First Financial Bancorp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Total Net Charge-Offs for the Second Quarter of 2018; Provides Tax Rate Guidance for the Year 2018; Provides Earnings Guidance for the Third Quarter of 2018
July 19, 2018 at 04:15 pm EDT
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First Financial Bancorp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net income was $36.418 million against $22.736 million a year ago. Basic and diluted earnings per share were $0.37 against $0.37 a year ago. Return on average assets was 1.05% against 1.06% a year ago. Return on average shareholder's equity was 7.36% against 10.25% a year ago. Book value per share was $20.40 against $14.45 a year ago. Tangible book value as at June 30, 2018 was $11.01 against $11.07 a year ago. Total interest income was $147.379 million against $80.789 million a year ago. Net interest income was $123.979 million against $68.520 million a year ago. Income before income taxes was $45.745 million against $33.951 million a year ago.
For the six months, the company reported net income was $66.924 million against $47.150 million a year ago. Diluted earnings per share were $0.83 against $0.76 a year ago. Return on average assets was 1.18 % against 1.12% a year ago. Return on average shareholder's equity was 9.25% against 10.80% a year ago. Total interest income was $237.733 million against $159.617 million a year ago. Net interest income was $199.791 million against $137.452 million a year ago. Income before income taxes was $83.904 million against $68.835 million a year ago.
For the second quarter of 2018, total net charge-offs was $4.039 million against $1.920 million a year ago.
For the year 2018, the company expects 21% tax rate for the year 2018.
The company expects the third quarter to have low single-digit growth on an annualized basis with gradual improvement to more normalized levels as it approaches the end of 2018. The company expects the net interest margin to be in the range of 3.95% to 4.05%. It expects the effective tax rate of approximately 19.5%.
First Financial Bancorp. is a mid-sized, regional bank holding company. The Company is engaged in the business of commercial banking and other banking and banking-related activities through its wholly owned subsidiary, First Financial Bank (the Bank). The Company provides a range of banking services to individuals and businesses, including commercial lending, real estate lending and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property (one to four family residential housing units) or commercial property (owner-occupied and/or investor income producing real estate). In addition, the Company offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for commercial customers. It also provides a full range of trust and wealth management services through First Financials Wealth Management line of business.
First Financial Bancorp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Total Net Charge-Offs for the Second Quarter of 2018; Provides Tax Rate Guidance for the Year 2018; Provides Earnings Guidance for the Third Quarter of 2018