First Financial Bancorp Announces Strong Fourth Quarter and Full Year 2024 Financial Results

First Financial Bancorp (NASDAQ: FFBC) recently disclosed its financial achievements for the fourth quarter and full year concluded on December 31, 2024. The company reported earnings per diluted share of $0.68 for the fourth quarter, demonstrating a notable increase compared to the $0.55 reported in the previous quarter. Year-over-year, earnings per diluted share for the full year 2024 were $2.40, down slightly from $2.69 in 2023.

Some key highlights for the fourth quarter of 2024 include a return on average assets standing at 1.41%, showcasing a steady improvement, and net interest margin on a Full Tax-Equivalent (FTE) basis of 3.94%. The company exhibited robust loan growth of $208.7 million on an annualized basis and considerable average deposit growth of $543.1 million, representing a 15.7% increase on an annualized basis.

Archie Brown, the President and CEO, expressed satisfaction with the fourth quarter performance, citing adjusted earnings per share of $0.71, alongside a solid adjusted return on assets of 1.47% and an adjusted return on tangible common equity ratio of 19.90%. Brown noted a reduction in the net interest margin to 3.94% due to rate decreases by the Federal Reserve, resulting in a decline in asset yields.

Furthermore, the company observed strong performance in noninterest income segments, with revenues of $69.9 million. Despite a 5.0% increase in noninterest expenses from the previous quarter, efficiency improvements were notable. First Financial Bancorp pursued a workforce restructuring initiative, eliminating 145 positions during the quarter and aiming to conclude the initiative in 2025.

Looking at asset quality, nonperforming assets remained steady compared to the previous quarter, while classified assets increased marginally by 7 basis points to 1.21%. The company expects improving credit trends, reflecting in lower credit costs going forward.

On a full-year basis, First Financial Bancorp delivered a solid performance in 2024. Adjusted earnings of $249 million were achieved, translating to $2.61 per share. The company saw a rise in adjusted return on assets to 1.40% and return on tangible common equity to 19.9%. Noteworthy increases were observed in total loans and deposits, reflecting a sustained growth trajectory.

Archie Brown’s concluding remarks shed light on the company’s expansion strategies, expressing appreciation for the team’s contributions and dedication towards client service. Importantly, Brown anticipated continued growth and success in line with First Financial Bancorp’s strategic objectives.

For more comprehensive insights into the company’s financial performance, detailed information has been made available through the company’s financial statements and accompanying materials.

The company will be hosting a teleconference to discuss its financial results on January 24, 2025, and interested parties can access the call via the provided details. First Financial Bancorp’s financial and operating results reflect a solid performance amidst dynamic market conditions and strategic initiatives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Financial Bancorp.’s 8K filing here.

First Financial Bancorp. Company Profile

First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.