Business
First Financial Bancorp Announces Second Quarter 2022 Financial Results
Earnings per diluted share of $0.55; $0.56 on an adjusted(1) basisReturn on average assets of 1.28%; 1.31% on an adjusted(1) basisNet interest margin on FTE
About this update from First Financial Bancorp.
[{"type":"text","content":"Earnings per diluted share of $0.55; $0.56 on an adjusted(1) basisReturn on average assets of 1.28%; 1.31% on an adjusted(1) basisNet interest margin on FTE basis(1) of 3.47%; 30 bp increase from linked quarterLoan growth of $191.4 million, excluding PPP; 8.3% on an annualized basisNoninterest income of $49.8 million increased 20.6% from the linked quarterCINCINNATI, July 21, 2022 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and six months ended June 30, 2022. \nFor the three months ended June 30, 2022, the Company reported net income of $51.5 million, or $0.55 per diluted common share. These results compare to net income of $41.3 million, or $0.44 per diluted common share, for the first quarter of 2022. For the six months ended June 30, 2022, First Financial had earnings per diluted share of $0.98 compared to $1.01 for the same period in 2021.\nReturn on average assets for the second quarter of 2022 was 1.28% while return on average tangible common equity was 20.68%(1). These compare to returns on average assets of 1.03% and return on average tangible common equity of 14.93%(1) in the first quarter of 2022.\nSecond quarter 2022 highlights include:\nStrong loan growth when compared to linked quarter(2)Loan balances increased $178.8 million compared to the first quarter; $191.4 million excluding PPPGrowth of 7.8% on an annualized basis; 8.3% on an annualized basis excluding PPPBroad based portfolio growth, with large increases in C&I and residential real estate portfoliosNet interest margin of 3.43%, or 3.47% on a fully tax-equivalent basis(1), exceeded expectations30 bp increase to 3.47% from 3.17% in the first quarter due to higher asset yields resulting from higher interest rates34 bp increase in loan yields offset modest 2 basis point increase in cost of interest bearing depositsNoninterest income of $49.8 million, or $50.8 million as adjusted(1)Record foreign exchange income of $13.5 million; 32.7% increase from the linked quarterLeasing business income of $7.2 million; 19.3% increase from the linked quarterWealth management fees remained strong at $6.3 millionMortgage banking revenue increased $1.4 million; 35.4% increase from the linked quarterOther noninterest income increased $2.3 million; 65.9% increase from the linked quarter ...