First Financial Bancorp (FFBC) Q1 2026 earnings summary

Executive summary

• Achieved 142nd consecutive quarter of profitability, with Q1 2026 net income of $74.4 million (up 45% year-over-year), adjusted EPS of $0.77, and robust net interest margin, supported by BankFinancial and Westfield acquisitions.

• Completed BankFinancial acquisition and Westfield Bank conversion, expanding presence in Chicago and Northeast Ohio and contributing to balance sheet growth.

• Maintained top quartile performance in ROA, ROATCE, NIM, and fee income among peers, with record adjusted quarterly revenue of $265.3 million and record wealth management and leasing income.

• Board authorized a 5 million share repurchase plan expiring December 2027.

• Received Gallup Exceptional Workplace Award for the second consecutive year.

Financial highlights

• Adjusted net income was $80.5 million ($0.77 per share); adjusted ROA was 1.45%, adjusted ROATCE was 19.2%, and net interest margin (FTE) was 3.99%.

• Net interest income rose to $189.6 million, up 27% year-over-year; adjusted noninterest income was $75.6 million, up 24% year-over-year.

• Tangible book value per share increased to $16.15, up 2.6% sequentially and 9% year-over-year.

• Loan balances rose $71 million, including $228 million from BankFinancial; ICRE balances fell $152 million.

• Deposits increased 9.1% from year-end to $17.9 billion, with uninsured deposits at $7.4 billion (41.3% of total deposits).

Outlook and guidance

• Expect mid-single digit annualized loan growth in 2026, with strong pipelines and normalization of ICRE payoffs; core deposits to remain flat.

• Net interest margin projected to remain in the 3.99%-4.04% range, assuming no further rate cuts.

• Fee income guidance for Q2: $75M-$77M, with $14M-$16M from FX and $20M-$22M from leasing; noninterest expenses expected at $151M-$154M.

• Full cost savings from Westfield and BankFinancial acquisitions expected in Q3 and Q4 2026, respectively.

• Asset quality expected to gradually improve through 2026.