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<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report: April 28, 1998
FIRST FINANCIAL BANCORP
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER : 0-12499
CALIFORNIA 94-28222858
(State or other jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
701 SOUTH HAM LANE, LODI, CALIFORNIA 95242
(Address of principal executive offices) (Zip Code)
(209)-367-2000
(Registrant's telephone number, including area code)
NA
(Former name or if changed since last report.)
1
<PAGE>
ITEM 5. OTHER EVENTS
a) FIRST FINANCIAL BANCORP DECLARES THIRTEENTH CONSECUTIVE QUARTERLY DIVIDEND
Based upon the earnings for the first quarter of 1998, First Financial
Bancorp's Board of Directors declared a cash dividend of $.05 per share,
payable May 29, 1998 to shareholders of record on May 15, 1998. This is the
thirteenth consecutive quarterly dividend declared by First Financial Bancorp.
Earnings for the quarter ended March 31, 1998, were $230,000, or $.16
per share. Annualized return on average assets and equity were .64% and 7.1%,
respectively. "Cash" earnings per share, return on average assets, and return
on average equity (based upon earnings before the amortization of intangible
assets) were $.20, .76%, and 8.8%, respectively.
The earnings per share of $.16 exceeded earnings for the comparable prior
year quarter by $.04 per share, or 33%, after excluding from prior year
earnings the impact of unique income and expense items related to loan loss
recoveries and the acquisition of three branches. Net income and earnings per
share for the quarter ended March 31, 1997 inclusive of those unique items was
$340,000 or $.25 per share.
Earnings benefited from increases in loan and deposit volumes as well as
improvement in noniterest income. Noninterest income increased due to record
mortgage loan volumes and the financial contribution of the Galt, Plymouth,
and San Andreas branches acquired from Wells Fargo Bank on February 22, 1997.
Total assets at March 31, 1998, were $149 million, representing a 1%
increase over December 31, 1997. First Financial Bancorp was formed in 1982
and now provides a number of financial services to the California communities
of Lodi, Woodbridge, Lockeford, Galt, Plymouth, San Andreas, and Folsom
through its wholly owned subsidiary, Bank of Lodi.
b) AMENDMENT TO FINANCIAL DATA SCHEDULES
The registrant is including as exhibits, Financial Data Schedules
amending the Financial data schedules submitted on Form 10-K for the period
ended December 31, 1996 and to amend the Financial Data Schedules submitted
on Form 10-Q for the periods ended September 30, 1996, March 31, 1997, June
30, 1997, and September 30, 1997.
2
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
a) Financial Statements
not applicable
b) Pro Forma Financial Information
not applicable
c) Exhibits.
27.1 Financial Data Schedule
27.2 Financial Data Schedule
27.3 Financial Data Schedule
3
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
First Financial Bancorp
-----------------------
Date April 28, 1998 /s/ David M. Philipp
-------------- --------------------
David M. Philipp
Executive Vice-President & CFO
Corporate Secretary
4
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Sequential
Exhibit Number Description Page Number
- -------------- ----------- -----------
<S> <C> <C>
27.1 Financial Data Schedule 6
27.2 Financial Data Schedule 7
27.3 Financial Data Schedule 8
</TABLE>
5
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JUN-01-1996 JAN-01-1996 JAN-01-1996
<PERIOD-END> SEP-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 5,103,000 5,103,000 4,748,000
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 4,100,000 4,100,000 1,100,000
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 30,867,000 30,867,000 35,124,000
<INVESTMENTS-CARRYING> 1,790,000 1,790,000 1,789,000
<INVESTMENTS-MARKET> 1,888,000 1,888,000 1,888,000
<LOANS> 55,895,000 55,895,000 53,879,000
<ALLOWANCE> 1,244,000 1,244,000 1,207,000
<TOTAL-ASSETS> 106,175,000 106,175,000 104,913,000
<DEPOSITS> 91,324,000 91,324,000 92,207,000
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 729,000 729,000 817,000
<LONG-TERM> 2,559,000 2,559,000 0
0 0 0
0 0 0
<COMMON> 7,314,000 7,314,000 7,324,000
<OTHER-SE> 4,249,000 4,249,000 4,565,000
<TOTAL-LIABILITIES-AND-EQUITY> 106,175,000 106,175,000 104,913,000
<INTEREST-LOAN> 1,463,000 4,194,000 5,613,000
<INTEREST-INVEST> 530,000 1,601,000 2,233,000
<INTEREST-OTHER> 49,000 155,000 199,000
<INTEREST-TOTAL> 2,042,000 5,950,000 8,045,000
<INTEREST-DEPOSIT> 738,000 2,244,000 2,992,000
<INTEREST-EXPENSE> 807,000 2,451,000 262,000
<INTEREST-INCOME-NET> 1,235,000 3,499,000 4,791,000
<LOAN-LOSSES> 115,000 300,000 310,000
<SECURITIES-GAINS> 0 0 0
<EXPENSE-OTHER> 1,256,000 3,436,000 4,676,000
<INCOME-PRETAX> 180,000 578,000 894,000
<INCOME-PRE-EXTRAORDINARY> 180,000 578,000 894,000
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 126,000 416,000 640,000
<EPS-PRIMARY> .10 .32 .49
<EPS-DILUTED> .09 .31 .48
<YIELD-ACTUAL> 5.35 5.06 5.15
<LOANS-NON> 1,211,000 1,211,000 898,000
<LOANS-PAST> 34,000 34,000 52,000
<LOANS-TROUBLED> 0 0 1,463,000
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 1,168,000 959,000 959,000
<CHARGE-OFFS> 108,000 218,000 334,000
<RECOVERIES> 69,000 203,000 272,000
<ALLOWANCE-CLOSE> 1,244,000 1,244,000 1,207,000
<ALLOWANCE-DOMESTIC> 1,244,000 1,244,000 1,207,000
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 637,000 637,000 671,000
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MARCH 31,
1997 FIRST FINANCIAL 10Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 APR-01-1997 JAN-01-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 JUN-30-1997
<CASH> 4,780,000 6,163 6,163
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 20,000,000 3,300 3,300
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 48,729,000 56,429 56,429
<INVESTMENTS-CARRYING> 1,788,000 1,788 1,788
<INVESTMENTS-MARKET> 1,872,000 1,923 1,923
<LOANS> 53,461,000 58,377 58,377
<ALLOWANCE> 1,464,000 1,493 1,493
<TOTAL-ASSETS> 139,585,000 136,770 136,770
<DEPOSITS> 127,757,000 123,671 123,671
<SHORT-TERM> 0 0 0
<LIABILITIES-OTHER> 769,000 717 717
<LONG-TERM> 0 0 0
0 0 0
0 0 0
<COMMON> 7,325,000 7,428 7,428
<OTHER-SE> 4,632,000 4,954 4,954
<TOTAL-LIABILITIES-AND-EQUITY> 139,585,000 136,770 136,770
<INTEREST-LOAN> 1,824,000 1,504 3,328
<INTEREST-INVEST> 668,000 977 1,645
<INTEREST-OTHER> 135,000 67 202
<INTEREST-TOTAL> 2,627,000 2,548 5,175
<INTEREST-DEPOSIT> 825,000 960 1,785
<INTEREST-EXPENSE> 825,000 960 1,785
<INTEREST-INCOME-NET> 1,802,000 1,588 3,390
<LOAN-LOSSES> (80,000) 20 (60)
<SECURITIES-GAINS> 0 0 0
<EXPENSE-OTHER> 1,648,000 1,698 3,346
<INCOME-PRETAX> 540,000 281 821
<INCOME-PRE-EXTRAORDINARY> 540,000 281 821
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 340,000 206 546
<EPS-PRIMARY> .26 .16 .42
<EPS-DILUTED> .25 .15 .40
<YIELD-ACTUAL> 6.83 5.22 5.97
<LOANS-NON> 707,000 609 609
<LOANS-PAST> 32,000 14 14
<LOANS-TROUBLED> 983,183 1,132 1,132
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 1,207,000 1,464 1,207
<CHARGE-OFFS> 4,000 4 8
<RECOVERIES> 341,000 13 354
<ALLOWANCE-CLOSE> 1,464,000 1,493 1,493
<ALLOWANCE-DOMESTIC> 1,464,000 1,493 1,493
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 651,000 751 751
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997
<PERIOD-START> JUL-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1997 SEP-30-1997
<CASH> 7,878 7,878
<INT-BEARING-DEPOSITS> 0 0
<FED-FUNDS-SOLD> 4,800 4,800
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 54,991 54,991
<INVESTMENTS-CARRYING> 1,717 1,717
<INVESTMENTS-MARKET> 1,794 1,794
<LOANS> 63,158 63,158
<ALLOWANCE> 1,334 1,334
<TOTAL-ASSETS> 143,121 143,121
<DEPOSITS> 129,214 129,214
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 1,244 1,244
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 7,455 7,455
<OTHER-SE> 5,208 5,208
<TOTAL-LIABILITIES-AND-EQUITY> 143,121 143,121
<INTEREST-LOAN> 1,591 4,919
<INTEREST-INVEST> 964 2,609
<INTEREST-OTHER> 78 280
<INTEREST-TOTAL> 2,633 7,808
<INTEREST-DEPOSIT> 984 2,769
<INTEREST-EXPENSE> 984 2,769
<INTEREST-INCOME-NET> 1,649 5,039
<LOAN-LOSSES> 0 (60)
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 1,720 5,066
<INCOME-PRETAX> 318 1,139
<INCOME-PRE-EXTRAORDINARY> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 216 762
<EPS-PRIMARY> .16 .58
<EPS-DILUTED> .15 .55
<YIELD-ACTUAL> 5.35 5.75
<LOANS-NON> 371 371
<LOANS-PAST> 29 29
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 0 0
<ALLOWANCE-OPEN> 1,493 1,207
<CHARGE-OFFS> 214 222
<RECOVERIES> 55 409
<ALLOWANCE-CLOSE> 1,334 1,334
<ALLOWANCE-DOMESTIC> 1,334 1,334
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 858 858
</TABLE>
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