FIRST FINANCIAL BANCORP /OH/ Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>First Financial Bancorp filed its 2023 10-K, detailing financial performance and segment data.</b>

AI Summary

FIRST FINANCIAL BANCORP /OH/ (FFBC) filed a Annual Report (10-K) with the SEC on February 22, 2024. Filed a 10-K report for the fiscal year ended December 31, 2023. The company is incorporated in Ohio (OH) and operates under SIC code 6021 (National Commercial Banks). Headquartered in Cincinnati, OH, with a business phone number of 877-322-9530. The filing includes data for the fiscal years 2023, 2022, and 2021. Specific portfolio segments include Commercial, Finance Leases, Construction Loans, Commercial Real Estate, Residential, Home Equity, and Consumer.

Why It Matters

For investors and stakeholders tracking FIRST FINANCIAL BANCORP /OH/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of First Financial Bancorp's financial health and operational performance for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed segment reporting allows stakeholders to understand the performance drivers within different lending areas, such as commercial, residential, and consumer portfolios, aiding in strategic investment decisions.

Risk Assessment

Risk Level: medium — FIRST FINANCIAL BANCORP /OH/ shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive report but does not inherently signal immediate positive or negative trends without further analysis of the detailed financial statements and disclosures.

Analyst Insight

Review the detailed financial statements within the 10-K to understand revenue streams, net income, and debt levels for a comprehensive assessment of First Financial Bancorp's financial health.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 153 — Public Document Count (Number of documents in the filing)
• 001-34762 — SEC File Number (SEC filing identifier)

Key Players & Entities

• FIRST FINANCIAL BANCORP /OH/ (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-22 (date) — Filed as of date
• 6021 (industry_code) — Standard Industrial Classification
• OH (location) — State of incorporation and business address
• CINCINNATI (location) — City in business address
• 8773229530 (phone_number) — Business phone
• FFBC (ticker) — Ticker symbol

FAQ

Industry Context

First Financial Bancorp operates within the National Commercial Banks industry, characterized by providing a wide range of financial services to individuals and businesses.

Regulatory Implications

As a commercial bank, First Financial Bancorp is subject to regulations from the SEC and other financial authorities governing its operations, reporting, and capital requirements.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023, to assess revenue, net income, and profitability trends.
2. Examine the breakdown of loan portfolios (Commercial, Residential, Consumer, etc.) to understand the company's lending strategy and associated risks.
3. Review any disclosed risk factors and management's discussion and analysis to identify potential challenges and strategic responses.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the latest comprehensive financial overview.

Key Financial Figures

• $127.1 million — ggregate consideration of approximately $127.1 million consisting of $113.5 million in cash an
• $113.5 million — roximately $127.1 million consisting of $113.5 million in cash and $10.0 million of First Fina
• $10.0 million — onsisting of $113.5 million in cash and $10.0 million of First Financial common stock, and a
• $3.6 million — of First Financial common stock, and a $3.6 million earn-out payment. Market and Competit

Filing Documents

• ffbc-20231231.htm (10-K) — 794KB
• ffbc-20231231_d2.htm (EX-13) — 4779KB
• a202310-kexhibit21.htm (EX-21) — 17KB
• a202310-kexhibit23.htm (EX-23) — 5KB
• q4202310-kexh311.htm (EX-31.1) — 10KB
• q4202310-kexh312.htm (EX-31.2) — 10KB
• q4202310-kexh321.htm (EX-32.1) — 4KB
• q4202310-kexh322.htm (EX-32.2) — 4KB
• ex-97recoupmentofcompensat.htm (EX-97) — 38KB
• ffbc-20231231_g1.jpg (GRAPHIC) — 63KB
• ffbc-20231231_g2.jpg (GRAPHIC) — 16KB
• ffbc-20231231_g3.jpg (GRAPHIC) — 86KB
• image_1a.jpg (GRAPHIC) — 116KB
• image_2a.jpg (GRAPHIC) — 38KB
• 0000708955-24-000018.txt (&nbsp;) — 28653KB
• ffbc-20231231.xsd (EX-101.SCH) — 96KB
• ffbc-20231231_cal.xml (EX-101.CAL) — 198KB
• ffbc-20231231_def.xml (EX-101.DEF) — 810KB
• ffbc-20231231_lab.xml (EX-101.LAB) — 1614KB
• ffbc-20231231_pre.xml (EX-101.PRE) — 1168KB
• ffbc-20231231_htm.xml (XML) — 6265KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 12 Item 1B Unresolved Staff Comments 24 Item 1C Cybersecurity 24 Item 2

Properties

Properties 25 Item 3

Legal Proceedings

Legal Proceedings 25 Item 4 Mine Safety Disclosures 25 Supplemental Item - Executive Officers of the Registrant 26 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6

Selected Financial Data

Selected Financial Data 28 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 29 Item 9A

Controls and Procedures

Controls and Procedures 29 Item 9B Other Information 29 Part III Item 10 Directors, Executive Officers, and Corporate Governance 30 Item 11

Executive Compensation

Executive Compensation 30 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 30 Item 13 Certain Relationships and Related Transactions and Director Independence 30 Item 14 Principal Accounting Fees and Services 30 Part IV Item 15 Exhibits, Financial Statement Schedules 31 Item 16 Form 10-K Summary 35

Signatures

Signatures 36 TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K and the documents incorporated by reference that are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements specifically identified as forward-looking statements within this Annual Report on Form 10-K. In addition, certain statements in future filings by us with the SEC, in press releases, and in oral and written statements made by or with our approval, which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include: (i) projections of income or expense, earnings per share, the payment or non-payment of dividends, capital structure and other financial items; (ii) statements of our plans and objectives of our management or Board of Directors, including those relating to products or services or potential acquisition activity; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "likely," "expected," "estimated," "intends," and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the forward-looking statements. We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Fo

Business

Item 1. Business. First Financial Bancorp. First Financial Bancorp., an Ohio corporation (First Financial or the Company), was formed in 1982. First Financial is a mid-sized, regional bank holding company headquartered in Cincinnati, Ohio, which has elected to become a financial holding company. References in this Form 10-K to "we," "us" or "our" refer, as the context requires, to First Financial and its subsidiaries, collectively or to First Financial as the holding company. First Financial engages in the business of commercial banking and other banking and banking-related activities through its wholly-owned subsidiary, First Financial Bank (the Bank), which was founded in 1863. Effective December 30, 2016, the Bank converted its charter to an Ohio state chartered bank from a nationally chartered bank. The range of banking services provided by First Financial to individuals and businesses includes commercial lending, real estate lending and consumer financing. Real estate loans are loans secured by a mortgage lien on the real property of the borrower, which may either be residential property (one to four family residential housing units) or commercial property (owner-occupied and/or investor income producing real estate, such as apartments, shopping centers, or office buildings). Risk of loss related to lending activities is managed by adherence to standard loan policies that establish certain levels of performance prior to the extension of a loan to the borrower. In addition, First Financial offers deposit products that include interest-bearing and noninterest-bearing accounts, time deposits and cash management services for commercial customers. A full range of trust and wealth management services is also provided through First Financial's Wealth Management line of business. Commercial and industrial loans are made to all types of businesses for a variety of purposes including, but not limited to, inventory, receivables and equipment. First Financial wor

View Full Filing

View this 10-K filing on SEC EDGAR