Business
First Financial Bancorp Announces Fourth Quarter and Full Year 2019 Financial Results
- Fourth Quarter 2019 Earnings per Diluted Share of $0.49; $0.52 on an Adjusted Basis - 32.6% Decline in Classified Assets - 6.0% Loan Growth on an Annualized
About this update from First Financial Bancorp.
[{"type":"text","content":"- Fourth Quarter 2019 Earnings per Diluted Share of $0.49; $0.52 on an Adjusted Basis\n - 32.6% Decline in Classified Assets\n - 6.0% Loan Growth on an Annualized Basis\n - 8.1% Average Deposit Growth on an Annualized Basis\n - 3.89% Fully Tax Equivalent Net Interest Margin\n\n\nCINCINNATI, Jan. 23, 2020 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the fourth quarter 2019.\nFor the three months ended December 31, 2019, the Company reported net income of $48.7 million, or $0.49 per diluted common share. These results compare to net income of $50.9 million, or $0.51 per diluted common share, for the third quarter of 2019 and $55.0 million, or $0.56 per diluted common share, for the fourth quarter of 2018. For the twelve months ended December 31, 2019, First Financial had earnings per diluted common share of $2.00 compared to $1.93 for the same period in 2018.\nReturn on average assets for the fourth quarter of 2019 was 1.34% while return on average tangible common equity was 15.84%. These compare to returns on average assets of 1.41% and 1.59%, and returns on average tangible common equity of 16.15% and 19.63%, in the third quarter of 2019 and the fourth quarter of 2018, respectively.\nFourth quarter 2019 highlights include:\nAfter adjustments(1) for merger-related and nonrecurring items: Net income of $0.52 per diluted common share 1.41% return on average assets; 16.73% return on average tangible common equity Adjustments to net income include: $0.7 million of severance and other merger related costs $2.9 million historic tax credit investment write-down; offset by impact to income taxes $1.7 million of other nonrecurring costs such as branch consolidation costs $0.7 million of taxes on merger-related executive compensationLoan balances grew 6.0% on an annualized basis $138.0 million increase compared to the linked quarter driven by commercial real estateAverage deposit balances grew 8.1% on an annualized basis Noninterest bearing demand deposits grew 19.8% on an annualized basisNet interest margin of 3.89% on a fully tax-equivalent basis(1) 7 basis point reduction from the linked quarter Impact of lower interest rates on asset yields partially offset by funding cost reductions and favorable shift in funding mixNoninterest income of $36.8 million ...