8-K - FFBC - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2024

FIRST FINANCIAL BANCORP.

(Exact name of registrant as specified in its charter)

Ohio	001-34762		31-1042001
(State or other jurisdiction of<br>incorporation or organization)	(Commission File Number)		(I.R.S. employer<br>identification number)
255 East Fifth Street, Suite 800	Cincinnati,	Ohio	45202
(Address of principal executive offices)			(Zip Code)

Registrant's telephone number, including area code: (877) 322-9530

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of exchange on which registered
Common stock, No par value	FFBC	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On April 25, 2024, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first three months of 2024. A copy of the earnings press release is attached as Exhibit 99.1.

The Company also provided electronic presentation slides that will be used in connection with the earnings conference call. A copy of the electronic presentation slides is included in this Report as Exhibit 99.2 and will be available on the Company's website, www.bankatfirst.com.

The information set forth in this Current Report on Form 8-K (including the information in Exhibits 99.1 and 99.2 attached hereto) is being furnished to the Securities and Exchange Commission and is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") , or otherwise subject to the liabilities under the Exchange Act. Such information shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

The following exhibits shall not be deemed to be "filed" for purposes of the Exchange Act:

Exhibit No. Description

99.1 First Financial Bancorp. Press Release dated April 25, 2024

99.2 First Financial Bancorp. presentation materials

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIRST FINANCIAL BANCORP.

		By: /s/ James M. Anderson
		James M. Anderson
		Executive Vice President and Chief Financial Officer
Date:	April 25, 2024

Document

Exhibit 99.1

First Financial Bancorp Announces First Quarter 2024

Financial Results and Quarterly Dividend

•Earnings per diluted share of $0.53; $0.59 on an adjusted(1) basis

•Return on average assets of 1.18%; 1.30% on an adjusted(1) basis

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

•Acquired Agile Premium Finance

•Loan growth of $271.9 million; 10.0% on an annualized basis

•Tangible common equity ratio increased to 7.23%

•Quarterly dividend of $0.23 approved by Board of Directors

Cincinnati, Ohio - April 25, 2024. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three months ended March 31, 2024.

For the three months ended March 31, 2024, the Company reported net income of $50.7 million, or $0.53 per diluted common share. These results compare to net income of $56.7 million, or $0.60 per diluted common share, for the fourth quarter of 2023.

Return on average assets for the first quarter of 2024 was 1.18% while return on average tangible common equity was 17.35%(1). These compare to return on average assets of 1.31% and return on average tangible common equity of 21.36%(1) in the fourth quarter of 2023.

First quarter 2024 highlights include:

•Net interest margin of 4.05%, or 4.10% on a fully tax-equivalent basis(1)

◦16 bp decrease to 4.10% from 4.26% in the fourth quarter due to increasing funding costs

◦Decline from linked quarter driven by 19 bp increase in funding costs, which was partially offset by modestly higher asset yields

•Noninterest income of $46.5 million, or $51.7 million as adjusted(1)

◦Strong leasing business income of $14.6 million

◦Wealth management continues strong performance; 9.6% increase from linked quarter

◦Foreign exchange and client derivative fees improved from lower levels in fourth quarter

◦Adjusted(1) $5.2 million for losses on sales of investment securities related to repositioning of a portion of the portfolio

•Noninterest expenses of $122.4 million, or $121.0 million as adjusted(1)

◦Increase from fourth quarter driven by seasonal payroll taxes and increased variable compensation tied to fee income

◦First quarter adjustments(1) include $0.2 million FDIC special assessment and $1.1 million of other costs such as acquisition, severance and branch consolidation costs

◦Efficiency ratio of 62.7%; 60.4% as adjusted(1)

•Acquired Agile Premium Finance on February 29, 2024

◦Lends primarily to commercial customers to finance insurance premiums

◦$93.4 million in loan balances at acquisition; $119.0 million at March 31, 2024

◦$5.6 million of intangible assets, including $1.8 million of goodwill and $2.7 million customer list

_________________________________________________________________________________________

(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.

•Solid loan growth during the quarter

◦Loan balances increased $271.9 million compared to the linked quarter; includes $93.4 million acquired in Agile transaction

◦Growth of 10.0% on an annualized basis driven by Investor CRE and acquisition of Agile

•Modest average deposit growth during the quarter

◦Average deposits increased $76.3 million, or 2.3% on an annualized basis; First quarter included approximately $100 million of seasonal business deposit outflows

◦Growth in money market accounts and retail CDs offset declines in noninterest bearing checking, savings and public funds

•Total Allowance for Credit Losses of $160.4 million; Total quarterly provision expense of $11.2 million

◦Loans and leases - ACL of $144.3 million; ratio to total loans of 1.29% unchanged from fourth quarter

◦Unfunded Commitments - ACL of $16.2 million; decreased $2.3 million from linked quarter

◦Provision expense driven by net charge-offs and loan growth; Classified assets increased to $162.3 million

◦Annualized net charge-offs were 38 bps of total loans; 8 bps decline from linked quarter

◦NPAs to total assets of 0.34%; 4 bp, or 10.5% decline from linked quarter

•Capital ratios stable and strong

◦Total capital ratio increased 5 bps to 14.31%

◦Tier 1 common equity decreased 6 bps to 11.67%

◦Tangible common equity increased 6 bps to 7.23%(1); 9.18%(1) excluding impact from AOCI

◦Tangible book value per share of $12.50(1);1.0% increase from linked quarter

Additionally, the board of directors approved a quarterly dividend of $0.23 per common share for the next regularly scheduled dividend, payable on June 17, 2024 to shareholders of record as of June 3, 2024.

Archie Brown, President and CEO, commented on the quarter, “I am pleased with our first quarter results and encouraged by our trends, several of which were bolstered by actions we took during the quarter. These actions included a repositioning of a portion of the investment portfolio, a workforce efficiency initiative, and the acquisition of Agile Premium Finance. We also commenced the restructuring of a portion of our bank owned life insurance portfolio, which is expected to increase income in the back half of the year.”

Mr. Brown continued, “Adjusted(1) earnings per share were $0.59, which resulted in an adjusted(1) return on assets of 1.30% and an adjusted(1) return on tangible common equity of 19.1%. At 4.10%, the net interest margin remains very strong. Asset yields remained steady during the quarter, however, as expected, the continued rise of funding costs negatively impacted our net interest margin. Additionally, loan growth was robust for the second consecutive quarter with balances increasing by 10% on an annualized basis. Average deposit growth slowed for the quarter to a 2.3% annualized growth rate and included a seasonal outflow of business deposits in the first part of the quarter.”

Mr. Brown continued, “I am also pleased that noninterest income rebounded from the fourth quarter with increases across most of our fee revenue areas. During the quarter, we incurred a loss on the sale of investment securities associated with the repositioning of a portion of the investment portfolio. This repositioning has a very short earnback and should enhance our asset yields going forward. We also intensified our focus on expenses during the first quarter. Our workforce efficiency initiative resulted in the reduction of 43 associates during the quarter and we will continue to evaluate additional expense reductions throughout 2024. While expenses increased on a linked quarter basis, most of the increase was related to seasonal employee costs and variable compensation tied to the increase in fee income.”

Mr. Brown discussed the Agile acquisition, “We are excited to add Agile to our mix of specialty businesses. Agile operates an impressive business model, which originates high-quality, short duration loans at attractive yields. At closing, we acquired $93 million in loans, which grew to $119 million at quarter end. We believe Agile will further diversify the loan portfolio and is a perfect complement to our Oak Street and commercial banking businesses.”

Mr. Brown commented on asset quality, “Asset quality was stable for the quarter. Net charge-offs declined for the second consecutive quarter to 38 basis points and were primarily driven by charges on two office loans that had been on nonaccrual since early 2023. These two loans have been charged down to their net realizable value and no other office loans were considered classified at the end of the first quarter. Overall, classified assets increased 12 basis points to 0.92% of assets, while nonperforming assets declined 9.8% from the prior quarter.”

Mr. Brown concluded, “I am pleased with our quarter and with the work our teams are doing to continuously improve the Company. While we are in a difficult operating environment for the industry, I am encouraged by our results and trends, and I expect we will have another strong year.”

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

Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Friday, April 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), (647) 362-9199 (U.S. local), access code 5048068. The recording will be available until May 10, 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;

•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 March 31, 2024, the Company had $17.6 billion in assets, $11.2 billion in loans, $13.5 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 March 31, 2024. The Company operated 130 full service banking centers as of March 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 Marketing Communications Manager

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

InvestorRelations@bankatfirst.com media@bankatfirst.com

Selected Financial Information

March 31, 2024

(unaudited)

Contents	Page
Consolidated Financial Highlights	2
Consolidated Quarterly Statements of Income	3
Consolidated Statements of Condition	4
Average Consolidated Statements of Condition	5
Net Interest Margin Rate / Volume Analysis	6-7
Credit Quality	8
Capital Adequacy	9
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,
	Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
	2024			2023			2023			2023			2023
RESULTS OF OPERATIONS
Net income	$	50,689		$	56,732		$	63,061		$	65,667		$	70,403
Net earnings per share - basic	$	0.54		$	0.60		$	0.67		$	0.70		$	0.75
Net earnings per share - diluted	$	0.53		$	0.60		$	0.66		$	0.69		$	0.74
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.23
KEY FINANCIAL RATIOS
Return on average assets	1.18		%	1.31		%	1.48		%	1.55		%	1.69		%
Return on average shareholders' equity	9.00		%	10.50		%	11.62		%	12.32		%	13.71		%
Return on average tangible shareholders' equity (1)	17.35		%	21.36		%	23.60		%	25.27		%	29.02		%
Net interest margin	4.05		%	4.21		%	4.28		%	4.43		%	4.51		%
Net interest margin (fully tax equivalent) (1)(2)	4.10		%	4.26		%	4.33		%	4.48		%	4.55		%
Ending shareholders' equity as a percent of ending assets	12.99		%	12.94		%	12.49		%	12.54		%	12.53		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	7.23		%	7.17		%	6.50		%	6.56		%	6.47		%
Risk-weighted assets (1)	8.80		%	8.81		%	7.88		%	8.03		%	7.87		%
Average shareholders' equity as a percent of average assets	13.09		%	12.52		%	12.70		%	12.60		%	12.29		%
Average tangible shareholders' equity as a percent of
average tangible assets (1)	7.25		%	6.57		%	6.69		%	6.57		%	6.21		%
Book value per share	$	23.95		$	23.84		$	22.39		$	22.52		$	22.29
Tangible book value per share (1)	$	12.50		$	12.38		$	10.91		$	11.02		$	10.76
Common equity tier 1 ratio (3)	11.67		%	11.73		%	11.60		%	11.34		%	11.00		%
Tier 1 ratio (3)	12.00		%	12.06		%	11.94		%	11.68		%	11.34		%
Total capital ratio (3)	14.31		%	14.26		%	14.19		%	14.16		%	13.79		%
Leverage ratio (3)	9.75		%	9.70		%	9.59		%	9.33		%	9.03		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)	$	11,066,184		$	10,751,028		$	10,623,734		$	10,513,505		$	10,373,302
Investment securities	3,137,665			3,184,408			3,394,237			3,560,453			3,635,317
Interest-bearing deposits with other banks	553,654			548,153			386,173			329,584			318,026
Total earning assets	$	14,757,503		$	14,483,589		$	14,404,144		$	14,403,542		$	14,326,645
Total assets	$	17,306,221		$	17,124,955		$	16,951,389		$	16,968,055		$	16,942,999
Noninterest-bearing deposits	$	3,169,750		$	3,368,024		$	3,493,305		$	3,663,419		$	3,954,915
Interest-bearing deposits	10,109,416			9,834,819			9,293,860			9,050,464			8,857,226
Total deposits	$	13,279,166		$	13,202,843		$	12,787,165		$	12,713,883		$	12,812,141
Borrowings	$	1,139,014		$	1,083,954		$	1,403,071		$	1,523,699		$	1,434,338
Shareholders' equity	$	2,265,562		$	2,144,482		$	2,153,601		$	2,137,765		$	2,082,210
CREDIT QUALITY RATIOS
Allowance to ending loans	1.29		%	1.29		%	1.36		%	1.41		%	1.36		%
Allowance to nonaccrual loans	243.55		%	215.10		%	193.75		%	276.70		%	409.46		%
Nonaccrual loans to total loans	0.53		%	0.60		%	0.70		%	0.51		%	0.33		%
Nonperforming assets to ending loans, plus OREO	0.53		%	0.60		%	0.71		%	0.51		%	0.33		%
Nonperforming assets to total assets	0.34		%	0.38		%	0.44		%	0.32		%	0.21		%
Classified assets to total assets	0.92		%	0.80		%	0.82		%	0.81		%	0.94		%
Net charge-offs to average loans (annualized)	0.38		%	0.46		%	0.61		%	0.22		%	0.00		%

(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) March 31, 2024 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2024			2023
	First			Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans and leases, including fees	$	201,840		$	197,416		$	192,261		$	184,387		$	169,706		$	743,770
Investment securities
Taxable	28,296			30,294			31,297			32,062			31,867			125,520
Tax-exempt	3,092			3,402			3,522			3,513			3,464			13,901
Total investment securities interest	31,388			33,696			34,819			35,575			35,331			139,421
Other earning assets	7,458			7,325			5,011			3,933			3,544			19,813
Total interest income	240,686			238,437			232,091			223,895			208,581			903,004
Interest expense
Deposits	76,075			69,193			57,069			44,292			31,456			202,010
Short-term borrowings	10,943			10,277			14,615			15,536			12,950			53,378
Long-term borrowings	4,928			5,202			4,952			4,835			4,857			19,846
Total interest expense	91,946			84,672			76,636			64,663			49,263			275,234
Net interest income	148,740			153,765			155,455			159,232			159,318			627,770
Provision for credit losses-loans and leases	13,419			8,804			12,907			12,719			8,644			43,074
Provision for credit losses-unfunded commitments	(2,259)			1,426			(1,234)			(1,994)			1,835			33
Net interest income after provision for credit losses	137,580			143,535			143,782			148,507			148,839			584,663
Noninterest income
Service charges on deposit accounts	6,912			6,846			6,957			6,972			6,514			27,289
Wealth management fees	6,676			6,091			6,943			6,713			6,334			26,081
Bankcard income	3,142			3,349			3,406			3,692			3,592			14,039
Client derivative fees	1,250			711			1,612			1,827			1,005			5,155
Foreign exchange income	10,435			8,730			13,384			15,039			16,898			54,051
Leasing business income	14,589			12,856			14,537			10,265			13,664			51,322
Net gains from sales of loans	3,784			2,957			4,086			3,839			2,335			13,217
Net gain (loss) on sale of investment securities	(5,277)			(851)			(4)			(384)			(19)			(1,258)
Net gain (loss) on equity securities	90			202			(54)			(82)			140			206
Other	4,911			6,102			5,761			5,377			5,080			22,320
Total noninterest income	46,512			46,993			56,628			53,258			55,543			212,422
Noninterest expenses
Salaries and employee benefits	74,037			70,637			75,641			74,199			72,254			292,731
Net occupancy	5,923			5,890			5,809			5,606			5,685			22,990
Furniture and equipment	3,688			3,523			3,341			3,362			3,317			13,543
Data processing	8,305			8,488			8,473			9,871			9,020			35,852
Marketing	1,962			2,087			2,598			2,802			2,160			9,647
Communication	795			707			744			644			634			2,729
Professional services	2,268			3,148			2,524			2,308			1,946			9,926
State intangible tax	877			984			981			964			985			3,914
FDIC assessments	2,780			3,651			2,665			2,806			2,826			11,948
Intangible amortization	2,301			2,601			2,600			2,601			2,600			10,402
Leasing business expense	9,754			8,955			8,877			6,730			7,938			32,500
Other	9,665			8,466			7,791			8,722			7,328			32,307
Total noninterest expenses	122,355			119,137			122,044			120,615			116,693			478,489
Income before income taxes	61,737			71,391			78,366			81,150			87,689			318,596
Income tax expense (benefit)	11,048			14,659			15,305			15,483			17,286			62,733
Net income	$	50,689		$	56,732		$	63,061		$	65,667		$	70,403		$	255,863
ADDITIONAL DATA
Net earnings per share - basic	$	0.54		$	0.60		$	0.67		$	0.70		$	0.75		$	2.72
Net earnings per share - diluted	$	0.53		$	0.60		$	0.66		$	0.69		$	0.74		$	2.69
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.23		$	0.92
Return on average assets	1.18		%	1.31		%	1.48		%	1.55		%	1.69		%	1.51		%
Return on average shareholders' equity	9.00		%	10.50		%	11.62		%	12.32		%	13.71		%	12.01		%
Interest income	$	240,686		$	238,437		$	232,091		$	223,895		$	208,581		$	903,004
Tax equivalent adjustment	1,535			1,672			1,659			1,601			1,424			6,356
Interest income - tax equivalent	242,221			240,109			233,750			225,496			210,005			909,360
Interest expense	91,946			84,672			76,636			64,663			49,263			275,234
Net interest income - tax equivalent	$	150,275		$	155,437		$	157,114		$	160,833		$	160,742		$	634,126
Net interest margin	4.05		%	4.21		%	4.28		%	4.43		%	4.51		%	4.36		%
Net interest margin (fully tax equivalent) (1)	4.10		%	4.26		%	4.33		%	4.48		%	4.55		%	4.40		%
Full-time equivalent employees	2,116			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.
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Mar. 31,		Dec. 31,		Sep. 30,		June 30,		Mar. 31,		% Change		% Change
	2024		2023		2023		2023		2023		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	199,407	$	213,059	$	220,335	$	217,385	$	199,835	(6.4)	%	(0.2)	%
Interest-bearing deposits with other banks	751,290		792,960		452,867		485,241		305,465		(5.3)	%	145.9	%
Investment securities available-for-sale	2,850,667		3,021,126		3,044,361		3,249,404		3,384,949		(5.6)	%	(15.8)	%
Investment securities held-to-maturity	79,542		80,321		81,236		82,372		83,070		(1.0)	%	(4.2)	%
Other investments	125,548		129,945		133,725		141,892		143,606		(3.4)	%	(12.6)	%
Loans held for sale	11,534		9,213		12,391		15,267		9,280		25.2	%	24.3	%
Loans and leases
Commercial and industrial	3,591,428		3,501,221		3,420,873		3,433,162		3,449,289		2.6	%	4.1	%
Lease financing	492,862		474,817		399,973		360,801		273,898		3.8	%	79.9	%
Construction real estate	641,596		564,832		578,824		536,464		525,906		13.6	%	22.0	%
Commercial real estate	4,145,969		4,080,939		3,992,654		4,048,460		4,056,627		1.6	%	2.2	%
Residential real estate	1,344,677		1,333,674		1,293,470		1,221,484		1,145,069		0.8	%	17.4	%
Home equity	773,811		758,676		743,991		728,711		724,672		2.0	%	6.8	%
Installment	153,838		159,078		160,648		165,216		204,372		(3.3)	%	(24.7)	%
Credit card	60,939		59,939		56,386		55,911		53,552		1.7	%	13.8	%
Total loans	11,205,120		10,933,176		10,646,819		10,550,209		10,433,385		2.5	%	7.4	%
Less:
Allowance for credit losses	(144,274)		(141,433)		(145,201)		(148,646)		(141,591)		2.0	%	1.9	%
Net loans	11,060,846		10,791,743		10,501,618		10,401,563		10,291,794		2.5	%	7.5	%
Premises and equipment	198,428		194,740		192,572		192,077		188,959		1.9	%	5.0	%
Operating leases	161,473		153,214		136,883		132,272		153,986		5.4	%	4.9	%
Goodwill	1,007,656		1,005,868		1,005,868		1,005,828		1,005,738		0.2	%	0.2	%
Other intangibles	85,603		83,949		86,378		88,662		91,169		2.0	%	(6.1)	%
Accrued interest and other assets	1,067,244		1,056,762		1,186,618		1,078,186		1,076,033		1.0	%	(0.8)	%
Total Assets	$	17,599,238	$	17,532,900	$	17,054,852	$	17,090,149	$	16,933,884	0.4	%	3.9	%
LIABILITIES
Deposits
Interest-bearing demand	$	2,916,518	$	2,993,219	$	2,880,617	$	2,919,472	$	2,761,811	(2.6)	%	5.6	%
Savings	4,467,894		4,331,228		4,023,455		3,785,445		3,746,403		3.2	%	19.3	%
Time	2,896,860		2,718,390		2,572,909		2,484,780		2,336,368		6.6	%	24.0	%
Total interest-bearing deposits	10,281,272		10,042,837		9,476,981		9,189,697		8,844,582		2.4	%	16.2	%
Noninterest-bearing	3,175,876		3,317,960		3,438,572		3,605,181		3,830,102		(4.3)	%	(17.1)	%
Total deposits	13,457,148		13,360,797		12,915,553		12,794,878		12,674,684		0.7	%	6.2	%
FHLB short-term borrowings	700,000		800,000		755,000		1,050,300		1,089,400		(12.5)	%	(35.7)	%
Other	162,145		137,814		219,188		165,983		128,160		17.7	%	26.5	%
Total short-term borrowings	862,145		937,814		974,188		1,216,283		1,217,560		(8.1)	%	(29.2)	%
Long-term debt	343,236		344,115		340,902		339,963		342,647		(0.3)	%	0.2	%
Total borrowed funds	1,205,381		1,281,929		1,315,090		1,556,246		1,560,207		(6.0)	%	(22.7)	%
Accrued interest and other liabilities	649,706		622,200		694,700		595,606		577,497		4.4	%	12.5	%
Total Liabilities	15,312,235		15,264,926		14,925,343		14,946,730		14,812,388		0.3	%	3.4	%
SHAREHOLDERS' EQUITY
Common stock	1,632,971		1,638,972		1,636,054		1,632,659		1,629,428		(0.4)	%	0.2	%
Retained earnings	1,166,065		1,136,718		1,101,905		1,060,715		1,016,893		2.6	%	14.7	%
Accumulated other comprehensive income (loss)	(321,109)		(309,819)		(410,005)		(353,010)		(328,059)		3.6	%	(2.1)	%
Treasury stock, at cost	(190,924)		(197,897)		(198,445)		(196,945)		(196,766)		(3.5)	%	(3.0)	%
Total Shareholders' Equity	2,287,003		2,267,974		2,129,509		2,143,419		2,121,496		0.8	%	7.8	%
Total Liabilities and Shareholders' Equity	$	17,599,238	$	17,532,900	$	17,054,852	$	17,090,149	$	16,933,884	0.4	%	3.9	%
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Quarterly Averages
	Mar. 31,		Dec. 31,		Sep. 30,		June 30,		Mar. 31,
	2024		2023		2023		2023		2023
ASSETS
Cash and due from banks	$	204,119	$	214,678	$	211,670	$	221,527	$	218,724
Interest-bearing deposits with other banks	553,654		548,153		386,173		329,584		318,026
Investment securities	3,137,665		3,184,408		3,394,237		3,560,453		3,635,317
Loans held for sale	12,069		12,547		15,420		11,856		5,531
Loans and leases
Commercial and industrial	3,543,475		3,422,381		3,443,615		3,469,683		3,456,681
Lease financing	480,540		419,179		371,598		323,819		252,219
Construction real estate	603,974		540,314		547,884		518,190		536,294
Commercial real estate	4,101,238		4,060,733		4,024,798		4,050,946		4,017,021
Residential real estate	1,336,749		1,320,670		1,260,249		1,181,053		1,115,889
Home equity	765,410		750,925		735,251		726,333		728,185
Installment	157,663		160,242		164,092		172,147		205,934
Credit card	65,066		64,037		60,827		59,478		55,548
Total loans	11,054,115		10,738,481		10,608,314		10,501,649		10,367,771
Less:
Allowance for credit losses	(143,950)		(149,398)		(150,297)		(145,578)		(136,419)
Net loans	10,910,165		10,589,083		10,458,017		10,356,071		10,231,352
Premises and equipment	198,482		194,435		194,228		190,583		190,346
Operating leases	154,655		139,331		132,984		138,725		107,092
Goodwill	1,006,477		1,005,870		1,005,844		1,005,791		1,005,713
Other intangibles	84,109		85,101		87,427		89,878		92,587
Accrued interest and other assets	1,044,826		1,151,349		1,065,389		1,063,587		1,138,311
Total Assets	$	17,306,221	$	17,124,955	$	16,951,389	$	16,968,055	$	16,942,999
LIABILITIES
Deposits
Interest-bearing demand	$	2,895,768	$	2,988,086	$	2,927,416	$	2,906,855	$	2,906,712
Savings	4,399,768		4,235,658		3,919,590		3,749,902		3,818,807
Time	2,813,880		2,611,075		2,446,854		2,393,707		2,131,707
Total interest-bearing deposits	10,109,416		9,834,819		9,293,860		9,050,464		8,857,226
Noninterest-bearing	3,169,750		3,368,024		3,493,305		3,663,419		3,954,915
Total deposits	13,279,166		13,202,843		12,787,165		12,713,883		12,812,141
Federal funds purchased and securities sold
under agreements to repurchase	4,204		3,586		10,788		21,881		26,380
FHLB short-term borrowings	646,187		554,826		878,199		1,028,207		925,144
Other	146,127		185,221		175,682		132,088		139,195
Total short-term borrowings	796,518		743,633		1,064,669		1,182,176		1,090,719
Long-term debt	342,496		340,321		338,402		341,523		343,619
Total borrowed funds	1,139,014		1,083,954		1,403,071		1,523,699		1,434,338
Accrued interest and other liabilities	622,479		693,676		607,552		592,708		614,310
Total Liabilities	15,040,659		14,980,473		14,797,788		14,830,290		14,860,789
SHAREHOLDERS' EQUITY
Common stock	1,637,835		1,637,197		1,634,102		1,631,230		1,633,396
Retained earnings	1,144,447		1,111,786		1,076,515		1,034,092		989,777
Accumulated other comprehensive loss	(319,601)		(406,265)		(358,769)		(330,263)		(339,450)
Treasury stock, at cost	(197,119)		(198,236)		(198,247)		(197,294)		(201,513)
Total Shareholders' Equity	2,265,562		2,144,482		2,153,601		2,137,765		2,082,210
Total Liabilities and Shareholders' Equity	$	17,306,221	$	17,124,955	$	16,951,389	$	16,968,055	$	16,942,999
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
	Quarterly Averages
	March 31, 2024						December 31, 2023						March 31, 2023
	Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield
Earning assets
Investments:
Investment securities	$	3,137,665	$	31,388	4.01	%	$	3,184,408	$	33,696	4.20	%	$	3,635,317	$	35,331	3.94	%
Interest-bearing deposits with other banks	553,654		7,458		5.40	%	548,153		7,325		5.30	%	318,026		3,544		4.52	%
Gross loans (1)	11,066,184		201,840		7.32	%	10,751,028		197,416		7.29	%	10,373,302		169,706		6.63	%
Total earning assets	14,757,503		240,686		6.54	%	14,483,589		238,437		6.53	%	14,326,645		208,581		5.90	%
Nonearning assets
Allowance for credit losses	(143,950)						(149,398)						(136,419)
Cash and due from banks	204,119						214,678						218,724
Accrued interest and other assets	2,488,549						2,576,086						2,534,049
Total assets	$	17,306,221					$	17,124,955					$	16,942,999
Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	2,895,768	$	14,892	2.06	%	$	2,988,086	$	14,480	1.92	%	$	2,906,712	$	6,604	0.92	%
Savings	4,399,768		29,486		2.69	%	4,235,658		26,632		2.49	%	3,818,807		7,628		0.81	%
Time	2,813,880		31,697		4.52	%	2,611,075		28,081		4.27	%	2,131,707		17,224		3.28	%
Total interest-bearing deposits	10,109,416		76,075		3.02	%	9,834,819		69,193		2.79	%	8,857,226		31,456		1.44	%
Borrowed funds
Short-term borrowings	796,518		10,943		5.51	%	743,633		10,277		5.48	%	1,090,719		12,950		4.82	%
Long-term debt	342,496		4,928		5.77	%	340,321		5,202		6.06	%	343,619		4,857		5.73	%
Total borrowed funds	1,139,014		15,871		5.59	%	1,083,954		15,479		5.67	%	1,434,338		17,807		5.03	%
Total interest-bearing liabilities	11,248,430		91,946		3.28	%	10,918,773		84,672		3.08	%	10,291,564		49,263		1.94	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits	3,169,750						3,368,024						3,954,915
Other liabilities	622,479						693,676						614,310
Shareholders' equity	2,265,562						2,144,482						2,082,210
Total liabilities & shareholders' equity	$	17,306,221					$	17,124,955					$	16,942,999
Net interest income	$	148,740					$	153,765					$	159,318
Net interest spread					3.26	%					3.45	%					3.96	%
Net interest margin					4.05	%					4.21	%					4.51	%
Tax equivalent adjustment					0.05	%					0.05	%					0.04	%
Net interest margin (fully tax equivalent)					4.10	%					4.26	%					4.55	%
(1) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
	Linked Qtr. Income Variance						Comparable Qtr. Income Variance
	Rate		Volume		Total			Rate		Volume		Total
Earning assets
Investment securities	$	(1,490)	$	(818)	$	(2,308)		$	636	$	(4,579)	$	(3,943)
Interest-bearing deposits with other banks	140		(7)		133			693		3,221		3,914
Gross loans (2)	831		3,593		4,424			17,417		14,717		32,134
Total earning assets	(519)		2,768		2,249			18,746		13,359		32,105
Interest-bearing liabilities
Total interest-bearing deposits	$	5,629	$	1,253	$	6,882		$	34,464	$	10,155	$	44,619
Borrowed funds
Short-term borrowings	52		614		666			1,870		(3,877)		(2,007)
Long-term debt	(251)		(23)		(274)			33		38		71
Total borrowed funds	(199)		591		392			1,903		(3,839)		(1,936)
Total interest-bearing liabilities	5,430		1,844		7,274			36,367		6,316		42,683
Net interest income (1)	$	(5,949)	$	924	$	(5,025)		$	(17,621)	$	7,043	$	(10,578)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
	Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
	2024			2023			2023			2023			2023
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$	141,433		$	145,201		$	148,646		$	141,591		$	132,977
Provision for credit losses	13,419			8,804			12,907			12,719			8,644
Gross charge-offs
Commercial and industrial	2,695			6,866			9,207			2,372			730
Lease financing	3			4,244			76			90			13
Construction real estate	0			0			0			0			0
Commercial real estate	5,319			1			6,008			2,648			66
Residential real estate	65			9			10			20			0
Home equity	25			174			54			21			91
Installment	2,236			2,054			1,349			1,515			1,524
Credit card	794			363			319			274			217
Total gross charge-offs	11,137			13,711			17,023			6,940			2,641
Recoveries
Commercial and industrial	162			459			335			631			109
Lease financing	59			52			1			1			1
Construction real estate	0			0			0			0			0
Commercial real estate	38			93			39			153			2,238
Residential real estate	24			24			44			113			66
Home equity	80			178			125			232			80
Installment	145			210			87			90			54
Credit card	51			123			40			56			63
Total recoveries	559			1,139			671			1,276			2,611
Total net charge-offs	10,578			12,572			16,352			5,664			30
Ending allowance for credit losses	$	144,274		$	141,433		$	145,201		$	148,646		$	141,591
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.29		%	0.74		%	1.02		%	0.20		%	0.07		%
Lease financing	(0.05)		%	3.97		%	0.08		%	0.11		%	0.02		%
Construction real estate	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%
Commercial real estate	0.52		%	(0.01)		%	0.59		%	0.25		%	(0.22)		%
Residential real estate	0.01		%	0.00		%	(0.01)		%	(0.03)		%	(0.02)		%
Home equity	(0.03)		%	0.00		%	(0.04)		%	(0.12)		%	0.01		%
Installment	5.33		%	4.57		%	3.05		%	3.32		%	2.89		%
Credit card	4.59		%	1.49		%	1.82		%	1.47		%	1.12		%
Total net charge-offs	0.38		%	0.46		%	0.61		%	0.22		%	0.00		%
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial	$	14,532		$	15,746		$	17,152		$	21,508		$	13,971
Lease financing	3,794			3,610			7,731			4,833			175
Construction real estate	0			0			0			0			0
Commercial real estate	23,055			27,984			33,019			11,876			5,362
Residential real estate	12,836			14,067			12,328			11,697			11,129
Home equity	4,036			3,476			3,937			3,239			3,399
Installment	984			870			774			568			544
Total nonaccrual loans	59,237			65,753			74,941			53,721			34,580
Other real estate owned (OREO)	161			106			142			281			191
Total nonperforming assets	59,398			65,859			75,083			54,002			34,771
Accruing loans past due 90 days or more	820			2,028			698			873			159
Total underperforming assets	$	60,218		$	67,887		$	75,781		$	54,875		$	34,930
Total classified assets	$	162,348		$	140,995		$	140,552		$	138,909		$	158,984
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	243.55		%	215.10		%	193.75		%	276.70		%	409.46		%
Total ending loans	1.29		%	1.29		%	1.36		%	1.41		%	1.36		%
Nonaccrual loans to total loans	0.53		%	0.60		%	0.70		%	0.51		%	0.33		%
Nonperforming assets to
Ending loans, plus OREO	0.53		%	0.60		%	0.71		%	0.51		%	0.33		%
Total assets	0.34		%	0.38		%	0.44		%	0.32		%	0.21		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.53		%	0.60		%	0.71		%	0.51		%	0.33		%
Total assets	0.34		%	0.38		%	0.44		%	0.32		%	0.21		%
Classified assets to total assets	0.92		%	0.80		%	0.82		%	0.81		%	0.94		%
FIRST FINANCIAL BANCORP.
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,
	Mar. 31,			Dec. 31,			Sep. 30,			June 30,			Mar. 31,
	2024			2023			2023			2023			2023
PER COMMON SHARE
Market Price
High	$	23.68		$	24.28		$	24.02		$	22.27		$	26.24
Low	$	21.04		$	17.37		$	19.19		$	18.20		$	21.30
Close	$	22.42		$	23.75		$	19.60		$	20.44		$	21.77
Average shares outstanding - basic	94,218,067			94,063,570			94,030,275			93,924,068			93,732,532
Average shares outstanding - diluted	95,183,998			95,126,316			95,126,269			95,169,348			94,960,158
Ending shares outstanding	95,473,595			95,141,244			95,117,180			95,185,483			95,190,406
Total shareholders' equity	$	2,287,003		$	2,267,974		$	2,129,509		$	2,143,419		$	2,121,496
REGULATORY CAPITAL	Preliminary
Common equity tier 1 capital	$	1,582,113		$	1,568,815		$	1,527,793		$	1,481,913		$	1,432,332
Common equity tier 1 capital ratio	11.67		%	11.73		%	11.60		%	11.34		%	11.00		%
Tier 1 capital	$	1,626,899		$	1,613,480		$	1,572,248		$	1,526,362		$	1,476,734
Tier 1 ratio	12.00		%	12.06		%	11.94		%	11.68		%	11.34		%
Total capital	$	1,940,762		$	1,907,441		$	1,868,490		$	1,851,144		$	1,796,385
Total capital ratio	14.31		%	14.26		%	14.19		%	14.16		%	13.79		%
Total capital in excess of minimum requirement	$	516,704		$	503,152		$	485,580		$	478,911		$	428,700
Total risk-weighted assets	$	13,562,455		$	13,374,177		$	13,170,574		$	13,068,888		$	13,025,567
Leverage ratio	9.75		%	9.70		%	9.59		%	9.33		%	9.03		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	12.99		%	12.94		%	12.49		%	12.54		%	12.53		%
Ending tangible shareholders' equity to ending tangible assets (1)	7.23		%	7.17		%	6.50		%	6.56		%	6.47		%
Average shareholders' equity to average assets	13.09		%	12.52		%	12.70		%	12.60		%	12.29		%
Average tangible shareholders' equity to average tangible assets (1)	7.25		%	6.57		%	6.69		%	6.57		%	6.21		%
REPURCHASE PROGRAM (2)
Shares repurchased	0			0			0			0			0
Average share repurchase price	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
(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

exh992earningsrelease1q2

earnings presentation • First Quarter 2024 Exhibit 99.2

forward looking statements disclosure 2 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; (iv) 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; • 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;

forward looking statements disclosure 3 • 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.

1Q 2024 results 134th Consecutive Quarter of Profitability 4 • EOP assets increased $66.3 million compared to the linked quarter to $17.6 billion • EOP loans increased $271.9 million compared to the linked quarter to $11.2 billion • Average deposits increased $76.3 million compared to the linked quarter to $13.3 billion • EOP investment securities decreased $171.2 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $46.5 million; $51.7 million as adjusted1 • Noninterest expense – $122.4 million; $121.0 million as adjusted1 • Efficiency ratio – 62.7%. Adjusted1 efficiency ratio – 60.4% • Effective tax rate of 17.9%. Adjusted1 effective tax rate of 18.2% • Net interest income – $148.7 million • Net interest margin of 4.05% on a GAAP basis; 4.10% on a fully tax equivalent basis1 • Net income – $50.7 million or $0.53 per diluted share. Adjusted1 net income – $55.8 million or $0.59 per diluted share • Return on average assets – 1.18%. Adjusted 1 return on average assets – 1.30% • Return on average shareholders’ equity – 9.00%. Adjusted1 return on average shareholders’ equity – 9.91% • Return on average tangible common equity – 17.35%1. Adjusted1 return on average tangible common equity – 19.11% • Provision expense - $11.2 million • Net charge-offs – $10.6 million. NCOs / Avg. Loans – 0.38% annualized • Classified Assets / Total Assets - 0.92% • NPA / Total Assets – 0.34% • ACL / Total Loans – 1.29% • Total capital ratio – 14.31% • Tier 1 common equity ratio – 11.67% • Tangible common equity ratio – 7.23%. Adjusted1 Tangible common equity ratio – 9.18% • Tangible book value per share – $12.50 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.

1Q 2024 highlights • Quarterly earnings driven by strong net interest margin • Adjusted1 earnings per share – $0.59 • Adjusted1 return on assets – 1.30% • Adjusted1 pre-tax, pre-provision return on assets – 1.85% • Adjusted1 return on average tangible common equity – 19.11% • Purchased Agile Premium Finance on February 29, 2024 • Lends to commercial customers to finance insurance premiums; loans collateralized by unearned premiums • $93.4 million in loan balances at acquisition; $119.0 million at March 31, 2024 • $5.6 million of intangible assets, including $1.8 million of goodwill and $2.7 million customer list • Solid loan growth during the period, exceeding expectations • EOP loan balances increased $271.9 million compared to the linked quarter; 10.0% on an annualized basis • Growth included a $122.3 million increase in ICRE and $119.0 million increase due to acquisition of Agile • Total average deposit balances increased $76.3 million, or 2.3% annualized • Approximately $100 million in seasonal business deposit outflows during the quarter • Decline of $189.0 million in noninterest bearing deposit balances from linked quarter • $198.4 million growth in money market accounts and $186.0 million increase in retail CDs offset declines in noninterest bearing checking, savings and public funds • Average noninterest bearing deposits were 23% of average total deposits at March 31, 2024 • Net interest margin (FTE) decreased 16 bps to 4.10%, in line with expectations • Linked quarter decline driven by increased funding costs • 19 bp increase in cost of funds partially offset by modest increase in asset yields • Repositioned $228.8 million of the investment portfolio o Sales resulted in $5.2 million loss o Reinvestment to result in 278 bp increase in yield; Earnback approximately 1 year 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 5

1Q 2024 highlights • Adjusted1 noninterest income of $51.7 million, an 8.5% increase from fourth quarter • Wealth management and foreign exchange income increased from the linked quarter • Leasing business revenue of $14.6 million, an increase of $1.7 million, or 13.5%, compared to linked quarter • Restructuring $150 million of our bank owned life insurance portfolio, which is expected to result in approximately 200 bp increase in yield in the back half of the year • Adjusted1 $5.2 million for losses on sales of investment securities • Adjusted1 noninterest expense of $121.0 million, a 3.6% increase from fourth quarter • Adjustments1 include $0.2 million FDIC special assessment and other costs such as acquisition, severance and branch consolidation costs • Increase driven by variable compensation tied to fee income and seasonal increase in payroll taxes • Efficiency ratio of 62.7%; 60.4% as adjusted1 • Workforce efficiency initiative with full savings expected to be realized by end of 2024 • Stable allowance for credit loss (ACL) and provision expense • Total ACL of $160.4 million; provision expense of $11.2 million o Loans and leases - ACL of $144.3 million; 1.29% of total loans o Unfunded Commitments - ACL of $16.2 million • Provision expense driven by net charge-offs and loan growth • NPA to total assets of 0.34%; 4 bp, or 10.5% decline from linked quarter • $10.6 million in net charge-offs; 38 bps as a percentage of loans on an annualized basis, 8bp decline from linked quarter • Classified assets increased $21.4 million during first quarter due to two relationships downgraded during the period; 0.92% of total assets • Capital ratios in excess of targets • Total capital ratio of 14.31% • Tier 1 common equity of 11.67%; 6 basis point decrease from linked quarter • Tangible book value increased by $0.12, or 1.0%, to $12.50 • Tangible common equity increased 6 bps to 7.23%; 9.18%1 excluding ($321.1) million of AOCI 6 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .

adjusted net income1 7 The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 148,740$ 148,740$ 153,765$ 155,455$ Provision for credit losses-loans and leases 13,419$ 13,419$ 8,804$ 8,804$ Provision for credit losses-unfunded commitments (2,259)$ (2,259)$ 1,426$ 1,426$ Noninterest income 46,512$ 46,512$ 46,993$ 46,993$ less: gains (losses) on security transactions - (5,187) A - (649) A less: other - - A - - A Total noninterest income 46,512$ 51,699$ 46,993$ 47,642$ Noninterest expense 122,355$ 122,355$ 119,137$ 119,137$ less: FDIC special assessment - 231 A - 925 A less: other - 1,087 A - 1,363 A Total noninterest expense 122,355$ 121,037$ 119,137$ 116,849$ Income before income taxes 61,737$ 68,242$ 71,391$ 74,328$ Income tax expense 11,048$ 11,048$ 14,659$ 14,659$ plus: after-tax impact of tax credit investment @ 21% - 52 - 276 plus: tax effect of adjustments (A) @ 21% statutory rate - 1,318 - 423 Total income tax expense 11,048$ 12,418$ 14,659$ 15,358$ Net income 50,689$ 55,824$ 56,732$ 58,970$ Net earnings per share - diluted 0.53$ 0.59$ 0.60$ 0.62$ Pre-tax, pre-provision return on average assets 1.69% 1.85% 1.89% 1.96% 1Q 2024 4Q 2023

profitability 8 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Efficiency Ratio $0.53$0.60$0.66$0.69$0.74 $0.59 $0.62 $0.67 $0.72 $0.76 1Q244Q233Q232Q231Q23 Diluted EPS Adjusted EPS 1 1.18%1.31%1.48%1.55%1.69% 1.30%1.37% 1.49% 1.62%1.72% 1Q244Q233Q232Q231Q23 ROA Adjusted ROA 1 17.35% 21.36%23.60%25.27% 29.02% 19.11% 22.21% 23.76% 26.46% 29.64% 1Q244Q233Q232Q231Q23 ROATCE Adjusted ROATCE 1 54.3% 56.8% 57.5% 59.3% 62.7% 53.3% 54.9% 57.3% 58.0% 60.4% 1Q23 2Q23 3Q23 4Q23 1Q24 Efficiency Ratio Adjusted Efficiency Ratio 1

net interest income & margin 9 Net Interest Margin (FTE) 1Q24 NIM (FTE) Progression Net Interest Income All dollars shown in millions $143.9$147.7$150.9$154.2$155.0 $4.0 $5.2 $4.5 $5.0$4.3 $148.7 $153.8 $155.5 $159.2$159.3 1Q244Q233Q232Q231Q23 Basic NII Loan Fees 3.99%4.12%4.21%4.34%4.43% 0.11% 0.14% 0.12% 0.14% 0.12% 4.10% 4.26% 4.33% 4.48% 4.55% 1Q244Q233Q232Q231Q23 Basic Margin (FTE) Loan Fees 4Q23 4.26% Asset yields/mix 0.06% Loan fees -0.03% Deposit & funding costs/mix -0.19% 1Q24 4.10%

average balance sheet 10 Average Loans Average Securities Average Deposits All dollars shown in millions 1 Includes loans fees and loan accretion $11,066$10,751$10,624$10,514$10,373 7.32%7.29%7.18% 7.03% 6.63% 1Q244Q233Q232Q231Q23 Loans Loan Yield 1 $13,279$13,203$12,787$12,714$12,812 2.30%2.08%1.77%1.40% 1.00% 1Q244Q233Q232Q231Q23 Deposits Cost of Deposits $3,138$3,184$3,394$3,560$3,635 4.01% 4.20% 4.07% 4.01% 3.94% 1Q244Q233Q232Q231Q23 Investment Securities Investment Securities Yield

liquidity and beta profile 11 1Historical data adjusted for the merger with MainSource Financial Group, Inc. using the sum of the individual components. Historical Deposit and Loan Betas1 Total Deposit Beta Loan Beta Liquidity Trends 24% 33% 43% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-1Q24 Fed Cycle (+525bps) 53% 77% 68% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-1Q24 Fed Cycle (+525bps) 77% 79% 81% 82% 82% 82% 82% 83% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Loans / Deposits Ratio 28% 26% 25% 24% 24% 23% 24% 23% 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 Cash + Securities / Assets

12 Borrowing Capacity • Interest-bearing deposits with other banks of $751 million • Investment securities portfolio: • 97.3% of investment portfolio classified as available-for-sale • $554.0 million of expected cash flow from securities portfolio in next 12 months • $472.1 million of floating rate securities with minimal losses • Portfolio duration of 4.6 years at March 31, 2024 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 632,898$ Fed Discount Window availability 848,117 Brokered CDs/Deposit placement services 2,163,848 Fed funds 1,483,000 Total as of March 31, 2024 5,127,863$

agile acquisition 13 • $93.4 million in loans acquired • $5.6 million of intangibles created: • Goodwill - $1.8 million • Customer List - $2.7 million • Agile is a full-service specialty finance company based in Lincolnshire, IL and operates throughout the U.S. • Lends to commercial customers to finance insurance premiums • Loans are secured by the unearned premium of the policies • Two-thirds of volume is derived from direct agency relationships, and one-third is originated through a brokerage model • Portfolio is diversified across insurance carrier, insurance agency, borrower, geography, and insurance coverage type • Founded in 2017 and managed by seasoned industry experts • Led by founder Bob Przespolewski and Charlie Gerstung, who joined FFB • 30 associates Product Details • Originates approximately 50,000 loans annually • Average loan size of $12,700 • Median loan size $1,700 • Average duration 10 months Deep and Diverse Relationships Portfolio Highlights • Expected to grow $80 million in outstandings by year-end • Current gross yields ~9% • Expected annual loss rate of 10-20 bps • Established national network of over 1,700 active independent insurance agencies • Significant cross-sell opportunity 1The fair value measurements of assets acquired and liabilities assumed in the Agile acquisition are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Company Overview Transaction Overview1 Key Statistics

loan portfolio 14 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $271.9 million ICRE $3,712 33% Commercial & Small Business Banking $3,240 29% Oak Street $747 7% Franchise $254 2% Summit $688 6% Agile $119 1% Consumer $964 9% Mortgage $1,481 13% Total $11.2 Billion $122.3 -$48.8 $8.9 $2.0 $34.5 $119.0 $11.8 $22.2 ICRE Commercial & Small Business Banking Oak Street Franchise Summit Agile Consumer Mortgage

loan concentrations 15 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Summit Funding Group and Agile Premium Finance NAICS Sector 3/31/24 % of Total Loans Finance and Insurance $835.5 7.5% Real Estate and Rental and Leasing 690.6 6.2% Manufacturing 503.7 4.5% Accommodation and Food Services 312.9 2.8% Health Care and Social Assistance 247.0 2.2% Professional, Scientific, and Technical Services 237.9 2.1% Construction 225.2 2.0% Wholesale Trade 204.2 1.8% Retail Trade 171.7 1.5% Agriculture, Forestry, Fishing and Hunting 163.5 1.5% Other Services (except Public Administration) 137.4 1.2% Administrative and Support and Waste Manageme 117.2 1.0% Arts, Entertainment, and Recreation 94.3 0.8% Transportation and Warehousing 91.5 0.8% Information 69.9 0.6% Other 119.2 1.1% Grand Total $4,221.5 37.7% Property Type 3/31/24 % of Total Loans Residential Multi Family 5+ $1,192.9 10.6% Retail Property 780.4 7.0% Office 464.2 4.1% Industrial 395.3 3.5% Hospital/Nursing Home 342.1 3.1% Hotel 198.6 1.8% Land 104.8 0.9% Residential 1-4 Family 99.7 0.9% Other Real Estate 57.5 0.5% Other 76.3 0.7% Grand Total $3,711.8 33.1%

area of focus - office portfolio (non-owner occupied) 16 Office Property Type 1 Performance metrics based on loans greater than $2.5 million and excluding classified assets. All dollars shown in millions Office Property Market Office Maturity Schedule • $464 million balance represents 4.1% of total loan portfolio • Majority of exposure is in our metro markets and secured by suburban Class A & Class B assets with recourse to the sponsor • No exposure to gateway cities • $17 million on nonaccrual status; 2 relationships; have been charged down to net realizable value • $32 million rated special mention; 4 relationships • Performance metrics at origination or renewal1: • LTV – 62% • Occupancy – 86.2% • Debt coverage – 1.63x $379 82% $47 10% $26 6% $12 2% General Office Medical Mixed Use Other $304 66% $141 30% $19 4% Suburban Urban Non-metro

deposits 17 Deposit Product Mix (Avg) 1Q24 Average Deposit Progression All dollars shown in millions Total growth/(decline): $76.3 million -$189.0 -$16.1 -$35.9 $198.4 $186.0 -$3.2 -$63.9 Noninterest-bearing Interest-bearing demand Savings Money Markets Retail CDs Brokered Deposits Public Funds Noninterest- bearing $3,071 23% Interest-bearing demand $1,619 12% Savings $1,067 8%Money Markets $2,866 22% Retail CDs $1,439 11% Brokered Deposits $1,353 10% Public Funds $1,864 14% Total $13.3 billion

average deposit trends 18 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,162$5,921$5,824$5,821$5,903$5,910 1Q244Q233Q232Q231Q234Q22 $3,823$3,913$3,789$3,664$3,881$4,133 1Q244Q233Q232Q231Q234Q22 $1,864$1,928$1,805$1,823$1,842$2,026 1Q244Q233Q232Q231Q234Q22 Uninsured deposits (per call report instructions) 5,450$ Less: Public funds 1,660 Less: Intercompany deposits 565 Adjusted uninsured deposits 3,225 Borrowing capacity 5,128 Borrowing capacity in excess of adjusted uninsured deposits $ 1,903 Borrowing capacity as a % of adjusted uninsured deposits 159.0% Adjusted uninsured deposits to total deposits 24.0%

noninterest income 19 Noninterest Income 1Q24 Highlights All dollars shown in thousands • Total fee income 23.8% of net revenue • Foreign exchange income of $10.4 million; increased $1.7 million, or 19.5%, from the linked quarter • Leasing business income of $14.6 million; increased $1.7 million, or 13.5%, from the linked quarter • Trust and wealth management fees of $6.7 million: increased $0.6 million, or 9.6%, from the linked quarter • Deposit service charge income of $6.9 million: increased $0.1 or 1.0% from the linked quarter • Mortgage banking income of $3.8 million; increased $0.8 million, or 28.0%, from the linked quarter • Client derivative income of $1.3 million; increased $0.5 million, or 75.8%, from the linked quarter Service Charges $6,912 15% Wealth Mgmt $6,676 14% Bankcard income $3,142 7% Client derivative fees $1,250 3% Foreign exchange income $10,435 22% Leasing business income $14,589 31% Mortgage banking income $3,784 8% Other $(276) 0% Total $46.5 million

noninterest expense 20 Noninterest Expense 1Q24 Highlights All dollars shown in thousands Salaries and benefits $74,037 60% Occupancy and equipment $9,611 8% Data processing $8,305 7% Professional services $2,268 2% Intangible amortization $2,301 2% Leasing business expense $9,754 8% Other $16,079 13% Total $122.4 million • Core expenses increased $4.2 million, or 3.6% • $2.0 million seasonal increase in payroll taxes • $1.6 million increase in variable incentive compensation tied to fee income • $0.8 million increase in leasing business expense • $1.3 million of adjustments include: • $0.2 million FDIC special assessment • $1.1 million of other costs such as acquisition, severance and branch consolidation costs

allowance for credit losses 21 ACL / Total Loans 1Q24 Highlights All dollars shown in millions • $160.4 million combined ACL; $11.2 million combined provision expense • $144.3 million ACL – loans and leases; modest increase driven by loan growth; 1.29% of loan balances • Utilized Moody’s March baseline forecast in quantitative model • $16.2 million ACL – unfunded commitments $141.6 $148.6 $145.2 $141.4 $144.3 $20.2 $18.2 $17.0 $18.4 $16.2 $161.8 $166.9 $162.2 $159.9 $160.4 1.36% 1.41% 1.36% 1.29% 1.29% 1Q23 2Q23 3Q23 4Q23 1Q24 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans

asset quality 22 Nonperforming Assets / Total AssetsClassified Assets / Total Assets Net Charge Offs & Provision Expense1 . 1 Provision includes both loans & leases and unfunded commitments All dollars shown in millions $59.4 $65.9 $75.1 $54.0 $34.8 0.34% 0.38%0.44% 0.32% 0.21% 1Q244Q233Q232Q231Q23 NPAs NPAs / Total Assets $0.0 $5.7 $16.4 $12.6 $10.6 $10.5 $10.7 $11.7 $10.2 $11.2 0.38% 0.46% 0.61% 0.22% 0.00% 1Q23 2Q23 3Q23 4Q23 1Q24 NCOs Provision Expense NCOs / Average Loans $162.3 $141.0$140.6$138.9 $159.0 0.92% 0.80%0.82%0.81% 0.94% 1Q244Q233Q232Q231Q23 Classified Assets Classified Assets / Total Assets

capital 23 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 3/31 Risk Weighted Assets = $13,562,455 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted TCE excludes impact from AOCI Tier 1 Capital Ratio 6.47% 6.56% 6.50% 7.17% 7.23% 8.54% 8.76% 9.07% 9.05% 9.18% 1Q23 2Q23 3Q23 4Q23 1Q24 TCE ratio Adjusted TCE ratio1 11.67%11.73%11.60%11.34%11.00% 7.00% 1Q244Q233Q232Q231Q23 Tier 1 Common Equity Ratio Basel III minimum 12.00%12.06%11.94%11.68%11.34% 8.50% 1Q244Q233Q232Q231Q23 Tier 1 Capital Ratio Basel III minimum 14.31%14.26%14.19%14.16%13.79% 10.50% 1Q244Q233Q232Q231Q23 Total Capital Ratio Basel III minimum

capital ratios, reflecting all unrealized losses1 24 Tier 1 Common Equity Ratio Total Capital Ratio 3/31 Risk Weighted Assets = $13,562,455 All capital numbers are considered preliminary. 1 Assumes Company holds cash proceeds of securities sales Tier 1 Capital Ratio 10.11%10.24%9.62%9.53%9.37% 7.00% 1Q244Q233Q232Q231Q23 Tier 1 Common Equity Ratio Basel III minimum1 10.46%10.59%9.99%9.89%9.74%8.50% 1Q244Q233Q232Q231Q23 Tier 1 Capital Ratio Basel III minimum1 12.91%12.93%12.47%12.55%12.38% 10.50% 1Q244Q233Q232Q231Q23 Total Capital Ratio Basel III minimum1

capital strategy 25 Strategy & DeploymentTangible Book Value Per Share • 4.1% annualized dividend yield • 43.3% of 1Q24 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend expected to remain unchanged in near-term • No shares repurchased in 1Q24; no plans to repurchase shares in near- term • 1% increase in TBV per share from linked quarter driven by strong earnings • 16.2% increase since 1Q23 $10.76 $11.02 $10.91 $12.38 $12.50 $14.21 $14.73 $15.22 $15.64 $15.87 1Q23 2Q23 3Q23 4Q23 1Q24 Tangible Book Value per Share TBV per share-adjusted 1 1 Excludes impact from AOCI

outlook commentary1 • Loan balances expected to grow 10-12% on an annualized basis in near-term • Average deposit balances expected to grow moderately in near-term • Investment portfolio expected to remain stable in near-term 26 • Total noninterest expense expected to be $120 - 122 million • Includes $9-11 million leasing business expense • Incentive expense will fluctuate with fee income Noninterest Expense Net Interest Margin Balance Sheet Credit • Credit costs expected to remain flat in 2Q24 • Net charge-offs expected to be approximately 30 basis points for full year • Stable to slightly increasing ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $56 - 58 million • Includes $12-14 million foreign exchange • Includes $15-17 million leasing business income 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 3.95% - 4.05%; assumes no Fed cuts in the second quarter Capital • Expect to maintain dividend at current levels

The Company’s Investor Presentation contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). Such non-GAAP financial information should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting provides meaningful information and therefore we use it to supplement our GAAP information. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. We believe this information is helpful in understanding the results of operations separate and apart from items that may, or could, have a disproportional positive or negative impact in any given period. For a reconciliation of the differences between the non-GAAP financial measures and the most comparable GAAP measures, please refer to the following reconciliation tables. to GAAP Reconciliation 27 appendix: non-GAAP measures

appendix: non-GAAP to GAAP reconciliation 28 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, 2024 2023 2023 2023 2023 Net interest income 148,740$ 153,765$ 155,455$ 159,232$ 159,318$ Tax equivalent adjustment 1,535 1,672 1,659 1,601 1,424 Net interest income - tax equivalent 150,275$ 155,437$ 157,114$ 160,833$ 160,742$ Average earning assets 14,757,503$ 14,483,589$ 14,404,144$ 14,403,542$ 14,326,645$ Net interest margin1 4.05 % 4.21 % 4.28 % 4.43 % 4.51 % Net interest margin (fully tax equivalent)1 4.10 % 4.26 % 4.33 % 4.48 % 4.55 % Three months ended 1 Margins are calculated using net interest income annualized divided by average earning assets. 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.

appendix: non-GAAP to GAAP reconciliation 29 All dollars shown in thousands Additional non-GAAP ratios Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, (Dollars in thousands, except per share data) 2024 2023 2023 2023 2023 Net income (a) 50,689$ 56,732$ 63,061$ 65,667$ 70,403$ Average total shareholders' equity 2,265,562 2,144,482 2,153,601 2,137,765 2,082,210 Less: Goodwill (1,006,477) (1,005,870) (1,005,844) (1,005,791) (1,005,713) Other intangibles (84,109) (85,101) (87,427) (89,878) (92,587) Average tangible equity (b) 1,174,976 1,053,511 1,060,331 1,042,097 983,910 Total shareholders' equity 2,287,003 2,267,974 2,129,509 2,143,419 2,121,496 Less: Goodwill (1,007,656) (1,005,868) (1,005,868) (1,005,828) (1,005,738) Other intangibles (85,603) (83,949) (86,378) (88,662) (91,169) Ending tangible equity (c) 1,193,744 1,178,157 1,037,263 1,048,929 1,024,589 Less: AOCI (321,109) (309,819) (410,005) (353,010) (328,059) Ending tangible equity less AOCI (d) 1,514,853 1,487,976 1,447,268 1,401,939 1,352,648 Total assets 17,599,238 17,532,900 17,054,852 17,090,149 16,933,884 Less: Goodwill (1,007,656) (1,005,868) (1,005,868) (1,005,828) (1,005,738) Other intangibles (85,603) (83,949) (86,378) (88,662) (91,169) Ending tangible assets (e) 16,505,979 16,443,083 15,962,606 15,995,659 15,836,977 Risk-weighted assets (f) 13,562,455 13,374,177 13,170,574 13,118,477 13,025,552 Total average assets 17,306,221 17,124,955 16,951,389 16,968,055 16,942,999 Less: Goodwill (1,006,477) (1,005,870) (1,005,844) (1,005,791) (1,005,713) Other intangibles (84,109) (85,101) (87,427) (89,878) (92,587) Average tangible assets (g) 16,215,635$ 16,033,984$ 15,858,119$ 15,872,386$ 15,844,699$ Ending shares outstanding (h) 95,473,595 95,141,244 95,117,180 95,185,483 95,190,406 Ratios Return on average tangible shareholders' equity (a)/(b) 17.35% 21.36% 23.60% 25.27% 29.02% Ending tangible equity as a percent of: Ending tangible assets (c)/(e) 7.23% 7.17% 6.50% 6.56% 6.47% Risk-weighted assets (c)/(f) 8.80% 8.81% 7.88% 8.00% 7.87% Ending tangible equity excluding AOCI as a percent of: Ending tangible assets (d)/(e) 9.18% 9.05% 9.07% 8.76% 8.54% Average tangible equity as a percent of average tangible assets (b)/(g) 7.25% 6.57% 6.69% 6.57% 6.21% Tangible book value per share (c)/(h) 12.50$ 12.38$ 10.91$ 11.02$ 10.76$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 30 All dollars shown in thousands Additional non-GAAP measures 3Q23 2Q23 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 148,740$ 148,740$ 153,765$ 153,765$ 155,455$ 155,455$ 159,232$ 159,232$ Provision for credit losses-loans and leases (j) 13,419 13,419 8,804 8,804 12,907 12,907 12,719 12,719 Provision for credit losses-unfunded commitments (j) (2,259) (2,259) 1,426 1,426 (1,234) (1,234) (1,994) (1,994) Noninterest income 46,512 46,512 46,993 46,993 56,628 56,628 53,258 53,258 less: gains (losses) on security transactions (5,187) (649) (58) (466) less: other - - (94) 227 Total noninterest income (g) 46,512 51,699 46,993 47,642 56,628 56,780 53,258 53,497 Noninterest expense 122,355 122,355 119,137 119,137 122,044 122,044 120,615 120,615 less: tax credit investment writedown - - 104 984 less: FDIC special assessment 231 925 - - less: Summit acquisition costs - - 787 1,717 less: Other 1,087 1,363 (395) 1,044 Total noninterest expense (e) 122,355 121,037 119,137 116,849 122,044 121,548 120,615 116,870 Income before income taxes (i) 61,737 68,242 71,391 74,328 78,366 79,014 81,150 85,134 Income tax expense 11,048 11,048 14,659 14,659 15,305 15,305 15,483 15,483 plus: tax effect of adjustments 52 276 82 81 plus: after-tax impact of tax credit investments @ 21% 1,318 423 136 837 Total income tax expense (h) 11,048 12,418 14,659 15,358 15,305 15,523 15,483 16,401 Net income (a) 50,689$ 55,824$ 56,732$ 58,970$ 63,061$ 63,491$ 65,667$ 68,733$ Average diluted shares (b) 95,184 95,184 95,141 95,141 95,117 95,117 95,185 95,185 Average assets (c) 17,306,221 17,306,221 17,124,955 17,124,955 16,951,389 16,951,389 16,968,055 16,968,055 Average shareholders' equity 2,265,562 2,265,562 2,144,482 2,144,482 2,153,601 2,153,601 2,137,765 2,137,765 Less: Goodwill and other intangibles (1,090,586) (1,090,586) (1,090,971) (1,090,971) (1,093,271) (1,093,271) (1,095,669) (1,095,669) Average tangible equity (d) 1,174,976 1,174,976 1,053,511 1,053,511 1,060,331 1,060,331 1,042,097 1,042,097 Ratios Net earnings per share - diluted (a)/(b) 0.53$ 0.59$ 0.60$ 0.62$ 0.66$ 0.67$ 0.69$ 0.72$ Return on average assets - (a)/(c) 1.18% 1.30% 1.31% 1.37% 1.48% 1.49% 1.55% 1.62% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.69% 1.85% 1.89% 1.96% 2.11% 2.12% 2.17% 2.27% Return on average tangible shareholders' equity - (a)/(d) 17.35% 19.11% 21.36% 22.21% 23.60% 23.76% 25.27% 26.46% Efficiency ratio - (e)/((f)+(g)) 62.7% 60.4% 59.3% 58.0% 57.5% 57.3% 56.8% 54.9% Effective tax rate - (h)/(i) 17.9% 18.2% 20.5% 20.7% 19.5% 19.6% 19.1% 19.3% (Dollars in thousands, except per share data) 1Q24 4Q23

31 First Financial Bancorp First Financial Center 255 East Fifth Street Cincinnati, OH 45202