First Financial releases 1st quarter results

First Financial Bancorp information

CINCINNATI — First Financial Bancorp has announced its financial and operational results for the first quarter of 2015.

First quarter net income was $17.6 million and earnings per diluted common share was 29 cents. This compares with fourth-quarter income of $18.6 million and earnings per diluted common share of 30 cents, and first quarter 2014 net income of $15.1 million and earnings per diluted common share of 26 cents.

Some highlights of the quarter:

The bank announced solid quarterly performance:

• Return on average assets of .99 percent
• Return on average shareholders’ equity of 9.06 percent
• Return on average tangible common equity of 11.12 percent
• Net interest of 3.67 percent on a fully tax equivalent basis

Strong fee income growth as noninterest expenses decreased $1.6 million, or 3.2 percent.

First quarter average loans increased $800.2 million or 20.2 percent, over the same period last year.

Robust real estate construction lending during the first quarter. New commitments of $121.1 million during the quarter, the bulk of which has not yet funded.

First quarter average deposits increased $855.9 million, or 17.9 percent, over the same period last year.

The board of directors has authorized a quarterly dividend of 16 cents per common share for the next regularly scheduled dividend, payable on July 1 to shareholders of record as of May 29.