First Financial Bancorp reported net income of $36.4 million, or 37 cents per diluted common share in its financial results for the second quarter of this year.
This compares to net income of $22.7 million or 37 cents per diluted common share, for the second quarter of 2017.
During the quarter, the company incurred $24.3 million in merger-related expenses, which reduced earnings per diluted common share by 20 cents. For the six months ended in June 30, First Financial had earnings per diluted common share of 83 cents compared to 76 cents for the same period in 2017.
Return on average assets for the second quarter of 2018 was 1.05 percent while return on average tangible common equity was 13.71 percent, the company reported. These compare to a return on average assets of 1.06 percent and a return on average tangible common equity of 13.42 percent in the second quarter of 2017.
Archie Brown, First Financial president and CEO, said he was pleased with the company’s performance in the second quarter, which reflected the company’s emerging potential as a combined company.
In late 2017, First Financial Bancorp, based in Cincinnati, announced it would merge with MainSource Financial Group, based in Greensburg, a transaction valued at about $1 billion, a company announcement said.
MainSource merged into First Financial, with First Financial Bank as the surviving entity. First Financial was anticipated to become the sixth largest bank in deposit market share in Indiana with the merger, which was finalized this year.
“The second quarter was also highlighted by margin expansion, improved adjusted efficiency and stable credit quality,” Brown said in a statement accompanying the results announcement. “Loan growth fell short of our initial expectations as a result of lower loan originations combined with higher prepayment activity, however we anticipate our loan growth trends will gradually improve in the second half of this year.”
With the majority of the merger-related activity concluded, Brown said the company’s focus is on maximizing synergies and implementing strategic initiatives to produce top returns while continuing to deliver value and service that clients, communities and shareholders expect.
First Financial operates four branches in Columbus and one each in Hope and the Edinburgh/Taylorsville area.
As of June 30, 2018, the company had $13.9 billion in assets, $8.9 billion in loans, $10.1 billion in deposits and $2.0 billion in shareholders’ equity. The company’s primary operating markets are located in Ohio, Indiana and Kentucky, where First Financial operates 158 banking centers.
For more information, visit bankatfirst.com.
