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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): April 22, 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 jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
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 April 22, 1997, the Registrant announced earnings for the quarter ended
March 31, 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 April 22, 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: April 22, 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 March 22, 1997
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NEWS RELEASE
Date: April 22, 1997
From: First Financial Bancorp, Inc.
121 East Locust Street
Belvidere, IL 61008
Holding Company for:
First Federal Savings Bank
Contact: Steven C. Derr
President and Chief Executive Officer
(815) 544-3167
FOR IMMEDIATE RELEASE:
FIRST FINANCIAL BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
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Belvidere, Illinois, April 22, 1997 -- First Financial Bancorp, Inc. announced
earnings today of $150,000, or $0.37 per share, for the three months ended
March 31, 1997. This represents an increase of $138,000, or $0.34 per share,
from the quarter ended March 31, 1996. Return on average assets and equity
improved to 0.64% and 8.22% respectively for the three months ended March 31,
1997 from 0.06% and 0.65% for the three months ended March 31, 1996. Net
interest income increased $60,000, or 10.5%, to $632,000 for the quarter ended
March 31, 1997 from $572,000 for the quarter ended March 31, 1996. Non-
interest income increased $94,000 to $182,000 from $88,000 for the prior
year's quarter. The increase in non-interest income was primarily the result
of securities gains of $69,000 in the 1997 period, reversing a year earlier
loss of $14,000. Additionally, deposit account fees were up 15.8% to $44,000
from $38,000. Non-interest expense decreased 8.7% to $591,000 from $647,000
as the Company benefited from continued improvements in operating efficiencies
as well as lower FDIC insurance premiums.
Total assets decreased $1.3 million to $93.2 million at March 31, 1997 from
$94.5 million at December 31, 1996. The decrease was primarily attributable
to a $1.4 million decrease in the loan portfolio from the prior quarter end.
The company increased deposit balances 3.0%, or $2.0 million, to $67.8 million
at March 31, 1997 from $65.8 at December 31, 1996.
The Company also continued its 10.0% stock repurchase program during the
quarter, acquiring 9,388 shares at an average price of $15.94. Cumulative
purchases under the current stock repurchase program were 41,227 shares at
March 31, 1997. The Company's subsidiary bank maintained tangible and core
capital ratios of 7.59% at March 31, 1997.
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.
