Business
First Financial Bancorp Announces Second Quarter 2023 Financial Results
Earnings per diluted share of $0.69; $0.72 on an adjusted(1) basis, 29% increase YoY Return on average assets of 1.55%; 1.62% on an adjusted(1) basisNet
About this update from First Financial Bancorp.
[{"type":"text","content":"Earnings per diluted share of $0.69; $0.72 on an adjusted(1) basis, 29% increase YoY Return on average assets of 1.55%; 1.62% on an adjusted(1) basisNet interest margin on FTE basis(1) of 4.48%; 7 bp decrease from linked quarterLoan growth of $117 million; 4.5% on an annualized basisStrong adjusted(1) fee income of $53.5 million driven by foreign exchange and wealth managementACL to total loans of 1.41%; Classified assets declined 13% from linked quarterAll capital ratios increased from the linked quarter; Regulatory ratios well in excess of targetsCINCINNATI, July 20, 2023 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and six months ended June 30, 2023. \nFor the three months ended June 30, 2023, the Company reported net income of $65.7 million, or $0.69 per diluted common share. These results compare to net income of $70.4 million, or $0.74 per diluted common share, for the first quarter of 2023. For the six months ended June 30, 2023, First Financial had earnings per diluted share of $1.43 compared to $0.98 for the same period in 2022.\nReturn on average assets for the second quarter of 2023 was 1.55% while return on average tangible common equity was 25.27%(1). These compare to return on average assets of 1.69% and return on average tangible common equity of 29.02%(1) in the first quarter of 2023. \nSecond quarter 2023 highlights include:\nNet interest margin of 4.43%, or 4.48% on a fully tax-equivalent basis(1)7 bp decrease to 4.48% from 4.55% in the first quarter due to increasing deposit costs Higher asset yields significantly offset 40 bp increase in cost of depositsAverage deposit balances decreased $98.3 million with growth in brokered and retail CDs offsetting declines in noninterest bearing checking and savings accountsNoninterest income of $53.3 million, or $53.5 million as adjusted(1) Foreign exchange income of $15.0 million reflected continued strong activityRecord wealth management fees of $6.7 million; 6.0% increase from first quarterLeasing business income of $10.3 million; 24.9% decline from first quarter due to change in mixAdjusted(1) $0.2 million for losses on investment securities and gain related to the LIBOR cessationNoninterest expenses of $120.6 million, or $116.9 million as adjusted(1) $3.9 million increase fr...