- Earnings per diluted share of $0.73; $0.80 on an adjusted(1) basis is highest in Company history
- Return on average assets of 1.37%; 1.50% on an adjusted(1) basis
- Net interest margin on FTE basis(1) of 3.98%
- Loan growth of $240 million, or 7.1%on an annualized basis
- Net charge-offs 0.20% of total loans
- ROTCE of 18.0%; 19.7% on adjusted(1) basis
- Board of Directors approved quarterly dividend increase to $0.26 to be paid in 3Q26
- Agreement to acquire Finward Bancorp, the holding company for Peoples Bank, in all stock transaction
CINCINNATI, July 21, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and six months ended June 30, 2026, as well as the pending acquisition of Finward Bancorp ("Finward").
Second Quarter Financial Results
For the three months ended June 30, 2026, the Company reported net income of $76.5 million, or $0.73 per diluted common share. These results compare to net income of $74.4 million, or $0.71 per diluted common share, for the first quarter of 2026. For the six months ended June 30, 2026, First Financial had earnings per diluted share of $1.44 compared to $1.27 for the same period in 2025.
Return on average assets for the second quarter of 2026 was 1.37% while return on average tangible common equity was 17.95%(1). These compare to return on average assets of 1.34% and return on average tangible common equity of 17.78%(1) in the first quarter of 2026.
Second quarter 2026 highlights include:
- Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent basis(1)
- 1 bp decline from first quarter driven by a 7 bp decline in asset yields, which was partially offset by a 6 bp decrease in funding costs
- Decline in loan accretion diluted net interest margin 5 bps; accretion decline primarily related to lower-than-expected prepayment rates on acquired mortgage loans
- Noninterest income of $73.8 million; $71.9 million on an adjusted(1) basis
- Adjustments include a $0.3 million loss on securities and $2.2 million of acquisition-related adjustments
- Leasing business income continues strong performance with a 5.3% increase from first quarter to $22.8 million
- Other noninterest income increased $3.6 million, or 111.3%, from the linked quarter, due to higher income from bank owned life insurance and limited partnership investments
- Foreign exchange income of $13.1 million
- Noninterest expenses of $161.5 million, or $149.1 million as adjusted(1); 3.7% decrease from linked quarter
- Adjustments(1) include $11.6 million of acquisition related expenses and $0.8 million of amortization of tax credit investments and other expenses not expected to recur
- Decrease from prior quarter driven by lower compensation costs
- Efficiency ratio of 61.2%; 56.8% as adjusted(1)
- Strong loan growth during the quarter
- End of period loan balances increased $240 million compared to the linked quarter
- Quarterly growth was broad-based, highlighted by C&I, Summit and seasonal growth from Agile
- Stable deposit balances during the quarter
- Total average deposit balances increased $41 million, or 0.9% on an annualized basis
- Growth in interest-bearing demand accounts and seasonal influx of public funds offset a decline in time deposits and brokered CDs
- Excluding brokered CD, average deposits increased $168.6 million
- Total Allowance for Credit Losses of $208.2 million; Total quarterly provision expense of $8.2 million
- Loans and leases - ACL of $189.9 million
- ACL to total loans of 1.38%; increased 2 bps from linked quarter
- Unfunded Commitments - ACL of $18.3 million
- Annualized net charge-offs were 20 bps of total loans; 15 bp decline from linked quarter
- Slight declines in classified and nonperforming assets
- Capital ratios remain strong
- Total capital ratio increased 5 bps to 15.75%
- Tier 1 common equity increased 11 bps to 12.33%
- Tangible common equity of 8.24%(1); 9.30%(1) excluding impact from AOCI
- Tangible book value per share of $16.64(1); 3.0% increase from linked quarter
Additionally, the Board of Directors approved a quarterly dividend of $0.26 per common share for the next regularly scheduled dividend, payable on September 15, 2026 to shareholders of record as of September 1, 2026.
Archie Brown, President and CEO commented on Second Quarter results, "The second quarter was another active quarter as we remained focused on post-integration efforts related to the Westfield acquisition and successfully converted BankFinancial systems. Our second quarter operating results were strong, and we are very pleased with our performance. Adjusted(1) net income for the period was a record $83.9 million or $0.80 per share, with an adjusted(1) return on assets of 1.50% and an adjusted(1) return on tangible common equity of 19.7%. These adjusted(1) earnings per share represented an 8% increase from the second quarter of 2025 and were driven by increases in earning assets from a combination of organic loan growth and our recent acquisitions. Our net interest margin was stable at approximately 4.00% as lower funding costs offset a decline in loan accretion income. Assuming no significant changes in interest rates, we expect our margin to remain stable over the near-term."
Mr. Brown continued, "Loan growth for the quarter was 7% on an annualized basis, and reflected continued momentum across the portfolio with C&I, Agile and Summit being the primary drivers of our increase in balances. Loan originations increased 23% over the first quarter and advanced stage pipelines remain strong heading into the back half of the year. We expect loan production to remain healthy and contribute to solid growth in the third quarter."
Mr. Brown commented on fee income and expenses, "Second quarter adjusted(1) fee income was below our expectations. After a very strong first quarter, lower foreign exchange, swap income and investment banking fees led to a decline in total noninterest income compared to the linked quarter. While results in these business lines can vary from quarter to quarter, we anticipate a rebound in the third quarter. Conversely, adjusted(1) noninterest expenses were materially lower than the linked quarter, driven by lower commission expense, payroll taxes and acquisition-related synergies. As of June 30th, virtually all of the expected Westfield cost reductions have been realized, while savings related to the BankFinancial acquisition will gradually phase in over the course of the third quarter with full synergies expected by quarter-end."
Mr. Brown commented on asset quality and capital, "Asset quality was stable for the quarter with net charge-offs declining by 15 basis points to 0.20% of total loans. Capital levels remain strong with tangible common equity increasing to 8.2% and tangible book value increasing 3% from the linked quarter to $16.64. No shares were repurchased during the quarter as we focused on integrating recent acquisitions and preparing for the acquisition of Finward."
Mr. Brown concluded, "The second quarter was another great quarter for our Company. We achieved record earnings while successfully integrating two bank acquisitions and positioning the Company for continued success in the second half of the year. Regarding the acquisitions, we are most pleased with how our newer associates have assimilated into the Company. They remain deeply committed to serving their clients and communities, and their efforts have been instrumental in strong client retention levels. We are thankful for their dedication, hard work and client-focused approach over the past year. I am very proud of the work our teams have done throughout the integration process, and their efforts position us for success in our newly expanded markets."
Full detail of the Company's second quarter 2026 performance is provided in the accompanying financial statements and slide presentation.
(1)
Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
Finward Bancorp Acquisition
- First Financial Bancorp. has agreed to acquire Finward Bancorp, the holding company for Peoples Bank, headquartered in Munster, Indiana
- Strategically expands First Financial's presence in northwest Indiana and Chicago, with the addition of a low cost core deposit franchise and 24 locations
- Finward has approximately $2.0 billion in assets, $1.7 billion in deposits, $1.5 billion in loans and $412 million in assets under management
- Transaction is expected to be approximately 5% accretive to First Financial's earnings per share
First Financial Bancorp. (Nasdaq: FFBC) and Finward Bancorp (Nasdaq: FNWD) jointly announced today that they have entered into an agreement by which First Financial will acquire Munster-based Finward in an all-stock transaction, further expanding First Financial's presence in the economically robust Chicagoland market with a strong core deposit franchise including 24 financial centers and a 116 year presence in the Northwest Indiana and Chicago markets. Combined with the 15 retail locations from First Financial's recent acquisition in the Chicagoland market, the Finward acquisition enhances First Financial's market presence and increases its pro forma deposits in the Chicago metropolitan statistical area by 75% to over $4 billion.
"The addition of Finward Bancorp and Peoples Bank is expected to strategically expand First Financial's ability to serve the consumers and businesses of the Chicagoland and Northwest Indiana markets. We are excited to partner with a bank with a similar operating philosophy and strong credit culture," said Archie Brown, President and Chief Executive Officer of First Financial Bank. "We have built an impressive combination of retail and commercial banking services, wealth management services, and specialty banking solutions, complemented by our client-centered, community-focused business model, that offers an alternative to larger banks. To demonstrate our further commitment to Chicago and Northwest Indiana, First Financial has committed to donate $500,000 to its Foundation for the benefit of local organizations in the communities served by Finward, in addition to the $1 million we donated to the Foundation when we entered the Chicago market with the completed acquisition of BankFinancial Corporation in January 2026."
Upon completion of the transaction, Finward's consumer, trust/wealth management and commercial credit lines of business will be incorporated into First Financial's respective business lines, and Peoples Bank employees will become First Financial associates.
"This partnership represents an exciting next chapter for our organization and the communities we serve," said Benjamin Bochnowski, Chief Executive Officer of Peoples Bank. "First Financial shares our deep commitment to customers, employees, shareholders, and the communities that have placed their trust in us for more than 100 years. Together, we are accelerating our common strategy to better serve the Chicagoland and Northwest Indiana markets. We are creating a stronger regional banking franchise with expanded capabilities, greater resources, and a sharper focus on delivering exceptional service. We are confident this partnership will create meaningful opportunities for our customers and employees, while preserving the community-centered values that have defined our organization for generations."
Through this addition, First Financial continues its recent period of growth, including the recent acquisitions of Westfield Bancorp in Northeast Ohio and BankFinancial Corporation in Chicago, and its commercial banking expansion into Chicago, Cleveland and Grand Rapids. First Financial's Midwestern base includes Chicago, IL; Cincinnati, Dayton, Cleveland and Columbus, OH; Indianapolis, IN; and Louisville, KY. The acquisition of Finward enhances First Financial's existing Chicagoland footprint that includes its commercial loan production office in Fulton Market; the Agile Premium Finance division in Lincolnshire, IL; and Bannockburn Capital Markets in downtown Chicago. Additionally in the area, First Financial offers retail and business banking solutions in Northwest Indiana and Northeast Illinois.
Transaction Terms
Under the terms of the agreement, each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, valuing the transaction at approximately $208 million, based on First Financial's closing stock price on July 20, 2026. The transaction is expected to be approximately 5% accretive to First Financial's earnings per share, and First Financial's tangible book value per share ("TBV") at closing is estimated to be only slightly diluted (0.4% dilution) with an anticipated TBV earnback of 0.6 years. The merger agreement has been unanimously approved by the Boards of Directors of First Financial and Finward.
The transaction is expected to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions, regulatory approvals and approval of Finward's shareholders.
Transaction Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to First Financial. Stephens Inc. is serving as financial advisor to Finward and rendered a fairness opinion to Finward's Board of Directors. Squire Patton Boggs, (US) LLP is serving as legal counsel to First Financial. Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as legal counsel to Finward.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Wednesday, July 22, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (833) 461-5787 (U.S. toll free), meeting ID 657340574. The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company's website for 12 months.
Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.
Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position. Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, (a) statements regarding First Financial Bancorp's (the "Company" or "First Financial") operations, such as (i) our future operating or financial performance, including revenues, income or loss and earnings per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements; and (b) statements regarding the proposed transaction, such as (i) statements regarding the outlook and expectations of First Financial and Finward Bancorp ("Finward"), respectively, with respect to the proposed transaction, (ii) the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined First Financial's future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), (iii) the timing of the closing of the proposed transaction, and (iv) the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as "may," "will," "anticipate," "could," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "project" and "intend," as well as words of similar meaning or other statements concerning opinions or judgment of First Financial or Finward or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Any reference to forward-looking statements by Finward herein is solely related to the proposed transaction. Such risks, uncertainties and assumptions include, among others, the following:
Risks, uncertainties and assumptions regarding First Financial's operations
- economic, market, liquidity, credit, interest rate, operational and technological risks associated with First Financial's business;
- future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses;
- the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
- management's ability to effectively execute its business plans;
- pursuit of mergers and acquisitions, including costs or difficulties related to the acquisition and/or integration of any acquired companies;
- the possibility that any of the anticipated benefits of First Financial's prior or contemplated acquisitions will not be realized or will not be realized within the expected time period;
- the effect of changes in accounting policies and practices;
- changes in consumer spending, borrowing and saving and changes in unemployment;
- changes in customers' performance and creditworthiness;
- the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
- current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;
- our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
- financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
- the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
- the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
- a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
- the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
- our ability to develop and execute effective business plans and strategies.
Risks, uncertainties and assumptions regarding the proposed transaction
- the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement;
- the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined First Financial or the expected benefits of the proposed transaction) and the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals, the approval by Finward's shareholders, or other approvals and the other conditions to closing are not received or satisfied on a timely basis or at all;
- the outcome of any legal proceedings that may be instituted against First Financial or Finward;
- the possibility that the anticipated benefits of the proposed transaction, including anticipated synergies and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which First Financial and Finward operate;
- the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected;
- the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks;
- the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events;
- the diversion of management's attention from ongoing business operations and opportunities;
- potential adverse reactions of First Financial's or Finward's customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction;
- a material adverse change in the financial condition of First Financial or Finward;
- changes in First Financial's share price before closing;
- risks relating to the potential dilutive effect of shares of First Financial's common stock to be issued in the proposed transaction;
- general competitive, economic, political and market conditions;
- the ability to retain key employees, management personnel and other associates of First Financial and Finward following announcement or consummation of the proposed transaction;
- major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and
- other factors that may affect future results of First Financial or Finward, including, among others, changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board, the Ohio Division of Financial Institutions, the Indiana Department of Financial Institutions, and any other state or federal legislative and regulatory actions and reforms.
These factors are not necessarily all of the factors that could cause First Financial, Finward, or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of First Financial, Finward, or the combined company.
Although each of First Financial and Finward believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of First Financial or Finward (as related to the proposed transaction) will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in each of First Financial's and Finward's most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by First Financial and Finward with the Securities Exchange Commission ("SEC"). The actual results anticipated for the proposed transaction or First Financial's operations may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on First Financial, Finward or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. First Financial and Finward urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by First Financial and Finward. Forward-looking statements speak only as of the date they are made, and First Financial and Finward undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
No Offer or Solicitation
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed transaction between First Financial and Finward. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Important Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, First Financial intends to file with the SEC a Registration Statement on Form S-4 (the "Registration Statement") to register the shares of First Financial capital stock to be issued in connection with the proposed transaction. The Registration Statement will include a proxy statement of Finward and a prospectus of First Financial (the "Proxy Statement/Prospectus"), and First Financial and Finward may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST FINANCIAL, FINWARD AND THE PROPOSED TRANSACTION AND RELATED MATTERS.
A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about First Financial and Finward, may be obtained, free of charge, at the SEC's website (www.sec.gov) when they are filed. Copies of documents filed with the SEC by First Financial will be made available free of charge in the "Investor Relations" section of First Financial's website, https://www.bankatfirst.com/about/investor-relations.html. Copies of documents filed with the SEC by Finward will be made available free of charge in the "Investor Relations" section of Finward's website, https://www.investorrelations.ibankpeoples.com. The information on First Financial's and Finward's websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either First Financial makes with the SEC.
Participants in Solicitation
Finward and its directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Finward's participants is set forth in the Proxy Statement, dated April 3, 2026, for Finward's 2026 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction and interests of participants of Finward in the solicitation of proxies in respect of the Merger will be included in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2026, the Company had $22.4 billion in assets, $13.7 billion in loans, $17.6 billion in deposits and $3.0 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.6 billion in assets under management as of June 30, 2026. The Company operated 151 full service banking centers as of June 30, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.
About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 24 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp's common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank's products and services, and Finward Bancorp's investor relations.
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended,
Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30,
June 30,
2026 2026 2025 2025 2025 2026 2025
RESULTS OF OPERATIONS
Net income $76,456 $74,445 $62,393 $71,923 $69,996 $150,901 $121,289
Net earnings per share - basic $0.74 $0.72 $0.65 $0.76 $0.74 $1.45 $1.28
Net earnings per share - diluted $0.73 $0.71 $0.64 $0.75 $0.73 $1.44 $1.27
Dividends declared per share $0.25 $0.25 $0.25 $0.25 $0.24 $0.50 $0.48
KEY FINANCIAL RATIOS
Return on average assets 1.37 % 1.34 % 1.22 % 1.54 % 1.52 % 1.36 % 1.33 %
Return on average shareholders' equity 10.39 % 10.24 % 9.18 % 11.08 % 11.16 % 10.32 % 9.83 %
Return on average tangible shareholders' equity (1) 17.95 % 17.78 % 16.27 % 19.11 % 19.61 % 17.87 % 17.44 %
Net interest margin 3.96 % 3.97 % 3.96 % 3.99 % 4.01 % 3.96 % 3.93 %
Net interest margin (fully tax equivalent) (1)(2) 3.98 % 3.99 % 3.98 % 4.02 % 4.05 % 3.98 % 3.96 %
Ending shareholders' equity as a percent of ending assets 13.31 % 12.91 % 13.11 % 14.18 % 13.73 % 13.31 % 13.73 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 8.24 % 7.87 % 7.79 % 8.87 % 8.40 % 8.24 % 8.40 %
Risk-weighted assets (1) 10.62 % 10.51 % 9.76 % 10.94 % 10.44 % 10.62 % 10.44 %
Average shareholders' equity as a percent of average assets 13.18 % 13.12 % 13.31 % 13.87 % 13.66 % 13.15 % 13.52 %
Average tangible shareholders' equity as a percent of 8.08 % 8.01 % 7.97 % 8.54 % 8.26 % 8.04 % 8.10 %
average tangible assets (1)
Book value per share $28.46 $28.02 $28.11 $27.48 $26.71 $28.46 $26.71
Tangible book value per share (1) $16.64 $16.15 $15.74 $16.19 $15.40 $16.64 $15.40
Common equity tier 1 ratio (3) 12.33 % 12.22 % 11.32 % 12.91 % 12.57 % 12.33 % 12.57 %
Tier 1 ratio (3) 12.61 % 12.50 % 11.60 % 13.23 % 12.89 % 12.61 % 12.89 %
Total capital ratio (3) 15.75 % 15.70 % 15.46 % 15.32 % 14.98 % 15.75 % 14.98 %
Leverage ratio (3) 9.66 % 9.39 % 9.53 % 10.50 % 10.28 % 9.66 % 10.28 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $13,619,039 $14,028,324 $12,812,267 $11,806,065 $11,792,840 $13,822,551 $11,758,972
Investment securities 5,079,730 4,769,261 3,988,846 3,552,014 3,478,921 4,925,353 3,445,443
Interest-bearing deposits with other banks 605,647 596,094 647,347 610,074 542,815 600,897 579,112
Total earning assets $19,304,416 $19,393,679 $17,448,460 $15,968,153 $15,814,576 $19,348,801 $15,783,527
Total assets $22,391,439 $22,459,721 $20,256,539 $18,566,188 $18,419,437 $22,425,392 $18,394,161
Noninterest-bearing deposits $3,811,391 $3,745,002 $3,436,709 $3,124,277 $3,143,081 $3,778,380 $3,117,203
Interest-bearing deposits 13,875,384 13,900,550 12,521,948 11,387,648 11,211,694 13,887,898 11,180,835
Total deposits $17,686,775 $17,645,552 $15,958,657 $14,511,925 $14,354,775 $17,666,278 $14,298,038
Borrowings $891,636 $1,012,161 $848,650 $823,346 $910,573 $951,566 $955,704
Shareholders' equity $2,951,237 $2,947,585 $2,695,581 $2,575,203 $2,515,747 $2,949,421 $2,486,926
CREDIT QUALITY RATIOS
Allowance to ending loans 1.38 % 1.36 % 1.39 % 1.38 % 1.34 % 1.38 % 1.34 %
Allowance to nonaccrual loans 197.51 % 182.73 % 183.18 % 213.18 % 206.08 % 197.51 % 206.08 %
Nonaccrual loans to total loans 0.70 % 0.75 % 0.76 % 0.65 % 0.65 % 0.70 % 0.65 %
Nonperforming assets to ending loans, plus OREO 0.70 % 0.75 % 0.76 % 0.65 % 0.65 % 0.70 % 0.65 %
Nonperforming assets to total assets 0.43 % 0.44 % 0.48 % 0.41 % 0.41 % 0.43 % 0.41 %
Classified assets to total assets 1.01 % 1.02 % 1.11 % 1.18 % 1.15 % 1.01 % 1.15 %
Net charge-offs to average loans (annualized) 0.20 % 0.35 % 0.27 % 0.18 % 0.21 % 0.27 % 0.28 %
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures
provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
(3) June 30, 2026 regulatory capital ratios are preliminary.
(4) Includes loans held for sale.
FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended,
Six months ended,
June 30,
June 30,
2026 2025 % Change 2026 2025 % Change
Interest income
Loans and leases, including fees $219,164 $201,460 8.8 % $444,115 $398,623 11.4 %
Investment securities
Taxable 53,904 36,243 48.7 % 103,395 70,644 46.4 %
Tax-exempt 2,472 2,233 10.7 % 4,998 4,437 12.6 %
Total investment securities interest 56,376 38,476 46.5 % 108,393 75,081 44.4 %
Other earning assets 5,381 5,964 (9.8) % 10,831 12,615 (14.1) %
Total interest income 280,921 245,900 14.2 % 563,339 486,319 15.8 %
Interest expense
Deposits 79,250 75,484 5.0 % 158,985 154,125 3.2 %
Short-term borrowings 4,997 6,393 (21.8) % 10,165 13,938 (27.1) %
Long-term borrowings 6,297 5,754 9.4 % 14,202 10,691 32.8 %
Total interest expense 90,544 87,631 3.3 % 183,352 178,754 2.6 %
Net interest income 190,377 158,269 20.3 % 379,987 307,565 23.5 %
Provision for credit losses-loans and leases 12,933 9,084 42.4 % 18,963 18,225 4.0 %
Provision for credit losses-unfunded commitments (4,743) 718 (760.6) % (2,233) 277 (906.1) %
Net interest income after provision for credit losses 182,187 148,467 22.7 % 363,257 289,063 25.7 %
Noninterest income
Service charges on deposit accounts 8,896 7,766 14.6 % 17,909 15,229 17.6 %
Wealth management fees 8,252 7,787 6.0 % 18,734 15,924 17.6 %
Bankcard income 3,032 3,737 (18.9) % 6,612 7,047 (6.2) %
Client derivative fees 1,443 1,674 (13.8) % 5,453 3,245 68.0 %
Foreign exchange income 13,101 13,760 (4.8) % 29,414 26,304 11.8 %
Leasing business income 22,750 20,797 9.4 % 44,358 39,500 12.3 %
Net gains from sales of loans 6,658 6,687 (0.4) % 12,705 11,009 15.4 %
Net gain (loss) on investment securities (337) 243 (238.7) % (1,597) (9,706) (83.5) %
Gain on bargain purchase 3,189 0 100.0 % 12,081 0 100.0 %
Other 6,807 5,612 21.3 % 10,028 10,594 (5.3) %
Total noninterest income 73,791 68,063 8.4 % 155,697 119,146 30.7 %
Noninterest expenses
Salaries and employee benefits 86,917 74,917 16.0 % 186,773 150,155 24.4 %
Net occupancy 7,535 5,845 28.9 % 15,088 11,864 27.2 %
Furniture and equipment 4,310 3,441 25.3 % 9,003 7,254 24.1 %
Data processing 13,554 9,020 50.3 % 26,208 17,779 47.4 %
Marketing 3,616 2,737 32.1 % 6,268 4,755 31.8 %
Professional services 7,387 3,549 108.1 % 11,373 6,288 80.9 %
Amortization of tax credit investments 669 111 502.7 % 1,338 223 500.0 %
FDIC assessments 2,878 2,611 10.2 % 6,523 5,670 15.0 %
Intangible amortization 6,229 2,358 164.2 % 12,490 4,717 164.8 %
Leasing business expense 14,633 13,155 11.2 % 28,762 25,957 10.8 %
Other 13,814 10,927 26.4 % 27,124 22,085 22.8 %
Total noninterest expenses 161,542 128,671 25.5 % 330,950 256,747 28.9 %
Income before income taxes 94,436 87,859 7.5 % 188,004 151,462 24.1 %
Income tax expense 17,980 17,863 0.7 % 37,103 30,173 23.0 %
Net income $76,456 $69,996 9.2 % $150,901 $121,289 24.4 %
ADDITIONAL DATA
Net earnings per share - basic $0.74 $0.74 $1.45 $1.28
Net earnings per share - diluted $0.73 $0.73 $1.44 $1.27
Dividends declared per share $0.25 $0.24 $0.50 $0.48
Return on average assets 1.37 % 1.52 % 1.36 % 1.33 %
Return on average shareholders' equity 10.39 % 11.16 % 10.32 % 9.83 %
Interest income $280,921 $245,900 14.2 % $563,339 $486,319 15.8 %
Tax equivalent adjustment 1,161 1,246 (6.8) % 2,347 2,459 (4.6) %
Interest income - tax equivalent 282,082 247,146 14.1 % 565,686 488,778 15.7 %
Interest expense 90,544 87,631 3.3 % 183,352 178,754 2.6 %
Net interest income - tax equivalent $191,538 $159,515 20.1 % $382,334 $310,024 23.3 %
Net interest margin 3.96 % 4.01 % 3.96 % 3.93 %
Net interest margin (fully tax equivalent) (1) 3.98 % 4.05 % 3.98 % 3.96 %
Full-time equivalent employees 2,371 2,033
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to
investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2026
Second First Year to % Change
Quarter Quarter Date Linked
Qtr.
Interest income
Loans and leases, including fees $219,164 $224,951 $444,115 (2.6) %
Investment securities
Taxable 53,904 49,491 103,395 8.9 %
Tax-exempt 2,472 2,526 4,998 (2.1) %
Total investment securities interest 56,376 52,017 108,393 8.4 %
Other earning assets 5,381 5,450 10,831 (1.3) %
Total interest income 280,921 282,418 563,339 (0.5) %
Interest expense
Deposits 79,250 79,735 158,985 (0.6) %
Short-term borrowings 4,997 5,168 10,165 (3.3) %
Long-term borrowings 6,297 7,905 14,202 (20.3) %
Total interest expense 90,544 92,808 183,352 (2.4) %
Net interest income 190,377 189,610 379,987 0.4 %
Provision for credit losses-loans and leases 12,933 6,030 18,963 114.5 %
Provision for credit losses-unfunded commitments (4,743) 2,510 (2,233) (289.0) %
Net interest income after provision for credit losses 182,187 181,070 363,257 0.6 %
Noninterest income
Service charges on deposit accounts 8,896 9,013 17,909 (1.3) %
Wealth management fees 8,252 10,482 18,734 (21.3) %
Bankcard income 3,032 3,580 6,612 (15.3) %
Client derivative fees 1,443 4,010 5,453 (64.0) %
Foreign exchange income 13,101 16,313 29,414 (19.7) %
Leasing business income 22,750 21,608 44,358 5.3 %
Net gains from sales of loans 6,658 6,047 12,705 10.1 %
Net gain (loss) on investment securities (337) (1,260) (1,597) (73.3) %
Gain on bargain purchase 3,189 8,892 12,081 (64.1) %
Other 6,807 3,221 10,028 111.3 %
Total noninterest income 73,791 81,906 155,697 (9.9) %
Noninterest expenses
Salaries and employee benefits 86,917 99,856 186,773 (13.0) %
Net occupancy 7,535 7,553 15,088 (0.2) %
Furniture and equipment 4,310 4,693 9,003 (8.2) %
Data processing 13,554 12,654 26,208 7.1 %
Marketing 3,616 2,652 6,268 36.3 %
Professional services 7,387 3,986 11,373 85.3 %
Amortization of tax credit investments 669 669 1,338 0.0 %
FDIC assessments 2,878 3,645 6,523 (21.0) %
Intangible amortization 6,229 6,261 12,490 (0.5) %
Leasing business expense 14,633 14,129 28,762 3.6 %
Other 13,814 13,310 27,124 3.8 %
Total noninterest expenses 161,542 169,408 330,950 (4.6) %
Income before income taxes 94,436 93,568 188,004 0.9 %
Income tax expense 17,980 19,123 37,103 (6.0) %
Net income $76,456 $74,445 $150,901 2.7 %
ADDITIONAL DATA
Net earnings per share - basic $0.74 $0.72 $1.45
Net earnings per share - diluted $0.73 $0.71 $1.44
Dividends declared per share $0.25 $0.25 $0.50
Return on average assets 1.37 % 1.34 % 1.36 %
Return on average shareholders' equity 10.39 % 10.24 % 10.32 %
Interest income $280,921 $282,418 $563,339 (0.5) %
Tax equivalent adjustment 1,161 1,186 2,347 (2.1) %
Interest income - tax equivalent 282,082 283,604 565,686 (0.5) %
Interest expense 90,544 92,808 183,352 (2.4) %
Net interest income - tax equivalent $191,538 $190,796 $382,334 0.4 %
Net interest margin 3.96 % 3.97 % 3.96 %
Net interest margin (fully tax equivalent) (1) 3.98 % 3.99 % 3.98 %
Full-time equivalent employees 2,371 2,319
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to
investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2025
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $215,663 $204,865 $201,460 $197,163 $819,151
Investment securities
Taxable 40,971 36,421 36,243 34,401 148,036
Tax-exempt 2,363 2,195 2,233 2,204 8,995
Total investment securities interest 43,334 38,616 38,476 36,605 157,031
Other earning assets 6,334 6,773 5,964 6,651 25,722
Total interest income 265,331 250,254 245,900 240,419 1,001,904
Interest expense
Deposits 78,861 77,766 75,484 78,641 310,752
Short-term borrowings 4,925 5,979 6,393 7,545 24,842
Long-term borrowings 7,550 6,023 5,754 4,937 24,264
Total interest expense 91,336 89,768 87,631 91,123 359,858
Net interest income 173,995 160,486 158,269 149,296 642,046
Provision for credit losses-loans and leases 9,688 8,612 9,084 9,141 36,525
Provision for credit losses-unfunded commitments 412 453 718 (441) 1,142
Net interest income after provision for credit losses 163,895 151,421 148,467 140,596 604,379
Noninterest income
Service charges on deposit accounts 8,308 7,829 7,766 7,463 31,366
Wealth management fees 9,288 7,351 7,787 8,137 32,563
Bankcard income 3,590 3,589 3,737 3,310 14,226
Client derivative fees 2,681 1,876 1,674 1,571 7,802
Foreign exchange income 22,696 16,666 13,760 12,544 65,666
Leasing business income 19,523 20,997 20,797 18,703 80,020
Net gains from sales of loans 7,041 6,835 6,687 4,322 24,885
Net gain (loss) on investment securities (12,576) (42) 243 (9,949) (22,324)
Other 4,216 8,424 5,612 4,982 23,234
Total noninterest income 64,767 73,525 68,063 51,083 257,438
Noninterest expenses
Salaries and employee benefits 85,123 80,607 74,917 75,238 315,885
Net occupancy 6,315 6,003 5,845 6,019 24,182
Furniture and equipment 3,940 3,582 3,441 3,813 14,776
Data processing 10,465 9,591 9,020 8,759 37,835
Marketing 3,056 2,359 2,737 2,018 10,170
Professional services 6,231 2,314 3,549 2,739 14,833
Amortization of tax credit investments 800 112 111 112 1,135
FDIC assessments 2,923 2,611 2,611 3,059 11,204
Intangible amortization 3,927 2,359 2,358 2,359 11,003
Leasing business expense 13,837 13,911 13,155 12,802 53,705
Other 12,914 10,820 10,927 11,158 45,819
Total noninterest expenses 149,531 134,269 128,671 128,076 540,547
Income before income taxes 79,131 90,677 87,859 63,603 321,270
Income tax expense 16,738 18,754 17,863 12,310 65,665
Net income $62,393 $71,923 $69,996 $51,293 $255,605
ADDITIONAL DATA
Net earnings per share - basic $0.65 $0.76 $0.74 $0.54 $2.68
Net earnings per share - diluted $0.64 $0.75 $0.73 $0.54 $2.66
Dividends declared per share $0.25 $0.25 $0.24 $0.24 $0.98
Return on average assets 1.22 % 1.54 % 1.52 % 1.13 % 1.35 %
Return on average shareholders' equity 9.18 % 11.08 % 11.16 % 8.46 % 9.98 %
Interest income $265,331 $250,254 $245,900 $240,419 $1,001,904
Tax equivalent adjustment 1,227 1,248 1,246 1,213 4,934
Interest income - tax equivalent 266,558 251,502 247,146 241,632 1,006,838
Interest expense 91,336 89,768 87,631 91,123 359,858
Net interest income - tax equivalent $175,222 $161,734 $159,515 $150,509 $646,980
Net interest margin 3.96 % 3.99 % 4.01 % 3.84 % 3.95 %
Net interest margin (fully tax equivalent) (1) 3.98 % 4.02 % 4.05 % 3.88 % 3.98 %
Full-time equivalent employees 2,164 1,986 2,033 2,021
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to
investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, % Change % Change
2026 2026 2025 2025 2025 Linked
Qtr. Comp Qtr.
ASSETS
Cash and due from banks $206,361 $170,641 $178,553 $174,659 $210,187 20.9 % (1.8) %
Interest-bearing deposits with other banks 579,194 1,032,259 597,338 565,080 570,173 (43.9) % 1.6 %
Investment securities available-for-sale 4,733,713 4,953,023 3,971,932 3,422,595 3,386,562 (4.4) % 39.8 %
Investment securities held-to-maturity 46,067 49,631 58,545 71,595 72,994 (7.2) % (36.9) %
Other investments 137,755 137,018 129,564 117,120 122,322 0.5 % 12.6 %
Loans held for sale 33,125 18,280 16,953 21,466 26,504 81.2 % 25.0 %
Loans and leases
Commercial and industrial 4,842,347 4,693,786 4,632,241 3,838,630 3,927,771 3.2 % 23.3 %
Lease financing 659,328 649,645 638,527 596,734 587,176 1.5 % 12.3 %
Construction real estate 599,258 591,080 677,339 627,960 732,777 1.4 % (18.2) %
Commercial real estate 4,548,887 4,473,468 4,384,556 4,048,370 3,961,513 1.7 % 14.8 %
Residential real estate 1,805,044 1,831,338 1,832,184 1,494,464 1,492,688 (1.4) % 20.9 %
Home equity 1,058,175 1,026,839 1,005,204 935,975 903,299 3.1 % 17.1 %
Installment 156,470 162,314 188,694 109,764 116,598 (3.6) % 34.2 %
Credit card 65,405 66,371 65,325 62,654 64,374 (1.5) % 1.6 %
Total loans 13,734,914 13,494,841 13,424,070 11,714,551 11,786,196 1.8 % 16.5 %
Less:
Allowance for credit losses (189,912) (183,716) (186,487) (161,916) (158,522) 3.4 % 19.8 %
Net loans 13,545,002 13,311,125 13,237,583 11,552,635 11,627,674 1.8 % 16.5 %
Premises and equipment 229,763 228,384 204,760 198,251 197,741 0.6 % 16.2 %
Operating leases 241,742 220,061 214,003 214,667 217,100 9.9 % 11.4 %
Goodwill 1,099,936 1,099,543 1,099,524 1,007,656 1,007,656 0.0 % 9.2 %
Other intangibles 140,705 145,927 118,832 73,797 75,458 (3.6) % 86.5 %
Accrued interest and other assets 1,446,316 1,413,923 1,301,792 1,134,985 1,119,884 2.3 % 29.1 %
Total Assets $22,439,679 $22,779,815 $21,129,379 $18,554,506 $18,634,255 (1.5) % 20.4 %
LIABILITIES
Deposits
Interest-bearing demand $3,804,301 $3,658,155 $3,360,613 $2,983,132 $3,057,232 4.0 % 24.4 %
Savings 6,423,986 6,460,546 5,973,532 5,029,097 4,979,124 (0.6) % 29.0 %
Time 3,650,043 3,817,268 3,622,227 3,293,707 3,201,711 (4.4) % 14.0 %
Total interest-bearing deposits 13,878,330 13,935,969 12,956,372 11,305,936 11,238,067 (0.4) % 23.5 %
Noninterest-bearing 3,704,899 3,982,753 3,465,470 3,127,512 3,131,926 (7.0) % 18.3 %
Total deposits 17,583,229 17,918,722 16,421,842 14,433,448 14,369,993 (1.9) % 22.4 %
FHLB short-term borrowings 570,000 550,000 675,000 550,000 680,000 3.6 % (16.2) %
Other 39,532 70,457 332 45,167 4,699 (43.9) % 741.3 %
Total short-term borrowings 609,532 620,457 675,332 595,167 684,699 (1.8) % (11.0) %
Long-term debt 382,550 380,176 514,052 221,823 344,955 0.6 % 10.9 %
Total borrowed funds 992,082 1,000,633 1,189,384 816,990 1,029,654 (0.9) % (3.6) %
Accrued interest and other liabilities 876,880 919,835 748,937 672,213 676,453 (4.7) % 29.6 %
Total Liabilities 19,452,191 19,839,190 18,360,163 15,922,651 16,076,100 (2.0) % 21.0 %
SHAREHOLDERS' EQUITY
Common stock 1,792,158 1,789,676 1,647,618 1,641,315 1,638,796 0.1 % 9.4 %
Retained earnings 1,535,765 1,485,573 1,437,286 1,399,577 1,351,674 3.4 % 13.6 %
Accumulated other comprehensive income (loss) (223,720) (217,430) (189,942) (223,000) (246,384) 2.9 % (9.2) %
Treasury stock, at cost (116,715) (117,194) (125,746) (186,037) (185,931) (0.4) % (37.2) %
Total Shareholders' Equity 2,987,488 2,940,625 2,769,216 2,631,855 2,558,155 1.6 % 16.8 %
Total Liabilities and Shareholders' Equity $22,439,679 $22,779,815 $21,129,379 $18,554,506 $18,634,255 (1.5) % 20.4 %
FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
June 30, Mar. 31, Dec. 31, Sep. 30, June 30,
June 30,
2026 2026 2025 2025 2025 2026 2025
ASSETS
Cash and due from banks $182,261 $227,115 $178,403 $165,210 $174,375 $204,564 $169,581
Interest-bearing deposits with other banks 605,647 596,094 647,347 610,074 542,815 600,897 579,112
Investment securities 5,079,730 4,769,261 3,988,846 3,552,014 3,478,921 4,925,353 3,445,443
Loans held for sale 32,458 451,139 32,425 26,366 25,026 240,642 17,660
Loans and leases
Commercial and industrial 4,723,431 4,771,066 4,310,399 3,890,886 3,881,001 4,747,117 3,834,363
Lease financing 646,520 630,204 617,518 592,510 581,091 638,407 583,094
Construction real estate 583,146 643,270 679,884 711,011 784,028 613,042 790,528
Commercial real estate 4,546,901 4,446,231 4,240,042 3,993,549 3,958,730 4,496,844 3,988,306
Residential real estate 1,812,228 1,834,467 1,717,439 1,489,942 1,485,479 1,823,286 1,480,618
Home equity 1,043,805 1,016,080 981,406 919,368 891,761 1,030,019 875,050
Installment 158,760 166,979 164,013 114,058 117,724 162,847 122,432
Credit card 71,790 68,888 69,141 68,375 68,000 70,347 66,921
Total loans 13,586,581 13,577,185 12,779,842 11,779,699 11,767,814 13,581,909 11,741,312
Less:
Allowance for credit losses (186,331) (200,745) (179,275) (162,417) (158,170) (193,498) (158,188)
Net loans 13,400,250 13,376,440 12,600,567 11,617,282 11,609,644 13,388,411 11,583,124
Premises and equipment 230,343 230,154 202,956 199,167 198,407 230,249 198,701
Operating leases 234,460 215,318 211,091 217,404 212,684 224,942 208,953
Goodwill 1,099,742 1,099,543 1,069,781 1,007,656 1,007,656 1,099,643 1,007,656
Other intangibles 143,403 149,631 104,184 74,448 76,076 146,500 77,142
Accrued interest and other assets 1,383,145 1,345,026 1,220,939 1,096,567 1,093,833 1,364,191 1,106,789
Total Assets $22,391,439 $22,459,721 $20,256,539 $18,566,188 $18,419,437 $22,425,392 $18,394,161
LIABILITIES
Deposits
Interest-bearing demand $3,762,177 $3,626,103 $3,276,425 $3,036,296 $3,066,986 $3,694,516 $3,078,691
Savings 6,434,399 6,406,223 5,740,651 5,054,563 5,005,526 6,420,389 4,962,007
Time 3,678,808 3,868,224 3,504,872 3,296,789 3,139,182 3,772,993 3,140,137
Total interest-bearing deposits 13,875,384 13,900,550 12,521,948 11,387,648 11,211,694 13,887,898 11,180,835
Noninterest-bearing 3,811,391 3,745,002 3,436,709 3,124,277 3,143,081 3,778,380 3,117,203
Total deposits 17,686,775 17,645,552 15,958,657 14,511,925 14,354,775 17,666,278 14,298,038
Federal funds purchased and securities sold
under agreements to repurchase 3,351 16,278 2,283 12,434 4,780 9,779 3,425
FHLB short-term borrowings 508,931 538,084 444,511 497,092 532,198 523,427 542,873
Other 0 0 13,891 21,519 26,226 0 62,600
Total short-term borrowings 512,282 554,362 460,685 531,045 563,204 533,206 608,898
Long-term debt 379,354 457,799 387,965 292,301 347,369 418,360 346,806
Total borrowed funds 891,636 1,012,161 848,650 823,346 910,573 951,566 955,704
Accrued interest and other liabilities 861,791 854,423 753,651 655,714 638,342 858,127 653,493
Total Liabilities 19,440,202 19,512,136 17,560,958 15,990,985 15,903,690 19,475,971 15,907,235
SHAREHOLDERS' EQUITY
Common stock 1,790,690 1,795,255 1,644,923 1,639,986 1,637,782 1,792,960 1,639,390
Retained earnings 1,499,207 1,448,012 1,406,388 1,369,069 1,322,168 1,473,751 1,302,344
Accumulated other comprehensive loss (221,515) (173,065) (209,767) (247,746) (257,873) (197,424) (266,423)
Treasury stock, at cost (117,145) (122,617) (145,963) (186,106) (186,330) (119,866) (188,385)
Total Shareholders' Equity 2,951,237 2,947,585 2,695,581 2,575,203 2,515,747 2,949,421 2,486,926
Total Liabilities and Shareholders' Equity $22,391,439 $22,459,721 $20,256,539 $18,566,188 $18,419,437 $22,425,392 $18,394,161
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages
Year-to-Date Averages
June 30, 2026
March 31, 2026
June 30, 2025 June 30, 2026 June 30, 2025
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $5,079,730 $56,376 4.45 % $4,769,261 $52,017 4.42 % $3,478,921 $38,476 4.44 % $4,925,353 4.44 % $3,445,443 4.39 %
Interest-bearing deposits with other banks 605,647 5,381 3.56 % 596,094 5,450 3.71 % 542,815 5,964 4.41 % 600,897 3.63 % 579,112 4.39 %
Gross loans (1) 13,619,039 219,164 6.45 % 14,028,324 224,951 6.50 % 11,792,840 201,460 6.85 % 13,822,551 6.48 % 11,758,972 6.84 %
Total earning assets 19,304,416 280,921 5.84 % 19,393,679 282,418 5.91 % 15,814,576 245,900 6.24 % 19,348,801 5.87 % 15,783,527 6.21 %
Nonearning assets
Allowance for credit losses (186,331) (200,745) (158,170) (193,498) (158,188)
Cash and due from banks 182,261 227,115 174,375 204,564 169,581
Accrued interest and other assets 3,091,093 3,039,672 2,588,656 3,065,525 2,599,241
Total assets $22,391,439 $22,459,721 $18,419,437 $22,425,392 $18,394,161
Interest-bearing liabilities
Deposits:
Interest-bearing demand $3,762,177 $14,288 1.52 % $3,626,103 $13,281 1.49 % $3,066,986 $14,139 1.85 % $3,694,516 1.50 % $3,078,691 1.92 %
Savings 6,434,399 33,405 2.08 % 6,406,223 32,480 2.06 % 5,005,526 29,942 2.40 % 6,420,389 2.07 % 4,962,007 2.45 %
Time 3,678,808 31,557 3.44 % 3,868,224 33,974 3.56 % 3,139,182 31,403 4.01 % 3,772,993 3.50 % 3,140,137 4.14 %
Total interest-bearing deposits 13,875,384 79,250 2.29 % 13,900,550 79,735 2.33 % 11,211,694 75,484 2.70 % 13,887,898 2.31 % 11,180,835 2.78 %
Borrowed funds
Short-term borrowings 512,282 4,997 3.91 % 554,362 5,168 3.78 % 563,204 6,393 4.55 % 533,206 3.84 % 608,898 4.62 %
Long-term debt 379,354 6,297 6.66 % 457,799 7,905 7.00 % 347,369 5,754 6.64 % 418,360 6.85 % 346,806 6.22 %
Total borrowed funds 891,636 11,294 5.08 % 1,012,161 13,073 5.24 % 910,573 12,147 5.35 % 951,566 5.16 % 955,704 5.20 %
Total interest-bearing liabilities 14,767,020 90,544 2.46 % 14,912,711 92,808 2.52 % 12,122,267 87,631 2.90 % 14,839,464 2.49 % 12,136,539 2.97 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,811,391 3,745,002 3,143,081 3,778,380 3,117,203
Other liabilities 861,791 854,423 638,342 858,127 653,493
Shareholders' equity 2,951,237 2,947,585 2,515,747 2,949,421 2,486,926
Total liabilities & shareholders' equity $22,391,439 $22,459,721 $18,419,437 $22,425,392 $18,394,161
Net interest income $190,377 $189,610 $158,269 $379,987 $307,565
Net interest spread 3.38 % 3.39 % 3.34 % 3.38 % 3.24 %
Net interest margin 3.96 % 3.97 % 4.01 % 3.96 % 3.93 %
Tax equivalent adjustment 0.02 % 0.02 % 0.04 % 0.02 % 0.03 %
Net interest margin (fully tax equivalent) 3.98 % 3.99 % 4.05 % 3.98 % 3.96 %
(1) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
Linked Qtr. Income Variance Comparable Qtr. Income Variance Year-to-Date Income Variance
Rate Volume Total Rate Volume Total Rate Volume Total
Earning assets
Investment securities $332 $4,027 $4,359 $134 $17,766 $17,900 $743 $32,569 $33,312
Interest-bearing deposits with other banks (212) 143 (69) (1,141) 558 (583) (2,177) 393 (1,784)
Gross loans (2) (1,681) (4,106) (5,787) (11,684) 29,388 17,704 (20,810) 66,302 45,492
Total earning assets (1,561) 64 (1,497) (12,691) 47,712 35,021 (22,244) 99,264 77,020
Interest-bearing liabilities
Total interest-bearing deposits $(1,214) $729 $(485) $(11,448) $15,214 $3,766 $(26,130) $30,990 $4,860
Borrowed funds
Short-term borrowings 180 (351) (171) (899) (497) (1,396) (2,330) (1,443) (3,773)
Long-term debt (389) (1,219) (1,608) 12 531 543 1,082 2,429 3,511
Total borrowed funds (209) (1,570) (1,779) (887) 34 (853) (1,248) 986 (262)
Total interest-bearing liabilities (1,423) (841) (2,264) (12,335) 15,248 2,913 (27,378) 31,976 4,598
Net interest income (1) $(138) $905 $767 $(356) $32,464 $32,108 $5,134 $67,288 $72,422
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
Three Months Ended, Six months ended
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2026 2026 2025 2025 2025 2026 2025
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period $183,716 $186,487 $161,916 $158,522 $155,482 $186,487 $156,791
Initial allowance on purchased loans 0 2,829 23,652 0 0 2,829 0
Provision for credit losses 12,933 6,030 9,688 8,612 9,084 18,963 18,225
Gross charge-offs
Commercial and industrial 2,437 10,788 6,636 2,165 4,996 13,225 13,174
Lease financing 1,314 43 918 298 606 1,357 2,060
Construction real estate 0 0 0 245 0 0 0
Commercial real estate 2,484 29 433 3,105 0 2,513 0
Residential real estate 84 127 151 0 16 211 16
Home equity 262 119 95 92 100 381 186
Installment 1,034 1,058 1,197 1,194 1,120 2,092 2,441
Credit card 704 496 729 577 489 1,200 963
Total gross charge-offs 8,319 12,660 10,159 7,676 7,327 20,979 18,840
Recoveries
Commercial and industrial 463 100 264 202 290 563 485
Lease financing 114 23 201 291 11 137 40
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 8 28 5 1,138 70 36 94
Residential real estate 18 30 13 58 42 48 66
Home equity 157 116 117 94 74 273 218
Installment 660 598 682 609 716 1,258 1,279
Credit card 162 135 108 66 80 297 164
Total recoveries 1,582 1,030 1,390 2,458 1,283 2,612 2,346
Total net charge-offs 6,737 11,630 8,769 5,218 6,044 18,367 16,494
Ending allowance for credit losses $189,912 $183,716 $186,487 $161,916 $158,522 $189,912 $158,522
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial 0.17 % 0.91 % 0.59 % 0.20 % 0.49 % 0.54 % 0.67 %
Lease financing 0.74 % 0.01 % 0.46 % 0.00 % 0.41 % 0.39 % 0.70 %
Construction real estate 0.00 % 0.00 % 0.00 % 0.14 % 0.00 % 0.00 % 0.00 %
Commercial real estate 0.22 % 0.00 % 0.04 % 0.20 % (0.01) % 0.11 % 0.00 %
Residential real estate 0.01 % 0.02 % 0.03 % (0.02) % (0.01) % 0.02 % (0.01) %
Home equity 0.04 % 0.00 % (0.01) % 0.00 % 0.01 % 0.02 % (0.01) %
Installment 0.94 % 1.12 % 1.25 % 2.03 % 1.38 % 1.03 % 1.91 %
Credit card 3.03 % 2.13 % 3.56 % 2.97 % 2.41 % 2.59 % 2.41 %
Total net charge-offs 0.20 % 0.35 % 0.27 % 0.18 % 0.21 % 0.27 % 0.28 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial $20,305 $22,576 $27,461 $23,832 $24,489 $20,305 $24,489
Lease financing 7,558 5,857 5,660 5,885 6,243 7,558 6,243
Construction real estate 698 715 1,120 1,120 1,365 698 1,365
Commercial real estate 44,404 49,481 45,590 24,443 23,905 44,404 23,905
Residential real estate 18,260 17,439 18,302 16,452 16,995 18,260 16,995
Home equity 4,095 3,687 2,927 3,567 3,226 4,095 3,226
Installment 832 786 748 652 701 832 701
Total nonaccrual loans 96,152 100,541 101,808 75,951 76,924 96,152 76,924
Other real estate owned (OREO) 174 238 184 111 204 174 204
Total nonperforming assets 96,326 100,779 101,992 76,062 77,128 96,326 77,128
Accruing loans past due 90 days or more 650 1,366 411 592 714 650 714
Total underperforming assets $96,976 $102,145 $102,403 $76,654 $77,842 $96,976 $77,842
Total classified assets $226,826 $232,368 $235,451 $218,794 $214,346 $226,826 $214,346
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans 197.51 % 182.73 % 183.18 % 213.18 % 206.08 % 197.51 % 206.08 %
Total ending loans 1.38 % 1.36 % 1.39 % 1.38 % 1.34 % 1.38 % 1.34 %
Nonaccrual loans to total loans 0.70 % 0.75 % 0.76 % 0.65 % 0.65 % 0.70 % 0.65 %
Nonperforming assets to
Ending loans, plus OREO 0.70 % 0.75 % 0.76 % 0.65 % 0.65 % 0.70 % 0.65 %
Total assets 0.43 % 0.44 % 0.48 % 0.41 % 0.41 % 0.43 % 0.41 %
Classified assets to total assets 1.01 % 1.02 % 1.11 % 1.18 % 1.15 % 1.01 % 1.15 %
FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended,
Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2026 2026 2025 2025 2025 2026 2025
PER COMMON SHARE
Market Price
High $33.90 $31.16 $26.98 $26.79 $25.19 $33.90 $29.04
Low $28.06 $25.09 $23.26 $23.55 $22.05 $25.09 $22.05
Close $33.83 $27.88 $25.02 $25.25 $24.26 $33.83 $24.26
Average shares outstanding - basic 103,938,322 103,705,269 96,724,148 94,889,341 94,860,428 103,822,439 94,753,700
Average shares outstanding - diluted 104,936,741 104,615,405 97,593,800 95,753,798 95,741,696 104,776,961 95,633,579
Ending shares outstanding 104,956,458 104,932,829 98,521,726 95,757,250 95,760,617 104,956,458 95,760,617
Total shareholders' equity $2,987,488 $2,940,625 $2,769,216 $2,631,855 $2,558,155 $2,987,488 $2,558,155
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $2,029,668 $1,970,561 $1,798,266 $1,828,843 $1,776,038 $2,029,668 $1,776,038
Common equity tier 1 capital ratio 12.33 % 12.22 % 11.32 % 12.91 % 12.57 % 12.33 % 12.57 %
Tier 1 capital $2,075,286 $2,016,070 $1,843,672 $1,874,191 $1,821,316 $2,075,286 $1,821,316
Tier 1 ratio 12.61 % 12.50 % 11.60 % 13.23 % 12.89 % 12.61 % 12.89 %
Total capital $2,591,169 $2,531,334 $2,457,377 $2,170,546 $2,116,180 $2,591,169 $2,116,180
Total capital ratio 15.75 % 15.70 % 15.46 % 15.32 % 14.98 % 15.75 % 14.98 %
Total capital in excess of minimum requirement $863,256 $837,959 $788,889 $683,018 $632,563 $863,256 $632,563
Total risk-weighted assets $16,456,311 $16,127,377 $15,890,363 $14,166,935 $14,129,683 $16,456,311 $14,129,683
Leverage ratio 9.66 % 9.39 % 9.53 % 10.50 % 10.28 % 9.66 % 10.28 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 13.31 % 12.91 % 13.11 % 14.18 % 13.73 % 13.31 % 13.73 %
Ending tangible shareholders' equity to ending tangible assets (1) 8.24 % 7.87 % 7.79 % 8.87 % 8.40 % 8.24 % 8.40 %
Average shareholders' equity to average assets 13.18 % 13.12 % 13.31 % 13.87 % 13.66 % 13.15 % 13.52 %
Average tangible shareholders' equity to average tangible assets (1) 8.08 % 8.01 % 7.97 % 8.54 % 8.26 % 8.04 % 8.10 %
REPURCHASE PROGRAM (2)
Shares repurchased 0 0 0 0 0 0 0
Average share repurchase price N/A N/A N/A N/A N/A N/A N/A
Total cost of shares repurchased N/A N/A N/A N/A N/A N/A N/A
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable
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SOURCE First Financial Bancorp.
Investors/Analysts, Jamie Anderson, Chief Financial Officer, (513) 887-5400, InvestorRelations@bankatfirst.com; Media, Tim Condron, Director of Corporate Communications, (513) 979-5796, media@bankatfirst.com