Worth Watching Stock for Traders: First Financial Bancorp. (NASDAQ:FFBC)

First Financial Bancorp. (NASDAQ:FFBC) changed 1.63% to recent value of $24.36. The stock transacted 625416 shares during most recent day however it has an average volume of 358.95K shares. It spotted trading -14.80% off 52-week high price. On the other end, the stock has been noted 10.38% away from the low price over the last 52-weeks.

On Oct. 17, 2019, First Financial Bancorp. (NASDAQ:FFBC) reported financial results for the third quarter 2019.

For the three months ended September 30, 2019, the Company reported net income of $50.9 million, or $0.51 per diluted common share. These results compare to net income of $52.7 million, or $0.53 per diluted common share, for the second quarter of 2019 and $50.7 million, or $0.51 per diluted common share, for the third quarter of 2018. Income before taxes was negatively impacted by $5.2 million of severance and merger-related items and $0.7 million of branch consolidation costs, which combined to reduce earnings per diluted common share by $0.05 after income taxes. For the nine months ended September 30, 2019, First Financial had earnings per diluted common share of $1.51 compared to $1.36 for the same period in 2018.

Return on average assets for the third quarter of 2019 was 1.41% while return on average tangible common equity was 16.15%. These compare to returns on average assets of 1.50% and 1.45%, and returns on average tangible common equity of 17.33% and 18.52%, in the second quarter of 2019 and the third quarter of 2018, respectively.

  • Third quarter 2019 highlights include:
  • After adjustments(1) for merger-related and nonrecurring items:
    • Net income of $0.56 per diluted common share
    • 54% return on average assets; 17.63% return on average tangible common equity
  • Loan balances grew 3.7% on an annualized basis
    • $82.9 million increase compared to the linked quarter
  • Net interest margin of 3.96% on a fully tax-equivalent basis(1)
    • 8 basis point reduction from the linked quarter driven by lower asset yields
  • Noninterest income of $33.1 million
    • Positively impacted by acquisition of Bannockburn, strong mortgage banking income, and sustained client derivative and service charge income; combined to largely offset the impact from Durbin
  • Noninterest expenses of $86.2 million, or $80.3 million as adjusted(1)
    • Efficiency ratio of 55.7%; 52.0% as adjusted(1)
  • ALLL declined to $56.6 million, or 0.62% of loans; Improvement in nonperforming and classified asset levels; elevated net charge-offs related to previously discussed franchise relationships
  • Strong capital ratios
    • Total capital of 13.64%; Tier 1 common equity of 11.53%; Tangible common equity of 9.17%
    • Tangible book value decreased to $12.33

FFBC has an operating margin of 76.20% while its profit margin remained 33.50% for the last 12 months. Its earnings per share (EPS) expected to touch remained 35.20% for this year while earning per share for the next 5-years is expected to reach at 10.00%.

The company has 99.27M of outstanding shares and 99.01M shares were floated in the market.  The price moved ahead of 0.46% from the mean of 20 days, 1.56% from mean of 50 days SMA and performed -1.14% from mean of 200 days price. Company’s performance for the week was 3.66%, -1.73% for month and YTD performance remained 2.70%.

Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.

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