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UNITED STATES OF AMERICA
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 (Date of earliest event reported): July 31, 1997
First Financial Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-22394 36-3899034
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(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
Registrant's telephone number, including area code: (815) 544-3167
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On July 31, 1997, the Registrant announced earnings for the quarter ended June
30, 1997. Further information can be found in the press release, attached as
Exhibit 1.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
1. Press Release, dated July 31, 1997.
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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, INC.
DATE: July 31, 1997 By: /c/ Steven C. Derr
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Steven C. Derr President and
Chief Executive Officer
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EXHIBIT 1
Press Release
dated July 31, 1997
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NEWS RELEASE
Date: July 31, 1997 Contact: Steven C. Derr
President and
Chief Executive Officer
From: First Financi al Bancorp, Inc. (815) 544-3167
121 East Locust Street
Belvidere, IL 61008
Holding Company for:
First Federal Savings Bank
FOR IMMEDIATE RELEASE:
FIRST FINANCIAL BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
Belvidere, Illinois, July 31, 1997 -- First Financial Bancorp, Inc. announced
earnings today of $140,000, or $0.34 per share for the three months ended
June 30, 1997, exclusive of charges related to restructuring the Company's
balance sheet and charges for upcoming computer system conversions.
This represents an increase of $0.04 per share, from the quarter ended
June 30, 1996. Including the aforementioned charges, the Company had a loss
of $194,000 for the quarter, or $0.48 per share. For the six months ended
June 30, 1997 earnings totaled $290,000, or $0.71 per share, exclusive of the
items previously mentioned. This is an increase of $140,000 from the $150,000
net income for the six months ended June 30, 1996. Including the charges,
the Company had a net loss for the six months ended June 30, 1997 of $44,000,
or $0.11 per share.
The Company took actions during the second quarter of 1997 designed to reduce
interest rate risk, position itself for improved net interest margin and
diversify the Company's earnings base. Specifically, fixed rate mortgage
loans with an amortized cost of $20.0 million and mortgage-backed securities
and collateralized mortgage obligations available for sale with an amortized
cost of $7.2 million were sold for a combined loss, net of tax, of $262,000.
In addition, Federal Home Loan Bank of Chicago advances in the amount of $7.5
million were prepaid with an early extinguishment charge of $24,000, net of
tax. In addition to the restructuring charges, non-interest expenses
increased $92,000 for the three months ended June 30 ,1997 to $672,000 from
$580,000, and $36,000 for the six months ended June 30, 1997 to $1.26 million
from $1.23 million. Of these increases, $76,000 is directly attributable to
charges associated with a core account processing system upgrade to be
completed in November 1997.
Total assets decreased $10.0 million to $84.5 million at June 30, 1997 from
$94.5 million at December 31, 1996. The decrease was the result of the
balance sheet restructuring program. The balance of the proceeds from the
asset sales over the advance prepayments was reinvested in short term
securities and interest-earning deposits for future investment in diversified
loan production.
First Financial Bancorp, Inc. is the holding company for First Federal
Savings Bank which has two full service offices in Belvidere, Illinois.
First Federal has served the Belvidere area for 75 years since opening in
1922. First Financial Bancorp, Inc. is traded on the Nasdaq Small Cap Market
under the symbol FFBI.
This announcement contains forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve risk and
uncertainties, including interest rate risk, credit risk, economic risks, and
other factors described from time to time in the Company's publicly available
filings. Such risks could cause the actual results to differ materially.
