First Financial Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Financial Bancorp filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

FIRST FINANCIAL BANCORP /OH/ (FFBC) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company name is FIRST FINANCIAL BANCORP /OH/. SEC file number is 001-34762. Incorporated in Ohio (OH). Business and mailing address is 255 EAST FIFTH STREET, SUITE 800, CINCINNATI, OH 45202.

Why It Matters

For investors and stakeholders tracking FIRST FINANCIAL BANCORP /OH/, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's current financial health and make informed investment decisions.

Risk Assessment

Risk Level: low — FIRST FINANCIAL BANCORP /OH/ shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Financial Bancorp's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed Period of Report)
• 2024-05-09 — Filing Date (Filed as of date)
• 0000708955 — Central Index Key (Filer's Central Index Key)
• 001-34762 — SEC File Number (SEC File Number)

Key Players & Entities

• FIRST FINANCIAL BANCORP /OH/ (company) — Filer name
• 0000708955 (company) — Central Index Key
• 001-34762 (company) — SEC File Number
• 255 EAST FIFTH STREET (company) — Business Address
• CINCINNATI (company) — Business Address City
• OH (company) — Business Address State
• 45202 (company) — Business Address Zip
• 2024-03-31 (date) — Conformed Period of Report

FAQ

Industry Context

First Financial Bancorp operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

As a publicly traded company, First Financial Bancorp is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue and net income trends.
3. Examine the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarter End — Period covered by the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, reporting on the first quarter.

Key Financial Figures

• $0.1 million — tandards update Insignificant Less than $0.1 million Bank First Financial Bank IRLC Interes

Filing Documents

• ffbc-20240331.htm (10-Q) — 3875KB
• q12024331ex311.htm (EX-31.1) — 10KB
• q12024331ex312.htm (EX-31.2) — 10KB
• q12024331ex321.htm (EX-32.1) — 4KB
• q12024330ex322.htm (EX-32.2) — 4KB
• 0000708955-24-000028.txt (&nbsp;) — 19921KB
• ffbc-20240331.xsd (EX-101.SCH) — 69KB
• ffbc-20240331_cal.xml (EX-101.CAL) — 148KB
• ffbc-20240331_def.xml (EX-101.DEF) — 522KB
• ffbc-20240331_lab.xml (EX-101.LAB) — 985KB
• ffbc-20240331_pre.xml (EX-101.PRE) — 801KB
• ffbc-20240331_htm.xml (XML) — 5010KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Consolidated Balance Sheets - March 3 1 , 202 4 (unaudited) and December 31, 202 3 1 Consolidated Statements of Income - Three and Nine Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) - Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 3 Consolidated Statements of Changes in Shareholders' Equity - Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Consolidated Statements of Cash Flows - Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 5

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7

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

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 43

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 66

- Controls and Procedures

Item 4 - Controls and Procedures 66

- OTHER INFORMATION

Part II - OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 67

- Risk Factors

Item 1A - Risk Factors 67

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 67

- Other Information

Item 5 - Other Information 67

- Exhibits

Item 6 - Exhibits 68

Signatures

Signatures 69 Table of Content 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 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 Allowance Collectively or individually, Allowance for credit losses 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 LGD Loss given default BGF or Bannockburn Bannockburn Global Forex, LLC LIHTC Low income housing tax credit Bp/bps Basis point(s) MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations BOLI Bank owned life insurance MSFG MainSource Financial Group, Inc. CARES Act Coronavirus Aid, Relief, and Economic Security Act N/A Not applicable CDs Certificates of deposit NII Net interest income C&I Commercial & industrial NMTC New market tax credit CRE Commercial real estate OREO Other real estate owned Company First Financial Bancorp. PAM Proportional amortization method CFTF Contingency Funding Task Force PCA Prompt corrective action DDA Demand deposit account 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 F

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM I - FINANCIAL STATEMENTS FIRST FINANCIAL BANCORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) March 31, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 199,407 $ 213,059 Interest-bearing deposits with other banks 751,290 792,960 Investment securities available-for-sale, at fair value (amortized cost $ 3,221,380 at March 31, 2024 and $ 3,382,604 at December 31, 2023) 2,850,667 3,021,126 Investment securities held-to-maturity (fair value $ 70,850 at March 31, 2024 and $ 71,688 at December 31, 2023) 79,542 80,321 Other investments 125,548 129,945 Loans held for sale, at fair value 11,534 9,213 Loans and leases Commercial & industrial 3,591,428 3,501,221 Lease financing 492,862 474,817 Construction real estate 641,596 564,832 Commercial real estate 4,145,969 4,080,939 Residential real estate 1,344,677 1,333,674 Home equity 773,811 758,676 Installment 153,838 159,078 Credit card 60,939 59,939 Total loans and leases 11,205,120 10,933,176 Less: Allowance for credit losses ( 144,274 ) ( 141,433 ) Net loans and leases 11,060,846 10,791,743 Premises and equipment 198,428 194,740 Operating leases 161,473 153,214 Goodwill 1,007,656 1,005,868 Other intangibles 85,603 83,949 Accrued interest and other assets 1,067,244 1,056,762 Total assets $ 17,599,238 $ 17,532,900 Liabilities Deposits Interest-bearing demand $ 2,916,518 $ 2,993,219 Savings 4,467,894 4,331,228 Time 2,896,860 2,718,390 Total interest-bearing deposits 10,281,272 10,042,837 Noninterest-bearing 3,175,876 3,317,960 Total deposits 13,457,148 13,360,797 FHLB short-term borrowings 700,000 800,000 Other short-term borrowings 162,145 137,814 Total short-term borrowings 862,145 937,814 Long-term debt 343,236 344,115 Total borrowed funds 1,205,381 1,281,929 Accrued interest and other liabilities 649,706 622,200 Total liabilities 15,312,235 15,264,926 Shareholders' equity Common stock - no pa

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (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 effect on net earnings. These interim 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, 2023. 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 are not necessarily 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, 2023 has been derived from the audited financial statements in the Company's 2023 Form 10-K. 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 estimate

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