First Financial Bancorp.: First Financial Bancorp Announces First Quarter 2025 Financial Results

• 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

____________________________________________________________________________________________
⁽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 [phone] (U.S. toll free) or [phone] (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 [phone] (U.S. toll free), [phone] (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 atwww.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	0		0		0		0		0
Commercial real estate	0		5,051		261		2		5,319
Residential real estate	0		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	0		0		0		0		0
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	0		0		0		0		0
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	0		0		0		0		0
Average share repurchase price	N/A		N/A		N/A		N/A		N/A
Total cost of shares repurchased	N/A		N/A		N/A		N/A		N/A

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled "Use of Non-GAAP Financial Measures" in this release and "Appendix: Non-GAAP to GAAP Reconciliation" in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

SOURCE First Financial Bancorp.