First Financial Bancorp. · NASDAQ:FFBC
First Financial Bancorp — Q1 2025 Earnings Presentation
41 slides from First Financial Bancorp's earnings presentation, May 12, 2025
Slide 1: Investor Presentation First Quarter 2025
investor presentation • First Quarter 2025 Exhibit 99.1
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
forward looking statements disclosure 3 • 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
Slide 4: Presentation contents
About First Financial Bancorp Financial Performance Appendix presentation contents 4
Slide 5: Overview
overview Commercial C&I, O-CRE, Treasury, ABL, ESOP, Equipment Finance, Bannockburn Global Forex Retail Banking Consumer, Small Business Mortgage Banking NASDAQ: FFBC Headquarters: Cincinnati, Ohio Founded: 1863 Banking Centers: 127 Employees: 2,021 Market Cap (3/31/25): $2.4B Dividend Yield (3/31/2
Slide 6: Key investment highlights
key investment highlights • Proven & sustainable business model for more than 160 years • Premier Midwest franchise with top quartile performance • Consistent profitability – 138 consecutive quarters • High quality balance sheet & robust capital position (12.29% CET1) • Prudent risk management & cre
Slide 7: Consistent best-in-class earnings
consistent best-in-class earnings 7 Return on Average Assets 1 KRX calculated as the top quartile of the current 50 KRX constituents. Source: S&P Capital IQ Pro 1-Year 3-Year 2Q18-1Q25 (since merger) 81% Percentile Rank KRX Top Quartile1 1.27% 82% Percentile Rank 1.22% 1.39% 1.21% 86% Percentile Ran
Slide 8: Consistent better than market earnings growth
consistent better than market earnings growth 8 Earnings Per Share Growth 1 KRX calculated as the median of the current 50 KRX constituents. Source: S&P Capital IQ Pro 1-Year 3-Year 5-Year 10-Year 20-Year 72% Percentile Rank 8% 6% 70% Percentile Rank 79% Percentile Rank 6% 4% 61% Percentile Rank 5%
Slide 9: Complementary market centric strategies
Note: Greater Cincinnati/Dayton loan and deposit balances include large public fund relationships, special assets, loan marks, and other out of market and corporately held balances. complementary market centric strategies Loans $3.5B / Deposits $2.2B Loans $1.9B / Deposits $5.2B Loans $4.1B / Deposi
Slide 10: Key company brands
key company brands Full suite of diversified financial products for individuals and businesses $18.5 Billion Assets $14.2 Billion Deposits Diversified financial holding company with comprehensive and innovative solutions for individuals and businesses Wealth & asset management services for individua
Slide 11: Diversified lines of business
The number of Trust & Investments and RPS relationships are updated as of 9/30/22. All other data as of 12/31/22. diversified lines of business 11
Slide 12: Revenue growth strategies
revenue growth strategies Distribution Technology Talent Product & Pricing • Regional pricing strategy • Treasury Management product investments • Investments in Product Management DefinedModels Enterprise Data Management • Investment in data warehouse • Enabling data as a strategic asset • Connecti
Slide 13: Presentation contents
About First Financial Bancorp Financial Performance Appendix presentation contents 13
Slide 14: 1Q 2025 results
1Q 2025 results 138th Consecutive Quarter of Profitability 14 • EOP assets decreased $115.2 million compared to the linked quarter to $18.5 billion • EOP loans decreased $37.6 million compared to the linked quarter to $11.7 billion • Average deposits decreased $99.0 million compared to the linked qu
Slide 15: 1Q 2025 highlights
1Q 2025 highlights • Solid quarterly earnings driven by net interest income • Adjusted1 earnings per share – $0.63 • Adjusted1 return on assets – 1.33% • Adjusted1 pre-tax, pre-provision return on assets – 1.85% • Adjusted1 return on average tangible common equity – 17.8% • Stable loan balances duri
Slide 16: 1Q 2025 highlights
1Q 2025 highlights • Adjusted1 noninterest expense of $126.6 million; 3.3% decrease from fourth quarter • Adjustments1 include $0.5 million of efficiency-related costs and $1.0 million in other costs not expected to recur like tax credit investment write-downs and severance costs • Decline driven by
Slide 17: Adjusted net income
adjusted net income1 17 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts As Reported Adjusted 1 As Reported Adjusted 1 Ne
Slide 18: Profitability
profitability 18 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted1 Pre-tax, Pre-Provision Earnin
Slide 19: Net interest income & margin
net interest income & margin 19 Net Interest Margin (FTE) 1Q25 NIM (FTE) Progression Net Interest Income All dollars shown in millions $145.6$149.2$151.0$148.4 $143.9 $3.1 $4.7$3.8 $3.6 $4.0 $149.3 $154.4$155.6 $153.3 $148.7 1Q254Q243Q242Q241Q24 Basic NII Loan Fees 3.80%3.82% 3.98%4.00%3.99% 0.08%0.
Slide 20: Noninterest income
noninterest income 20 Noninterest Income 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 1Q25 Highlights • $9.9 million of adjustments1 for losses on sales of securities • Adjus
Slide 21: Noninterest expense
noninterest expense 21 Noninterest Expense 1Q25 Highlights 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in millions • Adjusted1 noninterest expenses decreas
Slide 22: Average balance sheet
average balance sheet 22 Average Securities All dollars shown in millions 1 Includes loans fees and loan accretion Average Deposits $3,412$3,373$3,274$3,132$3,138 4.35% 4.28% 4.24%4.23% 4.01% 1Q254Q243Q242Q241Q24 Investment Securities Investment Securities Yield $14,241$14,340 $13,797$13,630 $13,279
Slide 23: Deposits
deposits 23 Deposit Product Mix (Avg) 1Q25 Average Deposit Progression All dollars shown in millions Total growth/(decline): ($99.0) million Noninterest- bearing $2,976 21% Interest-bearing demand $1,767 12% Savings $996 7% Money Markets $3,256 23% Retail CDs $1,943 14% Brokered Deposits $1,237 9% P
Slide 24: Average deposit trends
average deposit trends 24 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,665$6,520$6,330$6,312$6,162 1Q254Q243Q242Q241Q24 $4,190$4,207$3,974$3,824$3,823 1Q254Q243Q242Q241Q24 $2,066$2,129 $1,937$1,978$1,864 1Q254Q243Q242Q241Q24 Uninsured deposits (per call report i
Slide 25: Deposit concentrations
deposit concentrations Business Deposits by Sector All dollars shown in millions 25 NAICS Sector 3/31/25 % of Total Deposits Manufacturing $661.3 4.6% Finance and Insurance 623.7 4.4% Real Estate and Rental and Leasing 472.3 3.3% Construction 388.1 2.7% Professional, Scientific, and Technical Servic
Slide 26: Borrowing capacity & cash/investment liquidity
26 Borrowing Capacity • Interest-bearing deposits with other banks of $633 million • Investment securities portfolio: • 97.7% of investment portfolio classified as available-for-sale • $782.2 million of expected cash flow from securities portfolio in next 12 months • $412.3 million of floating rate
Slide 27: Loan portfolio
loan portfolio 27 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): ($37.6) million ICRE $3,718 32% Commercial & Small Business Banking $3,238 27% Oak Street $793 7% Franchise $229 2% Summit $901 8% Agile $206 2% Consumer $1,036 9% Mortgage
Slide 28: Loan concentrations
loan concentrations 28 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Agile Premium Finance NAICS Sector 3/31/25 % of Total Loans Finance and Insurance $1,259.8 10.7% Manufacturing 498.2 4.2% Construction 360.0 3.1% Real Estat
Slide 29: Area of focus - office portfolio (non-owner occupied)
area of focus - office portfolio (non-owner occupied) 29 1 Performance metrics based on loans greater than $2.5 million and excluding classified assets. All dollars shown in millions Office Property Market • $405.7 million represents 3.5% of total loan portfolio; includes $51.5 million of loans less
Slide 30: Allowance for credit losses
allowance for credit losses 30 1Q25 Highlights All dollars shown in millions • $171.9 million combined ACL; $8.7 million combined provision expense • $155.5 million ACL – loans and leases; 1.33% of loan balances consistent with linked quarter • Utilized Moody’s March baseline forecast in quantitativ
Slide 31: Asset quality
asset quality 31 Classified Assets / Total Assets . 1 Provision includes both loans & leases and unfunded commitments All dollars shown in millions Nonperforming Assets / Total Assets Net Charge Offs & Provision Expense1 $10.6 $4.2 $7.3 $11.7 $10.5 $11.2 $16.4 $10.6 $9.4 $8.7 0.36% 0.40% 0.25% 0.15%
Slide 32: Capital
capital 32 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 3/31 Risk Weighted Assets = $14,027,274 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial conditio
Slide 33: Capital strategy
capital strategy 33 Strategy & DeploymentTangible Book Value Per Share • 3.8% annualized dividend yield as of March 31st • 44.8% of 1Q25 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled s
Slide 34: Outlook commentary
outlook commentary1 • Loan balances expected to increase low single digits on an annualized basis • Deposit balances expected to grow modestly • Investment portfolio expected to grow with earning assets 34 • Total noninterest expense expected to be $126 - 128 million • Stable expense base expected e
Slide 35: Presentation contents
About First Financial Bancorp Financial Performance Appendix presentation contents 35
Slide 36: Appendix: our markets
appendix: our markets • Greater Cincinnati/Dayton • Loans $4.5 billion • Deposits $7.4 billion • Deposit Market Share #4 (3.4%) • Banking Centers 45 • Fortune 500 Companies 7 • Indianapolis • Loans $1.1 billion • Deposits $0.5 billion • Deposit Market Share #14 (1.2%) • Banking Centers 8 • Fortune 5
Slide 37: Non-GAAP financial information
The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for,
Slide 38: Appendix: non-GAAP to GAAP reconciliation
appendix: non-GAAP to GAAP reconciliation 38 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, 2025 2024 2024 2024 2024 Net interest income 149,296$ 154,399$ 155,560$ 153,311$ 148,740$ Tax equivalent adjustm
Slide 39: Appendix: non-GAAP to GAAP reconciliation
appendix: non-GAAP to GAAP reconciliation 39 All dollars shown in thousands Additional non-GAAP ratios Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, (Dollars in thousands, except per share data) 2025 2024 2024 2024 2024 Net income (a) 51,293$ 64,885$ 52,451$ 60,805$ 50,689$ Average total shareholders
Slide 40: Appendix: non-GAAP to GAAP reconciliation
appendix: non-GAAP to GAAP reconciliation 40 All dollars shown in thousands Additional non-GAAP measures 3Q24 2Q24 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 149,296$ 149,296$ 154,399$ 154,399$ 155,560$ 155,560$ 153,311$ 153,311$ Provi
Slide 41: First Financial Bancorp
41 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202
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