First Financial Bancorp Announces Record Fourth Quarter, Full Year 2025 Financial Results and Quarterly Dividend

Rhea-AI Summary

First Financial Bancorp (Nasdaq: FFBC) reported record fourth-quarter and full-year 2025 results, with adjusted Q4 EPS of $0.80 and adjusted full-year EPS of $2.92. Adjusted Q4 revenue was $251.3 million and adjusted noninterest income was a record $77.3 million. The company closed the Westfield acquisition on Nov 1, 2025 and closed the BankFinancial acquisition on Jan 1, 2026. The board approved a quarterly dividend of $0.25 payable March 16, 2026. Capital and expense impacts from acquisitions were noted, including a decrease in Tier 1 common equity to 11.32%.

Positive

• Adjusted Q4 EPS of $0.80
• Record adjusted Q4 revenue of $251.3 million
• Record adjusted noninterest income of $77.3 million
• Closed Westfield acquisition on Nov 1, 2025 and BankFinancial on Jan 1, 2026
• Board approved quarterly dividend of $0.25 payable Mar 16, 2026

Negative

• Net income declined 13% linked quarter to $62.4 million
• Tier 1 common equity decreased 159 bps to 11.32%

Key Figures

Q4 2025 EPS: $0.64 per diluted share Q4 2025 adj. EPS: $0.80 per diluted share Q4 adj. revenue: $251.3 million +5 more

8 metrics

Q4 2025 EPS $0.64 per diluted share Three months ended December 31, 2025; down from $0.75 in Q3 2025

Q4 2025 adj. EPS $0.80 per diluted share Adjusted(1) basis; Company record for the quarter

Q4 adj. revenue $251.3 million Record quarterly revenue on an adjusted(1) basis

Q4 adj. noninterest income $77.3 million Record noninterest income on an adjusted(1) basis

Quarterly dividend $0.25 per common share Approved; payable March 16, 2026 to holders of record March 2, 2026

Subordinated debt issued $300 million at 6.375% 6.375% subordinated debt issuance referenced in earnings release

Full-year 2025 EPS $2.66 per diluted share Twelve months ended December 31, 2025 vs $2.40 in 2024

Full-year 2025 revenue $921.8 million Record Company revenue; 8% increase over 2024 on adjusted(1) basis

Market Reality Check

Price: $27.20 Vol: Volume 1,115,951 is sligh...

normal vol

$27.20 Last Close

Volume Volume 1,115,951 is slightly above the 20-day average of 1,051,248 (relative volume 1.06), suggesting modest pre-release interest. normal

Technical FFBC trades above its 200-day moving average of 24.87, reflecting an established uptrend into the earnings release.

Peers on Argus

Pre-news, FFBC gained 0.55% while key peers were mixed: TRMK +0.41%, FRME -0.31%...

Pre-news, FFBC gained 0.55% while key peers were mixed: TRMK +0.41%, FRME -0.31%, WAFD +0.44%, BOH -3.85%, PRK +0.94%. The dispersed moves point to company-specific drivers rather than a uniform regional bank trade.

Previous Dividends,earnings Reports

4 past events · Latest: Jul 24 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Jul 24	Q2 2025 earnings	Positive	+4.3%	Strong Q2 EPS, record revenue, dividend raised to $0.25 per share.
Oct 24	Q3 2024 earnings	Neutral	-4.1%	Stable margins and dividend alongside lower sequential EPS.
Jul 25	Q2 2024 earnings	Positive	+3.8%	Strong EPS, record fee income, robust loan and deposit growth.
Apr 25	Q1 2024 earnings	Neutral	+0.9%	Quarterly earnings and dividend update with stable asset quality.

Pattern Detected

Past dividends/earnings releases often triggered meaningful one-day moves, generally skewing positive but with at least one notable negative reaction despite ongoing dividend payments and solid operating metrics.

Recent Company History

Recent history shows FFBC using dividends-and-earnings updates to highlight consistent profitability and balance sheet growth. Prior releases in 2024–2025 featured rising EPS, strong net interest margins and recurring dividend increases to $0.25 per share. Price reactions ranged from declines of over 4% to gains above 4%, indicating that while fundamentals have trended positively, investor responses have varied by quarter depending on growth, margin, and outlook nuances.

Historical Comparison

dividends,earnings

+3.3 %

Average Historical Move

Historical Analysis

In the past four dividends/earnings releases, FFBC moved an average of 3.29% within 24 hours, framing today’s reaction against a history of sizable post-report moves.

Typical Pattern

Across 2024–2025, FFBC’s dividends-and-earnings updates have emphasized steady EPS, resilient net interest margins, and incremental dividend increases, reinforcing a pattern of consistent regional bank performance.

Market Pulse Summary

This announcement highlighted record Q4 and full-year 2025 performance, including adjusted EPS of $0...

Analysis

This announcement highlighted record Q4 and full-year 2025 performance, including adjusted EPS of $0.80, record adjusted revenue of $251.3 million, and full-year revenue of $921.8 million, alongside a maintained $0.25 dividend. Management also emphasized stable asset quality metrics and growth from the Westfield and BankFinancial transactions, supported by a $300 million subordinated debt issue. Investors may focus on integration progress, expense trends, margin resilience, and future dividend actions in upcoming periods.

Key Terms

subordinated debt, net interest margin, noninterest income, efficiency ratio, +4 more

8 terms

subordinated debt financial

"$300 million of 6.375% subordinated debt issued"

Subordinated debt is a type of loan that is paid back after other debts have been settled if a company encounters financial trouble. It is considered riskier for lenders because they have lower priority in getting repaid, similar to being last in line during a payout. For investors, this means higher potential returns in exchange for taking on more risk.

net interest margin financial

"Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

noninterest income financial

"Noninterest income of $64.8 million; $77.3 million on an adjusted(1) basis"

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

efficiency ratio financial

"Efficiency ratio of 62.6%; 56.5% as adjusted(1)"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

allowance for credit losses financial

"Total Allowance for Credit Losses of $206.7 million; Total quarterly"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

net charge-offs financial

"Annualized net charge-offs were 27 bps of total loans"

Net charge-offs are the amount of loans or credit a lender removes from its books as uncollectible after subtracting any money later recovered from previously written-off accounts. Think of it like a store writing off unpaid tabs but getting back a few dollars later — the net figure shows the real loss. Investors watch this to judge a lender’s loan quality, future profits and how much capital may be needed to cover bad debts.

nonperforming assets financial

"Nonperforming assets increased slightly to 0.48% of total assets"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

tangible book value per share financial

"Tangible book value per share of $15.74(1); 2.8% decrease"

Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.

AI-generated analysis. Not financial advice.

• Earnings per diluted share of $0.64; $0.80 on an adjusted⁽¹⁾ basis is a Company record
• Return on average assets of 1.22%; 1.52% on an adjusted⁽¹⁾ basis
• Net interest margin on FTE basis⁽¹⁾ of 3.98%
• Record revenue of $251.3 million on an adjusted⁽¹⁾ basis
• Record noninterest income of $77.3 million on an adjusted⁽¹⁾ basis
• ROTCE of 16.3%; 20.3% on adjusted⁽¹⁾ basis
• Westfield acquisition closed November 1, 2025
• Obtained regulatory approval for BankFinancial acquisition; closed January 1, 2026
• $300 million of 6.375% subordinated debt issued
• Board of Directors approved quarterly dividend of $0.25

CINCINNATI, Jan. 28, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and twelve months ended December 31 , 2025. 

For the three months ended December 31, 2025, the Company reported net income of $62.4 million, or $0.64 per diluted common share.  These results compare to net income of $71.9 million, or $0.75 per diluted common share, for the third quarter of 2025.  For the twelve months ended December 31, 2025, First Financial had earnings per diluted share of $2.66 compared to $2.40 for the same period in 2024.

Return on average assets for the fourth quarter of 2025 was 1.22% while return on average tangible common equity was 16.27%⁽¹⁾.  These compare to return on average assets of 1.54% and return on average tangible common equity of 19.11%⁽¹⁾ in the third quarter of 2025.

Fourth quarter 2025 highlights include:

• Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent basis⁽¹⁾
  • 4 bp decrease from third quarter
  • Decline from linked quarter driven by a 19 bp decrease in asset yields, which was partially offset by lower funding costs
    
    
• Noninterest income of $64.8 million; $77.3 million on an adjusted⁽¹⁾ basis
  • Adjustments include a $12.6 million loss on securities
  • Record foreign exchange income increased 36.2% to $22.7 million
  • Strong leasing business income of $19.5 million
  • Record wealth management income increased 26.4%, to $9.3 million
    
    
• Noninterest expenses of $149.5 million, or $141.9 million as adjusted⁽¹⁾; 6.4% increase from linked quarter
  • Fourth quarter adjustments⁽¹⁾ include $5.7 million of acquisition related expenses, $0.8 million of tax credit investment writedowns and $1.2 million of efficiency and other noninterest expenses
  • Increase driven by the Westfield acquisition
  • Efficiency ratio of 62.6%; 56.5% as adjusted⁽¹⁾
    
    
• Loan balances increased 4% on an annualized basis during the quarter, excluding Westfield
  • End of period loan balances increased $1.7 billion; includes $1.6 billion acquired in Westfield acquisition
  • $131 million of organic loan growth driven by C&I and leasing portfolios

___________________________________________________________________________________________

• Strong average deposit growth during the quarter
  • Total average deposit balances increased $1.4 billion; includes $1.2 billion impact from the Westfield acquisition
  • Organic growth of $264 million included increases in the majority of product types; 7% on an annualized basis
    
    
• Total Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $10.1 million
  • Loans and leases - ACL of $186.5 million; $23.7 million initial ACL related to Westfield
  • ACL to total loans of 1.39%
  • Unfunded Commitments - ACL of $20.2 million; $2.2 million related to Westfield
  • Annualized net charge-offs were 27 bps of total loans
  • Nonperforming assets increased slightly to 0.48% of total assets; Classified assets decreased to 1.11% of total assets
    
    
• Strong capital ratios
  • Total capital ratio increased 14 bps to 15.46%
  • Tier 1 common equity decreased 159 bps to 11.32%
  • Tangible common equity of 7.79%⁽¹⁾; 8.74%⁽¹⁾ excluding impact from AOCI
  • Tangible book value per share of $15.74⁽¹⁾; 2.8% decrease 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 approved a quarterly dividend of $0.25 per common share for the next regularly scheduled dividend, payable on March 16, 2026 to shareholders of record as of March 2, 2026.

Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our record earnings performance for the fourth quarter.  Adjusted⁽¹⁾ earnings per share were $0.80, leading to an adjusted⁽¹⁾ return on assets of 1.52%, an adjusted⁽¹⁾ return on tangible common equity ratio of 20.3%.  The net interest margin, which declined slightly from the third quarter, has proven resilient as the reduction in funding costs negated most of the impact of short term rate reductions.  Balance sheet trends were solid for the quarter with loan growth of 4% on an annualized basis and total average deposits increasing by approximately 7% on an annualized basis, excluding the impact from the Westfield acquisition. 

Mr. Brown continued, "I am especially pleased with our robust noninterest income.  Total adjusted⁽¹⁾ fee income was $77.3 million and increased 5% compared to the linked quarter.  Wealth Management and foreign exchange income both increased by double-digit percentages, while leasing and mortgage income also remained strong.  While adjusted⁽¹⁾  noninterest expenses increased by 6% from the linked quarter, most of the increase was driven by the Westfield acquisition."

Mr. Brown commented on asset quality, "Asset quality was relatively stable for the quarter and provision expense was in line with our expectations at $10.1 million.  Nonperforming assets (NPAs) increased slightly to 0.48% of assets and classified assets declined slightly to 1.11% of assets.  Three loans drove the increase in NPAs, and net charge-offs were 27 bps, which was within our range of expectations."

Mr. Brown highlighted full year results.  "2025 was another great year for First Financial.  On an adjusted⁽¹⁾ basis, our net income was $281.1 million, or $2.92 per share.  Adjusted⁽¹⁾ return on assets was 1.49% and adjusted⁽¹⁾ return on tangible common equity was 19.3%.  We were pleased with the performance of the net interest margin for the year.  While the margin did decline year over year from 4.05% to 3.98%, we were able to offset most of the impact of short term rate decreases through the diligent management of deposit costs.  Adjusted ⁽¹⁾ noninterest income increased by 16% to a record $279.8 million, led by growth in wealth management, foreign exchange, leasing and mortgage income.  The result was record revenue for the Company of $921.8 million, an 8% increase over 2024."

Mr. Brown discussed asset quality and capital, "Similar to the fourth quarter, asset quality was relatively stable for the year.  Provision expense declined 21% from 2024, net charge-offs as a percentage of average loans declined 5 basis points to 0.25% and our ACL coverage increased by 6 basis points to 1.39%.  Capital levels remained strong during 2025.  While the acquisition of Westfield negatively impacted our capital, our strong earnings drove an increase to tangible book value per share of 11%, from $14.15 to $15.74."

Mr. Brown concluded, "We were very pleased with our overall performance in 2025.  In addition to outstanding financial results, we successfully launched our Western Michigan banking office in Grand Rapids, and acquired two banking companies which strengthens our core funding and provides us with a platform for growth in two of the largest metropolitan markets in the Midwest.  We received our second consecutive Outstanding CRA rating, demonstrating our commitment to creating opportunities for lower income communities in our footprint, and we were one of only 70 companies worldwide to be recognized by Gallup as an Exceptional Workplace.  Finally, I want to recognize and thank our associates for their hard work and commitment.  Due to their efforts, First Financial consistently delivers industry leading performance."

Full detail of the Company's fourth quarter and full year 2025 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 Thursday, January 29, 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 February 12, 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 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;
• 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 December 31, 2025, the Company had $21.1 billion in assets, $13.4 billion in loans, $16.4 billion in deposits and $2.8 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 $3.9 billion in assets under management as of December 31, 2025.  The Company operated 134 full service banking centers as of December 31, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com. 

 

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,										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 %

(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) December 31, 2025 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

 

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three months ended,						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 QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2024
	Fourth		Third		Second		First		Full
	Quarter		Quarter		Quarter		Quarter		Year
Interest income
Loans and leases, including fees	$ 207,508		$  215,433		$  211,760		$  201,840		$  836,541
Investment securities
Taxable	33,978		32,367		30,295		28,296		124,936
Tax-exempt	2,423		2,616		2,704		3,092		10,835
Total investment securities interest	36,401		34,983		32,999		31,388		135,771
Other earning assets	7,662		6,703		7,960		7,458		29,783
Total interest income	251,571		257,119		252,719		240,686		1,002,095
Interest expense
Deposits	85,441		86,554		83,022		76,075		331,092
Short-term borrowings	6,586		9,932		11,395		10,943		38,856
Long-term borrowings	5,145		5,073		4,991		4,928		20,137
Total interest expense	97,172		101,559		99,408		91,946		390,085
Net interest income	154,399		155,560		153,311		148,740		612,010
Provision for credit losses-loans and leases	9,705		9,930		16,157		13,419		49,211
Provision for credit losses-unfunded commitments	(273)		694		286		(2,259)		(1,552)
Net interest income after provision for credit losses	144,967		144,936		136,868		137,580		564,351
Noninterest income
Service charges on deposit accounts	7,632		7,547		7,188		6,912		29,279
Wealth management fees	7,962		6,910		7,172		6,676		28,720
Bankcard income	3,659		3,698		3,900		3,142		14,399
Client derivative fees	1,528		1,160		763		1,250		4,701
Foreign exchange income	16,794		12,048		16,787		10,435		56,064
Leasing business income	19,413		16,811		16,828		14,589		67,641
Net gains from sales of loans	4,634		5,021		4,479		3,784		17,918
Net gain (loss) on investment securities	144		(17,468)		(64)		(5,187)		(22,575)
Other	8,088		9,974		4,448		4,911		27,421
Total noninterest income	69,854		45,701		61,501		46,512		223,568
Noninterest expenses
Salaries and employee benefits	80,314		74,813		75,225		74,037		304,389
Net occupancy	5,415		5,919		5,793		5,923		23,050
Furniture and equipment	3,476		3,617		3,646		3,688		14,427
Data processing	9,139		8,857		8,877		8,305		35,178
Marketing	2,204		2,255		2,605		1,962		9,026
Communication	767		851		816		795		3,229
Professional services	6,631		2,303		2,885		2,268		14,087
Amortization of tax credit investments	14,303		32		31		31		14,397
State intangible tax	(104)		876		875		877		2,524
FDIC assessments	2,736		3,036		2,657		2,780		11,209
Intangible amortization	2,395		2,395		2,396		2,301		9,487
Leasing business expense	12,536		11,899		10,128		9,754		44,317
Other	8,095		8,906		7,640		9,634		34,275
Total noninterest expenses	147,907		125,759		123,574		122,355		519,595
Income before income taxes	66,914		64,878		74,795		61,737		268,324
Income tax expense	2,029		12,427		13,990		11,048		39,494
Net income	$   64,885		$   52,451		$   60,805		$   50,689		$  228,830
ADDITIONAL DATA
Net earnings per share - basic	$      0.69		$      0.56		$      0.64		$      0.54		$       2.42
Net earnings per share - diluted	$      0.68		$      0.55		$      0.64		$      0.53		$       2.40
Dividends declared per share	$      0.24		$      0.24		$      0.23		$      0.23		$       0.94
Return on average assets	1.41 %		1.17 %		1.38 %		1.18 %		1.29 %
Return on average shareholders' equity	10.57 %		8.80 %		10.72 %		9.00 %		9.78 %
Interest income	$ 251,571		$  257,119		$  252,719		$  240,686		$  1,002,095
Tax equivalent adjustment	1,274		1,362		1,418		1,535		5,589
Interest income - tax equivalent	252,845		258,481		254,137		242,221		1,007,684
Interest expense	97,172		101,559		99,408		91,946		390,085
Net interest income - tax equivalent	$ 155,673		$  156,922		$  154,729		$  150,275		$  617,599
Net interest margin	3.91 %		4.05 %		4.06 %		4.05 %		4.02 %
Net interest margin (fully tax equivalent) (1)	3.94 %		4.08 %		4.10 %		4.10 %		4.05 %
Full-time equivalent employees	2,064		2,084		2,144		2,116
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate.  Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis.  Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons.  Management also uses these measures to make peer comparisons.

 

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	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.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Quarterly Averages										Year-to-Date Averages
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Dec. 31,
	2025		2025		2025		2025		2024		2025		2024
ASSETS
Cash and due from banks	$      178,403		$      165,210		$      174,375		$      164,734		$      182,242		$      170,703		$      185,006
Interest-bearing deposits with other banks	647,347		610,074		542,815		615,812		654,251		604,115		572,763
Investment securities	3,988,846		3,552,014		3,478,921		3,411,593		3,372,539		3,609,272		3,229,577
Loans held for sale	32,425		26,366		25,026		10,212		17,284		23,576		14,967
Loans and leases
Commercial and industrial	4,310,399		3,890,886		3,881,001		3,787,207		3,727,549		3,968,597		3,677,979
Lease financing	617,518		592,510		581,091		585,119		587,110		594,144		532,212
Construction real estate	679,884		711,011		784,028		797,100		826,936		742,597		720,031
Commercial real estate	4,240,042		3,993,549		3,958,730		4,018,211		4,045,347		4,053,079		4,088,127
Residential real estate	1,717,439		1,489,942		1,485,479		1,475,703		1,442,799		1,542,660		1,385,351
Home equity	981,406		919,368		891,761		858,153		837,863		913,028		801,358
Installment	164,013		114,058		117,724		127,192		136,927		130,802		147,321
Credit card	69,141		68,375		68,000		65,830		66,071		67,847		65,880
Total loans	12,779,842		11,779,699		11,767,814		11,714,515		11,670,602		12,012,754		11,418,259
Less:
Allowance for credit losses	(179,275)		(162,417)		(158,170)		(158,206)		(161,477)		(164,569)		(153,126)
Net loans	12,600,567		11,617,282		11,609,644		11,556,309		11,509,125		11,848,185		11,265,133
Premises and equipment	202,956		199,167		198,407		198,998		197,664		199,891		198,278
Operating leases	211,091		217,404		212,684		205,181		202,110		211,622		173,432
Goodwill	1,069,781		1,007,656		1,007,656		1,007,656		1,007,658		1,023,315		1,007,363
Other intangibles	104,184		74,448		76,076		78,220		80,486		83,279		82,940
Accrued interest and other assets	1,220,939		1,096,567		1,093,833		1,119,889		1,050,060		1,132,984		1,062,555
Total Assets	$  20,256,539		$ 18,566,188		$  18,419,437		$  18,368,604		$  18,273,419		$  18,906,942		$  17,792,014
LIABILITIES
Deposits
Interest-bearing demand	$   3,276,425		$   3,036,296		$   3,066,986		$   3,090,526		$   3,081,148		$   3,117,845		$   2,945,315
Savings	5,740,651		5,054,563		5,005,526		4,918,004		4,886,784		5,181,597		4,650,554
Time	3,504,872		3,296,789		3,139,182		3,141,103		3,209,078		3,271,555		3,021,558
Total interest-bearing deposits	12,521,948		11,387,648		11,211,694		11,149,633		11,177,010		11,570,997		10,617,427
Noninterest-bearing	3,436,709		3,124,277		3,143,081		3,091,037		3,162,643		3,199,519		3,145,646
Total deposits	15,958,657		14,511,925		14,354,775		14,240,670		14,339,653		14,770,516		13,763,073
Federal funds purchased and securities sold
under agreements to repurchase	2,283		12,434		4,780		2,055		2,282		5,408		4,522
FHLB short-term borrowings	444,511		497,092		532,198		553,667		415,652		506,541		588,987
Other	13,891		21,519		26,226		99,378		93,298		39,968		119,361
Total short-term borrowings	460,685		531,045		563,204		655,100		511,232		551,917		712,870
Long-term debt	387,965		292,301		347,369		346,237		343,851		343,442		341,352
Total borrowed funds	848,650		823,346		910,573		1,001,337		855,083		895,359		1,054,222
Accrued interest and other liabilities	753,651		655,714		638,342		668,812		637,638		679,298		634,663
Total Liabilities	17,560,958		15,990,985		15,903,690		15,910,819		15,832,374		16,345,173		15,451,958
SHAREHOLDERS' EQUITY
Common stock	1,644,923		1,639,986		1,637,782		1,641,016		1,640,280		1,640,935		1,637,343
Retained earnings	1,406,388		1,369,069		1,322,168		1,282,300		1,249,263		1,345,387		1,196,301
Accumulated other comprehensive loss	(209,767)		(247,746)		(257,873)		(275,068)		(257,792)		(247,435)		(301,167)
Treasury stock, at cost	(145,963)		(186,106)		(186,330)		(190,463)		(190,706)		(177,118)		(192,421)
Total Shareholders' Equity	2,695,581		2,575,203		2,515,747		2,457,785		2,441,045		2,561,769		2,340,056
Total Liabilities and Shareholders' Equity	$  20,256,539		$ 18,566,188		$  18,419,437		$  18,368,604		$  18,273,419		$  18,906,942		$  17,792,014

 

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 %
Residential real estate	0.03 %		(0.02) %		(0.01) %		(0.01) %		0.00 %		0.00 %		0.00 %
Home equity	(0.01) %		0.00 %		0.01 %		(0.03) %		(0.01) %		(0.01) %		(0.03) %
Installment	1.25 %		2.03 %		1.38 %		2.42 %		3.43 %		1.73 %		4.19 %
Credit card	3.56 %		2.97 %		2.41 %		2.40 %		1.13 %		2.85 %		3.18 %
Total net charge-offs	0.27 %		0.18 %		0.21 %		0.36 %		0.40 %		0.25 %		0.30 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial	$    27,461		$    23,832		$    24,489		$     7,649		$     6,641		$   27,461		$     6,641
Lease financing	5,660		5,885		6,243		6,487		6,227		5,660		6,227
Construction real estate	1,120		1,120		1,365		0		0		1,120		0
Commercial real estate	45,590		24,443		23,905		25,736		32,303		45,590		32,303
Residential real estate	18,302		16,452		16,995		16,044		16,700		18,302		16,700
Home equity	2,927		3,567		3,226		2,920		3,418		2,927		3,418
Installment	748		652		701		719		684		748		684
Total nonaccrual loans	101,808		75,951		76,924		59,555		65,973		101,808		65,973
Other real estate owned (OREO)	184		111		204		213		64		184		64
Total nonperforming assets	101,992		76,062		77,128		59,768		66,037		101,992		66,037
Accruing loans past due 90 days or more	411		592		714		228		361		411		361
Total underperforming assets	$  102,403		$    76,654		$    77,842		$    59,996		$    66,398		$ 102,403		$   66,398
Total classified assets	$  235,451		$  218,794		$  214,346		$  213,351		$  224,084		$ 235,451		$ 224,084
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	183.18 %		213.18 %		206.08 %		261.07 %		237.66 %		183.18 %		237.66 %
Total ending loans	1.39 %		1.38 %		1.34 %		1.33 %		1.33 %		1.39 %		1.33 %
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 %
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 %

 

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(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,		Dec. 31,
	2025		2025		2025		2025		2024		2025		2024
PER COMMON SHARE
Market Price
High	$        26.98		$        26.79		$        25.19		$        29.04		$        30.34		$        29.04		$        30.34
Low	$        23.26		$        23.55		$        22.05		$        24.25		$        23.98		$        22.05		$        20.79
Close	$        25.02		$        25.25		$        24.26		$        24.98		$        26.88		$        25.02		$        26.88
Average shares outstanding - basic	96,724,148		94,889,341		94,860,428		94,645,787		94,486,838		95,284,550		94,404,617
Average shares outstanding - diluted	97,593,800		95,753,798		95,741,696		95,524,262		95,487,564		96,157,964		95,405,719
Ending shares outstanding	98,521,726		95,757,250		95,760,617		95,730,353		95,494,840		98,521,726		95,494,840
Total shareholders' equity	$  2,769,216		$  2,631,855		$  2,558,155		$  2,501,235		$  2,438,041		$  2,769,216		$  2,438,041
REGULATORY CAPITAL	Preliminary										Preliminary
Common equity tier 1 capital	$  1,798,266		$  1,828,843		$  1,776,038		$  1,724,134		$  1,709,422		$  1,798,266		$  1,709,422
Common equity tier 1 capital ratio	11.32 %		12.91 %		12.57 %		12.29 %		12.16 %		11.32 %		12.16 %
Tier 1 capital	$  1,843,672		$  1,874,191		$  1,821,316		$  1,769,357		$  1,754,584		$  1,843,672		$  1,754,584
Tier 1 ratio	11.60 %		13.23 %		12.89 %		12.61 %		12.48 %		11.60 %		12.48 %
Total capital	$  2,457,377		$  2,170,546		$  2,116,180		$  2,090,211		$  2,057,877		$  2,457,377		$  2,057,877
Total capital ratio	15.46 %		15.32 %		14.98 %		14.90 %		14.64 %		15.46 %		14.64 %
Total capital in excess of minimum requirement	$    788,889		$    683,018		$    632,563		$    617,347		$    581,659		$    788,889		$    581,659
Total risk-weighted assets	$  15,890,363		$  14,166,935		$  14,129,683		$  14,027,274		$  14,059,215		$  15,890,363		$  14,059,215
Leverage ratio	9.53 %		10.50 %		10.28 %		10.01 %		9.98 %		9.53 %		9.98 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	13.11 %		14.18 %		13.73 %		13.55 %		13.13 %		13.11 %		13.13 %
Ending tangible shareholders' equity to ending tangible assets (1)	7.79 %		8.87 %		8.40 %		8.16 %		7.73 %		7.79 %		7.73 %
Average shareholders' equity to average assets	13.31 %		13.87 %		13.66 %		13.38 %		13.36 %		13.55 %		13.15 %
Average tangible shareholders' equity to average tangible assets (1)	7.97 %		8.54 %		8.26 %		7.94 %		7.87 %		8.17 %		7.48 %
REPURCHASE PROGRAM (2)
Shares repurchased	0		0		0		0		0		0		0
Average share repurchase price	N/A		N/A		N/A		N/A		N/A		N/A		N/A
Total cost of shares repurchased	N/A		N/A		N/A		N/A		N/A		N/A		N/A
(1) Non-GAAP measure.  For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

                    

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SOURCE First Financial Bancorp.

FAQ

What were First Financial (FFBC) Q4 2025 adjusted earnings per share and GAAP EPS?

Adjusted Q4 EPS was $0.80; GAAP diluted EPS was $0.64. According to the company, adjusted measures exclude certain acquisition and one-time items and are reconciled in the appendix slide presentation.

How much revenue and noninterest income did FFBC report for Q4 2025?

FFBC reported adjusted Q4 revenue of $251.3 million and adjusted noninterest income of $77.3 million. According to the company, adjustments included a $12.6 million loss on securities and acquisition impacts.

When did First Financial (FFBC) close its Westfield and BankFinancial acquisitions?

First Financial closed the Westfield acquisition on Nov 1, 2025 and the BankFinancial acquisition on Jan 1, 2026. According to the company, both deals contributed materially to Q4 and year-end balances.

What dividend did FFBC declare and when is it payable?

The board approved a quarterly dividend of $0.25 per common share, payable on Mar 16, 2026 to shareholders of record on Mar 2, 2026. According to the company, this was approved by the Board of Directors.

How did the Westfield acquisition affect FFBC's capital ratios in Q4 2025?

The Westfield acquisition reduced capital metrics; Tier 1 common equity fell to 11.32%. According to the company, acquisition activity negatively impacted capital while earnings partially offset the effect.

What caused the adjusted noninterest expense increase at First Financial (FFBC) in Q4 2025?

Adjusted noninterest expenses rose due to acquisition-related items, including $5.7 million of acquisition expenses and other integration costs. According to the company, most of the linked-quarter increase was driven by the Westfield acquisition.