Ohio | 31-1042001 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Three months ended | Nine months ended | |||||||||||||||||||||
Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | |||||||||||||||||
(Dollars in thousands) | 2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||
Net interest income | $ | 63,159 | $ | 58,674 | $ | 58,586 | $ | 61,139 | $ | 58,363 | $ | 180,419 | $ | 167,486 | ||||||||
Tax equivalent adjustment | 1,000 | 988 | 983 | 946 | 818 | 2,971 | 2,278 | |||||||||||||||
Net interest income - tax equivalent | $ | 64,159 | $ | 59,662 | $ | 59,569 | $ | 62,085 | $ | 59,181 | $ | 183,390 | $ | 169,764 | ||||||||
Average earning assets | $ | 6,938,107 | $ | 6,616,960 | $ | 6,576,660 | $ | 6,617,104 | $ | 6,326,315 | $ | 6,711,900 | $ | 6,011,310 | ||||||||
Net interest margin* | 3.61 | % | 3.56 | % | 3.61 | % | 3.67 | % | 3.66 | % | 3.59 | % | 3.73 | % | ||||||||
Net interest margin (fully tax equivalent)* | 3.67 | % | 3.62 | % | 3.67 | % | 3.72 | % | 3.71 | % | 3.65 | % | 3.78 | % | ||||||||
* Margins are calculated using net interest income annualized divided by average earning assets. |
Three months ended | ||||||||||||
Sep. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||
(Dollars in thousands) | 2015 | 2015 | 2015 | 2014 | ||||||||
Allowance | $ | 53,332 | $ | 52,876 | $ | 53,076 | $ | 52,858 | ||||
Loan marks | 26,948 | 29,428 | 35,804 | 42,434 | ||||||||
Allowance and loan marks | 80,280 | 82,304 | 88,880 | 95,292 | ||||||||
Indemnification asset | (18,931 | ) | (20,338 | ) | (20,397 | ) | (22,666 | ) | ||||
Allowance and loan marks, net of indemnification asset (a) | $ | 61,349 | $ | 61,966 | $ | 68,483 | $ | 72,626 | ||||
Loans | $ | 5,216,063 | $ | 4,852,774 | $ | 4,763,537 | $ | 4,777,235 | ||||
Loan marks | 26,948 | 29,428 | 35,804 | 42,434 | ||||||||
Total loans (b) | $ | 5,243,011 | $ | 4,882,202 | $ | 4,799,341 | $ | 4,819,669 | ||||
Allowance and loan marks, net of indemnification asset, to total loans (a)/(b) | 1.17 | % | 1.27 | % | 1.43 | % | 1.51 | % |
Three months ended | Nine months ended | |||||||||||||||||||||
Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | |||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net income (a) | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 18,599 | $ | 15,344 | $ | 55,243 | $ | 46,401 | ||||||||
Average total shareholders' equity | $ | 812,396 | $ | 800,598 | $ | 788,511 | $ | 780,131 | $ | 745,729 | $ | 800,589 | $ | 709,115 | ||||||||
Less: | ||||||||||||||||||||||
Goodwill | (204,015 | ) | (137,739 | ) | (137,739 | ) | (137,739 | ) | (137,458 | ) | (204,015 | ) | (137,458 | ) | ||||||||
Intangible assets | (7,717 | ) | (7,726 | ) | (7,847 | ) | (8,114 | ) | (8,542 | ) | (7,717 | ) | (8,542 | ) | ||||||||
Average tangible equity (b) | 600,664 | 655,133 | 642,925 | 634,278 | 599,729 | 588,857 | 563,115 | |||||||||||||||
Total shareholders' equity | 813,012 | 802,383 | 795,742 | 784,077 | 773,912 | 813,012 | 773,912 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill | (204,015 | ) | (137,739 | ) | (137,739 | ) | (137,739 | ) | (137,458 | ) | (204,015 | ) | (137,458 | ) | ||||||||
Intangible assets | (7,717 | ) | (7,726 | ) | (7,847 | ) | (8,114 | ) | (8,542 | ) | (7,717 | ) | (8,542 | ) | ||||||||
Ending tangible equity (c) | 601,280 | 656,918 | 650,156 | 638,224 | 627,912 | 601,280 | 627,912 | |||||||||||||||
Total assets | 7,880,533 | 7,383,372 | 7,245,796 | 7,217,821 | 7,353,469 | 7,880,533 | 7,353,469 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill | (204,015 | ) | (137,739 | ) | (137,739 | ) | (137,739 | ) | (137,458 | ) | (204,015 | ) | (137,458 | ) | ||||||||
Intangible assets | (7,717 | ) | (7,726 | ) | (7,847 | ) | (8,114 | ) | (8,542 | ) | (7,717 | ) | (8,542 | ) | ||||||||
Ending tangible assets (d) | 7,668,801 | 7,237,907 | 7,100,210 | 7,071,968 | 7,207,469 | 7,668,801 | 7,207,469 | |||||||||||||||
Risk-weighted assets (e) | 6,073,899 | 5,647,658 | 5,583,461 | 5,311,573 | 5,202,123 | 6,073,899 | 5,202,123 | |||||||||||||||
Total average assets | 7,611,389 | 7,243,886 | 7,201,313 | 7,241,869 | 6,937,283 | 7,353,698 | 6,598,894 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill | (204,015 | ) | (137,739 | ) | (137,739 | ) | (137,739 | ) | (137,458 | ) | (204,015 | ) | (137,458 | ) | ||||||||
Intangible assets | (7,717 | ) | (7,726 | ) | (7,847 | ) | (8,114 | ) | (8,542 | ) | (7,717 | ) | (8,542 | ) | ||||||||
Average tangible assets (f) | 7,399,657 | 7,098,421 | 7,055,727 | 7,096,016 | 6,791,283 | 7,141,966 | 6,452,894 | |||||||||||||||
Ending common shares outstanding (g) | 61,713,633 | 61,707,847 | 61,686,887 | 61,456,547 | 61,368,473 | 61,713,633 | 61,368,473 | |||||||||||||||
Ratios | ||||||||||||||||||||||
Return on average tangible shareholders' equity (a)/(b) | 12.33 | % | 11.60 | % | 11.12 | % | 11.63 | % | 10.15 | % | 12.54 | % | 11.02 | % | ||||||||
Ending tangible shareholders' equity as a percent of: | ||||||||||||||||||||||
Ending tangible assets (c)/(d) | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 8.71 | % | 7.84 | % | 8.71 | % | ||||||||
Risk-weighted assets (c)/(e) | 9.90 | % | 11.63 | % | 11.64 | % | 12.02 | % | 12.07 | % | 9.90 | % | 12.07 | % | ||||||||
Average tangible shareholders' equity of average tangible assets (b)/(f) | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.83 | % | 8.25 | % | 8.73 | % | ||||||||
Tangible book value per share (c)/(g) | $ | 9.74 | $ | 10.65 | $ | 10.54 | $ | 10.38 | $ | 10.23 | $ | 9.74 | $ | 10.23 |
By: /s/ John M. Gavigan | ||
John M. Gavigan | ||
Senior Vice President and Chief Financial Officer | ||
Date: | October 22, 2015 |
• | Net Income of $18.7 million |
• | Earnings per Share of $0.30 |
• | Return on Average Assets of 0.97% |
• | Return on Average Tangible Common Equity of 12.33% |
• | Net Interest Margin of 3.67% (fully tax equivalent) |
Contents | Page |
Consolidated Financial Highlights | 2 |
Consolidated Quarterly Statements of Income | 3 |
Consolidated Statements of Condition | 4 |
Average Consolidated Statements of Condition | 5 |
Net Interest Margin Rate / Volume Analysis | 6 |
Credit Quality | 7 |
Capital Adequacy | 8 |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Three Months Ended, | Nine months ended, | ||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | ||||||||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||
RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Net income | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 18,599 | $ | 15,344 | $ | 55,243 | $ | 46,401 | |||||||||||||
Net earnings per share - basic | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 0.31 | $ | 0.26 | $ | 0.90 | $ | 0.80 | |||||||||||||
Net earnings per share - diluted | $ | 0.30 | $ | 0.31 | $ | 0.29 | $ | 0.30 | $ | 0.26 | $ | 0.89 | $ | 0.79 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.48 | $ | 0.45 | |||||||||||||
KEY FINANCIAL RATIOS | |||||||||||||||||||||||||||
Return on average assets | 0.97 | % | 1.05 | % | 0.99 | % | 1.02 | % | 0.88 | % | 1.00 | % | 0.94 | % | |||||||||||||
Return on average shareholders' equity | 9.12 | % | 9.49 | % | 9.06 | % | 9.46 | % | 8.16 | % | 9.23 | % | 8.75 | % | |||||||||||||
Return on average tangible shareholders' equity | 12.33 | % | 11.60 | % | 11.12 | % | 11.63 | % | 10.15 | % | 12.54 | % | 11.02 | % | |||||||||||||
Net interest margin | 3.61 | % | 3.56 | % | 3.61 | % | 3.67 | % | 3.66 | % | 3.59 | % | 3.73 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.67 | % | 3.62 | % | 3.67 | % | 3.72 | % | 3.71 | % | 3.65 | % | 3.78 | % | |||||||||||||
Ending shareholders' equity as a percent of ending assets | 10.32 | % | 10.87 | % | 10.98 | % | 10.86 | % | 10.52 | % | 10.32 | % | 10.52 | % | |||||||||||||
Ending tangible shareholders' equity as a percent of: | |||||||||||||||||||||||||||
Ending tangible assets | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 8.71 | % | 7.84 | % | 8.71 | % | |||||||||||||
Risk-weighted assets | 9.90 | % | 11.63 | % | 11.64 | % | 12.02 | % | 12.07 | % | 9.90 | % | 12.06 | % | |||||||||||||
Average shareholders' equity as a percent of average assets | 10.67 | % | 11.05 | % | 10.95 | % | 10.77 | % | 10.75 | % | 10.89 | % | 10.75 | % | |||||||||||||
Average tangible shareholders' equity as a percent of | |||||||||||||||||||||||||||
average tangible assets | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.83 | % | 8.25 | % | 8.73 | % | |||||||||||||
Book value per share | $ | 13.17 | $ | 13.00 | $ | 12.90 | $ | 12.76 | $ | 12.61 | $ | 13.17 | $ | 12.61 | |||||||||||||
Tangible book value per share | $ | 9.74 | $ | 10.65 | $ | 10.54 | $ | 10.38 | $ | 10.23 | $ | 9.74 | $ | 10.23 | |||||||||||||
Common equity tier 1 ratio (2) | 10.51 | % | 12.34 | % | 12.29 | % | 12.69 | % | 12.74 | % | 10.51 | % | 12.74 | % | |||||||||||||
Tier 1 ratio (2) | 10.52 | % | 12.35 | % | 12.29 | % | 12.69 | % | 12.74 | % | 10.52 | % | 12.74 | % | |||||||||||||
Total capital ratio (2) | 13.37 | % | 13.31 | % | 13.27 | % | 13.71 | % | 13.80 | % | 13.37 | % | 13.80 | % | |||||||||||||
Leverage ratio (2) | 8.58 | % | 9.77 | % | 9.67 | % | 9.44 | % | 9.70 | % | 8.58 | % | 9.70 | % | |||||||||||||
AVERAGE BALANCE SHEET ITEMS | |||||||||||||||||||||||||||
Loans (3) | $ | 5,032,708 | $ | 4,793,471 | $ | 4,770,671 | $ | 4,758,374 | $ | 4,403,591 | $ | 4,866,577 | $ | 4,133,434 | |||||||||||||
FDIC indemnification asset | 19,848 | 20,744 | 22,112 | 24,172 | 28,050 | 20,893 | 35,221 | ||||||||||||||||||||
Investment securities | 1,848,083 | 1,782,785 | 1,762,622 | 1,811,941 | 1,865,241 | 1,798,143 | 1,828,207 | ||||||||||||||||||||
Interest-bearing deposits with other banks | 37,468 | 19,960 | 21,255 | 22,617 | 29,433 | 26,287 | 14,448 | ||||||||||||||||||||
Total earning assets | $ | 6,938,107 | $ | 6,616,960 | $ | 6,576,660 | $ | 6,617,104 | $ | 6,326,315 | $ | 6,711,900 | $ | 6,011,310 | |||||||||||||
Total assets | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 6,937,283 | $ | 7,353,698 | $ | 6,598,894 | |||||||||||||
Noninterest-bearing deposits | $ | 1,344,049 | $ | 1,325,485 | $ | 1,286,067 | $ | 1,290,754 | $ | 1,179,207 | $ | 1,318,746 | $ | 1,129,107 | |||||||||||||
Interest-bearing deposits | 4,615,886 | 4,446,248 | 4,361,525 | 4,372,529 | 4,041,255 | 4,475,485 | 3,857,510 | ||||||||||||||||||||
Total deposits | $ | 5,959,935 | $ | 5,771,733 | $ | 5,647,592 | $ | 5,663,283 | $ | 5,220,462 | $ | 5,794,231 | $ | 4,986,617 | |||||||||||||
Borrowings | $ | 746,706 | $ | 587,225 | $ | 691,012 | $ | 733,726 | $ | 896,328 | $ | 675,185 | $ | 828,463 | |||||||||||||
Shareholders' equity | $ | 812,396 | $ | 800,598 | $ | 788,511 | $ | 780,131 | $ | 745,729 | $ | 800,589 | $ | 709,115 | |||||||||||||
CREDIT QUALITY RATIOS (4) | |||||||||||||||||||||||||||
Allowance to ending loans | 1.02 | % | 1.09 | % | 1.11 | % | 1.11 | % | 0.95 | % | 1.02 | % | 0.95 | % | |||||||||||||
Allowance to nonaccrual loans | 149.33 | % | 133.28 | % | 107.98 | % | 109.06 | % | 101.94 | % | 149.33 | % | 101.94 | % | |||||||||||||
Allowance to nonperforming loans | 95.34 | % | 88.49 | % | 82.18 | % | 82.08 | % | 77.17 | % | 95.34 | % | 77.17 | % | |||||||||||||
Nonperforming loans to total loans | 1.07 | % | 1.23 | % | 1.36 | % | 1.35 | % | 1.24 | % | 1.07 | % | 1.24 | % | |||||||||||||
Nonperforming assets to ending loans, plus OREO | 1.36 | % | 1.56 | % | 1.79 | % | 1.81 | % | 1.49 | % | 1.36 | % | 1.49 | % | |||||||||||||
Nonperforming assets to total assets | 0.90 | % | 1.03 | % | 1.18 | % | 1.21 | % | 0.90 | % | 0.90 | % | 0.90 | % | |||||||||||||
Net charge-offs to average loans (annualized) | 0.17 | % | 0.27 | % | 0.16 | % | 0.27 | % | 0.07 | % | 0.20 | % | 0.13 | % |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended, | Nine months ended, | ||||||||||||||||||||
Sep. 30, | Sep. 30, | ||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||
Interest income | |||||||||||||||||||||
Loans, including fees | $ | 58,694 | $ | 53,725 | 9.2 | % | $ | 167,744 | $ | 151,749 | 10.5 | % | |||||||||
Investment securities | |||||||||||||||||||||
Taxable | 9,986 | 10,227 | (2.4 | )% | 28,875 | 31,019 | (6.9 | )% | |||||||||||||
Tax-exempt | 1,163 | 894 | 30.1 | % | 3,419 | 2,500 | 36.8 | % | |||||||||||||
Total investment securities interest | 11,149 | 11,121 | 0.3 | % | 32,294 | 33,519 | (3.7 | )% | |||||||||||||
Other earning assets | (1,168 | ) | (1,455 | ) | (19.7 | )% | (3,511 | ) | (4,162 | ) | (15.6 | )% | |||||||||
Total interest income | 68,675 | 63,391 | 8.3 | % | 196,527 | 181,106 | 8.5 | % | |||||||||||||
Interest expense | |||||||||||||||||||||
Deposits | 4,861 | 4,218 | 15.2 | % | 14,302 | 11,140 | 28.4 | % | |||||||||||||
Short-term borrowings | 374 | 354 | 5.6 | % | 930 | 975 | (4.6 | )% | |||||||||||||
Long-term borrowings | 281 | 456 | (38.4 | )% | 876 | 1,505 | (41.8 | )% | |||||||||||||
Total interest expense | 5,516 | 5,028 | 9.7 | % | 16,108 | 13,620 | 18.3 | % | |||||||||||||
Net interest income | 63,159 | 58,363 | 8.2 | % | 180,419 | 167,486 | 7.7 | % | |||||||||||||
Provision for loan and lease losses | 2,647 | 893 | 196.4 | % | 7,777 | (524 | ) | (1,584.2 | )% | ||||||||||||
Net interest income after provision for loan and lease losses | 60,512 | 57,470 | 5.3 | % | 172,642 | 168,010 | 2.8 | % | |||||||||||||
Noninterest income | |||||||||||||||||||||
Service charges on deposit accounts | 4,934 | 5,263 | (6.3 | )% | 14,260 | 15,172 | (6.0 | )% | |||||||||||||
Trust and wealth management fees | 3,134 | 3,207 | (2.3 | )% | 10,042 | 10,258 | (2.1 | )% | |||||||||||||
Bankcard income | 2,909 | 2,859 | 1.7 | % | 8,501 | 8,101 | 4.9 | % | |||||||||||||
Net gains from sales of loans | 1,758 | 1,660 | 5.9 | % | 5,146 | 2,793 | 84.2 | % | |||||||||||||
Net gain on sale of investment securities | 409 | 0 | 100.0 | % | 1,503 | 50 | 2,906.0 | % | |||||||||||||
FDIC loss sharing income | (973 | ) | (192 | ) | (406.8 | )% | (2,323 | ) | 408 | (669.4 | )% | ||||||||||
Accelerated discount on covered/formerly covered loans | 3,820 | 789 | 384.2 | % | 10,006 | 2,425 | 312.6 | % | |||||||||||||
Other | 4,364 | 2,925 | 49.2 | % | 12,248 | 7,816 | 56.7 | % | |||||||||||||
Total noninterest income | 20,355 | 16,511 | 23.3 | % | 59,383 | 47,023 | 26.3 | % | |||||||||||||
Noninterest expenses | |||||||||||||||||||||
Salaries and employee benefits | 27,768 | 28,686 | (3.2 | )% | 82,160 | 79,562 | 3.3 | % | |||||||||||||
Net occupancy | 4,510 | 4,577 | (1.5 | )% | 13,895 | 14,381 | (3.4 | )% | |||||||||||||
Furniture and equipment | 2,165 | 2,265 | (4.4 | )% | 6,537 | 6,325 | 3.4 | % | |||||||||||||
Data processing | 2,591 | 4,393 | (41.0 | )% | 8,020 | 10,021 | (20.0 | )% | |||||||||||||
Marketing | 810 | 939 | (13.7 | )% | 2,671 | 2,555 | 4.5 | % | |||||||||||||
Communication | 531 | 541 | (1.8 | )% | 1,659 | 1,726 | (3.9 | )% | |||||||||||||
Professional services | 4,092 | 1,568 | 161.0 | % | 7,789 | 4,741 | 64.3 | % | |||||||||||||
State intangible tax | 579 | 648 | (10.6 | )% | 1,733 | 1,936 | (10.5 | )% | |||||||||||||
FDIC assessments | 1,103 | 1,126 | (2.0 | )% | 3,307 | 3,334 | (0.8 | )% | |||||||||||||
Loss (gain) - other real estate owned | 196 | (589 | ) | (133.3 | )% | 1,089 | 573 | 90.1 | % | ||||||||||||
Loss sharing expense | 574 | 1,002 | (42.7 | )% | 1,451 | 4,036 | (64.0 | )% | |||||||||||||
Other | 8,073 | 6,263 | 28.9 | % | 19,535 | 17,182 | 13.7 | % | |||||||||||||
Total noninterest expenses | 52,992 | 51,419 | 3.1 | % | 149,846 | 146,372 | 2.4 | % | |||||||||||||
Income before income taxes | 27,875 | 22,562 | 23.5 | % | 82,179 | 68,661 | 19.7 | % | |||||||||||||
Income tax expense | 9,202 | 7,218 | 27.5 | % | 26,936 | 22,260 | 21.0 | % | |||||||||||||
Net income | $ | 18,673 | $ | 15,344 | 21.7 | % | $ | 55,243 | $ | 46,401 | 19.1 | % | |||||||||
ADDITIONAL DATA | |||||||||||||||||||||
Net earnings per share - basic | $ | 0.31 | $ | 0.26 | $ | 0.90 | $ | 0.80 | |||||||||||||
Net earnings per share - diluted | $ | 0.30 | $ | 0.26 | $ | 0.89 | $ | 0.79 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.15 | $ | 0.48 | $ | 0.45 | |||||||||||||
Return on average assets | 0.97 | % | 0.88 | % | 1.00 | % | 0.94 | % | |||||||||||||
Return on average shareholders' equity | 9.12 | % | 8.16 | % | 9.23 | % | 8.75 | % | |||||||||||||
Interest income | $ | 68,675 | $ | 63,391 | 8.3 | % | $ | 196,527 | $ | 181,106 | 8.5 | % | |||||||||
Tax equivalent adjustment | 1,000 | 818 | 22.2 | % | 2,971 | 2,278 | 30.4 | % | |||||||||||||
Interest income - tax equivalent | 69,675 | 64,209 | 8.5 | % | 199,498 | 183,384 | 8.8 | % | |||||||||||||
Interest expense | 5,516 | 5,028 | 9.7 | % | 16,108 | 13,620 | 18.3 | % | |||||||||||||
Net interest income - tax equivalent | $ | 64,159 | $ | 59,181 | 8.4 | % | $ | 183,390 | $ | 169,764 | 8.0 | % | |||||||||
Net interest margin | 3.61 | % | 3.66 | % | 3.59 | % | 3.73 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.67 | % | 3.71 | % | 3.65 | % | 3.78 | % | |||||||||||||
Full-time equivalent employees | 1,394 | 1,395 | |||||||||||||||||||
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | |||||||||||||||||||||
N/M = Not meaningful. |
FIRST FINANCIAL BANCORP. | ||||||||||||||||||
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | ||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
2015 | ||||||||||||||||||
Third | Second | First | % Change | |||||||||||||||
Quarter | Quarter | Quarter | YTD | Linked Qtr. | ||||||||||||||
Interest income | ||||||||||||||||||
Loans, including fees | $ | 58,694 | $ | 54,586 | $ | 54,464 | $ | 167,744 | 7.5 | % | ||||||||
Investment securities | ||||||||||||||||||
Taxable | 9,986 | 9,281 | 9,608 | 28,875 | 7.6 | % | ||||||||||||
Tax-exempt | 1,163 | 1,139 | 1,117 | 3,419 | 2.1 | % | ||||||||||||
Total investment securities interest | 11,149 | 10,420 | 10,725 | 32,294 | 7.0 | % | ||||||||||||
Other earning assets | (1,168 | ) | (1,162 | ) | (1,181 | ) | (3,511 | ) | 0.5 | % | ||||||||
Total interest income | 68,675 | 63,844 | 64,008 | 196,527 | 7.6 | % | ||||||||||||
Interest expense | ||||||||||||||||||
Deposits | 4,861 | 4,621 | 4,820 | 14,302 | 5.2 | % | ||||||||||||
Short-term borrowings | 374 | 253 | 303 | 930 | 47.8 | % | ||||||||||||
Long-term borrowings | 281 | 296 | 299 | 876 | (5.1 | )% | ||||||||||||
Total interest expense | 5,516 | 5,170 | 5,422 | 16,108 | 6.7 | % | ||||||||||||
Net interest income | 63,159 | 58,674 | 58,586 | 180,419 | 7.6 | % | ||||||||||||
Provision for loan and lease losses | 2,647 | 3,070 | 2,060 | 7,777 | (13.8 | )% | ||||||||||||
Net interest income after provision for loan and lease losses | 60,512 | 55,604 | 56,526 | 172,642 | 8.8 | % | ||||||||||||
Noninterest income | ||||||||||||||||||
Service charges on deposit accounts | 4,934 | 4,803 | 4,523 | 14,260 | 2.7 | % | ||||||||||||
Trust and wealth management fees | 3,134 | 3,274 | 3,634 | 10,042 | (4.3 | )% | ||||||||||||
Bankcard income | 2,909 | 2,972 | 2,620 | 8,501 | (2.1 | )% | ||||||||||||
Net gains from sales of loans | 1,758 | 1,924 | 1,464 | 5,146 | (8.6 | )% | ||||||||||||
Net gain on sale of investment securities | 409 | 1,094 | 0 | 1,503 | 100.0 | % | ||||||||||||
FDIC loss sharing income | (973 | ) | (304 | ) | (1,046 | ) | (2,323 | ) | 220.1 | % | ||||||||
Accelerated discount on covered/formerly covered loans | 3,820 | 4,094 | 2,092 | 10,006 | (6.7 | )% | ||||||||||||
Other | 4,364 | 3,558 | 4,326 | 12,248 | 22.7 | % | ||||||||||||
Total noninterest income | 20,355 | 21,415 | 17,613 | 59,383 | (4.9 | )% | ||||||||||||
Noninterest expenses | ||||||||||||||||||
Salaries and employee benefits | 27,768 | 27,451 | 26,941 | 82,160 | 1.2 | % | ||||||||||||
Net occupancy | 4,510 | 4,380 | 5,005 | 13,895 | 3.0 | % | ||||||||||||
Furniture and equipment | 2,165 | 2,219 | 2,153 | 6,537 | (2.4 | )% | ||||||||||||
Data processing | 2,591 | 2,657 | 2,772 | 8,020 | (2.5 | )% | ||||||||||||
Marketing | 810 | 973 | 888 | 2,671 | (16.8 | )% | ||||||||||||
Communication | 531 | 558 | 570 | 1,659 | (4.8 | )% | ||||||||||||
Professional services | 4,092 | 1,727 | 1,970 | 7,789 | 136.9 | % | ||||||||||||
State intangible tax | 579 | 577 | 577 | 1,733 | 0.3 | % | ||||||||||||
FDIC assessments | 1,103 | 1,114 | 1,090 | 3,307 | (1.0 | )% | ||||||||||||
Loss (gain) - other real estate owned | 196 | 419 | 474 | 1,089 | (53.2 | )% | ||||||||||||
Loss sharing expense | 574 | 576 | 301 | 1,451 | (0.3 | )% | ||||||||||||
Other | 8,073 | 6,135 | 5,327 | 19,535 | 31.6 | % | ||||||||||||
Total noninterest expenses | 52,992 | 48,786 | 48,068 | 149,846 | 8.6 | % | ||||||||||||
Income before income taxes | 27,875 | 28,233 | 26,071 | 82,179 | (1.3 | )% | ||||||||||||
Income tax expense | 9,202 | 9,284 | 8,450 | 26,936 | (0.9 | )% | ||||||||||||
Net income | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 55,243 | (1.5 | )% | ||||||||
ADDITIONAL DATA | ||||||||||||||||||
Net earnings per share - basic | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 0.90 | ||||||||||
Net earnings per share - diluted | $ | 0.30 | $ | 0.31 | $ | 0.29 | $ | 0.89 | ||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.48 | ||||||||||
Return on average assets | 0.97 | % | 1.05 | % | 0.99 | % | 1.00 | % | ||||||||||
Return on average shareholders' equity | 9.12 | % | 9.49 | % | 9.06 | % | 9.23 | % | ||||||||||
Interest income | $ | 68,675 | $ | 63,844 | $ | 64,008 | $ | 196,527 | 7.6 | % | ||||||||
Tax equivalent adjustment | 1,000 | 988 | 983 | 2,971 | 1.2 | % | ||||||||||||
Interest income - tax equivalent | 69,675 | 64,832 | 64,991 | 199,498 | 7.5 | % | ||||||||||||
Interest expense | 5,516 | 5,170 | 5,422 | 16,108 | 6.7 | % | ||||||||||||
Net interest income - tax equivalent | $ | 64,159 | $ | 59,662 | $ | 59,569 | $ | 183,390 | 7.5 | % | ||||||||
Net interest margin | 3.61 | % | 3.56 | % | 3.61 | % | 3.59 | % | ||||||||||
Net interest margin (fully tax equivalent) (1) | 3.67 | % | 3.62 | % | 3.67 | % | 3.65 | % | ||||||||||
Full-time equivalent employees | 1,394 | 1,366 | 1,353 | |||||||||||||||
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | ||||||||||||||||||
N/M = Not meaningful. |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | |||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
2014 | |||||||||||||||||||
Fourth | Third | Second | First | Full | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||||
Interest income | |||||||||||||||||||
Loans, including fees | $ | 57,087 | $ | 53,725 | $ | 48,877 | $ | 49,147 | $ | 208,836 | |||||||||
Investment securities | |||||||||||||||||||
Taxable | 9,905 | 10,227 | 10,355 | 10,437 | 40,924 | ||||||||||||||
Tax-exempt | 1,060 | 894 | 796 | 810 | 3,560 | ||||||||||||||
Total investment securities interest | 10,965 | 11,121 | 11,151 | 11,247 | 44,484 | ||||||||||||||
Other earning assets | (1,299 | ) | (1,455 | ) | (1,301 | ) | (1,406 | ) | (5,461 | ) | |||||||||
Total interest income | 66,753 | 63,391 | 58,727 | 58,988 | 247,859 | ||||||||||||||
Interest expense | |||||||||||||||||||
Deposits | 5,013 | 4,218 | 3,606 | 3,316 | 16,153 | ||||||||||||||
Short-term borrowings | 293 | 354 | 292 | 329 | 1,268 | ||||||||||||||
Long-term borrowings | 308 | 456 | 525 | 524 | 1,813 | ||||||||||||||
Total interest expense | 5,614 | 5,028 | 4,423 | 4,169 | 19,234 | ||||||||||||||
Net interest income | 61,139 | 58,363 | 54,304 | 54,819 | 228,625 | ||||||||||||||
Provision for loan and lease losses | 2,052 | 893 | (384 | ) | (1,033 | ) | 1,528 | ||||||||||||
Net interest income after provision for loan and lease losses | 59,087 | 57,470 | 54,688 | 55,852 | 227,097 | ||||||||||||||
Noninterest income | |||||||||||||||||||
Service charges on deposit accounts | 5,102 | 5,263 | 5,137 | 4,772 | 20,274 | ||||||||||||||
Trust and wealth management fees | 3,376 | 3,207 | 3,305 | 3,746 | 13,634 | ||||||||||||||
Bankcard income | 2,639 | 2,859 | 2,809 | 2,433 | 10,740 | ||||||||||||||
Net gains from sales of loans | 1,571 | 1,660 | 737 | 396 | 4,364 | ||||||||||||||
Net gain on sale of investment securities | 20 | 0 | 0 | 50 | 70 | ||||||||||||||
FDIC loss sharing income | (43 | ) | (192 | ) | 1,108 | (508 | ) | 365 | |||||||||||
Accelerated discount on covered/formerly covered loans | 1,759 | 789 | 621 | 1,015 | 4,184 | ||||||||||||||
Other | 2,518 | 2,925 | 2,620 | 2,271 | 10,334 | ||||||||||||||
Total noninterest income | 16,942 | 16,511 | 16,337 | 14,175 | 63,965 | ||||||||||||||
Noninterest expenses | |||||||||||||||||||
Salaries and employee benefits | 28,140 | 28,686 | 25,615 | 25,261 | 107,702 | ||||||||||||||
Net occupancy | 4,806 | 4,577 | 4,505 | 5,299 | 19,187 | ||||||||||||||
Furniture and equipment | 2,229 | 2,265 | 1,983 | 2,077 | 8,554 | ||||||||||||||
Data processing | 2,942 | 4,393 | 2,770 | 2,858 | 12,963 | ||||||||||||||
Marketing | 1,048 | 939 | 830 | 786 | 3,603 | ||||||||||||||
Communication | 551 | 541 | 562 | 623 | 2,277 | ||||||||||||||
Professional services | 1,429 | 1,568 | 1,449 | 1,724 | 6,170 | ||||||||||||||
State intangible tax | 175 | 648 | 644 | 644 | 2,111 | ||||||||||||||
FDIC assessments | 1,128 | 1,126 | 1,074 | 1,134 | 4,462 | ||||||||||||||
Loss (gain) - other real estate owned | 289 | (589 | ) | 711 | 451 | 862 | |||||||||||||
Loss sharing expense | 650 | 1,002 | 1,465 | 1,569 | 4,686 | ||||||||||||||
Other | 6,275 | 6,263 | 5,503 | 5,416 | 23,457 | ||||||||||||||
Total noninterest expenses | 49,662 | 51,419 | 47,111 | 47,842 | 196,034 | ||||||||||||||
Income before income taxes | 26,367 | 22,562 | 23,914 | 22,185 | 95,028 | ||||||||||||||
Income tax expense | 7,768 | 7,218 | 7,961 | 7,081 | 30,028 | ||||||||||||||
Net income | $ | 18,599 | $ | 15,344 | $ | 15,953 | $ | 15,104 | $ | 65,000 | |||||||||
ADDITIONAL DATA | |||||||||||||||||||
Net earnings per share - basic | $ | 0.31 | $ | 0.26 | $ | 0.28 | $ | 0.26 | $ | 1.11 | |||||||||
Net earnings per share - diluted | $ | 0.30 | $ | 0.26 | $ | 0.28 | $ | 0.26 | $ | 1.09 | |||||||||
Dividends declared per share | $ | 0.16 | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.61 | |||||||||
Return on average assets | 1.02 | % | 0.88 | % | 0.99 | % | 0.96 | % | 0.96 | % | |||||||||
Return on average shareholders' equity | 9.46 | % | 8.16 | % | 9.19 | % | 8.95 | % | 8.94 | % | |||||||||
Interest income | $ | 66,753 | $ | 63,391 | $ | 58,727 | $ | 58,988 | $ | 247,859 | |||||||||
Tax equivalent adjustment | 946 | 818 | 758 | 702 | 3,224 | ||||||||||||||
Interest income - tax equivalent | 67,699 | 64,209 | 59,485 | 59,690 | 251,083 | ||||||||||||||
Interest expense | 5,614 | 5,028 | 4,423 | 4,169 | 19,234 | ||||||||||||||
Net interest income - tax equivalent | $ | 62,085 | $ | 59,181 | $ | 55,062 | $ | 55,521 | $ | 231,849 | |||||||||
Net interest margin | 3.67 | % | 3.66 | % | 3.70 | % | 3.82 | % | 3.71 | % | |||||||||
Net interest margin (fully tax equivalent) (1) | 3.72 | % | 3.71 | % | 3.76 | % | 3.87 | % | 3.76 | % | |||||||||
Full-time equivalent employees | 1,369 | 1,395 | 1,296 | 1,286 | |||||||||||||||
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | % Change | % Change | |||||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | Linked Qtr. | Comparable Qtr. | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and due from banks | $ | 112,298 | $ | 116,318 | $ | 111,011 | $ | 110,122 | $ | 121,360 | (3.5 | )% | (7.5 | )% | |||||||||||
Interest-bearing deposits with other banks | 24,191 | 41,027 | 25,350 | 22,630 | 22,365 | (41.0 | )% | 8.2 | % | ||||||||||||||||
Investment securities available-for-sale | 1,069,667 | 955,764 | 892,169 | 840,468 | 929,594 | 11.9 | % | 15.1 | % | ||||||||||||||||
Investment securities held-to-maturity | 756,035 | 791,839 | 839,666 | 867,996 | 900,521 | (4.5 | )% | (16.0 | )% | ||||||||||||||||
Other investments | 53,431 | 53,585 | 53,393 | 52,626 | 49,986 | (0.3 | )% | 6.9 | % | ||||||||||||||||
Loans held for sale | 26,287 | 21,151 | 14,937 | 11,005 | 16,816 | 24.3 | % | 56.3 | % | ||||||||||||||||
Loans | |||||||||||||||||||||||||
Commercial | 1,637,467 | 1,315,087 | 1,298,874 | 1,315,114 | 1,328,526 | 24.5 | % | 23.3 | % | ||||||||||||||||
Real estate - construction | 276,240 | 229,256 | 227,969 | 197,571 | 195,524 | 20.5 | % | 41.3 | % | ||||||||||||||||
Real estate - commercial | 2,169,662 | 2,171,806 | 2,120,084 | 2,140,667 | 2,135,968 | (0.1 | )% | 1.6 | % | ||||||||||||||||
Real estate - residential | 506,653 | 506,391 | 496,852 | 501,894 | 498,873 | 0.1 | % | 1.6 | % | ||||||||||||||||
Installment | 39,974 | 43,073 | 43,798 | 47,320 | 51,131 | (7.2 | )% | (21.8 | )% | ||||||||||||||||
Home equity | 463,629 | 463,222 | 456,278 | 458,627 | 460,957 | 0.1 | % | 0.6 | % | ||||||||||||||||
Credit card | 39,759 | 39,216 | 37,886 | 38,475 | 38,042 | 1.4 | % | 4.5 | % | ||||||||||||||||
Lease financing | 82,679 | 84,723 | 81,796 | 77,567 | 73,216 | (2.4 | )% | 12.9 | % | ||||||||||||||||
Total loans | 5,216,063 | 4,852,774 | 4,763,537 | 4,777,235 | 4,782,237 | 7.5 | % | 9.1 | % | ||||||||||||||||
Less | |||||||||||||||||||||||||
Allowance for loan and lease losses | 53,332 | 52,876 | 53,076 | 52,858 | 53,989 | 0.9 | % | (1.2 | )% | ||||||||||||||||
Net loans | 5,162,731 | 4,799,898 | 4,710,461 | 4,724,377 | 4,728,248 | 7.6 | % | 9.2 | % | ||||||||||||||||
Premises and equipment | 139,020 | 139,170 | 140,477 | 141,381 | 141,851 | (0.1 | )% | (2.0 | )% | ||||||||||||||||
Goodwill and other intangibles | 211,732 | 145,465 | 145,586 | 145,853 | 146,000 | 45.6 | % | 45.0 | % | ||||||||||||||||
FDIC indemnification asset | 18,931 | 20,338 | 20,397 | 22,666 | 24,160 | (6.9 | )% | (21.6 | )% | ||||||||||||||||
Accrued interest and other assets | 306,210 | 298,817 | 292,349 | 278,697 | 272,568 | 2.5 | % | 12.3 | % | ||||||||||||||||
Total Assets | $ | 7,880,533 | $ | 7,383,372 | $ | 7,245,796 | $ | 7,217,821 | $ | 7,353,469 | 6.7 | % | 7.2 | % | |||||||||||
LIABILITIES | |||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||
Interest-bearing demand | $ | 1,330,673 | $ | 1,175,219 | $ | 1,214,882 | $ | 1,225,378 | $ | 1,214,726 | 13.2 | % | 9.5 | % | |||||||||||
Savings | 1,979,627 | 1,947,566 | 1,922,815 | 1,889,473 | 1,827,590 | 1.6 | % | 8.3 | % | ||||||||||||||||
Time | 1,440,223 | 1,262,881 | 1,277,291 | 1,255,364 | 1,247,334 | 14.0 | % | 15.5 | % | ||||||||||||||||
Total interest-bearing deposits | 4,750,523 | 4,385,666 | 4,414,988 | 4,370,215 | 4,289,650 | 8.3 | % | 10.7 | % | ||||||||||||||||
Noninterest-bearing | 1,330,905 | 1,330,149 | 1,299,602 | 1,285,527 | 1,243,367 | 0.1 | % | 7.0 | % | ||||||||||||||||
Total deposits | 6,081,428 | 5,715,815 | 5,714,590 | 5,655,742 | 5,533,017 | 6.4 | % | 9.9 | % | ||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||
under agreements to repurchase | 62,317 | 68,349 | 68,142 | 103,192 | 113,303 | (8.8 | )% | (45.0 | )% | ||||||||||||||||
FHLB short-term borrowings | 701,200 | 641,700 | 523,500 | 558,200 | 806,000 | 9.3 | % | (13.0 | )% | ||||||||||||||||
Total short-term borrowings | 763,517 | 710,049 | 591,642 | 661,392 | 919,303 | 7.5 | % | (16.9 | )% | ||||||||||||||||
Long-term debt | 119,515 | 47,084 | 47,598 | 48,241 | 52,656 | 153.8 | % | 127.0 | % | ||||||||||||||||
Total borrowed funds | 883,032 | 757,133 | 639,240 | 709,633 | 971,959 | 16.6 | % | (9.1 | )% | ||||||||||||||||
Accrued interest and other liabilities | 103,061 | 108,041 | 96,224 | 68,369 | 74,581 | (4.6 | )% | 38.2 | % | ||||||||||||||||
Total Liabilities | 7,067,521 | 6,580,989 | 6,450,054 | 6,433,744 | 6,579,557 | 7.4 | % | 7.4 | % | ||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock | 570,025 | 571,501 | 570,623 | 574,643 | 574,209 | (0.3 | )% | (0.7 | )% | ||||||||||||||||
Retained earnings | 378,258 | 369,462 | 360,390 | 352,893 | 344,118 | 2.4 | % | 9.9 | % | ||||||||||||||||
Accumulated other comprehensive loss | (17,219 | ) | (20,715 | ) | (17,054 | ) | (21,409 | ) | (20,888 | ) | (16.9 | )% | (17.6 | )% | |||||||||||
Treasury stock, at cost | (118,052 | ) | (117,865 | ) | (118,217 | ) | (122,050 | ) | (123,527 | ) | 0.2 | % | (4.4 | )% | |||||||||||
Total Shareholders' Equity | 813,012 | 802,383 | 795,742 | 784,077 | 773,912 | 1.3 | % | 5.1 | % | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 7,880,533 | $ | 7,383,372 | $ | 7,245,796 | $ | 7,217,821 | $ | 7,353,469 | 6.7 | % | 7.2 | % | |||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Quarterly Averages | Year-to-Date Averages | ||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | September 30, | ||||||||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and due from banks | $ | 114,279 | $ | 114,024 | $ | 112,841 | $ | 124,216 | $ | 125,528 | $ | 113,720 | $ | 122,693 | |||||||||||||
Federal funds sold | 0 | 0 | 0 | 0 | 8,795 | 0 | 2,964 | ||||||||||||||||||||
Interest-bearing deposits with other banks | 37,468 | 19,960 | 21,255 | 22,617 | 20,638 | 26,287 | 11,484 | ||||||||||||||||||||
Investment securities | 1,848,083 | 1,782,785 | 1,762,622 | 1,811,941 | 1,865,241 | 1,798,143 | 1,828,207 | ||||||||||||||||||||
Loans held for sale | 15,185 | 9,292 | 8,606 | 11,774 | 15,357 | 11,052 | 9,620 | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||||
Commercial | 1,464,508 | 1,318,408 | 1,300,869 | 1,282,752 | 1,221,637 | 1,361,861 | 1,157,248 | ||||||||||||||||||||
Real estate - construction | 259,972 | 226,314 | 215,380 | 192,626 | 154,515 | 234,052 | 116,603 | ||||||||||||||||||||
Real estate - commercial | 2,164,917 | 2,117,450 | 2,129,434 | 2,158,336 | 1,927,003 | 2,137,397 | 1,802,243 | ||||||||||||||||||||
Real estate - residential | 500,544 | 497,350 | 496,451 | 493,895 | 475,510 | 498,130 | 450,646 | ||||||||||||||||||||
Installment | 42,008 | 43,393 | 45,376 | 49,356 | 49,958 | 43,580 | 49,844 | ||||||||||||||||||||
Home equity | 462,283 | 459,414 | 458,083 | 456,494 | 444,745 | 459,942 | 430,527 | ||||||||||||||||||||
Credit card | 39,991 | 39,272 | 38,409 | 38,966 | 38,381 | 39,230 | 37,704 | ||||||||||||||||||||
Lease financing | 83,300 | 82,578 | 78,063 | 74,175 | 76,485 | 81,333 | 78,999 | ||||||||||||||||||||
Total loans | 5,017,523 | 4,784,179 | 4,762,065 | 4,746,600 | 4,388,234 | 4,855,525 | 4,123,814 | ||||||||||||||||||||
Less | |||||||||||||||||||||||||||
Allowance for loan and lease losses | 54,398 | 54,662 | 53,648 | 54,656 | 55,697 | 54,239 | 57,560 | ||||||||||||||||||||
Net loans | 4,963,125 | 4,729,517 | 4,708,417 | 4,691,944 | 4,332,537 | 4,801,286 | 4,066,254 | ||||||||||||||||||||
Premises and equipment | 139,457 | 140,117 | 141,153 | 141,871 | 136,956 | 140,236 | 136,035 | ||||||||||||||||||||
Goodwill and other intangibles | 179,333 | 145,500 | 145,689 | 145,872 | 125,894 | 156,964 | 109,146 | ||||||||||||||||||||
FDIC indemnification asset | 19,848 | 20,744 | 22,112 | 24,172 | 28,050 | 20,893 | 35,221 | ||||||||||||||||||||
Accrued interest and other assets | 294,611 | 281,947 | 278,618 | 267,462 | 278,287 | 285,117 | 277,270 | ||||||||||||||||||||
Total Assets | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 6,937,283 | $ | 7,353,698 | $ | 6,598,894 | |||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,230,621 | $ | 1,220,391 | $ | 1,176,263 | $ | 1,217,852 | $ | 1,135,126 | $ | 1,209,291 | $ | 1,137,540 | |||||||||||||
Savings | 2,015,373 | 1,950,127 | 1,914,723 | 1,904,568 | 1,782,472 | 1,960,443 | 1,706,845 | ||||||||||||||||||||
Time | 1,369,892 | 1,275,730 | 1,270,539 | 1,250,109 | 1,123,657 | 1,305,751 | 1,013,125 | ||||||||||||||||||||
Total interest-bearing deposits | 4,615,886 | 4,446,248 | 4,361,525 | 4,372,529 | 4,041,255 | 4,475,485 | 3,857,510 | ||||||||||||||||||||
Noninterest-bearing | 1,344,049 | 1,325,485 | 1,286,067 | 1,290,754 | 1,179,207 | 1,318,746 | 1,129,107 | ||||||||||||||||||||
Total deposits | 5,959,935 | 5,771,733 | 5,647,592 | 5,663,283 | 5,220,462 | 5,794,231 | 4,986,617 | ||||||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||||
under agreements to repurchase | 68,505 | 67,664 | 77,269 | 119,712 | 125,094 | 71,114 | 119,823 | ||||||||||||||||||||
FHLB short-term borrowings | 606,618 | 472,295 | 565,918 | 564,062 | 710,879 | 548,426 | 648,452 | ||||||||||||||||||||
Total short-term borrowings | 675,123 | 539,959 | 643,187 | 683,774 | 835,973 | 619,540 | 768,275 | ||||||||||||||||||||
Long-term debt | 71,583 | 47,266 | 47,825 | 49,952 | 60,355 | 55,645 | 60,188 | ||||||||||||||||||||
Total borrowed funds | 746,706 | 587,225 | 691,012 | 733,726 | 896,328 | 675,185 | 828,463 | ||||||||||||||||||||
Accrued interest and other liabilities | 92,352 | 84,330 | 74,198 | 64,729 | 74,764 | 83,693 | 74,699 | ||||||||||||||||||||
Total Liabilities | 6,798,993 | 6,443,288 | 6,412,802 | 6,461,738 | 6,191,554 | 6,553,109 | 5,889,779 | ||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||
Common stock | 570,723 | 571,078 | 573,932 | 574,588 | 574,190 | 571,899 | 574,572 | ||||||||||||||||||||
Retained earnings | 378,160 | 365,847 | 355,848 | 347,435 | 340,680 | 366,700 | 332,891 | ||||||||||||||||||||
Accumulated other comprehensive loss | (19,725 | ) | (18,242 | ) | (20,163 | ) | (18,841 | ) | (20,969 | ) | (19,375 | ) | (25,106 | ) | |||||||||||||
Treasury stock, at cost | (116,762 | ) | (118,085 | ) | (121,106 | ) | (123,051 | ) | (148,172 | ) | (118,635 | ) | (173,242 | ) | |||||||||||||
Total Shareholders' Equity | 812,396 | 800,598 | 788,511 | 780,131 | 745,729 | 800,589 | 709,115 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 6,937,283 | $ | 7,353,698 | $ | 6,598,894 | |||||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Quarterly Averages | Year-to-Date Averages | ||||||||||||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | ||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Investment securities | $ | 1,848,083 | 2.39 | % | $ | 1,782,785 | 2.34 | % | $ | 1,865,241 | 2.37 | % | $ | 1,798,143 | 2.40 | % | $ | 1,828,207 | 2.45 | % | |||||||||||||||
Interest-bearing deposits with other banks | 37,468 | 0.25 | % | 19,960 | 0.26 | % | 29,433 | 0.42 | % | 26,287 | 0.26 | % | 14,448 | 0.49 | % | ||||||||||||||||||||
Gross loans (2) | 5,052,556 | 4.52 | % | 4,814,215 | 4.45 | % | 4,431,641 | 4.68 | % | 4,887,470 | 4.49 | % | 4,168,655 | 4.73 | % | ||||||||||||||||||||
Total earning assets | 6,938,107 | 3.93 | % | 6,616,960 | 3.87 | % | 6,326,315 | 3.98 | % | 6,711,900 | 3.91 | % | 6,011,310 | 4.03 | % | ||||||||||||||||||||
Nonearning assets | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (54,398 | ) | (54,662 | ) | (55,697 | ) | (54,239 | ) | (57,560 | ) | |||||||||||||||||||||||||
Cash and due from banks | 114,279 | 114,024 | 125,528 | 113,720 | 122,693 | ||||||||||||||||||||||||||||||
Accrued interest and other assets | 613,401 | 567,564 | 541,137 | 582,317 | 522,451 | ||||||||||||||||||||||||||||||
Total assets | $ | 7,611,389 | $ | 7,243,886 | $ | 6,937,283 | $ | 7,353,698 | $ | 6,598,894 | |||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,230,621 | 0.09 | % | $ | 1,220,391 | 0.08 | % | $ | 1,135,126 | 0.11 | % | $ | 1,209,291 | 0.08 | % | $ | 1,137,540 | 0.11 | % | |||||||||||||||
Savings | 2,015,373 | 0.19 | % | 1,950,127 | 0.19 | % | 1,782,472 | 0.26 | % | 1,960,443 | 0.22 | % | 1,706,845 | 0.23 | % | ||||||||||||||||||||
Time | 1,369,892 | 1.05 | % | 1,275,730 | 1.08 | % | 1,123,657 | 0.97 | % | 1,305,751 | 1.07 | % | 1,013,125 | 0.96 | % | ||||||||||||||||||||
Total interest-bearing deposits | 4,615,886 | 0.42 | % | 4,446,248 | 0.42 | % | 4,041,255 | 0.41 | % | 4,475,485 | 0.43 | % | 3,857,510 | 0.39 | % | ||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 675,123 | 0.22 | % | 539,959 | 0.19 | % | 835,973 | 0.17 | % | 619,540 | 0.20 | % | 768,275 | 0.17 | % | ||||||||||||||||||||
Long-term debt | 71,583 | 1.56 | % | 47,266 | 2.51 | % | 60,355 | 3.00 | % | 55,645 | 2.10 | % | 60,188 | 3.34 | % | ||||||||||||||||||||
Total borrowed funds | 746,706 | 0.35 | % | 587,225 | 0.37 | % | 896,328 | 0.36 | % | 675,185 | 0.36 | % | 828,463 | 0.40 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 5,362,592 | 0.41 | % | 5,033,473 | 0.41 | % | 4,937,583 | 0.40 | % | 5,150,670 | 0.42 | % | 4,685,973 | 0.39 | % | ||||||||||||||||||||
Noninterest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 1,344,049 | 1,325,485 | 1,179,207 | 1,318,746 | 1,129,107 | ||||||||||||||||||||||||||||||
Other liabilities | 92,352 | 84,330 | 74,764 | 83,693 | 74,699 | ||||||||||||||||||||||||||||||
Shareholders' equity | 812,396 | 800,598 | 745,729 | 800,589 | 709,115 | ||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 7,611,389 | $ | 7,243,886 | $ | 6,937,283 | $ | 7,353,698 | $ | 6,598,894 | |||||||||||||||||||||||||
Net interest income (1) | $ | 63,159 | $ | 58,674 | $ | 58,363 | $ | 180,419 | $ | 167,486 | |||||||||||||||||||||||||
Net interest spread (1) | 3.52 | % | 3.46 | % | 3.58 | % | 3.49 | % | 3.64 | % | |||||||||||||||||||||||||
Net interest margin (1) | 3.61 | % | 3.56 | % | 3.66 | % | 3.59 | % | 3.73 | % | |||||||||||||||||||||||||
(1) Not tax equivalent. | |||||||||||||||||||||||||||||||||||
(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans. |
FIRST FINANCIAL BANCORP. | ||||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||
Linked Qtr. Income Variance | Comparable Qtr. Income Variance | Year-to-Date Income Variance | ||||||||||||||||||||||||||||||||||
Rate | Volume | Total | Rate | Volume | Total | Rate | Volume | Total | ||||||||||||||||||||||||||||
Earning assets | ||||||||||||||||||||||||||||||||||||
Investment securities | $ | 218 | $ | 511 | $ | 729 | $ | 132 | $ | (104 | ) | $ | 28 | $ | (685 | ) | $ | (540 | ) | $ | (1,225 | ) | ||||||||||||||
Interest-bearing deposits with other banks | 0 | 11 | 11 | (12 | ) | 5 | (7 | ) | (25 | ) | 23 | (2 | ) | |||||||||||||||||||||||
Gross loans (2) | 783 | 3,308 | 4,091 | (1,803 | ) | 7,066 | 5,263 | (7,499 | ) | 24,147 | 16,648 | |||||||||||||||||||||||||
Total earning assets | 1,001 | 3,830 | 4,831 | (1,683 | ) | 6,967 | 5,284 | (8,209 | ) | 23,630 | 15,421 | |||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 10 | $ | 230 | $ | 240 | $ | 38 | $ | 605 | $ | 643 | $ | 1,187 | $ | 1,975 | $ | 3,162 | ||||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 43 | 78 | 121 | 109 | (89 | ) | 20 | 178 | (223 | ) | (45 | ) | ||||||||||||||||||||||||
Long-term debt | (112 | ) | 97 | (15 | ) | (219 | ) | 44 | (175 | ) | (557 | ) | (72 | ) | (629 | ) | ||||||||||||||||||||
Total borrowed funds | (69 | ) | 175 | 106 | (110 | ) | (45 | ) | (155 | ) | (379 | ) | (295 | ) | (674 | ) | ||||||||||||||||||||
Total interest-bearing liabilities | (59 | ) | 405 | 346 | (72 | ) | 560 | 488 | 808 | 1,680 | 2,488 | |||||||||||||||||||||||||
Net interest income (1) | $ | 1,060 | $ | 3,425 | $ | 4,485 | $ | (1,611 | ) | $ | 6,407 | $ | 4,796 | $ | (9,017 | ) | $ | 21,950 | $ | 12,933 | ||||||||||||||||
(1) Not tax equivalent. | ||||||||||||||||||||||||||||||||||||
(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans. |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||
2015 (2) | 2015 (2) | 2015 (2) | 2014 (2) | 2014 (3) | 2015 (2) | 2014 (3) | |||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 52,876 | $ | 53,076 | $ | 52,858 | $ | 53,989 | $ | 42,027 | $ | 52,858 | $ | 43,829 | |||||||||||||
Provision for loan and lease losses | 2,647 | 3,070 | 2,060 | 2,052 | 1,093 | 7,777 | 2,281 | ||||||||||||||||||||
Gross charge-offs | |||||||||||||||||||||||||||
Commercial | 536 | 510 | 1,481 | 130 | 83 | 2,527 | 1,310 | ||||||||||||||||||||
Real estate - construction | 85 | 0 | 0 | 0 | 0 | 85 | 0 | ||||||||||||||||||||
Real estate - commercial | 941 | 2,515 | 208 | 385 | 702 | 3,664 | 1,944 | ||||||||||||||||||||
Real estate - residential | 101 | 250 | 314 | 221 | 161 | 665 | 701 | ||||||||||||||||||||
Installment | 124 | 12 | 131 | 78 | 63 | 267 | 205 | ||||||||||||||||||||
Home equity | 322 | 163 | 700 | 349 | 469 | 1,185 | 1,396 | ||||||||||||||||||||
Other | 276 | 237 | 294 | 287 | 338 | 807 | 871 | ||||||||||||||||||||
Covered / formerly covered loans | 1,577 | 1,585 | 1,916 | 4,318 | * | 5,078 | * | ||||||||||||||||||||
Total gross charge-offs | 3,962 | 5,272 | 5,044 | 5,768 | 1,816 | 14,278 | 6,427 | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||
Commercial | 357 | 185 | 44 | 75 | 566 | 586 | 1,185 | ||||||||||||||||||||
Real estate - construction | 0 | 10 | 29 | 0 | 0 | 39 | 0 | ||||||||||||||||||||
Real estate - commercial | 444 | 179 | 354 | 423 | 323 | 977 | 771 | ||||||||||||||||||||
Real estate - residential | 87 | 23 | 64 | 29 | 34 | 174 | 161 | ||||||||||||||||||||
Installment | 59 | 44 | 60 | 45 | 46 | 163 | 173 | ||||||||||||||||||||
Home equity | 195 | 129 | 154 | 45 | 46 | 478 | 186 | ||||||||||||||||||||
Other | 52 | 71 | 45 | 111 | 135 | 168 | 295 | ||||||||||||||||||||
Covered / formerly covered loans | 577 | 1,361 | 2,452 | 1,857 | * | 4,390 | * | ||||||||||||||||||||
Total recoveries | 1,771 | 2,002 | 3,202 | 2,585 | 1,150 | 6,975 | 2,771 | ||||||||||||||||||||
Total net charge-offs | 2,191 | 3,270 | 1,842 | 3,183 | 666 | 7,303 | 3,656 | ||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 53,332 | $ | 52,876 | $ | 53,076 | $ | 52,858 | $ | 42,454 | $ | 53,332 | $ | 42,454 | |||||||||||||
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | |||||||||||||||||||||||||||
Commercial | 0.05 | % | 0.10 | % | 0.45 | % | 0.02 | % | (0.16 | )% | 0.19 | % | 0.01 | % | |||||||||||||
Real estate - construction | 0.13 | % | (0.02 | )% | (0.05 | )% | 0.00 | % | 0.00 | % | 0.03 | % | 0.00 | % | |||||||||||||
Real estate - commercial | 0.10 | % | 0.48 | % | (0.03 | )% | (0.01 | )% | 0.09 | % | 0.18 | % | 0.10 | % | |||||||||||||
Real estate - residential | 0.01 | % | 0.21 | % | 0.24 | % | 0.18 | % | 0.13 | % | 0.15 | % | 0.19 | % | |||||||||||||
Installment | 0.65 | % | (0.32 | )% | 0.68 | % | 0.28 | % | 0.15 | % | 0.34 | % | 0.09 | % | |||||||||||||
Home equity | 0.12 | % | 0.03 | % | 0.53 | % | 0.29 | % | 0.42 | % | 0.23 | % | 0.42 | % | |||||||||||||
Other | 0.74 | % | 0.55 | % | 0.88 | % | 0.63 | % | 0.72 | % | 0.72 | % | 0.67 | % | |||||||||||||
Covered/formerly covered loans | 1.60 | % | 0.33 | % | (0.74 | )% | 3.06 | % | * | 0.34 | % | * | |||||||||||||||
Total net charge-offs | 0.17 | % | 0.27 | % | 0.16 | % | 0.27 | % | 0.07 | % | 0.20 | % | 0.13 | % | |||||||||||||
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | |||||||||||||||||||||||||||
Nonaccrual loans (1) | |||||||||||||||||||||||||||
Commercial | $ | 7,191 | $ | 6,683 | $ | 6,926 | $ | 5,817 | $ | 6,486 | $ | 7,191 | $ | 6,486 | |||||||||||||
Real estate - construction | 79 | 223 | 223 | 223 | 223 | 79 | 223 | ||||||||||||||||||||
Real estate - commercial | 17,228 | 21,186 | 29,925 | 27,752 | 25,262 | 17,228 | 25,262 | ||||||||||||||||||||
Real estate - residential | 4,940 | 5,257 | 6,100 | 7,241 | 6,696 | 4,940 | 6,696 | ||||||||||||||||||||
Installment | 321 | 305 | 278 | 443 | 398 | 321 | 398 | ||||||||||||||||||||
Home equity | 2,702 | 2,735 | 2,462 | 3,064 | 2,581 | 2,702 | 2,581 | ||||||||||||||||||||
Lease financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Covered /formerly covered loans | 3,252 | 3,284 | 3,239 | 3,929 | * | 3,252 | * | ||||||||||||||||||||
Nonaccrual loans | 35,713 | 39,673 | 49,153 | 48,469 | 41,646 | 35,713 | 41,646 | ||||||||||||||||||||
Accruing troubled debt restructurings (TDRs) | 20,226 | 20,084 | 15,429 | 15,928 | 13,369 | 20,226 | 13,369 | ||||||||||||||||||||
Total nonperforming loans | 55,939 | 59,757 | 64,582 | 64,397 | 55,015 | 55,939 | 55,015 | ||||||||||||||||||||
Other real estate owned (OREO) | 15,187 | 16,401 | 20,906 | 22,674 | 11,316 | 15,187 | 11,316 | ||||||||||||||||||||
Total nonperforming assets | 71,126 | 76,158 | 85,488 | 87,071 | 66,331 | 71,126 | 66,331 | ||||||||||||||||||||
Accruing loans past due 90 days or more | 58 | 70 | 85 | 216 | 249 | 58 | 249 | ||||||||||||||||||||
Total underperforming assets | $ | 71,184 | $ | 76,228 | $ | 85,573 | $ | 87,287 | $ | 66,580 | $ | 71,184 | $ | 66,580 | |||||||||||||
Classified assets | $ | 95,597 | $ | 106,280 | $ | 109,090 | $ | 109,122 | $ | 105,914 | $ | 95,597 | $ | 105,914 | |||||||||||||
Covered/formerly covered classified assets | 33,110 | 33,651 | 44,727 | 45,682 | * | 33,110 | * | ||||||||||||||||||||
Total classified assets | $ | 128,707 | $ | 139,931 | $ | 153,817 | $ | 154,804 | $ | 105,914 | $ | 128,707 | $ | 105,914 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||||||||||||
Allowance for loan and lease losses to | |||||||||||||||||||||||||||
Nonaccrual loans | 149.33 | % | 133.28 | % | 107.98 | % | 109.06 | % | 101.94 | % | 149.33 | % | 101.94 | % | |||||||||||||
Nonperforming loans | 95.34 | % | 88.49 | % | 82.18 | % | 82.08 | % | 77.17 | % | 95.34 | % | 77.17 | % | |||||||||||||
Total ending loans | 1.02 | % | 1.09 | % | 1.11 | % | 1.11 | % | 0.95 | % | 1.02 | % | 0.95 | % | |||||||||||||
Allowance and loan marks, net of indemnification asset, to total loans | 1.17 | % | 1.27 | % | 1.43 | % | 1.51 | % | * | 1.17 | % | * | |||||||||||||||
Nonperforming loans to total loans | 1.07 | % | 1.23 | % | 1.36 | % | 1.35 | % | 1.24 | % | 1.07 | % | 1.24 | % | |||||||||||||
Nonperforming assets to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 1.36 | % | 1.56 | % | 1.79 | % | 1.81 | % | 1.49 | % | 1.36 | % | 1.49 | % | |||||||||||||
Total assets | 0.90 | % | 1.03 | % | 1.18 | % | 1.21 | % | 0.90 | % | 0.90 | % | 0.90 | % | |||||||||||||
Nonperforming assets, excluding accruing TDRs to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 0.97 | % | 1.15 | % | 1.46 | % | 1.48 | % | 1.19 | % | 0.97 | % | 1.19 | % | |||||||||||||
Total assets | 0.65 | % | 0.76 | % | 0.97 | % | 0.99 | % | 0.72 | % | 0.65 | % | 0.72 | % | |||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $13.6 million, $14.1 million, $20.3 million, $12.3 million, and $13.2 million, as of September 30, 2015, June 30. 2015, March 31, 2015, December 31, 2014, and September 30, 2014, respectively. | |||||||||||||||||||||||||||
(2) Includes covered and formerly covered assets for the three months ended September 30, 2015, June 30, 2015, March 31, 2015 and December 31, 2014 as FDIC loss sharing coverage expired for the majority of these assets effective October 1, 2014. | |||||||||||||||||||||||||||
(3) Excludes covered assets. | |||||||||||||||||||||||||||
* Amounts reclassified in the fourth quarter of 2014 due to the expiration of FDIC loss sharing coverage on non-single family assets effective October 1, 2014. |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CAPITAL ADEQUACY | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Nine months ended, | |||||||||||||||||||||||||||
Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Sep. 30, | Sep. 30, | |||||||||||||||||||||
2015 | 2015 | 2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||||||
Market Price | |||||||||||||||||||||||||||
High | $ | 19.69 | $ | 18.55 | $ | 18.30 | $ | 19.00 | $ | 17.66 | $ | 19.69 | $ | 18.43 | |||||||||||||
Low | $ | 17.55 | $ | 16.68 | $ | 16.52 | $ | 15.34 | $ | 15.83 | $ | 16.52 | $ | 15.51 | |||||||||||||
Close | $ | 19.08 | $ | 17.94 | $ | 17.81 | $ | 18.59 | $ | 15.83 | $ | 19.08 | $ | 15.83 | |||||||||||||
Average shares outstanding - basic | 61,135,749 | 61,115,802 | 61,013,489 | 60,905,095 | 59,403,109 | 61,088,794 | 57,907,203 | ||||||||||||||||||||
Average shares outstanding - diluted | 61,987,795 | 61,915,294 | 61,731,844 | 61,627,518 | 60,112,932 | 61,858,724 | 58,639,394 | ||||||||||||||||||||
Ending shares outstanding | 61,713,633 | 61,707,847 | 61,686,887 | 61,456,547 | 61,368,473 | 61,713,633 | 61,368,473 | ||||||||||||||||||||
Total shareholders' equity | $ | 813,012 | $ | 802,383 | $ | 795,742 | $ | 784,077 | $ | 773,912 | $ | 813,012 | $ | 773,912 | |||||||||||||
REGULATORY CAPITAL (1) | Preliminary | Preliminary | |||||||||||||||||||||||||
Common equity tier 1 capital | $ | 638,574 | $ | 697,139 | $ | 686,191 | $ | 673,851 | $ | 662,504 | $ | 638,574 | $ | 662,504 | |||||||||||||
Common equity tier 1 capital ratio | 10.51 | % | 12.34 | % | 12.29 | % | 12.69 | % | 12.74 | % | 10.51 | % | 12.74 | % | |||||||||||||
Tier 1 capital | $ | 638,678 | $ | 697,243 | $ | 686,295 | $ | 673,955 | $ | 662,608 | $ | 638,678 | $ | 662,608 | |||||||||||||
Tier 1 ratio | 10.52 | % | 12.35 | % | 12.29 | % | 12.69 | % | 12.74 | % | 10.52 | % | 12.74 | % | |||||||||||||
Total capital | $ | 812,029 | $ | 751,818 | $ | 740,967 | $ | 728,284 | $ | 717,823 | $ | 812,029 | $ | 717,823 | |||||||||||||
Total capital ratio | 13.37 | % | 13.31 | % | 13.27 | % | 13.71 | % | 13.80 | % | 13.37 | % | 13.80 | % | |||||||||||||
Total capital in excess of minimum | |||||||||||||||||||||||||||
requirement | $ | 326,117 | $ | 300,006 | $ | 294,290 | $ | 303,358 | $ | 301,653 | $ | 326,117 | $ | 301,653 | |||||||||||||
Total risk-weighted assets | $ | 6,073,899 | $ | 5,647,658 | $ | 5,583,461 | $ | 5,311,573 | $ | 5,202,123 | $ | 6,073,899 | $ | 5,202,123 | |||||||||||||
Leverage ratio | 8.58 | % | 9.77 | % | 9.67 | % | 9.44 | % | 9.70 | % | 8.58 | % | 9.70 | % | |||||||||||||
OTHER CAPITAL RATIOS | |||||||||||||||||||||||||||
Ending shareholders' equity to ending assets | 10.32 | % | 10.87 | % | 10.98 | % | 10.86 | % | 10.52 | % | 10.32 | % | 10.52 | % | |||||||||||||
Ending tangible shareholders' equity to ending tangible assets | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 8.71 | % | 7.84 | % | 8.71 | % | |||||||||||||
Average shareholders' equity to average assets | 10.67 | % | 11.05 | % | 10.95 | % | 10.77 | % | 10.75 | % | 10.89 | % | 10.75 | % | |||||||||||||
Average tangible shareholders' equity to average tangible assets | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.83 | % | 8.25 | % | 8.73 | % | |||||||||||||
REPURCHASE PROGRAM (2) | |||||||||||||||||||||||||||
Shares repurchased | 148,935 | 0 | 0 | 0 | 0 | 148,935 | 40,255 | ||||||||||||||||||||
Average share repurchase price | $ | 18.68 | N/A | N/A | N/A | N/A | $ | 18.68 | $ | 17.32 | |||||||||||||||||
Total cost of shares repurchased | $ | 2,783 | N/A | N/A | N/A | N/A | $ | 2,783 | $ | 697 | |||||||||||||||||
(1) 2015 amounts and ratios are calculated under the Basel III standardized approach | |||||||||||||||||||||||||||
(2) Represents share repurchases as part of publicly announced plans. | |||||||||||||||||||||||||||
N/A = Not applicable |
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