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8-K

First Financial Bancorp /Oh/ (FFBC)

8-K 2022-07-21 For: 2022-07-21
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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 21, 2022

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 21, 2022, 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 2022. 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 21, 2022

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 21, 2022

Document

Exhibit 99.1

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First Financial Bancorp Announces Second Quarter 2022 Financial Results

•Earnings per diluted share of $0.55; $0.56 on an adjusted(1) basis

•Return on average assets of 1.28%; 1.31% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 3.47%; 30 bp increase from linked quarter

•Loan growth of $191.4 million, excluding PPP; 8.3% on an annualized basis

•Noninterest income of $49.8 million increased 20.6% from the linked quarter

Cincinnati, Ohio - July 21, 2022. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and six months ended June 30, 2022.

For the three months ended June 30, 2022, the Company reported net income of $51.5 million, or $0.55 per diluted common share. These results compare to net income of $41.3 million, or $0.44 per diluted common share, for the first quarter of 2022. For the six months ended June 30, 2022, First Financial had earnings per diluted share of $0.98 compared to $1.01 for the same period in 2021.

Return on average assets for the second quarter of 2022 was 1.28% while return on average tangible common equity was 20.68%(1). These compare to returns on average assets of 1.03% and return on average tangible common equity of 14.93%(1) in the first quarter of 2022.

Second quarter 2022 highlights include:

•Strong loan growth when compared to linked quarter(2)

◦Loan balances increased $178.8 million compared to the first quarter; $191.4 million excluding PPP

◦Growth of 7.8% on an annualized basis; 8.3% on an annualized basis excluding PPP

◦Broad based portfolio growth, with large increases in C&I and residential real estate portfolios

•Net interest margin of 3.43%, or 3.47% on a fully tax-equivalent basis(1), exceeded expectations

◦30 bp increase to 3.47% from 3.17% in the first quarter due to higher asset yields resulting from higher interest rates

◦34 bp increase in loan yields offset modest 2 basis point increase in cost of interest bearing deposits

•Noninterest income of $49.8 million, or $50.8 million as adjusted(1)

◦Record foreign exchange income of $13.5 million; 32.7% increase from the linked quarter

◦Leasing business income of $7.2 million; 19.3% increase from the linked quarter

◦Wealth management fees remained strong at $6.3 million

◦Mortgage banking revenue increased $1.4 million; 35.4% increase from the linked quarter

◦Other noninterest income increased $2.3 million; 65.9% increase from the linked quarter driven by investments in limited partnerships

◦Adjusted(1) for $1.1 million loss on investment securities

________________________________________________________________________________________

(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 consolidated balance sheets at June 30, 2022, March 31, 2022 and December 31, 2021 include assets acquired and liabilities assumed in the Summit Financial transaction. The fair value measurements of assets acquired and liabilities assumed 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.

•Noninterest expenses of $103.2 million, or $102.4 million as adjusted(1)

◦Adjustments(1) include $0.1 million of acquisition related costs and $0.7 million of other costs not expected to recur such as severance and branch consolidation costs

◦Slight increase in expenses driven by higher salaries and benefits tied to elevated fee income

◦Efficiency ratio of 61.8%; 60.9% as adjusted(1)

•Total Allowance for Credit Losses of $134.5 million; Total quarterly provision recapture of $0.8 million

◦Loans and leases - ACL of $117.9 million, 1.25% of total loans

◦Unfunded Commitments - ACL of $16.7 million

◦Provision recapture driven by stable credit quality

◦Net charge-offs declined to 8 bps of average loans and leases

•Regulatory capital ratios remain in excess of internal targets

◦Total capital ratio of 13.94%

◦Tier 1 common equity increased 4 basis points to 10.91%

◦Tangible common equity of 6.40%(1); decrease from linked quarter driven by decline in AOCI

◦Tangible book value per share of $10.27(1)

Archie Brown, President and CEO, commented on the quarter, “I am extremely pleased with our performance in the second quarter. Earnings improved from the first quarter as our asset sensitive balance sheet was positively impacted by recent rate increases. In addition, credit quality was stable with lower net charge-offs and nonaccrual loan balances. This led to a small provision recapture for the quarter.”

Mr. Brown continued, “We were encouraged by our strong fee income performance for the quarter. Total fee income surpassed our expectations due to record foreign exchange income, strong income from limited partnership investments and growing leasing business income. While second quarter mortgage banking income increased 35% from the linked quarter, we continue to experience headwinds due to the rapid rise in interest rates. In addition, recent overdraft program changes led to a modest reduction in deposit account service charges during the second quarter and we expect further decline due to these program changes in the coming periods.”

Mr. Brown commented on loan growth, “We were very pleased with loan growth in the second quarter. Loans (excluding PPP) increased by $191 million, or 8.3%, on an annualized basis. Loan growth was broad based, with increases in the C&I, retail mortgage and consumer portfolios. This more than offset a decline in the ICRE portfolio, which was driven by elevated prepayments. In addition, we were also pleased with Summit's growth in the quarter, including operating leases, which increased $21 million, or 33.5%, during the period. Loan origination activity remains strong as we head into the third quarter.”

Mr. Brown concluded, “I want to thank our associates for their excellent performance so far this year. As we head into the back half of the year, we are optimistic that our balance sheet is positioned to further benefit from additional rate increases and loan activity remains strong. We remain diligent in our credit monitoring and are prepared to manage a downturn in the economy should it occur later in the interest rate cycle.”

Full detail of the Company’s second quarter 2022 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 22, 2022 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (844) 200-6205 (U.S. toll free), (646) 904-5544 (U.S. local) or +1 (929) 526-1599 (International), access code 099625. 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 (866) 813-9403 (U.S. toll free), (929) 458-6194 (U.S. local) and +44 204 525-0658 (all other locations), access code 049791. The recording will be available until August 5, 2022. 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, 2021, 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, 2022, the Company had $16.2 billion in assets, $9.4 billion in loans, $12.3 billion in deposits and $2.1 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 $3.0 billion in assets under management as of June 30, 2022. The Company operated 135 full service banking centers as of June 30, 2022, primarily in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/Analysts                    Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Marketing Communications Manager

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

InvestorRelations@bankatfirst.com            media@bankatfirst.com

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Selected Financial Information

June 30, 2022

(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 44,782
Credit Quality 10
Capital Adequacy 11
FIRST FINANCIAL BANCORP.
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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,
2022 2022 2021 2021 2021 2022 2021
RESULTS OF OPERATIONS
Net income $ 51,520 $ 41,301 $ 46,945 $ 60,012 $ 50,888 $ 92,821 $ 98,203
Net earnings per share - basic $ 0.55 $ 0.44 $ 0.51 $ 0.64 $ 0.53 $ 0.99 $ 1.02
Net earnings per share - diluted $ 0.55 $ 0.44 $ 0.50 $ 0.63 $ 0.52 $ 0.98 $ 1.01
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 1.28 % 1.03 % 1.16 % 1.49 % 1.26 % 1.16 % 1.23 %
Return on average shareholders' equity 9.84 % 7.53 % 8.31 % 10.53 % 9.02 % 8.66 % 8.73 %
Return on average tangible shareholders' equity (1) 20.68 % 14.93 % 15.11 % 19.03 % 16.31 % 17.65 % 15.78 %
Net interest margin 3.43 % 3.12 % 3.19 % 3.28 % 3.27 % 3.27 % 3.31 %
Net interest margin (fully tax equivalent) (1)(2) 3.47 % 3.17 % 3.23 % 3.32 % 3.31 % 3.32 % 3.35 %
Ending shareholders' equity as a percent of ending assets 12.74 % 13.35 % 13.83 % 14.01 % 14.15 % 12.74 % 14.15 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 6.40 % 6.95 % 7.58 % 8.21 % 8.37 % 6.40 % 8.37 %
Risk-weighted assets (1) 8.09 % 8.85 % 9.91 % 10.76 % 11.12 % 8.09 % 11.12 %
Average shareholders' equity as a percent of average assets 12.97 % 13.75 % 13.98 % 14.14 % 13.96 % 13.36 % 14.06 %
Average tangible shareholders' equity as a percent of
average tangible assets (1) 6.62 % 7.44 % 8.20 % 8.35 % 8.23 % 7.03 % 8.30 %
Book value per share $ 21.90 $ 22.63 $ 23.99 $ 23.85 $ 23.59 $ 21.90 $ 23.59
Tangible book value per share (1) $ 10.27 $ 10.97 $ 12.26 $ 13.09 $ 13.08 $ 10.27 $ 13.08
Common equity tier 1 ratio (3) 10.91 % 10.87 % 10.84 % 11.54 % 11.78 % 10.91 % 11.78 %
Tier 1 ratio (3) 11.28 % 11.24 % 11.22 % 11.92 % 12.16 % 11.28 % 12.16 %
Total capital ratio (3) 13.94 % 13.97 % 14.10 % 14.97 % 15.31 % 13.94 % 15.31 %
Leverage ratio (3) 8.76 % 8.64 % 8.70 % 9.05 % 9.14 % 8.76 % 9.14 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $ 9,367,820 $ 9,266,774 $ 9,283,227 $ 9,502,750 $ 9,831,965 $ 9,317,576 $ 9,891,579
Investment securities 4,118,287 4,308,059 4,343,513 4,189,253 4,130,207 4,212,649 3,957,559
Interest-bearing deposits with other banks 236,797 234,687 166,904 32,400 45,593 235,748 46,249
Total earning assets $ 13,722,904 $ 13,809,520 $ 13,793,644 $ 13,724,403 $ 14,007,765 $ 13,765,973 $ 13,895,387
Total assets $ 16,185,978 $ 16,184,919 $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,185,451 $ 16,129,539
Noninterest-bearing deposits $ 4,224,842 $ 4,160,175 $ 4,191,457 $ 3,981,404 $ 4,003,626 $ 4,192,687 $ 3,922,288
Interest-bearing deposits 8,312,876 8,623,800 8,693,792 8,685,949 8,707,553 8,467,479 8,620,173
Total deposits $ 12,537,718 $ 12,783,975 $ 12,885,249 $ 12,667,353 $ 12,711,179 $ 12,660,166 $ 12,542,461
Borrowings $ 970,243 $ 701,287 $ 396,743 $ 562,964 $ 749,114 $ 836,508 $ 817,367
Shareholders' equity $ 2,099,670 $ 2,225,495 $ 2,241,820 $ 2,261,293 $ 2,263,687 $ 2,162,235 $ 2,268,193
CREDIT QUALITY RATIOS
Allowance to ending loans 1.25 % 1.34 % 1.42 % 1.59 % 1.68 % 1.25 % 1.68 %
Allowance to nonaccrual loans 302.87 % 273.09 % 272.76 % 225.73 % 184.77 % 302.87 % 184.77 %
Allowance to nonperforming loans 235.08 % 231.98 % 219.96 % 192.35 % 162.12 % 235.08 % 162.12 %
Nonperforming loans to total loans 0.53 % 0.58 % 0.65 % 0.83 % 1.03 % 0.53 % 1.03 %
Nonaccrual loans to total loans 0.41 % 0.49 % 0.52 % 0.70 % 0.91 % 0.41 % 0.91 %
Nonperforming assets to ending loans, plus OREO 0.53 % 0.58 % 0.65 % 0.83 % 1.04 % 0.53 % 1.04 %
Nonperforming assets to total assets 0.31 % 0.33 % 0.37 % 0.49 % 0.62 % 0.31 % 0.62 %
Classified assets to total assets 0.74 % 0.67 % 0.64 % 1.04 % 1.14 % 0.74 % 1.14 %
Net charge-offs to average loans (annualized) 0.08 % 0.10 % 0.32 % 0.10 % 0.23 % 0.09 % 0.30 %

(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, 2022 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,
2022 2021 % Change 2022 2021 % Change
Interest income
Loans and leases, including fees $ 97,091 $ 97,494 (0.4) % $ 184,273 $ 196,425 (6.2) %
Investment securities
Taxable 23,639 19,524 21.1 % 45,735 38,131 19.9 %
Tax-exempt 4,916 4,871 0.9 % 9,347 9,914 (5.7) %
Total investment securities interest 28,555 24,395 17.1 % 55,082 48,045 14.6 %
Other earning assets 497 25 N/M 618 53 N/M
Total interest income 126,143 121,914 3.5 % 239,973 244,523 (1.9) %
Interest expense
Deposits 2,963 3,693 (19.8) % 5,586 8,026 (30.4) %
Short-term borrowings 1,373 53 N/M 1,690 120 N/M
Long-term borrowings 4,612 4,142 11.3 % 9,156 8,475 8.0 %
Total interest expense 8,948 7,888 13.4 % 16,432 16,621 (1.1) %
Net interest income 117,195 114,026 2.8 % 223,541 227,902 (1.9) %
Provision for credit losses-loans and leases (4,267) (4,756) (10.3) % (9,856) (1,306) N/M
Provision for credit losses-unfunded commitments 3,481 517 N/M 3,255 1,055 208.5 %
Net interest income after provision for credit losses 117,981 118,265 (0.2) % 230,142 228,153 0.9 %
Noninterest income
Service charges on deposit accounts 7,648 7,537 1.5 % 15,377 14,683 4.7 %
Trust and wealth management fees 6,311 6,216 1.5 % 12,371 11,846 4.4 %
Bankcard income 3,823 3,732 2.4 % 7,160 6,860 4.4 %
Client derivative fees 1,353 1,795 (24.6) % 2,152 3,351 (35.8) %
Foreign exchange income 13,470 12,037 11.9 % 23,621 22,794 3.6 %
Leasing business income 7,247 0 100.0 % 13,323 0 100.0 %
Net gains from sales of loans 5,241 8,489 (38.3) % 9,113 17,943 (49.2) %
Net gain (loss) on sale of investment securities 0 (265) (100.0) % 3 (431) (100.7) %
Net gain (loss) on equity securities (1,054) 161 N/M (1,253) 273 N/M
Other 5,747 3,285 74.9 % 9,212 5,990 53.8 %
Total noninterest income 49,786 42,987 15.8 % 91,079 83,309 9.3 %
Noninterest expenses
Salaries and employee benefits 64,992 60,784 6.9 % 128,939 122,037 5.7 %
Net occupancy 5,359 5,535 (3.2) % 11,105 11,239 (1.2) %
Furniture and equipment 3,201 3,371 (5.0) % 6,768 7,340 (7.8) %
Data processing 8,334 7,864 6.0 % 16,598 15,151 9.6 %
Marketing 2,323 2,035 14.2 % 4,023 3,396 18.5 %
Communication 670 746 (10.2) % 1,336 1,584 (15.7) %
Professional services 2,214 2,029 9.1 % 4,373 3,479 25.7 %
State intangible tax 1,090 1,201 (9.2) % 2,221 2,403 (7.6) %
FDIC assessments 1,677 1,362 23.1 % 3,136 2,711 15.7 %
Intangible amortization 2,915 2,480 17.5 % 5,829 4,959 17.5 %
Leasing business expense 4,687 0 100.0 % 8,556 0 100.0 %
Other 5,765 12,236 (52.9) % 13,148 17,850 (26.3) %
Total noninterest expenses 103,227 99,643 3.6 % 206,032 192,149 7.2 %
Income before income taxes 64,540 61,609 4.8 % 115,189 119,313 (3.5) %
Income tax expense 13,020 10,721 21.4 % 22,368 21,110 6.0 %
Net income $ 51,520 $ 50,888 1.2 % $ 92,821 $ 98,203 (5.5) %
ADDITIONAL DATA
Net earnings per share - basic $ 0.55 $ 0.53 $ 0.99 $ 1.02
Net earnings per share - diluted $ 0.55 $ 0.52 $ 0.98 $ 1.01
Dividends declared per share $ 0.23 $ 0.23 $ 0.46 $ 0.46
Return on average assets 1.28 % 1.26 % 1.16 % 1.23 %
Return on average shareholders' equity 9.84 % 9.02 % 8.66 % 8.73 %
Interest income $ 126,143 $ 121,914 3.5 % $ 239,973 $ 244,523 (1.9) %
Tax equivalent adjustment 1,625 1,619 0.4 % 3,092 3,271 (5.5) %
Interest income - tax equivalent 127,768 123,533 3.4 % 243,065 247,794 (1.9) %
Interest expense 8,948 7,888 13.4 % 16,432 16,621 (1.1) %
Net interest income - tax equivalent $ 118,820 $ 115,645 2.7 % $ 226,633 $ 231,173 (2.0) %
Net interest margin 3.43 % 3.27 % 3.27 % 3.31 %
Net interest margin (fully tax equivalent) (1) 3.47 % 3.31 % 3.32 % 3.35 %
Full-time equivalent employees 2,096 2,053
(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)
2022
Second First Year to % Change
Quarter Quarter Date Linked Qtr.
Interest income
Loans and leases, including fees $ 97,091 $ 87,182 $ 184,273 11.4 %
Investment securities
Taxable 23,639 22,096 45,735 7.0 %
Tax-exempt 4,916 4,431 9,347 10.9 %
Total investment securities interest 28,555 26,527 55,082 7.6 %
Other earning assets 497 121 618 310.7 %
Total interest income 126,143 113,830 239,973 10.8 %
Interest expense
Deposits 2,963 2,623 5,586 13.0 %
Short-term borrowings 1,373 317 1,690 333.1 %
Long-term borrowings 4,612 4,544 9,156 1.5 %
Total interest expense 8,948 7,484 16,432 19.6 %
Net interest income 117,195 106,346 223,541 10.2 %
Provision for credit losses-loans and leases (4,267) (5,589) (9,856) (23.7) %
Provision for credit losses-unfunded commitments 3,481 (226) 3,255 N/M
Net interest income after provision for credit losses 117,981 112,161 230,142 5.2 %
Noninterest income
Service charges on deposit accounts 7,648 7,729 15,377 (1.0) %
Trust and wealth management fees 6,311 6,060 12,371 4.1 %
Bankcard income 3,823 3,337 7,160 14.6 %
Client derivative fees 1,353 799 2,152 69.3 %
Foreign exchange income 13,470 10,151 23,621 32.7 %
Leasing business income 7,247 6,076 13,323 19.3 %
Net gains from sales of loans 5,241 3,872 9,113 35.4 %
Net gain (loss) on sale of investment securities 0 3 3 (100.0) %
Net gain (loss) on equity securities (1,054) (199) (1,253) 429.6 %
Other 5,747 3,465 9,212 65.9 %
Total noninterest income 49,786 41,293 91,079 20.6 %
Noninterest expenses
Salaries and employee benefits 64,992 63,947 128,939 1.6 %
Net occupancy 5,359 5,746 11,105 (6.7) %
Furniture and equipment 3,201 3,567 6,768 (10.3) %
Data processing 8,334 8,264 16,598 0.8 %
Marketing 2,323 1,700 4,023 36.6 %
Communication 670 666 1,336 0.6 %
Professional services 2,214 2,159 4,373 2.5 %
State intangible tax 1,090 1,131 2,221 (3.6) %
FDIC assessments 1,677 1,459 3,136 14.9 %
Intangible amortization 2,915 2,914 5,829 0.0 %
Leasing business expense 4,687 3,869 8,556 21.1 %
Other 5,765 7,383 13,148 (21.9) %
Total noninterest expenses 103,227 102,805 206,032 0.4 %
Income before income taxes 64,540 50,649 115,189 27.4 %
Income tax expense 13,020 9,348 22,368 39.3 %
Net income $ 51,520 $ 41,301 $ 92,821 24.7 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.55 $ 0.44 $ 0.99
Net earnings per share - diluted $ 0.55 $ 0.44 $ 0.98
Dividends declared per share $ 0.23 $ 0.23 $ 0.46
Return on average assets 1.28 % 1.03 % 1.16 %
Return on average shareholders' equity 9.84 % 7.53 % 8.66 %
Interest income $ 126,143 $ 113,830 $ 239,973 10.8 %
Tax equivalent adjustment 1,625 1,467 3,092 10.8 %
Interest income - tax equivalent 127,768 115,297 243,065 10.8 %
Interest expense 8,948 7,484 16,432 19.6 %
Net interest income - tax equivalent $ 118,820 $ 107,813 $ 226,633 10.2 %
Net interest margin 3.43 % 3.12 % 3.27 %
Net interest margin (fully tax equivalent) (1) 3.47 % 3.17 % 3.32 %
Full-time equivalent employees 2,096 2,050 (2)
(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.
(2) Includes 65 FTE from Summit acquisition.
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2021
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $ 92,682 $ 96,428 $ 97,494 $ 98,931 $ 385,535
Investment securities
Taxable 20,993 20,088 19,524 18,607 79,212
Tax-exempt 4,127 4,282 4,871 5,043 18,323
Total investment securities interest 25,120 24,370 24,395 23,650 97,535
Other earning assets 71 23 25 28 147
Total interest income 117,873 120,821 121,914 122,609 483,217
Interest expense
Deposits 3,089 3,320 3,693 4,333 14,435
Short-term borrowings 10 68 53 67 198
Long-term borrowings 3,968 4,023 4,142 4,333 16,466
Total interest expense 7,067 7,411 7,888 8,733 31,099
Net interest income 110,806 113,410 114,026 113,876 452,118
Provision for credit losses-loans and leases (9,525) (8,193) (4,756) 3,450 (19,024)
Provision for credit losses-unfunded commitments 1,799 (1,951) 517 538 903
Net interest income after provision for credit losses 118,532 123,554 118,265 109,888 470,239
Noninterest income
Service charges on deposit accounts 8,645 8,548 7,537 7,146 31,876
Trust and wealth management fees 6,038 5,896 6,216 5,630 23,780
Bankcard income 3,602 3,838 3,732 3,128 14,300
Client derivative fees 2,303 2,273 1,795 1,556 7,927
Foreign exchange income 12,808 9,191 12,037 10,757 44,793
Leasing business income 0 0 0 0 0
Net gains from sales of loans 6,492 8,586 8,489 9,454 33,021
Net gain (loss) on sale of investment securities (14) (314) (265) (166) (759)
Net gain (loss) on equity securities 321 108 161 112 702
Other 5,465 4,411 3,285 2,705 15,866
Total noninterest income 45,660 42,537 42,987 40,322 171,506
Noninterest expenses
Salaries and employee benefits 62,170 61,717 60,784 61,253 245,924
Net occupancy 5,332 5,571 5,535 5,704 22,142
Furniture and equipment 3,161 3,318 3,371 3,969 13,819
Data processing 8,261 7,951 7,864 7,287 31,363
Marketing 2,152 2,435 2,035 1,361 7,983
Communication 677 669 746 838 2,930
Professional services 5,998 2,199 2,029 1,450 11,676
State intangible tax 651 1,202 1,201 1,202 4,256
FDIC assessments 1,453 1,466 1,362 1,349 5,630
Intangible amortization 2,401 2,479 2,480 2,479 9,839
Leasing business expense 0 0 0 0 0
Other 17,349 10,051 12,236 5,614 45,250
Total noninterest expenses 109,605 99,058 99,643 92,506 400,812
Income before income taxes 54,587 67,033 61,609 57,704 240,933
Income tax expense (benefit) 7,642 7,021 10,721 10,389 35,773
Net income $ 46,945 $ 60,012 $ 50,888 $ 47,315 $ 205,160
ADDITIONAL DATA
Net earnings per share - basic $ 0.51 $ 0.64 $ 0.53 $ 0.49 $ 2.16
Net earnings per share - diluted $ 0.50 $ 0.63 $ 0.52 $ 0.48 $ 2.14
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92
Return on average assets 1.16 % 1.49 % 1.26 % 1.20 % 1.28 %
Return on average shareholders' equity 8.31 % 10.53 % 9.02 % 8.44 % 9.08 %
Interest income $ 117,873 $ 120,821 $ 121,914 $ 122,609 $ 483,217
Tax equivalent adjustment 1,386 1,434 1,619 1,652 6,091
Interest income - tax equivalent 119,259 122,255 123,533 124,261 489,308
Interest expense 7,067 7,411 7,888 8,733 31,099
Net interest income - tax equivalent $ 112,192 $ 114,844 $ 115,645 $ 115,528 $ 458,209
Net interest margin 3.19 % 3.28 % 3.27 % 3.35 % 3.27 %
Net interest margin (fully tax equivalent) (1) 3.23 % 3.32 % 3.31 % 3.40 % 3.31 %
Full-time equivalent employees 1,994 2,026 2,053 2,063
(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
2022 2022 2021 2021 2021 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 302,549 $ 230,428 $ 220,031 $ 209,748 $ 206,918 31.3 % 46.2 %
Interest-bearing deposits with other banks 184,974 227,147 214,811 29,799 38,610 (18.6) % 379.1 %
Investment securities available-for-sale 3,843,580 3,957,882 4,207,846 4,114,094 3,955,839 (2.9) % (2.8) %
Investment securities held-to-maturity 88,057 92,597 98,420 103,886 112,456 (4.9) % (21.7) %
Other investments 132,151 114,563 102,971 97,831 129,432 15.4 % 2.1 %
Loans held for sale 22,044 12,670 29,482 33,835 31,546 74.0 % (30.1) %
Loans and leases
Commercial and industrial 2,927,175 2,800,209 2,720,028 2,602,848 2,701,203 4.5 % 8.4 %
Lease financing 146,639 125,867 109,624 67,855 68,229 16.5 % 114.9 %
Construction real estate 449,734 479,744 455,894 477,004 630,329 (6.3) % (28.7) %
Commercial real estate 4,007,037 4,031,484 4,226,614 4,438,374 4,332,561 (0.6) % (7.5) %
Residential real estate 965,387 913,838 896,069 922,492 932,112 5.6 % 3.6 %
Home equity 725,700 707,973 708,399 709,050 711,756 2.5 % 2.0 %
Installment 146,680 132,197 119,454 96,077 89,143 11.0 % 64.5 %
Credit card 52,065 50,305 52,217 47,231 46,177 3.5 % 12.8 %
Total loans 9,420,417 9,241,617 9,288,299 9,360,931 9,511,510 1.9 % (1.0) %
Less:
Allowance for credit losses (117,885) (124,130) (131,992) (148,903) (159,590) (5.0) % (26.1) %
Net loans 9,302,532 9,117,487 9,156,307 9,212,028 9,351,920 2.0 % (0.5) %
Premises and equipment 191,099 190,975 193,040 192,580 192,238 0.1 % (0.6) %
Operating leases 82,659 61,927 60,811 0 0 33.5 % 100.0 %
Goodwill 999,959 999,959 1,000,749 937,771 937,771 0.0 % 6.6 %
Other intangibles 82,889 85,891 88,898 56,811 59,391 (3.5) % 39.6 %
Accrued interest and other assets 1,011,221 917,624 955,775 968,210 1,021,798 10.2 % (1.0) %
Total Assets $ 16,243,714 $ 16,009,150 $ 16,329,141 $ 15,956,593 $ 16,037,919 1.5 % 1.3 %
LIABILITIES
Deposits
Interest-bearing demand $ 3,096,365 $ 3,246,646 $ 3,198,745 $ 2,916,860 $ 2,963,151 (4.6) % 4.5 %
Savings 4,029,717 4,188,867 4,157,374 4,223,905 4,093,229 (3.8) % (1.6) %
Time 1,026,918 1,121,966 1,330,263 1,517,419 1,548,109 (8.5) % (33.7) %
Total interest-bearing deposits 8,153,000 8,557,479 8,686,382 8,658,184 8,604,489 (4.7) % (5.2) %
Noninterest-bearing 4,124,111 4,261,429 4,185,572 4,019,197 3,901,691 (3.2) % 5.7 %
Total deposits 12,277,111 12,818,908 12,871,954 12,677,381 12,506,180 (4.2) % (1.8) %
Federal funds purchased and securities sold
under agreements to repurchase 0 0 51,203 81,850 255,791 0.0 % (100.0) %
FHLB short-term borrowings 896,000 185,000 225,000 107,000 217,000 384.3 % 312.9 %
Other 0 0 20,000 0 0 0.0 % 0.0 %
Total short-term borrowings 896,000 185,000 296,203 188,850 472,791 384.3 % 89.5 %
Long-term debt 358,578 379,840 409,832 313,230 313,039 (5.6) % 14.5 %
Total borrowed funds 1,254,578 564,840 706,035 502,080 785,830 122.1 % 59.7 %
Accrued interest and other liabilities 643,355 487,957 492,210 540,962 476,402 31.8 % 35.0 %
Total Liabilities 14,175,044 13,871,705 14,070,199 13,720,423 13,768,412 2.2 % 3.0 %
SHAREHOLDERS' EQUITY
Common stock 1,637,237 1,634,903 1,640,358 1,637,065 1,635,470 0.1 % 0.1 %
Retained earnings 887,006 857,178 837,473 812,082 773,857 3.5 % 14.6 %
Accumulated other comprehensive income (loss) (243,328) (142,477) (433) 14,230 30,735 70.8 % N/M
Treasury stock, at cost (212,245) (212,159) (218,456) (227,207) (170,555) 0.0 % 24.4 %
Total Shareholders' Equity 2,068,670 2,137,445 2,258,942 2,236,170 2,269,507 (3.2) % (8.8) %
Total Liabilities and Shareholders' Equity $ 16,243,714 $ 16,009,150 $ 16,329,141 $ 15,956,593 $ 16,037,919 1.5 % 1.3 %
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,
2022 2022 2021 2021 2021 2022 2021
ASSETS
Cash and due from banks $ 305,803 $ 248,517 $ 253,091 $ 245,212 $ 237,964 $ 277,318 $ 235,135
Interest-bearing deposits with other banks 236,797 234,687 166,904 32,400 45,593 235,748 46,249
Investment securities 4,118,287 4,308,059 4,343,513 4,189,253 4,130,207 4,212,649 3,957,559
Loans held for sale 15,446 15,589 24,491 28,365 28,348 15,517 29,015
Loans and leases
Commercial and industrial 2,884,373 2,736,613 2,552,686 2,634,306 2,953,185 2,810,901 2,991,239
Lease financing 134,334 115,703 67,537 67,159 66,124 125,070 68,304
Construction real estate 460,609 474,278 460,588 567,091 630,351 467,406 638,955
Commercial real estate 4,025,493 4,139,072 4,391,328 4,413,003 4,372,679 4,081,969 4,356,106
Residential real estate 936,165 903,567 917,399 937,969 940,600 919,956 960,548
Home equity 716,219 703,714 709,954 710,794 707,409 710,001 716,720
Installment 140,145 125,579 106,188 93,937 84,768 132,902 83,082
Credit card 55,036 52,659 53,056 50,126 48,501 53,854 47,610
Total loans 9,352,374 9,251,185 9,258,736 9,474,385 9,803,617 9,302,059 9,862,564
Less:
Allowance for credit losses (123,950) (129,601) (144,756) (157,727) (169,979) (126,760) (173,899)
Net loans 9,228,424 9,121,584 9,113,980 9,316,658 9,633,638 9,175,299 9,688,665
Premises and equipment 191,895 192,832 192,941 193,775 200,558 192,361 203,576
Operating leases 73,862 61,297 659 0 0 67,614 0
Goodwill 999,958 1,000,238 938,453 937,771 937,771 1,000,097 937,771
Other intangibles 84,577 87,602 56,120 58,314 60,929 86,081 62,222
Accrued interest and other assets 930,929 914,514 946,265 994,060 940,461 922,767 969,347
Total Assets $ 16,185,978 $ 16,184,919 $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,185,451 $ 16,129,539
LIABILITIES
Deposits
Interest-bearing demand $ 3,180,846 $ 3,246,919 $ 3,069,416 $ 2,960,388 $ 2,973,930 $ 3,213,700 $ 2,961,376
Savings 4,076,380 4,145,615 4,195,504 4,150,610 4,096,077 4,110,806 3,956,471
Time 1,055,650 1,231,266 1,428,872 1,574,951 1,637,546 1,142,973 1,702,326
Total interest-bearing deposits 8,312,876 8,623,800 8,693,792 8,685,949 8,707,553 8,467,479 8,620,173
Noninterest-bearing 4,224,842 4,160,175 4,191,457 3,981,404 4,003,626 4,192,687 3,922,288
Total deposits 12,537,718 12,783,975 12,885,249 12,667,353 12,711,179 12,660,166 12,542,461
Federal funds purchased and securities sold
under agreements to repurchase 24,229 45,358 79,382 186,401 194,478 34,735 189,508
FHLB short-term borrowings 586,846 257,800 2,445 63,463 40,846 423,232 53,961
Other 0 12,889 654 0 0 6,409 0
Total short-term borrowings 611,075 316,047 82,481 249,864 235,324 464,376 243,469
Long-term debt 359,168 385,240 314,262 313,100 513,790 372,132 573,898
Total borrowed funds 970,243 701,287 396,743 562,964 749,114 836,508 817,367
Accrued interest and other liabilities 578,347 474,162 512,605 504,198 491,489 526,542 501,518
Total Liabilities 14,086,308 13,959,424 13,794,597 13,734,515 13,951,782 14,023,216 13,861,346
SHAREHOLDERS' EQUITY
Common stock 1,635,990 1,638,321 1,637,828 1,635,833 1,633,950 1,637,149 1,635,409
Retained earnings 866,910 841,652 822,500 783,760 754,456 854,351 740,481
Accumulated other comprehensive loss (190,949) (38,448) 8,542 36,917 25,832 (115,120) 33,997
Treasury stock, at cost (212,281) (216,030) (227,050) (195,217) (150,551) (214,145) (141,694)
Total Shareholders' Equity 2,099,670 2,225,495 2,241,820 2,261,293 2,263,687 2,162,235 2,268,193
Total Liabilities and Shareholders' Equity $ 16,185,978 $ 16,184,919 $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,185,451 $ 16,129,539
FIRST FINANCIAL BANCORP.
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NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
June 30, 2022 March 31, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Balance Interest Yield Balance Interest Yield Balance Interest Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 4,118,287 $ 28,555 2.78 % $ 4,308,059 $ 26,527 2.50 % $ 4,130,207 $ 24,395 2.37 % $ 4,212,649 2.64 % $ 3,957,559 2.45 %
Interest-bearing deposits with other banks 236,797 497 0.84 % 234,687 121 0.21 % 45,593 25 0.22 % 235,748 0.53 % 46,249 0.23 %
Gross loans (1) 9,367,820 97,091 4.16 % 9,266,774 87,182 3.82 % 9,831,965 97,494 3.98 % 9,317,576 3.99 % 9,891,579 4.00 %
Total earning assets 13,722,904 126,143 3.69 % 13,809,520 113,830 3.34 % 14,007,765 121,914 3.49 % 13,765,973 3.52 % 13,895,387 3.55 %
Nonearning assets
Allowance for credit losses (123,950) (129,601) (169,979) (126,760) (173,899)
Cash and due from banks 305,803 248,517 237,964 277,318 235,135
Accrued interest and other assets 2,281,221 2,256,483 2,139,719 2,268,920 2,172,916
Total assets $ 16,185,978 $ 16,184,919 $ 16,215,469 $ 16,185,451 $ 16,129,539
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 3,180,846 $ 842 0.11 % $ 3,246,919 $ 492 0.06 % $ 2,973,930 $ 489 0.07 % $ 3,213,700 0.08 % $ 2,961,376 0.07 %
Savings 4,076,380 1,003 0.10 % 4,145,615 850 0.08 % 4,096,077 1,106 0.11 % 4,110,806 0.09 % 3,956,471 0.12 %
Time 1,055,650 1,118 0.42 % 1,231,266 1,281 0.42 % 1,637,546 2,098 0.51 % 1,142,973 0.42 % 1,702,326 0.56 %
Total interest-bearing deposits 8,312,876 2,963 0.14 % 8,623,800 2,623 0.12 % 8,707,553 3,693 0.17 % 8,467,479 0.13 % 8,620,173 0.19 %
Borrowed funds
Short-term borrowings 611,075 1,373 0.90 % 316,047 317 0.41 % 235,324 53 0.09 % 464,376 0.73 % 243,469 0.10 %
Long-term debt 359,168 4,612 5.15 % 385,240 4,544 4.78 % 513,790 4,142 3.23 % 372,132 4.96 % 573,898 2.98 %
Total borrowed funds 970,243 5,985 2.47 % 701,287 4,861 2.81 % 749,114 4,195 2.25 % 836,508 2.61 % 817,367 2.12 %
Total interest-bearing liabilities 9,283,119 8,948 0.39 % 9,325,087 7,484 0.33 % 9,456,667 7,888 0.33 % 9,303,987 0.36 % 9,437,540 0.36 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 4,224,842 4,160,175 4,003,626 4,192,687 3,922,288
Other liabilities 578,347 474,162 491,489 526,542 501,518
Shareholders' equity 2,099,670 2,225,495 2,263,687 2,162,235 2,268,193
Total liabilities & shareholders' equity $ 16,185,978 $ 16,184,919 $ 16,215,469 $ 16,185,451 $ 16,129,539
Net interest income $ 117,195 $ 106,346 $ 114,026 $ 223,541 $ 227,902
Net interest spread 3.30 % 3.01 % 3.16 % 3.16 % 3.19 %
Net interest margin 3.43 % 3.12 % 3.27 % 3.27 % 3.31 %
Tax equivalent adjustment 0.04 % 0.05 % 0.04 % 0.05 % 0.04 %
Net interest margin (fully tax equivalent) 3.47 % 3.17 % 3.31 % 3.32 % 3.35 %
(1) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
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NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
Linked Qtr. Income Variance Comparable Qtr. Income Variance Year-to-Date Income Variance
Rate Volume Total Rate Volume Total Rate Volume Total
Earning assets
Investment securities $ 3,016 $ (988) $ 2,028 $ 4,243 $ (83) $ 4,160 $ 3,702 $ 3,335 $ 7,037
Interest-bearing deposits with other banks 366 10 376 71 401 472 68 497 565
Gross loans (2) 7,806 2,103 9,909 4,408 (4,811) (403) (800) (11,352) (12,152)
Total earning assets 11,188 1,125 12,313 8,722 (4,493) 4,229 2,970 (7,520) (4,550)
Interest-bearing liabilities
Total interest-bearing deposits $ 417 $ (77) $ 340 $ (589) $ (141) $ (730) $ (2,339) $ (101) $ (2,440)
Borrowed funds
Short-term borrowings 385 671 1,056 476 844 1,320 766 804 1,570
Long-term debt 348 (280) 68 2,455 (1,985) 470 5,645 (4,964) 681
Total borrowed funds 733 391 1,124 2,931 (1,141) 1,790 6,411 (4,160) 2,251
Total interest-bearing liabilities 1,150 314 1,464 2,342 (1,282) 1,060 4,072 (4,261) (189)
Net interest income (1) $ 10,038 $ 811 $ 10,849 $ 6,380 $ (3,211) $ 3,169 $ (1,102) $ (3,259) $ (4,361)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.
FIRST FINANCIAL BANCORP.
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CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
Six months ended
Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2022 2021 2021 2021 2022 2021
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period 124,130 $ 131,992 $ 148,903 $ 159,590 $ 169,923 $ 131,992 $ 175,679
Purchase accounting ACL for PCD 0 17 0 0 0 0
Provision for credit losses (5,589) (9,525) (8,193) (4,756) (9,856) (1,306)
Gross charge-offs
Commercial and industrial 2,845 1,364 2,617 3,729 3,618 11,639
Lease financing 131 0 0 0 139 0
Construction real estate 0 1,496 0 0 0 2
Commercial real estate 0 9,150 1,030 2,041 3,419 3,291
Residential real estate 22 6 74 46 26 47
Home equity 21 22 200 240 43 851
Installment 177 184 37 77 538 113
Credit card 246 149 230 179 458 401
Total gross charge-offs 3,442 12,371 4,188 6,312 8,241 16,344
Recoveries
Commercial and industrial 379 201 869 205 556 542
Lease financing 33 0 0 0 36 0
Construction real estate 0 0 0 3 0 3
Commercial real estate 222 4,292 223 75 2,416 270
Residential real estate 90 74 56 54 124 98
Home equity 265 303 426 317 625 494
Installment 21 27 53 37 68 71
Credit card 159 71 67 44 165 83
Total recoveries 1,169 4,968 1,694 735 3,990 1,561
Total net charge-offs 2,273 7,403 2,494 5,577 4,251 14,783
Ending allowance for credit losses 117,885 $ 124,130 $ 131,992 $ 148,903 $ 159,590 $ 117,885 $ 159,590
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial % 0.37 % 0.18 % 0.26 % 0.48 % 0.22 % 0.75 %
Lease financing % 0.34 % 0.00 % 0.00 % 0.00 % 0.17 % 0.00 %
Construction real estate % 0.00 % 1.29 % 0.00 % 0.00 % 0.00 % 0.00 %
Commercial real estate % (0.02) % 0.44 % 0.07 % 0.18 % 0.05 % 0.14 %
Residential real estate % (0.03) % (0.03) % 0.01 % 0.00 % (0.02) % (0.01) %
Home equity % (0.14) % (0.16) % (0.13) % (0.04) % (0.17) % 0.10 %
Installment % 0.50 % 0.59 % (0.07) % 0.19 % 0.71 % 0.10 %
Credit card % 0.67 % 0.58 % 1.29 % 1.12 % 1.10 % 1.35 %
Total net charge-offs % 0.10 % 0.32 % 0.10 % 0.23 % 0.09 % 0.30 %
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial 11,675 $ 14,390 $ 17,362 $ 15,160 $ 27,426 $ 11,675 $ 27,426
Lease financing 249 203 0 16 217 16
Construction real estate 0 0 0 0 0 0
Commercial real estate 19,843 19,512 38,564 45,957 14,650 45,957
Residential real estate 7,432 8,305 9,416 9,480 8,879 9,480
Home equity 3,377 2,922 2,735 3,376 3,331 3,376
Installment 163 88 91 115 170 115
Nonaccrual loans 45,454 48,392 65,966 86,370 38,922 86,370
Accruing troubled debt restructurings (TDRs) 8,055 11,616 11,448 12,070 11,225 12,070
Total nonperforming loans 53,509 60,008 77,414 98,440 50,147 98,440
Other real estate owned (OREO) 72 98 340 340 22 340
Total nonperforming assets 53,581 60,106 77,754 98,780 50,169 98,780
Accruing loans past due 90 days or more 180 137 104 155 142 155
Total underperforming assets 50,311 $ 53,761 $ 60,243 $ 77,858 $ 98,935 $ 50,311 $ 98,935
Total classified assets 119,769 $ 106,839 $ 104,815 $ 165,462 $ 182,516 $ 119,769 $ 182,516
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans % 273.09 % 272.76 % 225.73 % 184.77 % 302.87 % 184.77 %
Nonperforming loans % 231.98 % 219.96 % 192.35 % 162.12 % 235.08 % 162.12 %
Total ending loans % 1.34 % 1.42 % 1.59 % 1.68 % 1.25 % 1.68 %
Nonperforming loans to total loans % 0.58 % 0.65 % 0.83 % 1.03 % 0.53 % 1.03 %
Nonaccrual loans to total loans % 0.49 % 0.52 % 0.70 % 0.91 % 0.41 % 0.91 %
Nonperforming assets to
Ending loans, plus OREO % 0.58 % 0.65 % 0.83 % 1.04 % 0.53 % 1.04 %
Total assets % 0.33 % 0.37 % 0.49 % 0.62 % 0.31 % 0.62 %
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO % 0.49 % 0.52 % 0.71 % 0.91 % 0.41 % 0.91 %
Total assets % 0.28 % 0.30 % 0.42 % 0.54 % 0.24 % 0.54 %
Classified assets to total assets % 0.67 % 0.64 % 1.04 % 1.14 % 0.74 % 1.14 %
(1) Nonaccrual loans include nonaccrual TDRs of 9.5 million, 16.2 million, 16.0 million, 20.3 million, and 21.5 million, as of June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, respectively.

All values are in US Dollars.

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Six months ended,
June 30, Mar. 31, Dec. 31, Sep. 30, June 30, June 30, June 30,
2022 2022 2021 2021 2021 2022 2021
PER COMMON SHARE
Market Price
High $ 23.03 $ 26.73 $ 25.79 $ 24.06 $ 26.02 $ 26.73 $ 26.40
Low $ 19.09 $ 22.92 $ 22.89 $ 21.48 $ 23.35 $ 19.09 $ 17.62
Close $ 19.40 $ 23.05 $ 24.38 $ 23.41 $ 23.63 $ 19.40 $ 23.63
Average shares outstanding - basic 93,555,131 93,383,932 92,903,900 94,289,097 96,123,645 93,470,005 96,496,720
Average shares outstanding - diluted 94,449,817 94,263,925 93,761,909 95,143,930 97,009,712 94,357,392 97,366,640
Ending shares outstanding 94,448,792 94,451,496 94,149,240 93,742,797 96,199,509 94,448,792 96,199,509
Total shareholders' equity $ 2,068,670 $ 2,137,445 $ 2,258,942 $ 2,236,170 $ 2,269,507 $ 2,068,670 $ 2,269,507
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,307,259 $ 1,272,115 $ 1,262,789 $ 1,316,059 $ 1,333,209 $ 1,307,259 $ 1,333,209
Common equity tier 1 capital ratio 10.91 % 10.87 % 10.84 % 11.54 % 11.78 % 10.91 % 11.78 %
Tier 1 capital $ 1,351,287 $ 1,316,020 $ 1,306,571 $ 1,359,297 $ 1,376,333 $ 1,351,287 $ 1,376,333
Tier 1 ratio 11.28 % 11.24 % 11.22 % 11.92 % 12.16 % 11.28 % 12.16 %
Total capital $ 1,670,367 $ 1,635,003 $ 1,642,549 $ 1,706,513 $ 1,732,930 $ 1,670,367 $ 1,732,930
Total capital ratio 13.94 % 13.97 % 14.10 % 14.97 % 15.31 % 13.94 % 15.31 %
Total capital in excess of minimum requirement $ 412,432 $ 406,011 $ 419,754 $ 509,536 $ 544,478 $ 412,432 $ 544,478
Total risk-weighted assets $ 11,980,331 $ 11,704,681 $ 11,645,666 $ 11,399,782 $ 11,318,590 $ 11,980,331 $ 11,318,590
Leverage ratio 8.76 % 8.64 % 8.70 % 9.05 % 9.14 % 8.76 % 9.14 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 12.74 % 13.35 % 13.83 % 14.01 % 14.15 % 12.74 % 14.15 %
Ending tangible shareholders' equity to ending tangible assets (1) 6.40 % 6.95 % 7.58 % 8.21 % 8.37 % 6.40 % 8.37 %
Average shareholders' equity to average assets 12.97 % 13.75 % 13.98 % 14.14 % 13.96 % 13.36 % 14.06 %
Average tangible shareholders' equity to average tangible assets (1) 6.62 % 7.44 % 8.20 % 8.35 % 8.23 % 7.03 % 8.30 %
REPURCHASE PROGRAM (2)
Shares repurchased 0 0 0 2,484,295 1,308,945 0 2,149,060
Average share repurchase price N/A N/A N/A $ 23.04 $ 25.11 N/A $ 23.66
Total cost of shares repurchased N/A N/A N/A $ 57,231 $ 32,864 N/A $ 50,846
(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

exh99

earnings presentation • Second Quarter 2022 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, 2021, 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 2022 results 127th Consecutive Quarter of Profitability 4 • EOP assets increased $234.6 million compared to the linked quarter to $16.2 billion • EOP loans increased $178.8 million compared to the linked quarter to $9.4 billion • Average deposits decreased $246.3 million compared to the linked quarter to $12.5 billion • EOP investment securities decreased $101.3 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income - $49.8 million; $50.8 million as adjusted1 • Noninterest expense - $103.2 million; $102.4 million as adjusted1 • Efficiency ratio – 61.8%. Adjusted1 efficiency ratio – 60.9% • Effective tax rate of 20.2%. Adjusted1 effective tax rate of 20.3% • Net interest income - $117.2 million • Net interest margin of 3.43% on a GAAP basis; 3.47% on a fully tax equivalent basis1 • Net income - $51.5 million or $0.55 per diluted share. Adjusted1 net income - $53.0 million or $0.56 per diluted share • Return on average assets - 1.28%. Adjusted1 return on average assets - 1.31% • Return on average shareholders’ equity – 9.84%. Adjusted1 return on average shareholders’ equity – 10.12% • Return on average tangible common equity - 20.68%1. Adjusted1 return on average tangible common equity – 21.26% • Provision recapture - $0.8 million • Net charge-offs - $2.0 million. NCOs / Avg. Loans - 0.08% annualized • Classified Assets / Total Assets - 0.74% • NPA / Total Assets – 0.31% • ACL / Total loans – 1.25% • Total capital ratio – 13.94% • Tier 1 common equity ratio – 10.91% • Tangible common equity ratio – 6.40% • Tangible book value per share – $10.27 • Repurchased no shares during the quarter 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 2022 highlights • Quarterly earnings driven by net interest margin, strong fee income generation and diligent expense management • Adjusted1 earnings per share - $0.56 • Adjusted1 return on assets - 1.31% • Adjusted1 pre-tax, pre-provision return on assets - 1.63% • Adjusted1 return on average tangible common equity – 21.26% • End of period loan balances increased with improving origination volumes across the portfolio • EOP loan balances increased $178.8 million compared to the linked quarter; 7.8% on an annualized basis • Loan balances increased $191.4 million, or 8.3% on an annualized basis, when excluding $12.6 million decline in PPP loan balances • Total average deposit balances decreased $246.3 million, primarily driven by $135.6 million decline in brokered CD’s and $103.8 million decline in money market accounts • Average demand deposit balances relatively unchanged from prior quarter at $7.4 billion • Average noninterest bearing deposits were 33.7% of total deposits • Decline in money market accounts related to 3 relationships • Accelerating net interest margin (FTE) • 30 bp increase from first quarter driven by increase in interest rates • 34 bp increase in loan yields offset modest 2 bp increase in cost of interest-bearing deposits • Adjusted1 noninterest income of $50.8 million exceeded expectations • Record Foreign exchange income of $13.5 million, an increase of $3.3 million, or 32.7%, from linked quarter • Wealth management fees of $6.3 million remained strong; relatively unchanged compared to the linked quarter • Mortgage banking revenue of $5.2 million, an increase of $1.4 million, or 35.4%, compared to linked quarter • Other noninterest income of $5.7 million, an increase of $2.3 million, or 65.9%, compared to the linked quarter driven by income from limited partnership investments • Leasing business revenue of $7.2 million during the quarter, an increase of $1.2 million, or 19.3%, compared to linked quarter • Adjusted1 for $1.1 million loss on investment securities 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 2The fair value measurements of assets acquired and liabilities assumed in the Summit 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. 5

2Q 2022 highlights • Noninterest expenses in line with expectations • Adjusted1 noninterest expense of $102.4 million; Adjusted1 for $0.1 million in Summit acquisition costs and $0.7 million of other costs not expected to recur such as severance and branch consolidation costs • $9.9 million of Summit operating expenses during the quarter, including intangible amortization • Slight increase compared to linked quarter driven by elevated incentive compensation tied to fee income • Efficiency ratio of 61.8%; 60.9% as adjusted1 • Allowance for credit loss (ACL) and provision expense declined compared to linked quarter • Total ACL of $134.5 million; provision recapture of $0.8 million o Loans and leases - ACL of $117.9 million; 1.25% of total loans o Unfunded Commitments - ACL of $16.7 million • NPA to total assets of 0.31% • NCOs declined to 8 bps of average loans and leases • Nonaccrual loans of $38.9 million; $6.5 million, or 14.4%, decline compared to linked quarter • Regulatory capital ratios in excess of internal targets • Total capital ratio of 13.94% • Tier 1 common equity of 10.91%; 4 basis point increase from linked quarter • Tangible book value decreased by $0.70 to $10.27 due to decline in AOCI • Tangible common equity of 6.40%; 7.07% excluding $100.9 million decline in AOCI • No shares repurchased in second quarter 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. 2The fair value measurements of assets acquired and liabilities assumed in the Summit 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. .

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 117,195$ 117,195$ 106,346$ 106,346$ Provision for credit losses-loans and leases (4,267)$ (4,267)$ (5,589)$ (5,589)$ Provision for credit losses-unfunded commitments 3,481$ 3,481$ (226)$ (226)$ Noninterest income 49,786$ 49,786$ 41,293$ 41,293$ less: gains (losses) on investment securities - (1,054) A - (196) A Total noninterest income 49,786$ 50,840$ 41,293$ 41,489$ Noninterest expense 103,227$ 103,227$ 102,805$ 102,805$ less: tax credit investment - 104 A - 104 A less: Summit acquistion costs - 100 A - 323 A less: other - 666 A - 2,354 A Total noninterest expense 103,227$ 102,357$ 102,805$ 100,024$ Income before income taxes 64,540$ 66,464$ 50,649$ 53,626$ Income tax expense 13,020$ 13,020$ 9,348$ 9,348$ plus: after-tax impact of tax credit investment @ 21% - 82 - 83 plus: tax effect of adjustments (A) @ 21% statutory rate - 404 - 625 Total income tax expense 13,020$ 13,506$ 9,348$ 10,056$ Net income 51,520$ 52,958$ 41,301$ 43,570$ Net earnings per share - diluted 0.55$ 0.56$ 0.44$ 0.46$ Pre-tax, pre-provision return on average assets 1.58% 1.63% 1.12% 1.20% 2Q 2022 1Q 2022

profitability 8 Return on Average Assets Return on Avg Tangible Common Equity Diluted EPS 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Efficiency Ratio $0.55 $0.44$0.50 $0.63 $0.52 $0.56  $0.46  $0.58  $0.63  $0.58  2Q221Q224Q213Q212Q21 Diluted EPS Adjusted EPS1 1.28% 1.03%1.16% 1.49% 1.26% 1.31% 1.09% 1.34% 1.49% 1.39% 2Q221Q224Q213Q212Q21 ROA Adjusted ROA1 20.68% 14.93%15.11% 19.03% 16.31% 21.26% 15.75% 17.43% 19.00%18.03% 2Q221Q224Q213Q212Q21 ROATCE Adjusted ROATCE1 63.5% 63.5% 70.1% 69.6% 61.8% 58.4% 60.1% 60.2% 67.7% 60.9% 2Q21 3Q21 4Q21 1Q22 2Q22 Efficiency Ratio Adjusted Efficiency Ratio1

net interest income & margin 9 Net Interest Margin (FTE) 2Q22 NIM (FTE) Progression Net Interest Income All dollars shown in millions $3.9 $3.7$6.5$3.9$3.4 $2.6 $2.2$2.3 $3.0$3.5 $0.6 $1.7 $5.6$9.3$9.2 $117.2 $106.3 $110.8 $113.4$114.0 2Q221Q224Q213Q212Q21 Loan Fees Loan Accretion PPP Interest/Fees 3.26% 2.94% 2.82%2.87%2.89% 0.11% 0.11% 0.18%0.11%0.10% 0.08% 0.07% 0.07%0.09%0.10% 0.02% 0.05%0.16% 0.25%0.22% 3.47% 3.17% 3.23% 3.32%3.31% 2Q221Q224Q213Q212Q21 Basic Margin (FTE) Loan Fees Loan Accretion PPP Fees 1Q22 3.17% PPP loan fees -0.03% Loan accretion 0.01% Other loan fees 0.01% Asset yields/mix 0.37% Deposit/funding costs/mix -0.04% Day count -0.02% 2Q22 3.47%

average balance sheet 10 Average Loans Average Securities Average Deposits All dollars shown in millions 1 Includes loans fees and loan accretion $9,368$9,267$9,283$9,503$9,832 4.16% 3.82% 3.96%4.03% 3.98% 2Q221Q224Q213Q212Q21 Gross Loans Loan Yield (Gross) 1 $12,538$12,784$12,885$12,667$12,711 0.09%0.08%0.10%0.10%0.12% 2Q221Q224Q213Q212Q21 Total Deposits Cost of Deposits $4,118$4,308$4,344$4,189$4,130 2.78%2.50%2.29%2.31%2.37% 2Q221Q224Q213Q212Q21 Average Investment Securities Investment Securities Yield

11 1NII – Year 1 impact, represents percentage change for immediate parallel changes in rates 2Reflects percentage of loans classified as variable rate and repricing in ≤ 1yr, hybrid variable rate repricing in > 1yr, or fixed rate, including loans held for sale 3Schedule reflects remaining maturity or repricing frequency for all fixed rate loans or hybrid variable rate loans repricing in > 1yr, including loans held for sale asset sensitive balance sheet positioning Net Interest Income Sensitivity 1 Loans - Variable Exposure2 Fixed/Hybrid Years to Maturity/Repricing3 11% 9% 10% 70% ≤1 yr 1‐2 yrs 2‐3 yrs > 3 yrs -10.9% 6.6% 12.2% -100 bps +100 bps +200 bps Variable ≤ 1yr 66% Hybrid >  1yr 8% Fixed 26%

liquid balance sheet presents opportunity 12 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 Excess Liquidity Provides Significant Tailwind 24% 31% 3Q15‐2Q19 Fed Cycle (+225bps) 3Q19‐4Q21 Fed Cycle (‐225bps) 53.1% 72.0% 3Q15‐2Q19 Fed Cycle (+225bps) 3Q19‐4Q21 Fed Cycle (‐225bps) 88% 81% 79% 76% 74% 72% 72% 77% 3Q20 4Q20 1Q21 2Q21  3Q21  4Q21  1Q22  2Q22 Loans / Deposits Ratio 22% 25% 26% 28% 29% 30% 29% 28% 3Q20 4Q20 1Q21 2Q21  3Q21  4Q21  1Q22  2Q22 Cash + Securities / Assets

loan portfolio 13 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $178.8 million ICRE $3,736  40% Commercial &  Small Business  Banking $2,756  29% Consumer $898  10% Mortgage $1,056  11% Oak Street $586  6% Franchise $294  3% Summit $85  1% Total $9.4 Billion ‐$56.9 $72.4 $31.4 $10.9 $29.4 $34.1 $70.1 ‐$12.6 ICRE Commercial & Small Business Banking Oak Street Franchise Summit Consumer Mortgage PPP

loan concentrations 14 C&I Loans by Industry CRE Loans by Collateral 1 Industry types included in Other representing greater than 1% of total C&I loans include Public Administration, Waste Management, Agriculture, Other Services, Arts & Recreation, and Information. Includes owner-occupied CRE. 2 Collateral types included in Other representing greater than 1% of total CRE loans include Residential Multi-Family 5+ Construction, Manufacturing Facility, Farmland, Residential 1-4 Family, Recreation Facility, Church, Real Estate IUB Other, and Student Housing. Finance &  Insurance 21% Real Estate 16% Manufacturing 16% Accommodation  & Food Services 7% Health Care 6% Construction 6% Professional &  Tech 5% Wholesale Trade 5%Retail Trade 4% Transportation &  Warehousing 3% Other1 11% C&I Loans: $3.0B Residential, Multi  Family 5+ 19% Retail 17% Office 14% Hotel/Motel 8% Nursing/Assisted  Living 7% Warehouse 5% Industrial Facility 4% Restaurant 3% Medical Office 3% Other2 20% CRE Loans: $4.3B

deposits 15 Deposit Product Mix (Avg) 2Q22 Average Deposit Progression All dollars shown in millions Total growth/(decline): ($246.3) million ‐$1.7 $35.9 $31.2 ‐$103.8 ‐$33.3 ‐$135.6 ‐$39.0 Interest‐bearing demand Noninterest‐bearing Savings Money Markets Retail CDs Brokered CDs Public Funds Interest‐bearing  demand $1,880  15% Noninterest‐ bearing $3,989  32% Savings $1,375  11% Money Markets $2,225  18% Retail CDs $907  7% Brokered CDs $80  1% Public Funds $2,082  16% Total $12.5 billion

noninterest income 16 Noninterest Income 2Q22 Highlights All dollars shown in thousands • Total fee income 29.8% of net revenue • Record Foreign exchange income of $13.5 million; increased $3.3 million, or 32.7%, from linked quarter • Trust and wealth management fees of $6.3 million remained flat compared to the linked quarter • Deposit service charge income of $7.6 million; decreased $0.1 million, or 1.0%, from the linked quarter due to program changes • Mortgage banking income of $5.2 million; increased $1.4 million, or 35.4%, from the linked quarter • Client derivative income of $1.4 million; increased $0.6 million, or 69.3% from the linked quarter • Other noninterest income of $4.7 million; increased $1.4 million, or 43.7%, from the linked quarter due to elevated income from limited partnership investments Service Charges $7,648  15% Wealth Mgmt $6,311  13% Bankcard income $3,823  8% Client derivative fees $1,353  3% Foreign exchange  income $13,470  27% Leasing business  income $7,247  15% Mortgage  origination income $5,241  10% Other  $4,693  9% Total $49.8 million

noninterest expense 17 Noninterest Expense 2Q22 Highlights All dollars shown in thousands • Core expenses increased due to annual merit increases, leasing business expenses and elevated incentive compensation tied to fee income • Adjustments include: • $0.1 million of acquisition related costs • $0.7 million of other costs not expected to recur such as branch consolidation and severance costs Salaries and  benefits $64,992  63% Occupancy and  equipment $8,560  8% Data processing $8,334  8% Professional  services $2,214  2% Intangible  amortization $2,915  3% Leasing business  expense $4,687  5% Other $11,525  11% Total $103.2 million

current expected credit losses - loans and leases 18 ACL / Total Loans 2Q22 Highlights All dollars shown in thousands • $134.5 million combined ACL; $0.8 million combined provision recapture • $117.9 million ACL – loans and leases, or 1.25% of loan balances; driven by strong credit quality • Utilized Moody’s June baseline forecast in quantitative model • $16.7 million ACL – unfunded commitments ACL by Loan Type All dollars shown in millions $117.9$124.1$132.0 $148.9$159.6 1.25%1.34%1.42% 1.59%1.68% 2Q221Q224Q213Q212Q21 Allowance for Credit Losses ACL / Total Loans 2Q21 3Q21 4Q21 1Q22 2Q22 Loans Commercial and industrial 46,797$       43,534$       44,052$       37,783$       39,179$       Lease financing 1,457           1,083           1,633           2,093           2,212           Real estate ‐construction 20,359         15,390         11,874         11,410         11,965         Real estate ‐ commercial 70,305         68,594         53,420         51,512         39,856         Real estate ‐ residential 6,879           6,480           6,225           6,152           7,383           Home equity 9,684           9,538           9,643           9,676           10,980         Installment  1,211           1,177           1,097           1,075           1,189           Credit card 2,898           3,107           4,048           4,429           5,121           ACL‐loan and lease losses  159,590$     148,903$     131,992$     124,130$     117,885$         ACL‐unfunded commitments  13,558$       11,607$       13,406$       13,179$       16,661$

asset quality 19 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 $119.8 $106.8$104.8 $165.5 $182.5 0.74%0.67%0.64% 1.04% 1.14% 2Q221Q224Q213Q212Q21 Classified Assets Classified Assets / Total Assets $50.2$53.6$60.1 $77.8 $98.8 0.31%0.33%0.37% 0.49% 0.62% 2Q221Q224Q213Q212Q21 NPAs NPAs / Total Assets $5.6  $2.5  $7.4  $2.3  $2.0  ‐$4.2 ‐$10.1 ‐$7.7 ‐$5.8 ‐$0.8 0.08%0.10% 0.32% 0.10% 0.23% 2Q21 3Q21 4Q21 1Q22 2Q22 NCOs Provision Expense NCOs / Average Loans

capital 20 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 6/30 Risk Weighted Assets = $11,980,331 All capital numbers are considered preliminary. 1Decline in 2Q22 due to $100.9 million decline in AOCI Tier 1 Capital Ratio 13.94%13.97%14.10% 14.97%15.31% 10.50% 2Q221Q224Q213Q212Q21 Total Capital Ratio Basel III minimum 6.40%1 6.95% 7.58% 8.21%8.37% 2Q221Q224Q213Q212Q21 Tangible Common Equity Ratio 10.91%10.87%10.84%11.54%11.78% 7.00% 2Q221Q224Q213Q212Q21 Tier 1 Common Equity Ratio Basel III minimum 11.28%11.24%11.22% 11.92%12.16% 8.50% 2Q221Q224Q213Q212Q21 Tier 1 Capital Ratio Basel III minimum

capital strategy 21 Strategy & Deployment Tangible Book Value Per Share • 4.7% annualized dividend yield • 42.1% of 2Q22 earnings returned to shareholders through common dividend • Most recent internal stress testing indicates capital ratios above regulatory minimums in all modeled scenarios • Common dividend expected to remain unchanged in near-term • No shares repurchased in 2Q22; no plans to repurchase shares in near- term• 2Q22 decline in TBV per share driven by decline in AOCI $10.27  $10.97  $12.26  $13.09 $13.08  2Q221Q224Q213Q212Q21 Tangible Book Value per Share

outlook commentary1 • Loan balances expected to grow mid-high single digits in near term • Transaction deposit balances expected to decline modestly over near-term 22 • Expected to be $102-104 million • Will fluctuate with fee incomeNoninterest Expense Net Interest Margin Balance Sheet Credit • Continued improvement expected in credit quality trends • Increasing provision expense expected for remainder of year • Uncertainty regarding inflation and impact of rate hikes Noninterest Income • Total fee income expected to be $46-48 million • Mortgage banking at risk from rising rate environment • Overdraft fees to decline approximately $1.2 million in third quarter due to program changes 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 3.85% - 4.00% with anticipated interest rate increases • Asset sensitive position advantageous with rising rates Capital • Expect to maintain dividend at current levels Summit • Unchanged outlook; negligible impact on 2022 EPS • Expected positive impact to earnings in third quarter • $400 million of annual originations, growing at double digits

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 23 appendix: non-GAAP measures

appendix: non-GAAP to GAAP reconciliation 24 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, 2022 2022 2021 2021 2021 Net interest income 117,195$ 106,346$ 110,806$ 113,410$ 114,026$ Tax equivalent adjustment 1,625 1,467 1,386 1,434 1,619 Net interest income - tax equivalent 118,820$ 107,813$ 112,192$ 114,844$ 115,645$ Average earning assets 13,722,904$ 13,809,520$ 13,793,644$ 13,724,403$ 14,007,765$ Net interest margin1 3.43 % 3.12 % 3.19 % 3.28 % 3.27 % Net interest margin (fully tax equivalent)1 3.47 % 3.17 % 3.23 % 3.32 % 3.31 % 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 25 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) 2022 2022 2021 2021 2021 Net income (a) 51,520$ 41,301$ 46,945$ 60,012$ 50,888$ Average total shareholders' equity 2,099,670 2,225,495 2,241,820 2,261,293 2,263,687 Less: Goodw ill (999,958) (1,000,238) (938,453) (937,771) (937,771) Other intangibles (84,577) (87,602) (56,120) (58,314) (60,929) MSR's (15,777) (15,431) (14,886) (14,215) (13,310) Average tangible equity (b) 999,358 1,122,224 1,232,361 1,250,993 1,251,677 Total shareholders' equity 2,068,670 2,137,445 2,258,942 2,236,170 2,269,507 Less: Goodw ill (999,959) (999,959) (1,000,749) (937,771) (937,771) Other intangibles (82,889) (85,891) (88,898) (56,811) (59,391) MSR's (16,130) (15,782) (15,469) (14,852) (14,142) Ending tangible equity (c) 969,692 1,035,813 1,153,826 1,226,736 1,258,203 Total assets 16,243,714 16,009,150 16,329,141 15,956,593 16,037,919 Less: Goodw ill (999,959) (999,959) (1,000,749) (937,771) (937,771) Other intangibles (82,889) (85,891) (88,898) (56,811) (59,391) MSR's (16,130) (15,782) (15,469) (14,852) (14,142) Ending tangible assets (d) 15,144,736 14,907,518 15,224,025 14,947,159 15,026,615 Risk-w eighted assets (e) 11,980,331 11,704,681 11,645,666 11,399,782 11,318,590 Total average assets 16,185,978 16,184,919 16,036,417 15,995,808 16,215,469 Less: Goodw ill (999,958) (1,000,238) (938,453) (937,771) (937,771) Other intangibles (84,577) (87,602) (56,120) (58,314) (60,929) MSR's (15,777) (15,431) (14,886) (14,215) (13,310) Average tangible assets (f) 15,085,666$ 15,081,648$ 15,026,958$ 14,985,508$ 15,203,459$ Ending shares outstanding (g) 94,448,792 94,451,496 94,149,240 93,742,797 96,199,509 Ratios Return on average tangible shareholders' equity (a)/(b) 20.68% 14.93% 15.11% 19.03% 16.31% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 6.40% 6.95% 7.58% 8.21% 8.37% Risk-w eighted assets (c)/(e) 8.09% 8.85% 9.91% 10.76% 11.12% Average tangible equity as a percent of average tangible assets (b)/(f) 6.62% 7.44% 8.20% 8.35% 8.23% Tangible book value per share (c)/(g) 10.27$ 10.97$ 12.26$ 13.09$ 13.08$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 26 Additional non-GAAP measures As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 117,195$ 117,195$ 106,346$ 106,346$ 110,806$ 110,806$ 113,410$ 113,410$ 114,026$ 114,026$ Provision for credit losses-loans and leases (j) (4,267) (4,267) (5,589) (5,589) (9,525) (9,525) (8,193) (8,193) (4,756) (4,756) Provision for credit losses-unfunded commitments (j) 3,481 3,481 (226) (226) 1,799 1,799 (1,951) (1,951) 517 517 Noninterest income 49,786 49,786 41,293 41,293 45,660 45,660 42,537 42,537 42,987 42,987 less: gains (losses) on sale of investment securities (1,054) (196) 306 (205) (104) less: other - - - 500 - Total noninterest income (g) 49,786 50,840 41,293 41,489 45,660 45,354 42,537 42,242 42,987 43,091 Noninterest expense 103,227 103,227 102,805 102,805 109,605 109,605 99,058 99,058 99,643 99,643 less: severance and merger-related expenses - - - - 98 less: tax credit investments 104 104 6,120 5,309 1,156 less: legal settlement - - 3,456 3,825 less: Summit acquisition costs 100 323 4,095 - - less: COVID-19 and other 666 2,354 1,870 181 2,772 Total noninterest expense (e) 103,227 102,357 102,805 100,024 109,605 94,064 99,058 93,568 99,643 91,792 Income before income taxes (i) 64,540 66,464 50,649 53,626 54,587 69,822 67,033 72,228 61,609 69,564 Income tax expense 13,020 13,020 9,348 9,348 7,642 7,642 7,021 7,021 10,721 10,721 plus: tax effect of adjustments 82 83 4,835 4,194 913 plus: after-tax impact of tax credit investments @ 21% 404 625 3,199 1,091 1,671 Total income tax expense (h) 13,020 13,506 9,348 10,056 7,642 15,676 7,021 12,306 10,721 13,305 Net income (a) 51,520$ 52,958$ 41,301$ 43,570$ 46,945$ 54,146$ 60,012$ 59,922$ 50,888$ 56,259$ Average diluted shares (b) 94,450 94,450 94,264 94,264 93,762 93,762 95,144 95,144 97,010 97,010 Average assets (c) 16,185,978 16,185,978 16,184,919 16,184,919 16,036,417 16,036,417 15,995,808 15,995,808 16,215,469 16,215,469 Average shareholders' equity 2,099,670 2,099,670 2,225,495 2,225,495 2,241,820 2,241,820 2,261,293 2,261,293 2,263,687 2,263,687 Less: Goodwill and other intangibles (1,100,312) (1,100,312) (1,103,271) (1,103,271) (1,009,459) (1,009,459) (1,010,300) (1,010,300) (1,012,010) (1,012,010) Average tangible equity (d) 999,358 999,358 1,122,224 1,122,224 1,232,361 1,232,361 1,250,993 1,250,993 1,251,677 1,251,677 Ratios Net earnings per share - diluted (a)/(b) 0.55$ 0.56$ 0.44$ 0.46$ 0.50$ 0.58$ 0.63$ 0.63$ 0.52$ 0.58$ Return on average assets - (a)/(c) 1.28% 1.31% 1.03% 1.09% 1.16% 1.34% 1.49% 1.49% 1.26% 1.39% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.58% 1.63% 1.12% 1.20% 1.16% 1.54% 1.41% 1.54% 1.42% 1.62% Return on average tangible shareholders' equity - (a)/(d) 20.68% 21.26% 14.93% 15.75% 15.11% 17.43% 19.03% 19.00% 16.31% 18.03% Efficiency ratio - (e)/((f)+(g)) 61.8% 60.9% 69.6% 67.7% 70.1% 60.2% 63.5% 60.1% 63.5% 58.4% Effective tax rate - (h)/(i) 20.2% 20.3% 18.5% 18.8% 14.0% 22.5% 10.5% 17.0% 17.4% 19.1% (Dollars in thousands, except per share data) 2Q22 1Q22 4Q21 3Q21 2Q21

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

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