EX-99.1 2 a8k4q24earningsreleaseex991.htm EX-99.1

                                                Exhibit 99.1

First Financial Bancorp Announces Fourth Quarter and

Full Year 2024 Financial Results

•Earnings per diluted share of $0.68; $0.71 on an adjusted(1) basis

•Return on average assets of 1.41%; 1.47% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 3.94%

•Noninterest income of $69.9 million; $69.7 million on an adjusted(1) basis

•Loan growth of $208.7 million; 7.2% on an annualized basis

•Average deposit growth of $543.1 million; 15.7% on an annualized basis

Cincinnati, Ohio - January 24, 2025. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and twelve months ended December 31, 2024.

For the three months ended December 31, 2024, the Company reported net income of $64.9 million, or $0.68 per diluted common share. These results compare to net income of $52.5 million, or $0.55 per diluted common share, for the third quarter of 2024. For the twelve months ended December 31, 2024, First Financial had earnings per diluted share of $2.40 compared to $2.69 for the same period in 2023.

Return on average assets for the fourth quarter of 2024 was 1.41% while return on average tangible common equity was 19.08%(1). These compare to return on average assets of 1.17% and return on average tangible common equity of 16.29%(1) in the third quarter of 2024.

Fourth quarter 2024 highlights include:

•Robust net interest margin of 3.91%, or 3.94% on a fully tax-equivalent basis(1)

◦14 bp decline from third quarter, in line with initial expectations

◦13 bp decline in cost of deposits and favorable shift in funding mix offset by 37 bp decline in loan yields

•Noninterest income of $69.9 million, or $69.7 million as adjusted(1)

◦Adjustments include $0.1 million gain on securities

◦Record wealth management income

◦Strong results from foreign exchange and leasing businesses

•Noninterest expenses of $147.9 million, or $130.9 million as adjusted(1); 5.0% increase from linked quarter

◦Fourth quarter adjustments(1) include $4.7 million of efficiency related costs, $14.3 million of tax credit writedowns, $1.0 million of state tax credits and $2.0 million of gains on the sale of previously closed branches

◦Increase from prior quarter driven by higher incentive compensation tied to increase in noninterest income and overall company performance

◦Efficiency ratio of 66.0%; 58.4% as adjusted(1)

•Broad-based loan growth during the quarter

◦Loan balances increased $208.7 million compared to the linked quarter; 7% annualized growth

◦Growth driven by C&I, ICRE, leasing and mortgage

_________________________________________________________________________________________

(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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•Average deposit growth surged during the quarter

◦Average deposits increased $543.1 million, or 15.7% on an annualized basis

◦Growth across most product types offset a decline in brokered CDs and savings

•Total Allowance for Credit Losses of $173.7 million; Total quarterly provision expense of $9.4 million

◦Loans and leases - ACL of $156.8 million; ratio to total loans of 1.33% declined 4 bps from third quarter

◦Unfunded Commitments - ACL of $16.9 million

◦Provision expense driven by net charge offs, slower prepayment rates and loan growth

◦Classified assets increased 7 bps to 1.21% of total assets

◦Annualized net charge-offs were 40 bps of total loans; 30 bps for full year

•Capital ratios stable and strong

◦Total capital ratio decreased 15 bps to 14.43%

◦Tier 1 common equity increased 12 bps to 12.16%

◦Tangible common equity of 7.73%(1); 9.39%(1) excluding impact from AOCI

◦Tangible book value per share of $14.15(1)

Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our fourth quarter performance. Adjusted(1) earnings per share were $0.71, leading to an adjusted(1) return on assets of 1.47%, and an adjusted(1) return on tangible common equity ratio of 19.90%. As expected, due to decreases in short term rates by the Fed, the decline in asset yields outpaced the decline in deposit costs, leading to a reduction in our net interest margin to 3.94%. Balance sheet trends were very strong for the quarter with loan growth exceeding 7% on an annualized basis and total deposits surging by approximately 16% on an annualized basis."

Mr. Brown continued, “Adjusted(1) noninterest income was robust in the fourth quarter with leasing, foreign exchange and wealth management income all increasing by double-digit percentages from the linked quarter. While adjusted(1) expenses increased by 5% from the linked quarter, the increase was driven by higher incentive compensation tied to the strong fee income and overall company performance. Our workforce efficiency initiative continued during the quarter, and we have eliminated 145 positions to date. We expect to complete this work in 2025."

Mr. Brown commented on asset quality, “Asset quality was relatively stable for the quarter. Nonperforming assets were flat compared to the linked quarter at 0.36%, while classified assets increased by 7 basis points to 1.21%. The increase in classified assets was driven by the mutually agreed upon termination of a foreign exchange trade, resulting in a $45 million obligation from the customer, which we believe is fully collateralized. We expect the customer to pay this obligation in 2025. Net charge-offs were slightly elevated due to the resolution of three loans that have been longer term workouts. We believe that overall credit trends are improving and, as a result, we anticipate lower credit costs going forward."

Mr. Brown highlighted full year results. "2024 was an excellent year for our Company. On an adjusted(1) basis, we earned $249 million, or $2.61 per share. Adjusted(1) return on assets was 1.40% and adjusted(1) return on tangible common equity was 19.9%. While the net interest margin declined from 4.40% to 4.05%, due to declining short-term rates, strong loan growth offset most of the impact with net interest income declining by only 2.5%. Noninterest income increased by 13.3% to a record $241.8 million, led by growth in leasing and wealth management income. The result was record revenue for the Company of $853.8 million, which was a 2% increase over 2023."

Mr. Brown continued, “I am very pleased with our balance sheet growth for the year. Total loans increased by 7.6% to $11.8 billion and total deposits increased by 7.2% to $14.3 billion. Additionally, tangible common equity increased by 56 basis points to 7.73% and tangible book value per share increased from $12.38 to $14.15, which was a 14.3% increase."

Mr. Brown commented on asset quality, "Similar to the fourth quarter, asset quality was relatively stable for the year. Net charge-offs as a percent of average loans declined 3 basis points to 0.30% and nonperforming assets as a percent of total assets declined by 2 basis points to 0.36%."

Mr. Brown concluded, "During the year, we were excited to add the Agile team and I want to thank them for making an immediate contribution to our Company. We continued to gain momentum in our expansion markets, Chicago, IL, Evansville, IN and Cleveland, OH and at the beginning of 2025, we expanded into Grand Rapids, MI with a commercial banking team. We look forward to the continued growth and success of our expansion strategies. Performing at a consistently high level requires an engaged team that is committed to its clients. This describes the team at First Financial. I want to thank our associates for their outstanding work in 2024.”

Full detail of the Company’s fourth 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, January 24, 2025 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 February 7, 2025. 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 December 31, 2024, the Company had $18.6 billion in assets, $11.8 billion in loans, $14.3 billion in deposits and $2.4 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 $3.7 billion in assets under management as of December 31, 2024. The Company operated 127 full service banking centers as of December 31, 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

December 31, 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			8-9
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,																														Twelve months ended,
			Dec. 31,						Sep. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,
			2024						2024						2024						2024						2023						2024						2023
RESULTS OF OPERATIONS
Net income			$	64,885					$	52,451					$	60,805					$	50,689					$	56,732					$	228,830					$	255,863
Net earnings per share - basic			$	0.69					$	0.56					$	0.64					$	0.54					$	0.60					$	2.42					$	2.72
Net earnings per share - diluted			$	0.68					$	0.55					$	0.64					$	0.53					$	0.60					$	2.40					$	2.69
Dividends declared per share			$	0.24					$	0.24					$	0.23					$	0.23					$	0.23					$	0.94					$	0.92
KEY FINANCIAL RATIOS
Return on average assets			1.41		%				1.17		%				1.38		%				1.18		%				1.31		%				1.29		%				1.51		%
Return on average shareholders' equity			10.57		%				8.80		%				10.72		%				9.00		%				10.50		%				9.78		%				12.01		%
Return on average tangible shareholders' equity (1)			19.08		%				16.29		%				20.57		%				17.35		%				21.36		%				18.31		%				24.72		%
Net interest margin			3.91		%				4.05		%				4.06		%				4.05		%				4.21		%				4.02		%				4.36		%
Net interest margin (fully tax equivalent) (1)(2)			3.94		%				4.08		%				4.10		%				4.10		%				4.26		%				4.05		%				4.40		%
Ending shareholders' equity as a percent of ending assets			13.13		%				13.50		%				12.81		%				12.99		%				12.94		%				13.13		%				12.94		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)			7.73		%				7.98		%				7.23		%				7.23		%				7.17		%				7.73		%				7.17		%
Risk-weighted assets (1)			9.61		%				9.86		%				8.95		%				8.80		%				8.81		%				9.61		%				8.81		%
Average shareholders' equity as a percent of average assets			13.36		%				13.28		%				12.87		%				13.09		%				12.52		%				13.15		%				12.53		%
Average tangible shareholders' equity as a percent of average tangible assets (1)			7.87		%				7.64		%				7.15		%				7.25		%				6.57		%				7.48		%				6.51		%
Book value per share			$	25.53					$	25.66					$	24.36					$	23.95					$	23.84					$	25.53					$	23.84
Tangible book value per share (1)			$	14.15					$	14.26					$	12.94					$	12.50					$	12.38					$	14.15					$	12.38
Common equity tier 1 ratio (3)			12.16		%				12.04		%				11.78		%				11.67		%				11.73		%				12.16		%				11.73		%
Tier 1 ratio (3)			12.48		%				12.37		%				12.11		%				12.00		%				12.06		%				12.48		%				12.06		%
Total capital ratio (3)			14.43		%				14.58		%				14.47		%				14.31		%				14.26		%				14.43		%				14.26		%
Leverage ratio (3)			9.98		%				9.93		%				9.73		%				9.75		%				9.70		%				9.98		%				9.70		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)			$	11,687,886					$	11,534,000					$	11,440,930					$	11,066,184					$	10,751,028					$	11,433,226					$	10,566,587
Investment securities			3,372,539						3,274,498						3,131,541						3,137,665						3,184,408						3,229,577						3,442,233
Interest-bearing deposits with other banks			654,251						483,880						599,348						553,654						548,153						572,763						396,089
Total earning assets			$	15,714,676					$	15,292,378					$	15,171,819					$	14,757,503					$	14,483,589					$	15,235,566					$	14,404,909
Total assets			$	18,273,419					$	17,854,191					$	17,728,251					$	17,306,221					$	17,124,955					$	17,792,014					$	16,997,223
Noninterest-bearing deposits			$	3,162,643					$	3,106,239					$	3,144,198					$	3,169,750					$	3,368,024					$	3,145,646					$	3,617,961
Interest-bearing deposits			11,177,010						10,690,265						10,486,068						10,109,416						9,834,819						10,617,427						9,261,866
Total deposits			$	14,339,653					$	13,796,504					$	13,630,266					$	13,279,166					$	13,202,843					$	13,763,073					$	12,879,827
Borrowings			$	855,083					$	1,053,737					$	1,171,246					$	1,139,014					$	1,083,954					$	1,054,222					$	1,360,420
Shareholders' equity			$	2,441,045					$	2,371,125					$	2,281,040					$	2,265,562					$	2,144,482					$	2,340,056					$	2,129,751
CREDIT QUALITY RATIOS
Allowance to ending loans			1.33		%				1.37		%				1.36		%				1.29		%				1.29		%				1.33		%				1.29		%
Allowance to nonaccrual loans			237.66		%				242.72		%				249.21		%				243.55		%				215.10		%				237.66		%				215.10		%
Nonaccrual loans to total loans			0.56		%				0.57		%				0.54		%				0.53		%				0.60		%				0.56		%				0.60		%
Nonperforming assets to ending loans, plus OREO			0.56		%				0.57		%				0.54		%				0.53		%				0.60		%				0.56		%				0.60		%
Nonperforming assets to total assets			0.36		%				0.36		%				0.35		%				0.34		%				0.38		%				0.36		%				0.38		%
Classified assets to total assets			1.21		%				1.14		%				1.07		%				0.92		%				0.80		%				1.21		%				0.80		%
Net charge-offs to average loans (annualized)			0.40		%				0.25		%				0.15		%				0.38		%				0.46		%				0.30		%				0.33		%

(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) December 31, 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,																		Twelve months ended,
			Dec. 31,																		Dec. 31,
			2024						2023						% Change						2024						2023						% Change
Interest income
Loans and leases, including fees			$	207,508					$	197,416					5.1		%				$	836,541					$	743,770					12.5		%
Investment securities
Taxable			33,978						30,294						12.2		%				124,936						125,520						(0.5)		%
Tax-exempt			2,423						3,402						(28.8)		%				10,835						13,901						(22.1)		%
Total investment securities interest			36,401						33,696						8.0		%				135,771						139,421						(2.6)		%
Other earning assets			7,662						7,325						4.6		%				29,783						19,813						50.3		%
Total interest income			251,571						238,437						5.5		%				1,002,095						903,004						11.0		%
Interest expense
Deposits			85,441						69,193						23.5		%				331,092						202,010						63.9		%
Short-term borrowings			6,586						10,277						(35.9)		%				38,856						53,378						(27.2)		%
Long-term borrowings			5,145						5,202						(1.1)		%				20,137						19,846						1.5		%
Total interest expense			97,172						84,672						14.8		%				390,085						275,234						41.7		%
Net interest income			154,399						153,765						0.4		%				612,010						627,770						(2.5)		%
Provision for credit losses-loans and leases			9,705						8,804						10.2		%				49,211						43,074						14.2		%
Provision for credit losses-unfunded commitments			(273)						1,426						(119.1)		%				(1,552)						33						N/M
Net interest income after provision for credit losses			144,967						143,535						1.0		%				564,351						584,663						(3.5)		%
Noninterest income
Service charges on deposit accounts			7,632						6,846						11.5		%				29,279						27,289						7.3		%
Wealth management fees			7,962						6,091						30.7		%				28,720						26,081						10.1		%
Bankcard income			3,659						3,349						9.3		%				14,399						14,039						2.6		%
Client derivative fees			1,528						711						114.9		%				4,701						5,155						(8.8)		%
Foreign exchange income			16,794						8,730						92.4		%				56,064						54,051						3.7		%
Leasing business income			19,413						12,856						51.0		%				67,641						51,322						31.8		%
Net gains from sales of loans			4,634						2,957						56.7		%				17,918						13,217						35.6		%
Net gain (loss) on investment securities			144						(649)						122.2		%				(22,575)						(1,052)						N/M
Other			8,088						6,102						32.5		%				27,421						22,320						22.9		%
Total noninterest income			69,854						46,993						48.6		%				223,568						212,422						5.2		%
Noninterest expenses
Salaries and employee benefits			80,314						70,637						13.7		%				304,389						292,731						4.0		%
Net occupancy			5,415						5,890						(8.1)		%				23,050						22,990						0.3		%
Furniture and equipment			3,476						3,523						(1.3)		%				14,427						13,543						6.5		%
Data processing			9,139						8,488						7.7		%				35,178						35,852						(1.9)		%
Marketing			2,204						2,087						5.6		%				9,026						9,647						(6.4)		%
Communication			767						707						8.5		%				3,229						2,729						18.3		%
Professional services			6,631						3,148						110.6		%				14,087						9,926						41.9		%
State intangible tax			(104)						984						(110.6)		%				2,524						3,914						(35.5)		%
FDIC assessments			2,736						3,651						(25.1)		%				11,209						11,948						(6.2)		%
Intangible amortization			2,395						2,601						(7.9)		%				9,487						10,402						(8.8)		%
Leasing business expense			12,536						8,955						40.0		%				44,317						32,500						36.4		%
Other			22,398						8,466						164.6		%				48,672						32,307						50.7		%
Total noninterest expenses			147,907						119,137						24.1		%				519,595						478,489						8.6		%
Income before income taxes			66,914						71,391						(6.3)		%				268,324						318,596						(15.8)		%
Income tax expense (benefit)			2,029						14,659						(86.2)		%				39,494						62,733						(37.0)		%
Net income			$	64,885					$	56,732					14.4		%				$	228,830					$	255,863					(10.6)		%
ADDITIONAL DATA
Net earnings per share - basic			$	0.69					$	0.60											$	2.42					$	2.72
Net earnings per share - diluted			$	0.68					$	0.60											$	2.40					$	2.69
Dividends declared per share			$	0.24					$	0.23											$	0.94					$	0.92
Return on average assets			1.41		%				1.31		%										1.29		%				1.51		%
Return on average shareholders' equity			10.57		%				10.50		%										9.78		%				12.01		%
Interest income			$	251,571					$	238,437					5.5		%				$	1,002,095					$	903,004					11.0		%
Tax equivalent adjustment			1,274						1,672						(23.8)		%				5,589						6,356						(12.1)		%
Interest income - tax equivalent			252,845						240,109						5.3		%				1,007,684						909,360						10.8		%
Interest expense			97,172						84,672						14.8		%				390,085						275,234						41.7		%
Net interest income - tax equivalent			$	155,673					$	155,437					0.2		%				$	617,599					$	634,126					(2.6)		%
Net interest margin			3.91		%				4.21		%										4.02		%				4.36		%
Net interest margin (fully tax equivalent) (1)			3.94		%				4.26		%										4.05		%				4.40		%
Full-time equivalent employees			2,064						2,129
(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
			Fourth						Third						Second						First						Year to						% Change
			Quarter						Quarter						Quarter						Quarter						Date						Linked Qtr.
Interest income
Loans and leases, including fees			$	207,508					$	215,433					$	211,760					$	201,840					$	836,541					(3.7)		%
Investment securities
Taxable			33,978						32,367						30,295						28,296						124,936						5.0		%
Tax-exempt			2,423						2,616						2,704						3,092						10,835						(7.4)		%
Total investment securities interest			36,401						34,983						32,999						31,388						135,771						4.1		%
Other earning assets			7,662						6,703						7,960						7,458						29,783						14.3		%
Total interest income			251,571						257,119						252,719						240,686						1,002,095						(2.2)		%
Interest expense
Deposits			85,441						86,554						83,022						76,075						331,092						(1.3)		%
Short-term borrowings			6,586						9,932						11,395						10,943						38,856						(33.7)		%
Long-term borrowings			5,145						5,073						4,991						4,928						20,137						1.4		%
Total interest expense			97,172						101,559						99,408						91,946						390,085						(4.3)		%
Net interest income			154,399						155,560						153,311						148,740						612,010						(0.7)		%
Provision for credit losses-loans and leases			9,705						9,930						16,157						13,419						49,211						(2.3)		%
Provision for credit losses-unfunded commitments			(273)						694						286						(2,259)						(1,552)						(139.3)		%
Net interest income after provision for credit losses			144,967						144,936						136,868						137,580						564,351						0.0		%
Noninterest income
Service charges on deposit accounts			7,632						7,547						7,188						6,912						29,279						1.1		%
Wealth management fees			7,962						6,910						7,172						6,676						28,720						15.2		%
Bankcard income			3,659						3,698						3,900						3,142						14,399						(1.1)		%
Client derivative fees			1,528						1,160						763						1,250						4,701						31.7		%
Foreign exchange income			16,794						12,048						16,787						10,435						56,064						39.4		%
Leasing business income			19,413						16,811						16,828						14,589						67,641						15.5		%
Net gains from sales of loans			4,634						5,021						4,479						3,784						17,918						(7.7)		%
Net gain (loss) on investment securities			144						(17,468)						(64)						(5,187)						(22,575)						100.8		%
Other			8,088						9,974						4,448						4,911						27,421						(18.9)		%
Total noninterest income			69,854						45,701						61,501						46,512						223,568						52.9		%
Noninterest expenses
Salaries and employee benefits			80,314						74,813						75,225						74,037						304,389						7.4		%
Net occupancy			5,415						5,919						5,793						5,923						23,050						(8.5)		%
Furniture and equipment			3,476						3,617						3,646						3,688						14,427						(3.9)		%
Data processing			9,139						8,857						8,877						8,305						35,178						3.2		%
Marketing			2,204						2,255						2,605						1,962						9,026						(2.3)		%
Communication			767						851						816						795						3,229						(9.9)		%
Professional services			6,631						2,303						2,885						2,268						14,087						187.9		%
State intangible tax			(104)						876						875						877						2,524						(111.9)		%
FDIC assessments			2,736						3,036						2,657						2,780						11,209						(9.9)		%
Intangible amortization			2,395						2,395						2,396						2,301						9,487						0.0		%
Leasing business expense			12,536						11,899						10,128						9,754						44,317						5.4		%
Other			22,398						8,938						7,671						9,665						48,672						150.6		%
Total noninterest expenses			147,907						125,759						123,574						122,355						519,595						17.6		%
Income before income taxes			66,914						64,878						74,795						61,737						268,324						3.1		%
Income tax expense (benefit)			2,029						12,427						13,990						11,048						39,494						(83.7)		%
Net income			$	64,885					$	52,451					$	60,805					$	50,689					$	228,830					23.7		%
ADDITIONAL DATA
Net earnings per share - basic			$	0.69					$	0.56					$	0.64					$	0.54					$	2.42
Net earnings per share - diluted			$	0.68					$	0.55					$	0.64					$	0.53					$	2.40
Dividends declared per share			$	0.24					$	0.24					$	0.23					$	0.23					$	0.94
Return on average assets			1.41		%				1.17		%				1.38		%				1.18		%				1.29		%
Return on average shareholders' equity			10.57		%				8.80		%				10.72		%				9.00		%				9.78		%
Interest income			$	251,571					$	257,119					$	252,719					$	240,686					$	1,002,095					(2.2)		%
Tax equivalent adjustment			1,274						1,362						1,418						1,535						5,589						(6.5)		%
Interest income - tax equivalent			252,845						258,481						254,137						242,221						1,007,684						(2.2)		%
Interest expense			97,172						101,559						99,408						91,946						390,085						(4.3)		%
Net interest income - tax equivalent			$	155,673					$	156,922					$	154,729					$	150,275					$	617,599					(0.8)		%
Net interest margin			3.91		%				4.05		%				4.06		%				4.05		%				4.02		%
Net interest margin (fully tax equivalent) (1)			3.94		%				4.08		%				4.10		%				4.10		%				4.05		%
Full-time equivalent employees			2,064						2,084						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

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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 investment securities									(649)						(58)						(466)						121						(1,052)
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)
			Dec. 31,						Sep. 30,						June 30,						Mar. 31,						Dec. 31,						% Change						% Change
			2024						2024						2024						2024						2023						Linked Qtr.						Comp Qtr.
ASSETS
Cash and due from banks			$	174,258					$	190,618					$	193,794					$	199,407					$	213,059					(8.6)		%				(18.2)		%
Interest-bearing deposits with other banks			730,228						660,576						738,555						751,290						792,960						10.5		%				(7.9)		%
Investment securities available-for-sale			3,183,776						3,157,265						3,036,758						2,850,667						3,021,126						0.8		%				5.4		%
Investment securities held-to-maturity			76,960						77,985						78,921						79,542						80,321						(1.3)		%				(4.2)		%
Other investments			114,598						120,318						132,412						125,548						129,945						(4.8)		%				(11.8)		%
Loans held for sale			13,181						12,685						16,911						11,534						9,213						3.9		%				43.1		%
Loans and leases
Commercial and industrial			3,815,858						3,678,546						3,782,487						3,591,428						3,501,221						3.7		%				9.0		%
Lease financing			598,045						587,415						534,557						492,862						474,817						1.8		%				26.0		%
Construction real estate			779,446						802,264						741,406						641,596						564,832						(2.8)		%				38.0		%
Commercial real estate			4,061,744						4,034,820						4,076,596						4,145,969						4,080,939						0.7		%				(0.5)		%
Residential real estate			1,462,284						1,422,186						1,377,290						1,344,677						1,333,674						2.8		%				9.6		%
Home equity			849,039						825,431						800,860						773,811						758,676						2.9		%				11.9		%
Installment			133,051						141,270						148,530						153,838						159,078						(5.8)		%				(16.4)		%
Credit card			62,311						61,140						59,477						60,939						59,939						1.9		%				4.0		%
Total loans			11,761,778						11,553,072						11,521,203						11,205,120						10,933,176						1.8		%				7.6		%
Less:
Allowance for credit losses			(156,791)						(158,831)						(156,185)						(144,274)						(141,433)						(1.3)		%				10.9		%
Net loans			11,604,987						11,394,241						11,365,018						11,060,846						10,791,743						1.8		%				7.5		%
Premises and equipment			197,965						196,692						197,873						198,428						194,740						0.6		%				1.7		%
Operating leases			209,119						201,080						167,472						161,473						153,214						4.0		%				36.5		%
Goodwill			1,007,656						1,007,656						1,007,656						1,007,656						1,005,868						0.0		%				0.2		%
Other intangibles			79,291						81,547						83,528						85,603						83,949						(2.8)		%				(5.5)		%
Accrued interest and other assets			1,178,242						1,045,669						1,147,282						1,067,244						1,056,762						12.7		%				11.5		%
Total Assets			$	18,570,261					$	18,146,332					$	18,166,180					$	17,599,238					$	17,532,900					2.3		%				5.9		%
LIABILITIES
Deposits
Interest-bearing demand			$	3,095,724					$	2,884,971					$	2,922,540					$	2,916,518					$	2,993,219					7.3		%				3.4		%
Savings			4,948,768						4,710,223						4,628,320						4,467,894						4,331,228						5.1		%				14.3		%
Time			3,152,265						3,244,861						3,049,635						2,896,860						2,718,390						(2.9)		%				16.0		%
Total interest-bearing deposits			11,196,757						10,840,055						10,600,495						10,281,272						10,042,837						3.3		%				11.5		%
Noninterest-bearing			3,132,381						3,107,699						3,061,427						3,175,876						3,317,960						0.8		%				(5.6)		%
Total deposits			14,329,138						13,947,754						13,661,922						13,457,148						13,360,797						2.7		%				7.2		%
FHLB short-term borrowings			625,000						765,000						1,040,000						700,000						800,000						(18.3)		%				(21.9)		%
Other			130,452						46,653						139,172						162,145						137,814						179.6		%				(5.3)		%
Total short-term borrowings			755,452						811,653						1,179,172						862,145						937,814						(6.9)		%				(19.4)		%
Long-term debt			347,509						344,086						338,556						343,236						344,115						1.0		%				1.0		%
Total borrowed funds			1,102,961						1,155,739						1,517,728						1,205,381						1,281,929						(4.6)		%				(14.0)		%
Accrued interest and other liabilities			700,121						592,401						660,091						649,706						622,200						18.2		%				12.5		%
Total Liabilities			16,132,220						15,695,894						15,839,741						15,312,235						15,264,926						2.8		%				5.7		%
SHAREHOLDERS' EQUITY
Common stock			1,642,055						1,639,045						1,635,705						1,632,971						1,638,972						0.2		%				0.2		%
Retained earnings			1,276,329						1,234,375						1,204,844						1,166,065						1,136,718						3.4		%				12.3		%
Accumulated other comprehensive income (loss)			(289,799)						(232,262)						(323,409)						(321,109)						(309,819)						24.8		%				(6.5)		%
Treasury stock, at cost			(190,544)						(190,720)						(190,701)						(190,924)						(197,897)						(0.1)		%				(3.7)		%
Total Shareholders' Equity			2,438,041						2,450,438						2,326,439						2,287,003						2,267,974						(0.5)		%				7.5		%
Total Liabilities and Shareholders' Equity			$	18,570,261					$	18,146,332					$	18,166,180					$	17,599,238					$	17,532,900					2.3		%				5.9		%

6

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FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Quarterly Averages																														Year-to-Date Averages
			Dec. 31,						Sep. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,
			2024						2024						2024						2024						2023						2024						2023
ASSETS
Cash and due from banks			$	182,242					$	179,321					$	174,435					$	204,119					$	214,678					$	185,006					$	216,625
Interest-bearing deposits with other banks			654,251						483,880						599,348						553,654						548,153						572,763						396,089
Investment securities			3,372,539						3,274,498						3,131,541						3,137,665						3,184,408						3,229,577						3,442,233
Loans held for sale			17,284						16,399						14,075						12,069						12,547						14,967						11,369
Loans and leases
Commercial and industrial			3,727,549						3,723,761						3,716,083						3,543,475						3,422,381						3,677,979						3,447,984
Lease financing			587,110						550,634						509,758						480,540						419,179						532,212						342,243
Construction real estate			826,936						763,779						683,780						603,974						540,314						720,031						535,715
Commercial real estate			4,045,347						4,059,939						4,146,764						4,101,238						4,060,733						4,088,127						4,038,457
Residential real estate			1,442,799						1,399,932						1,361,133						1,336,749						1,320,670						1,385,351						1,220,138
Home equity			837,863						811,265						790,384						765,410						750,925						801,358						735,236
Installment			136,927						143,102						151,753						157,663						160,242						147,321						175,447
Credit card			66,071						65,189						67,200						65,066						64,037						65,880						59,998
Total loans			11,670,602						11,517,601						11,426,855						11,054,115						10,738,481						11,418,259						10,555,218
Less:
Allowance for credit losses			(161,477)						(159,252)						(147,666)						(143,950)						(149,398)						(153,126)						(145,472)
Net loans			11,509,125						11,358,349						11,279,189						10,910,165						10,589,083						11,265,133						10,409,746
Premises and equipment			197,664						197,881						199,096						198,482						194,435						198,278						192,414
Operating leases			202,110						180,118						156,457						154,655						139,331						173,432						129,631
Goodwill			1,007,658						1,007,654						1,007,657						1,006,477						1,005,870						1,007,363						1,005,805
Other intangibles			80,486						82,619						84,577						84,109						85,101						82,940						88,724
Accrued interest and other assets			1,050,060						1,073,472						1,081,876						1,044,826						1,151,349						1,062,555						1,104,587
Total Assets			$	18,273,419					$	17,854,191					$	17,728,251					$	17,306,221					$	17,124,955					$	17,792,014					$	16,997,223
LIABILITIES
Deposits
Interest-bearing demand			$	3,081,148					$	2,914,934					$	2,888,252					$	2,895,768					$	2,988,086					$	2,945,315					$	2,932,477
Savings			4,886,784						4,694,923						4,617,658						4,399,768						4,235,658						4,650,554						3,932,100
Time			3,209,078						3,080,408						2,980,158						2,813,880						2,611,075						3,021,558						2,397,289
Total interest-bearing deposits			11,177,010						10,690,265						10,486,068						10,109,416						9,834,819						10,617,427						9,261,866
Noninterest-bearing			3,162,643						3,106,239						3,144,198						3,169,750						3,368,024						3,145,646						3,617,961
Total deposits			14,339,653						13,796,504						13,630,266						13,279,166						13,202,843						13,763,073						12,879,827
Federal funds purchased and securities sold
under agreements to repurchase			2,282						10,807						750						4,204						3,586						4,522						15,583
FHLB short-term borrowings			415,652						626,490						669,111						646,187						554,826						588,987						845,666
Other			93,298						76,859						161,913						146,127						185,221						119,361						158,221
Total short-term borrowings			511,232						714,156						831,774						796,518						743,633						712,870						1,019,470
Long-term debt			343,851						339,581						339,472						342,496						340,321						341,352						340,950
Total borrowed funds			855,083						1,053,737						1,171,246						1,139,014						1,083,954						1,054,222						1,360,420
Accrued interest and other liabilities			637,638						632,825						645,699						622,479						693,676						634,663						627,225
Total Liabilities			15,832,374						15,483,066						15,447,211						15,040,659						14,980,473						15,451,958						14,867,472
SHAREHOLDERS' EQUITY
Common stock			1,640,280						1,637,045						1,634,183						1,637,835						1,637,197						1,637,343						1,633,992
Retained earnings			1,249,263						1,210,924						1,179,827						1,144,447						1,111,786						1,196,301						1,053,441
Accumulated other comprehensive loss			(257,792)						(285,978)						(341,941)						(319,601)						(406,265)						(301,167)						(358,870)
Treasury stock, at cost			(190,706)						(190,866)						(191,029)						(197,119)						(198,236)						(192,421)						(198,812)
Total Shareholders' Equity			2,441,045						2,371,125						2,281,040						2,265,562						2,144,482						2,340,056						2,129,751
Total Liabilities and Shareholders' Equity			$	18,273,419					$	17,854,191					$	17,728,251					$	17,306,221					$	17,124,955					$	17,792,014					$	16,997,223

7

---

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
						Quarterly Averages																																																																																							Year-to-Date Averages
						December 31, 2024																		September 30, 2024																		December 31, 2023																											December 31, 2024												December 31, 2023
						Balance						Interest						Yield						Balance						Interest						Yield						Balance						Interest						Yield																																							Balance						Yield						Balance						Yield
Earning assets
Investments:
Investment securities						$	3,372,539					$	36,401					4.28		%				$	3,274,498					$	34,983					4.24		%				$	3,184,408					$	33,696					4.20		%																																					$	3,229,577					4.20		%				$	3,442,233					4.05		%
Interest-bearing deposits with other banks						654,251						7,662						4.65		%				483,880						6,703						5.50		%				548,153						7,325						5.30		%																																					572,763						5.20		%				396,089						5.00		%
Gross loans (1)						11,687,886						207,508						7.04		%				11,534,000						215,433						7.41		%				10,751,028						197,416						7.29		%																																					11,433,226						7.32		%				10,566,587						7.04		%
Total earning assets						15,714,676						251,571						6.35		%				15,292,378						257,119						6.67		%				14,483,589						238,437						6.53		%																																					15,235,566						6.58		%				14,404,909						6.27		%
Nonearning assets
Allowance for credit losses						(161,477)																		(159,252)																		(149,398)																																																			(153,126)												(145,472)
Cash and due from banks						182,242																		179,321																		214,678																																																			185,006												216,625
Accrued interest and other assets						2,537,978																		2,541,744																		2,576,086																																																			2,524,568												2,521,161
Total assets						$	18,273,419																	$	17,854,191																	$	17,124,955																																																		$	17,792,014											$	16,997,223
Interest-bearing liabilities
Deposits:
Interest-bearing demand						$	3,081,148					$	15,092					1.94		%				$	2,914,934					$	15,919					2.17		%				$	2,988,086					$	14,480					1.92		%																																					$	2,945,315					2.07		%				$	2,932,477					1.45		%
Savings						4,886,784						33,924						2.75		%				4,694,923						34,220						2.89		%				4,235,658						26,632						2.49		%																																					4,650,554						2.81		%				3,932,100						1.73		%
Time						3,209,078						36,425						4.50		%				3,080,408						36,415						4.69		%				2,611,075						28,081						4.27		%																																					3,021,558						4.62		%				2,397,289						3.81		%
Total interest-bearing deposits						11,177,010						85,441						3.03		%				10,690,265						86,554						3.21		%				9,834,819						69,193						2.79		%																																					10,617,427						3.12		%				9,261,866						2.18		%
Borrowed funds
Short-term borrowings						511,232						6,586						5.11		%				714,156						9,932						5.52		%				743,633						10,277						5.48		%																																					712,870						5.45		%				1,019,470						5.24		%
Long-term debt						343,851						5,145						5.94		%				339,581						5,073						5.93		%				340,321						5,202						6.06		%																																					341,352						5.90		%				340,950						5.82		%
Total borrowed funds						855,083						11,731						5.44		%				1,053,737						15,005						5.65		%				1,083,954						15,479						5.67		%																																					1,054,222						5.60		%				1,360,420						5.38		%
Total interest-bearing liabilities						12,032,093						97,172						3.20		%				11,744,002						101,559						3.43		%				10,918,773						84,672						3.08		%																																					11,671,649						3.34		%				10,622,286						2.59		%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits						3,162,643																		3,106,239																		3,368,024																																																			3,145,646												3,617,961
Other liabilities						637,638																		632,825																		693,676																																																			634,663												627,225
Shareholders' equity						2,441,045																		2,371,125																		2,144,482																																																			2,340,056												2,129,751
Total liabilities & shareholders' equity						$	18,273,419																	$	17,854,191																	$	17,124,955																																																		$	17,792,014											$	16,997,223
Net interest income						$	154,399																	$	155,560																	$	153,765																																																		$	612,010											$	627,770
Net interest spread																		3.15		%																3.24		%																3.45		%																																											3.24		%										3.68		%
Net interest margin																		3.91		%																4.05		%																4.21		%																																											4.02		%										4.36		%
Tax equivalent adjustment																		0.03		%																0.03		%																0.05		%																																											0.03		%										0.04		%
Net interest margin (fully tax equivalent)																		3.94		%																4.08		%																4.26		%																																											4.05		%										4.40		%
(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						$	360								$	1,058					$	1,418					$	674					$	2,031					$	2,705					$	5,290					$	(8,940)					$	(3,650)
Interest-bearing deposits with other banks						(1,036)									1,995						959						(906)						1,243						337						783						9,187						9,970
Gross loans (2)						(10,657)									2,732						(7,925)						(6,541)						16,633						10,092						29,361						63,410						92,771
Total earning assets						(11,333)									5,785						(5,548)						(6,773)						19,907						13,134						35,434						63,657						99,091
Interest-bearing liabilities
Total interest-bearing deposits						$	(4,834)								$	3,721					$	(1,113)					$	5,988					$	10,260					$	16,248					$	86,810					$	42,272					$	129,082
Borrowed funds
Short-term borrowings						(732)									(2,614)						(3,346)						(697)						(2,994)						(3,691)						2,190						(16,712)						(14,522)
Long-term debt						8									64						72						(110)						53						(57)						267						24						291
Total borrowed funds						(724)									(2,550)						(3,274)						(807)						(2,941)						(3,748)						2,457						(16,688)						(14,231)
Total interest-bearing liabilities						(5,558)									1,171						(4,387)						5,181						7,319						12,500						89,267						25,584						114,851
Net interest income (1)						$	(5,775)								$	4,614					$	(1,161)					$	(11,954)					$	12,588					$	634					$	(53,833)					$	38,073					$	(15,760)
(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)
			Dec. 31,						Sep. 30,						June 30,						Mar. 31,						Dec. 31,						Full Year						Full Year
			2024						2024						2024						2024						2023						2024						2023
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period			$	158,831					$	156,185					$	144,274					$	141,433					$	145,201					$	141,433					$	132,977
Provision for credit losses			9,705						9,930						16,157						13,419						8,804						49,211						43,074
Gross charge-offs
Commercial and industrial			4,333						5,471						2,149						2,695						6,866						14,648						19,175
Lease financing			2,831						368						190						3						4,244						3,392						4,423
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			5,051						261						2						5,319						1						10,633						8,723
Residential real estate			12						60						6						65						9						143						39
Home equity			210						90						122						25						174						447						340
Installment			1,680						1,510						2,034						2,236						2,054						7,460						6,442
Credit card			492						768						532						794						363						2,586						1,173
Total gross charge-offs			14,609						8,528						5,035						11,137						13,711						39,309						40,315
Recoveries
Commercial and industrial			1,779						434						236						162						459						2,611						1,534
Lease financing			17						11						1						59						52						88						55
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			19						25						137						38						93						219						2,523
Residential real estate			23						22						37						24						24						106						247
Home equity			222						240						118						80						178						660						615
Installment			499						421						219						145						210						1,284						441
Credit card			305						91						41						51						123						488						282
Total recoveries			2,864						1,244						789						559						1,139						5,456						5,697
Total net charge-offs			11,745						7,284						4,246						10,578						12,572						33,853						34,618
Ending allowance for credit losses			$	156,791					$	158,831					$	156,185					$	144,274					$	141,433					$	156,791					$	141,433
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial			0.27		%				0.54		%				0.21		%				0.29		%				0.74		%				0.33		%				0.51		%
Lease financing			1.91		%				0.26		%				0.15		%				(0.05)		%				3.97		%				0.62		%				1.28		%
Construction real estate			0.00		%				0.00		%				0.00		%				0.00		%				0.00		%				0.00		%				0.00		%
Commercial real estate			0.49		%				0.02		%				(0.01)		%				0.52		%				(0.01)		%				0.25		%				0.15		%
Residential real estate			0.00		%				0.01		%				(0.01)		%				0.01		%				0.00		%				0.00		%				(0.02)		%
Home equity			(0.01)		%				(0.07)		%				0.00		%				(0.03)		%				0.00		%				(0.03)		%				(0.04)		%
Installment			3.43		%				3.03		%				4.81		%				5.33		%				4.57		%				4.19		%				3.42		%
Credit card			1.13		%				4.13		%				2.94		%				4.59		%				1.49		%				3.18		%				1.49		%
Total net charge-offs			0.40		%				0.25		%				0.15		%				0.38		%				0.46		%				0.30		%				0.33		%
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial			$	6,641					$	10,703					$	17,665					$	14,532					$	15,746					$	6,641					$	15,746
Lease financing			6,227						11,632						5,374						3,794						3,610						6,227						3,610
Construction real estate			0						0						0						0						0						0						0
Commercial real estate			32,303						23,608						22,942						23,055						27,984						32,303						27,984
Residential real estate			16,700						14,596						12,715						12,836						14,067						16,700						14,067
Home equity			3,418						4,074						3,295						4,036						3,476						3,418						3,476
Installment			684						826						682						984						870						684						870
Total nonaccrual loans			65,973						65,439						62,673						59,237						65,753						65,973						65,753
Other real estate owned (OREO)			64						30						30						161						106						64						106
Total nonperforming assets			66,037						65,469						62,703						59,398						65,859						66,037						65,859
Accruing loans past due 90 days or more			361						463						1,573						820						2,028						361						2,028
Total underperforming assets			$	66,398					$	65,932					$	64,276					$	60,218					$	67,887					$	66,398					$	67,887
Total classified assets			$	224,084					$	206,194					$	195,277					$	162,348					$	140,995					$	224,084					$	140,995
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans			237.66		%				242.72		%				249.21		%				243.55		%				215.10		%				237.66		%				215.10		%
Total ending loans			1.33		%				1.37		%				1.36		%				1.29		%				1.29		%				1.33		%				1.29		%
Nonaccrual loans to total loans			0.56		%				0.57		%				0.54		%				0.53		%				0.60		%				0.56		%				0.60		%
Nonperforming assets to
Ending loans, plus OREO			0.56		%				0.57		%				0.54		%				0.53		%				0.60		%				0.56		%				0.60		%
Total assets			0.36		%				0.36		%				0.35		%				0.34		%				0.38		%				0.36		%				0.38		%
Classified assets to total assets			1.21		%				1.14		%				1.07		%				0.92		%				0.80		%				1.21		%				0.80		%

10

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FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
			Three Months Ended,																														Twelve months ended,
			Dec. 31,						Sep. 30,						June 30,						Mar. 31,						Dec. 31,						Dec. 31,						Dec. 31,
			2024						2024						2024						2024						2023						2024						2023
PER COMMON SHARE
Market Price
High			$	30.34					$	28.09					$	23.78					$	23.68					$	24.28					$	30.34					$	26.24
Low			$	23.98					$	21.70					$	20.79					$	21.04					$	17.37					$	20.79					$	17.37
Close			$	26.88					$	25.23					$	22.22					$	22.42					$	23.75					$	26.88					$	23.75
Average shares outstanding - basic			94,486,838						94,473,666						94,438,235						94,218,067						94,063,570						94,404,617						93,938,772
Average shares outstanding - diluted			95,487,564						95,479,510						95,470,093						95,183,998						95,126,316						95,405,719						95,096,067
Ending shares outstanding			95,494,840						95,486,317						95,486,010						95,473,595						95,141,244						95,494,840						95,141,244
Total shareholders' equity			$	2,438,041					$	2,450,438					$	2,326,439					$	2,287,003					$	2,267,974					$	2,438,041					$	2,267,974
REGULATORY CAPITAL			Preliminary																														Preliminary
Common equity tier 1 capital			$	1,709,422					$	1,661,759					$	1,626,345					$	1,582,113					$	1,568,815					$	1,709,422					$	1,568,815
Common equity tier 1 capital ratio			12.16		%				12.04		%				11.78		%				11.67		%				11.73		%				12.16		%				11.73		%
Tier 1 capital			$	1,754,584					$	1,706,796					$	1,671,258					$	1,626,899					$	1,613,480					$	1,754,584					$	1,613,480
Tier 1 ratio			12.48		%				12.37		%				12.11		%				12.00		%				12.06		%				12.48		%				12.06		%
Total capital			$	2,028,099					$	2,012,349					$	1,997,378					$	1,940,762					$	1,907,441					$	2,028,099					$	1,907,441
Total capital ratio			14.43		%				14.58		%				14.47		%				14.31		%				14.26		%				14.43		%				14.26		%
Total capital in excess of minimum requirement			$	551,881					$	563,273					$	548,037					$	516,704					$	503,152					$	551,881					$	503,152
Total risk-weighted assets			$	14,059,215					$	13,800,728					$	13,803,249					$	13,562,455					$	13,374,177					$	14,059,215					$	13,374,177
Leverage ratio			9.98		%				9.93		%				9.73		%				9.75		%				9.70		%				9.98		%				9.70		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets			13.13		%				13.50		%				12.81		%				12.99		%				12.94		%				13.13		%				12.94		%
Ending tangible shareholders' equity to ending tangible assets (1)			7.73		%				7.98		%				7.23		%				7.23		%				7.17		%				7.73		%				7.17		%
Average shareholders' equity to average assets			13.36		%				13.28		%				12.87		%				13.09		%				12.52		%				13.15		%				12.53		%
Average tangible shareholders' equity to average tangible assets (1)			7.87		%				7.64		%				7.15		%				7.25		%				6.57		%				7.48		%				6.51		%
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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