Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
FFBC > SEC Filings for FFBC > Form 8-K on 25-Jul-2013All Recent SEC Filings

Show all filings for FIRST FINANCIAL BANCORP /OH/ | Request a Trial to NEW EDGAR Online Pro

Form 8-K for FIRST FINANCIAL BANCORP /OH/


25-Jul-2013

Results of Operations and Financial Condition


Item 2.02 Results of Operations and Financial Condition.

On July 25, 2013, First Financial Bancorp. issued its earnings press release that included the results of operations and financial condition for the first six months and second quarter of 2013. 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                                 Six Months Ended
                                   June 30,      Mar. 31,      Dec. 31,      Sep. 30,      June 30,               June 30,
(Dollars in thousands)               2013          2013          2012          2012          2012            2013          2012
Net interest income              $    58,078   $    58,666   $    61,976   $    59,846   $    64,830     $   116,744   $   131,519
Tax equivalent adjustment                514           477           366           255           216             991           434
  Net interest income - tax
equivalent                       $    58,592   $    59,143   $    62,342   $    60,101   $    65,046     $   117,735   $   131,953

Average earning assets           $ 5,791,715   $ 5,887,810   $ 5,779,969   $ 5,658,059   $ 5,813,267     $ 5,839,497   $ 5,881,709

Net interest margin*                    4.02 %        4.04 %        4.27 %        4.21 %        4.49 %          4.03 %        4.50 %
Net interest margin (fully tax
equivalent)*                            4.06 %        4.07 %        4.29 %        4.23 %        4.50 %          4.07 %        4.51 %

* 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                                 Six Months Ended
                                   June 30,      Mar. 31,      Dec. 31,      Sep. 30,      June 30,               June 30,
                                     2013          2013          2012          2012          2012            2013          2012
                                             (Dollars in thousands, except per share data)
Net income (a)                   $    15,829   $    13,824   $    16,265   $    16,242   $    17,802     $    29,653   $    34,796

Average total shareholders'
equity                           $   703,804   $   708,862   $   714,373   $   716,797   $   717,111     $   706,319   $   711,829
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (95,050 )       (95,050 )     (95,050 )
Intangible assets                     (6,620 )      (7,078 )      (7,648 )      (8,327 )      (9,195 )        (6,620 )      (9,195 )
Average tangible equity (b)          602,134       606,734       611,675       613,420       612,866         604,649       607,584

Total shareholders' equity           695,452       701,614       710,425       715,966       716,788         695,452       716,788
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (95,050 )       (95,050 )     (95,050 )
Intangible assets                     (6,620 )      (7,078 )      (7,648 )      (8,327 )      (9,195 )        (6,620 )      (9,195 )
Ending tangible equity (c)           593,782       599,486       607,727       612,589       612,543         593,782       612,543

Total assets                       6,274,575     6,349,017     6,497,048     6,235,087     6,282,677       6,274,575     6,282,677
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (95,050 )       (95,050 )     (95,050 )
Intangible assets                     (6,620 )      (7,078 )      (7,648 )      (8,327 )      (9,195 )        (6,620 )      (9,195 )
Ending tangible assets (d)         6,172,905     6,246,889     6,394,350     6,131,710     6,178,432       6,172,905     6,178,432

Risk-weighted assets (e)           4,093,644     3,982,479     3,904,096     3,789,957     3,737,920       4,093,644     3,737,920

Total average assets               6,310,602     6,391,049     6,294,084     6,166,667     6,334,973       6,350,604     6,406,952
Less:
Goodwill                             (95,050 )     (95,050 )     (95,050 )     (95,050 )     (95,050 )       (95,050 )     (95,050 )
Intangible assets                     (6,620 )      (7,078 )      (7,648 )      (8,327 )      (9,195 )        (6,620 )      (9,195 )
Average tangible assets (f)        6,208,932     6,288,921     6,191,386     6,063,290     6,230,728       6,248,934     6,302,707

Ending common shares outstanding
(g)                               57,698,344    58,028,923    58,046,235    58,510,916    58,513,393      57,698,344    58,513,393

Ratios
Return on average tangible
shareholders' equity (a)/(b)           10.54 %        9.24 %       10.58 %       10.53 %       11.68 %          9.89 %       11.52 %
Ending tangible shareholders' equity as a
percent of:
Ending tangible assets (c)/(d)          9.62 %        9.60 %        9.50 %        9.99 %        9.91 %          9.62 %        9.91 %
Risk-weighted assets (b)/(e)           14.50 %       15.05 %       15.57 %       16.16 %       16.39 %         14.50 %       16.39 %
Average tangible shareholders'
equity of average tangible
assets (b)/(f)                          9.70 %        9.65 %        9.88 %       10.12 %        9.84 %          9.68 %        9.64 %
Tangible book value per share
(c)/(g)                          $     10.29   $     10.33   $     10.47   $     10.47   $     10.47     $     10.29   $     10.47

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 July 25, 2013 - Furnished.
99.2 First Financial Bancorp. July 26, 2013 Earnings Call slides - Furnished.


  Add FFBC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for FFBC - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.