First Financial Bancorp (NASDAQ: FFBC) has released its financial results for the fourth quarter and full year of 2024, showcasing a strong performance. In the fourth quarter of 2024, the company reported net income of $64.9 million, or $0.68 per diluted common share. This is a significant improvement compared to the third quarter of 2024, where the company reported net income of $52.5 million, or $0.55 per diluted common share.
The return on average assets for the fourth quarter of 2024 was 1.41%, marking an increase from the return on average assets of 1.17% in the third quarter of 2024. Additionally, the return on average tangible common equity also saw a substantial increase, reaching 19.08% in the fourth quarter, up from 16.29% in the third quarter of 2024.
The company experienced robust net interest margin of 3.94% on a fully tax-equivalent basis. However, there was a 14 basis point decline from the third quarter, which was in line with initial expectations. Moreover, noninterest income was reported at $69.9 million, or $69.7 million on an adjusted basis, showcasing strong performance in this area.
Loan growth was also a highlight, with loan balances increasing by $208.7 million compared to the linked quarter, representing a 7% annualized growth rate. Average deposit growth surged during the quarter, increasing by $543.1 million, or 15.7% on an annualized basis.
For the full year of 2024, the company earned $249 million, or $2.61 per share on an adjusted basis. The adjusted return on assets for the full year was 1.40%, and the adjusted return on tangible common equity was 19.9%.
The company's executives expressed satisfaction with the results, highlighting the strong balance sheet growth, stable asset quality, and a record year in terms of revenue. First Financial Bancorp's performance in 2024 indicates positive momentum and a strong financial position moving forward. Today the company's shares have moved -0.2% to a price of $27.94. For more information, read the company's full 8-K submission here.
