Equibles

8-K

FIRST FINANCIAL BANCORP /OH/ (FFBC)

8-K 2022-01-27 For: 2022-01-27
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Added on April 07, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 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 January 27, 2022, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the twelve months and fourth quarter of 2021. 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 8.01 Other Events.

Also on January 27, 2022, the Company announced that the Board of Directors has authorized the purchase of up to 5,000,000 shares of the Company’s common stock, representing approximately 5.31% of the Company's issued and outstanding shares of common stock as of December 31, 2021. The stock repurchase plan was effective on January 1, 2022, in replacement of the stock repurchase plan previously authorized in December 2020.

The Board of Directors reauthorized the stock repurchase plan based on the continued strength of the Company’s balance sheet and capital position. The Board believes that a stock repurchase plan is an important tool that can be utilized to enhance long term shareholder value. Share repurchases will be made periodically as permitted by securities laws and other legal requirements and will be subject to market conditions as well as other factors. Purchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions. Share purchases may be commenced or suspended at any time or periodically without prior notice. A copy of the announcement is attached as Exhibit 99.1.

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 January 27, 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: January 27, 2022

Document

Exhibit 99.1

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First Financial Bancorp Announces Fourth Quarter and Full Year 2021

Financial Results and Quarterly Dividend

•Earnings per diluted share of $0.50; $0.58 on an adjusted(1) basis

•Return on average assets of 1.16%; 1.34% on an adjusted(1) basis

•Closed acquisition of Summit Funding Group

•$143.6 million of commercial loan sales during the quarter

•Loan growth of $148.8 million, excluding decline in PPP loans, loan sales, Summit acquisition(2)

•Classified assets declined 36.7%; Provision recapture of $7.7 million

•Announces $0.23 per share Quarterly Dividend and Board authorizes repurchase of up to 5 million shares

Cincinnati, Ohio - January 27, 2022. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and twelve months ended December 31, 2021.

For the three months ended December 31, 2021, the Company reported net income of $46.9 million, or $0.50 per diluted common share. These results compare to net income of $60.0 million, or $0.63 per diluted common share, for the third quarter of 2021 and $48.3 million, or $0.49 per diluted common share, for the fourth quarter of 2020. For the twelve months ended December 31, 2021, First Financial had earnings per diluted common share of $2.14 compared to $1.59 for the same period in 2020.

Return on average assets for the fourth quarter of 2021 was 1.16% while return on average tangible common equity was 15.11%(1). These compare to returns on average assets of 1.49% and 1.20%, and returns on average tangible common equity of 19.03%(1) and 15.50%(1), in the third quarter of 2021 and the fourth quarter of 2020, respectively.

Fourth quarter 2021 highlights include:

•Closed the acquisition of Summit Funding Group(2)

◦$116.2 million in leases acquired; $42.3 million financing leases, $73.9 million operating leases

◦$63.0 million of goodwill and $34.6 million of other intangible assets created

•Loan balances declined $72.6 million from the third quarter

◦Core loan balances increased $148.8 million(2), or 6.3% on an annualized basis, excluding PPP forgiveness of $120.2 million and $143.6 million of loan sales during the quarter, which were partially offset by acquisition of $42.3(2) million in Summit finance leases

◦Record production during the quarter of $1.3 billion in commitments

•Net interest margin of 3.23% on a fully tax-equivalent basis(1) in line with expectations

◦9 basis point decrease from linked quarter driven by PPP forgiveness which offset increase in other loan fees during the period

________________________________________________________________________________________

(1) Financial information in this release that is described as “adjusted” or that is presented on a fully tax equivalent basis is non-GAAP. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

(2)The 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.

•Noninterest income of $45.7 million, or $45.4 million as adjusted(1)

◦Record Bannockburn income of $12.8 million

◦Wealth management fees of $6.0 million

◦Other noninterest income increased $1.1 million, or 23.9%; driven by syndication fees

•Noninterest expenses of $109.6 million, or $94.1 million as adjusted(1)

◦Adjustments(1) include:

▪$6.1 million reclassification of tax credit investment write-downs

▪$4.1 million of acquisition related costs

▪$3.5 million litigation settlement

▪$1.9 million of other costs not expected to recur such as branch consolidation and severance costs

◦Increase in expenses driven by incentive compensation tied to the Company's strong financial performance

◦Efficiency ratio of 70.1%; 60.2% as adjusted(1)

•Total Allowance for Credit Losses of $145.4 million; Total quarterly provision recapture of $7.7 million

◦Loans and leases - ACL of $132.0 million, 1.42% of total loans

◦Unfunded Commitments - ACL of $13.4 million

◦Provision recapture driven by improvements in economic conditions and declining classified asset balances

◦Sold $133.9 million of hotel loans in an effort to address portfolio concentrations, resulting in $9.2     million of net charge-offs

•Strong capital ratios

◦Total capital of 14.10%

◦Tier 1 common equity of 10.84%

◦Tangible common equity of 7.58%(1)

◦Tangible book value per share of $12.26(1)

Additionally, First Financial's board of directors has authorized a new share repurchase program in replacement of the previously authorized program, pursuant to which management is authorized to purchase up to 5 million shares over the next two years. The board of directors also approved a quarterly dividend of $0.23 per common share for the next regularly scheduled dividend, payable on March 15, 2022 to shareholders of record as of March 1, 2022.

Archie Brown, President and Chief Executive Officer, commented, “We are pleased to announce another quarter of strong financial results that was a fitting end to an exceptional year highlighted by robust earnings, strong fee income, provision recapture, improved credit trends and the acquisition of Summit Funding Group.”

Mr. Brown continued, “Fourth quarter results remained strong across the board, with adjusted(1) earnings per share of $0.58, return on assets of 1.34% and an efficiency ratio of 60.2%. These results were driven by provision recapture of $7.7 million, resulting from improving credit quality trends, specifically, a 36.7% decline in classified asset balances, and stable economic conditions. Earnings were also positively impacted by record Bannockburn income and elevated wealth management revenues. In addition, we were very encouraged by strong core loan growth and record origination activity during the period."

Mr. Brown added, “We were also very excited to announce and close our acquisition of Summit Funding Group during the quarter. Summit has developed long-standing relationships across the country and demonstrated the ability to produce high-quality and consistent lease origination volumes. We are confident in Summit's ability to leverage its nimble platform to provide our existing clients additional leasing products and we believe the culture will fit seamlessly into First Financial."

Mr. Brown commented regarding the Company's full year financial performance, “2021 was an exceptional year. PPP income offset the pressure from a historically low interest rate environment, while low credit costs drove strong earnings and reflected credit trends that improved dramatically over the course of the year. In addition, we had record fee income in 2021, which was particularly satisfying, given our strategic focus on diversifying our revenue streams in recent years. We successfully managed expenses, while continuing to invest in technology and rewarding our people for our strong results. Loan production in the back half of the year was very encouraging as was the continued growth in low cost deposits. Our capital ratios remain strong and we delivered industry leading returns through aggressively repurchasing shares and maintaining our common dividend.”

Mr. Brown concluded, “All of this was accomplished amidst a continuing pandemic. Once again, our associates demonstrated their resilience and delivered the type of service and results that our clients and shareholders have come to expect. In 2022, we will maintain our focus on being a positive influence that helps our clients and communities thrive, and capitalize on the financial momentum achieved in 2021."

Full detail of the Company’s fourth quarter 2021 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, January 28, 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 080098. 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 245117. The recording will be available until February 11, 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 declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;

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

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

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

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

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

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

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

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

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2020, 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 December 31, 2021, the Company had $16.3 billion in assets, $9.3 billion in loans, $12.9 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 $3.4 billion in assets under management as of December 31, 2021. The Company operated 139 full service banking centers as of December 31, 2021, 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

December 31, 2021

(unaudited)

Contents Page
Consolidated Financial Highlights 2
Consolidated Statements of Income 3
Consolidated Quarterly Statements of Income 4-5
Consolidated Statements of Condition 6
Average Consolidated Statements of Condition 7
Net Interest Margin Rate / Volume Analysis 8-9
Credit Quality 10
Capital Adequacy 11
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended, Twelve months ended,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, December 31,
2021 2021 2021 2021 2020 2021 2020
RESULTS OF OPERATIONS
Net income $ 46,945 $ 60,012 $ 50,888 $ 47,315 $ 48,312 $ 205,160 $ 155,810
Net earnings per share - basic $ 0.51 $ 0.64 $ 0.53 $ 0.49 $ 0.50 $ 2.16 $ 1.60
Net earnings per share - diluted $ 0.50 $ 0.63 $ 0.52 $ 0.48 $ 0.49 $ 2.14 $ 1.59
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92 $ 0.92
KEY FINANCIAL RATIOS
Return on average assets 1.16 % 1.49 % 1.26 % 1.20 % 1.20 % 1.28 % 1.00 %
Return on average shareholders' equity 8.31 % 10.53 % 9.02 % 8.44 % 8.52 % 9.08 % 7.02 %
Return on average tangible shareholders' equity (1) 15.11 % 19.03 % 16.31 % 15.24 % 15.50 % 16.43 % 12.97 %
Net interest margin 3.19 % 3.28 % 3.27 % 3.35 % 3.45 % 3.27 % 3.46 %
Net interest margin (fully tax equivalent) (1)(2) 3.23 % 3.32 % 3.31 % 3.40 % 3.49 % 3.31 % 3.51 %
Ending shareholders' equity as a percent of ending assets 13.83 % 14.01 % 14.15 % 13.97 % 14.29 % 13.83 % 14.29 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1) 7.58 % 8.21 % 8.37 % 8.22 % 8.47 % 7.58 % 8.47 %
Risk-weighted assets (1) 9.91 % 10.76 % 11.12 % 11.02 % 11.29 % 9.91 % 11.29 %
Average shareholders' equity as a percent of average assets 13.98 % 14.14 % 13.96 % 14.17 % 14.07 % 14.06 % 14.30 %
Average tangible shareholders' equity as a percent of
average tangible assets (1) 8.20 % 8.35 % 8.23 % 8.38 % 8.26 % 8.29 % 8.28 %
Book value per share $ 23.99 $ 23.85 $ 23.59 $ 23.16 $ 23.28 $ 23.99 $ 23.28
Tangible book value per share (1) $ 12.26 $ 13.09 $ 13.08 $ 12.78 $ 12.93 $ 12.26 $ 12.93
Common equity tier 1 ratio (3) 10.84 % 11.54 % 11.78 % 11.81 % 11.82 % 10.84 % 11.82 %
Tier 1 ratio (3) 11.22 % 11.92 % 12.16 % 12.19 % 12.20 % 11.22 % 12.20 %
Total capital ratio (3) 14.10 % 14.97 % 15.31 % 15.41 % 15.55 % 14.10 % 15.55 %
Leverage ratio (3) 8.70 % 9.05 % 9.14 % 9.34 % 9.55 % 8.70 % 9.55 %
AVERAGE BALANCE SHEET ITEMS
Loans (4) $ 9,283,227 $ 9,502,750 $ 9,831,965 $ 9,951,855 $ 10,127,881 $ 9,640,235 $ 9,902,656
Investment securities 4,343,513 4,189,253 4,130,207 3,782,993 3,403,839 4,113,240 3,212,051
Interest-bearing deposits with other banks 166,904 32,400 45,593 46,912 143,884 73,170 78,943
Total earning assets $ 13,793,644 $ 13,724,403 $ 14,007,765 $ 13,781,760 $ 13,675,604 $ 13,826,645 $ 13,193,650
Total assets $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,042,654 $ 16,030,986 $ 16,072,360 $ 15,529,144
Noninterest-bearing deposits $ 4,191,457 $ 3,981,404 $ 4,003,626 $ 3,840,046 $ 3,720,417 $ 4,005,034 $ 3,310,483
Interest-bearing deposits 8,693,792 8,685,949 8,707,553 8,531,822 8,204,306 8,655,308 8,054,687
Total deposits $ 12,885,249 $ 12,667,353 $ 12,711,179 $ 12,371,868 $ 11,924,723 $ 12,660,342 $ 11,365,170
Borrowings $ 396,743 $ 562,964 $ 749,114 $ 886,379 $ 1,307,461 $ 647,223 $ 1,458,701
Shareholders' equity $ 2,241,820 $ 2,261,293 $ 2,263,687 $ 2,272,749 $ 2,256,062 $ 2,259,807 $ 2,220,645
CREDIT QUALITY RATIOS
Allowance to ending loans 1.42 % 1.59 % 1.68 % 1.71 % 1.77 % 1.42 % 1.77 %
Allowance to nonaccrual loans 272.76 % 225.73 % 184.77 % 199.33 % 217.55 % 272.76 % 217.55 %
Allowance to nonperforming loans 219.96 % 192.35 % 162.12 % 175.44 % 199.97 % 219.96 % 199.97 %
Nonperforming loans to total loans 0.65 % 0.83 % 1.03 % 0.97 % 0.89 % 0.65 % 0.89 %
Nonaccrual loans to total loans 0.52 % 0.70 % 0.91 % 0.86 % 0.82 % 0.52 % 0.82 %
Nonperforming assets to ending loans, plus OREO 0.65 % 0.83 % 1.04 % 0.98 % 0.90 % 0.65 % 0.90 %
Nonperforming assets to total assets 0.37 % 0.49 % 0.62 % 0.60 % 0.56 % 0.37 % 0.56 %
Classified assets to total assets 0.64 % 1.04 % 1.14 % 1.22 % 0.89 % 0.64 % 0.89 %
Net charge-offs to average loans (annualized) 0.32 % 0.10 % 0.23 % 0.38 % 0.26 % 0.26 % 0.14 %

(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) December 31, 2021 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, Twelve months ended,
December 31, December 31,
2021 2020 % Change 2021 2020 % Change
Interest income
Loans and leases, including fees $ 92,682 $ 106,733 (13.2) % $ 385,535 $ 431,657 (10.7) %
Investment securities
Taxable 20,993 18,402 14.1 % 79,212 73,789 7.3 %
Tax-exempt 4,127 4,839 (14.7) % 18,323 19,242 (4.8) %
Total investment securities interest 25,120 23,241 8.1 % 97,535 93,031 4.8 %
Other earning assets 71 55 29.1 % 147 275 (46.5) %
Total interest income 117,873 130,029 (9.3) % 483,217 524,963 (8.0) %
Interest expense
Deposits 3,089 5,920 (47.8) % 14,435 41,922 (65.6) %
Short-term borrowings 10 30 (66.7) % 198 6,442 (96.9) %
Long-term borrowings 3,968 5,606 (29.2) % 16,466 20,088 (18.0) %
Total interest expense 7,067 11,556 (38.8) % 31,099 68,452 (54.6) %
Net interest income 110,806 118,473 (6.5) % 452,118 456,511 (1.0) %
Provision for credit losses-loans and leases (9,525) 13,758 N/M (19,024) 70,796 N/M
Provision for credit losses-unfunded commitments 1,799 (2,250) N/M 903 (237) N/M
Net interest income after provision for credit losses 118,532 106,965 10.8 % 470,239 385,952 21.8 %
Noninterest income
Service charges on deposit accounts 8,645 7,654 12.9 % 31,876 29,446 8.3 %
Trust and wealth management fees 6,038 5,395 11.9 % 23,780 21,286 11.7 %
Bankcard income 3,602 3,060 17.7 % 14,300 11,726 22.0 %
Client derivative fees 2,303 2,021 14.0 % 7,927 10,313 (23.1) %
Foreign exchange income 12,808 12,305 4.1 % 44,793 39,377 13.8 %
Net gains from sales of loans 6,492 13,089 (50.4) % 33,021 51,176 (35.5) %
Net gain (loss) on sale of investment securities (14) 4,618 (100.3) % (759) 4,563 (116.6) %
Net gain (loss) on equity securities 321 8,975 (96.4) % 702 9,045 (92.2) %
Other 5,465 4,398 24.3 % 15,866 12,191 30.1 %
Total noninterest income 45,660 61,515 (25.8) % 171,506 189,123 (9.3) %
Noninterest expenses
Salaries and employee benefits 62,170 62,263 (0.1) % 245,924 236,779 3.9 %
Net occupancy 5,332 6,159 (13.4) % 22,142 23,266 (4.8) %
Furniture and equipment 3,161 3,596 (12.1) % 13,819 14,968 (7.7) %
Data processing 8,261 7,269 13.6 % 31,363 27,514 14.0 %
Marketing 2,152 1,999 7.7 % 7,983 6,414 24.5 %
Communication 677 840 (19.4) % 2,930 3,492 (16.1) %
Professional services 5,998 3,038 97.4 % 11,676 9,961 17.2 %
Debt extinguishment 0 7,257 (100.0) % 0 7,257 (100.0) %
State intangible tax 651 1,514 (57.0) % 4,256 6,058 (29.7) %
FDIC assessments 1,453 1,065 36.4 % 5,630 5,110 10.2 %
Intangible amortization 2,401 2,764 (13.1) % 9,839 11,126 (11.6) %
Other 17,349 17,034 1.8 % 45,250 38,719 16.9 %
Total noninterest expenses 109,605 114,798 (4.5) % 400,812 390,664 2.6 %
Income before income taxes 54,587 53,682 1.7 % 240,933 184,411 30.7 %
Income tax expense 7,642 5,370 42.3 % 35,773 28,601 25.1 %
Net income $ 46,945 $ 48,312 (2.8) % $ 205,160 $ 155,810 31.7 %
ADDITIONAL DATA
Net earnings per share - basic $ 0.51 $ 0.50 $ 2.16 $ 1.60
Net earnings per share - diluted $ 0.50 $ 0.49 $ 2.14 $ 1.59
Dividends declared per share $ 0.23 $ 0.23 $ 0.92 $ 0.92
Return on average assets 1.16 % 1.20 % 1.28 % 1.00 %
Return on average shareholders' equity 8.31 % 8.52 % 9.08 % 7.02 %
Interest income $ 117,873 $ 130,029 (9.3) % $ 483,217 $ 524,963 (8.0) %
Tax equivalent adjustment 1,386 1,613 (14.1) % 6,091 6,529 (6.7) %
Interest income - tax equivalent 119,259 131,642 (9.4) % 489,308 531,492 (7.9) %
Interest expense 7,067 11,556 (38.8) % 31,099 68,452 (54.6) %
Net interest income - tax equivalent $ 112,192 $ 120,086 (6.6) % $ 458,209 $ 463,040 (1.0) %
Net interest margin 3.19 % 3.45 % 3.27 % 3.46 %
Net interest margin (fully tax equivalent) (1) 3.23 % 3.49 % 3.31 % 3.51 %
Full-time equivalent employees 1,994 2,075
(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)
2021
Fourth Third Second First Year to % Change
Quarter Quarter Quarter Quarter Date Linked Qtr.
Interest income
Loans and leases, including fees $ 92,682 $ 96,428 $ 97,494 $ 98,931 $ 385,535 (3.9) %
Investment securities
Taxable 20,993 20,088 19,524 18,607 79,212 4.5 %
Tax-exempt 4,127 4,282 4,871 5,043 18,323 (3.6) %
Total investment securities interest 25,120 24,370 24,395 23,650 97,535 3.1 %
Other earning assets 71 23 25 28 147 208.7 %
Total interest income 117,873 120,821 121,914 122,609 483,217 (2.4) %
Interest expense
Deposits 3,089 3,320 3,693 4,333 14,435 (7.0) %
Short-term borrowings 10 68 53 67 198 (85.3) %
Long-term borrowings 3,968 4,023 4,142 4,333 16,466 (1.4) %
Total interest expense 7,067 7,411 7,888 8,733 31,099 (4.6) %
Net interest income 110,806 113,410 114,026 113,876 452,118 (2.3) %
Provision for credit losses-loans and leases (9,525) (8,193) (4,756) 3,450 (19,024) 16.3 %
Provision for credit losses-unfunded commitments 1,799 (1,951) 517 538 903 N/M
Net interest income after provision for credit losses 118,532 123,554 118,265 109,888 470,239 (4.1) %
Noninterest income
Service charges on deposit accounts 8,645 8,548 7,537 7,146 31,876 1.1 %
Trust and wealth management fees 6,038 5,896 6,216 5,630 23,780 2.4 %
Bankcard income 3,602 3,838 3,732 3,128 14,300 (6.1) %
Client derivative fees 2,303 2,273 1,795 1,556 7,927 1.3 %
Foreign exchange income 12,808 9,191 12,037 10,757 44,793 39.4 %
Net gains from sales of loans 6,492 8,586 8,489 9,454 33,021 (24.4) %
Net gain (loss) on sale of investment securities (14) (314) (265) (166) (759) (95.5) %
Net gain (loss) on equity securities 321 108 161 112 702 197.2 %
Other 5,465 4,411 3,285 2,705 15,866 23.9 %
Total noninterest income 45,660 42,537 42,987 40,322 171,506 7.3 %
Noninterest expenses
Salaries and employee benefits 62,170 61,717 60,784 61,253 245,924 0.7 %
Net occupancy 5,332 5,571 5,535 5,704 22,142 (4.3) %
Furniture and equipment 3,161 3,318 3,371 3,969 13,819 (4.7) %
Data processing 8,261 7,951 7,864 7,287 31,363 3.9 %
Marketing 2,152 2,435 2,035 1,361 7,983 (11.6) %
Communication 677 669 746 838 2,930 1.2 %
Professional services 5,998 2,199 2,029 1,450 11,676 172.8 %
State intangible tax 651 1,202 1,201 1,202 4,256 (45.8) %
FDIC assessments 1,453 1,466 1,362 1,349 5,630 (0.9) %
Intangible amortization 2,401 2,479 2,480 2,479 9,839 (3.1) %
Other 17,349 10,051 12,236 5,614 45,250 72.6 %
Total noninterest expenses 109,605 99,058 99,643 92,506 400,812 10.6 %
Income before income taxes 54,587 67,033 61,609 57,704 240,933 (18.6) %
Income tax expense 7,642 7,021 10,721 10,389 35,773 8.8 %
Net income $ 46,945 $ 60,012 $ 50,888 $ 47,315 $ 205,160 (21.8) %
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 (2.4) %
Tax equivalent adjustment 1,386 1,434 1,619 1,652 6,091 (3.3) %
Interest income - tax equivalent 119,259 122,255 123,533 124,261 489,308 (2.5) %
Interest expense 7,067 7,411 7,888 8,733 31,099 (4.6) %
Net interest income - tax equivalent $ 112,192 $ 114,844 $ 115,645 $ 115,528 $ 458,209 (2.3) %
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.
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CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
2020
Fourth Third Second First Full
Quarter Quarter Quarter Quarter Year
Interest income
Loans and leases, including fees $ 106,733 $ 103,249 $ 105,900 $ 115,775 $ 431,657
Investment securities
Taxable 18,402 17,906 18,476 19,005 73,789
Tax-exempt 4,839 4,884 4,937 4,582 19,242
Total investment securities interest 23,241 22,790 23,413 23,587 93,031
Other earning assets 55 31 47 142 275
Total interest income 130,029 126,070 129,360 139,504 524,963
Interest expense
Deposits 5,920 7,886 11,751 16,365 41,922
Short-term borrowings 30 51 1,274 5,087 6,442
Long-term borrowings 5,606 5,953 4,759 3,770 20,088
Total interest expense 11,556 13,890 17,784 25,222 68,452
Net interest income 118,473 112,180 111,576 114,282 456,511
Provision for credit losses-loans and leases 13,758 15,299 17,859 23,880 70,796
Provision for credit losses-unfunded commitments (2,250) (1,925) 2,370 1,568 (237)
Net interest income after provision for credit losses 106,965 98,806 91,347 88,834 385,952
Noninterest income
Service charges on deposit accounts 7,654 7,356 6,001 8,435 29,446
Trust and wealth management fees 5,395 4,940 5,254 5,697 21,286
Bankcard income 3,060 3,124 2,844 2,698 11,726
Client derivative fees 2,021 2,203 2,984 3,105 10,313
Foreign exchange income 12,305 10,530 6,576 9,966 39,377
Net gains from sales of loans 13,089 18,594 16,662 2,831 51,176
Net gain (loss) on sale of investment securities 4,618 2 2 (59) 4,563
Net gain (loss) on equity securities 8,975 18 150 (98) 9,045
Other 4,398 2,732 2,252 2,809 12,191
Total noninterest income 61,515 49,499 42,725 35,384 189,123
Noninterest expenses
Salaries and employee benefits 62,263 63,769 55,925 54,822 236,779
Net occupancy 6,159 5,625 5,378 6,104 23,266
Furniture and equipment 3,596 3,638 3,681 4,053 14,968
Data processing 7,269 6,837 7,019 6,389 27,514
Marketing 1,999 1,856 1,339 1,220 6,414
Communication 840 855 907 890 3,492
Professional services 3,038 2,443 2,205 2,275 9,961
Debt extinguishment 7,257 0 0 0 7,257
State intangible tax 1,514 1,514 1,514 1,516 6,058
FDIC assessments 1,065 1,350 1,290 1,405 5,110
Intangible amortization 2,764 2,779 2,791 2,792 11,126
Other 17,034 6,845 6,640 8,200 38,719
Total noninterest expenses 114,798 97,511 88,689 89,666 390,664
Income before income taxes 53,682 50,794 45,383 34,552 184,411
Income tax expense (benefit) 5,370 9,317 7,990 5,924 28,601
Net income $ 48,312 $ 41,477 $ 37,393 $ 28,628 $ 155,810
ADDITIONAL DATA
Net earnings per share - basic $ 0.50 $ 0.43 $ 0.38 $ 0.29 $ 1.60
Net earnings per share - diluted $ 0.49 $ 0.42 $ 0.38 $ 0.29 $ 1.59
Dividends declared per share $ 0.23 $ 0.23 $ 0.23 $ 0.23 $ 0.92
Return on average assets 1.20 % 1.04 % 0.96 % 0.79 % 1.00 %
Return on average shareholders' equity 8.52 % 7.40 % 6.88 % 5.21 % 7.02 %
Interest income $ 130,029 $ 126,070 $ 129,360 $ 139,504 $ 524,963
Tax equivalent adjustment 1,613 1,628 1,664 1,624 6,529
Interest income - tax equivalent 131,642 127,698 131,024 141,128 531,492
Interest expense 11,556 13,890 17,784 25,222 68,452
Net interest income - tax equivalent $ 120,086 $ 113,808 $ 113,240 $ 115,906 $ 463,040
Net interest margin 3.45 % 3.32 % 3.38 % 3.71 % 3.46 %
Net interest margin (fully tax equivalent) (1) 3.49 % 3.36 % 3.44 % 3.77 % 3.51 %
Full-time equivalent employees 2,075 2,065 2,076 2,067
(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)
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, % Change % Change
2021 2021 2021 2021 2020 Linked Qtr. Comp Qtr.
ASSETS
Cash and due from banks $ 220,031 $ 209,748 $ 206,918 $ 210,191 $ 231,054 4.9 % (4.8) %
Interest-bearing deposits with other banks 214,811 29,799 38,610 19,180 20,305 620.9 % 957.9 %
Investment securities available-for-sale 4,207,846 4,114,094 3,955,839 3,753,763 3,424,580 2.3 % 22.9 %
Investment securities held-to-maturity 98,420 103,886 112,456 121,945 131,687 (5.3) % (25.3) %
Other investments 102,971 97,831 129,432 131,814 133,198 5.3 % (22.7) %
Loans held for sale 29,482 33,835 31,546 34,590 41,103 (12.9) % (28.3) %
Loans and leases
Commercial and industrial 2,720,028 2,602,848 2,701,203 3,044,825 3,007,509 4.5 % (9.6) %
Lease financing 109,624 67,855 68,229 66,574 72,987 61.6 % 50.2 %
Construction real estate 455,894 477,004 630,329 642,709 636,096 (4.4) % (28.3) %
Commercial real estate 4,226,614 4,438,374 4,332,561 4,396,582 4,307,858 (4.8) % (1.9) %
Residential real estate 896,069 922,492 932,112 946,522 1,003,086 (2.9) % (10.7) %
Home equity 708,399 709,050 711,756 709,667 743,099 (0.1) % (4.7) %
Installment 119,454 96,077 89,143 82,421 81,850 24.3 % 45.9 %
Credit card 52,217 47,231 46,177 44,669 48,485 10.6 % 7.7 %
Total loans 9,288,299 9,360,931 9,511,510 9,933,969 9,900,970 (0.8) % (6.2) %
Less:
Allowance for credit losses (131,992) (148,903) (159,590) (169,923) (175,679) (11.4) % (24.9) %
Net loans 9,156,307 9,212,028 9,351,920 9,764,046 9,725,291 (0.6) % (5.9) %
Premises and equipment 193,040 192,580 192,238 204,537 207,211 0.2 % (6.8) %
Operating leases 73,857 0 0 0 0 N/M N/M
Goodwill 1,000,749 937,771 937,771 937,771 937,771 6.7 % 6.7 %
Other intangibles 88,898 56,811 59,391 61,984 64,552 56.5 % 37.7 %
Accrued interest and other assets 942,729 968,210 1,021,798 935,250 1,056,382 (2.6) % (10.8) %
Total Assets $ 16,329,141 $ 15,956,593 $ 16,037,919 $ 16,175,071 $ 15,973,134 2.3 % 2.2 %
LIABILITIES
Deposits
Interest-bearing demand $ 3,198,745 $ 2,916,860 $ 2,963,151 $ 2,914,761 $ 2,914,787 9.7 % 9.7 %
Savings 4,157,374 4,223,905 4,093,229 4,006,181 3,680,774 (1.6) % 12.9 %
Time 1,330,263 1,517,419 1,548,109 1,731,757 1,872,733 (12.3) % (29.0) %
Total interest-bearing deposits 8,686,382 8,658,184 8,604,489 8,652,699 8,468,294 0.3 % 2.6 %
Noninterest-bearing 4,185,572 4,019,197 3,901,691 3,995,370 3,763,709 4.1 % 11.2 %
Total deposits 12,871,954 12,677,381 12,506,180 12,648,069 12,232,003 1.5 % 5.2 %
Federal funds purchased and securities sold
under agreements to repurchase 51,203 81,850 255,791 181,387 166,594 (37.4) % (69.3) %
FHLB short-term borrowings 225,000 107,000 217,000 0 0 110.3 % N/M
Other 20,000 0 0 0 0 N/M N/M
Total short-term borrowings 296,203 188,850 472,791 181,387 166,594 56.8 % 77.8 %
Long-term debt 409,832 313,230 313,039 583,722 776,202 30.8 % (47.2) %
Total borrowed funds 706,035 502,080 785,830 765,109 942,796 40.6 % (25.1) %
Accrued interest and other liabilities 492,210 540,962 476,402 502,951 516,265 (9.0) % (4.7) %
Total Liabilities 14,070,199 13,720,423 13,768,412 13,916,129 13,691,064 2.5 % 2.8 %
SHAREHOLDERS' EQUITY
Common stock 1,640,358 1,637,065 1,635,470 1,633,137 1,638,947 0.2 % 0.1 %
Retained earnings 837,473 812,082 773,857 745,220 720,429 3.1 % 16.2 %
Accumulated other comprehensive income (loss) (433) 14,230 30,735 18,101 48,664 (103.0) % (100.9) %
Treasury stock, at cost (218,456) (227,207) (170,555) (137,516) (125,970) (3.9) % 73.4 %
Total Shareholders' Equity 2,258,942 2,236,170 2,269,507 2,258,942 2,282,070 1.0 % (1.0) %
Total Liabilities and Shareholders' Equity $ 16,329,141 $ 15,956,593 $ 16,037,919 $ 16,175,071 $ 15,973,134 2.3 % 2.2 %
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, Dec. 31,
2021 2021 2021 2021 2020 2021 2020
ASSETS
Cash and due from banks $ 253,091 $ 245,212 $ 237,964 $ 232,275 $ 228,427 $ 242,201 $ 245,436
Interest-bearing deposits with other banks 166,904 32,400 45,593 46,912 143,884 73,170 78,943
Investment securities 4,343,513 4,189,253 4,130,207 3,782,993 3,403,839 4,113,240 3,212,051
Loans held for sale 24,491 28,365 28,348 29,689 42,402 27,711 34,390
Loans and leases
Commercial and industrial 2,552,686 2,634,306 2,953,185 3,029,716 3,182,749 2,790,733 2,999,223
Lease financing 67,537 67,159 66,124 70,508 74,107 67,822 79,882
Construction real estate 460,588 567,091 630,351 647,655 608,401 575,883 535,740
Commercial real estate 4,391,328 4,413,003 4,372,679 4,339,349 4,313,408 4,379,325 4,317,396
Residential real estate 917,399 937,969 940,600 980,718 1,022,701 943,981 1,043,040
Home equity 709,954 710,794 707,409 726,134 752,425 713,521 764,436
Installment 106,188 93,937 84,768 81,377 83,509 91,642 81,451
Credit card 53,056 50,126 48,501 46,709 48,179 49,617 47,098
Total loans 9,258,736 9,474,385 9,803,617 9,922,166 10,085,479 9,612,524 9,868,266
Less:
Allowance for credit losses (144,756) (157,727) (169,979) (177,863) (172,201) (162,477) (153,596)
Net loans 9,113,980 9,316,658 9,633,638 9,744,303 9,913,278 9,450,047 9,714,670
Premises and equipment 192,941 193,775 200,558 206,628 208,800 198,425 212,413
Operating leases 801 0 0 0 0 202 0
Goodwill 938,453 937,771 937,771 937,771 937,771 937,943 937,771
Other intangibles 56,120 58,314 60,929 63,529 66,195 59,699 70,600
Accrued interest and other assets 946,123 994,060 940,461 998,554 1,086,390 969,722 1,022,870
Total Assets $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,042,654 $ 16,030,986 $ 16,072,360 $ 15,529,144
LIABILITIES
Deposits
Interest-bearing demand $ 3,069,416 $ 2,960,388 $ 2,973,930 $ 2,948,682 $ 2,812,748 $ 2,988,359 $ 2,626,252
Savings 4,195,504 4,150,610 4,096,077 3,815,314 3,547,179 4,065,654 3,260,882
Time 1,428,872 1,574,951 1,637,546 1,767,826 1,844,379 1,601,295 2,167,553
Total interest-bearing deposits 8,693,792 8,685,949 8,707,553 8,531,822 8,204,306 8,655,308 8,054,687
Noninterest-bearing 4,191,457 3,981,404 4,003,626 3,840,046 3,720,417 4,005,034 3,310,483
Total deposits 12,885,249 12,667,353 12,711,179 12,371,868 11,924,723 12,660,342 11,365,170
Federal funds purchased and securities sold
under agreements to repurchase 79,382 186,401 194,478 184,483 136,795 160,967 149,036
FHLB short-term borrowings 2,445 63,463 40,846 67,222 7,937 43,371 441,867
Other 654 0 0 0 0 165 0
Total short-term borrowings 82,481 249,864 235,324 251,705 144,732 204,503 590,903
Long-term debt 314,262 313,100 513,790 634,674 1,162,729 442,720 867,798
Total borrowed funds 396,743 562,964 749,114 886,379 1,307,461 647,223 1,458,701
Accrued interest and other liabilities 512,605 504,198 491,489 511,658 542,740 504,988 484,628
Total Liabilities 13,794,597 13,734,515 13,951,782 13,769,905 13,774,924 13,812,553 13,308,499
SHAREHOLDERS' EQUITY
Common stock 1,637,828 1,635,833 1,633,950 1,636,884 1,638,032 1,636,126 1,636,850
Retained earnings 822,500 783,760 754,456 726,351 703,257 772,063 675,503
Accumulated other comprehensive loss 8,542 36,917 25,832 42,253 40,960 28,317 33,228
Treasury stock, at cost (227,050) (195,217) (150,551) (132,739) (126,187) (176,699) (124,936)
Total Shareholders' Equity 2,241,820 2,261,293 2,263,687 2,272,749 2,256,062 2,259,807 2,220,645
Total Liabilities and Shareholders' Equity $ 16,036,417 $ 15,995,808 $ 16,215,469 $ 16,042,654 $ 16,030,986 $ 16,072,360 $ 15,529,144
FIRST FINANCIAL BANCORP.
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
Quarterly Averages Year-to-Date Averages
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Balance Yield Balance Yield Balance Yield Balance Yield Balance Yield
Earning assets
Investments:
Investment securities $ 4,343,513 2.29 % $ 4,189,253 2.31 % $ 3,403,839 2.71 % $ 4,113,240 2.37 % $ 3,212,051 2.90 %
Interest-bearing deposits with other banks 166,904 0.17 % 32,400 0.28 % 143,884 0.15 % 73,170 0.20 % 78,943 0.35 %
Gross loans (1) 9,283,227 3.96 % 9,502,750 4.03 % 10,127,881 4.18 % 9,640,235 4.00 % 9,902,656 4.36 %
Total earning assets 13,793,644 3.39 % 13,724,403 3.49 % 13,675,604 3.77 % 13,826,645 3.49 % 13,193,650 3.98 %
Nonearning assets
Allowance for credit losses (144,756) (157,727) (172,201) (162,477) (153,596)
Cash and due from banks 253,091 245,212 228,427 242,201 245,436
Accrued interest and other assets 2,134,438 2,183,920 2,299,156 2,165,991 2,243,654
Total assets $ 16,036,417 $ 15,995,808 $ 16,030,986 $ 16,072,360 $ 15,529,144
Interest-bearing liabilities
Deposits:
Interest-bearing demand $ 3,069,416 0.06 % $ 2,960,388 0.06 % $ 2,812,748 0.08 % $ 2,988,359 0.06 % $ 2,626,252 0.17 %
Savings 4,195,504 0.09 % 4,150,610 0.09 % 3,547,179 0.15 % 4,065,654 0.10 % 3,260,882 0.22 %
Time 1,428,872 0.48 % 1,574,951 0.49 % 1,844,379 0.86 % 1,601,295 0.52 % 2,167,553 1.39 %
Total interest-bearing deposits 8,693,792 0.14 % 8,685,949 0.15 % 8,204,306 0.29 % 8,655,308 0.17 % 8,054,687 0.52 %
Borrowed funds
Short-term borrowings 82,481 0.05 % 249,864 0.11 % 144,732 0.08 % 204,503 0.10 % 590,903 1.09 %
Long-term debt 314,262 5.01 % 313,100 5.10 % 1,162,729 1.91 % 442,720 3.72 % 867,798 2.31 %
Total borrowed funds 396,743 3.98 % 562,964 2.88 % 1,307,461 1.71 % 647,223 2.57 % 1,458,701 1.82 %
Total interest-bearing liabilities 9,090,535 0.31 % 9,248,913 0.32 % 9,511,767 0.48 % 9,302,531 0.33 % 9,513,388 0.72 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits 4,191,457 3,981,404 3,720,417 4,005,034 3,310,483
Other liabilities 512,605 504,198 542,740 504,988 484,628
Shareholders' equity 2,241,820 2,261,293 2,256,062 2,259,807 2,220,645
Total liabilities & shareholders' equity $ 16,036,417 $ 15,995,808 $ 16,030,986 $ 16,072,360 $ 15,529,144
Net interest income $ 110,806 $ 113,410 $ 118,473 $ 452,118 $ 456,511
Net interest spread 3.08 % 3.17 % 3.29 % 3.16 % 3.26 %
Net interest margin 3.19 % 3.28 % 3.45 % 3.27 % 3.46 %
Tax equivalent adjustment 0.04 % 0.04 % 0.04 % 0.04 % 0.05 %
Net interest margin (fully tax equivalent) 3.23 % 3.32 % 3.49 % 3.31 % 3.51 %
(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 $ (142) $ 892 $ 750 $ (3,555) $ 5,434 $ 1,879 $ (16,865) $ 21,369 $ 4,504
Interest-bearing deposits with other banks (9) 57 48 6 10 16 (116) (12) (128)
Gross loans (2) (1,554) (2,192) (3,746) (5,618) (8,433) (14,051) (35,627) (10,495) (46,122)
Total earning assets (1,705) (1,243) (2,948) (9,167) (2,989) (12,156) (52,608) 10,862 (41,746)
Interest-bearing liabilities
Total interest-bearing deposits $ (234) $ 3 $ (231) $ (3,005) $ 174 $ (2,831) $ (28,489) $ 1,002 $ (27,487)
Borrowed funds
Short-term borrowings (38) (20) (58) (12) (8) (20) (5,870) (374) (6,244)
Long-term debt (70) 15 (55) 9,075 (10,713) (1,638) 12,188 (15,810) (3,622)
Total borrowed funds (108) (5) (113) 9,063 (10,721) (1,658) 6,318 (16,184) (9,866)
Total interest-bearing liabilities (342) (2) (344) 6,058 (10,547) (4,489) (22,171) (15,182) (37,353)
Net interest income (1) $ (1,363) $ (1,241) $ (2,604) $ (15,225) $ 7,558 $ (7,667) $ (30,437) $ 26,044 $ (4,393)
(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)
Sep. 30, June 30, Mar. 31, Dec. 31, Full Year Full Year
2021 2021 2021 2020 2021 2020
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period 148,903 $ 159,590 $ 169,923 $ 175,679 $ 168,544 $ 175,679 $ 57,650
Day one adoption impact of ASC 326 0 0 0 0 0 61,505
Purchase accounting ACL for PCD 0 0 0 0 17 0
Provision for credit losses (8,193) (4,756) 3,450 13,758 (19,024) 70,796
Gross charge-offs
Commercial and industrial 2,617 3,729 7,910 1,505 15,620 5,345
Lease financing 0 0 0 0 0 852
Construction real estate 0 0 2 0 1,498 0
Commercial real estate 1,030 2,041 1,250 6,270 13,471 12,100
Residential real estate 74 46 1 203 127 488
Home equity 200 240 611 386 1,073 1,541
Installment 37 77 36 21 334 148
Credit card 230 179 222 169 780 885
Total gross charge-offs 4,188 6,312 10,032 8,554 32,903 21,359
Recoveries
Commercial and industrial 869 205 337 367 1,612 2,907
Lease financing 0 0 0 (6) 0 0
Construction real estate 0 3 0 3 3 17
Commercial real estate 223 75 195 844 4,785 2,262
Residential real estate 56 54 44 145 228 381
Home equity 426 317 177 428 1,223 1,132
Installment 53 37 34 65 151 158
Credit card 67 44 39 85 221 230
Total recoveries 1,694 735 826 1,931 8,223 7,087
Total net charge-offs 2,494 5,577 9,206 6,623 24,680 14,272
Ending allowance for credit losses 131,992 $ 148,903 $ 159,590 $ 169,923 $ 175,679 $ 131,992 $ 175,679
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial % 0.26 % 0.48 % 1.01 % 0.14 % 0.50 % 0.08 %
Lease financing % 0.00 % 0.00 % 0.00 % 0.03 % 0.00 % 1.07 %
Construction real estate % 0.00 % 0.00 % 0.00 % 0.00 % 0.26 % 0.00 %
Commercial real estate % 0.07 % 0.18 % 0.10 % 0.50 % 0.20 % 0.23 %
Residential real estate % 0.01 % 0.00 % (0.02) % 0.02 % (0.01) % 0.01 %
Home equity % (0.13) % (0.04) % 0.24 % (0.02) % (0.02) % 0.05 %
Installment % (0.07) % 0.19 % 0.01 % (0.21) % 0.20 % (0.01) %
Credit card % 1.29 % 1.12 % 1.59 % 0.69 % 1.13 % 1.39 %
Total net charge-offs % 0.10 % 0.23 % 0.38 % 0.26 % 0.26 % 0.14 %
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial 17,362 $ 15,160 $ 27,426 $ 24,941 $ 29,230 $ 17,362 $ 29,230
Lease financing 0 16 0 0 203 0
Construction real estate 0 0 0 0 0 0
Commercial real estate 38,564 45,957 44,514 34,682 19,512 34,682
Residential real estate 9,416 9,480 11,359 11,601 8,305 11,601
Home equity 2,735 3,376 4,286 5,076 2,922 5,076
Installment 91 115 146 163 88 163
Nonaccrual loans 65,966 86,370 85,246 80,752 48,392 80,752
Accruing troubled debt restructurings (TDRs) 11,448 12,070 11,608 7,099 11,616 7,099
Total nonperforming loans 77,414 98,440 96,854 87,851 60,008 87,851
Other real estate owned (OREO) 340 340 854 1,287 98 1,287
Total nonperforming assets 77,754 98,780 97,708 89,138 60,106 89,138
Accruing loans past due 90 days or more 104 155 92 169 137 169
Total underperforming assets 60,243 $ 77,858 $ 98,935 $ 97,800 $ 89,307 $ 60,243 $ 89,307
Total classified assets 104,815 $ 165,462 $ 182,516 $ 196,782 $ 142,021 $ 104,815 $ 142,021
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans % 225.73 % 184.77 % 199.33 % 217.55 % 272.76 % 217.55 %
Nonperforming loans % 192.35 % 162.12 % 175.44 % 199.97 % 219.96 % 199.97 %
Total ending loans % 1.59 % 1.68 % 1.71 % 1.77 % 1.42 % 1.77 %
Nonperforming loans to total loans % 0.83 % 1.03 % 0.97 % 0.89 % 0.65 % 0.89 %
Nonaccrual loans to total loans % 0.70 % 0.91 % 0.86 % 0.82 % 0.52 % 0.82 %
Nonperforming assets to
Ending loans, plus OREO % 0.83 % 1.04 % 0.98 % 0.90 % 0.65 % 0.90 %
Total assets % 0.49 % 0.62 % 0.60 % 0.56 % 0.37 % 0.56 %
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO % 0.71 % 0.91 % 0.87 % 0.83 % 0.52 % 0.83 %
Total assets % 0.42 % 0.54 % 0.53 % 0.51 % 0.30 % 0.51 %
Classified assets to total assets % 1.04 % 1.14 % 1.22 % 0.89 % 0.64 % 0.89 %
(1) Nonaccrual loans include nonaccrual TDRs of 16.0 million, 20.3 million, 21.5 million, 20.9 million, and 14.7 million, as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

All values are in US Dollars.

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
Twelve months ended,
Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, Dec. 31, Dec. 31,
2021 2021 2021 2021 2020 2021 2020
PER COMMON SHARE
Market Price
High $ 25.79 $ 24.06 $ 26.02 $ 26.40 $ 17.77 $ 26.40 $ 25.52
Low $ 22.89 $ 21.48 $ 23.35 $ 17.62 $ 12.07 $ 17.62 $ 11.40
Close $ 24.38 $ 23.41 $ 23.63 $ 24.00 $ 17.53 $ 24.38 $ 17.53
Average shares outstanding - basic 92,903,900 94,289,097 96,123,645 96,873,940 97,253,787 95,034,690 97,363,952
Average shares outstanding - diluted 93,761,909 95,143,930 97,009,712 97,727,527 98,020,534 95,897,385 98,093,098
Ending shares outstanding 94,149,240 93,742,797 96,199,509 97,517,693 98,021,929 94,149,240 98,021,929
Total shareholders' equity $ 2,258,942 $ 2,236,170 $ 2,269,507 $ 2,258,942 $ 2,282,070 $ 2,258,942 $ 2,282,070
REGULATORY CAPITAL Preliminary Preliminary
Common equity tier 1 capital $ 1,262,789 $ 1,316,059 $ 1,333,209 $ 1,334,882 $ 1,325,922 $ 1,262,789 $ 1,325,922
Common equity tier 1 capital ratio 10.84 % 11.54 % 11.78 % 11.81 % 11.82 % 10.84 % 11.82 %
Tier 1 capital $ 1,306,571 $ 1,359,297 $ 1,376,333 $ 1,377,892 $ 1,368,818 $ 1,306,571 $ 1,368,818
Tier 1 ratio 11.22 % 11.92 % 12.16 % 12.19 % 12.20 % 11.22 % 12.20 %
Total capital $ 1,642,549 $ 1,706,513 $ 1,732,930 $ 1,741,755 $ 1,744,802 $ 1,642,549 $ 1,744,802
Total capital ratio 14.10 % 14.97 % 15.31 % 15.41 % 15.55 % 14.10 % 15.55 %
Total capital in excess of minimum requirement $ 419,743 $ 509,536 $ 544,478 $ 554,834 $ 566,795 $ 419,743 $ 566,795
Total risk-weighted assets $ 11,645,769 $ 11,399,782 $ 11,318,590 $ 11,304,012 $ 11,219,114 $ 11,645,769 $ 11,219,114
Leverage ratio 8.70 % 9.05 % 9.14 % 9.34 % 9.55 % 8.70 % 9.55 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets 13.83 % 14.01 % 14.15 % 13.97 % 14.29 % 13.83 % 14.29 %
Ending tangible shareholders' equity to ending tangible assets (1) 7.58 % 8.21 % 8.37 % 8.22 % 8.47 % 7.58 % 8.47 %
Average shareholders' equity to average assets 13.98 % 14.14 % 13.96 % 14.17 % 14.07 % 14.06 % 14.30 %
Average tangible shareholders' equity to average tangible assets (1) 8.20 % 8.35 % 8.23 % 8.38 % 8.26 % 8.29 % 8.28 %
REPURCHASE PROGRAM (2)
Shares repurchased 0 2,484,295 1,308,945 840,115 0 4,633,355 880,000
Average share repurchase price N/A $ 23.04 $ 25.11 $ 21.40 N/A $ 23.33 $ 18.96
Total cost of shares repurchased N/A $ 57,231 $ 32,864 $ 17,982 N/A $ 108,077 $ 16,686
(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

exh992earningsrelease4q2

earnings presentation • Fourth Quarter 2021 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 declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth; • the adverse impact on the U.S. economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (“COVID-19”), global pandemic, and the impact of a slowing U.S. economy and increased unemployment on the performance of our loan and lease portfolio, the market value of our investment securities, the availability of sources of funding and the demand for our products; • our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

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, 2020, 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.

4Q 2021 results 125th Consecutive Quarter of Profitability 4 • EOP assets increased $372.5 million compared to the linked quarter to $16.3 billion • EOP loans decreased $72.6 million compared to the linked quarter to $9.3 billion • Average deposits increased $217.9 million compared to the linked quarter to $12.9 billion • EOP investment securities increased $93.4 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income - $45.7 million • Noninterest expense - $109.6 million; $94.1 million as adjusted • Efficiency ratio – 70.05%. Adjusted1 efficiency ratio – 60.24% • Effective tax rate of 14.0%. Adjusted1 effective tax rate of 22.5% • Net interest income - $110.8 million • Net interest margin of 3.19% on a GAAP basis; 3.23% on a fully tax equivalent basis1 • Net income - $46.9 million or $0.50 per diluted share. Adjusted1 net income - $54.1 million or $0.58 per diluted share • Return on average assets - 1.16%. Adjusted1 return on average assets - 1.34% • Return on average shareholders’ equity – 8.31%. Adjusted1 return on average shareholders’ equity – 9.58% • Return on average tangible common equity - 15.11%1. Adjusted1 return on average tangible common equity - 17.43% • Provision recapture - $7.7 million • Net charge-offs - $7.4 million. NCOs / Avg. Loans - 0.32% annualized • Classified Assets / Total Assets - 0.64% • ACL / Total loans - 1.42% • Total capital ratio – 14.10% • Tier 1 common equity ratio - 10.84% • Tangible common equity ratio - 7.58% • Tangible book value per share - $12.26 • 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. 1

4Q 2021 highlights • Quarterly earnings driven by strong fee income and lower credit costs • Adjusted1 earnings per share - $0.58 • Adjusted1 return on assets - 1.34% • Adjusted1 pre-tax, pre-provision return on assets - 1.54% • Adjusted1 return on average tangible common equity - 17.43% • Loan balances declined primarily due to PPP payoffs/forgiveness; Core loan balances increased $148.8 million2; Average deposit balances increased $217.9 million • Loan balances decreased $72.6 million compared to the linked quarter; PPP loan balances decreased $120.2 million, Sold $143.6 million of CRE loans, acquired $42.3 million2 of leases in Summit acquisition • C&I loan balances, excluding PPP, increased 36.2% on an annualized basis • Average deposit balances increased $217.9 million • Average transactional deposit balances grew $364.0 million compared to the linked quarter • Average noninterest bearing deposits were 32.5% of total deposits • Net interest margin (FTE) in line with expectations • 9 bp decrease from third quarter driven by PPP forgiveness fees and decline in asset yields from excess liquidity on the balance sheet • Decline in asset yields includes 2 bp decline resulting from hotel loan sale • Strong adjusted1 noninterest income of $45.4 million • Record foreign exchange income of $12.8 million, an increase of $3.6 million, or 39.4%, compared to the linked quarter • Strong wealth management fees of $6.0 million, an increase of $0.1 million, or 2.4%, compared to the linked quarter • Other noninterest income of $5.5 million, an increase of $1.1 million, or 23.9%, compared to the linked quarter • Core expenses increased $0.5 million from the linked quarter, driven by increase in incentive compensation tied to strong fee income and overall Company performance • Adjusted1 noninterest expense of $94.1 million; Adjusted1 for $6.1 million reclassification of tax credit investment write-downs, $3.5 million overdraft legal settlement, $4.1 million in Summit acquisition costs and $1.9 million of other costs such as branch consolidation and severance expenses • Efficiency ratio of 70.1%; 60.2% as adjusted1 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 2 The 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

4Q 2021 highlights • Acquired Summit Funding Group on December 31, 20212 • $116.2 million in leases acquired; $42.3 million financing leases, $73.9 million operating • $63.0 million of goodwill and $34.6 million of other intangible assets created • $143.6 million of CRE loans sold during quarter • $133.9 million hotel loans sold to reduce concentration risk o Resulted in $9.2 million of net charge-offs • $9.7 million distressed office building • Allowance for credit loss (ACL) and provision expense declined compared to linked quarter • Loans and leases - ACL of $132.0 million; 1.42% of total loans, 1.43% excluding PPP; $9.5 million provision recapture • Unfunded Commitments - ACL of $13.4 million; $1.8 million provision expense • Provision recapture driven by lower classified asset balances and improved credit outlook • Classified assets declined $60.6 million, or 36.7% • Strong capital ratios • Total capital of 14.10%; Tier 1 common equity of 10.84% • Tangible book value decreased by $0.83 to $12.26 due to Summit acquisition • Tangible common equity of 7.58% • No shares repurchased in fourth 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. 2 The 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. As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 110,806$ 110,806$ 113,410$ 113,410$ Provision for credit losses-loans and leases (9,525)$ (9,525)$ (8,193)$ (8,193)$ Provision for credit losses-unfunded commitments 1,799$ 1,799$ (1,951)$ (1,951)$ Noninterest income 45,660$ 45,660$ 42,537$ 42,537$ less: gains (losses) on investment securities 306 A - (205) A less: other - - A - 500 A Total noninterest income 45,660$ 45,354$ 42,537$ 42,242$ Noninterest expense 109,605$ 109,605$ 99,058$ 99,058$ less: tax credit investment - 6,120 A - 5,309 A less: legal settlement - 3,456 A - - A less: Summit acquistion costs - 4,095 A - - A less: other - 1,870 A - 181 A Total noninterest expense 109,605$ 94,064$ 99,058$ 93,568$ Income before income taxes 54,587$ 69,822$ 67,033$ 72,228$ Income tax expense 7,642$ 7,642$ 7,021$ 7,021$ plus: after-tax impact of tax credit investment @ 21% - 4,835 - 4,194 plus: tax effect of adjustments (A) @ 21% statutory rate - 3,199 - 1,091 Total income tax expense 7,642$ 15,676$ 7,021$ 12,306$ Net income 46,945$ 54,146$ 60,012$ 59,922$ Net earnings per share - diluted 0.50$ 0.58$ 0.63$ 0.63$ Pre-tax, pre-provision return on average assets 1.16% 1.54% 1.41% 1.54% 4Q 2021 3Q 2021 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

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 $0.50 $0.63 $0.52$0.48$0.49 $0.58  $0.63  $0.58  $0.50 $0.51  4Q213Q212Q211Q214Q20 Diluted EPS Adjusted EPS 1 1.16% 1.49% 1.26%1.20%1.20% 1.34% 1.49% 1.39% 1.24%1.23% 4Q213Q212Q211Q214Q20 ROA Adjusted ROA 1 15.11% 19.03% 16.31%15.24%15.50% 17.43% 19.00%18.03% 15.80%15.94% 4Q213Q212Q211Q214Q20 ROATCE Adjusted ROATCE 1 63.8% 60.0% 63.5% 63.5% 70.1% 56.8% 58.4% 58.4% 60.1% 60.2% 4Q20 1Q21 2Q21 3Q21 4Q21 Efficiency Ratio Adjusted Efficiency Ratio 1

net interest income & margin 9 Net Interest Margin (FTE) 4Q21 NIM (FTE) Progression Net Interest Income All dollars shown in millions $6.5$3.9$3.4$3.2$5.5 $2.3$3.0$3.5$3.4$3.9 $5.6$9.3$9.2$10.0 $110.8 $113.4$114.0$113.9 $118.5 4Q213Q212Q211Q214Q20 Loan Fees Loan Accretion PPP Interest/Fees 2.82%2.87%2.89%2.96%2.91% 0.18%0.11%0.10% 0.09%0.15% 0.07%0.09%0.10%0.10%0.12% 0.16%0.25%0.22% 0.25%0.31% 3.23% 3.32%3.31% 3.40% 3.49% 4Q213Q212Q211Q214Q20 Basic Margin (FTE) Loan Fees Loan Accretion PPP Fees 3Q21 3.32% PPP loan fees -0.09% Loan accretion -0.02% Other loan fees 0.07% Asset yields/mix -0.06% Deposit/funding costs/mix 0.01% 4Q21 3.23%

average balance sheet 10 Average Loans Average Securities Average Deposits All dollars shown in millions 1 Includes loans fees and loan accretion $9,283$9,503$9,832$9,952$10,128 3.96%4.03%3.98%4.03% 4.18% 4Q213Q212Q211Q214Q20 Gross Loans Loan Yield (Gross) 1 $12,885$12,667$12,711$12,372$11,925 0.10%0.10%0.12%0.14% 0.20% 4Q213Q212Q211Q214Q20 Total Deposits Cost of Deposits $4,344$4,189$4,130$3,783$3,404 2.29%2.31%2.37%2.54% 2.71% 4Q213Q212Q211Q214Q20 Average Investment Securities Investment Securities Yield

loan portfolio 11 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) 1 Net of unearned fees of $2.6 million All dollars shown in millions Total growth/(decline): ($72.6 million) ICRE $3,861  42% Commercial &  Small Business  Banking $2,660  29% Consumer $852  9% Mortgage $969  10% Oak Street $528  6% Franchise $320  3% Summit $42  0% PPP $56  1% Total $9.3 Billion 1 $49.3 $161.8 $25.3 ‐$19.8 ‐$29.5 ‐$38.2 $42.3 ‐$143.6 ‐$120.2 ICRE Commercial & Small Business Banking Consumer Mortgage Oak Street Franchise Summit Loan Sale PPP

Finance &  Insurance 23% Manufacturing 16% Real Estate 14% Accommodation  & Food Services 8% Health Care 6% Professional &  Tech 6% Construction 6% Wholesale Trade 4% Retail Trade 3% Transportation &  Warehousing 3% Other 11% C&I Loans: $2.9B Residential, Multi  Family 5+ 19% Office 18% Retail 14% Hotel/Motel 7% Nursing/Assisted  Living 6% Industrial Facility 5% Warehouse 5% Restaurant 3% Medical Office 3% Other 20% CRE Loans: $4.5B loan concentrations 12 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, Agriculture, Waste Management, Other Services, and Arts & Recreation. Includes owner-occupied CRE. 2 Collateral types included in Other representing greater than 1% of total CRE loans include Manufacturing Facility, Residential 1-4 Family, Farmland, Residential Multi-Family 5+ Construction, Real Estate IUB Other, Student Housing, Church, and Recreation Facility.

deposits 13 Deposit Product Mix (Avg) 4Q21 Average Deposit Progression All dollars shown in millions Total growth/(decline): $217.9 million Interest‐bearing  demand $1,808  14% Noninterest‐ bearing $3,946  31% Savings $1,295  10% Money Markets $2,371  18% Retail CDs $974  8% Brokered CDs $382  3% Public Funds $2,109  16% Total $12.9 billion                                     $26.1 $179.6 $25.9 $49.3 ‐$27.9 ‐$117.6 $82.5 Interest‐bearing demand Noninterest‐bearing Savings Money Markets Retail CDs Brokered CDs Public Funds

noninterest income 14 Noninterest Income 4Q21 Highlights All dollars shown in thousands • Total fee income 29.2% of net revenue • Foreign exchange income of $12.8 million; increased $3.6 million, or 39.4%, from linked quarter • Trust and wealth management fees of $6.0 million; increase of $0.1 million, or 2.4%, from linked quarter • Deposit service charge income of $8.6 million; increased $0.1 million, or 1.1%, from the linked quarter • Mortgage banking income of $6.5 million; decreased $2.1 million, or 24.4%, from the linked quarter • Client derivative income of $2.3 million; remained unchanged from the linked quarter • Other noninterest income of $5.8 million; increased $1.6 million, or 37.3%, from the linked quarter • Driven by $1.2 million increase in syndication fees Service charges $8,645  19% Wealth Mgmt $6,038  13% Bankcard income $3,602  8% Client derivative  fees $2,303  5% Foreign exchange  income $12,808  28% Mortgage  origination  income $6,492  14% Other  $5,772  13% Total $45.7 million

noninterest expense 15 Noninterest Expense 4Q21 Highlights All dollars shown in thousands • Core expenses increased $0.5 million from the linked quarter, driven by incentive compensation tied to overall Company performance • Adjustments include: • $6.1 million tax credit investment write-down • $3.5 million of overdraft legal settlement • $4.1 million of Summit acquisition costs • $1.9 million of other costs not expected to recur such as branch consolidation and severance Salaries and  benefits $62,170  57% Occupancy  and  equipment $8,493  8% Data processing $8,261  8% Professional  services $5,998  5% Intangible  amortization $2,401  2% Other $22,282  20% Total $109.6 million

current expected credit losses - loans and leases 16 ACL / Total Loans 4Q21 Highlights All dollars shown in thousands • $145.4 million combined ACL; $7.7 million combined provision recapture • $132.0 million ACL – loans and leases, or 1.42% of loan balances; 1.43% excluding PPP • $9.5 million of provision recapture; driven by lower classified asset balances and improved credit outlook • Utilized December Moody’s baseline forecast in quantitative model • $13.4 million ACL – unfunded commitments; $1.8 million provision expense for this portion of the ACL ACL by Loan Type All dollars shown in millions $132.0 $148.9$159.6$169.9$175.7 1.42% 1.59% 1.68% 1.71%1.77% 4Q213Q212Q211Q214Q20 Allowance for Credit Losses ACL / Total Loans 4Q20 1Q21 2Q21 3Q21 4Q21 Loans Commercial and industrial 51,454$       45,139$       46,797$       43,534$       44,052$       Lease financing 995              1,015           1,457           1,083           1,633           Real estate ‐construction 21,736         22,734         20,359         15,390         11,874         Real estate ‐ commercial 76,795         78,669         70,305         68,594         53,420         Real estate ‐ residential 8,560           7,748           6,879           6,480           6,225           Home equity 11,869         10,760         9,684           9,538           9,643           Installment  1,215           1,235           1,211           1,177           1,097           Credit card 3,055           2,623           2,898           3,107           4,048           ACL‐loan and lease losses  175,679$     169,923$     159,590$     148,903$     131,992$         ACL‐unfunded commitments  12,503$       13,040$       13,558$       11,607$       13,406$

asset quality 17 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 $104.8 $165.5 $182.5 $196.8 $142.0 0.64% 1.04% 1.14%1.22% 0.89% 4Q213Q212Q211Q214Q20 Classified Assets Classified Assets / Total Assets $60.1 $77.8 $98.8$97.7 $89.1 0.37% 0.49% 0.62%0.60%0.56% 4Q213Q212Q211Q214Q20 NPAs NPAs / Total Assets $6.6 $9.2 $5.6 $2.5 $7.4 $11.5 $4.0 ‐$4.2 ‐$10.1 ‐$7.7 0.32% 0.10% 0.23% 0.38% 0.26% 4Q20 1Q21 2Q21 3Q21 4Q21 NCOs Provision Expense NCOs / Average Loans

hotel loan portfolio 18 • Sold 13 hotel loans totaling $133.9 million of balances • All loans were rated Watch, Special Mention, or Classified (including two nonaccrual credits under bankruptcy plans) • $9.2 million of net charge-offs recorded as a result of the sale • Reduces portfolio’s hotel concentration and exposure to: • Continued industry disruption from COVID-19 • A potential prolonged recovery in business and convention related travel • Newly constructed assets yet to stabilize • Geographic concentrations Hotels by Flag Hotels by Geography • $326 million balance represents 3.5% of the total loan portfolio • 28% decline in balances from last quarter driven by $134 million sale of hotel loan pool • Active deferrals declined to zero from $67 million as of 9/30/21 • $21 million rated substandard or worse as of 12/31/21, down 56% from last quarter Portfolio Overview Loan Sale Overview $133  41% $93  28% $52  16% $13  4% $35  11% Marriott Hilton IHG Choice Other $226  69% $100  31% Footprint Out of Footprint

Summit acquisition 19 • $116.2 million in leases acquired; $42.3 million financing leases, $73.9 million operating • $63.0 million of goodwill and $34.6 million of other intangible assets created • Summit is a full-service equipment finance company operating throughout the U.S. and Canada • Long history of originating high-quality “bank- ready” leases • Attractive opportunity for First Financial to leverage low cost of funds, hold production on balance sheet and benefit from highly attractive unit economics • Loss-adjusted total lease yields of ~8% • Has developed exceptional asset management expertise • Founded, grown and managed by exceptional leadership • Led by founder Rick Ross; all members of management will join First Financial Scaled Platform • ~$400 million of annual originations (2022E), growing at double-digits • Currently manages ~$500 million outstanding balances across 4,000 leases Deep and Diverse Relationships Highly Attractive Risk Adjusted Returns • Total lease yields of ~9.3% (implicit lease rate of ~6.3% and residual realization of ~3.0%) • Loss history <1% average annual COs • 200+ SME businesses and corporates • Significant cross-sell opportunity 1The 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. Company Overview Transaction Overview1 Key Statistics

capital 20 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 12/31 Risk Weighted Assets = $11,645,769 All capital numbers are considered preliminary. Tier 1 Capital Ratio 10.84% 11.54%11.78%11.81%11.82% 7.00% 4Q213Q212Q211Q214Q20 Tier 1 Common Equity Ratio Basel III minimum 11.22% 11.92%12.16%12.19%12.20% 8.50% 4Q213Q212Q211Q214Q20 Tier 1 Capital Ratio Basel III minimum 14.10% 14.97%15.31%15.41%15.55% 10.50% 4Q213Q212Q211Q214Q20 Total Capital Ratio Basel III minimum 7.58% 8.21%8.37%8.22% 8.47% 4Q213Q212Q211Q214Q20 Tangible Common Equity Ratio

capital strategy 21 Strategy & Deployment Tangible Book Value Per Share • 3.8% annualized dividend yield • 45.9% of 4Q21 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 4Q21 • New repurchase plan authorized for up to 5 million shares $12.26  $13.09 $13.08  $12.78 $12.93  4Q213Q212Q211Q214Q20 Tangible Book Value per Share • Decline in TBV per share driven by Summit acquisition

outlook commentary1 • Loan balances expected to grow mid single digits in near term, excluding PPP and Summit • Securities balances expected to come down slightly over the near-term • Deposit balances expected to be consistent over near-term with no significant outflows 22 • Expected to be $91-93 million; excludes Summit • Will fluctuate with fee incomeNoninterest Expense Net Interest Margin Balance Sheet Credit • Continued improvement expected in credit quality trends • Provision recapture expected in the near term, but less than back half of 2021 • Allowance for credit losses expected to decline • Uncertainty regarding supply chain, pandemic and inflation Noninterest Income • Total fee income expected to be $38-40 million; excludes Summit • Seasonal decrease in mortgage banking • Seasonal decline in overdraft fees combined with 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. • Will be impacted by timing of PPP forgiveness fees; concludes in first half of 2022 • Expected to be relatively stable in the near-term, excluding PPP • Asset sensitive position advantageous with rising rates Capital • Will continue to evaluate capital deployment opportunities • Maintain dividend at current levels Summit • Has negligible impact on 2022 earnings per share • Near-term financial impact negatively affected by intangible amortization • $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 Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, 2021 2021 2021 2021 2020 Net interest income 110,806$ 113,410$ 114,026$ 113,876$ 118,473$ Tax equivalent adjustment 1,386 1,434 1,619 1,652 1,613 Net interest income - tax equivalent 112,192$ 114,844$ 115,645$ 115,528$ 120,086$ Average earning assets 13,793,644$ 13,724,403$ 14,007,765$ 13,781,760$ 13,675,604$ Net interest margin1 3.19 % 3.28 % 3.27 % 3.35 % 3.45 % Net interest margin (fully tax equivalent)1 3.23 % 3.32 % 3.31 % 3.40 % 3.49 % 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 Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, (Dollars in thousands, except per share data) 2021 2021 2021 2021 2020 Net income (a) 46,945$ 60,012$ 50,888$ 47,315$ 48,312$ Average total shareholders' equity 2,241,820 2,261,293 2,263,687 2,272,749 2,256,062 Less: Goodw ill (938,453) (937,771) (937,771) (937,771) (937,771) Other intangibles (56,120) (58,314) (60,929) (63,529) (66,195) MSR's (14,886) (14,215) (13,310) (12,749) (12,186) Average tangible equity (b) 1,232,361 1,250,993 1,251,677 1,258,700 1,239,910 Total shareholders' equity 2,258,942 2,236,170 2,269,507 2,258,942 2,282,070 Less: Goodw ill (1,000,749) (937,771) (937,771) (937,771) (937,771) Other intangibles (88,898) (56,811) (59,391) (61,984) (64,552) MSR's (15,469) (14,852) (14,142) (13,156) (12,810) Ending tangible equity (c) 1,153,826 1,226,736 1,258,203 1,246,031 1,266,937 Total assets 16,329,141 15,956,593 16,037,919 16,175,071 15,973,134 Less: Goodw ill (1,000,749) (937,771) (937,771) (937,771) (937,771) Other intangibles (88,898) (56,811) (59,391) (61,984) (64,552) MSR's (15,469) (14,852) (14,142) (13,156) (12,810) Ending tangible assets (d) 15,224,025 14,947,159 15,026,615 15,162,160 14,958,001 Risk-w eighted assets (e) 11,645,769 11,399,782 11,318,590 11,304,012 11,219,114 Total average assets 16,036,417 15,995,808 16,215,469 16,042,654 16,030,986 Less: Goodw ill (938,453) (937,771) (937,771) (937,771) (937,771) Other intangibles (56,120) (58,314) (60,929) (63,529) (66,195) MSR's (14,886) (14,215) (13,310) (12,749) (12,186) Average tangible assets (f) 15,026,958$ 14,985,508$ 15,203,459$ 15,028,605$ 15,014,834$ Ending shares outstanding (g) 94,149,240 93,742,797 96,199,509 97,517,693 98,021,929 Ratios Return on average tangible shareholders' equity (a)/(b) 15.11% 19.03% 16.31% 15.24% 15.50% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 7.58% 8.21% 8.37% 8.22% 8.47% Risk-w eighted assets (c)/(e) 9.91% 10.76% 11.12% 11.02% 11.29% Average tangible equity as a percent of average tangible assets (b)/(f) 8.20% 8.35% 8.23% 8.38% 8.26% Tangible book value per share (c)/(g) 12.26$ 13.09$ 13.08$ 12.78$ 12.93$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 26 Additional non-GAAP measures 2Q21 1Q21 4Q20 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 110,806$ 110,806$ 113,410$ 113,410$ 114,026$ 114,026$ 113,876$ 113,876$ 118,473$ 118,473$ Provision for credit losses-loans and leases (j) (9,525) (9,525) (8,193) (8,193) (4,756) (4,756) 3,450 3,450 13,758 13,758 Provision for credit losses-unfunded commitments (j) 1,799 1,799 (1,951) (1,951) 517 517 538 538 (2,250) (2,250) Noninterest income 45,660 45,660 42,537 42,537 42,987 42,987 40,322 40,322 61,515 61,515 less: gains (losses) on sale of investment securities 306 (205) (104) (54) 196 less: gains from the redemption of Visa B shares - - - - 13,397 less: other - 500 - 193 (157) Total noninterest income (g) 45,660 45,354 42,537 42,242 42,987 43,091 40,322 40,183 61,515 48,079 Noninterest expense 109,605 109,605 99,058 99,058 99,643 99,643 92,506 92,506 114,798 114,798 less: severance and merger-related expenses - - 98 1,261 29 less: tax credit investments 6,120 5,309 1,156 208 5,071 less: contribution to First Financial Foundation - - - - 5,000 less: debt extinguishment - - - - 7,257 less: legal settlement 3,456 - 3,825 - - less: Summit acquisition costs 4,095 - - - - less: COVID-19 and other 1,870 181 2,772 1,054 2,877 Total noninterest expense (e) 109,605 94,064 99,058 93,568 99,643 91,792 92,506 89,983 114,798 94,564 Income before income taxes (i) 54,587 69,822 67,033 72,228 61,609 69,564 57,704 60,088 53,682 60,480 Income tax expense 7,642 7,642 7,021 7,021 10,721 10,721 10,389 10,389 5,370 5,370 plus: tax effect of adjustments 4,835 4,194 913 501 1,428 plus: after-tax impact of tax credit investments @ 21% 3,199 1,091 1,671 164 4,005 Total income tax expense (h) 7,642 15,676 7,021 12,306 10,721 13,305 10,389 11,054 5,370 10,803 Net income (a) 46,945$ 54,146$ 60,012$ 59,922$ 50,888$ 56,259$ 47,315$ 49,034$ 48,312$ 49,677$ Average diluted shares (b) 93,762 93,762 95,144 95,144 97,010 97,010 97,728 97,728 98,021 98,021 Average assets (c) 16,036,417 16,036,417 15,995,808 15,995,808 16,215,469 16,215,469 16,042,654 16,042,654 16,030,986 16,030,986 Average shareholders' equity 2,241,820 2,241,820 2,261,293 2,261,293 2,263,687 2,263,687 2,272,749 2,272,749 2,256,062 2,256,062 Less: Goodwill and other intangibles (1,009,459) (1,009,459) (1,010,300) (1,010,300) (1,012,010) (1,012,010) (1,014,049) (1,014,049) (1,016,152) (1,016,152) Average tangible equity (d) 1,232,361 1,232,361 1,250,993 1,250,993 1,251,677 1,251,677 1,258,700 1,258,700 1,239,910 1,239,910 Ratios Net earnings per share - diluted (a)/(b) 0.50$ 0.58$ 0.63$ 0.63$ 0.52$ 0.58$ 0.48$ 0.50$ 0.49$ 0.51$ Return on average assets - (a)/(c) 1.16% 1.34% 1.49% 1.49% 1.26% 1.39% 1.20% 1.24% 1.20% 1.23% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.16% 1.54% 1.41% 1.54% 1.42% 1.62% 1.56% 1.62% 1.62% 1.79% Return on average tangible shareholders' equity - (a)/(d) 15.11% 17.43% 19.03% 19.00% 16.31% 18.03% 15.24% 15.80% 15.50% 15.94% Efficiency ratio - (e)/((f)+(g)) 70.1% 60.2% 63.5% 60.1% 63.5% 58.4% 60.0% 58.4% 63.8% 56.8% Effective tax rate - (h)/(i) 14.0% 22.5% 10.5% 17.0% 17.4% 19.1% 18.0% 18.4% 10.0% 17.9% (Dollars in thousands, except per share data) 4Q21 3Q21

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

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