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First Financial Bancorp (FFBC) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

First Financial Bancorp

CIK: 708955 Ticker: FFBC

EXHIBIT 99.1
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First Financial Bancorp Announces First Quarter 2018 Results
 
First Quarter 2018 Earnings per Diluted Share Increased 26% from First Quarter 2017

Cincinnati, Ohio - April 19, 2018 - First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the
first quarter 2018. For the three months ended March 31, 2018, the Company reported net income of $30.5 million, or $0.49 per diluted common share. These results compare to net income of $24.8 million, or $0.40 per diluted common share, for the fourth quarter of 2017 and $24.4 million, or $0.39 per diluted common share, for the first quarter of 2017.

Return on average assets for the first quarter of 2018 was 1.40% while return on average tangible common equity was 17.17%. These compare to a return on average assets of 1.13% and return on average tangible common equity of 13.85% in the fourth quarter of 2017 and a return on average assets of 1.18% and a return on average tangible common equity of 14.98% in the first quarter of 2017.

First quarter 2018 highlights include:

Reported net income of $0.49 per diluted common share, 1.40% return on average assets and 17.17% return on average tangible common equity
Adjusted net income of $0.52 per share, 1.49% return on average assets and 18.24% return on avergage tangible common equity as detailed in the accompanying slide presentation

Net interest income of $75.8 million, a $0.2 million increase compared to the linked quarter
Net interest margin increased 5 basis points from the linked quarter to 3.80% on a GAAP basis, 3.84% on a fully tax equivalent basis

Noninterest expenses of $52.3 million, or $49.9 million as adjusted
Efficiency ratio of 56.4% for the first quarter; 53.8% as adjusted
    
Loan balances increased $88.8 million, or 6.0% on an annualized basis compared to the linked quarter

Stable credit performance with provision expense of $2.3 million; annualized net charge-offs of 13 basis points as a percentage of average loans

Full detail of the Company’s first quarter performance is provided in the accompanying financial statements and slide presentation, which also includes a reconciliation of adjusted financial results. First quarter 2018 financial highlights for MainSource Financial Group, Inc. are also included in the accompanying slide presentation.

Claude Davis, Executive Chairman, commented, “We are extremely pleased with our strong first quarter performance, representing our 110th consecutive quarter of profitability and top-quartile level returns. We are also excited about our recent merger with MainSource which closed on April 1st. We welcome

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The following information was filed by First Financial Bancorp (FFBC) on Thursday, April 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate First Financial Bancorp's financial trajectory

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First Financial Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity Consolidated Statements Of Changes In Shareholders Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income Amount Reclassified From Accumulated Other Comprehensive Income (details)
Allowance For Loan And Lease Losses
Allowance For Loan And Lease Losses (tables)
Allowance For Loan And Lease Losses - Changes In The Allowance For Loan And Lease Losses (details)
Basis Of Presentation
Borrowings
Borrowings (tables)
Borrowings - Schedule Of Long-term Debt (details)
Borrowings Borrowings - - Additional Information (details)
Business Combination Business Combination - Additional Information - Narrative (details)
Business Combination Business Combination With Mainsource Financial Group
Commitments And Contingencies
Commitments And Contingencies (details)
Derivatives
Derivatives (tables)
Derivatives - Additional Information (details)
Derivatives - Derivative Financial Instruments, Average Remaining Maturity And The Weighted-average Interest Rates Being Paid And Received (details)
Derivatives - Summary Of Derivative Financial Instruments And Balances (details)
Derivatives Derivatives - Disclosure By Type Of Financial Instrument (details)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share - Additional Information (details)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (details)
Employee Benefit Plans
Employee Benefit Plans (tables)
Employee Benefit Plans - Additional Information (details)
Employee Benefit Plans Employee Benefit Plans - Employee Benefit Plan Amounts Recognized In The Consolidated Balance Sheets And Consolidated Statements Of Income (details)
Fair Value Disclosures
Fair Value Disclosures (tables)
Fair Value Disclosures - Estimated Fair Values Of Financial Instruments (details)
Fair Value Disclosures - Summary Of Financial Assets And Liabilities Measure At Fair Value On A Recurring Basis (details)
Fair Value Disclosures - Summary Of Financial Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets--additional Information (details)
Income Taxes
Income Taxes (details)
Investments
Investments (tables)
Investments - Age Of Gross Unrealized Losses And Associated Fair Value By Investment Category (details)
Investments - Summary Of Held-to-maturity And Available-for-sale Investment Securities (details)
Investments - Summary Of Investment Securities By Estimated Maturity (details)
Investments Investments - Additional Information (details)
Loans And Leases
Loans And Leases (tables)
Loans And Leases - Additional Information (details)
Loans And Leases - Changes In Other Real Estate Owned (details)
Loans And Leases - Commercial And Consumer Credit Exposure By Risk Attribute (details)
Loans And Leases - Investment In Impaired Loans (details)
Loans And Leases - Loan Delinquency, Including Nonaccrual Loans (details)
Loans And Leases - Nonaccrual, Restructured And Impaired Loans (details)
Loans And Leases - Restructured Loans (details)
Recently Adopted And Issued Accounting Standards
Recently Adopted And Issued Accounting Standards Recently Adopted And Issued Accounting Standards - Additional Information (details)
Revenue Recognition Revenue Recognition
Revenue Recognition Revenue Recognition (details)
Summary Of Significant Accounting Policies (policies)
Ticker: FFBC
CIK: 708955
Form Type: 10-Q Quarterly Report
Accession Number: 0000708955-18-000056
Submitted to the SEC: Mon May 07 2018 4:15:37 PM EST
Accepted by the SEC: Mon May 07 2018
Period: Saturday, March 31, 2018
Industry: National Commercial Banks

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