first financial bancorp (FFBC) Snapshot

First Financial Bancorp. announced unaudited consolidated financial results for the first quarter ended March 31, 2013. First quarter 2013 net income was $13.8 million and earnings per diluted common share were $0.24. This compares with fourth quarter 2012 net income of $16.3 million and earnings per diluted common share of $0.28 and first quarter 2012 net income of $17.0 million and earnings per diluted common share of $0.29. During the quarter, the company incurred certain pre-tax expenses resulting from its efficiency initiative and other staffing-related changes of $2.9 million. Net interest income for the first quarter 2013 was $58.7 million as compared to $62.0 million for the fourth quarter 2012 and $66.7 million for the year-over-year period. Compared to the linked quarter, total interest income declined $4.1 million, or 6.1%, and total interest expense declined $0.8 million, or 14.0%. Total interest income was $63,509,000 against $75,097,000 for the same period of last year. Income before income taxes was $20,175,000 against $26,627,000 for the same period of last year. Return on average assets was 0.88% against 1.05% for the same period of last year. Return on average shareholders' equity was 7.91% against 9.67% for the same period of last year. Book value per share was $12.09 against $12.21 a year ago period. For the first quarter 2013, net charge-offs declined significantly to $2.5 million, or 52.6%, compared to the linked quarter driven primarily by reductions in commercial real estate and home equity charge-offs. Items driving net charge-offs for the quarter included three commercial real estate credits totaling $0.8 million and two commercial credits totaling $0.7 million, none of which were individually significant. The level of net charge offs during the quarter as the 53% decline compared to the linked quarter resulted in net charge offs to average loan balances of 32 basis points, which is lowest level since the fourth quarter of 2007. The board of directors has authorized a regular dividend of $0.15 per common share and a variable dividend of $0.09 per common share for the next regularly scheduled dividend, payable on July 1, 2013 to shareholders of record as of May 31, 2013. This is a continuation of the 100% dividend payout ratio first announced in the second quarter 2011 and is expected to continue through 2013 unless the Company's capital position materially changes or capital deployment opportunities arise.

First Financial Bancorp. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on Apr 24, 2013

First Financial Bancorp., Q1 2013 Earnings Call, Apr 25, 2013