First Financial Q1 2023 Earnings Report
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.
First Financial
First Financial
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