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: March 28, 2000
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 Twentieth Consecutive Quarterly Dividend
Based upon the earnings for the fourth quarter of 1999, the
Board of Directors of First Financial Bancorp (Symbol: FLLC) declared a
cash dividend of $.05 per share payable February 25, 2000 to
shareholders of record on February 11, 2000. This is the twentieth
consecutive quarterly dividend declared by First Financial Bancorp.
"Year-to-date earnings of $1,159,000 or $0.78 per diluted
share represent the Company's highest ever," reported Leon Zimmerman,
President and CEO of First Financial Bancorp. "Our earnings during 1999
represent an increase in excess of 10% over and above our 1998 earnings
of $1,052,000 or $0.72 per diluted share."
Earnings for the fourth quarter of 1999 were $373,000 or $0.27
per diluted share, compared to $341,000 or $0.26 per diluted share for
the fourth quarter of 1998 and represents an increase of 9.38% over the
same period one year ago.
Total assets at December 31, 1999, were $176 million,
representing an increase of $11.9 million or 7.3% compared to December
31, 1998.
Earnings have increased as a result of continued growth in
loans combined with an improvement in noninterest income. Gross loans
increased $19.5 million or 21.1% and total deposits increased $6.6
million or 4.4% since December 31, 1998. Loan interest income during
1999 increased $2.2 million or 28.2% compared to 1998 and net interest
income increased $1.3 million or 18.0% during the same period. Service
charges increased $232,000 or 27.4% during 1999 as a result of
increased core deposits combined with changes to the pricing structure
of certain deposit products.
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The allowance for loan losses was increased to 2.3% of total
loans at December 31, 1999 compared to 1.7% at December 31, 1998. This
increase resulted primarily from a charge to the loan loss provision
totaling $1.1 million during 1999.
Based upon 1999 year-to-date net income, the annualized return
on average assets and equity were 0.69% and 8.19%, respectively. Under
regulatory standards, the Bank is categorized as "well-capitalized"
with a ratio of risk-adjusted assets to capital of 10.51% and a ratio
of total capital to total assets of 7.82%.
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
Date March 28, 2000 /s/ Allen R. Christenson
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Allen R. Christenson
Chief Financial Officer
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