First Financial Bancorp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 19, 2017 at 04:15 pm EST
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First Financial Bancorp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total interest income was $78,647,000 against $73,232,000 a year ago. Net interest income was $70,166,000 against $66,083,000 a year ago. Income before income taxes was $34,188,000 against $28,754,000 a year ago. Net income was $23,294,000 against $19,820,000 a year ago. Net earnings per basic and diluted share were $0.38 against $0.32 per diluted share a year ago. Return on average assets was 1.11% against 0.99% a year ago. Return on average equity was 10.73% against 9.62% a year ago. Book value per as at December 31, 2016 was $13.96 against $13.90 as at September 30, 2016. Tangible book value per as at December 31, 2016 was $10.56 against $10.50 as at September 30, 2016.
For the year, total interest income was $305,950,000 against $269,759,000 a year ago. Net interest income was $272,671,000 against $246,502,000 a year ago. Income before income taxes was $130,731,000 against $110,933,000 a year ago. Net income was $88,526,000 against $75,063,000 a year ago. Net earnings per diluted share were $1.43 against $1.21 per diluted share a year ago. Return on average assets was 1.07% against 1.00% a year ago. Return on average equity was 10.48% against 9.33% a year ago.
For the quarter, the company reported total net charge-offs of $2,418,000 against $1,798,000 a year ago.
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, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016