- Earnings per diluted share of $0.64; $0.80 on an adjusted(1) basis is a Company record
- Return on average assets of 1.22%; 1.52% on an adjusted(1) basis
- Net interest margin on FTE basis(1) of 3.98%
- Record revenue of $251.3 million on an adjusted(1) basis
- Record noninterest income of $77.3 million on an adjusted(1) basis
- ROTCE of 16.3%; 20.3% on adjusted(1) basis
- Westfield acquisition closed November 1, 2025
- Obtained regulatory approval for BankFinancial acquisition; closed January 1, 2026
- $300 million of 6.375% subordinated debt issued
- Board of Directors approved quarterly dividend of $0.25
CINCINNATI, Jan. 28, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and twelve months ended December 31 , 2025.
For the three months ended December 31, 2025, the Company reported net income of $62.4 million, or $0.64 per diluted common share. These results compare to net income of $71.9 million, or $0.75 per diluted common share, for the third quarter of 2025. For the twelve months ended December 31, 2025, First Financial had earnings per diluted share of $2.66 compared to $2.40 for the same period in 2024.
Return on average assets for the fourth quarter of 2025 was 1.22% while return on average tangible common equity was 16.27%(1). These compare to return on average assets of 1.54% and return on average tangible common equity of 19.11%(1) in the third quarter of 2025.
Fourth quarter 2025 highlights include:
- Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent basis(1)
- 4 bp decrease from third quarter
- Decline from linked quarter driven by a 19 bp decrease in asset yields, which was partially offset by lower funding costs
- Noninterest income of $64.8 million; $77.3 million on an adjusted(1) basis
- Adjustments include a $12.6 million loss on securities
- Record foreign exchange income increased 36.2% to $22.7 million
- Strong leasing business income of $19.5 million
- Record wealth management income increased 26.4%, to $9.3 million
- Noninterest expenses of $149.5 million, or $141.9 million as adjusted(1); 6.4% increase from linked quarter
- Fourth quarter adjustments(1) include $5.7 million of acquisition related expenses, $0.8 million of tax credit investment writedowns and $1.2 million of efficiency and other noninterest expenses
- Increase driven by the Westfield acquisition
- Efficiency ratio of 62.6%; 56.5% as adjusted(1)
- Loan balances increased 4% on an annualized basis during the quarter, excluding Westfield
- End of period loan balances increased $1.7 billion; includes $1.6 billion acquired in Westfield acquisition
- $131 million of organic loan growth driven by C&I and leasing portfolios
___________________________________________________________________________________________
- Strong average deposit growth during the quarter
- Total average deposit balances increased $1.4 billion; includes $1.2 billion impact from the Westfield acquisition
- Organic growth of $264 million included increases in the majority of product types; 7% on an annualized basis
- Total Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $10.1 million
- Loans and leases - ACL of $186.5 million; $23.7 million initial ACL related to Westfield
- ACL to total loans of 1.39%
- Unfunded Commitments - ACL of $20.2 million; $2.2 million related to Westfield
- Annualized net charge-offs were 27 bps of total loans
- Nonperforming assets increased slightly to 0.48% of total assets; Classified assets decreased to 1.11% of total assets
- Strong capital ratios
- Total capital ratio increased 14 bps to 15.46%
- Tier 1 common equity decreased 159 bps to 11.32%
- Tangible common equity of 7.79%(1); 8.74%(1) excluding impact from AOCI
- Tangible book value per share of $15.74(1); 2.8% decrease from linked quarter
(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.
Additionally, the Board of Directors approved a quarterly dividend of $0.25 per common share for the next regularly scheduled dividend, payable on March 16, 2026 to shareholders of record as of March 2, 2026.
Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our record earnings performance for the fourth quarter. Adjusted(1) earnings per share were $0.80, leading to an adjusted(1) return on assets of 1.52%, an adjusted(1) return on tangible common equity ratio of 20.3%. The net interest margin, which declined slightly from the third quarter, has proven resilient as the reduction in funding costs negated most of the impact of short term rate reductions. Balance sheet trends were solid for the quarter with loan growth of 4% on an annualized basis and total average deposits increasing by approximately 7% on an annualized basis, excluding the impact from the Westfield acquisition.
Mr. Brown continued, "I am especially pleased with our robust noninterest income. Total adjusted(1) fee income was $77.3 million and increased 5% compared to the linked quarter. Wealth Management and foreign exchange income both increased by double-digit percentages, while leasing and mortgage income also remained strong. While adjusted(1) noninterest expenses increased by 6% from the linked quarter, most of the increase was driven by the Westfield acquisition."
Mr. Brown commented on asset quality, "Asset quality was relatively stable for the quarter and provision expense was in line with our expectations at $10.1 million. Nonperforming assets (NPAs) increased slightly to 0.48% of assets and classified assets declined slightly to 1.11% of assets. Three loans drove the increase in NPAs, and net charge-offs were 27 bps, which was within our range of expectations."
Mr. Brown highlighted full year results. "2025 was another great year for First Financial. On an adjusted(1) basis, our net income was $281.1 million, or $2.92 per share. Adjusted(1) return on assets was 1.49% and adjusted(1) return on tangible common equity was 19.3%. We were pleased with the performance of the net interest margin for the year. While the margin did decline year over year from 4.05% to 3.98%, we were able to offset most of the impact of short term rate decreases through the diligent management of deposit costs. Adjusted (1) noninterest income increased by 16% to a record $279.8 million, led by growth in wealth management, foreign exchange, leasing and mortgage income. The result was record revenue for the Company of $921.8 million, an 8% increase over 2024."
Mr. Brown discussed asset quality and capital, "Similar to the fourth quarter, asset quality was relatively stable for the year. Provision expense declined 21% from 2024, net charge-offs as a percentage of average loans declined 5 basis points to 0.25% and our ACL coverage increased by 6 basis points to 1.39%. Capital levels remained strong during 2025. While the acquisition of Westfield negatively impacted our capital, our strong earnings drove an increase to tangible book value per share of 11%, from $14.15 to $15.74."
Mr. Brown concluded, "We were very pleased with our overall performance in 2025. In addition to outstanding financial results, we successfully launched our Western Michigan banking office in Grand Rapids, and acquired two banking companies which strengthens our core funding and provides us with a platform for growth in two of the largest metropolitan markets in the Midwest. We received our second consecutive Outstanding CRA rating, demonstrating our commitment to creating opportunities for lower income communities in our footprint, and we were one of only 70 companies worldwide to be recognized by Gallup as an Exceptional Workplace. Finally, I want to recognize and thank our associates for their hard work and commitment. Due to their efforts, First Financial consistently delivers industry leading performance."
Full detail of the Company's fourth quarter and full year 2025 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.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Thursday, January 29, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068. The recording will be available until February 12, 2026. 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 contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss 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.
As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:
- economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company'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;
- mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
- the possibility that any of the anticipated benefits of the Company's 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.
Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2024, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.
All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement.
About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of December 31, 2025, the Company had $21.1 billion in assets, $13.4 billion in loans, $16.4 billion in deposits and $2.8 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 $3.9 billion in assets under management as of December 31, 2025. The Company operated 134 full service banking centers as of December 31, 2025, 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.
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Twelve months ended,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31,
Dec. 31,
2025 2025 2025 2025 2024 2025 2024
RESULTS OF OPERATIONS
Net income $62,393 $71,923 $69,996 $51,293 $64,885 $255,605 $228,830
Net earnings per share - basic $0.65 $0.76 $0.74 $0.54 $0.69 $2.68 $2.42
Net earnings per share - diluted $0.64 $0.75 $0.73 $0.54 $0.68 $2.66 $2.40
Dividends declared per share $0.25 $0.25 $0.24 $0.24 $0.24 $0.98 $0.94
KEY FINANCIAL RATIOS
Return on average assets 1.22 % 1.54 % 1.52 % 1.13 % 1.41 % 1.35 % 1.29 %
Return on average shareholders' equity 9.18 % 11.08 % 11.16 % 8.46 % 10.57 % 9.98 % 9.78 %
Return on average tangible shareholders' equity (1) 16.27 % 19.11 % 19.61 % 15.16 % 19.08 % 17.57 % 18.31 %
Net interest margin 3.96 % 3.99 % 4.01 % 3.84 % 3.91 % 3.95 % 4.02 %
Net interest margin (fully tax equivalent) (1)(2) 3.98 % 4.02 % 4.05 % 3.88 % 3.94 % 3.98 % 4.05 %
Ending shareholders' equity as a percent of ending assets 13.11 % 14.18 % 13.73 % 13.55 % 13.13 % 13.11 % 13.13 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 7.79 % 8.87 % 8.40 % 8.16 % 7.73 % 7.79 % 7.73 %
Risk-weighted assets (1) 9.76 % 10.94 % 10.44 % 10.10 % 9.61 % 9.76 % 9.61 %
Average shareholders' equity as a percent of average assets 13.31 % 13.87 % 13.66 % 13.38 % 13.36 % 13.55 % 13.15 %
Average tangible shareholders' equity as a percent of average tangible assets (1) 7.97 % 8.54 % 8.26 % 7.94 % 7.87 % 8.17 % 7.48 %
Book value per share $28.11 $27.48 $26.71 $26.13 $25.53 $28.11 $25.53
Tangible book value per share (1) $15.74 $16.19 $15.40 $14.80 $14.15 $15.74 $14.15
Common equity tier 1 ratio (3) 11.32 % 12.91 % 12.57 % 12.29 % 12.16 % 11.32 % 12.16 %
Tier 1 ratio (3) 11.60 % 13.23 % 12.89 % 12.61 % 12.48 % 11.60 % 12.48 %
Total capital ratio (3) 15.46 % 15.32 % 14.98 % 14.90 % 14.64 % 15.46 % 14.64 %
Leverage ratio (3) 9.53 % 10.50 % 10.28 % 10.01 % 9.98 % 9.53 % 9.98 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $12,812,267 $11,806,065 $11,792,840 $11,724,727 $11,687,886 $12,036,330 $11,433,226
Investment securities 3,988,846 3,552,014 3,478,921 3,411,593 3,372,539 3,609,272 3,229,577
Interest-bearing deposits with other banks 647,347 610,074 542,815 615,812 654,251 604,115 572,763
Total earning assets $17,448,460 $15,968,153 $15,814,576 $15,752,132 $15,714,676 $16,249,717 $15,235,566
Total assets $20,256,539 $18,566,188 $18,419,437 $18,368,604 $18,273,419 $18,906,942 $17,792,014
Noninterest-bearing deposits $3,436,709 $3,124,277 $3,143,081 $3,091,037 $3,162,643 $3,199,519 $3,145,646
Interest-bearing deposits 12,521,948 11,387,648 11,211,694 11,149,633 11,177,010 11,570,997 10,617,427
Total deposits $15,958,657 $14,511,925 $14,354,775 $14,240,670 $14,339,653 $14,770,516 $13,763,073
Borrowings $848,650 $823,346 $910,573 $1,001,337 $855,083 $895,359 $1,054,222
Shareholders' equity $2,695,581 $2,575,203 $2,515,747 $2,457,785 $2,441,045 $2,561,769 $2,340,056
CREDIT QUALITY RATIOS
Allowance to ending loans 1.39 % 1.38 % 1.34 % 1.33 % 1.33 % 1.39 % 1.33 %
Allowance to nonaccrual loans 183.18 % 213.18 % 206.08 % 261.07 % 237.66 % 183.18 % 237.66 %
Nonaccrual loans to total loans 0.76 % 0.65 % 0.65 % 0.51 % 0.56 % 0.76 % 0.56 %
Nonperforming assets to ending loans, plus OREO 0.76 % 0.65 % 0.65 % 0.51 % 0.56 % 0.76 % 0.56 %
Nonperforming assets to total assets 0.48 % 0.41 % 0.41 % 0.32 % 0.36 % 0.48 % 0.36 %
Classified assets to total assets 1.11 % 1.18 % 1.15 % 1.16 % 1.21 % 1.11 % 1.21 %
Net charge-offs to average loans (annualized) 0.27 % 0.18 % 0.21 % 0.36 % 0.40 % 0.25 % 0.30 %
(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) December 31, 2025 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,
Twelve months ended,
Dec. 31,
Dec. 31,
2025 2024 % Change 2025 2024 % Change
Interest income
Loans and leases, including fees $215,663 $207,508 3.9 % $819,151 $836,541 (2.1) %
Investment securities
Taxable 40,971 33,978 20.6 % 148,036 124,936 18.5 %
Tax-exempt 2,363 2,423 (2.5) % 8,995 10,835 (17.0) %
Total investment securities interest 43,334 36,401 19.0 % 157,031 135,771 15.7 %
Other earning assets 6,334 7,662 (17.3) % 25,722 29,783 (13.6) %
Total interest income 265,331 251,571 5.5 % 1,001,904 1,002,095 0.0 %
Interest expense
Deposits 78,861 85,441 (7.7) % 310,752 331,092 (6.1) %
Short-term borrowings 4,925 6,586 (25.2) % 24,842 38,856 (36.1) %
Long-term borrowings 7,550 5,145 46.7 % 24,264 20,137 20.5 %
Total interest expense 91,336 97,172 (6.0) % 359,858 390,085 (7.7) %
Net interest income 173,995 154,399 12.7 % 642,046 612,010 4.9 %
Provision for credit losses-loans and leases 9,688 9,705 (0.2) % 36,525 49,211 (25.8) %
Provision for credit losses-unfunded commitments 412 (273) (250.9) % 1,142 (1,552) (173.6) %
Net interest income after provision for credit losses 163,895 144,967 13.1 % 604,379 564,351 7.1 %
Noninterest income
Service charges on deposit accounts 8,308 7,632 8.9 % 31,366 29,279 7.1 %
Wealth management fees 9,288 7,962 16.7 % 32,563 28,720 13.4 %
Bankcard income 3,590 3,659 (1.9) % 14,226 14,399 (1.2) %
Client derivative fees 2,681 1,528 75.5 % 7,802 4,701 66.0 %
Foreign exchange income 22,696 16,794 35.1 % 65,666 56,064 17.1 %
Leasing business income 19,523 19,413 0.6 % 80,020 67,641 18.3 %
Net gains from sales of loans 7,041 4,634 51.9 % 24,885 17,918 38.9 %
Net gain (loss) on investment securities (12,576) 144 N/M (22,324) (22,575) (1.1) %
Other 4,216 8,088 (47.9) % 23,234 27,421 (15.3) %
Total noninterest income 64,767 69,854 (7.3) % 257,438 223,568 15.1 %
Noninterest expenses
Salaries and employee benefits 85,123 80,314 6.0 % 315,885 304,389 3.8 %
Net occupancy 6,315 5,415 16.6 % 24,182 23,050 4.9 %
Furniture and equipment 3,940 3,476 13.3 % 14,776 14,427 2.4 %
Data processing 10,465 9,139 14.5 % 37,835 35,178 7.6 %
Marketing 3,056 2,204 38.7 % 10,170 9,026 12.7 %
Communication 825 767 7.6 % 3,013 3,229 (6.7) %
Professional services 6,231 6,631 (6.0) % 14,833 14,087 5.3 %
Amortization of tax credit investments 800 14,303 (94.4) % 1,135 14,397 (92.1) %
State intangible tax 1,679 (104) N/M 5,604 2,524 122.0 %
FDIC assessments 2,923 2,736 6.8 % 11,204 11,209 0.0 %
Intangible amortization 3,927 2,395 64.0 % 11,003 9,487 16.0 %
Leasing business expense 13,837 12,536 10.4 % 53,705 44,317 21.2 %
Other 10,410 8,095 28.6 % 37,202 34,275 8.5 %
Total noninterest expenses 149,531 147,907 1.1 % 540,547 519,595 4.0 %
Income before income taxes 79,131 66,914 18.3 % 321,270 268,324 19.7 %
Income tax expense 16,738 2,029 724.9 % 65,665 39,494 66.3 %
Net income $62,393 $64,885 (3.8) % $255,605 $228,830 11.7 %
ADDITIONAL DATA
Net earnings per share - basic $0.65 $0.69 $2.68 $2.42
Net earnings per share - diluted $0.64 $0.68 $2.66 $2.40
Dividends declared per share $0.25 $0.24 $0.98 $0.94
Return on average assets 1.22 % 1.41 % 1.35 % 1.29 %
Return on average shareholders' equity 9.18 % 10.57 % 9.98 % 9.78 %
Interest income $265,331 $251,571 5.5 % $1,001,904 $1,002,095 0.0 %
Tax equivalent adjustment 1,227 1,274 (3.7) % 4,934 5,589 (11.7) %
Interest income - tax equivalent 266,558 252,845 5.4 % 1,006,838 1,007,684 (0.1) %
Interest expense 91,336 97,172 (6.0) % 359,858 390,085 (7.7) %
Net interest income - tax equivalent $175,222 $155,673 12.6 % $646,980 $617,599 4.8 %
Net interest margin 3.96 % 3.91 % 3.95 % 4.02 %
Net interest margin (fully tax equivalent) (1) 3.98 % 3.94 % 3.98 % 4.05 %
Full-time equivalent employees 2,164 2,064
(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 Year to % Change
Quarter Quarter Quarter Quarter
Date Linked Qtr.
Interest income
Loans and leases, including fees $215,663 $204,865 $201,460 $197,163 $819,151 5.3 %
Investment securities
Taxable 40,971 36,421 36,243 34,401 148,036 12.5 %
Tax-exempt 2,363 2,195 2,233 2,204 8,995 7.7 %
Total investment securities interest 43,334 38,616 38,476 36,605 157,031 12.2 %
Other earning assets 6,334 6,773 5,964 6,651 25,722 (6.5) %
Total interest income 265,331 250,254 245,900 240,419 1,001,904 6.0 %
Interest expense
Deposits 78,861 77,766 75,484 78,641 310,752 1.4 %
Short-term borrowings 4,925 5,979 6,393 7,545 24,842 (17.6) %
Long-term borrowings 7,550 6,023 5,754 4,937 24,264 25.4 %
Total interest expense 91,336 89,768 87,631 91,123 359,858 1.7 %
Net interest income 173,995 160,486 158,269 149,296 642,046 8.4 %
Provision for credit losses-loans and leases 9,688 8,612 9,084 9,141 36,525 12.5 %
Provision for credit losses-unfunded commitments 412 453 718 (441) 1,142 (9.1) %
Net interest income after provision for credit losses 163,895 151,421 148,467 140,596 604,379 8.2 %
Noninterest income
Service charges on deposit accounts 8,308 7,829 7,766 7,463 31,366 6.1 %
Wealth management fees 9,288 7,351 7,787 8,137 32,563 26.4 %
Bankcard income 3,590 3,589 3,737 3,310 14,226 0.0 %
Client derivative fees 2,681 1,876 1,674 1,571 7,802 42.9 %
Foreign exchange income 22,696 16,666 13,760 12,544 65,666 36.2 %
Leasing business income 19,523 20,997 20,797 18,703 80,020 (7.0) %
Net gains from sales of loans 7,041 6,835 6,687 4,322 24,885 3.0 %
Net gain (loss) on investment securities (12,576) (42) 243 (9,949) (22,324) N/M
Other 4,216 8,424 5,612 4,982 23,234 (50.0) %
Total noninterest income 64,767 73,525 68,063 51,083 257,438 (11.9) %
Noninterest expenses
Salaries and employee benefits 85,123 80,607 74,917 75,238 315,885 5.6 %
Net occupancy 6,315 6,003 5,845 6,019 24,182 5.2 %
Furniture and equipment 3,940 3,582 3,441 3,813 14,776 10.0 %
Data processing 10,465 9,591 9,020 8,759 37,835 9.1 %
Marketing 3,056 2,359 2,737 2,018 10,170 29.5 %
Communication 825 695 681 812 3,013 18.7 %
Professional services 6,231 2,314 3,549 2,739 14,833 169.3 %
Amortization of tax credit investments 800 112 111 112 1,135 614.3 %
State intangible tax 1,679 1,531 1,517 877 5,604 9.7 %
FDIC assessments 2,923 2,611 2,611 3,059 11,204 11.9 %
Intangible amortization 3,927 2,359 2,358 2,359 11,003 66.5 %
Leasing business expense 13,837 13,911 13,155 12,802 53,705 (0.5) %
Other 10,410 8,594 8,729 9,469 37,202 21.1 %
Total noninterest expenses 149,531 134,269 128,671 128,076 540,547 11.4 %
Income before income taxes 79,131 90,677 87,859 63,603 321,270 (12.7) %
Income tax expense 16,738 18,754 17,863 12,310 65,665 (10.7) %
Net income $62,393 $71,923 $69,996 $51,293 $255,605 (13.3) %
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 6.0 %
Tax equivalent adjustment 1,227 1,248 1,246 1,213 4,934 (1.7) %
Interest income - tax equivalent 266,558 251,502 247,146 241,632 1,006,838 6.0 %
Interest expense 91,336 89,768 87,631 91,123 359,858 1.7 %
Net interest income - tax equivalent $175,222 $161,734 $159,515 $150,509 $646,980 8.3 %
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 QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2024
Fourth Third Second First
Full
Quarter Quarter Quarter Quarter
Year
Interest income
Loans and leases, including fees $207,508 $215,433 $211,760 $201,840 $836,541
Investment securities
Taxable 33,978 32,367 30,295 28,296 124,936
Tax-exempt 2,423 2,616 2,704 3,092 10,835
Total investment securities interest 36,401 34,983 32,999 31,388 135,771
Other earning assets 7,662 6,703 7,960 7,458 29,783
Total interest income 251,571 257,119 252,719 240,686 1,002,095
Interest expense
Deposits 85,441 86,554 83,022 76,075 331,092
Short-term borrowings 6,586 9,932 11,395 10,943 38,856
Long-term borrowings 5,145 5,073 4,991 4,928 20,137
Total interest expense 97,172 101,559 99,408 91,946 390,085
Net interest income 154,399 155,560 153,311 148,740 612,010
Provision for credit losses-loans and leases 9,705 9,930 16,157 13,419 49,211
Provision for credit losses-unfunded commitments (273) 694 286 (2,259) (1,552)
Net interest income after provision for credit losses 144,967 144,936 136,868 137,580 564,351
Noninterest income
Service charges on deposit accounts 7,632 7,547 7,188 6,912 29,279
Wealth management fees 7,962 6,910 7,172 6,676 28,720
Bankcard income 3,659 3,698 3,900 3,142 14,399
Client derivative fees 1,528 1,160 763 1,250 4,701
Foreign exchange income 16,794 12,048 16,787 10,435 56,064
Leasing business income 19,413 16,811 16,828 14,589 67,641
Net gains from sales of loans 4,634 5,021 4,479 3,784 17,918
Net gain (loss) on investment securities 144 (17,468) (64) (5,187) (22,575)
Other 8,088 9,974 4,448 4,911 27,421
Total noninterest income 69,854 45,701 61,501 46,512 223,568
Noninterest expenses
Salaries and employee benefits 80,314 74,813 75,225 74,037 304,389
Net occupancy 5,415 5,919 5,793 5,923 23,050
Furniture and equipment 3,476 3,617 3,646 3,688 14,427
Data processing 9,139 8,857 8,877 8,305 35,178
Marketing 2,204 2,255 2,605 1,962 9,026
Communication 767 851 816 795 3,229
Professional services 6,631 2,303 2,885 2,268 14,087
Amortization of tax credit investments 14,303 32 31 31 14,397
State intangible tax (104) 876 875 877 2,524
FDIC assessments 2,736 3,036 2,657 2,780 11,209
Intangible amortization 2,395 2,395 2,396 2,301 9,487
Leasing business expense 12,536 11,899 10,128 9,754 44,317
Other 8,095 8,906 7,640 9,634 34,275
Total noninterest expenses 147,907 125,759 123,574 122,355 519,595
Income before income taxes 66,914 64,878 74,795 61,737 268,324
Income tax expense 2,029 12,427 13,990 11,048 39,494
Net income $64,885 $52,451 $60,805 $50,689 $228,830
ADDITIONAL DATA
Net earnings per share - basic $0.69 $0.56 $0.64 $0.54 $2.42
Net earnings per share - diluted $0.68 $0.55 $0.64 $0.53 $2.40
Dividends declared per share $0.24 $0.24 $0.23 $0.23 $0.94
Return on average assets 1.41 % 1.17 % 1.38 % 1.18 % 1.29 %
Return on average shareholders' equity 10.57 % 8.80 % 10.72 % 9.00 % 9.78 %
Interest income $251,571 $257,119 $252,719 $240,686 $1,002,095
Tax equivalent adjustment 1,274 1,362 1,418 1,535 5,589
Interest income - tax equivalent 252,845 258,481 254,137 242,221 1,007,684
Interest expense 97,172 101,559 99,408 91,946 390,085
Net interest income - tax equivalent $155,673 $156,922 $154,729 $150,275 $617,599
Net interest margin 3.91 % 4.05 % 4.06 % 4.05 % 4.02 %
Net interest margin (fully tax equivalent) (1) 3.94 % 4.08 % 4.10 % 4.10 % 4.05 %
Full-time equivalent employees 2,064 2,084 2,144 2,116
(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)
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, % Change % Change
2025 2025 2025 2025 2024 Linked
Qtr. Comp Qtr.
ASSETS
Cash and due from banks $178,553 $174,659 $210,187 $190,610 $174,258 2.2 % 2.5 %
Interest-bearing deposits with other banks 597,338 565,080 570,173 633,349 730,228 5.7 % (18.2) %
Investment securities available-for-sale 3,971,932 3,422,595 3,386,562 3,260,981 3,183,776 16.1 % 24.8 %
Investment securities held-to-maturity 58,545 71,595 72,994 76,469 76,960 (18.2) % (23.9) %
Other investments 129,564 117,120 122,322 120,826 114,598 10.6 % 13.1 %
Loans held for sale 16,953 21,466 26,504 17,927 13,181 (21.0) % 28.6 %
Loans and leases
Commercial and industrial 4,632,241 3,838,630 3,927,771 3,832,350 3,815,858 20.7 % 21.4 %
Lease financing 638,527 596,734 587,176 573,608 598,045 7.0 % 6.8 %
Construction real estate 677,339 627,960 732,777 824,775 779,446 7.9 % (13.1) %
Commercial real estate 4,384,556 4,048,370 3,961,513 3,956,880 4,061,744 8.3 % 7.9 %
Residential real estate 1,832,184 1,494,464 1,492,688 1,479,704 1,462,284 22.6 % 25.3 %
Home equity 1,005,204 935,975 903,299 872,502 849,039 7.4 % 18.4 %
Installment 188,694 109,764 116,598 119,672 133,051 71.9 % 41.8 %
Credit card 65,325 62,654 64,374 64,639 62,311 4.3 % 4.8 %
Total loans 13,424,070 11,714,551 11,786,196 11,724,130 11,761,778 14.6 % 14.1 %
Less:
Allowance for credit losses (186,487) (161,916) (158,522) (155,482) (156,791) 15.2 % 18.9 %
Net loans 13,237,583 11,552,635 11,627,674 11,568,648 11,604,987 14.6 % 14.1 %
Premises and equipment 204,760 198,251 197,741 197,968 197,965 3.3 % 3.4 %
Operating leases 214,003 214,667 217,100 213,648 209,119 (0.3) % 2.3 %
Goodwill 1,099,524 1,007,656 1,007,656 1,007,656 1,007,656 9.1 % 9.1 %
Other intangibles 118,832 73,797 75,458 77,002 79,291 61.0 % 49.9 %
Accrued interest and other assets 1,301,792 1,134,985 1,119,884 1,089,983 1,178,242 14.7 % 10.5 %
Total Assets $21,129,379 $18,554,506 $18,634,255 $18,455,067 $18,570,261 13.9 % 13.8 %
LIABILITIES
Deposits
Interest-bearing demand $3,360,613 $2,983,132 $3,057,232 $3,004,601 $3,095,724 12.7 % 8.6 %
Savings 5,973,532 5,029,097 4,979,124 4,886,613 4,948,768 18.8 % 20.7 %
Time 3,622,227 3,293,707 3,201,711 3,144,440 3,152,265 10.0 % 14.9 %
Total interest-bearing deposits 12,956,372 11,305,936 11,238,067 11,035,654 11,196,757 14.6 % 15.7 %
Noninterest-bearing 3,465,470 3,127,512 3,131,926 3,161,302 3,132,381 10.8 % 10.6 %
Total deposits 16,421,842 14,433,448 14,369,993 14,196,956 14,329,138 13.8 % 14.6 %
FHLB short-term borrowings 675,000 550,000 680,000 735,000 625,000 22.7 % 8.0 %
Other 332 45,167 4,699 64,792 130,452 (99.3) % (99.7) %
Total short-term borrowings 675,332 595,167 684,699 799,792 755,452 13.5 % (10.6) %
Long-term debt 514,052 221,823 344,955 345,878 347,509 131.7 % 47.9 %
Total borrowed funds 1,189,384 816,990 1,029,654 1,145,670 1,102,961 45.6 % 7.8 %
Accrued interest and other liabilities 748,937 672,213 676,453 611,206 700,121 11.4 % 7.0 %
Total Liabilities 18,360,163 15,922,651 16,076,100 15,953,832 16,132,220 15.3 % 13.8 %
SHAREHOLDERS' EQUITY
Common stock 1,647,618 1,641,315 1,638,796 1,637,041 1,642,055 0.4 % 0.3 %
Retained earnings 1,437,286 1,399,577 1,351,674 1,304,636 1,276,329 2.7 % 12.6 %
Accumulated other comprehensive income (loss) (189,942) (223,000) (246,384) (253,888) (289,799) (14.8) % (34.5) %
Treasury stock, at cost (125,746) (186,037) (185,931) (186,554) (190,544) (32.4) % (34.0) %
Total Shareholders' Equity 2,769,216 2,631,855 2,558,155 2,501,235 2,438,041 5.2 % 13.6 %
Total Liabilities and Shareholders' Equity $21,129,379 $18,554,506 $18,634,255 $18,455,067 $18,570,261 13.9 % 13.8 %
FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31,
Dec. 31,
2025 2025 2025 2025 2024 2025 2024
ASSETS
Cash and due from banks $178,403 $165,210 $174,375 $164,734 $182,242 $170,703 $185,006
Interest-bearing deposits with other banks 647,347 610,074 542,815 615,812 654,251 604,115 572,763
Investment securities 3,988,846 3,552,014 3,478,921 3,411,593 3,372,539 3,609,272 3,229,577
Loans held for sale 32,425 26,366 25,026 10,212 17,284 23,576 14,967
Loans and leases
Commercial and industrial 4,310,399 3,890,886 3,881,001 3,787,207 3,727,549 3,968,597 3,677,979
Lease financing 617,518 592,510 581,091 585,119 587,110 594,144 532,212
Construction real estate 679,884 711,011 784,028 797,100 826,936 742,597 720,031
Commercial real estate 4,240,042 3,993,549 3,958,730 4,018,211 4,045,347 4,053,079 4,088,127
Residential real estate 1,717,439 1,489,942 1,485,479 1,475,703 1,442,799 1,542,660 1,385,351
Home equity 981,406 919,368 891,761 858,153 837,863 913,028 801,358
Installment 164,013 114,058 117,724 127,192 136,927 130,802 147,321
Credit card 69,141 68,375 68,000 65,830 66,071 67,847 65,880
Total loans 12,779,842 11,779,699 11,767,814 11,714,515 11,670,602 12,012,754 11,418,259
Less:
Allowance for credit losses (179,275) (162,417) (158,170) (158,206) (161,477) (164,569) (153,126)
Net loans 12,600,567 11,617,282 11,609,644 11,556,309 11,509,125 11,848,185 11,265,133
Premises and equipment 202,956 199,167 198,407 198,998 197,664 199,891 198,278
Operating leases 211,091 217,404 212,684 205,181 202,110 211,622 173,432
Goodwill 1,069,781 1,007,656 1,007,656 1,007,656 1,007,658 1,023,315 1,007,363
Other intangibles 104,184 74,448 76,076 78,220 80,486 83,279 82,940
Accrued interest and other assets 1,220,939 1,096,567 1,093,833 1,119,889 1,050,060 1,132,984 1,062,555
Total Assets $20,256,539 $18,566,188 $18,419,437 $18,368,604 $18,273,419 $18,906,942 $17,792,014
LIABILITIES
Deposits
Interest-bearing demand $3,276,425 $3,036,296 $3,066,986 $3,090,526 $3,081,148 $3,117,845 $2,945,315
Savings 5,740,651 5,054,563 5,005,526 4,918,004 4,886,784 5,181,597 4,650,554
Time 3,504,872 3,296,789 3,139,182 3,141,103 3,209,078 3,271,555 3,021,558
Total interest-bearing deposits 12,521,948 11,387,648 11,211,694 11,149,633 11,177,010 11,570,997 10,617,427
Noninterest-bearing 3,436,709 3,124,277 3,143,081 3,091,037 3,162,643 3,199,519 3,145,646
Total deposits 15,958,657 14,511,925 14,354,775 14,240,670 14,339,653 14,770,516 13,763,073
Federal funds purchased and securities sold
under agreements to repurchase 2,283 12,434 4,780 2,055 2,282 5,408 4,522
FHLB short-term borrowings 444,511 497,092 532,198 553,667 415,652 506,541 588,987
Other 13,891 21,519 26,226 99,378 93,298 39,968 119,361
Total short-term borrowings 460,685 531,045 563,204 655,100 511,232 551,917 712,870
Long-term debt 387,965 292,301 347,369 346,237 343,851 343,442 341,352
Total borrowed funds 848,650 823,346 910,573 1,001,337 855,083 895,359 1,054,222
Accrued interest and other liabilities 753,651 655,714 638,342 668,812 637,638 679,298 634,663
Total Liabilities 17,560,958 15,990,985 15,903,690 15,910,819 15,832,374 16,345,173 15,451,958
SHAREHOLDERS' EQUITY
Common stock 1,644,923 1,639,986 1,637,782 1,641,016 1,640,280 1,640,935 1,637,343
Retained earnings 1,406,388 1,369,069 1,322,168 1,282,300 1,249,263 1,345,387 1,196,301
Accumulated other comprehensive loss (209,767) (247,746) (257,873) (275,068) (257,792) (247,435) (301,167)
Treasury stock, at cost (145,963) (186,106) (186,330) (190,463) (190,706) (177,118) (192,421)
Total Shareholders' Equity 2,695,581 2,575,203 2,515,747 2,457,785 2,441,045 2,561,769 2,340,056
Total Liabilities and Shareholders' Equity $20,256,539 $18,566,188 $18,419,437 $18,368,604 $18,273,419 $18,906,942 $17,792,014
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages
Year-to-Date Averages
December 31, 2025
September 30, 2025
December 31, 2024 December 31, 2025 December 31, 2024
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $3,988,846 $43,334 4.31 % $3,552,014 $38,616 4.31 % $3,372,539 $36,401 4.28 % $3,609,272 4.35 % $3,229,577 4.20 %
Interest-bearing deposits with other banks 647,347 6,334 3.88 % 610,074 6,773 4.40 % 654,251 7,662 4.65 % 604,115 4.26 % 572,763 5.20 %
Gross loans (1) 12,812,267 215,663 6.68 % 11,806,065 204,865 6.88 % 11,687,886 207,508 7.04 % 12,036,330 6.81 % 11,433,226 7.32 %
Total earning assets 17,448,460 265,331 6.03 % 15,968,153 250,254 6.22 % 15,714,676 251,571 6.35 % 16,249,717 6.17 % 15,235,566 6.58 %
Nonearning assets
Allowance for credit losses (179,275) (162,417) (161,477) (164,569) (153,126)
Cash and due from banks 178,403 165,210 182,242 170,703 185,006
Accrued interest and other assets 2,808,951 2,595,242 2,537,978 2,651,091 2,524,568
Total assets $20,256,539 $18,566,188 $18,273,419 $18,906,942 $17,792,014
Interest-bearing liabilities
Deposits:
Interest-bearing demand $3,276,425 $13,818 1.67 % $3,036,296 $14,592 1.91 % $3,081,148 $15,092 1.94 % $3,117,845 1.85 % $2,945,315 2.07 %
Savings 5,740,651 32,343 2.24 % 5,054,563 30,854 2.42 % 4,886,784 33,924 2.75 % 5,181,597 2.38 % 4,650,554 2.81 %
Time 3,504,872 32,700 3.70 % 3,296,789 32,320 3.89 % 3,209,078 36,425 4.50 % 3,271,555 3.96 % 3,021,558 4.62 %
Total interest-bearing deposits 12,521,948 78,861 2.50 % 11,387,648 77,766 2.71 % 11,177,010 85,441 3.03 % 11,570,997 2.69 % 10,617,427 3.12 %
Borrowed funds
Short-term borrowings 460,685 4,925 4.24 % 531,045 5,979 4.47 % 511,232 6,586 5.11 % 551,917 4.50 % 712,870 5.45 %
Long-term debt 387,965 7,550 7.72 % 292,301 6,023 8.17 % 343,851 5,145 5.94 % 343,442 7.06 % 341,352 5.90 %
Total borrowed funds 848,650 12,475 5.83 % 823,346 12,002 5.78 % 855,083 11,731 5.44 % 895,359 5.48 % 1,054,222 5.60 %
Total interest-bearing liabilities 13,370,598 91,336 2.71 % 12,210,994 89,768 2.92 % 12,032,093 97,172 3.20 % 12,466,356 2.89 % 11,671,649 3.34 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,436,709 3,124,277 3,162,643 3,199,519 3,145,646
Other liabilities 753,651 655,714 637,638 679,298 634,663
Shareholders' equity 2,695,581 2,575,203 2,441,045 2,561,769 2,340,056
Total liabilities & shareholders' equity $20,256,539 $18,566,188 $18,273,419 $18,906,942 $17,792,014
Net interest income $173,995 $160,486 $154,399 $642,046 $612,010
Net interest spread 3.32 % 3.30 % 3.15 % 3.28 % 3.24 %
Net interest margin 3.96 % 3.99 % 3.91 % 3.95 % 4.02 %
Tax equivalent adjustment 0.02 % 0.03 % 0.03 % 0.03 % 0.03 %
Net interest margin (fully tax equivalent) 3.98 % 4.02 % 3.94 % 3.98 % 4.05 %
(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 $(28) $4,746 $4,718 $238 $6,695 $6,933 $4,740 $16,520 $21,260
Interest-bearing deposits with other banks (804) 365 (439) (1,260) (68) (1,328) (5,396) 1,335 (4,061)
Gross loans (2) (6,139) 16,937 10,798 (10,771) 18,926 8,155 (58,435) 41,045 (17,390)
Total earning assets (6,971) 22,048 15,077 (11,793) 25,553 13,760 (59,091) 58,900 (191)
Interest-bearing liabilities
Total interest-bearing deposits $(6,049) $7,144 $1,095 $(15,050) $8,470 $(6,580) $(45,949) $25,609 $(20,340)
Borrowed funds
Short-term borrowings (302) (752) (1,054) (1,121) (540) (1,661) (6,769) (7,245) (14,014)
Long-term debt (335) 1,862 1,527 1,547 858 2,405 3,979 148 4,127
Total borrowed funds (637) 1,110 473 426 318 744 (2,790) (7,097) (9,887)
Total interest-bearing liabilities (6,686) 8,254 1,568 (14,624) 8,788 (5,836) (48,739) 18,512 (30,227)
Net interest income (1) $(285) $13,794 $13,509 $2,831 $16,765 $19,596 $(10,352) $40,388 $30,036
(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,
Full Year,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 2025 2024
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period $161,916 $158,522 $155,482 $156,791 $158,831 $156,791 $141,433
Initial allowance on purchased loans 23,652 0 0 0 0 23,652 0
Provision for credit losses 9,688 8,612 9,084 9,141 9,705 36,525 49,211
Gross charge-offs
Commercial and industrial 6,636 2,165 4,996 8,178 4,333 21,975 14,648
Lease financing 918 298 606 1,454 2,831 3,276 3,392
Construction real estate 0 245 0 0 0 245 0
Commercial real estate 433 3,105 0 0 5,051 3,538 10,633
Residential real estate 151 0 16 0 12 167 143
Home equity 95 92 100 86 210 373 447
Installment 1,197 1,194 1,120 1,321 1,680 4,832 7,460
Credit card 729 577 489 474 492 2,269 2,586
Total gross charge-offs 10,159 7,676 7,327 11,513 14,609 36,675 39,309
Recoveries
Commercial and industrial 264 202 290 195 1,779 951 2,611
Lease financing 201 291 11 29 17 532 88
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 5 1,138 70 24 19 1,237 219
Residential real estate 13 58 42 24 23 137 106
Home equity 117 94 74 144 222 429 660
Installment 682 609 716 563 499 2,570 1,284
Credit card 108 66 80 84 305 338 488
Total recoveries 1,390 2,458 1,283 1,063 2,864 6,194 5,456
Total net charge-offs 8,769 5,218 6,044 10,450 11,745 30,481 33,853
Ending allowance for credit losses $186,487 $161,916 $158,522 $155,482 $156,791 $186,487 $156,791
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial 0.59 % 0.20 % 0.49 % 0.85 % 0.27 % 0.53 % 0.33 %
Lease financing 0.46 % 0.00 % 0.41 % 0.99 % 1.91 % 0.46 % 0.62 %
Construction real estate 0.00 % 0.14 % 0.00 % 0.00 % 0.00 % 0.03 % 0.00 %
Commercial real estate 0.04 % 0.20 % (0.01) % 0.00 % 0.49 % 0.06 % 0.25 %
Residential real estate 0.03 % (0.02) % (0.01) % (0.01) % 0.00 % 0.00 % 0.00 %
Home equity (0.01) % 0.00 % 0.01 % (0.03) % (0.01) % (0.01) % (0.03) %
Installment 1.25 % 2.03 % 1.38 % 2.42 % 3.43 % 1.73 % 4.19 %
Credit card 3.56 % 2.97 % 2.41 % 2.40 % 1.13 % 2.85 % 3.18 %
Total net charge-offs 0.27 % 0.18 % 0.21 % 0.36 % 0.40 % 0.25 % 0.30 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial $27,461 $23,832 $24,489 $7,649 $6,641 $27,461 $6,641
Lease financing 5,660 5,885 6,243 6,487 6,227 5,660 6,227
Construction real estate 1,120 1,120 1,365 0 0 1,120 0
Commercial real estate 45,590 24,443 23,905 25,736 32,303 45,590 32,303
Residential real estate 18,302 16,452 16,995 16,044 16,700 18,302 16,700
Home equity 2,927 3,567 3,226 2,920 3,418 2,927 3,418
Installment 748 652 701 719 684 748 684
Total nonaccrual loans 101,808 75,951 76,924 59,555 65,973 101,808 65,973
Other real estate owned (OREO) 184 111 204 213 64 184 64
Total nonperforming assets 101,992 76,062 77,128 59,768 66,037 101,992 66,037
Accruing loans past due 90 days or more 411 592 714 228 361 411 361
Total underperforming assets $102,403 $76,654 $77,842 $59,996 $66,398 $102,403 $66,398
Total classified assets $235,451 $218,794 $214,346 $213,351 $224,084 $235,451 $224,084
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans 183.18 % 213.18 % 206.08 % 261.07 % 237.66 % 183.18 % 237.66 %
Total ending loans 1.39 % 1.38 % 1.34 % 1.33 % 1.33 % 1.39 % 1.33 %
Nonaccrual loans to total loans 0.76 % 0.65 % 0.65 % 0.51 % 0.56 % 0.76 % 0.56 %
Nonperforming assets to
Ending loans, plus OREO 0.76 % 0.65 % 0.65 % 0.51 % 0.56 % 0.76 % 0.56 %
Total assets 0.48 % 0.41 % 0.41 % 0.32 % 0.36 % 0.48 % 0.36 %
Classified assets to total assets 1.11 % 1.18 % 1.15 % 1.16 % 1.21 % 1.11 % 1.21 %
FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended,
Twelve months ended,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
2025 2025 2025 2025 2024 2025 2024
PER COMMON SHARE
Market Price
High $26.98 $26.79 $25.19 $29.04 $30.34 $29.04 $30.34
Low $23.26 $23.55 $22.05 $24.25 $23.98 $22.05 $20.79
Close $25.02 $25.25 $24.26 $24.98 $26.88 $25.02 $26.88
Average shares outstanding - basic 96,724,148 94,889,341 94,860,428 94,645,787 94,486,838 95,284,550 94,404,617
Average shares outstanding - diluted 97,593,800 95,753,798 95,741,696 95,524,262 95,487,564 96,157,964 95,405,719
Ending shares outstanding 98,521,726 95,757,250 95,760,617 95,730,353 95,494,840 98,521,726 95,494,840
Total shareholders' equity $2,769,216 $2,631,855 $2,558,155 $2,501,235 $2,438,041 $2,769,216 $2,438,041
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $1,798,266 $1,828,843 $1,776,038 $1,724,134 $1,709,422 $1,798,266 $1,709,422
Common equity tier 1 capital ratio 11.32 % 12.91 % 12.57 % 12.29 % 12.16 % 11.32 % 12.16 %
Tier 1 capital $1,843,672 $1,874,191 $1,821,316 $1,769,357 $1,754,584 $1,843,672 $1,754,584
Tier 1 ratio 11.60 % 13.23 % 12.89 % 12.61 % 12.48 % 11.60 % 12.48 %
Total capital $2,457,377 $2,170,546 $2,116,180 $2,090,211 $2,057,877 $2,457,377 $2,057,877
Total capital ratio 15.46 % 15.32 % 14.98 % 14.90 % 14.64 % 15.46 % 14.64 %
Total capital in excess of minimum requirement $788,889 $683,018 $632,563 $617,347 $581,659 $788,889 $581,659
Total risk-weighted assets $15,890,363 $14,166,935 $14,129,683 $14,027,274 $14,059,215 $15,890,363 $14,059,215
Leverage ratio 9.53 % 10.50 % 10.28 % 10.01 % 9.98 % 9.53 % 9.98 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 13.11 % 14.18 % 13.73 % 13.55 % 13.13 % 13.11 % 13.13 %
Ending tangible shareholders' equity to ending tangible assets (1) 7.79 % 8.87 % 8.40 % 8.16 % 7.73 % 7.79 % 7.73 %
Average shareholders' equity to average assets 13.31 % 13.87 % 13.66 % 13.38 % 13.36 % 13.55 % 13.15 %
Average tangible shareholders' equity to average tangible assets (1) 7.97 % 8.54 % 8.26 % 7.94 % 7.87 % 8.17 % 7.48 %
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.
Contact Information: 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