First Financial Bancorp (NASDAQ: FFBC) inks $208M Finward deal, record EPS
Rhea-AI Filing Summary
First Financial Bancorp. agreed to acquire Finward Bancorp and reported strong second‑quarter 2026 results. The all‑stock merger will convert each Finward share into 1.35 First Financial shares, valuing the deal at approximately $208 million, and is expected to close in the fourth quarter of 2026, subject to Finward shareholder and regulatory approvals.
Finward has about $2.0 billion in assets, $1.7 billion in deposits, $1.5 billion in loans and $412 million in assets under management, adding 24 locations and lifting First Financial’s pro forma Chicago‑area deposits by 75% to over $4 billion. The transaction is expected to be roughly 5% EPS accretive, with only about 0.4% estimated tangible book value dilution and a 0.6‑year tangible book value earnback period.
For the three months ended June 30, 2026, First Financial generated net income of $76.5 million, diluted EPS of $0.73 and record adjusted EPS of $0.80, with a 1.37% return on average assets, 17.95% return on average tangible common equity (19.7% adjusted) and a 3.98% net interest margin on a fully tax‑equivalent basis. Loans grew $240 million (7.1% annualized), net charge‑offs were 0.20% of total loans, and the allowance for credit losses equaled 1.38% of loans. Capital remained strong, including a 15.75% total capital ratio and 12.33% common equity Tier 1 ratio. The board increased the quarterly dividend to $0.26 per share, payable September 15, 2026.
Positive
- Record adjusted profitability with Q2 2026 net income of $76.5 million, diluted EPS of $0.73 and record adjusted EPS of $0.80, supported by a 1.37% return on average assets and 19.7% adjusted return on tangible common equity.
- Accretive $208 million Finward acquisition structured as an all‑stock deal at an exchange ratio of 1.35, expected to increase earnings per share by about 5% with only 0.4% estimated tangible book value dilution and a 0.6‑year earnback period.
- Solid organic growth and asset quality, including $240 million of quarterly loan growth (7.1% annualized), net charge‑offs at 0.20% of total loans, an allowance covering 1.38% of loans, and nonperforming assets at 0.70% of loans plus OREO.
- Strong capital and higher shareholder returns with a total capital ratio of 15.75%, common equity Tier 1 ratio of 12.33%, tangible common equity ratio of 8.24%, and a quarterly dividend increase to $0.26 per share.
Negative
- None.
Filing Explained
The signed merger would issue First Financial stock and dilute existing holders, but remains conditional and has not closed.
First Financial Bancorp. used this Form 8-K to report a signed merger agreement with Finward Bancorp. The transaction is proposed, not completed: the agreement currently binds the parties, but closing is expected in the fourth quarter of 2026 only if the stated conditions are met.
If completed, each Finward share would convert into 1.35 First Financial shares, creating the planned stock issuance and the disclosed estimated 0.4% tangible-book-value dilution for existing First Financial holders. Issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes.
Key conditions include Finward shareholder approval, regulatory approvals, NASDAQ listing authorization for the new shares, and effectiveness of a Form S-4 registration statement. The agreement also provides for a
First Financial says it intends to file the Form S-4, which will include Finward’s proxy statement and First Financial’s prospectus; that planned registration is not evidence that the merger shares have already been issued. The next state-changing milestones are the S-4 filing and effectiveness, Finward’s shareholder vote, regulatory decisions, and any later closing announcement.
8-K Event Classification
Key Figures
Key Terms
Agreement and Plan of Merger regulatory
Materially Burdensome Regulatory Condition regulatory
tangible book value earnback period financial
allowance for credit losses financial
Community Reinvestment Act regulatory
Earnings Snapshot
Management stated that, assuming no significant changes in interest rates, it expects the net interest margin to remain stable near current levels in the near term.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement
Overview
On July 21, 2026, First Financial Bancorp., an Ohio corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Finward Bancorp, an Indiana corporation (“Seller” or “Finward”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Seller would merge with and into the Company (the “Merger”), with the Company continuing as the surviving corporation in the Merger. Seller’s wholly owned banking subsidiary, Peoples Bank, an Indiana state-chartered bank (“Seller Bank”), is expected to merge with and into the Company’s wholly-owned banking subsidiary, First Financial Bank, an Ohio state-chartered bank (“First Financial Bank”) (the “Bank Merger”), with First Financial Bank continuing as the surviving bank in the Bank Merger.
The Merger Agreement has been unanimously approved by the boards of directors of the Company and Seller. The Merger is expected to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions, certain of which are described below, including regulatory approvals and approval of Seller’s shareholders.
Merger Consideration
Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, no par value, of Seller, issued and outstanding immediately prior to the Effective Time, will be converted into the right to receive 1.35 shares of common stock, no par value, of the Company (the “Company Common Stock”).
Representations and Warranties; Covenants; Indemnification
The Merger Agreement contains customary representations and warranties from the Company and Seller, and each party has agreed to customary covenants, including, among others, relating to (a) the conduct of its business during the interim period between the execution of the Merger Agreement and the Effective Time, (b) maintenance of its business organization, employees and advantageous business relationships and (c) taking no actions that would reasonably be expected to materially adversely affect or materially delay or impair the ability to obtain any necessary regulatory or other approvals required to consummate the Merger on a timely basis. Seller has also agreed to call a meeting of its shareholders to approve the Merger.
Under the Merger Agreement, each of the Company and Seller has agreed to use its reasonable best efforts to obtain, as promptly as practicable, all consents required to be obtained from any governmental authority or other third party that are necessary or advisable to consummate the transactions contemplated by the Merger Agreement (including the Merger and the Bank Merger). Notwithstanding such general obligation to obtain such consents of governmental authorities, neither the Company nor Seller is required or permitted to take any action that would reasonably be expected to have a material adverse effect on the surviving corporation and its subsidiaries, taken as a whole, after giving effect to the Merger and the Bank Merger (a “Materially Burdensome Regulatory Condition”).
The Company has agreed to indemnify and hold harmless each present and former director of Seller and its subsidiaries, including Seller Bank, for liabilities resulting from such person’s role as a director or officer of Seller and its subsidiaries, including Seller Bank. The Company will maintain directors’ and officers’ liability insurance for such directors and officers for a period of six years after the Effective Time; provided that the Company shall not be obligated to expend, on an annual basis, an amount in excess of 300% of the current annual premium paid as of the date hereof by Seller for such insurance.
Closing Conditions
The completion of the Merger is subject to customary conditions, including (a) approval of the Merger by Seller’s shareholders, (b) authorization for listing on the NASDAQ Stock Market LLC of the shares of the Company Common Stock to be issued in connection with the Merger, subject to official notice of issuance, (c) effectiveness of the Registration Statement on Form S-4 for the Company Common Stock to be issued in the Merger, (d) the receipt of specified governmental consents and approvals that are necessary to consummate the transactions contemplated by the Merger Agreement, including from the Board of Governors of the Federal Reserve System and the Ohio Department of Commerce, Division of Financial Institutions, and termination or expiration of all applicable waiting periods in respect thereof, in each case without the imposition of a Materially Burdensome Regulatory Condition and (e) the absence of any order, injunction, decree or other legal restraint preventing the consummation of the Merger or the Bank Merger or making the completion of the Merger or the Bank Merger illegal. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (x) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (y) performance in all material respects by the other party of its obligations under the Merger Agreement and (z) receipt by such party of an opinion from counsel to the effect that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended.
Termination; Termination Fee
The Merger Agreement is terminable at any time prior to closing by mutual consent of the Company and Seller and in the following limited circumstances: (a) by either the Company or Seller, if the Merger is not consummated within one year from the date of the Merger Agreement, (b) by either the Company or Seller if any court or governmental authority takes any final and nonappealable action enjoining, prohibiting or making illegal any of the transactions contemplated by the Merger Agreement, (c) by either the Company or Seller if any governmental authority required to approve the transactions contemplated by the Merger Agreement has denied such approval and such denial has become final and nonappealable, (d) by the Company if there is an uncured (within 45 days of written notice) material breach by Seller that would result in the failure of a closing condition; provided, that the Company is not in material breach of any representation, warranty, obligation, covenant or other agreement under the Merger Agreement, (e) by Seller if there is an uncured (within 45 days of written notice) material breach by the Company that would result in the failure of a closing condition; provided, that Seller is not in material breach of any representation, warranty, obligation, covenant or other agreement under the Merger Agreement, (f) by the Company, before approval of the Merger by Seller’s shareholders, if Seller or Seller’s board of directors (i) (A) withholds, withdraws, qualifies or modifies in a manner adverse to Company the recommendation that the Merger be approved, (B) fails to make the recommendation in Seller’s proxy statement, (C) adopts, approves, recommends or endorses an acquisition proposal (or publicly announces its intention to do so) or (D) fails to publicly and without qualification (1) recommend against any acquisition proposal or (2) reaffirm its recommendation to approve the Merger, in each case within ten business days (or fewer number of days if less than ten business days prior to the shareholder vote) after an acquisition proposal is made public or any request by the Company to do so, (ii) materially breaches its obligations to seek shareholder approval or (iii) materially violates the restrictions in the Merger Agreement forbidding certain acquisition proposals or (g) by Seller, before approval of the Merger by Seller’s shareholders, in order to enter into a definitive agreement providing a bona fide written proposal with respect to (i) any acquisition or purchase, direct or indirect, of 50% or more of the consolidated assets of Seller and Seller subsidiaries or 50% or more of any class of equity or voting securities of Seller or Seller’s subsidiaries, whose assets constitute 50% or more of the consolidated assets of Seller, (ii) any tender offer (including a self-tender offer) or exchange offer that, if consummated, would result in such third party beneficially owning 50% or more of any class of equity or voting securities of Seller or Seller’s subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of Seller or (iii) a merger, consolidation, share exchange, business combination reorganization, recapitalization, liquidation, dissolution or other similar transaction involving Seller or Seller’s subsidiaries whose assets, individually or in the aggregate, constitute 50% or more of the consolidated assets of Seller, that Seller’s board of directors has determined, in good faith (after consultation with its outside counsel and outside financial advisors), is more favorable from a financial point of view to Seller’s shareholders than the Merger and the other transactions contemplated by the Merger Agreement; provided, that Seller has complied in all material respects with certain provisions of the Merger Agreement.
The Merger Agreement provides that a termination fee of $9.0 million will be payable by Seller to the Company following termination of the Merger Agreement under certain circumstances.
Important Statements Regarding the Merger Agreement
The foregoing description of the Merger Agreement and the transactions contemplated therein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Merger Agreement, which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.
The representations, warranties and covenants of each party set forth in the Merger Agreement have been made only for the purposes of, and were and are solely for the benefit of the parties to, the Merger Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between Seller and the Company instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them as statements of fact. In addition, such representations and warranties (a) will not survive consummation of the Merger and (b) were made only as of the date of the Merger Agreement or such other dates as are specified in the Merger Agreement. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the parties’ public disclosures. Accordingly, the Merger Agreement is included with this filing only to provide investors with information regarding the terms of the Merger Agreement and not to provide investors with any factual information regarding Seller or the Company, their respective affiliates or their respective businesses. The Merger Agreement should not be read alone, but should instead be read in conjunction with the other information regarding Seller, the Company, their respective affiliates or their respective businesses, the Merger Agreement and the Merger that will be contained in, or incorporated by reference into, the Registration Statement on Form S-4 that will include a proxy statement of Seller and a prospectus of the Company, as well as in the Forms 10-K, Forms 10-Q and other filings that each of Seller and the Company makes with the Securities and Exchange Commission (the “SEC”).
Item 2.02 Results of Operation and Financial Condition.
On July 21, 2026, the Company issued its earnings press release that included its results of operations and financial condition for the first six months and second quarter of 2026 (the “Press Release”). A copy of the Press Release is attached as Exhibit 99.1.
The Company also provided electronic presentation slides that will be used in connection with the earnings conference call. A copy of the electronic presentation slides is attached hereto as Exhibit 99.2 and will be available on the Company's website, www.bankatfirst.com.
Item 7.01 Regulation FD Disclosure.
On July 21, 2026, the Company issued its Press Release which included an announcement of the execution of the Merger Agreement. Additionally, the investor presentation attached as Exhibit 99.2 incudes supplemental information regarding the Merger, and the executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts.
The Company does not intend for Item 2.02, Item 7.01, Exhibit 99.1 or Exhibit 99.2 to be treated as “filed” for purposes of the Securities Exchange Act of 1934, as amended, or incorporated by reference into its filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 2.1* | Agreement and Plan of Merger by and between First Financial Bancorp. and Finward Bancorp, dated as of July 21, 2026 | |
| 99.1 | First Financial Bancorp. Press Release announcing earnings and execution of the Merger Agreement dated July 21, 2026 | |
| 99.2 | Investor Presentation Materials, dated July 21, 2026 | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |
*Schedules to the Merger Agreement have been omitted. A copy of any omitted schedule will be furnished supplementally to the SEC upon its request.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this current report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, (a) statements regarding the Company’s operations, such as (i) our future operating or financial performance, including revenues, income or loss and earnings 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; and (b) statements regarding the proposed transaction, such as (i) statements regarding the outlook and expectations of the Company and Finward, respectively, with respect to the proposed transaction, (ii) the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), (iii) the timing of the closing of the proposed transaction, and (iv) the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of the Company or Finward or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Any reference to forward-looking statements by Finward herein is solely related to the proposed transaction. Such risks, uncertainties and assumptions include, among others, the following:
Risks, uncertainties and assumptions regarding the Company’s operations
| · | 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; |
| · | pursuit of mergers and acquisitions, including costs or difficulties related to the acquisition and/or integration of any acquired companies; |
| · | the possibility that any of the anticipated benefits of the Company’s prior or contemplated 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. |
Risks, uncertainties and assumptions regarding the proposed transaction
| · | the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; |
| · | the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction) and the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals, the approval by Finward’s shareholders, or other approvals and the other conditions to closing are not received or satisfied on a timely basis or at all; |
| · | the outcome of any legal proceedings that may be instituted against the Company or Finward; |
| · | the possibility that the anticipated benefits of the proposed transaction, including anticipated synergies and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which the Company and Finward operate; |
| · | the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; |
| · | the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; |
| · | the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; |
| · | the diversion of management’s attention from ongoing business operations and opportunities; |
| · | potential adverse reactions of the Company’s or Finward’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; |
| · | a material adverse change in the financial condition of the Company or Finward; |
| · | changes in the Company’s share price before closing; |
| · | risks relating to the potential dilutive effect of shares of the Company’s common stock to be issued in the proposed transaction; |
| · | general competitive, economic, political and market conditions; |
| · | the ability to retain key employees, management personnel and other associates of the Company and Finward following announcement or consummation of the proposed transaction; |
| · | major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and |
| · | other factors that may affect future results of the Company or Finward, including, among others, changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board, the Ohio Division of Financial Institutions, the Indiana Department of Financial Institutions, and any other state or federal legislative and regulatory actions and reforms. |
These factors are not necessarily all of the factors that could cause the Company, Finward, or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of the Company, Finward, or the combined company.
Although each of the Company and Finward believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of the Company or Finward (as related to the proposed transaction) will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in each of the Company’s and Finward’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by the Company and Finward with the Securities Exchange Commission (“SEC”). The actual results anticipated for the proposed transaction or the Company’s operations may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company, Finward or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. The Company and Finward urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by the Company and Finward. Forward-looking statements speak only as of the date they are made, and the Company and Finward undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
No Offer or Solicitation
This current report does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed transaction between the Company and Finward. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Important Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, the Company intends to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of the Company common stock to be issued in connection with the proposed transaction. The Registration Statement will include a proxy statement of Finward and a prospectus of the Company (the “Proxy Statement/Prospectus”), and the Company and Finward may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, FINWARD AND THE PROPOSED TRANSACTION AND RELATED MATTERS.
A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about the Company and Finward, may be obtained, free of charge, at the SEC’s website (www.sec.gov) when they are filed. Copies of documents filed with the SEC by the Company will be made available free of charge in the “Investor Relations” section of the Company’s website, https://www.bankatfirst.com/about/investor-relations.html. Copies of documents filed with the SEC by Finward will be made available free of charge in the “Investor Relations” section of Finward’s website, https://investorrelations.ibankpeoples.com/. The information on the Company’s and Finward’s websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.
Participants in Solicitation
Seller and its directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Seller’s participants is set forth in the Proxy Statement, dated April 3, 2026, for Seller’s 2026 annual meeting of shareholders as filed with the SEC on Schedule 14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction and interests of participants of Seller in the solicitation of proxies in respect of the Merger will be included in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRST FINANCIAL BANCORP.
| By: | /s/ James M. Anderson | |
| James M. Anderson | ||
| Executive Vice President and Chief Financial Officer | ||
| Date: July 21, 2026 | ||
Exhibit 99.1
First Financial Bancorp Announces Second Quarter 2026 Financial Results, Quarterly Dividend Increase & Acquisition of Finward Bancorp
| · | Earnings per diluted share of $0.73; $0.80 on an adjusted(1) basis is highest in Company history | |
| · | Return on average assets of 1.37%; 1.50% on an adjusted(1) basis | |
| · | Net interest margin on FTE basis(1) of 3.98% | |
| · | Loan growth of $240 million, or 7.1% on an annualized basis | |
| · | Net charge-offs 0.20% of total loans | |
| · | ROTCE of 18.0%; 19.7% on adjusted(1) basis | |
| · | Board of Directors approved quarterly dividend increase to $0.26 to be paid in 3Q26 | |
| · | Agreement to acquire Finward Bancorp, the holding company for Peoples Bank, in all stock transaction |
Cincinnati, Ohio - July 21, 2026. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2026, as well as the pending acquisition of Finward Bancorp ("Finward").
Second Quarter Financial Results
For the three months ended June 30, 2026, the Company reported net income of $76.5 million, or $0.73 per diluted common share. These results compare to net income of $74.4 million, or $0.71 per diluted common share, for the first quarter of 2026. For the six months ended June 30, 2026, First Financial had earnings per diluted share of $1.44 compared to $1.27 for the same period in 2025.
Return on average assets for the second quarter of 2026 was 1.37% while return on average tangible common equity was 17.95%(1). These compare to return on average assets of 1.34% and return on average tangible common equity of 17.78%(1) in the first quarter of 2026.
Second quarter 2026 highlights include:
| · | Robust net interest margin of 3.96%, or 3.98% on a fully tax-equivalent basis(1) |
| ◦ | 1 bp decline from first quarter driven by a 7 bp decline in asset yields, which was partially offset by a 6 bp decrease in funding costs | |
| ◦ | Decline in loan accretion diluted net interest margin 5 bps; accretion decline primarily related to lower-than-expected prepayment rates on acquired mortgage loans |
| · | Noninterest income of $73.8 million; $71.9 million on an adjusted(1) basis |
| ◦ | Adjustments include a $0.3 million loss on securities and $2.2 million of acquisition-related adjustments | |
| ◦ | Leasing business income continues strong performance with a 5.3% increase from first quarter to $22.8 million | |
| ◦ | Other noninterest income increased $3.6 million, or 111.3%, from the linked quarter, due to higher income from bank owned life insurance and limited partnership investments | |
| ◦ | Foreign exchange income of $13.1 million |
| · | Noninterest expenses of $161.5 million, or $149.1 million as adjusted(1); 3.7% decrease from linked quarter |
| ◦ | Adjustments(1) include $11.6 million of acquisition related expenses and $0.8 million of amortization of tax credit investments and other expenses not expected to recur | |
| ◦ | Decrease from prior quarter driven by lower compensation costs | |
| ◦ | Efficiency ratio of 61.2%; 56.8% as adjusted(1) |
(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.
| · | Strong loan growth during the quarter |
| ◦ | End of period loan balances increased $240 million compared to the linked quarter | |
| ◦ | Quarterly growth was broad-based, highlighted by C&I, Summit and seasonal growth from Agile |
| · | Stable deposit balances during the quarter |
| ◦ | Total average deposit balances increased $41 million, or 0.9% on an annualized basis | |
| ◦ | Growth in interest-bearing demand accounts and seasonal influx of public funds offset a decline in time deposits and brokered CDs | |
| ◦ | Excluding brokered CD, average deposits increased $168.6 million |
| · | Total Allowance for Credit Losses of $208.2 million; Total quarterly provision expense of $8.2 million |
| ◦ | Loans and leases - ACL of $189.9 million | |
| ◦ | ACL to total loans of 1.38%; increased 2 bps from linked quarter | |
| ◦ | Unfunded Commitments - ACL of $18.3 million | |
| ◦ | Annualized net charge-offs were 20 bps of total loans; 15 bp decline from linked quarter | |
| ◦ | Slight declines in classified and nonperforming assets |
| · | Capital ratios remain strong |
| ◦ | Total capital ratio increased 5 bps to 15.75% | |
| ◦ | Tier 1 common equity increased 11 bps to 12.33% | |
| ◦ | Tangible common equity of 8.24%(1); 9.30%(1) excluding impact from AOCI | |
| ◦ | Tangible book value per share of $16.64(1); 3.0% increase from linked quarter |
Additionally, the Board of Directors approved a quarterly dividend of $0.26 per common share for the next regularly scheduled dividend, payable on September 15, 2026 to shareholders of record as of September 1, 2026.
Archie Brown, President and CEO commented on Second Quarter results, “The second quarter was another active quarter as we remained focused on post-integration efforts related to the Westfield acquisition and successfully converted BankFinancial systems. Our second quarter operating results were strong, and we are very pleased with our performance. Adjusted(1) net income for the period was a record $83.9 million or $0.80 per share, with an adjusted(1) return on assets of 1.50% and an adjusted(1) return on tangible common equity of 19.7%. These adjusted(1) earnings per share represented an 8% increase from the second quarter of 2025 and were driven by increases in earning assets from a combination of organic loan growth and our recent acquisitions. Our net interest margin was stable at approximately 4.00% as lower funding costs offset a decline in loan accretion income. Assuming no significant changes in interest rates, we expect our margin to remain stable over the near-term.”
Mr. Brown continued, “Loan growth for the quarter was 7% on an annualized basis, and reflected continued momentum across the portfolio with C&I, Agile and Summit being the primary drivers of our increase in balances. Loan originations increased 23% over the first quarter and advanced stage pipelines remain strong heading into the back half of the year. We expect loan production to remain healthy and contribute to solid growth in the third quarter.”
Mr. Brown commented on fee income and expenses, “Second quarter adjusted(1) fee income was below our expectations. After a very strong first quarter, lower foreign exchange, swap income and investment banking fees led to a decline in total noninterest income compared to the linked quarter. While results in these business lines can vary from quarter to quarter, we anticipate a rebound in the third quarter. Conversely, adjusted(1) noninterest expenses were materially lower than the linked quarter, driven by lower commission expense, payroll taxes and acquisition-related synergies. As of June 30th, virtually all of the expected Westfield cost reductions have been realized, while savings related to the BankFinancial acquisition will gradually phase in over the course of the third quarter with full synergies expected by quarter-end.”
Mr. Brown commented on asset quality and capital, “Asset quality was stable for the quarter with net charge-offs declining by 15 basis points to 0.20% of total loans. Capital levels remain strong with tangible common equity increasing to 8.2% and tangible book value increasing 3% from the linked quarter to $16.64. No shares were repurchased during the quarter as we focused on integrating recent acquisitions and preparing for the acquisition of Finward.”
(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.
Mr. Brown concluded, “The second quarter was another great quarter for our Company. We achieved record earnings while successfully integrating two bank acquisitions and positioning the Company for continued success in the second half of the year. Regarding the acquisitions, we are most pleased with how our newer associates have assimilated into the Company. They remain deeply committed to serving their clients and communities, and their efforts have been instrumental in strong client retention levels. We are thankful for their dedication, hard work and client-focused approach over the past year. I am very proud of the work our teams have done throughout the integration process, and their efforts position us for success in our newly expanded markets.”
Full detail of the Company’s second quarter 2026 performance is provided in the accompanying financial statements and slide presentation.
Finward Bancorp Acquisition
| · | First Financial Bancorp. has agreed to acquire Finward Bancorp, the holding company for Peoples Bank, headquartered in Munster, Indiana | |
| · | Strategically expands First Financial's presence in northwest Indiana and Chicago, with the addition of a low cost core deposit franchise and 24 locations | |
| · | Finward has approximately $2.0 billion in assets, $1.7 billion in deposits, $1.5 billion in loans and $412 million in assets under management | |
| · | Transaction is expected to be approximately 5% accretive to First Financial’s earnings per share |
First Financial Bancorp. (Nasdaq: FFBC) and Finward Bancorp (Nasdaq: FNWD) jointly announced today that they have entered into an agreement by which First Financial will acquire Munster-based Finward in an all-stock transaction, further expanding First Financial’s presence in the economically robust Chicagoland market with a strong core deposit franchise including 24 financial centers and a 116 year presence in the Northwest Indiana and Chicago markets. Combined with the 15 retail locations from First Financial’s recent acquisition in the Chicagoland market, the Finward acquisition enhances First Financial’s market presence and increases its pro forma deposits in the Chicago metropolitan statistical area by 75% to over $4 billion.
"The addition of Finward Bancorp and Peoples Bank is expected to strategically expand First Financial’s ability to serve the consumers and businesses of the Chicagoland and Northwest Indiana markets. We are excited to partner with a bank with a similar operating philosophy and strong credit culture,” said Archie Brown, President and Chief Executive Officer of First Financial Bank. “We have built an impressive combination of retail and commercial banking services, wealth management services, and specialty banking solutions, complemented by our client-centered, community-focused business model, that offers an alternative to larger banks. To demonstrate our further commitment to Chicago and Northwest Indiana, First Financial has committed to donate $500,000 to its Foundation for the benefit of local organizations in the communities served by Finward, in addition to the $1 million we donated to the Foundation when we entered the Chicago market with the completed acquisition of BankFinancial Corporation in January 2026.”
Upon completion of the transaction, Finward’s consumer, trust/wealth management and commercial credit lines of business will be incorporated into First Financial’s respective business lines, and Peoples Bank employees will become First Financial associates.
“This partnership represents an exciting next chapter for our organization and the communities we serve,” said Benjamin Bochnowski, Chief Executive Officer of Peoples Bank. “First Financial shares our deep commitment to customers, employees, shareholders, and the communities that have placed their trust in us for more than 100 years. Together, we are accelerating our common strategy to better serve the Chicagoland and Northwest Indiana markets. We are creating a stronger regional banking franchise with expanded capabilities, greater resources, and a sharper focus on delivering exceptional service. We are confident this partnership will create meaningful opportunities for our customers and employees, while preserving the community-centered values that have defined our organization for generations.”
Through this addition, First Financial continues its recent period of growth, including the recent acquisitions of Westfield Bancorp in Northeast Ohio and BankFinancial Corporation in Chicago, and its commercial banking expansion into Chicago, Cleveland and Grand Rapids. First Financial’s Midwestern base includes Chicago, IL; Cincinnati, Dayton, Cleveland and Columbus, OH; Indianapolis, IN; and Louisville, KY. The acquisition of Finward enhances First Financial’s existing Chicagoland footprint that includes its commercial loan production office in Fulton Market; the Agile Premium Finance division in Lincolnshire, IL; and Bannockburn Capital Markets in downtown Chicago. Additionally in the area, First Financial offers retail and business banking solutions in Northwest Indiana and Northeast Illinois.
Transaction Terms
Under the terms of the agreement, each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, valuing the transaction at approximately $208 million, based on First Financial’s closing stock price on July 20, 2026. The transaction is expected to be approximately 5% accretive to First Financial’s earnings per share, and First Financial’s tangible book value per share (“TBV”) at closing is estimated to be only slightly diluted (0.4% dilution) with an anticipated TBV earnback of 0.6 years. The merger agreement has been unanimously approved by the Boards of Directors of First Financial and Finward.
The transaction is expected to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions, regulatory approvals and approval of Finward’s shareholders.
Transaction Advisors
Morgan Stanley & Co. LLC is serving as financial advisor to First Financial. Stephens Inc. is serving as financial advisor to Finward and rendered a fairness opinion to Finward’s Board of Directors. Squire Patton Boggs, (US) LLP is serving as legal counsel to First Financial. Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as legal counsel to Finward.
Teleconference / Webcast Information
First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Wednesday, July 22, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (833) 461-5787 (U.S. toll free), meeting ID 657340574. The number should be dialed five to ten minutes prior to the start of the conference call. 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 in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, (a) statements regarding First Financial Bancorp's (the "Company" or "First Financial") operations, such as (i) our future operating or financial performance, including revenues, income or loss and earnings 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; and (b) statements regarding the proposed transaction, such as (i) statements regarding the outlook and expectations of First Financial and Finward Bancorp ("Finward"), respectively, with respect to the proposed transaction, (ii) the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined First Financial’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), (iii) the timing of the closing of the proposed transaction, and (iv) the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of First Financial or Finward or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Any reference to forward-looking statements by Finward herein is solely related to the proposed transaction. Such risks, uncertainties and assumptions include, among others, the following:
Risks, uncertainties and assumptions regarding First Financial’s operations
| · | economic, market, liquidity, credit, interest rate, operational and technological risks associated with First Financial’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; | |
| · | pursuit of mergers and acquisitions, including costs or difficulties related to the acquisition and/or integration of any acquired companies; | |
| · | the possibility that any of the anticipated benefits of First Financial’s prior or contemplated 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. |
Risks, uncertainties and assumptions regarding the proposed transaction
| · | the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; | |
| · | the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined First Financial or the expected benefits of the proposed transaction) and the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals, the approval by Finward’s shareholders, or other approvals and the other conditions to closing are not received or satisfied on a timely basis or at all; | |
| · | the outcome of any legal proceedings that may be instituted against First Financial or Finward; | |
| · | the possibility that the anticipated benefits of the proposed transaction, including anticipated synergies and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which First Financial and Finward operate; | |
| · | the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; | |
| · | the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; | |
| · | the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; | |
| · | the diversion of management’s attention from ongoing business operations and opportunities; | |
| · | potential adverse reactions of First Financial’s or Finward’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; | |
| · | a material adverse change in the financial condition of First Financial or Finward; | |
| · | changes in First Financial’s share price before closing; | |
| · | risks relating to the potential dilutive effect of shares of First Financial’s common stock to be issued in the proposed transaction; | |
| · | general competitive, economic, political and market conditions; | |
| · | the ability to retain key employees, management personnel and other associates of First Financial and Finward following announcement or consummation of the proposed transaction; | |
| · | major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and | |
| · | other factors that may affect future results of First Financial or Finward, including, among others, changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board, the Ohio Division of Financial Institutions, the Indiana Department of Financial Institutions, and any other state or federal legislative and regulatory actions and reforms. |
These factors are not necessarily all of the factors that could cause First Financial, Finward, or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of First Financial, Finward, or the combined company.
Although each of First Financial and Finward believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of First Financial or Finward (as related to the proposed transaction) will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in each of First Financial’s and Finward’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by First Financial and Finward with the Securities Exchange Commission (“SEC”). The actual results anticipated for the proposed transaction or First Financial’s operations may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on First Financial, Finward or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. First Financial and Finward urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by First Financial and Finward. Forward-looking statements speak only as of the date they are made, and First Financial and Finward undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
No Offer or Solicitation
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed transaction between First Financial and Finward. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Important Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, First Financial intends to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of First Financial capital stock to be issued in connection with the proposed transaction. The Registration Statement will include a proxy statement of Finward and a prospectus of First Financial (the “Proxy Statement/Prospectus”), and First Financial and Finward may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST FINANCIAL, FINWARD AND THE PROPOSED TRANSACTION AND RELATED MATTERS.
A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about First Financial and Finward, may be obtained, free of charge, at the SEC’s website (www.sec.gov) when they are filed. Copies of documents filed with the SEC by First Financial will be made available free of charge in the "Investor Relations" section of First Financial's website, https://www.bankatfirst.com/about/investor-relations.html. Copies of documents filed with the SEC by Finward will be made available free of charge in the "Investor Relations" section of Finward's website, https://www.investorrelations.ibankpeoples.com. The information on First Financial’s and Finward’s websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either First Financial makes with the SEC.
Participants in Solicitation
Finward and its directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Finward’s participants is set forth in the Proxy Statement, dated April 3, 2026, for Finward’s 2026 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction and interests of participants of Finward in the solicitation of proxies in respect of the Merger will be included in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.
About First Financial Bancorp.
First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2026, the Company had $22.4 billion in assets, $13.7 billion in loans, $17.6 billion in deposits and $3.0 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 $4.6 billion in assets under management as of June 30, 2026. The Company operated 151 full service banking centers as of June 30, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.
About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 24 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.
Contact Information
| Investors/Analysts | Media |
| Jamie Anderson | Tim Condron |
| Chief Financial Officer | Director of Corporate Communications |
| (513) 887-5400 | (513) 979-5796 |
| InvestorRelations@bankatfirst.com | media@bankatfirst.com |
Selected Financial Information
June 30, 2026
(unaudited)
| Contents | Page |
| Consolidated Financial Highlights | 2 |
| Consolidated Statements of Income | 3 |
| Consolidated Quarterly Statements of Income | 4-5 |
| Consolidated Statements of Condition | 6 |
| Average Consolidated Statements of Condition | 7 |
| Net Interest Margin Rate / Volume Analysis | 8-9 |
| Credit Quality | 10 |
| Capital Adequacy | 11 |
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
| Three Months Ended, | Six months ended, | |||||||||||||||||||||||||||
| June 30, | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | June 30, | |||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| RESULTS OF OPERATIONS | ||||||||||||||||||||||||||||
| Net income | $ | 76,456 | $ | 74,445 | $ | 62,393 | $ | 71,923 | $ | 69,996 | $ | 150,901 | $ | 121,289 | ||||||||||||||
| Net earnings per share - basic | $ | 0.74 | $ | 0.72 | $ | 0.65 | $ | 0.76 | $ | 0.74 | $ | 1.45 | $ | 1.28 | ||||||||||||||
| Net earnings per share - diluted | $ | 0.73 | $ | 0.71 | $ | 0.64 | $ | 0.75 | $ | 0.73 | $ | 1.44 | $ | 1.27 | ||||||||||||||
| Dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.25 | $ | 0.24 | $ | 0.50 | $ | 0.48 | ||||||||||||||
| KEY FINANCIAL RATIOS | ||||||||||||||||||||||||||||
| Return on average assets | 1.37 | % | 1.34 | % | 1.22 | % | 1.54 | % | 1.52 | % | 1.36 | % | 1.33 | % | ||||||||||||||
| Return on average shareholders' equity | 10.39 | % | 10.24 | % | 9.18 | % | 11.08 | % | 11.16 | % | 10.32 | % | 9.83 | % | ||||||||||||||
| Return on average tangible shareholders' equity (1) | 17.95 | % | 17.78 | % | 16.27 | % | 19.11 | % | 19.61 | % | 17.87 | % | 17.44 | % | ||||||||||||||
| Net interest margin | 3.96 | % | 3.97 | % | 3.96 | % | 3.99 | % | 4.01 | % | 3.96 | % | 3.93 | % | ||||||||||||||
| Net interest margin (fully tax equivalent) (1)(2) | 3.98 | % | 3.99 | % | 3.98 | % | 4.02 | % | 4.05 | % | 3.98 | % | 3.96 | % | ||||||||||||||
| Ending shareholders' equity as a percent of ending assets | 13.31 | % | 12.91 | % | 13.11 | % | 14.18 | % | 13.73 | % | 13.31 | % | 13.73 | % | ||||||||||||||
| Ending tangible shareholders' equity as a percent of: | ||||||||||||||||||||||||||||
| Ending tangible assets (1) | 8.24 | % | 7.87 | % | 7.79 | % | 8.87 | % | 8.40 | % | 8.24 | % | 8.40 | % | ||||||||||||||
| Risk-weighted assets (1) | 10.62 | % | 10.51 | % | 9.76 | % | 10.94 | % | 10.44 | % | 10.62 | % | 10.44 | % | ||||||||||||||
| Average shareholders' equity as a percent of average assets | 13.18 | % | 13.12 | % | 13.31 | % | 13.87 | % | 13.66 | % | 13.15 | % | 13.52 | % | ||||||||||||||
| Average tangible shareholders' equity as a percent of average tangible assets (1) | 8.08 | % | 8.01 | % | 7.97 | % | 8.54 | % | 8.26 | % | 8.04 | % | 8.10 | % | ||||||||||||||
| Book value per share | $ | 28.46 | $ | 28.02 | $ | 28.11 | $ | 27.48 | $ | 26.71 | $ | 28.46 | $ | 26.71 | ||||||||||||||
| Tangible book value per share (1) | $ | 16.64 | $ | 16.15 | $ | 15.74 | $ | 16.19 | $ | 15.40 | $ | 16.64 | $ | 15.40 | ||||||||||||||
| Common equity tier 1 ratio (3) | 12.33 | % | 12.22 | % | 11.32 | % | 12.91 | % | 12.57 | % | 12.33 | % | 12.57 | % | ||||||||||||||
| Tier 1 ratio (3) | 12.61 | % | 12.50 | % | 11.60 | % | 13.23 | % | 12.89 | % | 12.61 | % | 12.89 | % | ||||||||||||||
| Total capital ratio (3) | 15.75 | % | 15.70 | % | 15.46 | % | 15.32 | % | 14.98 | % | 15.75 | % | 14.98 | % | ||||||||||||||
| Leverage ratio (3) | 9.66 | % | 9.39 | % | 9.53 | % | 10.50 | % | 10.28 | % | 9.66 | % | 10.28 | % | ||||||||||||||
| AVERAGE BALANCE SHEET ITEMS | ||||||||||||||||||||||||||||
| Loans (4) | $ | 13,619,039 | $ | 14,028,324 | $ | 12,812,267 | $ | 11,806,065 | $ | 11,792,840 | $ | 13,822,551 | $ | 11,758,972 | ||||||||||||||
| Investment securities | 5,079,730 | 4,769,261 | 3,988,846 | 3,552,014 | 3,478,921 | 4,925,353 | 3,445,443 | |||||||||||||||||||||
| Interest-bearing deposits with other banks | 605,647 | 596,094 | 647,347 | 610,074 | 542,815 | 600,897 | 579,112 | |||||||||||||||||||||
| Total earning assets | $ | 19,304,416 | $ | 19,393,679 | $ | 17,448,460 | $ | 15,968,153 | $ | 15,814,576 | $ | 19,348,801 | $ | 15,783,527 | ||||||||||||||
| Total assets | $ | 22,391,439 | $ | 22,459,721 | $ | 20,256,539 | $ | 18,566,188 | $ | 18,419,437 | $ | 22,425,392 | $ | 18,394,161 | ||||||||||||||
| Noninterest-bearing deposits | $ | 3,811,391 | $ | 3,745,002 | $ | 3,436,709 | $ | 3,124,277 | $ | 3,143,081 | $ | 3,778,380 | $ | 3,117,203 | ||||||||||||||
| Interest-bearing deposits | 13,875,384 | 13,900,550 | 12,521,948 | 11,387,648 | 11,211,694 | 13,887,898 | 11,180,835 | |||||||||||||||||||||
| Total deposits | $ | 17,686,775 | $ | 17,645,552 | $ | 15,958,657 | $ | 14,511,925 | $ | 14,354,775 | $ | 17,666,278 | $ | 14,298,038 | ||||||||||||||
| Borrowings | $ | 891,636 | $ | 1,012,161 | $ | 848,650 | $ | 823,346 | $ | 910,573 | $ | 951,566 | $ | 955,704 | ||||||||||||||
| Shareholders' equity | $ | 2,951,237 | $ | 2,947,585 | $ | 2,695,581 | $ | 2,575,203 | $ | 2,515,747 | $ | 2,949,421 | $ | 2,486,926 | ||||||||||||||
| CREDIT QUALITY RATIOS | ||||||||||||||||||||||||||||
| Allowance to ending loans | 1.38 | % | 1.36 | % | 1.39 | % | 1.38 | % | 1.34 | % | 1.38 | % | 1.34 | % | ||||||||||||||
| Allowance to nonaccrual loans | 197.51 | % | 182.73 | % | 183.18 | % | 213.18 | % | 206.08 | % | 197.51 | % | 206.08 | % | ||||||||||||||
| Nonaccrual loans to total loans | 0.70 | % | 0.75 | % | 0.76 | % | 0.65 | % | 0.65 | % | 0.70 | % | 0.65 | % | ||||||||||||||
| Nonperforming assets to ending loans, plus OREO | 0.70 | % | 0.75 | % | 0.76 | % | 0.65 | % | 0.65 | % | 0.70 | % | 0.65 | % | ||||||||||||||
| Nonperforming assets to total assets | 0.43 | % | 0.44 | % | 0.48 | % | 0.41 | % | 0.41 | % | 0.43 | % | 0.41 | % | ||||||||||||||
| Classified assets to total assets | 1.01 | % | 1.02 | % | 1.11 | % | 1.18 | % | 1.15 | % | 1.01 | % | 1.15 | % | ||||||||||||||
| Net charge-offs to average loans (annualized) | 0.20 | % | 0.35 | % | 0.27 | % | 0.18 | % | 0.21 | % | 0.27 | % | 0.28 | % | ||||||||||||||
(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) June 30, 2026 regulatory capital ratios are preliminary.
(4) Includes loans held for sale.
2
FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
| Three months ended, | Six months ended, | |||||||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||
| Interest income | ||||||||||||||||||||||||
| Loans and leases, including fees | $ | 219,164 | $ | 201,460 | 8.8 | % | $ | 444,115 | $ | 398,623 | 11.4 | % | ||||||||||||
| Investment securities | ||||||||||||||||||||||||
| Taxable | 53,904 | 36,243 | 48.7 | % | 103,395 | 70,644 | 46.4 | % | ||||||||||||||||
| Tax-exempt | 2,472 | 2,233 | 10.7 | % | 4,998 | 4,437 | 12.6 | % | ||||||||||||||||
| Total investment securities interest | 56,376 | 38,476 | 46.5 | % | 108,393 | 75,081 | 44.4 | % | ||||||||||||||||
| Other earning assets | 5,381 | 5,964 | (9.8 | )% | 10,831 | 12,615 | (14.1 | )% | ||||||||||||||||
| Total interest income | 280,921 | 245,900 | 14.2 | % | 563,339 | 486,319 | 15.8 | % | ||||||||||||||||
| Interest expense | ||||||||||||||||||||||||
| Deposits | 79,250 | 75,484 | 5.0 | % | 158,985 | 154,125 | 3.2 | % | ||||||||||||||||
| Short-term borrowings | 4,997 | 6,393 | (21.8 | )% | 10,165 | 13,938 | (27.1 | )% | ||||||||||||||||
| Long-term borrowings | 6,297 | 5,754 | 9.4 | % | 14,202 | 10,691 | 32.8 | % | ||||||||||||||||
| Total interest expense | 90,544 | 87,631 | 3.3 | % | 183,352 | 178,754 | 2.6 | % | ||||||||||||||||
| Net interest income | 190,377 | 158,269 | 20.3 | % | 379,987 | 307,565 | 23.5 | % | ||||||||||||||||
| Provision for credit losses-loans and leases | 12,933 | 9,084 | 42.4 | % | 18,963 | 18,225 | 4.0 | % | ||||||||||||||||
| Provision for credit losses-unfunded commitments | (4,743 | ) | 718 | (760.6 | )% | (2,233 | ) | 277 | (906.1 | )% | ||||||||||||||
| Net interest income after provision for credit losses | 182,187 | 148,467 | 22.7 | % | 363,257 | 289,063 | 25.7 | % | ||||||||||||||||
| Noninterest income | ||||||||||||||||||||||||
| Service charges on deposit accounts | 8,896 | 7,766 | 14.6 | % | 17,909 | 15,229 | 17.6 | % | ||||||||||||||||
| Wealth management fees | 8,252 | 7,787 | 6.0 | % | 18,734 | 15,924 | 17.6 | % | ||||||||||||||||
| Bankcard income | 3,032 | 3,737 | (18.9 | )% | 6,612 | 7,047 | (6.2 | )% | ||||||||||||||||
| Client derivative fees | 1,443 | 1,674 | (13.8 | )% | 5,453 | 3,245 | 68.0 | % | ||||||||||||||||
| Foreign exchange income | 13,101 | 13,760 | (4.8 | )% | 29,414 | 26,304 | 11.8 | % | ||||||||||||||||
| Leasing business income | 22,750 | 20,797 | 9.4 | % | 44,358 | 39,500 | 12.3 | % | ||||||||||||||||
| Net gains from sales of loans | 6,658 | 6,687 | (0.4 | )% | 12,705 | 11,009 | 15.4 | % | ||||||||||||||||
| Net gain (loss) on investment securities | (337 | ) | 243 | (238.7 | )% | (1,597 | ) | (9,706 | ) | (83.5 | )% | |||||||||||||
| Gain on bargain purchase | 3,189 | 0 | 100.0 | % | 12,081 | 0 | 100.0 | % | ||||||||||||||||
| Other | 6,807 | 5,612 | 21.3 | % | 10,028 | 10,594 | (5.3 | )% | ||||||||||||||||
| Total noninterest income | 73,791 | 68,063 | 8.4 | % | 155,697 | 119,146 | 30.7 | % | ||||||||||||||||
| Noninterest expenses | ||||||||||||||||||||||||
| Salaries and employee benefits | 86,917 | 74,917 | 16.0 | % | 186,773 | 150,155 | 24.4 | % | ||||||||||||||||
| Net occupancy | 7,535 | 5,845 | 28.9 | % | 15,088 | 11,864 | 27.2 | % | ||||||||||||||||
| Furniture and equipment | 4,310 | 3,441 | 25.3 | % | 9,003 | 7,254 | 24.1 | % | ||||||||||||||||
| Data processing | 13,554 | 9,020 | 50.3 | % | 26,208 | 17,779 | 47.4 | % | ||||||||||||||||
| Marketing | 3,616 | 2,737 | 32.1 | % | 6,268 | 4,755 | 31.8 | % | ||||||||||||||||
| Professional services | 7,387 | 3,549 | 108.1 | % | 11,373 | 6,288 | 80.9 | % | ||||||||||||||||
| Amortization of tax credit investments | 669 | 111 | 502.7 | % | 1,338 | 223 | 500.0 | % | ||||||||||||||||
| FDIC assessments | 2,878 | 2,611 | 10.2 | % | 6,523 | 5,670 | 15.0 | % | ||||||||||||||||
| Intangible amortization | 6,229 | 2,358 | 164.2 | % | 12,490 | 4,717 | 164.8 | % | ||||||||||||||||
| Leasing business expense | 14,633 | 13,155 | 11.2 | % | 28,762 | 25,957 | 10.8 | % | ||||||||||||||||
| Other | 13,814 | 10,927 | 26.4 | % | 27,124 | 22,085 | 22.8 | % | ||||||||||||||||
| Total noninterest expenses | 161,542 | 128,671 | 25.5 | % | 330,950 | 256,747 | 28.9 | % | ||||||||||||||||
| Income before income taxes | 94,436 | 87,859 | 7.5 | % | 188,004 | 151,462 | 24.1 | % | ||||||||||||||||
| Income tax expense | 17,980 | 17,863 | 0.7 | % | 37,103 | 30,173 | 23.0 | % | ||||||||||||||||
| Net income | $ | 76,456 | $ | 69,996 | 9.2 | % | $ | 150,901 | $ | 121,289 | 24.4 | % | ||||||||||||
| ADDITIONAL DATA | ||||||||||||||||||||||||
| Net earnings per share - basic | $ | 0.74 | $ | 0.74 | $ | 1.45 | $ | 1.28 | ||||||||||||||||
| Net earnings per share - diluted | $ | 0.73 | $ | 0.73 | $ | 1.44 | $ | 1.27 | ||||||||||||||||
| Dividends declared per share | $ | 0.25 | $ | 0.24 | $ | 0.50 | $ | 0.48 | ||||||||||||||||
| Return on average assets | 1.37 | % | 1.52 | % | 1.36 | % | 1.33 | % | ||||||||||||||||
| Return on average shareholders' equity | 10.39 | % | 11.16 | % | 10.32 | % | 9.83 | % | ||||||||||||||||
| Interest income | $ | 280,921 | $ | 245,900 | 14.2 | % | $ | 563,339 | $ | 486,319 | 15.8 | % | ||||||||||||
| Tax equivalent adjustment | 1,161 | 1,246 | (6.8 | )% | 2,347 | 2,459 | (4.6 | )% | ||||||||||||||||
| Interest income - tax equivalent | 282,082 | 247,146 | 14.1 | % | 565,686 | 488,778 | 15.7 | % | ||||||||||||||||
| Interest expense | 90,544 | 87,631 | 3.3 | % | 183,352 | 178,754 | 2.6 | % | ||||||||||||||||
| Net interest income - tax equivalent | $ | 191,538 | $ | 159,515 | 20.1 | % | $ | 382,334 | $ | 310,024 | 23.3 | % | ||||||||||||
| Net interest margin | 3.96 | % | 4.01 | % | 3.96 | % | 3.93 | % | ||||||||||||||||
| Net interest margin (fully tax equivalent) (1) | 3.98 | % | 4.05 | % | 3.98 | % | 3.96 | % | ||||||||||||||||
| Full-time equivalent employees | 2,371 | 2,033 | ||||||||||||||||||||||
(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.
3
FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
| 2026 | ||||||||||||||||
| Second | First | Year to | % Change | |||||||||||||
| Quarter | Quarter | Date | Linked Qtr. | |||||||||||||
| Interest income | ||||||||||||||||
| Loans and leases, including fees | $ | 219,164 | $ | 224,951 | $ | 444,115 | (2.6 | )% | ||||||||
| Investment securities | ||||||||||||||||
| Taxable | 53,904 | 49,491 | 103,395 | 8.9 | % | |||||||||||
| Tax-exempt | 2,472 | 2,526 | 4,998 | (2.1 | )% | |||||||||||
| Total investment securities interest | 56,376 | 52,017 | 108,393 | 8.4 | % | |||||||||||
| Other earning assets | 5,381 | 5,450 | 10,831 | (1.3 | )% | |||||||||||
| Total interest income | 280,921 | 282,418 | 563,339 | (0.5 | )% | |||||||||||
| Interest expense | ||||||||||||||||
| Deposits | 79,250 | 79,735 | 158,985 | (0.6 | )% | |||||||||||
| Short-term borrowings | 4,997 | 5,168 | 10,165 | (3.3 | )% | |||||||||||
| Long-term borrowings | 6,297 | 7,905 | 14,202 | (20.3 | )% | |||||||||||
| Total interest expense | 90,544 | 92,808 | 183,352 | (2.4 | )% | |||||||||||
| Net interest income | 190,377 | 189,610 | 379,987 | 0.4 | % | |||||||||||
| Provision for credit losses-loans and leases | 12,933 | 6,030 | 18,963 | 114.5 | % | |||||||||||
| Provision for credit losses-unfunded commitments | (4,743 | ) | 2,510 | (2,233 | ) | (289.0 | )% | |||||||||
| Net interest income after provision for credit losses | 182,187 | 181,070 | 363,257 | 0.6 | % | |||||||||||
| Noninterest income | ||||||||||||||||
| Service charges on deposit accounts | 8,896 | 9,013 | 17,909 | (1.3 | )% | |||||||||||
| Wealth management fees | 8,252 | 10,482 | 18,734 | (21.3 | )% | |||||||||||
| Bankcard income | 3,032 | 3,580 | 6,612 | (15.3 | )% | |||||||||||
| Client derivative fees | 1,443 | 4,010 | 5,453 | (64.0 | )% | |||||||||||
| Foreign exchange income | 13,101 | 16,313 | 29,414 | (19.7 | )% | |||||||||||
| Leasing business income | 22,750 | 21,608 | 44,358 | 5.3 | % | |||||||||||
| Net gains from sales of loans | 6,658 | 6,047 | 12,705 | 10.1 | % | |||||||||||
| Net gain (loss) on investment securities | (337 | ) | (1,260 | ) | (1,597 | ) | (73.3 | )% | ||||||||
| Gain on bargain purchase | 3,189 | 8,892 | 12,081 | (64.1 | )% | |||||||||||
| Other | 6,807 | 3,221 | 10,028 | 111.3 | % | |||||||||||
| Total noninterest income | 73,791 | 81,906 | 155,697 | (9.9 | )% | |||||||||||
| Noninterest expenses | ||||||||||||||||
| Salaries and employee benefits | 86,917 | 99,856 | 186,773 | (13.0 | )% | |||||||||||
| Net occupancy | 7,535 | 7,553 | 15,088 | (0.2 | )% | |||||||||||
| Furniture and equipment | 4,310 | 4,693 | 9,003 | (8.2 | )% | |||||||||||
| Data processing | 13,554 | 12,654 | 26,208 | 7.1 | % | |||||||||||
| Marketing | 3,616 | 2,652 | 6,268 | 36.3 | % | |||||||||||
| Professional services | 7,387 | 3,986 | 11,373 | 85.3 | % | |||||||||||
| Amortization of tax credit investments | 669 | 669 | 1,338 | 0.0 | % | |||||||||||
| FDIC assessments | 2,878 | 3,645 | 6,523 | (21.0 | )% | |||||||||||
| Intangible amortization | 6,229 | 6,261 | 12,490 | (0.5 | )% | |||||||||||
| Leasing business expense | 14,633 | 14,129 | 28,762 | 3.6 | % | |||||||||||
| Other | 13,814 | 13,310 | 27,124 | 3.8 | % | |||||||||||
| Total noninterest expenses | 161,542 | 169,408 | 330,950 | (4.6 | )% | |||||||||||
| Income before income taxes | 94,436 | 93,568 | 188,004 | 0.9 | % | |||||||||||
| Income tax expense | 17,980 | 19,123 | 37,103 | (6.0 | )% | |||||||||||
| Net income | $ | 76,456 | $ | 74,445 | $ | 150,901 | 2.7 | % | ||||||||
| ADDITIONAL DATA | ||||||||||||||||
| Net earnings per share - basic | $ | 0.74 | $ | 0.72 | $ | 1.45 | ||||||||||
| Net earnings per share - diluted | $ | 0.73 | $ | 0.71 | $ | 1.44 | ||||||||||
| Dividends declared per share | $ | 0.25 | $ | 0.25 | $ | 0.50 | ||||||||||
| Return on average assets | 1.37 | % | 1.34 | % | 1.36 | % | ||||||||||
| Return on average shareholders' equity | 10.39 | % | 10.24 | % | 10.32 | % | ||||||||||
| Interest income | $ | 280,921 | $ | 282,418 | $ | 563,339 | (0.5 | )% | ||||||||
| Tax equivalent adjustment | 1,161 | 1,186 | 2,347 | (2.1 | )% | |||||||||||
| Interest income - tax equivalent | 282,082 | 283,604 | 565,686 | (0.5 | )% | |||||||||||
| Interest expense | 90,544 | 92,808 | 183,352 | (2.4 | )% | |||||||||||
| Net interest income - tax equivalent | $ | 191,538 | $ | 190,796 | $ | 382,334 | 0.4 | % | ||||||||
| Net interest margin | 3.96 | % | 3.97 | % | 3.96 | % | ||||||||||
| Net interest margin (fully tax equivalent) (1) | 3.98 | % | 3.99 | % | 3.98 | % | ||||||||||
| Full-time equivalent employees | 2,371 | 2,319 | ||||||||||||||
(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.
4
FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
| 2025 | ||||||||||||||||||||
| Fourth | Third | Second | First | Full | ||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans and leases, including fees | $ | 215,663 | $ | 204,865 | $ | 201,460 | $ | 197,163 | $ | 819,151 | ||||||||||
| Investment securities | ||||||||||||||||||||
| Taxable | 40,971 | 36,421 | 36,243 | 34,401 | 148,036 | |||||||||||||||
| Tax-exempt | 2,363 | 2,195 | 2,233 | 2,204 | 8,995 | |||||||||||||||
| Total investment securities interest | 43,334 | 38,616 | 38,476 | 36,605 | 157,031 | |||||||||||||||
| Other earning assets | 6,334 | 6,773 | 5,964 | 6,651 | 25,722 | |||||||||||||||
| Total interest income | 265,331 | 250,254 | 245,900 | 240,419 | 1,001,904 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 78,861 | 77,766 | 75,484 | 78,641 | 310,752 | |||||||||||||||
| Short-term borrowings | 4,925 | 5,979 | 6,393 | 7,545 | 24,842 | |||||||||||||||
| Long-term borrowings | 7,550 | 6,023 | 5,754 | 4,937 | 24,264 | |||||||||||||||
| Total interest expense | 91,336 | 89,768 | 87,631 | 91,123 | 359,858 | |||||||||||||||
| Net interest income | 173,995 | 160,486 | 158,269 | 149,296 | 642,046 | |||||||||||||||
| Provision for credit losses-loans and leases | 9,688 | 8,612 | 9,084 | 9,141 | 36,525 | |||||||||||||||
| Provision for credit losses-unfunded commitments | 412 | 453 | 718 | (441 | ) | 1,142 | ||||||||||||||
| Net interest income after provision for credit losses | 163,895 | 151,421 | 148,467 | 140,596 | 604,379 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges on deposit accounts | 8,308 | 7,829 | 7,766 | 7,463 | 31,366 | |||||||||||||||
| Wealth management fees | 9,288 | 7,351 | 7,787 | 8,137 | 32,563 | |||||||||||||||
| Bankcard income | 3,590 | 3,589 | 3,737 | 3,310 | 14,226 | |||||||||||||||
| Client derivative fees | 2,681 | 1,876 | 1,674 | 1,571 | 7,802 | |||||||||||||||
| Foreign exchange income | 22,696 | 16,666 | 13,760 | 12,544 | 65,666 | |||||||||||||||
| Leasing business income | 19,523 | 20,997 | 20,797 | 18,703 | 80,020 | |||||||||||||||
| Net gains from sales of loans | 7,041 | 6,835 | 6,687 | 4,322 | 24,885 | |||||||||||||||
| Net gain (loss) on investment securities | (12,576 | ) | (42 | ) | 243 | (9,949 | ) | (22,324 | ) | |||||||||||
| Other | 4,216 | 8,424 | 5,612 | 4,982 | 23,234 | |||||||||||||||
| Total noninterest income | 64,767 | 73,525 | 68,063 | 51,083 | 257,438 | |||||||||||||||
| Noninterest expenses | ||||||||||||||||||||
| Salaries and employee benefits | 85,123 | 80,607 | 74,917 | 75,238 | 315,885 | |||||||||||||||
| Net occupancy | 6,315 | 6,003 | 5,845 | 6,019 | 24,182 | |||||||||||||||
| Furniture and equipment | 3,940 | 3,582 | 3,441 | 3,813 | 14,776 | |||||||||||||||
| Data processing | 10,465 | 9,591 | 9,020 | 8,759 | 37,835 | |||||||||||||||
| Marketing | 3,056 | 2,359 | 2,737 | 2,018 | 10,170 | |||||||||||||||
| Professional services | 6,231 | 2,314 | 3,549 | 2,739 | 14,833 | |||||||||||||||
| Amortization of tax credit investments | 800 | 112 | 111 | 112 | 1,135 | |||||||||||||||
| FDIC assessments | 2,923 | 2,611 | 2,611 | 3,059 | 11,204 | |||||||||||||||
| Intangible amortization | 3,927 | 2,359 | 2,358 | 2,359 | 11,003 | |||||||||||||||
| Leasing business expense | 13,837 | 13,911 | 13,155 | 12,802 | 53,705 | |||||||||||||||
| Other | 12,914 | 10,820 | 10,927 | 11,158 | 45,819 | |||||||||||||||
| Total noninterest expenses | 149,531 | 134,269 | 128,671 | 128,076 | 540,547 | |||||||||||||||
| Income before income taxes | 79,131 | 90,677 | 87,859 | 63,603 | 321,270 | |||||||||||||||
| Income tax expense | 16,738 | 18,754 | 17,863 | 12,310 | 65,665 | |||||||||||||||
| Net income | $ | 62,393 | $ | 71,923 | $ | 69,996 | $ | 51,293 | $ | 255,605 | ||||||||||
| 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 | ||||||||||
| Tax equivalent adjustment | 1,227 | 1,248 | 1,246 | 1,213 | 4,934 | |||||||||||||||
| Interest income - tax equivalent | 266,558 | 251,502 | 247,146 | 241,632 | 1,006,838 | |||||||||||||||
| Interest expense | 91,336 | 89,768 | 87,631 | 91,123 | 359,858 | |||||||||||||||
| Net interest income - tax equivalent | $ | 175,222 | $ | 161,734 | $ | 159,515 | $ | 150,509 | $ | 646,980 | ||||||||||
| 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.
5
FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
| June 30, | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | % Change | % Change | ||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | Linked Qtr. | Comp Qtr. | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and due from banks | $ | 206,361 | $ | 170,641 | $ | 178,553 | $ | 174,659 | $ | 210,187 | 20.9 | % | (1.8 | )% | ||||||||||||||
| Interest-bearing deposits with other banks | 579,194 | 1,032,259 | 597,338 | 565,080 | 570,173 | (43.9 | )% | 1.6 | % | |||||||||||||||||||
| Investment securities available-for-sale | 4,733,713 | 4,953,023 | 3,971,932 | 3,422,595 | 3,386,562 | (4.4 | )% | 39.8 | % | |||||||||||||||||||
| Investment securities held-to-maturity | 46,067 | 49,631 | 58,545 | 71,595 | 72,994 | (7.2 | )% | (36.9 | )% | |||||||||||||||||||
| Other investments | 137,755 | 137,018 | 129,564 | 117,120 | 122,322 | 0.5 | % | 12.6 | % | |||||||||||||||||||
| Loans held for sale | 33,125 | 18,280 | 16,953 | 21,466 | 26,504 | 81.2 | % | 25.0 | % | |||||||||||||||||||
| Loans and leases | ||||||||||||||||||||||||||||
| Commercial and industrial | 4,842,347 | 4,693,786 | 4,632,241 | 3,838,630 | 3,927,771 | 3.2 | % | 23.3 | % | |||||||||||||||||||
| Lease financing | 659,328 | 649,645 | 638,527 | 596,734 | 587,176 | 1.5 | % | 12.3 | % | |||||||||||||||||||
| Construction real estate | 599,258 | 591,080 | 677,339 | 627,960 | 732,777 | 1.4 | % | (18.2 | )% | |||||||||||||||||||
| Commercial real estate | 4,548,887 | 4,473,468 | 4,384,556 | 4,048,370 | 3,961,513 | 1.7 | % | 14.8 | % | |||||||||||||||||||
| Residential real estate | 1,805,044 | 1,831,338 | 1,832,184 | 1,494,464 | 1,492,688 | (1.4 | )% | 20.9 | % | |||||||||||||||||||
| Home equity | 1,058,175 | 1,026,839 | 1,005,204 | 935,975 | 903,299 | 3.1 | % | 17.1 | % | |||||||||||||||||||
| Installment | 156,470 | 162,314 | 188,694 | 109,764 | 116,598 | (3.6 | )% | 34.2 | % | |||||||||||||||||||
| Credit card | 65,405 | 66,371 | 65,325 | 62,654 | 64,374 | (1.5 | )% | 1.6 | % | |||||||||||||||||||
| Total loans | 13,734,914 | 13,494,841 | 13,424,070 | 11,714,551 | 11,786,196 | 1.8 | % | 16.5 | % | |||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Allowance for credit losses | (189,912 | ) | (183,716 | ) | (186,487 | ) | (161,916 | ) | (158,522 | ) | 3.4 | % | 19.8 | % | ||||||||||||||
| Net loans | 13,545,002 | 13,311,125 | 13,237,583 | 11,552,635 | 11,627,674 | 1.8 | % | 16.5 | % | |||||||||||||||||||
| Premises and equipment | 229,763 | 228,384 | 204,760 | 198,251 | 197,741 | 0.6 | % | 16.2 | % | |||||||||||||||||||
| Operating leases | 241,742 | 220,061 | 214,003 | 214,667 | 217,100 | 9.9 | % | 11.4 | % | |||||||||||||||||||
| Goodwill | 1,099,936 | 1,099,543 | 1,099,524 | 1,007,656 | 1,007,656 | 0.0 | % | 9.2 | % | |||||||||||||||||||
| Other intangibles | 140,705 | 145,927 | 118,832 | 73,797 | 75,458 | (3.6 | )% | 86.5 | % | |||||||||||||||||||
| Accrued interest and other assets | 1,446,316 | 1,413,923 | 1,301,792 | 1,134,985 | 1,119,884 | 2.3 | % | 29.1 | % | |||||||||||||||||||
| Total Assets | $ | 22,439,679 | $ | 22,779,815 | $ | 21,129,379 | $ | 18,554,506 | $ | 18,634,255 | (1.5 | )% | 20.4 | % | ||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 3,804,301 | $ | 3,658,155 | $ | 3,360,613 | $ | 2,983,132 | $ | 3,057,232 | 4.0 | % | 24.4 | % | ||||||||||||||
| Savings | 6,423,986 | 6,460,546 | 5,973,532 | 5,029,097 | 4,979,124 | (0.6 | )% | 29.0 | % | |||||||||||||||||||
| Time | 3,650,043 | 3,817,268 | 3,622,227 | 3,293,707 | 3,201,711 | (4.4 | )% | 14.0 | % | |||||||||||||||||||
| Total interest-bearing deposits | 13,878,330 | 13,935,969 | 12,956,372 | 11,305,936 | 11,238,067 | (0.4 | )% | 23.5 | % | |||||||||||||||||||
| Noninterest-bearing | 3,704,899 | 3,982,753 | 3,465,470 | 3,127,512 | 3,131,926 | (7.0 | )% | 18.3 | % | |||||||||||||||||||
| Total deposits | 17,583,229 | 17,918,722 | 16,421,842 | 14,433,448 | 14,369,993 | (1.9 | )% | 22.4 | % | |||||||||||||||||||
| FHLB short-term borrowings | 570,000 | 550,000 | 675,000 | 550,000 | 680,000 | 3.6 | % | (16.2 | )% | |||||||||||||||||||
| Other | 39,532 | 70,457 | 332 | 45,167 | 4,699 | (43.9 | )% | 741.3 | % | |||||||||||||||||||
| Total short-term borrowings | 609,532 | 620,457 | 675,332 | 595,167 | 684,699 | (1.8 | )% | (11.0 | )% | |||||||||||||||||||
| Long-term debt | 382,550 | 380,176 | 514,052 | 221,823 | 344,955 | 0.6 | % | 10.9 | % | |||||||||||||||||||
| Total borrowed funds | 992,082 | 1,000,633 | 1,189,384 | 816,990 | 1,029,654 | (0.9 | )% | (3.6 | )% | |||||||||||||||||||
| Accrued interest and other liabilities | 876,880 | 919,835 | 748,937 | 672,213 | 676,453 | (4.7 | )% | 29.6 | % | |||||||||||||||||||
| Total Liabilities | 19,452,191 | 19,839,190 | 18,360,163 | 15,922,651 | 16,076,100 | (2.0 | )% | 21.0 | % | |||||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Common stock | 1,792,158 | 1,789,676 | 1,647,618 | 1,641,315 | 1,638,796 | 0.1 | % | 9.4 | % | |||||||||||||||||||
| Retained earnings | 1,535,765 | 1,485,573 | 1,437,286 | 1,399,577 | 1,351,674 | 3.4 | % | 13.6 | % | |||||||||||||||||||
| Accumulated other comprehensive income (loss) | (223,720 | ) | (217,430 | ) | (189,942 | ) | (223,000 | ) | (246,384 | ) | 2.9 | % | (9.2 | )% | ||||||||||||||
| Treasury stock, at cost | (116,715 | ) | (117,194 | ) | (125,746 | ) | (186,037 | ) | (185,931 | ) | (0.4 | )% | (37.2 | )% | ||||||||||||||
| Total Shareholders' Equity | 2,987,488 | 2,940,625 | 2,769,216 | 2,631,855 | 2,558,155 | 1.6 | % | 16.8 | % | |||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 22,439,679 | $ | 22,779,815 | $ | 21,129,379 | $ | 18,554,506 | $ | 18,634,255 | (1.5 | )% | 20.4 | % | ||||||||||||||
6
FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
| Quarterly Averages | Year-to-Date Averages | |||||||||||||||||||||||||||
| June 30, | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | June 30, | |||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and due from banks | $ | 182,261 | $ | 227,115 | $ | 178,403 | $ | 165,210 | $ | 174,375 | $ | 204,564 | $ | 169,581 | ||||||||||||||
| Interest-bearing deposits with other banks | 605,647 | 596,094 | 647,347 | 610,074 | 542,815 | 600,897 | 579,112 | |||||||||||||||||||||
| Investment securities | 5,079,730 | 4,769,261 | 3,988,846 | 3,552,014 | 3,478,921 | 4,925,353 | 3,445,443 | |||||||||||||||||||||
| Loans held for sale | 32,458 | 451,139 | 32,425 | 26,366 | 25,026 | 240,642 | 17,660 | |||||||||||||||||||||
| Loans and leases | ||||||||||||||||||||||||||||
| Commercial and industrial | 4,723,431 | 4,771,066 | 4,310,399 | 3,890,886 | 3,881,001 | 4,747,117 | 3,834,363 | |||||||||||||||||||||
| Lease financing | 646,520 | 630,204 | 617,518 | 592,510 | 581,091 | 638,407 | 583,094 | |||||||||||||||||||||
| Construction real estate | 583,146 | 643,270 | 679,884 | 711,011 | 784,028 | 613,042 | 790,528 | |||||||||||||||||||||
| Commercial real estate | 4,546,901 | 4,446,231 | 4,240,042 | 3,993,549 | 3,958,730 | 4,496,844 | 3,988,306 | |||||||||||||||||||||
| Residential real estate | 1,812,228 | 1,834,467 | 1,717,439 | 1,489,942 | 1,485,479 | 1,823,286 | 1,480,618 | |||||||||||||||||||||
| Home equity | 1,043,805 | 1,016,080 | 981,406 | 919,368 | 891,761 | 1,030,019 | 875,050 | |||||||||||||||||||||
| Installment | 158,760 | 166,979 | 164,013 | 114,058 | 117,724 | 162,847 | 122,432 | |||||||||||||||||||||
| Credit card | 71,790 | 68,888 | 69,141 | 68,375 | 68,000 | 70,347 | 66,921 | |||||||||||||||||||||
| Total loans | 13,586,581 | 13,577,185 | 12,779,842 | 11,779,699 | 11,767,814 | 13,581,909 | 11,741,312 | |||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||||
| Allowance for credit losses | (186,331 | ) | (200,745 | ) | (179,275 | ) | (162,417 | ) | (158,170 | ) | (193,498 | ) | (158,188 | ) | ||||||||||||||
| Net loans | 13,400,250 | 13,376,440 | 12,600,567 | 11,617,282 | 11,609,644 | 13,388,411 | 11,583,124 | |||||||||||||||||||||
| Premises and equipment | 230,343 | 230,154 | 202,956 | 199,167 | 198,407 | 230,249 | 198,701 | |||||||||||||||||||||
| Operating leases | 234,460 | 215,318 | 211,091 | 217,404 | 212,684 | 224,942 | 208,953 | |||||||||||||||||||||
| Goodwill | 1,099,742 | 1,099,543 | 1,069,781 | 1,007,656 | 1,007,656 | 1,099,643 | 1,007,656 | |||||||||||||||||||||
| Other intangibles | 143,403 | 149,631 | 104,184 | 74,448 | 76,076 | 146,500 | 77,142 | |||||||||||||||||||||
| Accrued interest and other assets | 1,383,145 | 1,345,026 | 1,220,939 | 1,096,567 | 1,093,833 | 1,364,191 | 1,106,789 | |||||||||||||||||||||
| Total Assets | $ | 22,391,439 | $ | 22,459,721 | $ | 20,256,539 | $ | 18,566,188 | $ | 18,419,437 | $ | 22,425,392 | $ | 18,394,161 | ||||||||||||||
| LIABILITIES | ||||||||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 3,762,177 | $ | 3,626,103 | $ | 3,276,425 | $ | 3,036,296 | $ | 3,066,986 | $ | 3,694,516 | $ | 3,078,691 | ||||||||||||||
| Savings | 6,434,399 | 6,406,223 | 5,740,651 | 5,054,563 | 5,005,526 | 6,420,389 | 4,962,007 | |||||||||||||||||||||
| Time | 3,678,808 | 3,868,224 | 3,504,872 | 3,296,789 | 3,139,182 | 3,772,993 | 3,140,137 | |||||||||||||||||||||
| Total interest-bearing deposits | 13,875,384 | 13,900,550 | 12,521,948 | 11,387,648 | 11,211,694 | 13,887,898 | 11,180,835 | |||||||||||||||||||||
| Noninterest-bearing | 3,811,391 | 3,745,002 | 3,436,709 | 3,124,277 | 3,143,081 | 3,778,380 | 3,117,203 | |||||||||||||||||||||
| Total deposits | 17,686,775 | 17,645,552 | 15,958,657 | 14,511,925 | 14,354,775 | 17,666,278 | 14,298,038 | |||||||||||||||||||||
| Federal funds purchased and securities sold | ||||||||||||||||||||||||||||
| under agreements to repurchase | 3,351 | 16,278 | 2,283 | 12,434 | 4,780 | 9,779 | 3,425 | |||||||||||||||||||||
| FHLB short-term borrowings | 508,931 | 538,084 | 444,511 | 497,092 | 532,198 | 523,427 | 542,873 | |||||||||||||||||||||
| Other | 0 | 0 | 13,891 | 21,519 | 26,226 | 0 | 62,600 | |||||||||||||||||||||
| Total short-term borrowings | 512,282 | 554,362 | 460,685 | 531,045 | 563,204 | 533,206 | 608,898 | |||||||||||||||||||||
| Long-term debt | 379,354 | 457,799 | 387,965 | 292,301 | 347,369 | 418,360 | 346,806 | |||||||||||||||||||||
| Total borrowed funds | 891,636 | 1,012,161 | 848,650 | 823,346 | 910,573 | 951,566 | 955,704 | |||||||||||||||||||||
| Accrued interest and other liabilities | 861,791 | 854,423 | 753,651 | 655,714 | 638,342 | 858,127 | 653,493 | |||||||||||||||||||||
| Total Liabilities | 19,440,202 | 19,512,136 | 17,560,958 | 15,990,985 | 15,903,690 | 19,475,971 | 15,907,235 | |||||||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Common stock | 1,790,690 | 1,795,255 | 1,644,923 | 1,639,986 | 1,637,782 | 1,792,960 | 1,639,390 | |||||||||||||||||||||
| Retained earnings | 1,499,207 | 1,448,012 | 1,406,388 | 1,369,069 | 1,322,168 | 1,473,751 | 1,302,344 | |||||||||||||||||||||
| Accumulated other comprehensive loss | (221,515 | ) | (173,065 | ) | (209,767 | ) | (247,746 | ) | (257,873 | ) | (197,424 | ) | (266,423 | ) | ||||||||||||||
| Treasury stock, at cost | (117,145 | ) | (122,617 | ) | (145,963 | ) | (186,106 | ) | (186,330 | ) | (119,866 | ) | (188,385 | ) | ||||||||||||||
| Total Shareholders' Equity | 2,951,237 | 2,947,585 | 2,695,581 | 2,575,203 | 2,515,747 | 2,949,421 | 2,486,926 | |||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 22,391,439 | $ | 22,459,721 | $ | 20,256,539 | $ | 18,566,188 | $ | 18,419,437 | $ | 22,425,392 | $ | 18,394,161 | ||||||||||||||
7
FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
| Quarterly Averages | Year-to-Date Averages | |||||||||||||||||||||||||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Balance | Interest | Yield | Balance | Interest | Yield | Balance | Interest | Yield | Balance | Yield | Balance | Yield | ||||||||||||||||||||||||||||||||||||||||
| Earning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment securities | $ | 5,079,730 | $ | 56,376 | 4.45 | % | $ | 4,769,261 | $ | 52,017 | 4.42 | % | $ | 3,478,921 | $ | 38,476 | 4.44 | % | $ | 4,925,353 | 4.44 | % | $ | 3,445,443 | 4.39 | % | ||||||||||||||||||||||||||
| Interest-bearing deposits with other banks | 605,647 | 5,381 | 3.56 | % | 596,094 | 5,450 | 3.71 | % | 542,815 | 5,964 | 4.41 | % | 600,897 | 3.63 | % | 579,112 | 4.39 | % | ||||||||||||||||||||||||||||||||||
| Gross loans (1) | 13,619,039 | 219,164 | 6.45 | % | 14,028,324 | 224,951 | 6.50 | % | 11,792,840 | 201,460 | 6.85 | % | 13,822,551 | 6.48 | % | 11,758,972 | 6.84 | % | ||||||||||||||||||||||||||||||||||
| Total earning assets | 19,304,416 | 280,921 | 5.84 | % | 19,393,679 | 282,418 | 5.91 | % | 15,814,576 | 245,900 | 6.24 | % | 19,348,801 | 5.87 | % | 15,783,527 | 6.21 | % | ||||||||||||||||||||||||||||||||||
| Nonearning assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (186,331 | ) | (200,745 | ) | (158,170 | ) | (193,498 | ) | (158,188 | ) | ||||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 182,261 | 227,115 | 174,375 | 204,564 | 169,581 | |||||||||||||||||||||||||||||||||||||||||||||||
| Accrued interest and other assets | 3,091,093 | 3,039,672 | 2,588,656 | 3,065,525 | 2,599,241 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | 22,391,439 | $ | 22,459,721 | $ | 18,419,437 | $ | 22,425,392 | $ | 18,394,161 | ||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing demand | $ | 3,762,177 | $ | 14,288 | 1.52 | % | $ | 3,626,103 | $ | 13,281 | 1.49 | % | $ | 3,066,986 | $ | 14,139 | 1.85 | % | $ | 3,694,516 | 1.50 | % | $ | 3,078,691 | 1.92 | % | ||||||||||||||||||||||||||
| Savings | 6,434,399 | 33,405 | 2.08 | % | 6,406,223 | 32,480 | 2.06 | % | 5,005,526 | 29,942 | 2.40 | % | 6,420,389 | 2.07 | % | 4,962,007 | 2.45 | % | ||||||||||||||||||||||||||||||||||
| Time | 3,678,808 | 31,557 | 3.44 | % | 3,868,224 | 33,974 | 3.56 | % | 3,139,182 | 31,403 | 4.01 | % | 3,772,993 | 3.50 | % | 3,140,137 | 4.14 | % | ||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 13,875,384 | 79,250 | 2.29 | % | 13,900,550 | 79,735 | 2.33 | % | 11,211,694 | 75,484 | 2.70 | % | 13,887,898 | 2.31 | % | 11,180,835 | 2.78 | % | ||||||||||||||||||||||||||||||||||
| Borrowed funds | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 512,282 | 4,997 | 3.91 | % | 554,362 | 5,168 | 3.78 | % | 563,204 | 6,393 | 4.55 | % | 533,206 | 3.84 | % | 608,898 | 4.62 | % | ||||||||||||||||||||||||||||||||||
| Long-term debt | 379,354 | 6,297 | 6.66 | % | 457,799 | 7,905 | 7.00 | % | 347,369 | 5,754 | 6.64 | % | 418,360 | 6.85 | % | 346,806 | 6.22 | % | ||||||||||||||||||||||||||||||||||
| Total borrowed funds | 891,636 | 11,294 | 5.08 | % | 1,012,161 | 13,073 | 5.24 | % | 910,573 | 12,147 | 5.35 | % | 951,566 | 5.16 | % | 955,704 | 5.20 | % | ||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 14,767,020 | 90,544 | 2.46 | % | 14,912,711 | 92,808 | 2.52 | % | 12,122,267 | 87,631 | 2.90 | % | 14,839,464 | 2.49 | % | 12,136,539 | 2.97 | % | ||||||||||||||||||||||||||||||||||
| Noninterest-bearing liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing demand deposits | 3,811,391 | 3,745,002 | 3,143,081 | 3,778,380 | 3,117,203 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 861,791 | 854,423 | 638,342 | 858,127 | 653,493 | |||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' equity | 2,951,237 | 2,947,585 | 2,515,747 | 2,949,421 | 2,486,926 | |||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities& shareholders' equity | $ | 22,391,439 | $ | 22,459,721 | $ | 18,419,437 | $ | 22,425,392 | $ | 18,394,161 | ||||||||||||||||||||||||||||||||||||||||||
| Net interest income | $ | 190,377 | $ | 189,610 | $ | 158,269 | $ | 379,987 | $ | 307,565 | ||||||||||||||||||||||||||||||||||||||||||
| Net interest spread | 3.38 | % | 3.39 | % | 3.34 | % | 3.38 | % | 3.24 | % | ||||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 3.96 | % | 3.97 | % | 4.01 | % | 3.96 | % | 3.93 | % | ||||||||||||||||||||||||||||||||||||||||||
| Tax equivalent adjustment | 0.02 | % | 0.02 | % | 0.04 | % | 0.02 | % | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||
| Net interest margin (fully tax equivalent) | 3.98 | % | 3.99 | % | 4.05 | % | 3.98 | % | 3.96 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) Loans held for sale and nonaccrual loans are included in gross loans.
8
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 | $ | 332 | $ | 4,027 | $ | 4,359 | $ | 134 | $ | 17,766 | $ | 17,900 | $ | 743 | $ | 32,569 | $ | 33,312 | ||||||||||||||||||
| Interest-bearing deposits with other banks | (212 | ) | 143 | (69 | ) | (1,141 | ) | 558 | (583 | ) | (2,177 | ) | 393 | (1,784 | ) | |||||||||||||||||||||
| Gross loans (2) | (1,681 | ) | (4,106 | ) | (5,787 | ) | (11,684 | ) | 29,388 | 17,704 | (20,810 | ) | 66,302 | 45,492 | ||||||||||||||||||||||
| Total earning assets | (1,561 | ) | 64 | (1,497 | ) | (12,691 | ) | 47,712 | 35,021 | (22,244 | ) | 99,264 | 77,020 | |||||||||||||||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | $ | (1,214 | ) | $ | 729 | $ | (485 | ) | $ | (11,448 | ) | $ | 15,214 | $ | 3,766 | $ | (26,130 | ) | $ | 30,990 | $ | 4,860 | ||||||||||||||
| Borrowed funds | ||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 180 | (351 | ) | (171 | ) | (899 | ) | (497 | ) | (1,396 | ) | (2,330 | ) | (1,443 | ) | (3,773 | ) | |||||||||||||||||||
| Long-term debt | (389 | ) | (1,219 | ) | (1,608 | ) | 12 | 531 | 543 | 1,082 | 2,429 | 3,511 | ||||||||||||||||||||||||
| Total borrowed funds | (209 | ) | (1,570 | ) | (1,779 | ) | (887 | ) | 34 | (853 | ) | (1,248 | ) | 986 | (262 | ) | ||||||||||||||||||||
| Total interest-bearing liabilities | (1,423 | ) | (841 | ) | (2,264 | ) | (12,335 | ) | 15,248 | 2,913 | (27,378 | ) | 31,976 | 4,598 | ||||||||||||||||||||||
| Net interest income (1) | $ | (138 | ) | $ | 905 | $ | 767 | $ | (356 | ) | $ | 32,464 | $ | 32,108 | $ | 5,134 | $ | 67,288 | $ | 72,422 | ||||||||||||||||
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.
9
FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
| Three Months Ended, | Six months ended | |||||||||||||||||||||||||||
| June 30, | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSS ACTIVITY | ||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 183,716 | $ | 186,487 | $ | 161,916 | $ | 158,522 | $ | 155,482 | $ | 186,487 | $ | 156,791 | ||||||||||||||
| Initial allowance on purchased loans | 0 | 2,829 | 23,652 | 0 | 0 | 2,829 | 0 | |||||||||||||||||||||
| Provision for credit losses | 12,933 | 6,030 | 9,688 | 8,612 | 9,084 | 18,963 | 18,225 | |||||||||||||||||||||
| Gross charge-offs | ||||||||||||||||||||||||||||
| Commercial and industrial | 2,437 | 10,788 | 6,636 | 2,165 | 4,996 | 13,225 | 13,174 | |||||||||||||||||||||
| Lease financing | 1,314 | 43 | 918 | 298 | 606 | 1,357 | 2,060 | |||||||||||||||||||||
| Construction real estate | 0 | 0 | 0 | 245 | 0 | 0 | 0 | |||||||||||||||||||||
| Commercial real estate | 2,484 | 29 | 433 | 3,105 | 0 | 2,513 | 0 | |||||||||||||||||||||
| Residential real estate | 84 | 127 | 151 | 0 | 16 | 211 | 16 | |||||||||||||||||||||
| Home equity | 262 | 119 | 95 | 92 | 100 | 381 | 186 | |||||||||||||||||||||
| Installment | 1,034 | 1,058 | 1,197 | 1,194 | 1,120 | 2,092 | 2,441 | |||||||||||||||||||||
| Credit card | 704 | 496 | 729 | 577 | 489 | 1,200 | 963 | |||||||||||||||||||||
| Total gross charge-offs | 8,319 | 12,660 | 10,159 | 7,676 | 7,327 | 20,979 | 18,840 | |||||||||||||||||||||
| Recoveries | ||||||||||||||||||||||||||||
| Commercial and industrial | 463 | 100 | 264 | 202 | 290 | 563 | 485 | |||||||||||||||||||||
| Lease financing | 114 | 23 | 201 | 291 | 11 | 137 | 40 | |||||||||||||||||||||
| Construction real estate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
| Commercial real estate | 8 | 28 | 5 | 1,138 | 70 | 36 | 94 | |||||||||||||||||||||
| Residential real estate | 18 | 30 | 13 | 58 | 42 | 48 | 66 | |||||||||||||||||||||
| Home equity | 157 | 116 | 117 | 94 | 74 | 273 | 218 | |||||||||||||||||||||
| Installment | 660 | 598 | 682 | 609 | 716 | 1,258 | 1,279 | |||||||||||||||||||||
| Credit card | 162 | 135 | 108 | 66 | 80 | 297 | 164 | |||||||||||||||||||||
| Total recoveries | 1,582 | 1,030 | 1,390 | 2,458 | 1,283 | 2,612 | 2,346 | |||||||||||||||||||||
| Total net charge-offs | 6,737 | 11,630 | 8,769 | 5,218 | 6,044 | 18,367 | 16,494 | |||||||||||||||||||||
| Ending allowance for credit losses | $ | 189,912 | $ | 183,716 | $ | 186,487 | $ | 161,916 | $ | 158,522 | $ | 189,912 | $ | 158,522 | ||||||||||||||
| NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED) | ||||||||||||||||||||||||||||
| Commercial and industrial | 0.17 | % | 0.91 | % | 0.59 | % | 0.20 | % | 0.49 | % | 0.54 | % | 0.67 | % | ||||||||||||||
| Lease financing | 0.74 | % | 0.01 | % | 0.46 | % | 0.00 | % | 0.41 | % | 0.39 | % | 0.70 | % | ||||||||||||||
| Construction real estate | 0.00 | % | 0.00 | % | 0.00 | % | 0.14 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||
| Commercial real estate | 0.22 | % | 0.00 | % | 0.04 | % | 0.20 | % | (0.01 | )% | 0.11 | % | 0.00 | % | ||||||||||||||
| Residential real estate | 0.01 | % | 0.02 | % | 0.03 | % | (0.02 | )% | (0.01 | )% | 0.02 | % | (0.01 | )% | ||||||||||||||
| Home equity | 0.04 | % | 0.00 | % | (0.01 | )% | 0.00 | % | 0.01 | % | 0.02 | % | (0.01 | )% | ||||||||||||||
| Installment | 0.94 | % | 1.12 | % | 1.25 | % | 2.03 | % | 1.38 | % | 1.03 | % | 1.91 | % | ||||||||||||||
| Credit card | 3.03 | % | 2.13 | % | 3.56 | % | 2.97 | % | 2.41 | % | 2.59 | % | 2.41 | % | ||||||||||||||
| Total net charge-offs | 0.20 | % | 0.35 | % | 0.27 | % | 0.18 | % | 0.21 | % | 0.27 | % | 0.28 | % | ||||||||||||||
| COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS | ||||||||||||||||||||||||||||
| Nonaccrual loans | ||||||||||||||||||||||||||||
| Commercial and industrial | $ | 20,305 | $ | 22,576 | $ | 27,461 | $ | 23,832 | $ | 24,489 | $ | 20,305 | $ | 24,489 | ||||||||||||||
| Lease financing | 7,558 | 5,857 | 5,660 | 5,885 | 6,243 | 7,558 | 6,243 | |||||||||||||||||||||
| Construction real estate | 698 | 715 | 1,120 | 1,120 | 1,365 | 698 | 1,365 | |||||||||||||||||||||
| Commercial real estate | 44,404 | 49,481 | 45,590 | 24,443 | 23,905 | 44,404 | 23,905 | |||||||||||||||||||||
| Residential real estate | 18,260 | 17,439 | 18,302 | 16,452 | 16,995 | 18,260 | 16,995 | |||||||||||||||||||||
| Home equity | 4,095 | 3,687 | 2,927 | 3,567 | 3,226 | 4,095 | 3,226 | |||||||||||||||||||||
| Installment | 832 | 786 | 748 | 652 | 701 | 832 | 701 | |||||||||||||||||||||
| Total nonaccrual loans | 96,152 | 100,541 | 101,808 | 75,951 | 76,924 | 96,152 | 76,924 | |||||||||||||||||||||
| Other real estate owned (OREO) | 174 | 238 | 184 | 111 | 204 | 174 | 204 | |||||||||||||||||||||
| Total nonperforming assets | 96,326 | 100,779 | 101,992 | 76,062 | 77,128 | 96,326 | 77,128 | |||||||||||||||||||||
| Accruing loans past due 90 days or more | 650 | 1,366 | 411 | 592 | 714 | 650 | 714 | |||||||||||||||||||||
| Total underperforming assets | $ | 96,976 | $ | 102,145 | $ | 102,403 | $ | 76,654 | $ | 77,842 | $ | 96,976 | $ | 77,842 | ||||||||||||||
| Total classified assets | $ | 226,826 | $ | 232,368 | $ | 235,451 | $ | 218,794 | $ | 214,346 | $ | 226,826 | $ | 214,346 | ||||||||||||||
| CREDIT QUALITY RATIOS | ||||||||||||||||||||||||||||
| Allowance for credit losses to | ||||||||||||||||||||||||||||
| Nonaccrual loans | 197.51 | % | 182.73 | % | 183.18 | % | 213.18 | % | 206.08 | % | 197.51 | % | 206.08 | % | ||||||||||||||
| Total ending loans | 1.38 | % | 1.36 | % | 1.39 | % | 1.38 | % | 1.34 | % | 1.38 | % | 1.34 | % | ||||||||||||||
| Nonaccrual loans to total loans | 0.70 | % | 0.75 | % | 0.76 | % | 0.65 | % | 0.65 | % | 0.70 | % | 0.65 | % | ||||||||||||||
| Nonperforming assets to | ||||||||||||||||||||||||||||
| Ending loans, plus OREO | 0.70 | % | 0.75 | % | 0.76 | % | 0.65 | % | 0.65 | % | 0.70 | % | 0.65 | % | ||||||||||||||
| Total assets | 0.43 | % | 0.44 | % | 0.48 | % | 0.41 | % | 0.41 | % | 0.43 | % | 0.41 | % | ||||||||||||||
| Classified assets to total assets | 1.01 | % | 1.02 | % | 1.11 | % | 1.18 | % | 1.15 | % | 1.01 | % | 1.15 | % | ||||||||||||||
10
FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
| Three Months Ended, | Six months ended, | |||||||||||||||||||||||||||
| June 30, | Mar. 31, | Dec. 31, | Sep. 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| PER COMMON SHARE | ||||||||||||||||||||||||||||
| Market Price | ||||||||||||||||||||||||||||
| High | $ | 33.90 | $ | 31.16 | $ | 26.98 | $ | 26.79 | $ | 25.19 | $ | 33.90 | $ | 29.04 | ||||||||||||||
| Low | $ | 28.06 | $ | 25.09 | $ | 23.26 | $ | 23.55 | $ | 22.05 | $ | 25.09 | $ | 22.05 | ||||||||||||||
| Close | $ | 33.83 | $ | 27.88 | $ | 25.02 | $ | 25.25 | $ | 24.26 | $ | 33.83 | $ | 24.26 | ||||||||||||||
| Average shares outstanding - basic | 103,938,322 | 103,705,269 | 96,724,148 | 94,889,341 | 94,860,428 | 103,822,439 | 94,753,700 | |||||||||||||||||||||
| Average shares outstanding - diluted | 104,936,741 | 104,615,405 | 97,593,800 | 95,753,798 | 95,741,696 | 104,776,961 | 95,633,579 | |||||||||||||||||||||
| Ending shares outstanding | 104,956,458 | 104,932,829 | 98,521,726 | 95,757,250 | 95,760,617 | 104,956,458 | 95,760,617 | |||||||||||||||||||||
| Total shareholders' equity | $ | 2,987,488 | $ | 2,940,625 | $ | 2,769,216 | $ | 2,631,855 | $ | 2,558,155 | $ | 2,987,488 | $ | 2,558,155 | ||||||||||||||
| REGULATORY CAPITAL | Preliminary | Preliminary | ||||||||||||||||||||||||||
| Common equity tier 1 capital | $ | 2,029,668 | $ | 1,970,561 | $ | 1,798,266 | $ | 1,828,843 | $ | 1,776,038 | $ | 2,029,668 | $ | 1,776,038 | ||||||||||||||
| Common equity tier 1 capital ratio | 12.33 | % | 12.22 | % | 11.32 | % | 12.91 | % | 12.57 | % | 12.33 | % | 12.57 | % | ||||||||||||||
| Tier 1 capital | $ | 2,075,286 | $ | 2,016,070 | $ | 1,843,672 | $ | 1,874,191 | $ | 1,821,316 | $ | 2,075,286 | $ | 1,821,316 | ||||||||||||||
| Tier 1 ratio | 12.61 | % | 12.50 | % | 11.60 | % | 13.23 | % | 12.89 | % | 12.61 | % | 12.89 | % | ||||||||||||||
| Total capital | $ | 2,591,169 | $ | 2,531,334 | $ | 2,457,377 | $ | 2,170,546 | $ | 2,116,180 | $ | 2,591,169 | $ | 2,116,180 | ||||||||||||||
| Total capital ratio | 15.75 | % | 15.70 | % | 15.46 | % | 15.32 | % | 14.98 | % | 15.75 | % | 14.98 | % | ||||||||||||||
| Total capital in excess of minimum requirement | $ | 863,256 | $ | 837,959 | $ | 788,889 | $ | 683,018 | $ | 632,563 | $ | 863,256 | $ | 632,563 | ||||||||||||||
| Total risk-weighted assets | $ | 16,456,311 | $ | 16,127,377 | $ | 15,890,363 | $ | 14,166,935 | $ | 14,129,683 | $ | 16,456,311 | $ | 14,129,683 | ||||||||||||||
| Leverage ratio | 9.66 | % | 9.39 | % | 9.53 | % | 10.50 | % | 10.28 | % | 9.66 | % | 10.28 | % | ||||||||||||||
| OTHER CAPITAL RATIOS | ||||||||||||||||||||||||||||
| Ending shareholders' equity to ending assets | 13.31 | % | 12.91 | % | 13.11 | % | 14.18 | % | 13.73 | % | 13.31 | % | 13.73 | % | ||||||||||||||
| Ending tangible shareholders' equity to ending tangible assets (1) | 8.24 | % | 7.87 | % | 7.79 | % | 8.87 | % | 8.40 | % | 8.24 | % | 8.40 | % | ||||||||||||||
| Average shareholders' equity to average assets | 13.18 | % | 13.12 | % | 13.31 | % | 13.87 | % | 13.66 | % | 13.15 | % | 13.52 | % | ||||||||||||||
| Average tangible shareholders' equity to average tangible assets (1) | 8.08 | % | 8.01 | % | 7.97 | % | 8.54 | % | 8.26 | % | 8.04 | % | 8.10 | % | ||||||||||||||
| 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
11
| earnings presentation and agreement to acquire Finward Bancorp • Second Quarter 2026 Exhibit 99.2 |
| forward looking statements disclosure 2 Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, (a) statements regarding First Financial Bancorp’s (the “Company” or “First Financial”) operations, such as (i) our future operating or financial performance, including revenues, income or loss and earnings 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; and (b) statements regarding the proposed transaction, such as (i) statements regarding the outlook and expectations of First Financial and Finward Bancorp (“Finward”), respectively, with respect to the proposed transaction, (ii) the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined First Financial’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), (iii) the timing of the closing of the proposed transaction, and (iv) the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of First Financial or Finward or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Any reference to forward-looking statements by Finward herein is solely related to the proposed transaction. Such risks, uncertainties and assumptions include, among others, the following: Risks, uncertainties and assumptions regarding First Financial’s operations • economic, market, liquidity, credit, interest rate, operational and technological risks associated with First Financial’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; • pursuit of mergers and acquisitions, including costs or difficulties related to the acquisition and/or integration of any acquired companies; • the possibility that any of the anticipated benefits of First Financial’s prior or contemplated 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. |
| forward looking statements disclosure 3 Risks, uncertainties and assumptions regarding the proposed transaction • the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; • the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined First Financial or the expected benefits of the proposed transaction) and the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals, the approval by Finward’s shareholders, or other approvals and the other conditions to closing are not received or satisfied on a timely basis or at all; • the outcome of any legal proceedings that may be instituted against First Financial or Finward; • the possibility that the anticipated benefits of the proposed transaction, including anticipated synergies and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which First Financial and Finward operate; • the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; • the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; • the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; • the diversion of management’s attention from ongoing business operations and opportunities; • potential adverse reactions of First Financial’s or Finward’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; • a material adverse change in the financial condition of First Financial or Finward; • changes in First Financial’s share price before closing;risks relating to the potential dilutive effect of shares of First Financial’s common stock to be issued in the proposed transaction; • general competitive, economic, political and market conditions; • the ability to retain key employees, management personnel and other associates of First Financial and Finward following announcement or consummation of the proposed transaction; • major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and • other factors that may affect future results of First Financial or Finward, including, among others, changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board, the Ohio Division of Financial Institutions, the Indiana Department of Financial Institutions, and any other state or federal legislative and regulatory actions and reforms. These factors are not necessarily all of the factors that could cause First Financial, Finward, or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of First Financial, Finward, or the combined company. Although each of First Financial and Finward believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of First Financial or Finward (as related to the proposed transaction) will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in each of First Financial’s and Finward’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by First Financial and Finward with the Securities Exchange Commission (“SEC”). The actual results anticipated for the proposed transaction or First Financial’s operations may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on First Financial, Finward or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. First Financial and Finward urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by First Financial and Finward. Forward-looking statements speak only as of the date they are made, and First Financial and Finward undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. |
| forward looking statements disclosure 4 Non-GAAP Financial Measures This presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. We believe this information is helpful in understanding the results of operations separate and apart from items that may, or could, have a disproportional positive or negative impact in any given period. For a reconciliation of the differences between the non-GAAP financial measures and the most comparable GAAP measures, please refer to the reconciliation tables in the appendix at the end of this presentation. No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed transaction between First Financial and Finward. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Important Additional Information about the Transaction and Where to Find It In connection with the proposed transaction, First Financial intends to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the shares of First Financial capital stock to be issued in connection with the proposed transaction. The Registration Statement will include a proxy statement of Finward and a prospectus of First Financial (the “Proxy Statement/Prospectus”), and First Financial and Finward may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST FINANCIAL, FINWARD AND THE PROPOSED TRANSACTION AND RELATED MATTERS. Participants in Solicitation Finward and its directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Finward’s participants is set forth in the Proxy Statement, dated April 3, 2026, for Finward’s 2026 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction and interests of participants of Finward in the solicitation of proxies in respect of the Merger will be included in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph. |
| 2Q 2026 results 143rd Consecutive Quarter of Profitability 5 • EOP assets decreased $340.1 million compared to the linked quarter to $22.4 billion • EOP loans increased $240.1 million compared to the linked quarter to $13.7 billion; 7.1% on an annualized basis • Average deposits increased $41.2 million compared to the linked quarter to $17.7 billion • EOP investment securities decreased $222.9 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $73.8 million; $71.9 million as adjusted1 • Noninterest expense – $161.5 million; $149.1 million as adjusted1 • Efficiency ratio – 61.2%. Adjusted1 efficiency ratio – 56.8% • Effective tax rate of 19.0%. Adjusted1 effective tax rate of 20.1% • Net interest income – $190.4 million • Net interest margin of 3.96% on a GAAP basis; 3.98% on a fully tax equivalent basis1 • Net income – $76.5 million or $0.73 per diluted share. Adjusted1 net income – $83.9 million or $0.80 per diluted share • Return on average assets – 1.37%. Adjusted 1 return on average assets – 1.50% • Return on average shareholders’ equity – 10.39%. Adjusted1 return on average shareholders’ equity – 11.40% • Return on average tangible common equity – 17.95%. Adjusted1 return on average tangible common equity – 19.70% • Provision expense – $8.2 million • Net charge-offs – $6.7 million. NCOs / Avg. Loans – 0.20% annualized • Classified Assets / Total Assets – 1.01% • NPA / Total Assets – 0.43% • ACL / Total Loans – 1.38% • Total capital ratio – 15.75% • Tier 1 common equity ratio – 12.33% • Tangible common equity ratio – 8.24%. Adjusted1 tangible common equity ratio – 9.30% • Tangible book value per share – $16.64 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. |
| 2Q 2026 highlights • Strong adjusted1 quarterly earnings driven by robust net interest margin • Adjusted1 earnings per share – $0.80; highest in Company history • Adjusted1 return on assets – 1.50% • Adjusted1 pre-tax, pre-provision return on assets – 2.03% • Adjusted1 return on average tangible common equity – 19.70% • Strong loan growth during the quarter • EOP loan balances increased $240 million compared to the linked quarter, or 7.1% on an annualized basis • Quarterly growth was broad-based, highlighted by C&I, Summit and seasonal growth from Agile • Total average deposit balances increased $41 million • Growth in interest bearing demand accounts and seasonal influx of public funds offset declines in retail time deposits and brokered CDs • Average noninterest bearing deposits were 20.5% of average total deposits • Excluding brokered CDs, average deposits increased $168.6 million • Net interest margin (FTE)¹ of 3.98% decreased 1 bp from linked quarter; excluding accretion and loan fees, margin increased 5 bps • 6 bp decrease in cost of funds • 7 bp decrease in asset yields • Decline in loan accretion diluted net interest margin 5 bps o Decline primarily related to lower-than-expected prepayment rates on acquired mortgage loans 6 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. . |
| • Noninterest income of $73.8 million; $71.9 million as adjusted1 • Adjustments include $0.3 million loss on securities and $2.2 million of acquisition-related adjustments • Leasing business income continues strong performance with a 5.3% increase from first quarter to $22.8 million • Other noninterest income increased $3.6 million, or 111.3% from the linked quarter, due to higher income from bank owned life insurance and limited partnership investments • Foreign exchange income of $13.1 million • Adjusted1 noninterest expense of $149.1 million; 3.7% decrease from first quarter • Adjustments1 include $11.6 million of acquisition related expenses and $0.8 million of tax credit write-downs and other expenses not expected to recur • Decrease from prior quarter driven by lower compensation costs • Efficiency ratio of 61.2%; 56.8% as adjusted1 • Credit quality in line with expectations • Total ACL of $208.2 million; provision expense of $8.2 million o Loans and leases - ACL of $189.9 million o 1.38% of total loans; 2 bp increase from first quarter o Unfunded Commitments - ACL of $18.3 million • $6.7 million in net charge-offs; 0.20% of loans on an annualized basis; 15 bps decline from first quarter • Slight declines in classified and nonperforming asset balances • Capital ratios remain strong • Total capital ratio of 15.75%; 5 bp increase from linked quarter • Tier 1 common equity of 12.33%; 11 bp increase from linked quarter • Tangible book value of $16.64; increased $0.49, or 3.0% from linked quarter • Tangible common equity increased to 8.24%; 9.30%1 excluding ($223.7) million of AOCI • Board of Directors approved $0.01 quarterly dividend increase to $0.26 to be paid in 3Q26 2Q 2026 highlights 7 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. . |
| acquisition update – Westfield and BFIN 8 Successful conversion of BankFinancial in June High retention of clients and key associates On track to achieve financial targets, cost savings and EPS contribution Cost savings fully implemented as of June 30th for Westfield BankFinancial cost savings will gradually phase in over the course of the third quarter with full synergies expected by quarter-end |
| adjusted net income1 9 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 190,377 $ 190,377 $ 189,610 $ 189,610 $ Provision for credit losses-loans and leases 12,933 $ 12,933 $ 6,030 $ 6,030 $ Provision for credit losses-unfunded commitments (4,743) $ (4,743) $ 2,510 $ 2,510 $ Noninterest income 73,791 $ 73,791 $ 81,906 $ 81,906 $ less: gains (losses) on security transactions - (336) A (1,260) - A 3,189 - A 8,892 - A less: other - (986) A (1,371) - A Total noninterest income 73,791 $ 71,924 $ 81,906 $ 75,645 $ Noninterest expense 161,542 $ 161,542 $ 169,408 $ 169,408 $ less: tax credit investment writedown - 669 A 669 - A less: merger-related expenses - 11,641 A 14,257 - A less: other - 129 A (357) - A Total noninterest expense 161,542 $ 149,103 $ 169,408 $ 154,839 $ Income before income taxes 94,436 $ 105,008 $ 93,568 $ 101,876 $ Income tax expense 17,980 $ 17,980 $ 19,123 $ 19,123 $ plus: after-tax impact of tax credit investment @ 21% - 918 - 528 plus: tax effect of adjustments (A) @ 21% statutory rate - 2,220 - 1,745 Total income tax expense 17,980 $ 21,118 $ 19,123 $ 21,396 $ Net income 76,456 $ 83,890 $ 74,445 $ 80,480 $ Net earnings per share - diluted 0.73 $ 0.80 $ 0.71 $ 0.77 $ Pre-tax, pre-provision return on average assets 1.84% 2.03% 1.84% 1.99% 2Q 2026 1Q 2026 less: gain on bargain purchase |
| profitability 10 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted1 Pre-tax, Pre-Provision Earnings $0.71 $0.73 $0.64 $0.73 $0.75 $0.80 $0.77 $0.80 $0.76 $0.74 2Q25 3Q25 4Q25 1Q26 2Q26 Diluted EPS Adjusted EPS 1 1.34% 1.37% 1.22% 1.52% 1.54% 1.54% 1.55% 1.52% 1.45% 1.50% 2Q25 3Q25 4Q25 1Q26 2Q26 ROA Adjusted ROA1 17.78% 17.95% 16.27% 19.61% 19.11% 19.70% 19.22% 20.27% 19.76% 19.29% 2Q25 3Q25 4Q25 1Q26 2Q26 ROATCE Adjusted ROATCE 1 $109.4 $110.4 $113.2 $98.5 $100.7 2.03% 1.99% 2.15% 2.14% 2.14% 2Q25 3Q25 4Q25 1Q26 2Q26 Pre-tax, pre-provision earnings Pre-tax, pre-provision ROA 1 |
| net interest income & margin 11 2Q26 NIM (FTE) Progression All dollars shown in millions 1 1 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. 1 1 1Q26 3.99% Asset yields/mix -0.02% Loan accretion -0.05% Funding costs/mix 0.06% 2Q26 3.98% $185.3 $181.4 $166.6 $154.3 $155.4 $2.8 $3.2 $5.2 $5.1 $4.0 $2.3 $4.9 $2.2 $189.6 $190.4 $174.0 $160.5 $158.3 2Q25 3Q25 4Q25 1Q26 2Q26 Basic NII Loan Fees Loan Accretion Net Interest Income 3.89% 3.81% 3.82% 3.87% 3.95% 0.06% 0.12% 0.07% 0.13% 0.10% 0.05% 0.10% 0.05% 3.98% 3.99% 3.98% 4.05% 4.02% 2Q25 3Q25 4Q25 1Q26 2Q26 Basic Margin (FTE) Loan Fees Loan Accretion Net Interest Margin (FTE) |
| average balance sheet 12 All dollars shown in millions 1 Includes loans fees and loan accretion $4,769 $5,080 $3,989 $3,479 $3,552 4.42% 4.45% 4.31% 4.31% 4.44% 2Q25 3Q25 4Q25 1Q26 2Q26 Investment Securities Investment Securities Yield Average Securities $12,812 $14,028 $13,619 $11,793 $11,806 6.45% 6.68% 6.50% 6.85% 6.88% 2Q25 3Q25 4Q25 1Q26 2Q26 Loans Loan Yield Average Loans 1 $17,646 $17,687 $15,959 $14,355 $14,512 1.80% 1.83% 1.96% 2.11% 2.13% 2Q25 3Q25 4Q25 1Q26 2Q26 Deposits Cost of Deposits Average Deposits |
| 13 Borrowing Capacity • Interest-bearing deposits with other banks of $579 million • Investment securities portfolio: • 99.0% of investment portfolio classified as available-for-sale • $765.3 million of expected cash flow from securities portfolio in next 12 months • $410.1 million of floating rate securities with minimal losses • Portfolio duration of 4.7 years at June 30, 2026 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 1,264,058 $ Fed Discount Window availability 799,058 Brokered CDs/Deposit placement services 3,212,338 Fed funds 1,013,000 Total as of June 30, 2026 6,288,454 $ |
| loan portfolio 14 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $240.1 million ICRE $3,803 28% Commercial & Small Business Banking $3,966 29% Oak Street $1,172 8% Summit $1,226 9% Agile $377 3% Consumer $1,265 9% Mortgage $1,926 14% Total $13.7 billion $20.6 $85.7 -$12.6 $51.0 $79.1 $26.7 -$10.4 ICRE Commercial & Small Business Banking Oak Street Summit Agile Consumer Mortgage |
| loan concentrations 15 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Agile Premium Finance • CRE balances approximately 180% of risk-based capital NAICS Sector 6/30/26 % of Total Loans Finance and Insurance $1,330.4 9.7% Manufacturing 1,150.9 8.4% Construction 681.1 5.0% Real Estate and Rental and Leasing 625.7 4.6% Professional, Scientific, and Technical Services 341.0 2.5% Health Care and Social Assistance 327.6 2.4% Wholesale Trade 327.4 2.4% Retail Trade 306.0 2.2% Accommodation and Food Services 295.8 2.2% Transportation and Warehousing 238.3 1.7% Agriculture, Forestry, Fishing and Hunting 175.1 1.3% Administrative and Support and Waste Management 168.1 1.2% Other Services (except Public Administration) 123.2 0.9% Utilities 105.9 0.8% Information 98.0 0.7% Arts, Entertainment, and Recreation 97.8 0.7% Public Administration 68.3 0.5% Management of Companies and Enterprises 57.9 0.4% Educational Services 56.9 0.4% Mining, Quarrying, and Oil and Gas Extraction 31.7 0.2% Other 7.3 0.1% Grand Total $6,614.3 48.2% Property Type 6/30/26 % of Total Loans Residential Multi Family 5+ $1,062.9 7.7% Retail Property 864.2 6.3% Industrial 470.4 3.4% REIT & Other 422.2 3.1% Office 337.6 2.5% Hospital/Nursing Home 298.6 2.2% Land 116.9 0.9% Hotel 95.2 0.7% Other Real Estate 84.7 0.6% Residential 1-4 Family 50.2 0.4% Grand Total $3,802.9 27.7% |
| area of focus – NDFI exposure 16 All dollars shown in millions NDFI Private Credit Exposure • Direct Exposure • $120.7 million outstanding • Primarily subscription lines to well-established funds that are either an institutional investor or publicly traded • $210.0 million committed • Loans to NDFI totaled $464.8 million, or 3.4% of the total loan portfolio • All NDFI loans pass rated at 6/30 • Average loan size is $8.6 million; median size is $7.1 million • Exposure primarily contained to Mortgage Credit Intermediaries (primarily REITs) • 60% of total NFDI loans |
| deposits 17 Deposit Product Mix (Avg) 2Q26 Average Deposit Progression All dollars shown in millions Total growth/(decline): $41.2 million $18.8 $93.9 -$0.4 -$57.8 -$47.9 -$127.4 $162.0 Noninterest-bearing Interest-bearing demand Savings Money Market Retail CDs Brokered Deposits Public Funds Noninterest-bearing $3,631 20% Interest-bearing demand $2,412 14% Savings $1,181 7% Money Market $4,482 25% Retail CDs $2,463 14% Brokered Deposits $1,337 8% Public Funds $2,181 12% Total $17.7 billion |
| average deposit trends 18 All dollars shown in millions Average Deposit Balances Uninsured Deposits Uninsured deposits (per call report instructions) 7,455 $ Less: Public funds 2,057 Less: Intercompany deposits 543 Adjusted uninsured deposits 4,855 Borrowing capacity 6,288 Borrowing capacity in excess of adjusted uninsured deposits $ 1,433 Borrowing capacity as a % of adjusted uninsured deposits 129.5% Adjusted uninsured deposits to total deposits 27.6% $16,061 $16,214 $14,424 $13,010 $13,000 2Q25 3Q25 4Q25 1Q26 2Q26 |
| noninterest income 19 Noninterest Income 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 2Q26 Highlights • Adjustments include a $0.3 million loss on securities and $2.2 million of acquisition related adjustments • Adjusted1 noninterest income 27% of net revenue • Leasing business income increased $1.1 million, or 5.3%, from the linked quarter to $22.8 million • Foreign exchange income decreased $3.2 million, or 19.7% from first quarter, to $13.1 million • Wealth management fees of $8.2 million decreased $2.2 million, or 21.3%, compared to record first quarter due to lower investment banking fees • Client derivative fee income decreased $2.6 million, or 64%, from the linked quarter to $1.4 million • Other noninterest income increased $3.6 million, or 111%, from the linked quarter due to higher income from bank owned life insurance and limited partnership investments All dollars shown in millions Service Charges $8.9 12% Wealth Mgmt $8.2 11% Bankcard $3.0 4% Client derivative fees $1.4 2% Foreign exchange $13.1 18% Leasing business $22.8 31% Mortgage banking $6.7 9% Gain on bargain purchase $3.2 4% Other $6.5 9% Total $73.8 million $71.9 million as adjusted 1 |
| noninterest expense 20 Noninterest Expense 2Q26 Highlights 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company' Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in millions • Adjusted1 noninterest expense decreased $5.7 million, or 3.7% from linked quarter • Efficiency ratio of 61.2%; 56.8% as adjusted1 • Decrease driven by lower compensation costs • $12.4 million of adjustments1 include: • $11.6 million of acquisition related expenses • $0.8 million of tax credit investment write-downs and other costs not expected to recur Full-time Equivalent Employees 2 Includes 169 FTE from Westfield acquisition 3 Includes 156 FTE from BankFinancial acquisition in 1Q and 154 FTE in 2Q 2,319 2,371 2,164 2,033 1,986 2Q25 3Q25 4Q25 1Q26 2Q26 Full-time equivalent employees 2 3 3 56.9% 57.4% 62.6% 62.4% 61.2% 56.4% 57.0% 56.5% 58.4% 56.8% 2Q25 3Q25 4Q25 1Q26 2Q26 Efficiency Ratio Adjusted Efficiency Ratio 1 Efficiency Ratio Salaries and benefits $86.9 54% Occupancy and equipment $11.8 7% Data processing $13.6 8% Professional services $7.4 5% Intangible amortization $6.2 4% Leasing business expense $14.6 9% Other $21.0 13% $161.5 |
| allowance for credit losses 21 2Q26 Highlights All dollars shown in millions • $208.2 million combined ACL; $8.2 million combined provision expense • $189.9 million ACL – loans and leases • ACL 1.38% of total loans; 2 bp increase from first quarter • Utilized Moody’s June baseline forecast in quantitative model • $18.3 million ACL – unfunded commitments ACL / Total Loans $158.5 $161.9 $186.5 $183.7 $189.9 $17.1 $17.6 $20.2 $23.0 $18.3 $175.7 $179.5 $206.7 $206.7 1.34% $208.2 1.38% 1.39% 1.36% 1.38% 2Q25 3Q25 4Q25 1Q26 2Q26 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans |
| asset quality 22 Classified Assets / Total Assets 1 Provision includes both loans & leases and unfunded commitments All dollars shown in millions Nonperforming Assets / Total Assets Net Charge Offs & Provision Expense1 $96.3 $102.0 $100.8 $77.1 $76.1 0.43% 0.44% 0.48% 0.41% 0.41% 2Q25 3Q25 4Q25 1Q26 2Q26 NPAs NPAs / Total Assets $6.0 $5.2 $8.8 $11.6 $6.7 $9.8 $9.1 $10.1 $8.5 $8.2 0.20% 0.35% 0.27% 0.18% 0.21% 2Q25 3Q25 4Q25 1Q26 2Q26 NCOs Provision Expense NCOs / Average Loans $226.8 $232.4 $235.5 $218.8 $214.3 1.02% 1.01% 1.15% 1.18% 1.11% 2Q25 3Q25 4Q25 1Q26 2Q26 Classified Assets Classified Assets / Total Assets |
| capital 23 Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $16,456,311 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted TCE excludes impact from AOCI Tier 1 Common Equity Ratio Tier 1 Capital Ratio 8.40% 8.87% 7.79% 7.87% 8.24% 9.81% 10.15% 8.74% 8.88% 9.30% 2Q25 3Q25 4Q25 1Q26 2Q26 TCE ratio Adjusted TCE ratio¹ 12.22% 12.33% 11.32% 12.57% 12.91% 7.00% 2Q25 3Q25 4Q25 1Q26 2Q26 Tier 1 Common Equity Ratio Basel III minimum 12.50% 12.61% 11.60% 12.89% 13.23% 8.50% 2Q25 3Q25 4Q25 1Q26 2Q26 Tier 1 Capital Ratio Basel III minimum 15.46% 15.70% 15.75% 14.98% 15.32% 10.50% 2Q25 3Q25 4Q25 1Q26 2Q26 Total Capital Ratio Basel III minimum Total Capital Ratio |
| capital strategy 24 Tangible Book Value Per Share Strategy & Deployment • 3.0% annualized dividend yield as of June 30th • 34% of 2Q26 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • No shares repurchased in 2Q26 • Common dividend to be paid in third quarter increasing $0.01, or 4.0%, to $0.26 • Increase in TBV per share from linked quarter driven by strong earnings • 8.1% increase since 2Q25; • Exceeds pre-Westfield/BFIN level 1 Excludes impact from AOCI $15.40 $16.19 $15.74 $16.15 $16.64 $17.98 $18.52 $17.67 $18.23 $18.78 2Q25 3Q25 4Q25 1Q26 2Q26 Tangible Book Value per Share TBV per share-adjusted1 |
| outlook commentary 1 • Loan balances expected to increase mid single digits on an annualized basis • Core deposit balances expected to increase low single digits 25 • Total noninterest expense expected to be $149 - 152 million • Incentive expense will fluctuate with fee income Noninterest Expense Net Interest Margin Balance Sheet Credit • Stable credit costs expected • Stable ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $74 - 77 million • Includes $15 - 17 million foreign exchange • Includes $22 - 24 million leasing business income 1 See Forward Looking Statement Disclosure on page 2-4 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 3.96% - 4.01%; assumes no rate changes • Assumes accretion income in line with 2Q26 Capital • Common dividend increase of $0.01 to $0.26; to be paid in 3Q26 Noninterest Expense Net Interest Margin Balance Sheet Credit Noninterest Income |
| 1 strategic expansion in Chicago & Northwest Indiana with Finward acquisition July 21, 2026 |
| 5.0% Earnings per Share accretion De minimis TBV dilution Capitalized value of synergies represents 76% of deal value Enhances key profitability metrics, including 90bps improvement in Efficiency Ratio and 100bps increase in ROTCE Acquisition of a low cost, granular core deposit franchise with $2.0Bn of assets and 126 year presence in Chicago and Northwest Indiana market Increases Chicago MSA deposits by 75% to $4.1Bn pro forma Well-priced expansion opportunity at 1.4x Price / TBV; 66% Pay-to-Trade ratio Proven strong credit culture and risk management practices Low integration risk given the relative size and expected efficient combination Limited resource requirement will not disrupt internal initiatives or the consideration of other strategic opportunities Complementary to existing Chicagoland / Northwest Indiana presence, including recently acquired BankFinancial footprint, Chicago Commercial LPO, Agile Premium Finance headquarters and Bannockburn Capital Markets office Continues build-out of Chicago MSA into a major metro hub for First Financial Adds $412MM of wealth assets under management 27 transaction highlights(1) Financially attractive with mid-single digit EPS accretion and minimal TBV impact Strategically expands presence in economically robust Chicago and Northwest Indiana market with strong core deposit franchise Strong strategic and cultural alignment supports low execution risk Enhances Chicago banking franchise for continued growth in the market (1) See Forward Looking Statement Disclosure on pages 2-4 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods |
| 28 overview of Finward Key Franchise Highlights Financial Summary Loan & Deposit Composition Total Assets $2.0Bn Total Deposits $1.7Bn Assets Under Management $412MM Headquarters Munster, Indiana Chief Executive Officer Ben Bochnowski Year Founded 1910 Branches 24 Retail Locations Ticker FNWD (NASDAQ-Listed) Balance Sheet & Capital (1Q’26, %) Cash & Securities / Assets 21 Loan / Deposit Ratio 85 CET1 Ratio 12.0 Reserves / Loans 1.19 NCOs / Avg. Loans 0.00 Profitability (1Q’26, %) Return on Avg. Assets 0.44 Net Interest Margin (FTE) 3.35 Efficiency Ratio 84 Noninterest Income / Operating Revenue 14 Cost of Deposits 1.62 Attractive low cost, core deposit franchise Significant scarcity value in Chicago / Northwest Indiana Attractive wealth business drives durable fee revenue Strong capitalization and excess liquidity profile Robust credit quality and underwriting philosophy 1 2 3 4 5 Loan Composition (1) Deposit Composition Loans: $1.4Bn Yield on Loans: 5.50% Deposits: $1.7Bn Cost of Deposits: 1.62% Overview of Finward Residential Real Estate 31% Home Equity 4% Commercial Real Estate 39% Construction & Land Dev. 5% Multifamily 13% Commercial Business 6% Other 2% Noninterest Bearing 16% IB Demand, Savings & MMDA 56% Retail Time (≤ $250K) 22% Jumbo Time (> $250K) 6% Note: Financial Data as of 1Q’26 1 Excludes net deferred fee and cost adjustments. Other includes consumer, manufactured homes and government loan balances. |
| Increases Chicago Deposits to $4.1Bn 29 complementary Chicago & Northwest Indiana presence 1 Per FDIC deposit information Source: S&P Capital IQ Pro, Moody’s, World Business Chicago Joliet Evanston Skokie Hoffman Estates Naperville Bolingbrook Tinley Park Gary Wheaton Chicago Milwaukee INDIANA Indianapolis KENTUCKY Columbus OHIO MICHIGAN Lansing Louisville Cincinnati Grand Rapids Chicago Continues Build-Out of Chicago MSA Extension of Chicago and Northwest Indiana retail network Adds to recent acquisition of BankFinancial Commercial loan production office in Fulton Market Agile Premium Finance headquartered in Chicago MSA Bannockburn Capital Markets office in downtown Chicago $2.3 $1.8 $4.1 FFBC FNWD Pro Forma PF Chicago MSA Deposits (1) ($Bn) Legacy First Financial Acquired BankFinancial (Closed Jan. ’26) Finward Bancorp (Announced July ’26) ILLINOIS |
| 30 summary of expected financial impacts Key Items Pro Forma Financial Impacts Earnings per Share(1) (Fully Phased-In) 5.0% TBV(1) per Share at Closing (0.4)% TBV 0.6 Years (1) Earnback (Crossover Method) Capitalized Value of Synergies / Deal Value 76% Internal Rate of Return 21% CET1 Ratio Impact at Closing (50) Bps Return on Tangible Common Equity +100 Bps (1) (Fully Phased-In) Efficiency Ratio Improvement (Fully Phased-In) 90 Bps Pro Forma Impacts Operating Metrics (1) Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. |
| 31 transaction terms Consideration & Deal Value Transaction Multiples Closing & Other • Consideration Mix – 100% FFBC common stock • Exchange Ratio – Fixed exchange ratio of 1.35x ‒ Approximately 5.9 million shares issued to Finward in transaction • Transaction Value – $210 million deal value, or $48.22 per Finward share (1) • Pro Forma Ownership – First Financial: 95% / Finward: 5% • Price / TBV – 1.4x • Pay-to-Trade Ratio – 66% • Core Deposit Premium – 3.8% • Price / 2027E EPS with Synergies – 6.5x • Closing Date – Targeted close by end of year • Integration – Expected efficient integration leveraging First Financial’s proven acquisition expertise • Name and Brand – To be rebranded as First Financial Bank • Approvals – Requires customary regulatory approvals and approval by Finward’s shareholders 1 Based on First Financial closing share price of $35.72 on July 17, 2026 |
| 32 key transaction assumptions Key Merger Assumptions • Cost Savings – Approximately 40% of Finward’s annual noninterest expense ‒ 50% phase-in during 2027 and 100% in 2028 and thereafter • One-Time Merger Expenses – $36 million pre-tax ‒ Fully reflected in pro forma impacts at closing for illustrative purposes • Core Deposit Intangible – 3.00% of Finward’s non-time deposits of $1.2 billion ‒ Amortized over 10 years using sum-of-years digits method Fair Value Adjustments • Loan Credit Mark – 1.19% of Finward’s total loans; equal to current reserves • Loan Interest Rate FMV Adjustment – $36 million estimated at close, or 2.5% of loans ‒ Accreted into earnings over 5 years using straight-line method Other • Durbin Interchange Revenue Impact – Estimated approx. $0.4 million annual impact |
| 33 key takeaways Strong strategic and cultural alignment supports low execution risk Enhances Chicago banking franchise for continued growth in the market Strategically expands presence in economically robust Chicago and Northwest Indiana market with strong core deposit franchise Financially attractive with mid-single digit EPS accretion and minimal TBV impact |
| appendix: non-GAAP to GAAP reconciliation 34 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2026 2026 2025 2025 2025 Net interest income 190,377 $ 189,610 $ 173,995 $ 160,486 $ 158,269 $ Tax equivalent adjustment 1,161 1,186 1,227 1,248 1,246 Net interest income - tax equivalent $ 190,796 191,538 $ 175,222 $ 161,734 $ 159,515 $ Average earning assets 19,304,416 $ 19,393,679 $ 17,448,460 $ 15,968,153 $ 15,814,576 $ Net interest margin1 3.96 % 3.97 % 3.96 % 3.99 % 4.01 % Net interest margin (fully tax equivalent)1 3.98 % 3.99 % 3.98 % 4.02 % 4.05 % Three months ended 1 Margins are calculated using net interest income annualized divided by average earning assets. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. |
| appendix: non-GAAP to GAAP reconciliation 35 All dollars shown in thousands Additional non-GAAP ratios June 30, Mar. 31, Dec. 31, Sep. 30, June 30, (Dollars in thousands, except per share data) 2026 2026 2025 2025 2025 Net income (a) 76,456 $ 74,445 $ 62,393 $ 71,923 $ 69,996 $ Average total shareholders' equity 2,951,237 2,947,585 2,695,581 2,575,203 2,515,747 Less: Goodw ill (1,099,742) (1,099,543) (1,069,781) (1,007,656) (1,007,656) Other intangibles (143,403) (149,631) (104,184) (74,448) (76,076) Average tangible equity (b) 1,708,092 1,698,411 1,521,616 1,493,099 1,432,015 Total shareholders' equity 2,987,488 2,940,625 2,769,216 2,631,855 2,558,155 Less: Goodw ill (1,099,936) (1,099,543) (1,099,524) (1,007,656) (1,007,656) Other intangibles (140,705) (145,927) (118,832) (73,797) (75,458) Ending tangible common equity (c) 1,746,847 1,695,155 1,550,860 1,550,402 1,475,041 Less: AOCI (217,430) (223,720) (189,942) (223,000) (246,384) Adjusted ending tangible common equity (d) 1,970,567 1,912,585 1,740,802 1,773,402 1,721,425 Total assets 22,439,679 22,779,815 21,129,379 18,554,506 18,634,255 Less: Goodw ill (1,099,936) (1,099,543) (1,099,524) (1,007,656) (1,007,656) Other intangibles (140,705) (145,927) (118,832) (73,797) (75,458) Ending tangible assets (e) 21,199,038 21,534,345 19,911,023 17,473,053 17,551,141 Risk-w eighted assets (f) 16,456,311 16,127,377 15,890,363 14,166,935 14,129,683 Total average assets 22,391,439 22,459,721 20,256,539 18,566,188 18,419,437 Less: Goodw ill (1,099,742) (1,099,543) (1,069,781) (1,007,656) (1,007,656) Other intangibles (143,403) (149,631) (104,184) (74,448) (76,076) Average tangible assets (g) 21,148,294 $ 21,210,547 $ 19,082,574 $ 17,484,084 $ 17,335,705 $ Ending shares outstanding (h) 104,956,458 104,932,829 98,521,726 95,757,250 95,760,617 Ratios Return on average tangible shareholders' equity (a)/(b) 17.95% 17.78% 16.27% 19.11% 19.61% Ending tangible common equity as a percent of: Ending tangible assets (c)/(e) 8.24% 7.87% 7.79% 8.87% 8.40% Risk-w eighted assets (c)/(f) 10.62% 10.51% 9.76% 10.94% 10.44% Adjusted ending tangible common equity to ending tangible assets (d)/(e) 9.30% 8.88% 8.74% 10.15% 9.81% Average tangible equity as a percent of average tangible assets (b)/(g) 8.08% 8.01% 7.97% 8.54% 8.26% Tangible book value per share (c)/(h) 16.64 $ 16.15 $ 15.74 $ 16.19 $ 15.40 $ Three months ended, |
| appendix: non-GAAP to GAAP reconciliation 36 All dollars shown in thousands Additional non-GAAP measures 4Q25 3Q25 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 190,377 $ 190,377 $ 189,610 $ 189,610 $ 173,995 $ 173,995 $ 160,486 $ 160,486 $ Provision for credit losses-loans and leases (j) 12,933 12,933 6,030 6,030 9,688 9,688 8,612 8,612 Provision for credit losses-unfunded commitments (j) (4,743) (4,743) 2,510 2,510 412 412 453 453 Noninterest income 73,791 73,791 81,906 81,906 64,767 64,767 73,525 73,525 less: gains (losses) on security transactions (336) (1,260) (12,576) (42) less: gain on bargain purchase 3,189 8,892 - - less: other (1,371) (986) - - Total noninterest income (g) 73,791 71,924 81,906 75,645 64,767 77,343 73,525 73,567 Noninterest expense 161,542 161,542 169,408 169,408 149,531 149,531 134,269 134,269 less: tax credit investment w ritedow n 669 669 800 112 less: merger-related expenses 11,641 14,257 5,658 - less: Other (357) 129 1,177 827 Total noninterest expense (e) 161,542 149,103 169,408 154,839 149,531 141,896 134,269 133,330 Income before income taxes (i) 94,436 105,008 93,568 101,876 79,131 99,342 90,677 91,658 Income tax expense 17,980 17,980 19,123 19,123 16,738 16,738 18,754 18,754 plus: tax effect of adjustments 918 528 632 89 plus: after-tax impact of tax credit investments @ 21% 2,220 1,745 4,244 206 Total income tax expense (h) 17,980 21,118 19,123 21,396 16,738 21,614 18,754 19,049 Net income (a) 76,456 $ 83,890 $ 74,445 $ 80,480 $ 62,393 $ 77,728 $ 71,923 $ 72,609 $ Average diluted shares (b) 104,937 104,937 104,615 104,615 97,594 97,594 95,754 95,754 Average assets (c) 22,391,439 22,391,439 22,459,721 22,459,721 20,256,539 20,256,539 18,566,188 18,566,188 Average shareholders' equity (k) 2,951,237 2,951,237 2,947,585 2,947,585 2,695,581 2,695,581 2,575,203 2,575,203 Less: Goodw ill and other intangibles (1,243,145) (1,243,145) (1,249,174) (1,249,174) (1,173,965) (1,173,965) (1,082,104) (1,082,104) Average tangible equity (d) 1,708,092 1,708,092 1,698,411 1,698,411 1,521,616 1,521,616 1,493,099 1,493,099 Ratios Net earnings per share - diluted (a)/(b) 0.73 $ 0.80 $ 0.71 $ 0.77 $ 0.64 $ 0.80 $ 0.75 $ 0.76 $ Return on average assets - (a)/(c) 1.37% 1.50% 1.34% 1.45% 1.22% 1.52% 1.54% 1.55% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.84% 2.03% 1.84% 1.99% 1.75% 2.14% 2.13% 2.15% Return on average shareholders' equity (a)/(k) 10.39% 11.40% 10.24% 11.07% 9.18% 11.44% 11.08% 11.19% Return on average tangible shareholders' equity - (a)/(d) 17.95% 19.70% 17.78% 19.22% 16.27% 20.27% 19.11% 19.29% Efficiency ratio - (e)/((f)+(g)) 61.2% 56.8% 62.4% 58.4% 62.6% 56.5% 57.4% 57.0% Effective tax rate - (h)/(i) 19.0% 20.1% 20.4% 21.0% 21.2% 21.8% 20.7% 20.8% (Dollars in thousands, except per share data) 2Q26 1Q26 |
| 37 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202 |
