EX-99.1 2 a8k2q24earningsreleaseex991.htm EX-99.1

                                                Exhibit 99.1

First Financial Bancorp Announces Second Quarter 2024

Financial Results and Quarterly Dividend Increase

•Earnings per diluted share of $0.64; $0.65 on an adjusted(1) basis

•Return on average assets of 1.38%; 1.40% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 4.10%

•Record fee income of $61.5 million

•Loan growth of $316.1 million; 11.3% on an annualized basis

•Average deposit growth of $351.1 million; 10.6% on an annualized basis

•Net charge-offs 0.15% of total loans; 23 bp decline from linked quarter

•Board of Directors approved quarterly dividend increase to $0.24

Cincinnati, Ohio - July 25, 2024. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2024.

For the three months ended June 30, 2024, the Company reported net income of $60.8 million, or $0.64 per diluted common share. These results compare to net income of $50.7 million, or $0.53 per diluted common share, for the first quarter of 2024. For the six months ended June 30, 2024, First Financial had earnings per diluted share of $1.17 compared to $1.43 for the same period in 2023.

Return on average assets for the second quarter of 2024 was 1.38% while return on average tangible common equity was 20.57%(1). These compare to return on average assets of 1.18% and return on average tangible common equity of 17.35%(1) in the first quarter of 2024.

Second quarter 2024 highlights include:

•Net interest margin of 4.06%, or 4.10% on a fully tax-equivalent basis(1)

◦Unchanged from first quarter, exceeding expectations

◦14 bp increase in earning asset yields driven by 10 bp increase in loan yields and 22 bp increase in yield on the investment securities portfolio

◦Cost of deposits increased 14 bp during second quarter; pace of increase moderated compared to 22 bp increase in first quarter

•Record noninterest income of $61.5 million, or $61.6 million as adjusted(1)

◦Foreign exchange income increased $6.4 million, or 60.9% from first quarter

◦Strong leasing business income of $16.8 million; 15.3% increase from first quarter

◦Record wealth management income; 7.4% increase from linked quarter

◦Double digit percentage growth from linked quarter in mortgage banking and bankcard income

•Noninterest expenses of $123.6 million, or $122.5 million as adjusted(1); 1.2% increase from linked quarter

◦Increase driven by variable compensation tied to fee income

◦Second quarter adjustments(1) include $0.4 million of efficiency related costs and $0.8 million of other costs such as acquisition, severance and branch consolidation costs

◦Efficiency ratio of 57.5%; 57.0% as adjusted(1)

•Solid loan growth during the quarter

◦Loan balances increased $316.1 million compared to the linked quarter; 11.3% annualized growth

◦Broad-based growth driven by C&I, Agile and Summit

_________________________________________________________________________________________

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

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•Strong average deposit growth during the quarter

◦Average deposits increased $351.1 million, or 10.6% on an annualized basis

◦Second quarter included approximately $100 million of seasonal public fund increases

◦Growth in money market accounts, retail CDs and brokered CDs offset modest declines in noninterest bearing checking and savings balances

•Total Allowance for Credit Losses of $172.6 million; Total quarterly provision expense of $16.4 million

◦Loans and leases - ACL of $156.2 million; ratio to total loans of 1.36% increased 7 bps from first quarter

◦Unfunded Commitments - ACL of $16.4 million

◦Provision expense driven by loan growth and downward credit migration; Classified assets 1.07% of total assets

◦Annualized net charge-offs were 15 bps of total loans; 23 bps decline from linked quarter

•Capital ratios stable and strong

◦Total capital ratio increased 16 bps to 14.47%

◦Tier 1 common equity increased 11 bps to 11.78%

◦Tangible common equity of 7.23%(1); 9.13%(1) excluding impact from AOCI

◦Tangible book value per share of $12.94(1); 3.5% increase from linked quarter

Additionally, the board of directors approved a quarterly dividend of $0.24 per common share for the next regularly scheduled dividend, payable on September 16, 2024 to shareholders of record as of September 2, 2024.

Archie Brown, President and CEO, commented on the quarter, “We had an outstanding quarter. Adjusted(1) earnings per share were $0.65 per share, which resulted in an adjusted(1) return on assets of 1.40% and an adjusted(1) return on tangible common equity of 20.88%. Loan growth was exceptionally strong again this quarter with balances increasing by 11% on an annualized basis, and was a significant driver to the increase to net interest income. Growth was broad-based and was led by Commercial Banking. Similarly, average deposits grew approximately 11% for the period, with interest bearing deposits and a seasonal increase in public fund balances driving the increase. Our 4.10% tax equivalent net interest margin was unchanged from the first quarter and remains at or near the top of our peer group.”

Mr. Brown continued, “Total adjusted(1) revenue increased $14.4 million, or 7% compared to the linked quarter. Additionally, we posted record adjusted(1) noninterest income of $61.6 million. Growth in fee income was broad-based for the period with foreign exchange revenue growing more than 60% from the linked quarter. Leasing business income, mortgage banking and bankcard income all increased by double digit percentages and wealth management income posted another record quarter. Adjusted(1) expenses increased by 1.2% compared to the first quarter. The increase included a full quarter of Agile expenses, the impact of annual salary adjustments that occurred late in the first quarter and variable compensation tied to our record fee income. Through our workforce efficiency initiative, we have eliminated 90 full-time positions to date, and this work will continue through the remainder of the year.”

Mr. Brown commented on asset quality and the ACL, “I am pleased with the 23 basis point decline in net charge-offs to 15 basis points, which marks the third consecutive quarter that charge-offs have declined. We did experience some downward credit migration during the period, however this was not concentrated in any particular loan type, and nonperforming loans as a percentage of total assets was relatively flat compared to the prior quarter. Our ACL increased to 1.36% of total loans, and based on our outlook for loan growth and credit quality, we would expect provision to decline to levels approximating the first quarter in the coming periods.”

Mr. Brown concluded, “We are pleased to announce that our Board of Directors approved a $0.01 increase in the common dividend to $0.24. The 4.3% dividend increase results in a dividend payout ratio within our target range of 35% - 40% of net income and increases our already attractive yield. I am encouraged with our operating performance through the first half of 2024 and look forward to continued success for the full year.”

Full detail of the Company’s second quarter 2024 performance is provided in the accompanying financial statements and slide presentation.

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Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Friday, July 26, 2024 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068. The recording will be available until August 9, 2024. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

Press Release and Additional Information on Website

This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures

This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

Forward-Looking Statements

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “expected,” “estimated,” ‘‘intends’’ and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:

•economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business;

•future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses

•the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;

•Management’s ability to effectively execute its business plans;

•mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;

•the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period;

•the effect of changes in accounting policies and practices;

•changes in consumer spending, borrowing and saving and changes in unemployment;

•changes in customers’ performance and creditworthiness;

•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;  

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•current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

•the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;

•the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and

•our ability to develop and execute effective business plans and strategies.

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2023, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. 

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2024, the Company had $18.2 billion in assets, $11.5 billion in loans, $13.7 billion in deposits and $2.3 billion in shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.6 billion in assets under management as of June 30, 2024. The Company operated 131 full service banking centers as of June 30, 2024, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/Analysts                    Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Director of Corporate Communications

(513) 887-5400                        (513) 979-5796

InvestorRelations@bankatfirst.com            media@bankatfirst.com    

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Selected Financial Information

June 30, 2024

(unaudited)

Contents			Page
Consolidated Financial Highlights			2
Consolidated Quarterly Statements of Income			3
Consolidated Quarterly Statements of Income			4-5
Consolidated Statements of Condition			6
Average Consolidated Statements of Condition			7
Net Interest Margin Rate / Volume Analysis			45,513
Credit Quality			10
Capital Adequacy			11

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FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
			Three Months Ended,																														Six months ended,
			June 30,						Mar. 31,						Dec. 31,						Sep. 30,						June 30,						June 30,
			2024						2024						2023						2023						2023						2024						2023
RESULTS OF OPERATIONS
Net income			$	60,805					$	50,689					$	56,732					$	63,061					$	65,667					$	111,494					$	136,070
Net earnings per share - basic			$	0.64					$	0.54					$	0.60					$	0.67					$	0.70					$	1.18					$	1.45
Net earnings per share - diluted			$	0.64					$	0.53					$	0.60					$	0.66					$	0.69					$	1.17					$	1.43
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23					$	0.46					$	0.46
KEY FINANCIAL RATIOS
Return on average assets			1.38		%				1.18		%				1.31		%				1.48		%				1.55		%				1.28		%				1.62		%
Return on average shareholders' equity			10.72		%				9.00		%				10.50		%				11.62		%				12.32		%				9.86		%				13.00		%
Return on average tangible shareholders' equity (1)			20.57		%				17.35		%				21.36		%				23.60		%				25.27		%				18.97		%				27.08		%
Net interest margin			4.06		%				4.05		%				4.21		%				4.28		%				4.43		%				4.06		%				4.47		%
Net interest margin (fully tax equivalent) (1)(2)			4.10		%				4.10		%				4.26		%				4.33		%				4.48		%				4.10		%				4.51		%
Ending shareholders' equity as a percent of ending assets			12.81		%				12.99		%				12.94		%				12.49		%				12.54		%				12.81		%				12.54		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)			7.23		%				7.23		%				7.17		%				6.50		%				6.56		%				7.23		%				6.56		%
Risk-weighted assets (1)			8.95		%				8.80		%				8.81		%				7.88		%				8.03		%				8.95		%				8.03		%
Average shareholders' equity as a percent of average assets			12.87		%				13.09		%				12.52		%				12.70		%				12.60		%				12.98		%				12.45		%
Average tangible shareholders' equity as a percent of average tangible assets (1)			7.15		%				7.25		%				6.57		%				6.69		%				6.57		%				7.20		%				6.39		%
Book value per share			$	24.36					$	23.95					$	23.84					$	22.39					$	22.52					$	24.36					$	22.52
Tangible book value per share (1)			$	12.94					$	12.50					$	12.38					$	10.91					$	11.02					$	12.94					$	11.02
Common equity tier 1 ratio (3)			11.78		%				11.67		%				11.73		%				11.60		%				11.34		%				11.78		%				11.34		%
Tier 1 ratio (3)			12.11		%				12.00		%				12.06		%				11.94		%				11.68		%				12.11		%				11.68		%
Total capital ratio (3)			14.47		%				14.31		%				14.26		%				14.19		%				14.16		%				14.47		%				14.16		%
Leverage ratio (3)			9.73		%				9.75		%				9.70		%				9.59		%				9.33		%				9.73		%				9.33		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)			$	11,440,930					$	11,066,184					$	10,751,028					$	10,623,734					$	10,513,505					$	11,253,557					$	10,443,791
Investment securities			3,131,541						3,137,665						3,184,408						3,394,237						3,560,453						3,134,603						3,597,678
Interest-bearing deposits with other banks			599,348						553,654						548,153						386,173						329,584						576,501						323,837
Total earning assets			$	15,171,819					$	14,757,503					$	14,483,589					$	14,404,144					$	14,403,542					$	14,964,661					$	14,365,306
Total assets			$	17,728,251					$	17,306,221					$	17,124,955					$	16,951,389					$	16,968,055					$	17,517,236					$	16,955,596
Noninterest-bearing deposits			$	3,144,198					$	3,169,750					$	3,368,024					$	3,493,305					$	3,663,419					$	3,156,974					$	3,808,362
Interest-bearing deposits			10,486,068						10,109,416						9,834,819						9,293,860						9,050,464						10,297,742						8,954,379
Total deposits			$	13,630,266					$	13,279,166					$	13,202,843					$	12,787,165					$	12,713,883					$	13,454,716					$	12,762,741
Borrowings			$	1,171,246					$	1,139,014					$	1,083,954					$	1,403,071					$	1,523,699					$	1,155,130					$	1,479,265
Shareholders' equity			$	2,281,040					$	2,265,562					$	2,144,482					$	2,153,601					$	2,137,765					$	2,273,301					$	2,110,141
CREDIT QUALITY RATIOS
Allowance to ending loans			1.36		%				1.29		%				1.29		%				1.36		%				1.41		%				1.36		%				1.41		%
Allowance to nonaccrual loans			249.21		%				243.55		%				215.10		%				193.75		%				276.70		%				249.21		%				276.70		%
Nonaccrual loans to total loans			0.54		%				0.53		%				0.60		%				0.70		%				0.51		%				0.54		%				0.51		%
Nonperforming assets to ending loans, plus OREO			0.54		%				0.53		%				0.60		%				0.71		%				0.51		%				0.54		%				0.51		%
Nonperforming assets to total assets			0.35		%				0.34		%				0.38		%				0.44		%				0.32		%				0.35		%				0.32		%
Classified assets to total assets			1.07		%				0.92		%				0.80		%				0.82		%				0.81		%				1.07		%				0.81		%
Net charge-offs to average loans (annualized)			0.15		%				0.38		%				0.46		%				0.61		%				0.22		%				0.27		%				0.11		%

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

(3) June 30, 2024 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

2

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FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
			Three months ended,																		Six months ended,
			June 30,																		June 30,
			2024						2023						% Change						2024						2023						% Change
Interest income
Loans and leases, including fees			$	211,760					$	184,387					14.8		%				$	413,600					$	354,093					16.8		%
Investment securities
Taxable			30,295						32,062						(5.5)		%				58,591						63,929						(8.3)		%
Tax-exempt			2,704						3,513						(23.0)		%				5,796						6,977						(16.9)		%
Total investment securities interest			32,999						35,575						(7.2)		%				64,387						70,906						(9.2)		%
Other earning assets			7,960						3,933						102.4		%				15,418						7,477						106.2		%
Total interest income			252,719						223,895						12.9		%				493,405						432,476						14.1		%
Interest expense
Deposits			83,022						44,292						87.4		%				159,097						75,748						110.0		%
Short-term borrowings			11,395						15,536						(26.7)		%				22,338						28,486						(21.6)		%
Long-term borrowings			4,991						4,835						3.2		%				9,919						9,692						2.3		%
Total interest expense			99,408						64,663						53.7		%				191,354						113,926						68.0		%
Net interest income			153,311						159,232						(3.7)		%				302,051						318,550						(5.2)		%
Provision for credit losses-loans and leases			16,157						12,719						27.0		%				29,576						21,363						38.4		%
Provision for credit losses-unfunded commitments			286						(1,994)						(114.3)		%				(1,973)						(159)						1,140.9		%
Net interest income after provision for credit losses			136,868						148,507						(7.8)		%				274,448						297,346						(7.7)		%
Noninterest income
Service charges on deposit accounts			7,188						6,972						3.1		%				14,100						13,486						4.6		%
Wealth management fees			7,172						6,713						6.8		%				13,848						13,047						6.1		%
Bankcard income			3,900						3,692						5.6		%				7,042						7,284						(3.3)		%
Client derivative fees			763						1,827						(58.2)		%				2,013						2,832						(28.9)		%
Foreign exchange income			16,787						15,039						11.6		%				27,222						31,937						(14.8)		%
Leasing business income			16,828						10,265						63.9		%				31,417						23,929						31.3		%
Net gains from sales of loans			4,479						3,839						16.7		%				8,263						6,174						33.8		%
Net gain (loss) on sale of investment securities			0						(384)						(100.0)		%				(5,277)						(403)						1,209.4		%
Net gain (loss) on equity securities			(64)						(82)						(22.0)		%				26						58						(55.2)		%
Other			4,448						5,377						(17.3)		%				9,359						10,457						(10.5)		%
Total noninterest income			61,501						53,258						15.5		%				108,013						108,801						(0.7)		%
Noninterest expenses
Salaries and employee benefits			75,225						74,199						1.4		%				149,262						146,453						1.9		%
Net occupancy			5,793						5,606						3.3		%				11,716						11,291						3.8		%
Furniture and equipment			3,646						3,362						8.4		%				7,334						6,679						9.8		%
Data processing			8,877						9,871						(10.1)		%				17,182						18,891						(9.0)		%
Marketing			2,605						2,802						(7.0)		%				4,567						4,962						(8.0)		%
Communication			816						644						26.7		%				1,611						1,278						26.1		%
Professional services			2,885						2,308						25.0		%				5,153						4,254						21.1		%
State intangible tax			875						964						(9.2)		%				1,752						1,949						(10.1)		%
FDIC assessments			2,657						2,806						(5.3)		%				5,437						5,632						(3.5)		%
Intangible amortization			2,396						2,601						(7.9)		%				4,697						5,201						(9.7)		%
Leasing business expense			10,128						6,730						50.5		%				19,882						14,668						35.5		%
Other			7,671						8,722						(12.0)		%				17,336						16,050						8.0		%
Total noninterest expenses			123,574						120,615						2.5		%				245,929						237,308						3.6		%
Income before income taxes			74,795						81,150						(7.8)		%				136,532						168,839						(19.1)		%
Income tax expense (benefit)			13,990						15,483						(9.6)		%				25,038						32,769						(23.6)		%
Net income			$	60,805					$	65,667					(7.4)		%				$	111,494					$	136,070					(18.1)		%
ADDITIONAL DATA
Net earnings per share - basic			$	0.64					$	0.70											$	1.18					$	1.45
Net earnings per share - diluted			$	0.64					$	0.69											$	1.17					$	1.43
Dividends declared per share			$	0.23					$	0.23											$	0.46					$	0.46
Return on average assets			1.38		%				1.55		%										1.28		%				1.62		%
Return on average shareholders' equity			10.72		%				12.32		%										9.86		%				13.00		%
Interest income			$	252,719					$	223,895					12.9		%				$	493,405					$	432,476					14.1		%
Tax equivalent adjustment			1,418						1,601						(11.4)		%				2,953						3,025						(2.4)		%
Interest income - tax equivalent			254,137						225,496						12.7		%				496,358						435,501						14.0		%
Interest expense			99,408						64,663						53.7		%				191,354						113,926						68.0		%
Net interest income - tax equivalent			$	154,729					$	160,833					(3.8)		%				$	305,004					$	321,575					(5.2)		%
Net interest margin			4.06		%				4.43		%										4.06		%				4.47		%
Net interest margin (fully tax equivalent) (1)			4.10		%				4.48		%										4.10		%				4.51		%
Full-time equivalent employees			2,144						2,193
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

3

---

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
															2024
															Second						First						Year to						% Change
															Quarter						Quarter						Date						Linked Qtr.
Interest income
Loans and leases, including fees															$	211,760					$	201,840					$	413,600					4.9		%
Investment securities
Taxable															30,295						28,296						58,591						7.1		%
Tax-exempt															2,704						3,092						5,796						(12.5)		%
Total investment securities interest															32,999						31,388						64,387						5.1		%
Other earning assets															7,960						7,458						15,418						6.7		%
Total interest income															252,719						240,686						493,405						5.0		%
Interest expense
Deposits															83,022						76,075						159,097						9.1		%
Short-term borrowings															11,395						10,943						22,338						4.1		%
Long-term borrowings															4,991						4,928						9,919						1.3		%
Total interest expense															99,408						91,946						191,354						8.1		%
Net interest income															153,311						148,740						302,051						3.1		%
Provision for credit losses-loans and leases															16,157						13,419						29,576						20.4		%
Provision for credit losses-unfunded commitments															286						(2,259)						(1,973)						(112.7)		%
Net interest income after provision for credit losses															136,868						137,580						274,448						(0.5)		%
Noninterest income
Service charges on deposit accounts															7,188						6,912						14,100						4.0		%
Wealth management fees															7,172						6,676						13,848						7.4		%
Bankcard income															3,900						3,142						7,042						24.1		%
Client derivative fees															763						1,250						2,013						(39.0)		%
Foreign exchange income															16,787						10,435						27,222						60.9		%
Leasing business income															16,828						14,589						31,417						15.3		%
Net gains from sales of loans															4,479						3,784						8,263						18.4		%
Net gain (loss) on sale of investment securities															0						(5,277)						(5,277)						(100.0)		%
Net gain (loss) on equity securities															(64)						90						26						171.1		%
Other															4,448						4,911						9,359						(9.4)		%
Total noninterest income															61,501						46,512						108,013						32.2		%
Noninterest expenses
Salaries and employee benefits															75,225						74,037						149,262						1.6		%
Net occupancy															5,793						5,923						11,716						(2.2)		%
Furniture and equipment															3,646						3,688						7,334						(1.1)		%
Data processing															8,877						8,305						17,182						6.9		%
Marketing															2,605						1,962						4,567						32.8		%
Communication															816						795						1,611						2.6		%
Professional services															2,885						2,268						5,153						27.2		%
State intangible tax															875						877						1,752						(0.2)		%
FDIC assessments															2,657						2,780						5,437						(4.4)		%
Intangible amortization															2,396						2,301						4,697						4.1		%
Leasing business expense															10,128						9,754						19,882						3.8		%
Other															7,671						9,665						17,336						(20.6)		%
Total noninterest expenses															123,574						122,355						245,929						1.0		%
Income before income taxes															74,795						61,737						136,532						21.2		%
Income tax expense (benefit)															13,990						11,048						25,038						26.6		%
Net income															$	60,805					$	50,689					$	111,494					20.0		%
ADDITIONAL DATA
Net earnings per share - basic															$	0.64					$	0.54					$	1.18
Net earnings per share - diluted															$	0.64					$	0.53					$	1.17
Dividends declared per share															$	0.23					$	0.23					$	0.46
Return on average assets															1.38		%				1.18		%				1.28		%
Return on average shareholders' equity															10.72		%				9.00		%				9.86		%
Interest income															$	252,719					$	240,686					$	493,405					5.0		%
Tax equivalent adjustment															1,418						1,535						2,953						(7.6)		%
Interest income - tax equivalent															254,137						242,221						496,358						4.9		%
Interest expense															99,408						91,946						191,354						8.1		%
Net interest income - tax equivalent															$	154,729					$	150,275					$	305,004					3.0		%
Net interest margin															4.06		%				4.05		%				4.06		%
Net interest margin (fully tax equivalent) (1)															4.10		%				4.10		%				4.10		%
Full-time equivalent employees															2,144						2,116
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

4

---

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
									2023
									Fourth						Third						Second						First						Full
									Quarter						Quarter						Quarter						Quarter						Year
Interest income
Loans and leases, including fees									$	197,416					$	192,261					$	184,387					$	169,706					$	743,770
Investment securities
Taxable									30,294						31,297						32,062						31,867						125,520
Tax-exempt									3,402						3,522						3,513						3,464						13,901
Total investment securities interest									33,696						34,819						35,575						35,331						139,421
Other earning assets									7,325						5,011						3,933						3,544						19,813
Total interest income									238,437						232,091						223,895						208,581						903,004
Interest expense
Deposits									69,193						57,069						44,292						31,456						202,010
Short-term borrowings									10,277						14,615						15,536						12,950						53,378
Long-term borrowings									5,202						4,952						4,835						4,857						19,846
Total interest expense									84,672						76,636						64,663						49,263						275,234
Net interest income									153,765						155,455						159,232						159,318						627,770
Provision for credit losses-loans and leases									8,804						12,907						12,719						8,644						43,074
Provision for credit losses-unfunded commitments									1,426						(1,234)						(1,994)						1,835						33
Net interest income after provision for credit losses									143,535						143,782						148,507						148,839						584,663
Noninterest income
Service charges on deposit accounts									6,846						6,957						6,972						6,514						27,289
Wealth management fees									6,091						6,943						6,713						6,334						26,081
Bankcard income									3,349						3,406						3,692						3,592						14,039
Client derivative fees									711						1,612						1,827						1,005						5,155
Foreign exchange income									8,730						13,384						15,039						16,898						54,051
Leasing business income									12,856						14,537						10,265						13,664						51,322
Net gains from sales of loans									2,957						4,086						3,839						2,335						13,217
Net gain (loss) on sale of investment securities									(851)						(4)						(384)						(19)						(1,258)
Net gain (loss) on equity securities									202						(54)						(82)						140						206
Other									6,102						5,761						5,377						5,080						22,320
Total noninterest income									46,993						56,628						53,258						55,543						212,422
Noninterest expenses
Salaries and employee benefits									70,637						75,641						74,199						72,254						292,731
Net occupancy									5,890						5,809						5,606						5,685						22,990
Furniture and equipment									3,523						3,341						3,362						3,317						13,543
Data processing									8,488						8,473						9,871						9,020						35,852
Marketing									2,087						2,598						2,802						2,160						9,647
Communication									707						744						644						634						2,729
Professional services									3,148						2,524						2,308						1,946						9,926
State intangible tax									984						981						964						985						3,914
FDIC assessments									3,651						2,665						2,806						2,826						11,948
Intangible amortization									2,601						2,600						2,601						2,600						10,402
Leasing business expense									8,955						8,877						6,730						7,938						32,500
Other									8,466						7,791						8,722						7,328						32,307
Total noninterest expenses									119,137						122,044						120,615						116,693						478,489
Income before income taxes									71,391						78,366						81,150						87,689						318,596
Income tax expense (benefit)									14,659						15,305						15,483						17,286						62,733
Net income									$	56,732					$	63,061					$	65,667					$	70,403					$	255,863
ADDITIONAL DATA
Net earnings per share - basic									$	0.60					$	0.67					$	0.70					$	0.75					$	2.72
Net earnings per share - diluted									$	0.60					$	0.66					$	0.69					$	0.74					$	2.69
Dividends declared per share									$	0.23					$	0.23					$	0.23					$	0.23					$	0.92
Return on average assets									1.31		%				1.48		%				1.55		%				1.69		%				1.51		%
Return on average shareholders' equity									10.50		%				11.62		%				12.32		%				13.71		%				12.01		%
Interest income									$	238,437					$	232,091					$	223,895					$	208,581					$	903,004
Tax equivalent adjustment									1,672						1,659						1,601						1,424						6,356
Interest income - tax equivalent									240,109						233,750						225,496						210,005						909,360
Interest expense									84,672						76,636						64,663						49,263						275,234
Net interest income - tax equivalent									$	155,437					$	157,114					$	160,833					$	160,742					$	634,126
Net interest margin									4.21		%				4.28		%				4.43		%				4.51		%				4.36		%
Net interest margin (fully tax equivalent) (1)									4.26		%				4.33		%				4.48		%				4.55		%				4.40		%
Full-time equivalent employees									2,129						2,121						2,193						2,066
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

5

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FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			June 30,						Mar. 31,						Dec. 31,						Sep. 30,						June 30,						% Change						% Change
			2024						2024						2023						2023						2023						Linked Qtr.						Comp Qtr.
ASSETS
Cash and due from banks			$	193,794					$	199,407					$	213,059					$	220,335					$	217,385					(2.8)		%				(10.9)		%
Interest-bearing deposits with other banks			738,555						751,290						792,960						452,867						485,241						(1.7)		%				52.2		%
Investment securities available-for-sale			3,036,758						2,850,667						3,021,126						3,044,361						3,249,404						6.5		%				(6.5)		%
Investment securities held-to-maturity			78,921						79,542						80,321						81,236						82,372						(0.8)		%				(4.2)		%
Other investments			132,412						125,548						129,945						133,725						141,892						5.5		%				(6.7)		%
Loans held for sale			16,911						11,534						9,213						12,391						15,267						46.6		%				10.8		%
Loans and leases
Commercial and industrial			3,782,487						3,591,428						3,501,221						3,420,873						3,433,162						5.3		%				10.2		%
Lease financing			534,557						492,862						474,817						399,973						360,801						8.5		%				48.2		%
Construction real estate			741,406						641,596						564,832						578,824						536,464						15.6		%				38.2		%
Commercial real estate			4,076,596						4,145,969						4,080,939						3,992,654						4,048,460						(1.7)		%				0.7		%
Residential real estate			1,377,290						1,344,677						1,333,674						1,293,470						1,221,484						2.4		%				12.8		%
Home equity			800,860						773,811						758,676						743,991						728,711						3.5		%				9.9		%
Installment			148,530						153,838						159,078						160,648						165,216						(3.5)		%				(10.1)		%
Credit card			59,477						60,939						59,939						56,386						55,911						(2.4)		%				6.4		%
Total loans			11,521,203						11,205,120						10,933,176						10,646,819						10,550,209						2.8		%				9.2		%
Less:
Allowance for credit losses			(156,185)						(144,274)						(141,433)						(145,201)						(148,646)						8.3		%				5.1		%
Net loans			11,365,018						11,060,846						10,791,743						10,501,618						10,401,563						2.7		%				9.3		%
Premises and equipment			197,873						198,428						194,740						192,572						192,077						(0.3)		%				3.0		%
Operating leases			167,472						161,473						153,214						136,883						132,272						3.7		%				26.6		%
Goodwill			1,007,656						1,007,656						1,005,868						1,005,868						1,005,828						0.0		%				0.2		%
Other intangibles			83,528						85,603						83,949						86,378						88,662						(2.4)		%				(5.8)		%
Accrued interest and other assets			1,147,282						1,067,244						1,056,762						1,186,618						1,078,186						7.5		%				6.4		%
Total Assets			$	18,166,180					$	17,599,238					$	17,532,900					$	17,054,852					$	17,090,149					3.2		%				6.3		%
LIABILITIES
Deposits
Interest-bearing demand			$	2,922,540					$	2,916,518					$	2,993,219					$	2,880,617					$	2,919,472					0.2		%				0.1		%
Savings			4,628,320						4,467,894						4,331,228						4,023,455						3,785,445						3.6		%				22.3		%
Time			3,049,635						2,896,860						2,718,390						2,572,909						2,484,780						5.3		%				22.7		%
Total interest-bearing deposits			10,600,495						10,281,272						10,042,837						9,476,981						9,189,697						3.1		%				15.4		%
Noninterest-bearing			3,061,427						3,175,876						3,317,960						3,438,572						3,605,181						(3.6)		%				(15.1)		%
Total deposits			13,661,922						13,457,148						13,360,797						12,915,553						12,794,878						1.5		%				6.8		%
FHLB short-term borrowings			1,040,000						700,000						800,000						755,000						1,050,300						48.6		%				(1.0)		%
Other			139,172						162,145						137,814						219,188						165,983						(14.2)		%				(16.2)		%
Total short-term borrowings			1,179,172						862,145						937,814						974,188						1,216,283						36.8		%				(3.1)		%
Long-term debt			338,556						343,236						344,115						340,902						339,963						(1.4)		%				(0.4)		%
Total borrowed funds			1,517,728						1,205,381						1,281,929						1,315,090						1,556,246						25.9		%				(2.5)		%
Accrued interest and other liabilities			660,091						649,706						622,200						694,700						595,606						1.6		%				10.8		%
Total Liabilities			15,839,741						15,312,235						15,264,926						14,925,343						14,946,730						3.4		%				6.0		%
SHAREHOLDERS' EQUITY
Common stock			1,635,705						1,632,971						1,638,972						1,636,054						1,632,659						0.2		%				0.2		%
Retained earnings			1,204,844						1,166,065						1,136,718						1,101,905						1,060,715						3.3		%				13.6		%
Accumulated other comprehensive income (loss)			(323,409)						(321,109)						(309,819)						(410,005)						(353,010)						0.7		%				(8.4)		%
Treasury stock, at cost			(190,701)						(190,924)						(197,897)						(198,445)						(196,945)						(0.1)		%				(3.2)		%
Total Shareholders' Equity			2,326,439						2,287,003						2,267,974						2,129,509						2,143,419						1.7		%				8.5		%
Total Liabilities and Shareholders' Equity			$	18,166,180					$	17,599,238					$	17,532,900					$	17,054,852					$	17,090,149					3.2		%				6.3		%

6

---

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Quarterly Averages																														Year-to-Date Averages
			June 30,						Mar. 31,						Dec. 31,						Sep. 30,						June 30,						June 30,
			2024						2024						2023						2023						2023						2024						2023
ASSETS
Cash and due from banks			$	174,435					$	204,119					$	214,678					$	211,670					$	221,527					$	189,277					$	220,133
Interest-bearing deposits with other banks			599,348						553,654						548,153						386,173						329,584						576,501						323,837
Investment securities			3,131,541						3,137,665						3,184,408						3,394,237						3,560,453						3,134,603						3,597,678
Loans held for sale			14,075						12,069						12,547						15,420						11,856						13,072						8,711
Loans and leases
Commercial and industrial			3,716,083						3,543,475						3,422,381						3,443,615						3,469,683						3,629,779						3,463,218
Lease financing			509,758						480,540						419,179						371,598						323,819						495,149						288,217
Construction real estate			683,780						603,974						540,314						547,884						518,190						643,877						527,192
Commercial real estate			4,146,764						4,101,238						4,060,733						4,024,798						4,050,946						4,124,001						4,034,077
Residential real estate			1,361,133						1,336,749						1,320,670						1,260,249						1,181,053						1,348,941						1,148,651
Home equity			790,384						765,410						750,925						735,251						726,333						777,897						727,254
Installment			151,753						157,663						160,242						164,092						172,147						154,708						188,947
Credit card			67,200						65,066						64,037						60,827						59,478						66,133						57,524
Total loans			11,426,855						11,054,115						10,738,481						10,608,314						10,501,649						11,240,485						10,435,080
Less:
Allowance for credit losses			(147,666)						(143,950)						(149,398)						(150,297)						(145,578)						(145,808)						(141,024)
Net loans			11,279,189						10,910,165						10,589,083						10,458,017						10,356,071						11,094,677						10,294,056
Premises and equipment			199,096						198,482						194,435						194,228						190,583						198,789						190,465
Operating leases			156,457						154,655						139,331						132,984						138,725						155,556						122,996
Goodwill			1,007,657						1,006,477						1,005,870						1,005,844						1,005,791						1,007,067						1,005,752
Other intangibles			84,577						84,109						85,101						87,427						89,878						84,343						91,225
Accrued interest and other assets			1,081,876						1,044,826						1,151,349						1,065,389						1,063,587						1,063,351						1,100,743
Total Assets			$	17,728,251					$	17,306,221					$	17,124,955					$	16,951,389					$	16,968,055					$	17,517,236					$	16,955,596
LIABILITIES
Deposits
Interest-bearing demand			$	2,888,252					$	2,895,768					$	2,988,086					$	2,927,416					$	2,906,855					$	2,892,010					$	2,906,784
Savings			4,617,658						4,399,768						4,235,658						3,919,590						3,749,902						4,508,713						3,784,164
Time			2,980,158						2,813,880						2,611,075						2,446,854						2,393,707						2,897,019						2,263,431
Total interest-bearing deposits			10,486,068						10,109,416						9,834,819						9,293,860						9,050,464						10,297,742						8,954,379
Noninterest-bearing			3,144,198						3,169,750						3,368,024						3,493,305						3,663,419						3,156,974						3,808,362
Total deposits			13,630,266						13,279,166						13,202,843						12,787,165						12,713,883						13,454,716						12,762,741
Federal funds purchased and securities sold
under agreements to repurchase			750						4,204						3,586						10,788						21,881						2,477						24,118
FHLB short-term borrowings			669,111						646,187						554,826						878,199						1,028,207						657,649						976,960
Other			161,913						146,127						185,221						175,682						132,088						154,020						135,622
Total short-term borrowings			831,774						796,518						743,633						1,064,669						1,182,176						814,146						1,136,700
Long-term debt			339,472						342,496						340,321						338,402						341,523						340,984						342,565
Total borrowed funds			1,171,246						1,139,014						1,083,954						1,403,071						1,523,699						1,155,130						1,479,265
Accrued interest and other liabilities			645,699						622,479						693,676						607,552						592,708						634,089						603,449
Total Liabilities			15,447,211						15,040,659						14,980,473						14,797,788						14,830,290						15,243,935						14,845,455
SHAREHOLDERS' EQUITY
Common stock			1,634,183						1,637,835						1,637,197						1,634,102						1,631,230						1,636,009						1,632,307
Retained earnings			1,179,827						1,144,447						1,111,786						1,076,515						1,034,092						1,162,137						1,012,057
Accumulated other comprehensive loss			(341,941)						(319,601)						(406,265)						(358,769)						(330,263)						(330,771)						(334,831)
Treasury stock, at cost			(191,029)						(197,119)						(198,236)						(198,247)						(197,294)						(194,074)						(199,392)
Total Shareholders' Equity			2,281,040						2,265,562						2,144,482						2,153,601						2,137,765						2,273,301						2,110,141
Total Liabilities and Shareholders' Equity			$	17,728,251					$	17,306,221					$	17,124,955					$	16,951,389					$	16,968,055					$	17,517,236					$	16,955,596

7

---

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
						Quarterly Averages																																																																																							Year-to-Date Averages
						June 30, 2024																		March 31, 2024																		June 30, 2023																											June 30, 2024												June 30, 2023
						Balance						Interest						Yield						Balance						Interest						Yield						Balance						Interest						Yield																																							Balance						Yield						Balance						Yield
Earning assets
Investments:
Investment securities						$	3,131,541					$	32,999					4.23		%				$	3,137,665					$	31,388					4.01		%				$	3,560,453					$	35,575					4.01		%																																					$	3,134,603					4.14		%				$	3,597,678					3.97		%
Interest-bearing deposits with other banks						599,348						7,960						5.33		%				553,654						7,458						5.40		%				329,584						3,933						4.79		%																																					576,501						5.39		%				323,837						4.66		%
Gross loans (1)						11,440,930						211,760						7.42		%				11,066,184						201,840						7.32		%				10,513,505						184,387						7.03		%																																					11,253,557						7.41		%				10,443,791						6.84		%
Total earning assets						15,171,819						252,719						6.68		%				14,757,503						240,686						6.54		%				14,403,542						223,895						6.23		%																																					14,964,661						6.65		%				14,365,306						6.07		%
Nonearning assets
Allowance for credit losses						(147,666)																		(143,950)																		(145,578)																																																			(145,808)												(141,024)
Cash and due from banks						174,435																		204,119																		221,527																																																			189,277												220,133
Accrued interest and other assets						2,529,663																		2,488,549																		2,488,564																																																			2,509,106												2,511,181
Total assets						$	17,728,251																	$	17,306,221																	$	16,968,055																																																		$	17,517,236											$	16,955,596
Interest-bearing liabilities
Deposits:
Interest-bearing demand						$	2,888,252					$	14,923					2.07		%				$	2,895,768					$	14,892					2.06		%				$	2,906,855					$	8,351					1.15		%																																					$	2,892,010					2.08		%				$	2,906,784					1.04		%
Savings						4,617,658						33,142						2.88		%				4,399,768						29,486						2.69		%				3,749,902						14,055						1.50		%																																					4,508,713						2.80		%				3,784,164						1.16		%
Time						2,980,158						34,957						4.70		%				2,813,880						31,697						4.52		%				2,393,707						21,886						3.67		%																																					2,897,019						4.64		%				2,263,431						3.48		%
Total interest-bearing deposits						10,486,068						83,022						3.18		%				10,109,416						76,075						3.02		%				9,050,464						44,292						1.96		%																																					10,297,742						3.12		%				8,954,379						1.71		%
Borrowed funds
Short-term borrowings						831,774						11,395						5.49		%				796,518						10,943						5.51		%				1,182,176						15,536						5.27		%																																					814,146						5.53		%				1,136,700						5.05		%
Long-term debt						339,472						4,991						5.90		%				342,496						4,928						5.77		%				341,523						4,835						5.68		%																																					340,984						5.87		%				342,565						5.71		%
Total borrowed funds						1,171,246						16,386						5.61		%				1,139,014						15,871						5.59		%				1,523,699						20,371						5.36		%																																					1,155,130						5.63		%				1,479,265						5.20		%
Total interest-bearing liabilities						11,657,314						99,408						3.42		%				11,248,430						91,946						3.28		%				10,574,163						64,663						2.45		%																																					11,452,872						3.37		%				10,433,644						2.20		%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits						3,144,198																		3,169,750																		3,663,419																																																			3,156,974												3,808,362
Other liabilities						645,699																		622,479																		592,708																																																			634,089												603,449
Shareholders' equity						2,281,040																		2,265,562																		2,137,765																																																			2,273,301												2,110,141
Total liabilities & shareholders' equity						$	17,728,251																	$	17,306,221																	$	16,968,055																																																		$	17,517,236											$	16,955,596
Net interest income						$	153,311																	$	148,740																	$	159,232																																																		$	302,051											$	318,550
Net interest spread																		3.26		%																3.26		%																3.78		%																																											3.28		%										3.87		%
Net interest margin																		4.06		%																4.05		%																4.43		%																																											4.06		%										4.47		%
Tax equivalent adjustment																		0.04		%																0.05		%																0.05		%																																											0.04		%										0.04		%
Net interest margin (fully tax equivalent)																		4.10		%																4.10		%																4.48		%																																											4.10		%										4.51		%
(1) Loans held for sale and nonaccrual loans are included in gross loans.

8

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FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
						Linked Qtr. Income Variance																		Comparable Qtr. Income Variance																		Year-to-Date Income Variance
						Rate									Volume						Total						Rate						Volume						Total						Rate						Volume						Total
Earning assets
Investment securities						$	1,676								$	(65)					$	1,611					$	1,944					$	(4,520)					$	(2,576)					$	2,993					$	(9,512)					$	(6,519)
Interest-bearing deposits with other banks						(105)									607						502						444						3,583						4,027						1,184						6,757						7,941
Gross loans (2)						2,984									6,936						9,920						10,207						17,166						27,373						29,746						29,761						59,507
Total earning assets						4,555									7,478						12,033						12,595						16,229						28,824						33,923						27,006						60,929
Interest-bearing liabilities
Total interest-bearing deposits						$	3,965								$	2,982					$	6,947					$	27,364					$	11,366					$	38,730					$	62,594					$	20,755					$	83,349
Borrowed funds
Short-term borrowings						(31)									483						452						659						(4,800)						(4,141)						2,702						(8,850)						(6,148)
Long-term debt						107									(44)						63						186						(30)						156						273						(46)						227
Total borrowed funds						76									439						515						845						(4,830)						(3,985)						2,975						(8,896)						(5,921)
Total interest-bearing liabilities						4,041									3,421						7,462						28,209						6,536						34,745						65,569						11,859						77,428
Net interest income (1)						$	514								$	4,057					$	4,571					$	(15,614)					$	9,693					$	(5,921)					$	(31,646)					$	15,147					$	(16,499)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.

9

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FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
																																	Six months ended,
			June 30,						Mar. 31,						Dec. 31,						Sep. 30,						June 30,						June 30,						June 30,
			2024						2024						2023						2023						2023						2024						2023
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period			$	144,274					$	141,433					$	145,201					$	148,646					$	141,591					$	141,433					$	132,977
Provision for credit losses			16,157						13,419						8,804						12,907						12,719						29,576						21,363
Gross charge-offs
Commercial and industrial			2,149						2,695						6,866						9,207						2,372						4,844						3,102
Lease financing			190						3						4,244						76						90						193						103
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			2						5,319						1						6,008						2,648						5,321						2,714
Residential real estate			6						65						9						10						20						71						20
Home equity			122						25						174						54						21						147						112
Installment			2,034						2,236						2,054						1,349						1,515						4,270						3,039
Credit card			532						794						363						319						274						1,326						491
Total gross charge-offs			5,035						11,137						13,711						17,023						6,940						16,172						9,581
Recoveries
Commercial and industrial			236						162						459						335						631						398						740
Lease financing			1						59						52						1						1						60						2
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			137						38						93						39						153						175						2,391
Residential real estate			37						24						24						44						113						61						179
Home equity			118						80						178						125						232						198						312
Installment			219						145						210						87						90						364						144
Credit card			41						51						123						40						56						92						119
Total recoveries			789						559						1,139						671						1,276						1,348						3,887
Total net charge-offs			4,246						10,578						12,572						16,352						5,664						14,824						5,694
Ending allowance for credit losses			$	156,185					$	144,274					$	141,433					$	145,201					$	148,646					$	156,185					$	148,646
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial			0.21		%				0.29		%				0.74		%				1.02		%				0.20		%				0.25		%				0.14		%
Lease financing			0.15		%				(0.05)		%				3.97		%				0.08		%				0.11		%				0.05		%				0.07		%
Construction real estate			0.00		%				0.00		%				0.00		%				0.00		%				0.00		%				0.00		%				0.00		%
Commercial real estate			(0.01)		%				0.52		%				(0.01)		%				0.59		%				0.25		%				0.25		%				0.02		%
Residential real estate			(0.01)		%				0.01		%				0.00		%				(0.01)		%				(0.03)		%				0.00		%				(0.03)		%
Home equity			0.00		%				(0.03)		%				0.00		%				(0.04)		%				(0.12)		%				(0.01)		%				(0.06)		%
Installment			4.81		%				5.33		%				4.57		%				3.05		%				3.32		%				5.08		%				3.09		%
Credit card			2.94		%				4.59		%				1.49		%				1.82		%				1.47		%				3.75		%				1.30		%
Total net charge-offs			0.15		%				0.38		%				0.46		%				0.61		%				0.22		%				0.27		%				0.11		%
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial			$	17,665					$	14,532					$	15,746					$	17,152					$	21,508					$	17,665					$	21,508
Lease financing			5,374						3,794						3,610						7,731						4,833						5,374						4,833
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			22,942						23,055						27,984						33,019						11,876						22,942						11,876
Residential real estate			12,715						12,836						14,067						12,328						11,697						12,715						11,697
Home equity			3,295						4,036						3,476						3,937						3,239						3,295						3,239
Installment			682						984						870						774						568						682						568
Total nonaccrual loans			62,673						59,237						65,753						74,941						53,721						62,673						53,721
Other real estate owned (OREO)			30						161						106						142						281						30						281
Total nonperforming assets			62,703						59,398						65,859						75,083						54,002						62,703						54,002
Accruing loans past due 90 days or more			1,573						820						2,028						698						873						1,573						873
Total underperforming assets			$	64,276					$	60,218					$	67,887					$	75,781					$	54,875					$	64,276					$	54,875
Total classified assets			$	195,277					$	162,348					$	140,995					$	140,552					$	138,909					$	195,277					$	138,909
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans			249.21		%				243.55		%				215.10		%				193.75		%				276.70		%				249.21		%				276.70		%
Total ending loans			1.36		%				1.29		%				1.29		%				1.36		%				1.41		%				1.36		%				1.41		%
Nonaccrual loans to total loans			0.54		%				0.53		%				0.60		%				0.70		%				0.51		%				0.54		%				0.51		%
Nonperforming assets to
Ending loans, plus OREO			0.54		%				0.53		%				0.60		%				0.71		%				0.51		%				0.54		%				0.51		%
Total assets			0.35		%				0.34		%				0.38		%				0.44		%				0.32		%				0.35		%				0.32		%
Classified assets to total assets			1.07		%				0.92		%				0.80		%				0.82		%				0.81		%				1.07		%				0.81		%

10

---

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
			Three Months Ended,																														Six months ended,
			June 30,						Mar. 31,						Dec. 31,						Sep. 30,						June 30,						June 30,						June 30,
			2024						2024						2023						2023						2023						2024						2023
PER COMMON SHARE
Market Price
High			$	23.78					$	23.68					$	24.28					$	24.02					$	22.27					$	23.78					$	26.24
Low			$	20.79					$	21.04					$	17.37					$	19.19					$	18.20					$	20.79					$	18.20
Close			$	22.22					$	22.42					$	23.75					$	19.60					$	20.44					$	22.22					$	20.44
Average shares outstanding - basic			94,438,235						94,218,067						94,063,570						94,030,275						93,924,068						94,328,151						93,828,829
Average shares outstanding - diluted			95,470,093						95,183,998						95,126,316						95,126,269						95,169,348						95,327,045						95,065,334
Ending shares outstanding			95,486,010						95,473,595						95,141,244						95,117,180						95,185,483						95,486,010						95,185,483
Total shareholders' equity			$	2,326,439					$	2,287,003					$	2,267,974					$	2,129,509					$	2,143,419					$	2,326,439					$	2,143,419
REGULATORY CAPITAL			Preliminary																														Preliminary
Common equity tier 1 capital			$	1,626,345					$	1,582,113					$	1,568,815					$	1,527,793					$	1,481,913					$	1,626,345					$	1,481,913
Common equity tier 1 capital ratio			11.78		%				11.67		%				11.73		%				11.60		%				11.34		%				11.78		%				11.34		%
Tier 1 capital			$	1,671,258					$	1,626,899					$	1,613,480					$	1,572,248					$	1,526,362					$	1,671,258					$	1,526,362
Tier 1 ratio			12.11		%				12.00		%				12.06		%				11.94		%				11.68		%				12.11		%				11.68		%
Total capital			$	1,997,378					$	1,940,762					$	1,907,441					$	1,868,490					$	1,851,144					$	1,997,378					$	1,851,144
Total capital ratio			14.47		%				14.31		%				14.26		%				14.19		%				14.16		%				14.47		%				14.16		%
Total capital in excess of minimum requirement			$	548,037					$	516,704					$	503,152					$	485,580					$	478,911					$	548,037					$	478,911
Total risk-weighted assets			$	13,803,249					$	13,562,455					$	13,374,177					$	13,170,574					$	13,068,888					$	13,803,249					$	13,068,888
Leverage ratio			9.73		%				9.75		%				9.70		%				9.59		%				9.33		%				9.73		%				9.33		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets			12.81		%				12.99		%				12.94		%				12.49		%				12.54		%				12.81		%				12.54		%
Ending tangible shareholders' equity to ending tangible assets (1)			7.23		%				7.23		%				7.17		%				6.50		%				6.56		%				7.23		%				6.56		%
Average shareholders' equity to average assets			12.87		%				13.09		%				12.52		%				12.70		%				12.60		%				12.98		%				12.45		%
Average tangible shareholders' equity to average tangible assets (1)			7.15		%				7.25		%				6.57		%				6.69		%				6.57		%				7.20		%				6.39		%
REPURCHASE PROGRAM (2)
Shares repurchased			0						0						0						0						0						0						0
Average share repurchase price			N/A						N/A						N/A						N/A						N/A						N/A						N/A
Total cost of shares repurchased			N/A						N/A						N/A						N/A						N/A						N/A						N/A
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

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