First Financial Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 21, 2016 at 04:19 pm
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First Financial Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net income of $19,820,000 or $0.32 per diluted common share compared to net income was $18,599,000 or $0.30 per diluted common share in 2014. Return on average assets was 0.99%. Return on average tangible common equity was 12.98%. Tangible book value per share as on December 31, 2015 was $9.69. Net interest income was $66,083,000 compared to $61,139,000 a year ago. Income before income taxes was $28,754,000 compared to $26,367,000 a year ago. Return on average shareholders' equity was 9.62% compared to 9.46% a year ago.
For the year, the company reported net income of $75,063,000 or $1.21 per diluted common share compared to net income was $65,000,000 or $1.09 per diluted common share in 2014. Return on average assets was 1.00%. Return on average tangible common equity was 12.66%. Net interest income was $246,502,000 compared to $228,625,000 a year ago. Income before income taxes was $110,933,000 compared to $95,028,000 a year ago. Return on average shareholders' equity was 9.33% compared to 8.94% a year ago.
For the fourth quarter, net charge-offs totaled $1.8 million, a decrease of $0.4 million, or 17.9% compared to the linked quarter, and were 0.14% of average loans on an annualized basis.
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 Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015