First Financial Bancorp Announces Second Quarter 2026 Financial Results, Quarterly Dividend Increase & Acquisition of Finward Bancorp

CINCINNATI, July 21, 2026 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and six months ended June 30, 2026, as well as the pending acquisition of Finward Bancorp ("Finward").

Second Quarter Financial Results

For the three months ended June 30, 2026, the Company reported net income of $76.5 million, or $0.73 per diluted common share. These results compare to net income of $74.4 million, or $0.71 per diluted common share, for the first quarter of 2026. For the six months ended June 30, 2026, First Financial had earnings per diluted share of $1.44 compared to $1.27 for the same period in 2025.

Return on average assets for the second quarter of 2026 was 1.37% while return on average tangible common equity was 17.95% (1). These compare to return on average assets of 1.34% and return on average tangible common equity of 17.78% (1) in the first quarter of 2026.

Second quarter 2026 highlights include:

Additionally, the Board of Directors approved a quarterly dividend of $0.26 per common share for the next regularly scheduled dividend, payable on September 15, 2026 to shareholders of record as of September 1, 2026.

Archie Brown, President and CEO commented on Second Quarter results, "The second quarter was another active quarter as we remained focused on post-integration efforts related to the Westfield acquisition and successfully converted BankFinancial systems. Our second quarter operating results were strong, and we are very pleased with our performance. Adjusted (1) net income for the period was a record $83.9 million or $0.80 per share, with an adjusted (1) return on assets of 1.50% and an adjusted (1) return on tangible common equity of 19.7%. These adjusted (1) earnings per share represented an 8% increase from the second quarter of 2025 and were driven by increases in earning assets from a combination of organic loan growth and our recent acquisitions. Our net interest margin was stable at approximately 4.00% as lower funding costs offset a decline in loan accretion income. Assuming no significant changes in interest rates, we expect our margin to remain stable over the near-term."

Mr. Brown continued, "Loan growth for the quarter was 7% on an annualized basis, and reflected continued momentum across the portfolio with C&I, Agile and Summit being the primary drivers of our increase in balances. Loan originations increased 23% over the first quarter and advanced stage pipelines remain strong heading into the back half of the year. We expect loan production to remain healthy and contribute to solid growth in the third quarter."

Mr. Brown commented on fee income and expenses, "Second quarter adjusted (1) fee income was below our expectations. After a very strong first quarter, lower foreign exchange, swap income and investment banking fees led to a decline in total noninterest income compared to the linked quarter. While results in these business lines can vary from quarter to quarter, we anticipate a rebound in the third quarter. Conversely, adjusted (1) noninterest expenses were materially lower than the linked quarter, driven by lower commission expense, payroll taxes and acquisition-related synergies. As of June 30th, virtually all of the expected Westfield cost reductions have been realized, while savings related to the BankFinancial acquisition will gradually phase in over the course of the third quarter with full synergies expected by quarter-end."

Mr. Brown commented on asset quality and capital, "Asset quality was stable for the quarter with net charge-offs declining by 15 basis points to 0.20% of total loans. Capital levels remain strong with tangible common equity increasing to 8.2% and tangible book value increasing 3% from the linked quarter to $16.64. No shares were repurchased during the quarter as we focused on integrating recent acquisitions and preparing for the acquisition of Finward."

Mr. Brown concluded, "The second quarter was another great quarter for our Company. We achieved record earnings while successfully integrating two bank acquisitions and positioning the Company for continued success in the second half of the year. Regarding the acquisitions, we are most pleased with how our newer associates have assimilated into the Company. They remain deeply committed to serving their clients and communities, and their efforts have been instrumental in strong client retention levels. We are thankful for their dedication, hard work and client-focused approach over the past year. I am very proud of the work our teams have done throughout the integration process, and their efforts position us for success in our newly expanded markets."

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

(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.

Finward Bancorp Acquisition

First Financial Bancorp. (Nasdaq: FFBC) and Finward Bancorp (Nasdaq: FNWD) jointly announced today that they have entered into an agreement by which First Financial will acquire Munster-based Finward in an all-stock transaction, further expanding First Financial's presence in the economically robust Chicagoland market with a strong core deposit franchise including 24 financial centers and a 116 year presence in the Northwest Indiana and Chicago markets. Combined with the 15 retail locations from First Financial's recent acquisition in the Chicagoland market, the Finward acquisition enhances First Financial's market presence and increases its pro forma deposits in the Chicago metropolitan statistical area by 75% to over $4 billion.

"The addition of Finward Bancorp and Peoples Bank is expected to strategically expand First Financial's ability to serve the consumers and businesses of the Chicagoland and Northwest Indiana markets. We are excited to partner with a bank with a similar operating philosophy and strong credit culture," said Archie Brown, President and Chief Executive Officer of First Financial Bank. "We have built an impressive combination of retail and commercial banking services, wealth management services, and specialty banking solutions, complemented by our client-centered, community-focused business model, that offers an alternative to larger banks. To demonstrate our further commitment to Chicago and Northwest Indiana, First Financial has committed to donate $500,000 to its Foundation for the benefit of local organizations in the communities served by Finward, in addition to the $1 million we donated to the Foundation when we entered the Chicago market with the completed acquisition of BankFinancial Corporation in January 2026."

Upon completion of the transaction, Finward's consumer, trust/wealth management and commercial credit lines of business will be incorporated into First Financial's respective business lines, and Peoples Bank employees will become First Financial associates.

"This partnership represents an exciting next chapter for our organization and the communities we serve," said Benjamin Bochnowski, Chief Executive Officer of Peoples Bank. "First Financial shares our deep commitment to customers, employees, shareholders, and the communities that have placed their trust in us for more than 100 years. Together, we are accelerating our common strategy to better serve the Chicagoland and Northwest Indiana markets. We are creating a stronger regional banking franchise with expanded capabilities, greater resources, and a sharper focus on delivering exceptional service. We are confident this partnership will create meaningful opportunities for our customers and employees, while preserving the community-centered values that have defined our organization for generations."

Through this addition, First Financial continues its recent period of growth, including the recent acquisitions of Westfield Bancorp in Northeast Ohio and BankFinancial Corporation in Chicago, and its commercial banking expansion into Chicago, Cleveland and Grand Rapids. First Financial's Midwestern base includes Chicago, IL; Cincinnati, Dayton, Cleveland and Columbus, OH; Indianapolis, IN; and Louisville, KY. The acquisition of Finward enhances First Financial's existing Chicagoland footprint that includes its commercial loan production office in Fulton Market; the Agile Premium Finance division in Lincolnshire, IL; and Bannockburn Capital Markets in downtown Chicago. Additionally in the area, First Financial offers retail and business banking solutions in Northwest Indiana and Northeast Illinois.

Transaction Terms

Under the terms of the agreement, each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, valuing the transaction at approximately $208 million, based on First Financial's closing stock price on July 20, 2026. The transaction is expected to be approximately 5% accretive to First Financial's earnings per share, and First Financial's tangible book value per share ("TBV") at closing is estimated to be only slightly diluted (0.4% dilution) with an anticipated TBV earnback of 0.6 years. The merger agreement has been unanimously approved by the Boards of Directors of First Financial and Finward.

The transaction is expected to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions, regulatory approvals and approval of Finward's shareholders.

Transaction Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to First Financial. Stephens Inc. is serving as financial advisor to Finward and rendered a fairness opinion to Finward's Board of Directors. Squire Patton Boggs, (US) LLP is serving as legal counsel to First Financial. Barack Ferrazzano Kirschbaum & Nagelberg LLP is serving as legal counsel to Finward.

Teleconference / Webcast Information

First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Wednesday, July 22, 2026 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (833) 461-5787 (U.S. toll free), meeting ID 657340574. The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company's website for 12 months.

Press Release and Additional Information on Website

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

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, (a) statements regarding First Financial Bancorp's (the "Company" or "First Financial") operations, such as (i) our future operating or financial performance, including revenues, income or loss and earnings per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements; and (b) statements regarding the proposed transaction, such as (i) statements regarding the outlook and expectations of First Financial and Finward Bancorp ("Finward"), respectively, with respect to the proposed transaction, (ii) the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transactions on the combined First Financial's future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), (iii) the timing of the closing of the proposed transaction, and (iv) the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as "may," "will," "anticipate," "could," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "project" and "intend," as well as words of similar meaning or other statements concerning opinions or judgment of First Financial or Finward or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Any reference to forward-looking statements by Finward herein is solely related to the proposed transaction. Such risks, uncertainties and assumptions include, among others, the following:

Risks, uncertainties and assumptions regarding First Financial's operations

Risks, uncertainties and assumptions regarding the proposed transaction

These factors are not necessarily all of the factors that could cause First Financial, Finward, or the combined company's actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of First Financial, Finward, or the combined company.

Although each of First Financial and Finward believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of First Financial or Finward (as related to the proposed transaction) will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in each of First Financial's and Finward's most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by First Financial and Finward with the Securities Exchange Commission ("SEC"). The actual results anticipated for the proposed transaction or First Financial's operations may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on First Financial, Finward or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. First Financial and Finward urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by First Financial and Finward. Forward-looking statements speak only as of the date they are made, and First Financial and Finward undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

No Offer or Solicitation

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed transaction between First Financial and Finward. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Important Additional Information about the Transaction and Where to Find It

In connection with the proposed transaction, First Financial intends to file with the SEC a Registration Statement on Form S-4 (the "Registration Statement") to register the shares of First Financial capital stock to be issued in connection with the proposed transaction. The Registration Statement will include a proxy statement of Finward and a prospectus of First Financial (the "Proxy Statement/Prospectus"), and First Financial and Finward may file with the SEC other relevant documents concerning the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST FINANCIAL, FINWARD AND THE PROPOSED TRANSACTION AND RELATED MATTERS.

A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about First Financial and Finward, may be obtained, free of charge, at the SEC's website ( www.sec.gov) when they are filed. Copies of documents filed with the SEC by First Financial will be made available free of charge in the "Investor Relations" section of First Financial's website, https://www.bankatfirst.com/about/investor-relations.html. Copies of documents filed with the SEC by Finward will be made available free of charge in the "Investor Relations" section of Finward's website, https://www.investorrelations.ibankpeoples.com. The information on First Financial's and Finward's websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either First Financial makes with the SEC.

Participants in Solicitation

Finward and its directors, executive officers, management and employees may be deemed to be participants in the solicitation of proxies in respect of the Merger. Information concerning Finward's participants is set forth in the Proxy Statement, dated April 3, 2026, for Finward's 2026 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the participants in the solicitation of proxies in respect of the proposed transaction and interests of participants of Finward in the solicitation of proxies in respect of the Merger will be included in the Registration Statement and Proxy Statement/Prospectus to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2026, the Company had $22.4 billion in assets, $13.7 billion in loans, $17.6 billion in deposits and $3.0 billion in shareholders' equity. The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $4.6 billion in assets under management as of June 30, 2026. The Company operated 151 full service banking centers as of June 30, 2026, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. In 2025, First Financial Bank received its second consecutive Outstanding rating from the Federal Reserve for its performance under the Community Reinvestment Act and was recognized as a Gallup Exceptional Workplace Award winner, one of only 70 Gallup clients worldwide to receive this designation. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

About Finward Bancorp

Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 24 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp's common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank's products and services, and Finward Bancorp's investor relations.

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Six months ended,

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

2026

2025

2026

2025

RESULTS OF OPERATIONS

Net income

$ 76,456

$ 74,445

$ 62,393

$ 71,923

$ 69,996

$ 150,901

$ 121,289

Net earnings per share - basic

$ 0.74

$ 0.72

$ 0.65

$ 0.76

$ 0.74

$ 1.45

$ 1.28

Net earnings per share - diluted

$ 0.73

$ 0.71

$ 0.64

$ 0.75

$ 0.73

$ 1.44

$ 1.27

Dividends declared per share

$ 0.25

$ 0.24

$ 0.50

$ 0.48

KEY FINANCIAL RATIOS

Return on average assets

1.37 %

1.34 %

1.22 %

1.54 %

1.52 %

1.36 %

1.33 %

Return on average shareholders' equity

10.39 %

10.24 %

9.18 %

11.08 %

11.16 %

10.32 %

9.83 %

Return on average tangible shareholders' equity (1)

17.95 %

17.78 %

16.27 %

19.11 %

19.61 %

17.87 %

17.44 %

Net interest margin

3.96 %

3.97 %

3.96 %

3.99 %

4.01 %

3.96 %

3.93 %

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

3.98 %

3.99 %

3.98 %

4.02 %

4.05 %

3.98 %

3.96 %

Ending shareholders' equity as a percent of ending assets

13.31 %

12.91 %

13.11 %

14.18 %

13.73 %

13.31 %

13.73 %

Ending tangible shareholders' equity as a percent of:

Ending tangible assets (1)

8.24 %

7.87 %

7.79 %

8.87 %

8.40 %

8.24 %

8.40 %

Risk-weighted assets (1)

10.62 %

10.51 %

9.76 %

10.94 %

10.44 %

10.62 %

10.44 %

Average shareholders' equity as a percent of average assets

13.18 %

13.12 %

13.31 %

13.87 %

13.66 %

13.15 %

13.52 %

Average tangible shareholders' equity as a percent of

average tangible assets (1)

8.08 %

8.01 %

7.97 %

8.54 %

8.26 %

8.04 %

8.10 %

Book value per share

$ 28.46

$ 28.02

$ 28.11

$ 27.48

$ 26.71

$ 28.46

$ 26.71

Tangible book value per share (1)

$ 16.64

$ 16.15

$ 15.74

$ 16.19

$ 15.40

$ 16.64

$ 15.40

Common equity tier 1 ratio (3)

12.33 %

12.22 %

11.32 %

12.91 %

12.57 %

12.33 %

12.57 %

Tier 1 ratio (3)

12.61 %

12.50 %

11.60 %

13.23 %

12.89 %

12.61 %

12.89 %

Total capital ratio (3)

15.75 %

15.70 %

15.46 %

15.32 %

14.98 %

15.75 %

14.98 %

Leverage ratio (3)

9.66 %

9.39 %

9.53 %

10.50 %

10.28 %

9.66 %

10.28 %

AVERAGE BALANCE SHEET ITEMS

Loans (4)

$ 13,619,039

$ 14,028,324

$ 12,812,267

$ 11,806,065

$ 11,792,840

$ 13,822,551

$ 11,758,972

Investment securities

5,079,730

4,769,261

3,988,846

3,552,014

3,478,921

4,925,353

3,445,443

Interest-bearing deposits with other banks

605,647

596,094

647,347

610,074

542,815

600,897

579,112

Total earning assets

$ 19,304,416

$ 19,393,679

$ 17,448,460

$ 15,968,153

$ 15,814,576

$ 19,348,801

$ 15,783,527

Total assets

$ 22,391,439

$ 22,459,721

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 22,425,392

$ 18,394,161

Noninterest-bearing deposits

$ 3,811,391

$ 3,745,002

$ 3,436,709

$ 3,124,277

$ 3,143,081

$ 3,778,380

$ 3,117,203

Interest-bearing deposits

13,875,384

13,900,550

12,521,948

11,387,648

11,211,694

13,887,898

11,180,835

Total deposits

$ 17,686,775

$ 17,645,552

$ 15,958,657

$ 14,511,925

$ 14,354,775

$ 17,666,278

$ 14,298,038

Borrowings

$ 891,636

$ 1,012,161

$ 848,650

$ 823,346

$ 910,573

$ 951,566

$ 955,704

Shareholders' equity

$ 2,951,237

$ 2,947,585

$ 2,695,581

$ 2,575,203

$ 2,515,747

$ 2,949,421

$ 2,486,926

CREDIT QUALITY RATIOS

Allowance to ending loans

1.38 %

1.36 %

1.39 %

1.38 %

1.34 %

1.38 %

1.34 %

Allowance to nonaccrual loans

197.51 %

182.73 %

183.18 %

213.18 %

206.08 %

197.51 %

206.08 %

Nonaccrual loans to total loans

0.70 %

0.75 %

0.76 %

0.65 %

0.70 %

0.65 %

Nonperforming assets to ending loans, plus OREO

0.70 %

0.75 %

0.76 %

0.65 %

0.70 %

0.65 %

Nonperforming assets to total assets

0.43 %

0.44 %

0.48 %

0.41 %

0.43 %

0.41 %

Classified assets to total assets

1.01 %

1.02 %

1.11 %

1.18 %

1.15 %

1.01 %

1.15 %

Net charge-offs to average loans (annualized)

0.20 %

0.35 %

0.27 %

0.18 %

0.21 %

0.27 %

0.28 %

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

(3) June 30, 2026 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended,

Six months ended,

June 30,

2026

2025

% Change

2026

2025

% Change

Interest income

Loans and leases, including fees

$ 219,164

$ 201,460

8.8 %

$ 444,115

$ 398,623

11.4 %

Investment securities

Taxable

53,904

36,243

48.7 %

103,395

70,644

46.4 %

Tax-exempt

2,472

2,233

10.7 %

4,998

4,437

12.6 %

Total investment securities interest

56,376

38,476

46.5 %

108,393

75,081

44.4 %

Other earning assets

5,381

5,964

(9.8) %

10,831

12,615

(14.1) %

Total interest income

280,921

245,900

14.2 %

563,339

486,319

15.8 %

Interest expense

Deposits

79,250

75,484

5.0 %

158,985

154,125

3.2 %

Short-term borrowings

4,997

6,393

(21.8) %

10,165

13,938

(27.1) %

Long-term borrowings

6,297

5,754

9.4 %

14,202

10,691

32.8 %

Total interest expense

90,544

87,631

3.3 %

183,352

178,754

2.6 %

Net interest income

190,377

158,269

20.3 %

379,987

307,565

23.5 %

Provision for credit losses-loans and leases

12,933

9,084

42.4 %

18,963

18,225

4.0 %

Provision for credit losses-unfunded commitments

(4,743)

718

(760.6) %

(2,233)

277

(906.1) %

Net interest income after provision for credit losses

182,187

148,467

22.7 %

363,257

289,063

25.7 %

Noninterest income

Service charges on deposit accounts

8,896

7,766

14.6 %

17,909

15,229

17.6 %

Wealth management fees

8,252

7,787

6.0 %

18,734

15,924

17.6 %

Bankcard income

3,032

3,737

(18.9) %

6,612

7,047

(6.2) %

Client derivative fees

1,443

1,674

(13.8) %

5,453

3,245

68.0 %

Foreign exchange income

13,101

13,760

(4.8) %

29,414

26,304

11.8 %

Leasing business income

22,750

20,797

9.4 %

44,358

39,500

12.3 %

Net gains from sales of loans

6,658

6,687

(0.4) %

12,705

11,009

15.4 %

Net gain (loss) on investment securities

(337)

243

(238.7) %

(1,597)

(9,706)

(83.5) %

Gain on bargain purchase

3,189

100.0 %

12,081

100.0 %

Other

6,807

5,612

21.3 %

10,028

10,594

(5.3) %

Total noninterest income

73,791

68,063

8.4 %

155,697

119,146

30.7 %

Noninterest expenses

Salaries and employee benefits

86,917

74,917

16.0 %

186,773

150,155

24.4 %

Net occupancy

7,535

5,845

28.9 %

15,088

11,864

27.2 %

Furniture and equipment

4,310

3,441

25.3 %

9,003

7,254

24.1 %

Data processing

13,554

9,020

50.3 %

26,208

17,779

47.4 %

Marketing

3,616

2,737

32.1 %

6,268

4,755

31.8 %

Professional services

7,387

3,549

108.1 %

11,373

6,288

80.9 %

Amortization of tax credit investments

669

111

502.7 %

1,338

223

500.0 %

FDIC assessments

2,878

2,611

10.2 %

6,523

5,670

15.0 %

Intangible amortization

6,229

2,358

164.2 %

12,490

4,717

164.8 %

Leasing business expense

14,633

13,155

11.2 %

28,762

25,957

10.8 %

Other

13,814

10,927

26.4 %

27,124

22,085

22.8 %

Total noninterest expenses

161,542

128,671

25.5 %

330,950

256,747

28.9 %

Income before income taxes

94,436

87,859

7.5 %

188,004

151,462

24.1 %

Income tax expense

17,980

17,863

0.7 %

37,103

30,173

23.0 %

Net income

$ 76,456

$ 69,996

9.2 %

$ 150,901

$ 121,289

24.4 %

ADDITIONAL DATA

Net earnings per share - basic

$ 0.74

$ 1.45

$ 1.28

Net earnings per share - diluted

$ 0.73

$ 1.44

$ 1.27

Dividends declared per share

$ 0.25

$ 0.24

$ 0.50

$ 0.48

Return on average assets

1.37 %

1.52 %

1.36 %

1.33 %

Return on average shareholders' equity

10.39 %

11.16 %

10.32 %

9.83 %

Interest income

$ 280,921

$ 245,900

14.2 %

$ 563,339

$ 486,319

15.8 %

Tax equivalent adjustment

1,161

1,246

(6.8) %

2,347

2,459

(4.6) %

Interest income - tax equivalent

282,082

247,146

14.1 %

565,686

488,778

15.7 %

Interest expense

90,544

87,631

3.3 %

183,352

178,754

2.6 %

Net interest income - tax equivalent

$ 191,538

$ 159,515

20.1 %

$ 382,334

$ 310,024

23.3 %

Net interest margin

3.96 %

4.01 %

3.96 %

3.93 %

Net interest margin (fully tax equivalent) (1)

3.98 %

4.05 %

3.98 %

3.96 %

Full-time equivalent employees

2,371

2,033

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

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2026

Second

First

Year to

% Change

Quarter

Date

Linked Qtr.

Interest income

Loans and leases, including fees

$ 219,164

$ 224,951

$ 444,115

(2.6) %

Investment securities

Taxable

53,904

49,491

103,395

8.9 %

Tax-exempt

2,472

2,526

4,998

(2.1) %

Total investment securities interest

56,376

52,017

108,393

8.4 %

Other earning assets

5,381

5,450

10,831

(1.3) %

Total interest income

280,921

282,418

563,339

(0.5) %

Interest expense

Deposits

79,250

79,735

158,985

(0.6) %

Short-term borrowings

4,997

5,168

10,165

(3.3) %

Long-term borrowings

6,297

7,905

14,202

(20.3) %

Total interest expense

90,544

92,808

183,352

(2.4) %

Net interest income

190,377

189,610

379,987

0.4 %

Provision for credit losses-loans and leases

12,933

6,030

18,963

114.5 %

Provision for credit losses-unfunded commitments

(4,743)

2,510

(2,233)

(289.0) %

Net interest income after provision for credit losses

182,187

181,070

363,257

0.6 %

Noninterest income

Service charges on deposit accounts

8,896

9,013

17,909

(1.3) %

Wealth management fees

8,252

10,482

18,734

(21.3) %

Bankcard income

3,032

3,580

6,612

(15.3) %

Client derivative fees

1,443

4,010

5,453

(64.0) %

Foreign exchange income

13,101

16,313

29,414

(19.7) %

Leasing business income

22,750

21,608

44,358

5.3 %

Net gains from sales of loans

6,658

6,047

12,705

10.1 %

Net gain (loss) on investment securities

(337)

(1,260)

(1,597)

(73.3) %

Gain on bargain purchase

3,189

8,892

12,081

(64.1) %

Other

6,807

3,221

10,028

111.3 %

Total noninterest income

73,791

81,906

155,697

(9.9) %

Noninterest expenses

Salaries and employee benefits

86,917

99,856

186,773

(13.0) %

Net occupancy

7,535

7,553

15,088

(0.2) %

Furniture and equipment

4,310

4,693

9,003

(8.2) %

Data processing

13,554

12,654

26,208

7.1 %

Marketing

3,616

2,652

6,268

36.3 %

Professional services

7,387

3,986

11,373

85.3 %

Amortization of tax credit investments

669

1,338

0.0 %

FDIC assessments

2,878

3,645

6,523

(21.0) %

Intangible amortization

6,229

6,261

12,490

(0.5) %

Leasing business expense

14,633

14,129

28,762

3.6 %

Other

13,814

13,310

27,124

3.8 %

Total noninterest expenses

161,542

169,408

330,950

(4.6) %

Income before income taxes

94,436

93,568

188,004

0.9 %

Income tax expense

17,980

19,123

37,103

(6.0) %

Net income

$ 76,456

$ 74,445

$ 150,901

2.7 %

ADDITIONAL DATA

Net earnings per share - basic

$ 0.74

$ 0.72

$ 1.45

Net earnings per share - diluted

$ 0.73

$ 0.71

$ 1.44

Dividends declared per share

$ 0.25

$ 0.50

Return on average assets

1.37 %

1.34 %

1.36 %

Return on average shareholders' equity

10.39 %

10.24 %

10.32 %

Interest income

$ 280,921

$ 282,418

$ 563,339

(0.5) %

Tax equivalent adjustment

1,161

1,186

2,347

(2.1) %

Interest income - tax equivalent

282,082

283,604

565,686

(0.5) %

Interest expense

90,544

92,808

183,352

(2.4) %

Net interest income - tax equivalent

$ 191,538

$ 190,796

$ 382,334

0.4 %

Net interest margin

3.96 %

3.97 %

3.96 %

Net interest margin (fully tax equivalent) (1)

3.98 %

3.99 %

3.98 %

Full-time equivalent employees

2,371

2,319

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

2025

Fourth

Third

Second

First

Full

Quarter

Year

Interest income

Loans and leases, including fees

$ 215,663

$ 204,865

$ 201,460

$ 197,163

$ 819,151

Investment securities

Taxable

40,971

36,421

36,243

34,401

148,036

Tax-exempt

2,363

2,195

2,233

2,204

8,995

Total investment securities interest

43,334

38,616

38,476

36,605

157,031

Other earning assets

6,334

6,773

5,964

6,651

25,722

Total interest income

265,331

250,254

245,900

240,419

1,001,904

Interest expense

Deposits

78,861

77,766

75,484

78,641

310,752

Short-term borrowings

4,925

5,979

6,393

7,545

24,842

Long-term borrowings

7,550

6,023

5,754

4,937

24,264

Total interest expense

91,336

89,768

87,631

91,123

359,858

Net interest income

173,995

160,486

158,269

149,296

642,046

Provision for credit losses-loans and leases

9,688

8,612

9,084

9,141

36,525

Provision for credit losses-unfunded commitments

412

453

718

(441)

1,142

Net interest income after provision for credit losses

163,895

151,421

148,467

140,596

604,379

Noninterest income

Service charges on deposit accounts

8,308

7,829

7,766

7,463

31,366

Wealth management fees

9,288

7,351

7,787

8,137

32,563

Bankcard income

3,590

3,589

3,737

3,310

14,226

Client derivative fees

2,681

1,876

1,674

1,571

7,802

Foreign exchange income

22,696

16,666

13,760

12,544

65,666

Leasing business income

19,523

20,997

20,797

18,703

80,020

Net gains from sales of loans

7,041

6,835

6,687

4,322

24,885

Net gain (loss) on investment securities

(12,576)

(42)

243

(9,949)

(22,324)

Other

4,216

8,424

5,612

4,982

23,234

Total noninterest income

64,767

73,525

68,063

51,083

257,438

Noninterest expenses

Salaries and employee benefits

85,123

80,607

74,917

75,238

315,885

Net occupancy

6,315

6,003

5,845

6,019

24,182

Furniture and equipment

3,940

3,582

3,441

3,813

14,776

Data processing

10,465

9,591

9,020

8,759

37,835

Marketing

3,056

2,359

2,737

2,018

10,170

Professional services

6,231

2,314

3,549

2,739

14,833

Amortization of tax credit investments

800

112

111

112

1,135

FDIC assessments

2,923

2,611

3,059

11,204

Intangible amortization

3,927

2,359

2,358

2,359

11,003

Leasing business expense

13,837

13,911

13,155

12,802

53,705

Other

12,914

10,820

10,927

11,158

45,819

Total noninterest expenses

149,531

134,269

128,671

128,076

540,547

Income before income taxes

79,131

90,677

87,859

63,603

321,270

Income tax expense

16,738

18,754

17,863

12,310

65,665

Net income

$ 62,393

$ 71,923

$ 69,996

$ 51,293

$ 255,605

ADDITIONAL DATA

Net earnings per share - basic

$ 0.65

$ 0.76

$ 0.74

$ 0.54

$ 2.68

Net earnings per share - diluted

$ 0.64

$ 0.75

$ 0.73

$ 0.54

$ 2.66

Dividends declared per share

$ 0.25

$ 0.24

$ 0.98

Return on average assets

1.22 %

1.54 %

1.52 %

1.13 %

1.35 %

Return on average shareholders' equity

9.18 %

11.08 %

11.16 %

8.46 %

9.98 %

Interest income

$ 265,331

$ 250,254

$ 245,900

$ 240,419

$ 1,001,904

Tax equivalent adjustment

1,227

1,248

1,246

1,213

4,934

Interest income - tax equivalent

266,558

251,502

247,146

241,632

1,006,838

Interest expense

91,336

89,768

87,631

91,123

359,858

Net interest income - tax equivalent

$ 175,222

$ 161,734

$ 159,515

$ 150,509

$ 646,980

Net interest margin

3.96 %

3.99 %

4.01 %

3.84 %

3.95 %

Net interest margin (fully tax equivalent) (1)

3.98 %

4.02 %

4.05 %

3.88 %

3.98 %

Full-time equivalent employees

2,164

1,986

2,033

2,021

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

% Change

2026

2025

Linked Qtr.

Comp Qtr.

ASSETS

Cash and due from banks

$ 206,361

$ 170,641

$ 178,553

$ 174,659

$ 210,187

20.9 %

(1.8) %

Interest-bearing deposits with other banks

579,194

1,032,259

597,338

565,080

570,173

(43.9) %

1.6 %

Investment securities available-for-sale

4,733,713

4,953,023

3,971,932

3,422,595

3,386,562

(4.4) %

39.8 %

Investment securities held-to-maturity

46,067

49,631

58,545

71,595

72,994

(7.2) %

(36.9) %

Other investments

137,755

137,018

129,564

117,120

122,322

0.5 %

12.6 %

Loans held for sale

33,125

18,280

16,953

21,466

26,504

81.2 %

25.0 %

Loans and leases

Commercial and industrial

4,842,347

4,693,786

4,632,241

3,838,630

3,927,771

3.2 %

23.3 %

Lease financing

659,328

649,645

638,527

596,734

587,176

1.5 %

12.3 %

Construction real estate

599,258

591,080

677,339

627,960

732,777

1.4 %

(18.2) %

Commercial real estate

4,548,887

4,473,468

4,384,556

4,048,370

3,961,513

1.7 %

14.8 %

Residential real estate

1,805,044

1,831,338

1,832,184

1,494,464

1,492,688

(1.4) %

20.9 %

Home equity

1,058,175

1,026,839

1,005,204

935,975

903,299

3.1 %

17.1 %

Installment

156,470

162,314

188,694

109,764

116,598

(3.6) %

34.2 %

Credit card

65,405

66,371

65,325

62,654

64,374

(1.5) %

1.6 %

Total loans

13,734,914

13,494,841

13,424,070

11,714,551

11,786,196

1.8 %

16.5 %

Less:

Allowance for credit losses

(189,912)

(183,716)

(186,487)

(161,916)

(158,522)

3.4 %

19.8 %

Net loans

13,545,002

13,311,125

13,237,583

11,552,635

11,627,674

1.8 %

16.5 %

Premises and equipment

229,763

228,384

204,760

198,251

197,741

0.6 %

16.2 %

Operating leases

241,742

220,061

214,003

214,667

217,100

9.9 %

11.4 %

Goodwill

1,099,936

1,099,543

1,099,524

1,007,656

0.0 %

9.2 %

Other intangibles

140,705

145,927

118,832

73,797

75,458

(3.6) %

86.5 %

Accrued interest and other assets

1,446,316

1,413,923

1,301,792

1,134,985

1,119,884

2.3 %

29.1 %

Total Assets

$ 22,439,679

$ 22,779,815

$ 21,129,379

$ 18,554,506

$ 18,634,255

(1.5) %

20.4 %

LIABILITIES

Deposits

Interest-bearing demand

$ 3,804,301

$ 3,658,155

$ 3,360,613

$ 2,983,132

$ 3,057,232

4.0 %

24.4 %

Savings

6,423,986

6,460,546

5,973,532

5,029,097

4,979,124

(0.6) %

29.0 %

Time

3,650,043

3,817,268

3,622,227

3,293,707

3,201,711

(4.4) %

14.0 %

Total interest-bearing deposits

13,878,330

13,935,969

12,956,372

11,305,936

11,238,067

(0.4) %

23.5 %

Noninterest-bearing

3,704,899

3,982,753

3,465,470

3,127,512

3,131,926

(7.0) %

18.3 %

Total deposits

17,583,229

17,918,722

16,421,842

14,433,448

14,369,993

(1.9) %

22.4 %

FHLB short-term borrowings

570,000

550,000

675,000

550,000

680,000

3.6 %

(16.2) %

Other

39,532

70,457

332

45,167

4,699

(43.9) %

741.3 %

Total short-term borrowings

609,532

620,457

675,332

595,167

684,699

(1.8) %

(11.0) %

Long-term debt

382,550

380,176

514,052

221,823

344,955

0.6 %

10.9 %

Total borrowed funds

992,082

1,000,633

1,189,384

816,990

1,029,654

(0.9) %

(3.6) %

Accrued interest and other liabilities

876,880

919,835

748,937

672,213

676,453

(4.7) %

29.6 %

Total Liabilities

19,452,191

19,839,190

18,360,163

15,922,651

16,076,100

(2.0) %

21.0 %

SHAREHOLDERS' EQUITY

Common stock

1,792,158

1,789,676

1,647,618

1,641,315

1,638,796

0.1 %

9.4 %

Retained earnings

1,535,765

1,485,573

1,437,286

1,399,577

1,351,674

3.4 %

13.6 %

Accumulated other comprehensive income (loss)

(223,720)

(217,430)

(189,942)

(223,000)

(246,384)

2.9 %

(9.2) %

Treasury stock, at cost

(116,715)

(117,194)

(125,746)

(186,037)

(185,931)

(0.4) %

(37.2) %

Total Shareholders' Equity

2,987,488

2,940,625

2,769,216

2,631,855

2,558,155

1.6 %

16.8 %

Total Liabilities and Shareholders' Equity

$ 22,439,679

$ 22,779,815

$ 21,129,379

$ 18,554,506

$ 18,634,255

(1.5) %

20.4 %

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

2026

2025

2026

2025

ASSETS

Cash and due from banks

$ 182,261

$ 227,115

$ 178,403

$ 165,210

$ 174,375

$ 204,564

$ 169,581

Interest-bearing deposits with other banks

605,647

596,094

647,347

610,074

542,815

600,897

579,112

Investment securities

5,079,730

4,769,261

3,988,846

3,552,014

3,478,921

4,925,353

3,445,443

Loans held for sale

32,458

451,139

32,425

26,366

25,026

240,642

17,660

Loans and leases

Commercial and industrial

4,723,431

4,771,066

4,310,399

3,890,886

3,881,001

4,747,117

3,834,363

Lease financing

646,520

630,204

617,518

592,510

581,091

638,407

583,094

Construction real estate

583,146

643,270

679,884

711,011

784,028

613,042

790,528

Commercial real estate

4,546,901

4,446,231

4,240,042

3,993,549

3,958,730

4,496,844

3,988,306

Residential real estate

1,812,228

1,834,467

1,717,439

1,489,942

1,485,479

1,823,286

1,480,618

Home equity

1,043,805

1,016,080

981,406

919,368

891,761

1,030,019

875,050

Installment

158,760

166,979

164,013

114,058

117,724

162,847

122,432

Credit card

71,790

68,888

69,141

68,375

68,000

70,347

66,921

Total loans

13,586,581

13,577,185

12,779,842

11,779,699

11,767,814

13,581,909

11,741,312

Less:

Allowance for credit losses

(186,331)

(200,745)

(179,275)

(162,417)

(158,170)

(193,498)

(158,188)

Net loans

13,400,250

13,376,440

12,600,567

11,617,282

11,609,644

13,388,411

11,583,124

Premises and equipment

230,343

230,154

202,956

199,167

198,407

230,249

198,701

Operating leases

234,460

215,318

211,091

217,404

212,684

224,942

208,953

Goodwill

1,099,742

1,099,543

1,069,781

1,007,656

1,099,643

1,007,656

Other intangibles

143,403

149,631

104,184

74,448

76,076

146,500

77,142

Accrued interest and other assets

1,383,145

1,345,026

1,220,939

1,096,567

1,093,833

1,364,191

1,106,789

Total Assets

$ 22,391,439

$ 22,459,721

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 22,425,392

$ 18,394,161

LIABILITIES

Deposits

Interest-bearing demand

$ 3,762,177

$ 3,626,103

$ 3,276,425

$ 3,036,296

$ 3,066,986

$ 3,694,516

$ 3,078,691

Savings

6,434,399

6,406,223

5,740,651

5,054,563

5,005,526

6,420,389

4,962,007

Time

3,678,808

3,868,224

3,504,872

3,296,789

3,139,182

3,772,993

3,140,137

Total interest-bearing deposits

13,875,384

13,900,550

12,521,948

11,387,648

11,211,694

13,887,898

11,180,835

Noninterest-bearing

3,811,391

3,745,002

3,436,709

3,124,277

3,143,081

3,778,380

3,117,203

Total deposits

17,686,775

17,645,552

15,958,657

14,511,925

14,354,775

17,666,278

14,298,038

Federal funds purchased and securities sold

under agreements to repurchase

3,351

16,278

2,283

12,434

4,780

9,779

3,425

FHLB short-term borrowings

508,931

538,084

444,511

497,092

532,198

523,427

542,873

Other

13,891

21,519

26,226

62,600

Total short-term borrowings

512,282

554,362

460,685

531,045

563,204

533,206

608,898

Long-term debt

379,354

457,799

387,965

292,301

347,369

418,360

346,806

Total borrowed funds

891,636

1,012,161

848,650

823,346

910,573

951,566

955,704

Accrued interest and other liabilities

861,791

854,423

753,651

655,714

638,342

858,127

653,493

Total Liabilities

19,440,202

19,512,136

17,560,958

15,990,985

15,903,690

19,475,971

15,907,235

SHAREHOLDERS' EQUITY

Common stock

1,790,690

1,795,255

1,644,923

1,639,986

1,637,782

1,792,960

1,639,390

Retained earnings

1,499,207

1,448,012

1,406,388

1,369,069

1,322,168

1,473,751

1,302,344

Accumulated other comprehensive loss

(221,515)

(173,065)

(209,767)

(247,746)

(257,873)

(197,424)

(266,423)

Treasury stock, at cost

(117,145)

(122,617)

(145,963)

(186,106)

(186,330)

(119,866)

(188,385)

Total Shareholders' Equity

2,951,237

2,947,585

2,695,581

2,575,203

2,515,747

2,949,421

2,486,926

Total Liabilities and Shareholders' Equity

$ 22,391,439

$ 22,459,721

$ 20,256,539

$ 18,566,188

$ 18,419,437

$ 22,425,392

$ 18,394,161

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS

(Dollars in thousands)

(Unaudited)

Quarterly Averages

Year-to-Date Averages

June 30, 2026

March 31, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Interest

Yield

Balance

Yield

Balance

Yield

Earning assets

Investments:

Investment securities

$ 5,079,730

$ 56,376

4.45 %

$ 4,769,261

$ 52,017

4.42 %

$ 3,478,921

$ 38,476

4.44 %

$ 4,925,353

4.44 %

$ 3,445,443

4.39 %

Interest-bearing deposits with other banks

605,647

5,381

3.56 %

596,094

5,450

3.71 %

542,815

5,964

4.41 %

600,897

3.63 %

579,112

4.39 %

Gross loans (1)

13,619,039

219,164

6.45 %

14,028,324

224,951

6.50 %

11,792,840

201,460

6.85 %

13,822,551

6.48 %

11,758,972

6.84 %

Total earning assets

19,304,416

280,921

5.84 %

19,393,679

282,418

5.91 %

15,814,576

245,900

6.24 %

19,348,801

5.87 %

15,783,527

6.21 %

Nonearning assets

Allowance for credit losses

(186,331)

(200,745)

(158,170)

(193,498)

(158,188)

Cash and due from banks

182,261

227,115

174,375

204,564

169,581

Accrued interest and other assets

3,091,093

3,039,672

2,588,656

3,065,525

2,599,241

Total assets

$ 22,391,439

$ 22,459,721

$ 18,419,437

$ 22,425,392

$ 18,394,161

Interest-bearing liabilities

Deposits:

Interest-bearing demand

$ 3,762,177

$ 14,288

1.52 %

$ 3,626,103

$ 13,281

1.49 %

$ 3,066,986

$ 14,139

1.85 %

$ 3,694,516

1.50 %

$ 3,078,691

1.92 %

Savings

6,434,399

33,405

2.08 %

6,406,223

32,480

2.06 %

5,005,526

29,942

2.40 %

6,420,389

2.07 %

4,962,007

2.45 %

Time

3,678,808

31,557

3.44 %

3,868,224

33,974

3.56 %

3,139,182

31,403

4.01 %

3,772,993

3.50 %

3,140,137

4.14 %

Total interest-bearing deposits

13,875,384

79,250

2.29 %

13,900,550

79,735

2.33 %

11,211,694

75,484

2.70 %

13,887,898

2.31 %

11,180,835

2.78 %

Borrowed funds

Short-term borrowings

512,282

4,997

3.91 %

554,362

5,168

3.78 %

563,204

6,393

4.55 %

533,206

3.84 %

608,898

4.62 %

Long-term debt

379,354

6,297

6.66 %

457,799

7,905

7.00 %

347,369

5,754

6.64 %

418,360

6.85 %

346,806

6.22 %

Total borrowed funds

891,636

11,294

5.08 %

1,012,161

13,073

5.24 %

910,573

12,147

5.35 %

951,566

5.16 %

955,704

5.20 %

Total interest-bearing liabilities

14,767,020

90,544

2.46 %

14,912,711

92,808

2.52 %

12,122,267

87,631

2.90 %

14,839,464

2.49 %

12,136,539

2.97 %

Noninterest-bearing liabilities

Noninterest-bearing demand deposits

3,811,391

3,745,002

3,143,081

3,778,380

3,117,203

Other liabilities

861,791

854,423

638,342

858,127

653,493

Shareholders' equity

2,951,237

2,947,585

2,515,747

2,949,421

2,486,926

Total liabilities & shareholders' equity

$ 22,391,439

$ 22,459,721

$ 18,419,437

$ 22,425,392

$ 18,394,161

Net interest income

$ 190,377

$ 189,610

$ 158,269

$ 379,987

$ 307,565

Net interest spread

3.38 %

3.39 %

3.34 %

3.38 %

3.24 %

Net interest margin

3.96 %

3.97 %

4.01 %

3.96 %

3.93 %

Tax equivalent adjustment

0.02 %

0.04 %

0.02 %

0.03 %

Net interest margin (fully tax equivalent)

3.98 %

3.99 %

4.05 %

3.98 %

3.96 %

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

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

Linked Qtr. Income Variance

Comparable Qtr. Income Variance

Year-to-Date Income Variance

Rate

Volume

Total

Rate

Volume

Total

Rate

Volume

Total

Earning assets

Investment securities

$ 332

$ 4,027

$ 4,359

$ 134

$ 17,766

$ 17,900

$ 743

$ 32,569

$ 33,312

Interest-bearing deposits with other banks

(212)

143

(69)

(1,141)

558

(583)

(2,177)

393

(1,784)

Gross loans (2)

(1,681)

(4,106)

(5,787)

(11,684)

29,388

17,704

(20,810)

66,302

45,492

Total earning assets

(1,561)

(1,497)

(12,691)

47,712

35,021

(22,244)

99,264

77,020

Interest-bearing liabilities

Total interest-bearing deposits

$ (1,214)

$ 729

$ (485)

$ (11,448)

$ 15,214

$ 3,766

$ (26,130)

$ 30,990

$ 4,860

Borrowed funds

Short-term borrowings

180

(351)

(171)

(899)

(497)

(1,396)

(2,330)

(1,443)

(3,773)

Long-term debt

(389)

(1,219)

(1,608)

531

543

1,082

2,429

3,511

Total borrowed funds

(209)

(1,570)

(1,779)

(887)

(853)

(1,248)

986

(262)

Total interest-bearing liabilities

(1,423)

(841)

(2,264)

(12,335)

15,248

2,913

(27,378)

31,976

4,598

Net interest income (1)

$ (138)

$ 905

$ 767

$ (356)

$ 32,464

$ 32,108

$ 5,134

$ 67,288

$ 72,422

(1) Not tax equivalent.

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

FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

Three Months Ended,

Six months ended

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

2026

2025

2026

2025

ALLOWANCE FOR CREDIT LOSS ACTIVITY

Balance at beginning of period

$ 183,716

$ 186,487

$ 161,916

$ 158,522

$ 155,482

$ 186,487

$ 156,791

Initial allowance on purchased loans

2,829

23,652

2,829

Provision for credit losses

12,933

6,030

9,688

8,612

9,084

18,963

18,225

Gross charge-offs

Commercial and industrial

2,437

10,788

6,636

2,165

4,996

13,225

13,174

Lease financing

1,314

918

298

606

1,357

2,060

Construction real estate

245

Commercial real estate

2,484

433

3,105

2,513

Residential real estate

127

151

211

Home equity

262

119

100

381

186

Installment

1,034

1,058

1,197

1,194

1,120

2,092

2,441

Credit card

704

496

729

577

489

1,200

963

Total gross charge-offs

8,319

12,660

10,159

7,676

7,327

20,979

18,840

Recoveries

Commercial and industrial

463

100

264

202

290

563

485

Lease financing

114

201

291

137

Construction real estate

Commercial real estate

1,138

Residential real estate

Home equity

157

116

117

273

218

Installment

660

598

682

609

716

1,258

1,279

Credit card

162

135

108

297

164

Total recoveries

1,582

1,030

1,390

2,458

1,283

2,612

2,346

Total net charge-offs

6,737

11,630

8,769

5,218

6,044

18,367

16,494

Ending allowance for credit losses

$ 189,912

$ 183,716

$ 186,487

$ 161,916

$ 158,522

$ 189,912

$ 158,522

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

Commercial and industrial

0.17 %

0.91 %

0.59 %

0.20 %

0.49 %

0.54 %

0.67 %

Lease financing

0.74 %

0.01 %

0.46 %

0.00 %

0.41 %

0.39 %

0.70 %

Construction real estate

0.00 %

0.14 %

0.00 %

Commercial real estate

0.22 %

0.00 %

0.04 %

0.20 %

(0.01) %

0.11 %

0.00 %

Residential real estate

0.01 %

0.02 %

0.03 %

(0.02) %

(0.01) %

0.02 %

(0.01) %

Home equity

0.04 %

0.00 %

(0.01) %

0.00 %

0.01 %

0.02 %

(0.01) %

Installment

0.94 %

1.12 %

1.25 %

2.03 %

1.38 %

1.03 %

1.91 %

Credit card

3.03 %

2.13 %

3.56 %

2.97 %

2.41 %

2.59 %

2.41 %

Total net charge-offs

0.20 %

0.35 %

0.27 %

0.18 %

0.21 %

0.27 %

0.28 %

COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS

Nonaccrual loans

Commercial and industrial

$ 20,305

$ 22,576

$ 27,461

$ 23,832

$ 24,489

$ 20,305

$ 24,489

Lease financing

7,558

5,857

5,660

5,885

6,243

7,558

6,243

Construction real estate

698

715

1,120

1,365

698

1,365

Commercial real estate

44,404

49,481

45,590

24,443

23,905

44,404

23,905

Residential real estate

18,260

17,439

18,302

16,452

16,995

18,260

16,995

Home equity

4,095

3,687

2,927

3,567

3,226

4,095

3,226

Installment

832

786

748

652

701

832

701

Total nonaccrual loans

96,152

100,541

101,808

75,951

76,924

96,152

76,924

Other real estate owned (OREO)

174

238

184

111

204

174

204

Total nonperforming assets

96,326

100,779

101,992

76,062

77,128

96,326

77,128

Accruing loans past due 90 days or more

650

1,366

411

592

714

650

714

Total underperforming assets

$ 96,976

$ 102,145

$ 102,403

$ 76,654

$ 77,842

$ 96,976

$ 77,842

Total classified assets

$ 226,826

$ 232,368

$ 235,451

$ 218,794

$ 214,346

$ 226,826

$ 214,346

CREDIT QUALITY RATIOS

Allowance for credit losses to

Nonaccrual loans

197.51 %

182.73 %

183.18 %

213.18 %

206.08 %

197.51 %

206.08 %

Total ending loans

1.38 %

1.36 %

1.39 %

1.38 %

1.34 %

1.38 %

1.34 %

Nonaccrual loans to total loans

0.70 %

0.75 %

0.76 %

0.65 %

0.70 %

0.65 %

Nonperforming assets to

Ending loans, plus OREO

0.70 %

0.75 %

0.76 %

0.65 %

0.70 %

0.65 %

Total assets

0.43 %

0.44 %

0.48 %

0.41 %

0.43 %

0.41 %

Classified assets to total assets

1.01 %

1.02 %

1.11 %

1.18 %

1.15 %

1.01 %

1.15 %

FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended,

Six months ended,

June 30,

Mar. 31,

Dec. 31,

Sep. 30,

June 30,

2026

2025

2026

2025

PER COMMON SHARE

Market Price

High

$ 33.90

$ 31.16

$ 26.98

$ 26.79

$ 25.19

$ 33.90

$ 29.04

Low

$ 28.06

$ 25.09

$ 23.26

$ 23.55

$ 22.05

$ 25.09

$ 22.05

$ 33.83

$ 27.88

$ 25.02

$ 25.25

$ 24.26

$ 33.83

$ 24.26

Average shares outstanding - basic

103,938,322

103,705,269

96,724,148

94,889,341

94,860,428

103,822,439

94,753,700

Average shares outstanding - diluted

104,936,741

104,615,405

97,593,800

95,753,798

95,741,696

104,776,961

95,633,579

Ending shares outstanding

104,956,458

104,932,829

98,521,726

95,757,250

95,760,617

104,956,458

95,760,617

Total shareholders' equity

$ 2,987,488

$ 2,940,625

$ 2,769,216

$ 2,631,855

$ 2,558,155

$ 2,987,488

$ 2,558,155

REGULATORY CAPITAL

Preliminary

Common equity tier 1 capital

$ 2,029,668

$ 1,970,561

$ 1,798,266

$ 1,828,843

$ 1,776,038

$ 2,029,668

$ 1,776,038

Common equity tier 1 capital ratio

12.33 %

12.22 %

11.32 %

12.91 %

12.57 %

12.33 %

12.57 %

Tier 1 capital

$ 2,075,286

$ 2,016,070

$ 1,843,672

$ 1,874,191

$ 1,821,316

$ 2,075,286

$ 1,821,316

Tier 1 ratio

12.61 %

12.50 %

11.60 %

13.23 %

12.89 %

12.61 %

12.89 %

Total capital

$ 2,591,169

$ 2,531,334

$ 2,457,377

$ 2,170,546

$ 2,116,180

$ 2,591,169

$ 2,116,180

Total capital ratio

15.75 %

15.70 %

15.46 %

15.32 %

14.98 %

15.75 %

14.98 %

Total capital in excess of minimum requirement

$ 863,256

$ 837,959

$ 788,889

$ 683,018

$ 632,563

$ 863,256

$ 632,563

Total risk-weighted assets

$ 16,456,311

$ 16,127,377

$ 15,890,363

$ 14,166,935

$ 14,129,683

$ 16,456,311

$ 14,129,683

Leverage ratio

9.66 %

9.39 %

9.53 %

10.50 %

10.28 %

9.66 %

10.28 %

OTHER CAPITAL RATIOS

Ending shareholders' equity to ending assets

13.31 %

12.91 %

13.11 %

14.18 %

13.73 %

13.31 %

13.73 %

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

8.24 %

7.87 %

7.79 %

8.87 %

8.40 %

8.24 %

8.40 %

Average shareholders' equity to average assets

13.18 %

13.12 %

13.31 %

13.87 %

13.66 %

13.15 %

13.52 %

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

8.08 %

8.01 %

7.97 %

8.54 %

8.26 %

8.04 %

8.10 %

REPURCHASE PROGRAM (2)

Shares repurchased

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.