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Table of Content UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission file number 001-34762 FIRST FINANCIAL BANCORP /OH/ (Exact name of registrant as specified in its charter) Ohi ...

First Financial Bancorp (FFBC) reported $195.25 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 9.7%. EPS of $0.59 for the same period compares to $0.76 a year ago.The reported revenue represents a surprise of -3.24% over the Zacks Consensus Estimate of $201.79 million. With the consensus EPS estimate being $0.59, the company has not delivered EPS surprise.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how ...

First Financial Bancorp (FFBC) came out with quarterly earnings of $0.59 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.76 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this holding company for First Financial Bank would post earnings of $0.61 per share when it actually produced earnings of $0.62, delivering a surprise of 1.64%.Over the last four quarters, the company has surpassed consensus EPS estimates t ...

Exhibit 99.1 First Financial Bancorp Announces First Quarter 2024 Financial Results and Quarterly Dividend Cincinnati, Ohio - April 25, 2024. First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three months ended March 31, 2024. For the three months ended March 31, 2024, the Company reported net income of $50.7 million, or $0.53 per diluted common share. These results compare to net income of $56.7 million, or $0.60 per diluted common share, for t ...

CINCINNATI, April 5, 2024 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) announced today that it expects to release first quarter 2024 financial results after the market close on Thursday, April 25, 2024.  A teleconference and webcast to discuss these results will be held on Friday, April 26, 2024, at 8:30 a.m. Eastern time.Teleconference and Webcast Information Date:                                                    Friday, April 26, 2024 Time:                                                    8 ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT OF 1934 Commission File Number 001-34762 FIRST FINANCIAL BANCORP. (Exact name of registrant as specified in its charter) | Ohio 31-1042001 | | | | | --- | --- | --- | --- | | (State of incorpor ...

CINCINNATI, Jan. 30, 2024 /PRNewswire/ -- First Financial Bank (Nasdaq: FFBC) has entered into a new $2.4 billion, five-year Community Benefits Agreement (CBA) with the National Community Reinvestment Coalition (NCRC) and related partner organizations, establishing goals for lending and investments to low- and moderate-income (LMI) clients and census tracts. The new agreement follows the successful conclusion of First Financial's previous CBA, during which it achieved 192 percent of its $1.75 billion goal i ...

[Part I - FINANCIAL INFORMATION](index=5&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) This section presents First Financial Bancorp's unaudited consolidated financial statements and management's analysis of its financial condition and operations [Financial Statements](index=5&type=section&id=Item%201%20-%20Financial%20Statements) This section presents First Financial Bancorp's unaudited consolidated financial statements, including balance sheets, income statements, and cash flows, for the periods ended September 30, 2023 Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Assets | $17,054,852 | $17,003,316 | | Net Loans and Leases | $10,501,618 | $10,165,994 | | Total Deposits | $12,915,553 | $12,701,177 | | Total Shareholders' Equity | $2,129,509 | $2,041,373 | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $155,455 | $137,892 | $474,005 | $361,247 | | Provision for Credit Losses | $11,673 | $8,284 | $32,877 | $1,683 | | Noninterest Income | $56,628 | $42,534 | $165,429 | $133,606 | | Net Income | $63,061 | $55,705 | $199,131 | $148,526 | | Diluted EPS | $0.66 | $0.59 | $2.09 | $1.57 | Consolidated Cash Flow Highlights - Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $370,800 | $174,206 | | Net Cash used in Investing Activities | ($187,581) | ($411,251) | | Net Cash used in Financing Activities | ($170,385) | $212,567 | | Change in Cash and Due from Banks | $12,834 | ($24,478) | [Note 3: Investments](index=15&type=section&id=NOTE%203%3A%20INVESTMENTS) This note details the company's $3.3 billion investment portfolio, primarily AFS and HTM securities, with significant unrealized losses on AFS due to rising interest rates Investment Securities Summary as of September 30, 2023 (in thousands) | Category | Amortized Cost | Fair Value | | :--- | :--- | :--- | | Available-for-Sale (AFS) | $3,526,096 | $3,044,361 | | Held-to-Maturity (HTM) | $81,236 | $69,845 | - The AFS portfolio had gross unrealized losses of **$482.2 million** as of September 30, 2023, primarily due to market yield fluctuations, with **$468.3 million** on securities held for 12 months or more[39](index=39&type=chunk)[44](index=44&type=chunk) - Management does not intend to sell, nor is it likely to be required to sell, debt securities prior to value recovery, thus no allowance for credit losses (ACL) was recorded for AFS securities[40](index=40&type=chunk) [Note 4: Loans and Leases](index=18&type=section&id=NOTE%204%3A%20LOANS%20AND%20LEASES) This note provides a detailed breakdown of the company's $10.6 billion loan and lease portfolio by category, credit quality, and performance, noting a significant increase in nonperforming loans Loan Portfolio Composition (in thousands) | Loan Category | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Commercial & Industrial | $3,420,873 | $3,410,272 | | Commercial Real Estate | $3,992,654 | $4,052,759 | | Residential Real Estate | $1,293,470 | $1,092,265 | | Lease Financing | $399,973 | $236,124 | | Other | $1,540,829 | $1,699,925 | | **Total Loans & Leases** | **$10,646,819** | **$10,298,971** | - Nonaccrual loans increased substantially to **$74.9 million** as of September 30, 2023, compared to **$28.6 million** at December 31, 2022[66](index=66&type=chunk) - Effective January 1, 2023, the company adopted ASU 2022-02, eliminating Troubled Debt Restructurings (TDRs) and establishing a new standard for Financial Difficulty Modifications (FDMs)[60](index=60&type=chunk) [Note 5: Allowance for Credit Losses (ACL)](index=27&type=section&id=NOTE%205%3A%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) This note explains the methodology for calculating the Allowance for Credit Losses (ACL) for both loans and unfunded commitments, noting an increase to $145.2 million due to various factors Allowance for Credit Losses - Loans & Leases (in thousands) | Period | Beginning Balance | Provision | Net Charge-offs | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Q3 2023** | $148,646 | $12,907 | ($16,352) | $145,201 | | **YTD 2023** | $132,977 | $34,270 | ($22,046) | $145,201 | - The increase in the ACL for the nine months ended September 30, 2023, was attributed to slower prepayment speeds, changes in economic forecasts, and loan growth[93](index=93&type=chunk) - The ACL on unfunded commitments was **$17.0 million** as of September 30, 2023, a decrease from **$18.4 million** at December 31, 2022, with a provision recapture of **$1.4 million** in the first nine months of 2023[98](index=98&type=chunk) [Note 11: Derivatives](index=38&type=section&id=NOTE%2011%3A%20DERIVATIVES) The company utilizes various derivative instruments to manage risk and serve clients, with a total notional amount over $20 billion, including $600 million in new cash flow hedges in 2023 Notional Amount of Derivatives as of September 30, 2023 (in millions) | Derivative Type | Notional Amount | | :--- | :--- | | Interest Rate Client Derivatives | $2,218 | | Foreign Exchange Contracts | $7,522 | | Cash Flow Hedges (Collars/Floors) | $600 | - In 2023, the company entered into interest rate collars and floors with a notional value of **$600.0 million**, designated as cash flow hedges to mitigate interest rate risk on variable-rate commercial loan pools[144](index=144&type=chunk)[147](index=147&type=chunk) - The company also uses derivatives for mortgage banking, including Interest Rate Lock Commitments (IRLCs) with a notional amount of **$32.3 million** and forward commitments of **$31.3 million** as of September 30, 2023[153](index=153&type=chunk) [Management's Discussion and Analysis (MD&A)](index=52&type=section&id=Item%202%20-%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides its perspective on the company's financial condition and results for Q3 and the first nine months of 2023, covering net interest margin, asset quality, and capital ratios Key Performance Metrics | Metric | Q3 2023 | Q2 2023 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income (millions) | $63.1 | $65.7 | $199.1 | $148.5 | | Diluted EPS | $0.66 | $0.69 | $2.09 | $1.57 | | Return on Average Assets | 1.48% | 1.55% | 1.57% | 1.22% | | Net Interest Margin (FTE) | 4.33% | 4.48% | 4.45% | 3.53% | - The company is a **$17.1 billion** financial holding company operating through First Financial Bank, with **130** full-service banking centers as of September 30, 2023[208](index=208&type=chunk) - In Q1 2023, the company acquired the assets of Brady Ware Capital, LLC, an advisory firm, to expand its service offerings in mergers and acquisitions and business succession planning[212](index=212&type=chunk) [Net Interest Income](index=55&type=section&id=NET%20INTEREST%20INCOME) Net interest income decreased to $155.5 million in Q3 2023, with the net interest margin contracting by 15 basis points to 4.33% due to rising deposit costs - Linked-quarter net interest margin (FTE) decreased by **15 basis points** to **4.33%**, as the total cost of interest-bearing deposits rose **48 bps** to **2.44%**, outpacing the increase in interest income[226](index=226&type=chunk)[228](index=228&type=chunk) - Year-to-date net interest income increased by **$112.8 million (31.2%)** compared to the same period in 2022, driven by higher interest rates on loans and investments[231](index=231&type=chunk) - To mitigate interest rate risk, the company entered into interest rate collars and floors designated as cash flow hedges with a total notional value of **$600.0 million**[229](index=229&type=chunk)[230](index=230&type=chunk) [Asset Quality and Allowance for Credit Losses](index=62&type=section&id=ASSET%20QUALITY%20AND%20ALLOWANCE%20FOR%20CREDIT%20LOSSES) Asset quality metrics deteriorated in 2023, with nonaccrual loans significantly increasing to $74.9 million and elevated net charge-offs, leading to an increased ACL - Nonaccrual loans increased by **$46.3 million (161.8%)** from year-end 2022, driven by the downgrade of two large commercial real estate relationships and one large C&I relationship[261](index=261&type=chunk) - Net charge-offs in Q3 2023 were **$16.4 million (0.61% of average loans)**, elevated by a **$6.9 million** loss on a single C&I loan and **$6.1 million** in charge-offs from a **$32 million** loan sale[269](index=269&type=chunk) - The ACL as a percentage of nonaccrual loans decreased sharply to **193.8%** from **464.6%** at year-end 2022, as nonaccrual loan growth outpaced reserve increases[270](index=270&type=chunk) [Capital](index=67&type=section&id=CAPITAL) The company's capital ratios improved and remained well-capitalized as of September 30, 2023, with the Tier 1 capital to risk-weighted assets ratio increasing to 11.94% Consolidated Capital Ratios | Ratio | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Common Equity Tier 1 | 11.60% | 10.83% | | Tier 1 Capital | 11.94% | 11.17% | | Total Capital | 13.51% | 13.09% | | Leverage Ratio | 9.59% | 8.89% | - The company was categorized as "**well-capitalized**" under the regulatory framework for prompt corrective action[300](index=300&type=chunk) - No shares were repurchased in 2023 under the **5,000,000** share repurchase plan, which is set to expire in December 2023[303](index=303&type=chunk) [Market Risk](index=70&type=section&id=MARKET%20RISK) The company's primary market risks are interest rate and liquidity risk, maintaining an asset-sensitive position where net interest income is expected to benefit from rising interest rates Interest Rate Sensitivity Analysis (as of Sep 30, 2023) | Rate Shock | NII Change (Year 1) | EVE Change | | :--- | :--- | :--- | | +200 bps | +6.07% | +2.38% | | +100 bps | +3.72% | +1.14% | | -100 bps | -6.50% | -1.63% | - The company's interest rate risk models indicated an **asset-sensitive** position, which is expected to moderate as deposit costs increase[316](index=316&type=chunk) - Liquidity risk management has been enhanced through refining the contingency funding plan, securing additional borrowing capacity, and developing more detailed liquidity monitoring reports[319](index=319&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=75&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section incorporates by reference the Market Risk discussion from the MD&A, detailing the company's interest rate and liquidity risk management - The required disclosures for this item are incorporated by reference from the 'Market Risk' section within Item 2, Management's Discussion and Analysis[328](index=328&type=chunk) [Controls and Procedures](index=75&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** at a reasonable assurance level as of the end of the reporting period[331](index=331&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[332](index=332&type=chunk) [Part II - OTHER INFORMATION](index=76&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) This part addresses other required disclosures, including legal proceedings, risk factors, and the use of proceeds from equity sales, noting no material changes from the 2022 Form 10-K [Legal Proceedings](index=76&type=section&id=Item%201%20-%20Legal%20Proceedings) The company states no material changes to the legal proceedings disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - There have been no material changes to the legal proceedings previously disclosed in the company's 2022 Form 10-K[334](index=334&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A%20-%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have occurred regarding the risk factors disclosed in the company's 2022 Form 10-K[335](index=335&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company confirms no common stock repurchases during Q2 2023 under its 2022 Stock Repurchase Plan, which authorizes up to 5,000,000 shares - The company did not purchase any shares under its 2022 Stock Repurchase Plan during the quarter, which authorizes the repurchase of up to **5,000,000** shares and expires on December 31, 2023[336](index=336&type=chunk)

First Financial Bancorp (NASDAQ:FFBC) Q3 2023 Earnings Conference Call October 25, 2023 8:30 AM ET Company Participants Scott Crawley - Corporate Controller Archie Brown - President & Chief Executive Officer Jamie Anderson - Chief Financial Officer & Chief Operating Officer Bill Harrod - Chief Credit Officer Conference Call Participants Daniel Tamayo - Raymond James Terry McEvoy - Stephens Jon Arfstrom - RBC Capital Markets Christopher McGratty - KBW Operator Good morning and welcome to the First Financial ...