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First Financial reports quarterly rise in income

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First Financial Bancorp has announced financial and operational results for the second quarter of 2014.

Second-quarter net income was $16 million and earnings per diluted common share were 28 cents. This compares with first-quarter net income of $15.1 million and earnings per diluted common share of 26 cents.

Second-quarter 2013 net income was $15.8 million, with earnings per diluted common share of 27 cents.

During the quarter, the company had pretax acquisition-related expenses of $500,000. The company also recognized a $200,000 pretax gain related to the sale of a closed banking center, which was partially offset by $100,000 in other costs associated with efficiency initiatives. These items reduced pretax earnings by $500,000.

The board of directors has authorized a dividend of 15 cents per common share for the next regularly scheduled dividend, payable on Oct. 1 to shareholders of record Aug. 29.

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