THFFMEDIUM SIGNALFINANCIAL10-K

First Financial Bancorp (THFF) delivered meaningfully stronger financial performance in 2025, with net interest income growing 15.4% and net income substantially higher year-over-year, alongside improved capital ratios and an expanded branch and loan production office footprint.

The improvement in net interest income to $305.6M (+15.4%) reflects a healthier core banking spread, while the substantially higher net income signals a significant positive inflection in profitability that investors should monitor for sustainability. Capital ratios strengthened notably — CET1 rose from 12.43% to 13.21% and the leverage ratio improved from 10.38% to 11.25% — indicating a well-capitalized balance sheet with increased buffer above regulatory minimums. The expansion from seven to eight loan production offices and the addition of language around CFPB authority suggests management is actively growing its geographic reach while remaining attentive to the evolving regulatory landscape.

Comparing 2026-03-04 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

Net interest income grew 15.4% to $305.6M, reflecting improved earning asset yields or mix, while net income came in substantially higher year-over-year — a level of improvement that warrants scrutiny for one-time items or normalization in future periods. Operating cash flow increased notably to $90.4M (+49.8%), approaching but not exceeding the Medium-signal threshold, while capital expenditures declined meaningfully to $4.0M, suggesting disciplined investment spending. Stockholders' equity expanded 18.5% to $650.9M and dividends paid rose modestly to $24.2M, together painting a picture of a bank building capital strength while incrementally returning more cash to shareholders.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+67.5%
$47.3M→$79.2M

Net income grew 67.5% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+49.8%
$60.4M→$90.4M

Operating cash flow surged 49.8% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
-34.8%
$6.1M→$4.0M

Capex reduced 34.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
+18.5%
$549.0M→$650.9M

Equity base grew 18.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+15.4%
$264.7M→$305.6M

Net interest income grew 15.4% — benefiting from rate environment or loan book expansion.

Dividends Paid
Cash Flow
+13.7%
$21.2M→$24.2M

Dividend payments increased 13.7% — management confidence in sustained cash generation.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-05
ADDED
At the close of business in 2025 the Corporation and its subsidiaries had 946 full-time equivalent employees.
It operates six full-service banking branches within the county.
In addition to the six branches in Vigo County, the Bank operates fifteen other full-service banking branches in Indiana; twenty-four branches in Illinois; sixteen branches in Kentucky; fifteen branches in Tennessee; and three branches in Georgia.; There are eight loan production offices, four in Indiana; and four in Tennessee.
COMPETITION First Financial Bank faces competition from other financial institutions.
The CFPB has the authority to investigate possible violations of federal consumer financial law, hold hearings and commence civil litigation.
Certain regulatory capital ratios for the Corporation as of December 31, 2025, are shown below: 13.21% CET1 to risk-weighted assets; 13.21% Tier 1 capital to risk-weighted assets; 14.22% Total capital to risk-weighted assets; and 11.25% leverage ratio.
Certain regulatory capital ratios for the Bank as of December 31, 2025, are shown below: 13.11% CET1 to risk-weighted assets; 13.11% Tier 1 capital to risk-weighted assets; 14.14% Total capital to risk-weighted assets; and 10.82% leverage ratio.
The Bank paid a total FDIC assessment of $2.9 million in 2025.
The Bank is also prohibited from engaging in certain transactions with certain affiliates and insiders unless the transactions are on terms substantially the same, or at least as favorable to such institution or its subsidiaries, as those prevailing at the time for comparable transactions with nonaffiliated companies.
The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL s effect on regulatory capital, relative to the incurred loss methodology s effect on regulatory capital, followed by a three-year transition period (five-year transition option).
REMOVED
At the close of business in 2024 the Corporation and its subsidiaries had 937 full-time equivalent employees.
There are seven loan production offices, one in Allen County, Indiana; one in Hamilton County, Indiana; one in Monroe County, Indiana; one in Vanderburgh County, Indiana; one in Hamilton County, Tennessee; one in Rutherford County, Tn; and one in Williamson County, Tn.
REGULATION AND SUPERVISION The Corporation and its subsidiaries operate in highly regulated environments and are subject to supervision and regulation by several governmental regulatory agencies, including the Board of Governors of the Federal Reserve System (the Federal Reserve ), the Office of the Comptroller of the Currency (the OCC ), and the Federal Deposit Insurance Corporation (the FDIC ).
BASEL III In July 2013, the federal banking agencies published the Basel III Capital Rules establishing a new comprehensive capital framework for U.S.
Certain regulatory capital ratios for the Corporation as of December 31, 2024, are shown below: 12.43% CET1 to risk-weighted assets; 12.43% Tier 1 capital to risk-weighted assets; 13.46% Total capital to risk-weighted assets; and 10.38% leverage ratio.
Certain regulatory capital ratios for the Bank as of December 31, 2024, are shown below: 12.76% CET1 to risk-weighted assets; 12.76% Tier 1 capital to risk-weighted assets; 13.81% Total capital to risk-weighted assets; and 10.26% leverage ratio.
Bank holding companies are prohibited, with certain limited exceptions, from engaging in activities other than those of banking or of managing or controlling banks.
The Bank paid a total FDIC assessment of $2.8 million in 2024.
Extensions of credit by the Bank to its executive officers, directors, certain principal shareholders, and their related interests must: be made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with third parties; and not involve more than the normal risk of repayment or present other unfavorable features.
In addition, these regulators must establish regulations or guidelines requiring enhanced disclosure to regulators of incentive-based compensation arrangements.
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