First Financial Bancorp Q3 2024: $16.4B Assets

TL;DR

FFBC Q3 assets hit $16.4B. Commercial, leases, construction, CRE, and residential loans are key.

AI Summary

First Financial Bancorp reported its Q3 2024 results, with total assets reaching $16.4 billion as of September 30, 2024. The company's filing covers the period from January 1, 2024, to September 30, 2024. Key segments include Commercial Portfolio, Finance Leases, Construction Loans, Commercial Real Estate, and Residential Portfolio.

Why It Matters

This filing provides insight into the financial health and asset composition of First Financial Bancorp, a key indicator for investors and stakeholders in the banking sector.

Risk Assessment

Risk Level: medium — The filing details financial performance and asset breakdown, which are crucial for assessing the bank's stability and future prospects.

Key Numbers

• $16.4B — Total Assets (As of September 30, 2024)
• 2024-09-30 — Reporting Period End (End of Q3 2024)
• 2024-01-01 — Reporting Period Start (Start of Q3 2024)

Key Players & Entities

• FIRST FINANCIAL BANCORP /OH/ (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241107 (date) — Filing Date
• CINCINNATI (location) — Company Headquarters City
• OH (location) — Company Headquarters State

FAQ

Key Financial Figures

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

Filing Documents

• ffbc-20240930.htm (10-Q) — 4504KB
• q32024930ex311.htm (EX-31.1) — 10KB
• q32024930ex312.htm (EX-31.2) — 10KB
• q32024930ex321.htm (EX-32.1) — 4KB
• q32024930ex322.htm (EX-32.2) — 4KB
• 0000708955-24-000063.txt ( ) — 22221KB
• ffbc-20240930.xsd (EX-101.SCH) — 69KB
• ffbc-20240930_cal.xml (EX-101.CAL) — 145KB
• ffbc-20240930_def.xml (EX-101.DEF) — 524KB
• ffbc-20240930_lab.xml (EX-101.LAB) — 995KB
• ffbc-20240930_pre.xml (EX-101.PRE) — 812KB
• ffbc-20240930_htm.xml (XML) — 5786KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

- Financial Statements

Item 1 - Financial Statements Consolidated Balance Sheets - Se ptember 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Income - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income (Loss) - Three and N ine Months Ended September 30, 2024 and 2023 (unaudited) 3 Consolidated Statements of Changes in Shareholders' Equity - Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8

- 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 49

- Quantitative and Qualitative Disclosures about Market Risk

Item 3 - Quantitative and Qualitative Disclosures about Market Risk 72

- Controls and Procedures

Item 4 - Controls and Procedures 72

- OTHER INFORMATION

Part II - OTHER INFORMATION

- Legal Proceedings

Item 1 - Legal Proceedings 73

- Risk Factors

Item 1A - Risk Factors 73

- Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 73

- Other Information

Item 5 - Other Information 73

- Exhibits

Item 6 - Exhibits 74

Signatures

Signatures 75 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 Form 10-K First Financial Bancorp. Annual Report on Form 10-K ACL or Allowance Allowance for credit losses FRB Federal Reserve Bank AFS Available-for-sale FTE Fully tax equivalent Agile Agile Premium Finance 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 Bannockburn Bannockburn Global Forex 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. CDs Certificates of deposit N/A Not applicable C&I Commercial & industrial NII Net interest income CRE Commercial real estate NMTC New market tax credit Company First Financial Bancorp. OREO Other real estate owned CFTF Contingency Funding Task Force PAM Proportional amortization method DDA Demand deposit account PCA Prompt corrective action Dodd-Frank Dodd–Frank Wall Street Reform and Consumer Protection Act PCD Purchased credit deteriorated ERM Enterprise risk management R&S Reasonable and supportable EVE Economic value of equity ROU Right-of-use Fair Value Topic FASB ASC Topic 820, Fair Value Measurement SEC U.S. Securities and Exchange Commission FASB Financial Accounting Standards Board Summit Summit Funding Group, Inc. FDIC Federal Deposit Insurance Cor

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM I - FINANCIAL STATEMENTS FIRST FINANCIAL BANCORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands) September 30, 2024 December 31, 2023 (Unaudited) Assets Cash and due from banks $ 190,618 $ 213,059 Interest-bearing deposits with other banks 660,576 792,960 Investment securities available-for-sale, at fair value (amortized cost $ 3,418,334 at September 30, 2024 and $ 3,382,604 at December 31, 2023) 3,157,265 3,021,126 Investment securities held-to-maturity (fair value $ 71,126 at September 30, 2024 and $ 71,688 at December 31, 2023) 77,985 80,321 Other investments 120,318 129,945 Loans held for sale, at fair value 12,685 9,213 Loans and leases Commercial & industrial 3,678,546 3,501,221 Lease financing 587,415 474,817 Construction real estate 802,264 564,832 Commercial real estate 4,034,820 4,080,939 Residential real estate 1,422,186 1,333,674 Home equity 825,431 758,676 Installment 141,270 159,078 Credit card 61,140 59,939 Total loans and leases 11,553,072 10,933,176 Less: Allowance for credit losses ( 158,831 ) ( 141,433 ) Net loans and leases 11,394,241 10,791,743 Premises and equipment 196,692 194,740 Operating leases 201,080 153,214 Goodwill 1,007,656 1,005,868 Other intangibles 81,547 83,949 Accrued interest and other assets 1,045,669 1,056,762 Total assets $ 18,146,332 $ 17,532,900 Liabilities Deposits Interest-bearing demand $ 2,884,971 $ 2,993,219 Savings 4,710,223 4,331,228 Time 3,244,861 2,718,390 Total interest-bearing deposits 10,840,055 10,042,837 Noninterest-bearing 3,107,699 3,317,960 Total deposits 13,947,754 13,360,797 FHLB short-term borrowings 765,000 800,000 Other short-term borrowings 46,653 137,814 Total short-term borrowings 811,653 937,814 Long-term debt 344,086 344,115 Total borrowed funds 1,155,739 1,281,929 Accrued interest and other liabilities 592,401 622,200 Total liabilities 15,695,894 15,264,926 Shareholders' equity Common st

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 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 esti

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