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

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

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

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

Fourth quarter 2025 highlights include:

___________________________________________________________________________________________

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

Additionally, the Board of Directors approved a quarterly dividend of $0.25 per common share for the next regularly scheduled dividend, payable on March 16, 2026 to shareholders of record as of March 2, 2026.

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

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

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

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

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

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

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

Teleconference / Webcast Information

First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Thursday, January 29, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068. The recording will be available until February 12, 2026. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

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

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2024, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of December 31, 2025, the Company had $21.1 billion in assets, $13.4 billion in loans, $16.4 billion in deposits and $2.8 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.9 billion in assets under management as of December 31, 2025. The Company operated 134 full service banking centers as of December 31, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Twelve months ended,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

2025

2024

2025

2024

RESULTS OF OPERATIONS

Net income

$ 62,393

$ 71,923

$ 69,996

$ 51,293

$ 64,885

$ 255,605

$ 228,830

Net earnings per share - basic

$ 0.65

$ 0.76

$ 0.74

$ 0.54

$ 0.69

$ 2.68

$ 2.42

Net earnings per share - diluted

$ 0.64

$ 0.75

$ 0.73

$ 0.54

$ 0.68

$ 2.66

$ 2.40

Dividends declared per share

$ 0.25

$ 0.24

$ 0.98

$ 0.94

KEY FINANCIAL RATIOS

Return on average assets

1.22 %

1.54 %

1.52 %

1.13 %

1.41 %

1.35 %

1.29 %

Return on average shareholders' equity

9.18 %

11.08 %

11.16 %

8.46 %

10.57 %

9.98 %

9.78 %

Return on average tangible shareholders' equity (1)

16.27 %

19.11 %

19.61 %

15.16 %

19.08 %

17.57 %

18.31 %

Net interest margin

3.96 %

3.99 %

4.01 %

3.84 %

3.91 %

3.95 %

4.02 %

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

3.98 %

4.02 %

4.05 %

3.88 %

3.94 %

3.98 %

4.05 %

Ending shareholders' equity as a percent of ending assets

13.11 %

14.18 %

13.73 %

13.55 %

13.13 %

13.11 %

13.13 %

Ending tangible shareholders' equity as a percent of:

Ending tangible assets (1)

7.79 %

8.87 %

8.40 %

8.16 %

7.73 %

7.79 %

7.73 %

Risk-weighted assets (1)

9.76 %

10.94 %

10.44 %

10.10 %

9.61 %

9.76 %

9.61 %

Average shareholders' equity as a percent of average assets

13.31 %

13.87 %

13.66 %

13.38 %

13.36 %

13.55 %

13.15 %

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

7.97 %

8.54 %

8.26 %

7.94 %

7.87 %

8.17 %

7.48 %

Book value per share

$ 28.11

$ 27.48

$ 26.71

$ 26.13

$ 25.53

$ 28.11

$ 25.53

Tangible book value per share (1)

$ 15.74

$ 16.19

$ 15.40

$ 14.80

$ 14.15

$ 15.74

$ 14.15

Common equity tier 1 ratio (3)

11.32 %

12.91 %

12.57 %

12.29 %

12.16 %

11.32 %

12.16 %

Tier 1 ratio (3)

11.60 %

13.23 %

12.89 %

12.61 %

12.48 %

11.60 %

12.48 %

Total capital ratio (3)

15.46 %

15.32 %

14.98 %

14.90 %

14.64 %

15.46 %

14.64 %

Leverage ratio (3)

9.53 %

10.50 %

10.28 %

10.01 %

9.98 %

9.53 %

9.98 %

AVERAGE BALANCE SHEET ITEMS

Loans (4)

$ 12,812,267

$ 11,806,065

$ 11,792,840

$ 11,724,727

$ 11,687,886

$ 12,036,330

$ 11,433,226

Investment securities

3,988,846

3,552,014

3,478,921

3,411,593

3,372,539

3,609,272

3,229,577

Interest-bearing deposits with other banks

647,347

610,074

542,815

615,812

654,251

604,115

572,763

Total earning assets

$ 17,448,460

$ 15,968,153

$ 15,814,576

$ 15,752,132

$ 15,714,676

$ 16,249,717

$ 15,235,566

Total assets

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

$ 18,273,419

$ 18,906,942

$ 17,792,014

Noninterest-bearing deposits

$ 3,436,709

$ 3,124,277

$ 3,143,081

$ 3,091,037

$ 3,162,643

$ 3,199,519

$ 3,145,646

Interest-bearing deposits

12,521,948

11,387,648

11,211,694

11,149,633

11,177,010

11,570,997

10,617,427

Total deposits

$ 15,958,657

$ 14,511,925

$ 14,354,775

$ 14,240,670

$ 14,339,653

$ 14,770,516

$ 13,763,073

Borrowings

$ 848,650

$ 823,346

$ 910,573

$ 1,001,337

$ 855,083

$ 895,359

$ 1,054,222

Shareholders' equity

$ 2,695,581

$ 2,575,203

$ 2,515,747

$ 2,457,785

$ 2,441,045

$ 2,561,769

$ 2,340,056

CREDIT QUALITY RATIOS

Allowance to ending loans

1.39 %

1.38 %

1.34 %

1.33 %

1.39 %

1.33 %

Allowance to nonaccrual loans

183.18 %

213.18 %

206.08 %

261.07 %

237.66 %

183.18 %

237.66 %

Nonaccrual loans to total loans

0.76 %

0.65 %

0.51 %

0.56 %

0.76 %

0.56 %

Nonperforming assets to ending loans, plus OREO

0.76 %

0.65 %

0.51 %

0.56 %

0.76 %

0.56 %

Nonperforming assets to total assets

0.48 %

0.41 %

0.32 %

0.36 %

0.48 %

0.36 %

Classified assets to total assets

1.11 %

1.18 %

1.15 %

1.16 %

1.21 %

1.11 %

1.21 %

Net charge-offs to average loans (annualized)

0.27 %

0.18 %

0.21 %

0.36 %

0.40 %

0.25 %

0.30 %

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

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

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended,

Twelve months ended,

Dec. 31,

2025

2024

% Change

2025

2024

% Change

Interest income

Loans and leases, including fees

$ 215,663

$ 207,508

3.9 %

$ 819,151

$ 836,541

(2.1) %

Investment securities

Taxable

40,971

33,978

20.6 %

148,036

124,936

18.5 %

Tax-exempt

2,363

2,423

(2.5) %

8,995

10,835

(17.0) %

Total investment securities interest

43,334

36,401

19.0 %

157,031

135,771

15.7 %

Other earning assets

6,334

7,662

(17.3) %

25,722

29,783

(13.6) %

Total interest income

265,331

251,571

5.5 %

1,001,904

1,002,095

0.0 %

Interest expense

Deposits

78,861

85,441

(7.7) %

310,752

331,092

(6.1) %

Short-term borrowings

4,925

6,586

(25.2) %

24,842

38,856

(36.1) %

Long-term borrowings

7,550

5,145

46.7 %

24,264

20,137

20.5 %

Total interest expense

91,336

97,172

(6.0) %

359,858

390,085

(7.7) %

Net interest income

173,995

154,399

12.7 %

642,046

612,010

4.9 %

Provision for credit losses-loans and leases

9,688

9,705

(0.2) %

36,525

49,211

(25.8) %

Provision for credit losses-unfunded commitments

412

(273)

(250.9) %

1,142

(1,552)

(173.6) %

Net interest income after provision for credit losses

163,895

144,967

13.1 %

604,379

564,351

7.1 %

Noninterest income

Service charges on deposit accounts

8,308

7,632

8.9 %

31,366

29,279

7.1 %

Wealth management fees

9,288

7,962

16.7 %

32,563

28,720

13.4 %

Bankcard income

3,590

3,659

(1.9) %

14,226

14,399

(1.2) %

Client derivative fees

2,681

1,528

75.5 %

7,802

4,701

66.0 %

Foreign exchange income

22,696

16,794

35.1 %

65,666

56,064

17.1 %

Leasing business income

19,523

19,413

0.6 %

80,020

67,641

18.3 %

Net gains from sales of loans

7,041

4,634

51.9 %

24,885

17,918

38.9 %

Net gain (loss) on investment securities

(12,576)

144

N/M

(22,324)

(22,575)

(1.1) %

Other

4,216

8,088

(47.9) %

23,234

27,421

(15.3) %

Total noninterest income

64,767

69,854

(7.3) %

257,438

223,568

15.1 %

Noninterest expenses

Salaries and employee benefits

85,123

80,314

6.0 %

315,885

304,389

3.8 %

Net occupancy

6,315

5,415

16.6 %

24,182

23,050

4.9 %

Furniture and equipment

3,940

3,476

13.3 %

14,776

14,427

2.4 %

Data processing

10,465

9,139

14.5 %

37,835

35,178

7.6 %

Marketing

3,056

2,204

38.7 %

10,170

9,026

12.7 %

Communication

825

767

7.6 %

3,013

3,229

(6.7) %

Professional services

6,231

6,631

(6.0) %

14,833

14,087

5.3 %

Amortization of tax credit investments

800

14,303

(94.4) %

1,135

14,397

(92.1) %

State intangible tax

1,679

(104)

N/M

5,604

2,524

122.0 %

FDIC assessments

2,923

2,736

6.8 %

11,204

11,209

0.0 %

Intangible amortization

3,927

2,395

64.0 %

11,003

9,487

16.0 %

Leasing business expense

13,837

12,536

10.4 %

53,705

44,317

21.2 %

Other

10,410

8,095

28.6 %

37,202

34,275

8.5 %

Total noninterest expenses

149,531

147,907

1.1 %

540,547

519,595

4.0 %

Income before income taxes

79,131

66,914

18.3 %

321,270

268,324

19.7 %

Income tax expense

16,738

2,029

724.9 %

65,665

39,494

66.3 %

Net income

$ 62,393

$ 64,885

(3.8) %

$ 255,605

$ 228,830

11.7 %

ADDITIONAL DATA

Net earnings per share - basic

$ 0.65

$ 0.69

$ 2.68

$ 2.42

Net earnings per share - diluted

$ 0.64

$ 0.68

$ 2.66

$ 2.40

Dividends declared per share

$ 0.25

$ 0.24

$ 0.98

$ 0.94

Return on average assets

1.22 %

1.41 %

1.35 %

1.29 %

Return on average shareholders' equity

9.18 %

10.57 %

9.98 %

9.78 %

Interest income

$ 265,331

$ 251,571

5.5 %

$ 1,001,904

$ 1,002,095

0.0 %

Tax equivalent adjustment

1,227

1,274

(3.7) %

4,934

5,589

(11.7) %

Interest income - tax equivalent

266,558

252,845

5.4 %

1,006,838

1,007,684

(0.1) %

Interest expense

91,336

97,172

(6.0) %

359,858

390,085

(7.7) %

Net interest income - tax equivalent

$ 175,222

$ 155,673

12.6 %

$ 646,980

$ 617,599

4.8 %

Net interest margin

3.96 %

3.91 %

3.95 %

4.02 %

Net interest margin (fully tax equivalent) (1)

3.98 %

3.94 %

3.98 %

4.05 %

Full-time equivalent employees

2,164

2,064

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

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2025

Fourth

Third

Second

First

Year to

% Change

Quarter

Date

Linked Qtr.

Interest income

Loans and leases, including fees

$ 215,663

$ 204,865

$ 201,460

$ 197,163

$ 819,151

5.3 %

Investment securities

Taxable

40,971

36,421

36,243

34,401

148,036

12.5 %

Tax-exempt

2,363

2,195

2,233

2,204

8,995

7.7 %

Total investment securities interest

43,334

38,616

38,476

36,605

157,031

12.2 %

Other earning assets

6,334

6,773

5,964

6,651

25,722

(6.5) %

Total interest income

265,331

250,254

245,900

240,419

1,001,904

6.0 %

Interest expense

Deposits

78,861

77,766

75,484

78,641

310,752

1.4 %

Short-term borrowings

4,925

5,979

6,393

7,545

24,842

(17.6) %

Long-term borrowings

7,550

6,023

5,754

4,937

24,264

25.4 %

Total interest expense

91,336

89,768

87,631

91,123

359,858

1.7 %

Net interest income

173,995

160,486

158,269

149,296

642,046

8.4 %

Provision for credit losses-loans and leases

9,688

8,612

9,084

9,141

36,525

12.5 %

Provision for credit losses-unfunded commitments

412

453

718

(441)

1,142

(9.1) %

Net interest income after provision for credit losses

163,895

151,421

148,467

140,596

604,379

8.2 %

Noninterest income

Service charges on deposit accounts

8,308

7,829

7,766

7,463

31,366

6.1 %

Wealth management fees

9,288

7,351

7,787

8,137

32,563

26.4 %

Bankcard income

3,590

3,589

3,737

3,310

14,226

0.0 %

Client derivative fees

2,681

1,876

1,674

1,571

7,802

42.9 %

Foreign exchange income

22,696

16,666

13,760

12,544

65,666

36.2 %

Leasing business income

19,523

20,997

20,797

18,703

80,020

(7.0) %

Net gains from sales of loans

7,041

6,835

6,687

4,322

24,885

3.0 %

Net gain (loss) on investment securities

(12,576)

(42)

243

(9,949)

(22,324)

N/M

Other

4,216

8,424

5,612

4,982

23,234

(50.0) %

Total noninterest income

64,767

73,525

68,063

51,083

257,438

(11.9) %

Noninterest expenses

Salaries and employee benefits

85,123

80,607

74,917

75,238

315,885

5.6 %

Net occupancy

6,315

6,003

5,845

6,019

24,182

5.2 %

Furniture and equipment

3,940

3,582

3,441

3,813

14,776

10.0 %

Data processing

10,465

9,591

9,020

8,759

37,835

9.1 %

Marketing

3,056

2,359

2,737

2,018

10,170

29.5 %

Communication

825

695

681

812

3,013

18.7 %

Professional services

6,231

2,314

3,549

2,739

14,833

169.3 %

Amortization of tax credit investments

800

112

111

112

1,135

614.3 %

State intangible tax

1,679

1,531

1,517

877

5,604

9.7 %

FDIC assessments

2,923

2,611

3,059

11,204

11.9 %

Intangible amortization

3,927

2,359

2,358

2,359

11,003

66.5 %

Leasing business expense

13,837

13,911

13,155

12,802

53,705

(0.5) %

Other

10,410

8,594

8,729

9,469

37,202

21.1 %

Total noninterest expenses

149,531

134,269

128,671

128,076

540,547

11.4 %

Income before income taxes

79,131

90,677

87,859

63,603

321,270

(12.7) %

Income tax expense

16,738

18,754

17,863

12,310

65,665

(10.7) %

Net income

$ 62,393

$ 71,923

$ 69,996

$ 51,293

$ 255,605

(13.3) %

ADDITIONAL DATA

Net earnings per share - basic

$ 0.65

$ 0.76

$ 0.74

$ 0.54

$ 2.68

Net earnings per share - diluted

$ 0.64

$ 0.75

$ 0.73

$ 0.54

$ 2.66

Dividends declared per share

$ 0.25

$ 0.24

$ 0.98

Return on average assets

1.22 %

1.54 %

1.52 %

1.13 %

1.35 %

Return on average shareholders' equity

9.18 %

11.08 %

11.16 %

8.46 %

9.98 %

Interest income

$ 265,331

$ 250,254

$ 245,900

$ 240,419

$ 1,001,904

6.0 %

Tax equivalent adjustment

1,227

1,248

1,246

1,213

4,934

(1.7) %

Interest income - tax equivalent

266,558

251,502

247,146

241,632

1,006,838

6.0 %

Interest expense

91,336

89,768

87,631

91,123

359,858

1.7 %

Net interest income - tax equivalent

$ 175,222

$ 161,734

$ 159,515

$ 150,509

$ 646,980

8.3 %

Net interest margin

3.96 %

3.99 %

4.01 %

3.84 %

3.95 %

Net interest margin (fully tax equivalent) (1)

3.98 %

4.02 %

4.05 %

3.88 %

3.98 %

Full-time equivalent employees

2,164

1,986

2,033

2,021

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2024

Fourth

Third

Second

First

Full

Quarter

Year

Interest income

Loans and leases, including fees

$ 207,508

$ 215,433

$ 211,760

$ 201,840

$ 836,541

Investment securities

Taxable

33,978

32,367

30,295

28,296

124,936

Tax-exempt

2,423

2,616

2,704

3,092

10,835

Total investment securities interest

36,401

34,983

32,999

31,388

135,771

Other earning assets

7,662

6,703

7,960

7,458

29,783

Total interest income

251,571

257,119

252,719

240,686

1,002,095

Interest expense

Deposits

85,441

86,554

83,022

76,075

331,092

Short-term borrowings

6,586

9,932

11,395

10,943

38,856

Long-term borrowings

5,145

5,073

4,991

4,928

20,137

Total interest expense

97,172

101,559

99,408

91,946

390,085

Net interest income

154,399

155,560

153,311

148,740

612,010

Provision for credit losses-loans and leases

9,705

9,930

16,157

13,419

49,211

Provision for credit losses-unfunded commitments

(273)

694

286

(2,259)

(1,552)

Net interest income after provision for credit losses

144,967

144,936

136,868

137,580

564,351

Noninterest income

Service charges on deposit accounts

7,632

7,547

7,188

6,912

29,279

Wealth management fees

7,962

6,910

7,172

6,676

28,720

Bankcard income

3,659

3,698

3,900

3,142

14,399

Client derivative fees

1,528

1,160

763

1,250

4,701

Foreign exchange income

16,794

12,048

16,787

10,435

56,064

Leasing business income

19,413

16,811

16,828

14,589

67,641

Net gains from sales of loans

4,634

5,021

4,479

3,784

17,918

Net gain (loss) on investment securities

144

(17,468)

(64)

(5,187)

(22,575)

Other

8,088

9,974

4,448

4,911

27,421

Total noninterest income

69,854

45,701

61,501

46,512

223,568

Noninterest expenses

Salaries and employee benefits

80,314

74,813

75,225

74,037

304,389

Net occupancy

5,415

5,919

5,793

5,923

23,050

Furniture and equipment

3,476

3,617

3,646

3,688

14,427

Data processing

9,139

8,857

8,877

8,305

35,178

Marketing

2,204

2,255

2,605

1,962

9,026

Communication

767

851

816

795

3,229

Professional services

6,631

2,303

2,885

2,268

14,087

Amortization of tax credit investments

14,303

14,397

State intangible tax

(104)

876

875

877

2,524

FDIC assessments

2,736

3,036

2,657

2,780

11,209

Intangible amortization

2,395

2,396

2,301

9,487

Leasing business expense

12,536

11,899

10,128

9,754

44,317

Other

8,095

8,906

7,640

9,634

34,275

Total noninterest expenses

147,907

125,759

123,574

122,355

519,595

Income before income taxes

66,914

64,878

74,795

61,737

268,324

Income tax expense

2,029

12,427

13,990

11,048

39,494

Net income

$ 64,885

$ 52,451

$ 60,805

$ 50,689

$ 228,830

ADDITIONAL DATA

Net earnings per share - basic

$ 0.69

$ 0.56

$ 0.64

$ 0.54

$ 2.42

Net earnings per share - diluted

$ 0.68

$ 0.55

$ 0.64

$ 0.53

$ 2.40

Dividends declared per share

$ 0.24

$ 0.23

$ 0.94

Return on average assets

1.41 %

1.17 %

1.38 %

1.18 %

1.29 %

Return on average shareholders' equity

10.57 %

8.80 %

10.72 %

9.00 %

9.78 %

Interest income

$ 251,571

$ 257,119

$ 252,719

$ 240,686

$ 1,002,095

Tax equivalent adjustment

1,274

1,362

1,418

1,535

5,589

Interest income - tax equivalent

252,845

258,481

254,137

242,221

1,007,684

Interest expense

97,172

101,559

99,408

91,946

390,085

Net interest income - tax equivalent

$ 155,673

$ 156,922

$ 154,729

$ 150,275

$ 617,599

Net interest margin

3.91 %

4.05 %

4.06 %

4.05 %

4.02 %

Net interest margin (fully tax equivalent) (1)

3.94 %

4.08 %

4.10 %

4.05 %

Full-time equivalent employees

2,064

2,084

2,144

2,116

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

% Change

2025

2024

Linked Qtr.

Comp Qtr.

ASSETS

Cash and due from banks

$ 178,553

$ 174,659

$ 210,187

$ 190,610

$ 174,258

2.2 %

2.5 %

Interest-bearing deposits with other banks

597,338

565,080

570,173

633,349

730,228

5.7 %

(18.2) %

Investment securities available-for-sale

3,971,932

3,422,595

3,386,562

3,260,981

3,183,776

16.1 %

24.8 %

Investment securities held-to-maturity

58,545

71,595

72,994

76,469

76,960

(18.2) %

(23.9) %

Other investments

129,564

117,120

122,322

120,826

114,598

10.6 %

13.1 %

Loans held for sale

16,953

21,466

26,504

17,927

13,181

(21.0) %

28.6 %

Loans and leases

Commercial and industrial

4,632,241

3,838,630

3,927,771

3,832,350

3,815,858

20.7 %

21.4 %

Lease financing

638,527

596,734

587,176

573,608

598,045

7.0 %

6.8 %

Construction real estate

677,339

627,960

732,777

824,775

779,446

7.9 %

(13.1) %

Commercial real estate

4,384,556

4,048,370

3,961,513

3,956,880

4,061,744

8.3 %

7.9 %

Residential real estate

1,832,184

1,494,464

1,492,688

1,479,704

1,462,284

22.6 %

25.3 %

Home equity

1,005,204

935,975

903,299

872,502

849,039

7.4 %

18.4 %

Installment

188,694

109,764

116,598

119,672

133,051

71.9 %

41.8 %

Credit card

65,325

62,654

64,374

64,639

62,311

4.3 %

4.8 %

Total loans

13,424,070

11,714,551

11,786,196

11,724,130

11,761,778

14.6 %

14.1 %

Less:

Allowance for credit losses

(186,487)

(161,916)

(158,522)

(155,482)

(156,791)

15.2 %

18.9 %

Net loans

13,237,583

11,552,635

11,627,674

11,568,648

11,604,987

14.6 %

14.1 %

Premises and equipment

204,760

198,251

197,741

197,968

197,965

3.3 %

3.4 %

Operating leases

214,003

214,667

217,100

213,648

209,119

(0.3) %

2.3 %

Goodwill

1,099,524

1,007,656

9.1 %

Other intangibles

118,832

73,797

75,458

77,002

79,291

61.0 %

49.9 %

Accrued interest and other assets

1,301,792

1,134,985

1,119,884

1,089,983

1,178,242

14.7 %

10.5 %

Total Assets

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

$ 18,570,261

13.9 %

13.8 %

LIABILITIES

Deposits

Interest-bearing demand

$ 3,360,613

$ 2,983,132

$ 3,057,232

$ 3,004,601

$ 3,095,724

12.7 %

8.6 %

Savings

5,973,532

5,029,097

4,979,124

4,886,613

4,948,768

18.8 %

20.7 %

Time

3,622,227

3,293,707

3,201,711

3,144,440

3,152,265

10.0 %

14.9 %

Total interest-bearing deposits

12,956,372

11,305,936

11,238,067

11,035,654

11,196,757

14.6 %

15.7 %

Noninterest-bearing

3,465,470

3,127,512

3,131,926

3,161,302

3,132,381

10.8 %

10.6 %

Total deposits

16,421,842

14,433,448

14,369,993

14,196,956

14,329,138

13.8 %

14.6 %

FHLB short-term borrowings

675,000

550,000

680,000

735,000

625,000

22.7 %

8.0 %

Other

332

45,167

4,699

64,792

130,452

(99.3) %

(99.7) %

Total short-term borrowings

675,332

595,167

684,699

799,792

755,452

13.5 %

(10.6) %

Long-term debt

514,052

221,823

344,955

345,878

347,509

131.7 %

47.9 %

Total borrowed funds

1,189,384

816,990

1,029,654

1,145,670

1,102,961

45.6 %

7.8 %

Accrued interest and other liabilities

748,937

672,213

676,453

611,206

700,121

11.4 %

7.0 %

Total Liabilities

18,360,163

15,922,651

16,076,100

15,953,832

16,132,220

15.3 %

13.8 %

SHAREHOLDERS' EQUITY

Common stock

1,647,618

1,641,315

1,638,796

1,637,041

1,642,055

0.4 %

0.3 %

Retained earnings

1,437,286

1,399,577

1,351,674

1,304,636

1,276,329

2.7 %

12.6 %

Accumulated other comprehensive income (loss)

(189,942)

(223,000)

(246,384)

(253,888)

(289,799)

(14.8) %

(34.5) %

Treasury stock, at cost

(125,746)

(186,037)

(185,931)

(186,554)

(190,544)

(32.4) %

(34.0) %

Total Shareholders' Equity

2,769,216

2,631,855

2,558,155

2,501,235

2,438,041

5.2 %

13.6 %

Total Liabilities and Shareholders' Equity

$ 21,129,379

$ 18,554,506

$ 18,634,255

$ 18,455,067

$ 18,570,261

13.9 %

13.8 %

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

2025

2024

2025

2024

ASSETS

Cash and due from banks

$ 178,403

$ 165,210

$ 174,375

$ 164,734

$ 182,242

$ 170,703

$ 185,006

Interest-bearing deposits with other banks

647,347

610,074

542,815

615,812

654,251

604,115

572,763

Investment securities

3,988,846

3,552,014

3,478,921

3,411,593

3,372,539

3,609,272

3,229,577

Loans held for sale

32,425

26,366

25,026

10,212

17,284

23,576

14,967

Loans and leases

Commercial and industrial

4,310,399

3,890,886

3,881,001

3,787,207

3,727,549

3,968,597

3,677,979

Lease financing

617,518

592,510

581,091

585,119

587,110

594,144

532,212

Construction real estate

679,884

711,011

784,028

797,100

826,936

742,597

720,031

Commercial real estate

4,240,042

3,993,549

3,958,730

4,018,211

4,045,347

4,053,079

4,088,127

Residential real estate

1,717,439

1,489,942

1,485,479

1,475,703

1,442,799

1,542,660

1,385,351

Home equity

981,406

919,368

891,761

858,153

837,863

913,028

801,358

Installment

164,013

114,058

117,724

127,192

136,927

130,802

147,321

Credit card

69,141

68,375

68,000

65,830

66,071

67,847

65,880

Total loans

12,779,842

11,779,699

11,767,814

11,714,515

11,670,602

12,012,754

11,418,259

Less:

Allowance for credit losses

(179,275)

(162,417)

(158,170)

(158,206)

(161,477)

(164,569)

(153,126)

Net loans

12,600,567

11,617,282

11,609,644

11,556,309

11,509,125

11,848,185

11,265,133

Premises and equipment

202,956

199,167

198,407

198,998

197,664

199,891

198,278

Operating leases

211,091

217,404

212,684

205,181

202,110

211,622

173,432

Goodwill

1,069,781

1,007,656

1,007,658

1,023,315

1,007,363

Other intangibles

104,184

74,448

76,076

78,220

80,486

83,279

82,940

Accrued interest and other assets

1,220,939

1,096,567

1,093,833

1,119,889

1,050,060

1,132,984

1,062,555

Total Assets

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

$ 18,273,419

$ 18,906,942

$ 17,792,014

LIABILITIES

Deposits

Interest-bearing demand

$ 3,276,425

$ 3,036,296

$ 3,066,986

$ 3,090,526

$ 3,081,148

$ 3,117,845

$ 2,945,315

Savings

5,740,651

5,054,563

5,005,526

4,918,004

4,886,784

5,181,597

4,650,554

Time

3,504,872

3,296,789

3,139,182

3,141,103

3,209,078

3,271,555

3,021,558

Total interest-bearing deposits

12,521,948

11,387,648

11,211,694

11,149,633

11,177,010

11,570,997

10,617,427

Noninterest-bearing

3,436,709

3,124,277

3,143,081

3,091,037

3,162,643

3,199,519

3,145,646

Total deposits

15,958,657

14,511,925

14,354,775

14,240,670

14,339,653

14,770,516

13,763,073

Federal funds purchased and securities sold

under agreements to repurchase

2,283

12,434

4,780

2,055

2,282

5,408

4,522

FHLB short-term borrowings

444,511

497,092

532,198

553,667

415,652

506,541

588,987

Other

13,891

21,519

26,226

99,378

93,298

39,968

119,361

Total short-term borrowings

460,685

531,045

563,204

655,100

511,232

551,917

712,870

Long-term debt

387,965

292,301

347,369

346,237

343,851

343,442

341,352

Total borrowed funds

848,650

823,346

910,573

1,001,337

855,083

895,359

1,054,222

Accrued interest and other liabilities

753,651

655,714

638,342

668,812

637,638

679,298

634,663

Total Liabilities

17,560,958

15,990,985

15,903,690

15,910,819

15,832,374

16,345,173

15,451,958

SHAREHOLDERS' EQUITY

Common stock

1,644,923

1,639,986

1,637,782

1,641,016

1,640,280

1,640,935

1,637,343

Retained earnings

1,406,388

1,369,069

1,322,168

1,282,300

1,249,263

1,345,387

1,196,301

Accumulated other comprehensive loss

(209,767)

(247,746)

(257,873)

(275,068)

(257,792)

(247,435)

(301,167)

Treasury stock, at cost

(145,963)

(186,106)

(186,330)

(190,463)

(190,706)

(177,118)

(192,421)

Total Shareholders' Equity

2,695,581

2,575,203

2,515,747

2,457,785

2,441,045

2,561,769

2,340,056

Total Liabilities and Shareholders' Equity

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 18,368,604

$ 18,273,419

$ 18,906,942

$ 17,792,014

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

December 31, 2025

September 30, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Yield

Balance

Yield

Earning assets

Investments:

Investment securities

$ 3,988,846

$ 43,334

4.31 %

$ 3,552,014

$ 38,616

4.31 %

$ 3,372,539

$ 36,401

4.28 %

$ 3,609,272

4.35 %

$ 3,229,577

4.20 %

Interest-bearing deposits with other banks

647,347

6,334

3.88 %

610,074

6,773

4.40 %

654,251

7,662

4.65 %

604,115

4.26 %

572,763

5.20 %

Gross loans (1)

12,812,267

215,663

6.68 %

11,806,065

204,865

6.88 %

11,687,886

207,508

7.04 %

12,036,330

6.81 %

11,433,226

7.32 %

Total earning assets

17,448,460

265,331

6.03 %

15,968,153

250,254

6.22 %

15,714,676

251,571

6.35 %

16,249,717

6.17 %

15,235,566

6.58 %

Nonearning assets

Allowance for credit losses

(179,275)

(162,417)

(161,477)

(164,569)

(153,126)

Cash and due from banks

178,403

165,210

182,242

170,703

185,006

Accrued interest and other assets

2,808,951

2,595,242

2,537,978

2,651,091

2,524,568

Total assets

$ 20,256,539

$ 18,566,188

$ 18,273,419

$ 18,906,942

$ 17,792,014

Interest-bearing liabilities

Deposits:

Interest-bearing demand

$ 3,276,425

$ 13,818

1.67 %

$ 3,036,296

$ 14,592

1.91 %

$ 3,081,148

$ 15,092

1.94 %

$ 3,117,845

1.85 %

$ 2,945,315

2.07 %

Savings

5,740,651

32,343

2.24 %

5,054,563

30,854

2.42 %

4,886,784

33,924

2.75 %

5,181,597

2.38 %

4,650,554

2.81 %

Time

3,504,872

32,700

3.70 %

3,296,789

32,320

3.89 %

3,209,078

36,425

4.50 %

3,271,555

3.96 %

3,021,558

4.62 %

Total interest-bearing deposits

12,521,948

78,861

2.50 %

11,387,648

77,766

2.71 %

11,177,010

85,441

3.03 %

11,570,997

2.69 %

10,617,427

3.12 %

Borrowed funds

Short-term borrowings

460,685

4,925

4.24 %

531,045

5,979

4.47 %

511,232

6,586

5.11 %

551,917

4.50 %

712,870

5.45 %

Long-term debt

387,965

7,550

7.72 %

292,301

6,023

8.17 %

343,851

5,145

5.94 %

343,442

7.06 %

341,352

5.90 %

Total borrowed funds

848,650

12,475

5.83 %

823,346

12,002

5.78 %

855,083

11,731

5.44 %

895,359

5.48 %

1,054,222

5.60 %

Total interest-bearing liabilities

13,370,598

91,336

2.71 %

12,210,994

89,768

2.92 %

12,032,093

97,172

3.20 %

12,466,356

2.89 %

11,671,649

3.34 %

Noninterest-bearing liabilities

Noninterest-bearing demand deposits

3,436,709

3,124,277

3,162,643

3,199,519

3,145,646

Other liabilities

753,651

655,714

637,638

679,298

634,663

Shareholders' equity

2,695,581

2,575,203

2,441,045

2,561,769

2,340,056

Total liabilities & shareholders' equity

$ 20,256,539

$ 18,566,188

$ 18,273,419

$ 18,906,942

$ 17,792,014

Net interest income

$ 173,995

$ 160,486

$ 154,399

$ 642,046

$ 612,010

Net interest spread

3.32 %

3.30 %

3.15 %

3.28 %

3.24 %

Net interest margin

3.96 %

3.99 %

3.91 %

3.95 %

4.02 %

Tax equivalent adjustment

0.02 %

0.03 %

Net interest margin (fully tax equivalent)

3.98 %

4.02 %

3.94 %

3.98 %

4.05 %

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

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

Linked Qtr. Income Variance

Comparable Qtr. Income Variance

Year-to-Date Income Variance

Rate

Volume

Total

Rate

Volume

Total

Rate

Volume

Total

Earning assets

Investment securities

$ (28)

$ 4,746

$ 4,718

$ 238

$ 6,695

$ 6,933

$ 4,740

$ 16,520

$ 21,260

Interest-bearing deposits with other banks

(804)

365

(439)

(1,260)

(68)

(1,328)

(5,396)

1,335

(4,061)

Gross loans (2)

(6,139)

16,937

10,798

(10,771)

18,926

8,155

(58,435)

41,045

(17,390)

Total earning assets

(6,971)

22,048

15,077

(11,793)

25,553

13,760

(59,091)

58,900

(191)

Interest-bearing liabilities

Total interest-bearing deposits

$ (6,049)

$ 7,144

$ 1,095

$ (15,050)

$ 8,470

$ (6,580)

$ (45,949)

$ 25,609

$ (20,340)

Borrowed funds

Short-term borrowings

(302)

(752)

(1,054)

(1,121)

(540)

(1,661)

(6,769)

(7,245)

(14,014)

Long-term debt

(335)

1,862

1,527

1,547

858

2,405

3,979

148

4,127

Total borrowed funds

(637)

1,110

473

426

318

744

(2,790)

(7,097)

(9,887)

Total interest-bearing liabilities

(6,686)

8,254

1,568

(14,624)

8,788

(5,836)

(48,739)

18,512

(30,227)

Net interest income (1)

$ (285)

$ 13,794

$ 13,509

$ 2,831

$ 16,765

$ 19,596

$ (10,352)

$ 40,388

$ 30,036

(1) Not tax equivalent.

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

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Three Months Ended,

Full Year,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

2025

2024

2025

2024

ALLOWANCE FOR CREDIT LOSS ACTIVITY

Balance at beginning of period

$ 161,916

$ 158,522

$ 155,482

$ 156,791

$ 158,831

$ 156,791

$ 141,433

Initial allowance on purchased loans

23,652

Provision for credit losses

9,688

8,612

9,084

9,141

9,705

36,525

49,211

Gross charge-offs

Commercial and industrial

6,636

2,165

4,996

8,178

4,333

21,975

14,648

Lease financing

918

298

606

1,454

2,831

3,276

3,392

Construction real estate

245

Commercial real estate

433

3,105

5,051

3,538

10,633

Residential real estate

151

167

143

Home equity

100

210

373

447

Installment

1,197

1,194

1,120

1,321

1,680

4,832

7,460

Credit card

729

577

489

474

492

2,269

2,586

Total gross charge-offs

10,159

7,676

7,327

11,513

14,609

36,675

39,309

Recoveries

Commercial and industrial

264

202

290

195

1,779

951

2,611

Lease financing

201

291

532

Construction real estate

Commercial real estate

1,138

1,237

219

Residential real estate

137

106

Home equity

117

144

222

429

660

Installment

682

609

716

563

499

2,570

1,284

Credit card

108

305

338

488

Total recoveries

1,390

2,458

1,283

1,063

2,864

6,194

5,456

Total net charge-offs

8,769

5,218

6,044

10,450

11,745

30,481

33,853

Ending allowance for credit losses

$ 186,487

$ 161,916

$ 158,522

$ 155,482

$ 156,791

$ 186,487

$ 156,791

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

Commercial and industrial

0.59 %

0.20 %

0.49 %

0.85 %

0.27 %

0.53 %

0.33 %

Lease financing

0.46 %

0.00 %

0.41 %

0.99 %

1.91 %

0.46 %

0.62 %

Construction real estate

0.00 %

0.14 %

0.00 %

0.03 %

0.00 %

Commercial real estate

0.04 %

0.20 %

(0.01) %

0.00 %

0.49 %

0.06 %

0.25 %

Residential real estate

0.03 %

(0.02) %

(0.01) %

0.00 %

Home equity

(0.01) %

0.00 %

0.01 %

(0.03) %

(0.01) %

(0.03) %

Installment

1.25 %

2.03 %

1.38 %

2.42 %

3.43 %

1.73 %

4.19 %

Credit card

3.56 %

2.97 %

2.41 %

2.40 %

1.13 %

2.85 %

3.18 %

Total net charge-offs

0.27 %

0.18 %

0.21 %

0.36 %

0.40 %

0.25 %

0.30 %

COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

Nonaccrual loans

Commercial and industrial

$ 27,461

$ 23,832

$ 24,489

$ 7,649

$ 6,641

$ 27,461

$ 6,641

Lease financing

5,660

5,885

6,243

6,487

6,227

5,660

6,227

Construction real estate

1,120

1,365

1,120

Commercial real estate

45,590

24,443

23,905

25,736

32,303

45,590

32,303

Residential real estate

18,302

16,452

16,995

16,044

16,700

18,302

16,700

Home equity

2,927

3,567

3,226

2,920

3,418

2,927

3,418

Installment

748

652

701

719

684

748

684

Total nonaccrual loans

101,808

75,951

76,924

59,555

65,973

101,808

65,973

Other real estate owned (OREO)

184

111

204

213

184

Total nonperforming assets

101,992

76,062

77,128

59,768

66,037

101,992

66,037

Accruing loans past due 90 days or more

411

592

714

228

361

411

361

Total underperforming assets

$ 102,403

$ 76,654

$ 77,842

$ 59,996

$ 66,398

$ 102,403

$ 66,398

Total classified assets

$ 235,451

$ 218,794

$ 214,346

$ 213,351

$ 224,084

$ 235,451

$ 224,084

CREDIT QUALITY RATIOS

Allowance for credit losses to

Nonaccrual loans

183.18 %

213.18 %

206.08 %

261.07 %

237.66 %

183.18 %

237.66 %

Total ending loans

1.39 %

1.38 %

1.34 %

1.33 %

1.39 %

1.33 %

Nonaccrual loans to total loans

0.76 %

0.65 %

0.51 %

0.56 %

0.76 %

0.56 %

Nonperforming assets to

Ending loans, plus OREO

0.76 %

0.65 %

0.51 %

0.56 %

0.76 %

0.56 %

Total assets

0.48 %

0.41 %

0.32 %

0.36 %

0.48 %

0.36 %

Classified assets to total assets

1.11 %

1.18 %

1.15 %

1.16 %

1.21 %

1.11 %

1.21 %

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Twelve months ended,

Dec. 31,

Sep. 30,

June 30,

Mar. 31,

Dec. 31,

2025

2024

2025

2024

PER COMMON SHARE

Market Price

High

$ 26.98

$ 26.79

$ 25.19

$ 29.04

$ 30.34

$ 29.04

$ 30.34

Low

$ 23.26

$ 23.55

$ 22.05

$ 24.25

$ 23.98

$ 22.05

$ 20.79

$ 25.02

$ 25.25

$ 24.26

$ 24.98

$ 26.88

$ 25.02

$ 26.88

Average shares outstanding - basic

96,724,148

94,889,341

94,860,428

94,645,787

94,486,838

95,284,550

94,404,617

Average shares outstanding - diluted

97,593,800

95,753,798

95,741,696

95,524,262

95,487,564

96,157,964

95,405,719

Ending shares outstanding

98,521,726

95,757,250

95,760,617

95,730,353

95,494,840

98,521,726

95,494,840

Total shareholders' equity

$ 2,769,216

$ 2,631,855

$ 2,558,155

$ 2,501,235

$ 2,438,041

$ 2,769,216

$ 2,438,041

REGULATORY CAPITAL

Preliminary

Common equity tier 1 capital

$ 1,798,266

$ 1,828,843

$ 1,776,038

$ 1,724,134

$ 1,709,422

$ 1,798,266

$ 1,709,422

Common equity tier 1 capital ratio

11.32 %

12.91 %

12.57 %

12.29 %

12.16 %

11.32 %

12.16 %

Tier 1 capital

$ 1,843,672

$ 1,874,191

$ 1,821,316

$ 1,769,357

$ 1,754,584

$ 1,843,672

$ 1,754,584

Tier 1 ratio

11.60 %

13.23 %

12.89 %

12.61 %

12.48 %

11.60 %

12.48 %

Total capital

$ 2,457,377

$ 2,170,546

$ 2,116,180

$ 2,090,211

$ 2,057,877

$ 2,457,377

$ 2,057,877

Total capital ratio

15.46 %

15.32 %

14.98 %

14.90 %

14.64 %

15.46 %

14.64 %

Total capital in excess of minimum requirement

$ 788,889

$ 683,018

$ 632,563

$ 617,347

$ 581,659

$ 788,889

$ 581,659

Total risk-weighted assets

$ 15,890,363

$ 14,166,935

$ 14,129,683

$ 14,027,274

$ 14,059,215

$ 15,890,363

$ 14,059,215

Leverage ratio

9.53 %

10.50 %

10.28 %

10.01 %

9.98 %

9.53 %

9.98 %

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

13.11 %

14.18 %

13.73 %

13.55 %

13.13 %

13.11 %

13.13 %

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

7.79 %

8.87 %

8.40 %

8.16 %

7.73 %

7.79 %

7.73 %

Average shareholders' equity to average assets

13.31 %

13.87 %

13.66 %

13.38 %

13.36 %

13.55 %

13.15 %

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

7.97 %

8.54 %

8.26 %

7.94 %

7.87 %

8.17 %

7.48 %

REPURCHASE PROGRAM (2)

Shares repurchased

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.