Financial stock under pressure: First Financial Bancorp (NASDAQ: FFBC)

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First Financial Bancorp (NASDAQ: FFBC) stock fell over 5.9% on 18th October, 2019 (As of  12:22 pm GMT-4; Source: Google finance).

For the quarter ended September 30, 2019, the company has reported net income of $50.9 million compared to net income of $52.7 million for the second quarter of 2019 and $50.7 million for the third quarter of 2018. The 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. Return on average assets for the third quarter of 2019 was 1.41% and the return on average tangible common equity was 16.15% compared 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.

FFBC in the third quarter of FY 19 has reported the adjusted earnings per share of 56 cents, beating the analysts’ estimates for the adjusted earnings per share of 54 cents, as per Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 35.9 percent to $154.68 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 2.45%.

Moreover, during  the third quarter, Loan balances grew 3.7% on year over year basis and net interest margin of 3.96% on a fully tax-equivalent basis which reflects 8 basis point reduction from the linked quarter driven by lower asset yields.

Meanwhile, during the third quarter FFBC has completed its previously announced acquisition of Bannockburn Global Forex, LLC, which is a Cincinnati-based capital markets firm that offers transactional currency payments, foreign exchange hedging, and other advisory products to more than 1,500 closely held enterprises, financial sponsors, and downstream financial institutions across the United States.

In addition, FFBC has signed an Agreement and Plan of Merger, by and among the Company, First Financial Bank, an Ohio bank and wholly-owned subsidiary of the Company, Wallace Merger Sub LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Bank, Bannockburn Global Forex, LLC, a Delaware limited liability company , and Fortis Advisors, LLC, solely in its capacity as representative of the members of BGF.

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