
|
|
65,753
|
|
28,623
|
Accruing
troubled debt restructurings (TDRs) (2)
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
10,960
|
|
N/A
|
|
10,960
|
Total nonperforming loans
(2)
|
65,753
|
|
74,941
|
|
53,721
|
|
34,580
|
|
39,583
|
|
65,753
|
|
39,583
|
Other real
estate owned (OREO)
|
106
|
|
142
|
|
281
|
|
191
|
|
191
|
|
106
|
|
191
|
Total nonperforming assets
(2)
|
65,859
|
|
75,083
|
|
54,002
|
|
34,771
|
|
39,774
|
|
65,859
|
|
39,774
|
Accruing loans
past due 90 days or more
|
2,028
|
|
698
|
|
873
|
|
159
|
|
857
|
|
2,028
|
|
857
|
Total underperforming assets
(2)
|
$
67,887
|
|
$
75,781
|
|
$
54,875
|
|
$
34,930
|
|
$
40,631
|
|
$
67,887
|
|
$
40,631
|
Total classified assets
(2)
|
$
140,995
|
|
$
140,552
|
|
$
138,909
|
|
$
158,984
|
|
$
128,137
|
|
$ 140,995
|
|
$ 128,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
|
464.58 %
|
|
215.10 %
|
|
464.58 %
|
Nonperforming
loans
|
215.10 %
|
|
193.75 %
|
|
276.70 %
|
|
409.46 %
|
|
335.94 %
|
|
215.10 %
|
|
335.94 %
|
Total ending
loans
|
1.29 %
|
|
1.36 %
|
|
1.41 %
|
|
1.36 %
|
|
1.29 %
|
|
1.29 %
|
|
1.29 %
|
Nonperforming loans to
total loans
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
|
0.38 %
|
|
0.60 %
|
|
0.38 %
|
Nonaccrual loans to
total loans
|
0.60 %
|
|
0.70 %
|
|
0.51 %
|
|
0.33 %
|
|
0.28 %
|
|
0.60 %
|
|
0.28 %
|
Nonperforming assets
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
|
0.39 %
|
|
0.60 %
|
|
0.39 %
|
Total assets
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
|
0.23 %
|
|
0.38 %
|
|
0.23 %
|
Nonperforming assets,
excluding accruing TDRs to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending loans, plus
OREO
|
0.60 %
|
|
0.71 %
|
|
0.51 %
|
|
0.33 %
|
|
0.28 %
|
|
0.60 %
|
|
0.28 %
|
Total assets
|
0.38 %
|
|
0.44 %
|
|
0.32 %
|
|
0.21 %
|
|
0.17 %
|
|
0.38 %
|
|
0.17 %
|
Classified assets to
total assets
|
0.80 %
|
|
0.82 %
|
|
0.81 %
|
|
0.94 %
|
|
0.75 %
|
|
0.80 %
|
|
0.75 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Nonaccrual loans include nonaccrual TDRs of $10.0 million as of
December 31, 2022.
|
(2)
Upon adoption of ASU 2022-02 as of January 1, 2023, the TDR
model was eliminated. Prospectively, disclosures will include
modifications of loans to borrowers experiencing financial
difficulty (FDM). FDMs are excluded from nonperforming,
underperforming and classified assets.
|
FIRST FINANCIAL
BANCORP.
|
CAPITAL
ADEQUACY
|
(Dollars in thousands,
except per share data)
|
(Unaudited)
|
|
Three Months
Ended,
|
|
Twelve months
ended,
|
|
Dec. 31,
|
|
Sep. 30,
|
|
June 30,
|
|
Mar. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
Dec. 31,
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
PER COMMON
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$
24.28
|
|
$
24.02
|
|
$
22.27
|
|
$
26.24
|
|
$
26.68
|
|
$ 26.24
|
|
$ 26.73
|
Low
|
$
17.37
|
|
$
19.19
|
|
$
18.20
|
|
$
21.30
|
|
$
21.56
|
|
$ 17.37
|
|
$ 19.02
|
Close
|
$
23.75
|
|
$
19.60
|
|
$
20.44
|
|
$
21.77
|
|
$
24.23
|
|
$ 23.75
|
|
$ 24.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding - basic
|
94,063,570
|
|
94,030,275
|
|
93,924,068
|
|
93,732,532
|
|
93,590,674
|
|
93,938,772
|
|
93,528,712
|
Average shares
outstanding - diluted
|
95,126,316
|
|
95,126,269
|
|
95,169,348
|
|
94,960,158
|
|
94,831,788
|
|
95,096,067
|
|
94,586,851
|
Ending shares
outstanding
|
95,141,244
|
|
95,117,180
|
|
95,185,483
|
|
95,190,406
|
|
94,891,099
|
|
95,141,244
|
|
94,891,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$
2,267,974
|
|
$
2,129,509
|
|
$
2,143,419
|
|
$
2,121,496
|
|
$
2,041,373
|
|
$
2,267,974
|
|
$
2,041,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGULATORY
CAPITAL
|
Preliminary
|
|
|
|
|
|
|
|
|
|
Preliminary
|
|
|
Common equity tier 1
capital
|
$
1,568,815
|
|
$
1,527,793
|
|
$
1,481,913
|
|
$
1,432,332
|
|
$
1,399,420
|
|
$
1,568,815
|
|
$
1,399,420
|
Common equity tier 1
capital ratio
|
11.85 %
|
|
11.60 %
|
|
11.34 %
|
|
11.00 %
|
|
10.83 %
|
|
11.85 %
|
|
10.83 %
|
Tier 1
capital
|
$
1,613,480
|
|
$
1,572,248
|
|
$
1,526,362
|
|
$
1,476,734
|
|
$
1,443,698
|
|
$
1,613,480
|
|
$
1,443,698
|
Tier 1 ratio
|
12.19 %
|
|
11.94 %
|
|
11.68 %
|
|
11.34 %
|
|
11.17 %
|
|
12.19 %
|
|
11.17 %
|
Total
capital
|
$
1,820,285
|
|
$
1,778,993
|
|
$
1,756,968
|
|
$
1,707,270
|
|
$
1,691,255
|
|
$
1,820,285
|
|
$
1,691,255
|
Total capital
ratio
|
13.75 %
|
|
13.51 %
|
|
13.44 %
|
|
13.11 %
|
|
13.09 %
|
|
13.75 %
|
|
13.09 %
|
Total capital in excess
of minimum requirement
|
$
430,482
|
|
$
396,083
|
|
$
384,735
|
|
$
339,585
|
|
$
334,316
|
|
$
430,482
|
|
$ 334,316
|
Total risk-weighted
assets
|
$
13,236,221
|
|
$
13,170,574
|
|
$
13,068,888
|
|
$
13,025,567
|
|
$
12,923,233
|
|
$
13,236,221
|
|
$
12,923,233
|
Leverage
ratio
|
9.70 %
|
|
9.59 %
|
|
9.33 %
|
|
9.03 %
|
|
8.89 %
|
|
9.70 %
|
|
8.89 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER CAPITAL
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending shareholders'
equity to ending assets
|
12.94 %
|
|
12.49 %
|
|
12.54 %
|
|
12.53 %
|
|
12.01 %
|
|
12.94 %
|
|
12.01 %
|
Ending tangible
shareholders' equity to ending tangible assets
(1)
|
7.17 %
|
|
6.50 %
|
|
6.56 %
|
|
6.47 %
|
|
5.95 %
|
|
7.17 %
|
|
5.95 %
|
Average shareholders'
equity to average assets
|
12.52 %
|
|
12.70 %
|
|
12.60 %
|
|
12.29 %
|
|
11.98 %
|
|
12.53 %
|
|
12.85 %
|
Average tangible
shareholders' equity to average tangible assets
(1)
|
6.57 %
|
|
6.69 %
|
|
6.57 %
|
|
6.21 %
|
|
5.84 %
|
|
6.51 %
|
|
6.59 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE PROGRAM
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
repurchased
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
Average share
repurchase price
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
Total cost of shares
repurchased
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP
measure. 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.
|
(2)
Represents share repurchases as part of publicly announced
plans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A = Not
applicable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/first-financial-bancorp-announces-fourth-quarter-and-full-year-2023-financial-results-and-quarterly-dividend-302045138.html
SOURCE First Financial Bancorp.