Q1 2013 Earnings Conference Call

April 25, 2013 08:30 AM ET

Executives

Ken Lubbock - Senior Vice President, IR

Claude Davis - President and CEO

Tony Stollings - EVP and CFO

Analysts

Scott Siefers - Sandler O'Neill

Emlen Harmon - Jefferies

Chris McGratty - KBW

Jon Arfstrom - RBC

Presentation

Operator

Good morning and welcome to the First Financial Bancorp First Quarter 2013 Earnings Call and Webcast. All participants will be a listen-only mode. (Operator instructions) Please note this event is being recorded.

And I would now like to turn the conference over to Mr. Ken Lubbock, Senior Vice President, Investor Relations, please go ahead.

Ken Lubbock

Thank you, Emily. Good morning, everyone and thank you for joining us on today's conference call to discuss First Financial Bancorp’s First Quarter 2013 financial results. Discussing our operating and financial results today will be Claude Davis, President and

Q4 2012 Earnings Call

January 30, 2013 09:00 am ET

Executives

Claude Davis – President & Chief Executive Officer

Tony Stollings – Executive Vice President & Chief Financial Officer

Ken Lubbock – Vice President, Investor Relations and Corporate Development

Analysts

Scott Siefers – Sandler O’Neill

[John Barr] – KBW

Presentation

Operator

Good morning and welcome to the First Financial Bancorp Q4 and Full Year 2012 Earnings Conference Call and Webcast. (Operator instructions.) Please note that this event is being recorded. I would now like to turn the conference over to Mr. Ken Lubbock, Vice President Investor Relations and Corporate Development. Mr. Lubbock, please go ahead.

Ken Lubbock

Thank you, Keith. Good morning everyone and thank you for joining us on today’s conference call to discuss First Financial Bancorp’s Q4 and full year 2012 financial results. Discussing our operating and financial results today will be Claude Davis,

Q3 2012 Earnings Call

October 26, 2012, 09:00 am ET

Executives

Ken Lubbock - VP, IR & Corporate Development

Claude Davis - President & CEO

Frank Hall - EVP, CFO & COO

Analysts

Scott Siefers - Sandler O’Neill

Matthew Keating - Barclays

Bryce Rowe - Robert W. Baird

John Barber - KBW

Kenneth James - Sterne Agee

Emlen Harmon - Jefferies

Presentation

Operator

Good morning and welcome to the First Financial Bancorp Third Quarter 2012 Earnings Conference Call and Webcast. All participants will be in listen-only mode. (Operator instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

I would now like to turn the conference over to Ken Lubbock. Please go ahead.

Ken Lubbock

Thank you, Jess. Good morning everyone and thank you for joining us on today’s conference call to discuss First Financial

Barclays 2012 Global Financial Services Conference Call

September 12, 2012 8:15 am ET

Executives

Kenneth Lovik – Vice President-Investor Relations & Corporate Development

J. Franklin Hall – Executive Vice President, Chief Financial Officer and Chief Operating Officer

Analysts

Matthew Keating – Barclays Capital, Inc.

Presentation

Matthew Keating – Barclays Capital, Inc.

Matthew Keating and I work on the U.S. Bank’s Research team here at Barclays. Our discussion of Ohio-based banks continues this morning, and we’re very pleased to welcome First Financial Bancorp to our conference returning again this year. We believe that First Financial is a very well run organization with a sound growth strategy of transitioning its business and customer mix towards faster growing metropolitan markets within its Midwest footprint, largely Ohio and Indiana. More recently, well loan demand in its strategic market has been a bit low, its industry-leading capital levels have afforded it

by Weiss Ratings

While a series of recent banking scandals and exorbitant fines may have further damaged the industry's reputation, investors seeking income can still find very attractive yields from bank stocks. According to a new study by Weiss Ratings, a portfolio of the highest dividend-paying bank stocks can generate more than the 1.93% average yield of the S&P 500.

In a review of 1,164 publicly traded banks yielding an average of 2.26%, Weiss analyzed those with above-average returns, good market liquidity and solid financial strength. The study found 270 banks had a dividend yield of at least 3% as of August 15, 2012. Starting with the 95 having at least $1 billion or more in assets, Weiss then factored in an average one-month daily volume greater than 50,000 shares and a Weiss Financial Strength Rating of B- ("Good") or higher to identify the 20 highest dividend-paying bank stocks.

There are many different strategies to trade, and one of them is to look for dividend stocks. Investors like dividend stocks as long-term investments, as these dividend payments tend to protect the stock price from the market volatility that affects non-dividend paying stocks. However, careful analysis of dividend stocks and choosing the right dividend stocks at the right time is critical for investors.

In this article, I will focus on small cap stocks with a high dividend yield and with their ex-dividend date within the next week (August 27 to August 31). These stocks are screened based on the following criteria:

• Security Type: Common Stock
• Market Cap: Greater than $250 million and less than $2 billion
• Dividend Yield: Greater than or equal to 6%
• Ex-Dividend Date: Between August 27, 2012 and August 31, 2012

1. Ellington Financial LLC (EFC): Ellington Financial is a specialty finance

Investor Day Conference Call

August 15, 2012, 12:45 pm ET

Executives

Ken Lovik - VP, IR & Corporate Development

Claude Davis - President & CEO

Frank Hall - EVP, CFO & COO

Doug Lefferson - EVP & Chief Banking Officer

Jill Wyman - EVP & Co-Chief Retail Banking Officer

Jill Stanton - EVP, Co-Chief Retail Banking Officer

Greg Harris - SVP & Senior Operating Officer

Kevin Woodard - SVP & Sales and Service Officer

Kevin Langford - EVP & Chief Administrative Officer

Richard Barbercheck - EVP & Chief Credit Officer

Tony Stollings - EVP & Chief Risk Officer

Analysts

Joe Steven - Steven Capital

Emlen Harmon - Jefferies

Chris McGratty - KBW

Matthew Keating - Barclays

Jon Arfstrom - RBC

Kenneth James - Sterne Agee

Jelani Jackson - Opus Capital

Presentation

Ken Lovik

Good afternoon everyone. My name is Ken Lovik, Vice President, Investor Relations and

Q2 2012 Earnings Call

July 25, 2012 09:00 am ET

Executives

Claude Davis – President & Chief Executive Officer

Frank Hall – Executive Vice President, Chief Financial Officer & Chief Operating Officer

Ken Lubbock – Vice President of Investor Relations and Corporate Development

Analysts

Scott Siefers – Sandler O’Neill & Partners

Chris McGratty – Keefe Bruyette & Woods

Jon Arfstrom – RBC Capital Markets

Emlen Harmon – Jefferies & Co.

Bryce Rowe – Robert W. Baird & Co.

Kenneth James – Sterne Agee & Leach

Presentation

Operator

Good morning and welcome to the First Financial Bancorp Q2 2012 Earnings Conference Call. (Operator instructions.) Please note this event is being recorded. I would now like to turn the conference over to Ken Lubbock, Vice President of Investor Relations and Corporate Development. Please go ahead.

Ken Lubbock

Thank you, Valerie. Good morning everyone and thank you for joining

When senior company executives or directors buy the shares of their company, they are indulging in 'insider buying,' and by law they are required to file the details of these purchases with the Securities and Exchange Commission within two business days, or 48 hours, using Form 4.

The obvious inference of insider buying in a company's shares is that they may be undervalued, or that some event in the future may help to push up prices - the insiders have a shrewd idea of this, and hence are buying the stock.

This article looks at five dividend monsters that have attracted insider buying since April 1st. We define a stock with a dividend yield in excess of 5% as a dividend 'monster.'

Martin Midstream Partners L.P. (MMLP) Price $34.57, Dividend yield 8.9%

Martin Midstream Partners L.P. transports and stores petroleum products across the Gulf Coast region of the

So far in 2012, financials (XLF) are among the leading economic sectors in the S&P 500. With the exception of the relatively small telecommunications services sector, the 13% return is the best and is well ahead of the 7.9% price return for the S&P 500. Smaller financial stocks are also outperforming the market. Considering that financials are the second largest sector in the market, the performance is even more impressive. The sector, however, has been a laggard for years, with a -16.5% five-year return compared to -2% for the S&P 500 through June 30, 2012, the worst performing sector by an extremely wide margin.

Last September, I suggested that high-quality financials offered a great opportunity for dividend growth investors, and I continue to believe that is the case, although many of the stocks profiled have performed quite well. With positive momentum in the sector, it's worthwhile to consider why

Dividend stocks are more attractive to investors these days due to the decline in interest rates and with the recent reduction in the tax rate on most dividends. Also, investors like the dividend stocks for long-term investments as these dividend payments tend to protect the stock price from market volatility that affects non-dividend paying stocks. However, careful analysis of dividend stocks and choosing the right dividend stocks at right time is critical for the investors.

In this article, I will focus on small cap stocks with a high dividend yield and ex-dividend date within the next week (May 29 to June 1). These stocks are screened based on the following criteria:

• Security Type: Common Stock
• Market Cap: Between 250 million and 2 billion
• Dividend Yield: Greater than or equal to 7.5%
• Ex-Dividend Date: Between May 29, 2012 and June 1, 2012

1. CAPSTONE INFRASTRUCTURE CORP (MCQPF.PK)

Q1 2012 Earnings Call

April 26, 2012 9:00 am ET

Executives

Kenneth J. Lovik – Vice President, Investor Relations and Corporate Development

Claude E. Davis – President and Chief Executive Officer

J. Franklin Hall – Executive Vice President, Chief Operating Officer and Chief Financial Officer

Analysts

Scott Siefers – Sandler O'Neill & Partners

Jon Arfstrom – RBC Capital Markets Equity Research

John Barber – Keefe, Bruyette & Woods, Inc.

David Long – Raymond James & Associates

Emlen Harmon – Jefferies & Co., Inc.

Presentation

Operator

Good morning, and welcome to the First Financial Bancorp First Quarter 2012 Earnings Conference Call and Webcast. All participants will be in listen-only mode. (Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I’d now like to turn the conference over to Ken Lovik, Vice President, Investor Relations

By Amy Calistri

The S&P 500 (SPY) is up 11% year-to-date. But there is another rally that is getting less attention: U.S. Treasury yields have been on the rise. Short-term Treasury yields have inched up throughout 2012, while longer-term Treasuries have bumped up only in recent weeks.

Of course, interest rates are still well below where they were before the financial crisis. At the start of 2008, the 10-year Treasury yield was 3.9%, compared with 2.25% today.

Interest rates have been on a downward slide for nearly five years. The most significant descent started in 2008 when the Federal Reserve cut the federal funds rate to effectively zero. In fact, rates have been low for such a long time, borrowers have gotten a bit complacent.

There has been little urgency to borrow at low rates because, up until now, there has been no penalty for waiting. To

Companies with solid earnings are being rewarded so far this year. In this stock-pickers' market, dividend investors want to see income growth because growing income means higher stock prices and sustainable dividend increases. As we discussed in our top rated dividend stocks article a few days ago, we have started to put more emphasis on income growth when we rate dividend stocks. Today we are highlighting stocks that yield 4% or more and have the highest 3 year net income growth rates.

UniSource Energy Corporation (UNS)

UniSource Energy has a dividend yield of 4.5% and has increased its dividend for 11 consecutive years. 2012 will be the 12th year. It has a 5 year dividend growth rate of 14.7% and a payout ratio of 58%. UNS has a 3 year net income growth rate of 98.6%.

Prospect Capital Corporation (PSEC)

Prospect Capital has a dividend yield of 11.2% and

The larger regional banks are showing signs of growing loan demand in their quarterly results, pointing to an improving U.S. economy. While consumer and industrial lending have been bright spots for U.S. regional banks, demand for new mortgages has remained relatively lackluster. Recently, larger U.S. regional banks like SunTrust Banks (STI), PNC Financial (PNC) and US Bancorp (USB) showed loan growth and improving credit quality in their quarterly earnings reports. The regional bank stocks are looking like great opportunities for investors seeking high-yield stocks. Here is a discussion of potential high yield buys in the banking sector.

New York Community Bancorp, Inc. (NYB) operates as a multibank holding company for New York Community Bank and New York Commercial Bank, which offer banking products and services in New York, New Jersey, Ohio, Florida, and Arizona. It primarily engages in generating deposits and originating loans. NYB is trading at $13.00 with

With a rising market and hence share prices, dividend yields fall and so, whilst there are many companies carrying higher yields than treasuries, finding one that compensates for the added risk of investing in equities narrows choices down.

Below, I have compiled a list of three bank stocks going ex-dividend on the week starting 27th February 2012. I have screened them for a market capitalization above $1 billion (with one exception lacking $20 million), so that they are liquid enough, and large enough so as not to be too speculative and with dividend yields above 4%. As they are bank stocks, which many see as speculative, this higher yield makes up for that shortfall. This is the screen sorted by ex-dividend date:

Bank of Hawaii Corporation (BOH) goes ex-dividend Monday, February 27, 2012.

It has a market capitalization $2.15 billion. For fiscal Q3 2011 the company generated $96.77 million

Dividend stocks are wonderful, because they increase my cash with regular payments. One major date in relation to the payment is the ex-dividend date. If you own a stock before this date, you get the next payment. This is very interesting, because in the case of a high yield stock, I can earn at least one percent in cash for a short period of investing.

I screened stocks with ex-dividend date within the upcoming week. 227 common and preferred shares have their ex-dividend date between February 27 and March 04. Exactly 31 of them have a dividend yield over 5%. Many of them have a high yield, because the market believes that the dividend is not sustainable. Especially in the case of low capitalized stocks, the possibility of a dividend cut is much higher as for stocks with a higher capitalization. Because of this, I decided to select only

Q4 2011 Earnings Call

January 26, 2012 09:00 am ET

Executives

Ken Lovik - VP, IR & Corporate Development

Claude Davis - President & CEO

Frank Hall - EVP, CFO & COO

Analysts

Scott Siefers - Sandler O'Neill

Emlen Harmon - Jefferies

Jon Arfstrom - RBC Capital Markets

Chris McGratty - KBW

Bryce Rowe - Robert W. Baird

David Long - Raymond James

Kennet James - Sterne, Agee

Jeff Davis - Guggenheim Securities

Presentation

Operator

Good morning and welcome to the First Financial Bancorp fourth quarter and full-year 2011 earnings conference call and webcast. All participants will be in listen-only mode. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Ken Lovik, Vice President Investor Relations and Corporate Development. Please go ahead.

Ken Lovik

Thank you, Andrew. Good morning everyone and thank you for joining us

Q3 2011 Earnings Call

October 27, 2011; 09:00 am ET

Executives

Claude Davis - President & Chief Executive Officer

Frank Hall - Executive Vice President, Chief Financial Officer & Chief Operating Officer

Kenneth Lovik - Vice President, Investor Relations & Corporate Development

Analysts

Chris Mcgratty - KBW

Jon Arfstrom - RBC Capital Markets

Scott Siefers - Sandler O'Neill

David Long - Raymond James

Matthew Keating - Barclays Capital

Presentation

Operator

Good morning and welcome to the First Financial Bancorp, third quarter 2011 earnings conference call and webcast.

I would now like to turn the conference over to Ken Lovik, Vice President, Investor Relations and Corporate Development. Mr. Lovik, please go ahead.

Kenneth Lovik

Thank you, Sue. Good morning everyone and thank you for joining us on today’s conference call to discuss First Financial Bancorp’s third quarter 2011 financial results. Discussing our operating and financial results today