FIRST FINANCIAL BANCORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet

Balance Sheets

	December 31,
(Dollars in thousands)	2023		2022
Assets
Cash	$	134,745	$	91,013
Investment securities	1,134		1,681
Subordinated notes from subsidiaries	7,500		7,500
Investment in subsidiaries
Commercial bank	2,334,411		2,161,338
Non-banks	8,915		11,246
Total investment in subsidiaries	2,343,326		2,172,584
Premises and equipment	274		283
Other assets	101,001		86,355
Total assets	$	2,587,980	$	2,359,416
Liabilities
Subordinated notes	$	312,550	$	311,707
Dividends payable	1,440		1,271
Other liabilities	6,016		5,065
Total liabilities	320,006		318,043
Shareholders’ equity	2,267,974		2,041,373
Total liabilities and shareholders’ equity	$	2,587,980	$	2,359,416

Schedule of Condensed Income Statement

Statements of Income and Comprehensive Income (Loss)

	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income
Interest income	$	42	$	37	$	34
Noninterest income	1,230		13		215
Net gain (loss) on equity securities	(546)		(156)		448
Dividends from subsidiaries	164,974		171,900		202,000
Total income	165,700		171,794		202,697
Expenses
Interest expense	18,305		16,624		15,900
Salaries and employee benefits	16,351		13,547		9,784
Professional services	1,510		256		2,343
Other	5,281		5,581		5,186
Total expenses	41,447		36,008		33,213
Income before income taxes and equity in undistributed net earnings of subsidiaries	124,253		135,786		169,484
Income tax expense (benefit)	(9,879)		(8,523)		(7,787)
Equity in undistributed earnings (loss) of subsidiaries	121,731		73,303		27,889
Net income	$	255,863	$	217,612	$	205,160
Comprehensive income (loss)	$	304,707	$	(140,618)	$	156,063

Schedule of Condensed Cash Flow Statement

Statements of Cash Flows

	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Operating activities
Net income	$	255,863	$	217,612	$	205,160
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (earnings) loss of subsidiaries	(121,731)		(73,303)		(27,889)
Depreciation and amortization	975		860		859
Stock-based compensation expense	14,898		13,379		9,635
Unrealized (gain) loss on equity securities	546		156		(448)
Deferred income taxes	(285)		(475)		(224)
(Decrease) increase in dividends payable	169		229		368
(Decrease) increase in other liabilities	(213)		634		(751)
Decrease (increase) in other assets	(10,129)		(8,748)		(8,096)
Net cash provided by (used in) operating activities	140,093		150,344		178,614
Investing activities
Capital contributions to subsidiaries	(167)		0		(113,152)
Net cash acquired (paid) in business combinations	(3,400)		0		0
Purchases of premises and equipment	(13)		0		0
Other	0		1,011		0
Net cash (used in) provided by investing activities	(3,580)		1,011		(113,152)
Financing activities
(Decrease) increase in short-term borrowings	0		(20,000)		20,000
Proceeds from long-term borrowings	0		0		(10,592)
Cash dividends paid on common stock	(87,159)		(86,606)		(87,316)
Purchases of common stock	0		0		(108,077)
Proceeds from exercise of stock options, net of shares purchased	48		177		64
Other	(5,670)		(3,659)		(2,697)
Net cash provided by (used in) financing activities	(92,781)		(110,088)		(188,618)
Net increase (decrease) in cash	43,732		41,267		(123,156)
Cash at beginning of year	91,013		49,746		172,902
Cash at end of year	$	134,745	$	91,013	$	49,746