First Financial Bancorp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014
January 30, 2015 at 02:45 am IST
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First Financial Bancorp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, total interest income was $66.753 million against $59.847 million for the same period of last year. Net interest income was $61.139 million against $65.804 million for the same period of last year. Income before income taxes was $26.367 million against $2.568 million for the same period of last year. Net income was $18.599 million or $0.30 per diluted share against $3.758 million or $0.07 per basic and diluted share for the same period of last year. Return on average assets was 1.02% against 0.24% for the same period of last year. Return on average shareholders equity was 9.46% against 2.15% for the same period of last year. Return on average tangible shareholders equity was 11.63% against 2.51% for the same period of last year. Adjusted per-tax, prevision income was $28.777 million against $27.429 million for the same period of last year.
For the year, total interest income was $247.859 million against $245.208 million for the same period of last year. Net interest income was $228.625 million against $228.320 million for the same period of last year. Income before income taxes was $95.028 million against $67.583 million for the same period of last year. Net income was $65 million against $48.349 million for the same period of last year. Diluted net income per share was $1.09 against $0.83 a year ago. Return on average assets was 0.96% against 0.77% for the same period of last year. Return on average shareholders equity was 8.94% against 6.89% for the same period of last year. Tangible book value per share was $10.38 at December 31, 2014 against $10.10 at December 31, 2013. Return on average tangible shareholders equity was 11.18% against 8.05% for the same period of last year. Book value per share was $12.76 at December 31, 2014 against $11.86 at December 31, 2013.
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.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2014