Acquisitions boost First Financial’s profits

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First Financial Bancorp’s third-quarter profits took a jump after it acquired two failed banks from the Federal Deposit Insurance Corp.

The bank posted net income of $225.2 million, or $4.38 per share, compared to $5.7 million, and 15 cents per share, in the year-ago quarter. Net interest income was $37.5 million compared to $29.4 million in third-quarter 2008.

The provision for loan losses was $26.7 million, up from $3.2 million a year ago.

During the quarter, First Financial acquired the assets of Peoples Community Bancorp in West Chester, and Irwin Bank and Trust Co. and Irwin Union Bank in Indiana. Both had been seized by the FDIC.

“We are very excited about the growth and expansion of the company, particularly the retail banking network in the Greater Cincinnati market, the state of Indiana, Louisville, Kentucky and our re-entry into Michigan,” said Claude Davis, president and CEO, in a news release. “The banking centers we acquired complement our existing locations and provide entry into markets where we did not have a presence.”

First Financial (NASDAQ: FFBC) is headquartered in Cincinnati.

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