First Financial Bancorp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Regular Dividend and Variable Dividend Payable on April 1, 2013; Announces Net Charge-Off for the Fourth Quarter of 2012
January 29, 2013 at 04:07 pm
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First Financial Bancorp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, total interest income was $67,605,000 against $74,985,000 for the same period a year ago. Net interest income was $61,976,000 against $65,476,000 for the same period a year ago. Income before income taxes was $25,458,000 against $28,374,000 for the same period a year ago. Net income was $16,265,000 or $0.28 basic and diluted per share against $17,941,000 or $0.31 basic and diluted per share for the same period a year ago. Return on average assets was 1.03% against 1.09% for the same period a year ago. Return on average shareholders' equity was 9.06% against 9.89% for the same period a year ago.
For the year, total interest income was $280,930,000 against $308,817,000 for the same period a year ago. Net interest income was $61,976,000 against $65,476,000 for the same period a year ago. Income before income taxes was $103,745,000 against $105,039,000 for the same period a year ago. Net income was $67,303,000 or $1.16 basic and diluted per share against $66,739,000 or $1.16 basic and diluted per share for the same period a year ago. Return on average assets was 1.07% against 1.06% for the same period a year ago. Return on average shareholders' equity was 9.43% against 9.37% for the same period a year ago. As of December 31, 2012, tangible book value per common share was $10.47, consistent with September 30, 2012 and compared to $10.41 as of December 31, 2011. The full earnings impact of this growth has been muted due to the interest rate environment but the company has strong, growing commercial and retail sales teams in place that are well positioned to have continued success. Total interest income increased compared to the linked quarter due primarily to higher interest income earned on investment securities and loan P income during the period, including a $2.2 million prepayment fee related to the early payoff of a commercial credit.
The board of directors has authorized a regular dividend of $0.15 per common share and a variable dividend of $0.13 per common share for the next regularly scheduled dividend, payable on April 1, 2013 to shareholders of record as of March 1, 2013.
Net charge-offs on covered loans during the fourth quarter 2012 were $9.0 million compared to $6.1 million for the third quarter 2012, an increase of $2.9 million, or 48.5%.
First Financial Bancorp. is a mid-sized, regional bank holding company. The Company is engaged in the business of commercial banking and other banking and banking-related activities through its wholly owned subsidiary, First Financial Bank (the Bank). The Company provides a range of banking services to individuals and businesses, including commercial lending, real estate lending and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property (one to four family residential housing units) or commercial property (owner-occupied and/or investor income producing real estate). In addition, the Company offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for commercial customers. It also provides a full range of trust and wealth management services through First Financials Wealth Management line of business.
First Financial Bancorp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Declares Regular Dividend and Variable Dividend Payable on April 1, 2013; Announces Net Charge-Off for the Fourth Quarter of 2012