First Financial Bancorp reports Q3 adjusted EPS 67c, consensus 66c

Reports Q3 revenue $, consensus $214.27M. Q3 net interest margin was 4.05%, or 4.08% on a fully tax-equivalent basis, a 2 bp decline from Q2. Tangible book value per share was $14.26, a 10.2% increase from linked quarter. Tier 1 common equity increased 26 bps to 12.04%. Archie Brown, CEO, commented, “Q3 financial results reflect our ongoing commitment to industry leading performance. Adjusted earnings per share were 67c, which resulted in an adjusted return on assets of 1.42% and an adjusted return on tangible common equity of 19.77%. We are particularly pleased with our 4.08% net interest margin. With only a 2 bp decline from Q2, the margin has proven to be more durable than expected due to high asset yields from Agile, investment portfolio restructuring and moderating funding costs. Average deposit balances grew 4.9% on an annualized basis, as declines in our low cost products moderated. Consistent with our expectations, loan growth slowed during Q3 as softer pipelines in the second quarter led to fewer fundings in the current period. Loan growth was also impacted by higher payoffs in our commercial banking and investment commercial real estate portfolios. Loan pipelines strengthened during the third quarter, and we expect higher growth rates as we close out the year.”