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Sep 30, 2022
First Financial Q3 2022 Earnings Report
Reported earnings per diluted share of $0.59 and net income of $55.7 million.
Key Takeaways
First Financial Bancorp reported a net income of $55.7 million, or $0.59 per diluted common share for Q3 2022. The company saw strong loan growth and an increase in net interest margin.
Earnings per diluted share were $0.59, or $0.61 on an adjusted basis.
Return on average assets was 1.35%, or 1.40% on an adjusted basis.
Net interest margin on FTE basis was 3.98%, a 53 bp increase from the linked quarter.
Loan growth was $377.0 million, representing 15.9% on an annualized basis.
Revenue by Segment
Forward Guidance
The company anticipates that fee income will increase modestly to close the year and expects loan growth to ease in the coming months.
Positive Outlook
- Balance sheet is well positioned for rising rates.
- Loan to deposit ratio under 80%.
- Strong liquidity.
- Positive credit trends.
- Optimistic to sustain momentum over the remainder of 2022 and into the new year.
Challenges Ahead
- Non-interest income was negatively impacted by rising rates.
- Changes made to overdraft program impacted non-interest income.
- Experienced an expected decline in foreign exchange income from a record second quarter.
- Mortgage activity suffered from softening demand.
- Expect headwinds in the fourth quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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