First Financial Bancorp Announces Third Quarter and Year to Date 2025 Financial Results

Rhea-AI Summary

First Financial Bancorp (Nasdaq: FFBC) reported third-quarter 2025 results with net income $71.9M and EPS $0.75 ($0.76 adjusted). Total revenue reached a record $234M and record noninterest income was $73.5M ($73.6M adjusted). Net interest margin was 4.02% FTE. Return on average assets was 1.54% and ROATCE was 19.11%. Capital strengthened: total capital ratio 15.32%, tier 1 common 12.91%, and tangible common equity 8.87%. Annualized net charge-offs were 0.18%. Regulatory approval obtained for the Westfield acquisition; expected close Nov 1, 2025.

Positive

• Record total revenue of $234 million
• Record noninterest income of $73.5 million
• Net interest margin 4.02% on FTE basis
• Tangible book value per share $16.19, +5.1% linked quarter
• Total capital ratio increased to 15.32%

Negative

• Noninterest expenses increased 4.5% linked quarter to $134.3 million
• End-of-period loan balances declined $71.6 million
• Loan production weakness in specialty businesses slowed growth

Insights

Bank Financial Analyst

Strong quarter: record revenue, robust margins, and regulatory approval for an acquisition signal positive momentum.

Business performance shows clear strength: First Financial reported record total revenue of $234 million and record adjusted noninterest income of $73.6 million, with a robust fully tax‑equivalent net interest margin of 4.02%. Profitability metrics are high, including ROATCE near 19% and adjusted diluted EPS of $0.76, which support the view that core operations generated strong earnings during the quarter.

Dependencies and risks are measurable and stated: asset yields and funding costs drove margin dynamics (a net 3 basis point decline quarter‑over‑quarter), loan balances saw a modest end‑of‑period decline, and allowance coverage stands at $179.5 million with annualized net charge‑offs at 0.18%. Capital remains solid with a total capital ratio of 15.32% and tangible common equity of 8.87%, though the AOCI impact is noted.

Concrete near‑term items to watch include the announced closing of the Westfield acquisition on November 1st and the anticipated closing of the BankFinancial acquisition in early Q1 2026; monitor integration costs, loan production trends, and whether the company returns to the stated mid‑single digit loan growth in the fourth quarter. These milestones and quarterly loan/fee metrics over the next 1–6 months will clarify whether this performance is sustainable.

• Earnings per diluted share of $0.75; $0.76 on an adjusted⁽¹⁾ basis
• Return on average assets of 1.54%; 1.55% on an adjusted⁽¹⁾ basis
• Net interest margin on FTE basis⁽¹⁾ of 4.02%
• Record total revenue of $234 million
• Record noninterest income of $73.5 million ; $73.6 million on an adjusted ⁽¹⁾ basis
• TCE ratio increased to 8.87%; ROATCE of 19%
• Annualized net charge-offs of 0.18% 
• Obtained regulatory approval for Westfield acquisition; expected close November 1^st

CINCINNATI, Oct. 23, 2025 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and nine months ended September 30, 2025. 

For the three months ended September 30, 2025, the Company reported net income of $71.9 million, or $0.75 per diluted common share.  These results compare to net income of $70.0 million, or $0.73 per diluted common share, for the second quarter of 2025.  For the nine months ended September 30, 2025, First Financial had earnings per diluted share of $2.02 compared to $1.72 for the same period in 2024.

Return on average assets for the third quarter of 2025 was 1.54% while return on average tangible common equity was 19.11%⁽¹⁾.  These compare to return on average assets of 1.52% and return on average tangible common equity of 19.61%⁽¹⁾ in the second quarter of 2025.

Third quarter 2025 highlights include:

• Robust net interest margin of 3.99%, or 4.02% on a fully tax-equivalent basis⁽¹⁾
  • 3 bp decrease from second quarter
  • 1 bp increase in funding costs and 2 bp decrease in asset yields
• Record noninterest income of $73.5 million; $73.6 million on an adjusted⁽¹⁾ basis
  • Leasing business income remains strong at $21.0 million
  • Foreign exchange income increased 21.1% to $16.7 million
  • Other noninterest income increased $2.8 million due to higher syndication fees and higher income on other investments
• Noninterest expenses of $134.3 million, or $133.3 million as adjusted⁽¹⁾; 4.5% increase from linked quarter
  • Third quarter adjustments⁽¹⁾ include $0.1 million of tax credit investment writedowns and $0.8 million of efficiency and acquisition related costs
  • Increase driven by incentive compensation tied to record fee income
  • Efficiency ratio of 57.4%; 57.0% as adjusted⁽¹⁾
• Slight decline in loan balances during the quarter
  • Average loan balances increased $11.9 million compared to second quarter while end of period loan balances decreased $71.6 million
• Average deposit growth of 4.3% on an annualized basis
  • Average deposit balances increased $157.2 million
  • Growth in brokered deposits, money markets and interest-bearing demand partially offset by a seasonal decline in public funds

____________________________________________________________________________________________

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

• Total Allowance for Credit Losses of $179.5 million; Total quarterly provision expense of $9.1 million
  • Loans and leases - ACL of $161.9 million; ratio to total loans of 1.38%
  • Unfunded Commitments - ACL of $17.6 million
  • Annualized net charge-offs were 18 bps of total loans; 3 bp decline from linked quarter
  • Nonperforming assets remained flat at 0.41% of total assets
• Capital ratios remain strong  
  • Total capital ratio increased 34 bps to 15.32%
  • Tier 1 common equity increased 34 bps to 12.91%
  • Tangible common equity of 8.87%⁽¹⁾; 10.15%⁽¹⁾ excluding impact from AOCI
  • Tangible book value per share of $16.19⁽¹⁾; 5.1% increase from linked quarter

Archie Brown, President and CEO, commented on third quarter results, "The third quarter of 2025 was another outstanding quarter for First Financial.  Adjusted⁽¹⁾ net income was $72.6 million and adjusted⁽¹⁾ earnings per share were $0.76, which resulted in an adjusted⁽¹⁾ return on assets of 1.55% and an adjusted⁽¹⁾ return on tangible common equity of 19.3%."

Mr. Brown continued, "We achieved record revenue in the third quarter driven by a robust net interest margin and record noninterest income.  We have successfully maintained asset yields, while moderating our funding costs, which combined to result in an industry-leading net interest margin.  In addition, our diverse income streams remain a positive differentiator for us, with our adjusted⁽¹⁾ noninterest income representing 31% of total net revenue for the quarter. 

Expenses continue to be well-managed.  Excluding incentives tied to strong performance and the record fee income, total noninterest expenses were flat compared to the second quarter.  Our workforce efficiency efforts continued during the period, and we have successfully reduced our full time equivalents by approximately 200, or 9%, since we began our initiative two years ago.  We expect further efficiencies subsequent to the integration of our pending acquisitions." 

Mr. Brown further remarked, "Loan balances declined modestly during the quarter, falling short of our expectations.  Lower production in our specialty businesses, along with a greater percentage of construction originations, which fund over time, drove the modest decline.  Loan pipelines are very healthy as we enter the fourth quarter, and we expect a return to mid-single digit loan growth as we close out the year." 

Mr. Brown commented on asset quality and capital, "Asset quality metrics were stable for the third quarter.  Nonperforming assets were flat as a percent of assets and annualized net charge-offs were 18 basis points, which was a slight improvement from the linked quarter. 

We were very happy that our strong earnings led to the continued growth in tangible book value per share and tangible common equity during the third quarter.  Tangible book value per share of $16.19 increased 5% from the linked quarter and 14% from a year ago, while tangible common equity increased 47 basis points from June 30^th, to 8.87% at the end of September." 

Mr. Brown concluded, "We remain excited about our pending acquisitions and are pleased to have received formal regulatory approval for our acquisition of Westfield Bank, which is expected to close on November 1^st.  Our application for the acquisition of BankFinancial is in process and we anticipate closing that transaction early in the first quarter of 2026. 

We are very proud of our financial performance through the first nine months of the year, which have resulted in industry leading profitability.  We expect to have another strong quarter to close 2025 and build positive momentum as we head into 2026."

Full detail of the Company's third quarter 2025 performance is provided in the accompanying financial statements and slide presentation.

Teleconference / Webcast Information
First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, October 24, 2025 at 8:30 a.m. Eastern Time.  Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068.  The number should be dialed five to ten minutes prior to the start of the conference call.  A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068.  The recording will be available until November 7, 2025.  The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at  www.bankatfirst.com.  The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website
This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures
This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company's results of operations or financial position.  Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.

Forward-Looking Statements

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ''believes,'' ''anticipates,'' "likely," "expected," "estimated," ''intends'' and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control.  It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:

• economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business;
• future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses
• the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
• Management's ability to effectively execute its business plans;
• mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
• the possibility that any of the anticipated benefits of the Company's acquisitions will not be realized or will not be realized within the expected time period;
• the effect of changes in accounting policies and practices;
• changes in consumer spending, borrowing and saving and changes in unemployment;
• changes in customers' performance and creditworthiness;
• the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;  
• current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;
• 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 September 30, 2025, the Company had $18.6 billion in assets, $11.7 billion in loans, $14.4 billion in deposits and $2.6 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.0 billion in assets under management as of September 30, 2025.  The Company operated 127 full service banking centers as of September 30, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,										Nine months ended,
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,
	2025		2025		2025		2024		2024		2025		2024
RESULTS OF OPERATIONS
Net income	$      71,923		$      69,996		$      51,293		$      64,885		$      52,451		$    193,212		$    163,945
Net earnings per share - basic	$          0.76		$          0.74		$          0.54		$          0.69		$          0.56		$          2.04		$          1.74
Net earnings per share - diluted	$          0.75		$          0.73		$          0.54		$          0.68		$          0.55		$          2.02		$          1.72
Dividends declared per share	$          0.25		$          0.24		$          0.24		$          0.24		$          0.24		$          0.73		$          0.70
KEY FINANCIAL RATIOS
Return on average assets	1.54 %		1.52 %		1.13 %		1.41 %		1.17 %		1.40 %		1.24 %
Return on average shareholders' equity	11.08 %		11.16 %		8.46 %		10.57 %		8.80 %		10.26 %		9.50 %
Return on average tangible shareholders' equity (1)	19.11 %		19.61 %		15.16 %		19.08 %		16.29 %		18.03 %		18.02 %
Net interest margin	3.99 %		4.01 %		3.84 %		3.91 %		4.05 %		3.95 %		4.05 %
Net interest margin (fully tax equivalent) (1)(2)	4.02 %		4.05 %		3.88 %		3.94 %		4.08 %		3.98 %		4.09 %
Ending shareholders' equity as a percent of ending assets	14.18 %		13.73 %		13.55 %		13.13 %		13.50 %		14.18 %		13.50 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	8.87 %		8.40 %		8.16 %		7.73 %		7.98 %		8.87 %		7.98 %
Risk-weighted assets (1)	10.95 %		10.44 %		10.10 %		9.61 %		9.86 %		10.95 %		9.86 %
Average shareholders' equity as a percent of average assets	13.87 %		13.66 %		13.38 %		13.36 %		13.28 %		13.64 %		13.08 %
Average tangible shareholders' equity as a percent of average tangible assets (1)	8.54 %		8.26 %		7.94 %		7.87 %		7.64 %		8.25 %		7.35 %
Book value per share	$        27.48		$        26.71		$        26.13		$        25.53		$        25.66		$        27.48		$        25.66
Tangible book value per share (1)	$        16.19		$        15.40		$        14.80		$        14.15		$        14.26		$        16.19		$        14.26
Common equity tier 1 ratio (3)	12.91 %		12.57 %		12.29 %		12.16 %		12.04 %		12.91 %		12.04 %
Tier 1 ratio (3)	13.23 %		12.89 %		12.61 %		12.48 %		12.37 %		13.23 %		12.37 %
Total capital ratio (3)	15.32 %		14.98 %		14.90 %		14.64 %		14.58 %		15.32 %		14.58 %
Leverage ratio (3)	10.50 %		10.28 %		10.01 %		9.98 %		9.93 %		10.50 %		9.93 %
AVERAGE BALANCE SHEET ITEMS
Loans (4)	$  11,806,065		$  11,792,840		$  11,724,727		$  11,687,886		$  11,534,000		$  11,774,842		$  11,347,720
Investment securities	3,552,014		3,478,921		3,411,593		3,372,539		3,274,498		3,481,357		3,181,575
Interest-bearing deposits with other banks	610,074		542,815		615,812		654,251		483,880		589,546		545,402
Total earning assets	$  15,968,153		$  15,814,576		$  15,752,132		$  15,714,676		$  15,292,378		$  15,845,745		$  15,074,697
Total assets	$  18,566,188		$  18,419,437		$  18,368,604		$  18,273,419		$  17,854,191		$  18,452,133		$  17,630,374
Noninterest-bearing deposits	$    3,124,277		$    3,143,081		$    3,091,037		$    3,162,643		$    3,106,239		$    3,119,587		$    3,139,939
Interest-bearing deposits	11,387,648		11,211,694		11,149,633		11,177,010		10,690,265		11,250,530		10,429,538
Total deposits	$  14,511,925		$  14,354,775		$  14,240,670		$  14,339,653		$  13,796,504		$  14,370,117		$  13,569,477
Borrowings	$       823,346		$       910,573		$    1,001,337		$       855,083		$    1,053,737		$       911,100		$    1,121,086
Shareholders' equity	$    2,575,203		$    2,515,747		$    2,457,785		$    2,441,045		$    2,371,125		$    2,516,675		$    2,306,147
CREDIT QUALITY RATIOS
Allowance to ending loans	1.38 %		1.34 %		1.33 %		1.33 %		1.37 %		1.38 %		1.37 %
Allowance to nonaccrual loans	213.18 %		206.08 %		261.07 %		237.66 %		242.72 %		213.18 %		242.72 %
Nonaccrual loans to total loans	0.65 %		0.65 %		0.51 %		0.56 %		0.57 %		0.65 %		0.57 %
Nonperforming assets to ending loans, plus OREO	0.65 %		0.65 %		0.51 %		0.56 %		0.57 %		0.65 %		0.57 %
Nonperforming assets to total assets	0.41 %		0.41 %		0.32 %		0.36 %		0.36 %		0.41 %		0.36 %
Classified assets to total assets	1.18 %		1.15 %		1.16 %		1.21 %		1.14 %		1.18 %		1.14 %
Net charge-offs to average loans (annualized)	0.18 %		0.21 %		0.36 %		0.40 %		0.25 %		0.25 %		0.26 %

(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) September 30, 2025 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

 

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three months ended,						Nine months ended,
	Sep. 30,						Sep. 30,
	2025		2024		% Change		2025		2024		% Change
Interest income
Loans and leases, including fees	$     204,865		$     215,433		(4.9) %		$     603,488		$     629,033		(4.1) %
Investment securities
Taxable	36,421		32,367		12.5 %		107,065		90,958		17.7 %
Tax-exempt	2,195		2,616		(16.1) %		6,632		8,412		(21.2) %
Total investment securities interest	38,616		34,983		10.4 %		113,697		99,370		14.4 %
Other earning assets	6,773		6,703		1.0 %		19,388		22,121		(12.4) %
Total interest income	250,254		257,119		(2.7) %		736,573		750,524		(1.9) %
Interest expense
Deposits	77,766		86,554		(10.2) %		231,891		245,651		(5.6) %
Short-term borrowings	5,979		9,932		(39.8) %		19,917		32,270		(38.3) %
Long-term borrowings	6,023		5,073		18.7 %		16,714		14,992		11.5 %
Total interest expense	89,768		101,559		(11.6) %		268,522		292,913		(8.3) %
Net interest income	160,486		155,560		3.2 %		468,051		457,611		2.3 %
Provision for credit losses-loans and leases	8,612		9,930		(13.3) %		26,837		39,506		(32.1) %
Provision for credit losses-unfunded commitments	453		694		(34.7) %		730		(1,279)		(157.1) %
Net interest income after provision for credit losses	151,421		144,936		4.5 %		440,484		419,384		5.0 %
Noninterest income
Service charges on deposit accounts	7,829		7,547		3.7 %		23,058		21,647		6.5 %
Wealth management fees	7,351		6,910		6.4 %		23,275		20,758		12.1 %
Bankcard income	3,589		3,698		(2.9) %		10,636		10,740		(1.0) %
Client derivative fees	1,876		1,160		61.7 %		5,121		3,173		61.4 %
Foreign exchange income	16,666		12,048		38.3 %		42,970		39,270		9.4 %
Leasing business income	20,997		16,811		24.9 %		60,497		48,228		25.4 %
Net gains from sales of loans	6,835		5,021		36.1 %		17,844		13,284		34.3 %
Net gain (loss) on investment securities	(42)		(17,468)		(99.8) %		(9,748)		(22,719)		(57.1) %
Other	8,424		9,974		(15.5) %		19,018		19,333		(1.6) %
Total noninterest income	73,525		45,701		60.9 %		192,671		153,714		25.3 %
Noninterest expenses
Salaries and employee benefits	80,607		74,813		7.7 %		230,762		224,075		3.0 %
Net occupancy	6,003		5,919		1.4 %		17,867		17,635		1.3 %
Furniture and equipment	3,582		3,617		(1.0) %		10,836		10,951		(1.1) %
Data processing	9,591		8,857		8.3 %		27,370		26,039		5.1 %
Marketing	2,359		2,255		4.6 %		7,114		6,822		4.3 %
Communication	695		851		(18.3) %		2,188		2,462		(11.1) %
Professional services	2,314		2,303		0.5 %		8,602		7,456		15.4 %
Amortization of tax credit investments	112		32		250.0 %		335		94		256.4 %
State intangible tax	1,531		876		74.8 %		3,925		2,628		49.4 %
FDIC assessments	2,611		3,036		(14.0) %		8,281		8,473		(2.3) %
Intangible amortization	2,359		2,395		(1.5) %		7,076		7,092		(0.2) %
Leasing business expense	13,911		11,899		16.9 %		39,868		31,781		25.4 %
Other	8,594		8,906		(3.5) %		26,792		26,180		2.3 %
Total noninterest expenses	134,269		125,759		6.8 %		391,016		371,688		5.2 %
Income before income taxes	90,677		64,878		39.8 %		242,139		201,410		20.2 %
Income tax expense	18,754		12,427		50.9 %		48,927		37,465		30.6 %
Net income	$       71,923		$       52,451		37.1 %		$     193,212		$     163,945		17.9 %
ADDITIONAL DATA
Net earnings per share - basic	$          0.76		$          0.56				$          2.04		$          1.74
Net earnings per share - diluted	$          0.75		$          0.55				$          2.02		$          1.72
Dividends declared per share	$          0.25		$          0.24				$          0.73		$          0.70
Return on average assets	1.54 %		1.17 %				1.40 %		1.24 %
Return on average shareholders' equity	11.08 %		8.80 %				10.26 %		9.50 %
Interest income	$     250,254		$     257,119		(2.7) %		$     736,573		$     750,524		(1.9) %
Tax equivalent adjustment	1,248		1,362		(8.4) %		3,707		4,315		(14.1) %
Interest income - tax equivalent	251,502		258,481		(2.7) %		740,280		754,839		(1.9) %
Interest expense	89,768		101,559		(11.6) %		268,522		292,913		(8.3) %
Net interest income - tax equivalent	$     161,734		$     156,922		3.1 %		$     471,758		$     461,926		2.1 %
Net interest margin	3.99 %		4.05 %				3.95 %		4.05 %
Net interest margin (fully tax equivalent) (1)	4.02 %		4.08 %				3.98 %		4.09 %
Full-time equivalent employees	1,986		2,084
(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
	Third		Second		First		Year to		% Change
	Quarter		Quarter		Quarter		Date		Linked Qtr.
Interest income
Loans and leases, including fees	$ 204,865		$ 201,460		$ 197,163		$ 603,488		1.7 %
Investment securities
Taxable	36,421		36,243		34,401		107,065		0.5 %
Tax-exempt	2,195		2,233		2,204		6,632		(1.7) %
Total investment securities interest	38,616		38,476		36,605		113,697		0.4 %
Other earning assets	6,773		5,964		6,651		19,388		13.6 %
Total interest income	250,254		245,900		240,419		736,573		1.8 %
Interest expense
Deposits	77,766		75,484		78,641		231,891		3.0 %
Short-term borrowings	5,979		6,393		7,545		19,917		(6.5) %
Long-term borrowings	6,023		5,754		4,937		16,714		4.7 %
Total interest expense	89,768		87,631		91,123		268,522		2.4 %
Net interest income	160,486		158,269		149,296		468,051		1.4 %
Provision for credit losses-loans and leases	8,612		9,084		9,141		26,837		(5.2) %
Provision for credit losses-unfunded commitments	453		718		(441)		730		(36.9) %
Net interest income after provision for credit losses	151,421		148,467		140,596		440,484		2.0 %
Noninterest income
Service charges on deposit accounts	7,829		7,766		7,463		23,058		0.8 %
Wealth management fees	7,351		7,787		8,137		23,275		(5.6) %
Bankcard income	3,589		3,737		3,310		10,636		(4.0) %
Client derivative fees	1,876		1,674		1,571		5,121		12.1 %
Foreign exchange income	16,666		13,760		12,544		42,970		21.1 %
Leasing business income	20,997		20,797		18,703		60,497		1.0 %
Net gains from sales of loans	6,835		6,687		4,322		17,844		2.2 %
Net gain (loss) on investment securities	(42)		243		(9,949)		(9,748)		(117.3) %
Other	8,424		5,612		4,982		19,018		50.1 %
Total noninterest income	73,525		68,063		51,083		192,671		8.0 %
Noninterest expenses
Salaries and employee benefits	80,607		74,917		75,238		230,762		7.6 %
Net occupancy	6,003		5,845		6,019		17,867		2.7 %
Furniture and equipment	3,582		3,441		3,813		10,836		4.1 %
Data processing	9,591		9,020		8,759		27,370		6.3 %
Marketing	2,359		2,737		2,018		7,114		(13.8) %
Communication	695		681		812		2,188		2.1 %
Professional services	2,314		3,549		2,739		8,602		(34.8) %
Amortization of tax credit investments	112		111		112		335		0.9 %
State intangible tax	1,531		1,517		877		3,925		0.9 %
FDIC assessments	2,611		2,611		3,059		8,281		0.0 %
Intangible amortization	2,359		2,358		2,359		7,076		0.0 %
Leasing business expense	13,911		13,155		12,802		39,868		5.7 %
Other	8,594		8,729		9,469		26,792		(1.5) %
Total noninterest expenses	134,269		128,671		128,076		391,016		4.4 %
Income before income taxes	90,677		87,859		63,603		242,139		3.2 %
Income tax expense	18,754		17,863		12,310		48,927		5.0 %
Net income	$   71,923		$   69,996		$   51,293		$ 193,212		2.8 %
ADDITIONAL DATA
Net earnings per share - basic	$      0.76		$      0.74		$      0.54		$      2.04
Net earnings per share - diluted	$      0.75		$      0.73		$      0.54		$      2.02
Dividends declared per share	$      0.25		$      0.24		$      0.24		$      0.73
Return on average assets	1.54 %		1.52 %		1.13 %		1.40 %
Return on average shareholders' equity	11.08 %		11.16 %		8.46 %		10.26 %
Interest income	$ 250,254		$ 245,900		$ 240,419		$ 736,573		1.8 %
Tax equivalent adjustment	1,248		1,246		1,213		3,707		0.2 %
Interest income - tax equivalent	251,502		247,146		241,632		740,280		1.8 %
Interest expense	89,768		87,631		91,123		268,522		2.4 %
Net interest income - tax equivalent	$ 161,734		$ 159,515		$ 150,509		$ 471,758		1.4 %
Net interest margin	3.99 %		4.01 %		3.84 %		3.95 %
Net interest margin (fully tax equivalent) (1)	4.02 %		4.05 %		3.88 %		3.98 %
Full-time equivalent employees	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)
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		% Change		% Change
	2025		2025		2025		2024		2024		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$      174,659		$      210,187		$      190,610		$      174,258		$      190,618		(16.9) %		(8.4) %
Interest-bearing deposits with other banks	565,080		570,173		633,349		730,228		660,576		(0.9) %		(14.5) %
Investment securities available-for-sale	3,422,595		3,386,562		3,260,981		3,183,776		3,157,265		1.1 %		8.4 %
Investment securities held-to-maturity	71,595		72,994		76,469		76,960		77,985		(1.9) %		(8.2) %
Other investments	117,120		122,322		120,826		114,598		120,318		(4.3) %		(2.7) %
Loans held for sale	21,466		26,504		17,927		13,181		12,685		(19.0) %		69.2 %
Loans and leases
Commercial and industrial	3,838,630		3,927,771		3,832,350		3,815,858		3,678,546		(2.3) %		4.4 %
Lease financing	596,734		587,176		573,608		598,045		587,415		1.6 %		1.6 %
Construction real estate	627,960		732,777		824,775		779,446		802,264		(14.3) %		(21.7) %
Commercial real estate	4,048,370		3,961,513		3,956,880		4,061,744		4,034,820		2.2 %		0.3 %
Residential real estate	1,494,464		1,492,688		1,479,704		1,462,284		1,422,186		0.1 %		5.1 %
Home equity	935,975		903,299		872,502		849,039		825,431		3.6 %		13.4 %
Installment	109,764		116,598		119,672		133,051		141,270		(5.9) %		(22.3) %
Credit card	62,654		64,374		64,639		62,311		61,140		(2.7) %		2.5 %
Total loans	11,714,551		11,786,196		11,724,130		11,761,778		11,553,072		(0.6) %		1.4 %
Less:
Allowance for credit losses	(161,916)		(158,522)		(155,482)		(156,791)		(158,831)		2.1 %		1.9 %
Net loans	11,552,635		11,627,674		11,568,648		11,604,987		11,394,241		(0.6) %		1.4 %
Premises and equipment	198,251		197,741		197,968		197,965		196,692		0.3 %		0.8 %
Operating leases	214,667		217,100		213,648		209,119		201,080		(1.1) %		6.8 %
Goodwill	1,007,656		1,007,656		1,007,656		1,007,656		1,007,656		0.0 %		0.0 %
Other intangibles	73,797		75,458		77,002		79,291		81,547		(2.2) %		(9.5) %
Accrued interest and other assets	1,134,985		1,119,884		1,089,983		1,178,242		1,045,669		1.3 %		8.5 %
Total Assets	$  18,554,506		$ 18,634,255		$  18,455,067		$ 18,570,261		$  18,146,332		(0.4) %		2.2 %
LIABILITIES
Deposits
Interest-bearing demand	$   2,983,132		$   3,057,232		$   3,004,601		$   3,095,724		$   2,884,971		(2.4) %		3.4 %
Savings	5,029,097		4,979,124		4,886,613		4,948,768		4,710,223		1.0 %		6.8 %
Time	3,293,707		3,201,711		3,144,440		3,152,265		3,244,861		2.9 %		1.5 %
Total interest-bearing deposits	11,305,936		11,238,067		11,035,654		11,196,757		10,840,055		0.6 %		4.3 %
Noninterest-bearing	3,127,512		3,131,926		3,161,302		3,132,381		3,107,699		(0.1) %		0.6 %
Total deposits	14,433,448		14,369,993		14,196,956		14,329,138		13,947,754		0.4 %		3.5 %
FHLB short-term borrowings	550,000		680,000		735,000		625,000		765,000		(19.1) %		(28.1) %
Other	45,167		4,699		64,792		130,452		46,653		861.2 %		(3.2) %
Total short-term borrowings	595,167		684,699		799,792		755,452		811,653		(13.1) %		(26.7) %
Long-term debt	221,823		344,955		345,878		347,509		344,086		(35.7) %		(35.5) %
Total borrowed funds	816,990		1,029,654		1,145,670		1,102,961		1,155,739		(20.7) %		(29.3) %
Accrued interest and other liabilities	672,213		676,453		611,206		700,121		592,401		(0.6) %		13.5 %
Total Liabilities	15,922,651		16,076,100		15,953,832		16,132,220		15,695,894		(1.0) %		1.4 %
SHAREHOLDERS' EQUITY
Common stock	1,641,315		1,638,796		1,637,041		1,642,055		1,639,045		0.2 %		0.1 %
Retained earnings	1,399,577		1,351,674		1,304,636		1,276,329		1,234,375		3.5 %		13.4 %
Accumulated other comprehensive income (loss)	(223,000)		(246,384)		(253,888)		(289,799)		(232,262)		(9.5) %		(4.0) %
Treasury stock, at cost	(186,037)		(185,931)		(186,554)		(190,544)		(190,720)		0.1 %		(2.5) %
Total Shareholders' Equity	2,631,855		2,558,155		2,501,235		2,438,041		2,450,438		2.9 %		7.4 %
Total Liabilities and Shareholders' Equity	$  18,554,506		$ 18,634,255		$  18,455,067		$ 18,570,261		$  18,146,332		(0.4) %		2.2 %

 

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Quarterly Averages										Year-to-Date Averages
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,
	2025		2025		2025		2024		2024		2025		2024
ASSETS
Cash and due from banks	$      165,210		$      174,375		$      164,734		$      182,242		$      179,321		$      168,108		$      185,934
Interest-bearing deposits with other banks	610,074		542,815		615,812		654,251		483,880		589,546		545,402
Investment securities	3,552,014		3,478,921		3,411,593		3,372,539		3,274,498		3,481,357		3,181,575
Loans held for sale	26,366		25,026		10,212		17,284		16,399		20,594		14,189
Loans and leases
Commercial and industrial	3,890,886		3,881,001		3,787,207		3,727,549		3,723,761		3,853,411		3,661,335
Lease financing	592,510		581,091		585,119		587,110		550,634		586,267		513,779
Construction real estate	711,011		784,028		797,100		826,936		763,779		763,731		684,136
Commercial real estate	3,993,549		3,958,730		4,018,211		4,045,347		4,059,939		3,990,073		4,102,491
Residential real estate	1,489,942		1,485,479		1,475,703		1,442,799		1,399,932		1,483,760		1,366,062
Home equity	919,368		891,761		858,153		837,863		811,265		889,985		789,101
Installment	114,058		117,724		127,192		136,927		143,102		119,610		150,811
Credit card	68,375		68,000		65,830		66,071		65,189		67,411		65,816
Total loans	11,779,699		11,767,814		11,714,515		11,670,602		11,517,601		11,754,248		11,333,531
Less:
Allowance for credit losses	(162,417)		(158,170)		(158,206)		(161,477)		(159,252)		(159,613)		(150,322)
Net loans	11,617,282		11,609,644		11,556,309		11,509,125		11,358,349		11,594,635		11,183,209
Premises and equipment	199,167		198,407		198,998		197,664		197,881		198,858		198,484
Operating leases	217,404		212,684		205,181		202,110		180,118		211,801		163,803
Goodwill	1,007,656		1,007,656		1,007,656		1,007,658		1,007,654		1,007,656		1,007,264
Other intangibles	74,448		76,076		78,220		80,486		82,619		76,234		83,764
Accrued interest and other assets	1,096,567		1,093,833		1,119,889		1,050,060		1,073,472		1,103,344		1,066,750
Total Assets	$  18,566,188		$ 18,419,437		$  18,368,604		$  18,273,419		$  17,854,191		$  18,452,133		$  17,630,374
LIABILITIES
Deposits
Interest-bearing demand	$   3,036,296		$   3,066,986		$   3,090,526		$   3,081,148		$   2,914,934		$   3,064,404		$   2,899,707
Savings	5,054,563		5,005,526		4,918,004		4,886,784		4,694,923		4,993,198		4,571,236
Time	3,296,789		3,139,182		3,141,103		3,209,078		3,080,408		3,192,928		2,958,595
Total interest-bearing deposits	11,387,648		11,211,694		11,149,633		11,177,010		10,690,265		11,250,530		10,429,538
Noninterest-bearing	3,124,277		3,143,081		3,091,037		3,162,643		3,106,239		3,119,587		3,139,939
Total deposits	14,511,925		14,354,775		14,240,670		14,339,653		13,796,504		14,370,117		13,569,477
Federal funds purchased and securities sold
under agreements to repurchase	12,434		4,780		2,055		2,282		10,807		6,461		5,274
FHLB short-term borrowings	497,092		532,198		553,667		415,652		626,490		527,445		647,187
Other	21,519		26,226		99,378		93,298		76,859		48,756		128,112
Total short-term borrowings	531,045		563,204		655,100		511,232		714,156		582,662		780,573
Long-term debt	292,301		347,369		346,237		343,851		339,581		328,438		340,513
Total borrowed funds	823,346		910,573		1,001,337		855,083		1,053,737		911,100		1,121,086
Accrued interest and other liabilities	655,714		638,342		668,812		637,638		632,825		654,241		633,664
Total Liabilities	15,990,985		15,903,690		15,910,819		15,832,374		15,483,066		15,935,458		15,324,227
SHAREHOLDERS' EQUITY
Common stock	1,639,986		1,637,782		1,641,016		1,640,280		1,637,045		1,639,591		1,636,357
Retained earnings	1,369,069		1,322,168		1,282,300		1,249,263		1,210,924		1,324,830		1,178,518
Accumulated other comprehensive loss	(247,746)		(257,873)		(275,068)		(257,792)		(285,978)		(260,129)		(315,731)
Treasury stock, at cost	(186,106)		(186,330)		(190,463)		(190,706)		(190,866)		(187,617)		(192,997)
Total Shareholders' Equity	2,575,203		2,515,747		2,457,785		2,441,045		2,371,125		2,516,675		2,306,147
Total Liabilities and Shareholders' Equity	$  18,566,188		$ 18,419,437		$  18,368,604		$  18,273,419		$  17,854,191		$  18,452,133		$  17,630,374

 

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
		Quarterly Averages																		Year-to-Date Averages
		September 30, 2025						June 30, 2025						September 30, 2024						September 30, 2025				September 30, 2024
		Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield		Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities		$  3,552,014		$  38,616		4.31 %		$  3,478,921		$  38,476		4.44 %		$  3,274,498		$  34,983		4.24 %		$  3,481,357		4.37 %		$  3,181,575		4.18 %
Interest-bearing deposits with other banks		610,074		6,773		4.40 %		542,815		5,964		4.41 %		483,880		6,703		5.50 %		589,546		4.40 %		545,402		5.42 %
Gross loans (1)		11,806,065		204,865		6.88 %		11,792,840		201,460		6.85 %		11,534,000		215,433		7.41 %		11,774,842		6.85 %		11,347,720		7.41 %
Total earning assets		15,968,153		250,254		6.22 %		15,814,576		245,900		6.24 %		15,292,378		257,119		6.67 %		15,845,745		6.21 %		15,074,697		6.66 %
Nonearning assets
Allowance for credit losses		(162,417)						(158,170)						(159,252)						(159,613)				(150,322)
Cash and due from banks		165,210						174,375						179,321						168,108				185,934
Accrued interest and other assets		2,595,242						2,588,656						2,541,744						2,597,893				2,520,065
Total assets		$ 18,566,188						$ 18,419,437						$ 17,854,191						$ 18,452,133				$ 17,630,374
Interest-bearing liabilities
Deposits:
Interest-bearing demand		$  3,036,296		$  14,592		1.91 %		$  3,066,986		$  14,139		1.85 %		$  2,914,934		$  15,919		2.17 %		$  3,064,404		1.92 %		$  2,899,707		2.11 %
Savings		5,054,563		30,854		2.42 %		5,005,526		29,942		2.40 %		4,694,923		34,220		2.89 %		4,993,198		2.44 %		4,571,236		2.83 %
Time		3,296,789		32,320		3.89 %		3,139,182		31,403		4.01 %		3,080,408		36,415		4.69 %		3,192,928		4.05 %		2,958,595		4.66 %
Total interest-bearing deposits		11,387,648		77,766		2.71 %		11,211,694		75,484		2.70 %		10,690,265		86,554		3.21 %		11,250,530		2.76 %		10,429,538		3.15 %
Borrowed funds
Short-term borrowings		531,045		5,979		4.47 %		563,204		6,393		4.55 %		714,156		9,932		5.52 %		582,662		4.57 %		780,573		5.53 %
Long-term debt		292,301		6,023		8.17 %		347,369		5,754		6.64 %		339,581		5,073		5.93 %		328,438		6.80 %		340,513		5.89 %
Total borrowed funds		823,346		12,002		5.78 %		910,573		12,147		5.35 %		1,053,737		15,005		5.65 %		911,100		5.38 %		1,121,086		5.64 %
Total interest-bearing liabilities		12,210,994		89,768		2.92 %		12,122,267		87,631		2.90 %		11,744,002		101,559		3.43 %		12,161,630		2.95 %		11,550,624		3.39 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		3,124,277						3,143,081						3,106,239						3,119,587				3,139,939
Other liabilities		655,714						638,342						632,825						654,241				633,664
Shareholders' equity		2,575,203						2,515,747						2,371,125						2,516,675				2,306,147
Total liabilities & shareholders' equity		$ 18,566,188						$ 18,419,437						$ 17,854,191						$ 18,452,133				$ 17,630,374
Net interest income		$     160,486						$     158,269						$     155,560						$     468,051				$     457,611
Net interest spread						3.30 %						3.34 %						3.24 %				3.26 %				3.27 %
Net interest margin						3.99 %						4.01 %						4.05 %				3.95 %				4.05 %
Tax equivalent adjustment						0.03 %						0.04 %						0.03 %				0.03 %				0.04 %
Net interest margin (fully tax equivalent)						4.02 %						4.05 %						4.08 %				3.98 %				4.09 %
(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		$    (1,066)		$     1,206		$        140		$        616		$     3,017		$     3,633		$     4,536		$     9,791		$    14,327
Interest-bearing deposits with other banks		(3)		812		809		(1,331)		1,401		70		(4,185)		1,452		(2,733)
Gross loans (2)		951		2,454		3,405		(15,289)		4,721		(10,568)		(47,436)		21,891		(25,545)
Total earning assets		(118)		4,472		4,354		(16,004)		9,139		(6,865)		(47,085)		33,134		(13,951)
Interest-bearing liabilities
Total interest-bearing deposits		$        248		$     2,034		$     2,282		$  (13,550)		$     4,762		$    (8,788)		$  (30,682)		$    16,922		$  (13,760)
Borrowed funds
Short-term borrowings		(121)		(293)		(414)		(1,891)		(2,062)		(3,953)		(5,588)		(6,765)		(12,353)
Long-term debt		1,326		(1,057)		269		1,924		(974)		950		2,336		(614)		1,722
Total borrowed funds		1,205		(1,350)		(145)		33		(3,036)		(3,003)		(3,252)		(7,379)		(10,631)
Total interest-bearing liabilities		1,453		684		2,137		(13,517)		1,726		(11,791)		(33,934)		9,543		(24,391)
Net interest income (1)		$    (1,571)		$     3,788		$     2,217		$    (2,487)		$     7,413		$     4,926		$  (13,151)		$    23,591		$    10,440
(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,										Nine months ended,
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2025		2025		2025		2024		2024		2025		2024
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$  158,522		$  155,482		$  156,791		$  158,831		$  156,185		$ 156,791		$ 141,433
Provision for credit losses	8,612		9,084		9,141		9,705		9,930		26,837		39,506
Gross charge-offs
Commercial and industrial	2,165		4,996		8,178		4,333		5,471		15,339		10,315
Lease financing	298		606		1,454		2,831		368		2,358		561
Construction real estate	245		0		0		0		0		245		0
Commercial real estate	3,105		0		0		5,051		261		3,105		5,582
Residential real estate	0		16		0		12		60		16		131
Home equity	92		100		86		210		90		278		237
Installment	1,194		1,120		1,321		1,680		1,510		3,635		5,780
Credit card	577		489		474		492		768		1,540		2,094
Total gross charge-offs	7,676		7,327		11,513		14,609		8,528		26,516		24,700
Recoveries
Commercial and industrial	202		290		195		1,779		434		687		832
Lease financing	291		11		29		17		11		331		71
Construction real estate	0		0		0		0		0		0		0
Commercial real estate	1,138		70		24		19		25		1,232		200
Residential real estate	58		42		24		23		22		124		83
Home equity	94		74		144		222		240		312		438
Installment	609		716		563		499		421		1,888		785
Credit card	66		80		84		305		91		230		183
Total recoveries	2,458		1,283		1,063		2,864		1,244		4,804		2,592
Total net charge-offs	5,218		6,044		10,450		11,745		7,284		21,712		22,108
Ending allowance for credit losses	$  161,916		$  158,522		$  155,482		$  156,791		$  158,831		$ 161,916		$ 158,831
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.20 %		0.49 %		0.85 %		0.27 %		0.54 %		0.51 %		0.35 %
Lease financing	0.00 %		0.41 %		0.99 %		1.91 %		0.26 %		0.46 %		0.13 %
Construction real estate	0.14 %		0.00 %		0.00 %		0.00 %		0.00 %		0.04 %		0.00 %
Commercial real estate	0.20 %		(0.01) %		0.00 %		0.49 %		0.02 %		0.06 %		0.18 %
Residential real estate	(0.02) %		(0.01) %		(0.01) %		0.00 %		0.01 %		(0.01) %		0.00 %
Home equity	0.00 %		0.01 %		(0.03) %		(0.01) %		(0.07) %		(0.01) %		(0.03) %
Installment	2.03 %		1.38 %		2.42 %		3.43 %		3.03 %		1.95 %		4.42 %
Credit card	2.97 %		2.41 %		2.40 %		1.13 %		4.13 %		2.60 %		3.88 %
Total net charge-offs	0.18 %		0.21 %		0.36 %		0.40 %		0.25 %		0.25 %		0.26 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial	$    23,832		$    24,489		$     7,649		$     6,641		$    10,703		$   23,832		$   10,703
Lease financing	5,885		6,243		6,487		6,227		11,632		5,885		11,632
Construction real estate	1,120		1,365		0		0		0		1,120		0
Commercial real estate	24,443		23,905		25,736		32,303		23,608		24,443		23,608
Residential real estate	16,452		16,995		16,044		16,700		14,596		16,452		14,596
Home equity	3,567		3,226		2,920		3,418		4,074		3,567		4,074
Installment	652		701		719		684		826		652		826
Total nonaccrual loans	75,951		76,924		59,555		65,973		65,439		75,951		65,439
Other real estate owned (OREO)	111		204		213		64		30		111		30
Total nonperforming assets	76,062		77,128		59,768		66,037		65,469		76,062		65,469
Accruing loans past due 90 days or more	592		714		228		361		463		592		463
Total underperforming assets	$    76,654		$    77,842		$    59,996		$    66,398		$    65,932		$   76,654		$   65,932
Total classified assets	$  218,794		$  214,346		$  213,351		$  224,084		$  206,194		$ 218,794		$ 206,194
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	213.18 %		206.08 %		261.07 %		237.66 %		242.72 %		213.18 %		242.72 %
Total ending loans	1.38 %		1.34 %		1.33 %		1.33 %		1.37 %		1.38 %		1.37 %
Nonaccrual loans to total loans	0.65 %		0.65 %		0.51 %		0.56 %		0.57 %		0.65 %		0.57 %
Nonperforming assets to
Ending loans, plus OREO	0.65 %		0.65 %		0.51 %		0.56 %		0.57 %		0.65 %		0.57 %
Total assets	0.41 %		0.41 %		0.32 %		0.36 %		0.36 %		0.41 %		0.36 %
Classified assets to total assets	1.18 %		1.15 %		1.16 %		1.21 %		1.14 %		1.18 %		1.14 %

 

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,										Nine months ended,
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,		Sep. 30,
	2025		2025		2025		2024		2024		2025		2024
PER COMMON SHARE
Market Price
High	$        26.79		$        25.19		$        29.04		$        30.34		$        28.09		$        29.04		$        28.09
Low	$        23.55		$        22.05		$        24.25		$        23.98		$        21.70		$        22.05		$        20.79
Close	$        25.25		$        24.26		$        24.98		$        26.88		$        25.23		$        25.25		$        25.23
Average shares outstanding - basic	94,889,341		94,860,428		94,645,787		94,486,838		94,473,666		94,799,411		94,377,010
Average shares outstanding - diluted	95,753,798		95,741,696		95,524,262		95,487,564		95,479,510		95,674,093		95,378,238
Ending shares outstanding	95,757,250		95,760,617		95,730,353		95,494,840		95,486,317		95,757,250		95,486,317
Total shareholders' equity	$  2,631,855		$  2,558,155		$  2,501,235		$  2,438,041		$  2,450,438		$  2,631,855		$  2,450,438
REGULATORY CAPITAL	Preliminary										Preliminary
Common equity tier 1 capital	$  1,828,843		$  1,776,038		$  1,724,134		$  1,709,422		$  1,661,759		$  1,828,843		$  1,661,759
Common equity tier 1 capital ratio	12.91 %		12.57 %		12.29 %		12.16 %		12.04 %		12.91 %		12.04 %
Tier 1 capital	$  1,874,191		$  1,821,316		$  1,769,357		$  1,754,584		$  1,706,796		$  1,874,191		$  1,706,796
Tier 1 ratio	13.23 %		12.89 %		12.61 %		12.48 %		12.37 %		13.23 %		12.37 %
Total capital	$  2,170,521		$  2,116,180		$  2,090,211		$  2,057,877		$  2,012,349		$  2,170,521		$  2,012,349
Total capital ratio	15.32 %		14.98 %		14.90 %		14.64 %		14.58 %		15.32 %		14.58 %
Total capital in excess of minimum requirement	$    683,203		$    632,563		$    617,347		$    581,659		$    563,273		$    683,203		$    563,273
Total risk-weighted assets	$  14,164,934		$  14,129,683		$  14,027,274		$  14,059,215		$  13,800,728		$  14,164,934		$  13,800,728
Leverage ratio	10.50 %		10.28 %		10.01 %		9.98 %		9.93 %		10.50 %		9.93 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	14.18 %		13.73 %		13.55 %		13.13 %		13.50 %		14.18 %		13.50 %
Ending tangible shareholders' equity to ending tangible assets (1)	8.87 %		8.40 %		8.16 %		7.73 %		7.98 %		8.87 %		7.98 %
Average shareholders' equity to average assets	13.87 %		13.66 %		13.38 %		13.36 %		13.28 %		13.64 %		13.08 %
Average tangible shareholders' equity to average tangible assets (1)	8.54 %		8.26 %		7.94 %		7.87 %		7.64 %		8.25 %		7.35 %
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

 

View original content:https://www.prnewswire.com/news-releases/first-financial-bancorp-announces-third-quarter-and-year-to-date-2025-financial-results-302593197.html

SOURCE First Financial Bancorp.

FAQ

What were First Financial (FFBC) third-quarter 2025 earnings per share?

FFBC reported diluted EPS of $0.75 for Q3 2025 ($0.76 adjusted).

How much revenue did First Financial (FFBC) report in Q3 2025?

First Financial reported record total revenue of $234 million in Q3 2025.

When will First Financial's acquisition of Westfield close for FFBC?

Regulatory approval was obtained and the Westfield acquisition is expected to close on November 1, 2025.

What was First Financial's net interest margin (NIM) in Q3 2025 for FFBC?

FFBC reported a robust NIM of 4.02% on a fully tax-equivalent basis in Q3 2025.

How did First Financial's capital ratios change in Q3 2025 (FFBC)?

Total capital ratio increased to 15.32% and tier 1 common equity rose to 12.91% at September 30, 2025.

What asset quality metrics did First Financial (FFBC) report for Q3 2025?

Annualized net charge-offs were 0.18% and nonperforming assets remained 0.41% of total assets.