— Earnings per diluted share of $0.75; $0.76 on an adjusted(1) basis
— Return on average assets of 1.54%; 1.55% on an adjusted(1) basis
— Net interest margin onFTE basis(1) of 4.02%
— Record total revenue of $234 million
— Recordnoninterest income of $73.5 million; $73.6 million on an adjusted(1) basis
— TCE ratio increased to 8.87%; ROATCE of 19%
— Annualized net charge-offs of 0.18%
— Obtained regulatory approval forWestfield acquisition; expected close November 1st
First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and nine months ended September 30, 2025.
For the three months ended September30, 2025, the Company reported net income of $71.9 million, or $0.75 per diluted common share. These results compare to net income of $70.0 million, or $0.73 per diluted common share, for the second quarter of 2025. For the nine months ended September 30, 2025, First Financial had earnings per diluted share of $2.02 compared to $1.72 for the same period in 2024.
Return on average assets for the third quarter of 2025 was 1.54% while return on average tangible common equity was 19.11%(1). These compare to return on average assets of 1.52% and return on average tangible common equity of 19.61%(1) in the second quarter of 2025.
Third quarter 2025 highlights include:
— Robust net interest margin of 3.99%, or 4.02% on a fully tax-equivalent basis(1)
— 3 bp decrease from second quarter
— 1 bp increase in funding costs and 2 bp decrease in asset yields
— Record noninterest income of $73.5 million; $73.6 million on an adjusted(1) basis
— Leasing business income remains strong at $21.0 million
— Foreign exchange income increased 21.1% to $16.7 million
— Othernoninterest income increased $2.8 million due to higher syndication fees and higher income on other investments
— Noninterest expenses of $134.3 million, or $133.3 million as adjusted(1); 4.5% increase from linked quarter
— Third quarter adjustments(1) include $0.1 million of tax credit investment writedowns and $0.8 million of efficiency and acquisition related costs
— Increase driven by incentive compensation tied to record fee income
— Efficiency ratio of 57.4%; 57.0% as adjusted(1)
— Slight decline in loan balances during the quarter
— Average loan balances increased $11.9 million compared to second quarter while end of period loan balances decreased $71.6 million
— Average deposit growth of 4.3% on an annualized basis
— Average deposit balances increased $157.2 million
— Growth in brokered deposits, money markets and interest-bearing demand partially offset by a seasonal decline in public funds
____________________________________________________________________________________________
(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.
— Total Allowance for Credit Losses of $179.5 million; Total quarterly provision expense of $9.1 million
— Loans and leases -ACL of $161.9 million; ratio to total loans of 1.38%
— Unfunded Commitments -ACL of $17.6 million
— Annualized net charge-offs were 18bps of total loans; 3 bp decline from linked quarter
— Nonperforming assets remained flat at 0.41% of total assets
— Capital ratios remain strong
— Total capital ratio increased 34bps to 15.32%
— Tier 1 common equity increased 34bps to 12.91%
— Tangible common equity of 8.87%(1); 10.15%(1) excluding impact from AOCI
— Tangible book value per share of $16.19(1); 5.1% increase from linked quarter
Archie Brown, President and CEO, commented on third quarter results, “The third quarter of 2025 was another outstanding quarter for First Financial. Adjusted(1) net income was $72.6 million and adjusted(1) earnings per share were $0.76, which resulted in an adjusted(1) return on assets of 1.55% and an adjusted(1) return on tangible common equity of 19.3%.”
Mr. Brown continued, “We achieved record revenue in the third quarter driven by a robust net interest margin and recordnoninterest income. We have successfully maintained asset yields, while moderating our funding costs, which combined to result in an industry-leading net interest margin. In addition, our diverse income streams remain a positive differentiator for us, with our adjusted(1) noninterest income representing 31% of total net revenue for the quarter.
Expenses continue to be well-managed. Excluding incentives tied to strong performance and the record fee income, total noninterest expenses were flat compared to the second quarter. Our workforce efficiency efforts continued during the period, and we have successfully reduced our full time equivalents by approximately 200, or 9%, since we began our initiative two years ago. We expect further efficiencies subsequent to the integration of our pending acquisitions.”
Mr. Brown further remarked, “Loan balances declined modestly during the quarter, falling short of our expectations. Lower production in our specialty businesses, along with a greater percentage of construction originations, which fund over time, drove the modest decline. Loan pipelines are very healthy as we enter the fourth quarter, and we expect a return to mid-single digit loan growth as we close out the year.”
Mr. Brown commented on asset quality and capital, “Asset quality metrics were stable for the third quarter. Nonperforming assets were flat as a percent of assets and annualized net charge-offs were 18 basis points, which was a slight improvement from the linked quarter.
We were very happy that our strong earnings led to the continued growth in tangible book value per share and tangible common equity during the third quarter. Tangible book value per share of $16.19 increased 5% from the linked quarter and 14% from a year ago, while tangible common equity increased 47 basis points from June 30th, to 8.87% at the end of September.”
Mr. Brown concluded, “We remain excited about our pending acquisitions and are pleased to have received formal regulatory approval for our acquisition of Westfield Bank, which is expected to close on November 1st. Our application for the acquisition of BankFinancial is in process and we anticipate closing that transaction early in the first quarter of 2026.
We are very proud of our financial performance through the first nine months of the year, which have resulted in industry leading profitability. We expect to have another strong quarter to close 2025 and build positive momentum as we head into 2026.”
Full detail of the Company's third quarter 2025 performance is provided in the accompanying financial statements and 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 Friday, October 24, 2025 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 November 7, 2025. 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 theDodd-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 andcreditworthiness;
— 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 theBasel 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 theDodd-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 September30, 2025, the Company had $18.6 billion in assets, $11.7 billion in loans, $14.4 billion in deposits and $2.6 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 $4.0 billion in assets under management as of September30, 2025. The Company operated 127 full service banking centers as of September30, 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, Nine months ended, Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, 2025 2025 2025 2024 2024 2025 2024RESULTS OF OPERATIONSNet income $ 71,923 $ 69,996 $ 51,293 $ 64,885 $ 52,451 $ 193,212 $ 163,945Net earnings per share – basic $ 0.76 $ 0.74 $ 0.54 $ 0.69 $ 0.56 $ 2.04 $ 1.74Net earnings per share – diluted $ 0.75 $ 0.73 $ 0.54 $ 0.68 $ 0.55 $ 2.02 $ 1.72Dividends declared per share $ 0.25 $ 0.24 $ 0.24 $ 0.24 $ 0.24 $ 0.73 $ 0.70KEY FINANCIAL RATIOSReturn on average assets 1.54% 1.52% 1.13% 1.41% 1.17% 1.40% 1.24%Return on average shareholders' equity 11.08% 11.16% 8.46% 10.57% 8.80% 10.26% 9.50%Return on average tangible shareholders' equity (1) 19.11% 19.61% 15.16% 19.08% 16.29% 18.03% 18.02%Net interest margin 3.99% 4.01% 3.84% 3.91% 4.05% 3.95% 4.05%Net interest margin (fully tax equivalent) (1)(2) 4.02% 4.05% 3.88% 3.94% 4.08% 3.98% 4.09%Ending shareholders' equity as a percent of ending assets 14.18% 13.73% 13.55% 13.13% 13.50% 14.18% 13.50%Ending tangible shareholders' equity as a percent of:Ending tangible assets (1) 8.87% 8.40% 8.16% 7.73% 7.98% 8.87% 7.98%Risk-weighted assets (1) 10.95% 10.44% 10.10% 9.61% 9.86% 10.95% 9.86%Average shareholders' equity as a percent of average assets 13.87% 13.66% 13.38% 13.36% 13.28% 13.64% 13.08%Average tangible shareholders' equity as a percent of average tangible assets (1) 8.54% 8.26% 7.94% 7.87% 7.64% 8.25% 7.35%Book value per share $ 27.48 $ 26.71 $ 26.13 $ 25.53 $ 25.66 $ 27.48 $ 25.66Tangible book value per share (1) $ 16.19 $ 15.40 $ 14.80 $ 14.15 $ 14.26 $ 16.19 $ 14.26Common equity tier 1 ratio (3) 12.91% 12.57% 12.29% 12.16% 12.04% 12.91% 12.04%Tier 1 ratio (3) 13.23% 12.89% 12.61% 12.48% 12.37% 13.23% 12.37%Total capital ratio (3) 15.32% 14.98% 14.90% 14.64% 14.58% 15.32% 14.58%Leverage ratio (3) 10.50% 10.28% 10.01% 9.98% 9.93% 10.50% 9.93%AVERAGE BALANCE SHEET ITEMSLoans (4) $ 11,806,065 $ 11,792,840 $ 11,724,727 $ 11,687,886 $ 11,534,000 $ 11,774,842 $ 11,347,720Investment securities 3,552,014 3,478,921 3,411,593 3,372,539 3,274,498 3,481,357 3,181,575Interest-bearing deposits with other banks 610,074 542,815 615,812 654,251 483,880 589,546 545,402Total earning assets $ 15,968,153 $ 15,814,576 $ 15,752,132 $ 15,714,676 $ 15,292,378 $ 15,845,745 $ 15,074,697Total assets $ 18,566,188 $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 18,452,133 $ 17,630,374Noninterest-bearing deposits $ 3,124,277 $ 3,143,081 $ 3,091,037 $ 3,162,643 $ 3,106,239 $ 3,119,587 $ 3,139,939Interest-bearing deposits 11,387,648 11,211,694 11,149,633 11,177,010 10,690,265 11,250,530 10,429,538Total deposits $ 14,511,925 $ 14,354,775 $ 14,240,670 $ 14,339,653 $ 13,796,504 $ 14,370,117 $ 13,569,477Borrowings $ 823,346 $ 910,573 $ 1,001,337 $ 855,083 $ 1,053,737 $ 911,100 $ 1,121,086Shareholders' equity $ 2,575,203 $ 2,515,747 $ 2,457,785 $ 2,441,045 $ 2,371,125 $ 2,516,675 $ 2,306,147CREDIT QUALITY RATIOSAllowance to ending loans 1.38% 1.34% 1.33% 1.33% 1.37% 1.38% 1.37%Allowance to nonaccrual loans 213.18% 206.08% 261.07% 237.66% 242.72% 213.18% 242.72%Nonaccrual loans to total loans 0.65% 0.65% 0.51% 0.56% 0.57% 0.65% 0.57%Nonperforming assets to ending loans, plus OREO 0.65% 0.65% 0.51% 0.56% 0.57% 0.65% 0.57%Nonperforming assets to total assets 0.41% 0.41% 0.32% 0.36% 0.36% 0.41% 0.36%Classified assets to total assets 1.18% 1.15% 1.16% 1.21% 1.14% 1.18% 1.14%Net charge-offs to average loans (annualized) 0.18% 0.21% 0.36% 0.40% 0.25% 0.25% 0.26%
(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)September30, 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, Nine months ended, Sep. 30, Sep. 30, 2025 2024 % Change 2025 2024 % ChangeInterest incomeLoans and leases, including fees $ 204,865 $ 215,433 (4.9)% $ 603,488 $ 629,033 (4.1)%Investment securitiesTaxable 36,421 32,367 12.5% 107,065 90,958 17.7%Tax-exempt 2,195 2,616 (16.1)% 6,632 8,412 (21.2)%Total investment securities interest 38,616 34,983 10.4% 113,697 99,370 14.4%Other earning assets 6,773 6,703 1.0% 19,388 22,121 (12.4)%Total interest income 250,254 257,119 (2.7)% 736,573 750,524 (1.9)%Interest expenseDeposits 77,766 86,554 (10.2)% 231,891 245,651 (5.6)%Short-term borrowings 5,979 9,932 (39.8)% 19,917 32,270 (38.3)%Long-term borrowings 6,023 5,073 18.7% 16,714 14,992 11.5%Total interest expense 89,768 101,559 (11.6)% 268,522 292,913 (8.3)%Net interest income 160,486 155,560 3.2% 468,051 457,611 2.3%Provision for credit losses-loans and leases 8,612 9,930 (13.3)% 26,837 39,506 (32.1)%Provision for credit losses-unfunded commitments 453 694 (34.7)% 730 (1,279) (157.1)%Net interest income after provision for credit losses 151,421 144,936 4.5% 440,484 419,384 5.0%Noninterest incomeService charges on deposit accounts 7,829 7,547 3.7% 23,058 21,647 6.5%Wealth management fees 7,351 6,910 6.4% 23,275 20,758 12.1%Bankcard income 3,589 3,698 (2.9)% 10,636 10,740 (1.0)%Client derivative fees 1,876 1,160 61.7% 5,121 3,173 61.4%Foreign exchange income 16,666 12,048 38.3% 42,970 39,270 9.4%Leasing business income 20,997 16,811 24.9% 60,497 48,228 25.4%Net gains from sales of loans 6,835 5,021 36.1% 17,844 13,284 34.3%Net gain (loss) on investment securities (42) (17,468) (99.8)% (9,748) (22,719) (57.1)%Other 8,424 9,974 (15.5)% 19,018 19,333 (1.6)%Total noninterest income 73,525 45,701 60.9% 192,671 153,714 25.3%Noninterest expensesSalaries and employee benefits 80,607 74,813 7.7% 230,762 224,075 3.0%Net occupancy 6,003 5,919 1.4% 17,867 17,635 1.3%Furniture and equipment 3,582 3,617 (1.0)% 10,836 10,951 (1.1)%Data processing 9,591 8,857 8.3% 27,370 26,039 5.1%Marketing 2,359 2,255 4.6% 7,114 6,822 4.3%Communication 695 851 (18.3)% 2,188 2,462 (11.1)%Professional services 2,314 2,303 0.5% 8,602 7,456 15.4%Amortization of tax credit investments 112 32 250.0% 335 94 256.4%State intangible tax 1,531 876 74.8% 3,925 2,628 49.4%FDIC assessments 2,611 3,036 (14.0)% 8,281 8,473 (2.3)%Intangible amortization 2,359 2,395 (1.5)% 7,076 7,092 (0.2)%Leasing business expense 13,911 11,899 16.9% 39,868 31,781 25.4%Other 8,594 8,906 (3.5)% 26,792 26,180 2.3%Total noninterest expenses 134,269 125,759 6.8% 391,016 371,688 5.2%Income before income taxes 90,677 64,878 39.8% 242,139 201,410 20.2%Income tax expense 18,754 12,427 50.9% 48,927 37,465 30.6%Net income $ 71,923 $ 52,451 37.1% $ 193,212 $ 163,945 17.9%ADDITIONAL DATANet earnings per share – basic $ 0.76 $ 0.56 $ 2.04 $ 1.74Net earnings per share – diluted $ 0.75 $ 0.55 $ 2.02 $ 1.72Dividends declared per share $ 0.25 $ 0.24 $ 0.73 $ 0.70Return on average assets 1.54% 1.17% 1.40% 1.24%Return on average shareholders' equity 11.08% 8.80% 10.26% 9.50%Interest income $ 250,254 $ 257,119 (2.7)% $ 736,573 $ 750,524 (1.9)%Tax equivalent adjustment 1,248 1,362 (8.4)% 3,707 4,315 (14.1)%Interest income – tax equivalent 251,502 258,481 (2.7)% 740,280 754,839 (1.9)%Interest expense 89,768 101,559 (11.6)% 268,522 292,913 (8.3)%Net interest income – tax equivalent $ 161,734 $ 156,922 3.1% $ 471,758 $ 461,926 2.1%Net interest margin 3.99% 4.05% 3.95% 4.05%Net interest margin (fully tax equivalent) (1) 4.02% 4.08% 3.98% 4.09%Full-time equivalent employees 1,986 2,084(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 Third Second First Year to % Change Quarter Quarter Quarter Date Linked Qtr.Interest incomeLoans and leases, including fees $ 204,865 $ 201,460 $ 197,163 $ 603,488 1.7%Investment securitiesTaxable 36,421 36,243 34,401 107,065 0.5%Tax-exempt 2,195 2,233 2,204 6,632 (1.7)%Total investment securities interest 38,616 38,476 36,605 113,697 0.4%Other earning assets 6,773 5,964 6,651 19,388 13.6%Total interest income 250,254 245,900 240,419 736,573 1.8%Interest expenseDeposits 77,766 75,484 78,641 231,891 3.0%Short-term borrowings 5,979 6,393 7,545 19,917 (6.5)%Long-term borrowings 6,023 5,754 4,937 16,714 4.7%Total interest expense 89,768 87,631 91,123 268,522 2.4%Net interest income 160,486 158,269 149,296 468,051 1.4%Provision for credit losses-loans and leases 8,612 9,084 9,141 26,837 (5.2)%Provision for credit losses-unfunded commitments 453 718 (441) 730 (36.9)%Net interest income after provision for credit losses 151,421 148,467 140,596 440,484 2.0%Noninterest incomeService charges on deposit accounts 7,829 7,766 7,463 23,058 0.8%Wealth management fees 7,351 7,787 8,137 23,275 (5.6)%Bankcard income 3,589 3,737 3,310 10,636 (4.0)%Client derivative fees 1,876 1,674 1,571 5,121 12.1%Foreign exchange income 16,666 13,760 12,544 42,970 21.1%Leasing business income 20,997 20,797 18,703 60,497 1.0%Net gains from sales of loans 6,835 6,687 4,322 17,844 2.2%Net gain (loss) on investment securities (42) 243 (9,949) (9,748) (117.3)%Other 8,424 5,612 4,982 19,018 50.1%Total noninterest income 73,525 68,063 51,083 192,671 8.0%Noninterest expensesSalaries and employee benefits 80,607 74,917 75,238 230,762 7.6%Net occupancy 6,003 5,845 6,019 17,867 2.7%Furniture and equipment 3,582 3,441 3,813 10,836 4.1%Data processing 9,591 9,020 8,759 27,370 6.3%Marketing 2,359 2,737 2,018 7,114 (13.8)%Communication 695 681 812 2,188 2.1%Professional services 2,314 3,549 2,739 8,602 (34.8)%Amortization of tax credit investments 112 111 112 335 0.9%State intangible tax 1,531 1,517 877 3,925 0.9%FDIC assessments 2,611 2,611 3,059 8,281 0.0%Intangible amortization 2,359 2,358 2,359 7,076 0.0%Leasing business expense 13,911 13,155 12,802 39,868 5.7%Other 8,594 8,729 9,469 26,792 (1.5)%Total noninterest expenses 134,269 128,671 128,076 391,016 4.4%Income before income taxes 90,677 87,859 63,603 242,139 3.2%Income tax expense 18,754 17,863 12,310 48,927 5.0%Net income $ 71,923 $ 69,996 $ 51,293 $ 193,212 2.8%ADDITIONAL DATANet earnings per share – basic $ 0.76 $ 0.74 $ 0.54 $ 2.04Net earnings per share – diluted $ 0.75 $ 0.73 $ 0.54 $ 2.02Dividends declared per share $ 0.25 $ 0.24 $ 0.24 $ 0.73Return on average assets 1.54% 1.52% 1.13% 1.40%Return on average shareholders' equity 11.08% 11.16% 8.46% 10.26%Interest income $ 250,254 $ 245,900 $ 240,419 $ 736,573 1.8%Tax equivalent adjustment 1,248 1,246 1,213 3,707 0.2%Interest income – tax equivalent 251,502 247,146 241,632 740,280 1.8%Interest expense 89,768 87,631 91,123 268,522 2.4%Net interest income – tax equivalent $ 161,734 $ 159,515 $ 150,509 $ 471,758 1.4%Net interest margin 3.99% 4.01% 3.84% 3.95%Net interest margin (fully tax equivalent) (1) 4.02% 4.05% 3.88% 3.98%Full-time equivalent employees 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 YearInterest incomeLoans and leases, including fees $ 207,508 $ 215,433 $ 211,760 $ 201,840 $ 836,541Investment securitiesTaxable 33,978 32,367 30,295 28,296 124,936Tax-exempt 2,423 2,616 2,704 3,092 10,835Total investment securities interest 36,401 34,983 32,999 31,388 135,771Other earning assets 7,662 6,703 7,960 7,458 29,783Total interest income 251,571 257,119 252,719 240,686 1,002,095Interest expenseDeposits 85,441 86,554 83,022 76,075 331,092Short-term borrowings 6,586 9,932 11,395 10,943 38,856Long-term borrowings 5,145 5,073 4,991 4,928 20,137Total interest expense 97,172 101,559 99,408 91,946 390,085Net interest income 154,399 155,560 153,311 148,740 612,010Provision for credit losses-loans and leases 9,705 9,930 16,157 13,419 49,211Provision for credit losses-unfunded commitments (273) 694 286 (2,259) (1,552)Net interest income after provision for credit losses 144,967 144,936 136,868 137,580 564,351Noninterest incomeService charges on deposit accounts 7,632 7,547 7,188 6,912 29,279Wealth management fees 7,962 6,910 7,172 6,676 28,720Bankcard income 3,659 3,698 3,900 3,142 14,399Client derivative fees 1,528 1,160 763 1,250 4,701Foreign exchange income 16,794 12,048 16,787 10,435 56,064Leasing business income 19,413 16,811 16,828 14,589 67,641Net gains from sales of loans 4,634 5,021 4,479 3,784 17,918Net gain (loss) on investment securities 144 (17,468) (64) (5,187) (22,575)Other 8,088 9,974 4,448 4,911 27,421Total noninterest income 69,854 45,701 61,501 46,512 223,568Noninterest expensesSalaries and employee benefits 80,314 74,813 75,225 74,037 304,389Net occupancy 5,415 5,919 5,793 5,923 23,050Furniture and equipment 3,476 3,617 3,646 3,688 14,427Data processing 9,139 8,857 8,877 8,305 35,178Marketing 2,204 2,255 2,605 1,962 9,026Communication 767 851 816 795 3,229Professional services 6,631 2,303 2,885 2,268 14,087Amortization of tax credit investments 14,303 32 31 31 14,397State intangible tax (104) 876 875 877 2,524FDIC assessments 2,736 3,036 2,657 2,780 11,209Intangible amortization 2,395 2,395 2,396 2,301 9,487Leasing business expense 12,536 11,899 10,128 9,754 44,317Other 8,095 8,906 7,640 9,634 34,275Total noninterest expenses 147,907 125,759 123,574 122,355 519,595Income before income taxes 66,914 64,878 74,795 61,737 268,324Income tax expense 2,029 12,427 13,990 11,048 39,494Net income $ 64,885 $ 52,451 $ 60,805 $ 50,689 $ 228,830ADDITIONAL DATANet earnings per share – basic $ 0.69 $ 0.56 $ 0.64 $ 0.54 $ 2.42Net earnings per share – diluted $ 0.68 $ 0.55 $ 0.64 $ 0.53 $ 2.40Dividends declared per share $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.94Return 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 $ 1,002,095Tax equivalent adjustment 1,274 1,362 1,418 1,535 5,589Interest income – tax equivalent 252,845 258,481 254,137 242,221 1,007,684Interest expense 97,172 101,559 99,408 91,946 390,085Net interest income – tax equivalent $ 155,673 $ 156,922 $ 154,729 $ 150,275 $ 617,599Net 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) Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, % Change % Change 2025 2025 2025 2024 2024 Linked Qtr. Comp Qtr.ASSETSCash and due from banks $ 174,659 $ 210,187 $ 190,610 $ 174,258 $ 190,618 (16.9)% (8.4)%Interest-bearing deposits with other banks 565,080 570,173 633,349 730,228 660,576 (0.9)% (14.5)%Investment securities available-for-sale 3,422,595 3,386,562 3,260,981 3,183,776 3,157,265 1.1% 8.4%Investment securities held-to-maturity 71,595 72,994 76,469 76,960 77,985 (1.9)% (8.2)%Other investments 117,120 122,322 120,826 114,598 120,318 (4.3)% (2.7)%Loans held for sale 21,466 26,504 17,927 13,181 12,685 (19.0)% 69.2%Loans and leasesCommercial and industrial 3,838,630 3,927,771 3,832,350 3,815,858 3,678,546 (2.3)% 4.4%Lease financing 596,734 587,176 573,608 598,045 587,415 1.6% 1.6%Construction real estate 627,960 732,777 824,775 779,446 802,264 (14.3)% (21.7)%Commercial real estate 4,048,370 3,961,513 3,956,880 4,061,744 4,034,820 2.2% 0.3%Residential real estate 1,494,464 1,492,688 1,479,704 1,462,284 1,422,186 0.1% 5.1%Home equity 935,975 903,299 872,502 849,039 825,431 3.6% 13.4%Installment 109,764 116,598 119,672 133,051 141,270 (5.9)% (22.3)%Credit card 62,654 64,374 64,639 62,311 61,140 (2.7)% 2.5%Total loans 11,714,551 11,786,196 11,724,130 11,761,778 11,553,072 (0.6)% 1.4%Less:Allowance for credit losses (161,916) (158,522) (155,482) (156,791) (158,831) 2.1% 1.9%Net loans 11,552,635 11,627,674 11,568,648 11,604,987 11,394,241 (0.6)% 1.4%Premises and equipment 198,251 197,741 197,968 197,965 196,692 0.3% 0.8%Operating leases 214,667 217,100 213,648 209,119 201,080 (1.1)% 6.8%Goodwill 1,007,656 1,007,656 1,007,656 1,007,656 1,007,656 0.0% 0.0%Other intangibles 73,797 75,458 77,002 79,291 81,547 (2.2)% (9.5)%Accrued interest and other assets 1,134,985 1,119,884 1,089,983 1,178,242 1,045,669 1.3% 8.5%Total Assets $ 18,554,506 $ 18,634,255 $ 18,455,067 $ 18,570,261 $ 18,146,332 (0.4)% 2.2%LIABILITIESDepositsInterest-bearing demand $ 2,983,132 $ 3,057,232 $ 3,004,601 $ 3,095,724 $ 2,884,971 (2.4)% 3.4%Savings 5,029,097 4,979,124 4,886,613 4,948,768 4,710,223 1.0% 6.8%Time 3,293,707 3,201,711 3,144,440 3,152,265 3,244,861 2.9% 1.5%Total interest-bearing deposits 11,305,936 11,238,067 11,035,654 11,196,757 10,840,055 0.6% 4.3%Noninterest-bearing 3,127,512 3,131,926 3,161,302 3,132,381 3,107,699 (0.1)% 0.6%Total deposits 14,433,448 14,369,993 14,196,956 14,329,138 13,947,754 0.4% 3.5%FHLB short-term borrowings 550,000 680,000 735,000 625,000 765,000 (19.1)% (28.1)%Other 45,167 4,699 64,792 130,452 46,653 861.2% (3.2)%Total short-term borrowings 595,167 684,699 799,792 755,452 811,653 (13.1)% (26.7)%Long-term debt 221,823 344,955 345,878 347,509 344,086 (35.7)% (35.5)%Total borrowed funds 816,990 1,029,654 1,145,670 1,102,961 1,155,739 (20.7)% (29.3)%Accrued interest and other liabilities 672,213 676,453 611,206 700,121 592,401 (0.6)% 13.5%Total Liabilities 15,922,651 16,076,100 15,953,832 16,132,220 15,695,894 (1.0)% 1.4%SHAREHOLDERS' EQUITYCommon stock 1,641,315 1,638,796 1,637,041 1,642,055 1,639,045 0.2% 0.1%Retained earnings 1,399,577 1,351,674 1,304,636 1,276,329 1,234,375 3.5% 13.4%Accumulated other comprehensive income (loss) (223,000) (246,384) (253,888) (289,799) (232,262) (9.5)% (4.0)%Treasury stock, at cost (186,037) (185,931) (186,554) (190,544) (190,720) 0.1% (2.5)%Total Shareholders' Equity 2,631,855 2,558,155 2,501,235 2,438,041 2,450,438 2.9% 7.4%Total Liabilities and Shareholders' Equity $ 18,554,506 $ 18,634,255 $ 18,455,067 $ 18,570,261 $ 18,146,332 (0.4)% 2.2%
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, 2025 2025 2025 2024 2024 2025 2024ASSETSCash and due from banks $ 165,210 $ 174,375 $ 164,734 $ 182,242 $ 179,321 $ 168,108 $ 185,934Interest-bearing deposits with other banks 610,074 542,815 615,812 654,251 483,880 589,546 545,402Investment securities 3,552,014 3,478,921 3,411,593 3,372,539 3,274,498 3,481,357 3,181,575Loans held for sale 26,366 25,026 10,212 17,284 16,399 20,594 14,189Loans and leasesCommercial and industrial 3,890,886 3,881,001 3,787,207 3,727,549 3,723,761 3,853,411 3,661,335Lease financing 592,510 581,091 585,119 587,110 550,634 586,267 513,779Construction real estate 711,011 784,028 797,100 826,936 763,779 763,731 684,136Commercial real estate 3,993,549 3,958,730 4,018,211 4,045,347 4,059,939 3,990,073 4,102,491Residential real estate 1,489,942 1,485,479 1,475,703 1,442,799 1,399,932 1,483,760 1,366,062Home equity 919,368 891,761 858,153 837,863 811,265 889,985 789,101Installment 114,058 117,724 127,192 136,927 143,102 119,610 150,811Credit card 68,375 68,000 65,830 66,071 65,189 67,411 65,816Total loans 11,779,699 11,767,814 11,714,515 11,670,602 11,517,601 11,754,248 11,333,531Less:Allowance for credit losses (162,417) (158,170) (158,206) (161,477) (159,252) (159,613) (150,322)Net loans 11,617,282 11,609,644 11,556,309 11,509,125 11,358,349 11,594,635 11,183,209Premises and equipment 199,167 198,407 198,998 197,664 197,881 198,858 198,484Operating leases 217,404 212,684 205,181 202,110 180,118 211,801 163,803Goodwill 1,007,656 1,007,656 1,007,656 1,007,658 1,007,654 1,007,656 1,007,264Other intangibles 74,448 76,076 78,220 80,486 82,619 76,234 83,764Accrued interest and other assets 1,096,567 1,093,833 1,119,889 1,050,060 1,073,472 1,103,344 1,066,750Total Assets $ 18,566,188 $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 18,452,133 $ 17,630,374LIABILITIESDepositsInterest-bearing demand $ 3,036,296 $ 3,066,986 $ 3,090,526 $ 3,081,148 $ 2,914,934 $ 3,064,404 $ 2,899,707Savings 5,054,563 5,005,526 4,918,004 4,886,784 4,694,923 4,993,198 4,571,236Time 3,296,789 3,139,182 3,141,103 3,209,078 3,080,408 3,192,928 2,958,595Total interest-bearing deposits 11,387,648 11,211,694 11,149,633 11,177,010 10,690,265 11,250,530 10,429,538Noninterest-bearing 3,124,277 3,143,081 3,091,037 3,162,643 3,106,239 3,119,587 3,139,939Total deposits 14,511,925 14,354,775 14,240,670 14,339,653 13,796,504 14,370,117 13,569,477Federal funds purchased and securities soldunder agreements to repurchase 12,434 4,780 2,055 2,282 10,807 6,461 5,274FHLB short-term borrowings 497,092 532,198 553,667 415,652 626,490 527,445 647,187Other 21,519 26,226 99,378 93,298 76,859 48,756 128,112Total short-term borrowings 531,045 563,204 655,100 511,232 714,156 582,662 780,573Long-term debt 292,301 347,369 346,237 343,851 339,581 328,438 340,513Total borrowed funds 823,346 910,573 1,001,337 855,083 1,053,737 911,100 1,121,086Accrued interest and other liabilities 655,714 638,342 668,812 637,638 632,825 654,241 633,664Total Liabilities 15,990,985 15,903,690 15,910,819 15,832,374 15,483,066 15,935,458 15,324,227SHAREHOLDERS' EQUITYCommon stock 1,639,986 1,637,782 1,641,016 1,640,280 1,637,045 1,639,591 1,636,357Retained earnings 1,369,069 1,322,168 1,282,300 1,249,263 1,210,924 1,324,830 1,178,518Accumulated other comprehensive loss (247,746) (257,873) (275,068) (257,792) (285,978) (260,129) (315,731)Treasury stock, at cost (186,106) (186,330) (190,463) (190,706) (190,866) (187,617) (192,997)Total Shareholders' Equity 2,575,203 2,515,747 2,457,785 2,441,045 2,371,125 2,516,675 2,306,147Total Liabilities and Shareholders' Equity $ 18,566,188 $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 18,452,133 $ 17,630,374
FIRST FINANCIAL BANCORP.NET INTEREST MARGIN RATE/VOLUME ANALYSIS(Dollars in thousands)(Unaudited) Quarterly Averages Year-to-Date Averages September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance YieldEarning assetsInvestments:Investment securities $ 3,552,014 $ 38,616 4.31% $ 3,478,921 $ 38,476 4.44% $ 3,274,498 $ 34,983 4.24% $ 3,481,357 4.37% $ 3,181,575 4.18%Interest-bearing deposits with other banks 610,074 6,773 4.40% 542,815 5,964 4.41% 483,880 6,703 5.50% 589,546 4.40% 545,402 5.42%Gross loans (1) 11,806,065 204,865 6.88% 11,792,840 201,460 6.85% 11,534,000 215,433 7.41% 11,774,842 6.85% 11,347,720 7.41%Total earning assets 15,968,153 250,254 6.22% 15,814,576 245,900 6.24% 15,292,378 257,119 6.67% 15,845,745 6.21% 15,074,697 6.66%Nonearning assetsAllowance for credit losses (162,417) (158,170) (159,252) (159,613) (150,322)Cash and due from banks 165,210 174,375 179,321 168,108 185,934Accrued interest and other assets 2,595,242 2,588,656 2,541,744 2,597,893 2,520,065Total assets $ 18,566,188 $ 18,419,437 $ 17,854,191 $ 18,452,133 $ 17,630,374Interest-bearing liabilitiesDeposits:Interest-bearing demand $ 3,036,296 $ 14,592 1.91% $ 3,066,986 $ 14,139 1.85% $ 2,914,934 $ 15,919 2.17% $ 3,064,404 1.92% $ 2,899,707 2.11%Savings 5,054,563 30,854 2.42% 5,005,526 29,942 2.40% 4,694,923 34,220 2.89% 4,993,198 2.44% 4,571,236 2.83%Time 3,296,789 32,320 3.89% 3,139,182 31,403 4.01% 3,080,408 36,415 4.69% 3,192,928 4.05% 2,958,595 4.66%Total interest-bearing deposits 11,387,648 77,766 2.71% 11,211,694 75,484 2.70% 10,690,265 86,554 3.21% 11,250,530 2.76% 10,429,538 3.15%Borrowed fundsShort-term borrowings 531,045 5,979 4.47% 563,204 6,393 4.55% 714,156 9,932 5.52% 582,662 4.57% 780,573 5.53%Long-term debt 292,301 6,023 8.17% 347,369 5,754 6.64% 339,581 5,073 5.93% 328,438 6.80% 340,513 5.89%Total borrowed funds 823,346 12,002 5.78% 910,573 12,147 5.35% 1,053,737 15,005 5.65% 911,100 5.38% 1,121,086 5.64%Total interest-bearing liabilities 12,210,994 89,768 2.92% 12,122,267 87,631 2.90% 11,744,002 101,559 3.43% 12,161,630 2.95% 11,550,624 3.39%Noninterest-bearing liabilitiesNoninterest-bearing demand deposits 3,124,277 3,143,081 3,106,239 3,119,587 3,139,939Other liabilities 655,714 638,342 632,825 654,241 633,664Shareholders' equity 2,575,203 2,515,747 2,371,125 2,516,675 2,306,147Total liabilities & shareholders' equity $ 18,566,188 $ 18,419,437 $ 17,854,191 $ 18,452,133 $ 17,630,374Net interest income $ 160,486 $ 158,269 $ 155,560 $ 468,051 $ 457,611Net interest spread 3.30% 3.34% 3.24% 3.26% 3.27%Net interest margin 3.99% 4.01% 4.05% 3.95% 4.05%Tax equivalent adjustment 0.03% 0.04% 0.03% 0.03% 0.04%Net interest margin (fully tax equivalent) 4.02% 4.05% 4.08% 3.98% 4.09%(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 TotalEarning assetsInvestment securities $ (1,066) $ 1,206 $ 140 $ 616 $ 3,017 $ 3,633 $ 4,536 $ 9,791 $ 14,327Interest-bearing deposits with other banks (3) 812 809 (1,331) 1,401 70 (4,185) 1,452 (2,733)Gross loans (2) 951 2,454 3,405 (15,289) 4,721 (10,568) (47,436) 21,891 (25,545)Total earning assets (118) 4,472 4,354 (16,004) 9,139 (6,865) (47,085) 33,134 (13,951)Interest-bearing liabilitiesTotal interest-bearing deposits $ 248 $ 2,034 $ 2,282 $ (13,550) $ 4,762 $ (8,788) $ (30,682) $ 16,922 $ (13,760)Borrowed fundsShort-term borrowings (121) (293) (414) (1,891) (2,062) (3,953) (5,588) (6,765) (12,353)Long-term debt 1,326 (1,057) 269 1,924 (974) 950 2,336 (614) 1,722Total borrowed funds 1,205 (1,350) (145) 33 (3,036) (3,003) (3,252) (7,379) (10,631)Total interest-bearing liabilities 1,453 684 2,137 (13,517) 1,726 (11,791) (33,934) 9,543 (24,391)Net interest income (1) $ (1,571) $ 3,788 $ 2,217 $ (2,487) $ 7,413 $ 4,926 $ (13,151) $ 23,591 $ 10,440(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, 2025 2025 2025 2024 2024 2025 2024ALLOWANCE FOR CREDIT LOSS ACTIVITYBalance at beginning of period $ 158,522 $ 155,482 $ 156,791 $ 158,831 $ 156,185 $ 156,791 $ 141,433Provision for credit losses 8,612 9,084 9,141 9,705 9,930 26,837 39,506Gross charge-offsCommercial and industrial 2,165 4,996 8,178 4,333 5,471 15,339 10,315Lease financing 298 606 1,454 2,831 368 2,358 561Construction real estate 245 0 0 0 0 245 0Commercial real estate 3,105 0 0 5,051 261 3,105 5,582Residential real estate 0 16 0 12 60 16 131Home equity 92 100 86 210 90 278 237Installment 1,194 1,120 1,321 1,680 1,510 3,635 5,780Credit card 577 489 474 492 768 1,540 2,094Total gross charge-offs 7,676 7,327 11,513 14,609 8,528 26,516 24,700RecoveriesCommercial and industrial 202 290 195 1,779 434 687 832Lease financing 291 11 29 17 11 331 71Construction real estate 0 0 0 0 0 0 0Commercial real estate 1,138 70 24 19 25 1,232 200Residential real estate 58 42 24 23 22 124 83Home equity 94 74 144 222 240 312 438Installment 609 716 563 499 421 1,888 785Credit card 66 80 84 305 91 230 183Total recoveries 2,458 1,283 1,063 2,864 1,244 4,804 2,592Total net charge-offs 5,218 6,044 10,450 11,745 7,284 21,712 22,108Ending allowance for credit losses $ 161,916 $ 158,522 $ 155,482 $ 156,791 $ 158,831 $ 161,916 $ 158,831NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)Commercial and industrial 0.20% 0.49% 0.85% 0.27% 0.54% 0.51% 0.35%Lease financing 0.00% 0.41% 0.99% 1.91% 0.26% 0.46% 0.13%Construction real estate 0.14% 0.00% 0.00% 0.00% 0.00% 0.04% 0.00%Commercial real estate 0.20% (0.01)% 0.00% 0.49% 0.02% 0.06% 0.18%Residential real estate (0.02)% (0.01)% (0.01)% 0.00% 0.01% (0.01)% 0.00%Home equity 0.00% 0.01% (0.03)% (0.01)% (0.07)% (0.01)% (0.03)%Installment 2.03% 1.38% 2.42% 3.43% 3.03% 1.95% 4.42%Credit card 2.97% 2.41% 2.40% 1.13% 4.13% 2.60% 3.88%Total net charge-offs 0.18% 0.21% 0.36% 0.40% 0.25% 0.25% 0.26%COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETSNonaccrual loansCommercial and industrial $ 23,832 $ 24,489 $ 7,649 $ 6,641 $ 10,703 $ 23,832 $ 10,703Lease financing 5,885 6,243 6,487 6,227 11,632 5,885 11,632Construction real estate 1,120 1,365 0 0 0 1,120 0Commercial real estate 24,443 23,905 25,736 32,303 23,608 24,443 23,608Residential real estate 16,452 16,995 16,044 16,700 14,596 16,452 14,596Home equity 3,567 3,226 2,920 3,418 4,074 3,567 4,074Installment 652 701 719 684 826 652 826Total nonaccrual loans 75,951 76,924 59,555 65,973 65,439 75,951 65,439Other real estate owned (OREO) 111 204 213 64 30 111 30Total nonperforming assets 76,062 77,128 59,768 66,037 65,469 76,062 65,469Accruing loans past due 90 days or more 592 714 228 361 463 592 463Total underperforming assets $ 76,654 $ 77,842 $ 59,996 $ 66,398 $ 65,932 $ 76,654 $ 65,932Total classified assets $ 218,794 $ 214,346 $ 213,351 $ 224,084 $ 206,194 $ 218,794 $ 206,194CREDIT QUALITY RATIOSAllowance for credit losses toNonaccrual loans 213.18% 206.08% 261.07% 237.66% 242.72% 213.18% 242.72%Total ending loans 1.38% 1.34% 1.33% 1.33% 1.37% 1.38% 1.37%Nonaccrual loans to total loans 0.65% 0.65% 0.51% 0.56% 0.57% 0.65% 0.57%Nonperforming assets toEnding loans, plus OREO 0.65% 0.65% 0.51% 0.56% 0.57% 0.65% 0.57%Total assets 0.41% 0.41% 0.32% 0.36% 0.36% 0.41% 0.36%Classified assets to total assets 1.18% 1.15% 1.16% 1.21% 1.14% 1.18% 1.14%
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, 2025 2025 2025 2024 2024 2025 2024PER COMMON SHAREMarket PriceHigh $ 26.79 $ 25.19 $ 29.04 $ 30.34 $ 28.09 $ 29.04 $ 28.09Low $ 23.55 $ 22.05 $ 24.25 $ 23.98 $ 21.70 $ 22.05 $ 20.79Close $ 25.25 $ 24.26 $ 24.98 $ 26.88 $ 25.23 $ 25.25 $ 25.23Average shares outstanding – basic 94,889,341 94,860,428 94,645,787 94,486,838 94,473,666 94,799,411 94,377,010Average shares outstanding – diluted 95,753,798 95,741,696 95,524,262 95,487,564 95,479,510 95,674,093 95,378,238Ending shares outstanding 95,757,250 95,760,617 95,730,353 95,494,840 95,486,317 95,757,250 95,486,317Total shareholders' equity $ 2,631,855 $ 2,558,155 $ 2,501,235 $ 2,438,041 $ 2,450,438 $ 2,631,855 $ 2,450,438REGULATORY CAPITAL Preliminary PreliminaryCommon equity tier 1 capital $ 1,828,843 $ 1,776,038 $ 1,724,134 $ 1,709,422 $ 1,661,759 $ 1,828,843 $ 1,661,759Common equity tier 1 capital ratio 12.91% 12.57% 12.29% 12.16% 12.04% 12.91% 12.04%Tier 1 capital $ 1,874,191 $ 1,821,316 $ 1,769,357 $ 1,754,584 $ 1,706,796 $ 1,874,191 $ 1,706,796Tier 1 ratio 13.23% 12.89% 12.61% 12.48% 12.37% 13.23% 12.37%Total capital $ 2,170,521 $ 2,116,180 $ 2,090,211 $ 2,057,877 $ 2,012,349 $ 2,170,521 $ 2,012,349Total capital ratio 15.32% 14.98% 14.90% 14.64% 14.58% 15.32% 14.58%Total capital in excess of minimum requirement $ 683,203 $ 632,563 $ 617,347 $ 581,659 $ 563,273 $ 683,203 $ 563,273Total risk-weighted assets $ 14,164,934 $ 14,129,683 $ 14,027,274 $ 14,059,215 $ 13,800,728 $ 14,164,934 $ 13,800,728Leverage ratio 10.50% 10.28% 10.01% 9.98% 9.93% 10.50% 9.93%OTHER CAPITAL RATIOSEnding shareholders' equity to ending assets 14.18% 13.73% 13.55% 13.13% 13.50% 14.18% 13.50%Ending tangible shareholders' equity to ending tangible assets (1) 8.87% 8.40% 8.16% 7.73% 7.98% 8.87% 7.98%Average shareholders' equity to average assets 13.87% 13.66% 13.38% 13.36% 13.28% 13.64% 13.08%Average tangible shareholders' equity to average tangible assets (1) 8.54% 8.26% 7.94% 7.87% 7.64% 8.25% 7.35%REPURCHASE PROGRAM (2)Shares repurchased 0 0 0 0 0 0 0Average share repurchase price N/A N/A N/A N/A N/A N/A N/ATotal 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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