First Financial reports financial results

First Financial Bancorp information

CINCINNATI — First Financial Bancorp announced financial results for the fourth quarter and full year 2015. For the three months ended December 31, 2015, the Company reported net income of $19.8 million, or 32 cents per diluted common share, compared to net income of $18.7 million, or 30 cents per diluted common share, in the third quarter of 2015 and $18.6 million, or 30 cents per diluted common share, in the fourth quarter of 2014.

For the 12 months ended December 31, 2015, the Company reported net income of $75.1 million, or $1.21 per diluted common share, compared to net income of $65.0 million, or $1.09 per diluted common share, in 2014.

Fourth quarter results included approximately $1.0 million of pre-tax, non-operating expenses, which were primarily related to severance benefits accrued during the period. Excluding these items, net income was $20.5 million, or 33 cents per diluted common share, return on average assets was 1.02 percent and return on average tangible common equity was 13.40 percent.

Full year results included approximately $5.0 million of pre-tax, non-operating expenses, which were primarily related to the severance expense noted above, expenses related to the Oak Street acquisition and adjustments to reserves for litigation related items. Excluding these items, net income for the 12 months ended December 31, 2015, was $78.3 million, or $1.27 per diluted common share, return on average assets was 1.04 percent and return on average tangible common equity was 13.20 percent.

Chief Executive Officer Claude Davis noted: “2015 was an exciting year for First Financial. During the year, we celebrated the first anniversary of our expansion into the Columbus market, announced and closed the acquisition of Oak Street, executed a $120 million subordinated debt offering, and marked our 100th consecutive quarter of profitability.

“In addition, we recently unveiled a fresh and exciting new website that enhances product and service delivery to our clients through a more modern online experience,” Davis added. “I am very pleased with our progress toward building a company that can consistently produce top-quartile results.

“Although net interest margin has been constrained by the prolonged low interest rate environment, we believe we are well positioned to take advantage of rising rates and continue to be excited about the growth opportunities throughout our footprint,” he went on to say. “Organic loan growth was strong again during the fourth quarter, Oak Street is performing as expected, and our ability to successfully grow low-cost core deposits continues to provide competitive advantage as we compete for new business.

Davis said that, as First Financial looks forward to another successful year in 2016, the company’s focus remains centered on effectively and efficiently serving the financial needs of its commercial, small business, consumer and wealth management clients.