FIRST FINANCIAL BANCORP /OH/FFBC
FIRST FINANCIAL BANCORP /OH/ Debt Disclosure
Borrowings
On the Consolidated Balance Sheets, short-term borrowings, or borrowings that mature in less than one year, include repurchase agreements utilized for corporate sweep accounts with cash management account agreements in place, federal funds purchased, overnight advances from the FHLB and a short-term line of credit.
The following is a summary of short-term borrowings for the last three years:
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||
| (Dollars in thousands) | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||||||||
| At December 31, | ||||||||||||||||||||||||||||||||||||||
| FHLB borrowings | $ | 675,000 | 3.91 | % | $ | 625,000 | 4.63 | % | $ | 800,000 | 5.47 | % | ||||||||||||||||||||||||||
| Other short-term borrowings | 332 | 3.64 | % | 130,452 | 4.33 | % | 137,814 | 5.33 | % | |||||||||||||||||||||||||||||
| Total | $ | 675,332 | 3.91 | % | $ | 755,452 | 4.58 | % | $ | 937,814 | 5.45 | % | ||||||||||||||||||||||||||
| Average for the year | ||||||||||||||||||||||||||||||||||||||
| Federal funds purchased and securities sold under agreements to repurchase | $ | 5,408 | 4.71 | % | $ | 4,522 | 5.63 | % | $ | 15,583 | 5.25 | % | ||||||||||||||||||||||||||
| FHLB borrowings | 506,541 | 4.51 | % | 588,987 | 5.47 | % | 845,666 | 5.25 | % | |||||||||||||||||||||||||||||
| Other short-term borrowings | 39,968 | 4.36 | % | 119,361 | 5.33 | % | 158,221 | 5.18 | % | |||||||||||||||||||||||||||||
| Total | $ | 551,917 | 4.50 | % | $ | 712,870 | 5.45 | % | $ | 1,019,470 | 5.24 | % | ||||||||||||||||||||||||||
All repurchase agreements are subject to terms and conditions agreed to by the Bank and the client. To secure its liability to the client, the Bank is authorized to sell or repurchase U.S. Treasury, government agency and mortgage-backed securities. As of both December 31, 2025 and 2024, the Bank had no securities sold under agreements to repurchase.
First Financial had outstanding FHLB advances included in short-term borrowings of $675.0 million as of December 31, 2025 and $625.0 million outstanding short-term FHLB advances as of December 31, 2024. Additionally, at December 31, 2025 and 2024, other short-term borrowings included $0.3 million and $130.5 million, respectively, of collateral owed to counterparty banks by First Financial.
First Financial also has a $40.0 million short-term credit facility with an unaffiliated bank that matures in December, 2026, which is included in short-term borrowings. This facility has a variable interest rate and provides First Financial additional liquidity, if needed, for various corporate activities including the repurchase of First Financial common stock and the payment of dividends to shareholders. As of both December 31, 2025 and December 31, 2024, First Financial had no outstanding balance on this facility. The credit agreement requires First Financial to comply with certain covenants including those related to asset quality and capital levels, and First Financial was in compliance with all covenants associated with this facility as of both December 31, 2025 and December 31, 2024. This credit facility also required First Financial to pledge as collateral the Bank's common stock where the lender is granted a security interest in this collateral.
The following is a summary of First Financial's long-term debt:
| 2025 | 2024 | |||||||||||||||||||||||||
(Dollars in thousands) | Amount | Average Rate | Amount | Average Rate | ||||||||||||||||||||||
| Subordinated debt | $ | 495,077 | 7.19 | % | $ | 314,619 | 5.43 | % | ||||||||||||||||||
| Unamortized debt issuance costs | (5,204) | n/a | (1,227) | n/a | ||||||||||||||||||||||
| Notes issued in conjunction with acquisition of property and equipment | 23,030 | 5.38 | % | 31,822 | 4.95 | % | ||||||||||||||||||||
| Capital lease liability | 4.42 | % | 3.85 | % | ||||||||||||||||||||||
| Capital loan with municipality | 0 | 0.00 | % | 775 | 0.00 | % | ||||||||||||||||||||
| Total long-term debt | $ | 514,052 | 7.18 | % | $ | 347,509 | 5.39 | % | ||||||||||||||||||
As of December 31, 2025, First Financial's long-term debt matures as follows:
(Dollars in thousands) | Long-term debt | |||||||
| 2026 | $ | 1,557 | ||||||
| 2027 | 7,600 | |||||||
| 2028 | 5,430 | |||||||
| 2029 | 6,244 | |||||||
| 2030 | 196,921 | |||||||
| Thereafter | 296,300 | |||||||
| Total | $ | 514,052 | ||||||
In 2015, First Financial issued $120.0 million of subordinated notes, which had a fixed interest rate of 5.13% payable semiannually and matured in August 2025. These matured notes were redeemed by the Company in 2025 and therefore are not included in the Consolidated Balance Sheet as of December 31, 2025.
In April 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes. The subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, May 15, 2025, payable semi-annually in arrears. From, and including, May 15, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which was the then-current three-month term SOFR, plus 509 basis points, payable quarterly in arrears. These subordinated notes mature on May 15, 2030 and are redeemable by the Company in whole or in part beginning with the interest payment date of May 15, 2025. This subordinated debt issued in April 2020 that matures in May 2030, is eligible to be treated as Tier 2 capital for 80% of its original issuance amount at December 31, 2025 for regulatory capital purposes.
In November 2025, First Financial issued $300.0 million of fixed to floating rate subordinated notes. These subordinated notes have an initial fixed interest rate of 6.375% to, but excluding, December 1, 2030, payable semi-annually in arrears. From, and including, December 1, 2030, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 300 basis points, payable quarterly in arrears. These subordinated notes mature on December 1, 2035 and are redeemable by the Company in whole or in part beginning with the interest payment date of December 1, 2030. The subordinated debt issued in November 2025 that matures in December 2035 is eligible to be treated as Tier 2 capital for 100% of its original issuance amount at December 31, 2025 for regulatory capital purposes.
In addition, First Financial acquired $49.5 million of variable rate subordinated notes in the MSFG merger that were issued to previously formed trusts in exchange for the trust proceeds. These notes were recorded at fair value at the date of the MSFG
merger and the Consolidated Balance Sheets include $45.1 million and $44.6 million for these notes at December 31, 2025 and December 31, 2024, respectively. Interest on the acquired subordinated notes is payable quarterly, in arrears, and the Company has the option to defer interest payments for a period not to exceed 20 consecutive quarters. These acquired subordinated notes mature 30 years after the date of original issuance and may be called at par following the 5 year anniversary of issuance. These variable rate subordinated notes are callable as of December 31, 2025 and are treated as Tier 1 capital for regulatory capital purposes.
Additionally, long-term borrowings included $23.0 million and $31.8 million of term notes, both with and without recourse, with an average interest rate of 5.38% and 4.95% at December 31, 2025 and 2024, respectively. These term notes were used to finance Summit's equity investment in the purchase of equipment to be leased to customers.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 26, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 23, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.