In Brief: Ohio's 1st Financial Says Net Sank 72%

First Financial Bancorp of Hamilton, Ohio, reported Friday that fourth-quarter earnings dropped 72% from a year earlier, to $2.8 million.

Diluted earnings per share sank 70%, to 7 cents, missing the average of analysts' estimates by 12 cents.

The $3.7 billion-asset company attributed the drop to a $6.5 million securities impairment charge, a $2.6 million restructuring and executive-severance charge, and a $1 million provision expense.

First Financial's loan-loss provision was $3 million, compared with a credit of $587,000 a year earlier. The company said that the recent change in the bankruptcy laws caused net chargeoffs to jump 60%, to $2.6 million.