ffbc-20200723

Exhibit 99.1

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

[email protected] [email protected]

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.
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.
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.
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.
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.
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.
CREDIT QUALITY
(Dollars in thousands)
(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
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	0			61,505			0			0			0			61,505			0
Provision for credit losses	17,859			23,880			4,629			5,228			6,658			41,739			20,741
Gross charge-offs
Commercial and industrial	1,282			1,091			2,919			9,556			1,873			2,373			14,201
Lease financing	0			0			62			0			0			0			100
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	2,037			4			1,854			535			86			2,041			1,300
Residential real estate	148			115			167			278			150			263			232
Home equity	428			267			807			627			689			695			1,157
Installment	7			61			31			65			78			68			127
Credit card	234			311			319			598			289			545			630
Total gross charge-offs	4,136			1,849			6,159			11,659			3,165			5,985			17,747
Recoveries
Commercial and industrial	275			2,000			1,796			556			291			2,275			531
Lease financing	0			0			0			0			0			0			0
Construction real estate	14			0			0			0			5			14			68
Commercial real estate	424			234			439			347			254			658			327
Residential real estate	93			52			72			64			101			145			137
Home equity	156			339			243			335			572			495			757
Installment	27			31			49			93			61			58			109
Credit card	64			43			29			39			50			107			84
Total recoveries	1,053			2,699			2,628			1,434			1,334			3,752			2,013
Total net charge-offs	3,083			(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	0.13		%	(0.15)		%	0.18		%	1.42		%	0.25		%	0.01		%	1.09		%
Lease financing	0.00		%	0.00		%	0.27		%	0.00		%	0.00		%	0.00		%	0.22		%
Construction real estate	(0.01)		%	0.00		%	0.00		%	0.00		%	0.00		%	(0.01)		%	(0.03)		%
Commercial real estate	0.15		%	(0.02)		%	0.14		%	0.02		%	(0.02)		%	0.06		%	0.05		%
Residential real estate	0.02		%	0.02		%	0.04		%	0.08		%	0.02		%	0.02		%	0.02		%
Home equity	0.14		%	(0.04)		%	0.29		%	0.15		%	0.06		%	0.05		%	0.10		%
Installment	(0.10)		%	0.15		%	(0.08)		%	(0.13)		%	0.08		%	0.03		%	0.04		%
Credit card	1.54		%	2.15		%	2.27		%	4.40		%	1.92		%	1.86		%	2.26		%

Total net charge-offs	0.12		%	(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	1,353			222			223			284			295			1,353			295
Construction real estate	0			0			0			5			6			0			6
Commercial real estate	14,002			10,050			7,295			14,889			15,981			14,002			15,981
Residential real estate	12,813			11,163			10,892			11,655			11,627			12,813			11,627
Home equity	5,604			5,821			5,242			5,427			4,745			5,604			4,745
Installment	201			145			167			75			195			201			195

Nonaccrual loans	67,879			48,527			48,165			60,693			51,351			67,879			51,351
Accruing troubled debt restructurings (TDRs)	8,377			22,206			11,435			18,450			37,420			8,377			37,420
Total nonperforming loans	76,256			70,733			59,600			79,143			88,771			76,256			88,771
Other real estate owned (OREO)	1,872			1,467			2,033			1,613			1,421			1,872			1,421
Total nonperforming assets	78,128			72,200			61,633			80,756			90,192			78,128			90,192
Accruing loans past due 90 days or more	124			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	233.74		%	296.51		%	119.69		%	93.18		%	119.86		%	233.74		%	119.86		%
Nonperforming loans	208.06		%	203.42		%	96.73		%	71.46		%	69.33		%	208.06		%	69.33		%
Total ending loans	1.56		%	1.55		%	0.63		%	0.62		%	0.69		%	1.56		%	0.69		%
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		%
Total assets	0.49		%	0.48		%	0.42		%	0.56		%	0.62		%	0.49		%	0.62		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.68		%	0.54		%	0.55		%	0.69		%	0.59		%	0.68		%	0.59		%
Total assets	0.44		%	0.33		%	0.35		%	0.43		%	0.37		%	0.44		%	0.37		%
Classified assets to total assets	0.79		%	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.


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

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


		By: /s/ James M. Anderson
		James M. Anderson
		Executive Vice President and Chief Financial Officer

Date:	July 23, 2020