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: January 29, 1999
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 Reports 1998 Earnings and Declares Dividend
First Financial Bancorp reports consolidated earnings of $1,052,000, or $.78 in
basic earnings per share for the year ended December 31, 1998. The earnings
represent an increase of 4% over the $1,015,000, or $.77 in basic earnings per
share, for the year ended December 31, 1997. Earnings for the three months ended
December 31, 1998 were $341,000, or $.25 per share in basic earnings per share.
Earnings for the quarter increased by 35% over the comparable prior year quarter
and by 14% over the quarter ended September 30, 1998.
Based upon earnings for the three months ended December 31, 1998, the First
Financial Bancorp Board of Directors declared a cash dividend of $.05 per share,
payable February 26, 1999 to shareholders of record on February 12, 1999. This
is the sixteenth consecutive quarterly dividend declared by First Financial
Bancorp, and with its payment, the consecutive quarterly dividends will have
exceeded $1,000,000 on a cumulative basis.
The profitability of current core operations increased in 1998 by
approximately 50% compared to 1997 after excluding strategic growth and
expansion costs from 1998 and subtracting significant loan loss recoveries that
increased income in 1997. The performance of core operations improved in 1998 on
the strength of a 45% increase in loan demand, a 12% increase in deposits, and
record mortgage volume. The strong growth helped to finance the vigorous pursuit
of many growth objectives that included expansion into the Folsom and Elk Grove
markets with new offices as well as a company-wide affiliation with Investment
Centers of America to offer brokerage services on-site at branch locations.
Consolidated assets at December 31, 1998 increased by approximately $17
million from December 31, 1997 to reach nearly $165 million. 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 January 29, 1999 /s/ David M. Philipp
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David M. Philipp
Executive Vice-President & CFO
Corporate Secretary
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