FIRST FINANCIAL BANCORP. FORM 8-K
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: February 10, 2006
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
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| Ohio
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0-12379
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31-1042001 |
| (State or other jurisdiction
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(Commission File
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(IRS Employer |
| of incorporation)
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Number)
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Identification No.) |
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| 300 High Street |
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| Hamilton, Ohio |
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| (Address of principal
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45011 |
| executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code: (513) 867-5447
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))
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Form 8-K
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First Financial Bancorp. |
Item 2.02 Results of Operations and Financial Condition.
On February 10, 2006, First Financial Bancorp. issued its earnings press release that included the
results of operations and financial condition for the fourth quarter of 2005. A copy of the
earnings press release is attached as Exhibit 99.1.
The earnings press release includes two non-GAAP financial measures. The first non-GAAP financial
measure, Net interest margin (fully tax equivalent), appears in the table entitled “Consolidated
Financial Data” under the section “Key Ratios.” The second appears in the table entitled
“Additional Data — Fully Tax Equivalent Net Interest Income.” 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).”
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Twelve Months |
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Three Months Ended |
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Ended |
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Dec. 31, |
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Sep. 30, |
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June 30, |
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March 31, |
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Dec. 31, |
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December. 31, |
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2005 |
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2005 |
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2005 |
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2005 |
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2004 |
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2005 |
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2004 |
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(Dollars in thousands) |
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Net interest income |
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31,939 |
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$ |
33,143 |
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$ |
33,905 |
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$ |
33,980 |
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$ |
34,511 |
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$ |
132,967 |
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$ |
140,182 |
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Tax equivalent adjustment |
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723 |
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746 |
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756 |
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758 |
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773 |
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2,983 |
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3,230 |
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Net interest income — tax equivalent |
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$ |
32,662 |
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$ |
33,889 |
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$ |
34,661 |
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$ |
34,738 |
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$ |
35,284 |
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$ |
135,950 |
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$ |
143,412 |
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Average earning assets |
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3,405,725 |
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3,429,671 |
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3,448,924 |
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3,461,330 |
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3,498,762 |
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3,436,243 |
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3,527,085 |
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Net interest margin* |
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3.72 |
% |
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3.83 |
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3.94 |
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3.98 |
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3.92 |
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3.87 |
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3.97 |
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Net interest margin (fully tax equivalent)* |
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3.80 |
% |
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3.92 |
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4.03 |
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4.07 |
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4.01 |
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3.96 |
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4.07 |
% |
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| Margins are calculated using net interest income annualized divided by average earning assets. |
Item 7.01 Regulation FD Disclosure.
On February 10, 2006, First Financial Bancorp. issued its earnings press release that included the
results of operations and financial condition for the fourth quarter of 2005. A copy of the
earnings press release is attached as Exhibit 99.1.
(c) Exhibit:
99.1 First Financial Bancorp. Press Release
dated February 10, 2006.
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.
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FIRST FINANCIAL BANCORP.
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By: |
/s/ J. Franklin Hall
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| Date: February 10, 2006 |
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J. Franklin Hall
Senior Vice President and
Chief Financial Officer |
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Form 8-K
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First Financial Bancorp. |
Exhibit Index
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Exhibit No.
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Description |
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99.1
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First Financial Bancorp. Press Release dated February 10, 2006. |