Business
First Financial Bancorp Announces Second Quarter 2020 Financial Results
CINCINNATI, July 23, 2020 /PRNewswire/ -- Earnings per diluted share of $0.38; $0.40 on an adjusted(1) basis Return on average assets of 0.96%; 1.00% as
About this update from First Financial Bancorp.
[{"type":"text","content":"CINCINNATI, July 23, 2020 /PRNewswire/ --\nEarnings per diluted share of $0.38; $0.40 on an adjusted(1) basis Return on average assets of 0.96%; 1.00% as adjusted(1) 57.5% efficiency ratio; 56.1% as adjusted(1) Record core fee income driven by $16.7 million of mortgage banking income $20.2 million total provision for credit lossesFirst Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and six months ended June 30, 2020. \nFor the three months ended June 30, 2020, the Company reported net income of $37.4 million, or $0.38 per diluted common share. These results compare to net income of $28.6 million, or $0.29 per diluted common share, for the first quarter of 2020 and $52.7 million, or $0.53 per diluted common share, for the second quarter of 2019. For the six months ended June 30, 2020, First Financial had earnings per diluted common share of $0.67 compared to $1.00 for the same period in 2019.\nReturn on average assets for the second quarter of 2020 was 0.96% while return on average tangible common equity was 12.90%. These compare to returns on average assets of 0.79% and 1.50%, and returns on average tangible common equity of 9.71% and 17.33%, in the first quarter of 2020 and the second quarter of 2019, respectively. \nSecond quarter 2020 highlights include:\nAfter adjustments(1) for certain nonrecurring and certain COVID-19 related items: Net income of $0.40 per diluted common share 1.00% return on average assets 13.47% return on average tangible common equityAdjustments(1) to net income include: $0.7 million of costs directly related to COVID-19 $1.5 million of other nonrecurring costs such as branch consolidation costs Total Allowance for Credit Losses of $175.3 million; Total quarterly provision for credit losses of $20.2 million Loans and leases - ACL of $158.7 million, 1.56% of total loans; 1.71% of loans excluding PPP Unfunded Commitments - ACL of $16.7 million; $2.4 million provision expense Similar to first quarter, substantially all second quarter provision expense related to expected economic impact from COVID-19Strong noninterest income of $42.7 million, an increase of 20.7% from the linked quarter Mortgage banking revenue increased $13.8 million, or 488.6% Continued strong client derivative fee income Foreign exchange income of $6.6 million despite...