First Financial Bancorp 8-K, filed Dec 9, 2020
First Financial Bancorp (FFBC)
8-K
2020-12-09
For: 2020-12-09
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Added on
April 07, 2026
About this 8-K
First Financial Bancorp filed this 8-K on December 9, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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 (Date of earliest event reported): December 9, 2020
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. employer identification number) | |||||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||||||||
Registrant's telephone number, including area code: (877 ) 322-9530
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Title of each class | Trading symbol | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
The executive officers of First Financial Bancorp. intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts. A copy of the investor presentation is attached hereto as Exhibit 99.1.
First Financial Bancorp. does not intend for this Item 7.01 or Exhibit 99.1 to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
The following exhibits shall not be deemed to be "filed" for purposes of the Exchange Act:
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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.
| By: /s/ James M. Anderson | ||||||||
| James M. Anderson | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| Date: | December 9, 2020 | |||||||
® Deferral Portfolio Reporting November 30, 2020 Exhibit 99.1
Loans Under Deferral as of 11/30/20 $429 million, or 4.6%, of total loans, excluding PPP, remain under deferral $358 million, or 84%, is currently projected for Round 3 (booked and pipeline) $56 million, or 13%, is in Round 2 (booked and pipeline) $15 million, or 3%, remains in Round 1 $76 million, or 18%, are full payment deferrals while the remaining $353 million, or 82%, are interest only payments $1.7 billion, or 79%, of the original $2.2 billion has exited the deferral portfolio and returned to normal payment 2 All dollars shown in millions Hotel $255 59% Franchise $38 9% Other ICRE $91 21% Other $45 11% Total $429 Million
Round 1 Deferrals $2.2 billion of loans received an initial deferral Round 1 deferrals universally granted Approximately 20% of entire loan portfolio received an initial deferral $1.3 billion, or 57%, of initial deferrals were ICRE $2.1 billion, or 99%, of the $2.2 billion deferral portfolio has exited Round 1 $637 million, or 29%, has moved into or through Round 2 $15 million, or 1%, of initial deferrals yet to expire 3 Round 1 Deferrals by loan type All dollars shown in millions ICRE $1,265 58% C&I $788 36% Mortgage $97 5% Consumer $21 1% Total $2.2 Billion
Round 2 Deferrals $2.1 billion, or 99%, of the $2.2 billion deferral portfolio has exited Round 1 $1.7 billion, or 79%, has returned to a normal payment schedule $637 million, or 29%, has moved into or through Round 2 Round 2 deferrals Granted on a case by case basis Relationship managers performed enhanced due diligence of borrower operations, financial condition, liquidity and cash flow during the deferral period $459 million, or 72%, of Round 2 deferrals for ICRE borrowers $215 million, or 34%, of Round 2 deferrals are making interest only payments 4 Round 2 Deferrals by Loan Type Round 1 Deferral Status as of 11/30/2020 All dollars shown in millions ICRE $458,648 72% C&I $161,550 26% Mortgage $14,830 2% Consumer $1,547 0% Total $636.6 Million Loan Type Round 1 Deferrals Granted Current Balance Round 1 Returned to Normal Payment Schedule Round 2 Deferrals Granted ICRE 1,260,253$ 912,105$ 458,648$ C&I 775,720 688,464 161,550 Mortgage 91,154 86,506 14,830 Consumer 19,390 18,798 1,547 Total Deferral Portfolio 2,146,517$ 1,705,873$ 636,575$
Areas of Focus – Round 1 Deferrals Franchise $279 million, or 64%, of total franchise portfolio, secured a Round 1 deferral $224 million, or 81%, of expired Round 1 and 2 deferrals have returned to a normal payment schedule Hotel $371 million, or 17%, of total Round 1 deferrals $109 million, or 29%, of expired Round 1 and 2 deferrals have returned to normal payment schedule ICRE Retail $494 million, or 60%, of total ICRE Retail portfolio, secured a Round 1 deferral $494 million, or 100%, of expired Round 1 and 2 deferrals have returned to a normal payment schedule 5 Round 1 Deferrals Deferral Status as of 11/30/2020 All dollars shown in millions Franchise $279 13% Hotel $371 17% ICRE $494 23% Other $1,027 47% Total $2.2 Billion Areas of Focus Round 1 Deferrals Round 1 Deferrals Expired Round 1 Deferrals Return to Normal Payment Schedule Round 2 Deferral Granted Franchise 278,571$ 277,448$ 188,392$ 89,056$ Hotel 371,077 371,077 30,552 340,525 ICRE 494,358 494,358 474,889 19,469 Total ‐ Areas of Focus 1,144,006$ 1,142,883$ 693,833$ 449,050$
Areas of Focus – Round 2 Deferrals Franchise Continued stress in sit-down concepts 80% of second deferrals making interest only payments Hotel 92% of initial deferrals have been granted a second deferral 20% of second deferrals are making interest only payments; 80% of second deferrals granted full P&I relief ICRE Retail $19 million, or 4%, of initial deferrals granted a second deferral 6 Round 2 Deferrals Type of Round 2 Deferral – Areas of Focus All dollars shown in millions Round 2 Deferral Status as of 11/30/2020 Interest Only Payment $146 33% Full Payment Deferral $303 67% Total $449.0 Million Franchise $89 14% Hotel $341 54% ICRE $19 3% Other $188 29% Total $636.6 Million Areas of Focus Round 2 Deferrals Granted Round 2 Deferrals with Interest Only Payment Round 2 Full Payment Deferrals Franchise 89,056$ 71,511$ 17,545$ Hotel 340,525 67,719 272,806 ICRE 19,469 6,900 12,569 Total ‐ Areas of Focus 449,050$ 146,130$ 302,920$
Round 3 Deferrals $98 million, or 15%, of the $637 million granted in Round 2 deferrals have been granted a Round 3 deferral $69 million, or 70%, is ICRE $29 million, or 30%, is C&I 100% is interest only payments An additional $260 million is currently in the Round 3 pipeline $246 million, or 95%, is in ICRE $14 million, or 5%, is in C&I 93% is interest only payments Round 3 deferrals Granted on a case by case basis Up to 12 months in term Increased due diligence of borrower operations, financial condition, liquidity and cash flow during the deferral period Base risk rating of special mention 7 Round 3 Deferrals by Loan Type Round 3 Deferral Status as of 11/30/2020 All dollars shown in millions ICRE $315 88% C&I $43 12% Round 3 Deferrals ‐ $358 Million (Booked and Pipeline) Loan Type Round 2 Deferral Granted Round 3 Deferral Granted Round 3 Pipeline ICRE 458,648$ 69,133$ 246,282$ C&I 161,550 29,127 13,695 Mortgage 14,830 ‐ ‐ Consumer 1,547 ‐ ‐ Total Deferral Portfolio 636,575$ 98,260$ 259,977$
® First Financial Bancorp First Financial Center 225 East Fifth Street Cincinnati, OH 45202