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First Financial Bancorp (FFBC) in Cincinnati gave investors a sneak peek at its fourth-quarter results while announcing a key management shift.
January 18 -
The $6.2 billion-asset First Financial Bancorp (FFBC) will close 10 branches to cut costs, according to a report.
November 20 -
First Financial Bancorp announced plans to trim its expense base by $17.1 million over the next year.
October 25 -
First Financial in Cincinnati instituted a full pay-out of earnings in August. Although investors were happy with the move, the company has been swarmed with questions over how long it plans to keep the payout. Last week, the company committed to it until the end of 2013.
April 30
A reduced reimbursement from regulators weighed on quarterly results at First Financial (FFBC) in Cincinnati.
Earnings at the $6.4 billion-asset company fell 19% from a year earlier, to $13.8 million, or 24 cents a share.
Net interest income fell 12% from the first quarter of 2012, to $58.7 million. The net interest margin compressed 47 basis points from a year earlier, to 4.04%.
Noninterest income fell 16% from a year earlier, to $26.7 million, primarily because of a lower payout from the Federal Deposit Insurance Corp. as part of agreements to share losses on loans that First Financial bought in 2009 from two failed institutions: Peoples Community Bank in West Chester, Ohio, and Irwin Union Bank in Louisville, Ky.
Noninterest expense fell 5% from a year earlier, to $53.1 million.
First Financial's loan portfolio grew 7% from a year earlier, to $3.2 billion. Net chargeoffs fell 61% from a year earlier.
