Business
First Financial Bancorp Announces First Quarter 2019 Results
CINCINNATI, April 25, 2019 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the
About this update from First Financial Bancorp.
[{"type":"text","content":"CINCINNATI, April 25, 2019 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the first quarter 2019 and a quarterly dividend of $0.22 per share, payable on June 17, 2019 to shareholders of record as of June 3, 2019.\nFor the three months ended March 31, 2019, the Company reported net income of $45.8 million, or $0.47 per diluted common share. These results compare to net income of $55.0 million, or $0.56 per diluted common share, for the fourth quarter of 2018 and $30.5 million, or $0.49 per diluted common share, for the first quarter of 2018. Income before taxes was negatively impacted by a $10.0 million charge-off related to a $16.8 million franchise lending relationship, as well as recognition of $1.8 million of primarily merger-related costs, the combination reducing earnings per diluted common share by $0.09 on a net basis.\nReturn on average assets for the first quarter of 2019 was 1.33% while return on average tangible common equity was 15.95%. These compare to a return on average assets of 1.59% and return on average tangible common equity of 19.63% in the fourth quarter of 2018 and a return on average assets of 1.40% and a return on average tangible common equity of 17.18% in the first quarter of 2018.\nFirst quarter 2019 highlights include:\nAfter adjustments(1) for merger-related and nonrecurring items: Net income of $0.48 per diluted common share 1.38% return on average assets 16.45% return on average tangible common equity Net interest margin of 4.10% on a fully tax-equivalent basis(1)11 basis point reduction from the linked quarter driven by lower loan fees and moderated purchase accounting impactNoninterest expenses of $78.5 million, or $76.7 million as adjusted(1)Efficiency ratio of 52.9% for the first quarter; 51.7% as adjusted(1)Stable loan balances 8% linked quarter increase in loan origination activity offset by prepayments Average loan balances increased $11.0 million compared to the linked quarterModest average deposit growth as an increase in time deposits offset seasonal declines in public funds and business demand deposit accounts Annualized net charge-offs increased to 64 basis points as a percentage of average loans for the quarter driven by the previously mentioned $10.0 million charge-off resulting in provision expense of ...