Fri. Nov 15th, 2019

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FFBC: 1st-Financial Bancorp. (Nasdaq: FFBC)

2 min read

1st-Financial Bancorp. (Nasdaq: FFBC) declared fiscal results for the 3rd-quarter 2k19.

For the three months finished September 30, 2k19, the Company stated net income of $50.90M, or $0.510 for each diluted common share. These results compare to net income of $52.70M, or $0.530 for each diluted common share, for the 2nd-quarter of 2k19 and $50.70M, or $0.510 for each diluted common share, for the 3rd-quarter of 2k18.

Income before taxes was negatively influenced by $5.20M of severance and merger-related items and $0.70M of branch consolidation costs, which combined to reduce earnings for each diluted common share by $0.050 after income taxes. For the nine months finished September 30, 2k19, 1st-Financial had earnings for each diluted common share of $1.510 contrast to $1.360 for the similar duration in 2k18.

Return on average assets for the 3rd-quarter of 2k19 was 1.410 percent while return on average tangible common equity was 16.15 percent. These compare to returns on average assets of 1.50 percent and 1.450 percent, and returns on average tangible common equity of 17.330 percent and 18.520 percent, in the 2nd-quarter of 2k19 and the 3rd-quarter of 2k18, respectively.

3rd-quarter 2k19 highlights include:

  • After adjustments(1) for merger-related and nonrecurring items:
    • Net income of $0.560 for each diluted common share
    • 1.540 percent return on average assets; 17.63 percent return on average tangible common equity
  • Loan balances grew 3.70 percent on an annualized basis
    • $82.90M incline contrast to the linked quarter
  • Net interest margin of 3.960 percent on a fully tax-equivalent basis(1)
    • 8 basis point reduction from the linked quarter driven by lower asset yields
  • Noninterest income of $33.10M
    • Positively influenced by acquisition of Bannockburn, strong mortgage banking income, and sustained client derivative and service charge income; combined to mostly offset the impact from Durbin
  • Noninterest costs of $86.20M, or $80.30M as adjusted(1)
    • Efficiency ratio of 55.70 percent; 52.00 percent as adjusted(1)
  • ALLL declined to $56.60M, or 0.620 percent of loans; Improvement in nonperforming and classified asset levels; elevated net charge-offs related to formerly talked about franchise relationships
  • Strong capital ratios
    • Total capital of 13.64 percent; Tier 1 common equity of 11.53 percent; Tangible common equity of 9.170 percent
    • Tangible book value reduced to $12.330

 

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