FFBC 8-K

First Financial Bancorp /Oh/ (FFBC)

8-K 2026-01-28 For: 2026-01-28

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Added on April 07, 2026

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		By: /s/ James M. Anderson
		James M. Anderson
		Executive Vice President and Chief Financial Officer

Date:	January 28, 2026


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,															Twelve months ended,
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			2025			2024
RESULTS OF OPERATIONS
Net income	$	62,393		$	71,923		$	69,996		$	51,293		$	64,885		$	255,605		$	228,830
Net earnings per share - basic	$	0.65		$	0.76		$	0.74		$	0.54		$	0.69		$	2.68		$	2.42
Net earnings per share - diluted	$	0.64		$	0.75		$	0.73		$	0.54		$	0.68		$	2.66		$	2.40
Dividends declared per share	$	0.25		$	0.25		$	0.24		$	0.24		$	0.24		$	0.98		$	0.94

KEY FINANCIAL RATIOS
Return on average assets	1.22		%	1.54		%	1.52		%	1.13		%	1.41		%	1.35		%	1.29		%
Return on average shareholders' equity	9.18		%	11.08		%	11.16		%	8.46		%	10.57		%	9.98		%	9.78		%
Return on average tangible shareholders' equity (1)	16.27		%	19.11		%	19.61		%	15.16		%	19.08		%	17.57		%	18.31		%

Net interest margin	3.96		%	3.99		%	4.01		%	3.84		%	3.91		%	3.95		%	4.02		%
Net interest margin (fully tax equivalent) (1)(2)	3.98		%	4.02		%	4.05		%	3.88		%	3.94		%	3.98		%	4.05		%

Ending shareholders' equity as a percent of ending assets	13.11		%	14.18		%	13.73		%	13.55		%	13.13		%	13.11		%	13.13		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	7.79		%	8.87		%	8.40		%	8.16		%	7.73		%	7.79		%	7.73		%
Risk-weighted assets (1)	9.76		%	10.94		%	10.44		%	10.10		%	9.61		%	9.76		%	9.61		%

Average shareholders' equity as a percent of average assets	13.31		%	13.87		%	13.66		%	13.38		%	13.36		%	13.55		%	13.15		%
Average tangible shareholders' equity as a percent of average tangible assets (1)	7.97		%	8.54		%	8.26		%	7.94		%	7.87		%	8.17		%	7.48		%

Book value per share	$	28.11		$	27.48		$	26.71		$	26.13		$	25.53		$	28.11		$	25.53
Tangible book value per share (1)	$	15.74		$	16.19		$	15.40		$	14.80		$	14.15		$	15.74		$	14.15

Common equity tier 1 ratio (3)	11.32		%	12.91		%	12.57		%	12.29		%	12.16		%	11.32		%	12.16		%
Tier 1 ratio (3)	11.60		%	13.23		%	12.89		%	12.61		%	12.48		%	11.60		%	12.48		%
Total capital ratio (3)	15.46		%	15.32		%	14.98		%	14.90		%	14.64		%	15.46		%	14.64		%
Leverage ratio (3)	9.53		%	10.50		%	10.28		%	10.01		%	9.98		%	9.53		%	9.98		%

AVERAGE BALANCE SHEET ITEMS
Loans (4)	$	12,812,267		$	11,806,065		$	11,792,840		$	11,724,727		$	11,687,886		$	12,036,330		$	11,433,226

Investment securities	3,988,846			3,552,014			3,478,921			3,411,593			3,372,539			3,609,272			3,229,577
Interest-bearing deposits with other banks	647,347			610,074			542,815			615,812			654,251			604,115			572,763
Total earning assets	$	17,448,460		$	15,968,153		$	15,814,576		$	15,752,132		$	15,714,676		$	16,249,717		$	15,235,566
Total assets	$	20,256,539		$	18,566,188		$	18,419,437		$	18,368,604		$	18,273,419		$	18,906,942		$	17,792,014
Noninterest-bearing deposits	$	3,436,709		$	3,124,277		$	3,143,081		$	3,091,037		$	3,162,643		$	3,199,519		$	3,145,646
Interest-bearing deposits	12,521,948			11,387,648			11,211,694			11,149,633			11,177,010			11,570,997			10,617,427
Total deposits	$	15,958,657		$	14,511,925		$	14,354,775		$	14,240,670		$	14,339,653		$	14,770,516		$	13,763,073
Borrowings	$	848,650		$	823,346		$	910,573		$	1,001,337		$	855,083		$	895,359		$	1,054,222
Shareholders' equity	$	2,695,581		$	2,575,203		$	2,515,747		$	2,457,785		$	2,441,045		$	2,561,769		$	2,340,056

CREDIT QUALITY RATIOS
Allowance to ending loans	1.39		%	1.38		%	1.34		%	1.33		%	1.33		%	1.39		%	1.33		%
Allowance to nonaccrual loans	183.18		%	213.18		%	206.08		%	261.07		%	237.66		%	183.18		%	237.66		%


Nonaccrual loans to total loans	0.76		%	0.65		%	0.65		%	0.51		%	0.56		%	0.76		%	0.56		%
Nonperforming assets to ending loans, plus OREO	0.76		%	0.65		%	0.65		%	0.51		%	0.56		%	0.76		%	0.56		%
Nonperforming assets to total assets	0.48		%	0.41		%	0.41		%	0.32		%	0.36		%	0.48		%	0.36		%
Classified assets to total assets	1.11		%	1.18		%	1.15		%	1.16		%	1.21		%	1.11		%	1.21		%
Net charge-offs to average loans (annualized)	0.27		%	0.18		%	0.21		%	0.36		%	0.40		%	0.25		%	0.30		%


FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	Three months ended,								Twelve months ended,
	Dec. 31,								Dec. 31,
	2025			2024			% Change		2025			2024			% Change
Interest income
Loans and leases, including fees	$	215,663		$	207,508		3.9	%	$	819,151		$	836,541		(2.1)	%
Investment securities
Taxable	40,971			33,978			20.6	%	148,036			124,936			18.5	%
Tax-exempt	2,363			2,423			(2.5)	%	8,995			10,835			(17.0)	%
Total investment securities interest	43,334			36,401			19.0	%	157,031			135,771			15.7	%
Other earning assets	6,334			7,662			(17.3)	%	25,722			29,783			(13.6)	%
Total interest income	265,331			251,571			5.5	%	1,001,904			1,002,095			0.0	%

Interest expense
Deposits	78,861			85,441			(7.7)	%	310,752			331,092			(6.1)	%
Short-term borrowings	4,925			6,586			(25.2)	%	24,842			38,856			(36.1)	%
Long-term borrowings	7,550			5,145			46.7	%	24,264			20,137			20.5	%
Total interest expense	91,336			97,172			(6.0)	%	359,858			390,085			(7.7)	%
Net interest income	173,995			154,399			12.7	%	642,046			612,010			4.9	%
Provision for credit losses-loans and leases	9,688			9,705			(0.2)	%	36,525			49,211			(25.8)	%
Provision for credit losses-unfunded commitments	412			(273)			(250.9)	%	1,142			(1,552)			(173.6)	%
Net interest income after provision for credit losses	163,895			144,967			13.1	%	604,379			564,351			7.1	%

Noninterest income
Service charges on deposit accounts	8,308			7,632			8.9	%	31,366			29,279			7.1	%
Wealth management fees	9,288			7,962			16.7	%	32,563			28,720			13.4	%
Bankcard income	3,590			3,659			(1.9)	%	14,226			14,399			(1.2)	%
Client derivative fees	2,681			1,528			75.5	%	7,802			4,701			66.0	%
Foreign exchange income	22,696			16,794			35.1	%	65,666			56,064			17.1	%
Leasing business income	19,523			19,413			0.6	%	80,020			67,641			18.3	%
Net gains from sales of loans	7,041			4,634			51.9	%	24,885			17,918			38.9	%
Net gain (loss) on investment securities	(12,576)			144			N/M		(22,324)			(22,575)			(1.1)	%



Other	4,216			8,088			(47.9)	%	23,234			27,421			(15.3)	%
Total noninterest income	64,767			69,854			(7.3)	%	257,438			223,568			15.1	%

Noninterest expenses
Salaries and employee benefits	85,123			80,314			6.0	%	315,885			304,389			3.8	%

Net occupancy	6,315			5,415			16.6	%	24,182			23,050			4.9	%
Furniture and equipment	3,940			3,476			13.3	%	14,776			14,427			2.4	%
Data processing	10,465			9,139			14.5	%	37,835			35,178			7.6	%
Marketing	3,056			2,204			38.7	%	10,170			9,026			12.7	%
Communication	825			767			7.6	%	3,013			3,229			(6.7)	%
Professional services	6,231			6,631			(6.0)	%	14,833			14,087			5.3	%
Amortization of tax credit investments	800			14,303			(94.4)	%	1,135			14,397			(92.1)	%
State intangible tax	1,679			(104)			N/M		5,604			2,524			122.0	%
FDIC assessments	2,923			2,736			6.8	%	11,204			11,209			0.0	%
Intangible amortization	3,927			2,395			64.0	%	11,003			9,487			16.0	%
Leasing business expense	13,837			12,536			10.4	%	53,705			44,317			21.2	%
Other	10,410			8,095			28.6	%	37,202			34,275			8.5	%
Total noninterest expenses	149,531			147,907			1.1	%	540,547			519,595			4.0	%
Income before income taxes	79,131			66,914			18.3	%	321,270			268,324			19.7	%
Income tax expense	16,738			2,029			724.9	%	65,665			39,494			66.3	%
Net income	$	62,393		$	64,885		(3.8)	%	$	255,605		$	228,830		11.7	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.65		$	0.69				$	2.68		$	2.42
Net earnings per share - diluted	$	0.64		$	0.68				$	2.66		$	2.40
Dividends declared per share	$	0.25		$	0.24				$	0.98		$	0.94

Return on average assets	1.22		%	1.41		%			1.35		%	1.29		%
Return on average shareholders' equity	9.18		%	10.57		%			9.98		%	9.78		%

Interest income	$	265,331		$	251,571		5.5	%	$	1,001,904		$	1,002,095		0.0	%
Tax equivalent adjustment	1,227			1,274			(3.7)	%	4,934			5,589			(11.7)	%
Interest income - tax equivalent	266,558			252,845			5.4	%	1,006,838			1,007,684			(0.1)	%
Interest expense	91,336			97,172			(6.0)	%	359,858			390,085			(7.7)	%
Net interest income - tax equivalent	$	175,222		$	155,673		12.6	%	$	646,980		$	617,599		4.8	%

Net interest margin	3.96		%	3.91		%			3.95		%	4.02		%
Net interest margin (fully tax equivalent) (1)	3.98		%	3.94		%			3.98		%	4.05		%

Full-time equivalent employees	2,164			2,064

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


FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	2025
	Fourth			Third			Second			First			Year to			% Change
	Quarter			Quarter			Quarter			Quarter			Date			Linked Qtr.
Interest income
Loans and leases, including fees	$	215,663		$	204,865		$	201,460		$	197,163		$	819,151		5.3	%
Investment securities
Taxable	40,971			36,421			36,243			34,401			148,036			12.5	%
Tax-exempt	2,363			2,195			2,233			2,204			8,995			7.7	%
Total investment securities interest	43,334			38,616			38,476			36,605			157,031			12.2	%
Other earning assets	6,334			6,773			5,964			6,651			25,722			(6.5)	%
Total interest income	265,331			250,254			245,900			240,419			1,001,904			6.0	%

Interest expense
Deposits	78,861			77,766			75,484			78,641			310,752			1.4	%
Short-term borrowings	4,925			5,979			6,393			7,545			24,842			(17.6)	%
Long-term borrowings	7,550			6,023			5,754			4,937			24,264			25.4	%
Total interest expense	91,336			89,768			87,631			91,123			359,858			1.7	%
Net interest income	173,995			160,486			158,269			149,296			642,046			8.4	%
Provision for credit losses-loans and leases	9,688			8,612			9,084			9,141			36,525			12.5	%
Provision for credit losses-unfunded commitments	412			453			718			(441)			1,142			(9.1)	%
Net interest income after provision for credit losses	163,895			151,421			148,467			140,596			604,379			8.2	%

Noninterest income
Service charges on deposit accounts	8,308			7,829			7,766			7,463			31,366			6.1	%
Wealth management fees	9,288			7,351			7,787			8,137			32,563			26.4	%
Bankcard income	3,590			3,589			3,737			3,310			14,226			0.0	%
Client derivative fees	2,681			1,876			1,674			1,571			7,802			42.9	%
Foreign exchange income	22,696			16,666			13,760			12,544			65,666			36.2	%
Leasing business income	19,523			20,997			20,797			18,703			80,020			(7.0)	%
Net gains from sales of loans	7,041			6,835			6,687			4,322			24,885			3.0	%
Net gain (loss) on investment securities	(12,576)			(42)			243			(9,949)			(22,324)			N/M

Other	4,216			8,424			5,612			4,982			23,234			(50.0)	%
Total noninterest income	64,767			73,525			68,063			51,083			257,438			(11.9)	%

Noninterest expenses
Salaries and employee benefits	85,123			80,607			74,917			75,238			315,885			5.6	%
Net occupancy	6,315			6,003			5,845			6,019			24,182			5.2	%
Furniture and equipment	3,940			3,582			3,441			3,813			14,776			10.0	%
Data processing	10,465			9,591			9,020			8,759			37,835			9.1	%
Marketing	3,056			2,359			2,737			2,018			10,170			29.5	%
Communication	825			695			681			812			3,013			18.7	%
Professional services	6,231			2,314			3,549			2,739			14,833			169.3	%
Amortization of tax credit investments	800			112			111			112			1,135			614.3	%
State intangible tax	1,679			1,531			1,517			877			5,604			9.7	%
FDIC assessments	2,923			2,611			2,611			3,059			11,204			11.9	%
Intangible amortization	3,927			2,359			2,358			2,359			11,003			66.5	%
Leasing business expense	13,837			13,911			13,155			12,802			53,705			(0.5)	%
Other	10,410			8,594			8,729			9,469			37,202			21.1	%
Total noninterest expenses	149,531			134,269			128,671			128,076			540,547			11.4	%
Income before income taxes	79,131			90,677			87,859			63,603			321,270			(12.7)	%
Income tax expense	16,738			18,754			17,863			12,310			65,665			(10.7)	%
Net income	$	62,393		$	71,923		$	69,996		$	51,293		$	255,605		(13.3)	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.65		$	0.76		$	0.74		$	0.54		$	2.68
Net earnings per share - diluted	$	0.64		$	0.75		$	0.73		$	0.54		$	2.66
Dividends declared per share	$	0.25		$	0.25		$	0.24		$	0.24		$	0.98

Return on average assets	1.22		%	1.54		%	1.52		%	1.13		%	1.35		%
Return on average shareholders' equity	9.18		%	11.08		%	11.16		%	8.46		%	9.98		%

Interest income	$	265,331		$	250,254		$	245,900		$	240,419		$	1,001,904		6.0	%
Tax equivalent adjustment	1,227			1,248			1,246			1,213			4,934			(1.7)	%
Interest income - tax equivalent	266,558			251,502			247,146			241,632			1,006,838			6.0	%
Interest expense	91,336			89,768			87,631			91,123			359,858			1.7	%
Net interest income - tax equivalent	$	175,222		$	161,734		$	159,515		$	150,509		$	646,980		8.3	%

Net interest margin	3.96		%	3.99		%	4.01		%	3.84		%	3.95		%
Net interest margin (fully tax equivalent) (1)	3.98		%	4.02		%	4.05		%	3.88		%	3.98		%

Full-time equivalent employees	2,164			1,986			2,033			2,021

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


FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)

	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		% Change		% Change
	2025		2025		2025		2025		2024		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	178,553	$	174,659	$	210,187	$	190,610	$	174,258	2.2	%	2.5	%
Interest-bearing deposits with other banks	597,338		565,080		570,173		633,349		730,228		5.7	%	(18.2)	%
Investment securities available-for-sale	3,971,932		3,422,595		3,386,562		3,260,981		3,183,776		16.1	%	24.8	%
Investment securities held-to-maturity	58,545		71,595		72,994		76,469		76,960		(18.2)	%	(23.9)	%
Other investments	129,564		117,120		122,322		120,826		114,598		10.6	%	13.1	%
Loans held for sale	16,953		21,466		26,504		17,927		13,181		(21.0)	%	28.6	%
Loans and leases
Commercial and industrial	4,632,241		3,838,630		3,927,771		3,832,350		3,815,858		20.7	%	21.4	%
Lease financing	638,527		596,734		587,176		573,608		598,045		7.0	%	6.8	%
Construction real estate	677,339		627,960		732,777		824,775		779,446		7.9	%	(13.1)	%
Commercial real estate	4,384,556		4,048,370		3,961,513		3,956,880		4,061,744		8.3	%	7.9	%
Residential real estate	1,832,184		1,494,464		1,492,688		1,479,704		1,462,284		22.6	%	25.3	%
Home equity	1,005,204		935,975		903,299		872,502		849,039		7.4	%	18.4	%
Installment	188,694		109,764		116,598		119,672		133,051		71.9	%	41.8	%
Credit card	65,325		62,654		64,374		64,639		62,311		4.3	%	4.8	%
Total loans	13,424,070		11,714,551		11,786,196		11,724,130		11,761,778		14.6	%	14.1	%
Less:
Allowance for credit losses	(186,487)		(161,916)		(158,522)		(155,482)		(156,791)		15.2	%	18.9	%
Net loans	13,237,583		11,552,635		11,627,674		11,568,648		11,604,987		14.6	%	14.1	%
Premises and equipment	204,760		198,251		197,741		197,968		197,965		3.3	%	3.4	%
Operating leases	214,003		214,667		217,100		213,648		209,119		(0.3)	%	2.3	%
Goodwill	1,099,524		1,007,656		1,007,656		1,007,656		1,007,656		9.1	%	9.1	%
Other intangibles	118,832		73,797		75,458		77,002		79,291		61.0	%	49.9	%

Accrued interest and other assets	1,301,792		1,134,985		1,119,884		1,089,983		1,178,242		14.7	%	10.5	%
Total Assets	$	21,129,379	$	18,554,506	$	18,634,255	$	18,455,067	$	18,570,261	13.9	%	13.8	%

LIABILITIES
Deposits
Interest-bearing demand	$	3,360,613	$	2,983,132	$	3,057,232	$	3,004,601	$	3,095,724	12.7	%	8.6	%
Savings	5,973,532		5,029,097		4,979,124		4,886,613		4,948,768		18.8	%	20.7	%
Time	3,622,227		3,293,707		3,201,711		3,144,440		3,152,265		10.0	%	14.9	%
Total interest-bearing deposits	12,956,372		11,305,936		11,238,067		11,035,654		11,196,757		14.6	%	15.7	%
Noninterest-bearing	3,465,470		3,127,512		3,131,926		3,161,302		3,132,381		10.8	%	10.6	%
Total deposits	16,421,842		14,433,448		14,369,993		14,196,956		14,329,138		13.8	%	14.6	%


FHLB short-term borrowings	675,000		550,000		680,000		735,000		625,000		22.7	%	8.0	%
Other	332		45,167		4,699		64,792		130,452		(99.3)	%	(99.7)	%
Total short-term borrowings	675,332		595,167		684,699		799,792		755,452		13.5	%	(10.6)	%
Long-term debt	514,052		221,823		344,955		345,878		347,509		131.7	%	47.9	%
Total borrowed funds	1,189,384		816,990		1,029,654		1,145,670		1,102,961		45.6	%	7.8	%
Accrued interest and other liabilities	748,937		672,213		676,453		611,206		700,121		11.4	%	7.0	%
Total Liabilities	18,360,163		15,922,651		16,076,100		15,953,832		16,132,220		15.3	%	13.8	%

SHAREHOLDERS' EQUITY
Common stock	1,647,618		1,641,315		1,638,796		1,637,041		1,642,055		0.4	%	0.3	%
Retained earnings	1,437,286		1,399,577		1,351,674		1,304,636		1,276,329		2.7	%	12.6	%
Accumulated other comprehensive income (loss)	(189,942)		(223,000)		(246,384)		(253,888)		(289,799)		(14.8)	%	(34.5)	%
Treasury stock, at cost	(125,746)		(186,037)		(185,931)		(186,554)		(190,544)		(32.4)	%	(34.0)	%
Total Shareholders' Equity	2,769,216		2,631,855		2,558,155		2,501,235		2,438,041		5.2	%	13.6	%
Total Liabilities and Shareholders' Equity	$	21,129,379	$	18,554,506	$	18,634,255	$	18,455,067	$	18,570,261	13.9	%	13.8	%


FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)

	Quarterly Averages																				Year-to-Date Averages
	December 31, 2025						September 30, 2025						December 31, 2024						December 31, 2025	December 31, 2024
	Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield				Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities	$	3,988,846	$	43,334	4.31	%	$	3,552,014	$	38,616	4.31	%	$	3,372,539	$	36,401	4.28	%			$	3,609,272	4.35	%	$	3,229,577	4.20	%
Interest-bearing deposits with other banks	647,347		6,334		3.88	%	610,074		6,773		4.40	%	654,251		7,662		4.65	%			604,115		4.26	%	572,763		5.20	%
Gross loans (1)	12,812,267		215,663		6.68	%	11,806,065		204,865		6.88	%	11,687,886		207,508		7.04	%			12,036,330		6.81	%	11,433,226		7.32	%
Total earning assets	17,448,460		265,331		6.03	%	15,968,153		250,254		6.22	%	15,714,676		251,571		6.35	%			16,249,717		6.17	%	15,235,566		6.58	%

Nonearning assets
Allowance for credit losses	(179,275)						(162,417)						(161,477)								(164,569)				(153,126)
Cash and due from banks	178,403						165,210						182,242								170,703				185,006
Accrued interest and other assets	2,808,951						2,595,242						2,537,978								2,651,091				2,524,568
Total assets	$	20,256,539					$	18,566,188					$	18,273,419							$	18,906,942			$	17,792,014

Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	3,276,425	$	13,818	1.67	%	$	3,036,296	$	14,592	1.91	%	$	3,081,148	$	15,092	1.94	%			$	3,117,845	1.85	%	$	2,945,315	2.07	%
Savings	5,740,651		32,343		2.24	%	5,054,563		30,854		2.42	%	4,886,784		33,924		2.75	%			5,181,597		2.38	%	4,650,554		2.81	%
Time	3,504,872		32,700		3.70	%	3,296,789		32,320		3.89	%	3,209,078		36,425		4.50	%			3,271,555		3.96	%	3,021,558		4.62	%
Total interest-bearing deposits	12,521,948		78,861		2.50	%	11,387,648		77,766		2.71	%	11,177,010		85,441		3.03	%			11,570,997		2.69	%	10,617,427		3.12	%
Borrowed funds
Short-term borrowings	460,685		4,925		4.24	%	531,045		5,979		4.47	%	511,232		6,586		5.11	%			551,917		4.50	%	712,870		5.45	%
Long-term debt	387,965		7,550		7.72	%	292,301		6,023		8.17	%	343,851		5,145		5.94	%			343,442		7.06	%	341,352		5.90	%
Total borrowed funds	848,650		12,475		5.83	%	823,346		12,002		5.78	%	855,083		11,731		5.44	%			895,359		5.48	%	1,054,222		5.60	%
Total interest-bearing liabilities	13,370,598		91,336		2.71	%	12,210,994		89,768		2.92	%	12,032,093		97,172		3.20	%			12,466,356		2.89	%	11,671,649		3.34	%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits	3,436,709						3,124,277						3,162,643								3,199,519				3,145,646
Other liabilities	753,651						655,714						637,638								679,298				634,663
Shareholders' equity	2,695,581						2,575,203						2,441,045								2,561,769				2,340,056
Total liabilities & shareholders' equity	$	20,256,539					$	18,566,188					$	18,273,419							$	18,906,942			$	17,792,014

Net interest income	$	173,995					$	160,486					$	154,399							$	642,046			$	612,010
Net interest spread					3.32	%					3.30	%					3.15	%					3.28	%			3.24	%
Net interest margin					3.96	%					3.99	%					3.91	%					3.95	%			4.02	%

Tax equivalent adjustment					0.02	%					0.03	%					0.03	%					0.03	%			0.03	%
Net interest margin (fully tax equivalent)					3.98	%					4.02	%					3.94	%					3.98	%			4.05	%


(1) Loans held for sale and nonaccrual loans are included in gross loans.


FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)


	Linked Qtr. Income Variance						Comparable Qtr. Income Variance							Year-to-Date Income Variance
	Rate		Volume		Total			Rate		Volume		Total			Rate		Volume		Total
Earning assets
Investment securities	$	(28)	$	4,746	$	4,718		$	238	$	6,695	$	6,933		$	4,740	$	16,520	$	21,260
Interest-bearing deposits with other banks	(804)		365		(439)			(1,260)		(68)		(1,328)			(5,396)		1,335		(4,061)
Gross loans (2)	(6,139)		16,937		10,798			(10,771)		18,926		8,155			(58,435)		41,045		(17,390)
Total earning assets	(6,971)		22,048		15,077			(11,793)		25,553		13,760			(59,091)		58,900		(191)

Interest-bearing liabilities
Total interest-bearing deposits	$	(6,049)	$	7,144	$	1,095		$	(15,050)	$	8,470	$	(6,580)		$	(45,949)	$	25,609	$	(20,340)
Borrowed funds
Short-term borrowings	(302)		(752)		(1,054)			(1,121)		(540)		(1,661)			(6,769)		(7,245)		(14,014)
Long-term debt	(335)		1,862		1,527			1,547		858		2,405			3,979		148		4,127
Total borrowed funds	(637)		1,110		473			426		318		744			(2,790)		(7,097)		(9,887)
Total interest-bearing liabilities	(6,686)		8,254		1,568			(14,624)		8,788		(5,836)			(48,739)		18,512		(30,227)
Net interest income (1)	$	(285)	$	13,794	$	13,509		$	2,831	$	16,765	$	19,596		$	(10,352)	$	40,388	$	30,036


(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.


FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
	Three Months Ended,															Full Year,
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2025			2025			2025			2025			2024			2025			2024
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$	161,916		$	158,522		$	155,482		$	156,791		$	158,831		$	156,791		$	141,433
Initial allowance on purchased loans	23,652			0			0			0			0			23,652			0
Provision for credit losses	9,688			8,612			9,084			9,141			9,705			36,525			49,211
Gross charge-offs
Commercial and industrial	6,636			2,165			4,996			8,178			4,333			21,975			14,648
Lease financing	918			298			606			1,454			2,831			3,276			3,392
Construction real estate	0			245			0			0			0			245			0
Commercial real estate	433			3,105			0			0			5,051			3,538			10,633
Residential real estate	151			0			16			0			12			167			143
Home equity	95			92			100			86			210			373			447
Installment	1,197			1,194			1,120			1,321			1,680			4,832			7,460
Credit card	729			577			489			474			492			2,269			2,586
Total gross charge-offs	10,159			7,676			7,327			11,513			14,609			36,675			39,309
Recoveries
Commercial and industrial	264			202			290			195			1,779			951			2,611
Lease financing	201			291			11			29			17			532			88
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	5			1,138			70			24			19			1,237			219
Residential real estate	13			58			42			24			23			137			106
Home equity	117			94			74			144			222			429			660
Installment	682			609			716			563			499			2,570			1,284
Credit card	108			66			80			84			305			338			488
Total recoveries	1,390			2,458			1,283			1,063			2,864			6,194			5,456
Total net charge-offs	8,769			5,218			6,044			10,450			11,745			30,481			33,853
Ending allowance for credit losses	$	186,487		$	161,916		$	158,522		$	155,482		$	156,791		$	186,487		$	156,791

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.59		%	0.20		%	0.49		%	0.85		%	0.27		%	0.53		%	0.33		%
Lease financing	0.46		%	0.00		%	0.41		%	0.99		%	1.91		%	0.46		%	0.62		%
Construction real estate	0.00		%	0.14		%	0.00		%	0.00		%	0.00		%	0.03		%	0.00		%
Commercial real estate	0.04		%	0.20		%	(0.01)		%	0.00		%	0.49		%	0.06		%	0.25		%