Business
First Financial Bancorp Announces Third Quarter 2024 Financial Results and Quarterly Dividend
Earnings per diluted share of $0.55; $0.67 on an adjusted(1) basisReturn on average assets of 1.17%; 1.42% 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; $0.67 on an adjusted(1) basisReturn on average assets of 1.17%; 1.42% on an adjusted(1) basisNet interest margin on FTE basis(1) of 4.08%Noninterest income of $45.7 million; $58.8 million on an adjusted(1) basisAverage deposit growth of $166.2 million; 4.9% on an annualized basis1.37% ACL ratio to total loans; Net charge-offs 0.25% of total loans Tangible book value increased 10.2% from linked quarter to $14.26Board of Directors approved quarterly dividend of $0.24 CINCINNATI, Oct. 24, 2024 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) (\"First Financial\" or the \"Company\") announced financial results for the three and nine months ended September 30, 2024. \n\nFor the three months ended September 30, 2024, the Company reported net income of $52.5 million, or $0.55 per diluted common share. These results compare to net income of $60.8 million, or $0.64 per diluted common share, for the second quarter of 2024. For the nine months ended September 30, 2024, First Financial had earnings per diluted share of $1.74 compared to $2.12 for the same period in 2023.\nReturn on average assets for the third quarter of 2024 was 1.17% while return on average tangible common equity was 16.29%(1). These compare to return on average assets of 1.38% and return on average tangible common equity of 20.57%(1) in the second quarter of 2024.\nThird quarter 2024 highlights include:\nNet interest margin of 4.05%, or 4.08% on a fully tax-equivalent basis(1)2 bp decline from second quarter, better than initial expectationsSlight increase in cost of deposits offset by favorable shift in funding mix; Asset yields flat compared to prior quarterNoninterest income of $45.7 million, or $58.8 million as adjusted(1)Adjustments include:$17.5 million loss on securities; includes $9.7 million of impairment losses and $8.0 million loss on sales from restructuring activities$4.4 million deferred tax gainStrong results from foreign exchange, wealth management, and leasing businessesNoninterest expenses of $125.8 million, or $124.7 million as adjusted(1); 1.8% increase from linked quarterThird quarter adjustments(1) include $0.4 million of efficiency related costs and $0.7 million of other costs such as acquisition, severance and branch consolidation costsIncrease driven by $1.8 million increase in leasing business expenses...