First Financial Bancorp of Hamilton, Ohio, said it plans to lay off 200 employees and close 12 branches this year as part of a restructuring plan announced in February.
The $3.5 billion-asset company also said Monday that first-quarter earnings fell 63% from a year earlier, to $3.97 million. Diluted earnings per share fell 60%, to 10 cents, or 4 cents below analysts' estimates.
First Financial attributed the decline to the costs associated with the restructuring plan, which includes consolidating its five charters into one, restructuring its management and business lines, and repositioning its balance sheet.
First Financial said that the 12 branches it is closing are in Ohio, Indiana, and Kentucky. It also said it would sell seven branches in Michigan and southern Indiana.
