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First Financial boosts earnings to $225M

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By Jessica Heffner, Staff Writer 7:20 PM Thursday, November 5, 2009

HAMILTON — Thanks to several acquisitions through the third quarter, First Financial Bancorp, holding company for Hamilton-based First Financial Bank, reported earnings of $225.2 million, or $4.38 per diluted share, compared to $5.7 million, or 15 cents for the third quarter of 2008.

It’s also a significant increase over the $500,000, or 1 cent per diluted share, reported in net income for the second quarter of 2009.

The bank’s earnings were impacted by the September acquisition of Irwin Union Bank and Trust Company and Irwin Union Bank and the July takeover of Peoples Community Bank after the companies failed and were taken over by the FDIC.

Net charge-offs for the third quarter were $9.5 million, compared to $2.4 million in the year ago quarter and $8.1 million in the second quarter of 2009. However, non-performing loans spiked to $63.6 million from the $37.8 million reported in the second quarter.

First Financial will discuss its earnings results during a conference call and live webcast today, Nov. 6, beginning at 9 a.m. via the company’s Web site at bankatfirst.com/investor.

Contact this reporter at (513) 705-2843 or jheffner@coxohio.com.

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