FFBCMEDIUM SIGNALFINANCIAL10-K

First Financial showed solid growth across key metrics with a notable increase in debt financing supporting business expansion.

The company demonstrates healthy organic growth with total assets expanding 13.8% and deposits growing 14.6%, indicating successful market share gains and customer acquisition. The 47.9% increase in total debt suggests strategic borrowing to fund growth initiatives, though investors should monitor whether this leverage expansion generates appropriate returns.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

First Financial delivered broad-based growth with total assets reaching $21.1B (+13.8%) and deposits expanding to $16.4B (+14.6%), demonstrating strong organic expansion. Net income grew a solid 11.7% to $255.6M while operating cash flow increased 28.9% to $337.9M, indicating healthy operational performance. The company meaningfully increased its debt position to $514.1M (+47.9%), likely to support continued growth investments, while maintaining a balanced capital structure with stockholders' equity growing proportionally.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+47.9%
$347.5M→$514.1M

Debt increased 47.9% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+28.9%
$262.2M→$337.9M

Operating cash flow grew 28.9% — strong conversion of earnings to cash, healthy business fundamentals.

Total Deposits
Balance Sheet
+14.6%
$14.3B→$16.4B

Deposits grew 14.6% — expanding customer base or increased trust in the institution.

Total Assets
Balance Sheet
+13.8%
$18.6B→$21.1B

Asset base grew 13.8% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+13.8%
$16.1B→$18.4B

Liabilities increased 13.8% — monitor debt-to-equity ratio and interest coverage.

Stockholders Equity
Balance Sheet
+13.6%
$2.4B→$2.8B

Equity base grew 13.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+11.7%
$228.8M→$255.6M

Net income grew 11.7% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
(The exclusion from such amount of the market value of the shares owned by any person shall not be deemed an admission by the registrant that such person is an affiliate of the registrant.) As of February 18, 2026, there were issued and outstanding 104,586,093 common shares of the registrant.
Consumer loans are primarily loans made to individuals, which may be secured or unsecured.
Human Capital As of December 31, 2025, First Financial had approximately 2,199 employees located primarily in the states of Ohio, Indiana, Kentucky and Illinois.
First Financial is committed to investing in our employees, recognizing that employee wellbeing is integral to our organizational culture and long-term success.
The Company s approach to wellbeing is multifaceted, supporting employees and their families across five core areas: physical, financial, social, community, and purpose.
Our comprehensive Wellbeing Program is designed to promote holistic health and engagement.
The program offers a variety of incentives, including health savings account contributions, paid time off, and reimbursements, to encourage voluntary participation in activities such as annual physical exams, health-risk assessments, educational webinars, community service, financial assistance initiatives, and Company-sponsored fitness activities.
Additionally, the program provides access to life coaching, mental health resources, and stress management support.
In 2025, approximately 60% of eligible employees qualified for benefits under the Wellbeing Program, underscoring our commitment to fostering a healthy, engaged workforce.
The Company views employee engagement as a foundational element in achieving strategic objectives and maintaining a high-performance culture.
REMOVED
(The exclusion from such amount of the market value of the shares owned by any person shall not be deemed an admission by the registrant that such person is an affiliate of the registrant.) As of February 19, 2025, there were issued and outstanding 95,423,752 common shares of the registrant.
Human Capital As of December 31, 2024, First Financial had approximately 2,090 employees located primarily in the states of Ohio, Indiana, Kentucky, and Illinois.
Investing in our people is a key part of our culture at First Financial and our programs provide tools for our employees to invest in their health and wellbeing.
The Company firmly believes that wellbeing is directly linked to engagement and engagement is a key pillar in our overall success.
First Financial invests in employees and their families through various programs.
One such program is the Wellbeing Program, designed to support employees and their families in a holistic way, focusing on the five core areas of wellbeing: physical, financial, social, community and purpose.
The program provides employees with incentives (such as health savings account contributions, paid time off and reimbursements) in exchange for voluntary participation in a range of activities, including an annual physical, health-risk assessment, webinar participation, community service, financial assistance programs and enrollment in Company sponsored fitness activities.
In 2024, 59% of eligible employees qualified for benefits under the Wellbeing Program.
First Financial believes that talented and engaged employees are critical for the success of the Company, its subsidiaries, its associates and the clients and communities it serves.
First Financial launched its engagement strategy in 2020, partnering with a third party to create a culture of highly engaged employees by measuring employee engagement, providing manager training and coaching and developing action plans to deepen engagement.
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