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. |
Item
2.02
|
Results
of Operations and Financial
Condition.
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||||||||||||||
Dec.
31,
|
Sep.
30,
|
June
30,
|
Mar.
31,
|
Dec.
31,
|
Dec.
31,
|
|||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||
Net
interest income
|
$ | 73,182 | $ | 40,664 | $ | 31,209 | $ | 30,928 | $ | 30,129 | $ | 175,983 | $ | 116,202 | ||||||||||||||
Tax
equivalent adjustment
|
295 | 300 | 307 | 363 | 360 | 1,265 | 1,808 | |||||||||||||||||||||
Net
interest income - tax equivalent
|
$ | 73,477 | $ | 40,964 | $ | 31,516 | $ | 31,291 | $ | 30,489 | $ | 177,248 | $ | 118,010 | ||||||||||||||
Average
earning assets
|
6,265,232 | 4,137,966 | 3,483,796 | 3,482,645 | 3,267,525 | 4,349,473 | 3,133,070 | |||||||||||||||||||||
Net
interest margin*
|
4.63 | % | 3.90 | % | 3.60 | % | 3.61 | % | 3.67 | % | 4.05 | % | 3.71 | % | ||||||||||||||
Net
interest margin (fully tax equivalent)*
|
4.65 | % | 3.93 | % | 3.64 | % | 3.65 | % | 3.71 | % | 4.08 | % | 3.77 | % | ||||||||||||||
* Margins
are calculated using net interest income annualized divided by average
earning assets.
|
Three
Months Ended
|
Twelve
Months Ended
|
|||||||||||||||||||||||||||
Dec.
31,
|
Sep.
30,
|
June
30,
|
Mar.
31,
|
Dec.
31,
|
Dec.
31,
|
|||||||||||||||||||||||
2009
|
2009
|
2009
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
(Dollars
in thousands, except per share data)
|
||||||||||||||||||||||||||||
Net
income available to common shareholders (a)
|
$ | 12,795 | $ | 224,566 | $ | 450 | $ | 5,157 | $ | 2,084 | $ | 242,968 | $ | 22,962 | ||||||||||||||
Average
total shareholders' equity
|
$ | 679,840 | $ | 480,839 | $ | 379,944 | $ | 350,857 | $ | 286,582 | $ | 473,793 | $ | 279,709 | ||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Average
Preferred stock
|
(78,573 | ) | (78,221 | ) | (78,126 | ) | (78,038 | ) | (7,805 | ) | (78,241 | ) | (1,962 | ) | ||||||||||||||
Goodwill
|
(51,908 | ) | (51,908 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (51,908 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,461 | ) | (8,094 | ) | (465 | ) | (500 | ) | (1,002 | ) | (7,461 | ) | (1,002 | ) | ||||||||||||||
Average
tangible common equity (b)
|
541,898 | 342,616 | 273,092 | 244,058 | 249,514 | 336,183 | 248,484 | |||||||||||||||||||||
Add
back: Average preferred stock
|
78,573 | 78,221 | 78,126 | 78,038 | 7,805 | 78,241 | 1,962 | |||||||||||||||||||||
Average
tangible shareholders' equity (c)
|
620,471 | 420,837 | 351,218 | 322,096 | 257,319 | 414,424 | 250,446 | |||||||||||||||||||||
Total
shareholders' equity
|
675,167 | 670,626 | 446,636 | 353,760 | 348,327 | 675,167 | 348,327 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Preferred
stock
|
(79,195 | ) | (78,271 | ) | (78,173 | ) | (78,075 | ) | (78,019 | ) | (79,195 | ) | (78,019 | ) | ||||||||||||||
Goodwill
|
(51,908 | ) | (51,908 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (51,908 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,461 | ) | (8,094 | ) | (465 | ) | (500 | ) | (1,002 | ) | (7,461 | ) | (1,002 | ) | ||||||||||||||
Tangible
common equity (d)
|
536,603 | 532,353 | 339,737 | 246,924 | 241,045 | 536,603 | 241,045 | |||||||||||||||||||||
Add
back: Preferred stock
|
79,195 | 78,271 | 78,173 | 78,075 | 78,019 | 79,195 | 78,019 | |||||||||||||||||||||
Tangible
shareholders' equity (e)
|
615,798 | 610,624 | 417,910 | 324,999 | 319,064 | 615,798 | 319,064 | |||||||||||||||||||||
Total
assets
|
6,681,123 | 7,257,706 | 3,783,353 | 3,809,196 | 3,699,142 | 6,681,123 | 3,699,142 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Goodwill
|
(51,908 | ) | (51,908 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (51,908 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,461 | ) | (8,094 | ) | (465 | ) | (500 | ) | (1,002 | ) | (7,461 | ) | (1,002 | ) | ||||||||||||||
Ending
tangible assets (f)
|
6,621,754 | 7,197,704 | 3,754,627 | 3,780,435 | 3,669,879 | 6,621,754 | 3,669,879 | |||||||||||||||||||||
Risk-weighted
assets (g)
|
3,908,225 | 4,014,662 | 3,076,042 | 2,951,721 | 2,878,548 | 3,908,225 | 2,878,548 | |||||||||||||||||||||
Total
average assets
|
6,863,923 | 4,508,809 | 3,784,458 | 3,777,510 | 3,566,051 | 4,741,514 | 3,426,275 | |||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||
Goodwill
|
(51,908 | ) | (51,908 | ) | (28,261 | ) | (28,261 | ) | (28,261 | ) | (51,908 | ) | (28,261 | ) | ||||||||||||||
Intangible
assets
|
(7,461 | ) | (8,094 | ) | (465 | ) | (500 | ) | (1,002 | ) | (7,461 | ) | (1,002 | ) | ||||||||||||||
Average
tangible assets (h)
|
6,804,554 | 4,448,807 | 3,755,732 | 3,748,749 | 3,536,788 | 4,682,145 | 3,397,012 | |||||||||||||||||||||
Ending
common shares outstanding (i)
|
51,433,821 | 51,431,422 | 51,434,346 | 37,474,422 | 37,481,201 | 51,433,821 | 37,481,201 | |||||||||||||||||||||
Ratios
|
||||||||||||||||||||||||||||
Return
on average tangible common shareholders' equity (a)/(b)
|
9.37 | % | 260.04 | % | 0.66 | % | 8.57 | % | 3.32 | % | 72.27 | % | 9.24 | % | ||||||||||||||
Ending
tangible common equity as a percent of:
|
||||||||||||||||||||||||||||
Ending
tangible assets (d)/(f)
|
8.10 | % | 7.40 | % | 9.06 | % | 6.54 | % | 6.57 | % | 8.10 | % | 6.57 | % | ||||||||||||||
Risk-weighted
assets (d)/(g)
|
13.73 | % | 13.26 | % | 11.05 | % | 8.38 | % | 8.37 | % | 13.73 | % | 8.37 | % | ||||||||||||||
Average
tangible common equity as a percent
|
||||||||||||||||||||||||||||
of
average tangible assets (b)/(h)
|
7.96 | % | 7.70 | % | 7.27 | % | 6.51 | % | 7.05 | % | 7.18 | % | 7.31 | % | ||||||||||||||
Tangible
book value per common share (d)/(i)
|
$ | 10.43 | $ | 10.35 | $ | 6.61 | $ | 6.59 | $ | 6.43 | $ | 10.43 | $ | 6.43 | ||||||||||||||
Ending
tangible shareholders' equity to
|
||||||||||||||||||||||||||||
ending
tangible assets (e)/(f)
|
9.30 | % | 8.48 | % | 11.14 | % | 8.60 | % | 8.70 | % | 9.30 | % | 8.70 | % | ||||||||||||||
Average
tangible shareholders' equity to
|
||||||||||||||||||||||||||||
average
tangible assets (c)/(h)
|
9.12 | % | 9.46 | % | 9.35 | % | 8.59 | % | 7.28 | % | 8.85 | % | 7.37 | % |
Item
9.01
|
Exhibits.
|
(d)
|
Exhibits:
|
99.1
|
First
Financial Bancorp. Press Release dated January 26,
2010.
|
99.2
|
Financial
information to accompany First Financial Bancorp. Press Release dated
January 26, 2010.
|
FIRST FINANCIAL
BANCORP.
|
|||
|
By:
|
/s/ J. Franklin Hall | |
Franklin
Hall
Executive
Vice President and
|
|||
Chief Financial Officer | |||
Form 8-K | First Financial Bancorp. |
Exhibit
No.
|
Description |
99.1
|
First
Financial Bancorp. Press Release dated January 26,
2010.
|
99.2
|
Financial
information to accompany First Financial Bancorp. Press Release dated
January 26, 2010.
|