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Get filing alertsFirst Financial announces $208M Finward acquisition, reports record Q2 EPS of $0.80
Filed July 27, 2026 · Period ending July 27, 2026 · ~1 min read
Key Changes
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Acquiring Finward Bancorp for $208M in stock (1.35x exchange ratio, ~5.9M shares), adding $2.0B in assets and 24 branches in Chicago/Northwest Indiana; deal priced at 1.4x tangible book, expected 5.0% EPS accretive with 0.6-year earnback, closing by year-end.
Exhibit 99.1 view on EDGAR → -
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Q2 2026 adjusted EPS of $0.80 (highest in company history) on net income of $83.9M; adjusted ROAA 1.50%, adjusted ROTCE 19.70%.
Exhibit 99.1 view on EDGAR → -
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Board raised quarterly dividend 4.0% to $0.26 per share, payable in Q3 2026; dividend yield 3.0% as of June 30.
Exhibit 99.1 view on EDGAR → -
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End-of-period loans grew $240.1M to $13.7B (7.1% annualized), broad-based across commercial & industrial, equipment finance, and premium finance; average deposits up $41.2M to $17.7B.
Exhibit 99.1 view on EDGAR → -
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Net interest margin 3.98% (down 1bp), but up 5bp excluding accretion/fees as cost of funds fell 6bp; lower mortgage prepayments reduced accretion by 5bp.
Exhibit 99.1 view on EDGAR →
Summary
First Financial Bancorp announced the acquisition of Finward Bancorp for $208 million in stock, expanding its footprint into the Chicago and Northwest Indiana markets with 24 branches, $2.0 billion in assets, and $1.7 billion in deposits. The deal is priced at 1.4x tangible book value with a fixed 1.35x exchange ratio (approximately 5.9 million shares) and is expected to be 5.0% accretive to earnings with minimal tangible book value dilution and a 0.6-year earnback period. Loan growth was strong at 7.1% annualized, driven by commercial & industrial, equipment finance, and premium finance portfolios.
The Board approved a 4.0% dividend increase to $0.26 per share quarterly. Net interest margin held steady at 3.98% despite lower loan accretion from slower mortgage prepayments, as the underlying margin improved 5 basis points on lower funding costs.
Section-by-Section Diff
Event · Exhibit 99.1
First Financial Bancorp reported Q2 2026 earnings and announced acquisition of Finward Bancorp for $208M in stock.
Added in current filing · view on EDGAR →
Net income – $76.5 million or $0.73 per diluted share. Adjusted ... net income – $83.9 million or $0.80 per diluted share
First Financial reported Q2 2026 net income of $76.5 million ($0.73 per diluted share), or $83.9 million ($0.80 per diluted share) on an adjusted basis excluding acquisition-related expenses and other items. The adjusted EPS of $0.80 represents the highest in company history. Return on average assets was 1.37% (1.50% adjusted) and return on average tangible common equity was 17.95% (19.70% adjusted). Note: these figures were previously disclosed in the company's Jul 21, 2026 8-K.
Added in current filing · view on EDGAR →
Acquisition of a low cost, granular core deposit franchise with $2.0B of assets and 116-year presence in Chicago and Northwest Indiana market
First Financial announced the acquisition of Finward Bancorp for $208 million in stock (fixed exchange ratio of 1.35x, approximately 5.9 million shares). The transaction is expected to be 5.0% accretive to earnings per share with de minimis tangible book value dilution and a 0.6 year earnback period. Finward operates 24 branches in the Chicago and Northwest Indiana markets with $2.0 billion in assets, $1.7 billion in deposits, and $412 million in assets under management. The deal is priced at 1.4x tangible book value and is expected to close by year-end pending regulatory and shareholder approvals. Note: these figures were previously disclosed in the company's Jul 21, 2026 8-K.
Added in current filing · view on EDGAR → · paraphrased
Net interest margin (FTE) of 3.98% decreased 1 bp from linked quarter; excluding accretion and loan fees, margin increased 5 bps
Net interest margin on a fully tax-equivalent basis was 3.98%, down 1 basis point from the prior quarter. Excluding accretion and loan fees, the margin increased 5 basis points, driven by a 6 basis point decrease in cost of funds partially offset by a 7 basis point decrease in asset yields. Lower-than-expected prepayment rates on acquired mortgage loans reduced loan accretion, which diluted the net interest margin by 5 basis points.
Added in current filing · view on EDGAR →
Board of Directors approved $0.01 quarterly dividend increase to $0.26 to be paid in 3Q26
The Board of Directors approved a $0.01 increase in the quarterly common dividend to $0.26 per share, representing a 4.0% increase. The dividend will be paid in the third quarter of 2026. As of June 30, 2026, the dividend yield was 3.0%. Note: these figures were previously disclosed in the company's Jul 21, 2026 8-K.
Event · Item 7.01 — Regulation FD Disclosure
First Financial Bancorp. filed investor presentation materials to be used in upcoming meetings with investors and analysts.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The executive officers of First Financial Bancorp. intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts. A copy of the investor presentation is attached hereto as Exhibit 99.1.
The company disclosed that its executive officers will use newly filed presentation materials in upcoming investor and analyst meetings. The presentation is attached as Exhibit 99.1. This is a routine Regulation FD disclosure to ensure equal access to information that will be shared in private meetings.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 28, 2026 · How we verify