First Financial Bancorp, a regional bank holding company based in Cincinnati, Ohio, reported a solid financial performance for the fiscal year ending December 31, 2024. The company achieved total revenue of $466.2 million, marking a 12% increase from the previous year. Net income for the year was $92.4 million, translating to earnings per share of $2.12, up from $1.85 in 2023. This growth in profitability was attributed to a combination of increased net interest income and improved fee-based income, despite facing challenges from rising interest rates and economic uncertainties.
The company experienced significant changes compared to the previous fiscal period, including a notable increase in its loan portfolio, which grew by 15% to $5.8 billion. This growth was driven by strong demand for commercial and industrial loans, as well as residential real estate loans. Additionally, First Financial completed the acquisition of Agile Premium Finance for $96.9 million in February 2024, which is expected to enhance its capabilities in the insurance premium financing sector. The acquisition added approximately $97.8 million in assets to the company’s balance sheet.
Operationally, First Financial reported an increase in customer engagement, with total customer accounts rising to 1.2 million, a 10% increase year-over-year. The bank's geographic footprint expanded as it opened three new banking centers in Indiana and Kentucky, bringing the total to 127 full-service locations across Ohio, Indiana, Kentucky, and Illinois. The company also reported a 20% increase in digital banking users, reflecting a growing trend towards online banking services among its customer base.
The filing indicated that First Financial is well-positioned for future growth, with management expressing optimism about the bank's strategic initiatives and market conditions. The company plans to continue investing in technology to enhance customer experience and operational efficiency. However, management acknowledged potential risks, including economic volatility and regulatory changes, which could impact financial performance. The bank's capital ratios remained strong, with a common equity tier 1 capital ratio of 10.5%, indicating a solid capital position to support future growth and navigate market challenges.
In summary, First Financial Bancorp's 2024 performance reflects a positive trajectory, driven by strategic acquisitions, increased customer engagement, and a robust loan portfolio. The company remains focused on leveraging its regional presence and enhancing its service offerings while being mindful of the economic landscape and regulatory environment.
About FIRST FINANCIAL BANCORP /OH/
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