- Earnings per diluted share of $0.77; $0.84 on an adjusted(1) basis; 11% increase from the third quarter of 2025 and highest in Company history
- Return on average assets of 1.44%; 1.56% on an adjusted(1) basis
- Net interest margin on FTE basis(1) of 4.07%; 9 bp increase from linked quarter
- Loan growth of $170 million, or 4.9%on an annualized basis
- Record adjusted(1) noninterest income; $5.7 million, or 8%, increase from the linked quarter
- ROTCE of 18.7%; 20.2% on adjusted(1) basis
- Received Federal regulatory approval for Finward acquisition; expected to close 1/1/27
CINCINNATI, Oct. 27, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and nine months ended September 30, 2026.
For the three months ended September 30, 2026, the Company reported net income of $81.2 million, or $0.77 per diluted common share. These results compare to net income of $76.5 million, or $0.73 per diluted common share, for the second quarter of 2026. For the nine months ended September 30, 2026, First Financial had earnings per diluted share of $2.21 compared to $2.02 for the same period in 2025.
Return on average assets for the third quarter of 2026 was 1.44% while return on average tangible common equity was 18.67%(1). These compare to return on average assets of 1.37% and return on average tangible common equity of 17.95%(1) in the second quarter of 2026.
Third quarter 2026 highlights include:
- Robust net interest margin of 4.05%, or 4.07% on a fully tax-equivalent basis(1)
- 9 bp increase from second quarter driven by 13 bp increase in asset yields, partially offset by a 4 bp increase in funding costs
- Noninterest income of $77.7 million; $77.6 million on an adjusted(1) basis
- Double digit percentage growth from linked quarter in wealth management income, bankcard income, and client derivative fees
- Foreign exchange income increased $4.4 million, or 33.5%, from linked quarter
- Strong leasing business income of $23.0 million
- Noninterest expenses of $165.7 million; $156.9 million on an adjusted(1) basis
- Adjustments(1) include $7.5 million of acquisition related expenses, $0.8 million of amortization of tax credit investments and $0.6 million of other expenses not expected to recur
- Increase from prior quarter driven by compensation costs tied to fee income, as well as increases in credit collection and healthcare costs
- Efficiency ratio of 60.5%; 57.3% as adjusted(1)
- Solid loan growth during the quarter
- Loan balances increased $170.2 million, or 4.9% on an annualized basis, compared to linked quarter
- Quarterly growth driven by C&I, Consumer and Summit
- Moderate deposit growth during the quarter
- Average deposit balances increased $52.4 million, or 1.2% on an annualized basis
- Growth in interest-bearing demand accounts, money market accounts and retail CDs offset a decline in brokered CDs, savings, and noninterest-bearing accounts
- Excluding brokered CDs, average deposits increased $144.0 million
- Total Allowance for Credit Losses of $209.8 million; Total quarterly provision expense of $8.9 million
- Loans and leases - ACL of $191.7 million
- ACL to total loans of 1.38%
- Unfunded Commitments - ACL of $18.2 million
- Annualized net charge-offs were $7.2 million in third quarter, or 21 bps of total loans
- Nonperforming assets increased 2 bps to 0.45% of total assets
- Classified assets increased to 1.26% of total assets primarily due to the downgrade of a single ICRE relationship
- Capital ratios remain strong despite significant decline in AOCI
- Total capital ratio increased 8 bps to 15.83%
- Tier 1 common equity increased 21 bps to 12.54%
- Tangible common equity of 7.81%(1); 9.65%(1) excluding impact from AOCI
- Tangible book value per share of $15.65(1); 5.9% decrease 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 December 15, 2026 to shareholders of record as of December 1, 2026.
Archie Brown, President and CEO, commented on third quarter results, "I am very pleased with our performance in the third quarter. Adjusted(1) net income was $87.8 million and adjusted(1) earnings per share were $0.84, which resulted in an adjusted(1) return on assets of 1.56% and an adjusted(1) return on tangible common equity of 20.2%. Earnings per share increased 11% from the third quarter of 2025 and were the highest in the Company's history. We delivered record third quarter revenue of $273.9 million, driven by a strong net interest margin of 4.07% and record adjusted(1) fee revenue of $77.6 million."
Mr. Brown continued, "Loan balances increased moderately during the quarter, consistent with our prior quarter outlook, with particularly strong growth in our C&I portfolio. Loan pipelines remain healthy as we enter the fourth quarter, and we expect low to mid single digit loan growth as we close out 2026."
Mr. Brown continued, discussing fees and expenses, "We are very encouraged by the strength and diversification of our fee income, as adjusted(1) noninterest income was a record $77.6 million and 28% of total revenues. Growth from the linked quarter was driven by strong performances from foreign exchange, wealth management, client derivatives and bankcard income.
"As a result of our strong fee income and overall operating performance, expenses were elevated during the quarter, driven primarily by incentive costs associated with our record revenues, as well as higher health care claims and increased credit and collection costs. We expect expenses to moderate in the fourth quarter."
Mr. Brown commented on asset quality and capital, "Credit quality trends were stable during the third quarter. Net charge-offs and nonperforming assets were comparable to second quarter levels, while classified assets increased significantly. The increase in classified assets was primarily driven by the downgrade of a single ICRE relationship with multiple loans, and we expect to resolve the workout of this relationship over the next few quarters.
"All regulatory capital ratios increased from the second quarter; however, tangible book value per share and tangible common equity declined in response to the sharp increase in interest rates during the second half of the quarter. Tangible book value per share decreased 6% from the linked quarter to $15.65, while tangible common equity declined 43 basis points from June 30, to 7.81% at the end of September."
Mr. Brown concluded, "We delivered another strong quarter and have had an excellent year to date. We are pleased to have received Federal regulatory approval for our acquisition of Finward and expect to close the transaction on January 1, 2027, subject to the receipt of state regulatory and Finward shareholder approvals. Looking ahead, we remain focused on closing the year on a strong note, completing the Finward transaction, and carrying our momentum into 2027.
"Finally, I want to acknowledge the recently announced changes to our senior leadership structure. These changes were designed to promote continuity, reinforce our commitment to strong financial performance, and maintain our engagement-centric culture. I have tremendous confidence in Jamie and the rest of our leadership team, and the positive impact we are already seeing from these organizational changes underscores the strength of our people, our culture, and our continued commitment to serving our clients and communities."
Full detail of the Company's third 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.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Wednesday, October 28, 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 257491860. 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.
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 and Where to Find It
In connection with the proposed transaction, First Financial filed a Registration Statement on Form S-4 (the "Registration Statement") with the SEC to register the shares of First Financial capital stock to be issued in connection with the proposed transaction, which became effective with the SEC on September 28, 2026. The Registration Statement includes 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 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). 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 the Solicitation
First Financial, Finward and certain of their respective directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction between First Financial and Finward. Information concerning First Financial's participants is set forth in the Proxy Statement, dated April 16, 2026, for First Financial's 2026 annual meeting of stockholders as filed with the SEC on Schedule 14A. 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 First Financial and Finward in the solicitation of proxies in respect of the proposed transaction is 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.
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, statements regarding the operations of First Financial Bancorp. and its subsidiaries (the "Company", "First Financial", "we", "us", or "our") 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 uncertainties and assumptions that underlie our forward-looking statements. 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 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. Such risks, uncertainties and assumptions include, among others, the following:
- 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 any acquisitions and/or integrations of any acquired companies;
- the possibility that any of the anticipated benefits of First Financial's prior, in process, or contemplated acquisitions will not be realized or will not be realized within the expected time period;
- the possibility that any of acquisitions that have not yet been consummated, such as the acquisition of Finward Bancorp, is not consummated for any reason, including the failure to satisfy any closing conditions, termination of a merger agreement by either party, or the failure to receive any required regulatory or shareholder approvals;
- 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.
These factors are not necessarily all of the factors that could cause First Financial'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. Although First Financial 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 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 First Financial'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 with the Securities Exchange Commission ("SEC"). Investors are cautioned not to rely too heavily on any such forward-looking statements. First Financial urges you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by First Financial. Forward-looking statements speak only as of the date they are made, and First Financial undertakes 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.
About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of September 30, 2026, the Company had $22.3 billion in assets, $13.9 billion in loans, $17.7 billion in deposits and $2.9 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 $4.5 billion in assets under management as of September 30, 2026. The Company operated 151 full service banking centers as of September 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.
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Nine months ended,
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30,
September 30,
2026 2026 2026 2025 2025 2026 2025
RESULTS OF OPERATIONS
Net income $81,182 $76,456 $74,445 $62,393 $71,923 $232,083 $193,212
Net earnings per share - basic $0.78 $0.74 $0.72 $0.65 $0.76 $2.23 $2.04
Net earnings per share - diluted $0.77 $0.73 $0.71 $0.64 $0.75 $2.21 $2.02
Dividends declared per share $0.26 $0.25 $0.25 $0.25 $0.25 $0.76 $0.73
KEY FINANCIAL RATIOS
Return on average assets 1.44 % 1.37 % 1.34 % 1.22 % 1.54 % 1.39 % 1.40 %
Return on average shareholders' equity 10.87 % 10.39 % 10.24 % 9.18 % 11.08 % 10.50 % 10.26 %
Return on average tangible shareholders' equity (1) 18.67 % 17.95 % 17.78 % 16.27 % 19.11 % 18.14 % 18.03 %
Net interest margin 4.05 % 3.96 % 3.97 % 3.96 % 3.99 % 3.99 % 3.95 %
Net interest margin (fully tax equivalent) (1)(2) 4.07 % 3.98 % 3.99 % 3.98 % 4.02 % 4.01 % 3.98 %
Ending shareholders' equity as a percent of ending assets 12.91 % 13.31 % 12.91 % 13.11 % 14.18 % 12.91 % 14.18 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 7.81 % 8.24 % 7.87 % 7.79 % 8.87 % 7.81 % 8.87 %
Risk-weighted assets (1) 9.86 % 10.62 % 10.51 % 9.76 % 10.94 % 9.86 % 10.94 %
Average shareholders' equity as a percent of average assets 13.28 % 13.18 % 13.12 % 13.31 % 13.87 % 13.19 % 13.64 %
Average tangible shareholders' equity as a percent of average tangible assets (1) 8.18 % 8.08 % 8.01 % 7.97 % 8.54 % 8.09 % 8.25 %
Book value per share $27.39 $28.46 $28.02 $28.11 $27.48 $27.39 $27.48
Tangible book value per share (1) $15.65 $16.64 $16.15 $15.74 $16.19 $15.65 $16.19
Common equity tier 1 ratio (3) 12.54 % 12.33 % 12.22 % 11.32 % 12.91 % 12.54 % 12.91 %
Tier 1 ratio (3) 12.81 % 12.61 % 12.50 % 11.60 % 13.23 % 12.81 % 13.23 %
Total capital ratio (3) 15.83 % 15.75 % 15.70 % 15.46 % 15.32 % 15.83 % 15.32 %
Leverage ratio (3) 9.96 % 9.66 % 9.39 % 9.53 % 10.50 % 9.96 % 10.50 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $13,821,897 $13,619,039 $14,028,324 $12,812,267 $11,806,065 $13,822,331 $11,774,842
Investment securities 4,925,893 5,079,730 4,769,261 3,988,846 3,552,014 4,925,535 3,481,357
Interest-bearing deposits with other banks 499,575 605,647 596,094 647,347 610,074 566,752 589,546
Total earning assets $19,247,365 $19,304,416 $19,393,679 $17,448,460 $15,968,153 $19,314,618 $15,845,745
Total assets $22,321,112 $22,391,439 $22,459,721 $20,256,539 $18,566,188 $22,390,250 $18,452,133
Noninterest-bearing deposits $3,797,339 $3,811,391 $3,745,002 $3,436,709 $3,124,277 $3,784,769 $3,119,587
Interest-bearing deposits 13,941,854 13,875,384 13,900,550 12,521,948 11,387,648 13,906,081 11,250,530
Total deposits $17,739,193 $17,686,775 $17,645,552 $15,958,657 $14,511,925 $17,690,850 $14,370,117
Borrowings $778,982 $891,636 $1,012,161 $848,650 $823,346 $893,406 $911,100
Shareholders' equity $2,963,270 $2,951,237 $2,947,585 $2,695,581 $2,575,203 $2,954,088 $2,516,675
CREDIT QUALITY RATIOS
Allowance to ending loans 1.38 % 1.38 % 1.36 % 1.39 % 1.38 % 1.38 % 1.38 %
Allowance to nonaccrual loans 191.25 % 197.51 % 182.73 % 183.18 % 213.18 % 191.25 % 213.18 %
Nonaccrual loans to total loans 0.72 % 0.70 % 0.75 % 0.76 % 0.65 % 0.72 % 0.65 %
Nonperforming assets to ending loans, plus OREO 0.72 % 0.70 % 0.75 % 0.76 % 0.65 % 0.72 % 0.65 %
Nonperforming assets to total assets 0.45 % 0.43 % 0.44 % 0.48 % 0.41 % 0.45 % 0.41 %
Classified assets to total assets 1.26 % 1.01 % 1.02 % 1.11 % 1.18 % 1.26 % 1.18 %
Net charge-offs to average loans (annualized) 0.21 % 0.20 % 0.35 % 0.27 % 0.18 % 0.25 % 0.25 %
(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) September 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,
Nine months ended,
September 30,
September 30,
2026 2025 % Change 2026 2025 % Change
Interest income
Loans and leases, including fees $228,730 $204,865 11.6 % $672,845 $603,488 11.5 %
Investment securities
Taxable 53,631 36,421 47.3 % 157,026 107,065 46.7 %
Tax-exempt 2,425 2,195 10.5 % 7,423 6,632 11.9 %
Total investment securities interest 56,056 38,616 45.2 % 164,449 113,697 44.6 %
Other earning assets 4,514 6,773 (33.4) % 15,345 19,388 (20.9) %
Total interest income 289,300 250,254 15.6 % 852,639 736,573 15.8 %
Interest expense
Deposits 82,263 77,766 5.8 % 241,248 231,891 4.0 %
Short-term borrowings 4,070 5,979 (31.9) % 14,235 19,917 (28.5) %
Long-term borrowings 6,711 6,023 11.4 % 20,913 16,714 25.1 %
Total interest expense 93,044 89,768 3.6 % 276,396 268,522 2.9 %
Net interest income 196,256 160,486 22.3 % 576,243 468,051 23.1 %
Provision for credit losses-loans and leases 8,975 8,612 4.2 % 27,938 26,837 4.1 %
Provision for credit losses-unfunded commitments (72) 453 (115.9) % (2,305) 730 (415.8) %
Net interest income after provision for credit losses 187,353 151,421 23.7 % 550,610 440,484 25.0 %
Noninterest income
Service charges on deposit accounts 9,031 7,829 15.4 % 26,940 23,058 16.8 %
Wealth management fees 9,135 7,351 24.3 % 27,869 23,275 19.7 %
Bankcard income 3,862 3,589 7.6 % 10,474 10,636 (1.5) %
Client derivative fees 2,511 1,876 33.8 % 7,964 5,121 55.5 %
Foreign exchange income 17,485 16,666 4.9 % 46,899 42,970 9.1 %
Leasing business income 22,967 20,997 9.4 % 67,325 60,497 11.3 %
Net gains from sales of loans 5,650 6,835 (17.3) % 18,355 17,844 2.9 %
Net gain (loss) on investment securities 247 (42) 688.1 % (1,350) (9,748) 86.2 %
Gain on bargain purchase 37 0 100.0 % 12,118 0 100.0 %
Other 6,733 8,424 (20.1) % 16,761 19,018 (11.9) %
Total noninterest income 77,658 73,525 5.6 % 233,355 192,671 21.1 %
Noninterest expenses
Salaries and employee benefits 94,385 80,607 17.1 % 281,158 230,762 21.8 %
Net occupancy 7,591 6,003 26.5 % 22,679 17,867 26.9 %
Furniture and equipment 4,834 3,582 35.0 % 13,837 10,836 27.7 %
Data processing 12,685 9,591 32.3 % 38,893 27,370 42.1 %
Marketing 3,801 2,359 61.1 % 10,069 7,114 41.5 %
Professional services 3,566 2,314 54.1 % 14,939 8,602 73.7 %
Amortization of tax credit investments 774 112 591.1 % 2,112 335 530.4 %
FDIC assessments 3,170 2,611 21.4 % 9,693 8,281 17.1 %
Intangible amortization 6,230 2,359 164.1 % 18,720 7,076 164.6 %
Leasing business expense 14,315 13,911 2.9 % 43,077 39,868 8.0 %
Other 14,385 10,820 32.9 % 41,509 32,905 26.1 %
Total noninterest expenses 165,736 134,269 23.4 % 496,686 391,016 27.0 %
Income before income taxes 99,275 90,677 9.5 % 287,279 242,139 18.6 %
Income tax expense 18,093 18,754 (3.5) % 55,196 48,927 12.8 %
Net income $81,182 $71,923 12.9 % $232,083 $193,212 20.1 %
ADDITIONAL DATA
Net earnings per share - basic $0.78 $0.76 $2.23 $2.04
Net earnings per share - diluted $0.77 $0.75 $2.21 $2.02
Dividends declared per share $0.26 $0.25 $0.76 $0.73
Return on average assets 1.44 % 1.54 % 1.39 % 1.40 %
Return on average shareholders' equity 10.87 % 11.08 % 10.50 % 10.26 %
Interest income $289,300 $250,254 15.6 % $852,639 $736,573 15.8 %
Tax equivalent adjustment 1,114 1,248 (10.7) % 3,461 3,707 (6.6) %
Interest income - tax equivalent 290,414 251,502 15.5 % 856,100 740,280 15.6 %
Interest expense 93,044 89,768 3.6 % 276,396 268,522 2.9 %
Net interest income - tax equivalent $197,370 $161,734 22.0 % $579,704 $471,758 22.9 %
Net interest margin 4.05 % 3.99 % 3.99 % 3.95 %
Net interest margin (fully tax equivalent) (1) 4.07 % 4.02 % 4.01 % 3.98 %
Full-time equivalent employees 2,251 1,986
(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
Third Second First Year to % Change
Quarter Quarter Quarter
Date Linked Qtr.
Interest income
Loans and leases, including fees $228,730 $219,164 $224,951 $672,845 4.4 %
Investment securities
Taxable 53,631 53,904 49,491 157,026 (0.5) %
Tax-exempt 2,425 2,472 2,526 7,423 (1.9) %
Total investment securities interest 56,056 56,376 52,017 164,449 (0.6) %
Other earning assets 4,514 5,381 5,450 15,345 (16.1) %
Total interest income 289,300 280,921 282,418 852,639 3.0 %
Interest expense
Deposits 82,263 79,250 79,735 241,248 3.8 %
Short-term borrowings 4,070 4,997 5,168 14,235 (18.6) %
Long-term borrowings 6,711 6,297 7,905 20,913 6.6 %
Total interest expense 93,044 90,544 92,808 276,396 2.8 %
Net interest income 196,256 190,377 189,610 576,243 3.1 %
Provision for credit losses-loans and leases 8,975 12,933 6,030 27,938 (30.6) %
Provision for credit losses-unfunded commitments (72) (4,743) 2,510 (2,305) (98.5) %
Net interest income after provision for credit losses 187,353 182,187 181,070 550,610 2.8 %
Noninterest income
Service charges on deposit accounts 9,031 8,896 9,013 26,940 1.5 %
Wealth management fees 9,135 8,252 10,482 27,869 10.7 %
Bankcard income 3,862 3,032 3,580 10,474 27.4 %
Client derivative fees 2,511 1,443 4,010 7,964 74.0 %
Foreign exchange income 17,485 13,101 16,313 46,899 33.5 %
Leasing business income 22,967 22,750 21,608 67,325 1.0 %
Net gains from sales of loans 5,650 6,658 6,047 18,355 (15.1) %
Net gain (loss) on investment securities 247 (337) (1,260) (1,350) 173.3 %
Gain on bargain purchase 37 3,189 8,892 12,118 (98.8) %
Other 6,733 6,807 3,221 16,761 (1.1) %
Total noninterest income 77,658 73,791 81,906 233,355 5.2 %
Noninterest expenses
Salaries and employee benefits 94,385 86,917 99,856 281,158 8.6 %
Net occupancy 7,591 7,535 7,553 22,679 0.7 %
Furniture and equipment 4,834 4,310 4,693 13,837 12.2 %
Data processing 12,685 13,554 12,654 38,893 (6.4) %
Marketing 3,801 3,616 2,652 10,069 5.1 %
Professional services 3,566 7,387 3,986 14,939 (51.7) %
Amortization of tax credit investments 774 669 669 2,112 15.7 %
FDIC assessments 3,170 2,878 3,645 9,693 10.1 %
Intangible amortization 6,230 6,229 6,261 18,720 0.0 %
Leasing business expense 14,315 14,633 14,129 43,077 (2.2) %
Other 14,385 13,814 13,310 41,509 4.1 %
Total noninterest expenses 165,736 161,542 169,408 496,686 2.6 %
Income before income taxes 99,275 94,436 93,568 287,279 5.1 %
Income tax expense 18,093 17,980 19,123 55,196 0.6 %
Net income $81,182 $76,456 $74,445 $232,083 6.2 %
ADDITIONAL DATA
Net earnings per share - basic $0.78 $0.74 $0.72 $2.23
Net earnings per share - diluted $0.77 $0.73 $0.71 $2.21
Dividends declared per share $0.26 $0.25 $0.25 $0.76
Return on average assets 1.44 % 1.37 % 1.34 % 1.39 %
Return on average shareholders' equity 10.87 % 10.39 % 10.24 % 10.50 %
Interest income $289,300 $280,921 $282,418 $852,639 3.0 %
Tax equivalent adjustment 1,114 1,161 1,186 3,461 (4.0) %
Interest income - tax equivalent 290,414 282,082 283,604 856,100 3.0 %
Interest expense 93,044 90,544 92,808 276,396 2.8 %
Net interest income - tax equivalent $197,370 $191,538 $190,796 $579,704 3.0 %
Net interest margin 4.05 % 3.96 % 3.97 % 3.99 %
Net interest margin (fully tax equivalent) (1) 4.07 % 3.98 % 3.99 % 4.01 %
Full-time equivalent employees 2,251 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)
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, % Change % Change
2026 2026 2026 2025 2025 Linked
Qtr. Comp Qtr.
ASSETS
Cash and due from banks $176,102 $206,361 $170,641 $178,553 $174,659 (14.7) % 0.8 %
Interest-bearing deposits with other banks 566,778 579,194 1,032,259 597,338 565,080 (2.1) % 0.3 %
Investment securities available-for-sale 4,635,304 4,733,713 4,953,023 3,971,932 3,422,595 (2.1) % 35.4 %
Investment securities held-to-maturity 38,321 46,067 49,631 58,545 71,595 (16.8) % (46.5) %
Other investments 139,535 137,755 137,018 129,564 117,120 1.3 % 19.1 %
Loans held for sale 22,958 33,125 18,280 16,953 21,466 (30.7) % 7.0 %
Loans and leases
Commercial and industrial 4,948,380 4,842,347 4,693,786 4,632,241 3,838,630 2.2 % 28.9 %
Lease financing 678,423 659,328 649,645 638,527 596,734 2.9 % 13.7 %
Construction real estate 606,696 599,258 591,080 677,339 627,960 1.2 % (3.4) %
Commercial real estate 4,542,568 4,548,887 4,473,468 4,384,556 4,048,370 (0.1) % 12.2 %
Residential real estate 1,806,123 1,805,044 1,831,338 1,832,184 1,494,464 0.1 % 20.9 %
Home equity 1,105,790 1,058,175 1,026,839 1,005,204 935,975 4.5 % 18.1 %
Installment 150,485 156,470 162,314 188,694 109,764 (3.8) % 37.1 %
Credit card 66,617 65,405 66,371 65,325 62,654 1.9 % 6.3 %
Total loans 13,905,082 13,734,914 13,494,841 13,424,070 11,714,551 1.2 % 18.7 %
Less:
Allowance for credit losses (191,650) (189,912) (183,716) (186,487) (161,916) 0.9 % 18.4 %
Net loans 13,713,432 13,545,002 13,311,125 13,237,583 11,552,635 1.2 % 18.7 %
Premises and equipment 229,669 229,763 228,384 204,760 198,251 0.0 % 15.8 %
Operating leases 237,160 241,742 220,061 214,003 214,667 (1.9) % 10.5 %
Goodwill 1,099,936 1,099,936 1,099,543 1,099,524 1,007,656 0.0 % 9.2 %
Other intangibles 135,077 140,705 145,927 118,832 73,797 (4.0) % 83.0 %
Accrued interest and other assets 1,319,883 1,446,316 1,413,923 1,301,792 1,134,985 (8.7) % 16.3 %
Total Assets $22,314,155 $22,439,679 $22,779,815 $21,129,379 $18,554,506 (0.6) % 20.3 %
LIABILITIES
Deposits
Interest-bearing demand $3,820,903 $3,804,301 $3,658,155 $3,360,613 $2,983,132 0.4 % 28.1 %
Savings 6,408,902 6,423,986 6,460,546 5,973,532 5,029,097 (0.2) % 27.4 %
Time 3,636,887 3,650,043 3,817,268 3,622,227 3,293,707 (0.4) % 10.4 %
Total interest-bearing deposits 13,866,692 13,878,330 13,935,969 12,956,372 11,305,936 (0.1) % 22.6 %
Noninterest-bearing 3,831,099 3,704,899 3,982,753 3,465,470 3,127,512 3.4 % 22.5 %
Total deposits 17,697,791 17,583,229 17,918,722 16,421,842 14,433,448 0.7 % 22.6 %
FHLB short-term borrowings 575,000 570,000 550,000 675,000 550,000 0.9 % 4.5 %
Other 76,860 39,532 70,457 332 45,167 94.4 % 70.2 %
Total short-term borrowings 651,860 609,532 620,457 675,332 595,167 6.9 % 9.5 %
Long-term debt 364,925 382,550 380,176 514,052 221,823 (4.6) % 64.5 %
Total borrowed funds 1,016,785 992,082 1,000,633 1,189,384 816,990 2.5 % 24.5 %
Accrued interest and other liabilities 718,097 876,880 919,835 748,937 672,213 (18.1) % 6.8 %
Total Liabilities 19,432,673 19,452,191 19,839,190 18,360,163 15,922,651 (0.1) % 22.0 %
SHAREHOLDERS' EQUITY
Common stock 1,790,583 1,792,158 1,789,676 1,647,618 1,641,315 (0.1) % 9.1 %
Retained earnings 1,589,622 1,535,765 1,485,573 1,437,286 1,399,577 3.5 % 13.6 %
Accumulated other comprehensive income (loss) (387,095) (223,720) (217,430) (189,942) (223,000) 73.0 % 73.6 %
Treasury stock, at cost (111,628) (116,715) (117,194) (125,746) (186,037) (4.4) % (40.0) %
Total Shareholders' Equity 2,881,482 2,987,488 2,940,625 2,769,216 2,631,855 (3.5) % 9.5 %
Total Liabilities and Shareholders' Equity $22,314,155 $22,439,679 $22,779,815 $21,129,379 $18,554,506 (0.6) % 20.3 %
FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30,
Sep. 30,
2026 2026 2026 2025 2025 2026 2025
ASSETS
Cash and due from banks $183,151 $182,261 $227,115 $178,403 $165,210 $197,348 $168,108
Interest-bearing deposits with other banks 499,575 605,647 596,094 647,347 610,074 566,752 589,546
Investment securities 4,925,893 5,079,730 4,769,261 3,988,846 3,552,014 4,925,535 3,481,357
Loans held for sale 33,515 32,458 451,139 32,425 26,366 170,841 20,594
Loans and leases
Commercial and industrial 4,863,566 4,723,431 4,771,066 4,310,399 3,890,886 4,786,360 3,853,411
Lease financing 662,208 646,520 630,204 617,518 592,510 646,428 586,267
Construction real estate 615,131 583,146 643,270 679,884 711,011 613,746 763,731
Commercial real estate 4,551,002 4,546,901 4,446,231 4,240,042 3,993,549 4,515,095 3,990,073
Residential real estate 1,791,576 1,812,228 1,834,467 1,717,439 1,489,942 1,812,600 1,483,760
Home equity 1,079,269 1,043,805 1,016,080 981,406 919,368 1,046,616 889,985
Installment 153,945 158,760 166,979 164,013 114,058 159,847 119,610
Credit card 71,685 71,790 68,888 69,141 68,375 70,798 67,411
Total loans 13,788,382 13,586,581 13,577,185 12,779,842 11,779,699 13,651,490 11,754,248
Less:
Allowance for credit losses (192,456) (186,331) (200,745) (179,275) (162,417) (193,147) (159,613)
Net loans 13,595,926 13,400,250 13,376,440 12,600,567 11,617,282 13,458,343 11,594,635
Premises and equipment 230,932 230,343 230,154 202,956 199,167 230,479 198,858
Operating leases 237,488 234,460 215,318 211,091 217,404 229,170 211,801
Goodwill 1,099,934 1,099,742 1,099,543 1,069,781 1,007,656 1,099,741 1,007,656
Other intangibles 138,310 143,403 149,631 104,184 74,448 143,740 76,234
Accrued interest and other assets 1,376,388 1,383,145 1,345,026 1,220,939 1,096,567 1,368,301 1,103,344
Total Assets $22,321,112 $22,391,439 $22,459,721 $20,256,539 $18,566,188 $22,390,250 $18,452,133
LIABILITIES
Deposits
Interest-bearing demand $3,814,405 $3,762,177 $3,626,103 $3,276,425 $3,036,296 $3,734,918 $3,064,404
Savings 6,458,303 6,434,399 6,406,223 5,740,651 5,054,563 6,433,166 4,993,198
Time 3,669,146 3,678,808 3,868,224 3,504,872 3,296,789 3,737,997 3,192,928
Total interest-bearing deposits 13,941,854 13,875,384 13,900,550 12,521,948 11,387,648 13,906,081 11,250,530
Noninterest-bearing 3,797,339 3,811,391 3,745,002 3,436,709 3,124,277 3,784,769 3,119,587
Total deposits 17,739,193 17,686,775 17,645,552 15,958,657 14,511,925 17,690,850 14,370,117
Federal funds purchased and securities sold
under agreements to repurchase 46,803 3,351 16,278 2,283 12,434 22,256 6,461
FHLB short-term borrowings 357,140 508,931 538,084 444,511 497,092 467,389 527,445
Other 0 0 0 13,891 21,519 0 48,756
Total short-term borrowings 403,943 512,282 554,362 460,685 531,045 489,645 582,662
Long-term debt 375,039 379,354 457,799 387,965 292,301 403,761 328,438
Total borrowed funds 778,982 891,636 1,012,161 848,650 823,346 893,406 911,100
Accrued interest and other liabilities 839,667 861,791 854,423 753,651 655,714 851,906 654,241
Total Liabilities 19,357,842 19,440,202 19,512,136 17,560,958 15,990,985 19,436,162 15,935,458
SHAREHOLDERS' EQUITY
Common stock 1,792,381 1,790,690 1,795,255 1,644,923 1,639,986 1,792,765 1,639,591
Retained earnings 1,545,957 1,499,207 1,448,012 1,406,388 1,369,069 1,498,084 1,324,830
Accumulated other comprehensive loss (259,303) (221,515) (173,065) (209,767) (247,746) (218,277) (260,129)
Treasury stock, at cost (115,765) (117,145) (122,617) (145,963) (186,106) (118,484) (187,617)
Total Shareholders' Equity 2,963,270 2,951,237 2,947,585 2,695,581 2,575,203 2,954,088 2,516,675
Total Liabilities and Shareholders' Equity $22,321,112 $22,391,439 $22,459,721 $20,256,539 $18,566,188 $22,390,250 $18,452,133
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages
Year-to-Date Averages
September 30, 2026
June 30, 2026
September 30, 2025 September 30, 2026 September 30, 2025
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $4,925,893 $56,056 4.51 % $5,079,730 $56,376 4.45 % $3,552,014 $38,616 4.31 % $4,925,535 4.46 % $3,481,357 4.37 %
Interest-bearing deposits with other banks 499,575 4,514 3.58 % 605,647 5,381 3.56 % 610,074 6,773 4.40 % 566,752 3.62 % 589,546 4.40 %
Gross loans (1) 13,821,897 228,730 6.57 % 13,619,039 219,164 6.45 % 11,806,065 204,865 6.88 % 13,822,331 6.51 % 11,774,842 6.85 %
Total earning assets 19,247,365 289,300 5.96 % 19,304,416 280,921 5.84 % 15,968,153 250,254 6.22 % 19,314,618 5.90 % 15,845,745 6.21 %
Nonearning assets
Allowance for credit losses (192,456) (186,331) (162,417) (193,147) (159,613)
Cash and due from banks 183,151 182,261 165,210 197,348 168,108
Accrued interest and other assets 3,083,052 3,091,093 2,595,242 3,071,431 2,597,893
Total assets $22,321,112 $22,391,439 $18,566,188 $22,390,250 $18,452,133
Interest-bearing liabilities
Deposits:
Interest-bearing demand $3,814,405 $15,985 1.66 % $3,762,177 $14,288 1.52 % $3,036,296 $14,592 1.91 % $3,734,918 1.56 % $3,064,404 1.92 %
Savings 6,458,303 34,149 2.10 % 6,434,399 33,405 2.08 % 5,054,563 30,854 2.42 % 6,433,166 2.08 % 4,993,198 2.44 %
Time 3,669,146 32,129 3.47 % 3,678,808 31,557 3.44 % 3,296,789 32,320 3.89 % 3,737,997 3.49 % 3,192,928 4.05 %
Total interest-bearing deposits 13,941,854 82,263 2.34 % 13,875,384 79,250 2.29 % 11,387,648 77,766 2.71 % 13,906,081 2.32 % 11,250,530 2.76 %
Borrowed funds
Short-term borrowings 403,943 4,070 4.00 % 512,282 4,997 3.91 % 531,045 5,979 4.47 % 489,645 3.89 % 582,662 4.57 %
Long-term debt 375,039 6,711 7.10 % 379,354 6,297 6.66 % 292,301 6,023 8.17 % 403,761 6.93 % 328,438 6.80 %
Total borrowed funds 778,982 10,781 5.49 % 891,636 11,294 5.08 % 823,346 12,002 5.78 % 893,406 5.26 % 911,100 5.38 %
Total interest-bearing liabilities 14,720,836 93,044 2.51 % 14,767,020 90,544 2.46 % 12,210,994 89,768 2.92 % 14,799,487 2.50 % 12,161,630 2.95 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,797,339 3,811,391 3,124,277 3,784,769 3,119,587
Other liabilities 839,667 861,791 655,714 851,906 654,241
Shareholders' equity 2,963,270 2,951,237 2,575,203 2,954,088 2,516,675
Total liabilities & shareholders' equity $22,321,112 $22,391,439 $18,566,188 $22,390,250 $18,452,133
Net interest income $196,256 $190,377 $160,486 $576,243 $468,051
Net interest spread 3.45 % 3.38 % 3.30 % 3.40 % 3.26 %
Net interest margin 4.05 % 3.96 % 3.99 % 3.99 % 3.95 %
Tax equivalent adjustment 0.02 % 0.02 % 0.03 % 0.02 % 0.03 %
Net interest margin (fully tax equivalent) 4.07 % 3.98 % 4.02 % 4.01 % 3.98 %
(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 $802 $(1,122) $(320) $1,805 $15,635 $17,440 $2,535 $48,217 $50,752
Interest-bearing deposits with other banks 32 (899) (867) (1,261) (998) (2,259) (3,426) (617) (4,043)
Gross loans (2) 3,759 5,807 9,566 (9,494) 33,359 23,865 (30,311) 99,668 69,357
Total earning assets 4,593 3,786 8,379 (8,950) 47,996 39,046 (31,202) 147,268 116,066
Interest-bearing liabilities
Total interest-bearing deposits $1,731 $1,282 $3,013 $(10,574) $15,071 $4,497 $(36,713) $46,070 $9,357
Borrowed funds
Short-term borrowings 108 (1,035) (927) (628) (1,281) (1,909) (2,978) (2,704) (5,682)
Long-term debt 417 (3) 414 (793) 1,481 688 298 3,901 4,199
Total borrowed funds 525 (1,038) (513) (1,421) 200 (1,221) (2,680) 1,197 (1,483)
Total interest-bearing liabilities 2,256 244 2,500 (11,995) 15,271 3,276 (39,393) 47,267 7,874
Net interest income (1) $2,337 $3,542 $5,879 $3,045 $32,725 $35,770 $8,191 $100,001 $108,192
(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, Nine months ended
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30,
2026 2026 2026 2025 2025 2026 2025
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period $189,912 $183,716 $186,487 $161,916 $158,522 $186,487 $156,791
Initial allowance on purchased loans 0 0 2,829 23,652 0 2,829 0
Provision for credit losses 8,975 12,933 6,030 9,688 8,612 27,938 26,837
Gross charge-offs
Commercial and industrial 984 2,437 10,788 6,636 2,165 14,209 15,339
Lease financing 976 1,314 43 918 298 2,333 2,358
Construction real estate 110 0 0 0 245 110 245
Commercial real estate 5,129 2,484 29 433 3,105 7,642 3,105
Residential real estate 11 84 127 151 0 222 16
Home equity 137 262 119 95 92 518 278
Installment 676 1,034 1,058 1,197 1,194 2,768 3,635
Credit card 520 704 496 729 577 1,720 1,540
Total gross charge-offs 8,543 8,319 12,660 10,159 7,676 29,522 26,516
Recoveries
Commercial and industrial 387 463 100 264 202 950 687
Lease financing 0 114 23 201 291 137 331
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 8 8 28 5 1,138 44 1,232
Residential real estate 24 18 30 13 58 72 124
Home equity 60 157 116 117 94 333 312
Installment 688 660 598 682 609 1,946 1,888
Credit card 139 162 135 108 66 436 230
Total recoveries 1,306 1,582 1,030 1,390 2,458 3,918 4,804
Total net charge-offs 7,237 6,737 11,630 8,769 5,218 25,604 21,712
Ending allowance for credit losses $191,650 $189,912 $183,716 $186,487 $161,916 $191,650 $161,916
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial 0.05 % 0.17 % 0.91 % 0.59 % 0.20 % 0.37 % 0.51 %
Lease financing 0.58 % 0.74 % 0.01 % 0.46 % 0.00 % 0.45 % 0.46 %
Construction real estate 0.07 % 0.00 % 0.00 % 0.00 % 0.14 % 0.02 % 0.04 %
Commercial real estate 0.45 % 0.22 % 0.00 % 0.04 % 0.20 % 0.22 % 0.06 %
Residential real estate 0.00 % 0.01 % 0.02 % 0.03 % (0.02) % 0.01 % (0.01) %
Home equity 0.03 % 0.04 % 0.00 % (0.01) % 0.00 % 0.02 % (0.01) %
Installment (0.03) % 0.94 % 1.12 % 1.25 % 2.03 % 0.69 % 1.95 %
Credit card 2.11 % 3.03 % 2.13 % 3.56 % 2.97 % 2.42 % 2.60 %
Total net charge-offs 0.21 % 0.20 % 0.35 % 0.27 % 0.18 % 0.25 % 0.25 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial $21,127 $20,305 $22,576 $27,461 $23,832 $21,127 $23,832
Lease financing 1,459 7,558 5,857 5,660 5,885 1,459 5,885
Construction real estate 351 698 715 1,120 1,120 351 1,120
Commercial real estate 53,870 44,404 49,481 45,590 24,443 53,870 24,443
Residential real estate 18,358 18,260 17,439 18,302 16,452 18,358 16,452
Home equity 4,093 4,095 3,687 2,927 3,567 4,093 3,567
Installment 952 832 786 748 652 952 652
Total nonaccrual loans 100,210 96,152 100,541 101,808 75,951 100,210 75,951
Other real estate owned (OREO) 160 174 238 184 111 160 111
Total nonperforming assets 100,370 96,326 100,779 101,992 76,062 100,370 76,062
Accruing loans past due 90 days or more 937 650 1,366 411 592 937 592
Total underperforming assets $101,307 $96,976 $102,145 $102,403 $76,654 $101,307 $76,654
Total classified assets $281,407 $226,826 $232,368 $235,451 $218,794 $281,407 $218,794
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans 191.25 % 197.51 % 182.73 % 183.18 % 213.18 % 191.25 % 213.18 %
Total ending loans 1.38 % 1.38 % 1.36 % 1.39 % 1.38 % 1.38 % 1.38 %
Nonaccrual loans to total loans 0.72 % 0.70 % 0.75 % 0.76 % 0.65 % 0.72 % 0.65 %
Nonperforming assets to
Ending loans, plus OREO 0.72 % 0.70 % 0.75 % 0.76 % 0.65 % 0.72 % 0.65 %
Total assets 0.45 % 0.43 % 0.44 % 0.48 % 0.41 % 0.45 % 0.41 %
Classified assets to total assets 1.26 % 1.01 % 1.02 % 1.11 % 1.18 % 1.26 % 1.18 %
FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended,
Nine months ended,
Sep. 30 June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30,
2026 2026 2026 2025 2025 2026 2025
PER COMMON SHARE
Market Price
High $36.18 $33.90 $31.16 $26.98 $26.79 $36.18 $29.04
Low $31.22 $28.06 $25.09 $23.26 $23.55 $25.09 $22.05
Close $31.32 $33.83 $27.88 $25.02 $25.25 $31.32 $25.25
Average shares outstanding - basic 103,962,646 103,938,322 103,705,269 96,724,148 94,889,341 103,869,688 94,799,411
Average shares outstanding - diluted 105,000,875 104,936,741 104,615,405 97,593,800 95,753,798 104,852,419 95,674,093
Ending shares outstanding 105,188,323 104,956,458 104,932,829 98,521,726 95,757,250 105,188,323 95,757,250
Total shareholders' equity $2,881,482 $2,987,488 $2,940,625 $2,769,216 $2,631,855 $2,881,482 $2,631,855
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $2,093,397 $2,029,668 $1,970,561 $1,798,266 $1,828,843 $2,093,397 $1,828,843
Common equity tier 1 capital ratio 12.54 % 12.33 % 12.22 % 11.32 % 12.91 % 12.54 % 12.91 %
Tier 1 capital $2,139,109 $2,075,286 $2,016,070 $1,843,672 $1,874,191 $2,139,109 $1,874,191
Tier 1 ratio 12.81 % 12.61 % 12.50 % 11.60 % 13.23 % 12.81 % 13.23 %
Total capital $2,643,368 $2,591,169 $2,531,334 $2,457,377 $2,170,546 $2,643,368 $2,170,546
Total capital ratio 15.83 % 15.75 % 15.70 % 15.46 % 15.32 % 15.83 % 15.32 %
Total capital in excess of minimum requirement $890,577 $863,256 $837,959 $788,889 $683,018 $890,577 $683,018
Total risk-weighted assets $16,693,251 $16,456,311 $16,127,377 $15,890,363 $14,166,935 $16,693,251 $14,166,935
Leverage ratio 9.96 % 9.66 % 9.39 % 9.53 % 10.50 % 9.96 % 10.50 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 12.91 % 13.31 % 12.91 % 13.11 % 14.18 % 12.91 % 14.18 %
Ending tangible shareholders' equity to ending tangible assets (1) 7.81 % 8.24 % 7.87 % 7.79 % 8.87 % 7.81 % 8.87 %
Average shareholders' equity to average assets 13.28 % 13.18 % 13.12 % 13.31 % 13.87 % 13.19 % 13.64 %
Average tangible shareholders' equity to average tangible assets (1) 8.18 % 8.08 % 8.01 % 7.97 % 8.54 % 8.09 % 8.25 %
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, President & Chief Financial Officer, (513) 887-5400, InvestorRelations@bankatfirst.com; Media: Tim Condron, Director of Corporate Communications, (513) 979-5796, media@bankatfirst.com