First Financial Bancorp Announces First Quarter 2026 Financial Results

CINCINNATI, April 23, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2026.

For the three months ended March 31, 2026, the Company reported net income of $74.4 million, or $0.71 per diluted common share. These results compare to net income of $62.4 million, or $0.64 per diluted common share, for the fourth quarter of 2025.

Return on average assets for the first quarter of 2026 was 1.34% while return on average tangible common equity was 17.78% (1). These compare to return on average assets of 1.22% and return on average tangible common equity of 16.27% (1) in the fourth quarter of 2025.

First quarter 2026 highlights include:

___________________________________________________________________________________________

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

Additionally, the Board of Directors has authorized a new share repurchase program that replaces the previously authorized program. Under the new plan, which expires in December 2027, management is authorized to purchase up to 5 million shares.

Archie Brown, President and CEO, commented on the First Quarter results, "I am very pleased with our overall performance in the first quarter. The first quarter was a busy one as we closed the BankFinancial acquisition, completed the conversion of Westfield Bank, and wrapped up the sale of the BankFinancial multi-family loan portfolio. Adjusted (1) earnings per share were $0.77, with an adjusted (1) return on assets of 1.45% and an adjusted (1) return on tangible common equity of 19.2%. Adjusted (1) earnings per share increased 22% compared to the first quarter of last year, driven by a robust net interest margin and strong fee income. Our net interest margin was resilient, despite the fed funds rate cut in December, as the expected decline in loan yields was offset by a similar decline in deposits costs. Assuming no short-term rate reductions by the Federal Reserve, we expect the margin to remain stable in the near term."

Mr. Brown continued, "Loan balances increased slightly for the quarter due to the BankFinancial acquisition. Excluding the BankFinancial portfolio, loans declined for the quarter as seasonally strong loan production was offset by extended payoff pressure in the ICRE portfolio. Compared to the first quarter of 2025, originations increased by approximately 45%, and excluding Westfield and BankFinancial, originations were up by over 25%. Our expectation for loan growth for 2026 has not materially changed. Loan pipelines are very healthy, and we expect strong production in the second quarter. We also expect payoff activity in ICRE to approach more normal levels, leading to solid loan growth in the second quarter."

Mr. Brown commented on fee income and expenses, "Adjusted (1) fee income was very strong for the quarter. Historically, fee income significantly dips early in the year, however we successfully combated this trend in the first quarter. Adjusted (1) noninterest income was $75.6 million, which was 24% higher than in the first quarter of 2025 and only a slight decline from the linked quarter. These results were driven by record Wealth Management income, strong client derivative income and record leasing business income. Additionally, expenses were well controlled during the quarter with total noninterest expenses coming in well below our expectations and acquisition-related cost savings exceeding our initial estimates."

Mr. Brown commented on asset quality and capital, "Net charge-offs were 35 basis points of total loans and were impacted by one large commercial relationship. Other asset quality indicators were stable with nonperforming assets slightly declining from the linked quarter to 44 basis points. While there is more uncertainty in the economy due to the impact of the war in Iran, our current expectations are for asset quality to gradually improve throughout the year, similar to our performance in 2025. Capital ratios are strong and continued to climb in the first quarter. All regulatory ratios were well in excess of regulatory minimums and tangible common equity increased to 7.9%. Tangible book value per share was $16.15, which was a 2.6% increase over the linked quarter, and a 9% increase compared to the first quarter of 2025. Tangible book value was at approximately the same level as the third quarter of 2025, prior to the Westfield Bank acquisition. This month, the Board of Directors authorized a 5 million share repurchase plan, replacing the plan we had in place through 2025, and we are evaluating opportunities to employ buybacks as part of our overall capital planning."

On the recent acquisitions, Mr. Brown commented, "During the first quarter we successfully completed the conversion of Westfield Bank. For the first quarter, deposit and loan balances were stable, we maintained high associate retention, and we have achieved the financial results that we expected from the transaction to date. We are happy with the quality of the bank we acquired and with the talented team that has joined us. We also completed the purchase of BankFinancial on January 1st and plan to convert systems in early June. We remain excited about the opportunities in the Chicago market and continue to see high growth potential from this transaction."

Mr. Brown concluded, "In closing, I want to thank our associates for the incredible work they have done this year integrating Westfield into First Financial and the work they are now doing as they prepare for the BankFinancial conversion. I also want to mention how proud I am that First Financial was selected for the Gallup Exceptional Workplace Award for associate engagement. This marks the second consecutive year that we have received this honor, which is awarded to 4% of the thousands of companies that Gallup works with worldwide. We have partnered with Gallup for more than six years and we have made associate engagement a core tenant of our corporate strategy. I want to commend our associates and leaders who work throughout the year to drive engagement, knowing that by doing so, we are also improving the client experience and shareholder value."

Full detail of the Company's first quarter 2026 performance is provided in the accompanying financial statements and slide presentation.

Teleconference / Webcast Information

First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 24, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068. The recording will be available until May 8, 2026. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2025, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2026, the Company had $22.8 billion in assets, $13.5 billion in loans, $17.9 billion in deposits and $2.9 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.1 billion in assets under management as of March 31, 2026. The Company operated 153 full service banking centers as of March 31, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

RESULTS OF OPERATIONS

Net income

$ 74,445

$ 62,393

$ 71,923

$ 69,996

$ 51,293

Net earnings per share - basic

$ 0.72

$ 0.65

$ 0.76

$ 0.74

$ 0.54

Net earnings per share - diluted

$ 0.71

$ 0.64

$ 0.75

$ 0.73

$ 0.54

Dividends declared per share

$ 0.25

$ 0.24

KEY FINANCIAL RATIOS

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

Return on average tangible shareholders' equity (1)

17.78 %

16.27 %

19.11 %

19.61 %

15.16 %

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

Net interest margin (fully tax equivalent) (1)(2)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

Ending shareholders' equity as a percent of ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity as a percent of:

Ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Risk-weighted assets (1)

10.52 %

9.76 %

10.94 %

10.44 %

10.10 %

Average shareholders' equity as a percent of average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity as a percent of average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

Book value per share

$ 28.02

$ 28.11

$ 27.48

$ 26.71

$ 26.13

Tangible book value per share (1)

$ 16.15

$ 15.74

$ 16.19

$ 15.40

$ 14.80

Common equity tier 1 ratio (3)

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 ratio (3)

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital ratio (3)

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Leverage ratio (3)

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

AVERAGE BALANCE SHEET ITEMS

Loans (4)

$ 14,028,324

$ 12,812,267

$ 11,806,065

$ 11,792,840

$ 11,724,727

Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

Total earning assets

$ 19,393,679

$ 17,448,460

$ 15,968,153

$ 15,814,576

$ 15,752,132

Total assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

Noninterest-bearing deposits

$ 3,745,002

$ 3,436,709

$ 3,124,277

$ 3,143,081

$ 3,091,037

Interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

Total deposits

$ 17,645,552

$ 15,958,657

$ 14,511,925

$ 14,354,775

$ 14,240,670

Borrowings

$ 1,012,161

$ 848,650

$ 823,346

$ 910,573

$ 1,001,337

Shareholders' equity

$ 2,947,585

$ 2,695,581

$ 2,575,203

$ 2,515,747

$ 2,457,785

CREDIT QUALITY RATIOS

Allowance to ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Allowance to nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.51 %

Nonperforming assets to ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.51 %

Nonperforming assets to total assets

0.44 %

0.48 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

Net charge-offs to average loans (annualized)

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

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

(3) March 31, 2026 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2026

2025

First

Fourth

Third

Second

First

Full

Quarter

Year

Interest income

Loans and leases, including fees

$ 224,951

$ 215,663

$ 204,865

$ 201,460

$ 197,163

$ 819,151

Investment securities

Taxable

49,491

40,971

36,421

36,243

34,401

148,036

Tax-exempt

2,526

2,363

2,195

2,233

2,204

8,995

Total investment securities interest

52,017

43,334

38,616

38,476

36,605

157,031

Other earning assets

5,450

6,334

6,773

5,964

6,651

25,722

Total interest income

282,418

265,331

250,254

245,900

240,419

1,001,904

Interest expense

Deposits

79,735

78,861

77,766

75,484

78,641

310,752

Short-term borrowings

5,168

4,925

5,979

6,393

7,545

24,842

Long-term borrowings

7,905

7,550

6,023

5,754

4,937

24,264

Total interest expense

92,808

91,336

89,768

87,631

91,123

359,858

Net interest income

189,610

173,995

160,486

158,269

149,296

642,046

Provision for credit losses-loans and leases

6,030

9,688

8,612

9,084

9,141

36,525

Provision for credit losses-unfunded commitments

2,510

412

453

718

(441)

1,142

Net interest income after provision for credit losses

181,070

163,895

151,421

148,467

140,596

604,379

Noninterest income

Service charges on deposit accounts

9,013

8,308

7,829

7,766

7,463

31,366

Wealth management fees

10,482

9,288

7,351

7,787

8,137

32,563

Bankcard income

3,580

3,590

3,589

3,737

3,310

14,226

Client derivative fees

4,010

2,681

1,876

1,674

1,571

7,802

Foreign exchange income

16,313

22,696

16,666

13,760

12,544

65,666

Leasing business income

21,608

19,523

20,997

20,797

18,703

80,020

Net gains from sales of loans

6,047

7,041

6,835

6,687

4,322

24,885

Net gain (loss) on investment securities

(1,260)

(12,576)

(42)

243

(9,949)

(22,324)

Gain on bargain purchase

8,892

Other

3,221

4,216

8,424

5,612

4,982

23,234

Total noninterest income

81,906

64,767

73,525

68,063

51,083

257,438

Noninterest expenses

Salaries and employee benefits

99,856

85,123

80,607

74,917

75,238

315,885

Net occupancy

7,553

6,315

6,003

5,845

6,019

24,182

Furniture and equipment

4,693

3,940

3,582

3,441

3,813

14,776

Data processing

12,654

10,465

9,591

9,020

8,759

37,835

Marketing

2,652

3,056

2,359

2,737

2,018

10,170

Professional services

3,986

6,231

2,314

3,549

2,739

14,833

Amortization of tax credit investments

669

800

112

111

112

1,135

FDIC assessments

3,645

2,923

2,611

3,059

11,204

Intangible amortization

6,261

3,927

2,359

2,358

2,359

11,003

Leasing business expense

14,129

13,837

13,911

13,155

12,802

53,705

Other

13,310

12,914

10,820

10,927

11,158

45,819

Total noninterest expenses

169,408

149,531

134,269

128,671

128,076

540,547

Income before income taxes

93,568

79,131

90,677

87,859

63,603

321,270

Income tax expense

19,123

16,738

18,754

17,863

12,310

65,665

Net income

$ 74,445

$ 62,393

$ 71,923

$ 69,996

$ 51,293

$ 255,605

ADDITIONAL DATA

Net earnings per share - basic

$ 0.72

$ 0.65

$ 0.76

$ 0.74

$ 0.54

$ 2.68

Net earnings per share - diluted

$ 0.71

$ 0.64

$ 0.75

$ 0.73

$ 0.54

$ 2.66

Dividends declared per share

$ 0.25

$ 0.24

$ 0.98

Return on average assets

1.34 %

1.22 %

1.54 %

1.52 %

1.13 %

1.35 %

Return on average shareholders' equity

10.24 %

9.18 %

11.08 %

11.16 %

8.46 %

9.98 %

Interest income

$ 282,418

$ 265,331

$ 250,254

$ 245,900

$ 240,419

$ 1,001,904

Tax equivalent adjustment

1,186

1,227

1,248

1,246

1,213

4,934

Interest income - tax equivalent

283,604

266,558

251,502

247,146

241,632

1,006,838

Interest expense

92,808

91,336

89,768

87,631

91,123

359,858

Net interest income - tax equivalent

$ 190,796

$ 175,222

$ 161,734

$ 159,515

$ 150,509

$ 646,980

Net interest margin

3.97 %

3.96 %

3.99 %

4.01 %

3.84 %

3.95 %

Net interest margin (fully tax equivalent) (1)

3.99 %

3.98 %

4.02 %

4.05 %

3.88 %

3.98 %

Full-time equivalent employees

2,319

2,164

1,986

2,033

2,021

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

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

% Change

2026

2025

Linked Qtr.

Comp Qtr.

ASSETS

Cash and due from banks

$ 170,641

$ 178,553

$ 174,659

$ 210,187

$ 190,610

(4.4) %

(10.5) %

Interest-bearing deposits with other banks

1,032,259

597,338

565,080

570,173

633,349

72.8 %

63.0 %

Investment securities available-for-sale

4,953,023

3,971,932

3,422,595

3,386,562

3,260,981

24.7 %

51.9 %

Investment securities held-to-maturity

49,631

58,545

71,595

72,994

76,469

(15.2) %

(35.1) %

Other investments

137,018

129,564

117,120

122,322

120,826

5.8 %

13.4 %

Loans held for sale

18,280

16,953

21,466

26,504

17,927

7.8 %

2.0 %

Loans and leases

Commercial and industrial

4,693,786

4,632,241

3,838,630

3,927,771

3,832,350

1.3 %

22.5 %

Lease financing

649,645

638,527

596,734

587,176

573,608

1.7 %

13.3 %

Construction real estate

591,080

677,339

627,960

732,777

824,775

(12.7) %

(28.3) %

Commercial real estate

4,473,468

4,384,556

4,048,370

3,961,513

3,956,880

2.0 %

13.1 %

Residential real estate

1,831,338

1,832,184

1,494,464

1,492,688

1,479,704

0.0 %

23.8 %

Home equity

1,026,839

1,005,204

935,975

903,299

872,502

2.2 %

17.7 %

Installment

162,314

188,694

109,764

116,598

119,672

(14.0) %

35.6 %

Credit card

66,371

65,325

62,654

64,374

64,639

1.6 %

2.7 %

Total loans

13,494,841

13,424,070

11,714,551

11,786,196

11,724,130

0.5 %

15.1 %

Less:

Allowance for credit losses

(183,716)

(186,487)

(161,916)

(158,522)

(155,482)

(1.5) %

18.2 %

Net loans

13,311,125

13,237,583

11,552,635

11,627,674

11,568,648

0.6 %

15.1 %

Premises and equipment

228,384

204,760

198,251

197,741

197,968

11.5 %

15.4 %

Operating leases

220,061

214,003

214,667

217,100

213,648

2.8 %

3.0 %

Goodwill

1,099,543

1,099,524

1,007,656

0.0 %

9.1 %

Other intangibles

145,927

118,832

73,797

75,458

77,002

22.8 %

89.5 %

Accrued interest and other assets

1,396,114

1,301,792

1,134,985

1,119,884

1,089,983

7.2 %

28.1 %

Total Assets

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

LIABILITIES

Deposits

Interest-bearing demand

$ 3,658,155

$ 3,360,613

$ 2,983,132

$ 3,057,232

$ 3,004,601

8.9 %

21.8 %

Savings

6,460,546

5,973,532

5,029,097

4,979,124

4,886,613

8.2 %

32.2 %

Time

3,817,268

3,622,227

3,293,707

3,201,711

3,144,440

5.4 %

21.4 %

Total interest-bearing deposits

13,935,969

12,956,372

11,305,936

11,238,067

11,035,654

7.6 %

26.3 %

Noninterest-bearing

3,982,753

3,465,470

3,127,512

3,131,926

3,161,302

14.9 %

26.0 %

Total deposits

17,918,722

16,421,842

14,433,448

14,369,993

14,196,956

9.1 %

26.2 %

FHLB short-term borrowings

550,000

675,000

550,000

680,000

735,000

(18.5) %

(25.2) %

Other

70,457

332

45,167

4,699

64,792

21,122.0 %

8.7 %

Total short-term borrowings

620,457

675,332

595,167

684,699

799,792

(8.1) %

(22.4) %

Long-term debt

380,176

514,052

221,823

344,955

345,878

(26.0) %

9.9 %

Total borrowed funds

1,000,633

1,189,384

816,990

1,029,654

1,145,670

(15.9) %

(12.7) %

Accrued interest and other liabilities

902,026

748,937

672,213

676,453

611,206

20.4 %

47.6 %

Total Liabilities

19,821,381

18,360,163

15,922,651

16,076,100

15,953,832

8.0 %

24.2 %

SHAREHOLDERS' EQUITY

Common stock

1,789,676

1,647,618

1,641,315

1,638,796

1,637,041

8.6 %

9.3 %

Retained earnings

1,485,573

1,437,286

1,399,577

1,351,674

1,304,636

3.4 %

13.9 %

Accumulated other comprehensive income (loss)

(217,430)

(189,942)

(223,000)

(246,384)

(253,888)

14.5 %

(14.4) %

Treasury stock, at cost

(117,194)

(125,746)

(186,037)

(185,931)

(186,554)

(6.8) %

(37.2) %

Total Shareholders' Equity

2,940,625

2,769,216

2,631,855

2,558,155

2,501,235

6.2 %

17.6 %

Total Liabilities and Shareholders' Equity

$ 22,762,006

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

7.7 %

23.3 %

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

ASSETS

Cash and due from banks

$ 227,115

$ 178,403

$ 165,210

$ 174,375

$ 164,734

Interest-bearing deposits with other banks

596,094

647,347

610,074

542,815

615,812

Investment securities

4,769,261

3,988,846

3,552,014

3,478,921

3,411,593

Loans held for sale

451,139

32,425

26,366

25,026

10,212

Loans and leases

Commercial and industrial

4,771,066

4,310,399

3,890,886

3,881,001

3,787,207

Lease financing

630,204

617,518

592,510

581,091

585,119

Construction real estate

643,270

679,884

711,011

784,028

797,100

Commercial real estate

4,446,231

4,240,042

3,993,549

3,958,730

4,018,211

Residential real estate

1,834,467

1,717,439

1,489,942

1,485,479

1,475,703

Home equity

1,016,080

981,406

919,368

891,761

858,153

Installment

166,979

164,013

114,058

117,724

127,192

Credit card

68,888

69,141

68,375

68,000

65,830

Total loans

13,577,185

12,779,842

11,779,699

11,767,814

11,714,515

Less:

Allowance for credit losses

(200,745)

(179,275)

(162,417)

(158,170)

(158,206)

Net loans

13,376,440

12,600,567

11,617,282

11,609,644

11,556,309

Premises and equipment

230,154

202,956

199,167

198,407

198,998

Operating leases

215,318

211,091

217,404

212,684

205,181

Goodwill

1,099,543

1,069,781

1,007,656

Other intangibles

149,631

104,184

74,448

76,076

78,220

Accrued interest and other assets

1,344,828

1,220,939

1,096,567

1,093,833

1,119,889

Total Assets

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

LIABILITIES

Deposits

Interest-bearing demand

$ 3,626,103

$ 3,276,425

$ 3,036,296

$ 3,066,986

$ 3,090,526

Savings

6,406,223

5,740,651

5,054,563

5,005,526

4,918,004

Time

3,868,224

3,504,872

3,296,789

3,139,182

3,141,103

Total interest-bearing deposits

13,900,550

12,521,948

11,387,648

11,211,694

11,149,633

Noninterest-bearing

3,745,002

3,436,709

3,124,277

3,143,081

3,091,037

Total deposits

17,645,552

15,958,657

14,511,925

14,354,775

14,240,670

Federal funds purchased and securities sold

under agreements to repurchase

16,278

2,283

12,434

4,780

2,055

FHLB short-term borrowings

538,084

444,511

497,092

532,198

553,667

Other

13,891

21,519

26,226

99,378

Total short-term borrowings

554,362

460,685

531,045

563,204

655,100

Long-term debt

457,799

387,965

292,301

347,369

346,237

Total borrowed funds

1,012,161

848,650

823,346

910,573

1,001,337

Accrued interest and other liabilities

854,225

753,651

655,714

638,342

668,812

Total Liabilities

19,511,938

17,560,958

15,990,985

15,903,690

15,910,819

SHAREHOLDERS' EQUITY

Common stock

1,795,255

1,644,923

1,639,986

1,637,782

1,641,016

Retained earnings

1,448,012

1,406,388

1,369,069

1,322,168

1,282,300

Accumulated other comprehensive loss

(173,065)

(209,767)

(247,746)

(257,873)

(275,068)

Treasury stock, at cost

(122,617)

(145,963)

(186,106)

(186,330)

(190,463)

Total Shareholders' Equity

2,947,585

2,695,581

2,575,203

2,515,747

2,457,785

Total Liabilities and Shareholders' Equity

$ 22,459,523

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

Quarterly Averages

March 31, 2026

December 31, 2025

March 31, 2025

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Interest

Yield

Earning assets

Investments:

Investment securities

$ 4,769,261

$ 52,017

4.42 %

$ 3,988,846

$ 43,334

4.31 %

$ 3,411,593

$ 36,605

4.35 %

Interest-bearing deposits with other banks

596,094

5,450

3.71 %

647,347

6,334

3.88 %

615,812

6,651

4.38 %

Gross loans (1)

14,028,324

224,951

6.50 %

12,812,267

215,663

6.68 %

11,724,727

197,163

6.82 %

Total earning assets

19,393,679

282,418

5.91 %

17,448,460

265,331

6.03 %

15,752,132

240,419

6.19 %

Nonearning assets

Allowance for credit losses

(200,745)

(179,275)

(158,206)

Cash and due from banks

227,115

178,403

164,734

Accrued interest and other assets

3,039,474

2,808,951

2,609,944

Total assets

$ 22,459,523

$ 20,256,539

$ 18,368,604

Interest-bearing liabilities

Deposits:

Interest-bearing demand

$ 3,626,103

$ 13,281

1.49 %

$ 3,276,425

$ 13,818

1.67 %

$ 3,090,526

$ 15,188

1.99 %

Savings

6,406,223

32,480

2.06 %

5,740,651

32,343

2.24 %

4,918,004

30,355

2.50 %

Time

3,868,224

33,974

3.56 %

3,504,872

32,700

3.70 %

3,141,103

33,098

4.27 %

Total interest-bearing deposits

13,900,550

79,735

2.33 %

12,521,948

78,861

2.50 %

11,149,633

78,641

2.86 %

Borrowed funds

Short-term borrowings

554,362

5,168

3.78 %

460,685

4,925

4.24 %

655,100

7,545

4.67 %

Long-term debt

457,799

7,905

7.00 %

387,965

7,550

7.72 %

346,237

4,937

5.78 %

Total borrowed funds

1,012,161

13,073

5.24 %

848,650

12,475

5.83 %

1,001,337

12,482

5.06 %

Total interest-bearing liabilities

14,912,711

92,808

2.52 %

13,370,598

91,336

2.71 %

12,150,970

91,123

3.04 %

Noninterest-bearing liabilities

Noninterest-bearing demand deposits

3,745,002

3,436,709

3,091,037

Other liabilities

854,225

753,651

668,812

Shareholders' equity

2,947,585

2,695,581

2,457,785

Total liabilities & shareholders' equity

$ 22,459,523

$ 20,256,539

$ 18,368,604

Net interest income

$ 189,610

$ 173,995

$ 149,296

Net interest spread

3.39 %

3.32 %

3.15 %

Net interest margin

3.97 %

3.96 %

3.84 %

Tax equivalent adjustment

0.02 %

0.04 %

Net interest margin (fully tax equivalent)

3.99 %

3.98 %

3.88 %

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

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

Linked Qtr. Income Variance

Comparable Qtr. Income Variance

Rate

Volume

Total

Rate

Volume

Total

Earning assets

Investment securities

$ 1,138

$ 7,545

$ 8,683

$ 604

$ 14,808

$ 15,412

Interest-bearing deposits with other banks

(284)

(600)

(884)

(1,021)

(180)

(1,201)

Gross loans (2)

(5,646)

14,934

9,288

(9,151)

36,939

27,788

Total earning assets

(4,792)

21,879

17,087

(9,568)

51,567

41,999

Interest-bearing liabilities

Total interest-bearing deposits

$ (5,438)

$ 6,312

$ 874

$ (14,686)

$ 15,780

$ 1,094

Borrowed funds

Short-term borrowings

(535)

778

243

(1,438)

(939)

(2,377)

Long-term debt

(702)

1,057

355

1,042

1,926

2,968

Total borrowed funds

(1,237)

1,835

598

(396)

987

591

Total interest-bearing liabilities

(6,675)

8,147

1,472

(15,082)

16,767

1,685

Net interest income (1)

$ 1,883

$ 13,732

$ 15,615

$ 5,514

$ 34,800

$ 40,314

(1) Not tax equivalent.

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

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

ALLOWANCE FOR CREDIT LOSS ACTIVITY

Balance at beginning of period

$ 186,487

$ 161,916

$ 158,522

$ 155,482

$ 156,791

Initial allowance on purchased loans

2,829

23,652

Provision for credit losses

6,030

9,688

8,612

9,084

9,141

Gross charge-offs

Commercial and industrial

10,788

6,636

2,165

4,996

8,178

Lease financing

918

298

606

1,454

Construction real estate

245

Commercial real estate

433

3,105

Residential real estate

127

151

Home equity

119

100

Installment

1,058

1,197

1,194

1,120

1,321

Credit card

496

729

577

489

474

Total gross charge-offs

12,660

10,159

7,676

7,327

11,513

Recoveries

Commercial and industrial

100

264

202

290

195

Lease financing

201

291

Construction real estate

Commercial real estate

1,138

Residential real estate

Home equity

116

117

144

Installment

598

682

609

716

563

Credit card

135

108

Total recoveries

1,030

1,390

2,458

1,283

1,063

Total net charge-offs

11,630

8,769

5,218

6,044

10,450

Ending allowance for credit losses

$ 183,716

$ 186,487

$ 161,916

$ 158,522

$ 155,482

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)

Commercial and industrial

0.91 %

0.59 %

0.20 %

0.49 %

0.85 %

Lease financing

0.01 %

0.46 %

0.00 %

0.41 %

0.99 %

Construction real estate

0.00 %

0.14 %

0.00 %

Commercial real estate

0.00 %

0.04 %

0.20 %

(0.01) %

0.00 %

Residential real estate

0.02 %

0.03 %

(0.02) %

(0.01) %

Home equity

0.00 %

(0.01) %

0.00 %

0.01 %

(0.03) %

Installment

1.12 %

1.25 %

2.03 %

1.38 %

2.42 %

Credit card

2.13 %

3.56 %

2.97 %

2.41 %

2.40 %

Total net charge-offs

0.35 %

0.27 %

0.18 %

0.21 %

0.36 %

COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

Nonaccrual loans

Commercial and industrial

$ 22,576

$ 27,461

$ 23,832

$ 24,489

$ 7,649

Lease financing

5,857

5,660

5,885

6,243

6,487

Construction real estate

715

1,120

1,365

Commercial real estate

49,481

45,590

24,443

23,905

25,736

Residential real estate

17,439

18,302

16,452

16,995

16,044

Home equity

3,687

2,927

3,567

3,226

2,920

Installment

786

748

652

701

719

Total nonaccrual loans

100,541

101,808

75,951

76,924

59,555

Other real estate owned (OREO)

238

184

111

204

213

Total nonperforming assets

100,779

101,992

76,062

77,128

59,768

Accruing loans past due 90 days or more

1,366

411

592

714

228

Total underperforming assets

$ 102,145

$ 102,403

$ 76,654

$ 77,842

$ 59,996

Total classified assets

$ 232,368

$ 235,451

$ 218,794

$ 214,346

$ 213,351

CREDIT QUALITY RATIOS

Allowance for credit losses to

Nonaccrual loans

182.73 %

183.18 %

213.18 %

206.08 %

261.07 %

Total ending loans

1.36 %

1.39 %

1.38 %

1.34 %

1.33 %

Nonaccrual loans to total loans

0.75 %

0.76 %

0.65 %

0.51 %

Nonperforming assets to

Ending loans, plus OREO

0.75 %

0.76 %

0.65 %

0.51 %

Total assets

0.44 %

0.48 %

0.41 %

0.32 %

Classified assets to total assets

1.02 %

1.11 %

1.18 %

1.15 %

1.16 %

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

2026

2025

PER COMMON SHARE

Market Price

High

$ 31.16

$ 26.98

$ 26.79

$ 25.19

$ 29.04

Low

$ 25.09

$ 23.26

$ 23.55

$ 22.05

$ 24.25

$ 27.88

$ 25.02

$ 25.25

$ 24.26

$ 24.98

Average shares outstanding - basic

103,705,269

96,724,148

94,889,341

94,860,428

94,645,787

Average shares outstanding - diluted

104,615,405

97,593,800

95,753,798

95,741,696

95,524,262

Ending shares outstanding

104,932,829

98,521,726

95,757,250

95,760,617

95,730,353

Total shareholders' equity

$ 2,940,625

$ 2,769,216

$ 2,631,855

$ 2,558,155

$ 2,501,235

REGULATORY CAPITAL

Preliminary

Common equity tier 1 capital

$ 1,970,561

$ 1,798,266

$ 1,828,843

$ 1,776,038

$ 1,724,134

Common equity tier 1 capital ratio

12.23 %

11.32 %

12.91 %

12.57 %

12.29 %

Tier 1 capital

$ 2,016,070

$ 1,843,672

$ 1,874,191

$ 1,821,316

$ 1,769,357

Tier 1 ratio

12.51 %

11.60 %

13.23 %

12.89 %

12.61 %

Total capital

$ 2,531,124

$ 2,457,377

$ 2,170,546

$ 2,116,180

$ 2,090,211

Total capital ratio

15.71 %

15.46 %

15.32 %

14.98 %

14.90 %

Total capital in excess of minimum requirement

$ 839,542

$ 788,889

$ 683,018

$ 632,563

$ 617,347

Total risk-weighted assets

$ 16,110,302

$ 15,890,363

$ 14,166,935

$ 14,129,683

$ 14,027,274

Leverage ratio

9.39 %

9.53 %

10.50 %

10.28 %

10.01 %

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

12.92 %

13.11 %

14.18 %

13.73 %

13.55 %

Ending tangible shareholders' equity to ending tangible assets (1)

7.88 %

7.79 %

8.87 %

8.40 %

8.16 %

Average shareholders' equity to average assets

13.12 %

13.31 %

13.87 %

13.66 %

13.38 %

Average tangible shareholders' equity to average tangible assets (1)

8.01 %

7.97 %

8.54 %

8.26 %

7.94 %

REPURCHASE PROGRAM (2)

Shares repurchased

Average share repurchase price

N/A

Total cost of shares repurchased

N/A

(2) Represents share repurchases as part of publicly announced plans.

N/A = Not applicable

SOURCE First Financial Bancorp.