FIRST FINANCIAL BANCORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Condensed Financial Information Disclosure [Abstract] |
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Schedule of Condensed Balance Sheet |
Balance Sheets | | | | | | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2021 | | 2020 | Assets | | | | | Cash | | $ | 49,746 | | | $ | 172,902 | | Investment securities | | 1,836 | | | 1,388 | | Subordinated notes from subsidiaries | | 7,500 | | | 7,500 | | Investment in subsidiaries | | | | | Commercial bank | | 2,447,095 | | | 2,346,009 | | Non-banks | | 10,417 | | | 9,559 | | Total investment in subsidiaries | | 2,457,512 | | | 2,355,568 | | Premises and equipment | | 1,311 | | | 1,328 | | Other assets | | 77,132 | | | 68,812 | | Total assets | | $ | 2,595,037 | | | $ | 2,607,498 | | | | | | | Liabilities | | | | | Short-term borrowings | | $ | 20,000 | | | $ | 0 | | Subordinated notes | | 310,864 | | | 320,615 | | Dividends payable | | 1,042 | | | 674 | | Other liabilities | | 4,189 | | | 4,139 | | Total liabilities | | 336,095 | | | 325,428 | | Shareholders’ equity | | 2,258,942 | | | 2,282,070 | | Total liabilities and shareholders’ equity | | $ | 2,595,037 | | | $ | 2,607,498 | |
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Schedule of Condensed Income Statement |
Statements of Income and Comprehensive Income | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in thousands) | | 2021 | | 2020 | | 2019 | Income | | | | | | | Interest income | | $ | 34 | | | $ | 27 | | | $ | 30 | | Noninterest income | | 663 | | | 272 | | | 191 | | Dividends from subsidiaries | | 202,000 | | | 81,725 | | | 196,800 | | Total income | | 202,697 | | | 82,024 | | | 197,021 | | | | | | | | | Expenses | | | | | | | Interest expense | | 15,900 | | | 14,172 | | | 9,552 | | Salaries and employee benefits | | 9,784 | | | 8,004 | | | 8,169 | | Professional services | | 2,343 | | | 1,160 | | | 1,040 | | Other | | 5,186 | | | 5,163 | | | 6,599 | | Total expenses | | 33,213 | | | 28,499 | | | 25,360 | | Income before income taxes and equity in undistributed net earnings of subsidiaries | | 169,484 | | | 53,525 | | | 171,661 | | Income tax expense (benefit) | | (7,787) | | | (6,145) | | | (5,975) | | Equity in undistributed earnings (loss) of subsidiaries | | 27,889 | | | 96,140 | | | 20,439 | | Net income | | $ | 205,160 | | | $ | 155,810 | | | $ | 198,075 | | | | | | | | | Comprehensive income | | $ | 156,063 | | | $ | 191,151 | | | $ | 254,900 | |
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Schedule of Condensed Cash Flow Statement |
Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in thousands) | | 2021 | | 2020 | | 2019 | Operating activities | | | | | | | Net income | | $ | 205,160 | | | $ | 155,810 | | | $ | 198,075 | | Adjustments to reconcile net income to net cash provided by operating activities | | | | | Equity in undistributed (earnings) loss of subsidiaries | | (27,889) | | | (96,140) | | | (20,439) | | Depreciation and amortization | | 859 | | | 712 | | | 584 | | Stock-based compensation expense | | 9,635 | | | 7,678 | | | 7,969 | | Unrealized (gain) loss on equity securities | | (448) | | | (272) | | | (191) | | Deferred income taxes | | (224) | | | (158) | | | 1,255 | | (Decrease) increase in dividends payable | | 368 | | | (175) | | | 384 | | (Decrease) increase in other liabilities | | (751) | | | (22) | | | (244) | | Decrease (increase) in other assets | | (8,096) | | | 8,907 | | | (6,996) | | Net cash provided by (used in) operating activities | | 178,614 | | | 76,340 | | | 180,397 | | | | | | | | | Investing activities | | | | | | | Capital contributions to subsidiaries | | (113,152) | | | 0 | | | 0 | | Net cash acquired (paid) in business combinations | | 0 | | | 0 | | | (53,660) | | | | | | | | | Proceeds from sales and maturities of investment securities | | 0 | | | 0 | | | 264 | | Purchases of investment securities | | 0 | | | 0 | | | (500) | | | | | | | | | Net cash (used in) provided by investing activities | | (113,152) | | | 0 | | | (53,896) | | | | | | | | | Financing activities | | | | | | | (Decrease) increase in short-term borrowings | | 20,000 | | | 0 | | | 0 | | Proceeds from long-term borrowings | | (10,592) | | | 150,000 | | | 0 | | Cash dividends paid on common stock | | (87,316) | | | (89,691) | | | (89,097) | | Purchases of common stock | | (108,077) | | | (16,686) | | | (66,218) | | Proceeds from exercise of stock options, net of shares purchased | | 64 | | | 72 | | | 90 | | Other | | (2,697) | | | (3,002) | | | (2,285) | | Net cash provided by (used in) financing activities | | (188,618) | | | 40,693 | | | (157,510) | | Net increase (decrease) in cash | | (123,156) | | | 117,033 | | | (31,009) | | Cash at beginning of year | | 172,902 | | | 55,869 | | | 86,878 | | Cash at end of year | | $ | 49,746 | | | $ | 172,902 | | | $ | 55,869 | |
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