First Financial Bancorp. · NASDAQ:FFBC
First Financial Bancorp — Merger or Acquisition (June 2025)
18 slides from First Financial Bancorp's merger presentation, Jun 23, 2025
Slide 1: Investor Presentation: Acquisition of Westfield Bancorp
investor presentation • Acquisition of Westfield Bancorp Exhibit 99.2
Slide 2: Forward Looking Statements Disclosure
forward looking statements disclosure 2 Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “ex
Slide 3: Forward Looking Statements Disclosure (continued)
forward looking statements disclosure 3 • 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
Slide 4: Transaction Highlights
Source: S&P Capital IQ Pro 1 Based on Westfield Bancorp’s $1.9 billion in total deposits as of March 31, 2025, divided by seven branches transaction highlights 4 • Accelerates entry into Northeast Ohio. • Provides attractive deposit base, branch network and commercial client base in a market with li
Slide 5: Overview of Westfield Bancorp
Source: S&P Capital IQ Pro and Westfield Bancorp documents overview of Westfield Bancorp 5 Westfield Bank Lines of Business 3.01% MRQ NIM $2.2B in assets Financial Highlights as of March 31, 2025 $1.6B in loans $1.9B in deposits 11.0% TCE / TA $19.3MM LTM Net Income Headquarters: Westfield Center, O
Slide 6: Cements Current Market Positioning
100.8 88.7 68.8 67.8 42.9 36.1 9.9 8.8 8.8 7.8 7.7 7.3 7.1 1.7 U.S. Bank (MN) (1) Huntington Bank (OH) (2) KeyBank (OH) (3) Fifth Third Bank (OH) (4) JPMorgan Chase (NY) (5) PNC Bank (PA) (6) Citizens Bank (RI) (7) (OH) WesBanco (WV) (8) Park National (OH) (9) Bank of America (NC) (10) Third Federal
Slide 7: Expansion of Specialty Business Lines
Specialty lender to independent insurance agents, registered investment advisors, CPAs Wealth & asset management services for individuals and businesses $5.3 Billion Assets Under Care $172 Million Loans1 $256 Million Avg. Deposits1 Premium Finance2 Tailored solutions that enable clients to finance p
Slide 8: Pro Forma Loan & Deposit Composition
1-4 Family 21.5% MultiFamily & CRE 30.8% Consumer 2.0% Commercial¹ 28.4% Construction 6.8% Farm & Ag. 1.3% Loans to NDFIs 3.5% Other 5.6% 1-4 Family 26.7% MultiFamily & CRE 21.8% Consumer 7.1% Commercial¹ 38.1% Construction 3.5% Other 2.7% 1-4 Family 20.8% MultiFamily & CRE 32.0% Consumer 1.3% Comme
Slide 9: Transaction Summary
1 Based on FFBC’s 10-day VWAP of approximately $23.61 per share, as of June 20, 2025 transaction summary 9 Transaction Structure • First Financial Bancorp to acquire 100% of Westfield Bancorp outstanding common stock • At closing Westfield Bank will merge with and into First Financial Bank • OFIC to
Slide 10: Due Diligence and Credit Review
0.23 0.20 0.26 0.20 0.11 2021 2022 2023 2024 MRQ Westfield Bancorp NPAs / Assets (%) • Business and Operational Due Diligence • Extensive due diligence review of Westfield Bancorp over a three- month time frame including more than 50 internal and external professionals. • First Financial’s managemen
Slide 11: Key Transaction Assumptions
key transaction assumptions 11 Earnings, Synergies and Cost Savings • Net income for FFBC based on consensus analyst estimates • Net income for Westfield Bancorp based on FFBC management estimates • Cost savings of ~40% of Westfield Bancorp’s noninterest expense base (75% realized in 2026, 100% ther
Slide 12: Seasoned Acquiror
3.7 6.7 6.3 6.7 6.5 6.4 7.2 8.1 8.4 8.9 14.0 14.5 16.0 16.3 17.0 17.5 18.6 20.6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1'25 FFBC Assets ($B) Acquired Assets ($B) Note: Q1’25 combined assets are as of March 31, 2025, for Westfield Bancorp and FFBC season
Slide 13: Goodwill, Intangibles and Tangible Book Value Impact
($ in millions) Cash Consideration to OFIC $260.0 Equity Consideration to OFIC $65.0 Aggregate Consideration $325.0 Westfield Bancorp Tangible Book Value at Close 259.2 (+) After-Tax Merger Costs Attributable to Westfield Bancorp (6.4) (+) Pre-Tax Fair Value Adjustments (59.6) (+) Net Deferred Tax A
Slide 14: Illustrative Net Income and EPS Impact
($ in millions, except per share data) 2026 Estimated Pro Forma FFBC Net Income to Common (Consensus) $262.3 Westfield Bancorp Net Income to Common (FFBC management estimates) $22.4 Combined Net Income $284.7 After-Tax Acquisition Adjustments Cost Savings1 $12.6 Core Deposit Intangible Amortization
Slide 15: Appendix: Net Interest Margin Reconciliation
($ in 000's, unless otherwise indicated) Three months ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2024 2024 2024 2024 2025 Net interest margin Net interest income (A) $148,740 $153,311 $155,560 $154,399 $149,296 Tax equivalent adjustment 1,535 1,418 1,362 1,274 1,213 Net interest income - tax equi
Slide 16: Appendix: Tangible Common Equity Reconciliation
($ in 000's, unless otherwise indicated) Three months ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2024 2024 2024 2024 2025 Tangible common equity to tangible assets Total common stockholders' equity $2,287,003 $2,326,439 $2,450,438 $2,438,041 $2,501,235 Less: Goodwill 1,007,656 1,007,656 1,007,656
Slide 17: Appendix: Non-GAAP Reconciliation
17 appendix: non-GAAP reconciliation 1 Calculated using annualized returns ($ in 000's, unless otherwise indicated) Three months ended Mar. 31 Jun. 30 Sep. 30 Dec. 31 Mar. 31 2024 2024 2024 2024 2025 Return on average tangible common equity Net Income (A) $50,689 $60,805 $52,451 $64,885 $51,293 Aver
Slide 18: First Financial Bancorp
18 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202
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