Equibles

8-K

FIRST FINANCIAL BANCORP /OH/ (FFBC)

8-K 2020-10-22 For: 2020-10-22
View Original
Added on April 07, 2026

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): October 22, 2020

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 October 22, 2020, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first nine months and third quarter of 2020. 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 datedOctober22, 2020

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: October 22, 2020

Document

Exhibit 99.1

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First Financial Bancorp Announces Third Quarter 2020 Financial Results

•Earnings per diluted share of $0.42; $0.44 on an adjusted^(1)^ basis

•Return on average assets of 1.04%; 1.09% as adjusted^(1)^

•Record core fee income driven by $18.6 million of mortgage banking and $10.5 million of foreign exchange income

•Provision for credit losses of $13.4 million; 34% reduction from second quarter

Cincinnati, Ohio - October 22, 2020 - First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and nine months ended September 30, 2020.

For the three months ended September 30, 2020, the Company reported net income of $41.5 million, or $0.42 per diluted common share. These results compare to net income of $37.4 million, or $0.38 per diluted common share, for the second quarter of 2020 and $50.9 million, or $0.51 per diluted common share, for the third quarter of 2019. For the nine months ended September 30, 2020, First Financial had earnings per diluted common share of $1.10 compared to $1.51 for the same period in 2019.

Return on average assets for the third quarter of 2020 was 1.04% while return on average tangible common equity was 13.61%. These compare to returns on average assets of 0.96% and 1.41%, and returns on average tangible common equity of 12.90% and 16.15%, in the second quarter of 2020 and the third quarter of 2019, respectively.

Third quarter 2020 highlights include:

•After adjustments^(1)^ for certain nonrecurring and certain COVID-19 related items:

◦Net income of $0.44 per diluted common share

◦1.09% return on average assets

◦14.18% return on average tangible common equity

•Adjustments^(1)^ to net income include:

◦$0.1 million of costs directly related to COVID-19

◦$2.1 million of other nonrecurring costs such as merger related and branch consolidation costs

•Strong noninterest income of $49.5 million, an increase of 15.9% from the linked quarter

◦Mortgage banking revenue increased $1.9 million, or 11.6%

◦Record foreign exchange income of $10.5 million; 60.1% increase from linked quarter

◦Service charges on deposits, including overdrafts, increased $1.4 million, or 22.6%

• Noninterest expenses of $97.5 million, or $95.3 million as adjusted^(1)^

◦Includes $7.0 million of incremental incentive compensation expenses directly related to strong operating results and fee income generation

◦Includes $0.5 million contribution to First Financial Foundation

◦Efficiency ratio of 60.3%; 58.9% as adjusted^(1)^

•Loan balances were relatively unchanged at $10.2 billion

•Average transactional deposit balances grew $434.5 million compared to the linked quarter; 19.0% on an annualized basis

_________________________________________________________________________________________^(1)^Financial information in this release that is described as “adjusted” or that is presented on a fully tax equivalent basis is non-GAAP. 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.

•Total Allowance for Credit Losses of $183.3 million; Total quarterly provision for credit losses of $13.4 million

◦Loans and leases - ACL of $168.5 million, 1.65% of total loans; 1.81% of loans excluding PPP

◦Unfunded Commitments - ACL of $14.8 million

◦Third quarter provision expense driven by expected economic impact from COVID-19, partially offset by higher prepayment rates

•Net interest margin of 3.36% on a fully tax-equivalent basis^(1)^

◦8 basis point decline compared to the linked quarter; 19 basis point decline due to loan yields partially offset by 14 basis point impact from reduced funding costs

◦3 basis points of incremental dilution from PPP from the linked quarter

◦Impact of decline in short term rates, partially offset by funding cost reductions and higher loan fees

•Strong capital ratios

◦Total capital of 15.37%

◦Tier 1 common equity of 11.63%

◦Tangible common equity of 8.25%; 8.79% excluding PPP loans

◦Tangible book value per share of $12.56; $0.30 increase compared to linked quarter

Archie Brown, President and Chief Executive Officer, remarked, “We are pleased with our strong third quarter operating results while maintaining focus on three important pandemic related priorities: maintaining the health and safety of our associates, assisting our clients and communities and strengthening our Company.”

Mr. Brown continued, “Despite continued interest rate headwinds and difficult business conditions, we posted strong earnings as reflected in our adjusted earnings per share of $0.44, adjusted return on assets of 1.09%, and an adjusted efficiency ratio of 58.9%. Additionally, we were encouraged that credit trends remained relatively stable for the quarter. Given the backdrop of increasing Covid-19 cases in the Midwest and uncertainty about the timing of vaccines to bring the pandemic under control, we recorded $13.4 million of provision expense in anticipation of credit deterioration in future quarters, leading to an increase in our allowance for credit losses to 1.81% of total loans, excluding PPP.”

Mr. Brown further commented, “Third quarter results were primarily driven by exceptional fee income, well exceeding second quarter results, which at the time was our highest core fee income on record. The steadfast diligence of our mortgage team capitalized on the continued historic low interest rate environment to drive another sensational quarter in mortgage banking revenue, and Bannockburn recorded its highest income quarter ever. We were also pleased to see service charges improve as local economies continued to gradually reopen and consumer spending increased. Total expenses increased during the quarter as a direct result of our strong operating performance and fee income generation leading to higher incentive and commission expense.”

Mr. Brown concluded, “We are encouraged by our improved operating performance and by the resiliency of our associates. Six months into a global pandemic, we now have 98% of our banking centers fully open to service the needs of our clients, and associates in our corporate offices and operations centers have begun gradually returning, albeit at significantly reduced capacity levels. We continue to provide a bridge for our clients to navigate the environment with approximately $630 million, or 6.2% of total loans, receiving a round two deferral and all capital ratios have improved to equal or surpass pre-pandemic levels. Additionally, this year we have added $125 million to our Allowance for Credit Losses, which brings our total ACL to greater than three times the balance at December 31, 2019. We remain committed to managing pandemic priorities and positioning the Company for even stronger performance when the health crisis subsides.”

Full detail of the Company’s third quarter 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, October 23, 2020 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required). The number should be dialed five to ten minutes prior to the start of the conference call. 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. A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 1048538. 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 Statement

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 declines in housing prices, high 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 of a slowing U.S. economy and increased unemployment 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, 2019, 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 September 30, 2020, the Company had $15.9 billion in assets, $10.2 billion in loans, $11.6 billion in deposits and $2.2 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 $2.8 billion in assets under management as of September 30, 2020. The Company operated 143 full service banking centers as of September 30, 2020, primarily in Ohio, Indiana and Kentucky, 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

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Selected Financial Information

September 30, 2020

(unaudited)

Contents Page
Consolidated Financial Highlights 2
Consolidated 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
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Nine months ended,
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, September 30,
2020 2020 2020 2019 2019 2020 2019
RESULTS OF OPERATIONS
Net income $ 41,477 $ 37,393 $ 28,628 $ 48,677 $ 50,856 $ 107,498 $ 149,398
Net earnings per share - basic $ 0.43 $ 0.38 $ 0.29 $ 0.49 $ 0.52 $ 1.10 $ 1.52
Net earnings per share - diluted $ 0.42 $ 0.38 $ 0.29 $ 0.49 $ 0.51 $ 1.10 $ 1.51
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.69 $ 0.67
KEY FINANCIAL RATIOS
Return on average assets 1.04 % 0.96 % 0.79 % 1.34 % 1.41 % 0.93 % 1.41 %
Return on average shareholders' equity 7.40 % 6.88 % 5.21 % 8.60 % 9.13 % 6.50 % 9.29 %
Return on average tangible shareholders' equity 13.61 % 12.90 % 9.71 % 15.84 % 16.15 % 12.08 % 16.48 %
Net interest margin 3.32 % 3.38 % 3.71 % 3.84 % 3.91 % 3.46 % 3.98 %
Net interest margin (fully tax equivalent) ^(1)^ 3.36 % 3.44 % 3.77 % 3.89 % 3.96 % 3.52 % 4.03 %
Ending shareholders' equity as a percent of ending assets 14.11 % 13.99 % 14.47 % 15.49 % 15.62 % 14.11 % 15.62 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets 8.25 % 8.09 % 8.25 % 9.07 % 9.17 % 8.25 % 9.17 %
Risk-weighted assets 11.07 % 10.89 % 10.50 % 11.09 % 11.34 % 11.07 % 11.34 %
Average shareholders' equity as a percent of average assets 14.08 % 13.91 % 15.21 % 15.53 % 15.43 % 14.38 % 15.23 %
Average tangible shareholders' equity as a percent of
average tangible assets 8.18 % 7.94 % 8.79 % 9.07 % 9.35 % 8.29 % 9.19 %
Book value per share $ 22.94 $ 22.66 $ 22.25 $ 22.82 $ 22.59 $ 22.94 $ 22.59
Tangible book value per share $ 12.56 $ 12.26 $ 11.82 $ 12.42 $ 12.33 $ 12.56 $ 12.33
Common equity tier 1 ratio^(2)^ 11.63 % 11.49 % 11.27 % 11.30 % 11.52 % 11.63 % 11.52 %
Tier 1 ratio ^(2)^ 12.02 % 11.87 % 11.66 % 11.69 % 11.91 % 12.02 % 11.91 %
Total capital ratio ^(2)^ 15.37 % 15.19 % 13.54 % 13.39 % 13.62 % 15.37 % 13.62 %
Leverage ratio ^(2)^ 9.55 % 8.98 % 9.49 % 9.58 % 9.75 % 9.55 % 9.75 %
AVERAGE BALANCE SHEET ITEMS
Loans ^(3)^ $ 10,253,392 $ 10,002,379 $ 9,220,643 $ 9,149,222 $ 9,014,092 $ 9,827,033 $ 8,880,904
Investment securities 3,162,832 3,164,243 3,115,723 3,102,867 3,290,666 3,147,655 3,351,559
Interest-bearing deposits with other banks 40,277 91,990 39,332 36,672 38,569 57,138 35,525
Total earning assets $ 13,456,501 $ 13,258,612 $ 12,375,698 $ 12,288,761 $ 12,343,327 $ 13,031,826 $ 12,267,988
Total assets $ 15,842,010 $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 15,360,642 $ 14,126,615
Noninterest-bearing deposits $ 3,535,432 $ 3,335,866 $ 2,643,240 $ 2,638,908 $ 2,513,458 $ 3,172,841 $ 2,485,291
Interest-bearing deposits 8,027,082 8,395,229 7,590,791 7,583,531 7,504,708 8,004,450 7,575,263
Total deposits $ 11,562,514 $ 11,731,095 $ 10,234,031 $ 10,222,439 $ 10,018,166 $ 11,177,291 $ 10,060,554
Borrowings $ 1,519,748 $ 1,272,819 $ 1,735,767 $ 1,613,696 $ 1,816,983 $ 1,509,482 $ 1,687,716
Shareholders' equity $ 2,230,422 $ 2,185,865 $ 2,209,733 $ 2,245,107 $ 2,210,327 $ 2,208,753 $ 2,150,945
CREDIT QUALITY RATIOS
Allowance to ending loans 1.65 % 1.56 % 1.55 % 0.63 % 0.62 % 1.65 % 0.62 %
Allowance to nonaccrual loans 216.28 % 233.74 % 296.51 % 119.69 % 93.18 % 216.28 % 93.18 %
Allowance to nonperforming loans 196.69 % 208.06 % 203.42 % 96.73 % 71.46 % 196.69 % 71.46 %
Nonperforming loans to total loans 0.84 % 0.75 % 0.76 % 0.65 % 0.87 % 0.84 % 0.87 %
Nonperforming assets to ending loans, plus OREO 0.86 % 0.77 % 0.78 % 0.67 % 0.89 % 0.86 % 0.89 %
Nonperforming assets to total assets 0.55 % 0.49 % 0.48 % 0.42 % 0.56 % 0.55 % 0.56 %
Classified assets to total assets 0.84 % 0.79 % 0.83 % 0.62 % 0.92 % 0.84 % 0.92 %
Net charge-offs to average loans (annualized) 0.21 % 0.12 % (0.04) % 0.15 % 0.45 % 0.10 % 0.39 %

(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 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.

(2) September 30, 2020 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended, Nine months ended,
September 30, September 30,
2020 2019 % Change 2020 2019 % Change
Interest income
Loans and leases, including fees $ 103,249 $ 126,786 (18.6) % $ 324,924 $ 376,207 (13.6) %
Investment securities
Taxable 17,906 22,180 (19.3) % 55,387 70,031 (20.9) %
Tax-exempt 4,884 4,457 9.6 % 14,403 13,051 10.4 %
Total investment securities interest 22,790 26,637 (14.4) % 69,790 83,082 (16.0) %
Other earning assets 31 222 (86.0) % 220 638 (65.5) %
Total interest income 126,070 153,645 (17.9) % 394,934 459,927 (14.1) %
Interest expense
Deposits 7,886 20,151 (60.9) % 36,002 60,006 (40.0) %
Short-term borrowings 51 7,199 (99.3) % 6,412 19,805 (67.6) %
Long-term borrowings 5,953 4,760 25.1 % 14,482 14,764 (1.9) %
Total interest expense 13,890 32,110 (56.7) % 56,896 94,575 (39.8) %
Net interest income 112,180 121,535 (7.7) % 338,038 365,352 (7.5) %
Provision for credit losses-loans and leases ^(1)^ 15,299 5,228 192.6 % 57,038 25,969 119.6 %
Provision for credit losses-unfunded commitments ^(1)^ (1,925) (216) N/M 2,013 (342) N/M
Net interest income after provision for credit losses 98,806 116,523 (15.2) % 278,987 339,725 (17.9) %
Noninterest income
Service charges on deposit accounts 7,356 9,874 (25.5) % 21,792 28,596 (23.8) %
Trust and wealth management fees 3,855 3,718 3.7 % 12,438 11,731 6.0 %
Bankcard income 3,124 3,316 (5.8) % 8,666 15,399 (43.7) %
Client derivative fees 2,203 4,859 (54.7) % 8,292 11,468 (27.7) %
Foreign exchange income 10,530 1,708 N/M 27,072 1,725 N/M
Net gains from sales of loans 18,594 4,806 286.9 % 38,087 10,128 276.1 %
Net gains (losses) on sale of investment securities 2 105 (98.1) % (55) (110) 50.0 %
Other 3,835 4,754 (19.3) % 11,316 15,668 (27.8) %
Total noninterest income 49,499 33,140 49.4 % 127,608 94,605 34.9 %
Noninterest expenses
Salaries and employee benefits 63,769 53,212 19.8 % 174,516 155,109 12.5 %
Net occupancy 5,625 5,509 2.1 % 17,107 17,735 (3.5) %
Furniture and equipment 3,638 4,120 (11.7) % 11,372 11,758 (3.3) %
Data processing 6,837 5,774 18.4 % 20,245 15,885 27.4 %
Marketing 1,856 1,346 37.9 % 4,415 4,928 (10.4) %
Communication 855 910 (6.0) % 2,652 2,385 11.2 %
Professional services 2,443 4,771 (48.8) % 6,923 9,062 (23.6) %
State intangible tax 1,514 1,445 4.8 % 4,544 4,062 11.9 %
FDIC assessments 1,350 (1,097) 223.1 % 4,045 918 340.6 %
Intangible amortization 2,779 2,432 14.3 % 8,362 6,521 28.2 %
Other 6,845 8,020 (14.7) % 21,685 21,082 2.9 %
Total noninterest expenses 97,511 86,442 12.8 % 275,866 249,445 10.6 %
Income before income taxes 50,794 63,221 (19.7) % 130,729 184,885 (29.3) %
Income tax expense 9,317 12,365 (24.7) % 23,231 35,487 (34.5) %
Net income $ 41,477 $ 50,856 (18.4) % $ 107,498 $ 149,398 (28.0) %
ADDITIONAL DATA
Net earnings per share - basic $ 0.43 $ 0.52 $ 1.10 $ 1.52
Net earnings per share - diluted $ 0.42 $ 0.51 $ 1.10 $ 1.51
Dividends declared per share $ 0.23 $ 0.23 $ 0.69 $ 0.67
Return on average assets 1.04 % 1.41 % 0.93 % 1.41 %
Return on average shareholders' equity 7.40 % 9.13 % 6.50 % 9.29 %
Interest income $ 126,070 $ 153,645 (17.9) % $ 394,934 $ 459,927 (14.1) %
Tax equivalent adjustment 1,628 1,759 (7.4) % 4,916 4,698 4.6 %
Interest income - tax equivalent 127,698 155,404 (17.8) % 399,850 464,625 (13.9) %
Interest expense 13,890 32,110 (56.7) % 56,896 94,575 (39.8) %
Net interest income - tax equivalent $ 113,808 $ 123,294 (7.7) % $ 342,954 $ 370,050 (7.3) %
Net interest margin 3.32 % 3.91 % 3.46 % 3.98 %
Net interest margin (fully tax equivalent) ^(2)^ 3.36 % 3.96 % 3.52 % 4.03 %
Full-time equivalent employees 2,065 2,064
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
(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 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.
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CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2020
Third Second First Year to % Change
Quarter Quarter Quarter Date Linked Qtr.
Interest income
Loans and leases, including fees $ 103,249 $ 105,900 $ 115,775 $ 324,924 (2.5) %
Investment securities
Taxable 17,906 18,476 19,005 55,387 (3.1) %
Tax-exempt 4,884 4,937 4,582 14,403 (1.1) %
Total investment securities interest 22,790 23,413 23,587 69,790 (2.7) %
Other earning assets 31 47 142 220 (34.0) %
Total interest income 126,070 129,360 139,504 394,934 (2.5) %
Interest expense
Deposits 7,886 11,751 16,365 36,002 (32.9) %
Short-term borrowings 51 1,274 5,087 6,412 (96.0) %
Long-term borrowings 5,953 4,759 3,770 14,482 25.1 %
Total interest expense 13,890 17,784 25,222 56,896 (21.9) %
Net interest income 112,180 111,576 114,282 338,038 0.5 %
Provision for credit losses-loans and leases ^(1)^ 15,299 17,859 23,880 57,038 (14.3) %
Provision for credit losses-unfunded commitments ^(1)^ (1,925) 2,370 1,568 2,013 (181.2) %
Net interest income after provision for credit losses 98,806 91,347 88,834 278,987 8.2 %
Noninterest income
Service charges on deposit accounts 7,356 6,001 8,435 21,792 22.6 %
Trust and wealth management fees 3,855 4,114 4,469 12,438 (6.3) %
Bankcard income 3,124 2,844 2,698 8,666 9.8 %
Client derivative fees 2,203 2,984 3,105 8,292 (26.2) %
Foreign exchange income 10,530 6,576 9,966 27,072 60.1 %
Net gains from sales of loans 18,594 16,662 2,831 38,087 11.6 %
Net gains (losses) on sale of investment securities 2 2 (59) (55) 0.0 %
Other 3,835 3,542 3,939 11,316 8.3 %
Total noninterest income 49,499 42,725 35,384 127,608 15.9 %
Noninterest expenses
Salaries and employee benefits 63,769 55,925 54,822 174,516 14.0 %
Net occupancy 5,625 5,378 6,104 17,107 4.6 %
Furniture and equipment 3,638 3,681 4,053 11,372 (1.2) %
Data processing 6,837 7,019 6,389 20,245 (2.6) %
Marketing 1,856 1,339 1,220 4,415 38.6 %
Communication 855 907 890 2,652 (5.7) %
Professional services 2,443 2,205 2,275 6,923 10.8 %
State intangible tax 1,514 1,514 1,516 4,544 0.0 %
FDIC assessments 1,350 1,290 1,405 4,045 4.7 %
Intangible amortization 2,779 2,791 2,792 8,362 (0.4) %
Other 6,845 6,640 8,200 21,685 3.1 %
Total noninterest expenses 97,511 88,689 89,666 275,866 9.9 %
Income before income taxes 50,794 45,383 34,552 130,729 11.9 %
Income tax expense 9,317 7,990 5,924 23,231 16.6 %
Net income $ 41,477 $ 37,393 $ 28,628 $ 107,498 10.9 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.43 $ 0.38 $ 0.29 $ 1.10
Net earnings per share - diluted $ 0.42 $ 0.38 $ 0.29 $ 1.10
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.69
Return on average assets 1.04 % 0.96 % 0.79 % 0.93 %
Return on average shareholders' equity 7.40 % 6.88 % 5.21 % 6.50 %
Interest income $ 126,070 $ 129,360 $ 139,504 $ 394,934 (2.5) %
Tax equivalent adjustment 1,628 1,664 1,624 4,916 (2.2) %
Interest income - tax equivalent 127,698 131,024 141,128 399,850 (2.5) %
Interest expense 13,890 17,784 25,222 56,896 (21.9) %
Net interest income - tax equivalent $ 113,808 $ 113,240 $ 115,906 $ 342,954 0.5 %
Net interest margin 3.32 % 3.38 % 3.71 % 3.46 %
Net interest margin (fully tax equivalent)^(2)^ 3.36 % 3.44 % 3.77 % 3.52 %
Full-time equivalent employees 2,065 2,076 2,067
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
(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 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 QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2019
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $ 122,802 $ 126,786 $ 126,365 $ 123,056 $ 499,009
Investment securities
Taxable 20,137 22,180 23,616 24,235 90,168
Tax-exempt 4,545 4,457 4,336 4,258 17,596
Total investment securities interest 24,682 26,637 27,952 28,493 107,764
Other earning assets 167 222 206 210 805
Total interest income 147,651 153,645 154,523 151,759 607,578
Interest expense
Deposits 19,026 20,151 20,612 19,243 79,032
Short-term borrowings 5,430 7,199 6,646 5,960 25,235
Long-term borrowings 4,293 4,760 4,963 5,041 19,057
Total interest expense 28,749 32,110 32,221 30,244 123,324
Net interest income 118,902 121,535 122,302 121,515 484,254
Provision for credit losses-loans and leases ^(1)^ 4,629 5,228 6,658 14,083 30,598
Provision for credit losses-unfunded commitments ^(1)^ 177 (216) (132) 6 (165)
Net interest income after provision for credit losses 114,096 116,523 115,776 107,426 453,821
Noninterest income
Service charges on deposit accounts 9,343 9,874 9,819 8,903 37,939
Trust and wealth management fees 3,913 3,718 3,943 4,070 15,644
Bankcard income 3,405 3,316 6,497 5,586 18,804
Client derivative fees 4,194 4,859 4,905 1,704 15,662
Foreign exchange income 6,014 1,708 17 0 7,739
Net gains from sales of loans 4,723 4,806 3,432 1,890 14,851
Net gains on sale of investment securities (296) 105 (37) (178) (406)
Other 5,472 4,754 6,062 4,852 21,140
Total noninterest income 36,768 33,140 34,638 26,827 131,373
Noninterest expenses
Salaries and employee benefits 53,952 53,212 53,985 47,912 209,061
Net occupancy 6,334 5,509 5,596 6,630 24,069
Furniture and equipment 4,145 4,120 4,222 3,416 15,903
Data processing 5,996 5,774 4,984 5,127 21,881
Marketing 1,980 1,346 1,976 1,606 6,908
Communication 882 910 747 728 3,267
Professional services 2,192 4,771 2,039 2,252 11,254
State intangible tax 1,767 1,445 1,307 1,310 5,829
FDIC assessments 1,055 (1,097) 1,065 950 1,973
Intangible amortization 3,150 2,432 2,044 2,045 9,671
Other 11,434 8,020 6,545 6,517 32,516
Total noninterest expenses 92,887 86,442 84,510 78,493 342,332
Income before income taxes 57,977 63,221 65,904 55,760 242,862
Income tax expense (benefit) 9,300 12,365 13,201 9,921 44,787
Net income $ 48,677 $ 50,856 $ 52,703 $ 45,839 $ 198,075
ADDITIONAL DATA
Net earnings per share - basic $ 0.49 $ 0.52 $ 0.54 $ 0.47 $ 2.01
Net earnings per share - diluted $ 0.49 $ 0.51 $ 0.53 $ 0.47 $ 2.00
Dividends declared per share $ 0.23 $ 0.23 $ 0.22 $ 0.22 $ 0.90
Return on average assets 1.34 % 1.41 % 1.50 % 1.33 % 1.39 %
Return on average shareholders' equity 8.60 % 9.13 % 9.85 % 8.88 % 9.11 %
Interest income $ 147,651 $ 153,645 $ 154,523 $ 151,759 $ 607,578
Tax equivalent adjustment 1,630 1,759 1,416 1,523 6,328
Interest income - tax equivalent 149,281 155,404 155,939 153,282 613,906
Interest expense 28,749 32,110 32,221 30,244 123,324
Net interest income - tax equivalent $ 120,532 $ 123,294 $ 123,718 $ 123,038 $ 490,582
Net interest margin 3.84 % 3.91 % 3.99 % 4.05 % 3.95 %
Net interest margin (fully tax equivalent)^(2)^ 3.89 % 3.96 % 4.04 % 4.10 % 4.00 %
Full-time equivalent employees 2,065 2,064 2,076 2,087
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
(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 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.
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CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, % Change % Change
2020 2020 2020 2019 2019 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 207,128 $ 283,639 $ 261,892 $ 200,691 $ 242,482 (27.0) % (14.6) %
Interest-bearing deposits with other banks 38,806 38,845 71,071 56,948 39,669 (0.1) % (2.2) %
Investment securities available-for-sale 3,004,963 2,897,413 2,908,688 2,852,084 2,850,502 3.7 % 5.4 %
Investment securities held-to-maturity 118,072 127,347 136,744 142,862 148,778 (7.3) % (20.6) %
Other investments 118,292 132,366 143,581 125,020 124,965 (10.6) % (5.3) %
Loans held for sale 69,008 43,950 27,334 13,680 23,528 57.0 % 193.3 %
Loans and leases
Commercial and industrial 3,292,313 3,322,374 2,477,773 2,465,877 2,470,017 (0.9) % 33.3 %
Lease financing 74,742 80,087 82,602 88,364 92,616 (6.7) % (19.3) %
Construction real estate 575,648 506,085 500,311 493,182 515,960 13.7 % 11.6 %
Commercial real estate 4,347,125 4,343,702 4,278,257 4,194,651 4,015,908 0.1 % 8.2 %
Residential real estate 1,027,702 1,043,745 1,061,792 1,055,949 1,055,007 (1.5) % (2.6) %
Home equity 754,743 764,171 781,243 771,869 776,885 (1.2) % (2.9) %
Installment 84,629 79,150 80,085 82,589 88,275 6.9 % (4.1) %
Credit card 43,907 42,397 45,756 49,184 49,010 3.6 % (10.4) %
Total loans 10,200,809 10,181,711 9,307,819 9,201,665 9,063,678 0.2 % 12.5 %
Less:
Allowance for credit losses ^(1)^ 168,544 158,661 143,885 57,650 56,552 6.2 % 198.0 %
Net loans 10,032,265 10,023,050 9,163,934 9,144,015 9,007,126 0.1 % 11.4 %
Premises and equipment 209,474 211,164 212,787 214,506 213,681 (0.8) % (2.0) %
Goodwill 937,771 937,771 937,771 937,771 937,689 0.0 % 0.0 %
Other intangibles 67,419 70,325 73,258 76,201 79,506 (4.1) % (15.2) %
Accrued interest and other assets 1,122,449 1,105,020 1,120,507 747,847 812,519 1.6 % 38.1 %
Total Assets $ 15,925,647 $ 15,870,890 $ 15,057,567 $ 14,511,625 $ 14,480,445 0.3 % 10.0 %
LIABILITIES
Deposits
Interest-bearing demand $ 2,632,467 $ 2,657,841 $ 2,498,109 $ 2,364,881 $ 2,316,301 (1.0) % 13.6 %
Savings 3,446,678 3,287,314 2,978,250 2,960,979 2,924,200 4.8 % 17.9 %
Time 1,935,392 2,241,212 2,435,858 2,240,441 2,308,617 (13.6) % (16.2) %
Total interest-bearing deposits 8,014,537 8,186,367 7,912,217 7,566,301 7,549,118 (2.1) % 6.2 %
Noninterest-bearing 3,552,893 3,515,048 2,723,341 2,643,928 2,534,739 1.1 % 40.2 %
Total deposits 11,567,430 11,701,415 10,635,558 10,210,229 10,083,857 (1.1) % 14.7 %
Federal funds purchased and securities sold
under agreements to repurchase 247,658 154,347 215,824 165,181 85,286 60.5 % 190.4 %
FHLB short-term borrowings 0 0 1,181,900 1,151,000 1,128,900 N/M (100.0) %
Total short-term borrowings 247,658 154,347 1,397,724 1,316,181 1,214,186 60.5 % (79.6) %
Long-term debt 1,341,164 1,285,767 325,566 414,376 498,778 4.3 % 168.9 %
Total borrowed funds 1,588,822 1,440,114 1,723,290 1,730,557 1,712,964 10.3 % (7.2) %
Accrued interest and other liabilities 521,580 508,342 519,336 323,134 422,311 2.6 % 23.5 %
Total Liabilities 13,677,832 13,649,871 12,878,184 12,263,920 12,219,132 0.2 % 11.9 %
SHAREHOLDERS' EQUITY
Common stock 1,637,489 1,635,070 1,633,950 1,640,771 1,639,333 0.1 % (0.1) %
Retained earnings 694,484 675,532 660,653 711,249 685,368 2.8 % 1.3 %
Accumulated other comprehensive income (loss) 42,266 36,431 11,788 13,323 15,450 16.0 % 173.6 %
Treasury stock, at cost (126,424) (126,014) (127,008) (117,638) (78,838) 0.3 % 60.4 %
Total Shareholders' Equity 2,247,815 2,221,019 2,179,383 2,247,705 2,261,313 1.2 % (0.6) %
Total Liabilities and Shareholders' Equity $ 15,925,647 $ 15,870,890 $ 15,057,567 $ 14,511,625 $ 14,480,445 0.3 % 10.0 %
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
FIRST FINANCIAL BANCORP.
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AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30,
2020 2020 2020 2019 2019 2020 2019
ASSETS
Cash and due from banks $ 233,216 $ 284,726 $ 235,696 $ 221,060 $ 191,000 $ 251,147 $ 182,025
Interest-bearing deposits with other banks 40,277 91,990 39,332 36,672 38,569 57,138 35,525
Investment securities 3,162,832 3,164,243 3,115,723 3,102,867 3,290,666 3,147,655 3,351,559
Loans held for sale 45,186 36,592 13,174 21,050 18,197 31,700 12,659
Loans and leases
Commercial and industrial 3,299,259 3,058,677 2,450,893 2,469,810 2,509,782 2,937,601 2,517,681
Lease financing 78,500 81,218 85,782 91,225 94,858 81,821 93,467
Construction real estate 536,870 495,407 501,471 501,892 509,742 511,343 488,002
Commercial real estate 4,364,708 4,381,647 4,209,345 4,102,288 3,925,028 4,318,735 3,841,178
Residential real estate 1,041,250 1,052,996 1,055,456 1,053,707 1,035,975 1,049,869 996,100
Home equity 759,994 772,424 773,082 773,119 781,340 768,469 792,635
Installment 82,016 79,016 81,234 85,515 88,760 80,760 89,927
Credit card 45,609 44,402 50,206 50,616 50,410 46,735 49,255
Total loans 10,208,206 9,965,787 9,207,469 9,128,172 8,995,895 9,795,333 8,868,245
Less:
Allowance for credit losses ^(1)^ 165,270 155,454 121,126 56,649 61,911 147,349 59,129
Net loans 10,042,936 9,810,333 9,086,343 9,071,523 8,933,984 9,647,984 8,809,116
Premises and equipment 211,454 213,903 215,545 215,171 215,671 213,626 213,540
Goodwill 937,771 937,771 937,771 937,710 899,888 937,771 886,130
Other intangibles 69,169 72,086 75,014 78,190 51,365 72,079 43,019
Accrued interest and other assets 1,099,169 1,098,560 805,824 776,045 681,174 1,001,542 593,042
Total Assets $ 15,842,010 $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 15,360,642 $ 14,126,615
LIABILITIES
Deposits
Interest-bearing demand $ 2,668,635 $ 2,602,917 $ 2,418,193 $ 2,373,962 $ 2,325,405 $ 2,563,633 $ 2,310,095
Savings 3,342,514 3,173,274 2,976,518 2,995,395 2,945,076 3,164,753 3,038,620
Time 2,015,933 2,619,038 2,196,080 2,214,174 2,234,227 2,276,064 2,226,548
Total interest-bearing deposits 8,027,082 8,395,229 7,590,791 7,583,531 7,504,708 8,004,450 7,575,263
Noninterest-bearing 3,535,432 3,335,866 2,643,240 2,638,908 2,513,458 3,172,841 2,485,291
Total deposits 11,562,514 11,731,095 10,234,031 10,222,439 10,018,166 11,177,291 10,060,554
Federal funds purchased and securities sold
under agreements to repurchase 150,088 145,291 164,093 206,800 185,156 153,146 138,692
FHLB short-term borrowings 30,868 548,183 1,189,765 952,625 1,112,091 587,566 1,003,745
Total short-term borrowings 180,956 693,474 1,353,858 1,159,425 1,297,247 740,712 1,142,437
Long-term debt 1,338,792 579,345 381,909 454,271 519,736 768,770 545,279
Total borrowed funds 1,519,748 1,272,819 1,735,767 1,613,696 1,816,983 1,509,482 1,687,716
Accrued interest and other liabilities 529,326 520,425 344,891 379,046 275,038 465,116 227,400
Total Liabilities 13,611,588 13,524,339 12,314,689 12,215,181 12,110,187 13,151,889 11,975,670
SHAREHOLDERS' EQUITY
Common stock 1,636,107 1,634,405 1,638,851 1,640,066 1,629,286 1,636,453 1,625,851
Retained earnings 679,980 658,312 660,108 691,236 662,899 666,184 636,613
Accumulated other comprehensive loss 40,697 19,888 31,200 13,986 11,985 30,632 (13,377)
Treasury stock, at cost (126,362) (126,740) (120,426) (100,181) (93,843) (124,516) (98,142)
Total Shareholders' Equity 2,230,422 2,185,865 2,209,733 2,245,107 2,210,327 2,208,753 2,150,945
Total Liabilities and Shareholders' Equity $ 15,842,010 $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 15,360,642 $ 14,126,615
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
FIRST FINANCIAL BANCORP.
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NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
September 30, 2020 June 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019
Balance Yield Balance Yield Balance Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 3,162,832 2.86 % $ 3,164,243 2.97 % $ 3,290,666 3.21 % $ 3,147,655 2.96 % $ 3,351,559 3.31 %
Interest-bearing deposits with other banks 40,277 0.31 % 91,990 0.20 % 38,569 2.28 % 57,138 0.51 % 35,525 2.40 %
Gross loans ^(1)^ 10,253,392 4.00 % 10,002,379 4.25 % 9,014,092 5.58 % 9,827,033 4.42 % 8,880,904 5.66 %
Total earning assets 13,456,501 3.72 % 13,258,612 3.91 % 12,343,327 4.94 % 13,031,826 4.05 % 12,267,988 5.01 %
Nonearning assets
Allowance for credit losses (165,270) (155,454) (61,911) (147,349) (59,129)
Cash and due from banks 233,216 284,726 191,000 251,147 182,025
Accrued interest and other assets 2,317,563 2,322,320 1,848,098 2,225,018 1,735,731
Total assets $ 15,842,010 $ 15,710,204 $ 14,320,514 $ 15,360,642 $ 14,126,615
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 2,668,635 0.08 % $ 2,602,917 0.11 % $ 2,325,405 0.56 % $ 2,563,633 0.21 % $ 2,310,095 0.55 %
Savings 3,342,514 0.14 % 3,173,274 0.17 % 2,945,076 0.69 % 3,164,753 0.25 % 3,038,620 0.74 %
Time 2,015,933 1.20 % 2,619,038 1.49 % 2,234,227 2.09 % 2,276,064 1.54 % 2,226,548 2.02 %
Total interest-bearing deposits 8,027,082 0.39 % 8,395,229 0.56 % 7,504,708 1.07 % 8,004,450 0.60 % 7,575,263 1.06 %
Borrowed funds
Short-term borrowings 180,956 0.11 % 693,474 0.74 % 1,297,247 2.20 % 740,712 1.16 % 1,142,437 2.32 %
Long-term debt 1,338,792 1.76 % 579,345 3.29 % 519,736 3.63 % 768,770 2.52 % 545,279 3.62 %
Total borrowed funds 1,519,748 1.57 % 1,272,819 1.90 % 1,816,983 2.61 % 1,509,482 1.85 % 1,687,716 2.74 %
Total interest-bearing liabilities 9,546,830 0.58 % 9,668,048 0.74 % 9,321,691 1.37 % 9,513,932 0.80 % 9,262,979 1.37 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,535,432 3,335,866 2,513,458 3,172,841 2,485,291
Other liabilities 529,326 520,425 275,038 465,116 227,400
Shareholders' equity 2,230,422 2,185,865 2,210,327 2,208,753 2,150,945
Total liabilities & shareholders' equity $ 15,842,010 $ 15,710,204 $ 14,320,514 $ 15,360,642 $ 14,126,615
Net interest income $ 112,180 $ 111,576 $ 121,535 $ 338,038 $ 365,352
Net interest spread 3.14 % 3.17 % 3.57 % 3.25 % 3.64 %
Net interest margin 3.32 % 3.38 % 3.91 % 3.46 % 3.98 %
Tax equivalent adjustment 0.04 % 0.06 % 0.05 % 0.06 % 0.05 %
Net interest margin (fully tax equivalent) 3.36 % 3.44 % 3.96 % 3.52 % 4.03 %
^(1)^ Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
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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 $ (861) $ 238 $ (623) $ (2,926) $ (921) $ (3,847) $ (8,771) $ (4,521) $ (13,292)
Interest-bearing deposits with other banks 23 (39) (16) (192) 1 (191) (501) 83 (418)
Gross loans ^(2)^ (6,273) 3,622 (2,651) (36,016) 12,479 (23,537) (82,566) 31,283 (51,283)
Total earning assets (7,111) 3,821 (3,290) (39,134) 11,559 (27,575) (91,838) 26,845 (64,993)
Interest-bearing liabilities
Total interest-bearing deposits $ (3,593) $ (272) $ (3,865) $ (12,778) $ 513 $ (12,265) $ (25,934) $ 1,930 $ (24,004)
Borrowed funds
Short-term borrowings (1,081) (142) (1,223) (6,833) (315) (7,148) (9,915) (3,478) (13,393)
Long-term debt (2,211) 3,405 1,194 (2,449) 3,642 1,193 (4,492) 4,210 (282)
Total borrowed funds (3,292) 3,263 (29) (9,282) 3,327 (5,955) (14,407) 732 (13,675)
Total interest-bearing liabilities (6,885) 2,991 (3,894) (22,060) 3,840 (18,220) (40,341) 2,662 (37,679)
Net interest income ^(1)^ $ (226) $ 830 $ 604 $ (17,074) $ 7,719 $ (9,355) $ (51,497) $ 24,183 $ (27,314)
^(1)^ Not tax equivalent.
^(2)^ Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
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CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
Nine months ended
June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30,
2020 2020 2019 2019 2020 2019
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period 158,661 $ 143,885 $ 57,650 $ 56,552 $ 61,549 $ 57,650 $ 56,542
Day one adoption impact of ASC 326 0 61,505 0 0 61,505 0
Provision for credit losses 17,859 23,880 4,629 5,228 57,038 25,969
Gross charge-offs
Commercial and industrial 1,282 1,091 2,919 9,556 3,840 23,757
Lease financing 0 0 62 0 852 100
Construction real estate 0 0 0 0 0 0
Commercial real estate 2,037 4 1,854 535 5,830 1,835
Residential real estate 148 115 167 278 285 510
Home equity 428 267 807 627 1,155 1,784
Installment 7 61 31 65 127 192
Credit card 234 311 319 598 716 1,228
Total gross charge-offs 4,136 1,849 6,159 11,659 12,805 29,406
Recoveries
Commercial and industrial 275 2,000 1,796 556 2,540 1,087
Lease financing 0 0 0 0 6 0
Construction real estate 14 0 0 0 14 68
Commercial real estate 424 234 439 347 1,418 674
Residential real estate 93 52 72 64 236 201
Home equity 156 339 243 335 704 1,092
Installment 27 31 49 93 93 202
Credit card 64 43 29 39 145 123
Total recoveries 1,053 2,699 2,628 1,434 5,156 3,447
Total net charge-offs 3,083 (850) 3,531 10,225 7,649 25,959
Ending allowance for credit losses 168,544 $ 158,661 $ 143,885 $ 57,650 $ 56,552 $ 168,544 $ 56,552
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial % 0.13 % (0.15) % 0.18 % 1.42 % 0.06 % 1.20 %
Lease financing % 0.00 % 0.00 % 0.27 % 0.00 % 1.38 % 0.14 %
Construction real estate % (0.01) % 0.00 % 0.00 % 0.00 % 0.00 % (0.02) %
Commercial real estate % 0.15 % (0.02) % 0.14 % 0.02 % 0.14 % 0.04 %
Residential real estate % 0.02 % 0.02 % 0.04 % 0.08 % 0.01 % 0.04 %
Home equity % 0.14 % (0.04) % 0.29 % 0.15 % 0.08 % 0.12 %
Installment % (0.10) % 0.15 % (0.08) % (0.13) % 0.06 % (0.01) %
Credit card % 1.54 % 2.15 % 2.27 % 4.40 % 1.63 % 3.00 %
Total net charge-offs % 0.12 % (0.04) % 0.15 % 0.45 % 0.10 % 0.39 %
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial 34,686 $ 33,906 $ 21,126 $ 24,346 $ 28,358 $ 34,686 $ 28,358
Lease financing 1,353 222 223 284 1,092 284
Construction real estate 0 0 0 5 0 5
Commercial real estate 14,002 10,050 7,295 14,889 24,521 14,889
Residential real estate 12,813 11,163 10,892 11,655 12,104 11,655
Home equity 5,604 5,821 5,242 5,427 5,374 5,427
Installment 201 145 167 75 153 75
Nonaccrual loans 67,879 48,527 48,165 60,693 77,930 60,693
Accruing troubled debt restructurings (TDRs) 8,377 22,206 11,435 18,450 7,759 18,450
Total nonperforming loans 76,256 70,733 59,600 79,143 85,689 79,143
Other real estate owned (OREO) 1,872 1,467 2,033 1,613 1,643 1,613
Total nonperforming assets 78,128 72,200 61,633 80,756 87,332 80,756
Accruing loans past due 90 days or more 124 120 201 287 79 287
Total underperforming assets 87,411 $ 78,252 $ 72,320 $ 61,834 $ 81,043 $ 87,411 $ 81,043
Total classified assets 134,002 $ 125,543 $ 124,510 $ 89,250 $ 132,500 $ 134,002 $ 132,500
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans % 233.74 % 296.51 % 119.69 % 93.18 % 216.28 % 93.18 %
Nonperforming loans % 208.06 % 203.42 % 96.73 % 71.46 % 196.69 % 71.46 %
Total ending loans % 1.56 % 1.55 % 0.63 % 0.62 % 1.65 % 0.62 %
Nonperforming loans to total loans % 0.75 % 0.76 % 0.65 % 0.87 % 0.84 % 0.87 %
Nonperforming assets to
Ending loans, plus OREO % 0.77 % 0.78 % 0.67 % 0.89 % 0.86 % 0.89 %
Total assets % 0.49 % 0.48 % 0.42 % 0.56 % 0.55 % 0.56 %
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO % 0.68 % 0.54 % 0.55 % 0.69 % 0.78 % 0.69 %
Total assets % 0.44 % 0.33 % 0.35 % 0.43 % 0.50 % 0.43 %
Classified assets to total assets % 0.79 % 0.83 % 0.62 % 0.92 % 0.84 % 0.92 %
(1) Nonaccrual loans include nonaccrual TDRs of 29.3 million, 32.7 million, 18.4 million, 18.5 million, and 21.5 million, as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.

All values are in US Dollars.

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Nine months ended,
Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, Sep. 30, Sep. 30,
2020 2020 2020 2019 2019 2020 2019
PER COMMON SHARE
Market Price
High $ 15.15 $ 16.38 $ 25.52 $ 26.04 $ 25.49 $ 25.52 $ 28.56
Low $ 11.40 $ 11.52 $ 12.67 $ 23.24 $ 22.37 $ 11.40 $ 22.16
Close $ 12.01 $ 13.89 $ 14.91 $ 25.44 $ 24.48 $ 12.01 $ 24.48
Average shares outstanding - basic 97,247,080 97,220,748 97,736,690 98,684,706 98,517,025 97,400,942 98,177,802
Average shares outstanding - diluted 98,008,733 97,988,600 98,356,214 99,232,167 99,077,723 98,117,463 98,723,173
Ending shares outstanding 97,999,763 98,018,858 97,968,958 98,490,998 100,094,819 97,999,763 100,094,819
Total shareholders' equity $ 2,247,815 $ 2,221,019 $ 2,179,383 $ 2,247,705 $ 2,261,313 $ 2,247,815 $ 2,261,313
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,293,716 $ 1,267,609 $ 1,243,152 $ 1,245,746 $ 1,253,803 $ 1,293,716 $ 1,253,803
Common equity tier 1 capital ratio 11.63 % 11.49 % 11.27 % 11.30 % 11.52 % 11.63 % 11.52 %
Tier 1 capital $ 1,336,497 $ 1,310,276 $ 1,285,705 $ 1,288,185 $ 1,296,399 $ 1,336,497 $ 1,296,399
Tier 1 ratio 12.02 % 11.87 % 11.66 % 11.69 % 11.91 % 12.02 % 11.91 %
Total capital $ 1,708,817 $ 1,676,532 $ 1,493,100 $ 1,475,813 $ 1,482,708 $ 1,708,817 $ 1,482,708
Total capital ratio 15.37 % 15.19 % 13.54 % 13.39 % 13.62 % 15.37 % 13.62 %
Total capital in excess of minimum requirement $ 541,263 $ 517,902 $ 335,229 $ 318,315 $ 339,935 $ 541,263 $ 339,935
Total risk-weighted assets $ 11,119,560 $ 11,034,570 $ 11,027,347 $ 11,023,795 $ 10,883,554 $ 11,119,560 $ 10,883,554
Leverage ratio 9.55 % 8.98 % 9.49 % 9.58 % 9.75 % 9.55 % 9.75 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 14.11 % 13.99 % 14.47 % 15.49 % 15.62 % 14.11 % 15.62 %
Ending tangible shareholders' equity to ending tangible assets 8.25 % 8.09 % 8.25 % 9.07 % 9.17 % 8.25 % 9.17 %
Average shareholders' equity to average assets 14.08 % 13.91 % 15.21 % 15.53 % 15.43 % 14.38 % 15.23 %
Average tangible shareholders' equity to average tangible assets 8.18 % 7.94 % 8.79 % 9.07 % 9.35 % 8.29 % 9.19 %
REPURCHASE PROGRAM ^(1)^
Shares repurchased 0 0 880,000 1,609,778 1,143,494 880,000 1,143,494
Average share repurchase price N/A N/A $ 18.96 $ 24.13 $ 23.94 $ 18.96 $ 23.94
Total cost of shares repurchased N/A N/A $ 16,686 $ 38,846 $ 27,372 $ 16,686 $ 27,372
^(1)^Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

11

exh992earningsrelease3q2

Exhibit 99.2 Earnings Presentation Third Quarter 2020

Forward Looking Statement Disclosure 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 declines in housing prices, high 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 of a slowing U.S. economy and increased unemployment 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; 2

Forward Looking Statement Disclosure • 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, 2019, 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. 3

3Q 2020 Results 120th Consecutive Quarter of Profitability Net income = $41.5 million or $0.42 per diluted share. Adjusted1 net income = $43.2 million or $0.44 per diluted share2 Return on average assets = 1.04%. Adjusted1 return on average assets = 1.09% Profitability Return on average shareholders’ equity = 7.40%. Adjusted1 return on average shareholders’ equity = 7.71% Return on average tangible common equity = 13.61%1. Adjusted1 return on average tangible common equity = 14.18% Net interest income = $112.2 million Net interest margin of 3.32% on a GAAP basis; 3.36% on a fully tax equivalent basis1 Noninterest income = $49.5 million Income Statement Noninterest expense = $97.5 million; $95.3 million1 as adjusted Efficiency ratio = 60.31%. Adjusted1 efficiency ratio = 58.95% Effective tax rate of 18.3%. Adjusted1 effective tax rate of 18.5% EOP assets increased $54.8 million compared to the linked quarter to $15.9 billion EOP loans increased $19.1 million compared to the linked quarter to $10.2 billion Balance Sheet Average deposits decreased $168.6 million compared to the linked quarter to $11.6 billion EOP investment securities increased $84.2 million compared to the linked quarter Provision expense = $13.4 million. Net charge-offs = $5.4 million. NCOs / Avg. Loans = 0.21% annualized Nonperforming Loans / Total Loans = 0.84%. Nonperforming Assets / Total Assets = 0.55% Asset Quality ACL / Nonaccrual Loans = 216.28%. Classified Assets / Total Assets = 0.84% ACL / Total loans = 1.65%; 1.81% of loans excluding PPP Total capital ratio = 15.37% Tier 1 common equity ratio = 11.63% Capital Tangible common equity ratio = 8.25%; 8.79% excluding PPP loans Tangible book value per share = $12.56 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. 2 See Slide 34 for Adjusted Earnings detail. 4

3Q 2020 Highlights Quarterly earnings impacted by elevated provision expense Adjusted1 earnings per share - $0.44 Adjusted1 return on assets – 1.09% Adjusted1 pre-tax, pre-provision return on assets – 1.67% Adjusted1 return on average tangible common equity – 14.18% Loan balances relatively flat; strong core deposit growth Loan balances increased $19.1 million compared to the linked quarter; 0.7% on an annualized basis; Average transactional deposit balances grew $434.5 million compared to the linked quarter; 19.0% on an annualized basis Noninterest bearing deposits were 30.7% of total deposits at September 30, 2020 Net interest margin (FTE) better than expected given decline in interest rates 8 bp decline driven by the previous Fed rate cuts; margin positively impacted by disciplined funding management and higher loan fees Net interest income grew $0.6 million during the quarter Strong fee income Mortgage banking revenue increased $1.9 million, or 11.6% Foreign exchange income of $10.5 million, representing a 60.1% increase from previous quarter Service charges increased $1.4 million, or 22.6% Core expenses in line with initial expectations, incentive compensation notwithstanding Adjusted1 noninterest expense of $95.3 million; adjusted for $0.1 million of COVID-19 related expenses and approximately $2.1 million of other non- recurring costs such as merger-related and branch consolidation costs $7.0 million of incremental incentive compensation/commissions $0.5 million contribution to First Financial Foundation Allowance for credit loss (ACL) and provision expense reflects COVID-19 impact on expected lifetime losses Adopted CECL as of January 1 Loans and leases - ACL of $168.5 million or 1.65% of total loans; $15.3 provision expense Unfunded Commitments - ACL of $14.8 million; $1.9 million provision recapture Strong Capital ratios and Liquidity Total capital of 15.37%; Tier 1 common equity of 11.63%; Tangible common equity of 8.25% Tangible book value increased by $0.30 to $12.56 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

Adjusted Net Income1 The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. 3Q 2020 2Q 2020 As Reported Adjusted As Reported Adjusted Net interest income$ 112,180 $ 112,180 $ 111,576 $ 111,576 Provision for credit losses-loans and leases$ 15,299 $ 15,299 $ 17,859 $ 17,859 Provision for credit losses-unfunded commitments$ (1,925) $ (1,925) $ 2,370 $ 2,370 Noninterest income$ 49,499 $ 49,499 $ 42,725 $ 42,725 less: gains (losses) on investment securities - 20 A - 128 A Total noninterest income$ 49,499 $ 49,479 $ 42,725 $ 42,597 Noninterest expense$ 97,511 $ 97,511 $ 88,689 $ 88,689 less: severance and merger-related expenses - 95 A - 35 A less: COVID-19 donations and costs - 115 A - 660 A less: other - 2,011 A - 1,507 A Total noninterest expense$ 97,511 $ 95,290 $ 88,689 $ 86,487 Income before income taxes$ 50,794 $ 52,995 $ 45,383 $ 47,457 Income tax expense$ 9,317 $ 9,317 $ 7,990 $ 7,990 plus: tax effect of adjustments (A) @ 21% statutory rate - 462 - 436 Total income tax expense$ 9,317 $ 9,779 $ 7,990 $ 8,426 Net income $ 41,477 $ 43,216 $ 37,393 $ 39,031 Net earnings per share - diluted$ 0.42 $ 0.44 $ 0.38 $ 0.40 Pre-tax, pre-provision return on average assets 1.61% 1.67% 1.68% 1.73% 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 6

Profitability Diluted EPS Return on Average Assets 1.54% $0.56  $0.52  1.41% $0.44  1.09% $0.40  1.00% $0.31  0.85% $0.51 $0.49 1.41% 1.34% $0.38 $0.42 $0.29 0.96% 1.04% 0.79% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 1 1 Diluted EPS Adjusted EPS ROA Adjusted ROA Return on Avg Tangible Common Equity Efficiency Ratio 59.8% 59.9% 60.3% 17.67% 58.2% 57.5% 58.9% 16.73% 55.7% 56.4% 56.1% 13.47% 14.18% 52.0% 10.41% 16.15% 15.84% 12.90% 13.61% 9.71% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 1 1 ROATCE Adjusted ROATCE Efficiency Ratio Adjusted Efficiency Ratio 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. 7

Net Interest Income & Margin Net Interest Margin (FTE) 3.96% Net Interest Income 3.89% 3.77% 0.21% 0.21% 0.15% 0.16% 0.14% 0.10% 3.44% $121.5 3.36% $118.9 0.17% $6.8 $114.3 0.16% $6.7 $111.6 $112.2 0.18% $4.6 $4.9 0.23% $4.5 $3.1 $4.5 $6.2 $5.8 $5.4 3.60% 3.54% 3.51% $3.3 $3.8 3.09% 2.97% 3Q19 4Q19 1Q20 2Q20 3Q20 Basic Margin (FTE) Loan Fees Purchase Accounting 1 Includes impact of PPP 3Q20 NIM (FTE) Progression 2Q20 3.44% Asset yield / mix -0.19% 3Q19 4Q19 1Q20 2Q20 3Q20 Funding cost / mix 0.14% PPP Loan/Funding -0.03% Loan Fees Loan Accretion PPP Interest/Fees 3Q20 3.36% All dollars shown in millions 8

Average Balance Sheet Average Loans Average Deposits 0.80% 5.58% 5.33% 0.74% 5.04% 0.64% 4.25% 4.00% 0.40% 0.27% $10,253 $9,221 $10,002 $9,014 $9,149 $11,731 $11,563 $10,018 $10,222 $10,234 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Gross Loans Loan Yield (Gross)1 Total Deposits Cost of Deposits Average Securities 3.21% 3.16% 3.04% 2.97% 2.86% $3,291 $3,103 $3,116 $3,164 $3,163 3Q19 4Q19 1Q20 2Q20 3Q20 Average Investment Securities Investment Securities Yield All dollars shown in millions 1 Includes loans fees and purchase accounting accretion 9

Loan Portfolio Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) Total $10.2 Billion Franchise ICRE $88.0 $452  4% Oak Street Commercial ‐$0.7 Mortgage $609  $1,100  6% Small Business Banking ‐$27.6 11% PPP1 Consumer $886  Other Consumer ‐$1.6 $846  9% $74  8% 1% Mortgage ‐$7.8 Small Business  Oak Street ‐$16.9 Banking $998  10% Franchise ‐$10.7 PPP $0.8 Commercial ICRE Other ‐$4.4 $1,661  $3,575  16% 35% Total growth/(decline):    $19.1 million 1 Net of unearned fees of $24.2 million All dollars shown in millions 10

Deposits Deposit Product Mix (Avg) 3Q20 Average Deposit Progression Total $11.6 billion                                     Interest‐bearing demand $89.3 Public Funds Interest‐bearing  Noninterest‐bearing $179.1 $1,667  demand 14% $1,611  14% Brokered CDs Savings $62.0 $683  6% Money Markets $87.0 Retail CDs $1,234  Noninterest‐ Retail CDs 11% bearing ‐$84.6 $3,343  29% Brokered CDs ‐$503.9 Money Markets $1,986  17% Savings Public Funds $2.5 $1,039  9% Total growth/(decline):    ($168.6 million) All dollars shown in millions 11

Noninterest Income Noninterest Income 3Q20 Highlights Total fee income 30.6% of net revenue Total $49.5 million $18.6 million of gains from sales of Other  $3,837  loans; a $1.9 million, or 11.6%, increase 8% Service Charges $7,356  from 2Q20 15% $10.5 million of foreign exchange Wealth Mgmt $3,855  income; 60.1% increase from prior 8% Gains from  quarter sales of loans Bankcard $18,594  $3,124  38% 6% Service charges increased $1.4 million, or 22.6%, to $7.4 million Foreign  Client  Trust and wealth management fees of exchange  derivatives $3.9 million income $2,203  $10,530  4% 21% All dollars shown in thousands 12

Noninterest Expense Noninterest Expense 3Q20 Highlights Includes $0.1 million of COVID-19 Intangible  Total $97.5 million amortization related expenses $2,779  3% Professional  Other $2.1 million related to other non- services $12,420  $2,443  13% recurring expenses such as merger 3% related and branch consolidation costs Data processing $7.0 million of incremental incentive $6,837  compensation 7% $4.4 million related to improved Occupancy and  equipment operating results $9,263  Salaries and  9% benefits $2.6 million of commissions $63,769  65% directly related to mortgage and foreign exchange $0.5 million contribution to First Financial Foundation All dollars shown in thousands 13

Current Expected Credit Losses - Loans and Leases ACL/Total Loans 3Q20 Highlights $168.5 million, or 1.65% of loan balances; 1.81% 1.55% 1.56% 1.65%  excluding PPP 1.29% $168.5 $158.7 $15.3 million provision expense driven by expected $143.9 economic impact of COVID-19, partially offset by $119.2 0.62% 0.63% increase in prepayment rates $56.6 $57.7 Utilized final September Moody’s baseline forecast in quantitative model 1 1 1 3Q19 4Q19 1/1/2020 1Q20 2Q20 3Q20 $14.8 million ACL – unfunded commitments; $1.9 million provision recapture for this portion of the Allowance for Credit Losses ACL / Total Loans ACL due to increase in prepayment rates ACL by Loan Type Adoption Impact 12/31/2019 1/1/2020 3/31/2020 6/30/2020 9/30/2020 Loans $119.2 million, an increase of $61.5 million Commercial and industrial$           18,584 $        28,485 $        45,409 $        50,421 $        50,516 Lease financing                  971             1,089             1,494             1,431             1,287 from 12/31/19 Real estate ‐construction               2,381           13,960           13,511           15,357           18,970 Real estate ‐ commercial             23,579           47,697           53,155           62,340           72,207 Real estate ‐ residential               5,299           10,789           11,284           10,581             9,286 Day 1 increase driven by acquired loans and Home equity               4,787           13,217           14,827           14,236           12,530 life of loan expectations compared to the Installment                   392             1,193             1,238             1,226             1,237 incurred loss model Credit card               1,657             2,726             2,967             3,069             2,511 1 ACL‐loan and lease losses  $          57,650 $      119,155 $      143,885 $      158,661 $      168,544 1     ACL‐unfunded commitments  $               585 $        12,740 $        14,308 $        16,678 $        14,753 1 Beginning January 1, 2020, calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology. All dollars shown in thousands 14

Asset Quality Classified Assets / Total Assets Nonperforming Assets / Total Assets 0.92% 0.83% 0.79% 0.84% 0.56% 0.55% 0.42% 0.48% 0.49% 0.62% $132.5 $134.0 $124.5 $125.5 $87.3 $80.8 $78.1 $72.2 $89.3 $61.6 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Classified Assets Classified Assets / Total Assets NPAs NPAs / Total Assets Net Charge Offs & Provision Expense2 $25.4 0.45% $20.2 $13.4 0.15% 0.21% $10.2 0.12% $5.0 $3.1 $5.4 $3.5 $4.8 ‐0.04% ‐$0.9 1 1 1 3Q19 4Q19 1Q20 2Q20 3Q20 NCOs Provision Expense NCOs / Average Loans 1 Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology. 2 Provision includes both loans & leases and unfunded commitments All dollars shown in millions 15

Capital Tier 1 Common Equity Ratio Tier 1 Capital Ratio 11.27% 11.52% 11.30% 11.49% 11.63% 11.91% 11.69% 11.66% 11.87% 12.02% 7.00% 8.50% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Tier 1 Common Equity Ratio Basel III minimum Tier 1 Capital Ratio Basel III minimum Total Capital Ratio Tangible Common Equity Ratio 15.19% 15.37% 9.17% 9.07% 13.62% 13.39% 13.54% 8.25% 8.09% 8.25% 10.50% 1 2 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Tangible Common Equity Ratio Total Capital Ratio Basel III minimum 9/30 Risk Weighted Assets = $11,119,560 1 Decline related to adoption of CECL during the quarter 2 Increased 165 basis points due to sub-debt issuance in beginning of second quarter All capital numbers are considered preliminary. 16

Capital Strategy Tangible Book Value Per Share Strategy & Deployment 7.7% annualized dividend yield $12.56  August 2020 stress testing indicates $12.33  $12.42  $12.26  capital ratios above regulatory $11.821 minimums in all modeled scenarios Dividend payout ratio to remain elevated in near-term, but is subject to change based on economic conditions and the Company’s financial performance 3Q19 4Q19 1Q20 2Q20 3Q20 No shares repurchased in third quarter; 1 suspended share buybacks on March th Tangible Book Value per Share 13 1 Decline related to adoption of CECL during the quarter 17

COVID – 19 Related Information

Loan Concentrations C&I Loans by Industry 1 CRE Loans by Collateral 2 C&I Loans: $4.4B CRE Loans: $3.9B Strip Center Accommodation  6% Office & Food Services 14% 13% Real Estate Manufacturing Hotel/Motel 10% 14% 11% Nursing/Assisted  Living 5% Health Care Retail 7% 17% Residential, 1‐4  Finance &  Family Construction Insurance 3% 6% 16% Restaurant 3% Industrial Facility Professional &  3% Tech Residential, Multi  Other 5% Other Family 5+ 15% 15% Retail Trade 23% 5% Other Services Wholesale Trade 5% 4% 1 Industry types included in Other representing greater than 1% of total C&I loans include Agriculture, Transportation & Warehousing, Public Administration, Arts & Recreation, Waste Management, Educational Services, and Management of Companies & Enterprises. Includes owner- occupied CRE. 2 Collateral types included in Other representing greater than 1% of total CRE loans include Warehouse, Medical Office, Student Housing, Real Estate IUB Other, and Vacant Land Not Held for Development. 19

Loan Portfolio - Areas of Focus Loans (EOP) Areas of Focus Total $10.2 Billion Franchise Asset classes with areas of focus $452  5% Hotels PPP: $910 million in balances or 9% $431  4% of total loans Retail ICRE $831  Franchise: $452 million in balances, 8% All other loans or 5% of total loans $7,577  74% PPP $910  9% Hotels: $431 million in balances, or 4% of total loans Retail CRE: $831 million in balances, or 8% of total loans All dollars shown in millions 20

Area of Focus – Paycheck Protection Program $910 million, or 9% of the total PPP Portfolio by Division portfolio; $24.2 million of unearned Total $910.3  fees as of September 30 Commercial  Finance $64.8 Forgiveness portal opened as of Consumer  7% Banking ICRE 8/31/20 $408.9 $26 45% 3% As of 9/30/20, the Bank has submitted applications for reimbursement with the SBA Commercial $410.6 totaling $74 million of loan balances 45% As of 9/30/20, $4.3 million of loans have received approval from SBA for PPP Portfolio Top 5 Industries reimbursement $200 800 $180 700 $160 600 $140 $120 500 $100 400 Balances  $80 300 $60 200 Number or Loans $40 $20 100 $0 0 Manufacturing Profess, Scientific, Construction Health Care Social Accomm. & Food & Tech Services Asst Services Balances Number of Loans All dollars shown in millions 21

Area of Focus - Franchise Portfolio $452 million in balances or 5% of Top 10 Concepts total loans $100 25.0% $90 $80 20.0% 89% of portfolio was pass rated as $70 $60 15.0% of 9/30 $50 $40 10.0% Balances  $30 % of  Portfolio $91 million has moved into a Round $20 5.0% $10 2 deferral with 81% paying interest- $0 0.0% only Balances % of Portfolio Restaurant Type Geography Sit Down Ohio $149  33% Georgia New Mexico New Jersey North Carolina Drive Thru Virginia $114  25% Delivery Florida $189  42% Texas California 0% 5% 10% 15% 20% 25% All dollars shown in millions 22

Area of Focus - Hotel Portfolio $431 million balance represents 4% of Hotels by Flag the total loan portfolio $68  16% $326 million has moved into a Round 2 $32  7% deferral with 74% receiving full P&I relief $157  36% $41  93% of portfolio was pass rated as of 10% 9/30 The overall health of the hotel portfolio $133  was strong pre-COVID 19 with an 31% average LTV of 63% and DSC of 1.58x. Marriott Hilton IHG Choice Other 76% of the overall hotel portfolio is located within footprint, concentrated in Hotels by Type Midwest Metro markets $67  Overall we have little exposure to large 16% $58  convention center hotels or fly-to-leisure 13% $69  destinations 16% $48  11% $189  44% Leisure/Business Convention/Business Event Based College Location Business All dollars shown in millions 23

Area of Focus - ICRE Retail $831 million, or 8% of the total State portfolio $300 $250 96% or $481 million of deferral balances have returned to a $200 normal payment schedule $150 $100 67% of the overall Retail $50 portfolio is located within $0 footprint OH IN KY NY SC NC NE IL MD WV 2019 data (pre-COVID 19) indicates the portfolio has an Retail Properties >$3 million average LTV of 67% $300 Bank has focused on strong $250 locations with adequately $200 capitalized sponsors. $150 $100 $50 $0 Power Anchored Unanchored Other Single Lifestyle Center Strip Strip Tenant Center All dollars shown in millions 24

Deferral Portfolio Reporting September 30, 2020

Round 1 Deferrals $2.2 billion of loans received an Round 1 Deferrals by loan type initial deferral Total $2.2 Billion Mortgage Round 1 deferrals universally C&I $102  granted $826  5% 37% Approximately 20% of entire loan Consumer $29  portfolio received an initial deferral 1% $1.3 billion, or 57%, of initial deferrals were ICRE ICRE $2.1 billion, or 96%, of the $2.2 $1,257  billion deferral portfolio has exited 57% Round 1 $1.5 billion, or 70%, has returned to Round 1 Deferral Status as of 9/30/2020 a normal payment schedule $631 million, or 30%, has moved Round 1 Deferral Round 1 deferral Loan Type Round 1 Deferral Expired not yet expired into Round 2 ICRE $ 1,256,663 $ 1,229,093 $ 27,570 $85 million, or 4%, of Round 1 C&I 825,623 784,650 40,973 deferrals yet to expire Mortgage 101,603 95,004 6,599 Consumer 29,481 19,867 9,615 Total Deferral Portfolio $ 2,213,370 $ 2,128,613 $ 84,757 All dollars shown in millions 26

Round 2 Deferrals Round 2 Deferrals $2.1 billion, or 96%, of the $2.2 Total $631.2 Million billion deferral portfolio has exited Mortgage Round 1 C&I $ 12,511  $ 183,842  2% $1.5 billion, or 70%, has returned to a 29% Consumer normal payment schedule $ 1,547  $631 million, or 6.2% of total loans, 0% has moved into Round 2 ICRE Round 2 deferrals – 6.2% of total $ 433,294  loans 69% Granted on a case by case basis Relationship managers performed enhanced due diligence of borrower Deferral Status as of 9/30/2020 operations, financial condition, liquidity and cash flow during the deferral period Round 1 Deferral Round 1 Deferral Returned to Normal Round 2 Deferral 69% of Round 2 deferrals for ICRE Loan Type Expired Payment Schedule Granted borrowers ICRE$ 1,229,093 $ 795,799 $ 433,294 $185 million, or 29%, of Round 2 C&I 784,650 600,808 183,842 deferrals are making interest only Mortgage 95,004 82,493 12,511 payments Consumer 19,867 18,320 1,547 Total Deferral Portfolio $ 2,128,613 $ 1,497,419 $ 631,194 All dollars shown in millions 27

Areas of Focus - Round 1 Deferrals Franchise Round 1 Deferrals $284 million, or 63%, of total franchise portfolio, Total $2.2 Billion secured a Round 1 deferral Other $177 million, or 66%, of $1,052  expired Round 1 deferrals 47% have returned to a normal payment schedule Franchise $284  13% Hotel Retail Hotel $505  $372  $372 million, or 17%, of 23% total Round 1 deferrals 17% $25 million, or 7%, have returned to normal payment schedule Deferral Status as of 9/30/2020 ICRE Retail Round 1 $505 million, or 61%, of Deferrals total ICRE Retail portfolio, Round 1 Returned to Round 2 secured a Round 1 deferral Round 1 Deferrals Normal Payment Deferrals $481 million, or 96%, of Area of Focus Deferrals Expired Schedule Granted expired Round 1 deferrals Franchise$ 284,306 $ 267,760 $ 176,843 $ 90,917 have returned to a normal Hotel 371,897 371,897 24,605 347,292 payment schedule ICRE 504,759 500,857 481,321 19,536 Total - Areas of Focus $ 1,160,962 $ 1,140,514 $ 682,769 $ 457,745 All dollars shown in millions 28

Areas of Focus - Round 2 Deferrals Franchise Continued stress in sit-down concepts Round 2 Deferrals 81% of second deferrals making interest only Total $631.2 Million payments Other Hotel $173  Slowly improving occupancy rates (25-45%) Franchise 28% $91  Retail 93% of initial deferrals have been granted a second 14% deferral $20  25% of second deferrals are making interest only 3% payments; 75% of second deferrals granted full P&I relief Hotel ICRE Retail $347  $20 million, or 4%, of initial deferrals granted a 55% second Round 2 Deferral Status as of 9/30/2020 Type of Round 2 Deferral – Areas of Focus Round 2 Total $457.7 Million Round 2 Deferrals with Round 2 Full Deferrals Interest Only Payment Full Payment  Area of Focus Granted Payments Deferrals Deferral Franchise$ 90,917 $ 73,372 $ 17,545 $291  64% Hotel 347,292 85,986 261,306 ICRE 19,536 6,900 12,636 Total - Areas of Focus $ 457,745 $ 166,258 $ 291,487 Interest Only  Payment $166  36% All dollars shown in millions 29

Outlook Commentary1 Loan growth expected to be in low single digits, excluding impact of PPP Balance Sheet Deposit balances expected to remain elevated in near-term Expected to be positively impacted by PPP forgiveness Net Interest Margin Under slight pressure given low interest rate environment Credit Provision expense expected to moderately decline Continued strong mortgage originations, with seasonal declines in volume and lower premiums expected Noninterest income Gradually improving service charge and interchange revenues Foreign exchange income expected to be consistent with third quarter 4Q noninterest expense expected to decline approximately 5% due to lower incentive compensation Noninterest Expense Near-term pause in discretionary expenditures and significant investments except where critical 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. 30

Appendix: Non-GAAP Measures 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 31

Appendix: Non-GAAP to GAAP Reconciliation Net interest income and net interest margin - fully tax equivalent Three months ended Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019 Net interest income $ 112,180 $ 111,576 $ 114,282 $ 118,902 $ 121,535 Tax equivalent adjustment 1,628 1,664 1,624 1,630 1,759 Net interest income - tax equivalent$ 113,808 $ 113,240 $ 115,906 $ 120,532 $ 123,294 Average earning assets $ 13,456,501 $ 13,258,612 $ 12,375,698 $ 12,288,761 $ 12,343,327 Net interest margin1 3.32 % 3.38 % 3.71 % 3.84 % 3.91 % Net interest margin (fully tax equivalent)1 3.36 % 3.44 % 3.77 % 3.89 % 3.96 % 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. All dollars shown in thousands 32

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP ratios Three months ended Sep. 30, June 30, Mar. 31, Dec. 31, Sep. 30, (Dollars in thousands, except per share data) 2020 2020 2020 2019 2019 Net income (a) $ 41,477 $ 37,393 $ 28,628 $ 48,677 $ 50,856 Average total shareholders' equity 2,230,422 2,185,865 2,209,733 2,245,107 2,210,327 Less: Goodw ill (937,771) (937,771) (937,771) (937,710) (899,888) Other intangibles (69,169) (72,086) (75,014) (78,190) (51,365) MSR's (11,274) (10,254) (10,608) (10,367) (10,118) Average tangible equity (b) 1,212,208 1,165,754 1,186,340 1,218,840 1,248,956 Total shareholders' equity 2,247,815 2,221,019 2,179,383 2,247,705 2,261,313 Less: Goodw ill (937,771) (937,771) (937,771) (937,771) (937,689) Other intangibles (67,419) (70,325) (73,258) (76,201) (79,506) MSR's (12,011) (11,250) (10,278) (10,650) (10,293) Ending tangible equity (c) 1,230,614 1,201,673 1,158,076 1,223,083 1,233,825 Total assets 15,925,647 15,870,890 15,057,567 14,511,625 14,480,445 Less: Goodw ill (937,771) (937,771) (937,771) (937,771) (937,689) Other intangibles (67,419) (70,325) (73,258) (76,201) (79,506) MSR's (12,011) (11,250) (10,278) (10,650) (10,293) Ending tangible assets (d) 14,908,446 14,851,544 14,036,260 13,487,003 13,452,957 Risk-w eighted assets (e) 11,119,560 11,034,570 11,027,347 11,023,795 10,883,554 Total average assets 15,842,010 15,710,204 14,524,422 14,460,288 14,320,514 Less: Goodw ill (937,771) (937,771) (937,771) (937,710) (899,888) Other intangibles (69,169) (72,086) (75,014) (78,190) (51,365) MSR's (11,274) (10,254) (10,608) (10,367) (10,118) Average tangible assets (f)$ 14,823,796 $ 14,690,093 $ 13,501,029 $ 13,434,021 $ 13,359,143 Ending shares outstanding (g) 97,999,763 98,018,858 97,968,958 98,490,998 100,094,819 Ratios Return on average tangible shareholders' equity (a)/(b) 13.61% 12.90% 9.71% 15.84% 16.15% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 8.25% 8.09% 8.25% 9.07% 9.17% Risk-w eighted assets (c)/(e) 11.07% 10.89% 10.50% 11.09% 11.34% Average tangible equity as a percent of average tangible assets (b)/(f) 8.18% 7.94% 8.79% 9.07% 9.35% Tangible book value per share (c)/(g)$ 12.56 $ 12.26 $ 11.82 $ 12.42 $ 12.33 All dollars shown in thousands 33

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP measures 3Q20 2Q20 1Q20 4Q19 3Q19 (Dollars in thousands, except per share data) As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f)$ 112,180 $ 112,180 $ 111,576 $ 111,576 $ 114,282 $ 114,282 $ 118,902 $ 118,902 $ 121,535 $ 121,535 Provision for credit losses-loans and leases (j) 15,299 15,299 17,859 17,859 23,880 23,880 4,629 4,629 5,228 5,228 Provision for credit losses-unfunded commitments (j) (1,925) (1,925) 2,370 2,370 1,568 1,568 Noninterest income 49,499 49,499 42,725 42,725 35,384 35,384 36,768 36,768 33,140 33,140 less: gains (losses) on sale of investment securities 20 128 (157) (56) 208 Total noninterest income (g) 49,499 49,479 42,725 42,597 35,384 35,541 36,768 36,824 33,140 32,932 Noninterest expense 97,511 97,511 88,689 88,689 89,666 89,666 93,064 93,064 86,226 86,226 less: severance and merger-related expenses 95 35 329 693 5,192 less: historic tax credit write-down @ 21% 2,862 less: COVID-19 costs 115 660 1,011 less: other 2,011 1,507 1,139 1,740 711 Total noninterest expense (e) 97,511 95,290 88,689 86,487 89,666 87,187 93,064 87,769 86,226 80,323 Income before income taxes (i) 50,794 52,995 45,383 47,457 34,552 37,188 57,977 63,328 63,221 68,916 Income tax expense 9,317 9,317 7,990 7,990 5,924 5,924 9,300 9,300 12,365 12,365 plus: tax effect of adjustments 462 436 554 377 926 plus: after-tax impact of historic tax credit write-down @ 35% 2,261 Total income tax expense (h) 9,317 9,779 7,990 8,426 5,924 6,478 9,300 11,938 12,365 13,291 Net income (a)$ 41,477 $ 43,216 $ 37,393 $ 39,031 $ 28,628 $ 30,710 $ 48,677 $ 51,390 $ 50,856 $ 55,625 Average diluted shares (b) 98,009 98,009 97,989 97,989 98,356 98,356 99,232 99,232 99,078 99,078 Average assets (c) 15,842,010 15,842,010 15,710,204 15,710,204 14,524,422 14,524,422 14,460,288 14,460,288 14,320,514 14,320,514 Average shareholders' equity 2,230,422 2,230,422 2,185,865 2,185,865 2,209,733 2,209,733 2,245,107 2,245,107 2,210,327 2,210,327 Less: Goodwill and other intangibles (1,018,214) (1,018,214) (1,020,111) (1,020,111) (1,023,393) (1,023,393) (1,026,267) (1,026,267) (961,371) (961,371) Average tangible equity (d) 1,212,208 1,212,208 1,165,754 1,165,754 1,186,340 1,186,340 1,218,840 1,218,840 1,248,956 1,248,956 Ratios Net earnings per share - diluted (a)/(b) $ 0.42 $ 0.44 $ 0.38 $ 0.40 $ 0.29 $ 0.31 $ 0.49 $ 0.52 $ 0.51 $ 0.56 Return on average assets - (a)/(c) 1.04% 1.09% 0.96% 1.00% 0.79% 0.85% 1.34% 1.41% 1.41% 1.54% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.61% 1.67% 1.68% 1.73% 1.66% 1.73% 1.72% 1.86% 1.90% 2.05% Return on average tangible shareholders' equity - (a)/(d) 13.61% 14.18% 12.90% 13.47% 9.71% 10.41% 15.84% 16.73% 16.15% 17.67% Efficiency ratio - (e)/((f)+(g)) 60.3% 58.9% 57.5% 56.1% 59.9% 58.2% 59.8% 56.4% 55.7% 52.0% Effective tax rate - (h)/(i) 18.3% 18.5% 17.6% 17.8% 17.1% 17.4% 16.0% 18.9% 19.6% 19.3% 34

First Financial Bank First Financial Center 225 East Fifth Street Suite 800 Cincinnati, OH 45202-4248 35

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