Ohio | 31-1042001 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) |
Three months ended | YTD | |||||||||||||||||||||
Dec. 31, | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||
(Dollars in thousands) | 2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||
Net interest income | $ | 66,083 | $ | 63,159 | $ | 58,674 | $ | 58,586 | $ | 61,139 | $ | 246,502 | $ | 228,625 | ||||||||
Tax equivalent adjustment | 1,046 | 1,000 | 988 | 983 | 946 | 4,017 | 3,224 | |||||||||||||||
Net interest income - tax equivalent | $ | 67,129 | $ | 64,159 | $ | 59,662 | $ | 59,569 | $ | 62,085 | $ | 250,519 | $ | 231,849 | ||||||||
Average earning assets | $ | 7,219,995 | $ | 6,938,107 | $ | 6,616,960 | $ | 6,576,660 | $ | 6,617,104 | $ | 6,839,968 | $ | 6,164,003 | ||||||||
Net interest margin* | 3.63 | % | 3.61 | % | 3.56 | % | 3.61 | % | 3.67 | % | 3.60 | % | 3.71 | % | ||||||||
Net interest margin (fully tax equivalent)* | 3.69 | % | 3.67 | % | 3.62 | % | 3.67 | % | 3.72 | % | 3.66 | % | 3.76 | % | ||||||||
* Margins are calculated using net interest income annualized divided by average earning assets. |
Three months ended | |||||||||||||||
Dec. 31, | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | |||||||||||
(Dollars in thousands) | 2015 | 2015 | 2015 | 2015 | 2014 | ||||||||||
Allowance | $ | 53,398 | $ | 53,332 | $ | 52,876 | $ | 53,076 | $ | 52,858 | |||||
Loan marks | 24,258 | 26,948 | 29,428 | 35,804 | 42,434 | ||||||||||
Allowance and loan marks | 77,656 | 80,280 | 82,304 | 88,880 | 95,292 | ||||||||||
Indemnification asset | (17,630 | ) | (18,931 | ) | (20,338 | ) | (20,397 | ) | (22,666 | ) | |||||
Allowance and loan marks, net of indemnification asset (a) | $ | 60,026 | $ | 61,349 | $ | 61,966 | $ | 68,483 | $ | 72,626 | |||||
Loans | $ | 5,388,760 | $ | 5,216,063 | $ | 4,852,774 | $ | 4,763,537 | $ | 4,777,235 | |||||
Loan marks | 24,258 | 26,948 | 29,428 | 35,804 | 42,434 | ||||||||||
Total loans (b) | $ | 5,413,018 | $ | 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) | 1.11 | % | 1.17 | % | 1.27 | % | 1.43 | % | 1.51 | % |
Three months ended | YTD | |||||||||||||||||||||
Dec. 31, | Sep. 30, | June 30, | Mar. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net income (a) | $ | 19,820 | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 18,599 | $ | 75,063 | $ | 65,000 | ||||||||
Average total shareholders' equity | $ | 817,756 | $ | 812,396 | $ | 800,598 | $ | 788,511 | $ | 780,131 | $ | 804,916 | $ | 727,015 | ||||||||
Less: | ||||||||||||||||||||||
Goodwill and other intangibles | (211,865 | ) | (211,732 | ) | (145,465 | ) | (145,586 | ) | (145,853 | ) | (211,865 | ) | (145,853 | ) | ||||||||
Average tangible equity (b) | 605,891 | 600,664 | 655,133 | 642,925 | 634,278 | 593,051 | 581,162 | |||||||||||||||
Total shareholders' equity | 809,376 | 813,012 | 802,383 | 795,742 | 784,077 | 809,376 | 784,077 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill and other intangibles | (211,865 | ) | (211,732 | ) | (145,465 | ) | (145,586 | ) | (145,853 | ) | (211,865 | ) | (145,853 | ) | ||||||||
Ending tangible equity (c) | 597,511 | 601,280 | 656,918 | 650,156 | 638,224 | 597,511 | 638,224 | |||||||||||||||
Total assets | 8,147,411 | 7,880,533 | 7,383,372 | 7,245,796 | 7,217,821 | 8,147,411 | 7,217,821 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill and other intangibles | (211,865 | ) | (211,732 | ) | (145,465 | ) | (145,586 | ) | (145,853 | ) | (211,865 | ) | (145,853 | ) | ||||||||
Ending tangible assets (d) | 7,935,546 | 7,668,801 | 7,237,907 | 7,100,210 | 7,071,968 | 7,935,546 | 7,071,968 | |||||||||||||||
Risk-weighted assets (e) | 6,308,139 | 6,073,899 | 5,647,658 | 5,583,461 | 5,311,573 | 6,308,139 | 5,311,573 | |||||||||||||||
Total average assets | 7,950,278 | 7,611,389 | 7,243,886 | 7,201,313 | 7,241,869 | 7,504,069 | 6,760,959 | |||||||||||||||
Less: | ||||||||||||||||||||||
Goodwill and other intangibles | (211,865 | ) | (211,732 | ) | (145,465 | ) | (145,586 | ) | (145,853 | ) | (211,865 | ) | (145,853 | ) | ||||||||
Average tangible assets (f) | 7,738,413 | 7,399,657 | 7,098,421 | 7,055,727 | 7,096,016 | 7,292,204 | 6,615,106 | |||||||||||||||
Ending common shares outstanding (g) | 61,641,680 | 61,713,633 | 61,707,847 | 61,686,887 | 61,456,547 | 61,641,680 | 61,456,547 | |||||||||||||||
Ratios | ||||||||||||||||||||||
Return on average tangible shareholders' equity (a)/(b) | 12.98 | % | 12.33 | % | 11.60 | % | 11.12 | % | 11.63 | % | 12.66 | % | 11.18 | % | ||||||||
Ending tangible shareholders' equity as a percent of: | ||||||||||||||||||||||
Ending tangible assets (c)/(d) | 7.53 | % | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 7.53 | % | 9.02 | % | ||||||||
Risk-weighted assets (c)/(e) | 9.47 | % | 9.90 | % | 11.63 | % | 11.64 | % | 12.02 | % | 9.47 | % | 12.02 | % | ||||||||
Average tangible shareholders' equity of average tangible assets (b)/(f) | 7.83 | % | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.13 | % | 8.79 | % | ||||||||
Tangible book value per share (c)/(g) | $ | 9.69 | $ | 9.74 | $ | 10.65 | $ | 10.54 | $ | 10.38 | $ | 9.69 | $ | 10.38 |
By: /s/ John M. Gavigan | ||
John M. Gavigan | ||
Senior Vice President and Chief Financial Officer | ||
Date: | January 21, 2016 |
• | Net Income of $19.8 million (4Q) and $75.1 million (Full Year) |
• | Earnings per Share of $0.32 (4Q) and $1.21 (Full Year) |
• | Return on Average Assets of 0.99% (4Q) and 1.00% (Full Year) |
• | Return on Average Tangible Common Equity of 12.98% (4Q) and 12.66% (Full Year) |
• | Net Interest Margin of 3.69% (4Q) and 3.66% (Full Year) |
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, | Twelve months ended, | ||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
Net income | $ | 19,820 | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 18,599 | $ | 75,063 | $ | 65,000 | |||||||||||||
Net earnings per share - basic | $ | 0.33 | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 0.31 | $ | 1.23 | $ | 1.11 | |||||||||||||
Net earnings per share - diluted | $ | 0.32 | $ | 0.30 | $ | 0.31 | $ | 0.29 | $ | 0.30 | $ | 1.21 | $ | 1.09 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.64 | $ | 0.61 | |||||||||||||
KEY FINANCIAL RATIOS | |||||||||||||||||||||||||||
Return on average assets | 0.99 | % | 0.97 | % | 1.05 | % | 0.99 | % | 1.02 | % | 1.00 | % | 0.96 | % | |||||||||||||
Return on average shareholders' equity | 9.62 | % | 9.12 | % | 9.49 | % | 9.06 | % | 9.46 | % | 9.33 | % | 8.94 | % | |||||||||||||
Return on average tangible shareholders' equity | 12.98 | % | 12.33 | % | 11.60 | % | 11.12 | % | 11.63 | % | 12.66 | % | 11.18 | % | |||||||||||||
Net interest margin | 3.63 | % | 3.61 | % | 3.56 | % | 3.61 | % | 3.67 | % | 3.60 | % | 3.71 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.69 | % | 3.67 | % | 3.62 | % | 3.67 | % | 3.72 | % | 3.66 | % | 3.76 | % | |||||||||||||
Ending shareholders' equity as a percent of ending assets | 9.93 | % | 10.32 | % | 10.87 | % | 10.98 | % | 10.86 | % | 9.93 | % | 10.86 | % | |||||||||||||
Ending tangible shareholders' equity as a percent of: | |||||||||||||||||||||||||||
Ending tangible assets | 7.53 | % | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 7.53 | % | 9.02 | % | |||||||||||||
Risk-weighted assets | 9.47 | % | 9.90 | % | 11.63 | % | 11.64 | % | 12.02 | % | 9.47 | % | 12.02 | % | |||||||||||||
Average shareholders' equity as a percent of average assets | 10.29 | % | 10.67 | % | 11.05 | % | 10.95 | % | 10.77 | % | 10.73 | % | 10.75 | % | |||||||||||||
Average tangible shareholders' equity as a percent of | |||||||||||||||||||||||||||
average tangible assets | 7.83 | % | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.13 | % | 8.79 | % | |||||||||||||
Book value per share | $ | 13.13 | $ | 13.17 | $ | 13.00 | $ | 12.90 | $ | 12.76 | $ | 13.13 | $ | 12.76 | |||||||||||||
Tangible book value per share | $ | 9.69 | $ | 9.74 | $ | 10.65 | $ | 10.54 | $ | 10.38 | $ | 9.69 | $ | 10.38 | |||||||||||||
Common equity tier 1 ratio (2) | 10.28 | % | 10.51 | % | 12.34 | % | 12.29 | % | 12.69 | % | 10.28 | % | 12.69 | % | |||||||||||||
Tier 1 ratio (2) | 10.29 | % | 10.52 | % | 12.35 | % | 12.29 | % | 12.69 | % | 10.29 | % | 12.69 | % | |||||||||||||
Total capital ratio (2) | 13.04 | % | 13.37 | % | 13.31 | % | 13.27 | % | 13.71 | % | 13.04 | % | 13.71 | % | |||||||||||||
Leverage ratio (2) | 8.33 | % | 8.58 | % | 9.77 | % | 9.67 | % | 9.44 | % | 8.33 | % | 9.44 | % | |||||||||||||
AVERAGE BALANCE SHEET ITEMS | |||||||||||||||||||||||||||
Loans (3) | $ | 5,248,465 | $ | 5,032,708 | $ | 4,793,471 | $ | 4,770,671 | $ | 4,758,374 | $ | 4,962,834 | $ | 4,290,953 | |||||||||||||
FDIC indemnification asset | 18,437 | 19,848 | 20,744 | 22,112 | 24,172 | 20,274 | 32,436 | ||||||||||||||||||||
Investment securities | 1,934,173 | 1,848,083 | 1,782,785 | 1,762,622 | 1,811,941 | 1,832,430 | 1,824,107 | ||||||||||||||||||||
Interest-bearing deposits with other banks | 18,920 | 37,468 | 19,960 | 21,255 | 22,617 | 24,430 | 16,507 | ||||||||||||||||||||
Total earning assets | $ | 7,219,995 | $ | 6,938,107 | $ | 6,616,960 | $ | 6,576,660 | $ | 6,617,104 | $ | 6,839,968 | $ | 6,164,003 | |||||||||||||
Total assets | $ | 7,950,278 | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 7,504,069 | $ | 6,760,959 | |||||||||||||
Noninterest-bearing deposits | $ | 1,402,283 | $ | 1,344,049 | $ | 1,325,485 | $ | 1,286,067 | $ | 1,290,754 | $ | 1,339,802 | $ | 1,169,851 | |||||||||||||
Interest-bearing deposits | 4,845,056 | 4,615,886 | 4,446,248 | 4,361,525 | 4,372,529 | 4,568,637 | 3,987,323 | ||||||||||||||||||||
Total deposits | $ | 6,247,339 | $ | 5,959,935 | $ | 5,771,733 | $ | 5,647,592 | $ | 5,663,283 | $ | 5,908,439 | $ | 5,157,174 | |||||||||||||
Borrowings | $ | 763,408 | $ | 746,706 | $ | 587,225 | $ | 691,012 | $ | 733,726 | $ | 697,422 | $ | 804,584 | |||||||||||||
Shareholders' equity | $ | 817,756 | $ | 812,396 | $ | 800,598 | $ | 788,511 | $ | 780,131 | $ | 804,916 | $ | 727,015 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||||||||||||
Allowance to ending loans | 0.99 | % | 1.02 | % | 1.09 | % | 1.11 | % | 1.11 | % | 0.99 | % | 1.11 | % | |||||||||||||
Allowance to nonaccrual loans | 190.73 | % | 149.33 | % | 133.28 | % | 107.98 | % | 109.06 | % | 190.73 | % | 109.06 | % | |||||||||||||
Allowance to nonperforming loans | 93.89 | % | 95.34 | % | 88.49 | % | 82.18 | % | 82.08 | % | 93.89 | % | 82.08 | % | |||||||||||||
Nonperforming loans to total loans | 1.06 | % | 1.07 | % | 1.23 | % | 1.36 | % | 1.35 | % | 1.06 | % | 1.35 | % | |||||||||||||
Nonperforming assets to ending loans, plus OREO | 1.30 | % | 1.36 | % | 1.56 | % | 1.79 | % | 1.81 | % | 1.30 | % | 1.81 | % | |||||||||||||
Nonperforming assets to total assets | 0.86 | % | 0.90 | % | 1.03 | % | 1.18 | % | 1.21 | % | 0.86 | % | 1.21 | % | |||||||||||||
Net charge-offs to average loans (annualized) | 0.14 | % | 0.17 | % | 0.27 | % | 0.16 | % | 0.27 | % | 0.18 | % | 0.28 | % |
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, | ||||||||||||||||||||
2015 | 2014 | % Change | 2015 | 2014 | % Change | ||||||||||||||||
Interest income | |||||||||||||||||||||
Loans, including fees | $ | 62,502 | $ | 57,087 | 9.5 | % | $ | 230,246 | $ | 208,836 | 10.3 | % | |||||||||
Investment securities | |||||||||||||||||||||
Taxable | 10,702 | 9,905 | 8.0 | % | 39,577 | 40,924 | (3.3 | )% | |||||||||||||
Tax-exempt | 1,192 | 1,060 | 12.5 | % | 4,611 | 3,560 | 29.5 | % | |||||||||||||
Total investment securities interest | 11,894 | 10,965 | 8.5 | % | 44,188 | 44,484 | (0.7 | )% | |||||||||||||
Other earning assets | (1,164 | ) | (1,299 | ) | 10.4 | % | (4,675 | ) | (5,461 | ) | 14.4 | % | |||||||||
Total interest income | 73,232 | 66,753 | 9.7 | % | 269,759 | 247,859 | 8.8 | % | |||||||||||||
Interest expense | |||||||||||||||||||||
Deposits | 5,172 | 5,013 | 3.2 | % | 19,474 | 16,153 | 20.6 | % | |||||||||||||
Short-term borrowings | 434 | 293 | 48.1 | % | 1,364 | 1,268 | 7.6 | % | |||||||||||||
Long-term borrowings | 1,543 | 308 | 401.0 | % | 2,419 | 1,813 | 33.4 | % | |||||||||||||
Total interest expense | 7,149 | 5,614 | 27.3 | % | 23,257 | 19,234 | 20.9 | % | |||||||||||||
Net interest income | 66,083 | 61,139 | 8.1 | % | 246,502 | 228,625 | 7.8 | % | |||||||||||||
Provision for loan and lease losses | 1,864 | 2,052 | (9.2 | )% | 9,641 | 1,528 | 531.0 | % | |||||||||||||
Net interest income after provision for loan and lease losses | 64,219 | 59,087 | 8.7 | % | 236,861 | 227,097 | 4.3 | % | |||||||||||||
Noninterest income | |||||||||||||||||||||
Service charges on deposit accounts | 4,755 | 5,102 | (6.8 | )% | 19,015 | 20,274 | (6.2 | )% | |||||||||||||
Trust and wealth management fees | 3,086 | 3,376 | (8.6 | )% | 13,128 | 13,634 | (3.7 | )% | |||||||||||||
Bankcard income | 3,077 | 2,639 | 16.6 | % | 11,578 | 10,740 | 7.8 | % | |||||||||||||
Net gains from sales of loans | 1,325 | 1,571 | (15.7 | )% | 6,471 | 4,364 | 48.3 | % | |||||||||||||
Net gain on sale of investment securities | 2 | 20 | 100.0 | % | 1,505 | 70 | 2,050.0 | % | |||||||||||||
FDIC loss sharing income | (164 | ) | (43 | ) | (281.4 | )% | (2,487 | ) | 365 | (781.4 | )% | ||||||||||
Accelerated discount on covered / formerly covered loans | 785 | 1,759 | (55.4 | )% | 10,791 | 4,184 | 157.9 | % | |||||||||||||
Other | 2,953 | 2,518 | 17.3 | % | 15,201 | 10,334 | 47.1 | % | |||||||||||||
Total noninterest income | 15,819 | 16,942 | (6.6 | )% | 75,202 | 63,965 | 17.6 | % | |||||||||||||
Noninterest expenses | |||||||||||||||||||||
Salaries and employee benefits | 29,632 | 28,140 | 5.3 | % | 111,792 | 107,702 | 3.8 | % | |||||||||||||
Net occupancy | 4,337 | 4,806 | (9.8 | )% | 18,232 | 19,187 | (5.0 | )% | |||||||||||||
Furniture and equipment | 2,185 | 2,229 | (2.0 | )% | 8,722 | 8,554 | 2.0 | % | |||||||||||||
Data processing | 2,843 | 2,942 | (3.4 | )% | 10,863 | 12,963 | (16.2 | )% | |||||||||||||
Marketing | 1,052 | 1,048 | 0.4 | % | 3,723 | 3,603 | 3.3 | % | |||||||||||||
Communication | 502 | 551 | (8.9 | )% | 2,161 | 2,277 | (5.1 | )% | |||||||||||||
Professional services | 1,833 | 1,429 | 28.3 | % | 9,622 | 6,170 | 55.9 | % | |||||||||||||
State intangible tax | 598 | 175 | 241.7 | % | 2,331 | 2,111 | 10.4 | % | |||||||||||||
FDIC assessments | 1,139 | 1,128 | 1.0 | % | 4,446 | 4,462 | (0.4 | )% | |||||||||||||
Loss (gain) - other real estate owned | 772 | 289 | 167.1 | % | 1,861 | 862 | 115.9 | % | |||||||||||||
Loss sharing expense | 414 | 650 | (36.3 | )% | 1,865 | 4,686 | (60.2 | )% | |||||||||||||
Other | 5,977 | 6,275 | (4.7 | )% | 25,512 | 23,457 | 8.8 | % | |||||||||||||
Total noninterest expenses | 51,284 | 49,662 | 3.3 | % | 201,130 | 196,034 | 2.6 | % | |||||||||||||
Income before income taxes | 28,754 | 26,367 | 9.1 | % | 110,933 | 95,028 | 16.7 | % | |||||||||||||
Income tax expense | 8,934 | 7,768 | 15.0 | % | 35,870 | 30,028 | 19.5 | % | |||||||||||||
Net income | $ | 19,820 | $ | 18,599 | 6.6 | % | $ | 75,063 | $ | 65,000 | 15.5 | % | |||||||||
ADDITIONAL DATA | |||||||||||||||||||||
Net earnings per share - basic | $ | 0.33 | $ | 0.31 | $ | 1.23 | $ | 1.11 | |||||||||||||
Net earnings per share - diluted | $ | 0.32 | $ | 0.30 | $ | 1.21 | $ | 1.09 | |||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.64 | $ | 0.61 | |||||||||||||
Return on average assets | 0.99 | % | 1.02 | % | 1.00 | % | 0.96 | % | |||||||||||||
Return on average shareholders' equity | 9.62 | % | 9.46 | % | 9.33 | % | 8.94 | % | |||||||||||||
Interest income | $ | 73,232 | $ | 66,753 | 9.7 | % | $ | 269,759 | $ | 247,859 | 8.8 | % | |||||||||
Tax equivalent adjustment | 1,046 | 946 | 10.6 | % | 4,017 | 3,224 | 24.6 | % | |||||||||||||
Interest income - tax equivalent | 74,278 | 67,699 | 9.7 | % | 273,776 | 251,083 | 9.0 | % | |||||||||||||
Interest expense | 7,149 | 5,614 | 27.3 | % | 23,257 | 19,234 | 20.9 | % | |||||||||||||
Net interest income - tax equivalent | $ | 67,129 | $ | 62,085 | 8.1 | % | $ | 250,519 | $ | 231,849 | 8.1 | % | |||||||||
Net interest margin | 3.63 | % | 3.67 | % | 3.60 | % | 3.71 | % | |||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.69 | % | 3.72 | % | 3.66 | % | 3.76 | % | |||||||||||||
Full-time equivalent employees | 1,400 | 1,369 | |||||||||||||||||||
(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 | ||||||||||||||||||||||
Fourth | Third | Second | First | Full | % Change | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | Linked Qtr. | |||||||||||||||||
Interest income | ||||||||||||||||||||||
Loans, including fees | $ | 62,502 | $ | 58,694 | $ | 54,586 | $ | 54,464 | $ | 230,246 | 6.5 | % | ||||||||||
Investment securities | ||||||||||||||||||||||
Taxable | 10,702 | 9,986 | 9,281 | 9,608 | 39,577 | 7.2 | % | |||||||||||||||
Tax-exempt | 1,192 | 1,163 | 1,139 | 1,117 | 4,611 | 2.5 | % | |||||||||||||||
Total investment securities interest | 11,894 | 11,149 | 10,420 | 10,725 | 44,188 | 6.7 | % | |||||||||||||||
Other earning assets | (1,164 | ) | (1,168 | ) | (1,162 | ) | (1,181 | ) | (4,675 | ) | 0.3 | % | ||||||||||
Total interest income | 73,232 | 68,675 | 63,844 | 64,008 | 269,759 | 6.6 | % | |||||||||||||||
Interest expense | ||||||||||||||||||||||
Deposits | 5,172 | 4,861 | 4,621 | 4,820 | 19,474 | 6.4 | % | |||||||||||||||
Short-term borrowings | 434 | 374 | 253 | 303 | 1,364 | 16.0 | % | |||||||||||||||
Long-term borrowings | 1,543 | 281 | 296 | 299 | 2,419 | 449.1 | % | |||||||||||||||
Total interest expense | 7,149 | 5,516 | 5,170 | 5,422 | 23,257 | 29.6 | % | |||||||||||||||
Net interest income | 66,083 | 63,159 | 58,674 | 58,586 | 246,502 | 4.6 | % | |||||||||||||||
Provision for loan and lease losses | 1,864 | 2,647 | 3,070 | 2,060 | 9,641 | (29.6 | )% | |||||||||||||||
Net interest income after provision for loan and lease losses | 64,219 | 60,512 | 55,604 | 56,526 | 236,861 | 6.1 | % | |||||||||||||||
Noninterest income | ||||||||||||||||||||||
Service charges on deposit accounts | 4,755 | 4,934 | 4,803 | 4,523 | 19,015 | (3.6 | )% | |||||||||||||||
Trust and wealth management fees | 3,086 | 3,134 | 3,274 | 3,634 | 13,128 | (1.5 | )% | |||||||||||||||
Bankcard income | 3,077 | 2,909 | 2,972 | 2,620 | 11,578 | 5.8 | % | |||||||||||||||
Net gains from sales of loans | 1,325 | 1,758 | 1,924 | 1,464 | 6,471 | (24.6 | )% | |||||||||||||||
Net gain on sale of investment securities | 2 | 409 | 1,094 | 0 | 1,505 | 100.0 | % | |||||||||||||||
FDIC loss sharing income | (164 | ) | (973 | ) | (304 | ) | (1,046 | ) | (2,487 | ) | (83.1 | )% | ||||||||||
Accelerated discount on covered / formerly covered loans | 785 | 3,820 | 4,094 | 2,092 | 10,791 | (79.5 | )% | |||||||||||||||
Other | 2,953 | 4,364 | 3,558 | 4,326 | 15,201 | (32.3 | )% | |||||||||||||||
Total noninterest income | 15,819 | 20,355 | 21,415 | 17,613 | 75,202 | (22.3 | )% | |||||||||||||||
Noninterest expenses | ||||||||||||||||||||||
Salaries and employee benefits | 29,632 | 27,768 | 27,451 | 26,941 | 111,792 | 6.7 | % | |||||||||||||||
Net occupancy | 4,337 | 4,510 | 4,380 | 5,005 | 18,232 | (3.8 | )% | |||||||||||||||
Furniture and equipment | 2,185 | 2,165 | 2,219 | 2,153 | 8,722 | 0.9 | % | |||||||||||||||
Data processing | 2,843 | 2,591 | 2,657 | 2,772 | 10,863 | 9.7 | % | |||||||||||||||
Marketing | 1,052 | 810 | 973 | 888 | 3,723 | 29.9 | % | |||||||||||||||
Communication | 502 | 531 | 558 | 570 | 2,161 | (5.5 | )% | |||||||||||||||
Professional services | 1,833 | 4,092 | 1,727 | 1,970 | 9,622 | (55.2 | )% | |||||||||||||||
State intangible tax | 598 | 579 | 577 | 577 | 2,331 | 3.3 | % | |||||||||||||||
FDIC assessments | 1,139 | 1,103 | 1,114 | 1,090 | 4,446 | 3.3 | % | |||||||||||||||
Loss (gain) - other real estate owned | 772 | 196 | 419 | 474 | 1,861 | 293.9 | % | |||||||||||||||
Loss sharing expense | 414 | 574 | 576 | 301 | 1,865 | (27.9 | )% | |||||||||||||||
Other | 5,977 | 8,073 | 6,135 | 5,327 | 25,512 | (26.0 | )% | |||||||||||||||
Total noninterest expenses | 51,284 | 52,992 | 48,786 | 48,068 | 201,130 | (3.2 | )% | |||||||||||||||
Income before income taxes | 28,754 | 27,875 | 28,233 | 26,071 | 110,933 | 3.2 | % | |||||||||||||||
Income tax expense | 8,934 | 9,202 | 9,284 | 8,450 | 35,870 | (2.9 | )% | |||||||||||||||
Net income | $ | 19,820 | $ | 18,673 | $ | 18,949 | $ | 17,621 | $ | 75,063 | 6.1 | % | ||||||||||
ADDITIONAL DATA | ||||||||||||||||||||||
Net earnings per share - basic | $ | 0.33 | $ | 0.31 | $ | 0.31 | $ | 0.29 | $ | 1.23 | ||||||||||||
Net earnings per share - diluted | $ | 0.32 | $ | 0.30 | $ | 0.31 | $ | 0.29 | $ | 1.21 | ||||||||||||
Dividends declared per share | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.64 | ||||||||||||
Return on average assets | 0.99 | % | 0.97 | % | 1.05 | % | 0.99 | % | 1.00 | % | ||||||||||||
Return on average shareholders' equity | 9.62 | % | 9.12 | % | 9.49 | % | 9.06 | % | 9.33 | % | ||||||||||||
Interest income | $ | 73,232 | $ | 68,675 | $ | 63,844 | $ | 64,008 | $ | 269,759 | 6.6 | % | ||||||||||
Tax equivalent adjustment | 1,046 | 1,000 | 988 | 983 | 4,017 | 4.6 | % | |||||||||||||||
Interest income - tax equivalent | 74,278 | 69,675 | 64,832 | 64,991 | 273,776 | 6.6 | % | |||||||||||||||
Interest expense | 7,149 | 5,516 | 5,170 | 5,422 | 23,257 | 29.6 | % | |||||||||||||||
Net interest income - tax equivalent | $ | 67,129 | $ | 64,159 | $ | 59,662 | $ | 59,569 | $ | 250,519 | 4.6 | % | ||||||||||
Net interest margin | 3.63 | % | 3.61 | % | 3.56 | % | 3.61 | % | 3.60 | % | ||||||||||||
Net interest margin (fully tax equivalent) (1) | 3.69 | % | 3.67 | % | 3.62 | % | 3.67 | % | 3.66 | % | ||||||||||||
Full-time equivalent employees | 1,400 | 1,394 | 1,366 | 1,353 | ||||||||||||||||||
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes, these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. | ||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | % Change | % Change | |||||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | Linked Qtr. | Comparable Qtr. | |||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and due from banks | $ | 114,841 | $ | 112,298 | $ | 116,318 | $ | 111,011 | $ | 110,122 | 2.3 | % | 4.3 | % | |||||||||||
Interest-bearing deposits with other banks | 33,734 | 24,191 | 41,027 | 25,350 | 22,630 | 39.4 | % | 49.1 | % | ||||||||||||||||
Investment securities available-for-sale | 1,190,642 | 1,069,667 | 955,764 | 892,169 | 840,468 | 11.3 | % | 41.7 | % | ||||||||||||||||
Investment securities held-to-maturity | 726,259 | 756,035 | 791,839 | 839,666 | 867,996 | (3.9 | )% | (16.3 | )% | ||||||||||||||||
Other investments | 53,725 | 53,431 | 53,585 | 53,393 | 52,626 | 0.6 | % | 2.1 | % | ||||||||||||||||
Loans held for sale | 20,957 | 26,287 | 21,151 | 14,937 | 11,005 | (20.3 | )% | 90.4 | % | ||||||||||||||||
Loans | |||||||||||||||||||||||||
Commercial | 1,663,102 | 1,637,467 | 1,315,087 | 1,298,874 | 1,315,114 | 1.6 | % | 26.5 | % | ||||||||||||||||
Real estate - construction | 311,712 | 276,240 | 229,256 | 227,969 | 197,571 | 12.8 | % | 57.8 | % | ||||||||||||||||
Real estate - commercial | 2,258,297 | 2,169,662 | 2,171,806 | 2,120,084 | 2,140,667 | 4.1 | % | 5.5 | % | ||||||||||||||||
Real estate - residential | 512,311 | 506,653 | 506,391 | 496,852 | 501,894 | 1.1 | % | 2.1 | % | ||||||||||||||||
Installment | 41,506 | 39,974 | 43,073 | 43,798 | 47,320 | 3.8 | % | (12.3 | )% | ||||||||||||||||
Home equity | 466,629 | 463,629 | 463,222 | 456,278 | 458,627 | 0.6 | % | 1.7 | % | ||||||||||||||||
Credit card | 41,217 | 39,759 | 39,216 | 37,886 | 38,475 | 3.7 | % | 7.1 | % | ||||||||||||||||
Lease financing | 93,986 | 82,679 | 84,723 | 81,796 | 77,567 | 13.7 | % | 21.2 | % | ||||||||||||||||
Total loans | 5,388,760 | 5,216,063 | 4,852,774 | 4,763,537 | 4,777,235 | 3.3 | % | 12.8 | % | ||||||||||||||||
Less | |||||||||||||||||||||||||
Allowance for loan and lease losses | 53,398 | 53,332 | 52,876 | 53,076 | 52,858 | 0.1 | % | 1.0 | % | ||||||||||||||||
Net loans | 5,335,362 | 5,162,731 | 4,799,898 | 4,710,461 | 4,724,377 | 3.3 | % | 12.9 | % | ||||||||||||||||
Premises and equipment | 136,603 | 139,020 | 139,170 | 140,477 | 141,381 | (1.7 | )% | (3.4 | )% | ||||||||||||||||
Goodwill and other intangibles | 211,865 | 211,732 | 145,465 | 145,586 | 145,853 | 0.1 | % | 45.3 | % | ||||||||||||||||
FDIC indemnification asset | 17,630 | 18,931 | 20,338 | 20,397 | 22,666 | (6.9 | )% | (22.2 | )% | ||||||||||||||||
Accrued interest and other assets | 305,793 | 306,210 | 298,817 | 292,349 | 278,697 | (0.1 | )% | 9.7 | % | ||||||||||||||||
Total Assets | $ | 8,147,411 | $ | 7,880,533 | $ | 7,383,372 | $ | 7,245,796 | $ | 7,217,821 | 3.4 | % | 12.9 | % | |||||||||||
LIABILITIES | |||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||
Interest-bearing demand | $ | 1,414,291 | $ | 1,330,673 | $ | 1,175,219 | $ | 1,214,882 | $ | 1,225,378 | 6.3 | % | 15.4 | % | |||||||||||
Savings | 1,945,805 | 1,979,627 | 1,947,566 | 1,922,815 | 1,889,473 | (1.7 | )% | 3.0 | % | ||||||||||||||||
Time | 1,406,124 | 1,440,223 | 1,262,881 | 1,277,291 | 1,255,364 | (2.4 | )% | 12.0 | % | ||||||||||||||||
Total interest-bearing deposits | 4,766,220 | 4,750,523 | 4,385,666 | 4,414,988 | 4,370,215 | 0.3 | % | 9.1 | % | ||||||||||||||||
Noninterest-bearing | 1,413,404 | 1,330,905 | 1,330,149 | 1,299,602 | 1,285,527 | 6.2 | % | 9.9 | % | ||||||||||||||||
Total deposits | 6,179,624 | 6,081,428 | 5,715,815 | 5,714,590 | 5,655,742 | 1.6 | % | 9.3 | % | ||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||
under agreements to repurchase | 89,325 | 62,317 | 68,349 | 68,142 | 103,192 | 43.3 | % | (13.4 | )% | ||||||||||||||||
FHLB short-term borrowings | 849,100 | 701,200 | 641,700 | 523,500 | 558,200 | 21.1 | % | 52.1 | % | ||||||||||||||||
Total short-term borrowings | 938,425 | 763,517 | 710,049 | 591,642 | 661,392 | 22.9 | % | 41.9 | % | ||||||||||||||||
Long-term debt | 119,540 | 119,515 | 47,084 | 47,598 | 48,241 | 0.0 | % | 147.8 | % | ||||||||||||||||
Total borrowed funds | 1,057,965 | 883,032 | 757,133 | 639,240 | 709,633 | 19.8 | % | 49.1 | % | ||||||||||||||||
Accrued interest and other liabilities | 100,446 | 103,061 | 108,041 | 96,224 | 68,369 | (2.5 | )% | 46.9 | % | ||||||||||||||||
Total Liabilities | 7,338,035 | 7,067,521 | 6,580,989 | 6,450,054 | 6,433,744 | 3.8 | % | 14.1 | % | ||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Common stock | 571,155 | 570,025 | 571,501 | 570,623 | 574,643 | 0.2 | % | (0.6 | )% | ||||||||||||||||
Retained earnings | 388,240 | 378,258 | 369,462 | 360,390 | 352,893 | 2.6 | % | 10.0 | % | ||||||||||||||||
Accumulated other comprehensive loss | (30,580 | ) | (17,219 | ) | (20,715 | ) | (17,054 | ) | (21,409 | ) | 77.6 | % | 42.8 | % | |||||||||||
Treasury stock, at cost | (119,439 | ) | (118,052 | ) | (117,865 | ) | (118,217 | ) | (122,050 | ) | 1.2 | % | (2.1 | )% | |||||||||||
Total Shareholders' Equity | 809,376 | 813,012 | 802,383 | 795,742 | 784,077 | (0.4 | )% | 3.2 | % | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 8,147,411 | $ | 7,880,533 | $ | 7,383,372 | $ | 7,245,796 | $ | 7,217,821 | 3.4 | % | 12.9 | % | |||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Quarterly Averages | Year-to-Date Averages | ||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | December 31, | ||||||||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||
Cash and due from banks | $ | 119,881 | $ | 114,279 | $ | 114,024 | $ | 112,841 | $ | 124,216 | $ | 115,273 | $ | 123,077 | |||||||||||||
Federal funds sold | 0 | 0 | 0 | 0 | 0 | 0 | 2,217 | ||||||||||||||||||||
Interest-bearing deposits with other banks | 18,920 | 37,468 | 19,960 | 21,255 | 22,617 | 24,430 | 14,290 | ||||||||||||||||||||
Investment securities | 1,934,173 | 1,848,083 | 1,782,785 | 1,762,622 | 1,811,941 | 1,832,430 | 1,824,107 | ||||||||||||||||||||
Loans held for sale | 18,677 | 15,185 | 9,292 | 8,606 | 11,774 | 12,974 | 10,163 | ||||||||||||||||||||
Loans | |||||||||||||||||||||||||||
Commercial | 1,612,485 | 1,464,508 | 1,318,408 | 1,300,869 | 1,282,752 | 1,425,032 | 1,188,882 | ||||||||||||||||||||
Real estate - construction | 295,574 | 259,972 | 226,314 | 215,380 | 192,626 | 249,559 | 135,765 | ||||||||||||||||||||
Real estate - commercial | 2,180,015 | 2,164,917 | 2,117,450 | 2,129,434 | 2,158,336 | 2,148,139 | 1,891,998 | ||||||||||||||||||||
Real estate - residential | 505,208 | 500,544 | 497,350 | 496,451 | 493,895 | 499,914 | 461,547 | ||||||||||||||||||||
Installment | 41,148 | 42,008 | 43,393 | 45,376 | 49,356 | 42,967 | 49,721 | ||||||||||||||||||||
Home equity | 465,131 | 462,283 | 459,414 | 458,083 | 456,494 | 461,250 | 437,072 | ||||||||||||||||||||
Credit card | 41,027 | 39,991 | 39,272 | 38,409 | 38,966 | 39,683 | 38,022 | ||||||||||||||||||||
Lease financing | 89,200 | 83,300 | 82,578 | 78,063 | 74,175 | 83,316 | 77,783 | ||||||||||||||||||||
Total loans | 5,229,788 | 5,017,523 | 4,784,179 | 4,762,065 | 4,746,600 | 4,949,860 | 4,280,790 | ||||||||||||||||||||
Less | |||||||||||||||||||||||||||
Allowance for loan and lease losses | 53,731 | 54,398 | 54,662 | 53,648 | 54,656 | 54,111 | 56,828 | ||||||||||||||||||||
Net loans | 5,176,057 | 4,963,125 | 4,729,517 | 4,708,417 | 4,691,944 | 4,895,749 | 4,223,962 | ||||||||||||||||||||
Premises and equipment | 138,689 | 139,457 | 140,117 | 141,153 | 141,871 | 139,846 | 137,506 | ||||||||||||||||||||
Goodwill and other intangibles | 211,722 | 179,333 | 145,500 | 145,689 | 145,872 | 170,766 | 118,403 | ||||||||||||||||||||
FDIC indemnification asset | 18,437 | 19,848 | 20,744 | 22,112 | 24,172 | 20,274 | 32,436 | ||||||||||||||||||||
Accrued interest and other assets | 313,722 | 294,611 | 281,947 | 278,618 | 267,462 | 292,327 | 274,798 | ||||||||||||||||||||
Total Assets | $ | 7,950,278 | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 7,504,069 | $ | 6,760,959 | |||||||||||||
LIABILITIES | |||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,423,915 | $ | 1,230,621 | $ | 1,220,391 | $ | 1,176,263 | $ | 1,217,852 | $ | 1,263,388 | $ | 1,157,783 | |||||||||||||
Savings | 2,005,100 | 2,015,373 | 1,950,127 | 1,914,723 | 1,904,568 | 1,971,699 | 1,756,682 | ||||||||||||||||||||
Time | 1,416,041 | 1,369,892 | 1,275,730 | 1,270,539 | 1,250,109 | 1,333,550 | 1,072,858 | ||||||||||||||||||||
Total interest-bearing deposits | 4,845,056 | 4,615,886 | 4,446,248 | 4,361,525 | 4,372,529 | 4,568,637 | 3,987,323 | ||||||||||||||||||||
Noninterest-bearing | 1,402,283 | 1,344,049 | 1,325,485 | 1,286,067 | 1,290,754 | 1,339,802 | 1,169,851 | ||||||||||||||||||||
Total deposits | 6,247,339 | 5,959,935 | 5,771,733 | 5,647,592 | 5,663,283 | 5,908,439 | 5,157,174 | ||||||||||||||||||||
Federal funds purchased and securities sold | |||||||||||||||||||||||||||
under agreements to repurchase | 79,354 | 68,505 | 67,664 | 77,269 | 119,712 | 73,191 | 119,795 | ||||||||||||||||||||
FHLB short-term borrowings | 564,522 | 606,618 | 472,295 | 565,918 | 564,062 | 552,483 | 627,181 | ||||||||||||||||||||
Total short-term borrowings | 643,876 | 675,123 | 539,959 | 643,187 | 683,774 | 625,674 | 746,976 | ||||||||||||||||||||
Long-term debt | 119,532 | 71,583 | 47,266 | 47,825 | 49,952 | 71,748 | 57,608 | ||||||||||||||||||||
Total borrowed funds | 763,408 | 746,706 | 587,225 | 691,012 | 733,726 | 697,422 | 804,584 | ||||||||||||||||||||
Accrued interest and other liabilities | 121,775 | 92,352 | 84,330 | 74,198 | 64,729 | 93,292 | 72,186 | ||||||||||||||||||||
Total Liabilities | 7,132,522 | 6,798,993 | 6,443,288 | 6,412,802 | 6,461,738 | 6,699,153 | 6,033,944 | ||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||
Common stock | 570,510 | 570,723 | 571,078 | 573,932 | 574,588 | 571,549 | 574,576 | ||||||||||||||||||||
Retained earnings | 385,295 | 378,160 | 365,847 | 355,848 | 347,435 | 371,387 | 336,557 | ||||||||||||||||||||
Accumulated other comprehensive loss | (18,962 | ) | (19,725 | ) | (18,242 | ) | (20,163 | ) | (18,841 | ) | (19,271 | ) | (23,527 | ) | |||||||||||||
Treasury stock, at cost | (119,087 | ) | (116,762 | ) | (118,085 | ) | (121,106 | ) | (123,051 | ) | (118,749 | ) | (160,591 | ) | |||||||||||||
Total Shareholders' Equity | 817,756 | 812,396 | 800,598 | 788,511 | 780,131 | 804,916 | 727,015 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 7,950,278 | $ | 7,611,389 | $ | 7,243,886 | $ | 7,201,313 | $ | 7,241,869 | $ | 7,504,069 | $ | 6,760,959 | |||||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||||||||||
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1) | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
Quarterly Averages | Year-to-Date Averages | ||||||||||||||||||||||||||||||||||
December 31, 2015 | September 30, 2015 | December 31, 2014 | December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | Balance | Yield | ||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||||||
Investment securities | $ | 1,934,173 | 2.44 | % | $ | 1,848,083 | 2.39 | % | $ | 1,811,941 | 2.40 | % | $ | 1,832,430 | 2.41 | % | $ | 1,824,107 | 2.44 | % | |||||||||||||||
Interest-bearing deposits with other banks | 18,920 | 0.29 | % | 37,468 | 0.25 | % | 22,617 | 0.30 | % | 24,430 | 0.27 | % | 16,507 | 0.42 | % | ||||||||||||||||||||
Gross loans (2) | 5,266,902 | 4.62 | % | 5,052,556 | 4.52 | % | 4,782,546 | 4.63 | % | 4,983,108 | 4.53 | % | 4,323,389 | 4.70 | % | ||||||||||||||||||||
Total earning assets | 7,219,995 | 4.02 | % | 6,938,107 | 3.93 | % | 6,617,104 | 4.00 | % | 6,839,968 | 3.94 | % | 6,164,003 | 4.02 | % | ||||||||||||||||||||
Nonearning assets | |||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses | (53,731 | ) | (54,398 | ) | (54,656 | ) | (54,111 | ) | (56,828 | ) | |||||||||||||||||||||||||
Cash and due from banks | 119,881 | 114,279 | 124,216 | 115,273 | 123,077 | ||||||||||||||||||||||||||||||
Accrued interest and other assets | 664,133 | 613,401 | 555,205 | 602,939 | 530,707 | ||||||||||||||||||||||||||||||
Total assets | $ | 7,950,278 | $ | 7,611,389 | $ | 7,241,869 | $ | 7,504,069 | $ | 6,760,959 | |||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand | $ | 1,423,915 | 0.13 | % | $ | 1,230,621 | 0.09 | % | $ | 1,217,852 | 0.10 | % | $ | 1,263,388 | 0.10 | % | $ | 1,157,783 | 0.11 | % | |||||||||||||||
Savings | 2,005,100 | 0.20 | % | 2,015,373 | 0.19 | % | 1,904,568 | 0.31 | % | 1,971,699 | 0.21 | % | 1,756,682 | 0.25 | % | ||||||||||||||||||||
Time | 1,416,041 | 1.03 | % | 1,369,892 | 1.05 | % | 1,250,109 | 1.02 | % | 1,333,550 | 1.06 | % | 1,072,858 | 0.98 | % | ||||||||||||||||||||
Total interest-bearing deposits | 4,845,056 | 0.42 | % | 4,615,886 | 0.42 | % | 4,372,529 | 0.45 | % | 4,568,637 | 0.43 | % | 3,987,323 | 0.41 | % | ||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||||||||
Short-term borrowings | 643,876 | 0.27 | % | 675,123 | 0.22 | % | 683,774 | 0.17 | % | 625,674 | 0.22 | % | 746,976 | 0.17 | % | ||||||||||||||||||||
Long-term debt | 119,532 | 5.12 | % | 71,583 | 1.56 | % | 49,952 | 2.45 | % | 71,748 | 3.37 | % | 57,608 | 3.15 | % | ||||||||||||||||||||
Total borrowed funds | 763,408 | 1.03 | % | 746,706 | 0.35 | % | 733,726 | 0.32 | % | 697,422 | 0.54 | % | 804,584 | 0.38 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 5,608,464 | 0.51 | % | 5,362,592 | 0.41 | % | 5,106,255 | 0.44 | % | 5,266,059 | 0.44 | % | 4,791,907 | 0.40 | % | ||||||||||||||||||||
Noninterest-bearing liabilities | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand deposits | 1,402,283 | 1,344,049 | 1,290,754 | 1,339,802 | 1,169,851 | ||||||||||||||||||||||||||||||
Other liabilities | 121,775 | 92,352 | 64,729 | 93,292 | 72,186 | ||||||||||||||||||||||||||||||
Shareholders' equity | 817,756 | 812,396 | 780,131 | 804,916 | 727,015 | ||||||||||||||||||||||||||||||
Total liabilities & shareholders' equity | $ | 7,950,278 | $ | 7,611,389 | $ | 7,241,869 | $ | 7,504,069 | $ | 6,760,959 | |||||||||||||||||||||||||
Net interest income (1) | $ | 66,083 | $ | 63,159 | $ | 61,139 | $ | 246,502 | $ | 228,625 | |||||||||||||||||||||||||
Net interest spread (1) | 3.51 | % | 3.52 | % | 3.56 | % | 3.50 | % | 3.62 | % | |||||||||||||||||||||||||
Net interest margin (1) | 3.63 | % | 3.61 | % | 3.67 | % | 3.60 | % | 3.71 | % | |||||||||||||||||||||||||
(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 | $ | 216 | $ | 529 | $ | 745 | $ | 177 | $ | 752 | $ | 929 | $ | (497 | ) | $ | 201 | $ | (296 | ) | ||||||||||||||||
Interest-bearing deposits with other banks | 4 | (14 | ) | (10 | ) | 0 | (3 | ) | (3 | ) | (26 | ) | 21 | (5 | ) | |||||||||||||||||||||
Gross loans (2) | 1,326 | 2,496 | 3,822 | (86 | ) | 5,639 | 5,553 | (7,654 | ) | 29,855 | 22,201 | |||||||||||||||||||||||||
Total earning assets | 1,546 | 3,011 | 4,557 | 91 | 6,388 | 6,479 | (8,177 | ) | 30,077 | 21,900 | ||||||||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | $ | 66 | $ | 245 | $ | 311 | $ | (345 | ) | $ | 504 | $ | 159 | $ | 843 | $ | 2,478 | $ | 3,321 | |||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 81 | (21 | ) | 60 | 168 | (27 | ) | 141 | 360 | (264 | ) | 96 | ||||||||||||||||||||||||
Long-term debt | 643 | 619 | 1,262 | 337 | 898 | 1,235 | 129 | 477 | 606 | |||||||||||||||||||||||||||
Total borrowed funds | 724 | 598 | 1,322 | 505 | 871 | 1,376 | 489 | 213 | 702 | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 790 | 843 | 1,633 | 160 | 1,375 | 1,535 | 1,332 | 2,691 | 4,023 | |||||||||||||||||||||||||||
Net interest income (1) | $ | 756 | $ | 2,168 | $ | 2,924 | $ | (69 | ) | $ | 5,013 | $ | 4,944 | $ | (9,509 | ) | $ | 27,386 | $ | 17,877 | ||||||||||||||||
(1) Not tax equivalent. | ||||||||||||||||||||||||||||||||||||
(2) Loans held for sale, nonaccrual loans, covered loans, and indemnification asset are included in gross loans. |
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Full Year | Full Year | |||||||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 53,332 | $ | 52,876 | $ | 53,076 | $ | 52,858 | $ | 53,989 | $ | 52,858 | $ | 62,730 | |||||||||||||
Provision for loan and lease losses | 1,864 | 2,647 | 3,070 | 2,060 | 2,052 | 9,641 | 1,528 | ||||||||||||||||||||
Gross charge-offs | |||||||||||||||||||||||||||
Commercial | 622 | 536 | 510 | 1,481 | 130 | 3,149 | 1,440 | ||||||||||||||||||||
Real estate - construction | 0 | 85 | 0 | 0 | 0 | 85 | 0 | ||||||||||||||||||||
Real estate - commercial | 1,137 | 941 | 2,515 | 208 | 385 | 4,801 | 2,329 | ||||||||||||||||||||
Real estate - residential | 31 | 101 | 250 | 314 | 221 | 696 | 922 | ||||||||||||||||||||
Installment | 128 | 124 | 12 | 131 | 78 | 395 | 283 | ||||||||||||||||||||
Home equity | 300 | 322 | 163 | 700 | 349 | 1,485 | 1,745 | ||||||||||||||||||||
Other | 242 | 276 | 237 | 294 | 287 | 1,049 | 1,158 | ||||||||||||||||||||
Covered / formerly covered loans | 3,818 | 1,577 | 1,585 | 1,916 | 4,318 | 8,896 | 18,096 | ||||||||||||||||||||
Total gross charge-offs | 6,278 | 3,962 | 5,272 | 5,044 | 5,768 | 20,556 | 25,973 | ||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||
Commercial | 386 | 357 | 185 | 44 | 75 | 972 | 1,260 | ||||||||||||||||||||
Real estate - construction | 91 | 0 | 10 | 29 | 0 | 130 | 0 | ||||||||||||||||||||
Real estate - commercial | 597 | 444 | 179 | 354 | 423 | 1,574 | 1,194 | ||||||||||||||||||||
Real estate - residential | 192 | 87 | 23 | 64 | 29 | 366 | 190 | ||||||||||||||||||||
Installment | 36 | 59 | 44 | 60 | 45 | 199 | 218 | ||||||||||||||||||||
Home equity | 102 | 195 | 129 | 154 | 45 | 580 | 231 | ||||||||||||||||||||
Other | 74 | 52 | 71 | 45 | 111 | 242 | 406 | ||||||||||||||||||||
Covered / formerly covered loans | 3,002 | 577 | 1,361 | 2,452 | 1,857 | 7,392 | 11,074 | ||||||||||||||||||||
Total recoveries | 4,480 | 1,771 | 2,002 | 3,202 | 2,585 | 11,455 | 14,573 | ||||||||||||||||||||
Total net charge-offs | 1,798 | 2,191 | 3,270 | 1,842 | 3,183 | 9,101 | 11,400 | ||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 53,398 | $ | 53,332 | $ | 52,876 | $ | 53,076 | $ | 52,858 | $ | 53,398 | $ | 52,858 | |||||||||||||
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | |||||||||||||||||||||||||||
Commercial | 0.06 | % | 0.05 | % | 0.10 | % | 0.45 | % | 0.02 | % | 0.15 | % | 0.02 | % | |||||||||||||
Real estate - construction | (0.12 | )% | 0.13 | % | (0.02 | )% | (0.05 | )% | 0.00 | % | (0.02 | )% | 0.00 | % | |||||||||||||
Real estate - commercial | 0.10 | % | 0.10 | % | 0.48 | % | (0.03 | )% | (0.01 | )% | 0.16 | % | 0.07 | % | |||||||||||||
Real estate - residential | (0.14 | )% | 0.01 | % | 0.21 | % | 0.24 | % | 0.18 | % | 0.08 | % | 0.19 | % | |||||||||||||
Installment | 0.94 | % | 0.65 | % | (0.32 | )% | 0.68 | % | 0.28 | % | 0.49 | % | 0.14 | % | |||||||||||||
Home equity | 0.18 | % | 0.12 | % | 0.03 | % | 0.53 | % | 0.29 | % | 0.21 | % | 0.39 | % | |||||||||||||
Other | 0.52 | % | 0.74 | % | 0.55 | % | 0.88 | % | 0.63 | % | 0.67 | % | 0.66 | % | |||||||||||||
Covered / formerly covered loans | 1.40 | % | 1.60 | % | 0.33 | % | (0.74 | )% | 3.06 | % | 0.58 | % | 1.88 | % | |||||||||||||
Total net charge-offs | 0.14 | % | 0.17 | % | 0.27 | % | 0.16 | % | 0.27 | % | 0.18 | % | 0.28 | % | |||||||||||||
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | |||||||||||||||||||||||||||
Nonaccrual loans (1) | |||||||||||||||||||||||||||
Commercial | $ | 8,231 | $ | 7,191 | $ | 6,683 | $ | 6,926 | $ | 5,817 | $ | 8,231 | $ | 5,817 | |||||||||||||
Real estate - construction | 0 | 79 | 223 | 223 | 223 | 0 | 223 | ||||||||||||||||||||
Real estate - commercial | 9,059 | 17,228 | 21,186 | 29,925 | 27,752 | 9,059 | 27,752 | ||||||||||||||||||||
Real estate - residential | 5,027 | 4,940 | 5,257 | 6,100 | 7,241 | 5,027 | 7,241 | ||||||||||||||||||||
Installment | 127 | 321 | 305 | 278 | 443 | 127 | 443 | ||||||||||||||||||||
Home equity | 2,787 | 2,702 | 2,735 | 2,462 | 3,064 | 2,787 | 3,064 | ||||||||||||||||||||
Lease financing | 122 | 0 | 0 | 0 | 0 | 122 | 0 | ||||||||||||||||||||
Covered / formerly covered loans | 2,644 | 3,252 | 3,284 | 3,239 | 3,929 | 2,644 | 3,929 | ||||||||||||||||||||
Nonaccrual loans | 27,997 | 35,713 | 39,673 | 49,153 | 48,469 | 27,997 | 48,469 | ||||||||||||||||||||
Accruing troubled debt restructurings (TDRs) | 28,876 | 20,226 | 20,084 | 15,429 | 15,928 | 28,876 | 15,928 | ||||||||||||||||||||
Total nonperforming loans | 56,873 | 55,939 | 59,757 | 64,582 | 64,397 | 56,873 | 64,397 | ||||||||||||||||||||
Other real estate owned (OREO) | 13,254 | 15,187 | 16,401 | 20,906 | 22,674 | 13,254 | 22,674 | ||||||||||||||||||||
Total nonperforming assets | 70,127 | 71,126 | 76,158 | 85,488 | 87,071 | 70,127 | 87,071 | ||||||||||||||||||||
Accruing loans past due 90 days or more | 108 | 58 | 70 | 85 | 216 | 108 | 216 | ||||||||||||||||||||
Total underperforming assets | $ | 70,235 | $ | 71,184 | $ | 76,228 | $ | 85,573 | $ | 87,287 | $ | 70,235 | $ | 87,287 | |||||||||||||
Classified assets | $ | 106,468 | $ | 95,597 | $ | 106,280 | $ | 109,090 | $ | 109,122 | $ | 106,468 | $ | 109,122 | |||||||||||||
Covered / formerly covered classified assets | 25,963 | 33,110 | 33,651 | 44,727 | 45,682 | 25,963 | 45,682 | ||||||||||||||||||||
Total classified assets | $ | 132,431 | $ | 128,707 | $ | 139,931 | $ | 153,817 | $ | 154,804 | $ | 132,431 | $ | 154,804 | |||||||||||||
CREDIT QUALITY RATIOS | |||||||||||||||||||||||||||
Allowance for loan and lease losses to | |||||||||||||||||||||||||||
Nonaccrual loans | 190.73 | % | 149.33 | % | 133.28 | % | 107.98 | % | 109.06 | % | 190.73 | % | 109.06 | % | |||||||||||||
Nonperforming loans | 93.89 | % | 95.34 | % | 88.49 | % | 82.18 | % | 82.08 | % | 93.89 | % | 82.08 | % | |||||||||||||
Total ending loans | 0.99 | % | 1.02 | % | 1.09 | % | 1.11 | % | 1.11 | % | 0.99 | % | 1.11 | % | |||||||||||||
Allowance and loan marks, net of indemnification asset, to total loans | 1.11 | % | 1.17 | % | 1.27 | % | 1.43 | % | 1.51 | % | 1.11 | % | 1.51 | % | |||||||||||||
Nonperforming loans to total loans | 1.06 | % | 1.07 | % | 1.23 | % | 1.36 | % | 1.35 | % | 1.06 | % | 1.35 | % | |||||||||||||
Nonperforming assets to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 1.30 | % | 1.36 | % | 1.56 | % | 1.79 | % | 1.81 | % | 1.30 | % | 1.81 | % | |||||||||||||
Total assets | 0.86 | % | 0.90 | % | 1.03 | % | 1.18 | % | 1.21 | % | 0.86 | % | 1.21 | % | |||||||||||||
Nonperforming assets, excluding accruing TDRs to | |||||||||||||||||||||||||||
Ending loans, plus OREO | 0.76 | % | 0.97 | % | 1.15 | % | 1.46 | % | 1.48 | % | 0.76 | % | 1.48 | % | |||||||||||||
Total assets | 0.51 | % | 0.65 | % | 0.76 | % | 0.97 | % | 0.99 | % | 0.51 | % | 0.99 | % | |||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $9.3 million, $13.6 million, $14.1 million, $20.3 million, and $12.3 million, as of December 31, 2015, September 30, 2015, June 30. 2015, March 31, 2015, and December 31, 2014, respectively. | |||||||||||||||||||||||||||
FIRST FINANCIAL BANCORP. | |||||||||||||||||||||||||||
CAPITAL ADEQUACY | |||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Twelve months ended, | |||||||||||||||||||||||||||
Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||
2015 | 2015 | 2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||||
PER COMMON SHARE | |||||||||||||||||||||||||||
Market Price | |||||||||||||||||||||||||||
High | $ | 20.72 | $ | 19.69 | $ | 18.55 | $ | 18.30 | $ | 19.00 | $ | 20.72 | $ | 19.00 | |||||||||||||
Low | $ | 17.83 | $ | 17.55 | $ | 16.68 | $ | 16.52 | $ | 15.34 | $ | 16.52 | $ | 15.34 | |||||||||||||
Close | $ | 18.07 | $ | 19.08 | $ | 17.94 | $ | 17.81 | $ | 18.59 | $ | 18.07 | $ | 18.59 | |||||||||||||
Average shares outstanding - basic | 60,985,096 | 61,135,749 | 61,115,802 | 61,013,489 | 60,905,095 | 61,062,657 | 58,662,836 | ||||||||||||||||||||
Average shares outstanding - diluted | 61,861,182 | 61,987,795 | 61,915,294 | 61,731,844 | 61,627,518 | 61,847,547 | 59,392,667 | ||||||||||||||||||||
Ending shares outstanding | 61,641,680 | 61,713,633 | 61,707,847 | 61,686,887 | 61,456,547 | 61,641,680 | 61,456,547 | ||||||||||||||||||||
Total shareholders' equity | $ | 809,376 | $ | 813,012 | $ | 802,383 | $ | 795,742 | $ | 784,077 | $ | 809,376 | $ | 784,077 | |||||||||||||
REGULATORY CAPITAL (1) | Preliminary | Preliminary | |||||||||||||||||||||||||
Common equity tier 1 capital | $ | 648,748 | $ | 638,574 | $ | 697,139 | $ | 686,191 | $ | 673,851 | $ | 648,748 | $ | 673,851 | |||||||||||||
Common equity tier 1 capital ratio | 10.28 | % | 10.51 | % | 12.34 | % | 12.29 | % | 12.69 | % | 10.28 | % | 12.69 | % | |||||||||||||
Tier 1 capital | $ | 648,852 | $ | 638,678 | $ | 697,243 | $ | 686,295 | $ | 673,955 | $ | 648,852 | $ | 673,955 | |||||||||||||
Tier 1 ratio | 10.29 | % | 10.52 | % | 12.35 | % | 12.29 | % | 12.69 | % | 10.29 | % | 12.69 | % | |||||||||||||
Total capital | $ | 822,431 | $ | 812,029 | $ | 751,818 | $ | 740,967 | $ | 728,284 | $ | 822,431 | $ | 728,284 | |||||||||||||
Total capital ratio | 13.04 | % | 13.37 | % | 13.31 | % | 13.27 | % | 13.71 | % | 13.04 | % | 13.71 | % | |||||||||||||
Total capital in excess of minimum | |||||||||||||||||||||||||||
requirement | $ | 317,780 | $ | 326,117 | $ | 300,006 | $ | 294,290 | $ | 303,358 | $ | 317,780 | $ | 303,358 | |||||||||||||
Total risk-weighted assets | $ | 6,308,139 | $ | 6,073,899 | $ | 5,647,658 | $ | 5,583,461 | $ | 5,311,573 | $ | 6,308,139 | $ | 5,311,573 | |||||||||||||
Leverage ratio | 8.33 | % | 8.58 | % | 9.77 | % | 9.67 | % | 9.44 | % | 8.33 | % | 9.44 | % | |||||||||||||
OTHER CAPITAL RATIOS | |||||||||||||||||||||||||||
Ending shareholders' equity to ending assets | 9.93 | % | 10.32 | % | 10.87 | % | 10.98 | % | 10.86 | % | 9.93 | % | 10.86 | % | |||||||||||||
Ending tangible shareholders' equity to ending tangible assets | 7.53 | % | 7.84 | % | 9.08 | % | 9.16 | % | 9.02 | % | 7.53 | % | 9.02 | % | |||||||||||||
Average shareholders' equity to average assets | 10.29 | % | 10.67 | % | 11.05 | % | 10.95 | % | 10.77 | % | 10.73 | % | 10.75 | % | |||||||||||||
Average tangible shareholders' equity to average tangible assets | 7.83 | % | 8.12 | % | 9.23 | % | 9.11 | % | 8.94 | % | 8.13 | % | 8.79 | % | |||||||||||||
REPURCHASE PROGRAM (2) | |||||||||||||||||||||||||||
Shares repurchased | 91,032 | 148,935 | 0 | 0 | 0 | 239,967 | 40,255 | ||||||||||||||||||||
Average share repurchase price | $ | 18.85 | $ | 18.68 | N/A | N/A | N/A | $ | 18.75 | $ | 17.32 | ||||||||||||||||
Total cost of shares repurchased | $ | 1,716 | $ | 2,783 | N/A | N/A | N/A | $ | 4,499 | $ | 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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