First Financial Bancorp reports Q2 adjusted EPS 72c, consensus 69c

Reports Q2 Tangible book value per share of $11.02. Archie Brown, President and CEO, commented on the quarter, “I continue to be pleased with our performance this year. Earnings in the second quarter were once again very strong as an expected increase in deposit costs was mostly offset by higher asset yields. Adjusted earnings per share were 72c, which was a 29% increase compared to the same quarter in 2022, while the adjusted returns on assets and tangible common equity were 1.62% and 26.46%, respectively. Net interest margin exceeded expectations during the period as our asset sensitive balance sheet has enabled the company to successfully navigate the higher interest rate environment. We were encouraged by the stabilization of deposit balances in the last half of the quarter. Personal, business and public fund deposits were stable to increasing from May to June while the mix continued to shift to interest bearing products.”