First Financial Bancorp, a financial holding company based in Cincinnati, Ohio, reported its financial results for the first quarter of 2025, revealing a net income of $51.3 million, or $0.54 per diluted share, compared to $50.7 million, or $0.53 per diluted share, in the same period last year. The company's net interest income for the quarter was $149.3 million, a slight increase from $148.7 million in the first quarter of 2024. However, this figure represents a decrease from $154.4 million in the previous quarter, primarily due to a decline in asset yields and a decrease in average interest-bearing deposits.
Total assets for First Financial as of March 31, 2025, were $18.5 billion, down from $18.6 billion at the end of 2024. The company's loan portfolio decreased slightly to $11.7 billion, with notable declines in commercial real estate and lease financing, while home equity and residential real estate loans saw modest increases. The allowance for credit losses on loans and leases was $155.5 million, representing 1.33% of total loans, consistent with the previous quarter. Nonaccrual loans decreased to $59.6 million, or 0.51% of total loans, reflecting improved credit quality.
Strategically, First Financial completed the acquisition of Agile Premium Finance on February 29, 2024, for $96.9 million. This acquisition is expected to enhance the company's offerings in the insurance premium financing sector. The company continues to focus on expanding its market presence in Ohio, Indiana, Kentucky, and Illinois, while also exploring opportunities for growth in metropolitan areas and through potential acquisitions that complement its existing services.
In terms of operational metrics, First Financial's total deposits decreased to $14.2 billion, a decline of $132.2 million from the previous quarter, driven by seasonal factors and a reduction in brokered CDs. The company reported a strong capital position, with a Tier 1 capital ratio of 12.61% and a total capital ratio of 14.90%, both exceeding regulatory requirements. Looking ahead, First Financial anticipates continued challenges in the interest rate environment but remains committed to managing its balance sheet effectively to support growth and maintain financial stability.
About FIRST FINANCIAL BANCORP /OH/
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