Business
First Financial Bancorp Announces First Quarter 2022 Financial Results
Earnings per diluted share of $0.44; $0.46 on an adjusted(1) basisReturn on average assets of 1.03%; 1.09% on an adjusted(1) basisNet interest margin on FTE
About this update from First Financial Bancorp.
[{"type":"text","content":"Earnings per diluted share of $0.44; $0.46 on an adjusted(1) basisReturn on average assets of 1.03%; 1.09% on an adjusted(1) basisNet interest margin on FTE basis of 3.17%; 12 bp increase excluding loan fees and accretionNet charge-offs declined 69.3%; Provision recapture of $5.8 millionCINCINNATI, April 21, 2022 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three months ended March 31, 2022. \nFor the three months ended March 31, 2022, the Company reported net income of $41.3 million, or $0.44 per diluted common share. These results compare to net income of $46.9 million, or $0.50 per diluted common share, for the fourth quarter of 2021 and $47.3 million, or $0.48 per diluted common share, for the first quarter of 2021. \nReturn on average assets for the first quarter of 2022 was 1.03% while return on average tangible common equity was 14.93%(1). These compare to returns on average assets of 1.16% and 1.20%, and returns on average tangible common equity of 15.11%(1) and 15.24%(1), in the fourth quarter of 2021 and the first quarter of 2021, respectively.\nFirst quarter 2022 highlights include:\nLoan balances flat when compared to linked quarter2, excluding impact of PPPLoan balances decreased $46.7 million compared to the linked quarter; PPP loan balances decreased $34.4 millionNet interest margin of 3.17% on a fully tax-equivalent basis(1), exceeded expectations6 basis point decrease to 3.17% from 3.23% in the linked quarter driven by PPP forgiveness and lower loan fees, which offset increase in asset yields during the period12 basis point increase excluding loan fees and accretionNoninterest income of $41.3 million, or $41.5 million as adjusted(1)Leasing business income of $6.1 millionWealth management fees remained strong at $6.1 millionForeign exchange income of $10.2 million; decline from record fourth quarterMortgage banking revenue declined $2.6 million, or 40.4% from fourth quarterNoninterest expenses of $102.8 million, or $100.0 million as adjusted(1)$0.3 million of acquisition related costs$2.5 million of other costs not expected to recur such as severance and branch consolidation costsAdjustments(1) include:Increase in expenses driven by $8.6 million of Summit expenses, higher healthcare costs and elevated payroll taxesEfficiency r...