First Financial Bancorp. · NASDAQ:FFBC
First Financial Bancorp — Merger or Acquisition (December 2013)
11 slides from First Financial Bancorp's merger presentation, Dec 20, 2013
Slide 1: First Financial Bancorp Acquisitions of The First Bexley Bank and Insight Bank
First Financial Bancorp Acquisitions of The First Bexley Bank and Insight Bank December 20, 2013 EXHIBIT 99.2
Slide 2: Forward Looking Statement
2 Forward Looking Statement Certain statements contained in this release which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act (the ‘‘Act’’). Such statements include certain plans, expectations, goals, pro
Slide 3: Rationale for Transactions
3 Rationale for Transactions Strategically Attractive Partnerships Provides strong entrance to the attractive Columbus, Ohio market Immediately positions First Financial as one of the largest community banks in the market Successful and profitable franchises with similar values and client-focused ap
Slide 4: Transaction Overview
4 Transaction Overview The First Bexley Bank Insight Bank Deal Value $44.5 million $36.6 million Consideration1 Fixed price of $30.50 per common share 80% stock / 20% cash For explanatory purposes: exchange ratio of 1.473 shares of First Financial (2,035,000 shares) Options are cashed out Fixed pric
Slide 5: Transaction Assumptions
5 Transaction Assumptions The First Bexley Bank Insight Bank Loan Mark Assumptions Credit mark of 1.75% on total gross loans, or $4.5 million Interest rate mark of $3.2 million Credit mark of 1.75% on total gross loans, or $2.9 million Interest rate mark of $4.7 million Cost Savings 20% of nonintere
Slide 6: Entrance to the Columbus, Ohio Market
6 Entrance to the Columbus, Ohio Market First Financial First Bexley Insight Bank Third fastest growing metropolitan market in the Midwest Population of 1.9 million with projected growth of 4.3% through 2017 – highest in Ohio Diverse economy anchored by 15 Fortune 1000 companies Pro Forma Deposit Ma
Slide 7: Historical Financial Performance
7 Historical Financial Performance The First Bexley Bank Insight Bank As of or for the twelve months Year to date As of or for the twelve months Year to date ended December 31 September 30 ended December 31 September 30 (Dollars in millions) 2011 2012 2013 1 2011 2012 2013 1 Selected balance sheet a
Slide 8: Transaction Pricing and Financial Impact
8 Transaction Pricing and Financial Impact The First Insight (Dollars in millions, except per share amounts) Bexley Bank Bank Transaction Pricing: Price per share $30.50 $20.50 Total transaction value $44.5 $36.6 Tangible book value per share $16.45 $12.35 Price per share / tangible book value per s
Slide 9: Pro Forma Balance Sheet and Capital Ratios
9 Pro Forma Balance Sheet and Capital Ratios As of September 30, 2013 First Financial The First Insight Pro (Dollars in millions, except per share amounts) Bancorp Bexley Bank Bank Forma 1 Selected balance sheet amounts: Total assets $6,253.4 $295.4 $200.2 $6,750.4 Uncovered loans 3,430.9 259.4 165.
Slide 10: Summary of Transactions
10 Summary of Transactions Entering the growth-oriented Columbus market through the acquisition of two highly successful institutions with similar client-focused business models to First Financial Strong business development teams will have access to greater resources, higher lending limits and wide
Slide 11: First Financial Bancorp Acquisitions of The First Bexley Bank and Insight Bank
First Financial Bancorp Acquisitions of The First Bexley Bank and Insight Bank December 20, 2013
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