First Financial Bancorp (FFBC) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong performance with adjusted EPS of $0.77, up 22% year-over-year, and net income of $74.4 million, driven by robust net interest margin and recent acquisitions.

• Total assets reached $22.8 billion, up from $21.1 billion at year-end 2025, reflecting the BankFinancial and Westfield acquisitions.

• Record adjusted quarterly revenue of $265.3 million and record fee income, especially in wealth management and leasing, with well-controlled expenses.

• The company expanded its presence in Chicago and Northeast Ohio and completed the BankFinancial acquisition and Westfield Bank conversion.

• 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%, 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, led by record wealth management and leasing income.

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

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

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 BankFinancial acquisitions expected in Q3 and Q4, respectively.

• Asset quality expected to gradually improve through 2026.