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Dec 31, 2024
First Financial Q4 2024 Earnings Report
First Financial's Q4 2024 performance was marked by solid earnings, deposit growth, and stable asset quality.
Key Takeaways
First Financial Bancorp reported a net income of $64.9 million, or $0.68 per diluted common share, for the fourth quarter of 2024. The company experienced robust net interest margin and strong growth in loans and average deposits. Adjusted earnings per share were $0.71, with an adjusted return on assets of 1.47%.
Earnings per diluted share were $0.68, or $0.71 on an adjusted basis.
Return on average assets was 1.41%, or 1.47% on an adjusted basis.
Net interest margin was 3.94% on a fully tax-equivalent basis.
Average deposit growth surged, increasing by $543.1 million, or 15.7% on an annualized basis.
Forward Guidance
First Financial expects to complete its workforce efficiency initiative in 2025 and anticipates lower credit costs going forward. The customer is expected to pay $45 million obligation in 2025.
Positive Outlook
- Workforce efficiency initiative expected to complete in 2025
- Anticipation of lower credit costs going forward
- Expansion into Grand Rapids, MI with a commercial banking team
- Expect the customer to pay $45 million obligation in 2025.
- Overall credit trends are improving
Challenges Ahead
- Decline in asset yields outpaced the decline in deposit costs
- Reduction in net interest margin to 3.94%
- Adjusted expenses increased by 5% from the linked quarter
- Increase in classified assets was driven by the mutually agreed upon termination of a foreign exchange trade
Historical Earnings Impact
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Avg. Return Before/After Earnings
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