NASDAQ$FFBC
First Financial Bancorp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Announced third quarter 2024 financial results and quarterly dividend.
First Financial Bancorp reported a net income of $52.5 million, or $0.55 per diluted common share, for the three months ended September 30, 2024, with adjusted earnings per share at $0.67.
- Earnings per diluted share of $0.55; $0.67 on an adjusted basis.
- Return on average assets of 1.17%; 1.42% on an adjusted basis.
- Net interest margin on FTE basis of 4.08%.
- Average deposit growth of $166.2 million; 4.9% on an annualized basis.
Headline financials
Revenue & EPS history
First Financial · Revenue · Quarterly
$201M
Revenue by segment
First Financial · $15.3M total across 3 segments · Q3 2021
- Foreign Exchange Income$9.19M—60.1%
- Bankcard Income$3.84M—25.1%
- Client Derivative Fees$2.27M—14.9%
Forward guidance
The economy remains healthy, and the general easing of interest rates should extend economic growth in the coming periods. The company believes it is in a strong position to finish the year on a high note and head into 2025 with continued momentum.
Tailwinds
- Loan pipelines strengthened during the third quarter, and we expect higher growth rates as we close out the year.
- Adjusted earnings per share were $0.67, which resulted in an adjusted return on assets of 1.42% and an adjusted return on tangible common equity of 19.77%.
- Noninterest expenses were relatively flat compared to the prior quarter.
- Workforce efficiency initiative has resulted in the elimination of 120 positions to date, with additional savings expected into 2025.
- Tangible book value per share increased 10% from the linked quarter and over 30% from the same quarter last year to $14.26, while tangible common equity increased 75 basis points from June 30 to 7.98% as of the end of September.
Headwinds
- Loan growth slowed during the third quarter as softer pipelines in the second quarter led to fewer fundings in the current period.
- Loan growth was also impacted by higher payoffs in commercial banking and investment commercial real estate portfolios.
- Third quarter noninterest income was $45.7 million, or $58.8 million on an adjusted basis, with strong earnings from foreign exchange, wealth management and the leasing business.
- There were several large non-recurring items that impacted noninterest income, including $17.5 million of losses on securities, which included a $9.7 million impairment charge on two bonds secured by skilled nursing homes.
- Nonperforming assets as a percent of assets increased 1 bp to 36 bps.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.0%
Avg return
Earnings day
+0.9%
Avg return
5 days after
+2.5%
Avg return
30 days after
52%
34 / 66 earnings
Positive
+7.1%
Q1 2018
Best reaction
-11.6%
Q3 2018
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.5% | +0.2% | +2.8% | |
| Q4 2025 | +5.8% | +8.3% | +3.2% | |
| Q3 2025 | -0.9% | -3.0% | +0.5% | |
| Q2 2025 | -1.1% | +2.0% | +4.1% | |
| Q1 2025 | -4.5% | -3.5% | -0.0% | |
| Q4 2024 | +1.8% | +0.4% | -3.0% | |
| Q3 2024 | -4.3% | +1.7% | +17.2% | |
| Q2 2024 | +6.8% | +4.5% | +1.8% | |
| Q1 2024 | +0.1% | -2.0% | +0.2% | |
| Q4 2023 | -2.5% | -0.3% | -6.9% | |
| Q3 2023 | -8.3% | -4.1% | +7.7% | |
| Q2 2023 | -5.4% | -5.0% | -10.4% | |
| Q1 2023 | -0.9% | -4.3% | -9.0% | |
| Q4 2022 | +4.9% | +9.6% | +8.4% | |
| Q3 2022 | -0.8% | +2.6% | +6.3% | |
| Q2 2022 | +2.9% | +5.2% | +12.0% | |
| Q1 2022 | -5.8% | -8.6% | -11.1% | |
| Q4 2021 | -2.4% | -0.4% | -1.7% | |
| Q3 2021 | +2.0% | +1.7% | +2.8% | |
| Q2 2021 | +0.0% | +0.0% | +4.6% | |
| Q1 2021 | +4.1% | +2.8% | +8.5% | |
| Q4 2020 | -3.9% | +4.5% | +17.6% | |
| Q3 2020 | +4.7% | +3.0% | +21.1% | |
| Q2 2020 | +6.2% | +0.0% | +1.9% | |
| Q1 2020 | -1.2% | +1.1% | -7.8% | |
| Q4 2019 | +0.2% | +0.7% | -0.8% | |
| Q3 2019 | -3.0% | -0.2% | +0.3% | |
| Q2 2019 | +3.3% | +4.8% | +2.4% | |
| Q1 2019 | -1.2% | -0.3% | -6.6% | |
| Q4 2018 | +0.2% | +2.9% | +8.3% | |
| Q3 2018 | -11.6% | -12.4% | -2.7% | |
| Q2 2018 | -1.4% | -3.9% | +0.0% | |
| Q1 2018 | +7.1% | +8.7% | +10.1% | |
| Q4 2017 | +3.7% | +3.2% | +2.5% | |
| Q3 2017 | +4.6% | +5.1% | +1.5% | |
| Q2 2017 | -7.6% | -6.7% | -12.2% | |
| Q1 2017 | +6.2% | +7.0% | -4.0% | |
| Q4 2016 | +2.4% | +4.1% | +4.8% | |
| Q3 2016 | +0.5% | +0.5% | +19.5% | |
| Q2 2016 | +3.2% | +4.4% | +5.2% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | -2.8% | — | — | |
| Q3 2015 | +3.8% | — | — | |
| Q2 2015 | +3.9% | — | — | |
| Q1 2015 | -4.7% | — | — | |
| Q4 2014 | +0.5% | — | — | |
| Q3 2014 | +5.3% | — | — | |
| Q2 2014 | +2.0% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | -0.7% | — | — | |
| Q1 2013 | -0.5% | — | — | |
| Q4 2012 | +1.3% | — | — | |
| Q3 2012 | -3.8% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q2 2012 | -1.6% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2009 | -0.7% | — | — | |
| Q4 2010 | -0.7% | — | — | |
| Q3 2011 | -6.1% | — | — | |
| Q3 2010 | -6.1% | — | — | |
| Q2 2010 | +0.1% | — | — | |
| Q2 2011 | +0.1% | — | — | |
| Q1 2010 | +2.2% | — | — | |
| Q1 2011 | +2.2% | — | — |
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