Equibles

8-K

First Financial Bancorp /Oh/ (FFBC)

8-K 2024-07-25 For: 2024-07-25
View Original
Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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

FIRST FINANCIAL BANCORP.

(Exact name of registrant as specified in its charter)

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

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

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

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

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

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

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

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

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

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

Emerging growth company     ☐

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

Item 2.02    Results of Operations and Financial Condition.

On July 25, 2024, 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 2024. A copy of the earnings press release is attached as Exhibit 99.1.

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

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

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits:

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

Exhibit No.    Description

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

99.2 First Financial Bancorp. presentation materials

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

SIGNATURES

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

FIRST FINANCIAL BANCORP.

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

Document

Exhibit 99.1

yellowbara12.jpgbancorplogoa04.jpg

First Financial Bancorp Announces Second Quarter 2024

Financial Results and Quarterly Dividend Increase

•Earnings per diluted share of $0.64; $0.65 on an adjusted(1) basis

•Return on average assets of 1.38%; 1.40% on an adjusted(1) basis

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

•Record fee income of $61.5 million

•Loan growth of $316.1 million; 11.3% on an annualized basis

•Average deposit growth of $351.1 million; 10.6% on an annualized basis

•Net charge-offs 0.15% of total loans; 23 bp decline from linked quarter

•Board of Directors approved quarterly dividend increase to $0.24

Cincinnati, Ohio - July 25, 2024. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2024.

For the three months ended June 30, 2024, the Company reported net income of $60.8 million, or $0.64 per diluted common share. These results compare to net income of $50.7 million, or $0.53 per diluted common share, for the first quarter of 2024. For the six months ended June 30, 2024, First Financial had earnings per diluted share of $1.17 compared to $1.43 for the same period in 2023.

Return on average assets for the second quarter of 2024 was 1.38% while return on average tangible common equity was 20.57%(1). These compare to return on average assets of 1.18% and return on average tangible common equity of 17.35%(1) in the first quarter of 2024.

Second quarter 2024 highlights include:

•Net interest margin of 4.06%, or 4.10% on a fully tax-equivalent basis(1)

◦Unchanged from first quarter, exceeding expectations

◦14 bp increase in earning asset yields driven by 10 bp increase in loan yields and 22 bp increase in yield on the investment securities portfolio

◦Cost of deposits increased 14 bp during second quarter; pace of increase moderated compared to 22 bp increase in first quarter

•Record noninterest income of $61.5 million, or $61.6 million as adjusted(1)

◦Foreign exchange income increased $6.4 million, or 60.9% from first quarter

◦Strong leasing business income of $16.8 million; 15.3% increase from first quarter

◦Record wealth management income; 7.4% increase from linked quarter

◦Double digit percentage growth from linked quarter in mortgage banking and bankcard income

•Noninterest expenses of $123.6 million, or $122.5 million as adjusted(1); 1.2% increase from linked quarter

◦Increase driven by variable compensation tied to fee income

◦Second quarter adjustments(1) include $0.4 million of efficiency related costs and $0.8 million of other costs such as acquisition, severance and branch consolidation costs

◦Efficiency ratio of 57.5%; 57.0% as adjusted(1)

•Solid loan growth during the quarter

◦Loan balances increased $316.1 million compared to the linked quarter; 11.3% annualized growth

◦Broad-based growth driven by C&I, Agile and Summit

_________________________________________________________________________________________

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

•Strong average deposit growth during the quarter

◦Average deposits increased $351.1 million, or 10.6% on an annualized basis

◦Second quarter included approximately $100 million of seasonal public fund increases

◦Growth in money market accounts, retail CDs and brokered CDs offset modest declines in noninterest bearing checking and savings balances

•Total Allowance for Credit Losses of $172.6 million; Total quarterly provision expense of $16.4 million

◦Loans and leases - ACL of $156.2 million; ratio to total loans of 1.36% increased 7 bps from first quarter

◦Unfunded Commitments - ACL of $16.4 million

◦Provision expense driven by loan growth and downward credit migration; Classified assets 1.07% of total assets

◦Annualized net charge-offs were 15 bps of total loans; 23 bps decline from linked quarter

•Capital ratios stable and strong

◦Total capital ratio increased 16 bps to 14.47%

◦Tier 1 common equity increased 11 bps to 11.78%

◦Tangible common equity of 7.23%(1); 9.13%(1) excluding impact from AOCI

◦Tangible book value per share of $12.94(1); 3.5% increase from linked quarter

Additionally, the board of directors approved a quarterly dividend of $0.24 per common share for the next regularly scheduled dividend, payable on September 16, 2024 to shareholders of record as of September 2, 2024.

Archie Brown, President and CEO, commented on the quarter, “We had an outstanding quarter. Adjusted(1) earnings per share were $0.65 per share, which resulted in an adjusted(1) return on assets of 1.40% and an adjusted(1) return on tangible common equity of 20.88%. Loan growth was exceptionally strong again this quarter with balances increasing by 11% on an annualized basis, and was a significant driver to the increase to net interest income. Growth was broad-based and was led by Commercial Banking. Similarly, average deposits grew approximately 11% for the period, with interest bearing deposits and a seasonal increase in public fund balances driving the increase. Our 4.10% tax equivalent net interest margin was unchanged from the first quarter and remains at or near the top of our peer group.”

Mr. Brown continued, “Total adjusted(1) revenue increased $14.4 million, or 7% compared to the linked quarter. Additionally, we posted record adjusted(1) noninterest income of $61.6 million. Growth in fee income was broad-based for the period with foreign exchange revenue growing more than 60% from the linked quarter. Leasing business income, mortgage banking and bankcard income all increased by double digit percentages and wealth management income posted another record quarter. Adjusted(1) expenses increased by 1.2% compared to the first quarter. The increase included a full quarter of Agile expenses, the impact of annual salary adjustments that occurred late in the first quarter and variable compensation tied to our record fee income. Through our workforce efficiency initiative, we have eliminated 90 full-time positions to date, and this work will continue through the remainder of the year.”

Mr. Brown commented on asset quality and the ACL, “I am pleased with the 23 basis point decline in net charge-offs to 15 basis points, which marks the third consecutive quarter that charge-offs have declined. We did experience some downward credit migration during the period, however this was not concentrated in any particular loan type, and nonperforming loans as a percentage of total assets was relatively flat compared to the prior quarter. Our ACL increased to 1.36% of total loans, and based on our outlook for loan growth and credit quality, we would expect provision to decline to levels approximating the first quarter in the coming periods.”

Mr. Brown concluded, “We are pleased to announce that our Board of Directors approved a $0.01 increase in the common dividend to $0.24. The 4.3% dividend increase results in a dividend payout ratio within our target range of 35% - 40% of net income and increases our already attractive yield. I am encouraged with our operating performance through the first half of 2024 and look forward to continued success for the full year.”

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

Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Friday, July 26, 2024 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (609) 800-9099 (U.S. toll), access code 5048068. The recording will be available until August 9, 2024. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

Press Release and Additional Information on Website

This press release as well as supplemental information are available to the public through the Investor Relations section of First Financial's website at www.bankatfirst.com.

Use of Non-GAAP Financial Measures

This earnings release contains GAAP financial measures and Non-GAAP financial measures where management believes it to be helpful in understanding the Company’s results of operations or financial position. Where Non-GAAP financial measures are used, the comparable GAAP financial measures, as well as a reconciliation to the comparable GAAP financial measure, can be found in the section titled “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

Forward-Looking Statements

Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “expected,” “estimated,” ‘‘intends’’ and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements.

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements.  Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements.  Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation:

•economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business;

•future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses

•the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry;

•Management’s ability to effectively execute its business plans;

•mergers and acquisitions, including costs or difficulties related to the integration of acquired companies;

•the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period;

•the effect of changes in accounting policies and practices;

•changes in consumer spending, borrowing and saving and changes in unemployment;

•changes in customers’ performance and creditworthiness;

•the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;

•current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

•the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products;

•our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

•financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

•the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;

•the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses;

•a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;

•the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and

•our ability to develop and execute effective business plans and strategies.

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2023, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov.

All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing.  Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of June 30, 2024, the Company had $18.2 billion in assets, $11.5 billion in loans, $13.7 billion in deposits and $2.3 billion in shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.6 billion in assets under management as of June 30, 2024. The Company operated 131 full service banking centers as of June 30, 2024, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/Analysts                    Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Director of Corporate Communications

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

InvestorRelations@bankatfirst.com            media@bankatfirst.com

contentsheader0215a23.jpg

Selected Financial Information

June 30, 2024

(unaudited)

Contents Page
Consolidated Financial Highlights 2
Consolidated Quarterly Statements of Income 3
Consolidated Quarterly Statements of Income 4-5
Consolidated Statements of Condition 6
Average Consolidated Statements of Condition 7
Net Interest Margin Rate / Volume Analysis 45,513
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,
2024 2024 2023 2023 2023 2024 2023
RESULTS OF OPERATIONS
Net income $ 60,805 $ 50,689 $ 56,732 $ 63,061 $ 65,667 $ 111,494 $ 136,070
Net earnings per share - basic $ 0.64 $ 0.54 $ 0.60 $ 0.67 $ 0.70 $ 1.18 $ 1.45
Net earnings per share - diluted $ 0.64 $ 0.53 $ 0.60 $ 0.66 $ 0.69 $ 1.17 $ 1.43
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.46 $ 0.46
KEY FINANCIAL RATIOS
Return on average assets 1.38 % 1.18 % 1.31 % 1.48 % 1.55 % 1.28 % 1.62 %
Return on average shareholders' equity 10.72 % 9.00 % 10.50 % 11.62 % 12.32 % 9.86 % 13.00 %
Return on average tangible shareholders' equity (1) 20.57 % 17.35 % 21.36 % 23.60 % 25.27 % 18.97 % 27.08 %
Net interest margin 4.06 % 4.05 % 4.21 % 4.28 % 4.43 % 4.06 % 4.47 %
Net interest margin (fully tax equivalent) (1)(2) 4.10 % 4.10 % 4.26 % 4.33 % 4.48 % 4.10 % 4.51 %
Ending shareholders' equity as a percent of ending assets 12.81 % 12.99 % 12.94 % 12.49 % 12.54 % 12.81 % 12.54 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 7.23 % 7.23 % 7.17 % 6.50 % 6.56 % 7.23 % 6.56 %
Risk-weighted assets (1) 8.95 % 8.80 % 8.81 % 7.88 % 8.03 % 8.95 % 8.03 %
Average shareholders' equity as a percent of average assets 12.87 % 13.09 % 12.52 % 12.70 % 12.60 % 12.98 % 12.45 %
Average tangible shareholders' equity as a percent of average tangible assets (1) 7.15 % 7.25 % 6.57 % 6.69 % 6.57 % 7.20 % 6.39 %
Book value per share $ 24.36 $ 23.95 $ 23.84 $ 22.39 $ 22.52 $ 24.36 $ 22.52
Tangible book value per share (1) $ 12.94 $ 12.50 $ 12.38 $ 10.91 $ 11.02 $ 12.94 $ 11.02
Common equity tier 1 ratio (3) 11.78 % 11.67 % 11.73 % 11.60 % 11.34 % 11.78 % 11.34 %
Tier 1 ratio (3) 12.11 % 12.00 % 12.06 % 11.94 % 11.68 % 12.11 % 11.68 %
Total capital ratio (3) 14.47 % 14.31 % 14.26 % 14.19 % 14.16 % 14.47 % 14.16 %
Leverage ratio (3) 9.73 % 9.75 % 9.70 % 9.59 % 9.33 % 9.73 % 9.33 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $ 11,440,930 $ 11,066,184 $ 10,751,028 $ 10,623,734 $ 10,513,505 $ 11,253,557 $ 10,443,791
Investment securities 3,131,541 3,137,665 3,184,408 3,394,237 3,560,453 3,134,603 3,597,678
Interest-bearing deposits with other banks 599,348 553,654 548,153 386,173 329,584 576,501 323,837
Total earning assets $ 15,171,819 $ 14,757,503 $ 14,483,589 $ 14,404,144 $ 14,403,542 $ 14,964,661 $ 14,365,306
Total assets $ 17,728,251 $ 17,306,221 $ 17,124,955 $ 16,951,389 $ 16,968,055 $ 17,517,236 $ 16,955,596
Noninterest-bearing deposits $ 3,144,198 $ 3,169,750 $ 3,368,024 $ 3,493,305 $ 3,663,419 $ 3,156,974 $ 3,808,362
Interest-bearing deposits 10,486,068 10,109,416 9,834,819 9,293,860 9,050,464 10,297,742 8,954,379
Total deposits $ 13,630,266 $ 13,279,166 $ 13,202,843 $ 12,787,165 $ 12,713,883 $ 13,454,716 $ 12,762,741
Borrowings $ 1,171,246 $ 1,139,014 $ 1,083,954 $ 1,403,071 $ 1,523,699 $ 1,155,130 $ 1,479,265
Shareholders' equity $ 2,281,040 $ 2,265,562 $ 2,144,482 $ 2,153,601 $ 2,137,765 $ 2,273,301 $ 2,110,141
CREDIT QUALITY RATIOS
Allowance to ending loans 1.36 % 1.29 % 1.29 % 1.36 % 1.41 % 1.36 % 1.41 %
Allowance to nonaccrual loans 249.21 % 243.55 % 215.10 % 193.75 % 276.70 % 249.21 % 276.70 %
Nonaccrual loans to total loans 0.54 % 0.53 % 0.60 % 0.70 % 0.51 % 0.54 % 0.51 %
Nonperforming assets to ending loans, plus OREO 0.54 % 0.53 % 0.60 % 0.71 % 0.51 % 0.54 % 0.51 %
Nonperforming assets to total assets 0.35 % 0.34 % 0.38 % 0.44 % 0.32 % 0.35 % 0.32 %
Classified assets to total assets 1.07 % 0.92 % 0.80 % 0.82 % 0.81 % 1.07 % 0.81 %
Net charge-offs to average loans (annualized) 0.15 % 0.38 % 0.46 % 0.61 % 0.22 % 0.27 % 0.11 %

(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

(3) June 30, 2024 regulatory capital ratios are preliminary.

(4) 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,
2024 2023 % Change 2024 2023 % Change
Interest income
Loans and leases, including fees $ 211,760 $ 184,387 14.8 % $ 413,600 $ 354,093 16.8 %
Investment securities
Taxable 30,295 32,062 (5.5) % 58,591 63,929 (8.3) %
Tax-exempt 2,704 3,513 (23.0) % 5,796 6,977 (16.9) %
Total investment securities interest 32,999 35,575 (7.2) % 64,387 70,906 (9.2) %
Other earning assets 7,960 3,933 102.4 % 15,418 7,477 106.2 %
Total interest income 252,719 223,895 12.9 % 493,405 432,476 14.1 %
Interest expense
Deposits 83,022 44,292 87.4 % 159,097 75,748 110.0 %
Short-term borrowings 11,395 15,536 (26.7) % 22,338 28,486 (21.6) %
Long-term borrowings 4,991 4,835 3.2 % 9,919 9,692 2.3 %
Total interest expense 99,408 64,663 53.7 % 191,354 113,926 68.0 %
Net interest income 153,311 159,232 (3.7) % 302,051 318,550 (5.2) %
Provision for credit losses-loans and leases 16,157 12,719 27.0 % 29,576 21,363 38.4 %
Provision for credit losses-unfunded commitments 286 (1,994) (114.3) % (1,973) (159) 1,140.9 %
Net interest income after provision for credit losses 136,868 148,507 (7.8) % 274,448 297,346 (7.7) %
Noninterest income
Service charges on deposit accounts 7,188 6,972 3.1 % 14,100 13,486 4.6 %
Wealth management fees 7,172 6,713 6.8 % 13,848 13,047 6.1 %
Bankcard income 3,900 3,692 5.6 % 7,042 7,284 (3.3) %
Client derivative fees 763 1,827 (58.2) % 2,013 2,832 (28.9) %
Foreign exchange income 16,787 15,039 11.6 % 27,222 31,937 (14.8) %
Leasing business income 16,828 10,265 63.9 % 31,417 23,929 31.3 %
Net gains from sales of loans 4,479 3,839 16.7 % 8,263 6,174 33.8 %
Net gain (loss) on sale of investment securities 0 (384) (100.0) % (5,277) (403) 1,209.4 %
Net gain (loss) on equity securities (64) (82) (22.0) % 26 58 (55.2) %
Other 4,448 5,377 (17.3) % 9,359 10,457 (10.5) %
Total noninterest income 61,501 53,258 15.5 % 108,013 108,801 (0.7) %
Noninterest expenses
Salaries and employee benefits 75,225 74,199 1.4 % 149,262 146,453 1.9 %
Net occupancy 5,793 5,606 3.3 % 11,716 11,291 3.8 %
Furniture and equipment 3,646 3,362 8.4 % 7,334 6,679 9.8 %
Data processing 8,877 9,871 (10.1) % 17,182 18,891 (9.0) %
Marketing 2,605 2,802 (7.0) % 4,567 4,962 (8.0) %
Communication 816 644 26.7 % 1,611 1,278 26.1 %
Professional services 2,885 2,308 25.0 % 5,153 4,254 21.1 %
State intangible tax 875 964 (9.2) % 1,752 1,949 (10.1) %
FDIC assessments 2,657 2,806 (5.3) % 5,437 5,632 (3.5) %
Intangible amortization 2,396 2,601 (7.9) % 4,697 5,201 (9.7) %
Leasing business expense 10,128 6,730 50.5 % 19,882 14,668 35.5 %
Other 7,671 8,722 (12.0) % 17,336 16,050 8.0 %
Total noninterest expenses 123,574 120,615 2.5 % 245,929 237,308 3.6 %
Income before income taxes 74,795 81,150 (7.8) % 136,532 168,839 (19.1) %
Income tax expense (benefit) 13,990 15,483 (9.6) % 25,038 32,769 (23.6) %
Net income $ 60,805 $ 65,667 (7.4) % $ 111,494 $ 136,070 (18.1) %
ADDITIONAL DATA
Net earnings per share - basic $ 0.64 $ 0.70 $ 1.18 $ 1.45
Net earnings per share - diluted $ 0.64 $ 0.69 $ 1.17 $ 1.43
Dividends declared per share $ 0.23 $ 0.23 $ 0.46 $ 0.46
Return on average assets 1.38 % 1.55 % 1.28 % 1.62 %
Return on average shareholders' equity 10.72 % 12.32 % 9.86 % 13.00 %
Interest income $ 252,719 $ 223,895 12.9 % $ 493,405 $ 432,476 14.1 %
Tax equivalent adjustment 1,418 1,601 (11.4) % 2,953 3,025 (2.4) %
Interest income - tax equivalent 254,137 225,496 12.7 % 496,358 435,501 14.0 %
Interest expense 99,408 64,663 53.7 % 191,354 113,926 68.0 %
Net interest income - tax equivalent $ 154,729 $ 160,833 (3.8) % $ 305,004 $ 321,575 (5.2) %
Net interest margin 4.06 % 4.43 % 4.06 % 4.47 %
Net interest margin (fully tax equivalent) (1) 4.10 % 4.48 % 4.10 % 4.51 %
Full-time equivalent employees 2,144 2,193
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- ---
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2024
Second First Year to % Change
Quarter Quarter Date Linked Qtr.
Interest income
Loans and leases, including fees $ 211,760 $ 201,840 $ 413,600 4.9 %
Investment securities
Taxable 30,295 28,296 58,591 7.1 %
Tax-exempt 2,704 3,092 5,796 (12.5) %
Total investment securities interest 32,999 31,388 64,387 5.1 %
Other earning assets 7,960 7,458 15,418 6.7 %
Total interest income 252,719 240,686 493,405 5.0 %
Interest expense
Deposits 83,022 76,075 159,097 9.1 %
Short-term borrowings 11,395 10,943 22,338 4.1 %
Long-term borrowings 4,991 4,928 9,919 1.3 %
Total interest expense 99,408 91,946 191,354 8.1 %
Net interest income 153,311 148,740 302,051 3.1 %
Provision for credit losses-loans and leases 16,157 13,419 29,576 20.4 %
Provision for credit losses-unfunded commitments 286 (2,259) (1,973) (112.7) %
Net interest income after provision for credit losses 136,868 137,580 274,448 (0.5) %
Noninterest income
Service charges on deposit accounts 7,188 6,912 14,100 4.0 %
Wealth management fees 7,172 6,676 13,848 7.4 %
Bankcard income 3,900 3,142 7,042 24.1 %
Client derivative fees 763 1,250 2,013 (39.0) %
Foreign exchange income 16,787 10,435 27,222 60.9 %
Leasing business income 16,828 14,589 31,417 15.3 %
Net gains from sales of loans 4,479 3,784 8,263 18.4 %
Net gain (loss) on sale of investment securities 0 (5,277) (5,277) (100.0) %
Net gain (loss) on equity securities (64) 90 26 171.1 %
Other 4,448 4,911 9,359 (9.4) %
Total noninterest income 61,501 46,512 108,013 32.2 %
Noninterest expenses
Salaries and employee benefits 75,225 74,037 149,262 1.6 %
Net occupancy 5,793 5,923 11,716 (2.2) %
Furniture and equipment 3,646 3,688 7,334 (1.1) %
Data processing 8,877 8,305 17,182 6.9 %
Marketing 2,605 1,962 4,567 32.8 %
Communication 816 795 1,611 2.6 %
Professional services 2,885 2,268 5,153 27.2 %
State intangible tax 875 877 1,752 (0.2) %
FDIC assessments 2,657 2,780 5,437 (4.4) %
Intangible amortization 2,396 2,301 4,697 4.1 %
Leasing business expense 10,128 9,754 19,882 3.8 %
Other 7,671 9,665 17,336 (20.6) %
Total noninterest expenses 123,574 122,355 245,929 1.0 %
Income before income taxes 74,795 61,737 136,532 21.2 %
Income tax expense (benefit) 13,990 11,048 25,038 26.6 %
Net income $ 60,805 $ 50,689 $ 111,494 20.0 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.64 $ 0.54 $ 1.18
Net earnings per share - diluted $ 0.64 $ 0.53 $ 1.17
Dividends declared per share $ 0.23 $ 0.23 $ 0.46
Return on average assets 1.38 % 1.18 % 1.28 %
Return on average shareholders' equity 10.72 % 9.00 % 9.86 %
Interest income $ 252,719 $ 240,686 $ 493,405 5.0 %
Tax equivalent adjustment 1,418 1,535 2,953 (7.6) %
Interest income - tax equivalent 254,137 242,221 496,358 4.9 %
Interest expense 99,408 91,946 191,354 8.1 %
Net interest income - tax equivalent $ 154,729 $ 150,275 $ 305,004 3.0 %
Net interest margin 4.06 % 4.05 % 4.06 %
Net interest margin (fully tax equivalent) (1) 4.10 % 4.10 % 4.10 %
Full-time equivalent employees 2,144 2,116
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2023
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $ 197,416 $ 192,261 $ 184,387 $ 169,706 $ 743,770
Investment securities
Taxable 30,294 31,297 32,062 31,867 125,520
Tax-exempt 3,402 3,522 3,513 3,464 13,901
Total investment securities interest 33,696 34,819 35,575 35,331 139,421
Other earning assets 7,325 5,011 3,933 3,544 19,813
Total interest income 238,437 232,091 223,895 208,581 903,004
Interest expense
Deposits 69,193 57,069 44,292 31,456 202,010
Short-term borrowings 10,277 14,615 15,536 12,950 53,378
Long-term borrowings 5,202 4,952 4,835 4,857 19,846
Total interest expense 84,672 76,636 64,663 49,263 275,234
Net interest income 153,765 155,455 159,232 159,318 627,770
Provision for credit losses-loans and leases 8,804 12,907 12,719 8,644 43,074
Provision for credit losses-unfunded commitments 1,426 (1,234) (1,994) 1,835 33
Net interest income after provision for credit losses 143,535 143,782 148,507 148,839 584,663
Noninterest income
Service charges on deposit accounts 6,846 6,957 6,972 6,514 27,289
Wealth management fees 6,091 6,943 6,713 6,334 26,081
Bankcard income 3,349 3,406 3,692 3,592 14,039
Client derivative fees 711 1,612 1,827 1,005 5,155
Foreign exchange income 8,730 13,384 15,039 16,898 54,051
Leasing business income 12,856 14,537 10,265 13,664 51,322
Net gains from sales of loans 2,957 4,086 3,839 2,335 13,217
Net gain (loss) on sale of investment securities (851) (4) (384) (19) (1,258)
Net gain (loss) on equity securities 202 (54) (82) 140 206
Other 6,102 5,761 5,377 5,080 22,320
Total noninterest income 46,993 56,628 53,258 55,543 212,422
Noninterest expenses
Salaries and employee benefits 70,637 75,641 74,199 72,254 292,731
Net occupancy 5,890 5,809 5,606 5,685 22,990
Furniture and equipment 3,523 3,341 3,362 3,317 13,543
Data processing 8,488 8,473 9,871 9,020 35,852
Marketing 2,087 2,598 2,802 2,160 9,647
Communication 707 744 644 634 2,729
Professional services 3,148 2,524 2,308 1,946 9,926
State intangible tax 984 981 964 985 3,914
FDIC assessments 3,651 2,665 2,806 2,826 11,948
Intangible amortization 2,601 2,600 2,601 2,600 10,402
Leasing business expense 8,955 8,877 6,730 7,938 32,500
Other 8,466 7,791 8,722 7,328 32,307
Total noninterest expenses 119,137 122,044 120,615 116,693 478,489
Income before income taxes 71,391 78,366 81,150 87,689 318,596
Income tax expense (benefit) 14,659 15,305 15,483 17,286 62,733
Net income $ 56,732 $ 63,061 $ 65,667 $ 70,403 $ 255,863
ADDITIONAL DATA
Net earnings per share - basic $ 0.60 $ 0.67 $ 0.70 $ 0.75 $ 2.72
Net earnings per share - diluted $ 0.60 $ 0.66 $ 0.69 $ 0.74 $ 2.69
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92
Return on average assets 1.31 % 1.48 % 1.55 % 1.69 % 1.51 %
Return on average shareholders' equity 10.50 % 11.62 % 12.32 % 13.71 % 12.01 %
Interest income $ 238,437 $ 232,091 $ 223,895 $ 208,581 $ 903,004
Tax equivalent adjustment 1,672 1,659 1,601 1,424 6,356
Interest income - tax equivalent 240,109 233,750 225,496 210,005 909,360
Interest expense 84,672 76,636 64,663 49,263 275,234
Net interest income - tax equivalent $ 155,437 $ 157,114 $ 160,833 $ 160,742 $ 634,126
Net interest margin 4.21 % 4.28 % 4.43 % 4.51 % 4.36 %
Net interest margin (fully tax equivalent) (1) 4.26 % 4.33 % 4.48 % 4.55 % 4.40 %
Full-time equivalent employees 2,129 2,121 2,193 2,066
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, % Change % Change
2024 2024 2023 2023 2023 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 193,794 $ 199,407 $ 213,059 $ 220,335 $ 217,385 (2.8) % (10.9) %
Interest-bearing deposits with other banks 738,555 751,290 792,960 452,867 485,241 (1.7) % 52.2 %
Investment securities available-for-sale 3,036,758 2,850,667 3,021,126 3,044,361 3,249,404 6.5 % (6.5) %
Investment securities held-to-maturity 78,921 79,542 80,321 81,236 82,372 (0.8) % (4.2) %
Other investments 132,412 125,548 129,945 133,725 141,892 5.5 % (6.7) %
Loans held for sale 16,911 11,534 9,213 12,391 15,267 46.6 % 10.8 %
Loans and leases
Commercial and industrial 3,782,487 3,591,428 3,501,221 3,420,873 3,433,162 5.3 % 10.2 %
Lease financing 534,557 492,862 474,817 399,973 360,801 8.5 % 48.2 %
Construction real estate 741,406 641,596 564,832 578,824 536,464 15.6 % 38.2 %
Commercial real estate 4,076,596 4,145,969 4,080,939 3,992,654 4,048,460 (1.7) % 0.7 %
Residential real estate 1,377,290 1,344,677 1,333,674 1,293,470 1,221,484 2.4 % 12.8 %
Home equity 800,860 773,811 758,676 743,991 728,711 3.5 % 9.9 %
Installment 148,530 153,838 159,078 160,648 165,216 (3.5) % (10.1) %
Credit card 59,477 60,939 59,939 56,386 55,911 (2.4) % 6.4 %
Total loans 11,521,203 11,205,120 10,933,176 10,646,819 10,550,209 2.8 % 9.2 %
Less:
Allowance for credit losses (156,185) (144,274) (141,433) (145,201) (148,646) 8.3 % 5.1 %
Net loans 11,365,018 11,060,846 10,791,743 10,501,618 10,401,563 2.7 % 9.3 %
Premises and equipment 197,873 198,428 194,740 192,572 192,077 (0.3) % 3.0 %
Operating leases 167,472 161,473 153,214 136,883 132,272 3.7 % 26.6 %
Goodwill 1,007,656 1,007,656 1,005,868 1,005,868 1,005,828 0.0 % 0.2 %
Other intangibles 83,528 85,603 83,949 86,378 88,662 (2.4) % (5.8) %
Accrued interest and other assets 1,147,282 1,067,244 1,056,762 1,186,618 1,078,186 7.5 % 6.4 %
Total Assets $ 18,166,180 $ 17,599,238 $ 17,532,900 $ 17,054,852 $ 17,090,149 3.2 % 6.3 %
LIABILITIES
Deposits
Interest-bearing demand $ 2,922,540 $ 2,916,518 $ 2,993,219 $ 2,880,617 $ 2,919,472 0.2 % 0.1 %
Savings 4,628,320 4,467,894 4,331,228 4,023,455 3,785,445 3.6 % 22.3 %
Time 3,049,635 2,896,860 2,718,390 2,572,909 2,484,780 5.3 % 22.7 %
Total interest-bearing deposits 10,600,495 10,281,272 10,042,837 9,476,981 9,189,697 3.1 % 15.4 %
Noninterest-bearing 3,061,427 3,175,876 3,317,960 3,438,572 3,605,181 (3.6) % (15.1) %
Total deposits 13,661,922 13,457,148 13,360,797 12,915,553 12,794,878 1.5 % 6.8 %
FHLB short-term borrowings 1,040,000 700,000 800,000 755,000 1,050,300 48.6 % (1.0) %
Other 139,172 162,145 137,814 219,188 165,983 (14.2) % (16.2) %
Total short-term borrowings 1,179,172 862,145 937,814 974,188 1,216,283 36.8 % (3.1) %
Long-term debt 338,556 343,236 344,115 340,902 339,963 (1.4) % (0.4) %
Total borrowed funds 1,517,728 1,205,381 1,281,929 1,315,090 1,556,246 25.9 % (2.5) %
Accrued interest and other liabilities 660,091 649,706 622,200 694,700 595,606 1.6 % 10.8 %
Total Liabilities 15,839,741 15,312,235 15,264,926 14,925,343 14,946,730 3.4 % 6.0 %
SHAREHOLDERS' EQUITY
Common stock 1,635,705 1,632,971 1,638,972 1,636,054 1,632,659 0.2 % 0.2 %
Retained earnings 1,204,844 1,166,065 1,136,718 1,101,905 1,060,715 3.3 % 13.6 %
Accumulated other comprehensive income (loss) (323,409) (321,109) (309,819) (410,005) (353,010) 0.7 % (8.4) %
Treasury stock, at cost (190,701) (190,924) (197,897) (198,445) (196,945) (0.1) % (3.2) %
Total Shareholders' Equity 2,326,439 2,287,003 2,267,974 2,129,509 2,143,419 1.7 % 8.5 %
Total Liabilities and Shareholders' Equity $ 18,166,180 $ 17,599,238 $ 17,532,900 $ 17,054,852 $ 17,090,149 3.2 % 6.3 %
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,
2024 2024 2023 2023 2023 2024 2023
ASSETS
Cash and due from banks $ 174,435 $ 204,119 $ 214,678 $ 211,670 $ 221,527 $ 189,277 $ 220,133
Interest-bearing deposits with other banks 599,348 553,654 548,153 386,173 329,584 576,501 323,837
Investment securities 3,131,541 3,137,665 3,184,408 3,394,237 3,560,453 3,134,603 3,597,678
Loans held for sale 14,075 12,069 12,547 15,420 11,856 13,072 8,711
Loans and leases
Commercial and industrial 3,716,083 3,543,475 3,422,381 3,443,615 3,469,683 3,629,779 3,463,218
Lease financing 509,758 480,540 419,179 371,598 323,819 495,149 288,217
Construction real estate 683,780 603,974 540,314 547,884 518,190 643,877 527,192
Commercial real estate 4,146,764 4,101,238 4,060,733 4,024,798 4,050,946 4,124,001 4,034,077
Residential real estate 1,361,133 1,336,749 1,320,670 1,260,249 1,181,053 1,348,941 1,148,651
Home equity 790,384 765,410 750,925 735,251 726,333 777,897 727,254
Installment 151,753 157,663 160,242 164,092 172,147 154,708 188,947
Credit card 67,200 65,066 64,037 60,827 59,478 66,133 57,524
Total loans 11,426,855 11,054,115 10,738,481 10,608,314 10,501,649 11,240,485 10,435,080
Less:
Allowance for credit losses (147,666) (143,950) (149,398) (150,297) (145,578) (145,808) (141,024)
Net loans 11,279,189 10,910,165 10,589,083 10,458,017 10,356,071 11,094,677 10,294,056
Premises and equipment 199,096 198,482 194,435 194,228 190,583 198,789 190,465
Operating leases 156,457 154,655 139,331 132,984 138,725 155,556 122,996
Goodwill 1,007,657 1,006,477 1,005,870 1,005,844 1,005,791 1,007,067 1,005,752
Other intangibles 84,577 84,109 85,101 87,427 89,878 84,343 91,225
Accrued interest and other assets 1,081,876 1,044,826 1,151,349 1,065,389 1,063,587 1,063,351 1,100,743
Total Assets $ 17,728,251 $ 17,306,221 $ 17,124,955 $ 16,951,389 $ 16,968,055 $ 17,517,236 $ 16,955,596
LIABILITIES
Deposits
Interest-bearing demand $ 2,888,252 $ 2,895,768 $ 2,988,086 $ 2,927,416 $ 2,906,855 $ 2,892,010 $ 2,906,784
Savings 4,617,658 4,399,768 4,235,658 3,919,590 3,749,902 4,508,713 3,784,164
Time 2,980,158 2,813,880 2,611,075 2,446,854 2,393,707 2,897,019 2,263,431
Total interest-bearing deposits 10,486,068 10,109,416 9,834,819 9,293,860 9,050,464 10,297,742 8,954,379
Noninterest-bearing 3,144,198 3,169,750 3,368,024 3,493,305 3,663,419 3,156,974 3,808,362
Total deposits 13,630,266 13,279,166 13,202,843 12,787,165 12,713,883 13,454,716 12,762,741
Federal funds purchased and securities sold
under agreements to repurchase 750 4,204 3,586 10,788 21,881 2,477 24,118
FHLB short-term borrowings 669,111 646,187 554,826 878,199 1,028,207 657,649 976,960
Other 161,913 146,127 185,221 175,682 132,088 154,020 135,622
Total short-term borrowings 831,774 796,518 743,633 1,064,669 1,182,176 814,146 1,136,700
Long-term debt 339,472 342,496 340,321 338,402 341,523 340,984 342,565
Total borrowed funds 1,171,246 1,139,014 1,083,954 1,403,071 1,523,699 1,155,130 1,479,265
Accrued interest and other liabilities 645,699 622,479 693,676 607,552 592,708 634,089 603,449
Total Liabilities 15,447,211 15,040,659 14,980,473 14,797,788 14,830,290 15,243,935 14,845,455
SHAREHOLDERS' EQUITY
Common stock 1,634,183 1,637,835 1,637,197 1,634,102 1,631,230 1,636,009 1,632,307
Retained earnings 1,179,827 1,144,447 1,111,786 1,076,515 1,034,092 1,162,137 1,012,057
Accumulated other comprehensive loss (341,941) (319,601) (406,265) (358,769) (330,263) (330,771) (334,831)
Treasury stock, at cost (191,029) (197,119) (198,236) (198,247) (197,294) (194,074) (199,392)
Total Shareholders' Equity 2,281,040 2,265,562 2,144,482 2,153,601 2,137,765 2,273,301 2,110,141
Total Liabilities and Shareholders' Equity $ 17,728,251 $ 17,306,221 $ 17,124,955 $ 16,951,389 $ 16,968,055 $ 17,517,236 $ 16,955,596
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 3,131,541 $ 32,999 4.23 % $ 3,137,665 $ 31,388 4.01 % $ 3,560,453 $ 35,575 4.01 % $ 3,134,603 4.14 % $ 3,597,678 3.97 %
Interest-bearing deposits with other banks 599,348 7,960 5.33 % 553,654 7,458 5.40 % 329,584 3,933 4.79 % 576,501 5.39 % 323,837 4.66 %
Gross loans (1) 11,440,930 211,760 7.42 % 11,066,184 201,840 7.32 % 10,513,505 184,387 7.03 % 11,253,557 7.41 % 10,443,791 6.84 %
Total earning assets 15,171,819 252,719 6.68 % 14,757,503 240,686 6.54 % 14,403,542 223,895 6.23 % 14,964,661 6.65 % 14,365,306 6.07 %
Nonearning assets
Allowance for credit losses (147,666) (143,950) (145,578) (145,808) (141,024)
Cash and due from banks 174,435 204,119 221,527 189,277 220,133
Accrued interest and other assets 2,529,663 2,488,549 2,488,564 2,509,106 2,511,181
Total assets $ 17,728,251 $ 17,306,221 $ 16,968,055 $ 17,517,236 $ 16,955,596
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 2,888,252 $ 14,923 2.07 % $ 2,895,768 $ 14,892 2.06 % $ 2,906,855 $ 8,351 1.15 % $ 2,892,010 2.08 % $ 2,906,784 1.04 %
Savings 4,617,658 33,142 2.88 % 4,399,768 29,486 2.69 % 3,749,902 14,055 1.50 % 4,508,713 2.80 % 3,784,164 1.16 %
Time 2,980,158 34,957 4.70 % 2,813,880 31,697 4.52 % 2,393,707 21,886 3.67 % 2,897,019 4.64 % 2,263,431 3.48 %
Total interest-bearing deposits 10,486,068 83,022 3.18 % 10,109,416 76,075 3.02 % 9,050,464 44,292 1.96 % 10,297,742 3.12 % 8,954,379 1.71 %
Borrowed funds
Short-term borrowings 831,774 11,395 5.49 % 796,518 10,943 5.51 % 1,182,176 15,536 5.27 % 814,146 5.53 % 1,136,700 5.05 %
Long-term debt 339,472 4,991 5.90 % 342,496 4,928 5.77 % 341,523 4,835 5.68 % 340,984 5.87 % 342,565 5.71 %
Total borrowed funds 1,171,246 16,386 5.61 % 1,139,014 15,871 5.59 % 1,523,699 20,371 5.36 % 1,155,130 5.63 % 1,479,265 5.20 %
Total interest-bearing liabilities 11,657,314 99,408 3.42 % 11,248,430 91,946 3.28 % 10,574,163 64,663 2.45 % 11,452,872 3.37 % 10,433,644 2.20 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 3,144,198 3,169,750 3,663,419 3,156,974 3,808,362
Other liabilities 645,699 622,479 592,708 634,089 603,449
Shareholders' equity 2,281,040 2,265,562 2,137,765 2,273,301 2,110,141
Total liabilities & shareholders' equity $ 17,728,251 $ 17,306,221 $ 16,968,055 $ 17,517,236 $ 16,955,596
Net interest income $ 153,311 $ 148,740 $ 159,232 $ 302,051 $ 318,550
Net interest spread 3.26 % 3.26 % 3.78 % 3.28 % 3.87 %
Net interest margin 4.06 % 4.05 % 4.43 % 4.06 % 4.47 %
Tax equivalent adjustment 0.04 % 0.05 % 0.05 % 0.04 % 0.04 %
Net interest margin (fully tax equivalent) 4.10 % 4.10 % 4.48 % 4.10 % 4.51 %
(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 $ 1,676 $ (65) $ 1,611 $ 1,944 $ (4,520) $ (2,576) $ 2,993 $ (9,512) $ (6,519)
Interest-bearing deposits with other banks (105) 607 502 444 3,583 4,027 1,184 6,757 7,941
Gross loans (2) 2,984 6,936 9,920 10,207 17,166 27,373 29,746 29,761 59,507
Total earning assets 4,555 7,478 12,033 12,595 16,229 28,824 33,923 27,006 60,929
Interest-bearing liabilities
Total interest-bearing deposits $ 3,965 $ 2,982 $ 6,947 $ 27,364 $ 11,366 $ 38,730 $ 62,594 $ 20,755 $ 83,349
Borrowed funds
Short-term borrowings (31) 483 452 659 (4,800) (4,141) 2,702 (8,850) (6,148)
Long-term debt 107 (44) 63 186 (30) 156 273 (46) 227
Total borrowed funds 76 439 515 845 (4,830) (3,985) 2,975 (8,896) (5,921)
Total interest-bearing liabilities 4,041 3,421 7,462 28,209 6,536 34,745 65,569 11,859 77,428
Net interest income (1) $ 514 $ 4,057 $ 4,571 $ (15,614) $ 9,693 $ (5,921) $ (31,646) $ 15,147 $ (16,499)
(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,
2024 2024 2023 2023 2023 2024 2023
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period $ 144,274 $ 141,433 $ 145,201 $ 148,646 $ 141,591 $ 141,433 $ 132,977
Provision for credit losses 16,157 13,419 8,804 12,907 12,719 29,576 21,363
Gross charge-offs
Commercial and industrial 2,149 2,695 6,866 9,207 2,372 4,844 3,102
Lease financing 190 3 4,244 76 90 193 103
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 2 5,319 1 6,008 2,648 5,321 2,714
Residential real estate 6 65 9 10 20 71 20
Home equity 122 25 174 54 21 147 112
Installment 2,034 2,236 2,054 1,349 1,515 4,270 3,039
Credit card 532 794 363 319 274 1,326 491
Total gross charge-offs 5,035 11,137 13,711 17,023 6,940 16,172 9,581
Recoveries
Commercial and industrial 236 162 459 335 631 398 740
Lease financing 1 59 52 1 1 60 2
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 137 38 93 39 153 175 2,391
Residential real estate 37 24 24 44 113 61 179
Home equity 118 80 178 125 232 198 312
Installment 219 145 210 87 90 364 144
Credit card 41 51 123 40 56 92 119
Total recoveries 789 559 1,139 671 1,276 1,348 3,887
Total net charge-offs 4,246 10,578 12,572 16,352 5,664 14,824 5,694
Ending allowance for credit losses $ 156,185 $ 144,274 $ 141,433 $ 145,201 $ 148,646 $ 156,185 $ 148,646
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial 0.21 % 0.29 % 0.74 % 1.02 % 0.20 % 0.25 % 0.14 %
Lease financing 0.15 % (0.05) % 3.97 % 0.08 % 0.11 % 0.05 % 0.07 %
Construction real estate 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Commercial real estate (0.01) % 0.52 % (0.01) % 0.59 % 0.25 % 0.25 % 0.02 %
Residential real estate (0.01) % 0.01 % 0.00 % (0.01) % (0.03) % 0.00 % (0.03) %
Home equity 0.00 % (0.03) % 0.00 % (0.04) % (0.12) % (0.01) % (0.06) %
Installment 4.81 % 5.33 % 4.57 % 3.05 % 3.32 % 5.08 % 3.09 %
Credit card 2.94 % 4.59 % 1.49 % 1.82 % 1.47 % 3.75 % 1.30 %
Total net charge-offs 0.15 % 0.38 % 0.46 % 0.61 % 0.22 % 0.27 % 0.11 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial $ 17,665 $ 14,532 $ 15,746 $ 17,152 $ 21,508 $ 17,665 $ 21,508
Lease financing 5,374 3,794 3,610 7,731 4,833 5,374 4,833
Construction real estate 0 0 0 0 0 0 0
Commercial real estate 22,942 23,055 27,984 33,019 11,876 22,942 11,876
Residential real estate 12,715 12,836 14,067 12,328 11,697 12,715 11,697
Home equity 3,295 4,036 3,476 3,937 3,239 3,295 3,239
Installment 682 984 870 774 568 682 568
Total nonaccrual loans 62,673 59,237 65,753 74,941 53,721 62,673 53,721
Other real estate owned (OREO) 30 161 106 142 281 30 281
Total nonperforming assets 62,703 59,398 65,859 75,083 54,002 62,703 54,002
Accruing loans past due 90 days or more 1,573 820 2,028 698 873 1,573 873
Total underperforming assets $ 64,276 $ 60,218 $ 67,887 $ 75,781 $ 54,875 $ 64,276 $ 54,875
Total classified assets $ 195,277 $ 162,348 $ 140,995 $ 140,552 $ 138,909 $ 195,277 $ 138,909
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans 249.21 % 243.55 % 215.10 % 193.75 % 276.70 % 249.21 % 276.70 %
Total ending loans 1.36 % 1.29 % 1.29 % 1.36 % 1.41 % 1.36 % 1.41 %
Nonaccrual loans to total loans 0.54 % 0.53 % 0.60 % 0.70 % 0.51 % 0.54 % 0.51 %
Nonperforming assets to
Ending loans, plus OREO 0.54 % 0.53 % 0.60 % 0.71 % 0.51 % 0.54 % 0.51 %
Total assets 0.35 % 0.34 % 0.38 % 0.44 % 0.32 % 0.35 % 0.32 %
Classified assets to total assets 1.07 % 0.92 % 0.80 % 0.82 % 0.81 % 1.07 % 0.81 %
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CAPITAL ADEQUACY
(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, June 30,
2024 2024 2023 2023 2023 2024 2023
PER COMMON SHARE
Market Price
High $ 23.78 $ 23.68 $ 24.28 $ 24.02 $ 22.27 $ 23.78 $ 26.24
Low $ 20.79 $ 21.04 $ 17.37 $ 19.19 $ 18.20 $ 20.79 $ 18.20
Close $ 22.22 $ 22.42 $ 23.75 $ 19.60 $ 20.44 $ 22.22 $ 20.44
Average shares outstanding - basic 94,438,235 94,218,067 94,063,570 94,030,275 93,924,068 94,328,151 93,828,829
Average shares outstanding - diluted 95,470,093 95,183,998 95,126,316 95,126,269 95,169,348 95,327,045 95,065,334
Ending shares outstanding 95,486,010 95,473,595 95,141,244 95,117,180 95,185,483 95,486,010 95,185,483
Total shareholders' equity $ 2,326,439 $ 2,287,003 $ 2,267,974 $ 2,129,509 $ 2,143,419 $ 2,326,439 $ 2,143,419
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,626,345 $ 1,582,113 $ 1,568,815 $ 1,527,793 $ 1,481,913 $ 1,626,345 $ 1,481,913
Common equity tier 1 capital ratio 11.78 % 11.67 % 11.73 % 11.60 % 11.34 % 11.78 % 11.34 %
Tier 1 capital $ 1,671,258 $ 1,626,899 $ 1,613,480 $ 1,572,248 $ 1,526,362 $ 1,671,258 $ 1,526,362
Tier 1 ratio 12.11 % 12.00 % 12.06 % 11.94 % 11.68 % 12.11 % 11.68 %
Total capital $ 1,997,378 $ 1,940,762 $ 1,907,441 $ 1,868,490 $ 1,851,144 $ 1,997,378 $ 1,851,144
Total capital ratio 14.47 % 14.31 % 14.26 % 14.19 % 14.16 % 14.47 % 14.16 %
Total capital in excess of minimum requirement $ 548,037 $ 516,704 $ 503,152 $ 485,580 $ 478,911 $ 548,037 $ 478,911
Total risk-weighted assets $ 13,803,249 $ 13,562,455 $ 13,374,177 $ 13,170,574 $ 13,068,888 $ 13,803,249 $ 13,068,888
Leverage ratio 9.73 % 9.75 % 9.70 % 9.59 % 9.33 % 9.73 % 9.33 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 12.81 % 12.99 % 12.94 % 12.49 % 12.54 % 12.81 % 12.54 %
Ending tangible shareholders' equity to ending tangible assets (1) 7.23 % 7.23 % 7.17 % 6.50 % 6.56 % 7.23 % 6.56 %
Average shareholders' equity to average assets 12.87 % 13.09 % 12.52 % 12.70 % 12.60 % 12.98 % 12.45 %
Average tangible shareholders' equity to average tangible assets (1) 7.15 % 7.25 % 6.57 % 6.69 % 6.57 % 7.20 % 6.39 %
REPURCHASE PROGRAM (2)
Shares repurchased 0 0 0 0 0 0 0
Average share repurchase price N/A N/A N/A N/A N/A N/A N/A
Total cost of shares repurchased N/A N/A N/A N/A N/A N/A N/A
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

11

exh992earningsrelease2q2

earnings presentation • Second Quarter 2024 Exhibit 99.2

forward looking statements disclosure 2 Certain statements contained in this report which are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as ‘‘believes,’’ ‘‘anticipates,’’ “likely,” “expected,” “estimated,” ‘‘intends’’ and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make about (i) our future operating or financial performance, including revenues, income or loss and earnings or loss per share, (ii) future common stock dividends, (iii) our capital structure, including future capital levels, (iv) our plans, objectives and strategies, and (v) the assumptions that underlie our forward-looking statements. As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: • economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company’s business; • future credit quality and performance, including our expectations regarding future loan losses and our allowance for credit losses; • the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iv) management’s ability to effectively execute its business plans; • mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; • the possibility that any of the anticipated benefits of the Company’s acquisitions will not be realized or will not be realized within the expected time period; • the effect of changes in accounting policies and practices; • changes in consumer spending, borrowing and saving and changes in unemployment; • changes in customers’ performance and creditworthiness; • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation; • current and future economic and market conditions, including the effects of changes in housing prices, fluctuations in unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth; • the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; • our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

forward looking statements disclosure 3 • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale; • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses; • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and • our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2023, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement.

2Q 2024 results 135th Consecutive Quarter of Profitability 4 • EOP assets increased $566.9 million compared to the linked quarter to $18.2 billion • EOP loans increased $316.1 million compared to the linked quarter to $11.5 billion • Average deposits increased $351.1 million compared to the linked quarter to $13.6 billion • EOP investment securities increased $185.5 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $61.5 million; $61.6 million as adjusted1 • Noninterest expense – $123.6 million; $122.5 million as adjusted1 • Efficiency ratio – 57.5%. Adjusted1 efficiency ratio – 57.0% • Effective tax rate of 18.7%. Adjusted1 effective tax rate of 18.8% • Net interest income – $153.3 million • Net interest margin of 4.06% on a GAAP basis; 4.10% on a fully tax equivalent basis1 • Net income – $60.8 million or $0.64 per diluted share. Adjusted1 net income – $61.7 million or $0.65 per diluted share • Return on average assets – 1.38%. Adjusted 1 return on average assets – 1.40% • Return on average shareholders’ equity – 10.72%. Adjusted1 return on average shareholders’ equity – 10.88% • Return on average tangible common equity – 20.57%1. Adjusted1 return on average tangible common equity – 20.88% • Provision expense - $16.4 million • Net charge-offs – $4.2 million. NCOs / Avg. Loans – 0.15% annualized • Classified Assets / Total Assets - 1.07% • NPA / Total Assets – 0.35% • ACL / Total Loans – 1.36% • Total capital ratio – 14.47% • Tier 1 common equity ratio – 11.78% • Tangible common equity ratio – 7.23%. Adjusted1 Tangible common equity ratio – 9.13% • Tangible book value per share – $12.94 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.

2Q 2024 highlights • Exceptional quarterly earnings driven by strong loan growth, net interest margin, and record fee income • Adjusted1 earnings per share – $0.65 • Adjusted1 return on assets – 1.40% • Adjusted1 pre-tax, pre-provision return on assets – 2.10% • Adjusted1 return on average tangible common equity – 20.88% • Broad-based loan growth during the period, exceeding expectations • EOP loan balances increased $316.1 million compared to the linked quarter; 11.3% on an annualized basis • Included a $108.1 million increase in C&I, an $88.8 million increase in Agile loans, a $59.1 million increase in finance leases and a $38.0 million increase in mortgage loans • Total average deposit balances increased $351.1 million, or 10.6% annualized • $113.7 million growth in retail CDs and $86.7 million increase in money market accounts offset modest declines in noninterest bearing checking and savings • $114.0 million seasonal increase in public funds and $85.5 million increase in brokered deposits • $45.7 million decline in noninterest bearing deposit balances from linked quarter • Average noninterest bearing deposits were 22% of average total deposits at June 30, 2024 • Net interest margin (FTE) of 4.10% was unchanged from linked quarter, exceeding expectations • 14 bp increase in asset yields offset 14 bp increase in cost of funds • 10 bp increase in loan yields; includes full quarter impact of Agile • 22 bp increase in yield earned on investment portfolio driven by reinvestment and 1Q24 portfolio restructuring • Record adjusted1 noninterest income of $61.6 million, a 19.1% increase from first quarter • Foreign exchange income of $16.8 million, an increase of $6.4 million, or 60.9%, compared to linked quarter • Leasing business revenue of $16.8 million, an increase of $2.2 million, or 15.3%, compared to linked quarter • $0.8 million, or 24.1%, increase in bankcard income from linked quarter • Wealth management, service charge income and mortgage banking income also increased from first quarter levels 5 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .

2Q 2024 highlights • Adjusted1 noninterest expense of $122.5 million, a 1.2% increase from first quarter • Adjustments1 include $0.4 million efficiency-related costs and $0.8 million in other costs such as acquisition, severance and branch consolidation costs • Increase driven by variable compensation tied to fee income, full quarter impact of annual salary adjustments and full quarter of Agile • Efficiency ratio of 57.5%; 57.0% as adjusted1 • Workforce efficiency initiative ongoing; 90 positions eliminated to date • Increase in allowance for credit loss (ACL) and provision expense • Total ACL of $172.6 million; provision expense of $16.4 million o Loans and leases - ACL of $156.2 million; 1.36% of total loans o Unfunded Commitments - ACL of $16.4 million • Provision expense driven by loan growth and credit migration • NPA to total assets of 0.35%; relatively flat compared to linked quarter • $4.2 million in net charge-offs; 0.15% as a percentage of loans on an annualized basis, 23 bp decline from linked quarter • Classified assets increased to 1.07% of total assets during second quarter • Capital ratios in excess of targets • Total capital ratio of 14.47% • Tier 1 common equity of 11.78%; 11 basis point increase from linked quarter • Tangible book value increased by $0.44, or 3.5%, to $12.94 • Tangible common equity remained at 7.23%; 9.13%1 excluding ($323.4) million of AOCI • Dividend increase to $0.24; 4.3% increase from prior dividend levels 6 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. .

adjusted net income1 7 The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 153,311$ 153,311$ 148,740$ 148,740$ Provision for credit losses-loans and leases 16,157$ 16,157$ 13,419$ 13,419$ Provision for credit losses-unfunded commitments 286$ 286$ (2,259)$ (2,259)$ Noninterest income 61,501$ 61,501$ 46,512$ 46,512$ less: gains (losses) on security transactions - (64) A - (5,187) A Total noninterest income 61,501$ 61,565$ 46,512$ 51,699$ Noninterest expense 123,574$ 123,574$ 122,355$ 122,355$ less: FDIC special assessment - (70) A - 231 A less: efficiency-related costs - 368 A - - A less: other - 818 A - 1,087 A Total noninterest expense 123,574$ 122,458$ 122,355$ 121,037$ Income before income taxes 74,795$ 75,975$ 61,737$ 68,242$ Income tax expense 13,990$ 13,990$ 11,048$ 11,048$ plus: after-tax impact of tax credit investment @ 21% - 10 - 52 plus: tax effect of adjustments (A) @ 21% statutory rate - 263 - 1,318 Total income tax expense 13,990$ 14,262$ 11,048$ 12,418$ Net income 60,805$ 61,713$ 50,689$ 55,824$ Net earnings per share - diluted 0.64$ 0.65$ 0.53$ 0.59$ Pre-tax, pre-provision return on average assets 2.07% 2.10% 1.69% 1.85% 2Q 2024 1Q 2024

profitability 8 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. $0.64 $0.53$0.60$0.66$0.69 $0.65 $0.59 $0.62 $0.67 $0.72 2Q241Q244Q233Q232Q23 Diluted EPS Adjusted EPS 1 1.38% 1.18%1.31%1.48%1.55% 1.40% 1.30%1.37% 1.49% 1.62% 2Q241Q244Q233Q232Q23 ROA Adjusted ROA 1 20.57% 17.35% 21.36%23.60%25.27% 20.88% 19.11% 22.21% 23.76% 26.46% 2Q241Q244Q233Q232Q23 ROATCE Adjusted ROATCE 1 Adjusted1 Pre-tax, Pre-Provision Earnings $92.4 $79.4$84.6$90.7$95.9$100.2$95.7 $75.2 2.10% 1.85%1.96% 2.12% 2.27% 2.40% 2.26% 1.82% 2Q241Q244Q233Q232Q231Q234Q223Q22 Pre-tax, pre-provision earnings Pre-tax, pre-provision ROA1 1

net interest income & margin 9 Net Interest Margin (FTE) 2Q24 NIM (FTE) Progression Net Interest Income All dollars shown in millions 4.00%3.99%4.12%4.21%4.34% 0.10%0.11% 0.14% 0.12% 0.14% 4.10%4.10% 4.26% 4.33% 4.48% 2Q241Q244Q233Q232Q23 Basic Margin (FTE) Loan Fees $148.4 $143.9$147.7$150.9$154.2 $3.6 $4.0 $5.2 $4.5 $5.0 $153.3 $148.7 $153.8 $155.5 $159.2 2Q241Q244Q233Q232Q23 Basic NII Loan Fees 1Q24 4.10% Asset yields/mix 0.14% Loan fees -0.01% Deposit & funding costs/mix -0.13% 2Q24 4.10%

1.40% 1.77% 2.08% 2.30% 2.44% 2.42% 2.45% 2.47% 0.40% 0.37% 0.31% 0.22% 0.14% 0.09% 0.03% 0.02% 2Q23 3Q23 4Q23 1Q24 2Q24 Apr May Jun Cost of Deposits Change in Cost of Deposits average balance sheet 10 Average LoansAverage Securities Average Deposits All dollars shown in millions 1 Includes loans fees and loan accretion $13,630$13,279$13,203$12,787$12,714 2.44%2.30% 2.08% 1.77% 1.40% 2Q241Q244Q233Q232Q23 Deposits Cost of Deposits $11,441$11,066$10,751$10,624$10,514 7.42%7.32%7.29% 7.18%7.03% 2Q241Q244Q233Q232Q23 Loans Loan Yield 1 Deposit Costs $3,132$3,138$3,184$3,394$3,560 4.23% 4.01% 4.20% 4.07% 4.01% 2Q241Q244Q233Q232Q23 Investment Securities Investment Securities Yield

liquidity and beta profile 11 1Historical data adjusted for the merger with MainSource Financial Group, Inc. using the sum of the individual components. Historical Deposit and Loan Betas1 Total Deposit Beta Loan Beta Liquidity Trends 79% 81% 82% 82% 82% 82% 83% 84% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Loans / Deposits Ratio 26% 25% 24% 24% 23% 24% 23% 23% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Cash + Securities / Assets 24% 33% 45% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-2Q24 Fed Cycle (+525bps) 53% 77% 70% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-2Q24 Fed Cycle (+525bps)

12 Borrowing Capacity • Interest-bearing deposits with other banks of $739 million • Investment securities portfolio: • 97.5% of investment portfolio classified as available-for-sale • $595.4 million of expected cash flow from securities portfolio in next 12 months • $520.2 million of floating rate securities with minimal losses • Portfolio duration of 4.4 years at June 30, 2024 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity All dollars shown in thousands FHLB borrowing availability 322,589$ Fed Discount Window availability 978,144 Brokered CDs/Deposit placement services 2,119,467 Fed funds 1,473,000 Total as of June 30, 2024 4,893,200$

agile acquisition 13 • Acquired February 29th • $93.4 million in loans acquired; $207.8 million as of June 30th • $5.6 million of intangibles created • Agile is a full-service specialty finance company based in Lincolnshire, IL and operates throughout the U.S. • Lends to commercial customers to finance insurance premiums • Loans are secured by the unearned premium of the policies • Two-thirds of volume is derived from direct agency relationships, and one-third is originated through a brokerage model • Portfolio is diversified across insurance carrier, insurance agency, borrower, geography, and insurance coverage type • Founded in 2017 and managed by seasoned industry experts • Led by founder Bob Przespolewski and Charlie Gerstung, who joined FFB • 30 associates Product Details • Originates approximately 50,000 loans annually • Average loan size of $12,700 • Median loan size $1,700 • Average duration 10 months Deep and Diverse Relationships Portfolio Highlights • Gross yields in excess of 10% • Expected annual loss rate of 10-20 bps • Established national network of over 1,700 active independent insurance agencies • Significant cross-sell opportunity 1The fair value measurements of assets acquired and liabilities assumed in the Agile acquisition are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. Company Overview Transaction Overview1 Key Statistics

loan portfolio 14 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $316.1 million $5.9 $108.1 $4.2 -$10.2 $59.1 $88.8 $22.2 $38.0 ICRE Commercial & Small Business Banking Oak Street Franchise Summit Agile Consumer Mortgage ICRE $3,718 32% Commercial & Small Business Banking $3,348 29% Oak Street $752 7% Franchise $244 2% Summit $747 6% Agile $208 2% Consumer $986 9% Mortgage $1,518 13% Total $11.5 Billion

loan concentrations 15 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Agile Premium Finance NAICS Sector 6/30/24 % of Total Loans Finance and Insurance $1,313.7 11.4% Manufacturing 508.4 4.4% Accommodation and Food Services 303.7 2.6% Real Estate and Rental and Leasing 290.3 2.5% Construction 276.0 2.4% Health Care and Social Assistance 248.8 2.2% Professional, Scientific, and Technical Services 242.3 2.1% Wholesale Trade 229.2 2.0% Retail Trade 218.7 1.9% Agriculture, Forestry, Fishing and Hunting 170.0 1.5% Transportation and Warehousing 164.2 1.4% Other Services (except Public Administration) 153.2 1.3% Administrative and Support and Waste Management 135.3 1.2% Arts, Entertainment, and Recreation 89.6 0.8% Information 59.6 0.5% Public Administration 56.1 0.5% Educational Services 26.7 0.2% Management of Companies and Enterprises 16.1 0.1% Utilities 14.4 0.1% Mining, Quarrying, and Oil and Gas Extraction 14.4 0.1% Other 9.4 0.1% Grand Total $4,539.9 39.4% Property Type 6/30/24 % of Total Loans Residential Multi Family 5+ $1,245.0 10.8% Retail Property 790.6 6.9% Office 458.4 4.0% Industrial 402.6 3.5% Hospital/Nursing Home 295.9 2.6% Hotel 192.0 1.7% Land 108.7 0.9% Residential 1-4 Family 103.6 0.9% Other Real Estate 55.6 0.5% Industrial 52.3 0.5% Self Storage 12.8 0.1% Other 0.1 0.0% Grand Total $3,717.7 32.3%

area of focus - office portfolio (non-owner occupied) 16 Office Property Type 1 Performance metrics based on loans greater than $2.5 million and excluding classified assets. All dollars shown in millions Office Property Market Office Maturity Schedule • $458.4 million balance represents 4.0% of total loan portfolio; includes $53.8 million of loans less than $2.5 million individual exposure • Majority of exposure is in our metro markets and secured by suburban Class A & Class B assets with recourse from the sponsor • No exposure to gateway cities • $17.5 million on nonaccrual status; 2 relationships; have been charged down to net realizable value • $38.2 million rated special mention; 4 relationships • No migration to criticized/classified during quarter • Performance metrics at origination or renewal1 • LTV – 61.3% • Occupancy – 85.8% • Debt coverage – 1.61x $373 81% $47 10% $26 6% $12 3% General Office Medical Mixed Use Other $300 66% $138 30% $20 4% Suburban Urban Non-metro $75.8 $101.3 $61.5 $37.1 $61.0 $121.7 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 2024 2025 2026 2027 2028 2029+

deposits 17 Deposit Product Mix (Avg) 2Q24 Average Deposit Progression All dollars shown in millions Total growth/(decline): $351.1 million Noninterest- bearing $3,025 22% Interest-bearing demand $1,637 12% Savings $1,046 8% Money Markets $2,953 22% Retail CDs $1,553 11% Brokered Deposits $1,438 11% Public Funds $1,978 14% Total $13.6 billion -$45.7 $18.1 -$21.2 $86.7 $113.7 $85.5 $114.0 Noninterest-bearing Interest-bearing demand Savings Money Markets Retail CDs Brokered Deposits Public Funds

average deposit trends 18 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $6,312$6,162$5,921$5,824$5,821$5,903 2Q241Q244Q233Q232Q231Q23 $3,824$3,823$3,913$3,789$3,664$3,881 2Q241Q244Q233Q232Q231Q23 $1,978$1,864$1,928$1,805$1,823$1,842 2Q241Q244Q233Q232Q231Q23 Uninsured deposits (per call report instructions) 5,262$ Less: Public funds 1,775 Less: Intercompany deposits 310 Adjusted uninsured deposits 3,177 Borrowing capacity 4,893 Borrowing capacity in excess of adjusted uninsured deposits $ 1,716 Borrowing capacity as a % of adjusted uninsured deposits 154.0% Adjusted uninsured deposits to total deposits 23.3%

noninterest income 19 Noninterest Income 2Q24 Highlights All dollars shown in thousands • Record total fee income; 28.6% of net revenue • Foreign exchange income of $16.8 million; increased $6.4 million, or 60.9%, from the linked quarter • Leasing business income of $16.8 million; increased $2.2 million, or 15.3%, from the linked quarter • Record trust and wealth management fees of $7.2 million: increased $0.5 million, or 7.4%, from the linked quarter • Deposit service charge income of $7.2 million: increased $0.3 million or 4.0% from the linked quarter • Mortgage banking income of $4.5 million; increased $0.7 million, or 18.4%, from the linked quarter • Bankcard income of $3.9 million; increased $0.8 million, or 24.1%, from the linked quarter Service Charges $7,188 12% Wealth Mgmt $7,172 12% Bankcard income $3,900 6% Client derivative fees $763 1% Foreign exchange income $16,787 27% Leasing business income $16,828 28% Mortgage banking income $4,479 7% Other $4,384 7% Total $61.5 million

noninterest expense 20 Noninterest Expense 2Q24 Highlights 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 • Core expenses increased $1.4 million, or 1.2% • $2.9 million increase in variable incentive compensation tied to fee income • Includes full quarter impact from Agile and annual salary adjustments • $1.2 million decline in fraud losses • Efficiency initiative ongoing; 90 positions eliminated to date • $1.1 million of adjustments1 include: • $0.4 million efficiency-related costs • $0.8 million of other costs such as acquisition, severance and branch consolidation costs Salaries and benefits $75,225 61% Occupancy and equipment $9,439 8% Data processing $8,877 7% Professional services $2,885 2% Intangible amortization $2,396 2% Leasing business expense $10,128 8% Other $14,624 12% Total $123.6 million 56.8% 57.5% 59.3% 62.7% 57.5% 54.9% 57.3% 58.0% 60.4% 57.0% 2Q23 3Q23 4Q23 1Q24 2Q24 Efficiency Ratio Adjusted Efficiency Ratio1 Efficiency Ratio

allowance for credit losses 21 ACL / Total Loans 2Q24 Highlights All dollars shown in millions • $172.6 million combined ACL; $16.4 million combined provision expense • $156.2 million ACL – loans and leases; increase driven by loan growth and credit migration; 1.36% of loan balances • Utilized Moody’s June baseline forecast in quantitative model • $16.4 million ACL – unfunded commitments $148.6 $145.2 $141.4 $144.3 $156.2 $18.2 $17.0 $18.4 $16.2 $16.4 $166.9 $162.2 $159.9 $160.4 $172.6 1.41% 1.36% 1.29% 1.29% 1.36% 2Q23 3Q23 4Q23 1Q24 2Q24 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans

asset quality 22 Nonperforming Assets / Total AssetsClassified Assets / Total Assets Net Charge Offs & Provision Expense1 . 1 Provision includes both loans & leases and unfunded commitments All dollars shown in millions $195.3 $162.3 $141.0$140.6$138.9 1.07% 0.92% 0.80%0.82%0.81% 2Q241Q244Q233Q232Q23 Classified Assets Classified Assets / Total Assets $62.7$59.4 $65.9 $75.1 $54.0 0.35%0.34% 0.38%0.44% 0.32% 2Q241Q244Q233Q232Q23 NPAs NPAs / Total Assets $5.7 $16.4 $12.6 $10.6 $4.2 $10.7 $11.7 $10.2 $11.2 $16.4 0.15% 0.38% 0.46% 0.61% 0.22% 2Q23 3Q23 4Q23 1Q24 2Q24 NCOs Provision Expense NCOs / Average Loans

capital 23 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $13,803,249 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted TCE excludes impact from AOCI Tier 1 Capital Ratio 6.56% 6.50% 7.17% 7.23% 7.23% 8.76% 9.07% 9.05% 9.18% 9.13% 2Q23 3Q23 4Q23 1Q24 2Q24 TCE ratio Adjusted TCE ratio 1 11.78%11.67%11.73%11.60%11.34% 7.00% 2Q241Q244Q233Q232Q23 Tier 1 Common Equity Ratio Basel III minimum 14.47%14.31%14.26%14.19%14.16% 10.50% 2Q241Q244Q233Q232Q23 Total Capital Ratio Basel III minimum 12.11%12.00%12.06%11.94%11.68% 8.50% 2Q241Q244Q233Q232Q23 Tier 1 Capital Ratio Basel III minimum

capital ratios, reflecting net unrealized losses1 24 Tier 1 Common Equity Ratio Total Capital Ratio 6/30 Risk Weighted Assets = $13,803,249 All capital numbers are considered preliminary. 1 Assumes Company holds cash proceeds of securities sales Tier 1 Capital Ratio 9.98%10.11%10.24%9.62%9.53% 7.00% 2Q241Q244Q233Q232Q23 Tier 1 Common Equity Ratio Basel III minimum 1 10.31%10.46%10.59%9.99%9.89%8.50% 2Q241Q244Q233Q232Q23 Tier 1 Capital Ratio Basel III minimum1 12.75%12.91%12.93%12.47%12.55% 10.50% 2Q241Q244Q233Q232Q23 Total Capital Ratio Basel III minimum 1

capital strategy 25 Strategy & DeploymentTangible Book Value Per Share • 4.1% annualized dividend yield as of June 30th • 36.2% of 2Q24 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend increased $0.01 to $0.24; 4.3% increase • No shares repurchased in 2Q24; no plans to repurchase shares in near- term • 3.5% increase in TBV per share from linked quarter driven by strong earnings • 17.4% increase since 2Q23 1 Excludes impact from AOCI $11.02 $10.91 $12.38 $12.50 $12.94 $14.73 $15.22 $15.64 $15.87 $16.32 2Q23 3Q23 4Q23 1Q24 2Q24 Tangible Book Value per Share TBV per share-adjusted 1

outlook commentary1 • Loan balances expected to grow low single digits on an annualized basis • Average deposit balances expected to grow modestly • Investment portfolio expected to remain stable 26 • Total noninterest expense expected to be $122 - 124 million • Stable expense base expected excluding leasing business • Incentive expense will fluctuate with fee income Noninterest Expense Net Interest Margin Balance Sheet Credit • Credit costs expected to decline slightly in back half of year • Net charge-offs expected to be approximately 25 - 30 basis points for full year • Stable to slightly increasing ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $58 - 60 million • Includes $13 - 15 million foreign exchange • Includes $16 - 18 million leasing business income 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 4.00% - 4.05%; assumes 25bp September rate cut by Fed Capital • Expect to maintain dividend at $0.24

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

appendix: non-GAAP to GAAP reconciliation 28 All dollars shown in thousands Net interest income and net interest margin - fully tax equivalent June 30, Mar. 31, Dec. 31, Sep. 30, June 30, 2024 2024 2023 2023 2023 Net interest income 153,311$ 148,740$ 153,765$ 155,455$ 159,232$ Tax equivalent adjustment 1,418 1,535 1,672 1,659 1,601 Net interest income - tax equivalent 154,729$ 150,275$ 155,437$ 157,114$ 160,833$ Average earning assets 15,171,819$ 14,757,503$ 14,483,589$ 14,404,144$ 14,403,542$ Net interest margin1 4.06 % 4.05 % 4.21 % 4.28 % 4.43 % Net interest margin (fully tax equivalent)1 4.10 % 4.10 % 4.26 % 4.33 % 4.48 % Three months ended 1 Margins are calculated using net interest income annualized divided by average earning assets. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

appendix: non-GAAP to GAAP reconciliation 29 All dollars shown in thousands Additional non-GAAP ratios June 30, Mar. 31, Dec. 31, Sep. 30, June 30, (Dollars in thousands, except per share data) 2024 2024 2023 2023 2023 Net income (a) 60,805$ 50,689$ 56,732$ 63,061$ 65,667$ Average total shareholders' equity 2,281,040 2,265,562 2,144,482 2,153,601 2,137,765 Less: Goodwill (1,007,657) (1,006,477) (1,005,870) (1,005,844) (1,005,791) Other intangibles (84,577) (84,109) (85,101) (87,427) (89,878) Average tangible equity (b) 1,188,806 1,174,976 1,053,511 1,060,331 1,042,097 Total shareholders' equity 2,326,439 2,287,003 2,267,974 2,129,509 2,143,419 Less: Goodwill (1,007,656) (1,007,656) (1,005,868) (1,005,868) (1,005,828) Other intangibles (83,528) (85,603) (83,949) (86,378) (88,662) Ending tangible equity (c) 1,235,255 1,193,744 1,178,157 1,037,263 1,048,929 Less: AOCI (323,409) (321,109) (309,819) (410,005) (353,010) Ending tangible equity less AOCI (d) 1,558,664 1,514,853 1,487,976 1,447,268 1,401,939 Total assets 18,166,180 17,599,238 17,532,900 17,054,852 17,090,149 Less: Goodwill (1,007,656) (1,007,656) (1,005,868) (1,005,868) (1,005,828) Other intangibles (83,528) (85,603) (83,949) (86,378) (88,662) Ending tangible assets (e) 17,074,996 16,505,979 16,443,083 15,962,606 15,995,659 Risk-weighted assets (f) 13,803,249 13,562,455 13,374,177 13,170,574 13,068,888 Total average assets 17,728,251 17,306,221 17,124,955 16,951,389 16,968,055 Less: Goodwill (1,007,657) (1,006,477) (1,005,870) (1,005,844) (1,005,791) Other intangibles (84,577) (84,109) (85,101) (87,427) (89,878) Average tangible assets (g) 16,636,017$ 16,215,635$ 16,033,984$ 15,858,119$ 15,872,386$ Ending shares outstanding (h) 95,486,010 95,473,595 95,141,244 95,117,180 95,185,483 Ratios Return on average tangible shareholders' equity (a)/(b) 20.57% 17.35% 21.36% 23.60% 25.27% Ending tangible equity as a percent of: Ending tangible assets (c)/(e) 7.23% 7.23% 7.17% 6.50% 6.56% Risk-weighted assets (c)/(f) 8.95% 8.80% 8.81% 7.88% 8.03% Ending tangible equity excluding AOCI as a percent of: Ending tangible assets (d)/(e) 9.13% 9.18% 9.05% 9.07% 8.76% Average tangible equity as a percent of average tangible assets (b)/(g) 7.15% 7.25% 6.57% 6.69% 6.57% Tangible book value per share (c)/(h) 12.94$ 12.50$ 12.38$ 10.91$ 11.02$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 30 All dollars shown in thousands Additional non-GAAP measures 4Q23 3Q23 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 153,311$ 153,311$ 148,740$ 148,740$ 153,765$ 153,765$ 155,455$ 155,455$ Provision for credit losses-loans and leases (j) 16,157 16,157 13,419 13,419 8,804 8,804 12,907 12,907 Provision for credit losses-unfunded commitments (j) 286 286 (2,259) (2,259) 1,426 1,426 (1,234) (1,234) Noninterest income 61,501 61,501 46,512 46,512 46,993 46,993 56,628 56,628 less: gains (losses) on security transactions (64) (5,187) (649) (58) less: other - - - (94) Total noninterest income (g) 61,501 61,565 46,512 51,699 46,993 47,642 56,628 56,780 Noninterest expense 123,574 123,574 122,355 122,355 119,137 119,137 122,044 122,044 less: tax credit investment w ritedow n - - 104 less: FDIC special assessment (70) 231 925 - less: eff iciency-related costs 368 - - - less: Summit acquisition costs - - - 787 less: Other 818 1,087 1,363 (395) Total noninterest expense (e) 123,574 122,458 122,355 121,037 119,137 116,849 122,044 121,548 Income before income taxes (i) 74,795 75,975 61,737 68,242 71,391 74,328 78,366 79,014 Income tax expense 13,990 13,990 11,048 11,048 14,659 14,659 15,305 15,305 plus: tax effect of adjustments 10 52 276 82 plus: after-tax impact of tax credit investments @ 21% 263 1,318 423 136 Total income tax expense (h) 13,990 14,262 11,048 12,418 14,659 15,358 15,305 15,523 Net income (a) 60,805$ 61,713$ 50,689$ 55,824$ 56,732$ 58,970$ 63,061$ 63,491$ Average diluted shares (b) 95,470 95,470 95,184 95,184 95,141 95,141 95,117 95,117 Average assets (c) 17,728,251 17,728,251 17,306,221 17,306,221 17,124,955 17,124,955 16,951,389 16,951,389 Average shareholders' equity 2,281,040 2,281,040 2,265,562 2,265,562 2,144,482 2,144,482 2,153,601 2,153,601 Less: Goodw ill and other intangibles (1,092,234) (1,092,234) (1,090,586) (1,090,586) (1,090,971) (1,090,971) (1,093,271) (1,093,271) Average tangible equity (d) 1,188,806 1,188,806 1,174,976 1,174,976 1,053,511 1,053,511 1,060,331 1,060,331 Ratios Net earnings per share - diluted (a)/(b) 0.64$ 0.65$ 0.53$ 0.59$ 0.60$ 0.62$ 0.66$ 0.67$ Return on average assets - (a)/(c) 1.38% 1.40% 1.18% 1.30% 1.31% 1.37% 1.48% 1.49% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 2.07% 2.10% 1.69% 1.85% 1.89% 1.96% 2.11% 2.12% Return on average tangible shareholders' equity - (a)/(d) 20.57% 20.88% 17.35% 19.11% 21.36% 22.21% 23.60% 23.76% Eff iciency ratio - (e)/((f)+(g)) 57.5% 57.0% 62.7% 60.4% 59.3% 58.0% 57.5% 57.3% Effective tax rate - (h)/(i) 18.7% 18.8% 17.9% 18.2% 20.5% 20.7% 19.5% 19.6% (Dollars in thousands, except per share data) 2Q24 1Q24

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

Report a Problem

Category
Description
Email (optional, for follow-up)