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: October 30, 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.)
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ITEM 5. OTHER EVENTS
a) First Financial Bancorp Declares Fifteenth Consecutive Quarterly Dividend
Based upon the earnings for the quarter ended September 30, 1998,
First Financial Bancorp's Board of Directors declared a cash dividend of $.05
per share, payable November 27, 1998 to shareholders of record on November 13,
1998. This is the fifteenth consecutive quarterly dividend declared by First
Financial Bancorp.
"Cash" earnings increased by 24% over the prior year. "Cash" earnings
(net income before intangible amortization) for the quarter ended September 30,
1998, were $354,000, or $.25 per share, compared to $286,000, or $.20 per share,
in the comparable prior year quarter. Annualized return on average assets and
equity on this basis were .92% and 10.6%, respectively. Net income per share,
was $300,000, or $.21 per share, compared to $216,000, or $.15 per share, in the
comparable prior year quarter.
Earnings benefited from increased average loan and deposit volumes of
26% and 12%, respectively, compared to the prior year quarter. Noninterest
income increased by 26% over the prior year, due in part to record mortgage loan
volumes. Noninterest expenses increased by 11%, reflecting increased business
development efforts, growing account volumes, and the operating costs of new
offices in Elk Grove and Folsom, California.
Total consolidated assets at September 30, 1998, were $157 million,
representing a 6% 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, Elk
Grove, and Folsom through its wholly owned subsidiary, Bank of Lodi, and Bank of
Lodi's affiliation with Investment Centers of America.
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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
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Date October 30, 1998 /s/ David M. Philipp
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David M. Philipp
Executive Vice-President & CFO
Corporate Secretary
