FIRST FINANCIAL BANCORP. CINCINNATI, Jan. 29, 2015 /PRNewswire/ -- First Financial Bancorp (Nasdaq: FFBC) ("First Financial" or the "Company") announced today financial and operational results for the fourth quarter 2014 and for the twelve month period ended December 31, 2014.
Fourth quarter net income was $18.6 million and earnings per diluted common share were $0.30. This compares with third quarter net income of $15.3 million and earnings per diluted common share of $0.26 and fourth quarter 2013 net income of $3.8 million and earnings per diluted common share of $0.07.
For the twelve month period ended December 31, 2014, net income was $65.0 million and earnings per diluted common share were $1.09 as compared to net income of $48.3 million and earnings per diluted common share of $0.83 for the twelve month period ended December 31, 2013.
-- Continued solid quarterly performance
-- Quarterly results included several acquisition-related items and
other items not expected to recur which reduced pre-tax income by
$1.5 million or approximately $0.02 per diluted share
-- Return on average assets of 1.02%; 1.07% as adjusted for
acquisition-related and other items
-- Return on average tangible common equity of 11.63%; 12.24% as
adjusted for acquisition-related and other items
-- Columbus, Ohio market integration complete
-- Data platform conversions are now complete for all three banks
acquired by the Company during 2014
-- Merger-related costs have largely been recognized and were in line
with expectations
-- Majority of identified efficiency opportunities have been fully
implemented
-- Loan and deposit growth in line with expectations
-- Fourth quarter average total loans increased $358.4 million, or 8.2%,
and average total deposits increased by $442.8 million, or 8.5%,
compared to third quarter averages largely related to the acquisitions
in the Columbus, Ohio market and strong third quarter organic loan and
deposit growth
The board of directors has authorized a quarterly dividend of $0.16 per common share for the next regularly scheduled dividend, payable on April 1, 2015 to shareholders of record as of February 27, 2015.
Claude Davis, Chief Executive Officer, commented, "We are extremely pleased with our solid earnings for the fourth quarter and for the full year 2014 in light of the prolonged low interest rate environment and continued runoff of higher yielding loans acquired under FDIC Shared Loss Agreements.
"Our loan production remains strong across our core product sets and we have been able to successfully grow low-cost deposits. We continue to take advantage of strategic pricing opportunities and to introduce new products to better meet the financial needs of our clients. Likewise, our disciplined approach to expense management provides a distinct advantage as we compete for new business.
"Although the benefit of commercial loss share coverage that we have enjoyed for the past five years from the FDIC-assisted transactions has now expired, we are confident in our ability to manage the limited exposure associated with the remaining portfolio.
"With the introduction of the First Financial brand into the Columbus, Ohio market through the acquisitions and successful integrations during 2014, we are excited about the future. Our expansion into Columbus complements our metro-centric footprint of Cincinnati, Dayton, Indianapolis and Ft. Wayne. We believe these markets provide the platform to generate solid organic loan, deposit and fee income growth.
"As we look forward to 2015, our focus remains centered on serving the financial needs of our commercial, small business, consumer and wealth management clients. We will continue to listen to our clients, be responsive to their needs and will be innovative in our approach to serving them."
NET INTEREST INCOME AND NET INTEREST MARGIN
Net interest income for the fourth quarter was $61.1 million as compared to $58.4 million for the third quarter 2014 and $55.8 million for the fourth quarter 2013. Compared to the linked quarter, total interest income increased $3.4 million, or 5.3%, while total interest expense increased $0.6 million, or 11.7%. Net interest margin was 3.67% for the fourth quarter, compared to 3.66% for the third quarter 2014 and 3.90% for the fourth quarter 2013. Excluding $0.4 million of higher interest income related to loans that returned to accrual status during the period, net interest margin was 3.64% for the fourth quarter.
Interest income earned on loans increased $3.4 million, or 6.3%, compared to the prior quarter. This increase was driven by a $358.4 million, or 8.2%, increase in average loan balances as a result of the Columbus acquisitions, higher loan fee income and strong, organic loan growth during the period, partially offset by continued runoff of the covered and formerly covered loan portfolio.
Interest income earned from investment securities decreased by $0.2 million compared to the prior quarter as average balances declined $53.3 million, or 2.9%. The decline in investment securities balances was partially offset by a 3 bps increase in the yield earned on the portfolio to 2.40%.
The increase in total interest expense was due to a $331.3 million, or 8.2%, increase in average interest-bearing deposits as well as a 4 bps increase in the related cost of funds. This increase, bringing the cost of interest-bearing deposits to 45 bps, is a result of longer term funding strategies and the full quarterly impact of the Columbus acquisitions. Average borrowed funds decreased $162.6 million, or 18.1%, compared to the linked quarter and the related cost of funds decreased by 4 bps from 36 bps to 32 bps.
NONINTEREST INCOME
The following table presents noninterest income for the three months ended December 31, 2014 and for the trailing four quarters, adjusted to exclude the impact of covered and formerly covered loan activity and other select items.
Table I
For the Three Months Ended
--------------------------
December 31, September 30, June 30, March 31, December 31,
(Dollars in thousands) 2014 2014 2014 2014 2013
--------------------- ---- ---- ---- ---- ----
Total noninterest income $16,942 $16,511 $16,337 $14,175 $13,043
Selected components of noninterest income
Accelerated discount on covered /formerly covered
loans(1) 1,759 789 621 1,015 1,572
FDIC loss sharing income (43) (192) 1,108 (508) (3,385)
Gain on sale of investment securities 20 - - 50 -
Other items not expected to recur - 97 - - -
--- --- --- --- ---
Total noninterest income excluding items noted
above $15,206 $15,817 $14,608 $13,618 $14,856
======= ======= ======= ======= =======
(1) Net of the related valuation adjustment on the FDIC indemnification
asset
Excluding the items highlighted in Table I, noninterest income earned in the fourth quarter was $15.2 million compared to $15.8 million in the third quarter 2014 and $14.9 million in the fourth quarter 2013. The $0.6 million decrease compared to the linked quarter was driven primarily by a $0.3 million decrease in fee income related to the Company's client derivative program, a $0.2 million decrease in deposit service charges and a $0.2 million decrease in bankcard income, partially offset by a $0.2 million increase in fees related to the Company's trust & wealth management business.
NONINTEREST EXPENSE
The following table presents noninterest expense for the three months ended December 31, 2014 and for the trailing four quarters, adjusted to exclude the impact of covered and formerly covered asset activity and other select items.
Table II
For the Three Months Ended
--------------------------
December 31, September 30, June 30, March 31, December 31,
(Dollars in thousands) 2014 2014 2014 2014 2013
--------------------- ---- ---- ---- ---- ----
Total noninterest expense $49,662 $51,419 $47,111 $47,842 $70,285
Selected components of noninterest expense
Loss (gain) - covered / formerly covered REO (35) (1,433) 398 33 946
Loss sharing expense 650 1,002 1,465 1,569 1,495
Pension settlement charges - - - - 462
Expenses associated with efficiency initiative 123 309 (59) 350 1,450
FDIC indemnification asset valuation adjustment - - - - 22,417
Acquisition-related expenses 1,315 4,182 517 620 284
Other items not expected to recur 41 728 - 465 -
--- --- --- --- ---
Total noninterest expense excluding items noted
above $47,568 $46,631 $44,790 $44,805 $43,231
======= ======= ======= ======= =======
Excluding the items highlighted in Table II, noninterest expense was $47.6 million in the fourth quarter of 2014, $46.6 million in the third quarter of 2014 and $43.2 million in the fourth quarter 2013. The $0.9 million increase compared to the linked quarter was primarily due to a $0.3 million increase in incentive compensation during the period, $0.3 million related to a banking center relocation and a $0.1 million increase in marketing expenses during the quarter. Acquisition-related expenses during the period of $1.3 million included $0.8 million of personnel costs, $0.3 million of data processing related expenses and $0.2 million of other miscellaneous expenses.
INCOME TAXES
For the fourth quarter, income tax expense was $7.8 million, resulting in an effective tax rate of 29.5%, compared with income tax expense of $7.2 million and an effective tax rate of 32.0% during the third quarter 2014 and income tax benefit of $1.2 million and an effective tax rate of -47.4% during the fourth quarter 2013. For the full year 2014, the Company's effective tax rate was 31.6%. While the effective tax rate may fluctuate from quarter to quarter due to tax jurisdiction changes and the level of tax-enhanced assets, the normalized effective tax rate in future periods is expected to be in the range of 32.0% - 34.0%.
CREDIT QUALITY
Table III below and the paragraphs that follow present certain credit quality metrics related to the Company's loan portfolio. Effective October 1, 2014, the five-year loss sharing coverage period for non-single family assets expired and the majority of the Company's formerly covered assets were no longer subject to FDIC loss sharing protection. As a result, credit quality metrics for the three months ended December 31, 2014 have been updated to include those formerly covered assets, as well as the remaining covered assets that are subject to FDIC loss sharing protection for five more years. This reclassification resulted in the addition of $11.5 million of allowance for loan and lease losses, $3.9 million of nonaccrual loans, $2.5 million of net charge-offs, $12.0 million of OREO, $45.7 million of classified assets and $4.7 million of delinquent loans during the fourth quarter. Credit quality metrics for the preceding four quarters exclude covered assets due to the associated FDIC loss sharing protection in effect during those periods.
Table III Excludes covered assets*
-----------------------
As of or for the Three Months Ended
-----------------------------------
December 31, September 30, June 30, March 31, December 31,
(Dollars in thousands) 2014 2014 2014 2014 2013
--------------------- ---- ---- ---- ---- ----
Total nonaccrual loans (1) $48,469 $41,646 $32,418 $35,334 $37,605
Troubled debt restructurings - accruing 15,928 13,369 12,607 13,400 15,094
Total nonperforming loans 64,397 55,015 45,025 48,734 52,699
Total nonperforming assets 87,071 66,331 58,395 61,477 72,505
Nonperforming assets as a % of:
Period-end loans plus OREO 1.81% 1.49% 1.59% 1.70% 2.06%
Total assets 1.21% 0.90% 0.89% 0.95% 1.13%
Nonperforming assets ex. accruing TDRs as a
% of:
Period-end loans plus OREO 1.48% 1.19% 1.25% 1.33% 1.63%
Total assets 0.99% 0.72% 0.70% 0.74% 0.89%
Nonperforming loans as a % of total loans 1.35% 1.24% 1.23% 1.35% 1.50%
Provision for loan and lease losses $1,088 $1,093 $29 $1,159 $1,851
Provision for covered / formerly covered loan and lease losses 964 * * * *
Total provision for loan and lease losses $2,052 $1,093 $29 $1,159 $1,851
Allowance for uncovered loan & lease losses $52,858 $42,454 $42,027 $43,023 $43,829
Allowance for loan & lease losses as a % of:
Total loans 1.11% 0.95% 1.15% 1.19% 1.25%
Nonaccrual loans 109.1% 101.9% 129.6% 121.8% 116.6%
Nonperforming loans 82.1% 77.2% 93.3% 88.3% 83.2%
Allowance and loan marks, net of indemnification asset, as a % of total loans 1.51% * * * *
Total net charge-offs $3,183 $666 $1,025 $1,965 $3,536
Annualized net-charge-offs as a % of average
loans & leases 0.27% 0.07% 0.11% 0.23% 0.41%
(1) Includes nonaccrual troubled debt restructurings
* 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.
Net Charge-offs
For the fourth quarter, net charge-offs totaled $3.2 million, an increase of $2.5 million, or 377.9% compared to the linked quarter. Excluding the impact from covered / formerly covered loans during the period, net charge-offs increased $0.1 million during the quarter to $0.7 million, or 6 bps as a percentage of loans on an annualized basis, as a $0.4 million decline in charge-offs was largely offset by a similar decline in recoveries during the period.
Nonperforming Assets
Nonaccrual loans, including nonaccrual troubled debt restructurings, increased $6.8 million, or 16.4%, to $48.5 million as of December 31, 2014 from $41.6 million as of September 30, 2014. Excluding the impact from covered / formerly covered loans, the increase in nonaccrual loans was primarily related to the addition of a single commercial real estate relationship totaling $1.4 million during the period.
Accruing troubled debt restructurings increased $2.6 million, or 19.1%, to $15.9 million as of December 31, 2014 from $13.4 million as of September 30, 2014. The increase in accruing troubled debt restructurings during the fourth quarter was primarily related to the addition of a $1.7 million commercial real estate credit.
OREO increased $11.4 million, or 100.4%, to $22.7 million during the fourth quarter due to the addition of covered / formerly covered OREO during the period. In addition to covered and previously covered OREO included during the quarter, $0.5 million of other additions were offset by $0.7 million of sales and $0.5 million of valuation adjustments during the period.
Total classified assets increased $48.9 million, or 46.2%, to $154.8 million as of December 31, 2014 from $105.9 million as of September 30, 2014. Excluding the impact from covered / formerly covered assets, classified assets increased $3.2 million, or 3.0% during the period. Classified assets are defined by the Company as nonperforming assets plus performing loans internally rated substandard or worse.
Delinquent Loans
As of December 31, 2014, loans 30-to-89 days past due totaled $17.1 million, or 0.36% of period-end loans, compared to $12.1 million, or 0.27%, as of September 30, 2014 and $13.6 million, or 0.39%, as of December 31, 2013. The increase in loans 30-to-89 days past due was driven primarily by the addition of covered / formerly covered loans during the period.
Provision for Loan & Lease Losses
Fourth quarter provision expense was $2.1 million. Excluding the impact from covered / formerly covered loans, provision expense was unchanged from the third quarter.
The total allowance for loan and lease losses as of December 31, 2014 was $52.9 million, or 1.11% as a percentage of period-end loans, compared to 0.95% as of September 30, 2014. Excluding the impact from covered / formerly covered loans, the allowance for loan and lease losses as of December 31, 2014 was $42.8 million, or 0.96% as a percentage of period-end loans.
Given the applications of acquisition accounting and the resulting estimated fair value marks embedded in the carrying value of loans acquired in the Columbus transactions during the third quarter, First Financial has experienced an increase in loan balances, without a corresponding increase in the allowance. As such, the Company considers the total allowance for loan and lease losses and the remaining net fair value marks on all acquired loans, less the remaining indemnification asset balance, to be a relevant measure of the Company's loan loss protection. The balance of the Company's total allowance and loan marks, net of the indemnification asset, was 1.51% of total loans and leases as of December 31, 2014.
LOANS
The following table presents the loan portfolio as of December 31, 2014, September 30, 2014 and December 31, 2013.
Table IV
As of
-----
December 31, 2014 September 30, 2014 December 31, 2013
----------------- ------------------ -----------------
Percent Percent Percent
(Dollars in thousands) Balance of Total Balance of Total Balance of Total
--------------------- ------- -------- ------- -------- ------- --------
Commercial $1,315,114 27.5% $1,328,526 27.8% $1,077,984 27.2%
Real estate - construction 197,571 4.1% 195,524 4.1% 89,297 2.3%
Real estate - commercial 2,140,667 44.8% 2,135,968 44.7% 1,765,620 44.5%
Real estate - residential 501,894 10.5% 498,873 10.4% 433,664 10.9%
Installment 47,320 1.0% 51,131 1.1% 52,774 1.3%
Home equity 458,627 9.6% 460,957 9.6% 426,078 10.8%
Credit card 38,475 0.8% 38,042 0.8% 37,962 1.0%
Lease financing 77,567 1.6% 73,216 1.5% 80,135 2.0%
------ ------ ------
Total loans $4,777,235 100.0% $4,782,237 100.0% $3,963,514 100.0%
========== ===== ========== ===== ========== =====
Total loans were $4.8 billion as of December 31, 2014, decreasing $5.0 million, or 0.1%, compared to the linked quarter and increasing $813.7 million, or 20.5%, compared to December 31, 2013. Average total loans for the fourth quarter increased by $358.4 million, or 8.2%, compared to the third quarter due to originated loan volume during the third quarter combined with the full quarterly impact of the Columbus acquisitions. Total loans decreased modestly during the quarter due primarily to continued runoff of the covered and formerly covered loan portfolio and late quarter payoff activity in the uncovered portfolio, partially offset by growth in the commercial real estate and lease financing portfolios.
INVESTMENTS
The following table presents a summary of the total investment portfolio at December 31, 2014.
Table V
As of December 31, 2014
-----------------------
Held-to- Available-for- Percent
(Dollars in thousands) Maturity Sale Other Total of
Portfolio
--------------------- -------- ---- ----- ----- ---------
Debt obligations of the U.S. Government $ - $19,714 $ - $19,714 1.1%
Debt obligations of U.S. Government Agency 17,570 11,881 - 29,451 1.7%
Residential Mortgage Backed Securities
Pass-through securities:
Agency fixed rate 73,932 79,573 - 153,505 8.7%
Agency adjustable rate 140,268 13,635 - 153,903 8.7%
Non-Agency fixed rate - 8,240 - 8,240 0.5%
Collateralized mortgage obligations:
Agency fixed rate 308,874 236,696 - 545,570 31.0%
Agency variable rate - 90,549 - 90,549 5.1%
Agency collateralized and insured municipal securities 82,280 99,728 - 182,008 10.3%
Commercial mortgage backed securities 237,870 121,145 - 359,015 20.4%
Municipal bond securities 2,405 26,766 - 29,171 1.7%
Corporate securities 4,797 69,278 - 74,075 4.2%
Asset-backed securities - 54,840 - 54,840 3.1%
Regulatory stock - - 47,227 47,227 2.7%
Other - 8,423 5,399 13,822 0.8%
----- ----- ---
$867,996 $840,468 $52,626 $1,761,090 100.0%
======== ======== ======= ========== =====
The investment portfolio decreased $119.0 million, or 6.3%, to $1.8 billion during the fourth quarter as $7.7 million of purchases were offset by sales of $73.8 million, amortization and other portfolio reductions. As of December 31, 2014, the overall duration of the investment portfolio decreased to 3.4 years from 3.7 years as of September 30, 2014. The yield earned on the portfolio during the quarter increased 3 bps to 2.40% from 2.37% for the linked quarter, driven by the sale of lower yielding assets and a decline in prepayment speeds. The net unrealized loss included in accumulated other comprehensive loss related to the investment portfolio decreased from $6.2 million as of September 30, 2014 to $2.5 million as of December 31, 2014 due primarily to lower rates.
DEPOSITS
Total deposits were $5.7 billion as of December 31, 2014, increasing $122.7 million, or 2.2%, compared to the linked quarter. Average total deposits were $5.7 billion as of December 31, 2014, increasing $442.8 million, or 8.5%, compared to the linked quarter due primarily to the full quarterly impact of the Columbus acquisitions. The increase in period-end balances was driven by a $42.2 million, or 13.5% annualized increase in non-interest bearing deposits and an $80.6 million increase, or 7.5% annualized increase in interest bearing deposits.
Non-time deposit balances totaled $4.4 billion as of December 31, 2014, increasing $114.7 million, or 2.7%, compared to the linked quarter. The average balance of non-time deposits totaled $4.4 billion as of December 31, 2014, increasing $316.4 million, or 7.7%, compared to the linked quarter.
Time deposit balances increased $8.0 million, or 0.6%, to $1.3 billion as of December 31, 2014. Average time deposit balances totaled $1.3 billion as of December 31, 2014, increasing $126.5 million, or 11.3%, compared to the linked quarter.
The Company's total cost of deposit funding, inclusive of noninterest-bearing balances, was 35 bps for the quarter, representing an increase of 3 bps compared to the prior quarter and 8 bps compared to the fourth quarter 2013. The higher cost of deposit funding during the quarter is primarily the result of the modestly higher cost of acquired deposits in the Columbus, Ohio market, hedging strategies and the Company's efforts to attract longer-term fixed rate deposits.
CAPITAL MANAGEMENT
The following table presents First Financial's regulatory and other capital ratios as of December 31, 2014, September 30, 2014 and December 31, 2013.
Table VI
As of
-----
December 31, September 30, December 31,
2014 2014 2013
---- ---- ----
Leverage Ratio 9.44% 9.70% 10.11%
Tier 1 Capital Ratio 12.69% 12.74% 14.61%
Total Risk-Based Capital Ratio 13.71% 13.80% 15.88%
Ending tangible shareholders'
equity
to ending tangible assets 9.02% 8.71% 9.20%
Ending tangible common
shareholders'
equity to ending tangible assets 9.02% 8.71% 9.20%
Tangible book value per share $10.38 $10.23 $10.10
Shareholders' equity increased $10.2 million during the quarter due primarily to net income for the quarter which was partially offset by declared dividends.
The Company's Tier I and total risk-based capital ratios declined during the quarter due primarily to an increase in risk-weighted assets resulting from the expiration of loss share coverage on the previously covered non-single family loan portfolio as well as an increase in originated loan balances. The Company's tangible common equity ratio increased during the quarter due to higher tangible common equity and lower tangible assets. The Company's leverage ratio decreased primarily as a result of the overall growth in the average balance sheet during the quarter.
Regulatory capital ratios as of December 31, 2014 are considered preliminary pending the filing of the Company's regulatory reports.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, January 30, 2015 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required). The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10059329. The webcast will be archived on the Investor Relations section of the Company's website through January 30, 2016.
Press Release and Additional Information on Website
This press release as well as supplemental information and any non-GAAP reconciliations related to this release is available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com/investor.
About First Financial Bancorp
First Financial Bancorp is a Cincinnati, Ohio based bank holding company. As of December 31, 2014, the Company had $7.2 billion in assets, $4.8 billion in loans, $5.7 billion in deposits and $784 million in shareholders' equity. The Company's subsidiary, First Financial Bank, N.A., founded in 1863, provides banking and financial services products through its four lines of business: commercial, consumer, wealth management and mortgage. The commercial, consumer and mortgage units provide traditional banking services to business and retail clients. First Financial Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.4 billion in assets under management as of December 31, 2014. The Company's strategic operating markets are located in Ohio, Indiana and Kentucky where it operates 106 banking centers. Additional information about the Company, including its products, services and banking locations is available at www.bankatfirst.com.
Forward-Looking Statement
Certain statements contained in this release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Examples of forward-looking statements include, but are not limited to, projections of revenues, income or loss, earnings or loss per share, the payment or non-payment of dividends, capital structure and other financial items, statements of plans and objectives of First Financial or its management or board of directors and statements of future economic performances and statements of assumptions underlying such statements. Words such as ''believes,'' ''anticipates,'' "likely," "expected," ''intends,'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Management's analysis contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially. These factors include, but are not limited to: economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; the effect of and changes in policies and laws or regulatory agencies (notably the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act); management's ability to effectively execute its business plan; mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; the Company's ability to comply with the terms of loss sharing agreements with the FDIC; the effect of changes in accounting policies and practices; and the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2013, as well as its other filings with the SEC, for a more detailed discussion of these risks, uncertainties and other factors that could cause actual results to differ from those discussed in the forward-looking statements. Such forward-looking statements are meaningful only on the date when such statements are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such a statement is made to reflect the occurrence of unanticipated events.
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Twelve months ended,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, Dec. 31,
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
RESULTS OF OPERATIONS
Net income $18,599 $15,344 $15,953 $15,104 $3,785 $65,000 $48,349
Net earnings per share - basic $0.31 $0.26 $0.28 $0.26 $0.07 $1.11 $0.84
Net earnings per share - diluted $0.30 $0.26 $0.28 $0.26 $0.07 $1.09 $0.83
Dividends declared per share $0.16 $0.15 $0.15 $0.15 $0.15 $0.61 $0.94
KEY FINANCIAL RATIOS
Return on average assets 1.02% 0.88% 0.99% 0.96% 0.24% 0.96% 0.77%
Return on average shareholders' equity 9.46% 8.16% 9.19% 8.95% 2.15% 8.94% 6.89%
Return on average tangible shareholders' equity 11.63% 10.15% 10.73% 10.49% 2.51% 11.18% 8.05%
Net interest margin 3.67% 3.66% 3.70% 3.82% 3.90% 3.71% 3.97%
Net interest margin (fully tax equivalent) (1) 3.72% 3.71% 3.76% 3.87% 3.94% 3.76% 4.01%
Ending shareholders' equity as a percent of ending assets 10.86% 10.52% 10.78% 10.64% 10.63% 10.86% 10.63%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets 9.02% 8.71% 9.39% 9.23% 9.20% 9.02% 9.20%
Risk-weighted assets 12.02% 12.07% 13.56% 13.50% 13.59% 12.02% 13.59%
Average shareholders' equity as a percent of average assets 10.77% 10.75% 10.79% 10.69% 11.23% 10.75% 11.17%
Average tangible shareholders' equity as a percent of
average tangible assets 8.94% 8.83% 9.38% 9.27% 9.77% 8.79% 9.72%
Book value per share $12.76 $12.61 $12.23 $11.98 $11.86 $12.76 $11.86
Tangible book value per share $10.38 $10.23 $10.49 $10.24 $10.10 $10.38 $10.10
Tier 1 Ratio (2) 12.69% 12.74% 14.34% 14.42% 14.61% 12.69% 14.61%
Total Capital Ratio (2) 13.71% 13.80% 15.59% 15.67% 15.88% 13.71% 15.88%
Leverage Ratio (2) 9.44% 9.70% 9.99% 9.94% 10.11% 9.44% 10.11%
AVERAGE BALANCE SHEET ITEMS
Loans (3) $4,758,374 $4,403,591 $4,025,074 $3,966,838 $3,940,141 $4,290,953 $3,955,536
FDIC indemnification asset 24,172 28,050 33,987 43,799 78,313 32,436 95,126
Investment securities 1,811,941 1,865,241 1,811,175 1,807,571 1,654,374 1,824,107 1,696,211
Interest-bearing deposits with other banks 22,617 29,433 10,697 2,922 4,906 16,507 6,464
------ ------ ------ ----- ----- ------ -----
Total earning assets $6,617,104 $6,326,315 $5,880,933 $5,821,130 $5,677,734 $6,164,003 $5,753,337
Total assets $7,241,869 $6,937,283 $6,454,252 $6,399,235 $6,232,971 $6,760,959 $6,281,411
Noninterest-bearing deposits $1,290,754 $1,179,207 $1,110,697 $1,096,509 $1,129,097 $1,169,851 $1,078,800
Interest-bearing deposits 4,372,529 4,041,255 3,832,295 3,695,177 3,720,809 3,987,323 3,737,946
--------- --------- --------- --------- --------- --------- ---------
Total deposits $5,663,283 $5,220,462 $4,942,992 $4,791,686 $4,849,906 $5,157,174 $4,816,746
Borrowings $733,726 $896,328 $745,990 $842,479 $583,522 $804,584 $657,265
Shareholders' equity $780,131 $745,729 $696,609 $684,332 $700,063 $727,015 $701,425
CREDIT QUALITY RATIOS (4)
Allowance to ending loans 1.11% 0.95% 1.15% 1.19% 1.25% 1.11% 1.25%
Allowance to nonaccrual loans 109.06% 101.94% 129.64% 121.76% 116.55% 109.06% 116.55%
Allowance to nonperforming loans 82.08% 77.17% 93.34% 88.28% 83.17% 82.08% 83.17%
Nonperforming loans to total loans 1.35% 1.24% 1.23% 1.35% 1.50% 1.35% 1.50%
Nonperforming assets to ending loans, plus OREO 1.81% 1.49% 1.59% 1.70% 2.06% 1.81% 2.06%
Nonperforming assets to total assets 1.21% 0.90% 0.89% 0.95% 1.13% 1.21% 1.13%
Net charge-offs to average loans (annualized) 0.27% 0.07% 0.11% 0.23% 0.41% 0.63% 0.38%
(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
margin and net interest income
on a fully tax equivalent basis.
Therefore, management believes,
these measures provide useful
information to investors by
allowing them to make peer
comparisons. Management also
uses these measures to make peer
comparisons.
(2) December 31, 2014 regulatory
capital ratios are preliminary.
(3) Includes loans held for
sale.
(4) Credit quality ratios for
the three months ended September
30, 2014, June 30, 2014, March
31, 2014, and December 31, 2013
and for the twelve months ended
December 31, 2013 exclude
covered assets.
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,
-------- --------
2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------
Interest income
Loans, including fees $57,087 $52,351 9.0% $208,836 $216,306 (3.5)%
Investment securities
Taxable 9,905 9,209 7.6% 40,924 34,147 19.8%
Tax-exempt 1,060 719 47.4% 3,560 2,400 48.3%
----- --- ---- ----- ----- ----
Total investment securities interest 10,965 9,928 10.4% 44,484 36,547 21.7%
Other earning assets (1,299) (2,432) (46.6)% (5,461) (7,645) (28.6)%
------ ------ ------ ------ ------ ------
Total interest income 66,753 59,847 11.5% 247,859 245,208 1.1%
Interest expense
Deposits 5,013 3,247 54.4% 16,153 13,247 21.9%
Short-term borrowings 293 257 14.0% 1,268 1,177 7.7%
Long-term borrowings 308 539 (42.9)% 1,813 2,464 (26.4)%
--- --- ------ ----- ----- ------
Total interest expense 5,614 4,043 38.9% 19,234 16,888 13.9%
----- ----- ---- ------ ------ ----
Net interest income 61,139 55,804 9.6% 228,625 228,320 0.1%
Provision for loan and lease losses 2,052 (4,006) (151.2)% 1,528 8,909 (82.8)%
----- ------- ----- ------
Net interest income after provision for loan and lease losses 59,087 59,810 (1.2)% 227,097 219,411 3.5%
Noninterest income
Service charges on deposit accounts 5,102 5,226 (2.4)% 20,274 20,595 (1.6)%
Trust and wealth management fees 3,376 3,506 (3.7)% 13,634 14,319 (4.8)%
Bankcard income 2,639 2,699 (2.2)% 10,740 10,914 (1.6)%
Net gains from sales of loans 1,571 604 160.1% 4,364 3,150 38.5%
Gain on sale of investment securities 20 0 N/M 70 1,724 (95.9)%
FDIC loss sharing income (43) (3,385) 98.7% 365 3,720 (90.2)%
Accelerated discount on covered/formerly covered loans 1,759 1,572 11.9% 4,184 7,153 (41.5)%
Other 2,518 2,821 (10.7)% 10,334 12,072 (14.4)%
----- ----- ------ ------ ------ ------
Total noninterest income 16,942 13,043 29.9% 63,965 73,647 (13.1)%
Noninterest expenses
Salaries and employee benefits 28,140 24,023 17.1% 107,702 101,402 6.2%
Pension settlement charges 0 462 (100.0)% 0 6,174 (100.0)%
Net occupancy 4,806 4,557 5.5% 19,187 21,207 (9.5)%
Furniture and equipment 2,229 2,136 4.4% 8,554 8,970 (4.6)%
Data processing 2,942 2,617 12.4% 12,963 10,229 26.7%
Marketing 1,048 999 4.9% 3,603 4,270 (15.6)%
Communication 551 728 (24.3)% 2,277 3,207 (29.0)%
Professional services 1,429 1,781 (19.8)% 6,170 6,876 (10.3)%
State intangible tax 175 901 (80.6)% 2,111 3,929 (46.3)%
FDIC assessments 1,128 1,121 0.6% 4,462 4,501 (0.9)%
Loss (gain) - other real estate owned 289 1,294 (77.7)% 862 31 2,680.6%
Loss sharing expense 650 1,495 (56.5)% 4,686 7,083 (33.8)%
FDIC indemnification impairment - 22,417 (100.0)% 0 22,417 (100.0)%
Other 6,275 5,754 9.1% 23,457 25,179 (6.8)%
----- ----- --- ------ ------ -----
Total noninterest expenses 49,662 70,285 (29.3)% 196,034 225,475 (13.1)%
------ ------ ------ ------- ------- ------
Income before income taxes 26,367 2,568 926.8% 95,028 67,583 40.6%
Income tax expense 7,768 (1,217) (738.3)% 30,028 19,234 56.1%
----- ------ ------- ------ ------ ----
Net income $18,599 $3,785 391.4% $65,000 $48,349 34.4%
======= ====== ===== ======= ======= ====
ADDITIONAL DATA
Net earnings per share - basic $0.31 $0.07 $1.11 $0.84
Net earnings per share - diluted $0.30 $0.07 $1.09 $0.83
Dividends declared per share $0.16 $0.15 $0.61 $0.94
Return on average assets 1.02% 0.24% 0.96% 0.77%
Return on average shareholders' equity 9.46% 2.15% 8.94% 6.89%
Interest income $66,753 $59,847 11.5% $247,859 $245,208 1.1%
Tax equivalent adjustment 946 635 49.0% 3,224 2,142 50.5%
--- --- ---- ----- ----- ----
Interest income - tax equivalent 67,699 60,482 11.9% 251,083 247,350 1.5%
Interest expense 5,614 4,043 38.9% 19,234 16,888 13.9%
----- ----- ---- ------ ------ ----
Net interest income - tax equivalent $62,085 $56,439 10.0% $231,849 $230,462 0.6%
======= ======= ==== ======== ======== ===
Net interest margin 3.67% 3.90% 3.71% 3.97%
Net interest margin (fully tax equivalent) (1) 3.72% 3.94% 3.76% 4.01%
Full-time equivalent employees 1,369 1,306
(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 provided 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 % Change
Quarter Quarter Quarter Quarter YTD Linked Qtr.
------- ------- ------- ------- --- -----------
Interest income
Loans, including fees $57,087 $53,725 $48,877 $49,147 $208,836 6.3%
Investment securities
Taxable 9,905 10,227 10,355 10,437 40,924 (3.1)%
Tax-exempt 1,060 894 796 810 3,560 18.6%
----- --- --- --- ----- ----
Total investment securities interest 10,965 11,121 11,151 11,247 44,484 (1.4)%
Other earning assets (1,299) (1,455) (1,301) (1,406) (5,461) (10.7)%
------ ------ ------ ------ ------ ------
Total interest income 66,753 63,391 58,727 58,988 247,859 5.3%
Interest expense
Deposits 5,013 4,218 3,606 3,316 16,153 18.8%
Short-term borrowings 293 354 292 329 1,268 (17.2)%
Long-term borrowings 308 456 525 524 1,813 (32.5)%
--- --- --- --- ----- ------
Total interest expense 5,614 5,028 4,423 4,169 19,234 11.7%
----- ----- ----- ----- ------ ----
Net interest income 61,139 58,363 54,304 54,819 228,625 4.8%
Provision for loan and lease losses 2,052 893 (384) (1,033) 1,528 129.8%
----- --- ---- ------ -----
Net interest income after provision for loan and lease losses 59,087 57,470 54,688 55,852 227,097 2.8%
Noninterest income
Service charges on deposit accounts 5,102 5,263 5,137 4,772 20,274 (3.1)%
Trust and wealth management fees 3,376 3,207 3,305 3,746 13,634 5.3%
Bankcard income 2,639 2,859 2,809 2,433 10,740 (7.7)%
Net gains from sales of loans 1,571 1,660 737 396 4,364 (5.4)%
Gain on sale of investment securities 20 0 0 50 70 N/M
FDIC loss sharing income (43) (192) 1,108 (508) 365 (77.6)%
Accelerated discount on covered/formerly covered loans 1,759 789 621 1,015 4,184 122.9%
Other 2,518 2,925 2,620 2,271 10,334 (13.9)%
----- ----- ----- ----- ------ ------
Total noninterest income 16,942 16,511 16,337 14,175 63,965 2.6%
Noninterest expenses
Salaries and employee benefits 28,140 28,686 25,615 25,261 107,702 (1.9)%
Net occupancy 4,806 4,577 4,505 5,299 19,187 5.0%
Furniture and equipment 2,229 2,265 1,983 2,077 8,554 (1.6)%
Data processing 2,942 4,393 2,770 2,858 12,963 (33.0)%
Marketing 1,048 939 830 786 3,603 11.6%
Communication 551 541 562 623 2,277 1.8%
Professional services 1,429 1,568 1,449 1,724 6,170 (8.9)%
State intangible tax 175 648 644 644 2,111 (73.0)%
FDIC assessments 1,128 1,126 1,074 1,134 4,462 0.2%
Loss (gain) - other real estate owned 289 (589) 711 451 862 (149.1)%
Loss sharing expense 650 1,002 1,465 1,569 4,686 (35.1)%
Other 6,275 6,263 5,503 5,416 23,457 0.2%
----- ----- ----- ----- ------ ---
Total noninterest expenses 49,662 51,419 47,111 47,842 196,034 (3.4)%
------ ------ ------ ------ ------- -----
Income before income taxes 26,367 22,562 23,914 22,185 95,028 16.9%
Income tax expense 7,768 7,218 7,961 7,081 30,028 7.6%
----- ----- ----- ----- ------ ---
Net income $18,599 $15,344 $15,953 $15,104 $65,000 21.2%
======= ======= ======= ======= ======= ====
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 5.3%
Tax equivalent adjustment 946 818 758 702 3,224 15.6%
--- --- --- --- ----- ----
Interest income - tax equivalent 67,699 64,209 59,485 59,690 251,083 5.4%
Interest expense 5,614 5,028 4,423 4,169 19,234 11.7%
----- ----- ----- ----- ------ ----
Net interest income - tax equivalent $62,085 $59,181 $55,062 $55,521 $231,849 4.9%
======= ======= ======= ======= ======== ===
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 provided 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)
2013
----
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
------- ------- ------- ------- ----
Interest income
Loans, including fees $52,351 $52,908 $55,022 $56,025 $216,306
Investment securities
Taxable 9,209 8,267 8,295 8,376 34,147
Tax-exempt 719 541 560 580 2,400
--- --- --- --- -----
Total investment securities interest 9,928 8,808 8,855 8,956 36,547
Other earning assets (2,432) (2,185) (1,556) (1,472) (7,645)
------ ------ ------ ------ ------
Total interest income 59,847 59,531 62,321 63,509 245,208
Interest expense
Deposits 3,247 2,856 3,284 3,860 13,247
Short-term borrowings 257 286 305 329 1,177
Long-term borrowings 539 617 654 654 2,464
--- --- --- --- -----
Total interest expense 4,043 3,759 4,243 4,843 16,888
----- ----- ----- ----- ------
Net interest income 55,804 55,772 58,078 58,666 228,320
Provision for loan and lease losses (4,006) 6,706 (5,874) 12,083 8,909
------ ----- ------ ------ -----
Net interest income after provision for loan and lease losses 59,810 49,066 63,952 46,583 219,411
Noninterest income
Service charges on deposit accounts 5,226 5,447 5,205 4,717 20,595
Trust and wealth management fees 3,506 3,366 3,497 3,950 14,319
Bankcard income 2,699 2,637 3,145 2,433 10,914
Net gains from sales of loans 604 751 1,089 706 3,150
Gain on sale of investment securities 0 0 188 1,536 1,724
FDIC loss sharing income (3,385) 5,555 (7,384) 8,934 3,720
Accelerated discount on covered/formerly covered loans 1,572 1,711 1,935 1,935 7,153
Other 2,821 2,824 3,940 2,487 12,072
----- ----- ----- ----- ------
Total noninterest income 13,043 22,291 11,615 26,698 73,647
Noninterest expenses
Salaries and employee benefits 24,023 23,834 26,216 27,329 101,402
Pension settlement charges 462 1,396 4,316 0 6,174
Net occupancy 4,557 5,101 5,384 6,165 21,207
Furniture and equipment 2,136 2,213 2,250 2,371 8,970
Data processing 2,617 2,584 2,559 2,469 10,229
Marketing 999 1,192 1,182 897 4,270
Communication 728 865 781 833 3,207
Professional services 1,781 1,528 1,764 1,803 6,876
State intangible tax 901 1,010 1,004 1,014 3,929
FDIC assessments 1,121 1,107 1,148 1,125 4,501
Loss (gain) - other real estate owned 1,294 388 (1,996) 345 31
Loss sharing expense 1,495 1,724 1,578 2,286 7,083
FDIC indemnification impairment 22,417 0 0 0 22,417
Other 5,754 5,859 7,097 6,469 25,179
----- ----- ----- ----- ------
Total noninterest expenses 70,285 48,801 53,283 53,106 225,475
------ ------ ------ ------ -------
Income before income taxes 2,568 22,556 22,284 20,175 67,583
Income tax expense (1,217) 7,645 6,455 6,351 19,234
------ ----- ----- ----- ------
Net income $3,785 $14,911 $15,829 $13,824 $48,349
====== ======= ======= ======= =======
ADDITIONAL DATA
Net earnings per share - basic $0.07 $0.26 $0.28 $0.24 $0.84
Net earnings per share - diluted $0.07 $0.26 $0.27 $0.24 $0.83
Dividends declared per share $0.15 $0.27 $0.24 $0.28 $0.94
Return on average assets 0.24% 0.96% 1.01% 0.88% 0.77%
Return on average shareholders' equity 2.15% 8.53% 9.02% 7.91% 6.89%
Interest income $59,847 $59,531 $62,321 $63,509 $245,208
Tax equivalent adjustment 635 516 514 477 2,142
--- --- --- --- -----
Interest income - tax equivalent 60,482 60,047 62,835 63,986 247,350
Interest expense 4,043 3,759 4,243 4,843 16,888
----- ----- ----- ----- ------
Net interest income - tax equivalent $56,439 $56,288 $58,592 $59,143 $230,462
======= ======= ======= ======= ========
Net interest margin 3.90% 3.91% 4.02% 4.04% 3.97%
Net interest margin (fully tax equivalent) (1) 3.94% 3.95% 4.06% 4.07% 4.01%
Full-time equivalent employees 1,306 1,292 1,338 1,385
(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 provided 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
2014 2014 2014 2014 2013 Linked Qtr. Comparable Qtr.
---- ---- ---- ---- ---- ----------- ---------------
ASSETS
Cash and due from banks $110,122 $121,360 $123,160 $161,515 $117,620 (9.3)% (6.4)%
Interest-bearing deposits with other banks 22,630 22,365 39,237 9,681 25,830 1.2% (12.4)%
Investment securities available-for-sale 840,468 929,594 897,715 862,526 913,601 (9.6)% (8.0)%
Investment securities held-to-maturity 867,996 900,521 899,502 890,806 837,272 (3.6)% 3.7%
Other investments 52,626 49,986 47,640 47,659 47,427 5.3% 11.0%
Loans held for sale 11,005 16,816 13,108 6,171 8,114 (34.6)% 35.6%
Loans (1)
Commercial 1,315,114 1,328,526 1,171,181 1,152,442 1,077,984 (1.0)% 22.0%
Real estate - construction 197,571 195,524 115,703 96,476 89,297 1.0% 121.3%
Real estate - commercial 2,140,667 2,135,968 1,700,069 1,748,688 1,765,620 0.2% 21.2%
Real estate - residential 501,894 498,873 447,561 438,439 433,664 0.6% 15.7%
Installment 47,320 51,131 47,753 50,017 52,774 (7.5)% (10.3)%
Home equity 458,627 460,957 426,846 420,746 426,078 (0.5)% 7.6%
Credit card 38,475 38,042 37,937 37,008 37,962 1.1% 1.4%
Lease financing 77,567 73,216 81,212 79,792 80,135 5.9% (3.2)%
------ ------ ------ ------ ------ --- -----
Total loans 4,777,235 4,782,237 4,028,262 4,023,608 3,963,514 (0.1)% 20.5%
Less
Allowance for loan and lease losses(2) 52,858 53,989 54,452 53,596 62,730 (2.1)% (15.7)%
------ ------ ------ ------ ------ ----- ------
Net loans 4,724,377 4,728,248 3,973,810 3,970,012 3,900,784 (0.1)% 21.1%
Premises and equipment 141,381 141,851 133,418 135,105 137,110 (0.3)% 3.1%
Goodwill 137,739 137,458 95,050 95,050 95,050 0.2% 44.9%
Other intangibles 8,114 8,542 5,344 5,566 5,924 (5.0)% 37.0%
FDIC indemnification asset 22,666 24,160 30,420 39,003 45,091 (6.2)% (49.7)%
Accrued interest and other assets 278,697 272,568 287,340 275,995 283,390 2.2% (1.7)%
------- ------- ------- ------- ------- --- -----
Total Assets $7,217,821 $7,353,469 $6,545,744 $6,499,089 $6,417,213 (1.8)% 12.5%
========== ========== ========== ========== ========== ===== ====
LIABILITIES
Deposits
Interest-bearing demand $1,225,378 $1,214,726 $1,105,031 $1,102,029 $1,125,723 0.9% 8.9%
Savings 1,889,473 1,827,590 1,656,798 1,639,495 1,612,005 3.4% 17.2%
Time 1,255,364 1,247,334 973,100 956,049 952,327 0.6% 31.8%
--------- --------- ------- ------- ------- --- ----
Total interest-bearing deposits 4,370,215 4,289,650 3,734,929 3,697,573 3,690,055 1.9% 18.4%
Noninterest-bearing 1,285,527 1,243,367 1,140,198 1,122,816 1,147,452 3.4% 12.0%
--------- --------- --------- --------- --------- --- ----
Total deposits 5,655,742 5,533,017 4,875,127 4,820,389 4,837,507 2.2% 16.9%
Federal funds purchased and securities sold
under agreements to repurchase 103,192 113,303 128,013 112,293 94,749 (8.9)% 8.9%
FHLB short-term borrowings 558,200 806,000 686,300 722,800 654,000 (30.7)% (14.6)%
------- ------- ------- ------- ------- ------ ------
Total short-term borrowings 661,392 919,303 814,313 835,093 748,749 (28.1)% (11.7)%
Long-term debt 48,241 52,656 59,693 60,163 60,780 (8.4)% (20.6)%
------ ------ ------ ------ ------ ----- ------
Total borrowed funds 709,633 971,959 874,006 895,256 809,529 (27.0)% (12.3)%
Accrued interest and other liabilities 68,369 74,581 90,780 92,097 88,016 (8.3)% (22.3)%
------ ----- ------
Total Liabilities 6,433,744 6,579,557 5,839,913 5,807,742 5,735,052 (2.2)% 12.2%
SHAREHOLDERS' EQUITY
Common stock 574,643 574,209 574,206 573,243 577,076 0.1% (0.4)%
Retained earnings 352,893 344,118 337,971 330,672 324,192 2.5% 8.9%
Accumulated other comprehensive loss (21,409) (20,888) (21,569) (27,648) (31,281) 2.5% (31.6)%
Treasury stock, at cost (122,050) (123,527) (184,777) (184,920) (187,826) (1.2)% (35.0)%
-------- -------- -------- -------- -------- ----- ------
Total Shareholders' Equity 784,077 773,912 705,831 691,347 682,161 1.3% 14.9%
------- ------- ------- ------- ------- --- ----
Total Liabilities and Shareholders' Equity $7,217,821 $7,353,469 $6,545,744 $6,499,089 $6,417,213 (1.8)% 12.5%
========== ========== ========== ========== ========== ===== ====
(1) Covered loans of $135.7 million, $332.3 million, $365.6 million, $409.4 million, and $457.9 million as of December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, and December 31, 2013, respectively, have been reclassified into Loans due to the expiration of loss sharing coverage on non-single family assets effective October 1, 2014.
(2) Allowance for loan and lease losses covered and formerly covered under loss sharing agreements with the FDIC of $10.0 million, $11.5 million, $12.4 million, $10.6 million, and $18.9 million as of December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, and December 31, 2013, respectively, have been reclassified into allowance for loan and lease losses due to the expiration of loss sharing
coverage on non-single family assets effective October 1, 2014.
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, Dec. 31,
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
ASSETS
Cash and due from banks $124,216 $125,528 $118,947 $123,583 $110,246 $123,077 $115,486
Federal funds sold 0 8,795 0 0 0 2,217 0
Interest-bearing deposits with other banks 22,617 20,638 10,697 2,922 4,906 14,290 6,464
Investment securities 1,811,941 1,865,241 1,811,175 1,807,571 1,654,374 1,824,107 1,696,211
Loans held for sale 11,774 15,357 8,464 4,924 7,990 10,163 15,497
Loans (1)
Commercial 1,282,752 1,221,637 1,147,876 1,100,904 1,033,780 1,188,882 994,361
Real estate - construction 192,626 154,515 103,033 91,570 87,742 135,765 96,104
Real estate - commercial 2,158,336 1,927,003 1,733,739 1,743,976 1,783,654 1,891,998 1,835,806
Real estate - residential 493,895 475,510 441,383 434,595 434,476 461,547 429,601
Installment 49,356 49,958 48,538 51,048 53,601 49,721 58,159
Home equity 456,494 444,745 423,937 422,656 425,236 437,072 423,153
Credit card 38,966 38,381 37,649 37,068 37,327 38,022 36,538
Lease financing 74,175 76,485 80,455 80,097 76,335 77,783 66,317
------ ------ ------ ------ ------ ------ ------
Total loans 4,746,600 4,388,234 4,016,610 3,961,914 3,932,151 4,280,790 3,940,039
Less
Allowance for loan and lease losses(2) 54,656 55,697 55,149 61,902 68,264 56,828 84,033
------ ------ ------ ------ ------ ------ ------
Net loans 4,691,944 4,332,537 3,961,461 3,900,012 3,863,887 4,223,962 3,856,006
Premises and equipment 141,871 136,956 134,522 136,624 138,644 137,506 143,036
Goodwill 137,551 118,756 95,050 95,050 95,050 111,738 95,050
Other intangibles 8,321 7,138 5,445 5,723 6,075 6,665 6,666
FDIC indemnification asset 24,172 28,050 33,987 43,799 78,313 32,436 95,126
Accrued interest and other assets 267,462 278,287 274,504 279,027 273,486 274,798 251,869
------- ------- ------- ------- ------- ------- -------
Total Assets $7,241,869 $6,937,283 $6,454,252 $6,399,235 $6,232,971 $6,760,959 $6,281,411
========== ========== ========== ========== ========== ========== ==========
LIABILITIES
Deposits
Interest-bearing demand $1,217,852 $1,135,126 $1,169,350 $1,107,844 $1,150,275 $1,157,783 $1,125,836
Savings 1,904,568 1,782,472 1,702,521 1,633,910 1,637,657 1,756,682 1,626,025
Time 1,250,109 1,123,657 960,424 953,423 932,877 1,072,858 986,085
--------- --------- ------- ------- ------- --------- -------
Total interest-bearing deposits 4,372,529 4,041,255 3,832,295 3,695,177 3,720,809 3,987,323 3,737,946
Noninterest-bearing 1,290,754 1,179,207 1,110,697 1,096,509 1,129,097 1,169,851 1,078,800
--------- --------- --------- --------- --------- --------- ---------
Total deposits 5,663,283 5,220,462 4,942,992 4,791,686 4,849,906 5,157,174 4,816,746
Federal funds purchased and securities sold
under agreements to repurchase 119,712 125,094 123,682 110,533 107,738 119,795 115,486
FHLB short-term borrowings 564,062 710,879 562,466 671,579 414,892 627,181 472,062
------- ------- ------- ------- ------- ------- -------
Total short-term borrowings 683,774 835,973 686,148 782,112 522,630 746,976 587,548
Long-term debt 49,952 60,355 59,842 60,367 60,892 57,608 69,717
------ ------ ------ ------ ------ ------ ------
Total borrowed funds 733,726 896,328 745,990 842,479 583,522 804,584 657,265
Accrued interest and other liabilities 64,729 74,764 68,661 80,738 99,480 72,186 105,975
Total Liabilities 6,461,738 6,191,554 5,757,643 5,714,903 5,532,908 6,033,944 5,579,986
SHAREHOLDERS' EQUITY
Common stock 574,588 574,187 573,716 575,828 577,851 574,576 577,409
Retained earnings 347,435 340,680 332,944 324,875 337,034 336,557 331,817
Accumulated other comprehensive loss (18,841) (20,966) (25,189) (29,251) (28,380) (23,527) (23,884)
Treasury stock, at cost (123,051) (148,172) (184,862) (187,120) (186,442) (160,591) (183,917)
-------- -------- -------- -------- -------- -------- --------
Total Shareholders' Equity 780,131 745,729 696,609 684,332 700,063 727,015 701,425
------- ------- ------- ------- ------- ------- -------
Total Liabilities and Shareholders' Equity $7,241,869 $6,937,283 $6,454,252 $6,399,235 $6,232,971 $6,760,959 $6,281,411
========== ========== ========== ========== ========== ========== ==========
(1) Covered loans of $319.6 million, $350.9 million, $387.6 million, $434.5 million and $490.1 million for the three months ending December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, and December 31, 2013, respectively and $372.8 million and $609.8 million for the twelve months ended December 31, 2014 and December 31, 2013, respectively, have been reclassified into Loans due to the expiration of loss sharing coverage on non-single family assets
effective October 1, 2014.
(2) Allowance for loan and lease losses covered and formerly covered under loss sharing agreements with the FDIC of $11.9 million, $13.1 million, $11.6 million, $17.6 million, and $21.7 million for the three months ending December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, and December 31, 2013, respectively and $13.5 and $35.1 for the twelve months ending December 31, 2014 and December 31, 2013, respectively, have been reclassified into allowance for
loan and lease losses due to the expiration of loss sharing coverage on non-single family assets effective October 1, 2014.
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
------------------ ---------------------
Dec. 31, 2014 Sep. 30, 2014 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2013
Balance Yield Balance Yield Balance Yield Balance Yield Balance Yield
------- ----- ------- ----- ------- ----- ------- ----- ------- -----
Earning assets
Investments:
Investment securities $1,811,941 2.40% $1,865,241 2.37% $1,654,374 2.38% $1,824,107 2.44% $1,696,211 2.15%
Interest-bearing deposits with other banks 22,617 0.30% 29,433 0.42% 4,906 0.57% 16,507 0.42% 6,464 0.42%
Gross loans (2) 4,782,546 4.63% 4,431,641 4.68% 4,018,454 4.93% 4,323,389 4.70% 4,050,662 5.15%
--------- ---- --------- ---- --------- ---- --------- ---- --------- ----
Total earning assets 6,617,104 4.00% 6,326,315 3.98% 5,677,734 4.18% 6,164,003 4.02% 5,753,337 4.26%
Nonearning assets
Allowance for loan and lease losses (54,656) (55,697) (68,264) (56,828) (84,033)
Cash and due from banks 124,216 125,528 110,246 123,077 115,486
Accrued interest and other assets 555,205 541,137 513,255 530,707 496,621
------- ------- ------- ------- -------
Total assets $7,241,869 $6,937,283 $6,232,971 $6,760,959 $6,281,411
========== ========== ========== ========== ==========
Interest-bearing liabilities
Deposits:
Interest-bearing demand $1,217,852 0.10% $1,135,126 0.11% $1,150,275 0.19% $1,157,783 0.11% $1,125,836 0.13%
Savings 1,904,568 0.31% 1,782,472 0.26% 1,637,657 0.15% 1,756,682 0.25% 1,626,025 0.11%
Time 1,250,109 1.02% 1,123,657 0.97% 932,877 0.90% 1,072,858 0.98% 986,085 1.01%
--------- ---- --------- ---- ------- ---- --------- ---- ------- ----
Total interest-bearing deposits 4,372,529 0.45% 4,041,255 0.41% 3,720,809 0.35% 3,987,323 0.41% 3,737,946 0.35%
Borrowed funds
Short-term borrowings 683,774 0.17% 835,973 0.17% 522,630 0.20% 746,976 0.17% 587,548 0.20%
Long-term debt 49,952 2.45% 60,355 3.00% 60,892 3.51% 57,608 3.15% 69,717 3.53%
------ ---- ------ ---- ------ ---- ------ ---- ------ ----
Total borrowed funds 733,726 0.32% 896,328 0.36% 583,522 0.54% 804,584 0.38% 657,265 0.55%
------- ---- ------- ---- ------- ---- ------- ---- ------- ----
Total interest-bearing liabilities 5,106,255 0.44% 4,937,583 0.40% 4,304,331 0.37% 4,791,907 0.40% 4,395,211 0.38%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 1,290,754 1,179,207 1,129,097 1,169,851 1,078,800
Other liabilities 64,729 74,764 99,480 72,186 105,975
Shareholders' equity 780,131 745,729 700,063 727,015 701,425
------- ------- ------- ------- -------
Total liabilities & shareholders' equity $7,241,869 $6,937,283 $6,232,971 $6,760,959 $6,281,411
========== ========== ========== ========== ==========
Net interest income (1) $61,139 $58,363 $55,804 $228,625 $228,320
======= ======= ======= ======== ========
Net interest spread (1) 3.56% 3.58% 3.81% 3.62% 3.88%
==== ==== ==== ==== ====
Net interest margin (1) 3.67% 3.66% 3.90% 3.71% 3.97%
==== ==== ==== ==== ====
(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 $167 $(323) $(156) $83 $954 $1,037 $4,818 $3,119 $7,937
Interest-bearing deposits with other banks (9) (5) (14) (3) 13 10 0 43 43
Gross loans (2) (560) 4,092 3,532 (3,051) 8,910 5,859 (18,154) 12,825 (5,329)
---- ----- ----- ------ ----- ----- ------- ------ ------
Total earning assets (402) 3,764 3,362 (2,971) 9,877 6,906 (13,336) 15,987 2,651
Interest-bearing liabilities
Total interest-bearing deposits $415 $380 $795 $1,019 $747 $1,766 $1,896 $1,010 $2,906
Borrowed funds
Short-term borrowings 4 (65) (61) (33) 69 36 (180) 271 91
Long-term debt (84) (64) (148) (164) (67) (231) (270) (381) (651)
--- --- ---- ---- --- ---- ---- ---- ----
Total borrowed funds (80) (129) (209) (197) 2 (195) (450) (110) (560)
--- ---- ---- ---- --- ---- ---- ---- ----
Total interest-bearing liabilities 335 251 586 822 749 1,571 1,446 900 2,346
Net interest income (1) $(737) $3,513 $2,776 $(3,793) $9,128 $5,335 $(14,782) $15,087 $305
===== ====== ====== ======= ====== ====== ======== ======= ====
(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)
Excluding covered assets*
------------------------
Dec. 31, Sep. 30, Jun. 30, Mar 31, Dec. 31, Full Year Full Year
2014(2) 2014 2014 2014 2013 2014 (2) 2013 (3)
------ ---- ---- ---- ---- ------- -------
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period $42,454 $42,027 $43,023 $43,829 $45,514 $43,829 $47,777
Allowance for covered / formerly covered loans 11,535 * * * * 11,535 *
Provision for uncovered loan and lease losses 1,088 1,093 29 1,159 1,851 3,369 8,714
Provision for covered / formerly covered loan and lease 964 * * * * 964 *
losses
Gross charge-offs
Commercial 130 83 571 656 293 1,440 3,415
Real estate - construction 0 0 0 0 1 0 1
Real estate - commercial 385 702 699 543 3,113 2,329 8,326
Real estate - residential 221 161 283 257 218 922 1,016
Installment 78 63 14 128 39 283 335
Home equity 349 469 383 544 706 1,745 2,409
Other 287 338 237 296 398 1,158 1,781
Covered / formerly covered loans 4,318 * * * * 4,318 *
----- --- --- --- --- ----- ---
Total gross charge-offs 5,768 1,816 2,187 2,424 4,768 12,195 17,283
Recoveries
Commercial 75 566 580 39 194 1,260 672
Real estate - construction 0 0 0 0 46 0 672
Real estate - commercial 423 323 334 114 634 1,194 1,994
Real estate - residential 29 34 100 27 96 190 203
Installment 45 46 50 77 66 218 310
Home equity 45 46 37 103 136 231 508
Other 111 135 61 99 60 406 262
Covered / formerly covered loans 1,857 * * * * 1,857 *
----- --- --- --- --- ----- ---
Total recoveries 2,585 1,150 1,162 459 1,232 5,356 4,621
Total net charge-offs 3,183 666 1,025 1,965 3,536 6,839 12,662
----- --- ----- ----- ----- ----- ------
Ending allowance for loan and lease losses $52,858 $42,454 $42,027 $43,023 $43,829 $52,858 $43,829
======= ======= ======= ======= ======= ======= =======
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial 0.02% (0.16)% 0.00% 0.24% 0.04% 0.06% 0.30%
Real estate - construction 0.00% 0.00% 0.00% 0.00% (0.23)% 0.00% (0.77)%
Real estate - commercial (0.01)% 0.09% 0.10% 0.12% 0.66% 0.27% 0.43%
Real estate - residential 0.18% 0.13% 0.20% 0.26% 0.14% 0.75% 0.24%
Installment 0.28% 0.15% (0.33)% 0.45% (0.22)% 0.57% 0.05%
Home equity 0.29% 0.42% 0.37% 0.48% 0.60% 1.53% 0.51%
Other 0.63% 0.72% 0.61% 0.70% 1.20% 2.63% 1.51%
Covered/formerly covered loans 3.06% * * * * 2.62% *
---- --- --- --- --- ---- ---
Total net charge-offs 0.27% 0.07% 0.11% 0.23% 0.41% 0.63% 0.38%
==== ==== ==== ==== ==== ==== ====
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial $5,817 $6,486 $7,077 $7,097 $7,934 $5,817 $7,934
Real estate - construction 223 223 223 223 223 223 223
Real estate - commercial 27,752 25,262 15,288 16,758 17,286 27,752 17,286
Real estate - residential 7,241 6,696 6,806 8,157 8,606 7,241 8,606
Installment 443 398 459 399 574 443 574
Home equity 3,064 2,581 2,565 2,700 2,982 3,064 2,982
Lease financing 0 0 0 0 0 0 0
Covered /formerly covered loans 3,929 * * * * 3,929 *
----- --- --- --- --- ----- ---
Nonaccrual loans 48,469 41,646 32,418 35,334 37,605 48,469 37,605
Accruing troubled debt restructurings (TDRs) 15,928 13,369 12,607 13,400 15,094 15,928 15,094
------ ------ ------ ------ ------ ------ ------
Total nonperforming loans 64,397 55,015 45,025 48,734 52,699 64,397 52,699
Other real estate owned (OREO) 22,674 11,316 13,370 12,743 19,806 22,674 19,806
------ ------ ------ ------ ------ ------ ------
Total nonperforming assets 87,071 66,331 58,395 61,477 72,505 87,071 72,505
Accruing loans past due 90 days or more 216 249 256 208 218 216 218
--- --- --- --- --- --- ---
Total underperforming assets $87,287 $66,580 $58,651 $61,685 $72,723 $87,287 $72,723
Classified assets $109,122 $105,914 $103,799 $103,471 $110,509 $109,122 110,509
Covered/formerly covered classified assets 45,682 * * * * 45,682 *
------ --- --- --- --- ------ ---
Total classified assets $154,804 $105,914 $103,799 $103,471 $110,509 $154,804 $110,509
======== ======== ======== ======== ======== ======== ========
CREDIT QUALITY RATIOS
Allowance for loan and lease losses to
Nonaccrual loans 109.06% 101.94% 129.64% 121.76% 116.55% 109.06% 116.55%
Nonperforming loans 82.08% 77.17% 93.34% 88.28% 83.17% 82.08% 83.17%
Total ending loans 1.11% 0.95% 1.15% 1.19% 1.25% 1.11% 1.25%
Allowance and loan marks net of indemnification asset, to 1.51 * * * * 1.51% *
total loans
Nonperforming loans to total loans 1.35% 1.24% 1.23% 1.35% 1.50% 1.35% 1.50%
Nonperforming assets to
Ending loans, plus OREO 1.81% 1.49% 1.59% 1.70% 2.06% 1.81% 2.06%
Total assets 1.21% 0.90% 0.89% 0.95% 1.13% 1.21% 1.13%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO 1.48% 1.19% 1.25% 1.33% 1.63% 1.48% 1.63%
Total assets 0.99% 0.72% 0.70% 0.74% 0.89% 0.99% 0.89%
(1) Nonaccrual loans include nonaccrual TDRs of $12.3 million, $13.2 million, $11.0 million, $14.6 million, and $13.0 million, as of December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014, December 31, 2013, respectively.
(2) Includes covered and previously covered assets for the three months ended 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 as FDIC loss sharing coverage expired effective October 1, 2014.
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,
2014 2014 2014 2014 2013 2014 2013
---- ---- ---- ---- ---- ---- ----
PER COMMON SHARE
Market Price
High $19.00 $17.66 $18.43 $18.20 $17.59 $19.00 $17.59
Low $15.34 $15.83 $15.51 $15.98 $14.56 $15.34 $14.46
Close $18.59 $15.83 $17.21 $17.98 $17.43 $18.59 $17.43
Average shares outstanding - basic 60,905,095 59,403,109 57,201,494 57,091,604 57,152,425 58,662,836 57,270,233
Average shares outstanding - diluted 61,627,518 60,112,932 57,951,636 57,828,179 57,863,433 59,392,667 58,073,054
Ending shares outstanding 61,456,547 61,368,473 57,718,317 57,709,937 57,533,046 61,456,547 57,533,046
REGULATORY CAPITAL Preliminary Preliminary
Tier 1 Capital $673,955 $662,608 $640,237 $631,099 $624,850 $673,955 $624,850
Tier 1 Ratio 12.69% 12.74% 14.34% 14.42% 14.61% 12.69% 14.61%
Total Capital $728,284 $717,823 $696,014 $685,926 $679,074 $728,284 $679,074
Total Capital Ratio 13.71% 13.80% 15.59% 15.67% 15.88% 13.71% 15.88%
Total Capital in excess of minimum
requirement $303,358 $301,653 $338,848 $335,806 $336,982 $303,358 $336,982
Total Risk-Weighted Assets $5,311,573 $5,202,123 $4,464,578 $4,376,505 $4,276,152 $5,311,573 $4,276,152
Leverage Ratio 9.44% 9.70% 9.99% 9.94% 10.11% 9.44% 10.11%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending 10.86% 10.52% 10.78% 10.64% 10.63% 10.86% 10.63%
assets
Ending tangible shareholders' equity to 9.02% 8.71% 9.39% 9.23% 9.20% 9.02% 9.20%
ending tangible assets
Average shareholders' equity to average 10.77% 10.75% 10.79% 10.69% 11.23% 10.75% 11.17%
assets
Average tangible shareholders' equity to 8.94% 8.83% 9.38% 9.27% 9.77% 8.79% 9.72%
average tangible assets
REPURCHASE PROGRAM (1)
Shares repurchased 0 0 0 40,255 209,745 40,255 750,145
Average share repurchase price N/A N/A N/A $17.32 $16.39 $17.32 $15.70
Total cost of shares repurchased N/A N/A N/A $697 $3,438 $697 $11,778
(1) Represents share repurchases as part of publicly announced plans.
N/A=Not applicable
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/first-financial-bancorp-reports-fourth-quarter-and-full-year-2014-financial-results-300028156.html
SOURCE First Financial Bancorp
