First Financial Bancorp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs and Impairment for the Fourth Quarter Ended December 31, 2013
January 31, 2014 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, 2013. For the quarter, total interest income was $59.8 million against $67.6 million for the same period of last year. Net interest income was $55.8 million against $62 million for the same period of last year. Income before income taxes was $2.6 million against $25.5 million for the same period of last year. Net income was $3.8 million against $16.3 million for the same period of last year. Basic and diluted net income per share was $0.07 against $0.28 a year ago. Return on average assets was 0.24% against 1.03% for the same period of last year. Return on average shareholders equity was 2.15% against 9.06% for the same period of last year. Return on average tangible shareholders equity was 2.51% against 10.58% for the same period of last year. Adjusted return on average assets was 1.14%. Adjusted return on average tangible common equity was 11.88%.
For the year, total interest income was $245.2 million against $280.9 million for the same period of last year. Net interest income was $228.3 million against $253.3 million for the same period of last year. Income before income taxes was $67.6 million against $103.7 million for the same period of last year. Net income was $48.3 million against $67.3 million for the same period of last year. Diluted net income per share was $0.83 against $1.14 a year ago. Return on average assets was 0.77% against 1.07% for the same period of last year. Return on average shareholders equity was 6.89% against 9.43% for the same period of last year. Tangible book value per share was $10.10 against $10.47 at December 31, 2012. Return on average tangible shareholders equity was 8.05% against 11.01% for the same period of last year. Book value per share was $11.86 against $12.24 at December 31, 2012.
For the fourth quarter, net charge-offs was $3.5 million compared to $5.3 million last year. Significant charge-offs during the quarter included $1.8 million related to a commercial real estate credit that was transferred to OREO as well as $0.9 million associated with an unrelated commercial real estate credit. FDIC indemnification impairment was $22.4 million.
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, 2013; Reports Net Charge-Offs and Impairment for the Fourth Quarter Ended December 31, 2013