Press release
April 23, 2026
First Financial Bancorp Announces First Quarter 2026 Financial Results
First Financial Bancorp /Oh/ (FFBC)
Press Release
Company Release - 4/23/2026
Earnings per diluted share of $0.71; $0.77 on an adjusted(1) basis Return on average assets of 1.34%; 1.45% on an adjusted(1) basisNet interest margin on FTE basis(1) of 3.99%Record quarterly revenue of $265.3 million on an adjusted(1) basis Noninterest income of $75.6 million on an adjusted(1) basis$150 million of subordinated debt redeemedROTCE of 17.8%; 19.2% on adjusted(1) basis2nd consecutive Gallup Exceptional Workplace Award for outstanding associate engagement BankFinancial acquisition closed January 1, 2026Board of Directors authorized 5,000,000 share repurchase plan
, /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2026.
For the three months ended March 31, 2026, the Company reported net income of $74.4 million, or $0.71 per diluted common share. These results compare to net income of $62.4 million, or $0.64 per diluted common share, for the fourth quarter of 2025.
Return on average assets for the first quarter of 2026 was 1.34% while return on average tangible common equity was 17.78%(1). These compare to return on average assets of 1.22% and return on average tangible common equity of 16.27%(1) in the fourth quarter of 2025.
First quarter 2026 highlights include:
Robust net interest margin of 3.97%, or 3.99% on a fully tax-equivalent basis(1)1 bp increase from fourth quarter Increase from linked quarter driven by a 13 bp decline in funding costs, which was partially offset by a 12 bp decrease in asset yieldsNoninterest income of $81.9 million; $75.6 million on an adjusted(1) basisAdjustments include a $1.3 million loss on securities, an $8.9 million gain on bargain purchase, and a $1.4 million loss on the surrender of a bank owned life insurance policyLeasing business income remains strong at $21.6 million, a 10.7% increase from fourth quarter Record wealth management income increased 12.9%, to $10.5 millionForeign exchange income of $16.3 millionNoninterest expenses of $169.4 million, or $154.8 million as adjusted(1); 9.1% increase from linked quarterAdjustments(1) include $14.3 million of acquisition related expenses, $0.7 million of tax credit investment writedowns and $0.4 million of efficiency and other noninterest expenses Increase driven by the BankFinancial and Westfield acquisitionsEfficiency ratio of 62.4%; 58.4% as adjusted(1) Modest loan growth during the quarterEnd of period loan balances increased $70.8 million; includes $227.7 million acquired in BankFinancial transaction offset primarily by $151.9 million decrease in ICREDecline in legacy loan balances driven by elevated payoffsOriginations increased approximately 45% compared to the first quarter of 2025Significant increase in loan pipelines since January
___________________________________________________________________________________________
Strong average deposit growth during the quarterTotal average deposit balances increased $1.7 billion; includes $1.2 billion impact from the BankFinancial acquisition and full quarter impact from WestfieldSeasonal decline in public fundsTotal Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $8.5 millionLoans and leases - ACL of $183.7 million; $2.8 million initial ACL related to BankFinancialACL to total loans of 1.36%Unfunded Commitments - ACL of $23.0 million; $0.3 million related to BankFinancialAnnualized net charge-offs were 35 bps of total loansNonperforming assets decreased slightly to 0.44% of total assets; Classified assets decreased to 1.02% of total assetsCapital ratios remain strong Total capital ratio increased 25 bps to 15.71%Tier 1 common equity increased 91 bps to 12.23% Tangible common equity of 7.88%(1); 8.89%(1) excluding impact from AOCITangible book value per share of $16.15(1); 2.6% increase from 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.
Additionally, the Board of Directors has authorized a new share repurchase program that replaces the previously authorized program. Under the new plan, which expires in December 2027, management is authorized to purchase up to 5 million shares.
Archie Brown, President and CEO, commented on the First Quarter results, "I am very pleased with our overall performance in the first quarter. The first quarter was a busy one as we closed the BankFinancial acquisition, completed the conversion of Westfield Bank, and wrapped up the sale of the BankFinancial multi-family loan portfolio. Adjusted(1) earnings per share were $0.77, with an adjusted(1) return on assets of 1.45% and an adjusted(1) return on tangible common equity of 19.2%. Adjusted(1) earnings per share increased 22% compared to the first quarter of last year, driven by a robust net interest margin and strong fee income. Our net interest margin was resilient, despite the fed funds rate cut in December, as the expected decline in loan yields was offset by a similar decline in deposits costs. Assuming no short-term rate reductions by the Federal Reserve, we expect the margin to remain stable in the near term."
Mr. Brown continued, "Loan balances increased slightly for the quarter due to the BankFinancial acquisition. Excluding the BankFinancial portfolio, loans declined for the quarter as seasonally strong loan production was offset by extended payoff pressure in the ICRE portfolio. Compared to the first quarter of 2025, originations increased by approximately 45%, and excluding Westfield and BankFinancial, originations were up by over 25%. Our expectation for loan growth for 2026 has not materially changed. Loan pipelines are very healthy, and we expect strong production in the second quarter. We also expect payoff activity in ICRE to approach more normal levels, leading to solid loan growth in the second quarter."
Mr. Brown commented on fee income and expenses, "Adjusted(1) fee income was very strong for the quarter. Historically, fee income significantly dips early in the year, however we successfully combated this trend in the first quarter. Adjusted(1) noninterest income was $75.6 million, which was 24% higher than in the first quarter of 2025 and only a slight decline from the linked quarter. These results were driven by record Wealth Management income, strong client derivative income and record leasing business income. Additionally, expenses were well controlled during the quarter with total noninterest expenses coming in well below our expectations and acquisition-related cost savings exceeding our initial estimates."
Mr. Brown commented on asset quality and capital, "Net charge-offs were 35 basis points of total loans and were impacted by one large commercial relationship. Other asset quality indicators were stable with nonperforming assets slightly declining from the linked quarter to 44 basis points. While there is more uncertainty in the economy due to the impact of the war in Iran, our current expectations are for asset quality to gradually improve throughout the year, similar to our performance in 2025. Capital ratios are strong and continued to climb in the first quarter. All regulatory ratios were well in excess of regulatory minimums and tangible common equity increased to 7.9%. Tangible book value per share was $16.15, which was a 2.6% increase over the linked quarter, and a 9% increase compared to the first quarter of 2025. Tangible book value was at approximately the same level as the third quarter of 2025, prior to the Westfield Bank acquisition. This month, the Board of Directors authorized a 5 million share repurchase plan, replacing the plan we had in place through 2025, and we are evaluating opportunities to employ buybacks as part of our overall capital planning."
On the recent acquisitions, Mr. Brown commented, "During the first quarter we successfully completed the conversion of Westfield Bank. For the first quarter, deposit and loan balances were stable, we maintained high associate retention, and we have achieved the financial results that we expected from the transaction to date. We are happy with the quality of the bank we acquired and with the talented team that has joined us. We also completed the purchase of BankFinancial on January 1st and plan to convert systems in early June. We remain excited about the opportunities in the Chicago market and continue to see high growth potential from this transaction."
Mr. Brown concluded, "In closing, I want to thank our associates for the incredible work they have done this year integrating Westfield into First Financial and the work they are now doing as they prepare for the BankFinancial conversion. I also want to mention how proud I am that First Financial was selected for the Gallup Exceptional Workplace Award for associate engagement. This marks the second consecutive year that we have received this honor, which is awarded to 4% of the thousands of companies that Gallup works with worldwide. We have partnered with Gallup for more than six years and we have made associate engagement a core tenant of our corporate strategy. I want to commend our associates and leaders who work throughout the year to drive engagement, knowing that by doing so, we are also improving the client experience and shareholder value."
Full detail of the Company's first quarter 2026 performance is provided in the accompanying financial statements and slide presentation.
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 24, 2026 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 8, 2026. 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 lossesthe 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;
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, 2025, 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, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026. The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended,
Mar. 31,
Dec. 31,
Sep. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
RESULTS OF OPERATIONS
Net income
$ 74,445
$ 62,393
$ 71,923
$ 69,996
$ 51,293
Net earnings per share - basic
$ 0.72
$ 0.65
$ 0.76
$ 0.74
$ 0.54
Net earnings per share - diluted
$ 0.71
$ 0.64
$ 0.75
$ 0.73
$ 0.54
Dividends declared per share
$ 0.25
$ 0.25
$ 0.25
$ 0.24
$ 0.24
KEY FINANCIAL RATIOS
Return on average assets
1.34 %
1.22 %
1.54 %
1.52 %
1.13 %
Return on average shareholders' equity
10.24 %
9.18 %
11.08 %
11.16 %
8.46 %
Return on average tangible shareholders' equity(1)
17.78 %
16.27 %
19.11 %
19.61 %
15.16 %
Net interest margin
3.97 %
3.96 %
3.99 %
4.01 %
3.84 %
Net interest margin (fully tax equivalent)(1)(2)
3.99 %
3.98 %
4.02 %
4.05 %
3.88 %
Ending shareholders' equity as a percent of ending assets
12.92 %
13.11 %
14.18 %
13.73 %
13.55 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets(1)
7.88 %
7.79 %
8.87 %
8.40 %
8.16 %
Risk-weighted assets(1)
10.52 %
9.76 %
10.94 %
10.44 %
10.10 %
Average shareholders' equity as a percent of average assets
13.12 %
13.31 %
13.87 %
13.66 %
13.38 %
Average tangible shareholders' equity as a percent of average tangible assets(1)
8.01 %
7.97 %
8.54 %
8.26 %
7.94 %
Book value per share
$ 28.02
$ 28.11
$ 27.48
$ 26.71
$ 26.13
Tangible book value per share(1)
$ 16.15
$ 15.74
$ 16.19
$ 15.40
$ 14.80
Common equity tier 1 ratio (3)
12.23 %
11.32 %
12.91 %
12.57 %
12.29 %
Tier 1 ratio(3)
12.51 %
11.60 %
13.23 %
12.89 %
12.61 %
Total capital ratio(3)
15.71 %
15.46 %
15.32 %
14.98 %
14.90 %
Leverage ratio(3)
9.39 %
9.53 %
10.50 %
10.28 %
10.01 %
AVERAGE BALANCE SHEET ITEMS
Loans(4)
$ 14,028,324
$ 12,812,267
$ 11,806,065
$ 11,792,840
$ 11,724,727
Investment securities
4,769,261
3,988,846
3,552,014
3,478,921
3,411,593
Interest-bearing deposits with other banks
596,094
647,347
610,074
542,815
615,812
Total earning assets
$ 19,393,679
$ 17,448,460
$ 15,968,153
$ 15,814,576
$ 15,752,132
Total assets
$ 22,459,523
$ 20,256,539
$ 18,566,188
$ 18,419,437
$ 18,368,604
Noninterest-bearing deposits
$ 3,745,002
$ 3,436,709
$ 3,124,277
$ 3,143,081
$ 3,091,037
Interest-bearing deposits
13,900,550
12,521,948
11,387,648
11,211,694
11,149,633
Total deposits
$ 17,645,552
$ 15,958,657
$ 14,511,925
$ 14,354,775
$ 14,240,670
Borrowings
$ 1,012,161
$ 848,650
$ 823,346
$ 910,573
$ 1,001,337
Shareholders' equity
$ 2,947,585
$ 2,695,581
$ 2,575,203
$ 2,515,747
$ 2,457,785
CREDIT QUALITY RATIOS
Allowance to ending loans
1.36 %
1.39 %
1.38 %
1.34 %
1.33 %
Allowance to nonaccrual loans
182.73 %
183.18 %
213.18 %
206.08 %
261.07 %
Nonaccrual loans to total loans
0.75 %
0.76 %
0.65 %
0.65 %
0.51 %
Nonperforming assets to ending loans, plus OREO
0.75 %
0.76 %
0.65 %
0.65 %
0.51 %
Nonperforming assets to total assets
0.44 %
0.48 %
0.41 %
0.41 %
0.32 %
Classified assets to total assets
1.02 %
1.11 %
1.18 %
1.15 %
1.16 %
Net charge-offs to average loans (annualized)
0.35 %
0.27 %
0.18 %
0.21 %
0.36 %
(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, 2026 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)
2026
2025
First
Fourth
Third
Second
First
Full
Quarter
Quarter
Quarter
Quarter
Quarter
Year
Interest income
Loans and leases, including fees
$ 224,951
$ 215,663
$ 204,865
$ 201,460
$ 197,163
$ 819,151
Investment securities
Taxable
49,491
40,971
36,421
36,243
34,401
148,036
Tax-exempt
2,526
2,363
2,195
2,233
2,204
8,995
Total investment securities interest
52,017
43,334
38,616
38,476
36,605
157,031
Other earning assets
5,450
6,334
6,773
5,964
6,651
25,722
Total interest income
282,418
265,331
250,254
245,900
240,419
1,001,904
Interest expense
Deposits
79,735
78,861
77,766
75,484
78,641
310,752
Short-term borrowings
5,168
4,925
5,979
6,393
7,545
24,842
Long-term borrowings
7,905
7,550
6,023
5,754
4,937
24,264
Total interest expense
92,808
91,336
89,768
87,631
91,123
359,858
Net interest income
189,610
173,995
160,486
158,269
149,296
642,046
Provision for credit losses-loans and leases
6,030
9,688
8,612
9,084
9,141
36,525
Provision for credit losses-unfunded commitments
2,510
412
453
718
(441)
1,142
Net interest income after provision for credit losses
181,070
163,895
151,421
148,467
140,596
604,379
Noninterest income
Service charges on deposit accounts
9,013
8,308
7,829
7,766
7,463
31,366
Wealth management fees
10,482
9,288
7,351
7,787
8,137
32,563
Bankcard income
3,580
3,590
3,589
3,737
3,310
14,226
Client derivative fees
4,010
2,681
1,876
1,674
1,571
7,802
Foreign exchange income
16,313
22,696
16,666
13,760
12,544
65,666
Leasing business income
21,608
19,523
20,997
20,797
18,703
80,020
Net gains from sales of loans
6,047
7,041
6,835
6,687
4,322
24,885
Net gain (loss) on investment securities
(1,260)
(12,576)
(42)
243
(9,949)
(22,324)
Gain on bargain purchase
8,892
0
0
0
0
0
Other
3,221
4,216
8,424
5,612
4,982
23,234
Total noninterest income
81,906
64,767
73,525
68,063
51,083
257,438
Noninterest expenses
Salaries and employee benefits
99,856
85,123
80,607
74,917
75,238
315,885
Net occupancy
7,553
6,315
6,003
5,845
6,019
24,182
Furniture and equipment
4,693
3,940
3,582
3,441
3,813
14,776
Data processing
12,654
10,465
9,591
9,020
8,759
37,835
Marketing
2,652
3,056
2,359
2,737
2,018
10,170
Professional services
3,986
6,231
2,314
3,549
2,739
14,833
Amortization of tax credit investments
669
800
112
111
112
1,135
FDIC assessments
3,645
2,923
2,611
2,611
3,059
11,204
Intangible amortization
6,261
3,927
2,359
2,358
2,359
11,003
Leasing business expense
14,129
13,837
13,911
13,155
12,802
53,705
Other
13,310
12,914
10,820
10,927
11,158
45,819
Total noninterest expenses
169,408
149,531
134,269
128,671
128,076
540,547
Income before income taxes
93,568
79,131
90,677
87,859
63,603
321,270
Income tax expense
19,123
16,738
18,754
17,863
12,310
65,665
Net income
$ 74,445
$ 62,393
$ 71,923
$ 69,996
$ 51,293
$ 255,605
ADDITIONAL DATA
Net earnings per share - basic
$ 0.72
$ 0.65
$ 0.76
$ 0.74
$ 0.54
$ 2.68
Net earnings per share - diluted
$ 0.71
$ 0.64
$ 0.75
$ 0.73
$ 0.54
$ 2.66
Dividends declared per share
$ 0.25
$ 0.25
$ 0.25
$ 0.24
$ 0.24
$ 0.98
Return on average assets
1.34 %
1.22 %
1.54 %
1.52 %
1.13 %
1.35 %
Return on average shareholders' equity
10.24 %
9.18 %
11.08 %
11.16 %
8.46 %
9.98 %
Interest income
$ 282,418
$ 265,331
$ 250,254
$ 245,900
$ 240,419
$ 1,001,904
Tax equivalent adjustment
1,186
1,227
1,248
1,246
1,213
4,934
Interest income - tax equivalent
283,604
266,558
251,502
247,146
241,632
1,006,838
Interest expense
92,808
91,336
89,768
87,631
91,123
359,858
Net interest income - tax equivalent
$ 190,796
$ 175,222
$ 161,734
$ 159,515
$ 150,509
$ 646,980
Net interest margin
3.97 %
3.96 %
3.99 %
4.01 %
3.84 %
3.95 %
Net interest margin (fully tax equivalent) (1)
3.99 %
3.98 %
4.02 %
4.05 %
3.88 %
3.98 %
Full-time equivalent employees
2,319
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)
Mar. 31,
Dec. 31,
Sep. 30,
June 30,
Mar. 31,
% Change
% Change
2026
2025
2025
2025
2025
Linked Qtr.
Comp Qtr.
ASSETS
Cash and due from banks
$ 170,641
$ 178,553
$ 174,659
$ 210,187
$ 190,610
(4.4) %
(10.5) %
Interest-bearing deposits with other banks
1,032,259
597,338
565,080
570,173
633,349
72.8 %
63.0 %
Investment securities available-for-sale
4,953,023
3,971,932
3,422,595
3,386,562
3,260,981
24.7 %
51.9 %
Investment securities held-to-maturity
49,631
58,545
71,595
72,994
76,469
(15.2) %
(35.1) %
Other investments
137,018
129,564
117,120
122,322
120,826
5.8 %
13.4 %
Loans held for sale
18,280
16,953
21,466
26,504
17,927
7.8 %
2.0 %
Loans and leases
Commercial and industrial
4,693,786
4,632,241
3,838,630
3,927,771
3,832,350
1.3 %
22.5 %
Lease financing
649,645
638,527
596,734
587,176
573,608
1.7 %
13.3 %
Construction real estate
591,080
677,339
627,960
732,777
824,775
(12.7) %
(28.3) %
Commercial real estate
4,473,468
4,384,556
4,048,370
3,961,513
3,956,880
2.0 %
13.1 %
Residential real estate
1,831,338
1,832,184
1,494,464
1,492,688
1,479,704
0.0 %
23.8 %
Home equity
1,026,839
1,005,204
935,975
903,299
872,502
2.2 %
17.7 %
Installment
162,314
188,694
109,764
116,598
119,672
(14.0) %
35.6 %
Credit card
66,371
65,325
62,654
64,374
64,639
1.6 %
2.7 %
Total loans
13,494,841
13,424,070
11,714,551
11,786,196
11,724,130
0.5 %
15.1 %
Less:
Allowance for credit losses
(183,716)
(186,487)
(161,916)
(158,522)
(155,482)
(1.5) %
18.2 %
Net loans
13,311,125
13,237,583
11,552,635
11,627,674
11,568,648
0.6 %
15.1 %
Premises and equipment
228,384
204,760
198,251
197,741
197,968
11.5 %
15.4 %
Operating leases
220,061
214,003
214,667
217,100
213,648
2.8 %
3.0 %
Goodwill
1,099,543
1,099,524
1,007,656
1,007,656
1,007,656
0.0 %
9.1 %
Other intangibles
145,927
118,832
73,797
75,458
77,002
22.8 %
89.5 %
Accrued interest and other assets
1,396,114
1,301,792
1,134,985
1,119,884
1,089,983
7.2 %
28.1 %
Total Assets
$ 22,762,006
$ 21,129,379
$ 18,554,506
$ 18,634,255
$ 18,455,067
7.7 %
23.3 %
LIABILITIES
Deposits
Interest-bearing demand
$ 3,658,155
$ 3,360,613
$ 2,983,132
$ 3,057,232
$ 3,004,601
8.9 %
21.8 %
Savings
6,460,546
5,973,532
5,029,097
4,979,124
4,886,613
8.2 %
32.2 %
Time
3,817,268
3,622,227
3,293,707
3,201,711
3,144,440
5.4 %
21.4 %
Total interest-bearing deposits
13,935,969
12,956,372
11,305,936
11,238,067
11,035,654
7.6 %
26.3 %
Noninterest-bearing
3,982,753
3,465,470
3,127,512
3,131,926
3,161,302
14.9 %
26.0 %
Total deposits
17,918,722
16,421,842
14,433,448
14,369,993
14,196,956
9.1 %
26.2 %
FHLB short-term borrowings
550,000
675,000
550,000
680,000
735,000
(18.5) %
(25.2) %
Other
70,457
332
45,167
4,699
64,792
21,122.0 %
8.7 %
Total short-term borrowings
620,457
675,332
595,167
684,699
799,792
(8.1) %
(22.4) %
Long-term debt
380,176
514,052
221,823
344,955
345,878
(26.0) %
9.9 %
Total borrowed funds
1,000,633
1,189,384
816,990
1,029,654
1,145,670
(15.9) %
(12.7) %
Accrued interest and other liabilities
902,026
748,937
672,213
676,453
611,206
20.4 %
47.6 %
Total Liabilities
19,821,381
18,360,163
15,922,651
16,076,100
15,953,832
8.0 %
24.2 %
SHAREHOLDERS' EQUITY
Common stock
1,789,676
1,647,618
1,641,315
1,638,796
1,637,041
8.6 %
9.3 %
Retained earnings
1,485,573
1,437,286
1,399,577
1,351,674
1,304,636
3.4 %
13.9 %
Accumulated other comprehensive income (loss)
(217,430)
(189,942)
(223,000)
(246,384)
(253,888)
14.5 %
(14.4) %
Treasury stock, at cost
(117,194)
(125,746)
(186,037)
(185,931)
(186,554)
(6.8) %
(37.2) %
Total Shareholders' Equity
2,940,625
2,769,216
2,631,855
2,558,155
2,501,235
6.2 %
17.6 %
Total Liabilities and Shareholders' Equity
$ 22,762,006
$ 21,129,379
$ 18,554,506
$ 18,634,255
$ 18,455,067
7.7 %
23.3 %
FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages
Mar. 31,
Dec. 31,
Sep. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
ASSETS
Cash and due from banks
$ 227,115
$ 178,403
$ 165,210
$ 174,375
$ 164,734
Interest-bearing deposits with other banks
596,094
647,347
610,074
542,815
615,812
Investment securities
4,769,261
3,988,846
3,552,014
3,478,921
3,411,593
Loans held for sale
451,139
32,425
26,366
25,026
10,212
Loans and leases
Commercial and industrial
4,771,066
4,310,399
3,890,886
3,881,001
3,787,207
Lease financing
630,204
617,518
592,510
581,091
585,119
Construction real estate
643,270
679,884
711,011
784,028
797,100
Commercial real estate
4,446,231
4,240,042
3,993,549
3,958,730
4,018,211
Residential real estate
1,834,467
1,717,439
1,489,942
1,485,479
1,475,703
Home equity
1,016,080
981,406
919,368
891,761
858,153
Installment
166,979
164,013
114,058
117,724
127,192
Credit card
68,888
69,141
68,375
68,000
65,830
Total loans
13,577,185
12,779,842
11,779,699
11,767,814
11,714,515
Less:
Allowance for credit losses
(200,745)
(179,275)
(162,417)
(158,170)
(158,206)
Net loans
13,376,440
12,600,567
11,617,282
11,609,644
11,556,309
Premises and equipment
230,154
202,956
199,167
198,407
198,998
Operating leases
215,318
211,091
217,404
212,684
205,181
Goodwill
1,099,543
1,069,781
1,007,656
1,007,656
1,007,656
Other intangibles
149,631
104,184
74,448
76,076
78,220
Accrued interest and other assets
1,344,828
1,220,939
1,096,567
1,093,833
1,119,889
Total Assets
$ 22,459,523
$ 20,256,539
$ 18,566,188
$ 18,419,437
$ 18,368,604
LIABILITIES
Deposits
Interest-bearing demand
$ 3,626,103
$ 3,276,425
$ 3,036,296
$ 3,066,986
$ 3,090,526
Savings
6,406,223
5,740,651
5,054,563
5,005,526
4,918,004
Time
3,868,224
3,504,872
3,296,789
3,139,182
3,141,103
Total interest-bearing deposits
13,900,550
12,521,948
11,387,648
11,211,694
11,149,633
Noninterest-bearing
3,745,002
3,436,709
3,124,277
3,143,081
3,091,037
Total deposits
17,645,552
15,958,657
14,511,925
14,354,775
14,240,670
Federal funds purchased and securities sold
under agreements to repurchase
16,278
2,283
12,434
4,780
2,055
FHLB short-term borrowings
538,084
444,511
497,092
532,198
553,667
Other
0
13,891
21,519
26,226
99,378
Total short-term borrowings
554,362
460,685
531,045
563,204
655,100
Long-term debt
457,799
387,965
292,301
347,369
346,237
Total borrowed funds
1,012,161
848,650
823,346
910,573
1,001,337
Accrued interest and other liabilities
854,225
753,651
655,714
638,342
668,812
Total Liabilities
19,511,938
17,560,958
15,990,985
15,903,690
15,910,819
SHAREHOLDERS' EQUITY
Common stock
1,795,255
1,644,923
1,639,986
1,637,782
1,641,016
Retained earnings
1,448,012
1,406,388
1,369,069
1,322,168
1,282,300
Accumulated other comprehensive loss
(173,065)
(209,767)
(247,746)
(257,873)
(275,068)
Treasury stock, at cost
(122,617)
(145,963)
(186,106)
(186,330)
(190,463)
Total Shareholders' Equity
2,947,585
2,695,581
2,575,203
2,515,747
2,457,785
Total Liabilities and Shareholders' Equity
$ 22,459,523
$ 20,256,539
$ 18,566,188
$ 18,419,437
$ 18,368,604
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages
March 31, 2026
December 31, 2025
March 31, 2025
Balance
Interest
Yield
Balance
Interest
Yield
Balance
Interest
Yield
Earning assets
Investments:
Investment securities
$ 4,769,261
$ 52,017
4.42 %
$ 3,988,846
$ 43,334
4.31 %
$ 3,411,593
$ 36,605
4.35 %
Interest-bearing deposits with other banks
596,094
5,450
3.71 %
647,347
6,334
3.88 %
615,812
6,651
4.38 %
Gross loans(1)
14,028,324
224,951
6.50 %
12,812,267
215,663
6.68 %
11,724,727
197,163
6.82 %
Total earning assets
19,393,679
282,418
5.91 %
17,448,460
265,331
6.03 %
15,752,132
240,419
6.19 %
Nonearning assets
Allowance for credit losses
(200,745)
(179,275)
(158,206)
Cash and due from banks
227,115
178,403
164,734
Accrued interest and other assets
3,039,474
2,808,951
2,609,944
Total assets
$ 22,459,523
$ 20,256,539
$ 18,368,604
Interest-bearing liabilities
Deposits:
Interest-bearing demand
$ 3,626,103
$ 13,281
1.49 %
$ 3,276,425
$ 13,818
1.67 %
$ 3,090,526
$ 15,188
1.99 %
Savings
6,406,223
32,480
2.06 %
5,740,651
32,343
2.24 %
4,918,004
30,355
2.50 %
Time
3,868,224
33,974
3.56 %
3,504,872
32,700
3.70 %
3,141,103
33,098
4.27 %
Total interest-bearing deposits
13,900,550
79,735
2.33 %
12,521,948
78,861
2.50 %
11,149,633
78,641
2.86 %
Borrowed funds
Short-term borrowings
554,362
5,168
3.78 %
460,685
4,925
4.24 %
655,100
7,545
4.67 %
Long-term debt
457,799
7,905
7.00 %
387,965
7,550
7.72 %
346,237
4,937
5.78 %
Total borrowed funds
1,012,161
13,073
5.24 %
848,650
12,475
5.83 %
1,001,337
12,482
5.06 %
Total interest-bearing liabilities
14,912,711
92,808
2.52 %
13,370,598
91,336
2.71 %
12,150,970
91,123
3.04 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits
3,745,002
3,436,709
3,091,037
Other liabilities
854,225
753,651
668,812
Shareholders' equity
2,947,585
2,695,581
2,457,785
Total liabilities & shareholders' equity
$ 22,459,523
$ 20,256,539
$ 18,368,604
Net interest income
$ 189,610
$ 173,995
$ 149,296
Net interest spread
3.39 %
3.32 %
3.15 %
Net interest margin
3.97 %
3.96 %
3.84 %
Tax equivalent adjustment
0.02 %
0.02 %
0.04 %
Net interest margin (fully tax equivalent)
3.99 %
3.98 %
3.88 %
(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
$ 1,138
$ 7,545
$ 8,683
$ 604
$ 14,808
$ 15,412
Interest-bearing deposits with other banks
(284)
(600)
(884)
(1,021)
(180)
(1,201)
Gross loans(2)
(5,646)
14,934
9,288
(9,151)
36,939
27,788
Total earning assets
(4,792)
21,879
17,087
(9,568)
51,567
41,999
Interest-bearing liabilities
Total interest-bearing deposits
$ (5,438)
$ 6,312
$ 874
$ (14,686)
$ 15,780
$ 1,094
Borrowed funds
Short-term borrowings
(535)
778
243
(1,438)
(939)
(2,377)
Long-term debt
(702)
1,057
355
1,042
1,926
2,968
Total borrowed funds
(1,237)
1,835
598
(396)
987
591
Total interest-bearing liabilities
(6,675)
8,147
1,472
(15,082)
16,767
1,685
Net interest income (1)
$ 1,883
$ 13,732
$ 15,615
$ 5,514
$ 34,800
$ 40,314
(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,
Mar. 31,
Dec. 31,
Sep. 30,
June 30,
Mar. 31,
2026
2025
2025
2025
2025
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period
$ 186,487
$ 161,916
$ 158,522
$ 155,482
$ 156,791
Initial allowance on purchased loans
2,829
23,652
0
0
0
Provision for credit losses
6,030
9,688
8,612
9,084
9,141
Gross charge-offs
Commercial and industrial
10,788
6,636
2,165
4,996
8,178
Lease financing
43
918
298
606
1,454
Construction real estate
0
0
245
0
0
Commercial real estate
29
433
3,105
0
0
Residential real estate
127
151
0
16
0
Home equity
119
95
92
100
86
Installment
1,058
1,197
1,194
1,120
1,321
Credit card
496
729
577
489
474
Total gross charge-offs
12,660
10,159
7,676
7,327
11,513
Recoveries
Commercial and industrial
100
264
202
290
195
Lease financing
23
201
291
11
29
Construction real estate
0
0
0
0
0
Commercial real estate
28
5
1,138
70
24
Residential real estate
30
13
58
42
24
Home equity
116
117
94
74
144
Installment
598
682
609
716
563
Credit card
135
108
66
80
84
Total recoveries
1,030
1,390
2,458
1,283
1,063
Total net charge-offs
11,630
8,769
5,218
6,044
10,450
Ending allowance for credit losses
$ 183,716
$ 186,487
$ 161,916
$ 158,522
$ 155,482
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial
0.91 %
0.59 %
0.20 %
0.49 %
0.85 %
Lease financing
0.01 %
0.46 %
0.00 %
0.41 %
0.99 %
Construction real estate
0.00 %
0.00 %
0.14 %
0.00 %
0.00 %
Commercial real estate
0.00 %
0.04 %
0.20 %
(0.01) %
0.00 %
Residential real estate
0.02 %
0.03 %
(0.02) %
(0.01) %
(0.01) %
Home equity
0.00 %
(0.01) %
0.00 %
0.01 %
(0.03) %
Installment
1.12 %
1.25 %
2.03 %
1.38 %
2.42 %
Credit card
2.13 %
3.56 %
2.97 %
2.41 %
2.40 %
Total net charge-offs
0.35 %
0.27 %
0.18 %
0.21 %
0.36 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial
$ 22,576
$ 27,461
$ 23,832
$ 24,489
$ 7,649
Lease financing
5,857
5,660
5,885
6,243
6,487
Construction real estate
715
1,120
1,120
1,365
0
Commercial real estate
49,481
45,590
24,443
23,905
25,736
Residential real estate
17,439
18,302
16,452
16,995
16,044
Home equity
3,687
2,927
3,567
3,226
2,920
Installment
786
748
652
701
719
Total nonaccrual loans
100,541
101,808
75,951
76,924
59,555
Other real estate owned (OREO)
238
184
111
204
213
Total nonperforming assets
100,779
101,992
76,062
77,128
59,768
Accruing loans past due 90 days or more
1,366
411
592
714
228
Total underperforming assets
$ 102,145
$ 102,403
$ 76,654
$ 77,842
$ 59,996
Total classified assets
$ 232,368
$ 235,451
$ 218,794
$ 214,346
$ 213,351
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans
182.73 %
183.18 %
213.18 %
206.08 %
261.07 %
Total ending loans
1.36 %
1.39 %
1.38 %
1.34 %
1.33 %
Nonaccrual loans to total loans
0.75 %
0.76 %
0.65 %
0.65 %
0.51 %
Nonperforming assets to
Ending loans, plus OREO
0.75 %
0.76 %
0.65 %
0.65 %
0.51 %
Total assets
0.44 %
0.48 %
0.41 %
0.41 %
0.32 %
Classified assets to total assets
1.02 %
1.11 %
1.18 %
1.15 %
1.16 %
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,
2026
2025
2025
2025
2025
PER COMMON SHARE
Market Price
High
$ 31.16
$ 26.98
$ 26.79
$ 25.19
$ 29.04
Low
$ 25.09
$ 23.26
$ 23.55
$ 22.05
$ 24.25
Close
$ 27.88
$ 25.02
$ 25.25
$ 24.26
$ 24.98
Average shares outstanding - basic
103,705,269
96,724,148
94,889,341
94,860,428
94,645,787
Average shares outstanding - diluted
104,615,405
97,593,800
95,753,798
95,741,696
95,524,262
Ending shares outstanding
104,932,829
98,521,726
95,757,250
95,760,617
95,730,353
Total shareholders' equity
$ 2,940,625
$ 2,769,216
$ 2,631,855
$ 2,558,155
$ 2,501,235
REGULATORY CAPITAL
Preliminary
Common equity tier 1 capital
$ 1,970,561
$ 1,798,266
$ 1,828,843
$ 1,776,038
$ 1,724,134
Common equity tier 1 capital ratio
12.23 %
11.32 %
12.91 %
12.57 %
12.29 %
Tier 1 capital
$ 2,016,070
$ 1,843,672
$ 1,874,191
$ 1,821,316
$ 1,769,357
Tier 1 ratio
12.51 %
11.60 %
13.23 %
12.89 %
12.61 %
Total capital
$ 2,531,124
$ 2,457,377
$ 2,170,546
$ 2,116,180
$ 2,090,211
Total capital ratio
15.71 %
15.46 %
15.32 %
14.98 %
14.90 %
Total capital in excess of minimum requirement
$ 839,542
$ 788,889
$ 683,018
$ 632,563
$ 617,347
Total risk-weighted assets
$ 16,110,302
$ 15,890,363
$ 14,166,935
$ 14,129,683
$ 14,027,274
Leverage ratio
9.39 %
9.53 %
10.50 %
10.28 %
10.01 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets
12.92 %
13.11 %
14.18 %
13.73 %
13.55 %
Ending tangible shareholders' equity to ending tangible assets(1)
7.88 %
7.79 %
8.87 %
8.40 %
8.16 %
Average shareholders' equity to average assets
13.12 %
13.31 %
13.87 %
13.66 %
13.38 %
Average tangible shareholders' equity to average tangible assets(1)
8.01 %
7.97 %
8.54 %
8.26 %
7.94 %
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
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SOURCE First Financial Bancorp.