Business
First Financial Bancorp Announces First Quarter 2024 Financial Results and Quarterly Dividend
Earnings per diluted share of $0.53; $0.59 on an adjusted(1) basisReturn on average assets of 1.18%; 1.30% on an adjusted(1) basisNet interest margin on FTE
About this update from First Financial Bancorp.
[{"type":"text","content":"Earnings per diluted share of $0.53; $0.59 on an adjusted(1) basisReturn on average assets of 1.18%; 1.30% on an adjusted(1) basisNet interest margin on FTE basis(1) of 4.10%Acquired Agile Premium Finance Loan growth of $271.9 million; 10.0% on an annualized basisTangible common equity ratio increased to 7.23%Quarterly dividend of $0.23 approved by Board of DirectorsCINCINNATI, April 25, 2024 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three months ended March 31, 2024. \n\nFor the three months ended March 31, 2024, the Company reported net income of $50.7 million, or $0.53 per diluted common share. These results compare to net income of $56.7 million, or $0.60 per diluted common share, for the fourth quarter of 2023. \nReturn on average assets for the first quarter of 2024 was 1.18% while return on average tangible common equity was 17.35%(1). These compare to return on average assets of 1.31% and return on average tangible common equity of 21.36%(1) in the fourth quarter of 2023.\nFirst quarter 2024 highlights include:\nNet interest margin of 4.05%, or 4.10% on a fully tax-equivalent basis(1)16 bp decrease to 4.10% from 4.26% in the fourth quarter due to increasing funding costsDecline from linked quarter driven by 19 bp increase in funding costs, which was partially offset by modestly higher asset yieldsNoninterest income of $46.5 million, or $51.7 million as adjusted(1)Strong leasing business income of $14.6 millionWealth management continues strong performance; 9.6% increase from linked quarterForeign exchange and client derivative fees improved from lower levels in fourth quarterAdjusted(1) $5.2 million for losses on sales of investment securities related to repositioning of a portion of the portfolioNoninterest expenses of $122.4 million, or $121.0 million as adjusted(1)Increase from fourth quarter driven by seasonal payroll taxes and increased variable compensation tied to fee incomeFirst quarter adjustments(1) include $0.2 million FDIC special assessment and $1.1 million of other costs such as acquisition, severance and branch consolidation costsEfficiency ratio of 62.7%; 60.4% as adjusted(1)Acquired Agile Premium Finance on February 29, 2024Lends primarily to commercial customers to finance insurance premiums$93.4 million in loan b...