First Financial Bancorp. · NASDAQ:FFBC
First Financial Bancorp — Merger or Acquisition (August 2009)
12 slides from First Financial Bancorp's merger presentation, Aug 3, 2009
Slide 1: First Financial Bancorp Investor Presentation
Exhibit 99.3 First Financial Bancorp Investor Presentation Assumption of Deposits and Acquisition of Assets of Peoples Community Bank from the FDIC August 2009
Slide 2: Forward-Looking Statement Disclosure
Forward-Looking Statement Disclosure This presentation should be read in conjunction with the consolidated financial statements, notes and tables in First Financial Bancorp’s most recent Annual Report on Form 10-K for the year ended December 31, 2008. Management’s analysis contains forward-looking s
Slide 3: Transaction Overview
Transaction Overview Addition of up to 19 banking centers in Cincinnati MSA announced July 31, 2009 via assumption of deposits and purchase of assets from the FDIC Consistent with First Financial's stated and conservative strategy First Financial will have the 4th largest branch network in the Cinci
Slide 4: Transaction Overview
Transaction Overview 1.5% deposit premium Deposit premium of approximately $8.0 million Some core deposit premium intangible may be recorded after fair market value accounting applied $42 million discount on assets Loss-sharing agreement with FDIC $0 First Loss Position for FFBC Loss-sharing with th
Slide 5: Acquisition Highlights
Acquisition Highlights Low risk transaction Loss sharing arrangement provides significant protection on the acquired loan and foreclosed real estate portfolio. The transaction structure results in immediate loss sharing with the FDIC. Due diligence over lengthy period of time (and during stressful e
Slide 6: Growth-Market Expansion
Growth-Market Expansion Considerably enhances First Financial’s presence in the attractive Cincinnati MSA New with this transaction First Financial PCB Branches Source: SNL Financial and FDIC Note: Data as of June 30, 2008 6
Slide 7: Deposit Composition
Deposit Composition Total deposits of $538 million Weighted average interest rate 3.06% (based on seller’s book value) Ability to modify rates on CD portfolio at time of assumption Balances and rates as of June 30, 2009 7
Slide 8: Loan Portfolio
Loan Portfolio Total loans of $436 million Weighted average interest rate 5.73% Yield on portfolio may change based on fair value assessment Primarily in-market portfolio 1 Balances and rates as of June 30, 2009 1 “Other” includes church, farm, stock, commercial and personal vehicle loans, unsecured
Slide 9: Transaction Comparison
Transaction Comparison Note All balance sheet items are based on the book balances of the seller. Fair value adjustments will be finalized during the third quarter. Loans Deposits Total loans Risk weighted loans 5.73% WAR 3.06% WAR 5.98% WAR 2.52% WAR $436 $538 64% Time $310 46% Time deposits $261 $
Slide 10: Investment Highlights
Investment Highlights Summary: This transaction leverages current market conditions and First Financial’s capital and competitive strength to accelerate the company’s key-market growth strategy Very attractive transaction First Financial expands its banking center network in the Cincinnati MSA by 50
Slide 11: Pro Forma Performance Metrics
Pro Forma Performance Metrics 1 Estimated Pro Forma 2 Stand Alone Irwin & Other June 30, 2009 PCB Only Adjustments Capital Ratios Tang. Common Equity / Tang. Assets 9.06% 7.98% 8.00% Tang. Equity / Tang. Assets 11.14% 9.77% 9.79% Tier I Capital Ratio 14.77% 14.44% 14.26% Total Capital Ratio 16.02% 1
Slide 12: Another step on the path to success
Another step on the path to success
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