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Mar 31, 2023
First Financial Q1 2023 Earnings Report
Announced first quarter 2023 financial results, marked by record revenue and strong earnings per share growth.
Key Takeaways
First Financial Bancorp reported a strong first quarter in 2023, with record quarterly revenue of $214.9 million and earnings per diluted share of $0.74, a 65% increase year-over-year on an adjusted basis. The company saw growth in net interest margin and loan balances, alongside stable credit quality and increased regulatory capital ratios.
Earnings per diluted share were $0.74, or $0.76 on an adjusted basis, representing a 65% increase year-over-year.
The company achieved a record quarterly revenue of $214.9 million.
Net interest margin on a fully tax-equivalent basis was 4.55%, an 8 bp increase from the linked quarter.
Loan growth was $134.4 million, equating to 5.3% on an annualized basis.
Revenue by Segment
Forward Guidance
The company is well-positioned to manage future uncertainty due to its profitability, net interest margin, ample liquidity, and strong levels of capital.
Positive Outlook
- Strong profitability
- Healthy net interest margin
- Ample liquidity
- Strong capital levels
- Effective management of short-term rate increases
Challenges Ahead
- Near-term uncertainty regarding the economy
- Challenges for the industry
- Seasonal outflows in public funds and business deposits
- Potential impact of economic forecasts on ACL
- Uncertainty regarding future economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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