8-K
First Financial Bancorp /Oh/ (FFBC)
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): April 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 April 24, 2025, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the three months 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 dated April 24, 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: | April 24, 2025 |
Document
Exhibit 99.1
First Financial Bancorp Announces First Quarter 2025 Financial Results
•Earnings per diluted share of $0.54; $0.63 on an adjusted(1) basis
•Return on average assets of 1.13%; 1.33% on an adjusted(1) basis
•Net interest margin on FTE basis(1) of 3.88%
•Noninterest income of $51.1 million; $61.0 million on an adjusted(1) basis
•Noninterest expenses $128.1 million; $126.6 million on an adjusted(1) basis; 3% decline
•Gallup Exceptional Workplace Award winner for outstanding associate engagement
•Second consecutive "Outstanding" CRA rating
Cincinnati, Ohio - April 24, 2025. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three months ended March 31, 2025.
For the three months ended March 31, 2025, the Company reported net income of $51.3 million, or $0.54 per diluted common share. These results compare to net income of $64.9 million, or $0.68 per diluted common share, for the fourth quarter of 2024.
Return on average assets for the first quarter of 2025 was 1.13% while return on average tangible common equity was 15.16%(1). These compare to return on average assets of 1.41% and return on average tangible common equity of 19.08%(1) in the fourth quarter of 2024.
First quarter 2025 highlights include:
•Robust net interest margin of 3.84%, or 3.88% on a fully tax-equivalent basis(1)
◦6 bp decline from fourth quarter, in line with expectations
◦12 bp decline in cost of deposits and 18 bp decline in asset yields
•Noninterest income of $51.1 million, or $61.0 million as adjusted(1)
◦Adjustments include $9.9 million loss on sales of investment securities
▪Sold $164.9 million of securities during the quarter; expected earnback of 2.3 years
◦Record wealth management income
◦Strong results from leasing business
•Noninterest expenses of $128.1 million, or $126.6 million as adjusted(1); 3.3% decrease from linked quarter
◦First quarter adjustments(1) include $0.5 million of efficiency related costs and $1.0 million of other costs not expected to recur such as tax credit investment write-downs and severance costs
◦Decline from linked quarter driven by decreased incentive compensation and lower fraud losses
◦Efficiency ratio of 63.9%; 60.2% as adjusted(1)
•Stable loan balances during the quarter
◦Loan balances decreased $37.6 million compared to the linked quarter
◦Payoffs in Commercial and ICRE lines of business, as well as seasonal production declines, offset modest increases in other portfolios
◦Average loan balances increased 1.5% on an annualized basis compared to linked quarter
•Modest seasonal average deposit decline in the first quarter, as expected
◦Average deposits decreased $99.0 million, or 2.8% on an annualized basis
◦Decline driven by non-interest bearing deposits, brokered deposits and public funds
◦Excluding brokered deposits, total average deposits increased $62.8 million over linked quarter
____________________________________________________________________________________________
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.
•Total Allowance for Credit Losses of $171.9 million; Total quarterly provision expense of $8.7 million
◦Loans and leases - ACL of $155.5 million; ratio to total loans of 1.33%; flat compared to prior quarter
◦Unfunded Commitments - ACL of $16.4 million
◦Provision expense driven by net charge offs
◦Nonperforming assets decreased 4 bps to 0.32% of total assets
◦Annualized net charge-offs were 36 bps of total loans; 4 bp decline from linked quarter
•Capital ratios stable and strong
◦Total capital ratio increased 26 bps to 14.90%
◦Tier 1 common equity increased 13 bps to 12.29%
◦Tangible common equity of 8.16%(1); 9.62%(1) excluding impact from AOCI
◦Tangible book value per share of $14.80(1); 4.6% increase from linked quarter
Archie Brown, President and CEO, commented on the first quarter results, “We had another solid quarter, and I am pleased with our performance. Adjusted(1) earnings per share were $0.63, with an adjusted(1) return on assets of 1.33% and an adjusted(1) return on tangible common equity of 17.8%. Our net interest margin remains strong, but declined slightly for the quarter as the decline in loan yields outpaced the decrease in deposit costs. Given current short-term interest rates, we expect the margin to expand in the near-term.”
Mr. Brown continued, “Loan balances were stable during the quarter. First quarter loan production was seasonally lower. This combined with the workout of several C&I credits and accelerated payoff pressure in the ICRE portfolio to impact loan growth for the period. We expect a modest level of growth in the second quarter as loan pipelines in our Consumer, C&I, and ICRE business lines are very healthy, however elevated prepayments in ICRE are expected to continue.”
Mr. Brown commented on fee income and expenses, “Adjusted(1) fee income was in line with our expectations at $61 million, representing a decline from the linked quarter due to seasonal fluctuations and less foreign exchange income, which offset another record quarter from our Wealth Management business. We expect seasonal rebounds in the second quarter and a healthy increase in fee income overall. We were very pleased with our expense management during the quarter, as adjusted(1) noninterest expenses declined by 3.3% due to a decrease in incentive compensation and lower fraud losses. Our efficiency efforts are ongoing, and, excluding the acquisition of Agile in the first quarter of last year, have resulted in a 7% reduction in FTE. We remain diligent in managing our expenses and expect additional benefits from our optimization efforts in the coming periods.”
Mr. Brown commented on asset quality and capital, “We were pleased with improvements in our asset quality metrics for the first quarter. Net charge-offs declined 4 bps from the linked quarter, while nonperforming assets declined by 9.5%. In the near-term, we expect asset quality to continue to improve. With respect to tariffs, we do not yet know their impact, and remain in close contact with our clients to assist them through any uncertainty. Capital ratios are strong and continued to grow in the first quarter. All regulatory ratios were well in excess of regulatory minimums and our tangible common equity ratio increased to 8.2%. Tangible book value per share increased to $14.80, representing a 5% increase from the linked quarter and 18% over the last year. We are focused on growing our tangible book value and are pleased that in the last three years, tangible book value per share has increased by 35%."
Mr. Brown concluded, “I also want to mention how proud I am of two other first quarter events. First Financial has been selected for the Gallup Exceptional Workplace Award for associate engagement. This distinction is earned by less than 3% of the thousands of companies that Gallup partners with worldwide. Engagement is a core part of our strategy and I want to acknowledge and thank our associates who work tirelessly to drive associate engagement, which directly leads to highly satisfied clients and increased shareholder value. Additionally, we have received another "Outstanding" Community Reinvestment Act rating from the Federal Reserve. This rating reflects our commitment to our communities, which is the foundation of our strategic plan. I am proud of our strength in service, investments, and lending, particularly to low and moderate income areas of our footprint.
In closing, while there is much uncertainty regarding the outlook for the economy, I believe we are well positioned to manage through any turbulence. We have very robust capital levels, strong and improving asset quality, diverse revenue streams, well-managed expenses, strong liquidity and industry leading profitability. I am very pleased with our start to the year and look forward to growing and serving clients in this challenging environment.”
Full detail of the Company’s first 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, April 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 May 9, 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 March 31, 2025, the Company had $18.5 billion in assets, $11.7 billion in loans, $14.2 billion in deposits and $2.5 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 $3.7 billion in assets under management as of March 31, 2025. The Company operated 127 full service banking centers as of March 31, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. 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
Selected Financial Information
March 31, 2025
(unaudited)
| Contents | Page | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Financial Highlights | 2 | ||||||||||||||
| Consolidated Quarterly Statements of Income | 3 | ||||||||||||||
| Consolidated Statements of Condition | 4 | ||||||||||||||
| Average Consolidated Statements of Condition | 5 | ||||||||||||||
| Net Interest Margin Rate / Volume Analysis | 6-7 | ||||||||||||||
| Credit Quality | 8 | ||||||||||||||
| Capital Adequacy | 9 | ||||||||||||||
| FIRST FINANCIAL BANCORP. | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||||
| (Dollars in thousands, except per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended, | |||||||||||||||
| Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||
| RESULTS OF OPERATIONS | |||||||||||||||
| Net income | $ | 51,293 | $ | 64,885 | $ | 52,451 | $ | 60,805 | $ | 50,689 | |||||
| Net earnings per share - basic | $ | 0.54 | $ | 0.69 | $ | 0.56 | $ | 0.64 | $ | 0.54 | |||||
| Net earnings per share - diluted | $ | 0.54 | $ | 0.68 | $ | 0.55 | $ | 0.64 | $ | 0.53 | |||||
| Dividends declared per share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 | |||||
| KEY FINANCIAL RATIOS | |||||||||||||||
| Return on average assets | 1.13 | % | 1.41 | % | 1.17 | % | 1.38 | % | 1.18 | % | |||||
| Return on average shareholders' equity | 8.46 | % | 10.57 | % | 8.80 | % | 10.72 | % | 9.00 | % | |||||
| Return on average tangible shareholders' equity (1) | 15.16 | % | 19.08 | % | 16.29 | % | 20.57 | % | 17.35 | % | |||||
| Net interest margin | 3.84 | % | 3.91 | % | 4.05 | % | 4.06 | % | 4.05 | % | |||||
| Net interest margin (fully tax equivalent) (1)(2) | 3.88 | % | 3.94 | % | 4.08 | % | 4.10 | % | 4.10 | % | |||||
| Ending shareholders' equity as a percent of ending assets | 13.55 | % | 13.13 | % | 13.50 | % | 12.81 | % | 12.99 | % | |||||
| Ending tangible shareholders' equity as a percent of: | |||||||||||||||
| Ending tangible assets (1) | 8.16 | % | 7.73 | % | 7.98 | % | 7.23 | % | 7.23 | % | |||||
| Risk-weighted assets (1) | 10.10 | % | 9.61 | % | 9.86 | % | 8.95 | % | 8.80 | % | |||||
| Average shareholders' equity as a percent of average assets | 13.38 | % | 13.36 | % | 13.28 | % | 12.87 | % | 13.09 | % | |||||
| Average tangible shareholders' equity as a percent of average tangible assets (1) | 7.94 | % | 7.87 | % | 7.64 | % | 7.15 | % | 7.25 | % | |||||
| Book value per share | $ | 26.13 | $ | 25.53 | $ | 25.66 | $ | 24.36 | $ | 23.95 | |||||
| Tangible book value per share (1) | $ | 14.80 | $ | 14.15 | $ | 14.26 | $ | 12.94 | $ | 12.50 | |||||
| Common equity tier 1 ratio (3) | 12.29 | % | 12.16 | % | 12.04 | % | 11.78 | % | 11.67 | % | |||||
| Tier 1 ratio (3) | 12.61 | % | 12.48 | % | 12.37 | % | 12.11 | % | 12.00 | % | |||||
| Total capital ratio (3) | 14.90 | % | 14.64 | % | 14.58 | % | 14.47 | % | 14.31 | % | |||||
| Leverage ratio (3) | 10.01 | % | 9.98 | % | 9.93 | % | 9.73 | % | 9.75 | % | |||||
| AVERAGE BALANCE SHEET ITEMS | |||||||||||||||
| Loans (4) | $ | 11,724,727 | $ | 11,687,886 | $ | 11,534,000 | $ | 11,440,930 | $ | 11,066,184 | |||||
| Investment securities | 3,411,593 | 3,372,539 | 3,274,498 | 3,131,541 | 3,137,665 | ||||||||||
| Interest-bearing deposits with other banks | 615,812 | 654,251 | 483,880 | 599,348 | 553,654 | ||||||||||
| Total earning assets | $ | 15,752,132 | $ | 15,714,676 | $ | 15,292,378 | $ | 15,171,819 | $ | 14,757,503 | |||||
| Total assets | $ | 18,368,604 | $ | 18,273,419 | $ | 17,854,191 | $ | 17,728,251 | $ | 17,306,221 | |||||
| Noninterest-bearing deposits | $ | 3,091,037 | $ | 3,162,643 | $ | 3,106,239 | $ | 3,144,198 | $ | 3,169,750 | |||||
| Interest-bearing deposits | 11,149,633 | 11,177,010 | 10,690,265 | 10,486,068 | 10,109,416 | ||||||||||
| Total deposits | $ | 14,240,670 | $ | 14,339,653 | $ | 13,796,504 | $ | 13,630,266 | $ | 13,279,166 | |||||
| Borrowings | $ | 1,001,337 | $ | 855,083 | $ | 1,053,737 | $ | 1,171,246 | $ | 1,139,014 | |||||
| Shareholders' equity | $ | 2,457,785 | $ | 2,441,045 | $ | 2,371,125 | $ | 2,281,040 | $ | 2,265,562 | |||||
| CREDIT QUALITY RATIOS | |||||||||||||||
| Allowance to ending loans | 1.33 | % | 1.33 | % | 1.37 | % | 1.36 | % | 1.29 | % | |||||
| Allowance to nonaccrual loans | 261.07 | % | 237.66 | % | 242.72 | % | 249.21 | % | 243.55 | % | |||||
| Nonaccrual loans to total loans | 0.51 | % | 0.56 | % | 0.57 | % | 0.54 | % | 0.53 | % | |||||
| Nonperforming assets to ending loans, plus OREO | 0.51 | % | 0.56 | % | 0.57 | % | 0.54 | % | 0.53 | % | |||||
| Nonperforming assets to total assets | 0.32 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.34 | % | |||||
| Classified assets to total assets | 1.16 | % | 1.21 | % | 1.14 | % | 1.07 | % | 0.92 | % | |||||
| Net charge-offs to average loans (annualized) | 0.36 | % | 0.40 | % | 0.25 | % | 0.15 | % | 0.38 | % |
(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) March 31, 2025 regulatory capital ratios are preliminary.
(4) Includes loans held for sale.
| FIRST FINANCIAL BANCORP. | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED QUARTERLY STATEMENTS OF INCOME | ||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||
| First | Fourth | Third | Second | First | Full | |||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | Year | |||||||||||||
| Interest income | ||||||||||||||||||
| Loans and leases, including fees | $ | 197,163 | $ | 207,508 | $ | 215,433 | $ | 211,760 | $ | 201,840 | $ | 836,541 | ||||||
| Investment securities | ||||||||||||||||||
| Taxable | 34,401 | 33,978 | 32,367 | 30,295 | 28,296 | 124,936 | ||||||||||||
| Tax-exempt | 2,204 | 2,423 | 2,616 | 2,704 | 3,092 | 10,835 | ||||||||||||
| Total investment securities interest | 36,605 | 36,401 | 34,983 | 32,999 | 31,388 | 135,771 | ||||||||||||
| Other earning assets | 6,651 | 7,662 | 6,703 | 7,960 | 7,458 | 29,783 | ||||||||||||
| Total interest income | 240,419 | 251,571 | 257,119 | 252,719 | 240,686 | 1,002,095 | ||||||||||||
| Interest expense | ||||||||||||||||||
| Deposits | 78,641 | 85,441 | 86,554 | 83,022 | 76,075 | 331,092 | ||||||||||||
| Short-term borrowings | 7,545 | 6,586 | 9,932 | 11,395 | 10,943 | 38,856 | ||||||||||||
| Long-term borrowings | 4,937 | 5,145 | 5,073 | 4,991 | 4,928 | 20,137 | ||||||||||||
| Total interest expense | 91,123 | 97,172 | 101,559 | 99,408 | 91,946 | 390,085 | ||||||||||||
| Net interest income | 149,296 | 154,399 | 155,560 | 153,311 | 148,740 | 612,010 | ||||||||||||
| Provision for credit losses-loans and leases | 9,141 | 9,705 | 9,930 | 16,157 | 13,419 | 49,211 | ||||||||||||
| Provision for credit losses-unfunded commitments | (441) | (273) | 694 | 286 | (2,259) | (1,552) | ||||||||||||
| Net interest income after provision for credit losses | 140,596 | 144,967 | 144,936 | 136,868 | 137,580 | 564,351 | ||||||||||||
| Noninterest income | ||||||||||||||||||
| Service charges on deposit accounts | 7,463 | 7,632 | 7,547 | 7,188 | 6,912 | 29,279 | ||||||||||||
| Wealth management fees | 8,137 | 7,962 | 6,910 | 7,172 | 6,676 | 28,720 | ||||||||||||
| Bankcard income | 3,310 | 3,659 | 3,698 | 3,900 | 3,142 | 14,399 | ||||||||||||
| Client derivative fees | 1,571 | 1,528 | 1,160 | 763 | 1,250 | 4,701 | ||||||||||||
| Foreign exchange income | 12,544 | 16,794 | 12,048 | 16,787 | 10,435 | 56,064 | ||||||||||||
| Leasing business income | 18,703 | 19,413 | 16,811 | 16,828 | 14,589 | 67,641 | ||||||||||||
| Net gains from sales of loans | 4,322 | 4,634 | 5,021 | 4,479 | 3,784 | 17,918 | ||||||||||||
| Net gain (loss) on investment securities | (9,949) | 144 | (17,468) | (64) | (5,187) | (22,575) | ||||||||||||
| Other | 4,982 | 8,088 | 9,974 | 4,448 | 4,911 | 27,421 | ||||||||||||
| Total noninterest income | 51,083 | 69,854 | 45,701 | 61,501 | 46,512 | 223,568 | ||||||||||||
| Noninterest expenses | ||||||||||||||||||
| Salaries and employee benefits | 75,238 | 80,314 | 74,813 | 75,225 | 74,037 | 304,389 | ||||||||||||
| Net occupancy | 6,019 | 5,415 | 5,919 | 5,793 | 5,923 | 23,050 | ||||||||||||
| Furniture and equipment | 3,813 | 3,476 | 3,617 | 3,646 | 3,688 | 14,427 | ||||||||||||
| Data processing | 8,759 | 9,139 | 8,857 | 8,877 | 8,305 | 35,178 | ||||||||||||
| Marketing | 2,018 | 2,204 | 2,255 | 2,605 | 1,962 | 9,026 | ||||||||||||
| Communication | 812 | 767 | 851 | 816 | 795 | 3,229 | ||||||||||||
| Professional services | 2,739 | 6,631 | 2,303 | 2,885 | 2,268 | 14,087 | ||||||||||||
| Amortization of tax credit investments | 112 | 14,303 | 31 | 31 | 31 | 14,396 | ||||||||||||
| State intangible tax | 877 | (104) | 876 | 875 | 877 | 2,524 | ||||||||||||
| FDIC assessments | 3,059 | 2,736 | 3,036 | 2,657 | 2,780 | 11,209 | ||||||||||||
| Intangible amortization | 2,359 | 2,395 | 2,395 | 2,396 | 2,301 | 9,487 | ||||||||||||
| Leasing business expense | 12,802 | 12,536 | 11,899 | 10,128 | 9,754 | 44,317 | ||||||||||||
| Other | 9,469 | 8,095 | 8,907 | 7,640 | 9,634 | 34,276 | ||||||||||||
| Total noninterest expenses | 128,076 | 147,907 | 125,759 | 123,574 | 122,355 | 519,595 | ||||||||||||
| Income before income taxes | 63,603 | 66,914 | 64,878 | 74,795 | 61,737 | 268,324 | ||||||||||||
| Income tax expense (benefit) | 12,310 | 2,029 | 12,427 | 13,990 | 11,048 | 39,494 | ||||||||||||
| Net income | $ | 51,293 | $ | 64,885 | $ | 52,451 | $ | 60,805 | $ | 50,689 | $ | 228,830 | ||||||
| ADDITIONAL DATA | ||||||||||||||||||
| Net earnings per share - basic | $ | 0.54 | $ | 0.69 | $ | 0.56 | $ | 0.64 | $ | 0.54 | $ | 2.42 | ||||||
| Net earnings per share - diluted | $ | 0.54 | $ | 0.68 | $ | 0.55 | $ | 0.64 | $ | 0.53 | $ | 2.40 | ||||||
| Dividends declared per share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 | $ | 0.94 | ||||||
| Return on average assets | 1.13 | % | 1.41 | % | 1.17 | % | 1.38 | % | 1.18 | % | 1.29 | % | ||||||
| Return on average shareholders' equity | 8.46 | % | 10.57 | % | 8.80 | % | 10.72 | % | 9.00 | % | 9.78 | % | ||||||
| Interest income | $ | 240,419 | $ | 251,571 | $ | 257,119 | $ | 252,719 | $ | 240,686 | $ | 1,002,095 | ||||||
| Tax equivalent adjustment | 1,213 | 1,274 | 1,362 | 1,418 | 1,535 | 5,589 | ||||||||||||
| Interest income - tax equivalent | 241,632 | 252,845 | 258,481 | 254,137 | 242,221 | 1,007,684 | ||||||||||||
| Interest expense | 91,123 | 97,172 | 101,559 | 99,408 | 91,946 | 390,085 | ||||||||||||
| Net interest income - tax equivalent | $ | 150,509 | $ | 155,673 | $ | 156,922 | $ | 154,729 | $ | 150,275 | $ | 617,599 | ||||||
| Net interest margin | 3.84 | % | 3.91 | % | 4.05 | % | 4.06 | % | 4.05 | % | 4.02 | % | ||||||
| Net interest margin (fully tax equivalent) (1) | 3.88 | % | 3.94 | % | 4.08 | % | 4.10 | % | 4.10 | % | 4.05 | % | ||||||
| Full-time equivalent employees | 2,021 | 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) | ||||||||||||||||||
| Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | % Change | % Change | ||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | Linked Qtr. | Comp Qtr. | ||||||||||||
| ASSETS | ||||||||||||||||||
| Cash and due from banks | $ | 190,610 | $ | 174,258 | $ | 190,618 | $ | 193,794 | $ | 199,407 | 9.4 | % | (4.4) | % | ||||
| Interest-bearing deposits with other banks | 633,349 | 730,228 | 660,576 | 738,555 | 751,290 | (13.3) | % | (15.7) | % | |||||||||
| Investment securities available-for-sale | 3,260,981 | 3,183,776 | 3,157,265 | 3,036,758 | 2,850,667 | 2.4 | % | 14.4 | % | |||||||||
| Investment securities held-to-maturity | 76,469 | 76,960 | 77,985 | 78,921 | 79,542 | (0.6) | % | (3.9) | % | |||||||||
| Other investments | 120,826 | 114,598 | 120,318 | 132,412 | 125,548 | 5.4 | % | (3.8) | % | |||||||||
| Loans held for sale | 17,927 | 13,181 | 12,685 | 16,911 | 11,534 | 36.0 | % | 55.4 | % | |||||||||
| Loans and leases | ||||||||||||||||||
| Commercial and industrial | 3,832,350 | 3,815,858 | 3,678,546 | 3,782,487 | 3,591,428 | 0.4 | % | 6.7 | % | |||||||||
| Lease financing | 573,608 | 598,045 | 587,415 | 534,557 | 492,862 | (4.1) | % | 16.4 | % | |||||||||
| Construction real estate | 824,775 | 779,446 | 802,264 | 741,406 | 641,596 | 5.8 | % | 28.6 | % | |||||||||
| Commercial real estate | 3,956,880 | 4,061,744 | 4,034,820 | 4,076,596 | 4,145,969 | (2.6) | % | (4.6) | % | |||||||||
| Residential real estate | 1,479,704 | 1,462,284 | 1,422,186 | 1,377,290 | 1,344,677 | 1.2 | % | 10.0 | % | |||||||||
| Home equity | 872,502 | 849,039 | 825,431 | 800,860 | 773,811 | 2.8 | % | 12.8 | % | |||||||||
| Installment | 119,672 | 133,051 | 141,270 | 148,530 | 153,838 | (10.1) | % | (22.2) | % | |||||||||
| Credit card | 64,639 | 62,311 | 61,140 | 59,477 | 60,939 | 3.7 | % | 6.1 | % | |||||||||
| Total loans | 11,724,130 | 11,761,778 | 11,553,072 | 11,521,203 | 11,205,120 | (0.3) | % | 4.6 | % | |||||||||
| Less: | ||||||||||||||||||
| Allowance for credit losses | (155,482) | (156,791) | (158,831) | (156,185) | (144,274) | (0.8) | % | 7.8 | % | |||||||||
| Net loans | 11,568,648 | 11,604,987 | 11,394,241 | 11,365,018 | 11,060,846 | (0.3) | % | 4.6 | % | |||||||||
| Premises and equipment | 197,968 | 197,965 | 196,692 | 197,873 | 198,428 | 0.0 | % | (0.2) | % | |||||||||
| Operating leases | 213,648 | 209,119 | 201,080 | 167,472 | 161,473 | 2.2 | % | 32.3 | % | |||||||||
| Goodwill | 1,007,656 | 1,007,656 | 1,007,656 | 1,007,656 | 1,007,656 | 0.0 | % | 0.0 | % | |||||||||
| Other intangibles | 77,002 | 79,291 | 81,547 | 83,528 | 85,603 | (2.9) | % | (10.0) | % | |||||||||
| Accrued interest and other assets | 1,089,983 | 1,178,242 | 1,045,669 | 1,147,282 | 1,067,244 | (7.5) | % | 2.1 | % | |||||||||
| Total Assets | $ | 18,455,067 | $ | 18,570,261 | $ | 18,146,332 | $ | 18,166,180 | $ | 17,599,238 | (0.6) | % | 4.9 | % | ||||
| LIABILITIES | ||||||||||||||||||
| Deposits | ||||||||||||||||||
| Interest-bearing demand | $ | 3,004,601 | $ | 3,095,724 | $ | 2,884,971 | $ | 2,922,540 | $ | 2,916,518 | (2.9) | % | 3.0 | % | ||||
| Savings | 4,886,613 | 4,948,768 | 4,710,223 | 4,628,320 | 4,467,894 | (1.3) | % | 9.4 | % | |||||||||
| Time | 3,144,440 | 3,152,265 | 3,244,861 | 3,049,635 | 2,896,860 | (0.2) | % | 8.5 | % | |||||||||
| Total interest-bearing deposits | 11,035,654 | 11,196,757 | 10,840,055 | 10,600,495 | 10,281,272 | (1.4) | % | 7.3 | % | |||||||||
| Noninterest-bearing | 3,161,302 | 3,132,381 | 3,107,699 | 3,061,427 | 3,175,876 | 0.9 | % | (0.5) | % | |||||||||
| Total deposits | 14,196,956 | 14,329,138 | 13,947,754 | 13,661,922 | 13,457,148 | (0.9) | % | 5.5 | % | |||||||||
| FHLB short-term borrowings | 735,000 | 625,000 | 765,000 | 1,040,000 | 700,000 | 17.6 | % | 5.0 | % | |||||||||
| Other | 64,792 | 130,452 | 46,653 | 139,172 | 162,145 | (50.3) | % | (60.0) | % | |||||||||
| Total short-term borrowings | 799,792 | 755,452 | 811,653 | 1,179,172 | 862,145 | 5.9 | % | (7.2) | % | |||||||||
| Long-term debt | 345,878 | 347,509 | 344,086 | 338,556 | 343,236 | (0.5) | % | 0.8 | % | |||||||||
| Total borrowed funds | 1,145,670 | 1,102,961 | 1,155,739 | 1,517,728 | 1,205,381 | 3.9 | % | (5.0) | % | |||||||||
| Accrued interest and other liabilities | 611,206 | 700,121 | 592,401 | 660,091 | 649,706 | (12.7) | % | (5.9) | % | |||||||||
| Total Liabilities | 15,953,832 | 16,132,220 | 15,695,894 | 15,839,741 | 15,312,235 | (1.1) | % | 4.2 | % | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Common stock | 1,637,041 | 1,642,055 | 1,639,045 | 1,635,705 | 1,632,971 | (0.3) | % | 0.2 | % | |||||||||
| Retained earnings | 1,304,636 | 1,276,329 | 1,234,375 | 1,204,844 | 1,166,065 | 2.2 | % | 11.9 | % | |||||||||
| Accumulated other comprehensive income (loss) | (253,888) | (289,799) | (232,262) | (323,409) | (321,109) | (12.4) | % | (20.9) | % | |||||||||
| Treasury stock, at cost | (186,554) | (190,544) | (190,720) | (190,701) | (190,924) | (2.1) | % | (2.3) | % | |||||||||
| Total Shareholders' Equity | 2,501,235 | 2,438,041 | 2,450,438 | 2,326,439 | 2,287,003 | 2.6 | % | 9.4 | % | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 18,455,067 | $ | 18,570,261 | $ | 18,146,332 | $ | 18,166,180 | $ | 17,599,238 | (0.6) | % | 4.9 | % | ||||
| FIRST FINANCIAL BANCORP. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| AVERAGE CONSOLIDATED STATEMENTS OF CONDITION | ||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Quarterly Averages | ||||||||||||||||||
| Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||
| ASSETS | ||||||||||||||||||
| Cash and due from banks | $ | 164,734 | $ | 182,242 | $ | 179,321 | $ | 174,435 | $ | 204,119 | ||||||||
| Interest-bearing deposits with other banks | 615,812 | 654,251 | 483,880 | 599,348 | 553,654 | |||||||||||||
| Investment securities | 3,411,593 | 3,372,539 | 3,274,498 | 3,131,541 | 3,137,665 | |||||||||||||
| Loans held for sale | 10,212 | 17,284 | 16,399 | 14,075 | 12,069 | |||||||||||||
| Loans and leases | ||||||||||||||||||
| Commercial and industrial | 3,787,207 | 3,727,549 | 3,723,761 | 3,716,083 | 3,543,475 | |||||||||||||
| Lease financing | 585,119 | 587,110 | 550,634 | 509,758 | 480,540 | |||||||||||||
| Construction real estate | 797,100 | 826,936 | 763,779 | 683,780 | 603,974 | |||||||||||||
| Commercial real estate | 4,018,211 | 4,045,347 | 4,059,939 | 4,146,764 | 4,101,238 | |||||||||||||
| Residential real estate | 1,475,703 | 1,442,799 | 1,399,932 | 1,361,133 | 1,336,749 | |||||||||||||
| Home equity | 858,153 | 837,863 | 811,265 | 790,384 | 765,410 | |||||||||||||
| Installment | 127,192 | 136,927 | 143,102 | 151,753 | 157,663 | |||||||||||||
| Credit card | 65,830 | 66,071 | 65,189 | 67,200 | 65,066 | |||||||||||||
| Total loans | 11,714,515 | 11,670,602 | 11,517,601 | 11,426,855 | 11,054,115 | |||||||||||||
| Less: | ||||||||||||||||||
| Allowance for credit losses | (158,206) | (161,477) | (159,252) | (147,666) | (143,950) | |||||||||||||
| Net loans | 11,556,309 | 11,509,125 | 11,358,349 | 11,279,189 | 10,910,165 | |||||||||||||
| Premises and equipment | 198,998 | 197,664 | 197,881 | 199,096 | 198,482 | |||||||||||||
| Operating leases | 205,181 | 202,110 | 180,118 | 156,457 | 154,655 | |||||||||||||
| Goodwill | 1,007,656 | 1,007,658 | 1,007,654 | 1,007,657 | 1,006,477 | |||||||||||||
| Other intangibles | 78,220 | 80,486 | 82,619 | 84,577 | 84,109 | |||||||||||||
| Accrued interest and other assets | 1,119,889 | 1,050,060 | 1,073,472 | 1,081,876 | 1,044,826 | |||||||||||||
| Total Assets | $ | 18,368,604 | $ | 18,273,419 | $ | 17,854,191 | $ | 17,728,251 | $ | 17,306,221 | ||||||||
| LIABILITIES | ||||||||||||||||||
| Deposits | ||||||||||||||||||
| Interest-bearing demand | $ | 3,090,526 | $ | 3,081,148 | $ | 2,914,934 | $ | 2,888,252 | $ | 2,895,768 | ||||||||
| Savings | 4,918,004 | 4,886,784 | 4,694,923 | 4,617,658 | 4,399,768 | |||||||||||||
| Time | 3,141,103 | 3,209,078 | 3,080,408 | 2,980,158 | 2,813,880 | |||||||||||||
| Total interest-bearing deposits | 11,149,633 | 11,177,010 | 10,690,265 | 10,486,068 | 10,109,416 | |||||||||||||
| Noninterest-bearing | 3,091,037 | 3,162,643 | 3,106,239 | 3,144,198 | 3,169,750 | |||||||||||||
| Total deposits | 14,240,670 | 14,339,653 | 13,796,504 | 13,630,266 | 13,279,166 | |||||||||||||
| Federal funds purchased and securities sold | ||||||||||||||||||
| under agreements to repurchase | 2,055 | 2,282 | 10,807 | 750 | 4,204 | |||||||||||||
| FHLB short-term borrowings | 553,667 | 415,652 | 626,490 | 669,111 | 646,187 | |||||||||||||
| Other | 99,378 | 93,298 | 76,859 | 161,913 | 146,127 | |||||||||||||
| Total short-term borrowings | 655,100 | 511,232 | 714,156 | 831,774 | 796,518 | |||||||||||||
| Long-term debt | 346,237 | 343,851 | 339,581 | 339,472 | 342,496 | |||||||||||||
| Total borrowed funds | 1,001,337 | 855,083 | 1,053,737 | 1,171,246 | 1,139,014 | |||||||||||||
| Accrued interest and other liabilities | 668,812 | 637,638 | 632,825 | 645,699 | 622,479 | |||||||||||||
| Total Liabilities | 15,910,819 | 15,832,374 | 15,483,066 | 15,447,211 | 15,040,659 | |||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Common stock | 1,641,016 | 1,640,280 | 1,637,045 | 1,634,183 | 1,637,835 | |||||||||||||
| Retained earnings | 1,282,300 | 1,249,263 | 1,210,924 | 1,179,827 | 1,144,447 | |||||||||||||
| Accumulated other comprehensive loss | (275,068) | (257,792) | (285,978) | (341,941) | (319,601) | |||||||||||||
| Treasury stock, at cost | (190,463) | (190,706) | (190,866) | (191,029) | (197,119) | |||||||||||||
| Total Shareholders' Equity | 2,457,785 | 2,441,045 | 2,371,125 | 2,281,040 | 2,265,562 | |||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 18,368,604 | $ | 18,273,419 | $ | 17,854,191 | $ | 17,728,251 | $ | 17,306,221 | ||||||||
| FIRST FINANCIAL BANCORP. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET INTEREST MARGIN RATE/VOLUME ANALYSIS | ||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Quarterly Averages | ||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||
| Balance | Interest | Yield | Balance | Interest | Yield | Balance | Interest | Yield | ||||||||||
| Earning assets | ||||||||||||||||||
| Investments: | ||||||||||||||||||
| Investment securities | $ | 3,411,593 | $ | 36,605 | 4.35 | % | $ | 3,372,539 | $ | 36,401 | 4.28 | % | $ | 3,137,665 | $ | 31,388 | 4.01 | % |
| Interest-bearing deposits with other banks | 615,812 | 6,651 | 4.38 | % | 654,251 | 7,662 | 4.65 | % | 553,654 | 7,458 | 5.40 | % | ||||||
| Gross loans (1) | 11,724,727 | 197,163 | 6.82 | % | 11,687,886 | 207,508 | 7.04 | % | 11,066,184 | 201,840 | 7.32 | % | ||||||
| Total earning assets | 15,752,132 | 240,419 | 6.19 | % | 15,714,676 | 251,571 | 6.35 | % | 14,757,503 | 240,686 | 6.54 | % | ||||||
| Nonearning assets | ||||||||||||||||||
| Allowance for credit losses | (158,206) | (161,477) | (143,950) | |||||||||||||||
| Cash and due from banks | 164,734 | 182,242 | 204,119 | |||||||||||||||
| Accrued interest and other assets | 2,609,944 | 2,537,978 | 2,488,549 | |||||||||||||||
| Total assets | $ | 18,368,604 | $ | 18,273,419 | $ | 17,306,221 | ||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||
| Deposits: | ||||||||||||||||||
| Interest-bearing demand | $ | 3,090,526 | $ | 15,188 | 1.99 | % | $ | 3,081,148 | $ | 15,092 | 1.94 | % | $ | 2,895,768 | $ | 14,892 | 2.06 | % |
| Savings | 4,918,004 | 30,355 | 2.50 | % | 4,886,784 | 33,924 | 2.75 | % | 4,399,768 | 29,486 | 2.69 | % | ||||||
| Time | 3,141,103 | 33,098 | 4.27 | % | 3,209,078 | 36,425 | 4.50 | % | 2,813,880 | 31,697 | 4.52 | % | ||||||
| Total interest-bearing deposits | 11,149,633 | 78,641 | 2.86 | % | 11,177,010 | 85,441 | 3.03 | % | 10,109,416 | 76,075 | 3.02 | % | ||||||
| Borrowed funds | ||||||||||||||||||
| Short-term borrowings | 655,100 | 7,545 | 4.67 | % | 511,232 | 6,586 | 5.11 | % | 796,518 | 10,943 | 5.51 | % | ||||||
| Long-term debt | 346,237 | 4,937 | 5.78 | % | 343,851 | 5,145 | 5.94 | % | 342,496 | 4,928 | 5.77 | % | ||||||
| Total borrowed funds | 1,001,337 | 12,482 | 5.06 | % | 855,083 | 11,731 | 5.44 | % | 1,139,014 | 15,871 | 5.59 | % | ||||||
| Total interest-bearing liabilities | 12,150,970 | 91,123 | 3.04 | % | 12,032,093 | 97,172 | 3.20 | % | 11,248,430 | 91,946 | 3.28 | % | ||||||
| Noninterest-bearing liabilities | ||||||||||||||||||
| Noninterest-bearing demand deposits | 3,091,037 | 3,162,643 | 3,169,750 | |||||||||||||||
| Other liabilities | 668,812 | 637,638 | 622,479 | |||||||||||||||
| Shareholders' equity | 2,457,785 | 2,441,045 | 2,265,562 | |||||||||||||||
| Total liabilities & shareholders' equity | $ | 18,368,604 | $ | 18,273,419 | $ | 17,306,221 | ||||||||||||
| Net interest income | $ | 149,296 | $ | 154,399 | $ | 148,740 | ||||||||||||
| Net interest spread | 3.15 | % | 3.15 | % | 3.26 | % | ||||||||||||
| Net interest margin | 3.84 | % | 3.91 | % | 4.05 | % | ||||||||||||
| Tax equivalent adjustment | 0.04 | % | 0.03 | % | 0.05 | % | ||||||||||||
| Net interest margin (fully tax equivalent) | 3.88 | % | 3.94 | % | 4.10 | % | ||||||||||||
| (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 | |||||||||||||||||
| Rate | Volume | Total | Rate | Volume | Total | |||||||||||||
| Earning assets | ||||||||||||||||||
| Investment securities | $ | 589 | $ | (385) | $ | 204 | $ | 2,652 | $ | 2,565 | $ | 5,217 | ||||||
| Interest-bearing deposits with other banks | (439) | (572) | (1,011) | (1,412) | 605 | (807) | ||||||||||||
| Gross loans (2) | (6,597) | (3,748) | (10,345) | (13,683) | 9,006 | (4,677) | ||||||||||||
| Total earning assets | (6,447) | (4,705) | (11,152) | (12,443) | 12,176 | (267) | ||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||
| Total interest-bearing deposits | $ | (4,855) | $ | (1,945) | $ | (6,800) | $ | (3,979) | $ | 6,545 | $ | 2,566 | ||||||
| Borrowed funds | ||||||||||||||||||
| Short-term borrowings | (567) | 1,526 | 959 | (1,667) | (1,731) | (3,398) | ||||||||||||
| Long-term debt | (133) | (75) | (208) | 10 | (1) | 9 | ||||||||||||
| Total borrowed funds | (700) | 1,451 | 751 | (1,657) | (1,732) | (3,389) | ||||||||||||
| Total interest-bearing liabilities | (5,555) | (494) | (6,049) | (5,636) | 4,813 | (823) | ||||||||||||
| Net interest income (1) | $ | (892) | $ | (4,211) | $ | (5,103) | $ | (6,807) | $ | 7,363 | $ | 556 | ||||||
| (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) | ||||||||||||||||||
| Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||
| ALLOWANCE FOR CREDIT LOSS ACTIVITY | ||||||||||||||||||
| Balance at beginning of period | $ | 156,791 | $ | 158,831 | $ | 156,185 | $ | 144,274 | $ | 141,433 | ||||||||
| Provision for credit losses | 9,141 | 9,705 | 9,930 | 16,157 | 13,419 | |||||||||||||
| Gross charge-offs | ||||||||||||||||||
| Commercial and industrial | 8,178 | 4,333 | 5,471 | 2,149 | 2,695 | |||||||||||||
| Lease financing | 1,454 | 2,831 | 368 | 190 | 3 | |||||||||||||
| Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Commercial real estate | 0 | 5,051 | 261 | 2 | 5,319 | |||||||||||||
| Residential real estate | 0 | 12 | 60 | 6 | 65 | |||||||||||||
| Home equity | 86 | 210 | 90 | 122 | 25 | |||||||||||||
| Installment | 1,321 | 1,680 | 1,510 | 2,034 | 2,236 | |||||||||||||
| Credit card | 474 | 492 | 768 | 532 | 794 | |||||||||||||
| Total gross charge-offs | 11,513 | 14,609 | 8,528 | 5,035 | 11,137 | |||||||||||||
| Recoveries | ||||||||||||||||||
| Commercial and industrial | 195 | 1,779 | 434 | 236 | 162 | |||||||||||||
| Lease financing | 29 | 17 | 11 | 1 | 59 | |||||||||||||
| Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Commercial real estate | 24 | 19 | 25 | 137 | 38 | |||||||||||||
| Residential real estate | 24 | 23 | 22 | 37 | 24 | |||||||||||||
| Home equity | 144 | 222 | 240 | 118 | 80 | |||||||||||||
| Installment | 563 | 499 | 421 | 219 | 145 | |||||||||||||
| Credit card | 84 | 305 | 91 | 41 | 51 | |||||||||||||
| Total recoveries | 1,063 | 2,864 | 1,244 | 789 | 559 | |||||||||||||
| Total net charge-offs | 10,450 | 11,745 | 7,284 | 4,246 | 10,578 | |||||||||||||
| Ending allowance for credit losses | $ | 155,482 | $ | 156,791 | $ | 158,831 | $ | 156,185 | $ | 144,274 | ||||||||
| NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | ||||||||||||||||||
| Commercial and industrial | 0.85 | % | 0.27 | % | 0.54 | % | 0.21 | % | 0.29 | % | ||||||||
| Lease financing | 0.99 | % | 1.91 | % | 0.26 | % | 0.15 | % | (0.05) | % | ||||||||
| Construction real estate | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||
| Commercial real estate | 0.00 | % | 0.49 | % | 0.02 | % | (0.01) | % | 0.52 | % | ||||||||
| Residential real estate | (0.01) | % | 0.00 | % | 0.01 | % | (0.01) | % | 0.01 | % | ||||||||
| Home equity | (0.03) | % | (0.01) | % | (0.07) | % | 0.00 | % | (0.03) | % | ||||||||
| Installment | 2.42 | % | 3.43 | % | 3.03 | % | 4.81 | % | 5.33 | % | ||||||||
| Credit card | 2.40 | % | 1.13 | % | 4.13 | % | 2.94 | % | 4.59 | % | ||||||||
| Total net charge-offs | 0.36 | % | 0.40 | % | 0.25 | % | 0.15 | % | 0.38 | % | ||||||||
| COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | ||||||||||||||||||
| Nonaccrual loans | ||||||||||||||||||
| Commercial and industrial | $ | 7,649 | $ | 6,641 | $ | 10,703 | $ | 17,665 | $ | 14,532 | ||||||||
| Lease financing | 6,487 | 6,227 | 11,632 | 5,374 | 3,794 | |||||||||||||
| Construction real estate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Commercial real estate | 25,736 | 32,303 | 23,608 | 22,942 | 23,055 | |||||||||||||
| Residential real estate | 16,044 | 16,700 | 14,596 | 12,715 | 12,836 | |||||||||||||
| Home equity | 2,920 | 3,418 | 4,074 | 3,295 | 4,036 | |||||||||||||
| Installment | 719 | 684 | 826 | 682 | 984 | |||||||||||||
| Total nonaccrual loans | 59,555 | 65,973 | 65,439 | 62,673 | 59,237 | |||||||||||||
| Other real estate owned (OREO) | 213 | 64 | 30 | 30 | 161 | |||||||||||||
| Total nonperforming assets | 59,768 | 66,037 | 65,469 | 62,703 | 59,398 | |||||||||||||
| Accruing loans past due 90 days or more | 228 | 361 | 463 | 1,573 | 820 | |||||||||||||
| Total underperforming assets | $ | 59,996 | $ | 66,398 | $ | 65,932 | $ | 64,276 | $ | 60,218 | ||||||||
| Total classified assets | $ | 213,351 | $ | 224,084 | $ | 206,194 | $ | 195,277 | $ | 162,348 | ||||||||
| CREDIT QUALITY RATIOS | ||||||||||||||||||
| Allowance for credit losses to | ||||||||||||||||||
| Nonaccrual loans | 261.07 | % | 237.66 | % | 242.72 | % | 249.21 | % | 243.55 | % | ||||||||
| Total ending loans | 1.33 | % | 1.33 | % | 1.37 | % | 1.36 | % | 1.29 | % | ||||||||
| Nonaccrual loans to total loans | 0.51 | % | 0.56 | % | 0.57 | % | 0.54 | % | 0.53 | % | ||||||||
| Nonperforming assets to | ||||||||||||||||||
| Ending loans, plus OREO | 0.51 | % | 0.56 | % | 0.57 | % | 0.54 | % | 0.53 | % | ||||||||
| Total assets | 0.32 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.34 | % | ||||||||
| Classified assets to total assets | 1.16 | % | 1.21 | % | 1.14 | % | 1.07 | % | 0.92 | % | ||||||||
| FIRST FINANCIAL BANCORP. | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| CAPITAL ADEQUACY | ||||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended, | ||||||||||||||||||
| Mar. 31, | Dec. 31, | Sep. 30, | June 30, | Mar. 31, | ||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||
| PER COMMON SHARE | ||||||||||||||||||
| Market Price | ||||||||||||||||||
| High | $ | 29.04 | $ | 30.34 | $ | 28.09 | $ | 23.78 | $ | 23.68 | ||||||||
| Low | $ | 24.25 | $ | 23.98 | $ | 21.70 | $ | 20.79 | $ | 21.04 | ||||||||
| Close | $ | 24.98 | $ | 26.88 | $ | 25.23 | $ | 22.22 | $ | 22.42 | ||||||||
| Average shares outstanding - basic | 94,645,787 | 94,486,838 | 94,473,666 | 94,438,235 | 94,218,067 | |||||||||||||
| Average shares outstanding - diluted | 95,524,262 | 95,487,564 | 95,479,510 | 95,470,093 | 95,183,998 | |||||||||||||
| Ending shares outstanding | 95,730,353 | 95,494,840 | 95,486,317 | 95,486,010 | 95,473,595 | |||||||||||||
| Total shareholders' equity | $ | 2,501,235 | $ | 2,438,041 | $ | 2,450,438 | $ | 2,326,439 | $ | 2,287,003 | ||||||||
| REGULATORY CAPITAL | Preliminary | |||||||||||||||||
| Common equity tier 1 capital | $ | 1,724,134 | $ | 1,709,422 | $ | 1,661,759 | $ | 1,626,345 | $ | 1,582,113 | ||||||||
| Common equity tier 1 capital ratio | 12.29 | % | 12.16 | % | 12.04 | % | 11.78 | % | 11.67 | % | ||||||||
| Tier 1 capital | $ | 1,769,357 | $ | 1,754,584 | $ | 1,706,796 | $ | 1,671,258 | $ | 1,626,899 | ||||||||
| Tier 1 ratio | 12.61 | % | 12.48 | % | 12.37 | % | 12.11 | % | 12.00 | % | ||||||||
| Total capital | $ | 2,090,211 | $ | 2,057,877 | $ | 2,012,349 | $ | 1,997,378 | $ | 1,940,762 | ||||||||
| Total capital ratio | 14.90 | % | 14.64 | % | 14.58 | % | 14.47 | % | 14.31 | % | ||||||||
| Total capital in excess of minimum requirement | $ | 617,347 | $ | 581,659 | $ | 563,273 | $ | 548,037 | $ | 516,704 | ||||||||
| Total risk-weighted assets | $ | 14,027,274 | $ | 14,059,215 | $ | 13,800,728 | $ | 13,803,249 | $ | 13,562,455 | ||||||||
| Leverage ratio | 10.01 | % | 9.98 | % | 9.93 | % | 9.73 | % | 9.75 | % | ||||||||
| OTHER CAPITAL RATIOS | ||||||||||||||||||
| Ending shareholders' equity to ending assets | 13.55 | % | 13.13 | % | 13.50 | % | 12.81 | % | 12.99 | % | ||||||||
| Ending tangible shareholders' equity to ending tangible assets (1) | 8.16 | % | 7.73 | % | 7.98 | % | 7.23 | % | 7.23 | % | ||||||||
| Average shareholders' equity to average assets | 13.38 | % | 13.36 | % | 13.28 | % | 12.87 | % | 13.09 | % | ||||||||
| Average tangible shareholders' equity to average tangible assets (1) | 7.94 | % | 7.87 | % | 7.64 | % | 7.15 | % | 7.25 | % | ||||||||
| REPURCHASE PROGRAM (2) | ||||||||||||||||||
| Shares repurchased | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Average share repurchase price | 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 | |||||||||||||
| (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 |
9
exh992earningsrelease1q2
earnings presentation • First 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.
1Q 2025 results 138th Consecutive Quarter of Profitability 4 • EOP assets decreased $115.2 million compared to the linked quarter to $18.5 billion • EOP loans decreased $37.6 million compared to the linked quarter to $11.7 billion • Average deposits decreased $99.0 million compared to the linked quarter to $14.2 billion • Excluding brokered deposits, total average deposits increased $62.8 million over linked quarter • EOP investment securities increased $76.7 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $51.1 million; $61.0 million as adjusted1 • Noninterest expense – $128.1 million; $126.6 million as adjusted1 • Efficiency ratio – 63.9%. Adjusted1 efficiency ratio – 60.2% • Effective tax rate of 19.4%. Adjusted1 effective tax rate of 19.7% • Net interest income – $149.3 million • Net interest margin of 3.84% on a GAAP basis; 3.88% on a fully tax equivalent basis1 • Net income – $51.3 million or $0.54 per diluted share. Adjusted1 net income – $60.2 million or $0.63 per diluted share • Return on average assets – 1.13%. Adjusted 1 return on average assets – 1.33% • Return on average shareholders’ equity – 8.46%. Adjusted1 return on average shareholders’ equity – 9.94% • Return on average tangible common equity – 15.16%. Adjusted1 return on average tangible common equity – 17.80% • Provision expense - $8.7 million • Net charge-offs – $10.5 million. NCOs / Avg. Loans – 0.36% annualized • Classified Assets / Total Assets - 1.16% • NPA / Total Assets – 0.32% • ACL / Total Loans – 1.33% • Total capital ratio – 14.90% • Tier 1 common equity ratio – 12.29% • Tangible common equity ratio – 8.16%. Adjusted1 Tangible common equity ratio – 9.62% • Tangible book value per share – $14.80 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.
1Q 2025 highlights • Solid quarterly earnings driven by net interest income • Adjusted1 earnings per share – $0.63 • Adjusted1 return on assets – 1.33% • Adjusted1 pre-tax, pre-provision return on assets – 1.85% • Adjusted1 return on average tangible common equity – 17.8% • Stable loan balances during the quarter • EOP loan balances decreased $37.6 million compared to the linked quarter; 1.3% on an annualized basis • Seasonal production declines and prepayments in Commercial and ICRE lines of business, which offset modest increases in other portfolios • Average loan balances increased 1.5% on an annualized basis compared to linked quarter • Total average deposit balances decreased $99.0 million, or 2.8% on an annualized basis • Excluding brokered deposits, total average deposits increased $62.8 million over linked quarter • Seasonal decline in noninterest bearing deposits and public funds • Average noninterest bearing deposits were 21% of average total deposits • Net interest margin (FTE) of 3.88% decreased 6 bps from linked quarter, in line with expectations • 12 bp decline in cost of deposits • 18 bp decrease in asset yields • Noninterest income of $51.1 million; $61.0 million as adjusted1 • Adjustments include $9.9 million loss on sales of securities o Sold $164.9 million of securities during the quarter; 2.3 year expected earnback • Record Wealth management revenue of $8.1 million; 2.2% increase from linked quarter • Leasing business revenue of $18.7 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. .
1Q 2025 highlights • Adjusted1 noninterest expense of $126.6 million; 3.3% decrease from fourth quarter • Adjustments1 include $0.5 million of efficiency-related costs and $1.0 million in other costs not expected to recur like tax credit investment write-downs and severance costs • Decline driven by $1.1 million decrease in fraud losses and $5.2 million decline in incentive compensation • Efficiency ratio of 63.9%; 60.2% as adjusted1 • Optimization efforts have resulted in a 7% FTE reduction to date, excluding acquisition of Agile • Stable credit quality • Total ACL of $171.9 million; provision expense of $8.7 million o Loans and leases - ACL of $155.5 million; 1.33% of total loans o Unfunded Commitments - ACL of $16.4 million • Provision expense driven by net charge-offs • Classified assets decreased 5 bps to 1.16% of total assets • NPA to total assets of 32 bps; 4 bp decline from linked quarter • $10.5 million in net charge-offs; 0.36% of loans on an annualized basis; 4 bp decrease from linked quarter • Capital ratios stable and strong • Total capital ratio of 14.90% • Tier 1 common equity of 12.29%; 13 bp increase from linked quarter • Tangible book value of $14.80; increased $0.65, or 4.6% from linked quarter • Tangible common equity increased 43 bps to 8.16%; 9.62%1 excluding ($253.9) million of AOCI 6 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .
adjusted net income1 7 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 149,296$ 149,296$ 154,399$ 154,399$ Provision for credit losses-loans and leases 9,141$ 9,141$ 9,705$ 9,705$ Provision for credit losses-unfunded commitments (441)$ (441)$ (273)$ (273)$ Noninterest income 51,083$ 51,083$ 69,854$ 69,854$ less: gains (losses) on security transactions - (9,948) A - 143 A less: deferred tax adjustment - - A - - A Total noninterest income 51,083$ 61,031$ 69,854$ 69,711$ Noninterest expense 128,076$ 128,076$ 147,907$ 147,907$ less: tax credit investment writedown - 112 A - 14,303 A less: state intangible tax - - A - (983) A less: efficiency-related costs - 451 A - 4,727 A less: other - 894 A - (1,066) A Total noninterest expense 128,076$ 126,619$ 147,907$ 130,926$ Income before income taxes 63,603$ 75,008$ 66,914$ 83,752$ Income tax expense 12,310$ 12,310$ 2,029$ 2,029$ plus: after-tax impact of tax credit investment @ 21% - 88 - 10,522 plus: tax effect of adjustments (A) @ 21% statutory rate - 2,395 - 3,536 Total income tax expense 12,310$ 14,793$ 2,029$ 16,087$ Net income 51,293$ 60,215$ 64,885$ 67,665$ Net earnings per share - diluted 0.54$ 0.63$ 0.68$ 0.71$ Pre-tax, pre-provision return on average assets 1.60% 1.85% 1.66% 2.03% 1Q 2025 4Q 2024 The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance.
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. Adjusted1 Pre-tax, Pre-Provision Earnings $0.54 $0.68 $0.55 $0.64 $0.53 $0.63 $0.71 $0.67 $0.65 $0.59 1Q254Q243Q242Q241Q24 Diluted EPS Adjusted EPS 1 1.13% 1.41% 1.17% 1.38% 1.18% 1.33% 1.47%1.42%1.40% 1.30% 1Q254Q243Q242Q241Q24 ROA Adjusted ROA 1 15.16% 19.08% 16.29% 20.57% 17.35% 17.80% 19.90%19.77%20.88% 19.11% 1Q254Q243Q242Q241Q24 ROATCE Adjusted ROATCE 1 $83.7$93.2$89.7$92.4$79.4 1.85% 2.03%2.00%2.10% 1.85% 1Q254Q243Q242Q241Q24 Pre-tax, pre-provision earnings Pre-tax, pre-provision ROA
net interest income & margin 9 Net Interest Margin (FTE) 1Q25 NIM (FTE) Progression Net Interest Income All dollars shown in millions $145.6$149.2$151.0$148.4$143.9 $3.1 $4.7$3.8 $3.6 $4.0 $149.3 $154.4$155.6 $153.3 $148.7 1Q254Q243Q242Q241Q24 Basic NII Loan Fees 3.80%3.82% 3.98%4.00%3.99% 0.08%0.12% 0.10%0.10%0.11% 3.88%3.94% 4.08%4.10%4.10% 1Q254Q243Q242Q241Q24 Basic Margin (FTE) Loan Fees 4Q24 3.94% Asset yields/mix (0.18%) Funding costs/mix 0.12% 1Q25 3.88%
average balance sheet 10 Average Securities All dollars shown in millions 1 Includes loans fees and loan accretion Average Deposits $3,412$3,373$3,274$3,132$3,138 4.35% 4.28%4.24%4.23% 4.01% 1Q254Q243Q242Q241Q24 Investment Securities Investment Securities Yield $14,241$14,340 $13,797$13,630 $13,279 2.24% 2.36% 2.49%2.44% 2.30% 1Q254Q243Q242Q241Q24 Deposits Cost of Deposits $11,725$11,688$11,534$11,441$11,066 6.82%7.04% 7.41%7.42%7.32% 1Q254Q243Q242Q241Q24 Loans Loan Yield 1 Average Loans
11 Borrowing Capacity • Interest-bearing deposits with other banks of $633 million • Investment securities portfolio: • 97.7% of investment portfolio classified as available-for-sale • $782.2 million of expected cash flow from securities portfolio in next 12 months • $412.3 million of floating rate securities with minimal losses • Portfolio duration of 4.4 years at March 31, 2025 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 897,198$ Fed Discount Window availability 852,661 Brokered CDs/Deposit placement services 2,473,697 Fed funds 940,000 Total as of March 31, 2025 5,163,556$
loan portfolio 12 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): ($37.6) million ICRE $3,718 32% Commercial & Small Business Banking $3,238 27% Oak Street $793 7% Franchise $229 2% Summit $901 8% Agile $206 2% Consumer $1,036 9% Mortgage $1,603 13% Total $11.7 Billion -$38.5 -$71.1 $46.8 -$11.2 $13.6 $3.1 $10.8 $8.9 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 NAICS Sector 3/31/25 % of Total Loans Finance and Insurance $1,259.8 10.7% Manufacturing 498.2 4.2% Construction 360.0 3.1% Real Estate and Rental and Leasing 296.7 2.5% Health Care and Social Assistance 290.0 2.5% Accommodation and Food Services 284.5 2.4% Professional, Scientific, and Technical Services 282.7 2.4% Retail Trade 243.1 2.1% Wholesale Trade 183.4 1.6% Administrative and Support and Waste Managemen 159.9 1.4% Agriculture, Forestry, Fishing and Hunting 152.3 1.3% Transportation and Warehousing 151.2 1.3% Other Services (except Public Administration) 129.5 1.1% Arts, Entertainment, and Recreation 73.4 0.6% Information 65.6 0.6% Public Administration 52.7 0.4% Management of Companies and Enterprises 25.7 0.2% Educational Services 24.4 0.2% Mining, Quarrying, and Oil and Gas Extraction 21.7 0.2% Utilities 20.8 0.2% Other 2.1 0.0% Grand Total $4,577.8 39.0% Property Type 3/31/25 % of Total Loans Residential Multi Family 5+ $1,347.4 11.5% Retail Property 765.6 6.5% Industrial 422.7 3.6% Office 405.7 3.5% Hospital/Nursing Home 288.0 2.5% Hotel 172.7 1.5% Land 109.2 0.9% Residential 1-4 Family 108.7 0.9% Other Real Estate 53.9 0.5% Industrial 31.0 0.3% Self Storage 12.5 0.1% Other 0.1 0.0% Grand Total $3,717.5 31.7%
area of focus - office portfolio (non-owner occupied) 14 1 Performance metrics based on loans greater than $2.5 million and excluding classified assets. All dollars shown in millions Office Property Market • $405.7 million represents 3.5% of total loan portfolio; includes $51.5 million of loans less than $2.5 million individual exposure • Majority of exposure is in our metro markets and secured by suburban Class A & Class B assets with recourse from the sponsor • No exposure to gateway cities • $16.8 million on nonaccrual status; 2 relationships; have been charged down to net realizable value • $25.0 million rated special mention – 2 relationships • No loans migrated to criticized/classified during quarter • Performance metrics at origination or renewal1 • LTV – 63.1% • Occupancy – 86.9% • Debt coverage – 1.68x Office Property Type $321 79% $44 11% $26 6% $15 4% General Office Medical Mixed Use Other $274 68% $118 29% $14 3% Suburban Urban Non-metro $95 $82 $37 $61 $50 $81 $0 $20 $40 $60 $80 $100 $120 2025 2026 2027 2028 2029 2030+ Office Maturity Schedule
deposits 15 Deposit Product Mix (Avg) 1Q25 Average Deposit Progression All dollars shown in millions Total growth/(decline): ($99.0) million Noninterest- bearing $2,976 21% Interest-bearing demand $1,767 12% Savings $996 7% Money Markets $3,256 23% Retail CDs $1,943 14% Brokered Deposits $1,237 9% Public Funds $2,066 14% Total $14.2 Billion -$64.6 $35.4 $0.4 $59.4 $95.0 -$161.8 -$62.8 Noninterest-bearing Interest-bearing demand Savings Money Markets Retail CDs Brokered Deposits Public Funds
average deposit trends 16 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,665$6,520$6,330$6,312$6,162 1Q254Q243Q242Q241Q24 $4,190$4,207$3,974$3,824$3,823 1Q254Q243Q242Q241Q24 $2,066$2,129$1,937$1,978$1,864 1Q254Q243Q242Q241Q24 Uninsured deposits (per call report instructions) 5,759$ Less: Public funds 1,777 Less: Intercompany deposits 291 Adjusted uninsured deposits 3,691 Borrowing capacity 5,164 Borrowing capacity in excess of adjusted uninsured deposits $ 1,473 Borrowing capacity as a % of adjusted uninsured deposits 139.9% Adjusted uninsured deposits to total deposits 26.0%
noninterest income 17 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. 1Q25 Highlights • $9.9 million of adjustments1 for losses on sales of securities • Adjusted1 noninterest income 29% of net revenue • Record Wealth management fees of $8.1 million; increased $0.2 million , or 2.2% from linked quarter • Foreign exchange income of $12.5 million; decreased $4.3 million from strong fourth quarter • Leasing business income of $18.7 million; decreased $0.7 million, or 3.7% from the linked quarter All dollars shown in millions Service Charges $7.5 Wealth Mgmt $8.1 Bankcard $3.3 Client derivative fees $1.6 Foreign exchange $12.5 Leasing business $18.7 Mortgage banking $4.3 Other $(4.9) Total $51.1 million $61.0 million as adjusted 1
noninterest expense 18 Noninterest Expense 1Q25 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 expenses decreased $4.3 million, or 3.3% from linked quarter • $5.2 million decrease in incentive compensation • $1.1 million decrease in fraud losses • $1.5 million of adjustments1 include: • $0.5 million efficiency-related costs • $1.0 million of other costs not expected to recur such as tax credit investment write-downs and severance costs Efficiency Ratio Full-time Equivalent Employees Salaries and benefits $75.2 59% Occupancy and equipment $9.8 7% Data processing $8.8 7% Professional services $2.7 2% Intangible amortization $2.4 2% Leasing business expense $12.8 10% Other $16.4 13% $128.1 million Total 62.7% 57.5% 62.5% 66.0% 63.9% 60.4% 57.0% 58.2% 58.4% 60.2% 1Q24 2Q24 3Q24 4Q24 1Q25 Efficiency Ratio Adjusted Efficiency Ratio 1 2,021 2,064 2,084 2,144 2,116 1Q254Q243Q242Q241Q24 Full-time equivalent employees
allowance for credit losses 19 1Q25 Highlights All dollars shown in millions • $171.9 million combined ACL; $8.7 million combined provision expense • $155.5 million ACL – loans and leases; 1.33% of loan balances consistent with linked quarter • Utilized Moody’s March baseline forecast in quantitative model • $16.4 million ACL – unfunded commitments ACL / Total Loans $144.3 $156.2 $158.8 $156.8 $155.5 $16.2 $16.4 $17.1 $16.9 $16.4 $160.4 $172.6 $176.0 $173.7 $171.9 1.29% 1.36% 1.37% 1.33% 1.33% 1Q24 2Q24 3Q24 4Q24 1Q25 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans
asset quality 20 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 $10.6 $4.2 $7.3 $11.7 $10.5 $11.2 $16.4 $10.6 $9.4 $8.7 0.36% 0.40% 0.25% 0.15% 0.38% 1Q24 2Q24 3Q24 4Q24 1Q25 NCOs Provision Expense NCOs / Average Loans $213.4$224.1 $206.2$195.3 $162.3 1.16%1.21% 1.14%1.07% 0.92% 1Q254Q243Q242Q241Q24 Classified Assets Classified Assets / Total Assets $59.8 $66.0$65.5$62.7$59.4 0.32% 0.36%0.36%0.35%0.34% 1Q254Q243Q242Q241Q24 NPAs NPAs / Total Assets
capital 21 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 3/31 Risk Weighted Assets = $14,027,274 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 Tier 1 Capital Ratio 12.29%12.16%12.04%11.78%11.67% 7.00% 1Q254Q243Q242Q241Q24 Tier 1 Common Equity Ratio Basel III minimum 12.61%12.48%12.37%12.11%12.00% 8.50% 1Q254Q243Q242Q241Q24 Tier 1 Capital Ratio Basel III minimum 14.90%14.64%14.58%14.47%14.31% 10.50% 1Q254Q243Q242Q241Q24 Total Capital Ratio Basel III minimum 7.23% 7.23% 7.98% 7.73% 8.16% 9.18% 9.13% 9.34% 9.39% 9.62% 1Q24 2Q24 3Q24 4Q24 1Q25 TCE ratio Adjusted TCE ratio1
capital strategy 22 Strategy & DeploymentTangible Book Value Per Share • 3.8% annualized dividend yield as of March 31st • 44.8% of 1Q25 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend of $0.24 • No shares repurchased in 1Q25; no plans to repurchase shares in near- term • Increase in TBV per share from linked quarter driven by strong earnings and fewer unrealized losses on the investment portfolio • 18.4% increase since 1Q24 1 Excludes impact from AOCI $12.50 $12.94 $14.26 $14.15 $14.80 $15.87 $16.32 $16.69 $17.18 $17.45 1Q24 2Q24 3Q24 4Q24 1Q25 Tangible Book Value per Share TBV per share-adjusted 1
outlook commentary1 • Loan balances expected to increase low single digits on an annualized basis • Deposit balances expected to grow modestly • Investment portfolio expected to grow with earning assets 23 • Total noninterest expense expected to be $126 - 128 million • Stable expense base expected excluding leasing business and fee-based incentive expense • Incentive expense will fluctuate with fee income Noninterest Expense Net Interest Margin Balance Sheet Credit • Credit costs expected to be stable • Net charge-offs expected to be lower in 2Q • Stable to slightly increasing ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $64 - 66 million • Includes $13 - 15 million foreign exchange • Includes $18 - 20 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 3.95% - 4.05%; assumes 25 bp June rate cut Capital • Expect to maintain dividend at $0.24
The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. We believe this information is helpful in understanding the results of operations separate and apart from items that may, or could, have a disproportional positive or negative impact in any given period. For a reconciliation of the differences between the non-GAAP financial measures and the most comparable GAAP measures, please refer to the following reconciliation tables. to GAAP Reconciliation 24 appendix: non-GAAP measures
appendix: non-GAAP to GAAP reconciliation 25 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, 2025 2024 2024 2024 2024 Net interest income 149,296$ 154,399$ 155,560$ 153,311$ 148,740$ Tax equivalent adjustment 1,213 1,274 1,362 1,418 1,535 Net interest income - tax equivalent 150,509$ 155,673$ 156,922$ 154,729$ 150,275$ Average earning assets 15,752,132$ 15,714,676$ 15,292,378$ 15,171,819$ 14,757,503$ Net interest margin1 3.84 % 3.91 % 4.05 % 4.06 % 4.05 % Net interest margin (fully tax equivalent)1 3.88 % 3.94 % 4.08 % 4.10 % 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 26 All dollars shown in thousands Additional non-GAAP ratios Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, (Dollars in thousands, except per share data) 2025 2024 2024 2024 2024 Net income (a) 51,293$ 64,885$ 52,451$ 60,805$ 50,689$ Average total shareholders' equity 2,457,785 2,441,045 2,371,125 2,281,040 2,265,562 Less: Goodw ill (1,007,656) (1,007,658) (1,007,654) (1,007,657) (1,006,477) Other intangibles (78,220) (80,486) (82,619) (84,577) (84,109) Average tangible equity (b) 1,371,909 1,352,901 1,280,852 1,188,806 1,174,976 Total shareholders' equity 2,501,235 2,438,041 2,450,438 2,326,439 2,287,003 Less: Goodw ill (1,007,656) (1,007,656) (1,007,656) (1,007,656) (1,007,656) Other intangibles (77,002) (79,291) (81,547) (83,528) (85,603) Ending tangible equity (c) 1,416,577 1,351,094 1,361,235 1,235,255 1,193,744 Less: AOCI (253,888) (289,799) (232,262) (323,409) (321,109) Ending tangible equity less AOCI (d) 1,670,465 1,640,893 1,593,497 1,558,664 1,514,853 Total assets 18,455,067 18,570,261 18,146,332 18,166,180 17,599,238 Less: Goodw ill (1,007,656) (1,007,656) (1,007,656) (1,007,656) (1,007,656) Other intangibles (77,002) (79,291) (81,547) (83,528) (85,603) Ending tangible assets (e) 17,370,409 17,483,314 17,057,129 17,074,996 16,505,979 Risk-w eighted assets (f) 14,027,274 14,059,215 13,800,728 13,803,249 13,562,455 Total average assets 18,368,604 18,273,419 17,854,191 17,728,251 17,306,221 Less: Goodw ill (1,007,656) (1,007,658) (1,007,654) (1,007,657) (1,006,477) Other intangibles (78,220) (80,486) (82,619) (84,577) (84,109) Average tangible assets (g) 17,282,728$ 17,185,275$ 16,763,918$ 16,636,017$ 16,215,635$ Ending shares outstanding (h) 95,730,353 95,494,840 95,486,317 95,486,010 95,473,595 Ratios Return on average tangible shareholders' equity (a)/(b) 15.16% 19.08% 16.29% 20.57% 17.35% Ending tangible equity as a percent of: Ending tangible assets (c)/(e) 8.16% 7.73% 7.98% 7.23% 7.23% Risk-w eighted assets (c)/(f) 10.10% 9.61% 9.86% 8.95% 8.80% Ending tangible equity excluding AOCI as a percent of: Ending tangible assets (d)/(e) 9.62% 9.39% 9.34% 9.13% 9.18% Average tangible equity as a percent of average tangible assets (b)/(g) 7.94% 7.87% 7.64% 7.15% 7.25% Tangible book value per share (c)/(h) 14.80$ 14.15$ 14.26$ 12.94$ 12.50$ Three months ended,
appendix: non-GAAP to GAAP reconciliation 27 All dollars shown in thousands Additional non-GAAP measures 3Q24 2Q24 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 149,296$ 149,296$ 154,399$ 154,399$ 155,560$ 155,560$ 153,311$ 153,311$ Provision for credit losses-loans and leases (j) 9,141 9,141 9,705 9,705 9,930 9,930 16,157 16,157 Provision for credit losses-unfunded commitments (j) (441) (441) (273) (273) 694 694 286 286 Noninterest income 51,083 51,083 69,854 69,854 45,701 45,701 61,501 61,501 less: gains (losses) on security transactions (9,948) 143 (17,468) (64) less: deferred tax adjustment - - 4,353 - Total noninterest income (g) 51,083 61,031 69,854 69,711 45,701 58,816 61,501 61,565 Noninterest expense 128,076 128,076 147,907 147,907 125,759 125,759 123,574 123,574 less: tax credit investment w ritedow n 112 14,303 31 31 less: state intangible tax - (983) - - less: FDIC special assessment - - - (70) less: eff iciency-related costs 451 4,727 383 368 less: Other 894 (1,066) 664 787 Total noninterest expense (e) 128,076 126,619 147,907 130,926 125,759 124,681 123,574 122,458 Income before income taxes (i) 63,603 75,008 66,914 83,752 64,878 79,071 74,795 75,975 Income tax expense 12,310 12,310 2,029 2,029 12,427 12,427 13,990 13,990 plus: tax effect of adjustments 88 10,522 24 10 plus: after-tax impact of tax credit investments @ 21% 2,395 3,536 2,981 263 Total income tax expense (h) 12,310 14,793 2,029 16,087 12,427 15,432 13,990 14,262 Net income (a) 51,293$ 60,215$ 64,885$ 67,665$ 52,451$ 63,639$ 60,805$ 61,713$ Average diluted shares (b) 95,524 95,524 95,488 95,488 95,480 95,480 95,470 95,470 Average assets (c) 18,368,604 18,368,604 18,273,419 18,273,419 17,854,191 17,854,191 17,728,251 17,728,251 Average shareholders' equity 2,457,785 2,457,785 2,441,045 2,441,045 2,371,125 2,371,125 2,281,040 2,281,040 Less: Goodw ill and other intangibles (1,085,876) (1,085,876) (1,088,144) (1,088,144) (1,090,273) (1,090,273) (1,092,234) (1,092,234) Average tangible equity (d) 1,371,909 1,371,909 1,352,901 1,352,901 1,280,852 1,280,852 1,188,806 1,188,806 Ratios Net earnings per share - diluted (a)/(b) 0.54$ 0.63$ 0.68$ 0.71$ 0.55$ 0.67$ 0.64$ 0.65$ Return on average assets - (a)/(c) 1.13% 1.33% 1.41% 1.47% 1.17% 1.42% 1.38% 1.40% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.60% 1.85% 1.66% 2.03% 1.68% 2.00% 2.07% 2.10% Return on average tangible shareholders' equity - (a)/(d) 15.16% 17.80% 19.08% 19.90% 16.29% 19.77% 20.57% 20.88% Efficiency ratio - (e)/((f)+(g)) 63.9% 60.2% 66.0% 58.4% 62.5% 58.2% 57.5% 57.0% Effective tax rate - (h)/(i) 19.4% 19.7% 3.0% 19.2% 19.2% 19.5% 18.7% 18.8% (Dollars in thousands, except per share data) 1Q25 4Q24
28 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202