株探米国株
エドガーで原本を確認する
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Table of Contents
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                                           June 30, 2026                                                   

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)
Ohio 31-1042001
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
255 East Fifth Street, Suite 900 Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:  (877) 322-9530

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol Name of each exchange on which registered
Common stock, No par value FFBC The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ☒ Accelerated filer
☐
Non-accelerated filer
☐
 Smaller reporting company
☐
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of Exchange Act).
Yes  ☐ No   ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. The registrant has one class of common stock (no par value) with 104,968,940 shares outstanding at August 5, 2026.

Table of Contents
FIRST FINANCIAL BANCORP.

TABLE OF CONTENTS

Page No.


Table of Contents
Glossary of Abbreviations and Acronyms

First Financial has identified the following list of abbreviations and acronyms that are used in the Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations.

ABL Asset backed lending First Financial First Financial Bancorp.
ACL or Allowance Allowance for credit losses Form 10-K First Financial Bancorp. Annual Report on Form 10-K
AFS Available-for-sale FRB Federal Reserve Bank
Agile Agile Premium Finance FTE Fully tax equivalent
ALCO Asset Liability Committee GAAP U.S. Generally Accepted Accounting Principles
AOCI Accumulated other comprehensive income HTC Historic tax credit
ASC Accounting standards codification HTM Held-to-maturity
ASU Accounting standards update Insignificant Less than $0.1 million
Bank First Financial Bank IRLC Interest rate lock commitment
Basel III Basel Committee regulatory capital reforms, Third Basel Accord LIHTC Low income housing tax credit
Bannockburn Bannockburn Global Forex MSFG MainSource Financial Group, Inc.
Bp/bps Basis point(s) MSR Mortgage servicing rights
CDs Certificates of deposit N/A Not applicable
C&I Commercial & industrial NDFI Non-depository financial institution
CODM Chief Operating Decision Maker NII Net interest income
CPI Consumer Price Index NMTC New market tax credit
CRE Commercial real estate OREO Other real estate owned
CRM Credit Risk Management PAM Proportional amortization method
Company First Financial Bancorp. PCA Prompt corrective action
CFTF
Contingency Funding Task Force
 PCD Purchased credit deteriorated
Dodd-Frank Dodd–Frank Wall Street Reform and Consumer Protection Act R&S Reasonable and supportable
ERM Enterprise risk management ROU Right-of-use
EVE Economic value of equity SEC U.S. Securities and Exchange Commission
Fair Value Topic FASB ASC Topic 820, Fair Value Measurement Summit Summit Funding Group, Inc.
FASB Financial Accounting Standards Board SOFR Secured Overnight Financing Rate
FDIC Federal Deposit Insurance Corporation Topic 842 FASB ASC Topic 842, Leasing
FDM Financial difficulty modification USD United States dollars
FHLB Federal Home Loan Bank



Table of Contents
PART I - FINANCIAL INFORMATION
ITEM I - FINANCIAL STATEMENTS
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
June 30,
2026		 December 31,
2025
(Unaudited)
Assets
Cash and due from banks $ 206,361  $ 178,553 
Interest-bearing deposits with other banks 579,194  597,338 
Investment securities available-for-sale, at fair value (amortized cost $4,987,171 at June 30, 2026 and $4,182,075 at December 31, 2025)
4,733,713  3,971,932 
Investment securities held-to-maturity (fair value $41,882 at June 30, 2026 and $54,334 at December 31, 2025)
 46,067  58,545 
Other investments 137,755  129,564 
Loans held for sale, at fair value 33,125  16,953 
Loans and leases
Commercial & industrial 4,842,347  4,632,241 
Lease financing 659,328  638,527 
Construction real estate 599,258  677,339 
Commercial real estate 4,548,887  4,384,556 
Residential real estate 1,805,044  1,832,184 
Home equity 1,058,175  1,005,204 
Installment 156,470  188,694 
Credit card 65,405  65,325 
Total loans and leases 13,734,914  13,424,070 
Less: Allowance for credit losses (189,912) (186,487)
Net loans and leases 13,545,002  13,237,583 
Premises and equipment 229,763  204,760 
Operating leases 241,742  214,003 
Goodwill 1,099,936  1,099,524 
Other intangibles 140,705  118,832 
Accrued interest and other assets 1,446,316  1,301,792 
Total assets $ 22,439,679  $ 21,129,379 
Liabilities
Deposits
Interest-bearing demand $ 3,804,301  $ 3,360,613 
Savings 6,423,986  5,973,532 
Time 3,650,043  3,622,227 
Total interest-bearing deposits 13,878,330  12,956,372 
Noninterest-bearing 3,704,899  3,465,470 
Total deposits 17,583,229  16,421,842 
FHLB short-term borrowings 570,000  675,000 
Other short-term borrowings 39,532  332 
Total short-term borrowings 609,532  675,332 
Long-term debt 382,550  514,052 
Total borrowed funds 992,082  1,189,384 
Accrued interest and other liabilities 876,880  748,937 
Total liabilities 19,452,191  18,360,163 
Shareholders' equity
Common stock - no par value
Authorized - 160,000,000 shares; Issued - 110,262,672 shares at June 30, 2026 and 104,281,794 shares at December 31, 2025
 1,792,158  1,647,618 
Retained earnings 1,535,765  1,437,286 
Accumulated other comprehensive income (loss) (223,720) (189,942)
Treasury stock, at cost, 5,306,214 shares at June 30, 2026 and 5,760,068 shares at December 31, 2025
(116,715) (125,746)
Total shareholders' equity 2,987,488  2,769,216 
Total liabilities and shareholders' equity $ 22,439,679  $ 21,129,379 
See Notes to Consolidated Financial Statements.
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Table of Contents
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Interest income
Loans and leases, including fees $ 219,164  $ 201,460  $ 444,115  $ 398,623 
Investment securities
Taxable 53,904  36,243  103,395  70,644 
Tax-exempt 2,472  2,233  4,998  4,437 
Total interest on investment securities 56,376  38,476  108,393  75,081 
Other earning assets 5,381  5,964  10,831  12,615 
Total interest income 280,921  245,900  563,339  486,319 
Interest expense
Deposits 79,250  75,484  158,985  154,125 
Short-term borrowings 4,997  6,393  10,165  13,938 
Long-term borrowings 6,297  5,754  14,202  10,691 
Total interest expense 90,544  87,631  183,352  178,754 
Net interest income 190,377  158,269  379,987  307,565 
Provision for credit losses - loans and leases 12,933  9,084  18,963  18,225 
Provision for (recapture of) credit losses - unfunded commitments (4,743) 718  (2,233) 277 
Net interest income after provision for credit losses 182,187  148,467  363,257  289,063 
Noninterest income
Service charges on deposit accounts 8,896  7,766  17,909  15,229 
Wealth management fees 8,252  7,787  18,734  15,924 
Bankcard income 3,032  3,737  6,612  7,047 
Client derivative fees 1,443  1,674  5,453  3,245 
Foreign exchange income 13,101  13,760  29,414  26,304 
Leasing business income 22,750  20,797  44,358  39,500 
Net gains from sales of loans 6,658  6,687  12,705  11,009 
Net gain (loss) on investment securities (337) 243  (1,597) (9,706)
Gain on bargain purchase 3,189  0  12,081  0 
Other 6,807  5,612  10,028  10,594 
Total noninterest income 73,791  68,063  155,697  119,146 
Noninterest expenses
Salaries and employee benefits 86,917  74,917  186,773  150,155 
Net occupancy 7,535  5,845  15,088  11,864 
Furniture and equipment 4,310  3,441  9,003  7,254 
Data processing 13,554  9,020  26,208  17,779 
Marketing 3,616  2,737  6,268  4,755 
Professional services 7,387  3,549  11,373  6,288 
Amortization of tax credit investments 669  111  1,338  223 
FDIC assessments 2,878  2,611  6,523  5,670 
Intangible amortization 6,229  2,358  12,490  4,717 
Leasing business expense 14,633  13,155  28,762  25,957 
Other 13,814  10,927  27,124  22,085 
Total noninterest expenses 161,542  128,671  330,950  256,747 
Income before income taxes 94,436  87,859  188,004  151,462 
Income tax expense 17,980  17,863  37,103  30,173 
Net income $ 76,456  $ 69,996  $ 150,901  $ 121,289 
Net earnings per common share - basic $ 0.74  $ 0.74  $ 1.45  $ 1.28 
Net earnings per common share - diluted $ 0.73  $ 0.73  $ 1.44  $ 1.27 
Average common shares outstanding - basic 103,938,322  94,860,428  103,822,439  94,753,700 
Average common shares outstanding - diluted 104,936,741  95,741,696  104,776,961  95,633,579 
See Notes to Consolidated Financial Statements.
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FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
2026 2025 2026 2025
Net income $ 76,456  $ 69,996  $ 150,901  $ 121,289 
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on debt securities arising during the period (6,113) 5,911  (33,769) 39,781 
Change in retirement obligation 404  480  808  960 
Unrealized gain (loss) on derivatives (344) 438  (395) 1,994 
Unrealized gain (loss) on foreign currency exchange (237) 675  (422) 680 
Other comprehensive income (loss) (6,290) 7,504  (33,778) 43,415 
Comprehensive income $ 70,166  $ 77,500  $ 117,123  $ 164,704 
                   See Notes to Consolidated Financial Statements.

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FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Dollars in thousands except per share data)
(Unaudited)
Common Stock Retained Accumulated other comprehensive Treasury stock
Shares Amount Earnings income (loss) Shares Amount Total
Balance at April 1, 2025 104,281,794  $ 1,637,041  $ 1,304,636  $ (253,888) (8,551,441) $ (186,554) $ 2,501,235 
Net income 69,996  69,996 
Other comprehensive income (loss) 7,504  7,504 
Cash dividends declared:
Common stock at $0.24 per share
 (22,958) (22,958)
Restricted stock awards, net of forfeitures (1,061) 30,264  623  (438)
Share-based compensation expense 2,816  2,816 
Balance at June 30, 2025 104,281,794  $ 1,638,796  $ 1,351,674  $ (246,384) (8,521,177) $ (185,931) $ 2,558,155 
Balance at April 1, 2026 110,262,672  $ 1,789,676  $ 1,485,573  $ (217,430) (5,329,843) $ (117,194) $ 2,940,625 
Net income 76,456  76,456 
Other comprehensive income (loss) (6,290) (6,290)
Cash dividends declared:
Common stock at $0.25 per share
 (26,264) (26,264)
Restricted stock awards, net of forfeitures (1,605) 23,629  479  (1,126)
Share-based compensation expense 4,087  4,087 
Balance at June 30, 2026 110,262,672  $ 1,792,158  $ 1,535,765  $ (223,720) (5,306,214) $ (116,715) $ 2,987,488 

See Notes to Consolidated Financial Statements.

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FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Dollars in thousands except per share data)
(Unaudited)
Common Stock Retained Accumulated other comprehensive Treasury stock
Shares Amount Earnings income (loss) Shares Amount Total
Balance at January 1, 2025 104,281,794  $ 1,642,055  $ 1,276,329  $ (289,799) (8,786,954) $ (190,544) $ 2,438,041 
Net income 121,289  121,289 
Other comprehensive income (loss) 43,415  43,415 
Cash dividends declared:
Common stock at $0.48 per share
 (45,944) (45,944)
Restricted stock awards, net of forfeitures (11,723) 265,777  4,613  (7,110)
Share-based compensation expense 8,464  8,464 
Balance at June 30, 2025 104,281,794  $ 1,638,796  $ 1,351,674  $ (246,384) (8,521,177) $ (185,931) $ 2,558,155 
Balance at January 1, 2026 104,281,794  $ 1,647,618  $ 1,437,286  $ (189,942) (5,760,068) $ (125,746) $ 2,769,216 
Net income 150,901  150,901 
Other comprehensive income (loss) (33,778) (33,778)
Cash dividends declared:
Common stock at $0.50 per share
 (52,422) (52,422)
Common stock issued in connection with business combinations 5,980,878  149,653  149,653 
Restricted stock awards, net of forfeitures (12,908) 453,854  9,031  (3,877)
Share-based compensation expense 7,795  7,795 
Balance at June 30, 2026 110,262,672  $ 1,792,158  $ 1,535,765  $ (223,720) (5,306,214) $ (116,715) $ 2,987,488 

See Notes to Consolidated Financial Statements.
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Table of Contents
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six months ended
June 30,
2026 2025
Operating activities
Net income $ 150,901  $ 121,289 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (recapture of) credit losses 16,730  18,502 
Depreciation and amortization 25,648  14,684 
Stock-based compensation expense 7,795  8,464 
Pension expense (income) 4,400  4,550 
Net amortization (accretion) on investment securities (1,693) (989)
Net (gain) loss on investment securities 1,597  9,706 
Gain on bargain purchase (12,081) 0 
Originations of loans held for sale (338,329) (257,106)
Net gains from sales of loans held for sale (12,705) (11,009)
Proceeds from sales of loans held for sale 747,829  254,791 
Deferred income taxes 22,393  26,299 
Amortization of operating leases 5,141  4,008 
Payments for operating leases (5,393) (4,217)
Decrease (increase) cash surrender value of life insurance (3,555) (2,667)
Decrease (increase) in interest receivable (5,295) (444)
(Decrease) increase in interest payable (6,084) (7,007)
Decrease (increase) in other assets (123,290) 39,014 
(Decrease) increase in other liabilities 106,313  (91,965)
Net cash provided by (used in) operating activities 580,322  125,903 
Investing activities
Proceeds from sales of securities available-for-sale and other 560,428  164,537 
Proceeds from calls, paydowns and maturities of securities available-for-sale 418,539  273,154 
Purchases of securities available-for-sale (1,645,457) (548,283)
Proceeds from calls, paydowns and maturities of securities held-to-maturity 12,609  4,093 
Proceeds from calls, paydowns and maturities of other securities 48,763  29,628 
Purchases of other investment securities (49,757) (37,147)
Net decrease (increase) in interest-bearing deposits with other banks 511,790  160,055 
Net decrease (increase) in loans and leases (62,572) (41,061)
Proceeds from disposal of other real estate owned 64  0 
Purchases of premises and equipment (23,792) (8,697)
Net change in operating leases (27,739) (7,981)
Net cash (paid for) acquired from acquisitions 12,615  0 
Life insurance premium payments 0  (72)
Life insurance death benefits 1,582  915 
Life insurance surrenders 17,893  0 
Net cash provided by (used in) investing activities (225,034) (10,859)
Financing activities
Net (decrease) increase in total deposits (47,969) 40,855 
Net (decrease) increase in short-term borrowings (75,848) (70,753)
Payments on long-term debt (150,630) (2,655)
Payments for debt issuance costs (165) 0 
Cash dividends paid on common stock (52,868) (46,562)
Net cash provided by (used in) financing activities (327,480) (79,115)
Cash and due from banks
Change in cash and due from banks 27,808  35,929 
Cash and due from banks at beginning of period 178,553  174,258 
Cash and due from banks at end of period $ 206,361  $ 210,187 
(continued on next page)
See Notes to Consolidated Financial Statements.
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FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
(Unaudited)


Six months ended
June 30,
2026 2025
Supplemental disclosures
Interest paid $ 189,243  $ 185,761 
Income taxes paid, net of refunds $ 2,528  $ 1,665 
Investment securities purchased not settled $ 0  $ 62,224 
Common stock issued in acquisitions $ 149,653  $ 0 
Supplemental schedule for investing activities
Business combinations
Assets acquired, net of purchase consideration -Westfield $ (499) $ 0 
Liabilities assumed - Westfield (87) 0 
Goodwill $ 412  $ 0 
Assets acquired, net of purchase consideration - BankFinancial $ 1,263,941  $ 0 
Liabilities assumed - BankFinancial 1,251,860  0 
Gain on bargain purchase $ (12,081) $ 0 

See Notes to Consolidated Financial Statements.
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FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2026
(Unaudited)

NOTE 1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation.  

Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no impact on previously reported net earnings, shareholders’ equity or cash flows.

These accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.  

Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented.  The results of operations for the interim periods may not necessarily be indicative of the results that may be expected for the full year or any other interim period.  The Consolidated Balance Sheet as of December 31, 2025 has been derived from the audited financial statements in the Form 10-K for the year ended December 31, 2025.

Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes.  Actual realized amounts could differ materially from these estimates.

NOTE 2:  ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED

Standards Adopted in 2025

In December, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. These amendments require public business entities on an annual basis to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a quantitative threshold. Additionally, the ASU requires information pertaining to taxes paid (net of refunds received) to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts are equal to or greater than 5% of total income taxes paid (net of refunds received). The amendments in this ASU were effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 retrospectively for the annual period ending December 31, 2025. The adoption of this standard resulted in additional disclosures in the Company's Consolidated Financial Statements, but it did not materially impact the Company's results of operations.

In November, 2025, the FASB issued ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans, which allows entities to apply the gross-up approach in ASC 326 to all purchased seasoned loans, not just loans classified as PCD. The gross-up approach requires an entity to record an ACL at the acquisition date offset by an addition to the amortized cost basis of the asset.

Prior to the issuance of this ASU, the ACL for non-PCD assets was separately recorded through provision expense at the acquisition date. Since acquired financial assets are initially recognized at fair value, which would include both interest and credit valuation adjustments, this effectively resulted in a “double count” of the expected credit loss for non-PCD assets on their acquisition date, which was captured as a Day 1 provision expense on the financial statements.
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Effective November 1, 2025, First Financial early adopted this standard with the initial application utilized for the Westfield acquisition. As such, the Company recorded a $23.7 million increase to the ACL for non-PCD loans, with an offsetting adjustment to the amortized cost basis of the assets, to account for the expected losses on loans acquired from Westfield.

For the BankFinancial acquisition, the Company recorded a $2.8 million increase to the ACL for non-PCD loans, with an offsetting adjustment to the amortized cost basis of the assets, to account for the expected losses on acquired BankFinancial loans.

Standards Issued But Not Yet Adopted

In September, 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other -- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The final rule, which is intended to modernize accounting for costs related to internal use software, removes all references to project stages throughout ASC 350-40 and clarifies that costs may begin to be capitalized once management has authorized the project and it is probable that the project will be completed and the software will be used to perform the function intended. The guidance specifies that the property, plant and equipment disclosure requirements under ASC 360-10 apply to all capitalized software costs accounted for under ASC 350-40, regardless of how the costs are presented in the financial statements. Under this new guidance, entities will need to disclose the capitalized internal-use software balance and accumulated amortization at the balance sheet date, the amortization for the period and a general description of the method used in computing amortization. The amendments in this ASU are effective for annual periods beginning after December 15, 2027 and interim periods within those years. The adoption of this standard will result in additional disclosures in the Company's Consolidated Financial Statements, but it is not expected to materially impact the Company's results of operations.

NOTE 3:  INVESTMENTS

For the three months ended June 30, 2026, there were $364.8 million of sales of AFS securities with $3.1 million of gross realized gains and no gross realized losses. For the three months ended June 30, 2025, there were no sales of AFS securities.

For the six months ended June 30, 2026, there were $560.4 million of sales of AFS securities with $7.1 million of gross realized gains and no gross realized losses. For the six months ended June 30, 2025, there were $164.5 million of sales of AFS securities with $0.1 million of gross realized gains and $10.0 million of gross realized losses.

First Financial had four AFS securities with unrealized losses due to credit deterioration at June 30, 2026. These securities totaled $19.9 million, net of $1.6 million unrealized losses. The Company had six AFS securities with unrealized losses due to credit deterioration at December 31, 2025, which totaled $20.9 million, net of unrealized losses of $9.8 million. The Company continues to monitor these securities and believes that the Company will receive the full par value.

Additionally, the Company recognized impairment losses of $3.3 million on AFS securities during the three months ended June 30, 2026 while no impairment losses were recognized on AFS securities during the three months ended June 30, 2025. For the six months ended June 30, 2026, the Company recognized impairment losses of $8.3 million on AFS securities while no impairment losses were recognized on AFS securities during the six months ended June 30, 2025. The losses were included in Net gain (loss) on investment securities in the Consolidated Statements of Income. These losses were due to credit deterioration where the Company determined that it no longer intended to hold the securities until the recovery of their amortized cost bases.

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The following is a summary of HTM and AFS investment securities as of June 30, 2026:
  
Held-to-maturity Available-for-sale
(Dollars in thousands) Amortized
cost		 Unrecognized gain Unrecognized loss Fair
value		 Amortized
cost		 Unrealized
gain		 Unrealized
loss		 Fair
value
U.S. Treasuries $ 0  $ 0  $ 0  $ 0  $ 10,126  $ 0  $ (18) $ 10,108 
Securities of U.S. government agencies and corporations 0  0  0  0  111,816  81  (706) 111,191 
Mortgage-backed securities - residential 0  0  0  0  1,969,731  939  (91,385) 1,879,285 
Mortgage-backed securities - commercial 26,167  0  (3,457) 22,710  430,173  220  (18,238) 412,155 
Collateralized mortgage obligations 5,538  0  (520) 5,018  1,061,800  552  (46,115) 1,016,237 
Obligations of state and other political subdivisions 8,362  50  (175) 8,237  723,023  1,309  (87,505) 636,827 
Asset-backed securities 0  0  0  0  514,290  192  (10,264) 504,218 
Other securities 6,000  0  (83) 5,917  166,212  287  (2,807) 163,692 
Total $ 46,067  $ 50  $ (4,235) $ 41,882  $ 4,987,171  $ 3,580  $ (257,038) $ 4,733,713 

The following is a summary of HTM and AFS investment securities as of December 31, 2025:
  
Held-to-maturity Available-for-sale
(Dollars in thousands) Amortized
cost		 Unrecognized gain Unrecognized
loss		 Fair
value		 Amortized
cost		 Unrealized
gain		 Unrealized
loss		 Fair
value
U.S. Treasuries $ 0  $ 0  $ 0  $ 0  $ 99  $ 0  $ (4) $ 95 
Securities of U.S. government agencies and corporations 0  0  0  0  0  0  0  0 
Mortgage-backed securities - residential 0  0  0  0  1,607,916  11,265  (69,767) 1,549,414 
Mortgage-backed securities - commercial 27,373  0  (3,392) 23,981  394,129  1,212  (13,741) 381,600 
Collateralized mortgage obligations 6,088  0  (499) 5,589  741,819  3,765  (36,347) 709,237 
Obligations of state and other political subdivisions 8,334  60  (179) 8,215  706,668  931  (89,509) 618,090 
Asset-backed securities 0  0  0  0  568,366  1,817  (13,639) 556,544 
Other securities 16,750  0  (201) 16,549  163,078  1,063  (7,189) 156,952 
Total $ 58,545  $ 60  $ (4,271) $ 54,334  $ 4,182,075  $ 20,053  $ (230,196) $ 3,971,932 

The following table provides a summary of investment securities by contractual maturity as of June 30, 2026, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments.
Held-to-maturity Available-for-sale
(Dollars in thousands) Amortized
cost		 Fair
value		 Amortized
cost		 Fair
value
By Contractual Maturity:
Due in one year or less $ 1,222  $ 1,221  $ 42,923  $ 42,763 
Due after one year through five years 11,842  11,800  82,140  74,178 
Due after five years through ten years 0  0  239,674  215,287 
Due after ten years 1,298  1,133  646,440  589,590 
Mortgage-backed securities - residential 0  0  1,969,731  1,879,285 
Mortgage-backed securities - commercial 26,167  22,710  430,173  412,155 
Collateralized mortgage obligations 5,538  5,018  1,061,800  1,016,237 
Asset-backed securities 0  0  514,290  504,218 
Total $ 46,067  $ 41,882  $ 4,987,171  $ 4,733,713 

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Unrealized gains and losses on AFS debt securities are generally due to fluctuations in current market yields relative to the yields of the securities at their amortized cost. All AFS securities with unrealized losses are reviewed quarterly to determine if any impairment exists, which would require a write-down to fair value. For AFS securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income.

For AFS securities in an unrealized loss position that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an ACL is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis.

First Financial does not intend to sell, and it is not more likely than not that the Company will be required to sell, debt securities prior to maturity or recovery of the recorded value other than the previously mentioned securities on which the Company recorded impairment losses. Additionally, based on the Company's credit assessment of AFS securities in an unrealized loss position, the Company recorded no reserves for the periods ended June 30, 2026 or December 31, 2025.

As of June 30, 2026, the Company's investment securities portfolio consisted of 869 AFS and HTM securities, of which 693 were in an unrealized loss position. As of December 31, 2025, the Company's investment securities portfolio consisted of 949 AFS and HTM securities, of which 533 were in an unrealized loss position.

Primarily all of First Financial’s HTM debt securities are issued by U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. There were no HTM securities on nonaccrual status or past due at June 30, 2026 or December 31, 2025.

Management measures expected credit losses on HTM debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company did not record an ACL for these securities as of June 30, 2026 or December 31, 2025.

The following tables provide the fair value and gross unrealized losses of AFS investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:

June 30, 2026
Less than 12 months 12 months or more Total
(Dollars in thousands) Fair
value		 Unrealized
loss		 Fair
value		 Unrealized
loss		 Fair
value		 Unrealized
loss
U.S. Treasuries $ 10,013  $ (13) $ 95  $ (5) $ 10,108  $ (18)
Securities of U.S. Government agencies and corporations 96,431  (706) 0  0  96,431  (706)
Mortgage-backed securities - residential 1,324,221  (23,102) 405,062  (68,283) 1,729,283  (91,385)
Mortgage-backed securities - commercial 227,203  (4,235) 145,160  (14,003) 372,363  (18,238)
Collateralized mortgage obligations 635,387  (10,631) 256,627  (35,484) 892,014  (46,115)
Obligations of state and other political subdivisions 46,812  (414) 450,176  (87,091) 496,988  (87,505)
Asset-backed securities 261,729  (1,049) 44,365  (9,215) 306,094  (10,264)
Other securities 47,626  (323) 61,366  (2,484) 108,992  (2,807)
Total $ 2,649,422  $ (40,473) $ 1,362,851  $ (216,565) $ 4,012,273  $ (257,038)

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December 31, 2025
Less than 12 months 12 months or more Total
(Dollars in thousands) Fair
value		 Unrealized
loss		 Fair
value		 Unrealized
loss		 Fair
value		 Unrealized
loss
U.S. Treasuries $ 0  $ 0  $ 95  $ (4) $ 95  $ (4)
Securities of U.S. Government agencies and corporations 0  0  0  0  0  0 
Mortgage-backed securities - residential 277,394  (1,349) 536,694  (68,418) 814,088  (69,767)
Mortgage-backed securities - commercial 39,084  (108) 166,649  (13,633) 205,733  (13,741)
Collateralized mortgage obligations 56,942  (130) 286,606  (36,217) 343,548  (36,347)
Obligations of state and other political subdivisions 71,825  (511) 466,766  (88,998) 538,591  (89,509)
Asset-backed securities 70,967  (48) 54,351  (13,591) 125,318  (13,639)
Other securities 7,321  (54) 76,141  (7,135) 83,462  (7,189)
Total $ 523,533  $ (2,200) $ 1,587,302  $ (227,996) $ 2,110,835  $ (230,196)

The following tables provide the fair value and gross unrecognized losses of HTM investment securities in an unrecognized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position:
June 30, 2026
Less than 12 months 12 months or more Total
(Dollars in thousands) Fair
value		 Unrecognized
loss		 Fair
value		 Unrecognized
loss		 Fair
value		 Unrecognized
loss
U.S. Treasuries $ 0  $ 0  $ 0  $ 0  $ 0  $ 0 
Securities of U.S. Government agencies and corporations 0  0  0  0  0  0 
Mortgage-backed securities - residential 0  0  0  0  0  0 
Mortgage-backed securities - commercial 0  0  22,710  (3,457) 22,710  (3,457)
Collateralized mortgage obligations 0  0  5,018  (520) 5,018  (520)
Obligations of state and other political subdivisions 2,731  (10) 1,133  (165) 3,864  (175)
Asset-backed securities 0  0  0  0  0  0 
Other securities 0  0  5,917  (83) 5,917  (83)
Total $ 2,731  $ (10) $ 34,778  $ (4,225) $ 37,509  $ (4,235)

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December 31, 2025
Less than 12 months 12 months or more Total
(Dollars in thousands) Fair
value		 Unrecognized
loss		 Fair
value		 Unrecognized
loss		 Fair
value		 Unrecognized
loss
U.S. Treasuries $ 0  $ 0  $ 0  $ 0  $ 0  $ 0 
Securities of U.S. Government agencies and corporations 0  0  0  0  0  0 
Mortgage-backed securities - residential 0  0  0  0  0  0 
Mortgage-backed securities - commercial 0  0  23,981  (3,392) 23,981  (3,392)
Collateralized mortgage obligations 0  0  5,589  (499) 5,589  (499)
Obligations of state and other political subdivisions 2,273  (4) 1,217  (175) 3,490  (179)
Asset-backed securities 0  0  0  0  0  0 
Other securities 0  0  16,549  (201) 16,549  (201)
Total $ 2,273  $ (4) $ 47,336  $ (4,267) $ 49,609  $ (4,271)

For further detail on the fair value of investment securities, see Note 17 – Fair Value Disclosures.

NOTE 4:  LOANS AND LEASES

First Financial offers clients a variety of commercial and consumer loan and lease products with diverse interest rates and payment terms. Commercial loan categories include C&I, CRE, construction real estate and lease financing. Consumer loan categories include residential real estate, home equity, installment and credit card.

Lending activities are primarily concentrated in states where the Bank operates banking centers (Ohio, Indiana, Kentucky and Illinois). First Financial also has certain specialty lending platforms that extend beyond the geographic banking center footprint. These specialty finance businesses provide insurance premium financing, equipment lease financing and financing to franchise owners and clients within the financial services industry.

Loans, excluding loans held for sale, totaled $13.7 billion at June 30, 2026 and $13.4 billion at December 31, 2025.

Credit Quality. To facilitate the monitoring of credit quality for commercial loans, First Financial utilizes the following categories of credit grades:

Pass - Higher quality loans that do not fit any of the other categories described below.

Special Mention - First Financial assigns a special mention rating to loans and leases with potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan, lease or First Financial's credit position at some future date.

Substandard - First Financial assigns a substandard rating to loans or leases that are inadequately protected by the current sound financial worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans and leases have well-defined weaknesses that jeopardize repayment of the debt. Substandard loans and leases are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not addressed.

Doubtful - First Financial assigns a doubtful rating to loans and leases with all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans.

The credit grades previously described are derived from standard regulatory rating definitions and are assigned upon initial approval of credit to borrowers and updated periodically thereafter.
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First Financial considers repayment performance to be the best indicator of credit quality for consumer loans. Consumer loans that have principal and interest payments that are past due by 90 days or more are generally classified as nonperforming.

The following table sets forth the Company's loan portfolio at June 30, 2026 by risk attribute and origination date as well as current period gross chargeoffs:
(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Term Total Revolving Total
Commercial & industrial
Pass $ 915,639  $ 976,543  $ 529,831  $ 399,916  $ 347,712  $ 434,807  $ 3,604,448  $ 1,124,073  $ 4,728,521 
Special mention 3,023  3,240  1,483  7,619  418  13,438  29,221  26,798  56,019 
Substandard 3,958  6,584  9,239  3,632  5,439  7,754  36,606  21,201  57,807 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 922,620  $ 986,367  $ 540,553  $ 411,167  $ 353,569  $ 455,999  $ 3,670,275  $ 1,172,072  $ 4,842,347 
YTD Gross chargeoffs $ 0  $ 644  $ 521  $ 9,013  $ 1,912  $ 865  $ 12,955  $ 270  $ 13,225 
Lease financing
Pass $ 147,574  $ 209,432  $ 153,912  $ 101,678  $ 36,411  $ 713  $ 649,720  $ 0  $ 649,720 
Special mention 0 38 0 2,012 0 0 2,050 0 2,050
Substandard 0 554 721 4,294 1,989 0 7,558 0 7,558
Doubtful 0 0 0 0 0 0 0 0 0 
Total $ 147,574  $ 210,024  $ 154,633  $ 107,984  $ 38,400  $ 713  $ 659,328  $ 0  $ 659,328 
YTD Gross chargeoffs $ 0  $ 42  $ 0  $ 519  $ 749  $ 47  $ 1,357  $ 0  $ 1,357 
Construction real estate
Pass $ 63,382  $ 293,113  $ 133,609  $ 44,786  $ 30,119  $ 2,866  $ 567,875  $ 1,348  $ 569,223 
Special mention 0  347  0  301  9,689  0  10,337  0  10,337 
Substandard 0  0  0  0  19,000  698  19,698  0  19,698 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 63,382  $ 293,460  $ 133,609  $ 45,087  $ 58,808  $ 3,564  $ 597,910  $ 1,348  $ 599,258 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0 
Commercial real estate - investor
Pass $ 332,095  $ 656,808  $ 343,258  $ 304,524  $ 413,407  $ 1,053,007  $ 3,103,099  $ 45,910  $ 3,149,009 
Special mention 0  32,896  141  13,543  44,898  71,312  162,790  0  162,790 
Substandard 0  550  312  1,709  9,968  47,236  59,775  0  59,775 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 332,095  $ 690,254  $ 343,711  $ 319,776  $ 468,273  $ 1,171,555  $ 3,325,664  $ 45,910  $ 3,371,574 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 2,484  $ 2,484  $ 0  $ 2,484 
Commercial real estate - owner
Pass $ 93,312  $ 206,866  $ 186,827  $ 146,226  $ 142,302  $ 336,867  $ 1,112,400  $ 14,660  $ 1,127,060 
Special mention 2,309  1,059  6,285  3,846  697  11,402  25,598  0  25,598 
Substandard 0  308  4,263  2,361  9,839  7,856  24,627  28  24,655 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 95,621  $ 208,233  $ 197,375  $ 152,433  $ 152,838  $ 356,125  $ 1,162,625  $ 14,688  $ 1,177,313 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 29  $ 0  $ 29  $ 0  $ 29 
Residential real estate
Performing $ 77,992  $ 120,997  $ 182,089  $ 299,613  $ 346,336  $ 756,587  $ 1,783,614  $ 0  $ 1,783,614 
Nonperforming 0  1,517  276  1,281  2,418  15,938  21,430  0  21,430 
Total $ 77,992  $ 122,514  $ 182,365  $ 300,894  $ 348,754  $ 772,525  $ 1,805,044  $ 0  $ 1,805,044 
YTD Gross chargeoffs $ 0  $ 0  $ 16  $ 52  $ 104  $ 39  $ 211  $ 0  $ 211 
Home equity
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(Dollars in thousands) 2026 2025 2024 2023 2022 Prior Term Total Revolving Total
Performing $ 22,635  $ 36,063  $ 23,603  $ 17,863  $ 16,060  $ 55,223  $ 171,447  $ 879,825  $ 1,051,272 
Nonperforming 0  767  282  289  134  452  1,924  4,979  6,903 
Total $ 22,635  $ 36,830  $ 23,885  $ 18,152  $ 16,194  $ 55,675  $ 173,371  $ 884,804  $ 1,058,175 
YTD Gross chargeoffs $ 0  $ 0  $ 7  $ 252  $ 61  $ 47  $ 367  $ 14  $ 381 
Installment
Performing $ 16,596  $ 11,099  $ 8,563  $ 12,300  $ 17,237  $ 11,549  $ 77,344  $ 77,187  $ 154,531 
Nonperforming 200  420  72  225  294  226  1,437  502  1,939 
Total $ 16,796  $ 11,519  $ 8,635  $ 12,525  $ 17,531  $ 11,775  $ 78,781  $ 77,689  $ 156,470 
YTD Gross chargeoffs $ 17  $ 517  $ 437  $ 380  $ 448  $ 275  $ 2,074  $ 18  $ 2,092 
Credit cards
Performing $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 65,077  $ 65,077 
Nonperforming 0  0  0  0  0  0  0  328  328 
Total $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 65,405  $ 65,405 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 1,200  $ 1,200 
Total Loans $ 1,678,715  $ 2,559,201  $ 1,584,766  $ 1,368,018  $ 1,454,367  $ 2,827,931  $ 11,472,998  $ 2,261,916  $ 13,734,914 
Total YTD Gross Chargeoffs $ 17  $ 1,203  $ 981  $ 10,216  $ 3,303  $ 3,757  $ 19,477  $ 1,502  $ 20,979 
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The following table sets forth the Company's loan portfolio at December 31, 2025 by risk attribute and origination date:
(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Term Total Revolving Total
Commercial & industrial
Pass $ 1,271,775  $ 677,609  $ 573,100  $ 416,504  $ 195,513  $ 370,281  $ 3,504,782  $ 983,377  $ 4,488,159 
Special mention 11,034  2,951  3,605  3,426  15,620  1,964  38,600  28,194  66,794 
Substandard 5,264  6,635  18,335  9,918  5,780  4,883  50,815  26,473  77,288 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 1,288,073  $ 687,195  $ 595,040  $ 429,848  $ 216,913  $ 377,128  $ 3,594,197  $ 1,038,044  $ 4,632,241 
YTD Gross chargeoffs $ 900  $ 1,223  $ 8,702  $ 9,133  $ 1,272  $ 455  $ 21,685  $ 290  $ 21,975 
Lease financing
Pass $ 219,775  $ 198,664  $ 150,630  $ 45,917  $ 7,589  $ 2,852  $ 625,427  $ 0  $ 625,427 
Special mention 0 44 50 0 0 0 94 0 94 
Substandard 903 261 4,212 7,053 459 118 13,006 0 13,006
Doubtful 0 0 0 0 0 0 0 0 0 
Total $ 220,678  $ 198,969  $ 154,892  $ 52,970  $ 8,048  $ 2,970  $ 638,527  $ 0  $ 638,527 
YTD Gross chargeoffs $ 0  $ 762  $ 1,605  $ 858  $ 32  $ 19  $ 3,276  $ 0  $ 3,276 
Construction real estate
Pass $ 156,573  $ 157,874  $ 111,375  $ 124,429  $ 17,642  $ 44,313  $ 612,206  $ 887  $ 613,093 
Special mention 0  0  0  32,549  0  16,209  48,758  0  48,758 
Substandard 0  0  0  14,368  0  1,120  15,488  0  15,488 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 156,573  $ 157,874  $ 111,375  $ 171,346  $ 17,642  $ 61,642  $ 676,452  $ 887  $ 677,339 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 245  $ 245  $ 0  $ 245 
Commercial real estate - investor
Pass $ 691,430  $ 338,403  $ 365,545  $ 459,555  $ 267,413  $ 995,774  $ 3,118,120  $ 55,353  $ 3,173,473 
Special mention 18,990  586  0  293  0  9,554  29,423  0  29,423 
Substandard 550  0  1,723  10,298  0  31,422  43,993  0  43,993 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 710,970  $ 338,989  $ 367,268  $ 470,146  $ 267,413  $ 1,036,750  $ 3,191,536  $ 55,353  $ 3,246,889 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 433  $ 0  $ 3,105  $ 3,538  $ 0  $ 3,538 
Commercial real estate - owner
Pass $ 204,292  $ 209,356  $ 142,925  $ 145,530  $ 96,069  $ 278,518  $ 1,076,690  $ 9,388  $ 1,086,078 
Special mention 2,268  2,865  2,132  1,574  3,497  12,484  24,820  492  25,312 
Substandard 245  3,940  2,399  10,582  3,620  5,491  26,277  0  26,277 
Doubtful 0  0  0  0  0  0  0  0  0 
Total $ 206,805  $ 216,161  $ 147,456  $ 157,686  $ 103,186  $ 296,493  $ 1,127,787  $ 9,880  $ 1,137,667 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0 
Residential real estate
Performing $ 138,000  $ 198,224  $ 335,419  $ 362,690  $ 287,576  $ 488,914  $ 1,810,823  $ 0  $ 1,810,823 
Nonperforming 0  916  920  2,031  4,800  12,694  21,361  0  21,361 
Total $ 138,000  $ 199,140  $ 336,339  $ 364,721  $ 292,376  $ 501,608  $ 1,832,184  $ 0  $ 1,832,184 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 119  $ 48  $ 167  $ 0  $ 167 
Home equity
Performing $ 40,066  $ 26,234  $ 19,405  $ 17,348  $ 21,786  $ 39,242  $ 164,081  $ 834,642  $ 998,723 
Nonperforming 341  173  335  178  70  603  1,700  4,781  6,481 
Total $ 40,407  $ 26,407  $ 19,740  $ 17,526  $ 21,856  $ 39,845  $ 165,781  $ 839,423  $ 1,005,204 
YTD Gross chargeoffs $ 0  $ 0  $ 43  $ 0  $ 8  $ 229  $ 280  $ 93  $ 373 
Installment
Performing $ 16,087  $ 10,578  $ 18,085  $ 25,692  $ 22,197  $ 22,037  $ 114,676  $ 70,995  $ 185,671 
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(Dollars in thousands) 2025 2024 2023 2022 2021 Prior Term Total Revolving Total
Nonperforming 449  167  49  402  753  505  2,325  698  3,023 
Total $ 16,536  $ 10,745  $ 18,134  $ 26,094  $ 22,950  $ 22,542  $ 117,001  $ 71,693  $ 188,694 
YTD Gross chargeoffs $ 270  $ 1,053  $ 1,128  $ 1,692  $ 638  $ 37  $ 4,818  $ 14  $ 4,832 
Credit cards
Performing $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 64,979  $ 64,979 
Nonperforming 0  0  0  0  0  0  0  346  346 
Total $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 65,325  $ 65,325 
YTD Gross chargeoffs $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 0  $ 2,269  $ 2,269 
Total Loans $ 2,778,042  $ 1,835,480  $ 1,750,244  $ 1,690,337  $ 950,384  $ 2,338,978  $ 11,343,465  $ 2,080,605  $ 13,424,070 
Total YTD Gross Chargeoffs $ 1,170  $ 3,038  $ 11,478  $ 12,116  $ 2,069  $ 4,138  $ 34,009  $ 2,666  $ 36,675 

Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment.

Loan delinquency, including loans classified as nonaccrual, was as follows:
As of June 30, 2026
(Dollars in thousands) 30 – 59
days
past due		 60 – 89
days
past due		 > 89 days
past due		 Total
past
due		 Current Total
 Loans		 > 89 days
past due
and still
accruing
Loans
Commercial & industrial $ 7,070  $ 1,545  $ 10,639  $ 19,254  $ 4,823,093  $ 4,842,347  $ 104 
Lease financing 320  232  4,947  5,499  653,829  659,328  166 
Construction real estate 698  0  0  698  598,560  599,258  0 
Commercial real estate-investor 7,058  130  34,489  41,677  3,329,897  3,371,574  52 
Commercial real estate-owner 1,040  546  4,507  6,093  1,171,220  1,177,313  0 
Residential real estate 4,872  2,430  3,588  10,890  1,794,154  1,805,044  0 
Home equity 2,655  477  2,971  6,103  1,052,072  1,058,175  0 
Installment 845  352  474  1,671  154,799  156,470  0 
Credit card 649  203  332  1,184  64,221  65,405  328 
Total $ 25,207  $ 5,915  $ 61,947  $ 93,069  $ 13,641,845  $ 13,734,914  $ 650 

As of December 31, 2025
(Dollars in thousands) 30 – 59
days
past due		 60 – 89
days
past due		 > 89 days
past due		 Total
past
due		 Current Total
 Loans		 > 89 days
past due
and still
accruing
Loans
Commercial & industrial $ 7,894  $ 3,176  $ 3,829  $ 14,899  $ 4,617,342  $ 4,632,241  $ 0 
Lease financing 1,884  283  4,088  6,255  632,272  638,527  0 
Construction real estate 0  0  1,120  1,120  676,219  677,339  0 
Commercial real estate-investor 3,540  3,613  36,273  43,426  3,203,463  3,246,889  0 
Commercial real estate-owner 1,081  2,985  3,436  7,502  1,130,165  1,137,667  0 
Residential real estate 6,338  248  5,975  12,561  1,819,623  1,832,184  0 
Home equity 2,966  1,065  1,224  5,255  999,949  1,005,204  0 
Installment 935  462  484  1,881  186,813  188,694  65 
Credit card 860  272  347  1,479  63,846  65,325  346 
Total $ 25,498  $ 12,104  $ 56,776  $ 94,378  $ 13,329,692  $ 13,424,070  $ 411 

Financial Difficulty Modifications. FDM might result when a borrower is in financial distress, and may be in the form of principal forgiveness, an interest rate reduction, a term extension or an other-than-insignificant payment delay. In some cases, the Company might provide multiple types of modifications for a single loan. One type of modification, such as payment delay, may be granted initially, however, if the borrower continues to experience financial difficulty, another modification, such as a term extension and/or interest rate reduction, might be granted. Loans included in the "combination" column in the table
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that follows have more than one modification made to the same loan within the current reporting period. Additionally, modifications with a term extension or interest rate reduction are intended to reduce the borrower’s monthly payment, while modifications with a payment delay, which typically allow borrowers to make monthly payments or interest only payments for a period of time, are structured to cure the payment defaults by making delinquent payments due at maturity. Payment deferrals may be up to one year and have minimal financial impact since the deferred payments are paid at maturity.

The following tables provide the amortized cost basis of FDMs that were granted modifications during the respective periods:
Three months ended June 30, 2026
(Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans
Commercial & industrial $ 0  $ 167  $ 223  $ 0  $ 0  $ 390  0.0  %
Construction real estate 0  0  698  0  0  698  0.1  %
Commercial real estate-investor 0  1,264  0  0  0  1,264  0.0  %
Residential real estate 0  858  0  0  0  858  0.0  %
Home equity 0  1,269  0  0  0  1,269  0.1  %
Total $ 0  $ 3,558  $ 921  $ 0  $ 0  $ 4,479  0.0  %


Three months ended June 30, 2025
(Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans
Commercial & industrial $ 0  $ 1,700  $ 0  $ 0  $ 0  $ 1,700  0.0  %
Residential real estate 0  1,513  233  0  0  1,746  0.1  %
Home equity 0  786  0  0  0  786 0.1  %
Total $ 0  $ 3,999  $ 233  $ 0  $ 0  $ 4,232  0.0  %


Six months ended June 30, 2026
(Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans
Commercial & industrial $ 0  $ 5,976  $ 1,040  $ 0  $ 0  $ 7,016  0.1  %
Construction real estate 0  0  698  0  0  698  0.1  %
Commercial real estate-investor 0  10,148  0  0  0  10,148  0.3  %
Commercial real estate-owner 0  0  550  0  0  550  0.0  %
Residential real estate 0  2,027  0  0  0  2,027  0.1  %
Home equity 0  2,179  0  0  0  2,179  0.2  %
Total $ 0  $ 20,330  $ 2,288  $ 0  $ 0  $ 22,618  0.2  %

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Six months ended June 30, 2025
(Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans
Commercial & industrial $ 0  $ 1,700  $ 219  $ 0  $ 0  $ 1,919  0.0  %
Commercial real estate-investor 0  2,274  0  0  0  2,274  0.1  %
Residential real estate 0  2,161  233  0  0  2,394  0.2  %
Home equity 0  852  0  0  0  852 0.1  %
Total $ 0  $ 6,987  $ 452  $ 0  $ 0  $ 7,439  0.1  %

The following table provides the financial effect of FDMs granted during the respective periods:
Three months ended June 30, 2026
(Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension
Commercial & industrial $ 0  0.0  % 1.5 years
Construction real estate 0  0.0  % 1.2 years
Residential real estate 0  0.0  % N/A
Total $ 0  0.0  % 1.2 years
Three months ended June 30, 2025
(Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension
Commercial & industrial $ 0  0.0  % N/A
Residential real estate 0  0.0  % 3.5 years
Total $ 0  0.0  % 3.5 years
Six months ended June 30, 2026
(Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension
Commercial & industrial $ 0  0.0  % 0.7 years
Construction real estate 0  0.0  % 1.2 years
Commercial real estate-owner 0  0.0  % 0.8 years
Total $ 0  0.0  % 0.9 years
Six months ended June 30, 2025
(Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension
Commercial & industrial $ 0  0.0  % 0.5 years
Residential real estate 0  0.0  % 3.5 years
Total $ 0  0.0  % 2.0 years

The Company has committed to lend no additional amounts to the borrowers who have been classified as FDM as of either June 30, 2026 or June 30, 2025. Additionally, there were six FDMs totaling $1.2 million that defaulted during the three months ended June 30, 2026 and 11 FDMs totaling $1.8 million that defaulted during the six months ended June 30, 2026, that were classified as FDMs during the twelve months preceding the default date. There were three FDMs with a balance of $0.1 million that defaulted during the three months ended June 30, 2025 and 13 FDMs with a balance of $1.2 million that defaulted during the six months ended June 30, 2025 that were classified as FDMs during the twelve months preceding the default date.

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The Company closely monitors the performance of loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table provides the performance of loans that have been modified during the twelve months preceding June 30, 2026 and 2025.
Twelve months ended June 30, 2026
(Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Total
Commercial & industrial $ 7,016  $ 0  $ 0  $ 1,322  $ 8,338 
Construction real estate 0  698  0  0  698 
Commercial real estate-investor 10,698  0  0  0  10,698 
Residential real estate 3,467  43  62  256  3,828 
Home equity 2,519  120  0  31  2,670 
Total $ 23,700  $ 861  $ 62  $ 1,609  $ 26,232 

Twelve months ended June 30, 2025
(Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Total
Commercial & industrial $ 2,291  $ 0  $ 0  $ 367  $ 2,658 
Commercial real estate-investor 2,274  0  0  0  2,274 
Residential real estate 3,420  77  0  137  3,634 
Home equity 945  64  0  98  1,107 
Total $ 8,930  $ 141  $ 0  $ 602  $ 9,673 

Nonaccrual loans. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors. When a loan is classified as nonaccrual, the accrual of interest income is discontinued and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest.

First Financial individually reviews all nonaccrual loan relationships greater than $250,000 to determine if a reserve is required based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. These reserves are based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans.

The following table provides information on nonaccrual loans and leases:

June 30, 2026 December 31, 2025
(Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual
Nonaccrual loans
Commercial & industrial $ 8,781  $ 11,524  $ 20,305  $ 17,329  $ 10,132  $ 27,461 
Lease financing 6,059  1,499  7,558  4,770  890  5,660 
Construction real estate 698  0  698  0  1,120  1,120 
Commercial real estate 26,250  18,154  44,404  15,977  29,613  45,590 
Residential real estate 272  17,988  18,260  0  18,302  18,302 
Home equity 547  3,548  4,095  0  2,927  2,927 
Installment 0  832  832  0  748  748 
Total nonaccrual loans $ 42,607  $ 53,545  $ 96,152  $ 38,076  $ 63,732  $ 101,808 

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Interest income recognized on loans and leases while on nonaccrual was insignificant for the three and six months ended June 30, 2026 and June 30, 2025.

A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral. The following table presents the amortized cost basis of collateral dependent loans by class of loan.
June 30, 2026
Type of Collateral
(Dollar in thousands) Business
assets		 Commercial real estate Equipment Land Residential real estate Other Total
Class of loan
Commercial & industrial $ 13,334  $ 0  $ 1,999  $ 0  $ 0  $ 4,972  $ 20,305 
Lease financing 0 0  7,558  0  0  0  7,558 
Construction real estate 0 698  0  0  0  0  698 
Commercial real estate-investor 0 38,235  0  0  16  0  38,251 
Commercial real estate-owner 0 6,125  0  0  28  0  6,153 
Residential real estate 0 0  0  0  18,260  0  18,260 
Home equity 0 0 0 0 4,095  0  4,095 
Installment 0 0 0 0 0  832  832 
Total $ 13,334  $ 45,058  $ 9,557  $ 0  $ 22,399  $ 5,804  $ 96,152 

December 31, 2025
Type of Collateral
(Dollar in thousands) Business
assets		 Commercial real estate Equipment Land Residential real estate Other Total
Class of loan
Commercial & industrial $ 18,822  $ 0  $ 2,392  $ 0  $ 0  $ 6,247  $ 27,461 
Lease financing 0 0  5,660  0  0  0  5,660 
Construction real estate 0 1,120  0  0  0  0  1,120 
Commercial real estate-investor 0 36,862  0  0  46  0  36,908 
Commercial real estate-owner 0 8,682  0  0  0  0  8,682 
Residential real estate 0 0  0  0  18,302  0  18,302 
Home equity 0 0 0 0 2,927  0  2,927 
Installment 0 0 0 0 0  748  748 
Total $ 18,822  $ 46,664  $ 8,052  $ 0  $ 21,275  $ 6,995  $ 101,808 

PCD Loans. First Financial has purchased loans, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows:

(Dollars in thousands) 2026 2025
Purchase price of loans at acquisition $ 3,081  $ 27,402 
Allowance for credit losses at acquisition 785  3,050 
Non-credit discount at acquisition 98  1,505 
Par value of acquired loans at acquisition $ 3,964  $ 31,957 

Lease financing - Lessor. First Financial originates both sales-type and direct financing leases, and the Company manages and reviews lease residuals in accordance with its credit policies. Payments are generally fixed, however, in some agreements, lease payments are based on a rate or index plus a spread. Sales-type lease contracts contain the ability to purchase the underlying equipment at lease maturity and profit or loss is recognized at lease commencement.  Direct financing leases are generally three
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to five years in length and may be extended at maturity, however, early cancellation may result in a fee to the borrower.  For direct financing leases, the net unearned income is deferred and amortized over the life of the lease.

The components of the Company's net investments in direct financing and sales-type leases, which are included in Lease financing on the Consolidated Balance Sheets are as follows:

(Dollar in thousands) June 30, 2026 December 31, 2025
Direct financing and sales-type leases
Lease receivables $ 651,388  $ 627,742 
Unguaranteed residual values 7,940  10,785 
Total net investment in direct financing and sales-type leases $ 659,328  $ 638,527 

Interest income for direct financing and sales-type leases was $10.6 million and $9.8 million for the three months ended June 30, 2026 and June 30, 2025, respectively. Interest income for direct financing and sales-type leases was $19.8 million and $18.8 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

The remaining maturities of lease receivables were as follows:
(Dollars in thousands) Direct financing and Sales-type
Remainder of 2026 $ 122,652 
2027 226,644 
2028 162,622 
2029 114,735 
2030 66,605 
Thereafter 42,179 
Total lease payments 735,437 
Less: unearned income (84,049)
Net lease receivables $ 651,388 
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OREO. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans.

Changes in OREO were as follows:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Balance at beginning of period $ 238  $ 213  $ 184  $ 64 
Additions
Commercial real estate 0  0  0  0 
Residential real estate 0  0  54  149 
Total additions 0  0  54  149 
Disposals
Commercial real estate 0  0  0  0 
Residential real estate (64) 0  (64) 0 
Total disposals (64) 0  (64) 0 
Valuation adjustment
Commercial real estate 0  0  0  0 
Residential real estate 0  (9) 0  (9)
Total valuation adjustment 0  (9) 0  (9)
Balance at end of period $ 174  $ 204  $ 174  $ 204 
NOTE 5:  ALLOWANCE FOR CREDIT LOSSES

Allowance for credit losses - loans and leases. The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral. Similarly, upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount. Cumulative recovery payments credited to the ACL for any loan should not exceed the amount charged-off. Accrued interest receivable on loans and leases, which totaled $57.4 million and $54.1 million as of June 30, 2026 and December 31, 2025, respectively, is excluded from the estimate of credit losses. 

Management estimates the allowance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the qualitative framework.

First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions impacting loss expectations, such as reasonable and supportable forecasts of economic conditions. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods:

Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector, insurance premium financing and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of
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restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business, in addition to commercial customers financing their insurance premiums.

Expected default activity in the C&I portfolio is based on forecasted manufacturing overtime hours and business bankruptcies. Changes in forecasted expectations for these economic variables could result in volatility in the Company’s ACL in future periods.

Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor, in addition to other considerations.

The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for manufacturing overtime hours and business bankruptcies could result in volatility in the Company's ACL as it pertains to finance leases in future periods.

Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements.

The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank’s geographic footprint, CRE prices and median asking rent. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods.

Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors.

First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, the model is adjusted for forecasted changes in S&P 500 performance, CRE prices and business bankruptcies. The investor CRE loans model is adjusted by forecasted S&P 500 performance, the return on rental property (NCREIF Property Index) and business bankruptcies. Changes in forecasted expectations for these economic variables could result in volatility in the Company’s ACL in future periods.

Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity or an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released basis. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets.

The residential real estate ACL model is adjusted for forecasted changes in mortgage debt service ratio, home sales and disposable income. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods.

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Home equity – Home equity lending includes both term loans and revolving lines of credit secured by a first or second lien on the borrower’s residence. Home equity lending underwriting considerations include the borrower's credit history as well as debt-to-income and loan-to-value policy limits.

The home equity ACL model is adjusted for forecasted changes in personal bankruptcies and outstanding consumer credit. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods.

Installment – Installment lending consists of consumer loans not secured by real estate, including loans secured by automobiles and unsecured personal loans.

The installment ACL model is adjusted for forecasted changes in outstanding consumer credit and CPI. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods.

Credit card – Credit card lending consists of secured and unsecured revolving lines of credit to consumer and business customers. Credit card lines are generally available for an indefinite period of time as long as the borrower's credit characteristics do not materially or adversely change, but lines are unconditionally cancellable by the Company at any time.

The credit card ACL model is adjusted for forecasted changes in prime rates, outstanding consumer credit and household mortgage debt service ratio. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods.

The Company utilized the Moody's June baseline forecast as its R&S forecast in the quantitative model. For reasonableness, the Company also considered the impact to the model from alternative, more adverse economic forecasts and alternative prepayment speeds. These alternative analyses were utilized to inform the Company's qualitative adjustments. Additionally, First Financial considered its credit exposure to certain industries believed to be at risk for future credit stress, such as franchise, office, hotel and investor commercial real estate lending when making qualitative adjustments to the ACL model.

The ACL on loans and leases was $189.9 million as of June 30, 2026 and $186.5 million as of December 31, 2025. The change in the reserve on loans and leases compared to December 31, 2025 was primarily driven by the impact from the BankFinancial acquisition. In the first quarter of 2026, and in accordance with the early adoption of ASU 2025-08, the Company recorded a $2.8 million increase in the ACL for non-PCD loans with an offsetting adjustment to the amortized cost basis of the assets to account for the expected losses on acquired BankFinancial loans.



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Changes in the allowance by loan category were as follows:

Three months ended June 30, 2026
(Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total
Allowance for credit losses:
Balance at beginning of period $ 70,472  $ 15,242  $ 14,301  $ 44,223  $ 16,101  $ 16,661  $ 3,495  $ 3,221  $ 183,716 
Provision for credit losses 984  929  1,071  8,818  (435) 844  329  393  12,933 
Gross charge-offs (2,437) (1,314) 0  (2,484) (84) (262) (1,034) (704) (8,319)
Recoveries 463  114  0  8  18  157  660  162  1,582 
Total net charge-offs (1,974) (1,200) 0  (2,476) (66) (105) (374) (542) (6,737)
Ending allowance for credit losses $ 69,482  $ 14,971  $ 15,372  $ 50,565  $ 15,600  $ 17,400  $ 3,450  $ 3,072  $ 189,912 

Three months ended June 30, 2025
(Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total
Allowance for credit losses:
Balance at beginning of period $ 50,474  $ 12,837  $ 19,564  $ 34,637  $ 17,186  $ 15,132  $ 3,119  $ 2,533  $ 155,482 
Provision for credit losses 7,627  1,665  (656) (574) (123) 714  93  338  9,084 
Loans charged off (4,996) (606) 0  0  (16) (100) (1,120) (489) (7,327)
Recoveries 290  11  0  70  42  74  716  80  1,283 
Total net charge-offs (4,706) (595) 0  70  26  (26) (404) (409) (6,044)
Ending allowance for credit losses $ 53,395  $ 13,907  $ 18,908  $ 34,133  $ 17,089  $ 15,820  $ 2,808  $ 2,462  $ 158,522 

  
Six months ended June 30, 2026
(Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total
Allowance for credit losses:
Beginning balance $ 75,155  $ 15,162  $ 16,951  $ 38,389  $ 18,084  $ 16,035  $ 3,874  $ 2,837  $ 186,487 
Initial allowance on purchased loans 1,734  0  0  907  54  42  1  91  2,829 
Provision for credit losses 5,255  1,029  (1,579) 13,746  (2,375) 1,431  409  1,047  18,963 
Loans charged off (13,225) (1,357) 0  (2,513) (211) (381) (2,092) (1,200) (20,979)
Recoveries 563  137  0  36  48  273  1,258  297  2,612 
Total net charge-offs (12,662) (1,220) 0  (2,477) (163) (108) (834) (903) (18,367)
Ending allowance for credit losses $ 69,482  $ 14,971  $ 15,372  $ 50,565  $ 15,600  $ 17,400  $ 3,450  $ 3,072  $ 189,912 
Six months ended June 30, 2025
(Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total
Allowance for credit losses:
Beginning balance $ 49,987  $ 13,079  $ 19,216  $ 35,721  $ 17,822  $ 14,774  $ 3,564  $ 2,628  $ 156,791 
Provision for credit losses 16,097  2,848  (308) (1,682) (783) 1,014  406  633  18,225 
Loans charged off (13,174) (2,060) 0  0  (16) (186) (2,441) (963) (18,840)
Recoveries 485  40  0  94  66  218  1,279  164  2,346 
Total net charge-offs (12,689) (2,020) 0  94  50  32  (1,162) (799) (16,494)
Ending allowance for credit losses $ 53,395  $ 13,907  $ 18,908  $ 34,133  $ 17,089  $ 15,820  $ 2,808  $ 2,462  $ 158,522 

Allowance for credit losses - unfunded commitments. First Financial estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over their estimated lives consistent with the Company's ACL methodology for loans and leases.

First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ACL methodology.

The ACL on unfunded commitments was $18.3 million as of June 30, 2026 and $20.2 million as of December 31, 2025. Additionally, First Financial recorded provision recapture related to the allowance on unfunded commitments of $4.7 million
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for the three months ended June 30, 2026 and provision expense of $0.7 million for the three months ended June 30, 2025. First Financial recorded provision recapture related to the allowance on unfunded commitments of $2.2 million for the six months ended June 30, 2026 and provision expense related to the allowance on unfunded commitments of $0.3 million for the six months ended June 30, 2025.

NOTE 6:  LEASES - LESSEE

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. For contracts where First Financial is a lessee, the recipient of the right to control, substantially all of those agreements are for real estate property for branches, ATM locations and office space.

Substantially all of the Company's lessee contracts are classified as operating leases. Under Accounting Topic 842, operating lease agreements are required to be recognized on the Consolidated Balance Sheets as an ROU asset and a corresponding lease liability. The Company's right to use an asset over the life of a lease is recorded as an ROU asset in Accrued interest and other assets on the Consolidated Balance Sheets. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. As of June 30, 2026 and December 31, 2025, the Company's ROU was $52.7 million and $48.6 million, respectively. First Financial recorded a $62.0 million and $58.1 million lease liability in Accrued interest and other liabilities on the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025, respectively.

First Financial's leases are generally for periods of 5 to 30 years with various renewal options. Certain renewal options are included in the measurement of the ROU assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. The Company has elected not to recognize short-term leases (terms of one year or less) as lease liabilities and right-of use assets; related expenses are recognized on a straight-line basis over the lease term. Additionally, the Company has elected to apply the risk-free discount rate for leases in which there is no implicit discount rate.

First Financial has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance, are not included in the measurement of the lease liability since they are generally able to be segregated. First Financial does not have any material sub-lease agreements.

The components of lease expense were as follows:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Operating lease cost $ 2,653  $ 1,995  $ 5,141  $ 4,008 
Finance lease cost:
Amortization of right-of-use assets 25  25  50  51 
Interest on lease liabilities 12  13  24  27 
Variable lease cost 793  760  1,567  1,520 
Total lease cost $ 3,483  $ 2,793  $ 6,782  $ 5,606 

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Future minimum commitments due under these lease agreements as of June 30, 2026 are as follows:
(Dollars in thousands) Operating leases Finance leases
2026 (remaining six months) $ 5,141  $ 76 
2027 9,669  154 
2028 9,338  159 
2029 8,736  160 
2030 8,401  111 
Thereafter 35,426  697 
Total lease payments 76,711  1,357 
Less imputed interest (14,743) (259)
Total $ 61,968  $ 1,098 

Supplemental balance sheet information related to leases was as follows:
(Dollars in thousands) June 30, 2026 December 31, 2025
Operating leases
Operating lease right-of-use assets $ 52,696  $ 48,647 
Operating lease liabilities 61,968  58,112 
Finance leases
Premises and equipment $ 861  $ 910 
Long-term debt 1,098  1,149 
Weighted-average remaining lease term
Operating leases 10.5 years 10.7 years
Finance leases 9.8 years 10.2 years
Weighted-average discount rate
Operating leases 3.72  % 3.53  %
Finance leases 4.43  % 4.42  %

Supplemental cash flow information at June 30, 2026 and 2025 related to leases was as follows:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases $ 2,786  $ 2,121  $ 5,393  $ 4,217 
Operating cash flows from finance leases 12  13  24  27 
Financing cash flows from finance leases 26  25  52  48 
ROU assets obtained in exchange for lease obligations
Operating leases 3,920  35  7,056  399 
Finance leases 0  0  0  (272)

NOTE 7: OPERATING LEASES - LESSOR

First Financial provides financing for various types of equipment through a variety of leasing arrangements. Operating leases are carried at cost less accumulated depreciation in the Consolidated Balance Sheets. Operating leases were $241.7 million and $214.0 million at June 30, 2026, and December 31, 2025, respectively, net of accumulated depreciation of $165.5 million and $151.4 million, respectively. The Company recorded lease income of $21.0 million and $18.7 million related to lease payments
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for operating leases in Leasing business income in the Consolidated Statements of Income for the three months ended June 30, 2026 and 2025, respectively, and $41.1 million and $36.6 million for the six months ended June 30, 2026 and 2025, respectively. Depreciation expense related to operating lease equipment was $14.6 million and $13.2 million for the three months ended June 30, 2026 and 2025, respectively, and $28.8 million and $26.0 million for the six months ended June 30, 2026 and 2025, respectively. Depreciation expense related to operating lease equipment is included in Leasing business expense in the Consolidated Statements of Income.

First Financial performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. First Financial recognized no impairment losses associated with operating lease assets for the three and six month periods ended June 30, 2026 or 2025. Recognized impairment losses, if any, would be recorded in Leasing business income in the Consolidated Statements of Income.

The future lease payments receivable from operating leases as of June 30, 2026 are as follows:
(Dollars in thousands) Undiscounted cash flows
2026 (remaining six months) $ 36,591 
2027 59,497 
2028 40,332 
2029 26,811 
2030 15,541 
Thereafter 5,765 
Total operating lease payments $ 184,537 

NOTE 8:  GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill.

Changes in the carrying amount of goodwill for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Balance at beginning of period $ 1,099,543  $ 1,007,656  $ 1,099,524  $ 1,007,656 
Goodwill resulting from business combinations 393  0  412  0 
Balance at end of period $ 1,099,936  $ 1,007,656  $ 1,099,936  $ 1,007,656 

In the fourth quarter of 2025, First Financial recorded $91.9 million of goodwill related to the acquisition of Westfield Bancorp, Inc., an Ohio corporation. Upon completion of the transaction, Westfield Bank, FSB, a federal savings bank, and a wholly owned subsidiary of Westfield Bancorp, merged into First Financial Bank. This acquisition supplements First Financial's existing commercial banking and wealth management presence in Northeast Ohio by adding all of Westfield's retail banking locations and its commercial lending, insurance agency lending and private banking services. The measurement period for recording adjustments to the fair value of assets and liabilities acquired in the Westfield acquisition ends in November 2026.

Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its most recent annual impairment test as of October 1, 2025 and no impairment was indicated. As of June 30, 2026, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value.

Other intangible assets. Other intangible assets consist primarily of core deposit intangibles, customer lists, mortgage servicing rights and other miscellaneous intangibles, such as purchase commissions, non-compete agreements and trade name intangibles.

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Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. As of June 30, 2026, First Financial's core deposit intangibles have an estimated remaining life of 8.9 years.

First Financial recorded a customer list intangible asset in conjunction with the Agile, Summit and Bannockburn acquisitions to account for the obligation or advantage on the part of either the Company or customers to continue pre-existing relationships subsequent to the merger. These customer list intangibles are being amortized on a straight-line basis over their estimated useful lives. The Agile customer list was $2.2 million at June 30, 2026 and $2.3 million at December 31, 2025, and is being amortized over an estimated remaining life of 10.7 years. The Summit customer list was $18.8 million and $20.1 million at June 30, 2026 and December 31, 2025, respectively, and is being amortized over an estimated remaining life of 7.5 years. The Bannockburn customer list was $14.9 million and $16.7 million at June 30, 2026 and December 31, 2025, respectively, and is being amortized over an estimated remaining life of 4.2 years.   

Mortgage servicing rights represent the value of servicing fees First Financial expects to receive from the servicing responsibilities it retains when selling fixed and adjustable-rate residential mortgage loans. In those sales, First Financial retains servicing responsibilities and provides certain standard representations and warranties; however, the investors have no recourse to the Company’s other assets for failure of debtors to pay when due. First Financial receives servicing fees based on a percentage of the outstanding balance. When First Financial sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at estimated fair value. First Financial has selected the “amortization method” as permissible within GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the conclusion of each reporting period, the carrying value of the MSR is assessed for impairment by comparing it to its fair value. Based on the comparison, no valuation allowance was required. MSR are carried at the lower of their amortized cost or fair value. The amortization of MSR is included within other noninterest income in the Consolidated Statements of Income.

Amortization expense recognized on other intangible assets for the three months ended June 30, 2026 and June 30, 2025 was $7.6 million and $3.4 million, which included MSR amortization of $1.4 million and $1.1 million, respectively. Amortization expense recognized on other intangible assets for the six months ended June 30, 2026 and June 30, 2025 was $15.2 million and $6.6 million, which included MSR amortization of $2.7 million and $1.9 million, respectively.

The gross carrying amount and accumulated amortization of other intangible assets at June 30, 2026 and December 31, 2025 were as follows:
(Dollars in thousands) June 30, 2026 December 31, 2025
Gross
carrying
amount		 Accumulated
amortization		 Gross
carrying
amount		 Accumulated
amortization
Core deposit intangibles $ 121,806  $ (46,080) $ 88,814  $ (36,777)
Customer lists 72,278  (36,279) 72,278  (33,127)
Other 9,269  (3,734) 9,269  (3,654)
Mortgage servicing rights 35,582  (12,137) 33,013  (10,984)
Total $ 238,935  $ (98,230) $ 203,374  $ (84,542)

NOTE 9:  BORROWINGS

On the Consolidated Balance Sheets, short-term borrowings, or borrowings that mature in less than one year, include federal funds purchased, overnight advances from the FHLB and a short-term line of credit.

First Financial had $570.0 million and $675.0 million in short-term FHLB advances at June 30, 2026 and December 31, 2025, respectively. These short-term borrowings are used to manage normal liquidity needs and support the Company's asset and liability management strategies. Additionally, at June 30, 2026 and December 31, 2025, other short-term borrowings included $39.5 million and $0.3 million, respectively, of collateral owed to counterparty banks by First Financial.

First Financial also has a $40.0 million short-term credit facility with an unaffiliated bank that matures in December 2026, which is included in short-term borrowings. This facility has a variable interest rate and provides First Financial additional liquidity, if needed, for various corporate activities including the repurchase of First Financial common stock and the payment of dividends to shareholders. As of both June 30, 2026 and December 31, 2025, First Financial had no outstanding balance on
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this facility. The credit agreement requires First Financial to comply with certain covenants including those related to asset quality and capital levels, and First Financial was in compliance with all covenants associated with this facility as of both June 30, 2026 and December 31, 2025. This credit facility also required First Financial to pledge as collateral the Bank's common stock where the lender is granted a security interest in this collateral.

The following is a summary of First Financial's short-term borrowings:

(Dollars in thousands) June 30, 2026 December 31, 2025
FHLB short-term borrowings $ 570,000  $ 675,000 
Other short-term borrowings 39,532  332 
Total short-term borrowings $ 609,532  $ 675,332 

The following is a summary of First Financial's long-term debt:
June 30, 2026 December 31, 2025
(Dollars in thousands) Amount Average rate Amount Average rate
Subordinated notes $ 363,294  6.83  % $ 495,077  7.19  %
Unamortized debt issuance costs (4,242) N/A (5,204) N/A
Notes issued in conjunction with acquisition of property and equipment 22,400  5.60  % 23,030  5.38  %
Capital lease liability 1,098  4.43  % 1,149  4.42  %
Total long-term debt $ 382,550  6.82  % $ 514,052  7.18  %

In 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes that mature in May 2030 and had an initial fixed interest rate of 5.25%. The Company elected to redeem these subordinated notes in whole on the February 2026 interest payment date. Therefore, these notes are not included in the Consolidated Balance Sheets as of June 30, 2026.

In November 2025, First Financial issued $300.0 million of fixed to floating rate subordinated notes. These subordinated notes have an initial fixed interest rate of 6.375% to, but excluding, December 1, 2030, payable semi-annually in arrears. From, and including, December 1, 2030, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 300 basis points, payable quarterly in arrears. These subordinated notes mature on December 1, 2035 and are redeemable by the Company in whole or in part beginning with the interest payment date of December 1, 2030. The subordinated notes issued in November 2025 are eligible to be treated as Tier 2 capital for 100% of its original issuance amount at June 30, 2026 for regulatory capital purposes.

In conjunction with the BankFinancial transaction, First Financial acquired $18.5 million of fixed to floating rate subordinated notes. These subordinated notes were originated in April 2021 and have an initial fixed interest rate of 3.75% to, but excluding, May 15, 2026, payable semi-annually in arrears. From, and including, May 15, 2026, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, currently the three-month term SOFR, plus 299 basis points, payable quarterly in arrears. As of June 30, 2026, the interest rate was 6.64%. The subordinated notes mature on May 15, 2031 and are redeemable by the Company, in whole or in part, on May 15, 2026, on any interest payment date thereafter, and at any time upon the occurrence of certain events. These acquired subordinated notes are eligible to be treated as Tier 2 capital for 80% of its original issuance amount at June 30, 2026 for regulatory capital purposes. The Company has received regulatory approval to redeem this subordinated debt, and anticipates doing so on the date of the scheduled third quarter interest payment.

First Financial acquired $49.5 million of variable rate subordinated notes in the MSFG merger that were issued to previously formed trusts in exchange for the trust proceeds. These notes were recorded at fair value at the date of the MSFG merger and the Consolidated Balance Sheets include $45.3 million and $45.1 million for these notes at June 30, 2026 and December 31, 2025, respectively. Interest on the acquired subordinated notes is payable quarterly, in arrears, and the Company has the option to defer interest payments for a period not to exceed 20 consecutive quarters. These acquired subordinated notes mature 30 years after the date of original issuance and may be called at par following the 5 year anniversary of issuance. These variable rate subordinated notes are callable as of June 30, 2026 and are treated as Tier 1 capital for regulatory capital purposes.

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Additionally, long-term debt included $22.4 million and $23.0 million of term notes, both with and without recourse, with an average interest rate of 5.60% and 5.38% at June 30, 2026 and December 31, 2025, respectively. These term notes were used to finance equity investments in the purchase of equipment to be leased to customers.

NOTE 10:  DERIVATIVES

First Financial maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce certain risks related to interest rate, prepayment and foreign currency volatility. Additionally, First Financial holds derivative instruments for the benefit of its commercial customers and for other business purposes. The Company does not enter into unhedged speculative derivative positions. The Company’s interest rate risk management strategy involves modifying the repricing characteristics of certain financial instruments so that changes in interest rates do not adversely affect First Financial’s net interest margin and cash flows. Derivative instruments that the Company may use as part of its interest rate risk management strategy include interest rate caps, floors, swaps and foreign exchange contracts, to meet the needs of its clients while managing the interest and currency rate risk associated with certain transactions. First Financial may also utilize interest rate swaps to manage the interest rate risk profile of the Company. The impact from the changes in the fair value of derivatives in cash flow hedging arrangements is reported in Accumulated other comprehensive income (loss).

Interest rate payments are exchanged with counterparties based on the notional amount established in the interest rate agreement. As only interest rate payments are exchanged, the cash requirements and credit risk associated with interest rate swaps are significantly less than the notional amount and the Company’s credit risk exposure is limited to the market value of the instruments.

First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk.

The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy the obligations under the agreements. All of the contracts to which the Company is a party settle monthly, quarterly or semi-annually. In addition, First Financial obtains collateral above certain thresholds of the fair value of derivatives for each dealer counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business.

Interest rate client derivatives. First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Client derivative fees in the Consolidated Statements of Income. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes.

At June 30, 2026, for interest rate client derivatives, the Company had a total counterparty notional amount outstanding of $2.8 billion, spread among seven counterparties, with an estimated fair value of $48.7 million. At December 31, 2025, the Company had interest rate client derivatives with a total counterparty notional amount outstanding of $2.4 billion, spread among seven counterparties, with an estimated fair value of $24.7 million.

First Financial monitors its derivative credit exposure to borrowers by monitoring the creditworthiness of the related loan customers through the Company's normal credit review processes. Additionally, the Company monitors derivative credit risk exposure related to problem loans through its ACL Committee. First Financial considers the market value of a derivative instrument to be part of the carrying value of the related loan for these purposes as the borrower is contractually obligated to pay First Financial this amount in the event the derivative contract is terminated.

In connection with its use of derivative instruments, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties.

Foreign exchange contracts. First Financial enters into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate client derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Company has internal controls and client credit risk limits in place to help ensure excessive risk is not being taken when providing this service to customers. These controls include a determination of currency
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volatility and credit equivalent exposure on these contracts. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes.

At June 30, 2026, for foreign exchange contracts, the Company had total counterparty notional amount outstanding of $9.9 billion spread among four counterparties, with an estimated fair value of $29.3 million. At December 31, 2025, the Company had total counterparty notional amounts outstanding of $8.3 billion spread among four counterparties, with an estimated fair value of $1.1 million.

In connection with its use of foreign exchange contracts, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties.

In 2024, a single foreign exchange trade was mutually terminated and the counterparty was not able to immediately fully satisfy the obligation under the agreement. As such, at December 31, 2024, a $45.0 million receivable was established in Accrued interest and other assets on the Consolidated Balance Sheet, and the Company considers this receivable a classified asset for asset quality purposes. In 2025, the customer paid down this receivable by $8.0 million. At June 30, 2026, there was $37.0 million outstanding related to this receivable.

Commodity contracts. First Financial enters into financially settled commodity derivative contracts for the benefit of commercial customers to hedge their exposure to various commodity price fluctuations. Similar to the hedging of interest rate risk from interest rate client derivative and foreign exchange contracts, First Financial also enters into commodity contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven commodity derivative activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Client derivative fees in the Consolidated Statements of Income. The Company has risk limits and internal controls in place to help ensure excessive risk is not being taken when providing this service to customers. These controls include monitoring of commodity volatility and credit exposure on these contracts. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes.

At June 30, 2026, for commodities contracts, the Company had total counterparty notional amount outstanding of $99.5 million with seven counterparties and an estimated fair value of $4.4 million. At December 31, 2025, the Company had total counterparty notional amount outstanding of $24.3 million with six counterparties and an estimated fair value of $0.4 million.

Cash flow hedges. First Financial enters into interest rate collars and floors, which are designated as cash flow hedges, to mitigate interest rate risk on variable-rate commercial loan pools. As of both June 30, 2026 and December 31, 2025, these hedges were determined to be effective and are expected to remain effective during the remaining terms. Changes in the fair value of cash flow hedges included in the assessment of hedge effectiveness are recorded in AOCI and reclassified from AOCI to current period earnings when the hedged item affects earnings. Reclassified gains and losses on interest rate contracts related to C&I loans are recorded within interest income in the Consolidated Statements of Income.

The structure of the interest rate collars is such that First Financial pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, First Financial receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates.

The structure of First Financial's interest rate floors is such that First Financial receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate.

The notional value of the Company's cash flow hedges was $1.0 billion at June 30, 2026, with a loss of $0.3 million recorded in AOCI in the Consolidated Balance Sheet. As of June 30, 2026, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 30 months. It is estimated that $0.7 million will be reclassified from OCI to interest income during the next 12 months.

At December 31, 2025, the notional value of the Company's cash flow hedges was $1.0 billion, with a $0.1 million gain recorded in AOCI in the Consolidated Balance Sheet. The maximum length of time over which the Company was hedging its exposure to the variability in future cash flows was 36 months.
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The effect of derivative instruments in cash flow hedging relationships on the Consolidated Statements of Income for the three months ended June 30, were as follows:

Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss) Reclassified from AOCI into income Gain (loss) reclassified from AOCI on Derivatives Gain (loss) recognized in OCI on Derivatives
(Dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Interest rate contracts Interest income/(expense) $ (199) $ (199) $ (344) $ 438 

The effect of derivative instruments in cash flow hedging relationships on the Consolidated Statements of Income for the six months ended June 30, were as follows:

Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss) Reclassified from AOCI into income Gain (loss) reclassified from AOCI on Derivatives Gain (loss) recognized in OCI on Derivatives
(Dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Interest rate contracts Interest income/(expense) $ (398) $ (398) $ (395) $ 1,994 

The following table details the classification and amounts of derivative contracts recognized in the Consolidated Balance Sheets:
  
June 30, 2026 December 31, 2025
Estimated fair value Estimated fair value
(Dollars in thousands) Notional
amount
Gain (1)
Loss (2)
Notional
amount
Gain (1)
Loss (2)
Derivatives not designated as qualifying hedging instruments
Interest rate derivatives-instruments associated with loans (3)
Matched interest rate contracts with borrowers $ 2,756,778  $ 7,614  $ (54,684) $ 2,425,106  $ 23,271  $ (46,159)
Matched interest rate contracts with counterparty 2,756,778  54,684  (7,577) 2,425,106  46,138  (23,243)
Foreign exchange contracts (4)
Matched foreign exchange contracts with customers 9,959,681  233,085  (203,806) 8,368,518  161,649  (160,523)
Match foreign exchange contracts with counterparty 9,902,999  203,806  (233,085) 8,318,982  160,523  (161,649)
Commodity contracts(5)
Matched commodity with client 98,195  1,578  (5,542) 24,180  909 (994)
Matched commodity with counterparty 99,466  8,058  (3,707) 24,269  669  (1,084)
Total derivatives not designated as qualifying hedging instruments 25,573,897  508,825  (508,401) 21,586,161  393,159  (393,652)
Derivatives designated as qualifying hedging instruments
Cash flow hedges (6)
Interest rate collars and floors 1,000,000  4  (165) 1,000,000  708  0 
Total derivatives designated as qualifying hedging instruments 1,000,000  4  (165) 1,000,000  708  0 
Total $ 26,573,897  $ 508,829  $ (508,566) $ 22,586,161  $ 393,867  $ (393,652)
(1) Derivative assets are included in Accrued interest and other assets in the Consolidated Balance Sheets.
(2) Derivative liabilities are included in Accrued interest and other liabilities in the Consolidated Balance Sheets.
(3) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income.
(4) Changes in fair value are included in Foreign exchange income in the Consolidated Statements of Income.
(5) Changes in fair value are included in Client derivative fees in the Consolidated Statements of Income.
(6) Changes in fair value are included in Accumulated comprehensive income in the Consolidated Balance sheets.

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The following tables disclose the gross and net amounts of derivative contracts recognized in the Consolidated Balance Sheets:
Derivative contracts in an asset position at June 30, 2026
Gross amounts not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized assets (2)
Gross amounts offset in the Consolidated Balance Sheets Net amounts presented in the Consolidated Balance Sheets Financial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$ 62,298  $ 0  $ 62,298  $ (24,233) $ (38,065) $ 0 
Foreign exchange contracts 493,573  0  493,573  (178,623) (25,184) 289,766 
Commodity contracts 9,636  0  9,636  (4,217) 0  5,419 
Cash flow hedges 4  0  4  0  (4) 0 
Total $ 565,511  $ 0  $ 565,511  $ (207,073) $ (63,253) $ 295,185 
Derivative contracts in an liability position at June 30, 2026
Gross amounts not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized liabilities (2)
Gross amounts offset in the Consolidated Balance Sheets Net amounts presented in the Consolidated Balance Sheets Financial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$ 62,261  $ 0  $ 62,261  $ (12,206) $ 0  $ 50,055 
Foreign exchange contracts 436,891  0  436,891  (178,623) 0  258,268 
Commodity contracts 9,249  0  9,249  (4,217) (53) 4,979 
Cash flow hedges 0  0  0  0  0  0 
Total $ 508,401  $ 0  $ 508,401  $ (195,046) $ (53) $ 313,302 

Derivative contracts in an asset position at December 31, 2025
Gross amounts not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized assets (2)
Gross amounts offset in the Consolidated Balance Sheets Net amounts presented in the Consolidated Balance Sheets Financial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$ 69,409  $ 0  $ 69,409  $ (43,607) $ (12,660) $ 13,142 
Foreign exchange contracts 371,710  0  371,710  (126,506) 0  245,204 
Commodity contracts 1,578  0  1,578  (670) 0  908 
Cash flow hedges 708  0  708  0  (708) 0 
Total $ 443,405  $ 0  $ 443,405  $ (170,783) $ (13,368) $ 259,254 

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Derivative contracts in an liability position at December 31, 2025
Gross amounts not offset in Consolidated Balance Sheet
(Dollars in thousands)
Gross amounts of recognized liabilities (2)
Gross amounts offset in the Consolidated Balance Sheets Net amounts presented in the Consolidated Balance Sheets Financial instruments recognized amounts
Cash or financial instrument collateral (3)
Net amount
Interest rate contracts (1)
$ 69,402  $ 0  $ 69,402  $ (24,594) $ 0  $ 44,808 
Foreign exchange contracts 322,172  0  322,172  (126,506) (5,894) 189,772 
Commodity contracts 2,078  0  2,078  (670) (462) 946 
Cash flow hedges 0  0  0  0  0  0 
Total $ 393,652  $ 0  $ 393,652  $ (151,770) $ (6,356) $ 235,526 
(1) Includes accrued interest receivable.
(2) Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements
(3) Amount of collateral received is an offset to asset positions or pledged as an offset of liability positions

The following table details the derivative financial instruments and the average remaining maturities at June 30, 2026:
(Dollars in thousands) Notional
amount		 Average
maturity
(years)		 Fair
value
Interest rate contracts
Receive fixed, matched interest rate contracts with borrower $ 2,756,778  3.6 $ (47,070)
Pay fixed, matched interest rate contracts with counterparty 2,756,778  3.6 47,107 
Foreign exchange contracts
Foreign exchange contracts - pay USD 9,959,681  0.5 29,279 
Foreign exchange contracts - receive USD 9,902,999  0.5 (29,279)
Commodities contracts
Client commodity contracts 98,195  0.5 (3,964)
Counterparty commodity contracts 99,466  0.5 4,351 
Total client derivatives 25,573,897  1.2 424 
Cash flow hedges
Interest rate collars and floors on loan pools 1,000,000  1.3 (161)
Total cash flow hedges 1,000,000  1.3 (161)
Total $ 26,573,897  1.2 $ 263 

At June 30, 2026, derivative collateral owed by the Company to counterparty banks was $23.0 million with $10.5 million restricted within cash and due from banks on the Company's Consolidated Balance Sheet, $39.5 million recorded in short-term borrowings and $6.0 million in other assets. Derivative collateral owed to the Company from counterparty banks at December 31, 2025 was $21.6 million with $10.2 million restricted within cash and due from banks, $0.3 million recorded in short-term borrowings and $11.7 million in other assets.

Credit derivatives. In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with counterparties whereby First Financial either assumes or sells a portion of the credit exposure associated with an interest rate swap on the participated loan in exchange for a fee. Under these agreements, First Financial will either make a payment to or receive a payment from the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract. The total notional value of the purchased risk agreements totaled $260.9 million as of June 30, 2026 and $223.5 million as of December 31, 2025. The total notional value of the sold risk agreements totaled $116.1 million as of June 30, 2026 and $111.5 million as of December 31, 2025. The net fair value of these agreements was recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets and was insignificant at both June 30, 2026 and December 31, 2025.

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Mortgage derivatives. First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure an IRLC with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. At June 30, 2026, the notional amount of the IRLCs was $47.4 million and the notional amount of forward commitments was $45.5 million. As of December 31, 2025, the notional amount of IRLCs was $37.5 million and the notional amount of forward commitments was $39.3 million. The fair value on these agreements was $0.8 million at June 30, 2026 and $0.7 million at December 31, 2025, and was recorded in Accrued interest and other assets on the Consolidated Balance Sheets.

NOTE 11:  COMMITMENTS AND CONTINGENCIES

First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements.

First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. First Financial estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company in accordance with ASC 326. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. Adjustments to the reserve for unfunded commitments are recorded in Provision for (recapture of) credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $18.3 million and $20.2 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025, respectively.

Loan commitments. Loan commitments are agreements to extend credit to a client, absent any violation of conditions established in the commitment agreement.  Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.  The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client.  The collateral held varies, but may include securities, real estate, inventory, plant or equipment. First Financial had commitments to extend credit of $4.7 billion at June 30, 2026 and $4.5 billion at December 31, 2025. As of June 30, 2026, commitments with a fixed interest rate totaled $103.4 million while commitments with variable interest rates totaled $4.6 billion. At December 31, 2025, commitments with a fixed interest rate totaled $75.0 million while commitments with variable interest rates totaled $4.4 billion. First Financial's fixed rate commitments have interest rates ranging from 0.00% to 36.00% at June 30, 2026 and 0.00% to 21.00% at December 31, 2025 and have maturities ranging from less than one year to 31.0 years at June 30, 2026 and maturities ranging from less than one year to 31.6 years at December 31, 2025.

The following table presents by type First Financial's active loan balances and related obligations to extend credit:
June 30, 2026 December 31, 2025
(dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance
Commercial & industrial $ 2,174,846  $ 4,842,347  $ 2,066,620  $ 4,632,241 
Lease financing 0 659,328 0 638,527
Construction real estate 678,858 599,258 680,920 677,339
Commercial real estate-investor 202,046 3,371,574 204,747 3,246,889
Commercial real estate-owner 38,719 1,177,313 39,973 1,137,667
Residential real estate 0 1,805,044 0 1,832,184
Home equity 1,186,273 1,058,175 1,103,581 1,005,204
Installment 57,355 156,470 48,606 188,694
Credit card 339,382 65,405 323,281 65,325
Total $ 4,677,479  $ 13,734,914  $ 4,467,728  $ 13,424,070 

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Letters of credit. Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party.  First Financial’s letters of credit consist of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services.  The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party.  First Financial issued letters of credit aggregating $35.9 million and $36.6 million at June 30, 2026 and December 31, 2025, respectively. Management conducts regular reviews of these instruments on an individual client basis.

Risk participation agreements. In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with counterparties whereby First Financial either assumes or sells a portion of the credit exposure associated with an interest rate swap on the participated loan in exchange for a fee. Under these agreements, First Financial will either make a payment to or receive a payment from the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract. The total notional amount of the risk participation agreements was $377.0 million and $335.0 million at June 30, 2026 and December 31, 2025, respectively.

Affordable housing projects and other tax credit investments. First Financial is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in Accrued interest and other assets in the Consolidated Balance Sheets, with any unfunded commitments included in Accrued interest and other liabilities in the Consolidated Balance Sheets. As of June 30, 2026, First Financial expects to recover its remaining investments through the use of the tax credits that are generated by the investments.

ASU 2023-02 expanded the scope of the proportional amortization method to equity investments beyond LIHTC investments. First Financial made an accounting policy election to apply PAM to the following tax credit programs: HTC, NMTC, and renewable energy tax credits. For each program that First Financial elected to the apply proportional amortization method, First Financial analyzed each investment individually under the scope criteria to determine if PAM applies. First Financial determined that it was eligible to apply PAM to certain HTC investments, however not every HTC investment qualified under the existing guidance.

The following table summarizes First Financial's investments in affordable housing projects and other tax credit investments.

(Dollars in thousands) June 30, 2026 December 31, 2025
Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment
LIHTC Proportional amortization $ 195,370  $ 93,142  $ 169,031  $ 81,482 
HTC Proportional amortization 8,138  56  9,874  56 
HTC Equity 6,984  5,846  8,322  5,855 
NMTC Equity 101  0  290  0 
Renewable energy Equity 24,484  12,130  24,765  15,597 
Total $ 235,077  $ 111,174  $ 212,282  $ 102,990 
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The following table summarizes First Financial's amortization expense and tax benefit recognized in affordable housing projects and other tax credit investments.
Three months ended
June 30, 2026 June 30, 2025
(Dollars in thousands)
Amortization expense (1)
Tax expense (benefit) recognized (2)
Amortization expense (1)
Tax expense (benefit) recognized (2)
LIHTC Proportional amortization $ 6,067  $ (5,332) $ 2,995  $ (4,653)
HTC Proportional amortization 868  (1,033) 2,414  (1,033)
HTC Equity 669  (310) 111  (101)
NMTC Equity 0  0  0  0 
Renewable energy Equity 0  0  0  0 
Total $ 7,604  $ (6,675) $ 5,520  $ (5,787)
Six months ended
June 30, 2026 June 30, 2025
(Dollars in thousands) Accounting Method
Amortization expense (1)
Tax expense (benefit) recognized (2)
Amortization expense (1)
Tax expense (benefit) recognized (2)
LIHTC Proportional amortization $ 10,918  $ (10,709) $ 8,973  $ (9,300)
HTC Proportional amortization 1,736  (2,066) 2,467  (2,066)
HTC Equity 1,338  (620) 223  (202)
NMTC Equity 0  0  0  0 
Renewable energy Equity 0  0  0  0 
Total $ 13,992  $ (13,395) $ 11,663  $ (11,568)
(1) The amortization expense for investments using the proportional amortization method is included in income tax expense. The amortization expense for the equity method investments is included in other noninterest expense.
(2) All of the tax benefits recognized are included in Income tax expense. The tax benefit recognized for the equity method investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss).
Contingencies/Litigation. As part of the ordinary course of business, First Financial and its subsidiaries are parties to litigation, including claims to the ownership of funds in particular accounts, the collection of delinquent accounts, challenges to security interests in collateral, foreclosure interests that are incidental to our regular business activities and other matters. First Financial and its subsidiaries are engaged in various matters of litigation and have a number of unresolved claims pending. While the ultimate liability with respect to these litigation matters and claims cannot be determined at this time, First Financial believes that damages, if any, and other amounts relating to pending matters are not probable or cannot be reasonably estimated as of June 30, 2026. Reserves are established for these various matters of litigation when appropriate under FASB ASC Topic 450, Contingencies, based in part upon the advice of legal counsel. First Financial had no reserves related to litigation matters as of June 30, 2026 or December 31, 2025.

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NOTE 12:  INCOME TAXES

For the second quarter of 2026, income tax expense was $18.0 million, resulting in an effective tax rate of 19.0% compared to $17.9 million and an effective tax rate of 20.3% for the comparable period in 2025. For the first six months of 2026, income tax expense was $37.1 million, resulting in an effective tax rate of 19.7% compared to $30.2 million and an effective tax rate of 19.9% for the comparable period in 2025. The lower effective tax rate in 2026 is primarily driven by a non-taxable bargain purchase gain related to the BankFinancial acquisition, which was partially offset by higher income, nondeductible charitable contributions and lower tax-exempt income.

At both June 30, 2026 and December 31, 2025, First Financial had no unrecognized tax benefits. As defined by FASB ASC Topic 740-10, Income Taxes, an unrecognized tax benefit is a position that if recognized would favorably impact the effective income tax rate in future periods. First Financial recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. At June 30, 2026 and December 31, 2025, the Company had no interest or penalties recorded.

In July 2025, the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14,” which is commonly referred to as the One Big Beautiful Bill (“the Act”) was signed into law. First Financial evaluated the income tax implications of the Act and has applied the new law to current and deferred income tax calculations.

First Financial and its subsidiaries are subject to U.S. federal income tax as well as state and local income tax in numerous jurisdictions.  Tax years prior to 2022 have been closed and are no longer subject to U.S. federal income tax examinations. Tax years 2022 through 2025 remain open to examination by the federal taxing authority. With limited exception, First Financial is no longer subject to state and local income tax examinations for years prior to 2021.

NOTE 13:  EMPLOYEE BENEFIT PLANS

First Financial sponsors a non-contributory defined benefit pension plan which covers substantially all employees and uses a December 31 measurement date. Plan assets are primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product.

First Financial made no cash contributions to the pension plan during the six months ended June 30, 2026 or the year ended December 31, 2025. Since the plan is fully funded, First Financial does not expect to make any contributions to the plan in 2026.

As a result of the plan’s actuarial projections, First Financial recorded expense in the Company's Consolidated Statements of Income, as set forth in the following table:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025
Service cost $ 2,825  $ 2,775  $ 5,650  $ 5,550 
Interest cost 1,525  1,425  3,050  2,850 
Expected return on assets (2,675) (2,550) (5,350) (5,100)
Net actuarial loss 525  625  1,050  1,250 
     Net periodic benefit cost (income) $ 2,200  $ 2,275  $ 4,400  $ 4,550 

NOTE 14:  REVENUE RECOGNITION

The majority of the Company’s revenues come from sources that are outside of the scope of ASU 2014-09, Revenue from Contracts with Customers. Income sources that are outside of this standard include income earned on loans, leases, securities, derivatives and foreign exchange, excluding spot transactions. The Company's services that fall within the scope of ASU 2014-09 are presented within Noninterest income and are recognized as revenue when the Company satisfies its obligation to the customer. Services within the scope of this guidance include service charges on deposits, wealth management fees, bankcard income, foreign exchange spot income, gain/loss on the sale of OREO and investment brokerage fees.

Service charges on deposit accounts. The Company earns revenues from its deposit customers for transaction-based fees, account maintenance fees and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop
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payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed, which is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance fees charged to customers, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Similarly, overdraft fees are recognized at the point in time that the overdraft occurs, which corresponds with the Company's performance obligation. Service charges on deposit accounts are withdrawn from the customer's deposit account.

Wealth management fees. Wealth management fees are primarily based on the value of assets under management, but can also include flat fees based upon a specific service rendered, such as tax preparation services. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fees. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing wealth management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, as incurred.

Wealth management fees also includes brokerage revenue. Brokerage revenue represents fees from investment brokerage services provided to customers by a third party provider. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The fees are recognized monthly and a receivable is recorded until commissions are paid the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs.

The Company also provides advisory services on mergers and acquisitions. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction) or the contract is cancelled. However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. In some circumstances, significant judgment is needed to determine the timing and measure of progress appropriate for revenue recognition under a specific contract. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities.

Bankcard income. The Company earns interchange fees from cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Interchange income is presented on the Consolidated Statements of Income net of expenses. Gross interchange income for the second quarter of 2026 was $8.4 million, partially offset by $5.3 million of expenses within Noninterest income. Gross interchange income for the three months ended June 30, 2025 was $7.7 million, partially offset by $3.9 million of expenses within Noninterest income. Gross interchange income for the first six months of 2026 was $16.1 million, partially offset by $9.5 million of expenses within Noninterest income while gross interchange income for the same period in 2025 was $14.8 million, partially offset by $7.8 million of expenses within Noninterest income.

Foreign exchange income. Foreign exchange income includes both spot and forward income in First Financial's Consolidated Statements of Income. Forward income is excluded from the scope of ASU 2014-09; however, spot income is within the scope of the guidance. A foreign exchange spot trade is a trade made for immediate exchange and delivery of the currency, thus satisfying the performance obligation. Income from foreign exchange spot trades was $3.4 million and $2.6 million for the second quarters of 2026 and 2025, respectively, and $6.5 million and $5.4 million for the first six months of 2026 and 2025, respectively.

Other. Other noninterest income includes recurring revenue streams such as transaction fees, safe deposit rental income, insurance commissions, merchant referral income and gain (loss) on sale of OREO. Transaction fees primarily include check printing sales commissions, collection fees and wire transfer fees which arise from in-branch transactions. Safe deposit rental income arises from fees charged to the customer on an annual basis and recognized upon receipt of payment. Insurance commissions are agent commissions earned by the Company and earned upon the effective date of the bound coverage. Merchant referral income is associated with a program whereby the Company receives a share of processing revenue that is generated from clients that were referred by First Financial to the service provider. Revenue is recognized at the time the transaction occurs.

The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of the executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectibility of the transaction price
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is probable. Once these criteria are met, the OREO asset is removed and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer.
NOTE 15:  ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss).  The following table summarizes the changes within each classification of AOCI:
Three months ended June 30, 2026
Total other comprehensive income (loss) Total accumulated other
comprehensive income (loss)
(Dollars in thousands) Prior to
reclass		 Reclass
from		 Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance
Unrealized gain (loss) on debt securities $ (8,123) $ (283) $ (7,840) $ 1,727  $ (6,113) $ (191,579) $ (6,113) $ (197,692)
Unrealized gain (loss) on derivatives (647) (199) (448) 104  (344) 43  (344) (301)
Retirement obligation 0  (525) 525  (121) 404  (24,665) 404  (24,261)
Foreign currency translation (237) 0  (237) 0  (237) (1,229) (237) (1,466)
Total $ (9,007) $ (1,007) $ (8,000) $ 1,710  $ (6,290) $ (217,430) $ (6,290) $ (223,720)
Three months ended June 30, 2025
Total other comprehensive income (loss) Total accumulated other
comprehensive income (loss)
(Dollars in thousands) Prior to
reclass		 Reclass
from		 Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance
Unrealized gain (loss) on debt securities $ 7,583  $ 2  $ 7,581  $ (1,670) $ 5,911  $ (222,644) $ 5,911  $ (216,733)
Unrealized gain (loss) on derivatives 371  (199) 570  (132) 438  380  438  818 
Retirement obligation 0  (625) 625  (145) 480  (30,000) 480  (29,520)
Foreign currency translation 675  0  675  0 675  (1,624) 675  (949)
Total $ 8,629  $ (822) $ 9,451  $ (1,947) $ 7,504  $ (253,888) $ 7,504  $ (246,384)

Six months ended June 30, 2026
Total other comprehensive income (loss) Total accumulated
other comprehensive income (loss)
(Dollars in thousands) Prior to
reclass		 Reclass
from		 Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance
Unrealized gain (loss) on debt securities $ (44,614) $ (1,305) $ (43,309) $ 9,540  $ (33,769) $ (163,923) $ (33,769) $ (197,692)
Unrealized gain (loss) on derivatives (912) (398) (514) 119  (395) 94  (395) (301)
Retirement obligation 0  (1,050) 1,050  (242) 808  (25,069) 808  (24,261)
Foreign currency translation (422) 0  (422) 0  (422) (1,044) (422) (1,466)
Total $ (45,948) $ (2,753) $ (43,195) $ 9,417  $ (33,778) $ (189,942) $ (33,778) $ (223,720)

Six months ended June 30, 2025
Total other comprehensive income (loss) Total accumulated
other comprehensive income (loss)
(Dollars in thousands) Prior to
reclass		 Reclass
from		 Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance
Unrealized gain (loss) on debt securities $ 41,108  $ (9,911) $ 51,019  $ (11,238) $ 39,781  $ (256,514) $ 39,781  $ (216,733)
Unrealized gain (loss) on derivatives 2,196  (398) 2,594  (600) 1,994  (1,176) 1,994  818 
Retirement obligation 0  (1,250) 1,250  (290) 960  (30,480) 960  (29,520)
Foreign currency translation 680  0  680  0  680  (1,629) 680  (949)
Total $ 43,984  $ (11,559) $ 55,543  $ (12,128) $ 43,415  $ (289,799) $ 43,415  $ (246,384)

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The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and six month periods ended June 30, 2026 and 2025, respectively:
Amount reclassified from
accumulated other comprehensive income (loss)
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands) 2026 2025 2026 2025 Affected Line Item in the Consolidated Statements of Income
Gains and losses on cash flow hedges
Interest rate contracts $ (199) $ (199) $ (398) $ (398) Interest income - Loans and leases, including fees
Realized gain (loss) on securities available-for-sale (283) 2  (1,305) (9,911) Net gain (loss) on investments securities
Recognized net actuarial loss on defined benefit pension plan (1)
(525) (625) (1,050) (1,250) Other noninterest expense
Total reclassifications for the period, before tax $ (1,007) $ (822) $ (2,753) $ (11,559)
(1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details).

NOTE 16:  EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:
Three months ended Six months ended
June 30, June 30,
(Dollars in thousands, except per share data) 2026 2025 2026 2025
Numerator
Net income available to common shareholders $ 76,456  $ 69,996  $ 150,901  $ 121,289 
Denominator
Weighted average shares outstanding for basic earnings per common share 103,938,322  94,860,428  103,822,439  94,753,700 
Effect of dilutive securities
Employee stock awards 998,419  881,268  954,522  879,879 
Adjusted weighted average shares for diluted earnings per common share 104,936,741  95,741,696  104,776,961  95,633,579 
Earnings per share available to common shareholders
Basic $ 0.74  $ 0.74  $ 1.45  $ 1.28 
Diluted $ 0.73  $ 0.73  $ 1.44  $ 1.27 

Stock options and warrants with exercise prices greater than the average market price of the common shares are excluded from the computation of net income per diluted share, as they would have been antidilutive.  First Financial had no options or warrants outstanding at June 30, 2026 or June 30, 2025.  

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NOTE 17:  FAIR VALUE DISCLOSURES

The fair value framework as disclosed in the Fair Value Topic includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques.  The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3).  When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1.  When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2.  Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement.

The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows:
Carrying Estimated fair value
(Dollars in thousands) value Total Level 1 Level 2 Level 3
June 30, 2026
Financial assets
Cash and interest-bearing deposits with other banks $ 785,555  $ 785,555  $ 785,555  $ 0  $ 0 
Investment securities held-to-maturity 46,067  41,882  0  41,882  0 
Other investments (1)
12,607  12,607  1,559  40  11,008 
Loans and leases 13,545,002  13,383,579  0  0  13,383,579 
Accrued interest receivable 80,818  80,818  0  23,440  57,378 
Financial liabilities
Deposits 17,583,229  17,570,550  0  17,570,550  0 
Short-term borrowings 609,532  609,532  609,532  0  0 
Long-term debt 382,550  329,435  0  329,435  0 
Accrued interest payable 32,413  32,413  4,191  28,222  0 

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Carrying Estimated fair value
(Dollars in thousands) value Total Level 1 Level 2 Level 3
December 31, 2025
Financial assets
Cash and interest-bearing deposits with other banks $ 775,891  $ 775,891  $ 775,891  $ 0  $ 0 
Investment securities held-to-maturity 58,545  54,334  0  54,334  0 
Other investments (1)
12,898  12,898  1,850  40  11,008 
Loans and leases 13,237,583  13,061,341  0  0  13,061,341 
Accrued interest receivable 71,940  71,940  0  17,833  54,107 
Financial liabilities
Deposits 16,421,842  16,415,852  0  16,415,852  0 
Short-term borrowings 675,332  675,332  675,332  0  0 
Long-term debt 514,052  473,291  0  473,291  0 
Accrued interest payable 38,304  38,304  2,918  35,386  0 
(1) FHLB stock and FRB stock of $125.1 million and $116.7 million as of June 30, 2026 and December 31, 2025, respectively, are excluded from the numbers above.

The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis.

Investment securities. Investment securities classified as available-for-sale are recorded at fair value on a recurring basis.  Fair value measurement is based upon quoted market prices, when available (Level 1).  If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities.  First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2).  Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities.  Any investment securities not valued based upon the methods previously described are considered Level 3.

First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance.  First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services.  Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities.  First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings.  The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager.

Loans held for sale. The fair value of the Company’s residential mortgage loans held for sale is determined on a recurring basis based on quoted prices for similar loans in active markets, and therefore, is classified as Level 2 in the fair value hierarchy.

Derivatives. The fair values of derivative instruments, which includes interest rate derivatives, foreign exchange derivatives, floors, collars and commodities contracts, are based primarily on a net present value calculation of the cash flows related to the contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy.

Collateral dependent loans. Collateral dependent loans are defined as loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrowers are experiencing financial difficulty.
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Collateral dependent loans are carried at fair value when the value of the operation or collateral less any costs to sell is not sufficient to cover the remaining balance. In these instances, the loans will either be partially charged-off or receive specific allocations of the ACL. For collateral dependent loans, fair value is generally based on real estate appraisals, a calculation of enterprise value or a valuation of business assets including equipment, inventory and accounts receivable. These loans had a principal amount of $42.6 million and $38.1 million at June 30, 2026 and December 31, 2025, respectively, with a valuation allowance of $15.6 million and $16.1 million at June 30, 2026 and December 31, 2025, respectively.

The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third-party appraiser (Level 3). These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional write-downs and are adjusted accordingly.

Enterprise value is defined as imputed value for the entire underlying business. To determine an appropriate range of enterprise value, FFB relies on a standardized set of valuation methodologies that take into account future projected cash flows, market based multiples as well as asset values. Valuations involve both quantitative and qualitative considerations and professional judgments concerning differences in financial and operating characteristics in addition to other factors that may impact values over time (Level 3).

The value of business equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements.  Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3).  

The fair value of collateral dependent loans is measured at fair value on a nonrecurring basis.  Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income.

Mortgage servicing rights. Mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of the servicing asset exceeds fair value, impairment is recorded so that the servicing asset is carried at fair value. Fair value is determined based on a valuation model that calculates the present value of estimated future net servicing income. At June 30, 2026 and December 31, 2025, the fair value of MSR was $37.5 million and $33.7 million, respectively. The valuation model utilized a discount rate of 11.71% at June 30, 2026 and 11.66% at December 31, 2025, respectively, weighted average prepayment speeds of 6.25% at June 30, 2026 and 6.49% at December 31, 2025, respectively, and other economic factors that market participants would use in estimating future net servicing income and that can be validated against available market data.
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The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows:
Fair value measurements using
(Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities
at fair value
June 30, 2026
Assets
Investment securities available-for-sale $ 95  $ 4,694,702  $ 38,916  $ 4,733,713 
Loans held for sale 0  33,125  0  33,125 
Interest rate derivative contracts 0  62,442  0  62,442 
Foreign exchange derivative contracts 0  436,891  0  436,891 
Interest rate collars and floors 0  4  0  4 
Commodities contracts 0  9,636  0  9,636 
Total $ 95  $ 5,236,800  $ 38,916  $ 5,275,811 
Liabilities
Interest rate derivative contracts $ 0  $ 62,350  $ 0  $ 62,350 
Foreign exchange derivative contracts 0  436,891  0  436,891 
Interest rate collars and floors 0  165  0  165 
Commodities contracts 0  9,249  0  9,249 
Total $ 0  $ 508,655  $ 0  $ 508,655 


Fair value measurements using
(Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities
at fair value
December 31, 2025
Assets
Investment securities available-for-sale $ 95  $ 3,926,021  $ 45,816  $ 3,971,932 
Loans held for sale 0  16,953  0  16,953 
Interest rate derivative contracts 0  69,481  0  69,481 
Foreign exchange derivative contracts 0  322,172  0  322,172 
Interest rate collars and floors 0  708  0  708 
Commodities contracts 0  1,578  0  1,578 
Total $ 95  $ 4,336,913  $ 45,816  $ 4,382,824 
Liabilities
Interest rate derivative contracts $ 0  $ 69,570  $ 0  $ 69,570 
Foreign exchange derivative contracts 0  322,172  0  322,172 
Interest rate collars and floors 0  0  0  0 
Commodities contracts 0  2,078  0  2,078 
Total $ 0  $ 393,820  $ 0  $ 393,820 

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The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Three months ended Six months ended
June 30, June 30,
(dollars in thousands) 2026 2025 2026 2025
Beginning balance $ 36,441  $ 43,338  $ 45,816  $ 44,182 
Accretion (amortization) (3,270) (18) (8,270) (40)
Increase (decrease) in fair value 4,125  (29) 8,360  (21)
Settlements (1,698) (722) (10,308) (1,552)
Transfers into level 3 3,318  0  3,318  0 
Ending balance $ 38,916  $ 42,569  $ 38,916  $ 42,569 

Certain financial assets and liabilities are measured at fair value on a nonrecurring basis.  Adjustments to the fair value of these assets usually result from the application of fair value accounting or write-downs of individual assets.  The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis.
Fair value measurements using
(Dollars in thousands) Level 1 Level 2 Level 3
June 30, 2026
Assets
Collateral dependent loans
Commercial & industrial $ 0  $ 0  $ 6,048 
Lease financing 0  0  2,710 
Construction real estate 0  0  588 
Commercial real estate 0  0  17,130 
Residential real estate 0  0  212 
Home equity 0  0  337 
Fair value measurements using
(Dollars in thousands) Level 1 Level 2 Level 3
December 31, 2025
Assets
Collateral dependent loans
Commercial & industrial $ 0  $ 0  $ 8,517 
Lease financing 0  0  2,499 
Commercial real estate 0  0  11,020 

Fair value option. First Financial may elect to report most financial instruments and certain other items at fair value on an instrument-by instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment, or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made.

The Company elected the fair value option for residential mortgage loans held for sale. This election allows for a more effective offset of the changes in fair values of the loans held for sale and the derivative financial instruments used to financially hedge them without having to apply complex hedge accounting requirements. The fair value of the Company’s residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets.

The aggregate fair value of the Company’s residential mortgage loans held for sale as of June 30, 2026 and December 31, 2025 was $33.1 million and $17.0 million, respectively. The aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of June 30, 2026 and December 31, 2025 was $31.7 million and $15.8 million, respectively. The resulting difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was $1.5 million and $1.2 million as of June 30, 2026 and December 31, 2025, respectively.

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Changes in the estimated fair value of residential mortgage loans held for sale are reported as a component of Net gain from sales of loans in the Company’s Consolidated Statements of Income. The change in fair value of the Company’s residential mortgage loans held for sale resulted in a loss of $0.1 million for the quarter ended June 30, 2026 and a gain of $0.1 million for the quarter ended June 30, 2025. The change in fair value of the Company’s residential mortgage loans held for sale resulted in gains of $0.3 million and $0.6 million for the six months ended June 30, 2026 and June 30, 2025, respectively.

NOTE 18:  BUSINESS COMBINATIONS

Finward Bancorp - Pending

In July 2026, First Financial Bancorp entered into an Agreement and Plan of Merger with Finward Bancorp, an Indiana corporation. Upon completion of the transaction, Peoples Bank, an Indiana state chartered bank, and a wholly owned subsidiary of Finward Bancorp, will merge into First Financial Bank. As of March 31, 2026, Finward Bancorp operated 24 full-service banking offices and had, on an unaudited basis, approximately $2.0 billion of total assets, $1.5 billion of total loans and $1.7 billion of total deposits. The completion of this transaction will expand First Financial’s presence in the Northwest Indiana and Chicagoland markets with a strong core deposit franchise while supplementing its existing commercial banking and wealth management lines of business.

Upon the terms and subject to the conditions set forth in the merger agreement, at the effective time of the merger, each share of common stock of Finward Bancorp will be converted into the right to receive 1.35 shares of First Financial common stock.

The completion of the merger is subject to customary conditions, including approval of the merger by Finward's stockholders, authorization for listing on the NASDAQ Stock Market LLC of the shares of First Financial Common Stock to be issued in connection with the merger, subject to official notice of issuance, the receipt of specified governmental consents and approvals that are necessary to consummate the transactions contemplated by the merger agreement and termination or expiration of all applicable waiting periods, and the absence of any order or other restraint preventing the consummation of the merger. Each party’s obligation to complete the merger is also subject to certain additional customary conditions, including, subject to certain exceptions, the accuracy of the representations and warranties of the other party, performance in all material respects by the other party of its obligations under the merger agreement, and receipt by such party of an opinion from counsel to the effect that the merger will qualify as a reorganization.

No First Financial shareholder approval is required, but the transaction is subject to approval by Finward's shareholders at
a special meeting of shareholders. First Financial expects the acquisition to close in the fourth quarter of 2026 or the first quarter of 2027.

BankFinancial Corporation

Effective January 1, 2026, BankFinancial, National Association, a national banking association, and a wholly owned subsidiary of BankFinancial Corporation, merged into First Financial Bank. Pursuant to the merger agreement, each share of BankFinancial Corporation common stock was converted into 0.48 shares of First Financial common stock, or 5,980,878 total shares, valuing the transaction at $149.7 million based on the closing price of First Financial stock at December 31, 2025.

The BankFinancial transaction was accounted for using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date in accordance with FASB ASC Topic 805, Business Combinations. The fair value measurements of assets acquired and liabilities assumed were $1.4 billion and $1.3 billion, respectively. Acquisition accounting adjustments are considered preliminary at June 30, 2026. These fair value measurements are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values become available, and the measurement period ends January 1, 2027. Changes to the acquisition-date fair values of assets acquired, liabilities assumed, or consideration transferred during the measurement period may result in adjustments to the bargain purchase gain.

As the purchase price for BankFinancial was less than the fair value of the net identifiable assets acquired, the transaction resulted in the recognition of a gain on bargain purchase of $12.1 million. This gain is recorded within Noninterest Income in the Company's Consolidated Statement of Income and arose primarily from transaction-specific market factors, including the relative profitability profile of BankFinancial and the Company’s strategic focus on BankFinancial’s core deposit franchise and Chicago market presence. The Company reassessed the recognition and measurement of the identifiable assets acquired, liabilities assumed and consideration transferred before recognizing the gain.

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This acquisition expands First Financial’s presence in the Chicago market with a strong core deposit franchise while supplementing the Company's existing commercial banking and wealth management lines of business. Operating results from the BankFinancial acquisition have been included in the Consolidated Statements of Income since the acquisition date.

Acquired loans held for sale represent certain multi-family loans that First Financial determined were not in alignment with the Company's long-term portfolio strategy, risk profile or concentration objectives. Management received multiple indications of interest on these loans, ultimately consummating the sale in March of 2026. The sales price of the loans sold approximated fair value at acquisition. Since these loans were sold prior to the end of the first quarter of 2026, they had no impact on the Company's Statement of Condition.

The gross contractual amounts receivable relating to the PCD assets was $4.0 million at the acquisition date, while the fair value of these assets was $3.0 million. The Company estimates, on the date of acquisition, that $0.8 million of the contractual cash flows specific to the PCD assets will not be collected.

First Financial incurred $6.8 million and $15.8 million of expenses related to the BankFinancial acquisition for the three and six months ended June 30, 2026, respectively.

The following table provides the purchase price calculation as of the acquisition date, identifiable assets purchased and liabilities assumed at their estimated fair value.
(Dollars in thousands) BankFinancial
Purchase consideration
Cash consideration $ 6 
Stock consideration 149,648 
Total purchase consideration 149,654 
Assets acquired
Cash 12,724 
Short term investments 493,646 
Investment securities available-for-sale 138,332 
Other investments 7,500 
Loans, net of ACL 264,120 
Loans held for sale 412,967 
Premises and equipment 22,065 
Core deposit intangible 32,992 
Other intangible assets 295 
Other assets 28,954 
Total assets acquired 1,413,595 
Liabilities assumed
Deposits 1,209,437 
Subordinated notes 17,936 
FHLB advances 10,048 
Other liabilities 14,439 
Total liabilities assumed 1,251,860 
Net identifiable assets 161,735 
Gain on bargain purchase $ (12,081)

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Westfield Bancorp, Inc.

On November 1, 2025, First Financial Bancorp acquired Westfield Bancorp, Inc., an Ohio corporation. Upon completion of the transaction, Westfield Bank, FSB, a federal savings bank, and a wholly owned subsidiary of Westfield Bancorp, merged into First Financial Bank. This acquisition supplements First Financial’s existing commercial banking and wealth management presence in Northeast Ohio by adding all of Westfield’s retail banking locations and its commercial lending, insurance agency lending and private banking services. Operating results from the Westfield acquisition have been included in the Consolidated Statements of Income since the acquisition date.

Pursuant to the terms of the transaction, First Financial acquired all of the issued and outstanding equity securities of Westfield Bancorp in exchange for a cash payment of $260.0 million and 2,753,094 shares of First Financial common stock, equal to $64.4 million based on First Financial's stock price on the date of the transaction, for a total purchase price of $324.4 million.

The Westfield transaction was accounted for using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date in accordance with FASB ASC Topic 805, Business Combinations. The fair value measurements of assets acquired and liabilities assumed were $2.1 billion and $1.9 billion, respectively. Acquisition accounting adjustments are considered preliminary at June 30, 2026. These fair value measurements are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values become available, and the measurement period ends in November 2026.

Goodwill arising from the Westfield acquisition was $92.3 million and reflects the additional revenue growth expected with the Company's expansion into the insurance premium financing business. The goodwill arising from the Westfield acquisition is nondeductible for income tax purposes.  For further detail, see Note 8 – Goodwill and Other Intangible Assets.

The gross contractual amounts receivable relating to PCD assets was $32.0 million at the acquisition date, while the fair value of these assets was $27.4 million. The Company estimates, on the date of acquisition, that $3.0 million of the contractual cash flows specific to the PCD assets will not be collected.

First Financial incurred $5.8 million of expenses related to the Westfield acquisition for the three months ended June 30, 2026, and $11.0 million of expenses for the six months ended June 30, 2026. First Financial incurred $5.8 million of expenses related to the Westfield acquisition in 2025.

The following table provides the purchase price calculation as of the acquisition date, identifiable assets purchased and liabilities assumed at their estimated fair value.
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(Dollars in thousands) Westfield
Purchase consideration
Cash consideration $ 260,000 
Stock consideration 64,450 
Total purchase consideration 324,450 
Assets acquired
Cash 72,711 
Investment securities available-for-sale 301,007 
Other investments 25,491 
Loans, net of ACL 1,571,298 
Premises and equipment 6,026 
Core deposit intangible 47,065 
Other intangible assets 1,105 
Other assets 103,524 
Total assets acquired 2,128,227 
Liabilities assumed
Deposits 1,790,442 
FHLB advances 80,000 
Long-term borrowings 1,920 
Other liabilities 23,695 
Total liabilities assumed 1,896,057 
Net identifiable assets 232,170 
Goodwill $ 92,280 

NOTE 19:  BUSINESS SEGMENTS

Operating segments are components of an enterprise about which separate financial information is available, and is evaluated regularly by the chief operating decision maker in assessing performance and in allocating resources.

First Financial provides banking and financial services products to business and retail clients through its six lines of business: Commercial, Retail Banking, Mortgage Banking, Wealth Management, Investment Commercial Real Estate and Commercial Finance. While the Company monitors the results of its lines of business, the Company's business activities are similar in their nature, operations and economic characteristics, largely serving clients with products and services that are offered through similar processes and platforms.

A segment may be distinguished by the level of information provided to the CODM, who uses such information to review performance of various components of the business, which are then aggregated if operating performance, products/services and customers are similar. First Financial has determined that the chief operating decision maker is comprised of a group of associates, including but not limited to the Chief Executive Officer and Chief Financial Officer, as well as from time to time the Board of Directors. The Board of Directors are not involved in the day-to-day management of the Company but there are times when Board approval is required, such as for shareholder dividends and material transactions, such as acquisitions.

Loans, investments, and deposits drive the revenues in the banking operation, while interest expense, provision for credit losses and salaries and benefits are significant expenses. The CODM is regularly provided with consolidated income and expenses, as presented on the Consolidated Statements of Income, in addition to consolidated assets and liabilities presented on the Consolidated Balance Sheets. Additionally, consolidated internal financial information is used by the CODM to monitor credit quality and credit loss expense.

The Company uses this information to assess performance, decide how to allocate resources, and evaluate capital deployment
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opportunities. The CODM uses consolidated net income and return on assets to benchmark the Company against its competitors. This benchmarking analysis, coupled with the monitoring of budget to actual results, are used in assessing the Company's performance and in establishing compensation.

Accordingly, and consistent with prior periods, all of the Company's operations are considered by management to be aggregated into one reportable operating segment.

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ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
FIRST FINANCIAL BANCORP. AND SUBSIDIARIES
(Unaudited)

The following discussion and analysis is presented by management to facilitate the understanding of the financial condition, cash flows, changes in financial condition and results of operations of First Financial Bancorp. Management's discussion and analysis identifies trends and material changes that occurred during the reporting periods presented and should be read in conjunction with the Consolidated Financial Statements and accompanying Notes.

All significant reclassifications of prior period amounts, if applicable, have been made to conform to the current period’s presentation and had no effect on the Company's previously reported net income or financial condition.

EXECUTIVE SUMMARY

First Financial Bancorp. is a $22.4 billion financial holding company headquartered in Cincinnati, Ohio. The Company primarily operates through First Financial Bank, an Ohio-chartered commercial bank with 151 full service banking centers as of June 30, 2026. First Financial provides banking and financial services products to business and retail clients through its six lines of business: Commercial, Retail Banking, Mortgage Banking, Wealth Management, Investment Commercial Real Estate and Commercial Finance. The Commercial Finance business lends to targeted industry verticals and has a national geographic footprint. Wealth Management, operating under the brand of Yellow Cardinal Advisory Group, had $4.6 billion in assets under management as of June 30, 2026, and provides services that include financial planning, investment management, trust administration, estate settlement, business succession planning services, brokerage services and retirement planning.

Additional information about First Financial, including its products, services and banking locations, is available on the
Company's website at www.bankatfirst.com.

The primary components of First Financial’s operating results for the three and six month periods ended June 30, 2026 are discussed in greater detail in the sections that follow.

MARKET STRATEGY

First Financial develops a competitive advantage by utilizing a local market focus to provide superior service and build long-term relationships with clients while helping them achieve greater financial success. First Financial serves a combination of metropolitan and community markets in Ohio, Indiana, Kentucky and Illinois through its full-service banking centers. First Financial's investment in community markets is an important part of the Bank's core funding base and has historically provided stable, low-cost funding sources. 

First Financial also has certain specialty lending platforms that extend nationally beyond the geographic footprint of its banking centers. These specialty finance businesses provide insurance premium financing, equipment lease financing, franchise financing and funding to clients within the financial services industry.

First Financial’s market selection process includes multiple factors, but markets are primarily chosen for their potential for long-term profitability and growth.  First Financial intends to concentrate plans for future growth and capital investment within its current markets, and will continue to evaluate additional growth opportunities in metropolitan markets located within, or in close proximity to, the Company's current geographic footprint.  Additionally, First Financial may assess strategic acquisitions that provide product line extensions or industry verticals that complement its existing business and diversify its product suite and revenue streams.

First Financial has also established loan production offices in multiple locations outside its primary footprint to broaden its geographic presence, enhance access to prospective borrowers and support growth, thereby strengthening the Company's overall operations.

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BUSINESS COMBINATIONS

Finward Bancorp - Pending

In July 2026, subsequent to the end of the second quarter, First Financial entered into an agreement with Finward Bancorp to acquire all of its equity shares in an all-stock transaction. Under the terms of the agreement, each outstanding share of Finward common stock will be converted into the right to receive 1.35 shares of First Financial common stock, valuing the transaction at approximately $207.5 million, based on First Financial's closing stock price on July 20, 2026.

Headquartered in Munster, Indiana, Finward Bancorp is the sole owner of Peoples Bank, which will merge into First Financial Bank upon close of the transaction. As of March 31, 2026, Finward operated 24 banking centers in Northwest Indiana and the Chicagoland area and had, on an unaudited basis, approximately $2.0 billion in assets, which includes $1.5 billion in loans and $1.7 billion in deposits. This pending acquisition expands First Financial’s presence in the Northwest Indiana and Chicago markets with a strong core deposit franchise while supplementing its existing commercial banking and wealth management lines of business.

The closing of the Finward Bancorp transaction is subject to satisfaction of customary conditions, including, among others, receipt of required regulatory approvals; the absence of any governmental order that restrains, prevents or materially alters the transactions contemplated by the agreement; the accuracy of the parties’ representations and warranties contained in the agreement (subject to certain qualifications); and the parties’ material compliance with the covenants and agreements.

No First Financial shareholder approval is required, but the transaction is subject to approval by Finward's shareholders at
a special meeting of shareholders. First Financial expects the acquisition in the fourth quarter of 2026 or the first quarter of 2027.

BankFinancial Corporation

BankFinancial, National Association, a national banking association, and a wholly owned subsidiary of BankFinancial Corporation, merged into First Financial Bank effective January 1, 2026. Under the terms of the agreement, each share of BankFinancial Corporation common stock was converted into 0.48 shares of First Financial common stock, or 5,980,878 total shares, valuing the transaction at $149.7 million based on the closing price of First Financial stock at December 31, 2025.

With the addition of 17 retail banking locations, the acquisition expanded First Financial’s presence in the Chicago market with a strong core deposit franchise while supplementing its existing commercial banking and wealth management lines of business. During the second quarter of 2026, the Company consolidated two of the acquired BankFinancial locations as part of its ongoing integration efforts and evaluation of the combined branch network.

The following table provides the purchase price calculation as of the acquisition date, identifiable assets purchased and
liabilities assumed at their estimated fair value for the BankFinancial acquisition.

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(Dollars in thousands) BankFinancial
Purchase consideration
Cash consideration $ 6 
Stock consideration 149,648 
Total purchase consideration 149,654 
Assets acquired
Cash 12,724 
Short term investments 493,646 
Investment securities available-for-sale 138,332 
Other investments 7,500 
Loans, net of ACL 264,120 
Loans held for sale 412,967 
Premises and equipment 22,065 
Core deposit intangible 32,992 
Other intangible assets 295 
Other assets 28,954 
Total assets acquired 1,413,595 
Liabilities assumed
Deposits 1,209,437 
Subordinated notes 17,936 
FHLB advances 10,048 
Other liabilities 14,439 
Total liabilities assumed 1,251,860 
Net identifiable assets 161,735 
Gain on bargain purchase $ (12,081)

As the fair value of net identifiable assets acquired exceeded the purchase price for BankFinancial, the transaction resulted in the recognition of a gain on bargain purchase of $12.1 million. This gain is recorded within Noninterest income in the Company's Consolidated Statement of Income and arose primarily from transaction-specific market factors, including the relative profitability profile of BankFinancial and the Company’s strategic focus on BankFinancial’s core deposit franchise and Chicago market presence.

Acquired loans held for sale represent certain multi-family loans that First Financial determined were not in alignment with the Company's long-term portfolio strategy, risk profile or concentration objectives. Management received multiple indications of interest on these loans, ultimately consummating the sale in March of 2026. The sales price of the loans sold approximated fair value at acquisition. As these loans were acquired and sold during the first quarter of 2026, they had no impact on the Company's Consolidated Balance Sheet.

Westfield Bancorp

First Financial Bancorp acquired Westfield Bancorp, Inc., an Ohio corporation, effective November 1, 2025. Upon completion of the transaction, Westfield Bank, FSB, a federal savings bank, and a wholly owned subsidiary of Westfield Bancorp, merged into First Financial Bank. Pursuant to the terms of the transaction, First Financial acquired all of the issued and outstanding equity securities of Westfield Bancorp in exchange for a cash payment of $260.0 million and 2,753,094 shares of First Financial common stock, equal to $64.4 million based on the Company's stock price on the date the transaction closed, for a total purchase price of $324.4 million.
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The Westfield acquisition supplemented First Financial’s existing commercial banking and wealth management presence in Northeast Ohio by adding all seven of Westfield's retail banking locations and its commercial, insurance agency and private banking services. Additionally, Westfield had one banking center that was under construction at the time of the acquisition, and this banking center opened during the first quarter of 2026.

The following table provides the purchase price calculation as of the acquisition date, identifiable assets purchased and
liabilities assumed at their estimated fair value for the Westfield acquisition.

(Dollars in thousands) Westfield
Purchase consideration
Cash consideration $ 260,000 
Stock consideration 64,450 
Total purchase consideration 324,450 
Assets acquired
Cash 72,711 
Investment securities available-for-sale 301,007 
Other investments 25,491 
Loans, net of ACL 1,571,298 
Premises and equipment 6,026 
Core deposit intangible 47,065 
Other intangible assets 1,105 
Other assets 103,524 
Total assets acquired 2,128,227 
Liabilities assumed
Deposits 1,790,442 
FHLB advances 80,000 
Long-term borrowings 1,920 
Other liabilities 23,695 
Total liabilities assumed 1,896,057 
Net identifiable assets 232,170 
Goodwill $ 92,280 

NON-GAAP FINANCIAL MEASURES

The Company utilizes certain non-GAAP financial measures, which First Financial believes provides useful insight to the readers of the Consolidated Financial Statements. These non-GAAP measures should be supplemental to primary GAAP measures and should not be read in isolation or relied upon as a substitute for the primary GAAP measures.

For analytical purposes, net interest income is presented in the following table adjusted to a tax equivalent basis assuming a 21% marginal tax rate. Net interest income is disclosed on a tax equivalent basis to consistently reflect income from tax-exempt assets, such as municipal loans and investments, in order to facilitate a comparison between taxable and tax-exempt amounts.  Management believes it is standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis as these measures provide useful information to make peer comparisons.

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Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Net interest income $ 190,377  $ 189,610  $ 379,987  $ 307,565 
Tax equivalent adjustment 1,161  1,186  2,347  2,459 
Net interest income - tax equivalent $ 191,538  $ 190,796  $ 382,334  $ 310,024 
Average earning assets $ 19,304,416  $ 19,393,679  $ 19,348,801  $ 15,783,527 
Net interest margin (1)
3.96  % 3.97  % 3.96  % 3.93  %
Net interest margin (FTE) (1)
3.98  % 3.99  % 3.98  % 3.96  %
(1) Calculated using annualized net interest income divided by average earning assets.

In addition to capital ratios defined by the U.S. banking agencies, First Financial considers various measures when evaluating capital utilization and adequacy, including the return on average tangible shareholder's equity and the tangible common equity ratio. These calculations are intended to complement the capital ratios defined by the U.S. banking agencies for both absolute and comparative purposes and may be useful for evaluating the performance of a business as the ratios calculate the capital and return available to common shareholders without the impact of intangible assets and their related amortization. As GAAP does not include capital ratio measures, the Company believes there are no comparable GAAP financial measures to these ratios. These ratios are not formally defined by GAAP or codified in the federal banking regulations and, therefore, are considered to be non-GAAP financial measures.

First Financial encourages readers to consider its Consolidated Financial Statements in their entirety and not to rely upon any single financial measure.

The following table reconciles non-GAAP capital ratios to GAAP:
Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Net income (a)
$ 76,456  $ 74,445  $ 150,901  $ 121,289 
Average total shareholders' equity 2,951,237  2,947,585  2,949,421  2,486,926 
Less:
Average goodwill (1,099,742) (1,099,543) (1,099,643) (1,007,656)
Average other intangibles (143,403) (149,631) (146,500) (77,142)
Average tangible equity (b)
1,708,092  1,698,411  1,703,278  1,402,128 
Total shareholders' equity 2,987,488  2,940,625  2,987,488  2,558,155 
Less:
Goodwill (1,099,936) (1,099,543) (1,099,936) (1,007,656)
Other intangibles (140,705) (145,927) (140,705) (75,458)
Ending tangible equity (c)
1,746,847  1,695,155  1,746,847  1,475,041 
Total assets 22,439,679  22,779,815  22,439,679  18,634,255 
Less:
Goodwill (1,099,936) (1,099,543) (1,099,936) (1,007,656)
Other intangibles (140,705) (145,927) (140,705) (75,458)
Ending tangible assets (d)
21,199,038  21,534,345  21,199,038  17,551,141 
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Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Risk-weighted assets (e)
16,456,311  16,127,377  16,456,311  14,129,683 
Total average assets 22,391,439  22,459,721  22,425,392  18,394,161 
Less:
Average goodwill (1,099,742) (1,099,543) (1,099,643) (1,007,656)
Average other intangibles (143,403) (149,631) (146,500) (77,142)
Average tangible assets (f)
21,148,294  21,210,547  21,179,249  17,309,363 
Ending common shares outstanding (g)
104,956,458  104,932,829  104,956,458  95,760,617 
Ratios
Return on average tangible shareholders' equity (a)/(b)
17.95  % 17.78  % 17.87  % 17.44  %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (c)/(d)
8.24  % 7.87  % 8.24  % 8.40  %
Risk-weighted assets (c)/(e)
10.62  % 10.51  % 10.62  % 10.44  %
Average tangible shareholders' equity to average tangible assets (b)/(f)
8.08  % 8.01  % 8.04  % 8.10  %
Tangible book value per share (c)/(g)
$ 16.64  $ 16.15  $ 16.64  $ 15.40 

OVERVIEW OF OPERATIONS

Linked quarter comparison: Second quarter 2026 net income was $76.5 million and earnings per diluted common share were $0.73. This compares with first quarter 2026 net income of $74.4 million and earnings per diluted common share of $0.71. Return on average assets was 1.37% for the second quarter of 2026 compared to 1.34% for the first quarter of 2026. Return on average shareholders’ equity was 10.39% for the second quarter of 2026 compared to 10.24% for the first quarter of 2026.

Year-to-date comparison: For the six months ended June 30, 2026, net income was $150.9 million and earnings per diluted common share were $1.44. This compares with net income of $121.3 million and earnings per diluted common share of $1.27 for the first six months of 2025. Return on average assets for the six months ended June 30, 2026 was 1.36% compared to 1.33% for the same period in 2025, and return on average shareholders' equity was 10.32% and 9.83% for the first six months of 2026 and 2025, respectively.

(Dollars in thousands) June 30, 2026 December 31, 2025
Balance Sheet - End of Period
Total assets $ 22,439,679  $ 21,129,379 
Loans and leases 13,734,914  13,424,070 
Investment securities 4,917,535  4,160,041 
Deposits 17,583,229  16,421,842 
Shareholders' equity 2,987,488  2,769,216 
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Three months ended Six months ended
(Dollars in thousands, except per share data) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Earnings
Net interest income $ 190,377  $ 189,610  $ 379,987  $ 307,565 
Net income 76,456  74,445  150,901  121,289 
Per Share
Net income per common share-basic $ 0.74  $ 0.72  $ 1.45  $ 1.28 
Net income per common share-diluted 0.73  0.71  1.44  1.27 
Cash dividends declared per common share 0.25  0.25  0.50  0.48 
Book value per common share (end of period) 28.46  28.02  28.46  26.71 
Tangible book value per common share (end of period) (1)
16.64  16.15  16.64  15.40 
Market price (end of period) 33.83  27.88  33.83  24.26 
Ratios
Return on average assets 1.37  % 1.34  % 1.36  % 1.33  %
Return on average shareholders' equity 10.39  % 10.24  % 10.32  % 9.83  %
Return on average tangible shareholders' equity (1)
17.95  % 17.78  % 17.87  % 17.44  %
Net interest margin 3.96  % 3.97  % 3.96  % 3.93  %
Net interest margin (FTE) (1)
3.98  % 3.99  % 3.98  % 3.96  %
(1) Non-GAAP financial measure. For details on the calculation of this non-GAAP financial measure, see "Non-GAAP Financial Measures" section.

NET INTEREST INCOME

First Financial’s primary source of income is net interest income, which is the excess of interest received from earning assets, including loan-related fees and purchase accounting accretion, minus interest paid on interest-bearing liabilities. The amount of net interest income is determined by the volume and mix of earning assets, the rates earned on such assets and the volume, mix and rates paid for the deposits and borrowings that fund the earning assets. Earning assets consist of interest-bearing loans and leases to customers as well as marketable investment securities.
Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Interest income
Loans and leases, including fees $ 219,164  $ 224,951  $ 444,115  $ 398,623 
Investment securities
Taxable 53,904  49,491  103,395  70,644 
Tax-exempt 2,472  2,526  4,998  4,437 
Total interest on investment securities 56,376  52,017  108,393  75,081 
Other earning assets 5,381  5,450  10,831  12,615 
Total interest income 280,921  282,418  563,339  486,319 
Interest expense
Deposits 79,250  79,735  158,985  154,125 
Short-term borrowings 4,997  5,168  10,165  13,938 
Long-term borrowings 6,297  7,905  14,202  10,691 
Total interest expense 90,544  92,808  183,352  178,754 
Net interest income $ 190,377  $ 189,610  $ 379,987  $ 307,565 

Linked quarter comparison: Net interest income for the second quarter of 2026 was $190.4 million, which was an increase of $0.8 million, or 0.4%, from the first quarter of 2026. Net interest margin on a fully tax equivalent basis was 3.98% in the
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second quarter of 2026 compared to 3.99% for the first quarter of 2026. The net interest margin during the second quarter decreased 1 basis point from the linked quarter as earning asset yields decreased 7 bps, which was mostly offset by a 6 bp decline in cost of funds.

Interest income of $280.9 million decreased $1.5 million, or 0.5%, in the second quarter of 2026 when compared to the first quarter of 2026. This decrease was primarily driven by a lower purchase accounting accretion, coupled with a slight decline in average earning assets, which were $19.3 billion for the second quarter of 2026, a decrease of $89.3 million, or 0.5%, compared to the first quarter of 2026.

Interest expense of $90.5 million decreased $2.3 million, or 2.4%, in the second quarter of 2026 when compared to the first quarter of 2026. The decrease in interest expense was primarily driven by a 4 bp decline in the cost of interest-bearing deposits to 2.29%, coupled with a lower average interest-bearing deposit balances. Additionally, average borrowed funds decreased $120.5 million, or 11.9%, from the linked quarter and the rates on borrowed funds declined 16 bps.

To mitigate interest rate risk on certain variable-rate commercial loan pools, First Financial entered into interest rate collars and floors, which are designated as cash flow hedges. The structure of the interest rate collars is such that First Financial pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, First Financial receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates. The structure of First Financial's interest rate floors is such that First Financial receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate.

The notional value of the Company's cash flow hedges was $1.0 billion as of both June 30, 2026 and December 31, 2025, with the $0.3 million and $1.3 million changes in the fair value recorded in AOCI in the Consolidated Balance Sheets, respectively. As of June 30, 2026 and December 31, 2025, the maximum length of time over which the Company was hedging its exposure to the variability in future cash flows was 30 months and 36 months, respectively.

Year-to-date comparison: Net interest income of $380.0 million for the first six months of 2026 increased $72.4 million, or 23.5%, compared to the same period of 2025. Net interest margin on a fully tax equivalent basis was 3.98% for the six months ended June 30, 2026, which was an increase of 2 bps when compared to the same period in 2025, as a 48 bp decline in the cost of interest-bearing liabilities and higher interest earning asset balances more than offset a 34 bp decrease in earning asset yields and higher interest-bearing liabilities.

Interest income of $563.3 million for the six months ended June 30, 2026 grew $77.0 million, or 15.8%, compared to $486.3 million for the same period of the prior year as the increase in earning asset balances more than offset the decline in yield. Average earning assets of $19.3 billion for the first six months of 2026 increased $3.6 billion, or 22.6%, when compared to the same period of 2025, primarily due to the Westfield Bank and BankFinancial acquisitions. The change in earning assets included a $2.1 billion, or 17.5%, increase in average loan balances and a $1.5 billion, or 43.0%, increase in average investment securities. Average loan yields for the six months of 2026 decreased by 36 bps compared to the same period in the prior year, while the average yield on the investment portfolio increased by 5 bps in the first six months of 2026 primarily due to repositioning a portion of the portfolio in 2025.

Interest expense for the six months ended June 30, 2026 was $183.4 million compared to $178.8 million for the same period in the prior year. This increase was driven by a $2.7 billion, or 24.2%, increase in average interest-bearing deposits primarily due to the Westfield Bank and BankFinancial acquisitions, which was partially offset by a 47 bp decline in the cost on those deposits. Average borrowings decreased $4.1 million, or 0.4%, compared to the six months of 2025, while the cost of borrowed funds declined 4 bps compared to the same period of the prior year.
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CONSOLIDATED AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS
Quarterly Averages Year-to-Date Averages
   June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
(Dollars in thousands) Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Interest Yield
Earning assets
Investments
Investment securities $ 5,079,730  $ 56,376  4.45  % $ 4,769,261  $ 52,017  4.42  % $ 4,925,353  $ 108,393  4.44  % $ 3,445,443  $ 75,081  4.39  %
Interest-bearing deposits with other banks 605,647  5,381  3.56  % 596,094  5,450  3.71  % 600,897  10,831  3.63  % 579,112  12,615  4.39  %
Gross loans and leases (1)
13,619,039  219,164  6.45  % 14,028,324  224,951  6.50  % 13,822,551  444,115  6.48  % 11,758,972  398,623  6.84  %
Total earning assets 19,304,416  280,921  5.84  % 19,393,679  282,418  5.91  % 19,348,801  563,339  5.87  % 15,783,527  486,319  6.21  %
Nonearning assets
Allowance for credit losses (186,331) (200,745) (193,498) (158,188)
Cash and due from banks 182,261  227,115  204,564  169,581 
Accrued interest and other assets 3,091,093  3,039,672  3,065,525  2,599,241 
Total assets $ 22,391,439  $ 22,459,721  $ 22,425,392  $ 18,394,161 
Interest-bearing liabilities
Deposits
Interest-bearing demand $ 3,762,177  $ 14,288  1.52  % $ 3,626,103  $ 13,281  1.49  % $ 3,694,516  $ 27,569  1.50  % $ 3,078,691  $ 29,327  1.92  %
Savings 6,434,399  33,405  2.08  % 6,406,223  32,480  2.06  % 6,420,389  65,885  2.07  % 4,962,007  60,297  2.45  %
Time 3,678,808  31,557  3.44  % 3,868,224  33,974  3.56  % 3,772,993  65,531  3.50  % 3,140,137  64,501  4.14  %
   Total interest-bearing deposits 13,875,384  79,250  2.29  % 13,900,550  79,735  2.33  % 13,887,898  158,985  2.31  % 11,180,835  154,125  2.78  %
Borrowed funds
Short-term borrowings 512,282  4,997  3.91  % 554,362  5,168  3.78  % 533,206  10,165  3.84  % 608,898  13,938  4.62  %
Long-term debt 379,354  6,297  6.66  % 457,799  7,905  7.00  % 418,360  14,202  6.85  % 346,806  10,691  6.22  %
   Total borrowed funds 891,636  11,294  5.08  % 1,012,161  13,073  5.24  % 951,566  24,367  5.16  % 955,704  24,629  5.20  %
Total interest-bearing liabilities 14,767,020  90,544  2.46  % 14,912,711  92,808  2.52  % 14,839,464  183,352  2.49  % 12,136,539  178,754  2.97  %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,811,391  3,745,002  3,778,380  3,117,203 
Other liabilities 861,791  854,423  858,127  653,493 
Shareholders' equity 2,951,237  2,947,585  2,949,421  2,486,926 
Total liabilities and shareholders' equity $ 22,391,439  $ 22,459,721  $ 22,425,392  $ 18,394,161 
Net interest income $ 190,377  $ 189,610  $ 379,987  $ 307,565 
Net interest spread 3.38  % 3.39  % 3.38  % 3.24  %
Contribution of noninterest-bearing sources of funds 0.58  % 0.58  % 0.58  % 0.69  %
Net interest margin (2)
3.96  % 3.97  % 3.96  % 3.93  %
Tax equivalent adjustment 0.02  % 0.02  % 0.02  % 0.03  %
 Net interest margin (fully tax equivalent) (2)
3.98  % 3.99  % 3.98  % 3.96  %
(1) Loans held for sale and nonaccrual loans are included in gross loans.
(2) The net interest margin exceeds the interest spread as noninterest-bearing funding sources, demand deposits, other liabilities and shareholders' equity also support earning assets.
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RATE/VOLUME ANALYSIS

The impact on net interest income from changes in interest rates and volume of interest-earning assets and interest-bearing liabilities is illustrated in the table below:
  
Changes for the three months ended June 30, 2026 Changes for the six months ended June 30, 2026
Linked quarter income variance Year-to-Date income variance
(Dollars in thousands) Rate Volume Total Rate Volume Total
Earning assets
Investment securities $ 332  $ 4,027  $ 4,359  $ 743  $ 32,569  $ 33,312 
Interest-bearing deposits with other banks (212) 143  (69) (2,177) 393  (1,784)
Gross loans and leases (1)
(1,681) (4,106) (5,787) (20,810) 66,302  45,492 
Total earning assets (1,561) 64  (1,497) (22,244) 99,264  77,020 
Interest-bearing liabilities
Total interest-bearing deposits (1,214) 729  (485) (26,130) 30,990  4,860 
Borrowed funds
Short-term borrowings 180  (351) (171) (2,330) (1,443) (3,773)
Long-term debt (389) (1,219) (1,608) 1,082  2,429  3,511 
Total borrowed funds (209) (1,570) (1,779) (1,248) 986  (262)
Total interest-bearing liabilities (1,423) (841) (2,264) (27,378) 31,976  4,598 
Net interest income
 $ (138) $ 905  $ 767  $ 5,134  $ 67,288  $ 72,422 
(1) Loans held for sale and nonaccrual loans are included in gross loans.
NONINTEREST INCOME
Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Noninterest income
Service charges on deposit accounts $ 8,896  $ 9,013  $ 17,909  $ 15,229 
Wealth management fees 8,252  10,482  18,734  15,924 
Bankcard income 3,032  3,580  6,612  7,047 
Client derivative fees 1,443  4,010  5,453  3,245 
Foreign exchange income 13,101  16,313  29,414  26,304 
Leasing business income 22,750  21,608  44,358  39,500 
Net gains from sales of loans 6,658  6,047  12,705  11,009 
Net gain (loss) on investment securities (337) (1,260) (1,597) (9,706)
Gain on bargain purchase 3,189  8,892  12,081  0 
Other 6,807  3,221  10,028  10,594 
Total noninterest income $ 73,791  $ 81,906  $ 155,697  $ 119,146 

Linked quarter comparison: Second quarter 2026 noninterest income was $73.8 million, decreasing $8.1 million, or 9.9%, compared to $81.9 million for the first quarter of 2026. The decrease from the linked quarter was primarily driven by lower gain on bargain purchase, foreign exchange income, client derivative fees and wealth management fees. These decreases were partially offset by increases in other noninterest income, leasing business income and fewer losses on investment securities.

Gain on bargain purchase decreased $5.7 million, or 64.1%, due to the initial recognition of the BankFinancial transaction in the first quarter. Driven by lower client demand during the second quarter, foreign exchange income decreased $3.2 million, or 19.7%, and client derivative fees decreased $2.6 million, or 64.0%. Wealth management fees decreased $2.2 million, or 21.3%, from the first quarter due to lower investment banking fees.

Partially offsetting these decreases, other noninterest income increased $3.6 million, or 111.3%, due to higher income from bank owned life insurance and limited partnership investments while leasing business income increased $1.1 million, or 5.3%, as a result of continued growth from Summit. Net loss on investment securities decreased $0.9 million, or 73.3%, as a result of impairment losses recognized in the first quarter.

Year-to-date comparison: Noninterest income of $155.7 million for the first six months of 2026 increased $36.6 million, or 30.7%, from $119.1 million in the comparable period of 2025. The increase was primarily attributed to the gain on bargain
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purchase recognized in conjunction with the BankFinancial acquisition, fewer losses on investment securities and increases in foreign exchange income, leasing business income, client derivative fees, wealth management fees, net gains from sales of loans and service charges on deposit accounts.

Noninterest income included a $12.1 million gain on bargain purchase in the first half of 2026 that resulted from the BankFinancial acquisition. The gain on bargain purchase arose primarily from transaction-specific market factors, including the relative profitability profile of BankFinancial and the Company’s strategic focus on BankFinancial’s core deposit franchise and Chicago market presence.

Losses on investment securities decreased $8.1 million in the first six months of 2026 as a result of the Bank repositioning a portion of the investment portfolio during the first half of 2025, which resulted in a $9.9 million loss during the prior period. Leasing business income increased $4.9 million, or 12.3%, due to continued portfolio growth and foreign exchange income increased $3.1 million, or 11.8%, as client demand increased compared to the prior year. Wealth management fees increased $2.8 million, or 17.6%, due to higher investment banking fees while service charges on deposit accounts increased $2.7 million, or 17.6%, due to an increase in deposit balances. Client derivative fees increased $2.2 million, or 68.0%, due to higher customer demand.

NONINTEREST EXPENSE

Three months ended Six months ended
(Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025
Noninterest expenses
Salaries and employee benefits $ 86,917  $ 99,856  $ 186,773  $ 150,155 
Net occupancy 7,535  7,553  15,088  11,864 
Furniture and equipment 4,310  4,693  9,003  7,254 
Data processing 13,554  12,654  26,208  17,779 
Marketing 3,616  2,652  6,268  4,755 
Professional services 7,387  3,986  11,373  6,288 
Amortization of tax credit investments 669  669  1,338  223 
FDIC assessments 2,878  3,645  6,523  5,670 
Intangible amortization 6,229  6,261  12,490  4,717 
Leasing business expense 14,633  14,129  28,762  25,957 
Other 13,814  13,310  27,124  22,085 
Total noninterest expenses $ 161,542  $ 169,408  $ 330,950  $ 256,747 

Linked quarter comparison: Second quarter 2026 noninterest expenses were $161.5 million, which was a decrease of $7.9 million, or 4.6%, from $169.4 million in the first quarter of 2026. This decrease was primarily driven by a decrease in salaries and benefits expenses which was partially offset by increases in professional services, marketing and data processing expenses.

Salaries and employee benefits decreased $12.9 million, or 13.0%, as a result of lower incentive compensation tied to lower fee income. Professional services increased $3.4 million, or 85.3%, and marketing expenses increased $1.0 million, or 36.3%, during the second quarter of 2026 due to costs related to the BankFinancial acquisition. The $0.9 million, or 7.1%, increase in data processing expenses was also acquisition-related.

Year-to-date comparison: Noninterest expenses were $331.0 million for the first six months of 2026, which was an increase of $74.2 million, or 28.9%, compared to the same period in 2025. This increase was broad-based, with increases across all expense categories. The primary drivers of this expense growth were the Westfield and BankFinancial acquisitions.

Salaries and employee benefits increased $36.6 million, or 24.4%, due to the Westfield and BankFinancial acquisitions as well as an increase in incentive compensation tied to fee income. Intangible amortization expenses increased $7.8 million, or 164.8%, due to core deposit intangible amortization related to the Westfield and BankFinancial acquisitions. Data processing increased $8.4 million, or 47.4%, and occupancy expenses increased $3.2 million, or 27.2%, both driven by the Westfield and BankFinancial acquisitions. Leasing business expenses increased $2.8 million, or 10.8%, as a result of the growth in the operating lease portfolio, while professional services increased $5.1 million, or 80.9%, due to expenses related to the
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BankFinancial loans sold during the first quarter of 2026. Other noninterest expenses increased $5.0 million, or 22.8%, as a result of an increase in donations, insurance expense and credit origination expense while furniture and fixtures increased $1.7 million, or 24.1%, due to the additional cleaning and maintenance expenses for the branches acquired in the Westfield and BankFinancial acquisitions.

INCOME TAXES

Linked quarter comparison: In the second quarter of 2026, First Financial recorded income tax expense of $18.0 million on pre-tax income of $94.4 million, resulting in an effective tax rate of 19.0%. This compared to income tax expense of $19.1 million on pre-tax income of $93.6 million and an effective tax rate of 20.4% for the first quarter 2026. The lower effective tax rate in the second quarter of 2026 was primarily driven by higher tax-exempt income and lower nondeductible charitable contributions.

Year-to-date comparison: For the first six months of 2026, income tax expense was $37.1 million on pre-tax income of $188.0 million, resulting in an effective tax rate of 19.7%. This compared to income tax expense of $30.2 million on pre-tax income of $151.5 million and an effective tax rate of 19.9% for the comparable period in 2025. The lower effective tax rate in the first six months of 2026 compared to 2025 was primarily driven by the nontaxable bargain purchase gain, which was partially offset by higher income, lower tax-exempt income and higher nondeductible charitable contributions.

The Company's effective tax rate may fluctuate from period to period due to changes in tax jurisdictions, forecasted income, tax-enhanced assets and tax credit investments.

INVESTMENTS

First Financial's investment portfolio totaled $4.9 billion at June 30, 2026 and $4.2 billion at December 31, 2025, or 21.9% and 19.7% of total assets, respectively.  AFS securities totaled $4.7 billion at June 30, 2026 and $4.0 billion at December 31, 2025, while HTM securities totaled $46.1 million at June 30, 2026 and $58.5 million at December 31, 2025. The effective duration of the investment portfolio was 4.7 years at June 30, 2026 and 4.4 years at December 31, 2025.

The Company invests in certain securities whose return is dependent on future principal and interest repayments. As such, these securities carry a certain amount of credit risk. Prior to purchase, First Financial performs a detailed collateral and structural analysis on these securities and strategically invests in asset classes in which First Financial has expertise and experience, as well as a senior position in the capital structure. First Financial continuously monitors credit risk and geographic concentration risk in its evaluation of market opportunities that enhance the overall performance of the portfolio.

During the three months ended June 30, 2026, the Company realized losses on investment securities of $0.3 million and realized gains on investment securities of $0.2 million for the comparable period in 2025. The losses recognized in the second quarter of 2026 included $3.3 million of impairment losses on investments with credit deterioration where the Company determined that it no longer intended to hold the security until the recovery of the amortized cost basis.

During the six months ended June 30, 2026 and 2025, the Company realized $1.6 million and $9.7 million, respectively, of losses on investment securities. The losses recognized in the first half of 2026 included $8.3 million of impairment losses on investments with credit deterioration where the Company determined that it no longer intended to hold the security until the recovery of the amortized cost basis. The losses incurred in the first six months of 2025 were primarily the result of a strategic repositioning of a portion of the investment portfolio in order to increase future yields.

The Company's Consolidated Financial Statements reflected $197.7 million and $163.9 million of unrealized, after-tax, losses on debt securities as of June 30, 2026 and December 31, 2025, respectively. These unrealized losses were included as a component of equity in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The increase in unrealized losses was primarily attributed to the increase in investment balances.

Certain unrealized losses on investment securities may be the result of credit deterioration. As of June 30, 2026, First Financial had four AFS securities with credit deterioration with a fair value totalling $19.9 million, net of $1.6 million unrealized losses, compared to six AFS securities with credit deterioration and a fair value totalling $20.9 million, net of unrealized losses of $9.8 million, as of December 31, 2025. The Company continues to monitor these securities and believes it will receive full par value.

The Company had net unrealized losses of $4.2 million on its HTM securities at both June 30, 2026 and December 31, 2025. The unrealized losses on HTM securities have no impact on the Consolidated Financial Statements of the Company.
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First Financial had $0.1 million of unrealized losses on equity securities recorded in noninterest income for the second quarter of 2026 compared to $0.2 million in the first quarter. The Company had $0.3 million of unrealized losses on equity securities for the first six months ended June 30, 2026 compared to $0.2 million of unrealized gains for the same period of 2025.

First Financial will continue to monitor loan demand and deposit activity, as well as balance sheet composition, capital sensitivity and the interest rate environment, when considering future investment strategies.

LOANS AND LEASES

Excluding loans held for sale, loan balances increased $310.8 million, or 2.3%, to $13.7 billion as of June 30, 2026 when compared to December 31, 2025. This increase was primarily driven by the acquisition of $264.1 million of loans in the BankFinancial transaction along with growth from the Company's specialty finance businesses.

During the first six months of 2026, C&I loans increased $210.1 million, or 4.5%, to $4.8 billion; commercial real estate loans increased $164.3 million, or 3.7%, to $4.5 billion; home equity increased $53.0 million, or 5.3%, to $1.1 billion; and finance leases increased by $20.8 million, or 3.3%. Partially offsetting these increases, construction loans decreased $78.1 million, or 11.5%, to $599.3 million; installment loans decreased $32.2 million, or 17.1%, to $156.5 million; and residential real estate loans declined $27.1 million, or 1.5%, to $1.8 billion.

Second quarter 2026 average loans of $13.6 billion, excluding loans held for sale, increased $9.4 million, or 0.1%, from the first quarter 2026. Average loan balances for the first six months of 2026 increased $1.8 billion, or 15.7%, when compared to same period of 2025 driven by the acquisitions of Westfield and BankFinancial. The increase from the prior year included an increase of $912.8 million, or 23.8%, in C&I loans; an increase of $508.5 million, or 12.8%, in CRE; an increase of $342.7 million, or 23.1%, in residential real estate; an increase of $155.0 million, or 17.7%, in home equity; an increase of $55.3 million, or 9.5%, in lease financing; an increase of $40.4 million, or 33.0%, in installment loans; and an increase of $3.4 million, or 5.1%, in credit cards. These increases were partially offset by a decrease of $177.5 million, or 22.5%, in construction loans.

In an effort to mitigate credit risk, First Financial routinely reviews its loan portfolio for various concentrations. These reviews consider the Bank's collateral position as well as exposure to a given industry sector. First Financial believes its loan portfolio is sufficiently diversified to provide protection from deterioration in any particular industry or devaluation of a specific collateral type. The following tables, C&I and Owner Occupied Loans by Sector and Investor CRE Loans by property type, provide additional detail behind the Company's C&I and CRE loan portfolios as of June 30, 2026.

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C&I and Owner Occupied CRE Loans by Sector (1)
(Dollars in thousands) June 30, 2026 % of Total Loans
NAICS Sector
Finance and Insurance $ 1,521,297  11.1  %
Manufacturing 725,320  5.3  %
Construction 588,945  4.3  %
Real Estate and Rental and Leasing 434,304  3.2  %
Health Care and Social Assistance 305,610  2.2  %
Professional, Scientific, and Technical Services 300,134  2.2  %
Accommodation and Food Services 279,589  2.0  %
Retail Trade 260,902  1.9  %
Wholesale Trade 254,923  1.9  %
Transportation and Warehousing 178,325  1.3  %
Agriculture, Forestry, Fishing and Hunting 166,238  1.2  %
Administrative and Support and Waste Management 145,335  1.1  %
Other Services (except Public Administration) 119,720  0.9  %
Arts, Entertainment, and Recreation 86,405  0.6  %
Information 67,633  0.5  %
Public Administration 63,154  0.5  %
Management of Companies and Enterprises 50,762  0.4  %
Other 467,178  3.4  %
Total $ 6,015,774  43.8  %
(1) Excludes loan marks and loans in process

Investor CRE Loans by Property Type (1)
(Dollars in thousands) June 30, 2026 % of Total Loans
Property Type
Residential Multi Family 5+ $ 897,713  6.5  %
Retail Property 890,350  6.5  %
Industrial 496,992  3.6  %
Office 371,224  2.7  %
Hospital/Nursing Home 271,840  2.0  %
Land 173,303  1.3  %
Hotel 106,377  0.8  %
Residential 1-4 Family 85,707  0.6  %
Other Real Estate 83,792  0.6  %
Other 15,954  0.1  %
Total $ 3,393,252  24.7  %
(1) Excludes loan marks and loans in process
Given the potential for stress related to commercial office space, First Financial performed targeted reviews of its exposure to this sector. As of June 30, 2026, First Financial had $371.2 million of loans collateralized by non-owner occupied office space, which represents 2.7% of the total loan portfolio. The overall LTV of the office portfolio at origination was strong, and a majority is located in suburban locations and secured by Class A and Class B assets. As of June 30, 2026, the office portfolio included three nonaccrual relationships totaling $28.0 million, or 7.5% of the total office portfolio.
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Loans to NDFI totaled $464.8 million, or 3.4% of total loans, as of June 30, 2026. NDFI include a wide range of financial
entities that provide services similar to those of traditional banks but do not accept deposits from the general public and are not
regulated by the Federal banking agencies. The NDFI balances at June 30, 2026 included $278.2 million in loans to
mortgage credit intermediaries (primarily REITs), $120.7 million in loans to business credit intermediaries, $37.6 million in loans to private equity funds, and $28.3 million of loans to other NDFI, including consumer credit intermediaries. As of June 30, 2026, all of the loans to NDFI had an internal credit rating of pass.

COMMITMENTS AND CONTINGENCIES

Off-balance sheet arrangements include commitments to extend credit and financial guarantees.  Loan commitments are agreements to extend credit to a client absent any violation of any condition established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee.  First Financial had outstanding commitments to extend credit, including overdraft lending lines, totaling $4.7 billion at June 30, 2026 and $4.5 billion at December 31, 2025. As of June 30, 2026, commitments with a fixed interest rate totaled $103.4 million while commitments with variable interest rates totaled $4.6 billion. At December 31, 2025, commitments with a fixed interest rate totaled $75.0 million while commitments with variable interest rates totaled $4.4 billion. The fixed rate commitments have interest rates ranging from 0% to 36% at June 30, 2026 and 0% to 21% at December 31, 2025. The fixed rate commitments have maturities ranging from less than one year to 31.0 years at June 30, 2026 and maturities ranging from less than one year to 31.6 years at December 31, 2025.

Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party.  First Financial’s letters of credit consist primarily of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services for the third party.  First Financial issued letters of credit aggregating $35.9 million and $36.6 million at June 30, 2026 and December 31, 2025, respectively. Management conducts regular reviews of these instruments on an individual client basis.

First Financial is a party in risk participation transactions of interest rate swaps, which had total notional amount of $377.0 million and $335.0 million at June 30, 2026 and December 31, 2025, respectively. Under a risk participation agreement, the Company either assumes or sells a portion of the credit exposure associated with an interest rate swap with a counterparty. The Company's exposure is limited to instances where the loan customer defaults on its obligation to perform under the interest rate swap agreement.

First Financial is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in accrued interest and other assets in the Consolidated Balance Sheets, with any unfunded commitments included in accrued interest and other liabilities in the Consolidated Balance Sheets. As of June 30, 2026, First Financial expects to recover its remaining investments through the use of the tax credits generated by the investments. First Financial had unfunded commitments related to tax credit investments of $111.2 million and $103.0 million at June 30, 2026 and December 31, 2025, respectively.

In the ordinary course of business, First Financial and its subsidiaries are parties to litigation, including claims to the ownership of funds in particular accounts, the collection of delinquent accounts, challenges to security interests in collateral, foreclosure interests that are incidental to our regular business activities and other matters. While the ultimate liability with respect to these litigation matters and claims cannot be determined at this time, First Financial believes that damages, if any, and other amounts relating to pending matters are not probable or cannot be reasonably estimated as of June 30, 2026. Reserves are established for these various matters of litigation, when appropriate, under FASB ASC Topic 450, Contingencies, based in part upon the advice of legal counsel. First Financial had no reserves related to litigation matters as of June 30, 2026 or December 31, 2025.

ASSET QUALITY AND ALLOWANCE FOR CREDIT LOSSES

Loans are classified as nonaccrual when, in the opinion of management, collection of principal and interest is doubtful or when payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to a borrower's continued failure to adhere to contractual payment terms, coupled with other pertinent factors. When a loan is placed on nonaccrual status, any unpaid accrued interest is reversed and the recognition of interest income is suspended.

Nonaccrual loans were $96.2 million, or 0.70% of total loans, as of June 30, 2026, reflecting a $5.7 million, or 5.6%, decline from $101.8 million as of December 31, 2025. Nonperforming assets, which consist of nonaccrual loans and OREO, were
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$96.3 million, or 0.43% of total assets, at June 30, 2026 compared to $102.0 million, or 0.48% of total assets, at December 31, 2025.

Classified assets, which are defined by the Company as nonperforming assets plus performing loans internally rated substandard or worse, totaled $226.8 million as of June 30, 2026 compared to $235.5 million at December 31, 2025. Classified assets were 1.01% of total assets at June 30, 2026 compared to 1.11% at December 31, 2025, with the decline primarily due to the increase in total assets. Total classified assets at both June 30, 2026 and December 31, 2025 included a $37.0 million receivable from a customer, which was recorded following the mutually agreed upon termination of a foreign exchange trade. First Financial expects this receivable to be collected in full.

Allowance for credit losses. The ACL is a reserve accumulated on the Consolidated Balance Sheets through the recognition of the provision for credit losses. First Financial records provision expense in the Consolidated Statements of Income to maintain the ACL at a level considered sufficient to absorb expected credit losses for financial assets over their expected remaining lives with consideration given to current and forward-looking information.

The removal or reduction of the recorded values of loans and leases from the Consolidated Balance Sheets due to credit deterioration are referred to as charge-offs. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or from the liquidation of collateral. All loans charged-off are subject to continuous review and concerted efforts are made to maximize any recovery. In most cases, the borrower’s debt obligation is not canceled even though the balance may have been charged-off. Actual losses on loans and leases are charged against the ACL. Any subsequent recovery of a previously charged-off loan is credited back to the ACL.

Management estimates the ACL using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provide the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered therein. These adjustments are commonly known as the qualitative framework. The evaluation of these factors is the responsibility of the ACL Committee, which is comprised of senior officers from the risk management, credit administration, finance and lending areas.

The Company utilized the Moody's June baseline forecast as its R&S forecast in the quantitative model at June 30, 2026. For reasonableness, the Company also considered the impact to the model from alternative prepayment speeds and more adverse economic forecasts. These alternative analyses were utilized to inform the Company's qualitative adjustments. Additionally, First Financial considered its credit exposure to certain industries believed to be at risk for future credit stress, such as franchise, hotel and investor commercial real estate lending, when making qualitative adjustments to the ACL model.

The total ACL, which includes both funded and unfunded reserves, was $208.2 million at June 30, 2026 and $206.7 million at December 31, 2025.

ACL - loans and leases. The ACL on loans and leases was $189.9 million as of June 30, 2026 and $186.5 million as of December 31, 2025. As a percentage of total loans, the ACL was 1.38% as of June 30, 2026 and 1.39% at December 31, 2025.

In the second quarter of 2026, the Company recorded net charge-offs of $6.7 million, or 20 bps of average loans and leases on an annualized basis, compared to net charge-offs of $11.6 million, or 35 bps, for the first quarter of 2026. Higher net charge-offs during the first quarter of 2026 were driven by a single commercial relationship. Through the first six months of 2026, the Company recorded net charge-offs of $18.4 million, or 27 bps of average loans and leases on an annualized basis, compared to net charge-offs of $16.5 million, or 28 bps, for the same period of 2025.

The ACL as a percentage of nonaccrual loans was 197.5% at June 30, 2026 and 183.2% at December 31, 2025. The increase in this ratio was driven primarily by the increase in the ACL on loans and leases coupled with a decline in nonaccrual loan balances during the current period.

Provision expense is a product of the Company's ACL model coupled with net charge-off activity during the period. During the second quarter of 2026, the Company recorded $12.9 million of provision expense for loans and leases compared to $6.0 million for the prior quarter. Through the first six months of 2026, the Company recorded provision expense of $19.0 million compared to $18.2 million for the same period of 2025.

ACL - unfunded commitments. The ACL on unfunded commitments was $18.3 million as of June 30, 2026 and $20.2 million as of December 31, 2025. First Financial recorded $4.7 million of provision recapture for credit losses on unfunded
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commitments for the second quarter of 2026, compared to $2.5 million of provision expense in the first quarter 2026. Through the first six months of 2026, the Company recorded $2.2 million of provision recapture compared to $0.3 million of provision expense for the same period of 2025.

See Note 5 – Allowance for Credit Losses in the Notes to Consolidated Financial Statements for further discussion of First Financial's ACL.

The following table details ACL activity by portfolio segment for the periods presented:
Three months ended Six months ended
2026 2025 June 30,
(Dollars in thousands) June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2026 2025
Allowance for credit loss activity
Balance at beginning of period $ 183,716  $ 186,487  $ 161,916  $ 158,522  $ 155,482  $ 186,487  $ 156,791 
Initial allowance on purchased loans 0  2,829  23,652  0  0  2,829  0 
Provision for loan losses 12,933  6,030  9,688  8,612  9,084  18,963  18,225 
Gross charge-offs
Commercial and industrial 2,437  10,788  6,636  2,165  4,996  13,225  13,174 
Lease financing 1,314  43  918  298  606  1,357  2,060 
Construction real estate 0  0  0  245  0  0  0 
Commercial real estate 2,484  29  433  3,105  0  2,513  0 
Residential real estate 84  127  151  0  16  211  16 
Home equity 262  119  95  92  100  381  186 
Installment 1,034  1,058  1,197  1,194  1,120  2,092  2,441 
Credit card 704  496  729  577  489  1,200  963 
Total gross charge-offs 8,319  12,660  10,159  7,676  7,327  20,979  18,840 
Recoveries
Commercial and industrial 463  100  264  202  290  563  485 
Lease financing 114  23  201  291  11  137  40 
Construction real estate 0  0  0  0  0  0  0 
Commercial real estate 8  28  5  1,138  70  36  94 
Residential real estate 18  30  13  58  42  48  66 
Home equity 157  116  117  94  74  273  218 
Installment 660  598  682  609  716  1,258  1,279 
Credit card 162  135  108  66  80  297  164 
Total recoveries 1,582  1,030  1,390  2,458  1,283  2,612  2,346 
Total net charge-offs 6,737  11,630  8,769  5,218  6,044  18,367  16,494 
Ending allowance for credit losses $ 189,912  $ 183,716  $ 186,487  $ 161,916  $ 158,522  $ 189,912  $ 158,522 
Net charge-offs to average loans and leases (annualized)
Commercial and industrial 0.17  % 0.91  % 0.59  % 0.20  % 0.49  % 0.54  % 0.67  %
Lease financing 0.74  % 0.01  % 0.46  % 0.00  % 0.41  % 0.39  % 0.70  %
Construction real estate 0.00  % 0.00  % 0.00  % 0.14  % 0.00  % 0.00  % 0.00  %
Commercial real estate 0.22  % 0.00  % 0.04  % 0.20  % (0.01) % 0.11  % 0.00  %
Residential real estate 0.01  % 0.02  % 0.03  % (0.02) % (0.01) % 0.02  % (0.01) %
Home equity 0.04  % 0.00  % (0.01) % 0.00  % 0.01  % 0.02  % (0.01) %
Installment 0.94  % 1.12  % 1.25  % 2.03  % 1.38  % 1.03  % 1.91  %
Credit card 3.03  % 2.13  % 3.56  % 2.97  % 2.41  % 2.59  % 2.41  %
Total net charge-offs 0.20  % 0.35  % 0.27  % 0.18  % 0.21  % 0.27  % 0.28  %
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Three months ended Six months ended
2026 2025 June 30,
(Dollars in thousands) June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2026 2025
Nonperforming assets
Nonaccrual loans $ 96,152  $ 100,541  $ 101,808  $ 75,951  $ 76,924  $ 96,152  $ 76,924 
Other real estate owned 174  238  184  111  204  174  204 
Total nonperforming assets 96,326  100,779  101,992  76,062  77,128  96,326  77,128 
Accruing loans past due 90 days or more 650  1,366  411  592  714  650  714 
Total underperforming assets $ 96,976  $ 102,145  $ 102,403  $ 76,654  $ 77,842  $ 96,976  $ 77,842 
Total classified assets $ 226,826  $ 232,368  $ 235,451  $ 218,794  $ 214,346  $ 226,826  $ 214,346 
Credit quality ratios
As a percent of period-end loans, net of unearned income:
Allowance for credit losses 1.38  % 1.36  % 1.39  % 1.38  % 1.34  % 1.38  % 1.34  %
Nonaccrual loans 0.70  % 0.75  % 0.76  % 0.65  % 0.65  % 0.70  % 0.65  %
Nonperforming loans 0.70  % 0.75  % 0.76  % 0.65  % 0.65  % 0.70  % 0.65  %
Allowance for credit losses to nonaccrual loans 197.51  % 182.73  % 183.18  % 213.18  % 206.08  % 197.51  % 206.08  %

DEPOSITS

Total deposits were $17.6 billion as of June 30, 2026, an increase of $1.2 billion, or 7.1%, from December 31, 2025. This increase was primarily driven by the acquisition of BankFinancial which included $1.2 billion in deposit balances. Compared to December 31, 2025, June 30, 2026 savings deposit balances increased $450.5 million, or 7.5%; interest-bearing demand deposits increased $443.7 million, or 13.2%; noninterest-bearing deposits increased $239.4 million, or 6.9%; and time deposits increased $27.8 million, or 0.8%. Noninterest-bearing deposits were 21.1% of total deposits as of both June 30, 2026 and December 31, 2025.

Average deposits for the second quarter of 2026 were $17.7 billion, which was an increase of $41.2 million, or 0.2%, from $17.6 billion in the first quarter of 2026. The increase during the second quarter was primarily driven by seasonal increases in public fund deposits and higher interest-bearing demand deposits, partially offset by a decline in brokered CDs. Average interest bearing demand deposits increased $136.1 million, or 3.8%, from the prior quarter; average noninterest-bearing deposits increased $66.4 million, or 1.8%; and average savings deposits increased $28.2 million, or 0.4%. Partially offsetting these increases, average time deposits declined $189.4 million, or 4.9%.

Average deposits for the first six months of 2026 increased $3.4 billion, or 23.6%, when compared to the same period of 2025, driven primarily by the Westfield and BankFinancial acquisitions. The increase in average deposits from the first six months of 2025 included a $1.5 billion, or 29.4%, increase in average savings deposits; a $632.9 million, or 20.2%, increase in average time deposits; a $661.2 million, or 21.2%, increase in average noninterest-bearing deposits; and a $615.8 million, or 20.0%, increase in average interest-bearing demand deposits.

Uninsured deposit balances were $7.5 billion, or 42.4% of total deposits, as of June 30, 2026. The Company reviews uninsured deposits for concentration risk and typically evaluates this risk by excluding public funds and intercompany deposits to arrive at an adjusted uninsured deposit amount. As such, excluding public funds and intercompany accounts, adjusted uninsured deposits were $4.9 billion, or 27.6% of total deposits, at the end of the second quarter of 2026.

BORROWINGS

First Financial's short-term borrowings are utilized to manage the Company's normal liquidity needs. These borrowings primarily include advances from the FHLB, but may also include Fed Funds purchased from other banks or advances from the FRB discount window. The Company's long-term borrowings may include subordinated debt or long-term advances from the FHLB, FRB or other sources.

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Borrowed funds were $1.0 billion as of June 30, 2026 and $1.2 billion as of December 31, 2025. The decrease in borrowings was primarily driven by the Company's increase in deposits.

First Financial had total short-term borrowings of $609.5 million as of June 30, 2026 and $675.3 million as of December 31, 2025. Short-term borrowings with the FHLB were $570.0 million at June 30, 2026 and $675.0 million at December 31, 2025. There were no federal funds purchased included in short-term borrowings at June 30, 2026 or December 31, 2025.

Long-term debt was $382.6 million at June 30, 2026 and $514.1 million as of December 31, 2025. Outstanding subordinated debt totaled $359.1 million as of June 30, 2026 and $489.9 million as of December 31, 2025.

In 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes that would have matured in May 2030 and had an initial fixed interest rate of 5.25%. The Company elected to redeem these subordinated notes in whole on the February 2026 interest payment date. Therefore, these notes are not included in the Consolidated Balance Sheet as of June 30, 2026.

In November 2025, First Financial issued $300.0 million of fixed to floating rate subordinated notes. These subordinated notes have an initial fixed interest rate of 6.375% to, but excluding, December 1, 2030, payable semi-annually in arrears. From, and including, December 1, 2030, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 300 basis points, payable quarterly in arrears. These subordinated notes mature on December 1, 2035 and are redeemable by the Company in whole or in part beginning with the interest payment date of December 1, 2030. These subordinated notes are eligible to be treated as Tier 2 capital for 100% of its original issuance amount at June 30, 2026 for regulatory capital purposes.

In conjunction with the BankFinancial transaction, First Financial acquired $18.5 million of fixed to floating rate subordinated notes. These subordinated notes were originated in April 2021 and have an initial fixed interest rate of 3.75% to, but excluding, May 15, 2026, payable semi-annually in arrears. From, and including, May 15, 2026, the interest rate on the subordinated notes resets quarterly to a floating rate per annum equal to a benchmark rate, currently the three-month term SOFR, plus 299 basis points, payable quarterly in arrears. These subordinated notes mature on May 15, 2031 and are redeemable by the Company, in whole or in part, on May 15, 2026, on any interest payment date thereafter, and at any time upon the occurrence of certain events. These acquired subordinated notes are eligible to be treated as Tier 2 capital for regulatory capital purposes for 80% of its original issuance amount at June 30, 2026. The Company has received regulatory approval to redeem this subordinated debt, and anticipates doing so on the date of the scheduled third quarter interest payment.

First Financial had no FHLB long-term advances at June 30, 2026 or December 31, 2025. First Financial's total remaining borrowing capacity from the FHLB was $1.3 billion as of June 30, 2026.

See Note 9 – Borrowings in the Notes to Consolidated Financial Statements for further discussion of First Financial's borrowed funds.

LIQUIDITY

Liquidity management is the process by which First Financial manages the continuing flow of funds necessary to meet its financial commitments on a timely basis and at a reasonable cost. These funding commitments include withdrawals by depositors, credit commitments to borrowers, shareholder dividends, share repurchases, operating expenses and capital expenditures. Liquidity is derived primarily from deposit growth, principal and interest payments on loans and investment securities, maturing loans and investment securities and access to wholesale funding sources.

First Financial’s most stable source of liability-funded liquidity for both long and short-term needs is deposit growth and retention of the core deposit base. In addition to core deposit funding, First Financial also utilizes a variety of other short and long-term funding sources, which include subordinated notes, longer-term advances from the FRB and FHLB and its short-term line of credit.

Both First Financial Bancorp and First Financial Bank received investment grade credit ratings from Kroll Bond Rating Agency, Inc, an independent rating agency. These credit ratings impact the cost and availability of financing to First Financial. A downgrade to these credit ratings could affect First Financial's or the Bank’s abilities to access the credit markets and potentially increase borrowing costs, negatively impacting financial condition and liquidity. Key factors in maintaining high credit ratings include consistent and diverse earnings, strong credit quality and capital ratios, diverse funding sources and disciplined liquidity monitoring procedures. The ratings of First Financial Bancorp and First Financial Bank at June 30, 2026 were as follows:
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First Financial Bancorp First Financial Bank
Senior Unsecured Debt BBB+ A-
Subordinated Debt BBB BBB+
Short-Term Debt K2 K2
Deposit N/A A-
Short-Term Deposit N/A K2

For ease of borrowing execution, First Financial utilizes a blanket collateral agreement with the FHLB. First Financial pledged $7.0 billion of certain eligible residential, commercial and farm real estate loans, home equity lines of credit and government, agency, and commercial mortgage-backed securities as collateral for borrowings from the FHLB as of June 30, 2026.  

First Financial's principal source of asset-funded liquidity is marketable investment securities, particularly those of shorter maturities. AFS securities were 99.0% and 98.5% of the total investment portfolio as of June 30, 2026 and December 31, 2025, respectively. The fair of investment securities classified as AFS totaled $4.7 billion at June 30, 2026 and $4.0 billion at December 31, 2025.  As of June 30, 2026, $1.9 billion of AFS securities were unpledged and there were $1.3 billion of securities available to be sold at breakeven. Additionally, $410.1 million of AFS securities have floating rates and could be sold with minimal losses at June 30, 2026.

HTM securities that are maturing within a short period of time can be an additional source of liquidity. As of June 30, 2026, the Company had $1.2 million of HTM securities maturing within one year. As of December 31, 2025, the Company had $0.7 million of HTM securities maturing within one year.

In total, First Financial expects $765.3 million of cash flows from its investment portfolio in the next 12 months.

First Financial maintains diverse funding sources, including FHLB borrowings, Fed Funds, the Fed discount window, brokered CDs and deposit placement services. At June 30, 2026, First Financial had unused and available overnight wholesale funding sources of $6.3 billion, or 28.2% of total assets, to satisfy the liquidity needs of the Company. Additionally, interest-bearing deposits with other banks totaled $579.2 million at June 30, 2026, with the majority being held at the Federal Reserve. The Company believes these diverse funding sources and related borrowing capacity provide sufficient flexibility to respond to any event that would stress its deposit balances.

First Financial also has a $40.0 million short-term credit facility with an unaffiliated bank that matures in December 2026. This facility has a variable interest rate and provides First Financial additional liquidity, if needed, for various corporate activities including the repurchase of First Financial common stock and the payment of dividends to shareholders. As of both June 30, 2026 and December 31, 2025, First Financial had no outstanding balance. The credit agreement requires First Financial to comply with certain covenants including those related to asset quality and capital levels. First Financial was in compliance with all covenants associated with this facility as of June 30, 2026 and December 31, 2025. This credit facility also required First Financial to pledge as collateral the Bank's common stock where the lender is granted a security interest in this collateral.

Certain restrictions exist regarding the Bank's ability to transfer funds to First Financial in the form of cash dividends, loans, other assets or advances and the approval of the Bank's primary federal regulator is required to pay dividends in excess of regulatory limitations.  Dividends paid to First Financial from the Bank totaled $100.0 million for the first six months of both 2026 and 2025.  As of June 30, 2026, the Bank had retained earnings of $1.1 billion, of which $141.1 million was available for distribution to First Financial without prior regulatory approval. As an additional source of liquidity, First Financial had $205.9 million in cash at the parent company as of June 30, 2026.

Share repurchases also impact First Financial's liquidity. For further information regarding share repurchases, see the Capital section that follows.

Capital expenditures were $23.8 million and $8.7 million for the first six months of 2026 and 2025, respectively. Management believes sufficient liquidity exists to fund its future capital expenditure commitments.

Management is not aware of any other events or regulatory requirements that, if implemented, are likely to have a material effect on First Financial’s liquidity. For a discussion of liquidity risk management, please see the Market Risk section that follows.

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CAPITAL

Risk-based capital. First Financial and its subsidiary, First Financial Bank, are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated under regulatory guidelines. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate regulatory action.

The Board of Governors of the Federal Reserve System approved Basel III in order to strengthen the regulatory capital framework for all banking organizations. Basel III established and defined quantitative measures to ensure capital adequacy. These measures require First Financial to maintain minimum amounts and ratios of Common equity Tier 1 capital, Total and Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets (Leverage ratio).

The Basel III Final Capital Rules include a minimum ratio of Common equity Tier 1 capital to risk-weighted assets of 7.0%, a minimum ratio of Tier 1 capital to risk-weighted assets of 8.5%, a minimum required Total risk-based capital ratio of 10.5% and a minimum leverage ratio of 4.0%. Failure to maintain the required Common equity Tier 1 capital will result in potential restrictions on a bank’s ability to pay dividends, repurchase stock and pay discretionary compensation to its employees.  The capital requirements also provide strict eligibility criteria for regulatory capital instruments and prescribe the methodology for calculating risk-weighted assets with the intention of identifying riskier assets, such as highly volatile commercial real estate and nonaccrual loans.

First Financial's tier 1 capital increased 101 bps to 12.61% at June 30, 2026 compared to 11.60% at December 31, 2025, while the total capital ratio increased to 15.75% at June 30, 2026 from 15.46% at December 31, 2025. The leverage ratio increased to 9.66% at June 30, 2026 from 9.53% at December 31, 2025. The Company’s tangible common equity ratio increased to 8.24% at June 30, 2026 from 7.79% at December 31, 2025, while the Company's tangible book value per share increased to $16.64 at June 30, 2026 from $15.74 at December 31, 2025. The changes to the Company's capital ratios are primarily a result of the Company's strong earnings.

As of June 30, 2026, management believes that First Financial met all capital adequacy requirements to which it was subject.  The Company's most recent regulatory notifications categorized First Financial as "well-capitalized" under the regulatory framework for prompt corrective action. There have been no conditions or events since those notifications that management believes have changed the Company's categorization. Total regulatory capital exceeded the minimum requirement by $863.3 million on a consolidated basis at June 30, 2026. 

The following tables present the actual and required capital amounts and ratios as of June 30, 2026 and December 31, 2025 under the Basel III Final Capital Rules. Capital levels required to be considered "well capitalized" are based upon prompt corrective action regulations, as amended by the Basel III Final Capital Rules.
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Actual Minimum capital
required - Basel III		 PCA requirement to be
considered well
capitalized
(Dollars in thousands) Capital
amount		 Ratio Capital
amount		 Ratio Capital
amount		 Ratio
June 30, 2026
Common equity Tier 1 capital to risk-weighted assets
Consolidated $ 2,029,668  12.33  % $ 1,151,942  7.00  % N/A N/A
First Financial Bank 2,099,860  12.77  % 1,150,730  7.00  % $ 1,068,535  6.50  %
Tier 1 capital to risk-weighted assets
Consolidated 2,075,286  12.61  % 1,398,786  8.50  % N/A N/A
First Financial Bank 2,100,173  12.78  % 1,397,315  8.50  % 1,315,120  8.00  %
Total capital to risk-weighted assets
Consolidated 2,591,169  15.75  % 1,727,913  10.50  % N/A N/A
First Financial Bank 2,310,194  14.05  % 1,726,095  10.50  % 1,643,900  10.00  %
Leverage ratio
Consolidated 2,075,286  9.66  % 859,535  4.00  % N/A N/A
First Financial Bank 2,100,173  9.78  % 858,815  4.00  % 1,073,519  5.00  %

Actual Minimum capital
required - Basel III		 PCA requirement to be
considered well
capitalized
(Dollars in thousands) Capital
amount		 Ratio Capital
amount		 Ratio Capital
amount		 Ratio
December 31, 2025
Common equity tier 1 capital to risk-weighted assets
Consolidated $ 1,798,266  11.32  % $ 1,112,325  7.00  % N/A N/A
First Financial Bank 1,888,695  11.90  % 1,111,184  7.00  % $ 1,031,814  6.50  %
Tier 1 capital to risk-weighted assets
Consolidated 1,843,672  11.60  % 1,350,681  8.50  % N/A N/A
First Financial Bank 1,889,024  11.90  % 1,349,295  8.50  % 1,269,925  8.00  %
Total capital to risk-weighted assets
Consolidated 2,457,377  15.46  % 1,668,488  10.50  % N/A N/A
First Financial Bank 2,092,052  13.18  % 1,666,777  10.50  % 1,587,406  10.00  %
Leverage ratio
Consolidated 1,843,672  9.53  % 774,045  4.00  % N/A N/A
First Financial Bank 1,889,024  9.77  % 773,531  4.00  % 966,914  5.00  %

Shareholder dividends. First Financial paid a dividend of $0.25 per common share on June 16, 2026 to shareholders of record as of June 1, 2026. Additionally, First Financial's Board of Directors authorized a dividend of $0.26 per common share, payable on September 15, 2026 to shareholders of record as of September 1, 2026.

Share repurchases. Effective January 2024, First Financial's Board of Directors approved a stock repurchase plan (the 2024 Repurchase Plan), replacing the 2022 Repurchase Plan which expired in December of 2023. The 2024 Repurchase Plan was in
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effect for two years and authorized the purchase of up to 5,000,000 shares of the Company's common stock. The 2024 Repurchase Plan expired in December 2025. First Financial did not repurchase any shares during 2025, 2024 or 2023.

Effective April, 2026, First Financial's Board of Directors approved a stock repurchase plan (the 2026 Stock Repurchase Plan). The 2026 Stock Repurchase Plan authorizes the purchase of up to 5,000,000 shares of the Company's common stock and will expire on December 31, 2027. First Financial did not repurchase any shares during the second quarter of 2026.

Shareholders' equity. Total shareholders’ equity was $3.0 billion at June 30, 2026 and $2.8 billion at December 31, 2025. The increase from year-end was due to the Company's strong earnings and the acquisition of BankFinancial during the first quarter.

For further detail, see the Consolidated Statements of Changes in Shareholders’ Equity.

ENTERPRISE RISK MANAGEMENT

First Financial manages risk through a structured ERM approach that routinely assesses the overall level of risk, identifies specific risks and evaluates specific actions to mitigate those risks. First Financial continues to enhance its risk management capabilities and has embedded risk awareness into the culture of the Company.  First Financial has identified eleven types of risk that it monitors in its ERM framework. These risks include financial, credit, liquidity, capital, market (including interest rate and capital markets), regulatory compliance and legal, strategic, reputation, operational, information technology, and cybersecurity.

For a full discussion of these risks, see the Enterprise Risk Management section in Management's Discussion and Analysis in First Financial’s 2025 Annual Report on Form 10-K. The sections that follow provide additional discussion related to credit risk and market risk.

CREDIT RISK

Credit risk represents the risk of loss due to failure of a customer or counterparty to meet its financial obligations in accordance with contractual terms. First Financial manages credit risk through its underwriting and ongoing administration practices, periodically reviewing and approving its credit exposures using credit policies and guidelines approved by the Board of Directors. Quarterly independent loan review and CRM coverage assessments are performed, with risk ratings, loan downgrades, and policy exceptions tracked in the CRM scorecard, in alignment with internal policies and regulatory guidance.  

MARKET RISK

Market risk is the risk of loss arising from adverse changes in the fair value of financial instruments due to changes in interest rates, foreign exchange rates and equity prices. The primary sources of market risk for First Financial are interest rate risk and liquidity risk.

Interest rate risk. Interest rate risk is the risk to earnings and the value of the Company's equity arising from changes in market interest rates. Interest rate risk arises in the normal course of business to the extent that there is a divergence between the amount of interest-earning assets and the amount of interest-bearing liabilities that are prepaid, withdrawn, re-priced or mature in specified periods. First Financial seeks to achieve consistent growth in net interest income and equity while managing volatility from shifts in market interest rates, while operating within acceptable limits established for interest rate risk and maintaining adequate levels of funding and liquidity.

Potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in the general level of interest rates. This interest rate risk arises primarily from the Company's normal business activities of gathering deposits and extending loans. Many factors affect our exposure to changes in interest rates, such as general economic and financial conditions, client preferences, historical pricing relationships, and re-pricing characteristics of financial instruments. The Company's earnings can also be affected by the monetary and fiscal policies of the U.S. Government and its agencies, particularly the FRB.

In managing interest rate risk, the Company establishes guidelines and strategies for asset and liability management, including measurement of short and long-term sensitivities to changes in interest rates, through its Balance Sheet Strategies and ALCO, which is comprised of senior officers from the treasury, risk management, credit administration, finance and lending areas. These guidelines and strategies are also reviewed with the Capital Markets Committee of the Board of Directors.

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First Financial monitors its interest rate risk position using income simulation models and EVE sensitivity analyses that capture both short-term and long-term interest rate risk exposure.  Income simulation involves forecasting NII under a variety of interest rate scenarios. EVE is calculated by discounting the cash flows for all balance sheet instruments under different interest rate scenarios. First Financial uses EVE sensitivity analysis to understand the impact of changes in interest rates on long-term cash flows, income and capital.  For both NII and EVE modeling, First Financial leverages instantaneous parallel shocks to evaluate interest rate risk exposure across rising and falling rate scenarios. Additional scenarios evaluated include various non-parallel yield curve twists.

First Financial’s interest rate risk models are based on the contractual and assumed cash flows and repricing characteristics for the Company’s assets, liabilities and off-balance sheet exposure. A number of assumptions are also incorporated into the interest rate risk models, including prepayment behaviors and repricing spreads for assets in addition to attrition and repricing rates for liabilities. Assumptions are primarily derived from behavior studies of the Company’s historical client base and are continually refined. Modeling the sensitivity of NII and EVE to changes in market interest rates is highly dependent on the assumptions incorporated into the modeling process.

Non-maturity deposit modeling is particularly dependent on the assumption for repricing sensitivity known as a beta. Beta is the amount by which First Financial’s interest bearing non-maturity deposit rates will increase when short-term interest rates rise. The Company utilized a weighted average deposit beta of 47% in its interest rate risk modeling as of June 30, 2026. First Financial also includes an assumption for the migration of non-maturity deposit balances into CDs and money markets for all upward rate scenarios beginning with the +100 bps scenario, thereby increasing deposit costs and reducing asset sensitivity.

Presented below is the estimated impact on First Financial’s NII and EVE position as of June 30, 2026, assuming immediate, parallel shifts in interest rates:
% Change from base case for
 immediate parallel changes in rates
-100 bps +100 bps +200 bps
NII-Year 1 (3.37) % 2.31  % 4.13  %
NII-Year 2 (4.96) % 2.81  % 5.07  %
EVE (1.93) % 0.10  % (0.13) %

“Risk-neutral” refers to the absence of a strong bias toward either asset or liability sensitivity. “Asset sensitivity” is when a company's interest-earning assets reprice more quickly or in greater quantities than interest-bearing liabilities. Conversely, “liability sensitivity” is when a company's interest-bearing liabilities reprice more quickly or in greater quantities than interest-earning assets. In a rising interest rate environment, asset sensitivity results in higher net interest income while liability sensitivity results in lower net interest income. In a declining interest rate environment, asset sensitivity results in lower net interest income while liability sensitivity results in higher net interest income.

The projected results for NII and EVE reflect an asset sensitive position. Deposit growth remains concentrated in rate sensitive product types and is modestly decreasing asset sensitivity. Variances in the sensitivity between up and down scenarios are driven by an assumed compositional shift in the funding makeup of the rate scenarios. First Financial continues to manage its balance sheet with a bias toward asset sensitivity while simultaneously balancing the potential earnings impact of this strategy.

First Financial continually evaluates the sensitivity of its interest rate risk position to modeling assumptions. The following table reflects First Financial’s estimated NII sensitivity profile as of June 30, 2026 assuming a 25% increase and a 25% reduction to the beta assumption on managed rate deposits:
Beta sensitivity (% change from base)
+100 BP +200 BP
Beta 25% lower Beta 25% higher Beta 25% lower Beta 25% higher
NII-Year 1 3.81  % 0.81  % 5.66  % 2.60  %
NII-Year 2 4.26  % 1.35  % 6.55  % 3.59  %

See the Net Interest Income section of Management’s Discussion and Analysis for further discussion.

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Liquidity risk. Liquidity risk is the potential that an entity will be unable to meet its obligations as they come due because of an inability to liquidate assets, or obtain funding or that it cannot easily unwind or offset exposures without significantly lowering market prices because of inadequate market depth or market disruptions. Management focuses on maintaining and enhancing liquidity by maximizing collateral-based liquidity availability. First Financial manages liquidity in relation to the trend and stability of deposits; degree and reliance on short-term, volatile sources of funds, including any undue reliance on borrowings or brokered deposits to fund longer-term assets. Management identifies, measures, monitors and manages liquidity while seeking to maintain diversification of funding sources, both on- and off-balance-sheet.

Management, including the Balance Sheet Strategies and ALCO, monitors liquidity through a regular review of asset and liability maturities, funding sources, and loan and deposit forecasts. The Company continually refines and updates its liquidity risk management processes, such as refining the contingency funding plan, meeting frequently, and securing additional contingent borrowing capacity. The Company maintains strategic and contingency liquidity plans to ensure sufficient available funding to satisfy requirements for balance sheet growth, properly manage capital market funding sources and to address unexpected liquidity requirements.

Management closely monitors the usage of excess business deposits, the balance of personal deposits and the broader macroeconomic environment. This monitoring includes consideration of various metrics and establishment of internal thresholds related to the composition of the balance sheet, borrowings and liquidity. Balance sheet composition metrics reviewed include the loan to deposit, loans to total assets and core deposits to total assets ratios among others. Borrowing composition monitoring includes, but is not limited to, consideration of borrowing capacity as a percentage of total assets, brokered CDs as a percentage of total assets and Fed funds lines to total assets. Liquidity composition ratios include remaining liquidity to total assets, and tier 1 liquidity sources as a percentage of both 30 and 90 day maturing liabilities, among others. As of June 30, 2026, all metrics reviewed were within the Company's policy limits.

The Company utilizes its contingency funding plan to assess the ability of the Company to successfully navigate significant liquidity events. The contingency funding plan considers various sources of liquidity, including loan and deposit growth rates, decreasing access to secured and unsecured wholesale funding sources and declining financial performance, to determine First Financial’s ability to meet liquidity requirements over certain time horizons and in certain stress scenarios. The contingency funding plan also includes the process for creating a CFTF. During a liquidity crisis, the CFTF, via the Balance Sheet Strategies and ALCO, would assess and identify key mitigation strategies needed for addressing a liquidity crisis. These mitigation strategies would be assigned to appropriate personnel for implementation with established targets and reporting requirements. Typical mitigation strategies would include, but not be limited to, curtailing loan originations, pricing options for stabilizing/growing deposits, options for expanding wholesale funding sources and asset liquidation options.

For further discussion of the Company's liquidity, please see the Liquidity section within Management's Discussion and Analysis.

CRITICAL ACCOUNTING ESTIMATES

First Financial’s Consolidated Financial Statements are prepared based on the application of the Company's accounting policies.  These policies require the reliance on estimates and assumptions which are inherently subjective and may be susceptible to significant change.  Changes in underlying factors, assumptions or estimates could have a material impact on First Financial’s future financial condition and results of operations. In management’s opinion, some of these estimates and assumptions have a more significant impact than others on First Financial’s financial reporting.  For First Financial, these estimates and assumptions include accounting for the ACL - loans and leases, goodwill and income taxes.  The estimates and assumptions are discussed in detail in the Critical Accounting Estimates section of Management’s Discussion and Analysis in First Financial’s 2025 Annual Report.  There were no changes to the accounting estimates and assumptions for the ACL, goodwill or income taxes during the six months ended June 30, 2026.

ACCOUNTING AND REGULATORY MATTERS

Note 2 - Recently Adopted and Issued Accounting Standards in the Notes to Consolidated Financial Statements discusses new accounting standards adopted by First Financial in 2026 and 2025, as well as the expected impact of accounting standards issued but not yet adopted.  To the extent the adoption of new accounting standards materially affects financial condition, results of operations or liquidity, the impacts are discussed in the applicable Notes to the Consolidated Financial Statements and sections of Management’s Discussion and Analysis.

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FORWARD-LOOKING STATEMENTS

Certain statements contained in this quarterly report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “may,” “will,” “anticipates,” “could,” “should,” “would,” “believes,” “contemplates,” “likely,” “expects,” “estimates,” “continues,” “plans,” “projects” and “intends,” as well as words of similar meaning, other similar expressions or statements concerning opinions or judgments of the Company about future events 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. Although we believe that our expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of our existing business and operations, there can be no assurance that actual results will not differ materially from any projected future results expressed or implied by such forward-looking statements. 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, among others, the following:

•economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business;
•future credit quality and performance, including, but not limited to, 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, but not limited to, 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, but not limited to, the agreement to acquire Finward Bancorp, as reported by the Company on our Form 8-K filed on July 21, 2026 (the “Finward Transaction”), and the costs or difficulties related to the consummation of mergers and acquisitions and the integration of acquired companies;
•costs related to the pursuit of mergers and acquisitions, including, but not limited to, the agreement to acquire Finward Bancorp (the “Merger Agreement”), as announced by the Company on our Form 8-K filed on July 21, 2026;
•the occurrence of any event, change or other circumstances, including, but not limited to, the ability to obtain regulatory approvals or shareholder approvals, the result of which could cause the parties not to consummate the Finward Transaction;
•the possibility that such costs or difficulties related to the mergers and acquisitions are greater than anticipated;
•the possibility that any of the anticipated benefits of the Company’s merger and acquisition activities, including, but not limited to, the transaction activities contemplated by the Finward Transaction, will not be realized or will not be realized within the expected time period;
•risks relating to the potential dilutive effect of shares of the Company’s common stock proposed to be issued in the Finward Transaction;
•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, but not limited to, 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;
•our capital and liquidity requirements (including, but not limited to, 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, but not limited to, the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
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•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, but not limited to, 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;
•our ability to develop and execute effective business plans and strategies.

These factors are not necessarily all of the factors that could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm the results of the Company. 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, 2025, 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 quarterly report are made as of the date hereof and are based on information available at the time of the filing. The Company does not assume or undertake any obligation to update or clarify any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information contained in “Item 2-Management’s Discussion and Analysis of Financial Condition and Results of Operations—Market Risk” of this report is incorporated herein by reference in response to this item.

ITEM 4.   CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
Management is responsible for establishing and maintaining effective disclosure controls and procedures, as defined under
Rule 13a-15 of the Securities Exchange Act of 1934, that are designed to cause the material information required to be disclosed by First Financial in the reports it files or submits under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported to the extent applicable within the time periods required by the Securities and Exchange Commission’s rules and forms. In designing and evaluating the disclosure controls and procedures, management recognized that a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.

As of the end of the period covered by this report, First Financial performed an evaluation under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting
There were no changes in First Financial's internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, First Financial's internal control over financial reporting.


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PART II-OTHER INFORMATION

Item 1.Legal Proceedings.

There have been no material changes to the disclosure in response to "Part I - Item 3. Legal Proceedings" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Item 1A.Risk Factors.

There are a number of factors that may adversely affect the Company's business, financial results, or stock price. See "Risk Factors" as disclosed in response to "Item 1A. to Part I - Risk Factors" of Form 10-K for the year ended December 31, 2025.

There have been no material changes from the risk factors previously disclosed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
In December 2023 the Board authorized a two-year stock repurchase plan effective January 1, 2024, that provided for the purchase of up to 5,000,000 shares of the common stock of the Company (the “2024 Stock Repurchase Plan”). The 2024 Stock Repurchase Plan expired on December 31, 2025. Effective April, 2026, First Financial's Board of Directors approved a stock repurchase plan (the 2026 Stock Repurchase Plan). The 2026 Stock Repurchase Plan authorizes the purchase of up to 5,000,000 shares of the Company's common stock and will expire on December 31, 2027. First Financial did not repurchase any shares during the second quarter of 2026.

Item 5.    Other Information.

During the three months ended June 30, 2026, none of the Company's officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”



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Item 6.         Exhibits
(a) Exhibits:
Exhibit Number
2.1
3.1
3.2
4.1
10.1
10.2
31.1
31.2
32.1
32.2
99.1
101 Interactive data files pursuant to Rule 405 of Regulation S-T.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
First Financial will furnish, without charge, to a security holder upon request a copy of the documents and will furnish any other Exhibit upon payment of reproduction costs.  Unless as otherwise noted, documents incorporated by reference involve File No. 001-34762.

* Compensatory plan or arrangement
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FIRST FINANCIAL BANCORP.
(Registrant)
/s/ James M. Anderson /s/ Scott T. Crawley
James M. Anderson Scott T. Crawley
Executive Vice President and Chief Financial Officer Senior Vice President and Controller
(Principal Accounting Officer)
Date 8/6/2026 Date 8/6/2026

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EX-31.1 2 q22026630ex311.htm EX-31.1 Document

EXHIBIT 31.1

CERTIFICATIONS

I, Archie M. Brown, President and Chief Executive Officer of First Financial Bancorp., certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Financial Bancorp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:  8/6/2026 /s/ Archie M. Brown
Archie M. Brown
President and Chief Executive Officer

EX-31.2 3 q22026630ex312.htm EX-31.2 Document

EXHIBIT 31.2

CERTIFICATIONS

I, James M. Anderson, Executive Vice President and Chief Financial Officer of First Financial Bancorp., certify that:

1.I have reviewed this quarterly report on Form 10-Q of First Financial Bancorp.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date:  8/6/2026 /s/ James M. Anderson
James M. Anderson
Executive Vice President and Chief Financial Officer


EX-32.1 4 q22026630ex321.htm EX-32.1 Document

EXHIBIT 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORT BY CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarterly period ended June 30, 2026, of First Financial Bancorp. (the “Company”), as filed with the Securities and Exchange Commission on August 6, 2026 (the “Report”), I, Archie M. Brown, President and Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Archie M. Brown
Archie M. Brown
President and Chief Executive Officer
August 6, 2026
EX-32.2 5 q22026630ex322.htm EX-32.2 Document

EXHIBIT 32.2

CERTIFICATION OF PERIODIC FINANCIAL REPORT BY CHIEF FINANCIAL
OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Form 10-Q for the quarterly period ended June 30, 2026, of First Financial Bancorp. (the “Company”), as filed with the Securities and Exchange Commission on August 6, 2026 (the “Report”), I, James M. Anderson, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James M. Anderson
James M. Anderson
Executive Vice President and Chief Financial Officer
August 6, 2026