First Financial Bancorp reports Q2 adjusted EPS 65c, consensus 59c

Archie Brown, President and CEO, commented on the quarter, “We had an outstanding quarter. Adjusted earnings per share were $0.65 per share, which resulted in an adjusted return on assets of 1.40% and an adjusted return on tangible common equity of 20.88%. Loan growth was exceptionally strong again this quarter with balances increasing by 11% on an annualized basis, and was a significant driver to the increase to net interest income. Growth was broad-based and was led by Commercial Banking. Similarly, average deposits grew approximately 11% for the period, with interest bearing deposits and a seasonal increase in public fund balances driving the increase. Our 4.10% tax equivalent net interest margin was unchanged from the first quarter and remains at or near the top of our peer group.”