Loading...
•
Sep 30, 2020
First Financial Q3 2020 Earnings Report
Announced third quarter 2020 financial results.
Key Takeaways
First Financial Bancorp reported a net income of $41.5 million, or $0.42 per diluted common share, for the three months ended September 30, 2020. The company's strong third quarter operating results were driven by exceptional fee income.
Earnings per diluted share of $0.42; $0.44 on an adjusted basis.
Return on average assets of 1.04%; 1.09% as adjusted.
Record core fee income driven by $18.6 million of mortgage banking and $10.5 million of foreign exchange income.
Provision for credit losses of $13.4 million; 34% reduction from second quarter.
First Financial
First Financial
Forward Guidance
First Financial Bancorp is encouraged by their improved operating performance and by the resiliency of their associates. They remain committed to managing pandemic priorities and positioning the Company for even stronger performance when the health crisis subsides.
Positive Outlook
- Maintaining the health and safety of associates.
- Assisting clients and communities.
- Strengthening the Company.
- Capitalizing on the continued historic low interest rate environment to drive another sensational quarter in mortgage banking revenue.
- Service charges improved as local economies continued to gradually reopen and consumer spending increased.
Challenges Ahead
- Continued interest rate headwinds.
- Difficult business conditions.
- Increasing Covid-19 cases in the Midwest.
- Uncertainty about the timing of vaccines to bring the pandemic under control.
- Recorded $13.4 million of provision expense in anticipation of credit deterioration in future quarters.