Earnings per diluted share of $0.54; $0.63 on an adjusted(1) basis Return on average assets of 1.13%; 1.33% on an adjusted(1) basis Net interest margin on FTE basis(1) of 3.88% Noninterest income of $51.1 million; $61.0 million on an adjusted(1) basis Noninterest expenses $128.1 million; $126.6 million on an adjusted(1) basis; 3% decline  Gallup Exceptional Workplace Award winner for outstanding associate engagement Second consecutive "Outstanding" CRA rating

CINCINNATI, April 24, 2025 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2025.

For the three months ended March 31, 2025, the Company reported net income of $51.3 million, or $0.54 per diluted common share.  These results compare to net income of $64.9 million, or $0.68 per diluted common share, for the fourth quarter of 2024.

Return on average assets for the first quarter of 2025 was 1.13% while return on average tangible common equity was 15.16%(1).  These compare to return on average assets of 1.41% and return on average tangible common equity of 19.08%(1) in the fourth quarter of 2024.

First quarter 2025 highlights include:

Robust net interest margin of 3.84%, or 3.88% on a fully tax-equivalent basis(1)

6 bp decline from fourth quarter, in line with expectations 12 bp decline in cost of deposits and 18 bp decline in asset yields

Noninterest income of $51.1 million, or $61.0 million as adjusted(1)

Adjustments include $9.9 million loss on sales of investment securities

Sold $164.9 million of securities during the quarter; expected earnback of 2.3 years Record wealth management income Strong results from leasing business

Noninterest expenses of $128.1 million, or $126.6 million as adjusted(1); 3.3% decrease from linked quarter

First quarter adjustments(1) include $0.5 million of efficiency related costs and $1.0 million of other costs not expected to recur such as tax credit investment write-downs and severance costs Decline from linked quarter driven by decreased incentive compensation and lower fraud losses Efficiency ratio of 63.9%; 60.2% as adjusted(1)

Stable loan balances during the quarter

Loan balances decreased $37.6 million compared to the linked quarter Payoffs in Commercial and ICRE lines of business, as well as seasonal production declines, offset modest increases in other portfolios Average loan balances increased 1.5% on an annualized basis compared to linked quarter

Modest seasonal average deposit decline in the first quarter, as expected

Average deposits decreased $99.0 million, or 2.8% on an annualized basis Decline driven by non-interest bearing deposits, brokered deposits and public funds Excluding brokered deposits, total average deposits increased $62.8 million over linked quarter

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(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.

Total Allowance for Credit Losses of $171.9 million; Total quarterly provision expense of $8.7 million

Loans and leases - ACL of $155.5 million; ratio to total loans of 1.33%; flat compared to prior quarter Unfunded Commitments - ACL of $16.4 million Provision expense driven by net charge offs Nonperforming assets decreased 4 bps to 0.32% of total assets Annualized net charge-offs were 36 bps of total loans; 4 bp decline from linked quarter

Capital ratios stable and strong

Total capital ratio increased 26 bps to 14.90% Tier 1 common equity increased 13 bps to 12.29% Tangible common equity of 8.16%(1); 9.62%(1) excluding impact from AOCI Tangible book value per share of $14.80(1); 4.6% increase from linked quarter

Archie Brown, President and CEO, commented on the first quarter results, "We had another solid quarter, and I am pleased with our performance.  Adjusted(1) earnings per share were $0.63, with an adjusted(1) return on assets of 1.33% and an adjusted(1) return on tangible common equity of 17.8%.  Our net interest margin remains strong, but declined slightly for the quarter as the decline in loan yields outpaced the decrease in deposit costs.  Given current short-term interest rates, we expect the margin to expand in the near-term."

Mr. Brown continued, "Loan balances were stable during the quarter.  First quarter loan production was seasonally lower.  This combined with the workout of several C&I credits and accelerated payoff pressure in the ICRE portfolio to impact loan growth for the period.  We expect a modest level of growth in the second quarter as loan pipelines in our Consumer, C&I, and ICRE business lines are very healthy, however elevated prepayments in ICRE are expected to continue."

Mr. Brown commented on fee income and expenses, "Adjusted(1) fee income was in line with our expectations at $61 million, representing a decline from the linked quarter due to seasonal fluctuations and less foreign exchange income, which offset another record quarter from our Wealth Management business.  We expect seasonal rebounds in the second quarter and a healthy increase in fee income overall.  We were very pleased with our expense management during the quarter, as adjusted(1) noninterest expenses declined by 3.3% due to a decrease in incentive compensation and lower fraud losses.  Our efficiency efforts are ongoing, and, excluding the acquisition of Agile in the first quarter of last year, have resulted in a 7% reduction in FTE.  We remain diligent in managing our expenses and expect additional benefits from our optimization efforts in the coming periods."

Mr. Brown commented on asset quality and capital, "We were pleased with improvements in our asset quality metrics for the first quarter.  Net charge-offs declined 4 bps from the linked quarter, while nonperforming assets declined by 9.5%.  In the near-term, we expect asset quality to continue to improve.  With respect to tariffs, we do not yet know their impact, and remain in close contact with our clients to assist them through any uncertainty.  Capital ratios are strong and continued to grow in the first quarter.  All regulatory ratios were well in excess of regulatory minimums and our tangible common equity ratio increased to 8.2%.  Tangible book value per share increased to $14.80, representing a 5% increase from the linked quarter and 18% over the last year.  We are focused on growing our tangible book value and are pleased that in the last three years, tangible book value per share has increased by 35%."

Mr. Brown concluded, "I also want to mention how proud I am of two other first quarter events.  First Financial has been selected for the Gallup Exceptional Workplace Award for associate engagement.  This distinction is earned by less than 3% of the thousands of companies that Gallup partners with worldwide.  Engagement is a core part of our strategy and I want to acknowledge and thank our associates who work tirelessly to drive associate engagement, which directly leads to highly satisfied clients and increased shareholder value.  Additionally, we have received another "Outstanding" Community Reinvestment Act rating from the Federal Reserve.  This rating reflects our commitment to our communities, which is the foundation of our strategic plan.  I am proud of our strength in service, investments, and lending, particularly to low and moderate income areas of our footprint.

In closing, while there is much uncertainty regarding the outlook for the economy, I believe we are well positioned to manage through any turbulence.  We have very robust capital levels, strong and improving asset quality, diverse revenue streams, well-managed expenses, strong liquidity and industry leading profitability.  I am very pleased with our start to the year and look forward to growing and serving clients in this challenging environment."

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

Teleconference / Webcast Information First Financial's executive management will host a conference call to discuss the Company's financial and operating results on Friday, April 25, 2025 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 9, 2025.  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; the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 ("COVID-19"), global pandemic, and the impact  on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; 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, 2024, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.

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

About First Financial Bancorp. First Financial Bancorp. is a Cincinnati, Ohio based bank holding company.  As of March 31, 2025, the Company had $18.5 billion in assets, $11.7 billion in loans, $14.2 billion in deposits and $2.5 billion in shareholders' equity.  The Company's subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management.  These business units provide traditional banking services to business and retail clients.  Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.7 billion in assets under management as of March 31, 2025.  The Company operated 127 full service banking centers as of March 31, 2025, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis.  Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP. CONSOLIDATED FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) (Unaudited)  Three Months Ended, Mar. 31,  Dec. 31,  Sep. 30,  June 30,  Mar. 31, 2025  2024  2024  2024  2024 RESULTS OF OPERATIONS  Net income $      51,293  $      64,885  $      52,451  $      60,805  $      50,689 Net earnings per share - basic $         0.54  $         0.69  $         0.56  $         0.64  $         0.54 Net earnings per share - diluted $         0.54  $         0.68  $         0.55  $         0.64  $         0.53 Dividends declared per share $         0.24  $         0.24  $         0.24  $         0.23  $         0.23  KEY FINANCIAL RATIOS  Return on average assets 1.13 %  1.41 %  1.17 %  1.38 %  1.18 % Return on average shareholders' equity 8.46 %  10.57 %  8.80 %  10.72 %  9.00 % Return on average tangible shareholders' equity (1) 15.16 %  19.08 %  16.29 %  20.57 %  17.35 %  Net interest margin 3.84 %  3.91 %  4.05 %  4.06 %  4.05 % Net interest margin (fully tax equivalent) (1)(2) 3.88 %  3.94 %  4.08 %  4.10 %  4.10 %  Ending shareholders' equity as a percent of ending assets 13.55 %  13.13 %  13.50 %  12.81 %  12.99 % Ending tangible shareholders' equity as a percent of:  Ending tangible assets (1) 8.16 %  7.73 %  7.98 %  7.23 %  7.23 % Risk-weighted assets (1) 10.10 %  9.61 %  9.86 %  8.95 %  8.80 %  Average shareholders' equity as a percent of average assets 13.38 %  13.36 %  13.28 %  12.87 %  13.09 % Average tangible shareholders' equity as a percent of average tangible assets (1) 7.94 %  7.87 %  7.64 %  7.15 %  7.25 %  Book value per share $        26.13  $        25.53  $        25.66  $        24.36  $        23.95 Tangible book value per share (1) $        14.80  $        14.15  $        14.26  $        12.94  $        12.50  Common equity tier 1 ratio (3) 12.29 %  12.16 %  12.04 %  11.78 %  11.67 % Tier 1 ratio (3) 12.61 %  12.48 %  12.37 %  12.11 %  12.00 % Total capital ratio (3) 14.90 %  14.64 %  14.58 %  14.47 %  14.31 % Leverage ratio (3) 10.01 %  9.98 %  9.93 %  9.73 %  9.75 %  AVERAGE BALANCE SHEET ITEMS  Loans (4) $  11,724,727  $  11,687,886  $  11,534,000  $  11,440,930  $  11,066,184 Investment securities 3,411,593  3,372,539  3,274,498  3,131,541  3,137,665 Interest-bearing deposits with other banks 615,812  654,251  483,880  599,348  553,654 Total earning assets $  15,752,132  $  15,714,676  $  15,292,378  $  15,171,819  $  14,757,503 Total assets $  18,368,604  $  18,273,419  $  17,854,191  $  17,728,251  $  17,306,221 Noninterest-bearing deposits $  3,091,037  $  3,162,643  $  3,106,239  $  3,144,198  $  3,169,750 Interest-bearing deposits 11,149,633  11,177,010  10,690,265  10,486,068  10,109,416 Total deposits $  14,240,670  $  14,339,653  $  13,796,504  $  13,630,266  $  13,279,166 Borrowings $  1,001,337  $    855,083  $  1,053,737  $  1,171,246  $  1,139,014 Shareholders' equity $  2,457,785  $  2,441,045  $  2,371,125  $  2,281,040  $  2,265,562  CREDIT QUALITY RATIOS  Allowance to ending loans 1.33 %  1.33 %  1.37 %  1.36 %  1.29 % Allowance to nonaccrual loans 261.07 %  237.66 %  242.72 %  249.21 %  243.55 % Nonaccrual loans to total loans 0.51 %  0.56 %  0.57 %  0.54 %  0.53 % Nonperforming assets to ending loans, plus OREO 0.51 %  0.56 %  0.57 %  0.54 %  0.53 % Nonperforming assets to total assets 0.32 %  0.36 %  0.36 %  0.35 %  0.34 % Classified assets to total assets 1.16 %  1.21 %  1.14 %  1.07 %  0.92 % Net charge-offs to average loans (annualized) 0.36 %  0.40 %  0.25 %  0.15 %  0.38 %

(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, 2025 regulatory capital ratios are preliminary. (4) Includes loans held for sale.

FIRST FINANCIAL BANCORP. CONSOLIDATED QUARTERLY STATEMENTS OF INCOME (Dollars in thousands, except per share data) (Unaudited)  2025  2024 First  Fourth  Third  Second  First  Full Quarter  Quarter  Quarter  Quarter  Quarter  Year Interest income  Loans and leases, including fees $ 197,163  $ 207,508  $  215,433  $  211,760  $  201,840  $  836,541 Investment securities  Taxable 34,401  33,978  32,367  30,295  28,296  124,936 Tax-exempt 2,204  2,423  2,616  2,704  3,092  10,835 Total investment securities interest 36,605  36,401  34,983  32,999  31,388  135,771 Other earning assets 6,651  7,662  6,703  7,960  7,458  29,783 Total interest income 240,419  251,571  257,119  252,719  240,686  1,002,095  Interest expense  Deposits 78,641  85,441  86,554  83,022  76,075  331,092 Short-term borrowings 7,545  6,586  9,932  11,395  10,943  38,856 Long-term borrowings 4,937  5,145  5,073  4,991  4,928  20,137 Total interest expense 91,123  97,172  101,559  99,408  91,946  390,085 Net interest income 149,296  154,399  155,560  153,311  148,740  612,010 Provision for credit losses-loans and leases  9,141  9,705  9,930  16,157  13,419  49,211 Provision for credit losses-unfunded commitments  (441)  (273)  694  286  (2,259)  (1,552) Net interest income after provision for credit losses 140,596  144,967  144,936  136,868  137,580  564,351  Noninterest income  Service charges on deposit accounts 7,463  7,632  7,547  7,188  6,912  29,279 Wealth management fees 8,137  7,962  6,910  7,172  6,676  28,720 Bankcard income 3,310  3,659  3,698  3,900  3,142  14,399 Client derivative fees 1,571  1,528  1,160  763  1,250  4,701 Foreign exchange income 12,544  16,794  12,048  16,787  10,435  56,064 Leasing business income 18,703  19,413  16,811  16,828  14,589  67,641 Net gains from sales of loans 4,322  4,634  5,021  4,479  3,784  17,918 Net gain (loss) on investment securities (9,949)  144  (17,468)  (64)  (5,187)  (22,575) Other 4,982  8,088  9,974  4,448  4,911  27,421 Total noninterest income 51,083  69,854  45,701  61,501  46,512  223,568  Noninterest expenses  Salaries and employee benefits 75,238  80,314  74,813  75,225  74,037  304,389 Net occupancy 6,019  5,415  5,919  5,793  5,923  23,050 Furniture and equipment 3,813  3,476  3,617  3,646  3,688  14,427 Data processing 8,759  9,139  8,857  8,877  8,305  35,178 Marketing 2,018  2,204  2,255  2,605  1,962  9,026 Communication 812  767  851  816  795  3,229 Professional services 2,739  6,631  2,303  2,885  2,268  14,087 Amortization of tax credit investments 112  14,303  31  31  31  14,396 State intangible tax 877  (104)  876  875  877  2,524 FDIC assessments 3,059  2,736  3,036  2,657  2,780  11,209 Intangible amortization  2,359  2,395  2,395  2,396  2,301  9,487 Leasing business expense 12,802  12,536  11,899  10,128  9,754  44,317 Other 9,469  8,095  8,907  7,640  9,634  34,276 Total noninterest expenses 128,076  147,907  125,759  123,574  122,355  519,595 Income before income taxes 63,603  66,914  64,878  74,795  61,737  268,324 Income tax expense (benefit) 12,310  2,029  12,427  13,990  11,048  39,494 Net income $   51,293  $   64,885  $   52,451  $   60,805  $   50,689  $  228,830  ADDITIONAL DATA  Net earnings per share - basic $      0.54  $      0.69  $      0.56  $      0.64  $      0.54  $       2.42 Net earnings per share - diluted $      0.54  $      0.68  $      0.55  $      0.64  $      0.53  $       2.40 Dividends declared per share $      0.24  $      0.24  $      0.24  $      0.23  $      0.23  $       0.94  Return on average assets 1.13 %  1.41 %  1.17 %  1.38 %  1.18 %  1.29 % Return on average shareholders' equity 8.46 %  10.57 %  8.80 %  10.72 %  9.00 %  9.78 %  Interest income $ 240,419  $ 251,571  $  257,119  $  252,719  $  240,686  $  1,002,095 Tax equivalent adjustment 1,213  1,274  1,362  1,418  1,535  5,589 Interest income - tax equivalent 241,632  252,845  258,481  254,137  242,221  1,007,684 Interest expense 91,123  97,172  101,559  99,408  91,946  390,085 Net interest income - tax equivalent $ 150,509  $ 155,673  $  156,922  $  154,729  $  150,275  $  617,599  Net interest margin 3.84 %  3.91 %  4.05 %  4.06 %  4.05 %  4.02 % Net interest margin (fully tax equivalent) (1) 3.88 %  3.94 %  4.08 %  4.10 %  4.10 %  4.05 %  Full-time equivalent employees 2,021  2,064  2,084  2,144  2,116

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

FIRST FINANCIAL BANCORP. CONSOLIDATED STATEMENTS OF CONDITION (Dollars in thousands) (Unaudited)  Mar. 31,  Dec. 31,  Sep. 30,  June 30,  Mar. 31,  % Change  % Change 2025  2024  2024  2024  2024  Linked Qtr.  Comp Qtr. ASSETS  Cash and due from banks $      190,610  $      174,258  $      190,618  $      193,794  $      199,407  9.4 %  (4.4) % Interest-bearing deposits with other banks 633,349  730,228  660,576  738,555  751,290  (13.3) %  (15.7) % Investment securities available-for-sale 3,260,981  3,183,776  3,157,265  3,036,758  2,850,667  2.4 %  14.4 % Investment securities held-to-maturity 76,469  76,960  77,985  78,921  79,542  (0.6) %  (3.9) % Other investments 120,826  114,598  120,318  132,412  125,548  5.4 %  (3.8) % Loans held for sale 17,927  13,181  12,685  16,911  11,534  36.0 %  55.4 % Loans and leases  Commercial and industrial 3,832,350  3,815,858  3,678,546  3,782,487  3,591,428  0.4 %  6.7 % Lease financing 573,608  598,045  587,415  534,557  492,862  (4.1) %  16.4 % Construction real estate 824,775  779,446  802,264  741,406  641,596  5.8 %  28.6 % Commercial real estate 3,956,880  4,061,744  4,034,820  4,076,596  4,145,969  (2.6) %  (4.6) % Residential real estate 1,479,704  1,462,284  1,422,186  1,377,290  1,344,677  1.2 %  10.0 % Home equity 872,502  849,039  825,431  800,860  773,811  2.8 %  12.8 % Installment 119,672  133,051  141,270  148,530  153,838  (10.1) %  (22.2) % Credit card 64,639  62,311  61,140  59,477  60,939  3.7 %  6.1 % Total loans 11,724,130  11,761,778  11,553,072  11,521,203  11,205,120  (0.3) %  4.6 % Less:  Allowance for credit losses  (155,482)  (156,791)  (158,831)  (156,185)  (144,274)  (0.8) %  7.8 % Net loans  11,568,648  11,604,987  11,394,241  11,365,018  11,060,846  (0.3) %  4.6 % Premises and equipment 197,968  197,965  196,692  197,873  198,428  0.0 %  (0.2) % Operating leases 213,648  209,119  201,080  167,472  161,473  2.2 %  32.3 % Goodwill  1,007,656  1,007,656  1,007,656  1,007,656  1,007,656  0.0 %  0.0 % Other intangibles 77,002  79,291  81,547  83,528  85,603  (2.9) %  (10.0) % Accrued interest and other assets 1,089,983  1,178,242  1,045,669  1,147,282  1,067,244  (7.5) %  2.1 % Total Assets $  18,455,067  $ 18,570,261  $  18,146,332  $ 18,166,180  $  17,599,238  (0.6) %  4.9 %  LIABILITIES  Deposits  Interest-bearing demand $   3,004,601  $   3,095,724  $   2,884,971  $   2,922,540  $   2,916,518  (2.9) %  3.0 % Savings 4,886,613  4,948,768  4,710,223  4,628,320  4,467,894  (1.3) %  9.4 % Time 3,144,440  3,152,265  3,244,861  3,049,635  2,896,860  (0.2) %  8.5 % Total interest-bearing deposits 11,035,654  11,196,757  10,840,055  10,600,495  10,281,272  (1.4) %  7.3 % Noninterest-bearing 3,161,302  3,132,381  3,107,699  3,061,427  3,175,876  0.9 %  (0.5) % Total deposits 14,196,956  14,329,138  13,947,754  13,661,922  13,457,148  (0.9) %  5.5 % FHLB short-term borrowings 735,000  625,000  765,000  1,040,000  700,000  17.6 %  5.0 % Other 64,792  130,452  46,653  139,172  162,145  (50.3) %  (60.0) % Total short-term borrowings 799,792  755,452  811,653  1,179,172  862,145  5.9 %  (7.2) % Long-term debt 345,878  347,509  344,086  338,556  343,236  (0.5) %  0.8 % Total borrowed funds 1,145,670  1,102,961  1,155,739  1,517,728  1,205,381  3.9 %  (5.0) % Accrued interest and other liabilities 611,206  700,121  592,401  660,091  649,706  (12.7) %  (5.9) % Total Liabilities 15,953,832  16,132,220  15,695,894  15,839,741  15,312,235  (1.1) %  4.2 %  SHAREHOLDERS' EQUITY  Common stock 1,637,041  1,642,055  1,639,045  1,635,705  1,632,971  (0.3) %  0.2 % Retained earnings 1,304,636  1,276,329  1,234,375  1,204,844  1,166,065  2.2 %  11.9 % Accumulated other comprehensive income (loss) (253,888)  (289,799)  (232,262)  (323,409)  (321,109)  (12.4) %  (20.9) % Treasury stock, at cost (186,554)  (190,544)  (190,720)  (190,701)  (190,924)  (2.1) %  (2.3) % Total Shareholders' Equity 2,501,235  2,438,041  2,450,438  2,326,439  2,287,003  2.6 %  9.4 % Total Liabilities and Shareholders' Equity $  18,455,067  $ 18,570,261  $  18,146,332  $ 18,166,180  $  17,599,238  (0.6) %  4.9 %

FIRST FINANCIAL BANCORP. AVERAGE CONSOLIDATED STATEMENTS OF CONDITION (Dollars in thousands) (Unaudited)  Quarterly Averages Mar. 31,  Dec. 31,  Sep. 30,  June 30,  Mar. 31, 2025  2024  2024  2024  2024 ASSETS  Cash and due from banks $      164,734  $      182,242  $      179,321  $      174,435  $      204,119 Interest-bearing deposits with other banks 615,812  654,251  483,880  599,348  553,654 Investment securities 3,411,593  3,372,539  3,274,498  3,131,541  3,137,665 Loans held for sale 10,212  17,284  16,399  14,075  12,069 Loans and leases  Commercial and industrial 3,787,207  3,727,549  3,723,761  3,716,083  3,543,475 Lease financing 585,119  587,110  550,634  509,758  480,540 Construction real estate 797,100  826,936  763,779  683,780  603,974 Commercial real estate 4,018,211  4,045,347  4,059,939  4,146,764  4,101,238 Residential real estate 1,475,703  1,442,799  1,399,932  1,361,133  1,336,749 Home equity 858,153  837,863  811,265  790,384  765,410 Installment 127,192  136,927  143,102  151,753  157,663 Credit card 65,830  66,071  65,189  67,200  65,066 Total loans 11,714,515  11,670,602  11,517,601  11,426,855  11,054,115 Less:  Allowance for credit losses  (158,206)  (161,477)  (159,252)  (147,666)  (143,950) Net loans  11,556,309  11,509,125  11,358,349  11,279,189  10,910,165 Premises and equipment 198,998  197,664  197,881  199,096  198,482 Operating leases 205,181  202,110  180,118  156,457  154,655 Goodwill  1,007,656  1,007,658  1,007,654  1,007,657  1,006,477 Other intangibles 78,220  80,486  82,619  84,577  84,109 Accrued interest and other assets 1,119,889  1,050,060  1,073,472  1,081,876  1,044,826 Total Assets $  18,368,604  $ 18,273,419  $  17,854,191  $  17,728,251  $  17,306,221  LIABILITIES  Deposits  Interest-bearing demand $   3,090,526  $   3,081,148  $   2,914,934  $   2,888,252  $   2,895,768 Savings 4,918,004  4,886,784  4,694,923  4,617,658  4,399,768 Time 3,141,103  3,209,078  3,080,408  2,980,158  2,813,880 Total interest-bearing deposits 11,149,633  11,177,010  10,690,265  10,486,068  10,109,416 Noninterest-bearing 3,091,037  3,162,643  3,106,239  3,144,198  3,169,750 Total deposits 14,240,670  14,339,653  13,796,504  13,630,266  13,279,166 Federal funds purchased and securities sold  under agreements to repurchase 2,055  2,282  10,807  750  4,204 FHLB short-term borrowings 553,667  415,652  626,490  669,111  646,187 Other  99,378  93,298  76,859  161,913  146,127 Total short-term borrowings 655,100  511,232  714,156  831,774  796,518 Long-term debt 346,237  343,851  339,581  339,472  342,496 Total borrowed funds 1,001,337  855,083  1,053,737  1,171,246  1,139,014 Accrued interest and other liabilities 668,812  637,638  632,825  645,699  622,479 Total Liabilities 15,910,819  15,832,374  15,483,066  15,447,211  15,040,659  SHAREHOLDERS' EQUITY  Common stock 1,641,016  1,640,280  1,637,045  1,634,183  1,637,835 Retained earnings 1,282,300  1,249,263  1,210,924  1,179,827  1,144,447 Accumulated other comprehensive loss (275,068)  (257,792)  (285,978)  (341,941)  (319,601) Treasury stock, at cost (190,463)  (190,706)  (190,866)  (191,029)  (197,119) Total Shareholders' Equity 2,457,785  2,441,045  2,371,125  2,281,040  2,265,562 Total Liabilities and Shareholders' Equity $  18,368,604  $ 18,273,419  $  17,854,191  $  17,728,251  $  17,306,221

FIRST FINANCIAL BANCORP. NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (Dollars in thousands) (Unaudited)  Quarterly Averages March 31, 2025  December 31, 2024  March 31, 2024 Balance  Interest  Yield  Balance  Interest  Yield  Balance  Interest  Yield Earning assets  Investments:  Investment securities  $  3,411,593  $  36,605  4.35 %  $  3,372,539  $  36,401  4.28 %  $  3,137,665  $  31,388  4.01 % Interest-bearing deposits with other banks  615,812  6,651  4.38 %  654,251  7,662  4.65 %  553,654  7,458  5.40 % Gross loans (1)  11,724,727  197,163  6.82 %  11,687,886  207,508  7.04 %  11,066,184  201,840  7.32 % Total earning assets  15,752,132  240,419  6.19 %  15,714,676  251,571  6.35 %  14,757,503  240,686  6.54 %  Nonearning assets  Allowance for credit losses  (158,206)      (161,477)      (143,950)  Cash and due from banks  164,734      182,242      204,119  Accrued interest and other assets  2,609,944      2,537,978      2,488,549  Total assets  $ 18,368,604      $ 18,273,419      $ 17,306,221   Interest-bearing liabilities  Deposits:  Interest-bearing demand  $  3,090,526  $  15,188  1.99 %  $  3,081,148  $  15,092  1.94 %  $  2,895,768  $  14,892  2.06 % Savings  4,918,004  30,355  2.50 %  4,886,784  33,924  2.75 %  4,399,768  29,486  2.69 % Time  3,141,103  33,098  4.27 %  3,209,078  36,425  4.50 %  2,813,880  31,697  4.52 % Total interest-bearing deposits  11,149,633  78,641  2.86 %  11,177,010  85,441  3.03 %  10,109,416  76,075  3.02 % Borrowed funds  Short-term borrowings  655,100  7,545  4.67 %  511,232  6,586  5.11 %  796,518  10,943  5.51 % Long-term debt  346,237  4,937  5.78 %  343,851  5,145  5.94 %  342,496  4,928  5.77 % Total borrowed funds  1,001,337  12,482  5.06 %  855,083  11,731  5.44 %  1,139,014  15,871  5.59 % Total interest-bearing liabilities  12,150,970  91,123  3.04 %  12,032,093  97,172  3.20 %  11,248,430  91,946  3.28 %  Noninterest-bearing liabilities  Noninterest-bearing demand deposits  3,091,037      3,162,643      3,169,750  Other liabilities  668,812      637,638      622,479  Shareholders' equity  2,457,785      2,441,045      2,265,562  Total liabilities & shareholders' equity  $ 18,368,604      $ 18,273,419      $ 17,306,221   Net interest income   $     149,296      $     154,399      $     148,740  Net interest spread       3.15 %      3.15 %      3.26 % Net interest margin       3.84 %      3.91 %      4.05 %  Tax equivalent adjustment      0.04 %      0.03 %      0.05 % Net interest margin (fully tax equivalent)      3.88 %      3.94 %      4.10 %   (1) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP. NET INTEREST MARGIN RATE/VOLUME ANALYSIS  (1) (Dollars in thousands) (Unaudited)   Linked Qtr. Income Variance  Comparable Qtr. Income Variance Rate  Volume  Total  Rate  Volume  Total Earning assets  Investment securities  $        589  $      (385)  $        204  $     2,652  $     2,565  $     5,217 Interest-bearing deposits with other banks  (439)  (572)  (1,011)  (1,412)  605  (807) Gross loans (2)  (6,597)  (3,748)  (10,345)  (13,683)  9,006  (4,677) Total earning assets  (6,447)  (4,705)  (11,152)  (12,443)  12,176  (267)  Interest-bearing liabilities  Total interest-bearing deposits  $    (4,855)  $    (1,945)  $    (6,800)  $    (3,979)  $     6,545  $     2,566 Borrowed funds  Short-term borrowings  (567)  1,526  959  (1,667)  (1,731)  (3,398) Long-term debt  (133)  (75)  (208)  10  (1)  9 Total borrowed funds  (700)  1,451  751  (1,657)  (1,732)  (3,389) Total interest-bearing liabilities  (5,555)  (494)  (6,049)  (5,636)  4,813  (823) Net interest income (1)  $      (892)  $    (4,211)  $    (5,103)  $    (6,807)  $     7,363  $        556   (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)  Mar. 31,  Dec. 31,  Sep. 30,  June 30,  Mar. 31, 2025  2024  2024  2024  2024 ALLOWANCE FOR CREDIT LOSS ACTIVITY  Balance at beginning of period $  156,791  $  158,831  $  156,185  $  144,274  $  141,433 Provision for credit losses 9,141  9,705  9,930  16,157  13,419 Gross charge-offs  Commercial and industrial 8,178  4,333  5,471  2,149  2,695 Lease financing 1,454  2,831  368  190  3 Construction real estate  Commercial real estate   5,051  261  2  5,319 Residential real estate   12  60  6  65 Home equity 86  210  90  122  25 Installment 1,321  1,680  1,510  2,034  2,236 Credit card 474  492  768  532  794 Total gross charge-offs  11,513  14,609  8,528  5,035  11,137 Recoveries  Commercial and industrial 195  1,779  434  236  162 Lease financing 29  17  11  1  59 Construction real estate  Commercial real estate 24  19  25  137  38 Residential real estate 24  23  22  37  24 Home equity 144  222  240  118  80 Installment 563  499  421  219  145 Credit card 84  305  91  41  51 Total recoveries 1,063  2,864  1,244  789  559 Total net charge-offs 10,450  11,745  7,284  4,246  10,578 Ending allowance for credit losses $  155,482  $  156,791  $  158,831  $  156,185  $  144,274  NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)  Commercial and industrial 0.85 %  0.27 %  0.54 %  0.21 %  0.29 % Lease financing 0.99 %  1.91 %  0.26 %  0.15 %  (0.05) % Construction real estate 0.00 %  0.00 %  0.00 %  0.00 %  0.00 % Commercial real estate 0.00 %  0.49 %  0.02 %  (0.01) %  0.52 % Residential real estate (0.01) %  0.00 %  0.01 %  (0.01) %  0.01 % Home equity (0.03) %  (0.01) %  (0.07) %  0.00 %  (0.03) % Installment 2.42 %  3.43 %  3.03 %  4.81 %  5.33 % Credit card 2.40 %  1.13 %  4.13 %  2.94 %  4.59 % Total net charge-offs 0.36 %  0.40 %  0.25 %  0.15 %  0.38 %  COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS Nonaccrual loans  Commercial and industrial $     7,649  $     6,641  $    10,703  $    17,665  $    14,532 Lease financing 6,487  6,227  11,632  5,374  3,794 Construction real estate  Commercial real estate 25,736  32,303  23,608  22,942  23,055 Residential real estate 16,044  16,700  14,596  12,715  12,836 Home equity 2,920  3,418  4,074  3,295  4,036 Installment 719  684  826  682  984 Total nonaccrual loans 59,555  65,973  65,439  62,673  59,237 Other real estate owned (OREO) 213  64  30  30  161 Total nonperforming assets 59,768  66,037  65,469  62,703  59,398 Accruing loans past due 90 days or more 228  361  463  1,573  820 Total underperforming assets $    59,996  $    66,398  $    65,932  $    64,276  $    60,218 Total classified assets  $  213,351  $  224,084  $  206,194  $  195,277  $  162,348  CREDIT QUALITY RATIOS  Allowance for credit losses to  Nonaccrual loans 261.07 %  237.66 %  242.72 %  249.21 %  243.55 % Total ending loans 1.33 %  1.33 %  1.37 %  1.36 %  1.29 % Nonaccrual loans to total loans 0.51 %  0.56 %  0.57 %  0.54 %  0.53 % Nonperforming assets to  Ending loans, plus OREO 0.51 %  0.56 %  0.57 %  0.54 %  0.53 % Total assets 0.32 %  0.36 %  0.36 %  0.35 %  0.34 % Classified assets to total assets 1.16 %  1.21 %  1.14 %  1.07 %  0.92 %

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, 2025  2024  2024  2024  2024 PER COMMON SHARE  Market Price  High $        29.04  $        30.34  $        28.09  $        23.78  $        23.68 Low $        24.25  $        23.98  $        21.70  $        20.79  $        21.04 Close $        24.98  $        26.88  $        25.23  $        22.22  $        22.42  Average shares outstanding - basic 94,645,787  94,486,838  94,473,666  94,438,235  94,218,067 Average shares outstanding - diluted 95,524,262  95,487,564  95,479,510  95,470,093  95,183,998 Ending shares outstanding 95,730,353  95,494,840  95,486,317  95,486,010  95,473,595  Total shareholders' equity $  2,501,235  $  2,438,041  $  2,450,438  $  2,326,439  $  2,287,003  REGULATORY CAPITAL Preliminary  Common equity tier 1 capital $  1,724,134  $  1,709,422  $  1,661,759  $  1,626,345  $  1,582,113 Common equity tier 1 capital ratio 12.29 %  12.16 %  12.04 %  11.78 %  11.67 % Tier 1 capital $  1,769,357  $  1,754,584  $  1,706,796  $  1,671,258  $  1,626,899 Tier 1 ratio 12.61 %  12.48 %  12.37 %  12.11 %  12.00 % Total capital $  2,090,211  $  2,057,877  $  2,012,349  $  1,997,378  $  1,940,762 Total capital ratio 14.90 %  14.64 %  14.58 %  14.47 %  14.31 % Total capital in excess of minimum requirement $    617,347  $    581,659  $    563,273  $    548,037  $    516,704 Total risk-weighted assets $  14,027,274  $  14,059,215  $  13,800,728  $  13,803,249  $  13,562,455 Leverage ratio 10.01 %  9.98 %  9.93 %  9.73 %  9.75 %  OTHER CAPITAL RATIOS  Ending shareholders' equity to ending assets 13.55 %  13.13 %  13.50 %  12.81 %  12.99 % Ending tangible shareholders' equity to ending tangible assets (1) 8.16 %  7.73 %  7.98 %  7.23 %  7.23 % Average shareholders' equity to average assets 13.38 %  13.36 %  13.28 %  12.87 %  13.09 % Average tangible shareholders' equity to average tangible assets (1) 7.94 %  7.87 %  7.64 %  7.15 %  7.25 %  REPURCHASE PROGRAM (2)  Shares repurchased  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 Cision

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SOURCE First Financial Bancorp.

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