First Financial Bancorp is pursuing ways it can be more efficient, one of the company’s key strategies, the bank’s CEO told investors in a conference call discussing third quarter earnings Friday morning.

The Cincinnati-based bank, which was formerly headquartered in Hamilton, completed during the third quarter a full review of its cost structure, said Claude Davis, president and chief executive officer, in the call. He said so far, $17.1 million of annual cost savings has been identified. That amount already includes an estimated $3 million in savings related to nine branches the bank closed earlier this year in Ohio and Indiana.

Those closings included branch locations in Cleves, Lebanon and Lewisburg.

All cost reductions are planned to be in place by halfway through 2013. This will help the bank drive stronger long-term profitability, said Frank Hall, chief financial and chief operating officer of the bank.

“Given the challenges of the current economy and earnings pressure from lower interest rates, companies like us need to operate as efficiently as possible to help in driving long term earnings growth and profitability,” Hall said.

He said operational initiatives have been or will be implemented across all business lines and support functions.

In response to an investor’s question on Friday’s call, Hall said, “The bulk of it’s going to be in salaries and benefits.”

First Financial reported after the market closed Thursday third quarter net income of $16.2 million. Last quarter profits were lower than second-quarter earnings of $17.8 million; but higher than year-ago profits of $15.6 million, the bank said.

“Originations and renewals remained strong in our commercial and retail lines of business, but unfortunately we experienced a high level of early chaos as this segment of our client base continues to deleverage in the face of an uncertain economy. Additionally, given the level of increased competition in our metropolitan markets, we have seen at times situations where rates and structures have become extremely aggressive,” Davis said.

First Financial is Butler County’s biggest bank.