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8-K

First Financial Bancorp /Oh/ (FFBC)

8-K 2020-07-23 For: 2020-07-23
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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): July 23, 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 July 23, 2020, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first six months and second 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 dated July 23, 2020

99.2First Financial Bancorp. presentation materialsexh992earningsrelease2q2.htm

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: July 23, 2020

Document

Exhibit 99.1

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First Financial Bancorp Announces Second Quarter 2020 Financial Results

•Earnings per diluted share of $0.38; $0.40 on an adjusted^(1)^ basis

•Return on average assets of 0.96%; 1.00% as adjusted^(1)^

•57.5% efficiency ratio; 56.1% as adjusted^(1)^

•Record core fee income driven by $16.7 million of mortgage banking income

•$20.2 million total provision for credit losses

Cincinnati, Ohio - July 23, 2020 - First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2020.

For the three months ended June 30, 2020, the Company reported net income of $37.4 million, or $0.38 per diluted common share. These results compare to net income of $28.6 million, or $0.29 per diluted common share, for the first quarter of 2020 and $52.7 million, or $0.53 per diluted common share, for the second quarter of 2019. For the six months ended June 30, 2020, First Financial had earnings per diluted common share of $0.67 compared to $1.00 for the same period in 2019.

Return on average assets for the second quarter of 2020 was 0.96% while return on average tangible common equity was 12.90%. These compare to returns on average assets of 0.79% and 1.50%, and returns on average tangible common equity of 9.71% and 17.33%, in the first quarter of 2020 and the second quarter of 2019, respectively.

Second quarter 2020 highlights include:

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

◦Net income of $0.40 per diluted common share

◦1.00% return on average assets

◦13.47% return on average tangible common equity

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

◦$0.7 million of costs directly related to COVID-19

◦$1.5 million of other nonrecurring costs such as branch consolidation costs

•Total Allowance for Credit Losses of $175.3 million; Total quarterly provision for credit losses of $20.2 million

◦Loans and leases - ACL of $158.7 million, 1.56% of total loans; 1.71% of loans excluding PPP

◦Unfunded Commitments - ACL of $16.7 million; $2.4 million provision expense

◦Similar to first quarter, substantially all second quarter provision expense related to expected economic impact from COVID-19

•Strong noninterest income of $42.7 million, an increase of 20.7% from the linked quarter

◦Mortgage banking revenue increased $13.8 million, or 488.6%

◦Continued strong client derivative fee income

◦Foreign exchange income of $6.6 million despite COVID-19 headwinds

◦Service charges on deposits, including overdrafts, declined $2.4 million, or 28.9%

• Noninterest expenses of $88.7 million, or $86.5 million as adjusted^(1)^

◦Efficiency ratio of 57.5%; 56.1% as adjusted^(1)^

_________________________________________________________________________________________^(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.

•Loan balances grew $873.9 million, or 37.8% on an annualized basis

◦Loan growth driven by $885.3 million of PPP loans, net of unearned fees

•Net interest margin of 3.44% on a fully tax-equivalent basis^(1)^

◦33 basis point decline compared to the linked quarter; 62 basis point decline due to loan yields

◦3 basis points of dilution from PPP

◦Impact of downward movement in short term rates, including the normalization of LIBOR, partially offset by funding cost reductions, higher loan fees, and elevated purchase accounting accretion

•Strong capital ratios

◦Total capital of 15.13%; bolstered by $150 million sub-debt issuance in early second quarter

◦Tier 1 common equity of 11.44%

◦Tangible common equity of 8.09%; 8.62% excluding PPP loans

◦Tangible book value per share of $12.26

In response to COVID-19, the Company has:

• Introduced hardship relief programs that include payment deferrals, fee-waivers and suspension of foreclosures

◦Processed over $2.0 billion of commercial modifications

◦Modified over $126 million of consumer loans including $103 million in residential mortgages

• Participated in CARES Act SBA Paycheck Protection Program

◦Received in excess of 8,200 PPP applications; over $1.2 billion in requests

◦Approximately 6,800 PPP requests, or 83% of applicants, approved by SBA

◦$912.9 million in PPP balances as of June 30; to date forgiveness has not been requested on any loan

• Continued implementation of new processes and technologies to improve customer access to banking services

• Updated existing internal processes and systems to react to high customer demand for relief

• Donated $1.0 million to fund COVID-19 related relief in our geographic footprint in the first quarter

Archie Brown, President and Chief Executive Officer, remarked, “We are very pleased with our second quarter performance, especially when considering the unique circumstances in which we were operating due to COVID-19. While second quarter earnings were negatively impacted by pandemic-related events, we posted solid results as reflected in our adjusted^(1)^ earnings per share of $0.40, adjusted^(1)^ return on assets of 1.00% and adjusted^(1)^ efficiency ratio of 56.1%. Additionally, credit trends remained stable while our allowance for credit losses increased to 1.71% of total loans, excluding PPP, and we recorded $20.2 million of provision expense in anticipation of credit deterioration in the latter part of the year and into 2021."

Mr. Brown continued, “The second quarter was our highest core fee income quarter on record and was the primary driver of our excellent performance. Our mortgage team had a sensational quarter as the hard work of our team combined with the historic low interest rate environment to drive an almost 500% increase in total mortgage banking revenue to $16.7 million. In addition, client derivative income remained steady during the quarter and Bannockburn revenue, while lower than the first quarter, was in line with our expectations given the challenges caused by business shutdowns. Additionally, total expenses declined during the quarter as we limited discretionary spending and implemented additional controls on hiring."

Mr. Brown further commented, "We are pleased with and appreciative of the incredible work performed by our associates during the quarter. We successfully implemented our pandemic management plan, which resulted in over 50% of our associates working remotely and our branches operating with closed lobbies for most of the quarter. This required a prompt evaluation of our client service model and a shift to leveraging technology in new and innovative ways. Our associates met the challenge, and went above and beyond to originate and fund over $900 million in PPP loans, provide customer deferrals for over $2 billion of loans, and process historic numbers of fee waivers and mortgage applications. By the second half of the quarter, sales activity returned to near pre-pandemic levels which led to increases in new households with checking accounts, strong consumer loan originations and robust wealth production.”

Mr. Brown continued, “At this time, approximately 60% of our banking center lobbies are fully open with the remainder servicing clients by appointment. Physical staffing levels in our office buildings is currently limited to 25% of normal capacity, mostly on a volunteer basis, with the remainder of the staff continuing to work remotely. We continually monitor

conditions in our markets and banking centers, in addition to guidance provided by local and state governments with regard to safely returning to the workplace and opening our branch locations to customers.”

Mr. Brown concluded, “The second quarter was historic and challenging, however it illuminated what we are capable of as a company and positioned us to build on the lessons learned in a meaningful way. We continue to better leverage technology and are reevaluating our distribution model to better serve the needs of our customers. The broader economic environment remains uncertain and our clients continue to face serious challenges. We are committed to be a stabilizing presence in our communities and remain steadfast in our promise to manage the Company in a manner that prioritizes the physical and financial well-being of our associates and clients while delivering long-term value to our shareholders.”

Full detail of the Company’s second 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, July 24, 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 10145789. 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 June 30, 2020, the Company had $15.9 billion in assets, $10.2 billion in loans, $11.7 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 June 30, 2020. The Company operated 141 full service banking centers as of June 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

June 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, Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30,
2020 2020 2019 2019 2019 2020 2019
RESULTS OF OPERATIONS
Net income $ 37,393 $ 28,628 $ 48,677 $ 50,856 $ 52,703 $ 66,021 $ 98,542
Net earnings per share - basic $ 0.38 $ 0.29 $ 0.49 $ 0.52 $ 0.54 $ 0.68 $ 1.01
Net earnings per share - diluted $ 0.38 $ 0.29 $ 0.49 $ 0.51 $ 0.53 $ 0.67 $ 1.00
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.22 $ 0.46 $ 0.44
KEY FINANCIAL RATIOS
Return on average assets 0.96 % 0.79 % 1.34 % 1.41 % 1.50 % 0.88 % 1.42 %
Return on average shareholders' equity 6.88 % 5.21 % 8.60 % 9.13 % 9.85 % 6.04 % 9.37 %
Return on average tangible shareholders' equity 12.90 % 9.71 % 15.84 % 16.15 % 17.33 % 11.29 % 16.66 %
Net interest margin 3.38 % 3.71 % 3.84 % 3.91 % 3.99 % 3.54 % 4.02 %
Net interest margin (fully tax equivalent) ^(1)^ 3.44 % 3.77 % 3.89 % 3.96 % 4.04 % 3.60 % 4.07 %
Ending shareholders' equity as a percent of ending assets 13.99 % 14.47 % 15.49 % 15.62 % 15.16 % 13.99 % 15.16 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets 8.09 % 8.25 % 9.07 % 9.17 % 9.34 % 8.09 % 9.34 %
Risk-weighted assets 10.85 % 10.50 % 11.09 % 11.34 % 11.82 % 10.85 % 11.82 %
Average shareholders' equity as a percent of average assets 13.91 % 15.21 % 15.53 % 15.43 % 15.22 % 14.54 % 15.12 %
Average tangible shareholders' equity as a percent of
average tangible assets 7.94 % 8.79 % 9.07 % 9.35 % 9.26 % 8.34 % 9.11 %
Book value per share $ 22.66 $ 22.25 $ 22.82 $ 22.59 $ 22.18 $ 22.66 $ 22.18
Tangible book value per share $ 12.26 $ 11.82 $ 12.42 $ 12.33 $ 12.79 $ 12.26 $ 12.79
Common equity tier 1 ratio^(2)^ 11.44 % 11.27 % 11.30 % 11.52 % 12.00 % 11.44 % 12.00 %
Tier 1 ratio ^(2)^ 11.83 % 11.66 % 11.69 % 11.91 % 12.40 % 11.83 % 12.40 %
Total capital ratio ^(2)^ 15.13 % 13.54 % 13.39 % 13.62 % 14.20 % 15.13 % 14.20 %
Leverage ratio ^(2)^ 8.98 % 9.49 % 9.58 % 9.75 % 10.02 % 8.98 % 10.02 %
AVERAGE BALANCE SHEET ITEMS
Loans ^(3)^ $ 10,002,379 $ 9,220,643 $ 9,149,222 $ 9,014,092 $ 8,852,662 $ 9,611,511 $ 8,813,206
Investment securities 3,164,243 3,115,723 3,102,867 3,290,666 3,408,994 3,139,983 3,382,510
Interest-bearing deposits with other banks 91,990 39,332 36,672 38,569 33,255 65,661 33,978
Total earning assets $ 13,258,612 $ 12,375,698 $ 12,288,761 $ 12,343,327 $ 12,294,911 $ 12,817,155 $ 12,229,694
Total assets $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 14,102,733 $ 15,117,313 $ 14,028,058
Noninterest-bearing deposits $ 3,335,866 $ 2,643,240 $ 2,638,908 $ 2,513,458 $ 2,484,214 $ 2,989,553 $ 2,470,974
Interest-bearing deposits 8,395,229 7,590,791 7,583,531 7,504,708 7,612,146 7,993,010 7,611,125
Total deposits $ 11,731,095 $ 10,234,031 $ 10,222,439 $ 10,018,166 $ 10,096,360 $ 10,982,563 $ 10,082,099
Borrowings $ 1,272,819 $ 1,735,767 $ 1,613,696 $ 1,816,983 $ 1,656,570 $ 1,504,293 $ 1,622,011
Shareholders' equity $ 2,185,865 $ 2,209,733 $ 2,245,107 $ 2,210,327 $ 2,146,997 $ 2,197,799 $ 2,120,762
CREDIT QUALITY RATIOS
Allowance to ending loans 1.56 % 1.55 % 0.63 % 0.62 % 0.69 % 1.56 % 0.69 %
Allowance to nonaccrual loans 233.74 % 296.51 % 119.69 % 93.18 % 119.86 % 233.74 % 119.86 %
Allowance to nonperforming loans 208.06 % 203.42 % 96.73 % 71.46 % 69.33 % 208.06 % 69.33 %
Nonperforming loans to total loans 0.75 % 0.76 % 0.65 % 0.87 % 0.99 % 0.75 % 0.99 %
Nonperforming assets to ending loans, plus OREO 0.77 % 0.78 % 0.67 % 0.89 % 1.00 % 0.77 % 1.00 %
Nonperforming assets to total assets 0.49 % 0.48 % 0.42 % 0.56 % 0.62 % 0.49 % 0.62 %
Classified assets to total assets 0.79 % 0.83 % 0.62 % 0.92 % 1.02 % 0.79 % 1.02 %
Net charge-offs to average loans (annualized) 0.12 % (0.04) % 0.15 % 0.45 % 0.08 % 0.05 % 0.36 %

(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) June 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, Six months ended,
June 30, June 30,
2020 2019 % Change 2020 2019 % Change
Interest income
Loans and leases, including fees $ 105,900 $ 126,365 (16.2) % $ 221,675 $ 249,421 (11.1) %
Investment securities
Taxable 18,476 23,616 (21.8) % 37,481 47,851 (21.7) %
Tax-exempt 4,937 4,336 13.9 % 9,519 8,594 10.8 %
Total investment securities interest 23,413 27,952 (16.2) % 47,000 56,445 (16.7) %
Other earning assets 47 206 (77.2) % 189 416 (54.6) %
Total interest income 129,360 154,523 (16.3) % 268,864 306,282 (12.2) %
Interest expense
Deposits 11,751 20,612 (43.0) % 28,116 39,855 (29.5) %
Short-term borrowings 1,274 6,646 (80.8) % 6,361 12,606 (49.5) %
Long-term borrowings 4,759 4,963 (4.1) % 8,529 10,004 (14.7) %
Total interest expense 17,784 32,221 (44.8) % 43,006 62,465 (31.2) %
Net interest income 111,576 122,302 (8.8) % 225,858 243,817 (7.4) %
Provision for credit losses-loans and leases ^(1)^ 17,859 6,658 168.2 % 41,739 20,741 101.2 %
Provision for credit losses-unfunded commitments ^(1)^ 2,370 (132) N/M 3,938 (126) N/M
Net interest income after provision for credit losses 91,347 115,776 (21.1) % 180,181 223,202 (19.3) %
Noninterest income
Service charges on deposit accounts 6,001 9,819 (38.9) % 14,436 18,722 (22.9) %
Trust and wealth management fees 4,114 3,943 4.3 % 8,583 8,013 7.1 %
Bankcard income 2,844 6,497 (56.2) % 5,542 12,083 (54.1) %
Client derivative fees 2,984 4,905 (39.2) % 6,089 6,609 (7.9) %
Foreign exchange income 6,576 17 N/M 16,542 17 N/M
Net gains from sales of loans 16,662 3,432 385.5 % 19,493 5,322 266.3 %
Net gains (losses) on sale of investment securities 2 (37) 105.4 % (57) (215) 73.5 %
Other 3,542 6,062 (41.6) % 7,481 10,914 (31.5) %
Total noninterest income 42,725 34,638 23.3 % 78,109 61,465 27.1 %
Noninterest expenses
Salaries and employee benefits 55,925 53,985 3.6 % 110,747 101,897 8.7 %
Net occupancy 5,378 5,596 (3.9) % 11,482 12,226 (6.1) %
Furniture and equipment 3,681 4,222 (12.8) % 7,734 7,638 1.3 %
Data processing 7,019 4,984 40.8 % 13,408 10,111 32.6 %
Marketing 1,339 1,976 (32.2) % 2,559 3,582 (28.6) %
Communication 907 747 21.4 % 1,797 1,475 21.8 %
Professional services 2,205 2,039 8.1 % 4,480 4,291 4.4 %
State intangible tax 1,514 1,307 15.8 % 3,030 2,617 15.8 %
FDIC assessments 1,290 1,065 21.1 % 2,695 2,015 33.7 %
Intangible amortization 2,791 2,044 36.5 % 5,583 4,089 36.5 %
Other 6,640 6,545 1.5 % 14,840 13,062 13.6 %
Total noninterest expenses 88,689 84,510 4.9 % 178,355 163,003 9.4 %
Income before income taxes 45,383 65,904 (31.1) % 79,935 121,664 (34.3) %
Income tax expense 7,990 13,201 (39.5) % 13,914 23,122 (39.8) %
Net income $ 37,393 $ 52,703 (29.0) % $ 66,021 $ 98,542 (33.0) %
ADDITIONAL DATA
Net earnings per share - basic $ 0.38 $ 0.54 $ 0.68 $ 1.01
Net earnings per share - diluted $ 0.38 $ 0.53 $ 0.67 $ 1.00
Dividends declared per share $ 0.23 $ 0.22 $ 0.46 $ 0.44
Return on average assets 0.96 % 1.50 % 0.88 % 1.42 %
Return on average shareholders' equity 6.88 % 9.85 % 6.04 % 9.37 %
Interest income $ 129,360 $ 154,523 (16.3) % $ 268,864 $ 306,282 (12.2) %
Tax equivalent adjustment 1,664 1,416 17.5 % 3,288 2,939 11.9 %
Interest income - tax equivalent 131,024 155,939 (16.0) % 272,152 309,221 (12.0) %
Interest expense 17,784 32,221 (44.8) % 43,006 62,465 (31.2) %
Net interest income - tax equivalent $ 113,240 $ 123,718 (8.5) % $ 229,146 $ 246,756 (7.1) %
Net interest margin 3.38 % 3.99 % 3.54 % 4.02 %
Net interest margin (fully tax equivalent) ^(2)^ 3.44 % 4.04 % 3.60 % 4.07 %
Full-time equivalent employees 2,076 2,076
(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
Second First Full % Change
Quarter Quarter Year Linked Qtr.
Interest income
Loans and leases, including fees $ 105,900 $ 115,775 $ 221,675 (8.5) %
Investment securities
Taxable 18,476 19,005 37,481 (2.8) %
Tax-exempt 4,937 4,582 9,519 7.7 %
Total investment securities interest 23,413 23,587 47,000 (0.7) %
Other earning assets 47 142 189 (66.9) %
Total interest income 129,360 139,504 268,864 (7.3) %
Interest expense
Deposits 11,751 16,365 28,116 (28.2) %
Short-term borrowings 1,274 5,087 6,361 (75.0) %
Long-term borrowings 4,759 3,770 8,529 26.2 %
Total interest expense 17,784 25,222 43,006 (29.5) %
Net interest income 111,576 114,282 225,858 (2.4) %
Provision for credit losses-loans and leases ^(1)^ 17,859 23,880 41,739 (25.2) %
Provision for credit losses-unfunded commitments ^(1)^ 2,370 1,568 3,938 51.1 %
Net interest income after provision for credit losses 91,347 88,834 180,181 2.8 %
Noninterest income
Service charges on deposit accounts 6,001 8,435 14,436 (28.9) %
Trust and wealth management fees 4,114 4,469 8,583 (7.9) %
Bankcard income 2,844 2,698 5,542 5.4 %
Client derivative fees 2,984 3,105 6,089 (3.9) %
Foreign exchange income 6,576 9,966 16,542 (34.0) %
Net gains from sales of loans 16,662 2,831 19,493 488.6 %
Net gains (losses) on sale of investment securities 2 (59) (57) 103.4 %
Other 3,542 3,939 7,481 (10.1) %
Total noninterest income 42,725 35,384 78,109 20.7 %
Noninterest expenses
Salaries and employee benefits 55,925 54,822 110,747 2.0 %
Net occupancy 5,378 6,104 11,482 (11.9) %
Furniture and equipment 3,681 4,053 7,734 (9.2) %
Data processing 7,019 6,389 13,408 9.9 %
Marketing 1,339 1,220 2,559 9.8 %
Communication 907 890 1,797 1.9 %
Professional services 2,205 2,275 4,480 (3.1) %
State intangible tax 1,514 1,516 3,030 (0.1) %
FDIC assessments 1,290 1,405 2,695 (8.2) %
Intangible amortization 2,791 2,792 5,583 0.0 %
Other 6,640 8,200 14,840 (19.0) %
Total noninterest expenses 88,689 89,666 178,355 (1.1) %
Income before income taxes 45,383 34,552 79,935 31.3 %
Income tax expense 7,990 5,924 13,914 34.9 %
Net income $ 37,393 $ 28,628 $ 66,021 30.6 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.38 $ 0.29 $ 0.68
Net earnings per share - diluted $ 0.38 $ 0.29 $ 0.67
Dividends declared per share $ 0.23 $ 0.23 $ 0.46
Return on average assets 0.96 % 0.79 % 0.88 %
Return on average shareholders' equity 6.88 % 5.21 % 6.04 %
Interest income $ 129,360 $ 139,504 $ 268,864 (7.3) %
Tax equivalent adjustment 1,664 1,624 3,288 2.5 %
Interest income - tax equivalent 131,024 141,128 272,152 (7.2) %
Interest expense 17,784 25,222 43,006 (29.5) %
Net interest income - tax equivalent $ 113,240 $ 115,906 $ 229,146 (2.3) %
Net interest margin 3.38 % 3.71 % 3.54 %
Net interest margin (fully tax equivalent)^(2)^ 3.44 % 3.77 % 3.60 %
Full-time equivalent employees 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.
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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)
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, % Change % Change
2020 2020 2019 2019 2019 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 283,639 $ 261,892 $ 200,691 $ 242,482 $ 169,694 8.3 % 67.1 %
Interest-bearing deposits with other banks 38,845 71,071 56,948 39,669 101,668 (45.3) % (61.8) %
Investment securities available-for-sale 2,897,413 2,908,688 2,852,084 2,850,502 3,152,970 (0.4) % (8.1) %
Investment securities held-to-maturity 127,347 136,744 142,862 148,778 154,327 (6.9) % (17.5) %
Other investments 132,366 143,581 125,020 124,965 127,439 (7.8) % 3.9 %
Loans held for sale 43,950 27,334 13,680 23,528 20,244 60.8 % 117.1 %
Loans and leases
Commercial and industrial 3,322,374 2,477,773 2,465,877 2,470,017 2,547,997 34.1 % 30.4 %
Lease financing 80,087 82,602 88,364 92,616 90,638 (3.0) % (11.6) %
Construction real estate 506,085 500,311 493,182 515,960 497,683 1.2 % 1.7 %
Commercial real estate 4,343,702 4,278,257 4,194,651 4,015,908 3,903,654 1.5 % 11.3 %
Residential real estate 1,043,745 1,061,792 1,055,949 1,055,007 1,015,820 (1.7) % 2.7 %
Home equity 764,171 781,243 771,869 776,885 787,139 (2.2) % (2.9) %
Installment 79,150 80,085 82,589 88,275 89,149 (1.2) % (11.2) %
Credit card 42,397 45,756 49,184 49,010 48,706 (7.3) % (13.0) %
Total loans 10,181,711 9,307,819 9,201,665 9,063,678 8,980,786 9.4 % 13.4 %
Less:
Allowance for credit losses ^(1)^ 158,661 143,885 57,650 56,552 61,549 10.3 % 157.8 %
Net loans 10,023,050 9,163,934 9,144,015 9,007,126 8,919,237 9.4 % 12.4 %
Premises and equipment 211,164 212,787 214,506 213,681 211,313 (0.8) % (0.1) %
Goodwill 937,771 937,771 937,771 937,689 879,727 0.0 % 6.6 %
Other intangibles 70,325 73,258 76,201 79,506 36,349 (4.0) % 93.5 %
Accrued interest and other assets 1,105,020 1,120,507 747,847 812,519 664,695 (1.4) % 66.2 %
Total Assets $ 15,870,890 $ 15,057,567 $ 14,511,625 $ 14,480,445 $ 14,437,663 5.4 % 9.9 %
LIABILITIES
Deposits
Interest-bearing demand $ 2,657,841 $ 2,498,109 $ 2,364,881 $ 2,316,301 $ 2,332,692 6.4 % 13.9 %
Savings 3,287,314 2,978,250 2,960,979 2,924,200 2,953,114 10.4 % 11.3 %
Time 2,241,212 2,435,858 2,240,441 2,308,617 2,321,908 (8.0) % (3.5) %
Total interest-bearing deposits 8,186,367 7,912,217 7,566,301 7,549,118 7,607,714 3.5 % 7.6 %
Noninterest-bearing 3,515,048 2,723,341 2,643,928 2,534,739 2,501,290 29.1 % 40.5 %
Total deposits 11,701,415 10,635,558 10,210,229 10,083,857 10,109,004 10.0 % 15.8 %
Federal funds purchased and securities sold
under agreements to repurchase 154,347 215,824 165,181 85,286 260,621 (28.5) % (40.8) %
FHLB short-term borrowings 0 1,181,900 1,151,000 1,128,900 1,052,700 (100.0) % (100.0) %
Total short-term borrowings 154,347 1,397,724 1,316,181 1,214,186 1,313,321 (89.0) % (88.2) %
Long-term debt 1,285,767 325,566 414,376 498,778 547,042 294.9 % 135.0 %
Total borrowed funds 1,440,114 1,723,290 1,730,557 1,712,964 1,860,363 (16.4) % (22.6) %
Accrued interest and other liabilities 508,342 519,336 323,134 422,311 280,107 (2.1) % 81.5 %
Total Liabilities 13,649,871 12,878,184 12,263,920 12,219,132 12,249,474 6.0 % 11.4 %
SHAREHOLDERS' EQUITY
Common stock 1,635,070 1,633,950 1,640,771 1,639,333 1,623,699 0.1 % 0.7 %
Retained earnings 675,532 660,653 711,249 685,368 657,730 2.3 % 2.7 %
Accumulated other comprehensive income (loss) 36,431 11,788 13,323 15,450 5,193 209.1 % 601.5 %
Treasury stock, at cost (126,014) (127,008) (117,638) (78,838) (98,433) (0.8) % 28.0 %
Total Shareholders' Equity 2,221,019 2,179,383 2,247,705 2,261,313 2,188,189 1.9 % 1.5 %
Total Liabilities and Shareholders' Equity $ 15,870,890 $ 15,057,567 $ 14,511,625 $ 14,480,445 $ 14,437,663 5.4 % 9.9 %
(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
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30,
2020 2020 2019 2019 2019 2020 2019
ASSETS
Cash and due from banks $ 284,726 $ 235,696 $ 221,060 $ 191,000 $ 173,278 $ 260,211 $ 177,463
Interest-bearing deposits with other banks 91,990 39,332 36,672 38,569 33,255 65,661 33,978
Investment securities 3,164,243 3,115,723 3,102,867 3,290,666 3,408,994 3,139,983 3,382,510
Loans held for sale 36,592 13,174 21,050 18,197 13,258 24,883 9,844
Loans and leases
Commercial and industrial 3,058,677 2,450,893 2,469,810 2,509,782 2,533,981 2,754,785 2,521,696
Lease financing 81,218 85,782 91,225 94,858 94,458 83,500 92,760
Construction real estate 495,407 501,471 501,892 509,742 457,962 498,439 476,952
Commercial real estate 4,381,647 4,209,345 4,102,288 3,925,028 3,834,404 4,295,496 3,798,558
Residential real estate 1,052,996 1,055,456 1,053,707 1,035,975 989,923 1,054,226 975,832
Home equity 772,424 773,082 773,119 781,340 789,087 772,753 798,376
Installment 79,016 81,234 85,515 88,760 89,778 80,125 90,520
Credit card 44,402 50,206 50,616 50,410 49,811 47,304 48,668
Total loans 9,965,787 9,207,469 9,128,172 8,995,895 8,839,404 9,586,628 8,803,362
Less:
Allowance for credit losses ^(1)^ 155,454 121,126 56,649 61,911 58,335 138,290 57,715
Net loans 9,810,333 9,086,343 9,071,523 8,933,984 8,781,069 9,448,338 8,745,647
Premises and equipment 213,903 215,545 215,171 215,671 211,714 214,724 212,457
Goodwill 937,771 937,771 937,710 899,888 879,726 937,771 879,137
Other intangibles 72,086 75,014 78,190 51,365 37,666 73,550 38,777
Accrued interest and other assets 1,098,560 805,824 776,045 681,174 563,773 952,192 548,245
Total Assets $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 14,102,733 $ 15,117,313 $ 14,028,058
LIABILITIES
Deposits
Interest-bearing demand $ 2,602,917 $ 2,418,193 $ 2,373,962 $ 2,325,405 $ 2,334,322 $ 2,510,555 $ 2,302,313
Savings 3,173,274 2,976,518 2,995,395 2,945,076 3,057,100 3,074,896 3,086,167
Time 2,619,038 2,196,080 2,214,174 2,234,227 2,220,724 2,407,559 2,222,645
Total interest-bearing deposits 8,395,229 7,590,791 7,583,531 7,504,708 7,612,146 7,993,010 7,611,125
Noninterest-bearing 3,335,866 2,643,240 2,638,908 2,513,458 2,484,214 2,989,553 2,470,974
Total deposits 11,731,095 10,234,031 10,222,439 10,018,166 10,096,360 10,982,563 10,082,099
Federal funds purchased and securities sold
under agreements to repurchase 145,291 164,093 206,800 185,156 126,872 154,692 115,075
FHLB short-term borrowings 548,183 1,189,765 952,625 1,112,091 982,993 868,974 948,674
Total short-term borrowings 693,474 1,353,858 1,159,425 1,297,247 1,109,865 1,023,666 1,063,749
Long-term debt 579,345 381,909 454,271 519,736 546,705 480,627 558,262
Total borrowed funds 1,272,819 1,735,767 1,613,696 1,816,983 1,656,570 1,504,293 1,622,011
Accrued interest and other liabilities 520,425 344,891 379,046 275,038 202,806 432,658 203,186
Total Liabilities 13,524,339 12,314,689 12,215,181 12,110,187 11,955,736 12,919,514 11,907,296
SHAREHOLDERS' EQUITY
Common stock 1,634,405 1,638,851 1,640,066 1,629,286 1,622,994 1,636,628 1,624,105
Retained earnings 658,312 660,108 691,236 662,899 635,629 659,210 623,252
Accumulated other comprehensive loss 19,888 31,200 13,986 11,985 (12,889) 25,544 (26,268)
Treasury stock, at cost (126,740) (120,426) (100,181) (93,843) (98,737) (123,583) (100,327)
Total Shareholders' Equity 2,185,865 2,209,733 2,245,107 2,210,327 2,146,997 2,197,799 2,120,762
Total Liabilities and Shareholders' Equity $ 15,710,204 $ 14,524,422 $ 14,460,288 $ 14,320,514 $ 14,102,733 $ 15,117,313 $ 14,028,058
(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
June 30, 2020 March 31, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Balance Yield Balance Yield Balance Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 3,164,243 2.97 % $ 3,115,723 3.04 % $ 3,408,994 3.29 % $ 3,139,983 3.02 % $ 3,382,510 3.37 %
Interest-bearing deposits with other banks 91,990 0.20 % 39,332 1.45 % 33,255 2.48 % 65,661 0.58 % 33,978 2.47 %
Gross loans ^(1)^ 10,002,379 4.25 % 9,220,643 5.04 % 8,852,662 5.73 % 9,611,511 4.65 % 8,813,206 5.71 %
Total earning assets 13,258,612 3.91 % 12,375,698 4.52 % 12,294,911 5.04 % 12,817,155 4.23 % 12,229,694 5.05 %
Nonearning assets
Allowance for credit losses (155,454) (121,126) (58,335) (138,290) (57,715)
Cash and due from banks 284,726 235,696 173,278 260,211 177,463
Accrued interest and other assets 2,322,320 2,034,154 1,692,879 2,178,237 1,678,616
Total assets $ 15,710,204 $ 14,524,422 $ 14,102,733 $ 15,117,313 $ 14,028,058
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 2,602,917 0.11 % $ 2,418,193 0.45 % $ 2,334,322 0.60 % $ 2,510,555 0.27 % $ 2,302,313 0.55 %
Savings 3,173,274 0.17 % 2,976,518 0.45 % 3,057,100 0.78 % 3,074,896 0.31 % 3,086,167 0.77 %
Time 2,619,038 1.49 % 2,196,080 1.88 % 2,220,724 2.02 % 2,407,559 1.68 % 2,222,645 1.98 %
Total interest-bearing deposits 8,395,229 0.56 % 7,590,791 0.86 % 7,612,146 1.09 % 7,993,010 0.71 % 7,611,125 1.06 %
Borrowed funds
Short-term borrowings 693,474 0.74 % 1,353,858 1.51 % 1,109,865 2.40 % 1,023,666 1.25 % 1,063,749 2.39 %
Long-term debt 579,345 3.29 % 381,909 3.96 % 546,705 3.64 % 480,627 3.58 % 558,262 3.61 %
Total borrowed funds 1,272,819 1.90 % 1,735,767 2.05 % 1,656,570 2.81 % 1,504,293 2.00 % 1,622,011 2.81 %
Total interest-bearing liabilities 9,668,048 0.74 % 9,326,558 1.08 % 9,268,716 1.39 % 9,497,303 0.91 % 9,233,136 1.36 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,335,866 2,643,240 2,484,214 2,989,553 2,470,974
Other liabilities 520,425 344,891 202,806 432,658 203,186
Shareholders' equity 2,185,865 2,209,733 2,146,997 2,197,799 2,120,762
Total liabilities & shareholders' equity $ 15,710,204 $ 14,524,422 $ 14,102,733 $ 15,117,313 $ 14,028,058
Net interest income $ 111,576 $ 114,282 $ 122,302 $ 225,858 $ 243,817
Net interest spread 3.17 % 3.44 % 3.65 % 3.32 % 3.69 %
Net interest margin 3.38 % 3.71 % 3.99 % 3.54 % 4.02 %
Tax equivalent adjustment 0.06 % 0.06 % 0.05 % 0.06 % 0.05 %
Net interest margin (fully tax equivalent) 3.44 % 3.77 % 4.04 % 3.60 % 4.07 %
^(1)^ Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NET INTEREST MARGIN RATE/VOLUME ANALYSIS ^(1)^
(Dollars in thousands)
(Unaudited)
Linked Qtr. Income Variance Comparable Qtr. Income Variance Year-to-Date Income Variance
Rate Volume Total Rate Volume Total Rate Volume Total
Earning assets
Investment securities $ (533) $ 359 $ (174) $ (2,728) $ (1,811) $ (4,539) $ (5,815) $ (3,630) $ (9,445)
Interest-bearing deposits with other banks (122) 27 (95) (189) 30 (159) (318) 91 (227)
Gross loans ^(2)^ (18,152) 8,277 (9,875) (32,638) 12,173 (20,465) (46,158) 18,412 (27,746)
Total earning assets (18,807) 8,663 (10,144) (35,555) 10,392 (25,163) (52,291) 14,873 (37,418)
Interest-bearing liabilities
Total interest-bearing deposits $ (5,740) $ 1,126 $ (4,614) $ (9,957) $ 1,096 $ (8,861) $ (13,082) $ 1,343 $ (11,739)
Borrowed funds
Short-term borrowings (2,600) (1,213) (3,813) (4,607) (765) (5,372) (5,996) (249) (6,245)
Long-term debt (633) 1,622 989 (472) 268 (204) (97) (1,378) (1,475)
Total borrowed funds (3,233) 409 (2,824) (5,079) (497) (5,576) (6,093) (1,627) (7,720)
Total interest-bearing liabilities (8,973) 1,535 (7,438) (15,036) 599 (14,437) (19,175) (284) (19,459)
Net interest income ^(1)^ $ (9,834) $ 7,128 $ (2,706) $ (20,519) $ 9,793 $ (10,726) $ (33,116) $ 15,157 $ (17,959)
^(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)
Six months ended
Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2020 2019 2019 2019 2020 2019
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period 143,885 $ 57,650 $ 56,552 $ 61,549 $ 56,722 $ 57,650 $ 56,542
Day one adoption impact of ASC 326 61,505 0 0 0 61,505 0
Provision for credit losses 23,880 4,629 5,228 6,658 41,739 20,741
Gross charge-offs
Commercial and industrial 1,091 2,919 9,556 1,873 2,373 14,201
Lease financing 0 62 0 0 0 100
Construction real estate 0 0 0 0 0 0
Commercial real estate 4 1,854 535 86 2,041 1,300
Residential real estate 115 167 278 150 263 232
Home equity 267 807 627 689 695 1,157
Installment 61 31 65 78 68 127
Credit card 311 319 598 289 545 630
Total gross charge-offs 1,849 6,159 11,659 3,165 5,985 17,747
Recoveries
Commercial and industrial 2,000 1,796 556 291 2,275 531
Lease financing 0 0 0 0 0 0
Construction real estate 0 0 0 5 14 68
Commercial real estate 234 439 347 254 658 327
Residential real estate 52 72 64 101 145 137
Home equity 339 243 335 572 495 757
Installment 31 49 93 61 58 109
Credit card 43 29 39 50 107 84
Total recoveries 2,699 2,628 1,434 1,334 3,752 2,013
Total net charge-offs (850) 3,531 10,225 1,831 2,233 15,734
Ending allowance for credit losses 158,661 $ 143,885 $ 57,650 $ 56,552 $ 61,549 $ 158,661 $ 61,549
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial % (0.15) % 0.18 % 1.42 % 0.25 % 0.01 % 1.09 %
Lease financing % 0.00 % 0.27 % 0.00 % 0.00 % 0.00 % 0.22 %
Construction real estate % 0.00 % 0.00 % 0.00 % 0.00 % (0.01) % (0.03) %
Commercial real estate % (0.02) % 0.14 % 0.02 % (0.02) % 0.06 % 0.05 %
Residential real estate % 0.02 % 0.04 % 0.08 % 0.02 % 0.02 % 0.02 %
Home equity % (0.04) % 0.29 % 0.15 % 0.06 % 0.05 % 0.10 %
Installment % 0.15 % (0.08) % (0.13) % 0.08 % 0.03 % 0.04 %
Credit card % 2.15 % 2.27 % 4.40 % 1.92 % 1.86 % 2.26 %
Total net charge-offs % (0.04) % 0.15 % 0.45 % 0.08 % 0.05 % 0.36 %
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial 33,906 $ 21,126 $ 24,346 $ 28,358 $ 18,502 $ 33,906 $ 18,502
Lease financing 222 223 284 295 1,353 295
Construction real estate 0 0 5 6 0 6
Commercial real estate 10,050 7,295 14,889 15,981 14,002 15,981
Residential real estate 11,163 10,892 11,655 11,627 12,813 11,627
Home equity 5,821 5,242 5,427 4,745 5,604 4,745
Installment 145 167 75 195 201 195
Nonaccrual loans 48,527 48,165 60,693 51,351 67,879 51,351
Accruing troubled debt restructurings (TDRs) 22,206 11,435 18,450 37,420 8,377 37,420
Total nonperforming loans 70,733 59,600 79,143 88,771 76,256 88,771
Other real estate owned (OREO) 1,467 2,033 1,613 1,421 1,872 1,421
Total nonperforming assets 72,200 61,633 80,756 90,192 78,128 90,192
Accruing loans past due 90 days or more 120 201 287 107 124 107
Total underperforming assets 78,252 $ 72,320 $ 61,834 $ 81,043 $ 90,299 $ 78,252 $ 90,299
Total classified assets 125,543 $ 124,510 $ 89,250 $ 132,500 $ 147,753 $ 125,543 $ 147,753
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans % 296.51 % 119.69 % 93.18 % 119.86 % 233.74 % 119.86 %
Nonperforming loans % 203.42 % 96.73 % 71.46 % 69.33 % 208.06 % 69.33 %
Total ending loans % 1.55 % 0.63 % 0.62 % 0.69 % 1.56 % 0.69 %
Nonperforming loans to total loans % 0.76 % 0.65 % 0.87 % 0.99 % 0.75 % 0.99 %
Nonperforming assets to
Ending loans, plus OREO % 0.78 % 0.67 % 0.89 % 1.00 % 0.77 % 1.00 %
Total assets % 0.48 % 0.42 % 0.56 % 0.62 % 0.49 % 0.62 %
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO % 0.54 % 0.55 % 0.69 % 0.59 % 0.68 % 0.59 %
Total assets % 0.33 % 0.35 % 0.43 % 0.37 % 0.44 % 0.37 %
Classified assets to total assets % 0.83 % 0.62 % 0.92 % 1.02 % 0.79 % 1.02 %
(1) Nonaccrual loans include nonaccrual TDRs of 32.7 million, 18.4 million, 18.5 million, 21.5 million, and 11.0 million, as of June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019, respectively.

All values are in US Dollars.

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2020 2020 2019 2019 2019 2020 2019
PER COMMON SHARE
Market Price
High $ 16.38 $ 25.52 $ 26.04 $ 25.49 $ 25.80 $ 25.52 $ 28.56
Low $ 11.52 $ 12.67 $ 23.24 $ 22.37 $ 22.16 $ 11.52 $ 22.16
Close $ 13.89 $ 14.91 $ 25.44 $ 24.48 $ 24.22 $ 13.89 $ 24.22
Average shares outstanding - basic 97,220,748 97,736,690 98,684,706 98,517,025 98,083,799 97,478,719 98,005,379
Average shares outstanding - diluted 97,988,600 98,356,214 99,232,167 99,077,723 98,648,384 98,172,408 98,542,947
Ending shares outstanding 98,018,858 97,968,958 98,490,998 100,094,819 98,647,690 98,018,858 98,647,690
Total shareholders' equity $ 2,221,019 $ 2,179,383 $ 2,247,705 $ 2,261,313 $ 2,188,189 $ 2,221,019 $ 2,188,189
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,267,609 $ 1,243,152 $ 1,245,746 $ 1,253,803 $ 1,281,406 $ 1,267,609 $ 1,281,406
Common equity tier 1 capital ratio 11.44 % 11.27 % 11.30 % 11.52 % 12.00 % 11.44 % 12.00 %
Tier 1 capital $ 1,310,276 $ 1,285,705 $ 1,288,185 $ 1,296,399 $ 1,323,905 $ 1,310,276 $ 1,323,905
Tier 1 ratio 11.83 % 11.66 % 11.69 % 11.91 % 12.40 % 11.83 % 12.40 %
Total capital $ 1,676,532 $ 1,493,100 $ 1,475,813 $ 1,482,708 $ 1,515,382 $ 1,676,532 $ 1,515,382
Total capital ratio 15.13 % 13.54 % 13.39 % 13.62 % 14.20 % 15.13 % 14.20 %
Total capital in excess of minimum requirement $ 513,267 $ 335,229 $ 318,315 $ 339,935 $ 394,571 $ 513,267 $ 394,571
Total risk-weighted assets $ 11,078,714 $ 11,027,347 $ 11,023,795 $ 10,883,554 $ 10,674,393 $ 11,078,714 $ 10,674,393
Leverage ratio 8.98 % 9.49 % 9.58 % 9.75 % 10.02 % 8.98 % 10.02 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 13.99 % 14.47 % 15.49 % 15.62 % 15.16 % 13.99 % 15.16 %
Ending tangible shareholders' equity to ending tangible assets 8.09 % 8.25 % 9.07 % 9.17 % 9.34 % 8.09 % 9.34 %
Average shareholders' equity to average assets 13.91 % 15.21 % 15.53 % 15.43 % 15.22 % 14.54 % 15.12 %
Average tangible shareholders' equity to average tangible assets 7.94 % 8.79 % 9.07 % 9.35 % 9.26 % 8.34 % 9.11 %
REPURCHASE PROGRAM ^(1)^
Shares repurchased 0 880,000 1,609,778 1,143,494 0 880,000 0
Average share repurchase price N/A $ 18.96 $ 24.13 $ 23.94 N/A $ 18.96 N/A
Total cost of shares repurchased N/A $ 16,686 $ 38,846 $ 27,372 N/A $ 16,686 N/A
^(1)^Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

11

exh992earningsrelease2q2

Exhibit 99.2 Earnings Presentation Second 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

2Q 2020 Results 119th Consecutive Quarter of Profitability Net income = $37.4 million or $0.38 per diluted share. Adjusted1 net income = $39.0 million or $0.40 per diluted share2 Return on average assets = 0.96%. Adjusted1 return on average assets = 1.00% Profitability Return on average shareholders’ equity = 6.88%. Adjusted1 return on average shareholders’ equity = 7.18% Return on average tangible common equity = 12.90%1. Adjusted1 return on average tangible common equity = 13.47% Net interest income = $111.6 million Net interest margin of 3.38% on a GAAP basis; 3.44% on a fully tax equivalent basis1 Noninterest income = $42.7 million Income Statement Noninterest expense = $88.7 million; $86.5 million1 as adjusted Efficiency ratio = 57.48%. Adjusted1 efficiency ratio = 56.10% Effective tax rate of 17.6%. Adjusted1 effective tax rate of 17.8% EOP assets increased $813.3 million compared to the linked quarter to $15.9 billion EOP loans increased $873.9 million compared to the linked quarter to $10.2 billion Balance Sheet Average deposits increased $1.5 billion compared to the linked quarter to $11.7 billion EOP investment securities decreased $31.9 million compared to the linked quarter Provision expense = $20.2 million. Net charge-offs = $3.1 million. NCOs / Avg. Loans = 0.12% annualized Asset Quality Nonperforming Loans / Total Loans = 0.75%. Nonperforming Assets / Total Assets = 0.49% ACL / Nonaccrual Loans = 233.74%. Classified Assets / Total Assets = 0.79% ACL / Total loans = 1.56%; 1.71% of loans excluding PPP Total capital ratio = 15.13% Tier 1 common equity ratio = 11.44% Capital Tangible common equity ratio = 8.09%; 8.62% excluding PPP loans Tangible book value per share = $12.26 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 30 for Adjusted Earnings detail. 4

2Q 2020 Highlights Quarterly earnings impacted by elevated provision expense Adjusted1 earnings per share - $0.40 Adjusted1 return on assets – 1.00% Adjusted1 pre-tax, pre-provision return on assets – 1.73% Adjusted1 return on average tangible common equity – 13.47% Strong loan and deposit growth Loan balances increased $873.9 million compared to the linked quarter; 37.8% on an annualized basis; included $885.3 million of PPP loans, net of unearned fees End of period deposit balances grew $1.1 billion compared to linked quarter; 40.3% on an annualized basis Net interest margin (FTE) stronger than expected given decline in interest rates 33 bp decline driven by the previous Fed rate cuts and the normalization of LIBOR, partially offset by disciplined funding management Strong fee income Mortgage banking revenue increased $13.8 million, or 488.6% Foreign exchange income of $6.6 million despite COVID-19 headwinds Continued strong client derivative fee income Service charges declined $2.4 million, or 28.9% Core expenses in line with initial expectations Adjusted1 noninterest expense of $86.5 million; adjusted for $0.7 million of COVID-19 related expenses and approximately $1.5 million of other non- recurring costs such as branch consolidation costs $0.8 million of incremental expenses related to PPP Elevated 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 $158.7 million or 1.56% of total loans; $17.9 provision expense Unfunded Commitments - ACL of $16.7 million; $2.4 million provision expense Substantially all of second quarter provision expense related to expected economic impact from COVID-19 Strong Capital ratios and Liquidity Issued $150 million of sub-debt Total capital of 15.13%; Tier 1 common equity of 11.44%; Tangible common equity of 8.09% Tangible book value increased to $12.26 No shares repurchased during the quarter; suspended share buybacks on March 13th Ample liquidity, with $6.1 billion of funding capacity 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

Adjusted1 Net Income The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. 2Q 2020 1Q 2020 As Reported Adjusted As Reported Adjusted Net interest income $ 111,576 $ 111,576 $ 114,282 $ 114,282 Provision for credit losses-loans and leases $ 17,859 $ 17,859 $ 23,880 $ 23,880 Provision for credit losses-unfunded commitments $ 2,370 $ 2,370 $ 1,568 $ 1,568 Noninterest income $ 42,725 $ 42,725 $ 35,384 $ 35,384 less: gains (losses) on investment securities - 128 A - (157) A Total noninterest income $ 42,725 $ 42,597 $ 35,384 $ 35,541 Noninterest expense $ 88,689 $ 88,689 $ 89,666 $ 89,666 less: severance and merger-related expenses - 35 A - 329 A less: COVID-19 donations and costs - 660 A - 1,011 A less: other - 1,507 A - 1,139 A Total noninterest expense $ 88,689 $ 86,487 $ 89,666 $ 87,187 Income before income taxes $ 45,383 $ 47,457 $ 34,552 $ 37,188 Income tax expense $ 7,990 $ 7,990 $ 5,924 $ 5,924 plus: tax effect of adjustments (A) @ 21% statutory rate - 436 - 554 Total income tax expense $ 7,990 $ 8,426 $ 5,924 $ 6,478 Net income $ 37,393 $ 39,031 $ 28,628 $ 30,710 Net earnings per share - diluted $ 0.38 $ 0.40 $ 0.29 $ 0.31 Pre-tax, pre-provision return on average assets 1.68% 1.73% 1.66% 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 1.63% 1.54% $0.58 $0.56 1.41% $0.52 $0.40 1.00% $0.31 0.85% 1.50% $0.53 $0.51 $0.49 1.41% 1.34% $0.38 0.96% $0.29 0.79% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 1 1 Diluted EPS Adjusted EPS ROA Adjusted ROA Return on Avg Tangible Common Equity Efficiency Ratio 18.87% 17.67% 59.8% 59.9% 16.73% 58.2% 57.5% 55.7% 56.4% 56.1% 53.8% 13.47% 52.0% 50.3% 10.41% 17.33% 16.15% 15.84% 12.90% 9.71% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 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) 4.04% Net Interest Income 3.96% 3.89% 0.23% 3.77% 0.21% 0.12% 0.21% 0.15% 0.16% 0.14% 0.10% 3.44% $122.3 $121.5 0.17% $118.9 0.10% $7.4 $6.8 $114.3 $6.7 $111.6 $3.6 $4.6 $4.5 $4.9 3.69% $3.1 $4.5 3.60% 3.54% 3.51% $5.8 1 $3.3 3.17% 2Q19 3Q19 4Q19 1Q20 2Q20 Basic Margin (FTE) Loan Fees Purchase Accounting 2Q20 NIM (FTE) Progression 1Q20 3.77% Asset yield / mix -0.57% Funding cost / mix 0.26% 2Q19 3Q19 4Q19 1Q20 2Q20 PPP Loan/Funding -0.03% Loan Fees Loan Accretion PPP Interest/Fees Purchase accounting and other 0.01% 2Q20 3.44% 1 includes 3 bps dilution from PPP All dollars shown in millions 8

Average Balance Sheet Average Loans Average Deposits 5.73% 5.58% 5.33% 0.82% 0.80% 5.04% 4.25% 0.74% 0.64% 0.40% $10,002 $8,853 $9,014 $9,149 $9,221 $11,731 $10,096 $10,018 $10,222 $10,234 2Q19 3Q19 4Q19 1Q20 2Q20 1 2Q19 3Q19 4Q19 1Q20 2Q20 Gross Loans Loan Yield (Gross) Total Deposits Cost of Deposits Average Securities 3.29% 3.21% 3.16% 3.04% 2.97% $3,409 $3,291 $3,103 $3,116 $3,164 2Q19 3Q19 4Q19 1Q20 2Q20 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 $107.9 $462 5% Oak Street Commercial -$54.0 Mortgage $626 $1,108 6% Small Business Banking -$37.3 11% 1 PPP $885 Consumer -$20.2 Consumer Other 9% $848 $79 Mortgage -$21.5 8% 1% Oak Street $16.2 Small Business Banking Franchise $7.0 $1,025 10% 1 PPP $885.3 Other -$9.5 ICRE Commercial $3,487 $1,662 34% 16% Total growth/(decline): $873.9 million 1 Net of unearned fees of $27.6 million All dollars shown in millions 10

Deposits Deposit Product Mix (Avg) 2Q20 Average Deposit Progression Total $11.7 billion Noninterest-bearing $666.6 Public Funds Interest-bearing $1,664 demand 14% $1,522 Interest-bearing demand $128.3 13% Brokered CDs Savings $83.8 $1,187 10% Noninterest- Money Markets $155.6 bearing $3,164 Retail CDs 27% Retail CDs -$82.3 $1,318 11% Brokered CDs $483.3 Money Markets Savings Public Funds $61.8 $1,899 $977 16% 9% Total growth/(decline): $1.5 billion All dollars shown in millions 11

Noninterest Income Noninterest Income 2Q20 Highlights Total $42.7 million $16.7 million of gains from sales of loans; a $13.8 million, or 488.6% Other increase from 1Q20 $3,544 8% Service Charges $6,001 $6.6 million of foreign exchange 14% income despite COVID-19 headwinds Wealth Mgmt $4,114 Continued momentum with $3.0 million 10% of client derivative fees Gains from sales Bankcard of loans $2,844 $16,662 7% Trust and wealth management fees of 39% $4.1 million Client derivatives $2,984 Foreign 7% Service charges declined $2.4 million, exchange or 28.9% to $6.0 million due to impact income $6,576 of COVID 15% All dollars shown in thousands 12

Noninterest Expense Noninterest Expense 2Q20 Highlights Includes $0.7 million of COVID-19 Intangible Total $88.7 million amortization related expenses $2,791 3% Other Professional $11,690 $1.5 million related to other non- services 13% $2,205 recurring expenses such as merger 3% related and branch consolidation costs Data processing $0.8 million of incremental expenses $7,019 8% related to PPP Occupancy and Salaries and equipment benefits $9,059 $55,925 10% 63% All dollars shown in thousands 13

Current Expected Credit Losses - Loans and Leases ACL/Total Loans 2Q20 Highlights $158.7 million, or 1.56% of loan balances; 1.55% 1.56% 1.71% excluding PPP 1.29% $158.7 $143.9 $17.9 million provision expense substantially $119.2 0.69% 0.62% 0.63% driven by expected economic impact of COVID-19 $61.5 $56.6 $57.7 Utilizes final June Moody’s baseline forecast in 1 1 1 2Q19 3Q19 4Q19 1/1/2020 1Q20 2Q20 quantitative model Allowance for Credit Losses ACL / Total Loans $16.7 million ACL – unfunded commitments; $2.4 million provision expense ACL by Loan Type Adoption Impact 12/31/2019 1/1/2020 3/31/2020 6/30/2020 Loans $119.2 million, an increase of $61.5 million Commercial and industrial $ 18,584 $ 28,485 $ 45,409 $ 50,421 from 12/31/19 Lease financing 971 1,089 1,494 1,431 Real estate -construction 2,381 13,960 13,511 15,357 Real estate - commercial 23,579 47,697 53,155 62,340 Day 1 increase driven by acquired loans and Real estate - residential 5,299 10,789 11,284 10,581 life of loan expectations compared to the Home equity 4,787 13,217 14,827 14,236 incurred loss model Installment 392 1,193 1,238 1,226 Credit card 1,657 2,726 2,967 3,069 1 ACL-loan and lease losses $ 57,650 $ 119,155 $ 143,885 $ 158,661 1 ACL-unfunded commitments $ 585 $ 12,740 $ 14,308 $ 16,678 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 1.02% 0.92% 0.83% 0.62% 0.56% 0.79% 0.42% 0.48% 0.49% $147.8 0.62% $132.5 $124.5 $125.5 $90.2 $80.8 $78.1 $72.2 $89.3 $61.6 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Classified Assets Classified Assets / Total Assets NPAs NPAs / Total Assets Net Charge Offs & Provision Expense $25.4 0.45% $20.2 $10.2 0.15% 0.08% 0.12% $6.5 $5.0 $4.8 -0.04% $3.1 $1.8 $3.5 -$0.9 1 2Q19 3Q19 4Q19 1Q20 2Q20 NCOs Provision Expense2 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 12.00% 11.52% 11.30% 11.27% 11.44% 12.40% 11.91% 11.69% 11.66% 11.83% 7.00% 8.50% 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Tier 1 Common Equity Ratio Basel III minimum Tier 1 Capital Ratio Basel III minimum Total Capital Ratio Tangible Common Equity Ratio 15.13% 14.20% 9.34% 9.17% 13.62% 13.39% 13.54% 9.07% 8.25% 8.09% 10.50% 2 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q201 2Q20 Total Capital Ratio Basel III minimum Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $11,078,714 1 Decline related to adoption of CECL during the quarter 2 Increased 134 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 6.6% annualized dividend yield $12.79 $12.42 July 2020 stress testing indicates $12.33 $12.26 capital ratios above regulatory $11.82 minimums in all modeled scenarios Targeted dividend payout ratio remains 40 - 45% over the long term, but is subject to change based on economic conditions and the Company’s financial performance No shares repurchased in second 2Q19 3Q19 4Q19 1Q20 1 2Q20 1 quarter; suspended share buybacks on March 13th Tangible Book Value per Share 1 Decline related to adoption of CECL during the quarter 17

COVID – 19 Related Information

Relief Program Overview Associates Consumers Businesses Communities •More than half of our associates •Introductions of hardship relief •Prudently working with clients to •Many organizations in our are working from home. programs like, payment deferrals, provide access to capital, defer communities are mobilizing to fee-waivers, and the suspension payments when appropriate, and help provide assistance to those •Up to four weeks of pandemic pay of new foreclosures. provide support during this impacted economically by is available for associates who difficult time. Coronavirus. cannot work on-site or at home. •Modifications have been made to many products and service •Our experienced team is helping •First Financial has helped to lead •Protocols have been implemented channels to make it easier and clients leverage relief programs those efforts by contributing $1 for cleaning and distancing at all faster to make transactions, open such as the SBA Disaster Loan million to help fund COVID-19 worksites. accounts and conduct banking program, the CARES Act relief efforts throughout our from home. Paycheck Protection Program, and footprint in the first quarter of •Financial assistance, like payment the Main Street Lending Program. 2020. deferrals, line of credit increases, •Virtually all transactions can be and access to our experts is handled via the drive-thru, •As of June 30, we have received available to all. including the ability to provide over 8,000 loan requests totaling official checks, money orders, and $1.2 billion, securing PPP SBA •Mental wellbeing is being replacement debit cards. approval for approximately 6,800 emphasized as we promote our loans totaling $913 million. employee assistance program. •A hardship phone line and online form make it easy for clients to •As of June 30, we have modified reach out and request help. over $2.0 billion in loan balances. •As of June 30, we have successfully modified over $126 million in consumer loans, including almost $103 million of residential mortgages. 19

Loan Concentrations C&I Loans by Industry 1 CRE Loans by Collateral 2 C&I Loans: $4.4B CRE Loans: $3.8B Accommodation & Food Services Office Hotel/Motel Strip Center 13% 15% 11% 6% Real Estate Manufacturing 10% Nursing/Assisted 13% Living 6% Health Care Retail 7% Residential, 1-4 17% Finance & Family Insurance Construction 3% 6% 16% Restaurant 3% Industrial Facility Professional & 3% Tech Residential, Multi 5% Other Other Family 5+ 14% 16% Retail Trade 22% 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, Waste Management, Arts & Recreation, and Educational Services. 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. 20

Loan Portfolio - Areas of Focus Loans (EOP) Areas of Focus Total $10.2 Billion Asset classes with areas of focus Franchise $462 5% PPP: $913 million in balances or 9% Hotels $410 of total loans 4% Franchise: $462 million in balances, Retail ICRE $838 or 5% of total loans 8% All other loans $7,559 74% PPP Hotels: $410 million in balances, or $913 9% 4% of total loans Retail CRE: $838 million in balances, or 8% of total loans All dollars shown in millions 21

Area of Focus – Paycheck Protection Program $913MM, or 9% of the total portfolio; PPP Portfolio by Division $27.6 million of unearned fees as of Total $912.9 Million Commercial June 30 Finance $65.0 7% Program remains open but demand Consumer Banking ICRE $399.6 is minimal $26.0 44% 3% Forgiveness process awaiting final guidance from the SBA Internal processes ready Commercial Expected to launch in the next 30 $422.3 days 46% Receiving some forgiveness inquiry, but to date, demand is low PPP Portfolio Top 5 Industries Majority of customers retaining $180 800 $160 700 stimulus $140 600 $120 500 $100 400 $80 Balances Balances 300 $60 $40 200 Loans or Number $20 100 $0 0 Manufacturing Profess, Construction Health Care Accomm. & Scientific, & Social Asst Food Services Tech Services Balances Number of Loans All dollars shown in millions 22

Areas of Focus - Franchise Portfolio $462 million in balances or 5% of total loans Top 10 Concepts 93% of portfolio was pass rated as of 6/30 $100 25.0% $90 9 of top 10 largest relationships include some real $80 20.0% estate collateral $70 $60 15.0% $296 million, or 64%, secured an initial 90 day $50 payment deferral; majority set to expire in late July, Balances $40 10.0% $30 % of Portfolio August $20 5.0% $10 $157 million of deferred loans have returned to $0 0.0% making full principal and interest payments $84 million of deferred loans have requested and been granted a second deferral Balances % of Portfolio Restaurant Type Geography Ohio Sit Down $151 Georgia 33% New Mexico New Jersey Delivery North Carolina $110 24% Virginia Florida Drive Thru Texas $201 43% California 0% 5% 10% 15% 20% 25% All dollars shown in millions 23

Area of Focus - Hotel Portfolio $410 million balance represents 4% of the total loan portfolio $67 16% $31 76% of the hotel portfolio is located within the 8% Bank’s geographic footprint $152 37% $41 $370 million, or 90%, secured an initial 90 day 10% payment deferral; given continued low occupancy rates, majority expected to request a second 90 day full P&I or interest-only deferral $119 29% 2019 data (pre-COVID 19) indicates the hotel portfolio was strong with an average LTV of 63% Marriott Hilton IHG Choice Other and DSC of 1.58x. Majority concentrated in Midwest Metro markets reliant on business travel Overall we have little exposure to large $97 convention center hotels or fly-to-leisure 24% destinations. $313 76% Footprint Out of Footprint All dollars shown in millions 24

Area of Focus - ICRE Retail $838 million, or 8% of the total portfolio State $300 60% of the portfolio is located within the Bank’s geographic footprint $250 $200 Bank has focused on strong locations with adequately capitalized sponsors $150 $100 2019 data (pre-COVID) indicates the portfolio has an average LTV of 67% $50 $0 $507 million, or 61%, secured an initial 90 OH IN KY NY SC NC NE IL MD WV day payment deferral Retail Properties >$3 million $300 $250 $200 $150 $100 $50 $0 Power Anchored Unanchored Other Single Lifestyle Center Strip Strip Tenant Center All dollars shown in millions 25

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; gradual decline with eventual spending of PPP/stimulus Expected to be positively impacted by PPP forgiveness Net Interest Margin Under slight pressure given low interest rate environment Elevated provision expense in near term Credit Higher credit losses anticipated in back half of the year Elevated mortgage income expected in near-term, with normalized premiums and seasonal declines in volume later in the year Noninterest income Slowly returning deposit overdraft, service charge and interchange revenues Foreign exchange income expected to rebound in near-term Will gradually increase as business activities normalize Noninterest Expense Near-term pause in discretionary expenditures and significant investments except where critical Originated approximately $913 million of PPP loans with average fees of 3.3% PPP Forgiveness payoffs expected to start in 3Q and be concentrated in 4Q and early 2021. 1 See Forward Looking Statement Disclosure on page 2 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. 26

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 27

Appendix: Non-GAAP to GAAP Reconciliation Net interest income and net interest margin - fully tax equivalent Three months ended June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2020 2020 2019 2019 2019 Net interest income $ 111,576 $ 114,282 $ 118,902 $ 121,535 $ 122,302 Tax equivalent adjustment 1,664 1,624 1,630 1,759 1,416 Net interest income - tax equivalent $ 113,240 $ 115,906 $ 120,532 $ 123,294 $ 123,718 Average earning assets $ 13,258,612 $ 12,375,698 $ 12,288,761 $ 12,343,327 $ 12,294,911 Net interest margin1 3.38 % 3.71 % 3.84 % 3.91 % 3.99 % Net interest margin (fully tax equivalent)1 3.44 % 3.77 % 3.89 % 3.96 % 4.04 % 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 28

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP ratios Three months ended June 30, Mar. 31, Dec. 31, Sep. 30, June 30, (Dollars in thousands, except per share data) 2020 2020 2019 2019 2019 Net income (a) $ 37,393 $ 28,628 $ 48,677 $ 50,856 $ 52,703 Average total shareholders' equity 2,185,865 2,209,733 2,245,107 2,210,327 2,146,997 Less: Goodwill (937,771) (937,771) (937,710) (899,888) (879,726) Other intangibles (72,086) (75,014) (78,190) (51,365) (37,666) MSR's (10,254) (10,608) (10,367) (10,118) (9,906) Average tangible equity (b) 1,165,754 1,186,340 1,218,840 1,248,956 1,219,699 Total shareholders' equity 2,221,019 2,179,383 2,247,705 2,261,313 2,188,189 Less: Goodwill (937,771) (937,771) (937,771) (937,689) (879,727) Other intangibles (70,325) (73,258) (76,201) (79,506) (36,349) MSR's (11,250) (10,278) (10,650) (10,293) (10,086) Ending tangible equity (c) 1,201,673 1,158,076 1,223,083 1,233,825 1,262,027 Total assets 15,870,890 15,057,567 14,511,625 14,480,445 14,437,663 Less: Goodwill (937,771) (937,771) (937,771) (937,689) (879,727) Other intangibles (70,325) (73,258) (76,201) (79,506) (36,349) MSR's (11,250) (10,278) (10,650) (10,293) (10,086) Ending tangible assets (d) 14,851,544 14,036,260 13,487,003 13,452,957 13,511,501 Risk-weighted assets (e) 11,078,714 11,027,347 11,023,795 10,883,554 10,674,394 Total average assets 15,710,204 14,524,422 14,460,288 14,320,514 14,102,733 Less: Goodwill (937,771) (937,771) (937,710) (899,888) (879,726) Other intangibles (72,086) (75,014) (78,190) (51,365) (37,666) MSR's (10,254) (10,608) (10,367) (10,118) (9,906) Average tangible assets (f) $ 14,690,093 $ 13,501,029 $ 13,434,021 $ 13,359,143 $ 13,175,435 Ending shares outstanding (g) 98,018,858 97,968,958 98,490,998 100,094,819 98,647,690 Ratios Return on average tangible shareholders' equity (a)/(b) 12.90% 9.71% 15.84% 16.15% 17.33% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 8.09% 8.25% 9.07% 9.17% 9.34% Risk-weighted assets (c)/(e) 10.85% 10.50% 11.09% 11.34% 11.82% Average tangible equity as a percent of average tangible assets (b)/(f) 7.94% 8.79% 9.07% 9.35% 9.26% Tangible book value per share (c)/(g) $ 12.26 $ 11.82 $ 12.42 $ 12.33 $ 12.79 All dollars shown in thousands 29

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP measures 2Q20 1Q20 4Q19 3Q19 2Q19 (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) $ 111,576 $ 111,576 $ 114,282 $ 114,282 $ 118,902 $ 118,902 $ 121,535 $ 121,535 $ 122,302 $ 122,302 Provision for credit losses-loans and leases (j) 17,859 17,859 23,880 23,880 4,629 4,629 5,228 5,228 6,658 6,658 Provision for credit losses-unfunded commitments (j) 2,370 2,370 1,568 1,568 Noninterest income 42,725 42,725 35,384 35,384 36,768 36,768 33,140 33,140 34,638 34,638 less: gains (losses) on sale of investment securities 128 (157) (56) 208 52 Total noninterest income (g) 42,725 42,597 35,384 35,541 36,768 36,824 33,140 32,932 34,638 34,586 Noninterest expense 88,689 88,689 89,666 89,666 93,064 93,064 86,226 86,226 84,378 84,378 less: severance and merger-related expenses 35 329 693 5,192 5,187 less: historic tax credit write-down @ 21% 2,862 less: COVID-19 costs 660 1,011 less: other 1,507 1,139 1,740 711 336 Total noninterest expense (e) 88,689 86,487 89,666 87,187 93,064 87,769 86,226 80,323 84,378 78,855 Income before income taxes (i) 45,383 47,457 34,552 37,188 57,977 63,328 63,221 68,916 65,904 71,375 Income tax expense 7,990 7,990 5,924 5,924 9,300 9,300 12,365 12,365 13,201 13,201 plus: tax effect of adjustments 436 554 377 926 785 plus: after-tax impact of historic tax credit write-down @ 35% 2,261 Total income tax expense (h) 7,990 8,426 5,924 6,478 9,300 11,938 12,365 13,291 13,201 13,986 Net income (a) $ 37,393 $ 39,031 $ 28,628 $ 30,710 $ 48,677 $ 51,390 $ 50,856 $ 55,625 $ 52,703 $ 57,389 Average diluted shares (b) 97,989 97,989 98,356 98,356 99,232 99,232 99,078 99,078 98,648 98,648 Average assets (c) 15,710,204 15,710,204 14,524,422 14,524,422 14,460,288 14,460,288 14,320,514 14,320,514 14,102,733 14,102,733 Average shareholders' equity 2,185,865 2,185,865 2,209,733 2,209,733 2,245,107 2,245,107 2,210,327 2,210,327 2,146,997 2,146,997 Less: Goodwill and other intangibles (1,020,111) (1,020,111) (1,023,393) (1,023,393) (1,026,267) (1,026,267) (961,371) (961,371) (927,298) (927,298) Average tangible equity (d) 1,165,754 1,165,754 1,186,340 1,186,340 1,218,840 1,218,840 1,248,956 1,248,956 1,219,699 1,219,699 Ratios Net earnings per share - diluted (a)/(b) $ 0.38 $ 0.40 $ 0.29 $ 0.31 $ 0.49 $ 0.52 $ 0.51 $ 0.56 $ 0.53 $ 0.58 Return on average assets - (a)/(c) 0.96% 1.00% 0.79% 0.85% 1.34% 1.41% 1.41% 1.54% 1.50% 1.63% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.68% 1.73% 1.66% 1.73% 1.72% 1.86% 1.90% 2.05% 2.06% 2.22% Return on average tangible shareholders' equity - (a)/(d) 12.90% 13.47% 9.71% 10.41% 15.84% 16.73% 16.15% 17.67% 17.33% 18.87% Efficiency ratio - (e)/((f)+(g)) 57.5% 56.1% 59.9% 58.2% 59.8% 56.4% 55.7% 52.0% 53.8% 50.3% Effective tax rate - (h)/(i) 17.6% 17.8% 17.1% 17.4% 16.0% 18.9% 19.6% 19.3% 20.0% 19.6% 30

First Financial Bank First Financial Center 225 East Fifth Street Suite 800 Cincinnati, OH 45202-4248 31

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