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First Financial Bancorp. (NASDAQ:FFBC) Q4 2023 Earnings Call Transcript January 26, 2024

Introduction to First Financial Bancorp’s Earnings Call

Operator: Thank you for standing by and welcome to the First Financial Bancorp Fourth Quarter 2023 Earnings Conference Call and Webcast. I would now like to welcome Scott Crawley, Corporate Controller to begin the call. Scott, over to you.

Scott Crawley: Good morning, everyone. Thank you for joining us today to discuss First Financial Bancorp’s recent financial results. We will be joined by Archie Brown, President and Chief Executive Officer; Jamie Anderson, Chief Financial Officer; and Bill Harrod, Chief Credit Officer. The details of our financial results can be found on our website at www.bankatfirst.com in the Investor Relations section, including a presentation with accompanying slides. Please take note of the forward-looking statement disclosure contained in the fourth quarter 2023 earnings release and our SEC filings. Our information today is current as of December 31, 2023, and any forward-looking statements will not be updated after this call. I will now hand it over to Archie Brown.

Archie Brown: Thank you, Scott. Yesterday, we announced our financial results for the fourth quarter and full-year 2023. Before I pass it on to Jamie, I’d like to provide some key points from the most recent quarter and summarize our record performance this year. Our adjusted earnings per share for the fourth quarter were $0.62, resulting in a return on assets of 1.37% and a return on tangible common equity ratio of 22.2%. Despite rising funding costs, our net interest margin remained strong at 4.26%. We also saw positive trends in loans and deposits during the quarter. Non-interest income and expenses were both lower than expected, with a decline in non-interest income due to specific losses and shifts in leasing income. However, our balance sheet and asset quality remained stable during the quarter.

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Continuing Financial Analysis and Outlook for First Financial Bancorp

I will now turn the call over to Jamie to discuss these results in greater detail. After Jamie’s discussion, I’ll wrap up with some additional forward-looking commentary and closing remarks.

Jamie Anderson: Thank you, Archie. Our fourth quarter financial results showcased strong earnings, a robust net interest margin, stable asset quality metrics, and solid loan and deposit growth. While there were declines in non-interest income and foreign exchange, our overall balance sheet responded favorably to the current interest rate environment. As we anticipate further net interest margin contraction in the future, our total loans saw significant growth, particularly in leasing, specialty finance, investor CRE, and residential mortgage books. Even with non-interest income declining for the quarter, overall asset quality remained stable, and our regulatory ratios remained strong. Adjusted net income for the quarter was $59 million or $0.62 per share, leading to a return on average assets of 1.37% and a return on average tangible common equity of 22%. Looking ahead, we are cautiously optimistic regarding asset quality in 2024.

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