Ohio
(State
or other jurisdiction
of
incorporation)
|
0-12379
(Commission
File Number)
|
31-1042001
(IRS
Employer
Identification
No.)
|
4000
Smith Road
Cincinnati,
Ohio
(Address
of principal executive offices)
|
45209
(Zip
Code)
|
r
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
r
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
r
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
r
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Form 8-K | First Financial Bancorp. |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||||||
Sep.
30,
|
June
30,
|
Mar.
31,
|
Dec.
31,
|
Sep.
30,
|
Sep.
30,
|
|||||||||||||||||||||||
2009
|
2009
|
2009
|
2008
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||
Net
interest income
|
$ | 37,455 | $ | 31,209 | $ | 30,928 | $ | 30,129 | $ | 29,410 | $ | 99,592 | $ | 86,073 | ||||||||||||||
Tax
equivalent adjustment
|
300 | 307 | 363 | 360 | 424 | 970 | 1,448 | |||||||||||||||||||||
Net
interest income - tax equivalent
|
$ | 37,755 | $ | 31,516 | $ | 31,291 | $ | 30,489 | $ | 29,834 | $ | 100,562 | $ | 87,521 | ||||||||||||||
Average
earning assets
|
4,144,429 | 3,483,796 | 3,482,645 | 3,267,525 | 3,180,290 | 3,708,643 | 3,087,925 | |||||||||||||||||||||
Net
interest margin*
|
3.59 | % | 3.60 | % | 3.61 | % | 3.67 | % | 3.68 | % | 3.59 | % | 3.72 | % | ||||||||||||||
Net
interest margin (fully tax equivalent)*
|
3.61 | % | 3.64 | % | 3.65 | % | 3.71 | % | 3.73 | % | 3.63 | % | 3.79 | % | ||||||||||||||
* Margins
are calculated using net interest income annualized divided by average
earning assets.
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||||||||||||
Sep.
30,
|
June
30,
|
Mar.
31,
|
Dec.
31,
|
Sep.
30,
|
Sep.
30,
|
|||||||||||||||||||||||
2009
|
2009
|
2009
|
2008
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
(Dollars
in thousands, except per share data)
|
||||||||||||||||||||||||||||
Net
income available to common shareholders (a)
|
$ | 225,187 | $ | 450 | $ | 5,157 | $ | 2,084 | $ | 5,732 | $ | 230,794 | $ | 20,878 | ||||||||||||||
Average
total shareholders' equity
|
$ | 459,809 | $ | 379,944 | $ | 350,857 | $ | 286,582 | $ | 276,594 | $ | 397,269 | $ | 277,401 | ||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Average
Preferred stock
|
(78,221 | ) | (78,126 | ) | (78,038 | ) | (7,805 | ) | - | (78,129 | ) | - | ||||||||||||||||
Goodwill
|
(46,931 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (46,931 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,105 | ) | (465 | ) | (500 | ) | (1,002 | ) | (872 | ) | (7,105 | ) | (872 | ) | ||||||||||||||
Average
tangible common equity (b)
|
327,552 | 273,092 | 244,058 | 249,514 | 247,461 | 265,104 | 248,268 | |||||||||||||||||||||
Add
back: Average preferred stock
|
78,221 | 78,126 | 78,038 | 7,805 | 0 | 78,129 | 0 | |||||||||||||||||||||
Average
tangible shareholders' equity (c)
|
405,773 | 351,218 | 322,096 | 257,319 | 247,461 | 343,233 | 248,268 | |||||||||||||||||||||
Total
shareholders' equity
|
671,247 | 446,636 | 353,760 | 348,327 | 277,220 | 671,247 | 277,220 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Preferred
stock
|
(78,271 | ) | (78,173 | ) | (78,075 | ) | (78,019 | ) | - | (78,271 | ) | - | ||||||||||||||||
Goodwill
|
(46,931 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (46,931 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,105 | ) | (465 | ) | (500 | ) | (1,002 | ) | (872 | ) | (7,105 | ) | (872 | ) | ||||||||||||||
Tangible
common equity (d)
|
538,940 | 339,737 | 246,924 | 241,045 | 248,087 | 538,940 | 248,087 | |||||||||||||||||||||
Add
back: Preferred stock
|
78,271 | 78,173 | 78,075 | 78,019 | 0 | 78,271 | 0 | |||||||||||||||||||||
Tangible
shareholders' equity (e)
|
617,211 | 417,910 | 324,999 | 319,064 | 248,087 | 617,211 | 248,087 | |||||||||||||||||||||
Total
assets
|
7,259,902 | 3,783,353 | 3,809,196 | 3,699,142 | 3,511,676 | 7,259,902 | 3,511,676 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Goodwill
|
(46,931 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (46,931 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,105 | ) | (465 | ) | (500 | ) | (1,002 | ) | (872 | ) | (7,105 | ) | (872 | ) | ||||||||||||||
Ending
tangible assets (f)
|
7,205,866 | 3,754,627 | 3,780,435 | 3,669,879 | 3,482,543 | 7,205,866 | 3,482,543 | |||||||||||||||||||||
Risk-weighted
assets (g)
|
4,020,401 | 3,076,042 | 2,951,721 | 2,878,548 | 2,800,753 | 4,020,401 | 2,800,753 | |||||||||||||||||||||
Total
average assets
|
4,496,327 | 3,784,458 | 3,777,510 | 3,566,051 | 3,476,648 | 4,022,064 | 3,379,343 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Goodwill
|
(46,931 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (46,931 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,105 | ) | (465 | ) | (500 | ) | (1,002 | ) | (872 | ) | (7,105 | ) | (872 | ) | ||||||||||||||
Average
tangible assets (h)
|
4,442,291 | 3,755,732 | 3,748,749 | 3,536,788 | 3,447,515 | 3,968,028 | 3,350,210 | |||||||||||||||||||||
Ending
common shares outstanding (i)
|
51,431,422 | 51,434,346 | 37,474,422 | 37,481,201 | 37,476,607 | 51,431,422 | 37,476,607 |
Ratios
|
||||||||||||||||||||||||||||
Return
on average tangible common shareholders' equity (a)/(b)
|
272.75 | % | 0.66 | % | 8.57 | % | 3.32 | % | 9.21 | % | 116.40 | % | 11.23 | % | ||||||||||||||
Ending
tangible common equity as a percent of:
|
||||||||||||||||||||||||||||
Ending
tangible assets (d)/(f)
|
7.48 | % | 9.06 | % | 6.54 | % | 6.57 | % | 7.13 | % | 7.48 | % | 7.13 | % | ||||||||||||||
Risk-weighted
assets (d)/(g)
|
13.41 | % | 11.05 | % | 8.38 | % | 8.37 | % | 8.86 | % | 13.41 | % | 8.86 | % | ||||||||||||||
Average
tangible common equity as a percent
|
||||||||||||||||||||||||||||
of
average tangible assets (b)/(h)
|
7.37 | % | 7.27 | % | 6.51 | % | 7.05 | % | 7.18 | % | 6.68 | % | 7.41 | % | ||||||||||||||
Tangible
book value per common share (d)/(i)
|
$ | 10.48 | $ | 6.61 | $ | 6.59 | $ | 6.43 | $ | 6.62 | $ | 10.48 | $ | 6.62 | ||||||||||||||
Ending
tangible shareholders' equity to
|
||||||||||||||||||||||||||||
ending
tangible assets (e)/(f)
|
8.57 | % | 11.14 | % | 8.60 | % | 8.70 | % | 7.13 | % | 8.57 | % | 7.13 | % | ||||||||||||||
Average
tangible shareholders' equity to
|
||||||||||||||||||||||||||||
average
tangible assets (c)/(h)
|
9.13 | % | 9.35 | % | 8.59 | % | 7.28 | % | 7.18 | % | 8.65 | % | 7.41 | % |
(c)
|
Exhibits:
|
2.1
|
Second
Amendment to Purchase and Assumption
Agreement
|
99.1
|
First
Financial Bancorp. Press Release dated November 5,
2009.
|
99.2
|
First
Financial Bancorp. November 6, 2009 Earnings Call
slides.
|
FIRST
FINANCIAL BANCORP.
|
|||
|
By:
|
/s/ J. Franklin Hall | |
J. Franklin Hall | |||
Executive
Vice President and
Chief Financial Officer
|
|||
Form 8-K | First Financial Bancorp. |
Exhibit
No.
|
Description |
2.1
|
Second Amendment to Purchase and Assumption Agreement |
99.1
|
First
Financial Bancorp. Press Release dated November 5,
2009.
|
99.2
|
First
Financial Bancorp. November 6, 2009 Earnings Call
slides.
|