Business
First Financial Bancorp Announces Second Quarter 2024 Financial Results and Quarterly Dividend Increase
Earnings per diluted share of $0.64; $0.65 on an adjusted(1) basisReturn on average assets of 1.38%; 1.40% on an adjusted(1) basisNet interest margin on FTE
About this update from First Financial Bancorp.
[{"type":"text","content":"Earnings per diluted share of $0.64; $0.65 on an adjusted(1) basisReturn on average assets of 1.38%; 1.40% on an adjusted(1) basisNet interest margin on FTE basis(1) of 4.10%Record fee income of $61.5 millionLoan growth of $316.1 million; 11.3% on an annualized basisAverage deposit growth of $351.1 million; 10.6% on an annualized basisNet charge-offs 0.15% of total loans; 23 bp decline from linked quarterBoard of Directors approved quarterly dividend increase to $0.24CINCINNATI , July 25, 2024 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and six months ended June 30, 2024. \n\nFor the three months ended June 30, 2024, the Company reported net income of $60.8 million, or $0.64 per diluted common share. These results compare to net income of $50.7 million, or $0.53 per diluted common share, for the first quarter of 2024. For the six months ended June 30, 2024, First Financial had earnings per diluted share of $1.17 compared to $1.43 for the same period in 2023.\nReturn on average assets for the second quarter of 2024 was 1.38% while return on average tangible common equity was 20.57%(1). These compare to return on average assets of 1.18% and return on average tangible common equity of 17.35%(1) in the first quarter of 2024.\nSecond quarter 2024 highlights include:\nNet interest margin of 4.06%, or 4.10% on a fully tax-equivalent basis(1)Unchanged from first quarter, exceeding expectations14 bp increase in earning asset yields driven by 10 bp increase in loan yields and 22 bp increase in yield on the investment securities portfolioCost of deposits increased 14 bp during second quarter; pace of increase moderated compared to 22 bp increase in first quarterRecord noninterest income of $61.5 million, or $61.6 million as adjusted(1)Foreign exchange income increased $6.4 million, or 60.9% from first quarterStrong leasing business income of $16.8 million; 15.3% increase from first quarterRecord wealth management income; 7.4% increase from linked quarterDouble digit percentage growth from linked quarter in mortgage banking and bankcard incomeNoninterest expenses of $123.6 million, or $122.5 million as adjusted(1); 1.2% increase from linked quarterIncrease driven by variable compensation tied to fee incomeSecond quarter adjustments(1) include $0.4...