Unassociated Document

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  August 3, 2009

FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)

Ohio
(State or other jurisdiction
of incorporation)
0-12379
(Commission File Number)
31-1042001
(IRS Employer
Identification No.)
     
4000 Smith Road
Cincinnati, Ohio
(Address of principal executive
offices)
  
 
45209
(Zip Code)

Registrant’s telephone number, including area code:  (513) 979-5837

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 

Form 8-K
First Financial Bancorp.

Item 2.02              Results of Operations and Financial Condition.

On August 3, 2009, First Financial Bancorp. issued its earnings press release that included the results of operations and financial condition for the second quarter of 2009.  A copy of the earnings press release is attached as Exhibit 99.1.
 
On August 4, 2009, First Financial Bancorp. will hold an earnings call to discuss the results of operations and financial condition for the second quarter of 2009.  Copies of the slide presentations that will be used in the call are attached as Exhibits 99.2 and 99.3.

First Financial Bancorp. does not intend for this Item 2.02 or Exhibits 99.1, 99.2 or 99.3  to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.

The earnings press release includes some non-GAAP financial measures.  The first non-GAAP financial measure, Net interest margin (fully tax equivalent), appears in the table entitled “Consolidated Financial Highlights” under the section “Key Financial Ratios.”  It also appears in the two tables entitled “Consolidated Quarterly Statements of Income”, as well as the “Consolidated Statements of Income” under “Additional Data”.  The second non-GAAP measure appears in the tables entitled “Additional Data” at the bottom of the two “Consolidated Quarterly Statements of Income” pages and the “Consolidated Statements of Income” page.  The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 35% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

Below is a table showing “net interest income” calculated and presented in accordance with GAAP and the adjustments made to arrive at the non-GAAP financial measure “net interest income – tax equivalent.”  The table also shows “net interest margin” calculated and presented in accordance with GAAP and the method used to arrive at the non-GAAP financial measure “net interest margin (fully tax equivalent).”

   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
Mar. 31,
    
Dec. 31,
    
Sep. 30,
    
June 30,
    
June 30,
  
   
2009
    
2009
    
2008
    
2008
    
2008
    
2009
    
2008
  
         
(Dollars in thousands)
              
Net interest income
   $ 31,211     $ 30,928     $ 30,129     $ 29,410     $ 28,414     $ 62,139     $ 56,663  
Tax equivalent adjustment
     307       363       360       424       510       670       1,024  
Net interest income - tax equivalent
   $ 31,518     $ 31,291     $ 30,489     $ 29,834     $ 28,924     $ 62,809     $ 57,687  
                                                         
Average earning assets
     3,475,182       3,475,354       3,267,525       3,180,290       3,074,885       3,475,267       3,041,235  
                                                         
Net interest margin*
     3.60 %     3.61 %     3.67 %     3.68 %     3.72 %     3.62 %     3.75 %
Net interest margin (fully tax equivalent)*
     3.64 %     3.65 %     3.71 %     3.73 %     3.78 %     3.65 %     3.81 %

*  Margins are calculated using net interest income annualized divided by average earning assets.

 
 
 
 
The earnings press release also includes some non-GAAP ratios in the “Consolidated Financial Highlights” page.  These ratios are:  (1) Return on average tangible common shareholders' equity; (2) Ending tangible common equity as a percent of ending tangible assets; (3) Ending tangible common equity as a percent of risk-weighted assets; (4) Average tangible common equity as a percent of average tangible assets; and (5) Tangible book value per common share.  The Ending tangible common equity as a percent of ending tangible assets and Average tangible common equity as a percent of average tangible assets are also shown in the “Regulatory Capital” section of the “Capital Adequacy” page in the earnings release.  The following table provides a reconciliation of these ratios to GAAP.  The company considers these critical metrics with which to analyze banks.  The ratios have been included in the earnings press release to facilitate a better understanding of the company’s capital structure and financial condition.

   
Three Months Ended
    
Six Months Ended
  
   
June 30,
    
Mar. 31,
    
Dec. 31,
    
Sep. 30,
    
June 30,
    
June 30,
  
   
2009
    
2009
    
2008
    
2008
    
2008
    
2009
    
2008
  
         
(Dollars in thousands, except per share data)
              
Net income available to common shareholders (a)
   $ 450     $ 5,157     $ 2,084     $ 5,732     $ 7,808     $ 5,607     $ 15,146  
                                                         
Average total shareholders' equity
   $ 379,944     $ 350,857     $ 286,582     $ 276,594     $ 278,803     $ 365,480     $ 277,809  
Less:
                                                        
Average Preferred stock
     (78,126 )     (78,038 )     (7,805 )     -       -       (78,082 )     -  
Goodwill
     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )
Intangible assets
     (465 )     (500 )     (1,002 )     (872 )     (641 )     (465 )     (641 )
Average tangible common equity (b)
     273,092       244,058       249,514       247,461       249,901       258,672       248,907  
                                                         
Total shareholders' equity
     446,636       353,760       348,327       277,220       275,290       446,636       275,290  
Less:
                                                        
Preferred stock
     (78,173 )     (78,075 )     (78,019 )     -       -       (78,173 )     -  
Goodwill
     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )
Intangible assets
     (465 )     (500 )     (1,002 )     (872 )     (641 )     (465 )     (641 )
Tangible common equity (c)
     339,737       246,924       241,045       248,087       246,388       339,737       246,388  
                                                         
Total assets
     3,783,353       3,809,196       3,699,142       3,511,676       3,459,962       3,783,353       3,459,962  
Less:
                                                        
Goodwill
     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )
Intangible assets
     (465 )     (500 )     (1,002 )     (872 )     (641 )     (465 )     (641 )
Ending tangible assets (d)
     3,754,627       3,780,435       3,669,879       3,482,543       3,431,060       3,754,627       3,431,060  
                                                         
Risk-weighted assets (e)
     3,076,042       2,951,721       2,878,548       2,800,753       2,747,559       3,076,042       2,747,559  
                                                         
Total average assets
     3,784,458       3,777,510       3,566,051       3,476,648       3,361,649       3,781,002       3,330,156  
Less:
                                                        
Goodwill
     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )     (28,261 )
Intangible assets
     (465 )     (500 )     (1,002 )     (872 )     (641 )     (465 )     (641 )
Average tangible assets (f)
     3,755,732       3,748,749       3,536,788       3,447,515       3,332,747       3,752,276       3,301,254  
                                                         
Ending common shares outstanding (g)
     51,434,346       37,474,422       37,481,201       37,476,607       37,483,384       51,434,346       37,483,384  
                                                         
Ratios
                                                        
Return on average tangible common shareholders' equity (a)/(b)
     0.66 %     8.57 %     3.32 %     9.21 %     12.57 %     4.37 %     12.24 %
Ending tangible common equity as a percent of:
                                                        
Ending tangible assets (c)/(d)
     9.06 %     6.54 %     6.57 %     7.13 %     7.18 %     9.06 %     7.18 %
Risk-weighted assets (c)/(e)
     11.05 %     8.38 %     8.37 %     8.86 %     8.97 %     11.04 %     8.97 %
Average tangible common equity as a percent of average tangible assets (b)/(f)
     7.27 %     6.51 %     7.05 %     7.18 %     7.50 %     6.89 %     7.54 %
Tangible book value per common share (c)/(g)
   $ 6.61     $ 6.59     $ 6.43     $ 6.62     $ 6.57     $ 6.61     $ 6.57  
 
 
 
 
 
Item 9.01              Exhibits.

(c)
Exhibit:

The following exhibit shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

99.1
First Financial Bancorp. Press Release dated August 3, 2009.
99.2
First Financial Bancorp. August 4, 2009 Earnings Call slides.
 
99.3
First Financial Bancorp. Investor Presentation
 
 
 
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST FINANCIAL BANCORP.
   
By:
/s/ J. Franklin Hall
 
J. Franklin Hall
 
Executive Vice President and
 
Chief Financial Officer

Date:  August 3, 2009

 
 
 

Form 8-K
First Financial Bancorp.

Exhibit Index

 
Description
     
 
First Financial Bancorp. Press Release dated August 3, 2009.
99.2
  
First Financial Bancorp. August 4, 2009 Earnings Call slides.
99.3
  
First Financial Bancorp. Investor Presentation