Form 8-K
8-K — FIRST FINANCIAL BANCORP /OH/
Accession: 0000708955-26-000088
Filed: 2026-04-23
Period: 2026-04-23
CIK: 0000708955
SIC: 6021 (NATIONAL COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — ffbc-20260423.htm (Primary)
EX-99.1 (a8k1q26earningsreleaseex991.htm)
EX-99.2 (exh992earningsrelease1q2.htm)
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8-K
8-K (Primary)
Filename: ffbc-20260423.htm · Sequence: 1
ffbc-20260423
0000708955false00007089552026-04-232026-04-230000708955exch:XNMS2026-04-232026-04-23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2026
FIRST FINANCIAL BANCORP.
(Exact name of registrant as specified in its charter)
Ohio 001-34762 31-1042001
(State or other jurisdiction of
incorporation or organization) (Commission File Number) (I.R.S. employer
identification number)
255 East Fifth Street, Suite 900 Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (877) 322-9530
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of exchange on which registered
Common stock, No par value FFBC The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 23, 2026, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first three months of 2026. A copy of the earnings 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 included in this Report as Exhibit 99.2 and will be available on the Company's website, www.bankatfirst.com.
The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 and 99.2 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") , or otherwise subject to the liabilities under the Exchange Act. Such information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events.
Also on April 23, 2026, the Company announced that the Board of Directors has authorized the purchase of up to 5,000,000 shares of the Company’s common stock, representing approximately 4.8% of the Company's issued and outstanding shares of common stock as of March 31, 2026. The stock repurchase plan was effective on April 21, 2026, in replacement of the stock repurchase plan previously authorized in December 2023 that expired on December 31, 2025. The current stock repurchase plan will expire on December 31, 2027.
The Board of Directors reauthorized the stock repurchase plan based on the continued strength of the Company’s balance sheet and capital position. The Board believes that a stock repurchase plan is an important tool that can be utilized to enhance long term shareholder value. Share repurchases will be made periodically as permitted by securities laws and other legal requirements and will be subject to market conditions as well as other factors. Purchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions. Share purchases may be commenced or suspended at any time or periodically without prior notice. A copy of the announcement is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
The following exhibits shall not be deemed to be "filed" for purposes of the Exchange Act:
Exhibit No. Description
99.1 First Financial Bancorp. Press Release dated April 23, 2026
99.2 First Financial Bancorp. presentation materials
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this 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: April 23, 2026
EX-99.1
EX-99.1
Filename: a8k1q26earningsreleaseex991.htm · Sequence: 2
Document
Exhibit 99.1
First Financial Bancorp Announces First Quarter 2026 Financial Results
•Earnings per diluted share of $0.71; $0.77 on an adjusted(1) basis
•Return on average assets of 1.34%; 1.45% on an adjusted(1) basis
•Net interest margin on FTE basis(1) of 3.99%
•Record quarterly revenue of $265.3 million on an adjusted(1) basis
•Noninterest income of $75.6 million on an adjusted(1) basis
•$150 million of subordinated debt redeemed
•ROTCE of 17.8%; 19.2% on adjusted(1) basis
•2nd consecutive Gallup Exceptional Workplace Award for outstanding associate engagement
•BankFinancial acquisition closed January 1, 2026
•Board of Directors authorized 5,000,000 share repurchase plan
Cincinnati, Ohio - April 23, 2026. 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:
•Robust net interest margin of 3.97%, or 3.99% on a fully tax-equivalent basis(1)
◦1 bp increase from fourth quarter
◦Increase from linked quarter driven by a 13 bp decline in funding costs, which was partially offset by a 12 bp decrease in asset yields
•Noninterest income of $81.9 million; $75.6 million on an adjusted(1) basis
◦Adjustments include a $1.3 million loss on securities, an $8.9 million gain on bargain purchase, and a $1.4 million loss on the surrender of a bank owned life insurance policy
◦Leasing business income remains strong at $21.6 million, a 10.7% increase from fourth quarter
◦Record wealth management income increased 12.9%, to $10.5 million
◦Foreign exchange income of $16.3 million
•Noninterest expenses of $169.4 million, or $154.8 million as adjusted(1); 9.1% increase from linked quarter
◦Adjustments(1) include $14.3 million of acquisition related expenses, $0.7 million of tax credit investment writedowns and $0.4 million of efficiency and other noninterest expenses
◦Increase driven by the BankFinancial and Westfield acquisitions
◦Efficiency ratio of 62.4%; 58.4% as adjusted(1)
•Modest loan growth during the quarter
◦End of period loan balances increased $70.8 million; includes $227.7 million acquired in BankFinancial transaction offset primarily by $151.9 million decrease in ICRE
◦Decline in legacy loan balances driven by elevated payoffs
◦Originations increased approximately 45% compared to the first quarter of 2025
◦Significant increase in loan pipelines since January
___________________________________________________________________________________________
(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 average deposit growth during the quarter
◦Total average deposit balances increased $1.7 billion; includes $1.2 billion impact from the BankFinancial acquisition and full quarter impact from Westfield
◦Seasonal decline in public funds
•Total Allowance for Credit Losses of $206.7 million; Total quarterly provision expense of $8.5 million
◦Loans and leases - ACL of $183.7 million; $2.8 million initial ACL related to BankFinancial
◦ACL to total loans of 1.36%
◦Unfunded Commitments - ACL of $23.0 million; $0.3 million related to BankFinancial
◦Annualized net charge-offs were 35 bps of total loans
◦Nonperforming assets decreased slightly to 0.44% of total assets; Classified assets decreased to 1.02% of total assets
•Capital ratios remain strong
◦Total capital ratio increased 25 bps to 15.71%
◦Tier 1 common equity increased 91 bps to 12.23%
◦Tangible common equity of 7.88%(1); 8.89%(1) excluding impact from AOCI
◦Tangible book value per share of $16.15(1); 2.6% increase from linked quarter
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.
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.
Teleconference / Webcast Information
First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on 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:
•economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business;
•future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses
•the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;
•Management’s ability to effectively execute its business plans;
•mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;
•the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period;
•the effect of changes in accounting policies and practices;
•changes in consumer spending, borrowing and saving and changes in unemployment;
•changes in customers’ performance and creditworthiness;
•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
•current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth;
•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
•financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
•the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;
•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and
•our ability to develop and execute effective business plans and strategies.
Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 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.
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
March 31, 2026
(unaudited)
Contents Page
Consolidated Financial Highlights 2
Consolidated Quarterly Statements of Income 3
Consolidated Statements of Condition 4
Average Consolidated Statements of Condition 5
Net Interest Margin Rate / Volume Analysis 6-7
Credit Quality 8
Capital Adequacy 9
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 2025 2025 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 $ 0.25 $ 0.25 $ 0.24 $ 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 % 0.65 % 0.51 %
Nonperforming assets to ending loans, plus OREO 0.75 % 0.76 % 0.65 % 0.65 % 0.51 %
Nonperforming assets to total assets 0.44 % 0.48 % 0.41 % 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 %
(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) March 31, 2026 regulatory capital ratios are preliminary.
(4) Includes loans held for sale.
2
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 Quarter Quarter Quarter 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 0 0 0 0 0
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 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 $ 0.25 $ 0.25 $ 0.24 $ 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.
3
FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, % Change % Change
2026 2025 2025 2025 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 1,007,656 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 %
4
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 2025 2025 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 1,007,656 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 0 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
5
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 % 0.02 % 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.
6
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.
7
FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
Three Months Ended,
Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31,
2026 2025 2025 2025 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 0 0 0
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 43 918 298 606 1,454
Construction real estate 0 0 245 0 0
Commercial real estate 29 433 3,105 0 0
Residential real estate 127 151 0 16 0
Home equity 119 95 92 100 86
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 23 201 291 11 29
Construction real estate 0 0 0 0 0
Commercial real estate 28 5 1,138 70 24
Residential real estate 30 13 58 42 24
Home equity 116 117 94 74 144
Installment 598 682 609 716 563
Credit card 135 108 66 80 84
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 % 0.00 % 0.14 % 0.00 % 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) % (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 1,120 1,365 0
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 % 0.65 % 0.51 %
Nonperforming assets to
Ending loans, plus OREO 0.75 % 0.76 % 0.65 % 0.65 % 0.51 %
Total assets 0.44 % 0.48 % 0.41 % 0.41 % 0.32 %
Classified assets to total assets 1.02 % 1.11 % 1.18 % 1.15 % 1.16 %
8
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 2025 2025 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
Close $ 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 0 0 0 0 0
Average share repurchase price 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
(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
9
EX-99.2
EX-99.2
Filename: exh992earningsrelease1q2.htm · Sequence: 3
exh992earningsrelease1q2
earnings presentation • First Quarter 2026 Exhibit 99.2
forward looking statements disclosure 2 Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “expected,” “estimated,” ‘‘intends’’ and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements. As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: • economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business; • future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses; • the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iv) management’s ability to effectively execute its business plans; • mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; • the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period; • the effect of changes in accounting policies and practices; • changes in consumer spending, borrowing and saving and changes in unemployment; • changes in customers’ performance and creditworthiness; • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; • current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, trade and tariff policies, and any slowdown in global economic growth; • our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
forward looking statements disclosure 3 • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale; • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses; • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and • our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 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.
1Q 2026 results 142nd Consecutive Quarter of Profitability 4 • EOP assets increased $1.6 billion compared to the linked quarter to $22.8 billion; $1.4 billion from BankFinancial • EOP loans increased $70.8 million compared to the linked quarter to $13.5 billion; $227.7 million from BankFinancial • Average deposits increased $1.7 billion compared to the linked quarter to $17.6 billion • EOP investment securities increased $972.2 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $81.9 million; $75.6 million as adjusted1 • Noninterest expense – $169.4 million; $154.8 million as adjusted1 • Efficiency ratio – 62.4%. Adjusted1 efficiency ratio – 58.4% • Effective tax rate of 20.4%. Adjusted1 effective tax rate of 21.0% • Net interest income – $189.6 million • Net interest margin of 3.97% on a GAAP basis; 3.99% on a fully tax equivalent basis1 • Net income – $74.4 million or $0.71 per diluted share. Adjusted1 net income – $80.5 million or $0.77 per diluted share • Return on average assets – 1.34%. Adjusted 1 return on average assets – 1.45% • Return on average shareholders’ equity – 10.24%. Adjusted1 return on average shareholders’ equity – 11.07% • Return on average tangible common equity – 17.78%. Adjusted1 return on average tangible common equity – 19.22% • Provision expense – $8.5 million • Net charge-offs – $11.6 million. NCOs / Avg. Loans – 0.35% annualized • Classified Assets / Total Assets – 1.02% • NPA / Total Assets – 0.44% • ACL / Total Loans – 1.36%; $2.8 million total reserve build due to BankFinancial • Total capital ratio – 15.71% • Tier 1 common equity ratio – 12.23% • Tangible common equity ratio – 7.88%. Adjusted1 tangible common equity ratio – 8.89% • Tangible book value per share – $16.15 • Board of Directors authorized 5 million share repurchase plan 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.
1Q 2026 highlights • Strong adjusted1 quarterly earnings driven by robust net interest margin • Adjusted1 earnings per share – $0.77 • Adjusted1 return on assets – 1.45% • Adjusted1 pre-tax, pre-provision return on assets – 1.99% • Adjusted1 return on average tangible common equity – 19.22% • Modest loan growth during the quarter • EOP loan balances increased $71 million compared to the linked quarter • Growth included $228 million from the BankFinancial acquisition, offset primarily by $152 million decline in ICRE balances • Originations increased approximately 45% compared to the first quarter of 2025, and by over 25% excluding acquisitions • Loan pipelines have increased significantly since January • Total average deposit balances increased $1.7 billion • Includes $1.2 billion impact from the BankFinancial acquisition and full quarter impact from Westfield • Seasonal decline in public funds • Average noninterest bearing deposits were 20% of average total deposits • Net interest margin (FTE)¹ of 3.99% increased 1 bp from linked quarter • 13 bp decrease in cost of funds o 3 bp decline from BankFinancial acquisition • 12 bp decrease in asset yields 5 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 $81.9 million; $75.6 million as adjusted1; significantly outpacing expectations • Adjustments include $1.3 million loss on securities, $8.9 million gain on bargain purchase related to the BankFinancial acquisition, and $1.4 million loss on the surrender of a bank owned life insurance policy • Record wealth management income of $10.5 million; 12.9% increase from linked quarter • Double digit percentage growth in client derivative fees and leasing business income • Foreign exchange income of $16.3 million • 24% increase in adjusted1 fee income compared to 1Q25 • Adjusted1 noninterest expense of $154.8 million; 9.1% increase from fourth quarter; outperformed expectations • Adjustments1 include $14.3 million of acquisition related expenses, $0.7 million of tax credit write-downs, and $0.4 million of efficiency and other noninterest expenses • Increase driven by the BankFinancial and Westfield acquisitions • Efficiency ratio of 62.4%; 58.4% as adjusted1 • Credit quality in line with expectations • Total ACL of $206.7 million; provision expense of $8.5 million o Loans and leases - ACL of $183.7 million; $2.8 million related to BankFinancial o 1.36% of total loans o Unfunded Commitments - ACL of $23.0 million; $0.3 million related to BankFinancial • $11.6 million in net charge-offs; 0.35% of loans on an annualized basis • Nonperforming assets decreased slightly to 0.44% of total assets; Classified assets declined to 1.02% of total assets • Capital ratios remain strong • Total capital ratio of 15.71%; 25 bp increase from linked quarter • Tier 1 common equity of 12.23%; 91 bp increase from linked quarter • Tangible book value of $16.15; increased $0.41, or 2.6% from linked quarter • Tangible common equity increased slightly to 7.88%; 8.89%1 excluding ($217.4) million of AOCI • Board of Directors authorized 5,000,000 share repurchase plan 1Q 2026 highlights 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. .
acquisition update 7 Westfield Bank BankFinancial • Successful conversion in March • Stable loan and deposit balances • Successful retention of client- facing teams • On track to achieve financial targets, cost savings and EPS contribution • Full impact from cost savings expected at the beginning of 3Q26 • Opened Wadsworth, OH branch in February • Closed on January 1st • Conversion scheduled for June • Sold $427 million of multi-family loans • $8.9 million bargain purchase gain recorded • Full impact from cost savings expected at the beginning of 4Q26
adjusted net income1 8 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 189,610$ 189,610$ 173,995$ 173,995$ Provision for credit losses-loans and leases 6,030$ 6,030$ 9,688$ 9,688$ Provision for credit losses-unfunded commitments 2,510$ 2,510$ 412$ 412$ Noninterest income 81,906$ 81,906$ 64,767$ 64,767$ less: gains (losses) on security transactions - (1,260) A - (12,576) A - 8,892 A - - A less: other - (1,371) A - - A Total noninterest income 81,906$ 75,645$ 64,767$ 77,343$ Noninterest expense 169,408$ 169,408$ 149,531$ 149,531$ less: tax credit investment writedown - 669 A - 800 A less: merger-related expenses - 14,257 A - 5,658 A less: other - (357) A - 1,177 A Total noninterest expense 169,408$ 154,839$ 149,531$ 141,896$ Income before income taxes 93,568$ 101,876$ 79,131$ 99,342$ Income tax expense 19,123$ 19,123$ 16,738$ 16,738$ plus: after-tax impact of tax credit investment @ 21% - 528 - 632 plus: tax effect of adjustments (A) @ 21% statutory rate - 1,745 - 4,244 Total income tax expense 19,123$ 21,396$ 16,738$ 21,614$ Net income 74,445$ 80,480$ 62,393$ 77,728$ Net earnings per share - diluted 0.71$ 0.77$ 0.64$ 0.80$ Pre-tax, pre-provision return on average assets 1.84% 1.99% 1.75% 2.14% 1Q 2026 4Q 2025 less: gain on bargain purchase
profitability 9 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$0.64 $0.75$0.73 $0.54 $0.77 $0.80 $0.76 $0.74 $0.63 1Q264Q253Q252Q251Q25 Diluted EPS Adjusted EPS 1 1.34%1.22% 1.54%1.52% 1.13% 1.45%1.52%1.55%1.54% 1.33% 1Q264Q253Q252Q251Q25 ROA Adjusted ROA1 17.78%16.27% 19.11%19.61% 15.16% 19.22%20.27%19.29%19.76% 17.80% 1Q264Q253Q252Q251Q25 ROATCE Adjusted ROATCE 1 $110.4$109.4$100.7$98.5 $83.7 1.99% 2.14%2.15%2.14% 1.85% 1Q264Q253Q252Q251Q25 Pre-tax, pre-provision earnings Pre-tax, pre-provision ROA1 1
net interest income & margin 10 1Q26 NIM (FTE) Progression Net Interest Income 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 3.82%3.81%3.89%3.95% 3.80% 0.07%0.12% 0.13%0.10% 0.08% 0.10%0.05% 3.99%3.98%4.02%4.05% 3.88% 1Q264Q253Q252Q251Q25 Basic Margin (FTE) Loan Fees Loan Accretion $181.4 $166.6 $155.4$154.3$146.2 $3.2 $5.2 $5.1$4.0 $3.1 $4.9 $2.2 $189.6 $174.0 $160.5$158.3 $149.3 1Q264Q253Q252Q251Q25 Basic NII Loan Fees Loan Accretion 4Q25 3.98% Asset yields/mix -0.17% Loan accretion 0.05% Funding costs/mix 0.13% 1Q26 3.99% Net Interest Margin (FTE)
average balance sheet 11 Average Securities All dollars shown in millions 1 Includes loans fees and loan accretion 1 $4,769$3,989$3,552$3,479$3,412 4.42% 4.31%4.31% 4.44%4.35% 1Q264Q253Q252Q251Q25 Investment Securities Investment Securities Yield $14,028$12,812$11,806$11,793$11,725 6.50% 6.68% 6.88%6.85%6.82% 1Q264Q253Q252Q251Q25 Loans Loan Yield $17,646$15,959$14,512$14,355$14,241 1.83% 1.96% 2.13%2.11% 2.24% 1Q264Q253Q252Q251Q25 Deposits Cost of Deposits 1 Average Loans Average Deposits
12 Borrowing Capacity • Interest-bearing deposits with other banks of $1.0 billion • Investment securities portfolio: • 99.0% of investment portfolio classified as available-for-sale • $840.3 million of expected cash flow from securities portfolio in next 12 months • $520.5 million of floating rate securities with minimal losses • Portfolio duration of 4.3 years at March 31, 2026 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 1,431,938$ Fed Discount Window availability 839,235 Brokered CDs/Deposit placement services 3,117,338 Fed funds 1,013,000 Total as of March 31, 2026 6,401,511$
loan portfolio 13 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $70.8 million ICRE $3,752 28% Commercial & Small Business Banking $4,009 30% Oak Street $1,185 9% Summit $1,084 8% Agile $298 2% Consumer $1,239 9% Mortgage $1,928 14% Total $13.5 billion -$151.9 -$4.4 -$15.8 $45.1 $11.9 -$14.5 -$27.3 $227.7 ICRE Commercial & Small Business Banking Oak Street Summit Agile Consumer Mortgage BankFinancial
loan concentrations 14 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 NAICS Sector 3/31/26 % of Total Loans Finance and Insurance $1,518.0 11.2% Manufacturing 672.6 5.0% Construction 510.1 3.8% Real Estate and Rental and Leasing 413.5 3.1% Health Care and Social Assistance 331.2 2.5% Professional, Scientific, and Technical Services 320.0 2.4% Retail Trade 285.2 2.1% Accommodation and Food Services 280.8 2.1% Wholesale Trade 255.2 1.9% Transportation and Warehousing 172.7 1.3% Agriculture, Forestry, Fishing and Hunting 168.3 1.2% Other Services (except Public Administration) 139.8 1.0% Administrative and Support and Waste Manageme 133.1 1.0% Arts, Entertainment, and Recreation 82.6 0.6% Management of Companies and Enterprises 71.6 0.5% Public Administration 65.9 0.5% Information 62.9 0.5% Utilities 57.4 0.4% Educational Services 46.0 0.3% Mining, Quarrying, and Oil and Gas Extraction 14.5 0.1% Other 1.9 0.0% Grand Total $5,603.3 41.5% Property Type 3/31/26 % of Total Loans Residential Multi Family 5+ $1,160.4 8.6% Retail Property 833.2 6.2% Industrial 417.8 3.1% Office 400.2 3.0% Hospital/Nursing Home 315.3 2.3% Land 190.0 1.4% Other 123.3 0.9% Residential 1-4 Family 111.7 0.8% Hotel 110.0 0.8% Other Real Estate 49.1 0.4% Industrial 41.1 0.3% Grand Total $3,752.3 27.8% • CRE balances approximately 180% of risk- based capital
area of focus – NDFI exposure 15 All dollars shown in millions NDFI Private Credit Exposure • Direct Exposure • $123.9 million outstanding • Primarily subscription lines to well- established funds that are either an institutional investor or publicly traded • $185.0 million committed • Loans to NDFI totaled $423.6 million, or 3.1% of the total loan portfolio • All NDFI loans pass rated at 3/31 • Average loan size is $8.1 million; median size is $6.8 million • Exposure primarily contained to Mortgage Credit Intermediaries (primarily REITs) • 65% of total NFDI loans
deposits 16 Deposit Product Mix (Avg) 1Q26 Average Deposit Progression1 1 Includes full quarter impact from Westfield All dollars shown in millions Total growth/(decline)1: $1.7 billion Noninterest- bearing $3,612 21% Interest-bearing demand $2,319 13% Savings $1,182 7% Money Market $4,539 26% Retail CDs $2,511 14% Brokered Deposits $1,464 8% Public Funds $2,019 11% Total $17.6 billion $96.8 $70.0 $16.9 $277.5 $87.3 $19.0 -$104.9 $1,224.2 Noninterest-bearing Interest-bearing demand Savings Money Market Retail CDs Brokered Deposits Public Funds BankFinancial
average deposit trends 17 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $8,644 $7,407$6,684$6,696$6,665 1Q264Q253Q252Q251Q25 $5,337 $4,841 $4,307$4,163$4,190 1Q264Q253Q252Q251Q25 Uninsured deposits (per call report instructions) 7,394$ Less: Public funds 1,937 Less: Intercompany deposits 386 Adjusted uninsured deposits 5,071 Borrowing capacity 6,402 Borrowing capacity in excess of adjusted uninsured deposits $ 1,331 Borrowing capacity as a % of adjusted uninsured deposits 126.2% Adjusted uninsured deposits to total deposits 28.3%
noninterest income 18 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. 1Q26 Highlights • Adjustments include a $1.3 million loss on securities, $8.9 million gain on bargain purchase, and a $1.4 million loss on surrender of bank owned life insurance policy • Adjusted1 noninterest income 29% of net revenue • Foreign exchange income of $16.3 million; • Record wealth management income of $10.5 million; increased $1.2 million, or 12.9% from linked quarter • Record leasing business income of $21.6 million; increased $2.1 million, or 10.7% from the linked quarter All dollars shown in millions Service Charges $9.0 11% Wealth Mgmt $10.5 13% Bankcard $3.6 4% Client derivative fees $4.0 5% Foreign exchange $16.3 20% Leasing business $21.6 26% Mortgage banking $6.0 7% Gain on bargain purchase $8.9 11% Other $2.0 3% Total $81.9 million $75.6 million as adjusted 1
noninterest expense 19 Noninterest Expense 1Q26 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 increased $12.9 million, or 9.1% from linked quarter • Efficiency ratio of 62.4%; 58.4% as adjusted1 • Increase driven by the Westfield and BankFinancial acquisitions • $14.6 million of adjustments1 include: • $14.3 million of acquisition related expenses • $0.7 million of tax credit investment write-down • $0.4 million of other costs not expected to recur Full-time Equivalent Employees 2 Includes 169 FTE from Westfield acquisition 3 Includes 156 FTE from BankFinancial acquisition Salaries and benefits $99.9 59% Occupancy and equipment $12.2 7% Data processing $12.7 8% Professional services $4.0 2% Intangible amortization $6.3 4% Leasing business expense $14.1 8% Other $20.3 12% $169.4 Total 63.9% 56.9% 57.4% 62.6% 62.4% 60.2% 56.4% 57.0% 56.5% 58.4% 1Q25 2Q25 3Q25 4Q25 1Q26 Efficiency Ratio Adjusted Efficiency Ratio1 Efficiency Ratio 2,319 2,164 1,986 2,033 2,021 1Q264Q253Q252Q251Q25 Full-time equivalent employees 2 3
allowance for credit losses 20 1Q26 Highlights All dollars shown in millions • $206.7 million combined ACL; $8.5 million combined provision expense • $183.7 million ACL – loans and leases; $2.8 million related to BankFinancial • ACL 1.36% of total loans • Utilized Moody’s March baseline forecast in quantitative model • $23.0 million ACL – unfunded commitments; $0.3 million related to BankFinancial ACL / Total Loans $155.5 $158.5 $161.9 $186.5 $183.7 $16.4 $17.1 $17.6 $20.2 $23.0$171.9 $175.7 $179.5 $206.7 $206.7 1.33% 1.34% 1.38% 1.39% 1.36% 1Q25 2Q25 3Q25 4Q25 1Q26 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans
asset quality 21 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 $10.5 $6.0 $5.2 $8.8 $11.6 $8.7 $9.8 $9.1 $10.1 $8.5 0.35% 0.27% 0.18% 0.21% 0.36% 1Q25 2Q25 3Q25 4Q25 1Q26 NCOs Provision Expense NCOs / Average Loans $232.4 $235.5 $218.8$214.3$213.4 1.02%1.11%1.18%1.15%1.16% 1Q264Q253Q252Q251Q25 Classified Assets Classified Assets / Total Assets $100.8$102.0 $76.1$77.1 $59.8 0.44%0.48% 0.41%0.41%0.32% 1Q264Q253Q252Q251Q25 NPAs NPAs / Total Assets
capital 22 Tangible Common Equity Ratio 3/31 Risk Weighted Assets = $16,110,302 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 Capital RatioTier 1 Common Equity Ratio Total Capital Ratio 8.16% 8.40% 8.87% 7.79% 7.88% 9.62% 9.81% 10.15% 8.74% 8.89% 1Q25 2Q25 3Q25 4Q25 1Q26 TCE ratio Adjusted TCE ratio¹ 12.23% 11.32% 12.91%12.57%12.29% 7.00% 1Q264Q253Q252Q251Q25 Tier 1 Common Equity Ratio Basel III minimum 12.51% 11.60% 13.23%12.89%12.61% 8.50% 1Q264Q253Q252Q251Q25 Tier 1 Capital Ratio Basel III minimum 15.71%15.46%15.32%14.98%14.90% 10.50% 1Q264Q253Q252Q251Q25 Total Capital Ratio Basel III minimum
capital strategy 23 Strategy & DeploymentTangible Book Value Per Share • 3.6% annualized dividend yield as of March 31st • 35% of 1Q26 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend of $0.25 • No shares repurchased in 1Q26 • Board of Directors approved 5,000,000 share repurchase plan • Increase in TBV per share from linked quarter driven by strong earnings • 9.1% increase since 1Q25; • Approximates pre-Westfield/BFIN level 1 Excludes impact from AOCI $14.80 $15.40 $16.19 $15.74 $16.15 $17.45 $17.98 $18.52 $17.67 $18.23 1Q25 2Q25 3Q25 4Q25 1Q26 Tangible Book Value per Share TBV per share-adjusted1
outlook commentary1 • Loan balances expected to increase mid single digits on an annualized basis • Core deposit balances expected to be relatively flat 24 • Total noninterest expense expected to be $151 - 154 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 $75 - 77 million • Includes $14 - 16 million foreign exchange • Includes $20 - 22 million leasing business income 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 3.99% - 4.04%; assumes no rate cuts Capital • Common dividend unchanged at $0.25 Noninterest Expense Net Interest argin Balance Sheet redit Noninterest Income
25 overview of Westfield – closed 11/1/25 Westfield Bank Lines of Business • Commercial Banking / Treasury Management • Agency Banking and Premium Finance • Registered Investment Advisor Banking • Consumer - Mortgage• Consumer - Retail • Private Banking $2.1B in assets Consolidated Financial Highlights as of November 1, 2025 $1.6B in loans Headquarters: Westfield Center, OH Branches: 7 Active at close 1 opened in Feb 2026 Employees: 169 • Westfield Bancorp, the holding company for Westfield Bank, FSB (“Westfield Bank”), was 100% owned by Ohio Farmers Insurance Company (“OFIC”) (d/b/a Westfield), a mutual insurance company founded in 1848. $1.8B in deposits
26 overview of BankFinancial – at close 1/1/26 Key franchise highlights Financial summary Balance Sheet & Capital (As of 4Q25 Unless Otherwise Stated, %) 46Cash & Securities / Assets 58Loan / Deposit Ratio 78Non-Time Deposit Composition 11.2TCE / TA 21.1CET1 Ratio1 (0.01)NCOs / Avg. Loans (MRQ, annualized) Profitability – (4Q25, %) 0.06Return on Avg. Assets 3.23Net Interest Margin 96Efficiency Ratio 11Fee Income Ratio Loan & Deposit composition $1.4BnTotal Assets $1.2BnTotal Deposits Burr Ridge, IllinoisHeadquarters 1924Year Founded 17 Full-Service Retail BranchesBranches BFIN (NASDAQ-Listed)Ticker $427 millionMultifamily Loans Sold in Mar 2026 1 Attractive low cost, core deposit franchise 2 Significant scarcity value in Chicago MSA 3 Strong capitalization and excess liquidity profile 4 Limited borrowings and no brokered deposits 5 Robust credit quality and underwriting philosophy Loan composition Deposit composition Overview of BankFinancial 1 Data for the quarter ended 9/30/25 Note: All consolidated financial data as of 4Q25 unless otherwise noted Loans: $700.2 million Yield on Loans: 5.22% Deposits: $1.2 billion Cost of Deposits: 1.45% Money Market 25% Interest Bearing Checking 24% Certificates of Deposit 22% Noninterest Bearing 16% Savings 13% Multifamily 66% Equipment Finance 14% Non-Res. RE 13% Commercial Finance 5% 1-4 Family 2% Consumer 0%
The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. We believe this information is helpful in understanding the results of operations separate and apart from items that may, or could, have a disproportional positive or negative impact in any given period. For a reconciliation of the differences between the non-GAAP financial measures and the most comparable GAAP measures, please refer to the following reconciliation tables. to GAAP Reconciliation 27 appendix: non-GAAP measures
appendix: non-GAAP to GAAP reconciliation 28 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, 2026 2025 2025 2025 2025 Net interest income 189,610$ 173,995$ 160,486$ 158,269$ 149,296$ Tax equivalent adjustment 1,186 1,227 1,248 1,246 1,213 Net interest income - tax equivalent 190,796$ 175,222$ 161,734$ 159,515$ 150,509$ Average earning assets 19,393,679$ 17,448,460$ 15,968,153$ 15,814,576$ 15,752,132$ Net interest margin1 3.97 % 3.96 % 3.99 % 4.01 % 3.84 % Net interest margin (fully tax equivalent)1 3.99 % 3.98 % 4.02 % 4.05 % 3.88 % 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 29 All dollars shown in thousands Additional non-GAAP ratios Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, (Dollars in thousands, except per share data) 2026 2025 2025 2025 2025 Net income (a) 74,445$ 62,393$ 71,923$ 69,996$ 51,293$ Average total shareholders' equity 2,947,585 2,695,581 2,575,203 2,515,747 2,457,785 Less: Goodwill (1,099,543) (1,069,781) (1,007,656) (1,007,656) (1,007,656) Other intangibles (149,631) (104,184) (74,448) (76,076) (78,220) Average tangible equity (b) 1,698,411 1,521,616 1,493,099 1,432,015 1,371,909 Total shareholders' equity 2,940,625 2,769,216 2,631,855 2,558,155 2,501,235 Less: Goodwill (1,099,543) (1,099,524) (1,007,656) (1,007,656) (1,007,656) Other intangibles (145,927) (118,832) (73,797) (75,458) (77,002) Ending tangible common equity (c) 1,695,155 1,550,860 1,550,402 1,475,041 1,416,577 Less: AOCI (217,430) (189,942) (223,000) (246,384) (253,888) Adjusted ending tangible common equity (d) 1,912,585 1,740,802 1,773,402 1,721,425 1,670,465 Total assets 22,762,006 21,129,379 18,554,506 18,634,255 18,455,067 Less: Goodwill (1,099,543) (1,099,524) (1,007,656) (1,007,656) (1,007,656) Other intangibles (145,927) (118,832) (73,797) (75,458) (77,002) Ending tangible assets (e) 21,516,536 19,911,023 17,473,053 17,551,141 17,370,409 Risk-weighted assets (f) 16,110,302 15,890,363 14,166,935 14,129,683 14,027,274 Total average assets 22,459,523 20,256,539 18,566,188 18,419,437 18,368,604 Less: Goodwill (1,099,543) (1,069,781) (1,007,656) (1,007,656) (1,007,656) Other intangibles (149,631) (104,184) (74,448) (76,076) (78,220) Average tangible assets (g) 21,210,349$ 19,082,574$ 17,484,084$ 17,335,705$ 17,282,728$ Ending shares outstanding (h) 104,932,829 98,521,726 95,757,250 95,760,617 95,730,353 Ratios Return on average tangible shareholders' equity (a)/(b) 17.78% 16.27% 19.11% 19.61% 15.16% Ending tangible common equity as a percent of: Ending tangible assets (c)/(e) 7.88% 7.79% 8.87% 8.40% 8.16% Risk-weighted assets (c)/(f) 10.52% 9.76% 10.94% 10.44% 10.10% Adjusted ending tangible common equity to ending tangible assets (d)/(e) 8.89% 8.74% 10.15% 9.81% 9.62% Average tangible equity as a percent of average tangible assets (b)/(g) 8.01% 7.97% 8.54% 8.26% 7.94% Tangible book value per share (c)/(h) 16.15$ 15.74$ 16.19$ 15.40$ 14.80$ Three months ended,
appendix: non-GAAP to GAAP reconciliation 30 All dollars shown in thousands Additional non-GAAP measures 3Q25 2Q25 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 189,610$ 189,610$ 173,995$ 173,995$ 160,486$ 160,486$ 158,269$ 158,269$ Provision for credit losses-loans and leases (j) 6,030 6,030 9,688 9,688 8,612 8,612 9,084 9,084 Provision for credit losses-unfunded commitments (j) 2,510 2,510 412 412 453 453 718 718 Noninterest income 81,906 81,906 64,767 64,767 73,525 73,525 68,063 68,063 less: gains (losses) on security transactions (1,260) (12,576) (42) 242 less: gain on bargain purchase 8,892 - - - less: other (1,371) - - - Total noninterest income (g) 81,906 75,645 64,767 77,343 73,525 73,567 68,063 67,821 Noninterest expense 169,408 169,408 149,531 149,531 134,269 134,269 128,671 128,671 less: tax credit investment writedown 669 800 112 111 less: merger-related expenses 14,257 5,658 - - less: Other (357) 1,177 827 960 Total noninterest expense (e) 169,408 154,839 149,531 141,896 134,269 133,330 128,671 127,600 Income before income taxes (i) 93,568 101,876 79,131 99,342 90,677 91,658 87,859 88,688 Income tax expense 19,123 19,123 16,738 16,738 18,754 18,754 17,863 17,863 plus: tax effect of adjustments 528 632 89 88 plus: after-tax impact of tax credit investments @ 21% 1,745 4,244 206 174 Total income tax expense (h) 19,123 21,396 16,738 21,614 18,754 19,049 17,863 18,125 Net income (a) 74,445$ 80,480$ 62,393$ 77,728$ 71,923$ 72,609$ 69,996$ 70,563$ Average diluted shares (b) 104,615 104,615 97,594 97,594 95,754 95,754 95,742 95,742 Average assets (c) 22,459,523 22,459,523 20,256,539 20,256,539 18,566,188 18,566,188 18,419,437 18,419,437 Average shareholders' equity (k) 2,947,585 2,947,585 2,695,581 2,695,581 2,575,203 2,575,203 2,515,747 2,515,747 Less: Goodwill and other intangibles (1,249,174) (1,249,174) (1,173,965) (1,173,965) (1,082,104) (1,082,104) (1,083,732) (1,083,732) Average tangible equity (d) 1,698,411 1,698,411 1,521,616 1,521,616 1,493,099 1,493,099 1,432,015 1,432,015 Ratios Net earnings per share - diluted (a)/(b) 0.71$ 0.77$ 0.64$ 0.80$ 0.75$ 0.76$ 0.73$ 0.74$ Return on average assets - (a)/(c) 1.34% 1.45% 1.22% 1.52% 1.54% 1.55% 1.52% 1.54% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.84% 1.99% 1.75% 2.14% 2.13% 2.15% 2.13% 2.14% Return on average shareholders' equity (a)/(k) 10.24% 11.07% 9.18% 11.44% 11.08% 11.19% 11.16% 11.25% Return on average tangible shareholders' equity - (a)/(d) 17.78% 19.22% 16.27% 20.27% 19.11% 19.29% 19.61% 19.76% Efficiency ratio - (e)/((f)+(g)) 62.4% 58.4% 62.6% 56.5% 57.4% 57.0% 56.9% 56.4% Effective tax rate - (h)/(i) 20.4% 21.0% 21.2% 21.8% 20.7% 20.8% 20.3% 20.4% (Dollars in thousands, except per share data) 1Q26 4Q25
31 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202
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v3.26.1
Document and Entity Information Document
Apr. 23, 2026
Cover [Abstract]
Document Type
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FIRST FINANCIAL BANCORP.
Entity Incorporation, State or Country Code
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Entity Tax Identification Number
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