Q2 2024 First Financial Bancorp Earnings Call Transcript
Key Points
- Adjusted earnings per share was $0.65, resulting in a return on assets of 1.4% and return on tangible common equity of 20.9%.
- Loan growth was exceptionally strong, with balances increasing by 11% on an annualized basis.
- Average deposits grew approximately 11% for the period, driven by interest-bearing deposits and a seasonal increase in public fund balances.
- Record adjusted non-interest income of $61.6 million, with broad-based growth in fee income.
- Net charge-offs declined for the third consecutive quarter, marking a 23 basis points decline to 15 basis points.
- Adjusted expenses increased by 1.2% compared to the first quarter, driven by Agile expenses, annual salary adjustments, and variable compensation.
- Downward credit migration was experienced during the period, although not concentrated in any particular loan type.
- Funding costs increased by 13 basis points during the period, which was significantly lower than in prior periods.
- The deposit mix continues to shift to higher-cost deposits, impacting overall cost structure.
- Provision expense was driven by loan growth and slight credit migration, resulting in $16.4 million of provision expense during the period.
Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Financial Bancorp, second quarter 2024 earnings call and webcast. (Operator Instructions) Thank you. I will now hand the call over to Scott Crawley, Controller. Scott you may begin your conference now.
Thank you, Ian. Good morning, everyone, and thank you for joining us on today's conference call to discuss First Financial Bancorp's second quarter and year-to-date financial results. Participating on today's call will be Archie Brown, President and Chief Executive Officer; Jamie Anderson, Chief Financial Officer; and Bill Harrod, Chief Credit Officer.
Both the press release we issued yesterday and the accompanying slide presentation are available on our website, www.bankatfirst.com. Under the Investor Relations section, we will make reference to the slides contained in the accompanying
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