Business
First Financial Bancorp Announces Third Quarter 2021 Financial Results
CINCINNATI, Oct. 21, 2021 /PRNewswire/ -- Earnings per diluted share of $0.63 and on both GAAP and adjusted(1) basis Return on average assets of 1.49% on
About this update from First Financial Bancorp.
[{"type":"text","content":" CINCINNATI, Oct. 21, 2021 /PRNewswire/ --\nEarnings per diluted share of $0.63 and on both GAAP and adjusted(1) basis Return on average assets of 1.49% on both GAAP and adjusted(1) basis Net interest margin FTE(1) of 3.32% Loan growth of $74.8 million, excluding decline in PPP loans Provision recapture of $10.1 million Repurchased 2,484,295 shares during the quarterFirst Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and nine months ended September 30, 2021. \nFor the three months ended September 30, 2021, the Company reported net income of $60.0 million, or $0.63 per diluted common share. These results compare to net income of $50.9 million, or $0.52 per diluted common share, for the second quarter of 2021 and $41.5 million, or $0.42 per diluted common share, for the third quarter of 2020. For the nine months ended September 30, 2021, First Financial had earnings per diluted common share of $1.64 compared to $1.10 for the same period in 2020.\nReturn on average assets for the third quarter of 2021 was 1.49% while return on average tangible common equity was 19.03%(1). These compare to returns on average assets of 1.26% and 1.04%, and returns on average tangible common equity of 16.31%(1) and 13.61%(1), in the second quarter of 2021 and the third quarter of 2020, respectively. \nThird quarter 2021 highlights include:\nNet interest margin of 3.32% on a fully tax-equivalent basis(1) in line with expectations 1 basis point increase from linked quarter driven by PPP forgiveness, which offset lower yields on earning assets Noninterest income of $42.5 million, or $42.2 million as adjusted(1) Strong mortgage banking income of $8.6 million driven by higher premiums during the period Elevated wealth management fees of $5.9 million Other noninterest income increased $1.1 million, or 34.3%; driven by income from limited partnership investments and insurance proceedsNoninterest expenses of $99.1 million, or $93.6 million as adjusted(1) Adjustments(1) include: $5.3 million of tax credit investment write-downsIncrease in expenses driven by incentive compensation tied to the Company's strong financial performance and modest increases in marketing costs and professional services Efficiency ratio of 63.5%; 60.1% as adjusted(1) Loan balances declined $150.6 million from the se...