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8-K

First Financial Bancorp /Oh/ (FFBC)

8-K 2025-07-24 For: 2025-07-24
View Original
Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2025

FIRST FINANCIAL BANCORP.

(Exact name of registrant as specified in its charter)

Ohio 001-34762 31-1042001
(State or other jurisdiction of<br>incorporation or organization) (Commission File Number) (I.R.S. employer<br>identification number)
255 East Fifth Street, Suite 900 Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (877) 322-9530

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Name of exchange on which registered
Common stock, No par value FFBC The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Item 2.02    Results of Operations and Financial Condition.

On July 24, 2025, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first six months and second quarter of 2025. A copy of the earnings press release is attached as Exhibit 99.1.

The Company also provided electronic presentation slides that will be used in connection with the earnings conference call. A copy of the electronic presentation slides is included in this Report as Exhibit 99.2 and will be available on the Company's website, www.bankatfirst.com.

The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 and 99.2 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")    , or otherwise subject to the liabilities under the Exchange Act. Such information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits:

The following exhibits shall not be deemed to be "filed" for purposes of the Exchange Act:

Exhibit No.    Description

99.1 First Financial Bancorp. Press Release datedJuly24, 2025

99.2 First Financial Bancorp. presentation materials

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST FINANCIAL BANCORP.

By: /s/ James M. Anderson
James M. Anderson
Executive Vice President and Chief Financial Officer
Date: July 24, 2025

Document

Exhibit 99.1

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First Financial Bancorp Announces Second Quarter and Year to Date

2025 Financial Results & Quarterly Dividend Increase

•Earnings per diluted share of $0.73; $0.74 on an adjusted(1) basis

•Return on average assets of 1.52%; 1.54% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 4.05%; 17 bp increase from first quarter

•Record quarterly revenue of $226.3 million

•TCE ratio increased to 8.40%; ROATCE of 20%

•Net charge-offs 0.21% as a percentage of total loans

•Board of Directors approved quarterly dividend increase to $0.25

Cincinnati, Ohio - July 24, 2025. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2025.

For the three months ended June 30, 2025, the Company reported net income of $70.0 million, or $0.73 per diluted common share. These results compare to net income of $51.3 million, or $0.54 per diluted common share, for the first quarter of 2025. For the six months ended June 30, 2025, First Financial had earnings per diluted share of $1.27 compared to $1.17 for the same period in 2024.

Return on average assets for the second quarter of 2025 was 1.52% while return on average tangible common equity was 19.61%(1). These compare to return on average assets of 1.13% and return on average tangible common equity of 15.16%(1) in the first quarter of 2025.

Second quarter 2025 highlights include:

•Robust net interest margin of 4.01%, or 4.05% on a fully tax-equivalent basis(1)

◦17 bp increase from first quarter

◦12 bp decline in funding costs and 5 bp increase in asset yields

•Noninterest income of $68.1 million, or $67.8 million as adjusted(1)

◦Adjustments include $0.2 million gain on sales of investment securities

◦Double digit percentage growth from linked quarter in mortgage and bankcard income

◦Strong leasing business income of $20.8 million, an increase of 11.2% from first quarter

◦Foreign exchange income increased $1.2 million, or 9.7% from first quarter

•Noninterest expenses of $128.7 million, or $127.6 million as adjusted(1); 0.8% increase from linked quarter

◦Second quarter adjustments(1) include $1.0 million of efficiency and acquisition related costs

◦Efficiency ratio of 56.9%; 56.4% as adjusted(1)

•Loan growth during the quarter of 2% on an annualized basis

◦Loan balances increased $62.1 million compared to the linked quarter

◦Quarterly growth driven by C&I, Agile, Summit and Consumer; offsetting elevated prepayments in ICRE

•Average deposit growth of 3% on an annualized basis

◦Average deposit balances increased $114.1 million

◦Second quarter included $85 million seasonal increase in public funds

◦Growth in noninterest bearing deposits, retail CDs, and savings offset by declines in interest-bearing demand and money market balances

_________________________________________________________________________________________

(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 $175.7 million; Total quarterly provision expense of $9.8 million

◦Loans and leases - ACL of $158.5 million; ratio to total loans of 1.34%

◦Unfunded Commitments - ACL of $17.1 million

◦Provision expense driven by loan growth and net charge-offs

◦Annualized net charge-offs were 21 bps of total loans; 15 bp decline from linked quarter

◦Nonperforming assets increased 9 bps to 0.41% of total assets

•Capital ratios stable and strong

◦Total capital ratio increased 8 bps to 14.98%

◦Tier 1 common equity increased 28 bps to 12.57%

◦Tangible common equity of 8.40%(1); 9.81%(1) excluding impact from AOCI

◦Tangible book value per share of $15.40(1); 4% increase from linked quarter

Additionally, the Board of Directors approved a quarterly dividend of $0.25 per common share for the next regularly scheduled dividend, payable on September 15, 2025 to shareholders of record as of September 2, 2025.

Archie Brown, President and CEO, commented on the quarter, “I am thrilled with our performance this quarter. We achieved record revenue of $226.3 million, which represents a 5% increase over the same quarter one year ago. This drove adjusted(1) earnings per share of $0.74, an adjusted(1) return on assets of 1.54% and an adjusted(1) return on tangible common equity of 20%. The Company’s industry-leading profitability was once again driven by a robust net interest margin. Loan growth was 2% on an annualized basis, and we were pleased with broad-based growth in most portfolios, with the exception of commercial real estate, which declined due to accelerated payoffs. Payoffs have started to subside, and we expect higher loan growth in the second half of this year.”

Mr. Brown continued, “We recorded adjusted(1) noninterest income of $67.8 million in the second quarter, which was an 11% increase over the linked quarter and a 10% increase over the second quarter of 2024. Growth in fees was broad-based, with mortgage, bankcard income, leasing business income and Bannockburn all increasing by double-digit percentages over the linked quarter. We were also pleased with our expense management, with adjusted(1) noninterest expenses increasing 1% compared to the first quarter. Excluding leasing business expenses, which continue to increase as our operating lease portfolio grows, adjusted(1) noninterest expenses increased by less than 2% year over year."

Mr. Brown commented on asset quality, “Asset quality was stable for the quarter. Net charge-offs declined 15 basis points from the first quarter to 21 basis points of total loans and classified asset balances were relatively flat. Our outlook for asset quality remains positive, and we expect net charge-offs to be in the 20-25 basis points range for the remainder of the year."

Mr. Brown discussed capital and an increase to the common dividend, “We are pleased with the strength of our capital levels. Regulatory ratios are very strong and TCE has continued to grow, increasing 16% over the last year to 8.40%. Tangible book value per share increased to $15.40, which was a 4% increase from the linked quarter and a 19% increase over the same period last year. We are also pleased to announce that our Board of Directors approved a $0.01, or 4.2%, increase in the common dividend to $0.25. The dividend payout remains approximately 35% of net income and continues to provide an attractive yield."

Mr. Brown concluded, “We are excited about our recent announcement to acquire Westfield Bank in Northeast Ohio and are actively engaged in the integration process. Appropriate applications have been filed with our regulators, and we continue to expect approval and closing to occur this year. In summary, we are very pleased with our second quarter and year to date financial performance and remain very excited about our outlook for the remainder of 2025 and beyond.”

Full detail of the Company’s second 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, July 25, 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 August 8, 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 the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;

•Management’s ability to effectively execute its business plans;

•mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;

•the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period;

•the effect of changes in accounting policies and practices;

•changes in consumer spending, borrowing and saving and changes in unemployment;

•changes in customers’ performance and creditworthiness;

•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

•current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;

•the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;

•the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and

•our ability to develop and execute effective business plans and strategies.

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2024, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2025, the Company had $18.6 billion in assets, $11.8 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 $3.8 billion in assets under management as of June 30, 2025. The Company operated 128 full service banking centers as of June 30, 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.

Contact Information

Investors/Analysts                    Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Director of Corporate Communications

(513) 887-5400                        (513) 979-5796

InvestorRelations@bankatfirst.com            media@bankatfirst.com

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Selected Financial Information

June 30, 2025

(unaudited)

Contents Page
Consolidated Financial Highlights 2
Consolidated Statements of Income 3
Consolidated Quarterly Statements of Income 4-5
Consolidated Statements of Condition 6
Average Consolidated Statements of Condition 7
Net Interest Margin Rate / Volume Analysis 8-9
Credit Quality 10
Capital Adequacy 11
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30,
2025 2025 2024 2024 2024 2025 2024
RESULTS OF OPERATIONS
Net income $ 69,996 $ 51,293 $ 64,885 $ 52,451 $ 60,805 $ 121,289 $ 111,494
Net earnings per share - basic $ 0.74 $ 0.54 $ 0.69 $ 0.56 $ 0.64 $ 1.28 $ 1.18
Net earnings per share - diluted $ 0.73 $ 0.54 $ 0.68 $ 0.55 $ 0.64 $ 1.27 $ 1.17
Dividends declared per share $ 0.24 $ 0.24 $ 0.24 $ 0.24 $ 0.23 $ 0.48 $ 0.46
KEY FINANCIAL RATIOS
Return on average assets 1.52 % 1.13 % 1.41 % 1.17 % 1.38 % 1.33 % 1.28 %
Return on average shareholders' equity 11.16 % 8.46 % 10.57 % 8.80 % 10.72 % 9.83 % 9.86 %
Return on average tangible shareholders' equity (1) 19.61 % 15.16 % 19.08 % 16.29 % 20.57 % 17.44 % 18.97 %
Net interest margin 4.01 % 3.84 % 3.91 % 4.05 % 4.06 % 3.93 % 4.06 %
Net interest margin (fully tax equivalent) (1)(2) 4.05 % 3.88 % 3.94 % 4.08 % 4.10 % 3.96 % 4.10 %
Ending shareholders' equity as a percent of ending assets 13.73 % 13.55 % 13.13 % 13.50 % 12.81 % 13.73 % 12.81 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 8.40 % 8.16 % 7.73 % 7.98 % 7.23 % 8.40 % 7.23 %
Risk-weighted assets (1) 10.44 % 10.10 % 9.61 % 9.86 % 8.95 % 10.44 % 8.95 %
Average shareholders' equity as a percent of average assets 13.66 % 13.38 % 13.36 % 13.28 % 12.87 % 13.52 % 12.98 %
Average tangible shareholders' equity as a percent of average tangible assets (1) 8.26 % 7.94 % 7.87 % 7.64 % 7.15 % 8.10 % 7.20 %
Book value per share $ 26.71 $ 26.13 $ 25.53 $ 25.66 $ 24.36 $ 26.71 $ 24.36
Tangible book value per share (1) $ 15.40 $ 14.80 $ 14.15 $ 14.26 $ 12.94 $ 15.40 $ 12.94
Common equity tier 1 ratio (3) 12.57 % 12.29 % 12.16 % 12.04 % 11.78 % 12.57 % 11.78 %
Tier 1 ratio (3) 12.89 % 12.61 % 12.48 % 12.37 % 12.11 % 12.89 % 12.11 %
Total capital ratio (3) 14.98 % 14.90 % 14.64 % 14.58 % 14.47 % 14.98 % 14.47 %
Leverage ratio (3) 10.28 % 10.01 % 9.98 % 9.93 % 9.73 % 10.28 % 9.73 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $ 11,792,840 $ 11,724,727 $ 11,687,886 $ 11,534,000 $ 11,440,930 $ 11,758,972 $ 11,253,557
Investment securities 3,478,921 3,411,593 3,372,539 3,274,498 3,131,541 3,445,443 3,134,603
Interest-bearing deposits with other banks 542,815 615,812 654,251 483,880 599,348 579,112 576,501
Total earning assets $ 15,814,576 $ 15,752,132 $ 15,714,676 $ 15,292,378 $ 15,171,819 $ 15,783,527 $ 14,964,661
Total assets $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 17,728,251 $ 18,394,161 $ 17,517,236
Noninterest-bearing deposits $ 3,143,081 $ 3,091,037 $ 3,162,643 $ 3,106,239 $ 3,144,198 $ 3,117,203 $ 3,156,974
Interest-bearing deposits 11,211,694 11,149,633 11,177,010 10,690,265 10,486,068 11,180,835 10,297,742
Total deposits $ 14,354,775 $ 14,240,670 $ 14,339,653 $ 13,796,504 $ 13,630,266 $ 14,298,038 $ 13,454,716
Borrowings $ 910,573 $ 1,001,337 $ 855,083 $ 1,053,737 $ 1,171,246 $ 955,704 $ 1,155,130
Shareholders' equity $ 2,515,747 $ 2,457,785 $ 2,441,045 $ 2,371,125 $ 2,281,040 $ 2,486,926 $ 2,273,301
CREDIT QUALITY RATIOS
Allowance to ending loans 1.34 % 1.33 % 1.33 % 1.37 % 1.36 % 1.34 % 1.36 %
Allowance to nonaccrual loans 206.08 % 261.07 % 237.66 % 242.72 % 249.21 % 206.08 % 249.21 %
Nonaccrual loans to total loans 0.65 % 0.51 % 0.56 % 0.57 % 0.54 % 0.65 % 0.54 %
Nonperforming assets to ending loans, plus OREO 0.65 % 0.51 % 0.56 % 0.57 % 0.54 % 0.65 % 0.54 %
Nonperforming assets to total assets 0.41 % 0.32 % 0.36 % 0.36 % 0.35 % 0.41 % 0.35 %
Classified assets to total assets 1.15 % 1.16 % 1.21 % 1.14 % 1.07 % 1.15 % 1.07 %
Net charge-offs to average loans (annualized) 0.21 % 0.36 % 0.40 % 0.25 % 0.15 % 0.28 % 0.27 %

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

(3) June 30, 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, Six months ended,
June 30, June 30,
2025 2024 % Change 2025 2024 % Change
Interest income
Loans and leases, including fees $ 201,460 $ 211,760 (4.9) % $ 398,623 $ 413,600 (3.6) %
Investment securities
Taxable 36,243 30,295 19.6 % 70,644 58,591 20.6 %
Tax-exempt 2,233 2,704 (17.4) % 4,437 5,796 (23.4) %
Total investment securities interest 38,476 32,999 16.6 % 75,081 64,387 16.6 %
Other earning assets 5,964 7,960 (25.1) % 12,615 15,418 (18.2) %
Total interest income 245,900 252,719 (2.7) % 486,319 493,405 (1.4) %
Interest expense
Deposits 75,484 83,022 (9.1) % 154,125 159,097 (3.1) %
Short-term borrowings 6,393 11,395 (43.9) % 13,938 22,338 (37.6) %
Long-term borrowings 5,754 4,991 15.3 % 10,691 9,919 7.8 %
Total interest expense 87,631 99,408 (11.8) % 178,754 191,354 (6.6) %
Net interest income 158,269 153,311 3.2 % 307,565 302,051 1.8 %
Provision for credit losses-loans and leases 9,084 16,157 (43.8) % 18,225 29,576 (38.4) %
Provision for credit losses-unfunded commitments 718 286 151.0 % 277 (1,973) (114.0) %
Net interest income after provision for credit losses 148,467 136,868 8.5 % 289,063 274,448 5.3 %
Noninterest income
Service charges on deposit accounts 7,766 7,188 8.0 % 15,229 14,100 8.0 %
Wealth management fees 7,787 7,172 8.6 % 15,924 13,848 15.0 %
Bankcard income 3,737 3,900 (4.2) % 7,047 7,042 0.1 %
Client derivative fees 1,674 763 119.4 % 3,245 2,013 61.2 %
Foreign exchange income 13,760 16,787 (18.0) % 26,304 27,222 (3.4) %
Leasing business income 20,797 16,828 23.6 % 39,500 31,417 25.7 %
Net gains from sales of loans 6,687 4,479 49.3 % 11,009 8,263 33.2 %
Net gain (loss) on investment securities 243 (64) 479.7 % (9,706) (5,251) 84.8 %
Other 5,612 4,448 26.2 % 10,594 9,359 13.2 %
Total noninterest income 68,063 61,501 10.7 % 119,146 108,013 10.3 %
Noninterest expenses
Salaries and employee benefits 74,917 75,225 (0.4) % 150,155 149,262 0.6 %
Net occupancy 5,845 5,793 0.9 % 11,864 11,716 1.3 %
Furniture and equipment 3,441 3,646 (5.6) % 7,254 7,334 (1.1) %
Data processing 9,020 8,877 1.6 % 17,779 17,182 3.5 %
Marketing 2,737 2,605 5.1 % 4,755 4,567 4.1 %
Communication 681 816 (16.5) % 1,493 1,611 (7.3) %
Professional services 3,549 2,885 23.0 % 6,288 5,153 22.0 %
Amortization of tax credit investments 111 31 258.1 % 223 62 259.7 %
State intangible tax 1,517 875 73.4 % 2,394 1,752 36.6 %
FDIC assessments 2,611 2,657 (1.7) % 5,670 5,437 4.3 %
Intangible amortization 2,358 2,396 (1.6) % 4,717 4,697 0.4 %
Leasing business expense 13,155 10,128 29.9 % 25,957 19,882 30.6 %
Other 8,729 7,640 14.3 % 18,198 17,274 5.3 %
Total noninterest expenses 128,671 123,574 4.1 % 256,747 245,929 4.4 %
Income before income taxes 87,859 74,795 17.5 % 151,462 136,532 10.9 %
Income tax expense 17,863 13,990 27.7 % 30,173 25,038 20.5 %
Net income $ 69,996 $ 60,805 15.1 % $ 121,289 $ 111,494 8.8 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.74 $ 0.64 $ 1.28 $ 1.18
Net earnings per share - diluted $ 0.73 $ 0.64 $ 1.27 $ 1.17
Dividends declared per share $ 0.24 $ 0.23 $ 0.48 $ 0.46
Return on average assets 1.52 % 1.38 % 1.33 % 1.28 %
Return on average shareholders' equity 11.16 % 10.72 % 9.83 % 9.86 %
Interest income $ 245,900 $ 252,719 (2.7) % $ 486,319 $ 493,405 (1.4) %
Tax equivalent adjustment 1,246 1,418 (12.1) % 2,459 2,953 (16.7) %
Interest income - tax equivalent 247,146 254,137 (2.8) % 488,778 496,358 (1.5) %
Interest expense 87,631 99,408 (11.8) % 178,754 191,354 (6.6) %
Net interest income - tax equivalent $ 159,515 $ 154,729 3.1 % $ 310,024 $ 305,004 1.6 %
Net interest margin 4.01 % 4.06 % 3.93 % 4.06 %
Net interest margin (fully tax equivalent) (1) 4.05 % 4.10 % 3.96 % 4.10 %
Full-time equivalent employees 2,033 2,144
(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
Second First Year to % Change
Quarter Quarter Date Linked Qtr.
Interest income
Loans and leases, including fees $ 201,460 $ 197,163 $ 398,623 2.2 %
Investment securities
Taxable 36,243 34,401 70,644 5.4 %
Tax-exempt 2,233 2,204 4,437 1.3 %
Total investment securities interest 38,476 36,605 75,081 5.1 %
Other earning assets 5,964 6,651 12,615 (10.3) %
Total interest income 245,900 240,419 486,319 2.3 %
Interest expense
Deposits 75,484 78,641 154,125 (4.0) %
Short-term borrowings 6,393 7,545 13,938 (15.3) %
Long-term borrowings 5,754 4,937 10,691 16.5 %
Total interest expense 87,631 91,123 178,754 (3.8) %
Net interest income 158,269 149,296 307,565 6.0 %
Provision for credit losses-loans and leases 9,084 9,141 18,225 (0.6) %
Provision for credit losses-unfunded commitments 718 (441) 277 (262.8) %
Net interest income after provision for credit losses 148,467 140,596 289,063 5.6 %
Noninterest income
Service charges on deposit accounts 7,766 7,463 15,229 4.1 %
Wealth management fees 7,787 8,137 15,924 (4.3) %
Bankcard income 3,737 3,310 7,047 12.9 %
Client derivative fees 1,674 1,571 3,245 6.6 %
Foreign exchange income 13,760 12,544 26,304 9.7 %
Leasing business income 20,797 18,703 39,500 11.2 %
Net gains from sales of loans 6,687 4,322 11,009 54.7 %
Net gain (loss) on investment securities 243 (9,949) (9,706) 102.4 %
Other 5,612 4,982 10,594 12.6 %
Total noninterest income 68,063 51,083 119,146 33.2 %
Noninterest expenses
Salaries and employee benefits 74,917 75,238 150,155 (0.4) %
Net occupancy 5,845 6,019 11,864 (2.9) %
Furniture and equipment 3,441 3,813 7,254 (9.8) %
Data processing 9,020 8,759 17,779 3.0 %
Marketing 2,737 2,018 4,755 35.6 %
Communication 681 812 1,493 (16.1) %
Professional services 3,549 2,739 6,288 29.6 %
Amortization of tax credit investments 111 112 223 (0.9) %
State intangible tax 1,517 877 2,394 73.0 %
FDIC assessments 2,611 3,059 5,670 (14.6) %
Intangible amortization 2,358 2,359 4,717 0.0 %
Leasing business expense 13,155 12,802 25,957 2.8 %
Other 8,729 9,469 18,198 (7.8) %
Total noninterest expenses 128,671 128,076 256,747 0.5 %
Income before income taxes 87,859 63,603 151,462 38.1 %
Income tax expense 17,863 12,310 30,173 45.1 %
Net income $ 69,996 $ 51,293 $ 121,289 36.5 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.74 $ 0.54 $ 1.28
Net earnings per share - diluted $ 0.73 $ 0.54 $ 1.27
Dividends declared per share $ 0.24 $ 0.24 $ 0.48
Return on average assets 1.52 % 1.13 % 1.33 %
Return on average shareholders' equity 11.16 % 8.46 % 9.83 %
Interest income $ 245,900 $ 240,419 $ 486,319 2.3 %
Tax equivalent adjustment 1,246 1,213 2,459 2.7 %
Interest income - tax equivalent 247,146 241,632 488,778 2.3 %
Interest expense 87,631 91,123 178,754 (3.8) %
Net interest income - tax equivalent $ 159,515 $ 150,509 $ 310,024 6.0 %
Net interest margin 4.01 % 3.84 % 3.93 %
Net interest margin (fully tax equivalent) (1) 4.05 % 3.88 % 3.96 %
Full-time equivalent employees 2,033 2,021
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2024
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $ 207,508 $ 215,433 $ 211,760 $ 201,840 $ 836,541
Investment securities
Taxable 33,978 32,367 30,295 28,296 124,936
Tax-exempt 2,423 2,616 2,704 3,092 10,835
Total investment securities interest 36,401 34,983 32,999 31,388 135,771
Other earning assets 7,662 6,703 7,960 7,458 29,783
Total interest income 251,571 257,119 252,719 240,686 1,002,095
Interest expense
Deposits 85,441 86,554 83,022 76,075 331,092
Short-term borrowings 6,586 9,932 11,395 10,943 38,856
Long-term borrowings 5,145 5,073 4,991 4,928 20,137
Total interest expense 97,172 101,559 99,408 91,946 390,085
Net interest income 154,399 155,560 153,311 148,740 612,010
Provision for credit losses-loans and leases 9,705 9,930 16,157 13,419 49,211
Provision for credit losses-unfunded commitments (273) 694 286 (2,259) (1,552)
Net interest income after provision for credit losses 144,967 144,936 136,868 137,580 564,351
Noninterest income
Service charges on deposit accounts 7,632 7,547 7,188 6,912 29,279
Wealth management fees 7,962 6,910 7,172 6,676 28,720
Bankcard income 3,659 3,698 3,900 3,142 14,399
Client derivative fees 1,528 1,160 763 1,250 4,701
Foreign exchange income 16,794 12,048 16,787 10,435 56,064
Leasing business income 19,413 16,811 16,828 14,589 67,641
Net gains from sales of loans 4,634 5,021 4,479 3,784 17,918
Net gain (loss) on investment securities 144 (17,468) (64) (5,187) (22,575)
Other 8,088 9,974 4,448 4,911 27,421
Total noninterest income 69,854 45,701 61,501 46,512 223,568
Noninterest expenses
Salaries and employee benefits 80,314 74,813 75,225 74,037 304,389
Net occupancy 5,415 5,919 5,793 5,923 23,050
Furniture and equipment 3,476 3,617 3,646 3,688 14,427
Data processing 9,139 8,857 8,877 8,305 35,178
Marketing 2,204 2,255 2,605 1,962 9,026
Communication 767 851 816 795 3,229
Professional services 6,631 2,303 2,885 2,268 14,087
Amortization of tax credit investments 14,303 31 31 31 14,396
State intangible tax (104) 876 875 877 2,524
FDIC assessments 2,736 3,036 2,657 2,780 11,209
Intangible amortization 2,395 2,395 2,396 2,301 9,487
Leasing business expense 12,536 11,899 10,128 9,754 44,317
Other 8,095 8,907 7,640 9,634 34,276
Total noninterest expenses 147,907 125,759 123,574 122,355 519,595
Income before income taxes 66,914 64,878 74,795 61,737 268,324
Income tax expense 2,029 12,427 13,990 11,048 39,494
Net income $ 64,885 $ 52,451 $ 60,805 $ 50,689 $ 228,830
ADDITIONAL DATA
Net earnings per share - basic $ 0.69 $ 0.56 $ 0.64 $ 0.54 $ 2.42
Net earnings per share - diluted $ 0.68 $ 0.55 $ 0.64 $ 0.53 $ 2.40
Dividends declared per share $ 0.24 $ 0.24 $ 0.23 $ 0.23 $ 0.94
Return on average assets 1.41 % 1.17 % 1.38 % 1.18 % 1.29 %
Return on average shareholders' equity 10.57 % 8.80 % 10.72 % 9.00 % 9.78 %
Interest income $ 251,571 $ 257,119 $ 252,719 $ 240,686 $ 1,002,095
Tax equivalent adjustment 1,274 1,362 1,418 1,535 5,589
Interest income - tax equivalent 252,845 258,481 254,137 242,221 1,007,684
Interest expense 97,172 101,559 99,408 91,946 390,085
Net interest income - tax equivalent $ 155,673 $ 156,922 $ 154,729 $ 150,275 $ 617,599
Net interest margin 3.91 % 4.05 % 4.06 % 4.05 % 4.02 %
Net interest margin (fully tax equivalent) (1) 3.94 % 4.08 % 4.10 % 4.10 % 4.05 %
Full-time equivalent employees 2,064 2,084 2,144 2,116
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, % Change % Change
2025 2025 2024 2024 2024 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 210,187 $ 190,610 $ 174,258 $ 190,618 $ 193,794 10.3 % 8.5 %
Interest-bearing deposits with other banks 570,173 633,349 730,228 660,576 738,555 (10.0) % (22.8) %
Investment securities available-for-sale 3,386,562 3,260,981 3,183,776 3,157,265 3,036,758 3.9 % 11.5 %
Investment securities held-to-maturity 72,994 76,469 76,960 77,985 78,921 (4.5) % (7.5) %
Other investments 122,322 120,826 114,598 120,318 132,412 1.2 % (7.6) %
Loans held for sale 26,504 17,927 13,181 12,685 16,911 47.8 % 56.7 %
Loans and leases
Commercial and industrial 3,927,771 3,832,350 3,815,858 3,678,546 3,782,487 2.5 % 3.8 %
Lease financing 587,176 573,608 598,045 587,415 534,557 2.4 % 9.8 %
Construction real estate 732,777 824,775 779,446 802,264 741,406 (11.2) % (1.2) %
Commercial real estate 3,961,513 3,956,880 4,061,744 4,034,820 4,076,596 0.1 % (2.8) %
Residential real estate 1,492,688 1,479,704 1,462,284 1,422,186 1,377,290 0.9 % 8.4 %
Home equity 903,299 872,502 849,039 825,431 800,860 3.5 % 12.8 %
Installment 116,598 119,672 133,051 141,270 148,530 (2.6) % (21.5) %
Credit card 64,374 64,639 62,311 61,140 59,477 (0.4) % 8.2 %
Total loans 11,786,196 11,724,130 11,761,778 11,553,072 11,521,203 0.5 % 2.3 %
Less:
Allowance for credit losses (158,522) (155,482) (156,791) (158,831) (156,185) 2.0 % 1.5 %
Net loans 11,627,674 11,568,648 11,604,987 11,394,241 11,365,018 0.5 % 2.3 %
Premises and equipment 197,741 197,968 197,965 196,692 197,873 (0.1) % (0.1) %
Operating leases 217,100 213,648 209,119 201,080 167,472 1.6 % 29.6 %
Goodwill 1,007,656 1,007,656 1,007,656 1,007,656 1,007,656 0.0 % 0.0 %
Other intangibles 75,458 77,002 79,291 81,547 83,528 (2.0) % (9.7) %
Accrued interest and other assets 1,119,884 1,089,983 1,178,242 1,045,669 1,147,282 2.7 % (2.4) %
Total Assets $ 18,634,255 $ 18,455,067 $ 18,570,261 $ 18,146,332 $ 18,166,180 1.0 % 2.6 %
LIABILITIES
Deposits
Interest-bearing demand $ 3,057,232 $ 3,004,601 $ 3,095,724 $ 2,884,971 $ 2,922,540 1.8 % 4.6 %
Savings 4,979,124 4,886,613 4,948,768 4,710,223 4,628,320 1.9 % 7.6 %
Time 3,201,711 3,144,440 3,152,265 3,244,861 3,049,635 1.8 % 5.0 %
Total interest-bearing deposits 11,238,067 11,035,654 11,196,757 10,840,055 10,600,495 1.8 % 6.0 %
Noninterest-bearing 3,131,926 3,161,302 3,132,381 3,107,699 3,061,427 (0.9) % 2.3 %
Total deposits 14,369,993 14,196,956 14,329,138 13,947,754 13,661,922 1.2 % 5.2 %
FHLB short-term borrowings 680,000 735,000 625,000 765,000 1,040,000 (7.5) % (34.6) %
Other 4,699 64,792 130,452 46,653 139,172 (92.7) % (96.6) %
Total short-term borrowings 684,699 799,792 755,452 811,653 1,179,172 (14.4) % (41.9) %
Long-term debt 344,955 345,878 347,509 344,086 338,556 (0.3) % 1.9 %
Total borrowed funds 1,029,654 1,145,670 1,102,961 1,155,739 1,517,728 (10.1) % (32.2) %
Accrued interest and other liabilities 676,453 611,206 700,121 592,401 660,091 10.7 % 2.5 %
Total Liabilities 16,076,100 15,953,832 16,132,220 15,695,894 15,839,741 0.8 % 1.5 %
SHAREHOLDERS' EQUITY
Common stock 1,638,796 1,637,041 1,642,055 1,639,045 1,635,705 0.1 % 0.2 %
Retained earnings 1,351,674 1,304,636 1,276,329 1,234,375 1,204,844 3.6 % 12.2 %
Accumulated other comprehensive income (loss) (246,384) (253,888) (289,799) (232,262) (323,409) (3.0) % (23.8) %
Treasury stock, at cost (185,931) (186,554) (190,544) (190,720) (190,701) (0.3) % (2.5) %
Total Shareholders' Equity 2,558,155 2,501,235 2,438,041 2,450,438 2,326,439 2.3 % 10.0 %
Total Liabilities and Shareholders' Equity $ 18,634,255 $ 18,455,067 $ 18,570,261 $ 18,146,332 $ 18,166,180 1.0 % 2.6 %
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30,
2025 2025 2024 2024 2024 2025 2024
ASSETS
Cash and due from banks $ 174,375 $ 164,734 $ 182,242 $ 179,321 $ 174,435 $ 169,581 $ 189,277
Interest-bearing deposits with other banks 542,815 615,812 654,251 483,880 599,348 579,112 576,501
Investment securities 3,478,921 3,411,593 3,372,539 3,274,498 3,131,541 3,445,443 3,134,603
Loans held for sale 25,026 10,212 17,284 16,399 14,075 17,660 13,072
Loans and leases
Commercial and industrial 3,881,001 3,787,207 3,727,549 3,723,761 3,716,083 3,834,363 3,629,779
Lease financing 581,091 585,119 587,110 550,634 509,758 583,094 495,149
Construction real estate 784,028 797,100 826,936 763,779 683,780 790,528 643,877
Commercial real estate 3,958,730 4,018,211 4,045,347 4,059,939 4,146,764 3,988,306 4,124,001
Residential real estate 1,485,479 1,475,703 1,442,799 1,399,932 1,361,133 1,480,618 1,348,941
Home equity 891,761 858,153 837,863 811,265 790,384 875,050 777,897
Installment 117,724 127,192 136,927 143,102 151,753 122,432 154,708
Credit card 68,000 65,830 66,071 65,189 67,200 66,921 66,133
Total loans 11,767,814 11,714,515 11,670,602 11,517,601 11,426,855 11,741,312 11,240,485
Less:
Allowance for credit losses (158,170) (158,206) (161,477) (159,252) (147,666) (158,188) (145,808)
Net loans 11,609,644 11,556,309 11,509,125 11,358,349 11,279,189 11,583,124 11,094,677
Premises and equipment 198,407 198,998 197,664 197,881 199,096 198,701 198,789
Operating leases 212,684 205,181 202,110 180,118 156,457 208,953 155,556
Goodwill 1,007,656 1,007,656 1,007,658 1,007,654 1,007,657 1,007,656 1,007,067
Other intangibles 76,076 78,220 80,486 82,619 84,577 77,142 84,343
Accrued interest and other assets 1,093,833 1,119,889 1,050,060 1,073,472 1,081,876 1,106,789 1,063,351
Total Assets $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 17,728,251 $ 18,394,161 $ 17,517,236
LIABILITIES
Deposits
Interest-bearing demand $ 3,066,986 $ 3,090,526 $ 3,081,148 $ 2,914,934 $ 2,888,252 $ 3,078,691 $ 2,892,010
Savings 5,005,526 4,918,004 4,886,784 4,694,923 4,617,658 4,962,007 4,508,713
Time 3,139,182 3,141,103 3,209,078 3,080,408 2,980,158 3,140,137 2,897,019
Total interest-bearing deposits 11,211,694 11,149,633 11,177,010 10,690,265 10,486,068 11,180,835 10,297,742
Noninterest-bearing 3,143,081 3,091,037 3,162,643 3,106,239 3,144,198 3,117,203 3,156,974
Total deposits 14,354,775 14,240,670 14,339,653 13,796,504 13,630,266 14,298,038 13,454,716
Federal funds purchased and securities sold
under agreements to repurchase 4,780 2,055 2,282 10,807 750 3,425 2,477
FHLB short-term borrowings 532,198 553,667 415,652 626,490 669,111 542,873 657,649
Other 26,226 99,378 93,298 76,859 161,913 62,600 154,020
Total short-term borrowings 563,204 655,100 511,232 714,156 831,774 608,898 814,146
Long-term debt 347,369 346,237 343,851 339,581 339,472 346,806 340,984
Total borrowed funds 910,573 1,001,337 855,083 1,053,737 1,171,246 955,704 1,155,130
Accrued interest and other liabilities 638,342 668,812 637,638 632,825 645,699 653,493 634,089
Total Liabilities 15,903,690 15,910,819 15,832,374 15,483,066 15,447,211 15,907,235 15,243,935
SHAREHOLDERS' EQUITY
Common stock 1,637,782 1,641,016 1,640,280 1,637,045 1,634,183 1,639,390 1,636,009
Retained earnings 1,322,168 1,282,300 1,249,263 1,210,924 1,179,827 1,302,344 1,162,137
Accumulated other comprehensive loss (257,873) (275,068) (257,792) (285,978) (341,941) (266,423) (330,771)
Treasury stock, at cost (186,330) (190,463) (190,706) (190,866) (191,029) (188,385) (194,074)
Total Shareholders' Equity 2,515,747 2,457,785 2,441,045 2,371,125 2,281,040 2,486,926 2,273,301
Total Liabilities and Shareholders' Equity $ 18,419,437 $ 18,368,604 $ 18,273,419 $ 17,854,191 $ 17,728,251 $ 18,394,161 $ 17,517,236
FIRST FINANCIAL BANCORP.
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NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 3,478,921 $ 38,476 4.44 % $ 3,411,593 $ 36,605 4.35 % $ 3,131,541 $ 32,999 4.23 % $ 3,445,443 4.39 % $ 3,134,603 4.14 %
Interest-bearing deposits with other banks 542,815 5,964 4.41 % 615,812 6,651 4.38 % 599,348 7,960 5.33 % 579,112 4.39 % 576,501 5.39 %
Gross loans (1) 11,792,840 201,460 6.85 % 11,724,727 197,163 6.82 % 11,440,930 211,760 7.42 % 11,758,972 6.84 % 11,253,557 7.41 %
Total earning assets 15,814,576 245,900 6.24 % 15,752,132 240,419 6.19 % 15,171,819 252,719 6.68 % 15,783,527 6.21 % 14,964,661 6.65 %
Nonearning assets
Allowance for credit losses (158,170) (158,206) (147,666) (158,188) (145,808)
Cash and due from banks 174,375 164,734 174,435 169,581 189,277
Accrued interest and other assets 2,588,656 2,609,944 2,529,663 2,599,241 2,509,106
Total assets $ 18,419,437 $ 18,368,604 $ 17,728,251 $ 18,394,161 $ 17,517,236
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 3,066,986 $ 14,139 1.85 % $ 3,090,526 $ 15,188 1.99 % $ 2,888,252 $ 14,923 2.07 % $ 3,078,691 1.92 % $ 2,892,010 2.08 %
Savings 5,005,526 29,942 2.40 % 4,918,004 30,355 2.50 % 4,617,658 33,142 2.88 % 4,962,007 2.45 % 4,508,713 2.80 %
Time 3,139,182 31,403 4.01 % 3,141,103 33,098 4.27 % 2,980,158 34,957 4.70 % 3,140,137 4.14 % 2,897,019 4.64 %
Total interest-bearing deposits 11,211,694 75,484 2.70 % 11,149,633 78,641 2.86 % 10,486,068 83,022 3.18 % 11,180,835 2.78 % 10,297,742 3.12 %
Borrowed funds
Short-term borrowings 563,204 6,393 4.55 % 655,100 7,545 4.67 % 831,774 11,395 5.49 % 608,898 4.62 % 814,146 5.53 %
Long-term debt 347,369 5,754 6.64 % 346,237 4,937 5.78 % 339,472 4,991 5.90 % 346,806 6.22 % 340,984 5.87 %
Total borrowed funds 910,573 12,147 5.35 % 1,001,337 12,482 5.06 % 1,171,246 16,386 5.61 % 955,704 5.20 % 1,155,130 5.63 %
Total interest-bearing liabilities 12,122,267 87,631 2.90 % 12,150,970 91,123 3.04 % 11,657,314 99,408 3.42 % 12,136,539 2.97 % 11,452,872 3.37 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,143,081 3,091,037 3,144,198 3,117,203 3,156,974
Other liabilities 638,342 668,812 645,699 653,493 634,089
Shareholders' equity 2,515,747 2,457,785 2,281,040 2,486,926 2,273,301
Total liabilities & shareholders' equity $ 18,419,437 $ 18,368,604 $ 17,728,251 $ 18,394,161 $ 17,517,236
Net interest income $ 158,269 $ 149,296 $ 153,311 $ 307,565 $ 302,051
Net interest spread 3.34 % 3.15 % 3.26 % 3.24 % 3.28 %
Net interest margin 4.01 % 3.84 % 4.06 % 3.93 % 4.06 %
Tax equivalent adjustment 0.04 % 0.04 % 0.04 % 0.03 % 0.04 %
Net interest margin (fully tax equivalent) 4.05 % 3.88 % 4.10 % 3.96 % 4.10 %
(1) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
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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 $ 712 $ 1,159 $ 1,871 $ 1,635 $ 3,842 $ 5,477 $ 3,920 $ 6,774 $ 10,694
Interest-bearing deposits with other banks 41 (728) (687) (1,375) (621) (1,996) (2,860) 57 (2,803)
Gross loans (2) 932 3,365 4,297 (16,312) 6,012 (10,300) (32,110) 17,133 (14,977)
Total earning assets 1,685 3,796 5,481 (16,052) 9,233 (6,819) (31,050) 23,964 (7,086)
Interest-bearing liabilities
Total interest-bearing deposits $ (4,400) $ 1,243 $ (3,157) $ (12,423) $ 4,885 $ (7,538) $ (17,145) $ 12,173 $ (4,972)
Borrowed funds
Short-term borrowings (191) (961) (1,152) (1,953) (3,049) (5,002) (3,702) (4,698) (8,400)
Long-term debt 735 82 817 632 131 763 593 179 772
Total borrowed funds 544 (879) (335) (1,321) (2,918) (4,239) (3,109) (4,519) (7,628)
Total interest-bearing liabilities (3,856) 364 (3,492) (13,744) 1,967 (11,777) (20,254) 7,654 (12,600)
Net interest income (1) $ 5,541 $ 3,432 $ 8,973 $ (2,308) $ 7,266 $ 4,958 $ (10,796) $ 16,310 $ 5,514
(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)
Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2025 2025 2024 2024 2024 2025 2024
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period $ 155,482 $ 156,791 $ 158,831 $ 156,185 $ 144,274 $ 156,791 $ 141,433
Provision for credit losses 9,084 9,141 9,705 9,930 16,157 18,225 29,576
Gross charge-offs
Commercial and industrial 4,996 8,178 4,333 5,471 2,149 13,174 4,844
Lease financing 606 1,454 2,831 368 190 2,060 193
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 0 0 5,051 261 2 0 5,321
Residential real estate 16 0 12 60 6 16 71
Home equity 100 86 210 90 122 186 147
Installment 1,120 1,321 1,680 1,510 2,034 2,441 4,270
Credit card 489 474 492 768 532 963 1,326
Total gross charge-offs 7,327 11,513 14,609 8,528 5,035 18,840 16,172
Recoveries
Commercial and industrial 290 195 1,779 434 236 485 398
Lease financing 11 29 17 11 1 40 60
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 70 24 19 25 137 94 175
Residential real estate 42 24 23 22 37 66 61
Home equity 74 144 222 240 118 218 198
Installment 716 563 499 421 219 1,279 364
Credit card 80 84 305 91 41 164 92
Total recoveries 1,283 1,063 2,864 1,244 789 2,346 1,348
Total net charge-offs 6,044 10,450 11,745 7,284 4,246 16,494 14,824
Ending allowance for credit losses $ 158,522 $ 155,482 $ 156,791 $ 158,831 $ 156,185 $ 158,522 $ 156,185
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial 0.49 % 0.85 % 0.27 % 0.54 % 0.21 % 0.67 % 0.25 %
Lease financing 0.41 % 0.99 % 1.91 % 0.26 % 0.15 % 0.70 % 0.05 %
Construction real estate 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Commercial real estate (0.01) % 0.00 % 0.49 % 0.02 % (0.01) % 0.00 % 0.25 %
Residential real estate (0.01) % (0.01) % 0.00 % 0.01 % (0.01) % (0.01) % 0.00 %
Home equity 0.01 % (0.03) % (0.01) % (0.07) % 0.00 % (0.01) % (0.01) %
Installment 1.38 % 2.42 % 3.43 % 3.03 % 4.81 % 1.91 % 5.08 %
Credit card 2.41 % 2.40 % 1.13 % 4.13 % 2.94 % 2.41 % 3.75 %
Total net charge-offs 0.21 % 0.36 % 0.40 % 0.25 % 0.15 % 0.28 % 0.27 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial $ 24,489 $ 7,649 $ 6,641 $ 10,703 $ 17,665 $ 24,489 $ 17,665
Lease financing 6,243 6,487 6,227 11,632 5,374 6,243 5,374
Construction real estate 1,365 0 0 0 0 1,365 0
Commercial real estate 23,905 25,736 32,303 23,608 22,942 23,905 22,942
Residential real estate 16,995 16,044 16,700 14,596 12,715 16,995 12,715
Home equity 3,226 2,920 3,418 4,074 3,295 3,226 3,295
Installment 701 719 684 826 682 701 682
Total nonaccrual loans 76,924 59,555 65,973 65,439 62,673 76,924 62,673
Other real estate owned (OREO) 204 213 64 30 30 204 30
Total nonperforming assets 77,128 59,768 66,037 65,469 62,703 77,128 62,703
Accruing loans past due 90 days or more 714 228 361 463 1,573 714 1,573
Total underperforming assets $ 77,842 $ 59,996 $ 66,398 $ 65,932 $ 64,276 $ 77,842 $ 64,276
Total classified assets $ 214,346 $ 213,351 $ 224,084 $ 206,194 $ 195,277 $ 214,346 $ 195,277
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans 206.08 % 261.07 % 237.66 % 242.72 % 249.21 % 206.08 % 249.21 %
Total ending loans 1.34 % 1.33 % 1.33 % 1.37 % 1.36 % 1.34 % 1.36 %
Nonaccrual loans to total loans 0.65 % 0.51 % 0.56 % 0.57 % 0.54 % 0.65 % 0.54 %
Nonperforming assets to
Ending loans, plus OREO 0.65 % 0.51 % 0.56 % 0.57 % 0.54 % 0.65 % 0.54 %
Total assets 0.41 % 0.32 % 0.36 % 0.36 % 0.35 % 0.41 % 0.35 %
Classified assets to total assets 1.15 % 1.16 % 1.21 % 1.14 % 1.07 % 1.15 % 1.07 %
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2025 2025 2024 2024 2024 2025 2024
PER COMMON SHARE
Market Price
High $ 25.19 $ 29.04 $ 30.34 $ 28.09 $ 23.78 $ 29.04 $ 23.78
Low $ 22.05 $ 24.25 $ 23.98 $ 21.70 $ 20.79 $ 22.05 $ 20.79
Close $ 24.26 $ 24.98 $ 26.88 $ 25.23 $ 22.22 $ 24.26 $ 22.22
Average shares outstanding - basic 94,860,428 94,645,787 94,486,838 94,473,666 94,438,235 94,753,700 94,328,151
Average shares outstanding - diluted 95,741,696 95,524,262 95,487,564 95,479,510 95,470,093 95,633,579 95,327,045
Ending shares outstanding 95,760,617 95,730,353 95,494,840 95,486,317 95,486,010 95,760,617 95,486,010
Total shareholders' equity $ 2,558,155 $ 2,501,235 $ 2,438,041 $ 2,450,438 $ 2,326,439 $ 2,558,155 $ 2,326,439
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,776,038 $ 1,724,134 $ 1,709,422 $ 1,661,759 $ 1,626,345 $ 1,776,038 $ 1,626,345
Common equity tier 1 capital ratio 12.57 % 12.29 % 12.16 % 12.04 % 11.78 % 12.57 % 11.78 %
Tier 1 capital $ 1,821,316 $ 1,769,357 $ 1,754,584 $ 1,706,796 $ 1,671,258 $ 1,821,316 $ 1,671,258
Tier 1 ratio 12.89 % 12.61 % 12.48 % 12.37 % 12.11 % 12.89 % 12.11 %
Total capital $ 2,116,180 $ 2,090,211 $ 2,057,877 $ 2,012,349 $ 1,997,378 $ 2,116,180 $ 1,997,378
Total capital ratio 14.98 % 14.90 % 14.64 % 14.58 % 14.47 % 14.98 % 14.47 %
Total capital in excess of minimum requirement $ 632,563 $ 617,347 $ 581,659 $ 563,273 $ 548,037 $ 632,563 $ 548,037
Total risk-weighted assets $ 14,129,683 $ 14,027,274 $ 14,059,215 $ 13,800,728 $ 13,803,249 $ 14,129,683 $ 13,803,249
Leverage ratio 10.28 % 10.01 % 9.98 % 9.93 % 9.73 % 10.28 % 9.73 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 13.73 % 13.55 % 13.13 % 13.50 % 12.81 % 13.73 % 12.81 %
Ending tangible shareholders' equity to ending tangible assets (1) 8.40 % 8.16 % 7.73 % 7.98 % 7.23 % 8.40 % 7.23 %
Average shareholders' equity to average assets 13.66 % 13.38 % 13.36 % 13.28 % 12.87 % 13.52 % 12.98 %
Average tangible shareholders' equity to average tangible assets (1) 8.26 % 7.94 % 7.87 % 7.64 % 7.15 % 8.10 % 7.20 %
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

11

exh992earningsrelease2q2

earnings presentation • Second Quarter 2025 Exhibit 99.2

forward looking statements disclosure 2 Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “expected,” “estimated,” ‘‘intends’’ and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements. As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: • economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business; • future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses; • the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iv) management’s ability to effectively execute its business plans; • mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; • the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period; • the effect of changes in accounting policies and practices; • changes in consumer spending, borrowing and saving and changes in unemployment; • changes in customers’ performance and creditworthiness; • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; • current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth; • the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; • 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;

forward looking statements disclosure 3 • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale; • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses; • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and • our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2024, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

2Q 2025 results 139th Consecutive Quarter of Profitability 4 • EOP assets increased $179.2 million compared to the linked quarter to $18.6 billion • EOP loans increased $62.1 million compared to the linked quarter to $11.8 billion • Average deposits increased $114.1 million compared to the linked quarter to $14.4 billion • Excluding brokered deposits, total average deposits increased $100.8 million over linked quarter • EOP investment securities increased $122.1 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $68.1 million; $67.8 million as adjusted1 • Noninterest expense – $128.7 million; $127.6 million as adjusted1 • Efficiency ratio – 56.9%. Adjusted1 efficiency ratio – 56.4% • Effective tax rate of 20.3%. Adjusted1 effective tax rate of 20.4% • Net interest income – $158.3 million • Net interest margin of 4.01% on a GAAP basis; 4.05% on a fully tax equivalent basis1 • Net income – $70.0 million or $0.73 per diluted share. Adjusted1 net income – $70.6 million or $0.74 per diluted share • Return on average assets – 1.52%. Adjusted 1 return on average assets – 1.54% • Return on average shareholders’ equity – 11.2%. Adjusted1 return on average shareholders’ equity – 11.3% • Return on average tangible common equity – 19.6%. Adjusted1 return on average tangible common equity – 19.8% • Provision expense - $9.8 million • Net charge-offs – $6.0 million. NCOs / Avg. Loans – 0.21% annualized • Classified Assets / Total Assets - 1.15% • NPA / Total Assets – 0.41% • ACL / Total Loans – 1.34% • Total capital ratio – 14.98% • Tier 1 common equity ratio – 12.57% • Tangible common equity ratio – 8.40%. Adjusted1 Tangible common equity ratio – 9.81% • Tangible book value per share – $15.40 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.

2Q 2025 highlights • Strong earnings driven by record quarterly revenue • Adjusted1 earnings per share – $0.74 • Adjusted1 return on assets – 1.54% • Adjusted1 pre-tax, pre-provision return on assets – 2.14% • Adjusted1 return on average tangible common equity – 19.8% • Loan growth during the quarter in line with expectations • EOP loan balances increased $62.1 million compared to the linked quarter; 2.1% on an annualized basis • Quarterly growth driven by C&I, Agile, Summit, and Consumer, which offset elevated prepayments in ICRE • Average loan balances increased 1.8% on an annualized basis compared to linked quarter • Total average deposit balances increased $114.1 million, or 3.2% on an annualized basis • Second quarter included $85 million seasonal increase in public funds • Growth in noninterest bearing deposits, retail CDs, and savings offset by declines in interest-bearing demand and money markets • Average noninterest bearing deposits increased 5% on an annualized basis and were 21% of average total deposits • Net interest margin (FTE) of 4.05% increased 17 bps from linked quarter • 12 bp decline in cost of funds driven by 13 bp decline in cost of deposits • 5 bp increase in asset yields • Noninterest income of $68.1 million; $67.8 million as adjusted1 • Adjustments include $0.2 million gain on sales of securities • Double digit percentage growth from linked quarter in mortgage, bankcard income and foreign exchange • Leasing business revenue of $20.8 million 5 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .

2Q 2025 highlights • Adjusted1 noninterest expense of $127.6 million; 0.8% increase from first quarter • Adjustments1 include $1.0 million of efficiency and acquisition related costs • Efficiency ratio of 56.9%; 56.4% as adjusted1 • Stable credit quality • Total ACL of $175.7 million; provision expense of $9.8 million o Loans and leases - ACL of $158.5 million; 1.34% of total loans; 1 bp increase compared to prior quarter o Unfunded Commitments - ACL of $17.1 million • Provision expense driven by loan growth and net charge-offs • Nonperforming assets increased 9 bps to 0.41% of total assets • $6.0 million in net charge-offs; 0.21% of loans on an annualized basis; 15 bp decrease from linked quarter • Capital ratios stable and strong • Total capital ratio of 14.98% • Tier 1 common equity of 12.57%; 28 bp increase from linked quarter • Tangible book value of $15.40; increased $0.60, or 4% from linked quarter • Tangible common equity increased 24 bps to 8.40%; 9.81%1 excluding ($246.4) million of AOCI • Dividend increase to $0.25; 4.2% increase from prior dividend level 6 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .

adjusted net income1 7 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 158,269$ 158,269$ 149,296$ 149,296$ Provision for credit losses-loans and leases 9,084$ 9,084$ 9,141$ 9,141$ Provision for credit losses-unfunded commitments 718$ 718$ (441)$ (441)$ Noninterest income 68,063$ 68,063$ 51,083$ 51,083$ less: gains (losses) on security transactions - 242 A - (9,948) A Total noninterest income 68,063$ 67,821$ 51,083$ 61,031$ Noninterest expense 128,671$ 128,671$ 128,076$ 128,076$ less: tax credit investment writedown - 111 A - 112 A less: efficiency-related costs - 1,016 A - 451 A less: other - (56) A - 894 A Total noninterest expense 128,671$ 127,600$ 128,076$ 126,619$ Income before income taxes 87,859$ 88,688$ 63,603$ 75,008$ Income tax expense 17,863$ 17,863$ 12,310$ 12,310$ plus: after-tax impact of tax credit investment @ 21% - 88 - 88 plus: tax effect of adjustments (A) @ 21% statutory rate - 174 - 2,395 Total income tax expense 17,863$ 18,125$ 12,310$ 14,793$ Net income 69,996$ 70,563$ 51,293$ 60,215$ Net earnings per share - diluted 0.73$ 0.74$ 0.54$ 0.63$ Pre-tax, pre-provision return on average assets 2.13% 2.14% 1.60% 1.85% 2Q 2025 1Q 2025

profitability 8 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. $0.73 $0.54 $0.68 $0.55 $0.64 $0.74 $0.63 $0.71 $0.67 $0.65 2Q251Q254Q243Q242Q24 Diluted EPS Adjusted EPS1 19.61% 15.16% 19.08% 16.29% 20.57% 19.76% 17.80% 19.90%19.77% 20.88% 2Q251Q254Q243Q242Q24 ROATCE Adjusted ROATCE 1 1 1.52% 1.13% 1.41% 1.17% 1.38% 1.54% 1.33% 1.47%1.42%1.40% 2Q251Q254Q243Q242Q24 ROA Adjusted ROA1 $98.5 $83.7$93.2$89.7$92.4 2.14% 1.85% 2.03%2.00%2.10% 2Q251Q254Q243Q242Q24 Pre-tax, pre-provision earnings Pre-tax, pre-provision ROA Adjusted1 Pre-tax, Pre-Provision Earnings

net interest income & margin 9 Net Interest Margin (FTE) 2Q25 NIM (FTE) Progression Net Interest Income All dollars shown in millions $153.8 $145.6$149.2$151.0$148.4 $4.0 $3.1 $4.7$3.8 $3.6 $158.3 $149.3 $154.4$155.6 $153.3 2Q251Q254Q243Q242Q24 Basic NII Loan Fees 3.95% 3.80%3.82% 3.98%4.00% 0.10% 0.08%0.12% 0.10%0.10% 4.05% 3.88%3.94% 4.08%4.10% 2Q251Q254Q243Q242Q24 Basic Margin (FTE) Loan Fees 1Q25 3.88% Asset yields/mix 0.05% Funding costs/mix 0.12% 2Q25 4.05%

average balance sheet 10 Average Securities All dollars shown in millions 1 Includes loans fees and loan accretion Average Deposits Average Loans $3,479$3,412$3,373$3,274$3,132 4.44% 4.35% 4.28%4.24%4.23% 2Q251Q254Q243Q242Q24 Investment Securities Investment Securities Yield $11,793$11,725$11,688$11,534$11,441 6.85%6.82% 7.04% 7.41%7.42% 2Q251Q254Q243Q242Q24 Loans Loan Yield $14,355$14,241$14,340 $13,797$13,630 2.11% 2.24% 2.36% 2.49%2.44% 2Q251Q254Q243Q242Q24 Deposits Cost of Deposits

11 Borrowing Capacity • Interest-bearing deposits with other banks of $570 million • Investment securities portfolio: • 97.9% of investment portfolio classified as available-for-sale • $785.9 million of expected cash flow from securities portfolio in next 12 months • $384.3 million of floating rate securities with minimal losses • Portfolio duration of 4.3 years at June 30, 2025 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 931,212$ Fed Discount Window availability 881,289 Brokered CDs/Deposit placement services 2,395,905 Fed funds 960,000 Total as of June 30, 2025 5,168,406$

loan portfolio 12 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $62.1 million ICRE $3,620 31% Commercial & Small Business Banking $3,300 28% Oak Street $780 6% Franchise $219 2% Summit $931 8% Agile $256 2% Consumer $1,066 9% Mortgage $1,614 14% Total $11.8 Billion -$97.2 $62.1 -$13.4 -$10.1 $29.9 $50.2 $29.4 $11.2 ICRE Commercial & Small Business Banking Oak Street Franchise Summit Agile Consumer Mortgage

loan concentrations 13 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Agile Premium Finance Property Type 6/30/25 % of Total Loans Residential Multi Family 5+ $1,334.9 11.3% Retail Property 790.4 6.7% Industrial 435.6 3.7% Office 371.2 3.1% Hospital/Nursing Home 257.5 2.2% Hotel 161.0 1.4% Land 113.1 1.0% Residential 1-4 Family 102.6 0.9% Other Real Estate 41.9 0.4% Self Storage 11.9 0.1% Agriculture 0.2 0.0% Other 0.0 0.0% Grand Total $3,620.3 30.7% NAICS Sector 6/30/25 % of Total Loans Finance and Insurance $1,254.1 10.6% Manufacturing 539.8 4.6% Construction 393.0 3.3% Real Estate and Rental and Leasing 318.1 2.7% Health Care and Social Assistance 279.4 2.4% Professional, Scientific, and Technical Services 273.2 2.3% Accommodation and Food Services 272.8 2.3% Retail Trade 225.1 1.9% Wholesale Trade 214.2 1.8% Agriculture, Forestry, Fishing and Hunting 156.3 1.3% Transportation and Warehousing 147.4 1.3% Administrative and Support and Waste Management 144.4 1.2% Other Services (except Public Administration) 125.9 1.1% Arts, Entertainment, and Recreation 71.9 0.6% Information 65.8 0.6% Public Administration 60.5 0.5% Educational Services 26.3 0.2% Management of Companies and Enterprises 24.2 0.2% Utilities 19.3 0.2% Mining, Quarrying, and Oil and Gas Extraction 14.5 0.1% Other 0.6 0.0% Grand Total $4,626.9 39.3%

deposits 14 Deposit Product Mix (Avg) 2Q25 Average Deposit Progression All dollars shown in millions Total growth/(decline): $114.1 million Noninterest- bearing $3,014 21% Interest-bearing demand $1,747 12% Savings $1,004 7% Money Markets $3,230 22% Retail CDs $1,958 14% Brokered Deposits $1,251 9% Public Funds $2,151 15% Total $14.4 Billion $37.5 -$19.7 $7.8 -$25.4 $15.4 $13.3 $85.2 Noninterest-bearing Interest-bearing demand Savings Money Markets Retail CDs Brokered Deposits Public Funds

average deposit trends 15 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,696$6,665$6,520$6,330$6,312 2Q251Q254Q243Q242Q24 $4,163$4,190$4,207$3,974$3,824 2Q251Q254Q243Q242Q24 $2,151$2,066$2,129$1,937$1,978 2Q251Q254Q243Q242Q24 Uninsured deposits (per call report instructions) 6,292$ Less: Public funds 1,891 Less: Intercompany deposits 573 Adjusted uninsured deposits 3,828 Borrowing capacity 5,168 Borrowing capacity in excess of adjusted uninsured deposits $ 1,340 Borrowing capacity as a % of adjusted uninsured deposits 135.0% Adjusted uninsured deposits to total deposits 26.6%

noninterest income 16 Noninterest Income 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 2Q25 Highlights • $0.2 million of adjustments1 for gains on sales of securities • Adjusted1 noninterest income 30% of net revenue • Mortgage banking income of $6.7 million; increased $2.4 million , or 54.7% from linked quarter • Foreign exchange income of $13.8 million; increased $1.2 million, or 9.7% from linked quarter • Leasing business income of $20.8 million; increased $2.1 million, or 11.2% from the linked quarter All dollars shown in millions Service Charges $7.8 11% Wealth Mgmt $7.8 11% Bankcard $3.7 6% Client derivative fees $1.7 2% Foreign exchange $13.8 20% Leasing business $20.8 31% Mortgage banking $6.7 10% Other $5.8 9% Total $68.1 million $67.8 million as adjusted 1

noninterest expense 17 Noninterest Expense 2Q25 Highlights 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in millions • Adjusted1 noninterest expense increased $1.0 million, or 0.8% from linked quarter • Efficiency ratio of 56.9%; 56.4% as adjusted1 • $1.1 million of adjustments1 include: • $1.0 million efficiency and acquisition related costs • $0.1 million of other costs not expected to recur such as tax credit investment write-downs and severance costs Full-time Equivalent Employees Salaries and benefits $74.9 58% Occupancy and equipment $9.3 7% Data processing $9.0 7% Professional services $3.5 3% Intangible amortization $2.4 2% Leasing business expense $13.2 10% Other $16.4 13% $128.7 million 57.5% 62.5% 66.0% 63.9% 56.9%57.0% 58.2% 58.4% 60.2% 56.4% 2Q24 3Q24 4Q24 1Q25 2Q25 Efficiency Ratio Adjusted Efficiency Ratio 1 Efficiency Ratio 2,033 2,021 2,064 2,084 2,144 2Q251Q254Q243Q242Q24 Full-time equivalent employees

allowance for credit losses 18 2Q25 Highlights All dollars shown in millions • $175.7 million combined ACL; $9.8 million combined provision expense • $158.5 million ACL – loans and leases; 1.34% of loan balances • Utilized Moody’s June baseline forecast in quantitative model • $17.1 million ACL – unfunded commitments ACL / Total Loans $156.2 $158.8 $156.8 $155.5 $158.5 $16.4 $17.1 $16.9 $16.4 $17.1 $172.6 $176.0 $173.7 $171.9 $175.7 1.36% 1.37% 1.33% 1.33% 1.34% 2Q24 3Q24 4Q24 1Q25 2Q25 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans

asset quality 19 Classified Assets / Total Assets . 1 Provision includes both loans & leases and unfunded commitments All dollars shown in millions Nonperforming Assets / Total Assets Net Charge Offs & Provision Expense1 $4.2 $7.3 $11.7 $10.5 $6.0 $16.4 $10.6 $9.4 $8.7 $9.8 0.21% 0.36%0.40% 0.25% 0.15% 2Q24 3Q24 4Q24 1Q25 2Q25 NCOs Provision Expense NCOs / Average Loans $214.3$213.4$224.1 $206.2$195.3 1.15%1.16%1.21% 1.14%1.07% 2Q251Q254Q243Q242Q24 Classified Assets Classified Assets / Total Assets $77.1 $59.8 $66.0$65.5$62.7 0.41% 0.32% 0.36%0.36%0.35% 2Q251Q254Q243Q242Q24 NPAs NPAs / Total Assets

capital 20 Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $14,129,683 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted TCE excludes impact from AOCI 12.57%12.29%12.16%12.04%11.78% 7.00% 2Q251Q254Q243Q242Q24 Tier 1 Common Equity Ratio Basel III minimum Tier 1 Common Equity Ratio 12.89%12.61%12.48%12.37%12.11% 8.50% 2Q251Q254Q243Q242Q24 Tier 1 Capital Ratio Basel III minimum Tier 1 Capital Ratio 7.23% 7.98% 7.73% 8.16% 8.40% 9.13% 9.34% 9.39% 9.62% 9.81% 2Q24 3Q24 4Q24 1Q25 2Q25 TCE ratio Adjusted TCE ratio 1 14.98%14.90%14.64%14.58%14.47% 10.50% 2Q251Q254Q243Q242Q24 Total Capital Ratio Basel III minimum Total Capital Ratio

capital strategy 21 Strategy & DeploymentTangible Book Value Per Share • 4.0% annualized dividend yield as of June 30th • 32.8% of 2Q25 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend increased $0.01 to $0.25; 4.2% increase • No shares repurchased in 2Q25; no plans to repurchase shares in near- term • Increase in TBV per share from linked quarter of 4% driven by strong earnings • 19% increase since 2Q24 1 Excludes impact from AOCI $12.94 $14.26 $14.15 $14.80 $15.40 $16.32 $16.69 $17.18 $17.45 $17.98 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Book Value per Share TBV per share-adjusted 1

outlook commentary1 • Loan balances expected to increase low to mid single digits on an annualized basis • Deposit balances expected to be stable, excluding seasonal public fund outflows 22 • Total noninterest expense expected to be $128 - 130 million • Incentive expense will fluctuate with fee incomeNoninterest Expense Net Interest Margin Balance Sheet Credit • Credit costs expected to be stable • Net charge-offs expected to approximate 2Q levels • Stable to slightly increasing ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $67 - 69 million • Includes $14 - 16 million foreign exchange • Includes $19 - 21 million leasing business income 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 4.00% - 4.05%; assumes 25 bp September rate cut Capital • Common dividend increase of $0.01 to $0.25

The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. We believe this information is helpful in understanding the results of operations separate and apart from items that may, or could, have a disproportional positive or negative impact in any given period. For a reconciliation of the differences between the non-GAAP financial measures and the most comparable GAAP measures, please refer to the following reconciliation tables. to GAAP Reconciliation 23 appendix: non-GAAP measures

appendix: non-GAAP to GAAP reconciliation 24 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2025 2025 2024 2024 2024 Net interest income 158,269$ 149,296$ 154,399$ 155,560$ 153,311$ Tax equivalent adjustment 1,246 1,213 1,274 1,362 1,418 Net interest income - tax equivalent 159,515$ 150,509$ 155,673$ 156,922$ 154,729$ Average earning assets 15,814,576$ 15,752,132$ 15,714,676$ 15,292,378$ 15,171,819$ Net interest margin1 4.01 % 3.84 % 3.91 % 4.05 % 4.06 % Net interest margin (fully tax equivalent)1 4.05 % 3.88 % 3.94 % 4.08 % 4.10 % Three months ended 1 Margins are calculated using net interest income annualized divided by average earning assets. 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.

appendix: non-GAAP to GAAP reconciliation 25 All dollars shown in thousands Additional non-GAAP ratios June 30, Mar. 31, Dec. 31, Sep. 30, June 30, (Dollars in thousands, except per share data) 2025 2025 2024 2024 2024 Net income (a) 69,996$ 51,293$ 64,885$ 52,451$ 60,805$ Average total shareholders' equity 2,515,747 2,457,785 2,441,045 2,371,125 2,281,040 Less: Goodwill (1,007,656) (1,007,656) (1,007,658) (1,007,654) (1,007,657) Other intangibles (76,076) (78,220) (80,486) (82,619) (84,577) Average tangible equity (b) 1,432,015 1,371,909 1,352,901 1,280,852 1,188,806 Total shareholders' equity 2,558,155 2,501,235 2,438,041 2,450,438 2,326,439 Less: Goodwill (1,007,656) (1,007,656) (1,007,656) (1,007,656) (1,007,656) Other intangibles (75,458) (77,002) (79,291) (81,547) (83,528) Ending tangible equity (c) 1,475,041 1,416,577 1,351,094 1,361,235 1,235,255 Less: AOCI (246,384) (253,888) (289,799) (232,262) (323,409) Ending tangible equity less AOCI (d) 1,721,425 1,670,465 1,640,893 1,593,497 1,558,664 Total assets 18,634,255 18,455,067 18,570,261 18,146,332 18,166,180 Less: Goodwill (1,007,656) (1,007,656) (1,007,656) (1,007,656) (1,007,656) Other intangibles (75,458) (77,002) (79,291) (81,547) (83,528) Ending tangible assets (e) 17,551,141 17,370,409 17,483,314 17,057,129 17,074,996 Risk-weighted assets (f) 14,129,683 14,027,274 14,059,215 13,800,728 13,803,249 Total average assets 18,419,437 18,368,604 18,273,419 17,854,191 17,728,251 Less: Goodwill (1,007,656) (1,007,656) (1,007,658) (1,007,654) (1,007,657) Other intangibles (76,076) (78,220) (80,486) (82,619) (84,577) Average tangible assets (g) 17,335,705$ 17,282,728$ 17,185,275$ 16,763,918$ 16,636,017$ Ending shares outstanding (h) 95,760,617 95,730,353 95,494,840 95,486,317 95,486,010 Ratios Return on average tangible shareholders' equity (a)/(b) 19.61% 15.16% 19.08% 16.29% 20.57% Ending tangible equity as a percent of: Ending tangible assets (c)/(e) 8.40% 8.16% 7.73% 7.98% 7.23% Risk-weighted assets (c)/(f) 10.44% 10.10% 9.61% 9.86% 8.95% Ending tangible equity excluding AOCI as a percent of: Ending tangible assets (d)/(e) 9.81% 9.62% 9.39% 9.34% 9.13% Average tangible equity as a percent of average tangible assets (b)/(g) 8.26% 7.94% 7.87% 7.64% 7.15% Tangible book value per share (c)/(h) 15.40$ 14.80$ 14.15$ 14.26$ 12.94$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 26 All dollars shown in thousands Additional non-GAAP measures 4Q24 3Q24 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 158,269$ 158,269$ 149,296$ 149,296$ 154,399$ 154,399$ 155,560$ 155,560$ Provision for credit losses-loans and leases (j) 9,084 9,084 9,141 9,141 9,705 9,705 9,930 9,930 Provision for credit losses-unfunded commitments (j) 718 718 (441) (441) (273) (273) 694 694 Noninterest income 68,063 68,063 51,083 51,083 69,854 69,854 45,701 45,701 less: gains (losses) on security transactions 242 (9,948) 143 (17,468) less: deferred tax adjustment - - - 4,353 Total noninterest income (g) 68,063 67,821 51,083 61,031 69,854 69,711 45,701 58,816 Noninterest expense 128,671 128,671 128,076 128,076 147,907 147,907 125,759 125,759 less: tax credit investment writedown 111 112 14,303 31 less: state intangible tax - - (983) - less: efficiency-related costs 1,016 451 4,727 383 less: Other (56) 894 (1,066) 664 Total noninterest expense (e) 128,671 127,600 128,076 126,619 147,907 130,926 125,759 124,681 Income before income taxes (i) 87,859 88,688 63,603 75,008 66,914 83,752 64,878 79,071 Income tax expense 17,863 17,863 12,310 12,310 2,029 2,029 12,427 12,427 plus: tax effect of adjustments 88 88 10,522 24 plus: after-tax impact of tax credit investments @ 21% 174 2,395 3,536 2,981 Total income tax expense (h) 17,863 18,125 12,310 14,793 2,029 16,087 12,427 15,432 Net income (a) 69,996$ 70,563$ 51,293$ 60,215$ 64,885$ 67,665$ 52,451$ 63,639$ Average diluted shares (b) 95,742 95,742 95,524 95,524 95,488 95,488 95,480 95,480 Average assets (c) 18,419,437 18,419,437 18,368,604 18,368,604 18,273,419 18,273,419 17,854,191 17,854,191 Average shareholders' equity 2,515,747 2,515,747 2,457,785 2,457,785 2,441,045 2,441,045 2,371,125 2,371,125 Less: Goodwill and other intangibles (1,083,732) (1,083,732) (1,085,876) (1,085,876) (1,088,144) (1,088,144) (1,090,273) (1,090,273) Average tangible equity (d) 1,432,015 1,432,015 1,371,909 1,371,909 1,352,901 1,352,901 1,280,852 1,280,852 Ratios Net earnings per share - diluted (a)/(b) 0.73$ 0.74$ 0.54$ 0.63$ 0.68$ 0.71$ 0.55$ 0.67$ Return on average assets - (a)/(c) 1.52% 1.54% 1.13% 1.33% 1.41% 1.47% 1.17% 1.42% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 2.13% 2.14% 1.60% 1.85% 1.66% 2.03% 1.68% 2.00% Return on average tangible shareholders' equity - (a)/(d) 19.61% 19.76% 15.16% 17.80% 19.08% 19.90% 16.29% 19.77% Efficiency ratio - (e)/((f)+(g)) 56.9% 56.4% 63.9% 60.2% 66.0% 58.4% 62.5% 58.2% Effective tax rate - (h)/(i) 20.3% 20.4% 19.4% 19.7% 3.0% 19.2% 19.2% 19.5% (Dollars in thousands, except per share data) 2Q25 1Q25

27 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202

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