First Financial Bancorp. · NASDAQ:FFBC
First Financial Bancorp — Investor Presentation (August 2025)
52 slides from First Financial Bancorp's investor presentation, Aug 21, 2025
Slide 1: Investor Presentation Second Quarter 2025
investor presentation • Second 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 (continued)
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 Pending Acquisition – Westfield Bank Pending Acquisition –BankFinancial 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: 128 Employees: 2,033 Market Cap (6/30/25): $2.3B Dividend Yield (6/30/2
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 – 139 consecutive quarters • High quality balance sheet & robust capital position (12.57% CET1) • Prudent risk management & cre
Slide 7: Consistent Best-in-Class Earnings
consistent best-in-class earnings 7 1 KRX calculated as the top quartile of the current 50 KRX constituents. Source: S&P Capital IQ Pro Return on Tangible Common EquityReturn on Average Assets Earnings Per Share Growth 1-Year 3-Year 5-Year 10-Year KRXKRX 100% Percentile Rank 20.1% 16.0% 100% Percent
Slide 8: 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 $3.4B / Deposits $2.2B Loans $1.9B / Deposits $5.1B Loans $4.1B / Deposi
Slide 9: Key Company Brands
key company brands Full suite of diversified financial products for individuals and businesses $18.6 Billion Assets $14.4 Billion Deposits Diversified financial holding company with comprehensive and innovative solutions for individuals and businesses Wealth & asset management services for individua
Slide 10: 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 10
Slide 11: 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 12: Presentation Contents
About First Financial Bancorp Pending Acquisition – Westfield Bank Pending Acquisition – BankFinancial Financial Performance Appendix presentation contents 12
Slide 13: Overview of Westfield Bancorp
Source: S&P Capital IQ Pro and Westfield Bancorp documents overview of Westfield Bancorp 13 Westfield Bank Lines of Business3.01% 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 14: 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 14 • Accelerates entry into Northeast Ohio. • Provides attractive deposit base, branch network and commercial client base in a market with l
Slide 15: Transaction Summary
1 Based on FFBC’s 10-day VWAP of approximately $23.61 per share, as of June 20, 2025 transaction summary 15 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 t
Slide 16: 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 17: Key Transaction Assumptions
key transaction assumptions 17 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 18: Presentation Contents
About First Financial Bancorp Pending Acquisition – Westfield Bank Pending Acquisition – BankFinancial Financial Performance Appendix presentation contents 18
Slide 19: Overview of BankFinancial
19 Overview of BankFinancial Key franchise highlights Financial summary Loan & Deposit composition Total Assets $1.4Bn Total Deposits $1.2Bn Headquarters Burr Ridge, Illinois Chairman & Chief Executive Officer Morgan Gasior Year Founded 1924 Branches 18 Full-Service Retail Branches Ticker BFIN (NASD
Slide 20: BankFinancial Transaction Rationale
+2% Earnings per Share accretion De minimis TBV dilution Enhances key profitability metrics, including ~100bps improvement in Efficiency Ratio and ~75bps improvement in ROTCE Acquisition of a low cost, granular core deposit franchise with $1.4Bn of assets and +100 year presence in Chicago ma
Slide 21: Complementary Chicago Presence
21 Complementary Chicago presence Select large employers Milwaukee Chicago INDIANA Indianapolis KENTUCKY Columbus OHIO MICHIGAN Lansing Louisville Cincinnati Grand Rapids Joliet Chicago Evanston Skokie Hoffman Estates Naperville Bollingbrook Tinley Park Gary Wheaton Complementary to existing presenc
Slide 22: Summary Financial Impacts
22 Summary financial impacts Key Items Pro Forma Financial Impacts Excluding Day 2 CECL Double Count Pro Forma Financial Impacts Including Day 2 CECL Double Count Earnings per Share (Fully Phased-In) +2.0% +2.1% TBV per Share at Closing (0.1)% (0.4)% TBV Earnback (Crossover Method) 0.1 Years 0.8 Yea
Slide 23: Transaction Terms
23 Transaction terms Consideration & Deal Value Transaction Multiples Closing & Other • Consideration Mix – 100% FFBC common stock • Exchange Ratio – Fixed exchange ratio of 0.4800x ‒ Approximately 6 million shares issued to BankFinancial in transaction • Transaction Value – $142 million deal value,
Slide 24: Key Transaction Assumptions
24 Key transaction assumptions Key Merger Assumptions Fair Value Adjustments Other • Cost Savings – Approximately 45% of BankFinancial’s annual operating expense ‒ 75% phase-in during 2026 and 100% in 2027 and thereafter • One-Time Merger Expenses – $25 million pre-tax; fully reflected in pro forma
Slide 25: Presentation Contents
About First Financial Bancorp Pending Acquisition – Westfield Bank Pending Acquisition – BankFinancial Financial Performance Appendix presentation contents 25
Slide 26: 2Q 2025 Results
2Q 2025 results 139th Consecutive Quarter of Profitability 26 • EOP assets increased $179.2 million compared to the linked quarter to $18.6 billion • EOP loans increased $62.1 million compared to the linked quarter to $11.8 billion • Average deposits increased $114.1 million compared to the linked q
Slide 27: 2Q 2025 Highlights
2Q 2025 highlights • Strong earnings driven by record quarterly revenue • Adjusted1 earnings per share – $0.74 • Adjusted1 return on assets – 1.54% • Adjusted1 pre-tax, pre-provision return on assets – 2.14% • Adjusted1 return on average tangible common equity – 19.8% • Loan growth during the quarte
Slide 28: 2Q 2025 Highlights
2Q 2025 highlights • Adjusted1 noninterest expense of $127.6 million; 0.8% increase from first quarter • Adjustments1 include $1.0 million of efficiency and acquisition related costs • Efficiency ratio of 56.9%; 56.4% as adjusted1 • Stable credit quality • Total ACL of $175.7 million; provision expe
Slide 29: Adjusted Net Income
adjusted net income1 29 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 The table below lists certain adjustments that t
Slide 30: Profitability
profitability 30 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. $0.73 $0.54 $0.68 $0.55 $0.64 $0.74 $0.
Slide 31: Net Interest Income & Margin
net interest income & margin 31 Net Interest Margin (FTE) 2Q25 NIM (FTE) Progression Net Interest Income All dollars shown in millions $153.8 $145.6 $149.2$151.0$148.4 $4.0 $3.1 $4.7$3.8 $3.6 $158.3 $149.3 $154.4$155.6 $153.3 2Q251Q254Q243Q242Q24 Basic NII Loan Fees 3.95% 3.80%3.82% 3.98%4.00% 0.10%
Slide 32: Noninterest Income
noninterest income 32 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. 2Q25 Highlights • $0.2 million of adjustments1 for gains on sales of securities • Adjust
Slide 33: Noninterest Expense
noninterest expense 33 Noninterest Expense 2Q25 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. 2 Excludes Interns, Co-ops, and Student Bankers 3 Leasing business exp
Slide 34: Average Balance Sheet
average balance sheet 34 Average Securities All dollars shown in millions 1 Includes loans fees and loan accretion Average Deposits Average Loans $3,479$3,412$3,373$3,274$3,132 4.44% 4.35% 4.28%4.24%4.23% 2Q251Q254Q243Q242Q24 Investment Securities Investment Securities Yield $11,793$11,725$11,688$11
Slide 35: Deposits
deposits 35 Deposit Product Mix (Avg) 2Q25 Average Deposit Progression All dollars shown in millions Total growth/(decline): $114.1 million Noninterest- bearing $3,014 21% Interest-bearing demand $1,747 12% Savings $1,004 7% Money Markets $3,230 22% Retail CDs $1,958 14% Brokered Deposits $1,251 9%
Slide 36: Average Deposit Trends
average deposit trends 36 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,696$6,665$6,520$6,330$6,312 2Q251Q254Q243Q242Q24 $4,163$4,190$4,207$3,974$3,824 2Q251Q254Q243Q242Q24 $2,151$2,066$2,129 $1,937$1,978 2Q251Q254Q243Q242Q24 Uninsured deposits (per call report i
Slide 37: Deposit Concentrations
deposit concentrations Business Deposits by Sector All dollars shown in millions 37 NAICS Sector 6/30/25 % of Total Deposits Manufacturing $672.4 4.7% Finance and Insurance 605.6 4.2% Real Estate and Rental and Leasing 478.9 3.3% Construction 351.7 2.4% Professional, Scientific, and Technical Servic
Slide 38: Borrowing Capacity & Cash/Investment Liquidity
38 Borrowing Capacity • Interest-bearing deposits with other banks of $570 million • Investment securities portfolio: • 97.9% of investment portfolio classified as available-for-sale • $785.9 million of expected cash flow from securities portfolio in next 12 months • $384.3 million of floating rate
Slide 39: Loan Portfolio
loan portfolio 39 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $62.1 million ICRE $3,620 31% Commercial & Small Business Banking $3,300 28% Oak Street $780 6% Franchise $219 2% Summit $931 8% Agile $256 2% Consumer $1,066 9% Mortgage $
Slide 40: Loan Concentrations
loan concentrations 40 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 Property Type 6/30/25 % of Total Loans Residential Multi Family 5+ $1,334.9 11.3% Retail Property 790.4 6.7% Industrial 435.6 3.7% Off
Slide 41: Allowance for Credit Losses
allowance for credit losses 41 2Q25 Highlights All dollars shown in millions • $175.7 million combined ACL; $9.8 million combined provision expense • $158.5 million ACL – loans and leases; 1.34% of loan balances • Utilized Moody’s June baseline forecast in quantitative model • $17.1 million ACL – un
Slide 42: Asset Quality
asset quality 42 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 $4.2 $7.3 $11.7 $10.5 $6.0 $16.4 $10.6 $9.4 $8.7 $9.8 0.21% 0.36%0.40% 0.25% 0.
Slide 43: Capital
capital 43 Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $14,129,683 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Ad
Slide 44: Capital Strategy
capital strategy 44 Strategy & DeploymentTangible Book Value Per Share • 4.0% annualized dividend yield as of June 30th • 32.8% of 2Q25 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled sc
Slide 45: Outlook Commentary
outlook commentary1 • Loan balances expected to increase low to mid single digits on an annualized basis • Deposit balances expected to be stable, excluding seasonal public fund outflows 45 • Total noninterest expense expected to be $128 - 130 million • Incentive expense will fluctuate with fee inco
Slide 46: Presentation Contents
About First Financial Bancorp Pending Acquisition – Westfield Bank Pending Acquisition – BankFinancial Financial Performance Appendix presentation contents 46
Slide 47: Appendix: Our Markets
appendix: our markets • Greater Cincinnati/Dayton • Loans $4.5 billion • Deposits $7.6 billion • Deposit Market Share #4 (3.4%) • Banking Centers 46 • Fortune 500 Companies 7 • Indianapolis • Loans $1.1 billion • Deposits $0.5 billion • Deposit Market Share #14 (1.2%) • Banking Centers 8 • Fortune 5
Slide 48: Non-GAAP Financial Information
The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for,
Slide 49: Appendix: Non-GAAP to GAAP Reconciliation
appendix: non-GAAP to GAAP reconciliation 49 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2025 2025 2024 2024 2024 Net interest income 158,269$ 149,296$ 154,399$ 155,560$ 153,311$ Tax equivalent adjustm
Slide 50: Appendix: Non-GAAP to GAAP Reconciliation
appendix: non-GAAP to GAAP reconciliation 50 All dollars shown in thousands Additional non-GAAP ratios June 30, Mar. 31, Dec. 31, Sep. 30, June 30, (Dollars in thousands, except per share data) 2025 2025 2024 2024 2024 Net income (a) 69,996$ 51,293$ 64,885$ 52,451$ 60,805$ Average total shareholders
Slide 51: Appendix: Non-GAAP to GAAP Reconciliation
appendix: non-GAAP to GAAP reconciliation 51 All dollars shown in thousands Additional non-GAAP measures 4Q24 3Q24 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 158,269$ 158,269$ 149,296$ 149,296$ 154,399$ 154,399$ 155,560$ 155,560$ Provi
Slide 52: First Financial Bancorp
52 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202
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