First Financial Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Regular Dividend and Variable Dividend, Payable on April 2, 2012
January 26, 2012 at 03:25 am IST
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First Financial Bancorp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net income available to the common shareholders of $17,941,000, or $0.31 per diluted share against net income available to the common shareholders of $14,300,000 or $0.24 per diluted share a year ago. Return on average assets was 1.09% against 0.90% a year ago. Return on average shareholders' equity was 9.89% against 8.14% a year ago. Total interest income was $74,985,000 against $82,321,000 a year ago. Net interest income was $65,476,000 against $67,906,000 a year ago. Income before income tax was $28,374,000 against $22,412,000 a year ago. The decline in total interest income was offset by the decrease in total interest expense of $1.2 million, or 11.4%, due primarily to lower interest expense on deposits.
For the year, the company reported net income available to the common shareholders of $66,739,000, or $1.14 per diluted share against net income available to the common shareholders of $57,386,000, or $0.99 per diluted share a year ago. Return on average assets was 1.06% against 0.91% a year ago. Return on average shareholders' equity was 9.37% against 8.68% a year ago. Book value per common was $12.22 as on December 31, 2011 against $12.01 as on December 31, 2010. Total interest income was $308,817,000 against $343,502,000 a year ago. Net interest income was $263,896,000 against $275,510,000 a year ago. Income before income tax was $105,039,000 against $91,953,000 a year ago. Net interest income decrease was driven by a decline in average covered loan balances of 26.8% and the reduced yield on the FDIC indemnification asset, offset partially by higher interest income from investments and lower funding costs.
The company announced that the board of directors has also authorized a regular dividend of $0.12 per common share and a variable dividend of $0.19 per common share for the next regularly scheduled dividend, payable on April 2, 2012 to shareholders of record as of March 2, 2012.
First Financial Bancorp. is a mid-sized, regional bank holding company. The Company is engaged in the business of commercial banking and other banking and banking-related activities through its wholly owned subsidiary, First Financial Bank (the Bank). The Company provides a range of banking services to individuals and businesses, including commercial lending, real estate lending and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property (one to four family residential housing units) or commercial property (owner-occupied and/or investor income producing real estate). In addition, the Company offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for commercial customers. It also provides a full range of trust and wealth management services through First Financials Wealth Management line of business.
First Financial Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Declares Regular Dividend and Variable Dividend, Payable on April 2, 2012