On this page of StockholderLetter.com we present the latest annual shareholder letter from FIRST FINANCIAL BANCORP /OH/ — ticker symbol FFBC. Reading current and past FFBC letters to shareholders can bring important insights into the investment thesis.
2024 annual report
Dear Fellow Shareholders, Net Income (dollars in millions) 137 161 CONSECUTIVE QUARTERS OF PROFITABILITY $255.9 $228.8 $217.6 $205.2 I am honored to share with you First Financial Bancorp s 2024 annual report. $155.8 YEARS OF STRENGTH & STABILITY 2020 Total Assets $18.6 (dollars in billions) $16.0 $16.3 $17.0 $17.5 Total Loans (dollars in billions) $11.8 2021 2022 2023 2024 Total Deposits (dollars in billions) $14.3 $10.9 $10.3 $9.9 We entered 2024 with a level of confidence that eluded the industry in recent years. The economic impacts of the Covid-19 pandemic were largely in the rearview mirror, and the industry s liquidity questions had generally subsided. While questions of interest rates, inflation, and unemployment remained, our strong 2023 performance provided momentum as we entered the new year. $13.4 $9.3 $12.9 Archie M. Brown President & Chief Executive Officer $12.7 $12.2 2020 2021 2022 Diluted Earnings Per Share 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Return On Equity Return On Assets $2.69 12.01% 1.51% $2.40 $2.30 $2.14 1.28% 1.33% 10.34% 1.29% 9.78% 9.08% $1.59 1.00% 7.02% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Our bankers delivered more than 1,400 financial wellness classes to more than 25,000 attendees, and our 92.6% in-branch client satisfaction score reflects our ongoing commitment to training, associate engagement initiatives, and providing an exceptional client experience. Riding this momentum, First Financial continued its top-tier financial performance in 2024, significantly outperforming our peers on such measurements as return on assets, net interest margin, and stock price performance. We delivered record adjusted revenue of $854 million (a 2% increase), loan growth of $829 million (8% increase), deposit growth of $968 million (7% increase), record adjusted non-interest income of $242 million, and a net interest margin of 4.05%. Our Commercial Banking team posted strong results in 2024, with $639 million in loan production (10% growth), 11% growth in deposits, and non-interest income growth of 18%. Contributions from our newest commercial markets in Chicago and Cleveland are making a positive impact and we continue to add new accounts and explore collaborative opportunities with our Wealth Management and Specialty Banking lines of business. Consumer Banking originated 8% more DDAs for a net 2% growth in checking accounts, and a 7% increase in deposit balances. Our bankers delivered more than 1,400 financial wellness classes to more than 25,000 attendees, and our 92.6% in-branch client satisfaction score reflects our ongoing commitment to training, associate engagement initiatives, and providing an exceptional client experience. Yellow Cardinal Advisory Group First Financial s wealth management division recorded revenue of $29 million last year, a 10% year-over-year increase. New fees increased 21% over 2023, with Yellow Cardinal M&A Services delivering a 40% increase in transaction fees. 2024 annual report 1
With our core banking services, wealth management offerings, and investment banking expertise, First Financial provides our clients with a single source of reliable financial and niche business services that our peers, and many larger banks, simply can t match. We continued to add to our strong lineup of specialty businesses with the acquisition of Agile Premium Finance, an Illinois-based national insurance premium finance business, to facilitate the purchase of property and casualty insurance by extending credit to smalland medium-sized businesses. Agile complements our existing lineup of specialty businesses, including Bannockburn Capital Markets, Oak Street Funding, and Summit Funding Group. Collectively, our Specialty Businesses contributed to our overall top-tier financial performance with $385 million in loan growth and $43 million in deposit growth. Summit Funding Group exceeded the $1 billion mark in balances, and Bannockburn expanded its capital markets offerings by rolling out commodity hedging capabilities. 2 first financial Bancorp With our core banking services, wealth management offerings, and specialty finance expertise, First Financial provides our clients with a single source of reliable financial and niche business services that our peers, and many larger banks, simply can t match. Moreover, our specialty business strategy provides a diversified revenue stream for the bank, reducing risks during fluctuations in markets or economic conditions. First Financial established an office of Transformation as part of our commitment to responsible governance. Throughout 2024, the team carefully assessed existing processes, technologies, and internal structures to identify opportunities for greater efficiencies, resulting in more than $11 million in annualized savings. This is part of our ongoing focus on optimizing the organization, removing redundancies, maximizing shareholder value, and positioning the bank for future growth. The Bank also announced a new five-year, $2.4 billion Community Benefits Agreement with the National Community Reinvestment Coalition and related partner organizations, establishing goals for lending and investments to low- and moderate-income clients and census tracts. This includes goals of $600 million in small business lending through support of small business development corporations and business incubators, and through the issuance of microloans. The new agreement follows the successful conclusion of our previous CBA, which achieved 192% of our $1.75 billion goal in lending and investments in the previous five years. The results I have shared here, and those included in this annual report, are only possible due to the commitment of our associates. We are privileged to have a team of gifted professionals who truly are best in class. Thanks to them, our annual United Way Campaign continued to break previous internal records with more than $938,000 in associate pledges in support of United Way and its partner agencies throughout Ohio, Kentucky, Indiana, and Illinois. Our associates reach also extended to our communities, with nearly 15,000 hours of volunteer service recorded in 2024. All of these efforts, in addition to delivering exceptional attention and service to our clients every day, is what makes First Financial truly remarkable. Year after year, First Financial and our associates have remained true to our purpose of creating opportunities for our clients and communities to thrive. I am grateful for the opportunity to lead this incredible team of professionals, and I am proud of the impact we have made on our clients, communities, and shareholders throughout the past year. I look forward to extending our commitment to our stakeholders in 2025 and beyond. Archie M. Brown President & Chief Executive Officer 2024 annual report 3
Leadership Executive Management Archie M. Brown President and Chief Executive Officer Gregory A. Harris President, Yellow Cardinal Advisory Services and Affluent Banking James M. Anderson Chief Financial Officer and Chief Operating Officer William R. Harrod Chief Credit Officer Richard S. Dennen Chief Corporate Banking Officer Amanda N. Neeley Chief Consumer Banking and Strategy Officer Matthew D. Reckman Chief Commercial Banking Officer James R. Shank Chief Internal Auditor Karen B. Woods General Counsel and Chief Administrative Officer Board of Directors Claude E. Davis Board Chair, First Financial Bancorp Co-Managing Partner, Brixey and Meyer Capital Anne L. Arvia Principal of Strategic Transformation and Program Management Cornerstone Advisors Vincent A. Berta Lead Independent Director Board of Directors of First Financial Bancorp President and Managing Director Covington Capital, LLC Cynthia O. Booth President and Chief Executive Officer Emerge Manufacturing Archie M. Brown President and Chief Executive Officer First Financial Bancorp and First Financial Bank 4 first financial Bancorp William J. Kramer Vice President of Finance and Chief Financial Officer Valco Industries, Inc. Dawn C. Morris Founder and CEO Growth Partners Group Thomas M. O Brien Founder Simpactful Consulting Andre T. Porter Senior Vice President, Chief Strategy Officer, General Counsel Midcontinent Independent System Operator, Inc. Maribeth S. Rahe President and Chief Executive Officer Fort Washington Investment Advisors, Inc. Gary W. Warzala Executive Partner Gartner, Inc.
Glossary of Abbreviations and Acronyms First Financial Bancorp has identified the following list of abbreviations and acronyms that are used in the Notes to Consolidated Financial Statements and the Management's Discussion and Analysis of Financial Condition and Results of Operations. ABL Asset backed loans FRB Federal Reserve Bank ACL or Allowance Allowance for credit losses GAAP U.S. Generally Accepted Accounting Principles AFS Available-for-sale GNMA Government National Mortgage Association ALCO Asset Liability Committee HTC Historic tax credit AOCI Accumulated other comprehensive income HTM Held-to-maturity ASC Accounting standards codification Insignificant Less than $0.1 million ASU Accounting standards update IRLC Interest Rate Lock Commitment ATM Automated teller machine LGD Loss given default Bank First Financial Bank LIHTC Low income housing tax credit Basel III Basel Committee regulatory capital reforms, Third Basel Accord LTV Loan to value Bp/bps Basis point(s) MBSs BOLI Bank owned life insurance MD&A Mortgage-backed securities Management s Discussion and Analysis of Financial Condition and Results of Operations CDs Certificates of deposit MSFG MainSource Financial Group, Inc. C&I Commercial & industrial N/A Not applicable CMOs Collateralized mortgage obligations NII Net interest income CODM Chief Operating Decision Maker NMTC New markets tax credit CRE Commercial real estate N/M Not meaningful Company First Financial Bancorp. ODFI Ohio Department of Financial Institutions DDA Demand deposit account OREO Other real estate owned Dodd-Frank Dodd-Frank Wall Street Reform and Consumer Protection Act PCA Prompt corrective action EAD Exposure at Default PCD Purchase credit deteriorated ERISA Employee Retirement Income Security Act PCI Purchase credit impaired ERM Enterprise Risk Management PD Probability of default EVE Economic value of equity R&S Reasonable and supportable Fair Value Topic FASB ASC Topic 825, Financial Instruments ROU Right-of-use FASB Financial Accounting Standards Board SEC United States Securities and Exchange Commission FDIC Federal Deposit Insurance Corporation SFG or Summit Summit Funding Group, Inc FDM Financial Difficulty Modification SMT Senior management team FHLB Federal Home Loan Bank SOFR Secured Overnight Financing Rate FHLMC Federal Home Loan Mortgage Corporation Topic 842 FASB ASC Topic 842, Leasing First Financial First Financial Bancorp. TDR Troubled debt restructuring FNMA Federal National Mortgage Association TTC Through the cycle Form 10-K First Financial Bancorp. Annual Report on Form 10-K USD United States dollars First Financial Bancorp 2024 Annual Report 5
 • shareholder letter icon 4/17/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/13/2023 FFBC Stockholder Letter
 • stockholder letter icon 4/18/2024 FFBC Stockholder Letter
 • stockholder letter icon More "Banking & Savings" Category Stockholder Letters
 • Benford's Law Stocks icon FFBC Benford's Law Stock Score = 97


FFBC Shareholder/Stockholder Letter Transcript:

2024
annual report

Dear Fellow
Shareholders,
Net Income
(dollars in millions)
137
161
CONSECUTIVE
QUARTERS OF
PROFITABILITY
$255.9
$228.8
$217.6
$205.2
I am honored to share with you First Financial Bancorp   s
2024 annual report.
$155.8
YEARS OF
STRENGTH &
STABILITY
2020
Total Assets
$18.6
(dollars in billions)
$16.0
$16.3
$17.0
$17.5
Total Loans
(dollars in billions)
$11.8
2021
2022
2023
2024
Total Deposits
(dollars in billions)
$14.3
$10.9
$10.3
$9.9
We entered 2024 with a level of confidence that eluded
the industry in recent years. The economic impacts of
the Covid-19 pandemic were largely in the rearview
mirror, and the industry   s liquidity questions had generally
subsided. While questions of interest rates, inflation,
and unemployment remained, our strong 2023
performance provided momentum as we entered
the new year.
$13.4
$9.3
$12.9
Archie M. Brown
President & Chief Executive Officer
$12.7
$12.2
2020
2021
2022
Diluted Earnings
Per Share
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
Return On Equity
Return On Assets
$2.69
12.01%
1.51%
$2.40
$2.30
$2.14
1.28%
1.33%
10.34%
1.29%
9.78%
9.08%
$1.59
1.00%
7.02%
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
Our bankers delivered
more than 1,400
financial wellness
classes to more than
25,000 attendees, and
our 92.6% in-branch
client satisfaction score
reflects our ongoing
commitment to training,
associate engagement
initiatives, and
providing an exceptional
client experience.
Riding this momentum, First Financial continued its
top-tier financial performance in 2024, significantly
outperforming our peers on such measurements as
return on assets, net interest margin, and stock price
performance. We delivered record adjusted revenue
of $854 million (a 2% increase), loan growth of $829
million (8% increase), deposit growth of $968 million
(7% increase), record adjusted non-interest income of
$242 million, and a net interest margin of 4.05%.
Our Commercial Banking team posted strong results
in 2024, with $639 million in loan production (10%
growth), 11% growth in deposits, and non-interest
income growth of 18%. Contributions from our newest
commercial markets in Chicago and Cleveland are making
a positive impact and we continue to add new accounts
and explore collaborative opportunities with our Wealth
Management and Specialty Banking lines of business.
Consumer Banking originated 8% more DDAs for a net
2% growth in checking accounts, and a 7% increase
in deposit balances. Our bankers delivered more than
1,400 financial wellness classes to more than 25,000
attendees, and our 92.6% in-branch client satisfaction
score reflects our ongoing commitment to training,
associate engagement initiatives, and providing an
exceptional client experience.
Yellow Cardinal Advisory Group     First Financial   s wealth
management division     recorded revenue of $29 million
last year, a 10% year-over-year increase. New fees
increased 21% over 2023, with Yellow Cardinal M&A
Services delivering a 40% increase in transaction fees.
2024 annual report
1

With our core banking services, wealth
management offerings, and investment
banking expertise, First Financial provides
our clients with a single source of reliable
financial and niche business services that
our peers, and many larger banks, simply
can   t match.
We continued to add to our strong lineup of specialty
businesses with the acquisition of Agile Premium
Finance, an Illinois-based national insurance premium
finance business, to facilitate the purchase of property
and casualty insurance by extending credit to smalland medium-sized businesses. Agile complements
our existing lineup of specialty businesses, including
Bannockburn Capital Markets, Oak Street Funding,
and Summit Funding Group.
Collectively, our Specialty Businesses contributed
to our overall top-tier financial performance with
$385 million in loan growth and $43 million in
deposit growth. Summit Funding Group exceeded
the $1 billion mark in balances, and Bannockburn
expanded its capital markets offerings by rolling
out commodity hedging capabilities.
2
first financial Bancorp
With our core banking services, wealth management
offerings, and specialty finance expertise, First Financial
provides our clients with a single source of reliable
financial and niche business services that our peers,
and many larger banks, simply can   t match. Moreover,
our specialty business strategy provides a diversified
revenue stream for the bank, reducing risks during
fluctuations in markets or economic conditions.
First Financial established an office of Transformation
as part of our commitment to responsible governance.
Throughout 2024, the team carefully assessed existing
processes, technologies, and internal structures to
identify opportunities for greater efficiencies, resulting
in more than $11 million in annualized savings. This is
part of our ongoing focus on optimizing the organization,
removing redundancies, maximizing shareholder value,
and positioning the bank for future growth.
The Bank also announced a new five-year, $2.4 billion
Community Benefits Agreement with the National
Community Reinvestment Coalition and related partner
organizations, establishing goals for lending and
investments to low- and moderate-income clients
and census tracts. This includes goals of $600 million
in small business lending through support of small
business development corporations and business
incubators, and through the issuance of microloans.
The new agreement follows the successful conclusion
of our previous CBA, which achieved 192% of our
$1.75 billion goal in lending and investments in the
previous five years.
The results I have shared here, and those included
in this annual report, are only possible due to the
commitment of our associates. We are privileged to
have a team of gifted professionals who truly are best
in class. Thanks to them, our annual United Way
Campaign continued to break previous internal records
with more than $938,000 in associate pledges in
support of United Way and its partner agencies
throughout Ohio, Kentucky, Indiana, and Illinois. Our
associates    reach also extended to our communities,
with nearly 15,000 hours of volunteer service recorded
in 2024. All of these efforts, in addition to delivering
exceptional attention and service to our clients every
day, is what makes First Financial truly remarkable.
Year after year, First Financial and our associates have
remained true to our purpose of creating opportunities
for our clients and communities to thrive. I am grateful
for the opportunity to lead this incredible team of
professionals, and I am proud of the impact we have
made on our clients, communities, and shareholders
throughout the past year. I look forward to extending
our commitment to our stakeholders in 2025 and beyond.
Archie M. Brown
President & Chief Executive Officer
2024 annual report
3

Leadership
Executive Management
Archie M. Brown
President and
Chief Executive Officer
Gregory A. Harris
President, Yellow Cardinal Advisory
Services and Affluent Banking
James M. Anderson
Chief Financial Officer and
Chief Operating Officer
William R. Harrod
Chief Credit Officer
Richard S. Dennen
Chief Corporate Banking Officer
Amanda N. Neeley
Chief Consumer Banking and
Strategy Officer
Matthew D. Reckman
Chief Commercial Banking Officer
James R. Shank
Chief Internal Auditor
Karen B. Woods
General Counsel and
Chief Administrative Officer
Board of Directors
Claude E. Davis
Board Chair, First Financial Bancorp
Co-Managing Partner, Brixey and Meyer Capital
Anne L. Arvia
Principal of Strategic Transformation
and Program Management
Cornerstone Advisors
Vincent A. Berta
Lead Independent Director
Board of Directors of First Financial Bancorp
President and Managing Director
Covington Capital, LLC
Cynthia O. Booth
President and Chief Executive Officer
Emerge Manufacturing
Archie M. Brown
President and Chief Executive Officer
First Financial Bancorp and First Financial Bank
4
first financial Bancorp
William J. Kramer
Vice President of Finance and
Chief Financial Officer
Valco Industries, Inc.
Dawn C. Morris
Founder and CEO
Growth Partners Group
Thomas M. O   Brien
Founder
Simpactful Consulting
Andre T. Porter
Senior Vice President, Chief Strategy Officer,
General Counsel
Midcontinent Independent System Operator, Inc.
Maribeth S. Rahe
President and Chief Executive Officer
Fort Washington Investment Advisors, Inc.
Gary W. Warzala
Executive Partner
Gartner, Inc.

Glossary of Abbreviations and Acronyms
First Financial Bancorp has identified the following list of abbreviations and acronyms that are used in the Notes to
Consolidated Financial Statements and the Management's Discussion and Analysis of Financial Condition and Results of
Operations.
ABL
Asset backed loans
FRB
Federal Reserve Bank
ACL or Allowance
Allowance for credit losses
GAAP
U.S. Generally Accepted Accounting Principles
AFS
Available-for-sale
GNMA
Government National Mortgage Association
ALCO
Asset Liability Committee
HTC
Historic tax credit
AOCI
Accumulated other comprehensive income
HTM
Held-to-maturity
ASC
Accounting standards codification
Insignificant
Less than $0.1 million
ASU
Accounting standards update
IRLC
Interest Rate Lock Commitment
ATM
Automated teller machine
LGD
Loss given default
Bank
First Financial Bank
LIHTC
Low income housing tax credit
Basel III
Basel Committee regulatory capital reforms, Third
Basel Accord
LTV
Loan to value
Bp/bps
Basis point(s)
MBSs
BOLI
Bank owned life insurance
MD&A
Mortgage-backed securities
Management   s Discussion and Analysis of Financial
Condition and Results of Operations
CDs
Certificates of deposit
MSFG
MainSource Financial Group, Inc.
C&I
Commercial & industrial
N/A
Not applicable
CMOs
Collateralized mortgage obligations
NII
Net interest income
CODM
Chief Operating Decision Maker
NMTC
New markets tax credit
CRE
Commercial real estate
N/M
Not meaningful
Company
First Financial Bancorp.
ODFI
Ohio Department of Financial Institutions
DDA
Demand deposit account
OREO
Other real estate owned
Dodd-Frank
Dodd-Frank Wall Street Reform and Consumer
Protection Act
PCA
Prompt corrective action
EAD
Exposure at Default
PCD
Purchase credit deteriorated
ERISA
Employee Retirement Income Security Act
PCI
Purchase credit impaired
ERM
Enterprise Risk Management
PD
Probability of default
EVE
Economic value of equity
R&S
Reasonable and supportable
Fair Value Topic
FASB ASC Topic 825, Financial Instruments
ROU
Right-of-use
FASB
Financial Accounting Standards Board
SEC
United States Securities and Exchange Commission
FDIC
Federal Deposit Insurance Corporation
SFG or Summit
Summit Funding Group, Inc
FDM
Financial Difficulty Modification
SMT
Senior management team
FHLB
Federal Home Loan Bank
SOFR
Secured Overnight Financing Rate
FHLMC
Federal Home Loan Mortgage Corporation
Topic 842
FASB ASC Topic 842, Leasing
First Financial
First Financial Bancorp.
TDR
Troubled debt restructuring
FNMA
Federal National Mortgage Association
TTC
Through the cycle
Form 10-K
First Financial Bancorp. Annual Report on Form 10-K
USD
United States dollars
First Financial Bancorp 2024 Annual Report 5



shareholder letter icon 4/17/2025 Letter Continued (Full PDF)
 

FFBC Stockholder/Shareholder Letter (FIRST FINANCIAL BANCORP /OH/) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.