First Financial Bancorp (FFBC) Q1 2026 earnings summary

Executive summary

• Adjusted EPS for Q1 2026 was $0.77, up 22% year-over-year, with robust net interest margin and record fee income, aided by recent acquisitions and disciplined expense control.

• Net income for Q1 2026 was $74.4 million, up from $62.4 million in Q4 2025; adjusted net income was $80.5 million.

• Completed Bank Financial acquisition, Westfield Bank conversion, and sale of Bank Financial multifamily loan portfolio.

• Record adjusted quarterly revenue of $265.3 million and adjusted noninterest income of $75.6 million, led by wealth management and leasing.

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

Financial highlights

• Adjusted net income was $80.5 million, or $0.77 per share; adjusted ROA was 1.45%, and adjusted ROATCE was 19%.

• Net interest margin (FTE) was 3.99%, up 1 bp from Q4 2025, with cost of funds down 13 bps and asset yields down 12 bps sequentially.

• Adjusted noninterest income was $75.6 million, up 24% year-over-year, with record wealth management and leasing income.

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

• Noninterest expenses (adjusted) were $154.8 million, up 9.1% from Q4 2025, mainly due to acquisition-related costs.

Outlook and guidance

• Expect mid-single digit annualized loan growth in Q2 2026, with strong pipelines and slowing ICRE payoffs.

• 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; non-interest expenses expected at $151M-$154M.

• Full cost savings from Westfield and Bank Financial acquisitions expected in Q3 and Q4, respectively.

• Asset quality expected to gradually improve through 2026.