First Financial Bancorp. ( (FFBC) ) has released its Q4 earnings. Here is a breakdown of the information First Financial Bancorp. presented to its investors.
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First Financial Bancorp, a Cincinnati-based bank holding company, offers a range of banking and financial services through its subsidiary, First Financial Bank, including commercial, retail, and mortgage banking, as well as wealth management services.
In its latest earnings report, First Financial Bancorp announced its financial results for the fourth quarter and full year of 2024, highlighting a net income of $64.9 million for the fourth quarter and an annual net income of $228.8 million. The company saw significant loan and deposit growth throughout the year.
Key financial metrics for the fourth quarter included an earnings per diluted share of $0.68 and a net interest margin of 3.94% on a fully tax-equivalent basis. The company reported a robust noninterest income of $69.9 million, driven by strong performance in wealth management, foreign exchange, and leasing. The company also noted an increase in noninterest expenses due to higher incentive compensation.
For the full year, First Financial Bancorp achieved an adjusted earnings per share of $2.61 and a record revenue of $853.8 million, with notable increases in leasing and wealth management income. The company also expanded its market presence, adding new locations and teams in key areas.
Looking ahead, First Financial Bancorp remains optimistic about continued growth and stability, with plans to complete its workforce efficiency initiative in 2025 and maintain strong asset quality.
