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): April 29, 2008
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
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Ohio
(State or other jurisdiction
of incorporation)
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0-12379
(Commission File Number)
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31-1042001
(IRS Employer
Identification No.) |
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4000 Smith Road
Cincinnati, Ohio
(Address of principal executive offices)
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45209
(Zip Code) |
Registrant’s telephone number, including area code: (513) 979-5782
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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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. |
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| Item 2.02 |
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Results of Operations and Financial Condition. |
On April 29, 2008, First Financial Bancorp. issued its earnings press release that included the
results of operations and financial condition for the first quarter of 2008. A copy of the
earnings press release is attached as Exhibit 99.1.
First Financial Bancorp. does not intend for this Item 2.02 or Exhibit 99.1 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 two 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.” The second appears in the tables
entitled “Additional Data” at the bottom of the “Consolidated Quarterly 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).”
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Three Months Ended |
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March 31, |
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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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2008 |
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2007 |
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2007 |
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2007 |
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2007 |
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(Dollars in thousands) |
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Net interest income |
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$ |
28,249 |
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$ |
29,079 |
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$ |
29,417 |
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$ |
29,601 |
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$ |
30,403 |
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Tax equivalent adjustment |
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514 |
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561 |
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564 |
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580 |
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576 |
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Net interest income — tax equivalent |
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$ |
28,763 |
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$ |
29,640 |
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$ |
29,981 |
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$ |
30,181 |
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$ |
30,979 |
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Average earning assets |
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3,005,835 |
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3,046,253 |
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3,007,663 |
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2,988,674 |
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2,992,294 |
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Net interest margin* |
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3.78 |
% |
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3.79 |
% |
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3.88 |
% |
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3.97 |
% |
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4.12 |
% |
Net interest margin (fully tax equivalent)* |
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3.85 |
% |
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3.86 |
% |
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3.95 |
% |
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4.05 |
% |
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4.20 |
% |
* Margins are calculated using net interest income annualized divided by average earning assets.