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FFBC > SEC Filings for FFBC > Form 8-K on 25-Oct-2012All Recent SEC Filings

Show all filings for FIRST FINANCIAL BANCORP /OH/

Form 8-K for FIRST FINANCIAL BANCORP /OH/


25-Oct-2012

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.

On October 25, 2012, First Financial Bancorp. issued its earnings press release that included the results of operations and financial condition for the first nine months and third quarter of 2012. A copy of the earnings press release is attached as Exhibit 99.1.

The earnings press release includes some financial measures outside of generally accepted accounting principles (GAAP), referred to as non-GAAP financial measures. The first non-GAAP financial measure, Net interest margin (fully tax equivalent), appears in the table entitled "Consolidated Financial Highlights" under the section "Key Financial Ratios." It also appears in the table entitled "Consolidated Quarterly Statements of Income" under "Additional Data." The second non-GAAP financial measure, Net interest income-tax equivalent, appears in the tables entitled "Additional Data" at the bottom of the "Consolidated Quarterly Statements of Income" page. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

Below is a table showing "net interest income" calculated and presented in accordance with GAAP and the adjustments made to arrive at the non-GAAP financial measure "net interest income - tax equivalent." The table also shows "net interest margin" calculated and presented in accordance with GAAP and the method used to arrive at the non-GAAP financial measure "net interest margin (fully tax equivalent)."

                                                           Three Months Ended                                 Nine Months Ended
                                   Sep. 30,      June 30,      Mar. 31,      Dec. 31,      Sep. 30,               Sep. 30,
(Dollars in thousands)               2012          2012          2012          2011          2011            2012          2011
Net interest income              $    59,846   $    64,830   $    66,689   $    65,476   $    65,218     $   191,365   $   198,420
Tax equivalent adjustment                255           216           218           265           236             689           714
  Net interest income - tax
equivalent                       $    60,101   $    65,046   $    66,907   $    65,741   $    65,454     $   192,054   $   199,134

Average earning assets           $ 5,658,379   $ 5,813,267   $ 5,950,151   $ 6,014,136   $ 5,687,036     $ 5,806,722   $ 5,730,642

Net interest margin*                    4.21 %        4.49 %        4.51 %        4.32 %        4.55 %          4.40 %        4.63 %
Net interest margin (fully tax
equivalent)*                            4.23 %        4.50 %        4.52 %        4.34 %        4.57 %          4.42 %        4.65 %

* Margins are calculated using net interest income annualized divided by average earning assets.

The earnings press release also includes some non-GAAP ratios in the "Consolidated Financial Highlights" page. These ratios are: (1) Return on average tangible shareholders' equity; (2) Ending tangible shareholders' equity as a percent of ending tangible assets; (3) Ending tangible shareholders' equity as a percent of risk-weighted assets; (4) Average tangible shareholders' equity as a percent of average tangible assets; and (5) Tangible book value per share. The Ending tangible shareholders' equity as a percent of ending tangible assets and Average tangible shareholders' equity as a percent of average tangible assets are also shown in the "Regulatory Capital" section of the "Capital Adequacy" page in the earnings release. The following table provides a reconciliation of these ratios to the corresponding GAAP components. The Company considers these critical metrics with which to analyze banks. The ratios have been included in the earnings press release to facilitate a better understanding of the Company's capital structure and financial condition.


                                                           Three Months Ended                                 Nine Months Ended
                                   Sep. 30,      June 30,      Mar. 31,      Dec. 31,      Sep. 30,               Sep. 30,
                                     2012          2012          2012          2011          2011            2012          2011
                                             (Dollars in thousands, except per share data)
Net income (a)                   $    16,242   $    17,802   $    16,994   $    17,941   $    15,618     $    51,038   $    48,798

Average total shareholders'
equity                           $   716,797   $   717,111   $   706,547   $   719,964   $   725,809     $   713,497   $   709,653
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (68,922 )       (95,050 )     (68,922 )
Intangible assets                     (8,327 )      (9,195 )     (10,193 )     (10,844 )      (8,436 )        (8,327 )      (8,436 )
Average tangible equity (b)          613,420       612,866       601,304       614,070       648,451         610,120       632,295

Total shareholders' equity           715,966       716,788       714,693       712,221       727,132         715,966       727,132
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (68,922 )       (95,050 )     (68,922 )
Intangible assets                     (8,327 )      (9,195 )     (10,193 )     (10,844 )      (8,436 )        (8,327 )      (8,436 )
Ending tangible equity (c)           612,589       612,543       609,450       606,327       649,774         612,589       649,774

Total assets                       6,235,087     6,282,677     6,416,568     6,671,511     6,337,729       6,235,087     6,337,729
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (68,922 )       (95,050 )     (68,922 )
Intangible assets                     (8,327 )      (9,195 )     (10,193 )     (10,844 )      (8,436 )        (8,327 )      (8,436 )
Ending tangible assets (d)         6,131,710     6,178,432     6,311,325     6,565,617     6,260,371       6,131,710     6,260,371

Risk-weighted assets (e)           3,789,957     3,737,920     3,711,053     3,645,403     3,518,026       3,789,957     3,518,026

Total average assets               6,166,667     6,334,973     6,478,931     6,515,756     6,136,815       6,326,272     6,207,184
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (68,922 )       (95,050 )     (68,922 )
Intangible assets                     (8,327 )      (9,195 )     (10,193 )     (10,844 )      (8,436 )        (8,327 )      (8,436 )
Average tangible assets (f)        6,063,290     6,230,728     6,373,688     6,409,862     6,059,457       6,222,895     6,129,826

Ending common shares outstanding
(g)                               58,510,916    58,513,393    58,539,458    58,267,054    58,256,136      58,510,916    58,256,136

Ratios
Return on average tangible
shareholders' equity (a)/(b)           10.53 %       11.68 %       11.37 %       11.59 %        9.56 %         11.17 %       10.32 %
Ending tangible shareholders' equity as a
percent of:
Ending tangible assets (c)/(d)          9.99 %        9.91 %        9.66 %        9.23 %       10.38 %          9.99 %       10.38 %
Risk-weighted assets (b)/(e)           16.16 %       16.39 %       16.42 %       16.63 %       18.47 %         16.16 %       18.47 %
Average tangible shareholders'
equity of average tangible
assets (b)/(f)                         10.12 %        9.84 %        9.43 %        9.58 %       10.70 %          9.80 %       10.32 %
Tangible book value per share
(c)/(g)                          $     10.47   $     10.47   $     10.41   $     10.41   $     11.15     $     10.47   $     11.15

First Financial Bancorp also provided electronic presentation slides on its web site used in connection with the earnings conference call. A copy of the electronic presentation slides is included in this Report as Exhibit 99.2.


Item 9.01 Exhibits.

(d) Exhibits:

The following exhibits shall not be deemed to be "filed" for purposes of the Securities Act.

99.1 First Financial Bancorp. Press Release dated October 25, 2012 - Furnished.
99.2 First Financial Bancorp. October 26, 2012 Earnings Call slides - Furnished.


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