04/25/2024 | Press release | Distributed by Public on 04/25/2024 14:19
Contents | Page |
Consolidated Financial Highlights | 2 |
Consolidated Quarterly Statements of Income | 3 |
Consolidated Statements of Condition | 4 |
Average Consolidated Statements of Condition | 5 |
Net Interest Margin Rate / Volume Analysis | 6-7 |
Credit Quality | 8 |
Capital Adequacy | 9 |
FIRST FINANCIAL BANCORP. | ||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended, | ||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||
RESULTS OF OPERATIONS | ||||||||||
Net income | $ | 50,689 | $ | 56,732 | $ | 63,061 | $ | 65,667 | $ | 70,403 |
Net earnings per share - basic | $ | 0.54 | $ | 0.60 | $ | 0.67 | $ | 0.70 | $ | 0.75 |
Net earnings per share - diluted | $ | 0.53 | $ | 0.60 | $ | 0.66 | $ | 0.69 | $ | 0.74 |
Dividends declared per share | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 |
KEY FINANCIAL RATIOS | ||||||||||
Return on average assets | 1.18 | % | 1.31 | % | 1.48 | % | 1.55 | % | 1.69 | % |
Return on average shareholders' equity | 9.00 | % | 10.50 | % | 11.62 | % | 12.32 | % | 13.71 | % |
Return on average tangible shareholders' equity (1)
|
17.35 | % | 21.36 | % | 23.60 | % | 25.27 | % | 29.02 | % |
Net interest margin | 4.05 | % | 4.21 | % | 4.28 | % | 4.43 | % | 4.51 | % |
Net interest margin (fully tax equivalent) (1)(2)
|
4.10 | % | 4.26 | % | 4.33 | % | 4.48 | % | 4.55 | % |
Ending shareholders' equity as a percent of ending assets | 12.99 | % | 12.94 | % | 12.49 | % | 12.54 | % | 12.53 | % |
Ending tangible shareholders' equity as a percent of: | ||||||||||
Ending tangible assets (1)
|
7.23 | % | 7.17 | % | 6.50 | % | 6.56 | % | 6.47 | % |
Risk-weighted assets (1)
|
8.80 | % | 8.81 | % | 7.88 | % | 8.03 | % | 7.87 | % |
Average shareholders' equity as a percent of average assets | 13.09 | % | 12.52 | % | 12.70 | % | 12.60 | % | 12.29 | % |
Average tangible shareholders' equity as a percent of | ||||||||||
average tangible assets (1)
|
7.25 | % | 6.57 | % | 6.69 | % | 6.57 | % | 6.21 | % |
Book value per share | $ | 23.95 | $ | 23.84 | $ | 22.39 | $ | 22.52 | $ | 22.29 |
Tangible book value per share (1)
|
$ | 12.50 | $ | 12.38 | $ | 10.91 | $ | 11.02 | $ | 10.76 |
Common equity tier 1 ratio (3)
|
11.67 | % | 11.73 | % | 11.60 | % | 11.34 | % | 11.00 | % |
Tier 1 ratio (3)
|
12.00 | % | 12.06 | % | 11.94 | % | 11.68 | % | 11.34 | % |
Total capital ratio (3)
|
14.31 | % | 14.26 | % | 14.19 | % | 14.16 | % | 13.79 | % |
Leverage ratio (3)
|
9.75 | % | 9.70 | % | 9.59 | % | 9.33 | % | 9.03 | % |
AVERAGE BALANCE SHEET ITEMS | ||||||||||
Loans (4)
|
$ | 11,066,184 | $ | 10,751,028 | $ | 10,623,734 | $ | 10,513,505 | $ | 10,373,302 |
Investment securities | 3,137,665 | 3,184,408 | 3,394,237 | 3,560,453 | 3,635,317 | |||||
Interest-bearing deposits with other banks | 553,654 | 548,153 | 386,173 | 329,584 | 318,026 | |||||
Total earning assets | $ | 14,757,503 | $ | 14,483,589 | $ | 14,404,144 | $ | 14,403,542 | $ | 14,326,645 |
Total assets | $ | 17,306,221 | $ | 17,124,955 | $ | 16,951,389 | $ | 16,968,055 | $ | 16,942,999 |
Noninterest-bearing deposits | $ | 3,169,750 | $ | 3,368,024 | $ | 3,493,305 | $ | 3,663,419 | $ | 3,954,915 |
Interest-bearing deposits | 10,109,416 | 9,834,819 | 9,293,860 | 9,050,464 | 8,857,226 | |||||
Total deposits | $ | 13,279,166 | $ | 13,202,843 | $ | 12,787,165 | $ | 12,713,883 | $ | 12,812,141 |
Borrowings | $ | 1,139,014 | $ | 1,083,954 | $ | 1,403,071 | $ | 1,523,699 | $ | 1,434,338 |
Shareholders' equity | $ | 2,265,562 | $ | 2,144,482 | $ | 2,153,601 | $ | 2,137,765 | $ | 2,082,210 |
CREDIT QUALITY RATIOS | ||||||||||
Allowance to ending loans | 1.29 | % | 1.29 | % | 1.36 | % | 1.41 | % | 1.36 | % |
Allowance to nonaccrual loans | 243.55 | % | 215.10 | % | 193.75 | % | 276.70 | % | 409.46 | % |
Nonaccrual loans to total loans | 0.53 | % | 0.60 | % | 0.70 | % | 0.51 | % | 0.33 | % |
Nonperforming assets to ending loans, plus OREO | 0.53 | % | 0.60 | % | 0.71 | % | 0.51 | % | 0.33 | % |
Nonperforming assets to total assets | 0.34 | % | 0.38 | % | 0.44 | % | 0.32 | % | 0.21 | % |
Classified assets to total assets | 0.92 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.94 | % |
Net charge-offs to average loans (annualized) | 0.38 | % | 0.46 | % | 0.61 | % | 0.22 | % | 0.00 | % |
FIRST FINANCIAL BANCORP. | ||||||||||||
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | ||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
(Unaudited) | ||||||||||||
2024 | 2023 | |||||||||||
First | Fourth | Third | Second | First | Full | |||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Year | |||||||
Interest income | ||||||||||||
Loans and leases, including fees | $ | 201,840 | $ | 197,416 | $ | 192,261 | $ | 184,387 | $ | 169,706 | $ | 743,770 |
Investment securities | ||||||||||||
Taxable | 28,296 | 30,294 | 31,297 | 32,062 | 31,867 | 125,520 | ||||||
Tax-exempt | 3,092 | 3,402 | 3,522 | 3,513 | 3,464 | 13,901 | ||||||
Total investment securities interest | 31,388 | 33,696 | 34,819 | 35,575 | 35,331 | 139,421 | ||||||
Other earning assets | 7,458 | 7,325 | 5,011 | 3,933 | 3,544 | 19,813 | ||||||
Total interest income | 240,686 | 238,437 | 232,091 | 223,895 | 208,581 | 903,004 | ||||||
Interest expense | ||||||||||||
Deposits | 76,075 | 69,193 | 57,069 | 44,292 | 31,456 | 202,010 | ||||||
Short-term borrowings | 10,943 | 10,277 | 14,615 | 15,536 | 12,950 | 53,378 | ||||||
Long-term borrowings | 4,928 | 5,202 | 4,952 | 4,835 | 4,857 | 19,846 | ||||||
Total interest expense | 91,946 | 84,672 | 76,636 | 64,663 | 49,263 | 275,234 | ||||||
Net interest income | 148,740 | 153,765 | 155,455 | 159,232 | 159,318 | 627,770 | ||||||
Provision for credit losses-loans and leases | 13,419 | 8,804 | 12,907 | 12,719 | 8,644 | 43,074 | ||||||
Provision for credit losses-unfunded commitments | (2,259) | 1,426 | (1,234) | (1,994) | 1,835 | 33 | ||||||
Net interest income after provision for credit losses | 137,580 | 143,535 | 143,782 | 148,507 | 148,839 | 584,663 | ||||||
Noninterest income | ||||||||||||
Service charges on deposit accounts | 6,912 | 6,846 | 6,957 | 6,972 | 6,514 | 27,289 | ||||||
Wealth management fees | 6,676 | 6,091 | 6,943 | 6,713 | 6,334 | 26,081 | ||||||
Bankcard income | 3,142 | 3,349 | 3,406 | 3,692 | 3,592 | 14,039 | ||||||
Client derivative fees | 1,250 | 711 | 1,612 | 1,827 | 1,005 | 5,155 | ||||||
Foreign exchange income | 10,435 | 8,730 | 13,384 | 15,039 | 16,898 | 54,051 | ||||||
Leasing business income | 14,589 | 12,856 | 14,537 | 10,265 | 13,664 | 51,322 | ||||||
Net gains from sales of loans | 3,784 | 2,957 | 4,086 | 3,839 | 2,335 | 13,217 | ||||||
Net gain (loss) on sale of investment securities | (5,277) | (851) | (4) | (384) | (19) | (1,258) | ||||||
Net gain (loss) on equity securities | 90 | 202 | (54) | (82) | 140 | 206 | ||||||
Other | 4,911 | 6,102 | 5,761 | 5,377 | 5,080 | 22,320 | ||||||
Total noninterest income | 46,512 | 46,993 | 56,628 | 53,258 | 55,543 | 212,422 | ||||||
Noninterest expenses | ||||||||||||
Salaries and employee benefits | 74,037 | 70,637 | 75,641 | 74,199 | 72,254 | 292,731 | ||||||
Net occupancy | 5,923 | 5,890 | 5,809 | 5,606 | 5,685 | 22,990 | ||||||
Furniture and equipment | 3,688 | 3,523 | 3,341 | 3,362 | 3,317 | 13,543 | ||||||
Data processing | 8,305 | 8,488 | 8,473 | 9,871 | 9,020 | 35,852 | ||||||
Marketing | 1,962 | 2,087 | 2,598 | 2,802 | 2,160 | 9,647 | ||||||
Communication | 795 | 707 | 744 | 644 | 634 | 2,729 | ||||||
Professional services | 2,268 | 3,148 | 2,524 | 2,308 | 1,946 | 9,926 | ||||||
State intangible tax | 877 | 984 | 981 | 964 | 985 | 3,914 | ||||||
FDIC assessments | 2,780 | 3,651 | 2,665 | 2,806 | 2,826 | 11,948 | ||||||
Intangible amortization | 2,301 | 2,601 | 2,600 | 2,601 | 2,600 | 10,402 | ||||||
Leasing business expense | 9,754 | 8,955 | 8,877 | 6,730 | 7,938 | 32,500 | ||||||
Other | 9,665 | 8,466 | 7,791 | 8,722 | 7,328 | 32,307 | ||||||
Total noninterest expenses | 122,355 | 119,137 | 122,044 | 120,615 | 116,693 | 478,489 | ||||||
Income before income taxes | 61,737 | 71,391 | 78,366 | 81,150 | 87,689 | 318,596 | ||||||
Income tax expense (benefit) | 11,048 | 14,659 | 15,305 | 15,483 | 17,286 | 62,733 | ||||||
Net income | $ | 50,689 | $ | 56,732 | $ | 63,061 | $ | 65,667 | $ | 70,403 | $ | 255,863 |
ADDITIONAL DATA | ||||||||||||
Net earnings per share - basic | $ | 0.54 | $ | 0.60 | $ | 0.67 | $ | 0.70 | $ | 0.75 | $ | 2.72 |
Net earnings per share - diluted | $ | 0.53 | $ | 0.60 | $ | 0.66 | $ | 0.69 | $ | 0.74 | $ | 2.69 |
Dividends declared per share | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.23 | $ | 0.92 |
Return on average assets | 1.18 | % | 1.31 | % | 1.48 | % | 1.55 | % | 1.69 | % | 1.51 | % |
Return on average shareholders' equity | 9.00 | % | 10.50 | % | 11.62 | % | 12.32 | % | 13.71 | % | 12.01 | % |
Interest income | $ | 240,686 | $ | 238,437 | $ | 232,091 | $ | 223,895 | $ | 208,581 | $ | 903,004 |
Tax equivalent adjustment | 1,535 | 1,672 | 1,659 | 1,601 | 1,424 | 6,356 | ||||||
Interest income - tax equivalent | 242,221 | 240,109 | 233,750 | 225,496 | 210,005 | 909,360 | ||||||
Interest expense | 91,946 | 84,672 | 76,636 | 64,663 | 49,263 | 275,234 | ||||||
Net interest income - tax equivalent | $ | 150,275 | $ | 155,437 | $ | 157,114 | $ | 160,833 | $ | 160,742 | $ | 634,126 |
Net interest margin | 4.05 | % | 4.21 | % | 4.28 | % | 4.43 | % | 4.51 | % | 4.36 | % |
Net interest margin (fully tax equivalent) (1)
|
4.10 | % | 4.26 | % | 4.33 | % | 4.48 | % | 4.55 | % | 4.40 | % |
Full-time equivalent employees | 2,116 | 2,129 | 2,121 | 2,193 | 2,066 | |||||||
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% 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 provide 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) | ||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | % Change | % Change | ||||||||
2024 | 2023 | 2023 | 2023 | 2023 | Linked Qtr. | Comp Qtr. | ||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 199,407 | $ | 213,059 | $ | 220,335 | $ | 217,385 | $ | 199,835 | (6.4) | % | (0.2) | % |
Interest-bearing deposits with other banks | 751,290 | 792,960 | 452,867 | 485,241 | 305,465 | (5.3) | % | 145.9 | % | |||||
Investment securities available-for-sale | 2,850,667 | 3,021,126 | 3,044,361 | 3,249,404 | 3,384,949 | (5.6) | % | (15.8) | % | |||||
Investment securities held-to-maturity | 79,542 | 80,321 | 81,236 | 82,372 | 83,070 | (1.0) | % | (4.2) | % | |||||
Other investments | 125,548 | 129,945 | 133,725 | 141,892 | 143,606 | (3.4) | % | (12.6) | % | |||||
Loans held for sale | 11,534 | 9,213 | 12,391 | 15,267 | 9,280 | 25.2 | % | 24.3 | % | |||||
Loans and leases | ||||||||||||||
Commercial and industrial | 3,591,428 | 3,501,221 | 3,420,873 | 3,433,162 | 3,449,289 | 2.6 | % | 4.1 | % | |||||
Lease financing | 492,862 | 474,817 | 399,973 | 360,801 | 273,898 | 3.8 | % | 79.9 | % | |||||
Construction real estate | 641,596 | 564,832 | 578,824 | 536,464 | 525,906 | 13.6 | % | 22.0 | % | |||||
Commercial real estate | 4,145,969 | 4,080,939 | 3,992,654 | 4,048,460 | 4,056,627 | 1.6 | % | 2.2 | % | |||||
Residential real estate | 1,344,677 | 1,333,674 | 1,293,470 | 1,221,484 | 1,145,069 | 0.8 | % | 17.4 | % | |||||
Home equity | 773,811 | 758,676 | 743,991 | 728,711 | 724,672 | 2.0 | % | 6.8 | % | |||||
Installment | 153,838 | 159,078 | 160,648 | 165,216 | 204,372 | (3.3) | % | (24.7) | % | |||||
Credit card | 60,939 | 59,939 | 56,386 | 55,911 | 53,552 | 1.7 | % | 13.8 | % | |||||
Total loans | 11,205,120 | 10,933,176 | 10,646,819 | 10,550,209 | 10,433,385 | 2.5 | % | 7.4 | % | |||||
Less: | ||||||||||||||
Allowance for credit losses | (144,274) | (141,433) | (145,201) | (148,646) | (141,591) | 2.0 | % | 1.9 | % | |||||
Net loans | 11,060,846 | 10,791,743 | 10,501,618 | 10,401,563 | 10,291,794 | 2.5 | % | 7.5 | % | |||||
Premises and equipment | 198,428 | 194,740 | 192,572 | 192,077 | 188,959 | 1.9 | % | 5.0 | % | |||||
Operating leases | 161,473 | 153,214 | 136,883 | 132,272 | 153,986 | 5.4 | % | 4.9 | % | |||||
Goodwill | 1,007,656 | 1,005,868 | 1,005,868 | 1,005,828 | 1,005,738 | 0.2 | % | 0.2 | % | |||||
Other intangibles | 85,603 | 83,949 | 86,378 | 88,662 | 91,169 | 2.0 | % | (6.1) | % | |||||
Accrued interest and other assets | 1,067,244 | 1,056,762 | 1,186,618 | 1,078,186 | 1,076,033 | 1.0 | % | (0.8) | % | |||||
Total Assets | $ | 17,599,238 | $ | 17,532,900 | $ | 17,054,852 | $ | 17,090,149 | $ | 16,933,884 | 0.4 | % | 3.9 | % |
LIABILITIES | ||||||||||||||
Deposits | ||||||||||||||
Interest-bearing demand | $ | 2,916,518 | $ | 2,993,219 | $ | 2,880,617 | $ | 2,919,472 | $ | 2,761,811 | (2.6) | % | 5.6 | % |
Savings | 4,467,894 | 4,331,228 | 4,023,455 | 3,785,445 | 3,746,403 | 3.2 | % | 19.3 | % | |||||
Time | 2,896,860 | 2,718,390 | 2,572,909 | 2,484,780 | 2,336,368 | 6.6 | % | 24.0 | % | |||||
Total interest-bearing deposits | 10,281,272 | 10,042,837 | 9,476,981 | 9,189,697 | 8,844,582 | 2.4 | % | 16.2 | % | |||||
Noninterest-bearing | 3,175,876 | 3,317,960 | 3,438,572 | 3,605,181 | 3,830,102 | (4.3) | % | (17.1) | % | |||||
Total deposits | 13,457,148 | 13,360,797 | 12,915,553 | 12,794,878 | 12,674,684 | 0.7 | % | 6.2 | % | |||||
FHLB short-term borrowings | 700,000 | 800,000 | 755,000 | 1,050,300 | 1,089,400 | (12.5) | % | (35.7) | % | |||||
Other | 162,145 | 137,814 | 219,188 | 165,983 | 128,160 | 17.7 | % | 26.5 | % | |||||
Total short-term borrowings | 862,145 | 937,814 | 974,188 | 1,216,283 | 1,217,560 | (8.1) | % | (29.2) | % | |||||
Long-term debt | 343,236 | 344,115 | 340,902 | 339,963 | 342,647 | (0.3) | % | 0.2 | % | |||||
Total borrowed funds | 1,205,381 | 1,281,929 | 1,315,090 | 1,556,246 | 1,560,207 | (6.0) | % | (22.7) | % | |||||
Accrued interest and other liabilities | 649,706 | 622,200 | 694,700 | 595,606 | 577,497 | 4.4 | % | 12.5 | % | |||||
Total Liabilities | 15,312,235 | 15,264,926 | 14,925,343 | 14,946,730 | 14,812,388 | 0.3 | % | 3.4 | % | |||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Common stock | 1,632,971 | 1,638,972 | 1,636,054 | 1,632,659 | 1,629,428 | (0.4) | % | 0.2 | % | |||||
Retained earnings | 1,166,065 | 1,136,718 | 1,101,905 | 1,060,715 | 1,016,893 | 2.6 | % | 14.7 | % | |||||
Accumulated other comprehensive income (loss) | (321,109) | (309,819) | (410,005) | (353,010) | (328,059) | 3.6 | % | (2.1) | % | |||||
Treasury stock, at cost | (190,924) | (197,897) | (198,445) | (196,945) | (196,766) | (3.5) | % | (3.0) | % | |||||
Total Shareholders' Equity | 2,287,003 | 2,267,974 | 2,129,509 | 2,143,419 | 2,121,496 | 0.8 | % | 7.8 | % | |||||
Total Liabilities and Shareholders' Equity | $ | 17,599,238 | $ | 17,532,900 | $ | 17,054,852 | $ | 17,090,149 | $ | 16,933,884 | 0.4 | % | 3.9 | % |
FIRST FINANCIAL BANCORP. | ||||||||||
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION | ||||||||||
(Dollars in thousands) | ||||||||||
(Unaudited) | ||||||||||
Quarterly Averages | ||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 204,119 | $ | 214,678 | $ | 211,670 | $ | 221,527 | $ | 218,724 |
Interest-bearing deposits with other banks | 553,654 | 548,153 | 386,173 | 329,584 | 318,026 | |||||
Investment securities | 3,137,665 | 3,184,408 | 3,394,237 | 3,560,453 | 3,635,317 | |||||
Loans held for sale | 12,069 | 12,547 | 15,420 | 11,856 | 5,531 | |||||
Loans and leases | ||||||||||
Commercial and industrial | 3,543,475 | 3,422,381 | 3,443,615 | 3,469,683 | 3,456,681 | |||||
Lease financing | 480,540 | 419,179 | 371,598 | 323,819 | 252,219 | |||||
Construction real estate | 603,974 | 540,314 | 547,884 | 518,190 | 536,294 | |||||
Commercial real estate | 4,101,238 | 4,060,733 | 4,024,798 | 4,050,946 | 4,017,021 | |||||
Residential real estate | 1,336,749 | 1,320,670 | 1,260,249 | 1,181,053 | 1,115,889 | |||||
Home equity | 765,410 | 750,925 | 735,251 | 726,333 | 728,185 | |||||
Installment | 157,663 | 160,242 | 164,092 | 172,147 | 205,934 | |||||
Credit card | 65,066 | 64,037 | 60,827 | 59,478 | 55,548 | |||||
Total loans | 11,054,115 | 10,738,481 | 10,608,314 | 10,501,649 | 10,367,771 | |||||
Less: | ||||||||||
Allowance for credit losses | (143,950) | (149,398) | (150,297) | (145,578) | (136,419) | |||||
Net loans | 10,910,165 | 10,589,083 | 10,458,017 | 10,356,071 | 10,231,352 | |||||
Premises and equipment | 198,482 | 194,435 | 194,228 | 190,583 | 190,346 | |||||
Operating leases | 154,655 | 139,331 | 132,984 | 138,725 | 107,092 | |||||
Goodwill | 1,006,477 | 1,005,870 | 1,005,844 | 1,005,791 | 1,005,713 | |||||
Other intangibles | 84,109 | 85,101 | 87,427 | 89,878 | 92,587 | |||||
Accrued interest and other assets | 1,044,826 | 1,151,349 | 1,065,389 | 1,063,587 | 1,138,311 | |||||
Total Assets | $ | 17,306,221 | $ | 17,124,955 | $ | 16,951,389 | $ | 16,968,055 | $ | 16,942,999 |
LIABILITIES | ||||||||||
Deposits | ||||||||||
Interest-bearing demand | $ | 2,895,768 | $ | 2,988,086 | $ | 2,927,416 | $ | 2,906,855 | $ | 2,906,712 |
Savings | 4,399,768 | 4,235,658 | 3,919,590 | 3,749,902 | 3,818,807 | |||||
Time | 2,813,880 | 2,611,075 | 2,446,854 | 2,393,707 | 2,131,707 | |||||
Total interest-bearing deposits | 10,109,416 | 9,834,819 | 9,293,860 | 9,050,464 | 8,857,226 | |||||
Noninterest-bearing | 3,169,750 | 3,368,024 | 3,493,305 | 3,663,419 | 3,954,915 | |||||
Total deposits | 13,279,166 | 13,202,843 | 12,787,165 | 12,713,883 | 12,812,141 | |||||
Federal funds purchased and securities sold | ||||||||||
under agreements to repurchase | 4,204 | 3,586 | 10,788 | 21,881 | 26,380 | |||||
FHLB short-term borrowings | 646,187 | 554,826 | 878,199 | 1,028,207 | 925,144 | |||||
Other | 146,127 | 185,221 | 175,682 | 132,088 | 139,195 | |||||
Total short-term borrowings | 796,518 | 743,633 | 1,064,669 | 1,182,176 | 1,090,719 | |||||
Long-term debt | 342,496 | 340,321 | 338,402 | 341,523 | 343,619 | |||||
Total borrowed funds | 1,139,014 | 1,083,954 | 1,403,071 | 1,523,699 | 1,434,338 | |||||
Accrued interest and other liabilities | 622,479 | 693,676 | 607,552 | 592,708 | 614,310 | |||||
Total Liabilities | 15,040,659 | 14,980,473 | 14,797,788 | 14,830,290 | 14,860,789 | |||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock | 1,637,835 | 1,637,197 | 1,634,102 | 1,631,230 | 1,633,396 | |||||
Retained earnings | 1,144,447 | 1,111,786 | 1,076,515 | 1,034,092 | 989,777 | |||||
Accumulated other comprehensive loss | (319,601) | (406,265) | (358,769) | (330,263) | (339,450) | |||||
Treasury stock, at cost | (197,119) | (198,236) | (198,247) | (197,294) | (201,513) | |||||
Total Shareholders' Equity | 2,265,562 | 2,144,482 | 2,153,601 | 2,137,765 | 2,082,210 | |||||
Total Liabilities and Shareholders' Equity | $ | 17,306,221 | $ | 17,124,955 | $ | 16,951,389 | $ | 16,968,055 | $ | 16,942,999 |
FIRST FINANCIAL BANCORP. | ||||||||||||||||||
NET INTEREST MARGIN RATE/VOLUME ANALYSIS | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Quarterly Averages | ||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||
Balance | Interest | Yield | Balance | Interest | Yield | Balance | Interest | Yield | ||||||||||
Earning assets | ||||||||||||||||||
Investments: | ||||||||||||||||||
Investment securities | $ | 3,137,665 | $ | 31,388 | 4.01 | % | $ | 3,184,408 | $ | 33,696 | 4.20 | % | $ | 3,635,317 | $ | 35,331 | 3.94 | % |
Interest-bearing deposits with other banks | 553,654 | 7,458 | 5.40 | % | 548,153 | 7,325 | 5.30 | % | 318,026 | 3,544 | 4.52 | % | ||||||
Gross loans (1)
|
11,066,184 | 201,840 | 7.32 | % | 10,751,028 | 197,416 | 7.29 | % | 10,373,302 | 169,706 | 6.63 | % | ||||||
Total earning assets | 14,757,503 | 240,686 | 6.54 | % | 14,483,589 | 238,437 | 6.53 | % | 14,326,645 | 208,581 | 5.90 | % | ||||||
Nonearning assets | ||||||||||||||||||
Allowance for credit losses | (143,950) | (149,398) | (136,419) | |||||||||||||||
Cash and due from banks | 204,119 | 214,678 | 218,724 | |||||||||||||||
Accrued interest and other assets | 2,488,549 | 2,576,086 | 2,534,049 | |||||||||||||||
Total assets | $ | 17,306,221 | $ | 17,124,955 | $ | 16,942,999 | ||||||||||||
Interest-bearing liabilities | ||||||||||||||||||
Deposits: | ||||||||||||||||||
Interest-bearing demand | $ | 2,895,768 | $ | 14,892 | 2.06 | % | $ | 2,988,086 | $ | 14,480 | 1.92 | % | $ | 2,906,712 | $ | 6,604 | 0.92 | % |
Savings | 4,399,768 | 29,486 | 2.69 | % | 4,235,658 | 26,632 | 2.49 | % | 3,818,807 | 7,628 | 0.81 | % | ||||||
Time | 2,813,880 | 31,697 | 4.52 | % | 2,611,075 | 28,081 | 4.27 | % | 2,131,707 | 17,224 | 3.28 | % | ||||||
Total interest-bearing deposits | 10,109,416 | 76,075 | 3.02 | % | 9,834,819 | 69,193 | 2.79 | % | 8,857,226 | 31,456 | 1.44 | % | ||||||
Borrowed funds | ||||||||||||||||||
Short-term borrowings | 796,518 | 10,943 | 5.51 | % | 743,633 | 10,277 | 5.48 | % | 1,090,719 | 12,950 | 4.82 | % | ||||||
Long-term debt | 342,496 | 4,928 | 5.77 | % | 340,321 | 5,202 | 6.06 | % | 343,619 | 4,857 | 5.73 | % | ||||||
Total borrowed funds | 1,139,014 | 15,871 | 5.59 | % | 1,083,954 | 15,479 | 5.67 | % | 1,434,338 | 17,807 | 5.03 | % | ||||||
Total interest-bearing liabilities | 11,248,430 | 91,946 | 3.28 | % | 10,918,773 | 84,672 | 3.08 | % | 10,291,564 | 49,263 | 1.94 | % | ||||||
Noninterest-bearing liabilities | ||||||||||||||||||
Noninterest-bearing demand deposits | 3,169,750 | 3,368,024 | 3,954,915 | |||||||||||||||
Other liabilities | 622,479 | 693,676 | 614,310 | |||||||||||||||
Shareholders' equity | 2,265,562 | 2,144,482 | 2,082,210 | |||||||||||||||
Total liabilities & shareholders' equity | $ | 17,306,221 | $ | 17,124,955 | $ | 16,942,999 | ||||||||||||
Net interest income | $ | 148,740 | $ | 153,765 | $ | 159,318 | ||||||||||||
Net interest spread | 3.26 | % | 3.45 | % | 3.96 | % | ||||||||||||
Net interest margin | 4.05 | % | 4.21 | % | 4.51 | % | ||||||||||||
Tax equivalent adjustment | 0.05 | % | 0.05 | % | 0.04 | % | ||||||||||||
Net interest margin (fully tax equivalent) | 4.10 | % | 4.26 | % | 4.55 | % | ||||||||||||
(1) Loans held for sale and nonaccrual loans 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 | |||||||||||
Rate | Volume | Total | Rate | Volume | Total | |||||||
Earning assets | ||||||||||||
Investment securities | $ | (1,490) | $ | (818) | $ | (2,308) | $ | 636 | $ | (4,579) | $ | (3,943) |
Interest-bearing deposits with other banks | 140 | (7) | 133 | 693 | 3,221 | 3,914 | ||||||
Gross loans (2)
|
831 | 3,593 | 4,424 | 17,417 | 14,717 | 32,134 | ||||||
Total earning assets | (519) | 2,768 | 2,249 | 18,746 | 13,359 | 32,105 | ||||||
Interest-bearing liabilities | ||||||||||||
Total interest-bearing deposits | $ | 5,629 | $ | 1,253 | $ | 6,882 | $ | 34,464 | $ | 10,155 | $ | 44,619 |
Borrowed funds | ||||||||||||
Short-term borrowings | 52 | 614 | 666 | 1,870 | (3,877) | (2,007) | ||||||
Long-term debt | (251) | (23) | (274) | 33 | 38 | 71 | ||||||
Total borrowed funds | (199) | 591 | 392 | 1,903 | (3,839) | (1,936) | ||||||
Total interest-bearing liabilities | 5,430 | 1,844 | 7,274 | 36,367 | 6,316 | 42,683 | ||||||
Net interest income (1)
|
$ | (5,949) | $ | 924 | $ | (5,025) | $ | (17,621) | $ | 7,043 | $ | (10,578) |
(1) Not tax equivalent.
|
||||||||||||
(2) Loans held for sale and nonaccrual loans are included in gross loans.
|
FIRST FINANCIAL BANCORP. | ||||||||||
CREDIT QUALITY | ||||||||||
(Dollars in thousands) | ||||||||||
(Unaudited) | ||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||
ALLOWANCE FOR CREDIT LOSS ACTIVITY | ||||||||||
Balance at beginning of period | $ | 141,433 | $ | 145,201 | $ | 148,646 | $ | 141,591 | $ | 132,977 |
Provision for credit losses | 13,419 | 8,804 | 12,907 | 12,719 | 8,644 | |||||
Gross charge-offs | ||||||||||
Commercial and industrial | 2,695 | 6,866 | 9,207 | 2,372 | 730 | |||||
Lease financing | 3 | 4,244 | 76 | 90 | 13 | |||||
Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||
Commercial real estate | 5,319 | 1 | 6,008 | 2,648 | 66 | |||||
Residential real estate | 65 | 9 | 10 | 20 | 0 | |||||
Home equity | 25 | 174 | 54 | 21 | 91 | |||||
Installment | 2,236 | 2,054 | 1,349 | 1,515 | 1,524 | |||||
Credit card | 794 | 363 | 319 | 274 | 217 | |||||
Total gross charge-offs | 11,137 | 13,711 | 17,023 | 6,940 | 2,641 | |||||
Recoveries | ||||||||||
Commercial and industrial | 162 | 459 | 335 | 631 | 109 | |||||
Lease financing | 59 | 52 | 1 | 1 | 1 | |||||
Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||
Commercial real estate | 38 | 93 | 39 | 153 | 2,238 | |||||
Residential real estate | 24 | 24 | 44 | 113 | 66 | |||||
Home equity | 80 | 178 | 125 | 232 | 80 | |||||
Installment | 145 | 210 | 87 | 90 | 54 | |||||
Credit card | 51 | 123 | 40 | 56 | 63 | |||||
Total recoveries | 559 | 1,139 | 671 | 1,276 | 2,611 | |||||
Total net charge-offs | 10,578 | 12,572 | 16,352 | 5,664 | 30 | |||||
Ending allowance for credit losses | $ | 144,274 | $ | 141,433 | $ | 145,201 | $ | 148,646 | $ | 141,591 |
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | ||||||||||
Commercial and industrial | 0.29 | % | 0.74 | % | 1.02 | % | 0.20 | % | 0.07 | % |
Lease financing | (0.05) | % | 3.97 | % | 0.08 | % | 0.11 | % | 0.02 | % |
Construction real estate | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % |
Commercial real estate | 0.52 | % | (0.01) | % | 0.59 | % | 0.25 | % | (0.22) | % |
Residential real estate | 0.01 | % | 0.00 | % | (0.01) | % | (0.03) | % | (0.02) | % |
Home equity | (0.03) | % | 0.00 | % | (0.04) | % | (0.12) | % | 0.01 | % |
Installment | 5.33 | % | 4.57 | % | 3.05 | % | 3.32 | % | 2.89 | % |
Credit card | 4.59 | % | 1.49 | % | 1.82 | % | 1.47 | % | 1.12 | % |
Total net charge-offs | 0.38 | % | 0.46 | % | 0.61 | % | 0.22 | % | 0.00 | % |
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | ||||||||||
Nonaccrual loans | ||||||||||
Commercial and industrial | $ | 14,532 | $ | 15,746 | $ | 17,152 | $ | 21,508 | $ | 13,971 |
Lease financing | 3,794 | 3,610 | 7,731 | 4,833 | 175 | |||||
Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||
Commercial real estate | 23,055 | 27,984 | 33,019 | 11,876 | 5,362 | |||||
Residential real estate | 12,836 | 14,067 | 12,328 | 11,697 | 11,129 | |||||
Home equity | 4,036 | 3,476 | 3,937 | 3,239 | 3,399 | |||||
Installment | 984 | 870 | 774 | 568 | 544 | |||||
Total nonaccrual loans | 59,237 | 65,753 | 74,941 | 53,721 | 34,580 | |||||
Other real estate owned (OREO) | 161 | 106 | 142 | 281 | 191 | |||||
Total nonperforming assets | 59,398 | 65,859 | 75,083 | 54,002 | 34,771 | |||||
Accruing loans past due 90 days or more | 820 | 2,028 | 698 | 873 | 159 | |||||
Total underperforming assets | $ | 60,218 | $ | 67,887 | $ | 75,781 | $ | 54,875 | $ | 34,930 |
Total classified assets | $ | 162,348 | $ | 140,995 | $ | 140,552 | $ | 138,909 | $ | 158,984 |
CREDIT QUALITY RATIOS | ||||||||||
Allowance for credit losses to | ||||||||||
Nonaccrual loans | 243.55 | % | 215.10 | % | 193.75 | % | 276.70 | % | 409.46 | % |
Total ending loans | 1.29 | % | 1.29 | % | 1.36 | % | 1.41 | % | 1.36 | % |
Nonaccrual loans to total loans | 0.53 | % | 0.60 | % | 0.70 | % | 0.51 | % | 0.33 | % |
Nonperforming assets to | ||||||||||
Ending loans, plus OREO | 0.53 | % | 0.60 | % | 0.71 | % | 0.51 | % | 0.33 | % |
Total assets | 0.34 | % | 0.38 | % | 0.44 | % | 0.32 | % | 0.21 | % |
Nonperforming assets, excluding accruing TDRs to | ||||||||||
Ending loans, plus OREO | 0.53 | % | 0.60 | % | 0.71 | % | 0.51 | % | 0.33 | % |
Total assets | 0.34 | % | 0.38 | % | 0.44 | % | 0.32 | % | 0.21 | % |
Classified assets to total assets | 0.92 | % | 0.80 | % | 0.82 | % | 0.81 | % | 0.94 | % |
FIRST FINANCIAL BANCORP. | ||||||||||
CAPITAL ADEQUACY | ||||||||||
(Dollars in thousands, except per share data) | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended, | ||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||
2024 | 2023 | 2023 | 2023 | 2023 | ||||||
PER COMMON SHARE | ||||||||||
Market Price | ||||||||||
High | $ | 23.68 | $ | 24.28 | $ | 24.02 | $ | 22.27 | $ | 26.24 |
Low | $ | 21.04 | $ | 17.37 | $ | 19.19 | $ | 18.20 | $ | 21.30 |
Close | $ | 22.42 | $ | 23.75 | $ | 19.60 | $ | 20.44 | $ | 21.77 |
Average shares outstanding - basic | 94,218,067 | 94,063,570 | 94,030,275 | 93,924,068 | 93,732,532 | |||||
Average shares outstanding - diluted | 95,183,998 | 95,126,316 | 95,126,269 | 95,169,348 | 94,960,158 | |||||
Ending shares outstanding | 95,473,595 | 95,141,244 | 95,117,180 | 95,185,483 | 95,190,406 | |||||
Total shareholders' equity | $ | 2,287,003 | $ | 2,267,974 | $ | 2,129,509 | $ | 2,143,419 | $ | 2,121,496 |
REGULATORY CAPITAL | Preliminary | |||||||||
Common equity tier 1 capital | $ | 1,582,113 | $ | 1,568,815 | $ | 1,527,793 | $ | 1,481,913 | $ | 1,432,332 |
Common equity tier 1 capital ratio | 11.67 | % | 11.73 | % | 11.60 | % | 11.34 | % | 11.00 | % |
Tier 1 capital | $ | 1,626,899 | $ | 1,613,480 | $ | 1,572,248 | $ | 1,526,362 | $ | 1,476,734 |
Tier 1 ratio | 12.00 | % | 12.06 | % | 11.94 | % | 11.68 | % | 11.34 | % |
Total capital | $ | 1,940,762 | $ | 1,907,441 | $ | 1,868,490 | $ | 1,851,144 | $ | 1,796,385 |
Total capital ratio | 14.31 | % | 14.26 | % | 14.19 | % | 14.16 | % | 13.79 | % |
Total capital in excess of minimum requirement | $ | 516,704 | $ | 503,152 | $ | 485,580 | $ | 478,911 | $ | 428,700 |
Total risk-weighted assets | $ | 13,562,455 | $ | 13,374,177 | $ | 13,170,574 | $ | 13,068,888 | $ | 13,025,567 |
Leverage ratio | 9.75 | % | 9.70 | % | 9.59 | % | 9.33 | % | 9.03 | % |
OTHER CAPITAL RATIOS | ||||||||||
Ending shareholders' equity to ending assets | 12.99 | % | 12.94 | % | 12.49 | % | 12.54 | % | 12.53 | % |
Ending tangible shareholders' equity to ending tangible assets (1)
|
7.23 | % | 7.17 | % | 6.50 | % | 6.56 | % | 6.47 | % |
Average shareholders' equity to average assets | 13.09 | % | 12.52 | % | 12.70 | % | 12.60 | % | 12.29 | % |
Average tangible shareholders' equity to average tangible assets (1)
|
7.25 | % | 6.57 | % | 6.69 | % | 6.57 | % | 6.21 | % |
REPURCHASE PROGRAM (2)
|
||||||||||
Shares repurchased | 0 | 0 | 0 | 0 | 0 | |||||
Average share repurchase price | N/A | N/A | N/A | N/A | N/A | |||||
Total cost of shares repurchased | N/A | N/A | N/A | N/A | N/A | |||||
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
|
||||||||||
(2) Represents share repurchases as part of publicly announced plans.
|
||||||||||
N/A = Not applicable |