First Financial Bancorp Reports $70M Net Income in Q2 2025, Announces Westfield Bancorp Acquisition

First Financial Bancorp, a financial holding company based in Cincinnati, Ohio, reported its financial results for the second quarter of 2025, revealing a net income of $70.0 million, or $0.73 per diluted share, compared to $60.8 million, or $0.64 per diluted share, in the same period last year. For the first half of 2025, net income reached $121.3 million, up from $111.5 million in the prior year. The company's total assets increased to $18.6 billion as of June 30, 2025, from $18.6 billion at the end of 2024, driven by a slight rise in loans and leases, which totaled $11.8 billion, and a growth in investment securities to $3.6 billion.

The company experienced a 6.0% increase in net interest income, which amounted to $158.3 million in the second quarter, compared to $149.3 million in the first quarter of 2025. This growth was attributed to a rise in earning asset yields, which increased to 6.24%. However, the net interest margin on a fully tax-equivalent basis decreased to 3.96% for the first half of 2025, down from 4.06% in the same period last year, primarily due to lower interest rates impacting earning assets. The allowance for credit losses (ACL) on loans and leases was $158.5 million, representing 1.34% of total loans, reflecting a slight increase from the previous quarter.

Strategically, First Financial announced a pending acquisition of Westfield Bancorp, valued at $325 million, which is expected to close in the fourth quarter of 2025. This acquisition will enhance First Financial's presence in Northeast Ohio by adding seven banking offices and expanding its commercial and private banking services. Additionally, the company completed the acquisition of Agile Premium Finance in February 2024, which has contributed positively to its financial performance since integration.

Operationally, First Financial reported a total of 128 full-service banking centers and a wealth management division with $3.8 billion in assets under management as of June 30, 2025. The company also noted an increase in noninterest income, which rose to $68.1 million in the second quarter, driven by gains from investment securities and higher leasing business income. The total deposits increased to $14.4 billion, reflecting a modest growth in savings and time deposits. Looking ahead, First Financial remains focused on maintaining its capital adequacy, with a total capital ratio of 14.98% as of June 30, 2025, and plans to continue evaluating growth opportunities in its existing markets.