First Financial Bancorp reported quarterly earnings Thursday, and said it plans to do a stock buyback and implement cost cuts.

Third quarter net income was $16.2 million, First Financial said.

It was lower than second quarter earnings of $17.8 million; but higher than year-ago profits of $15.6 million, the bank said.

Along with earnings, the Cincinnati banking company announced a stock repurchase plan. First Financial expects to repurchase approximately 1 million in shares a year, beginning this last quarter of 2012, for a total 5 million shares to be bought back.

During the third quarter 2012, First Financial said it did an efficiency study across all business lines and support functions. From the study, it identified approximately $17.1 million of annualized cost savings. That includes an estimated $3 million in savings related to branches the bank closed earlier this year.

A conference call is scheduled for 9 a.m. Friday morning.

First Financial Bancorp, formerly headquartered in Hamilton, is Butler County’s biggest bank by deposits.