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Mar 31, 2022
First Financial Q1 2022 Earnings Report
Reported solid financial results, driven by provision recapture and prudent expense management.
Key Takeaways
First Financial Bancorp reported a net income of $41.3 million, or $0.44 per diluted common share, for the three months ended March 31, 2022. The results were driven by a provision recapture of $5.8 million and improvement in net interest margin.
Earnings per diluted share of $0.44; $0.46 on an adjusted basis.
Return on average assets of 1.03%; 1.09% on an adjusted basis.
Net interest margin on FTE basis of 3.17%; 12 bp increase excluding loan fees and accretion.
Net charge-offs declined 69.3%; Provision recapture of $5.8 million.
Revenue by Segment
Forward Guidance
First Financial Bancorp anticipates a strong year, well-positioned for rising rates and strategic diversification.
Positive Outlook
- Asset-sensitive balance sheet is well-positioned for rising rates
- Strategic efforts to diversify product offerings
- Expect improvement in net interest margin
- Expect higher asset yields
- Loan pipelines are strengthening
Challenges Ahead
- Challenges related to mortgage banking
- Wind down of PPP impacted results
- Fee income was lower than anticipated
- Rising rates negatively impacted mortgage banking revenue
- Foreign exchange declined from fourth quarter levels
Historical Earnings Impact
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Avg. Return Before/After Earnings
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