Form 8-K - Current report

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 25, 2024

FIRST FINANCIAL BANCORP.

(Exact name of registrant as specified in its charter)

Ohio

001-34762

31-1042001

(State or other jurisdiction of
incorporation or organization)

(Commission File Number)

(I.R.S. employer
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 25, 2024, 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 2023. A copy of the earnings press release is attached as Exhibit 99.1.

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

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

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

Exhibit No. Description

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

99.2 First Financial Bancorp. presentation materials

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

SIGNATURES

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

FIRST FINANCIAL BANCORP.


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

Date:	January 25, 2024

Exhibit 99.1

First Financial Bancorp Announces Fourth Quarter and Full Year 2023

Financial Results and Quarterly Dividend

•Earnings per diluted share of $0.60; $0.62 on an adjusted(1) basis

•Return on average assets of 1.31%; 1.37% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 4.26%; 7 bp decrease from linked quarter

•Loan growth of $286.4 million; 10.7% on an annualized basis

•Average deposit balances increased 12.9% on an annualized basis

•Credit trends stable to improving in the quarter

•Tangible Book Value increased $1.47, or 13.5% from linked quarter

•Quarterly dividend of $0.23 approved by Board of Directors

Cincinnati, Ohio - January 25, 2024. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and twelve months ended December 31, 2023.

For the three months ended December 31, 2023, the Company reported net income of $56.7 million, or $0.60 per diluted common share. These results compare to net income of $63.1 million, or $0.66 per diluted common share, for the third quarter of 2023. For the twelve months ended December 31, 2023, First Financial had earnings per diluted share of $2.69 compared to $2.30 for the same period in 2022.

Return on average assets for the fourth quarter of 2023 was 1.31% while return on average tangible common equity was 21.36%(1). These compare to return on average assets of 1.48% and return on average tangible common equity of 23.60%(1) in the third quarter of 2023.

Fourth quarter 2023 highlights include:

•Net interest margin of 4.21%, or 4.26% on a fully tax-equivalent basis(1)

◦7 bp decrease to 4.26% from 4.33% in the third quarter due to increasing funding costs

◦Higher asset yields and earning asset mix significantly offset 31 bp increase in cost of deposits

◦Average deposit balances increased $415.7 million with growth in money market accounts, interest bearing checking accounts, retail CDs and brokered CD's offsetting declines in noninterest bearing checking and savings accounts

•Noninterest income of $47.0 million, or $47.6 million as adjusted(1)

◦Bannockburn income of $8.7 million included $4.6 million loss on a trade; loss was offset by lower noninterest expenses

◦Strong leasing business income of $12.9 million

◦Higher other noninterest income driven by increase in syndication fees

◦Adjusted(1) $0.6 million for losses on investment securities and other items not expected to recur

•Noninterest expenses of $119.1 million, or $116.8 million as adjusted(1)

◦$2.9 million decrease from linked quarter driven primarily by lower employee costs and marketing expenses

◦Fourth quarter adjustments(1) include $0.9 million FDIC special assessment and other costs not expected to recur such as acquisition, severance and branch consolidation costs

◦Efficiency ratio of 59.3%; 58.0% as adjusted(1)

______________________________________________________________________________

(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.

•Accelerating loan growth during the quarter

◦Loan balances increased $286.4 million compared to the third quarter

◦Growth of 10.7% on an annualized basis

◦CRE, specialty lending, residential mortgages and finance leases drove quarterly growth

•Robust deposit growth during the quarter

◦Total deposits increased $445.2 million, or 3.4%, from linked quarter

•Total Allowance for Credit Losses of $159.9 million; Total quarterly provision expense of $10.2 million

◦Loans and leases - ACL of $141.4 million; decreased 7 bps to 1.29% of total loans

◦Unfunded Commitments - ACL of $18.4 million; increased $1.4 million from linked quarter

◦Provision expense driven by net charge-offs and loan growth; Classified assets were stable at $141.0 million

◦Annualized net charge-offs were 46 bps of total loans and included $9.2 million related to a single relationship that was previously reserved for

•Capital ratios remain solid

◦Total capital ratio increased 24 bps to 13.75%

◦Tier 1 common equity increased 25 bps to 11.85%

◦Tangible common equity increased 67 bps to 7.17%(1); 9.05%(1) excluding impact from AOCI

◦Tangible book value per share of $12.38(1); 13.5% increase from linked quarter

Additionally, the board of directors approved a quarterly dividend of $0.23 per common share for the next regularly scheduled dividend, payable on March 15, 2024 to shareholders of record as of March 1, 2024.

Archie Brown, President and CEO, commented on the quarter, “I am pleased with our fourth quarter performance. Adjusted(1) earnings per share were $0.62, which resulted in an adjusted(1) return on assets of 1.37% and an adjusted(1) return on tangible common equity ratio of 22.2%. As expected, rising funding costs outpaced our asset yields, however our net interest margin remained very strong at 4.26%. Additionally, balance sheet trends were positive during the quarter, with loans increasing $286 million, or 11% on an annualized basis, and average deposits increasing $416 million, or 13% on an annualized basis."

Mr. Brown continued, “Noninterest income and expenses were both lower than we expected during the quarter. The decline in noninterest income included a $4.6 million loss on a trade at Bannockburn, however excluding this loss, foreign exchange income was within our range of expectations. Leasing income also declined during the period due to lower end of term fees and lease originations shifting to a greater mix of finance leases. While this shift increased interest income and the net interest margin, it resulted in lower noninterest income during the period. Noninterest expenses declined for the quarter primarily due to lower incentive compensation, which is tied directly to noninterest income.”

Mr. Brown commented on asset quality, “Asset quality was stable for the quarter with underlying credit trends improving. Net charge-offs were 46 basis points during the quarter and were driven by a relationship that included borrower fraud. This loan had been on non-accrual for most of the year and was almost fully reserved coming into the fourth quarter. Additionally, nonperforming assets declined by 12% to 0.38% of total assets and classified asset balances were relatively unchanged from the third quarter."

Mr. Brown discussed full year results, “2023 was a record year for First Financial. Adjusted(1) earnings per share increased 17% from the prior year to $2.77, while adjusted(1) return on assets was 1.55%, adjusted (1) return on tangible common equity was 25.4% and our adjusted(1) efficiency ratio was 56%. Total revenue of $840.2 million was the highest in the Company's history, increasing 18.5% over the prior year. Our balance sheet responded favorably to the interest rate environment, resulting in a 21% increase in net interest income. Additionally, record years from wealth management and Summit drove a 12% increase in noninterest income.”

Mr. Brown continued, “We are extremely pleased with the performance of our balance sheet during 2023, especially given the turmoil in the banking industry in the first half of the year. Loan production was solid, exceeding 6% in balance growth, while average deposit balances increased 2.4% compared to the prior year. We are also very happy with the 122 basis point expansion in the tangible common equity ratio and 24% increase in tangible book value per share for the year.”

Mr. Brown commented on full year asset quality, “Asset quality trends were elevated during the year. Net charge-offs increased to 33 basis points for 2023, after we achieved a record low of 6 basis points in 2022. This increase was driven by two large relationships, as well as the loss on the sale of a small portfolio of ICRE loans. Non-performing assets to total assets ended the year at 38 basis points. We believe we are well positioned to manage the coming year and we are cautiously optimistic regarding asset quality in 2024.”

Mr. Brown concluded, “Finally, I'd like to commend our associates for their exemplary performance in 2023. They were client focused and executed at a very high level despite the industry uncertainty earlier in the year. During the year we

have strengthened our team with the addition of talent in Wealth Management and in expansion markets, including Chicago, IL, Evansville, IN and Cleveland, OH. I'm extremely proud of the work our team accomplished in 2023 and believe we are positioned to have sustained success in 2024 and beyond.”

Full detail of the Company’s fourth quarter 2023 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 26, 2024 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (888) 550-5723 (U.S. toll free) or (646) 960-0471 (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (800) 770-2030 (U.S. toll free), (647) 362-9199 (U.S. local), access code 5048068. The recording will be available until February 9, 2024. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

Press Release and Additional Information on Website

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

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

•the effect of changes in accounting policies and practices;

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

•changes in customers’ performance and creditworthiness;

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

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

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

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

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

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

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

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

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

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

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2022, 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, 2023, the Company had $17.5 billion in assets, $10.9 billion in loans, $13.4 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 $3.5 billion in assets under management as of December 31, 2023. The Company operated 130 full service banking centers as of December 31, 2023, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/Analysts Media

Jamie Anderson Tim Condron

Chief Financial Officer Marketing Communications Manager

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

InvestorRelations@bankatfirst.com media@bankatfirst.com

Selected Financial Information

December 31, 2023

(unaudited)


Contents			Page
Consolidated Financial Highlights			2
Consolidated Quarterly Statements of Income			3
Consolidated Quarterly Statements of Income			4-5
Consolidated Statements of Condition			6
Average Consolidated Statements of Condition			7
Net Interest Margin Rate / Volume Analysis			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,			Dec. 31,
	2023			2023			2023			2023			2022			2023			2022
RESULTS OF OPERATIONS
Net income	$	56,732		$	63,061		$	65,667		$	70,403		$	69,086		$	255,863		$	217,612
Net earnings per share - basic	$	0.60		$	0.67		$	0.70		$	0.75		$	0.74		$	2.72		$	2.33
Net earnings per share - diluted	$	0.60		$	0.66		$	0.69		$	0.74		$	0.73		$	2.69		$	2.30
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	1.31		%	1.48		%	1.55		%	1.69		%	1.63		%	1.51		%	1.33		%
Return on average shareholders' equity	10.50		%	11.62		%	12.32		%	13.71		%	13.64		%	12.01		%	10.34		%
Return on average tangible shareholders' equity (1)	21.36		%	23.60		%	25.27		%	29.02		%	29.93		%	24.72		%	21.62		%

Net interest margin	4.21		%	4.28		%	4.43		%	4.51		%	4.43		%	4.36		%	3.73		%
Net interest margin (fully tax equivalent) (1)(2)	4.26		%	4.33		%	4.48		%	4.55		%	4.47		%	4.40		%	3.77		%

Ending shareholders' equity as a percent of ending assets	12.94		%	12.49		%	12.54		%	12.53		%	12.01		%	12.94		%	12.01		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	7.17		%	6.50		%	6.56		%	6.47		%	5.95		%	7.17		%	5.95		%
Risk-weighted assets (1)	8.90		%	7.88		%	8.03		%	7.87		%	7.32		%	8.90		%	7.32		%

Average shareholders' equity as a percent of average assets	12.52		%	12.70		%	12.60		%	12.29		%	11.98		%	12.53		%	12.85		%
Average tangible shareholders' equity as a percent of
average tangible assets (1)	6.57		%	6.69		%	6.57		%	6.21		%	5.84		%	6.51		%	6.59		%

Book value per share	$	23.84		$	22.39		$	22.52		$	22.29		$	21.51		$	23.84		$	21.51
Tangible book value per share (1)	$	12.38		$	10.91		$	11.02		$	10.76		$	9.97		$	12.38		$	9.97

Common equity tier 1 ratio (3)	11.85		%	11.60		%	11.34		%	11.00		%	10.83		%	11.85		%	10.83		%
Tier 1 ratio (3)	12.19		%	11.94		%	11.68		%	11.34		%	11.17		%	12.19		%	11.17		%
Total capital ratio (3)	13.75		%	13.51		%	13.44		%	13.11		%	13.09		%	13.75		%	13.09		%
Leverage ratio (3)	9.70		%	9.59		%	9.33		%	9.03		%	8.89		%	9.70		%	8.89		%

AVERAGE BALANCE SHEET ITEMS
Loans (4)	$	10,751,028		$	10,623,734		$	10,513,505		$	10,373,302		$	10,059,119		$	10,566,587		$	9,574,965

Investment securities	3,184,408			3,394,237			3,560,453			3,635,317			3,705,304			3,442,233			4,032,046
Interest-bearing deposits with other banks	548,153			386,173			329,584			318,026			372,054			396,089			314,552
Total earning assets	$	14,483,589		$	14,404,144		$	14,403,542		$	14,326,645		$	14,136,477		$	14,404,909		$	13,921,563
Total assets	$	17,124,955		$	16,951,389		$	16,968,055		$	16,942,999		$	16,767,598		$	16,997,223		$	16,382,730
Noninterest-bearing deposits	$	3,368,024		$	3,493,305		$	3,663,419		$	3,954,915		$	4,225,192		$	3,617,961		$	4,196,735
Interest-bearing deposits	9,834,819			9,293,860			9,050,464			8,857,226			8,407,114			9,261,866			8,383,529
Total deposits	$	13,202,843		$	12,787,165		$	12,713,883		$	12,812,141		$	12,632,306		$	12,879,827		$	12,580,264
Borrowings	$	1,083,954		$	1,403,071		$	1,523,699		$	1,434,338		$	1,489,088		$	1,360,420		$	1,177,013
Shareholders' equity	$	2,144,482		$	2,153,601		$	2,137,765		$	2,082,210		$	2,009,564		$	2,129,751		$	2,105,339

CREDIT QUALITY RATIOS
Allowance to ending loans	1.29		%	1.36		%	1.41		%	1.36		%	1.29		%	1.29		%	1.29		%
Allowance to nonaccrual loans	215.10		%	193.75		%	276.70		%	409.46		%	464.58		%	215.10		%	464.58		%
Allowance to nonperforming loans	215.10		%	193.75		%	276.70		%	409.46		%	335.94		%	215.10		%	335.94		%
Nonperforming loans to total loans	0.60		%	0.70		%	0.51		%	0.33		%	0.38		%	0.60		%	0.38		%
Nonaccrual loans to total loans	0.60		%	0.70		%	0.51		%	0.33		%	0.28		%	0.60		%	0.28		%
Nonperforming assets to ending loans, plus OREO	0.60		%	0.71		%	0.51		%	0.33		%	0.39		%	0.60		%	0.39		%
Nonperforming assets to total assets	0.38		%	0.44		%	0.32		%	0.21		%	0.23		%	0.38		%	0.23		%
Classified assets to total assets	0.80		%	0.82		%	0.81		%	0.94		%	0.75		%	0.80		%	0.75		%
Net charge-offs to average loans (annualized)	0.46		%	0.61		%	0.22		%	0.00		%	(0.01)		%	0.33		%	0.06		%

(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, 2023 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,
	Dec. 31,								Dec. 31,
	2023			2022			% Change		2023			2022			% Change
Interest income
Loans and leases, including fees	$	197,416		$	152,299		29.6	%	$	743,770		$	458,742		62.1	%
Investment securities
Taxable	30,294			30,248			0.2	%	125,520			102,314			22.7	%
Tax-exempt	3,402			4,105			(17.1)	%	13,901			18,466			(24.7)	%
Total investment securities interest	33,696			34,353			(1.9)	%	139,421			120,780			15.4	%
Other earning assets	7,325			3,262			124.6	%	19,813			5,484			261.3	%
Total interest income	238,437			189,914			25.5	%	903,004			585,006			54.4	%

Interest expense
Deposits	69,193			16,168			328.0	%	202,010			28,140			617.9	%
Short-term borrowings	10,277			11,091			(7.3)	%	53,378			19,132			179.0	%
Long-term borrowings	5,202			4,759			9.3	%	19,846			18,591			6.8	%
Total interest expense	84,672			32,018			164.5	%	275,234			65,863			317.9	%
Net interest income	153,765			157,896			(2.6)	%	627,770			519,143			20.9	%
Provision for credit losses-loans and leases	8,804			8,689			1.3	%	43,074			6,731			539.9	%
Provision for credit losses-unfunded commitments	1,426			1,341			6.3	%	33			4,982			(99.3)	%
Net interest income after provision for credit losses	143,535			147,866			(2.9)	%	584,663			507,430			15.2	%

Noninterest income
Service charges on deposit accounts	6,846			6,406			6.9	%	27,289			28,062			(2.8)	%
Wealth management fees	6,091			5,648			7.8	%	26,081			23,506			11.0	%
Bankcard income	3,349			3,736			(10.4)	%	14,039			14,380			(2.4)	%
Client derivative fees	711			1,822			(61.0)	%	5,155			5,441			(5.3)	%
Foreign exchange income	8,730			19,592			(55.4)	%	54,051			54,965			(1.7)	%
Leasing business income	12,856			11,124			15.6	%	51,322			31,574			62.5	%
Net gains from sales of loans	2,957			2,206			34.0	%	13,217			15,048			(12.2)	%
Net gain (loss) on sale of investment securities	(851)			(393)			116.5	%	(1,258)			(569)			121.1	%
Net gain (loss) on equity securities	202			1,315			(84.6)	%	206			(639)			(132.2)	%


Other	6,102			4,579			33.3	%	22,320			17,873			24.9	%
Total noninterest income	46,993			56,035			(16.1)	%	212,422			189,641			12.0	%

Noninterest expenses
Salaries and employee benefits	70,637			73,621			(4.1)	%	292,731			269,368			8.7	%

Net occupancy	5,890			5,434			8.4	%	22,990			22,208			3.5	%
Furniture and equipment	3,523			3,234			8.9	%	13,543			13,224			2.4	%
Data processing	8,488			8,567			(0.9)	%	35,852			33,662			6.5	%
Marketing	2,087			2,198			(5.1)	%	9,647			8,744			10.3	%
Communication	707			690			2.5	%	2,729			2,683			1.7	%
Professional services	3,148			3,015			4.4	%	9,926			9,734			2.0	%

State intangible tax	984			974			1.0	%	3,914			4,285			(8.7)	%
FDIC assessments	3,651			2,173			68.0	%	11,948			7,194			66.1	%
Intangible amortization	2,601			2,573			1.1	%	10,402			11,185			(7.0)	%
Leasing business expense	8,955			6,061			47.7	%	32,500			20,363			59.6	%
Other	8,466			15,902			(46.8)	%	32,307			52,699			(38.7)	%
Total noninterest expenses	119,137			124,442			(4.3)	%	478,489			455,349			5.1	%
Income before income taxes	71,391			79,459			(10.2)	%	318,596			241,722			31.8	%
Income tax expense (benefit)	14,659			10,373			41.3	%	62,733			24,110			160.2	%
Net income	$	56,732		$	69,086		(17.9)	%	$	255,863		$	217,612		17.6	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.60		$	0.74				$	2.72		$	2.33
Net earnings per share - diluted	$	0.60		$	0.73				$	2.69		$	2.30
Dividends declared per share	$	0.23		$	0.23				$	0.92		$	0.92

Return on average assets	1.31		%	1.63		%			1.51		%	1.33		%
Return on average shareholders' equity	10.50		%	13.64		%			12.01		%	10.34		%

Interest income	$	238,437		$	189,914		25.5	%	$	903,004		$	585,006		54.4	%
Tax equivalent adjustment	1,672			1,553			7.7	%	6,356			6,357			0.0	%
Interest income - tax equivalent	240,109			191,467			25.4	%	909,360			591,363			53.8	%
Interest expense	84,672			32,018			164.5	%	275,234			65,863			317.9	%
Net interest income - tax equivalent	$	155,437		$	159,449		(2.5)	%	$	634,126		$	525,500		20.7	%

Net interest margin	4.21		%	4.43		%			4.36		%	3.73		%
Net interest margin (fully tax equivalent) (1)	4.26		%	4.47		%			4.40		%	3.77		%

Full-time equivalent employees	2,129			2,070

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


FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	2023
	Fourth			Third			Second			First			Year to			% Change
	Quarter			Quarter			Quarter			Quarter			Date			Linked Qtr.
Interest income
Loans and leases, including fees	$	197,416		$	192,261		$	184,387		$	169,706		$	743,770		2.7	%
Investment securities
Taxable	30,294			31,297			32,062			31,867			125,520			(3.2)	%
Tax-exempt	3,402			3,522			3,513			3,464			13,901			(3.4)	%
Total investment securities interest	33,696			34,819			35,575			35,331			139,421			(3.2)	%
Other earning assets	7,325			5,011			3,933			3,544			19,813			46.2	%
Total interest income	238,437			232,091			223,895			208,581			903,004			2.7	%

Interest expense
Deposits	69,193			57,069			44,292			31,456			202,010			21.2	%
Short-term borrowings	10,277			14,615			15,536			12,950			53,378			(29.7)	%
Long-term borrowings	5,202			4,952			4,835			4,857			19,846			5.0	%
Total interest expense	84,672			76,636			64,663			49,263			275,234			10.5	%
Net interest income	153,765			155,455			159,232			159,318			627,770			(1.1)	%
Provision for credit losses-loans and leases	8,804			12,907			12,719			8,644			43,074			(31.8)	%
Provision for credit losses-unfunded commitments	1,426			(1,234)			(1,994)			1,835			33			(215.6)	%
Net interest income after provision for credit losses	143,535			143,782			148,507			148,839			584,663			(0.2)	%

Noninterest income
Service charges on deposit accounts	6,846			6,957			6,972			6,514			27,289			(1.6)	%
Wealth management fees	6,091			6,943			6,713			6,334			26,081			(12.3)	%
Bankcard income	3,349			3,406			3,692			3,592			14,039			(1.7)	%
Client derivative fees	711			1,612			1,827			1,005			5,155			(55.9)	%
Foreign exchange income	8,730			13,384			15,039			16,898			54,051			(34.8)	%
Leasing business income	12,856			14,537			10,265			13,664			51,322			(11.6)	%
Net gains from sales of loans	2,957			4,086			3,839			2,335			13,217			(27.6)	%
Net gain (loss) on sale of investment securities	(851)			(4)			(384)			(19)			(1,258)			N/M
Net gain (loss) on equity securities	202			(54)			(82)			140			206			474.1	%
Other	6,102			5,761			5,377			5,080			22,320			5.9	%
Total noninterest income	46,993			56,628			53,258			55,543			212,422			(17.0)	%

Noninterest expenses
Salaries and employee benefits	70,637			75,641			74,199			72,254			292,731			(6.6)	%
Net occupancy	5,890			5,809			5,606			5,685			22,990			1.4	%
Furniture and equipment	3,523			3,341			3,362			3,317			13,543			5.4	%
Data processing	8,488			8,473			9,871			9,020			35,852			0.2	%
Marketing	2,087			2,598			2,802			2,160			9,647			(19.7)	%
Communication	707			744			644			634			2,729			(5.0)	%
Professional services	3,148			2,524			2,308			1,946			9,926			24.7	%
State intangible tax	984			981			964			985			3,914			0.3	%
FDIC assessments	3,651			2,665			2,806			2,826			11,948			37.0	%
Intangible amortization	2,601			2,600			2,601			2,600			10,402			0.0	%
Leasing business expense	8,955			8,877			6,730			7,938			32,500			0.9	%
Other	8,466			7,791			8,722			7,328			32,307			8.7	%
Total noninterest expenses	119,137			122,044			120,615			116,693			478,489			(2.4)	%
Income before income taxes	71,391			78,366			81,150			87,689			318,596			(8.9)	%
Income tax expense (benefit)	14,659			15,305			15,483			17,286			62,733			(4.2)	%
Net income	$	56,732		$	63,061		$	65,667		$	70,403		$	255,863		(10.0)	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.60		$	0.67		$	0.70		$	0.75		$	2.72
Net earnings per share - diluted	$	0.60		$	0.66		$	0.69		$	0.74		$	2.69
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.92

Return on average assets	1.31		%	1.48		%	1.55		%	1.69		%	1.51		%
Return on average shareholders' equity	10.50		%	11.62		%	12.32		%	13.71		%	12.01		%

Interest income	$	238,437		$	232,091		$	223,895		$	208,581		$	903,004		2.7	%
Tax equivalent adjustment	1,672			1,659			1,601			1,424			6,356			0.8	%
Interest income - tax equivalent	240,109			233,750			225,496			210,005			909,360			2.7	%
Interest expense	84,672			76,636			64,663			49,263			275,234			10.5	%
Net interest income - tax equivalent	$	155,437		$	157,114		$	160,833		$	160,742		$	634,126		(1.1)	%

Net interest margin	4.21		%	4.28		%	4.43		%	4.51		%	4.36		%
Net interest margin (fully tax equivalent) (1)	4.26		%	4.33		%	4.48		%	4.55		%	4.40		%

Full-time equivalent employees	2,129			2,121			2,193			2,066

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


FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	2022
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans and leases, including fees	$	152,299		$	122,170		$	97,091		$	87,182		$	458,742
Investment securities
Taxable	30,248			26,331			23,639			22,096			102,314
Tax-exempt	4,105			5,014			4,916			4,431			18,466
Total investment securities interest	34,353			31,345			28,555			26,527			120,780
Other earning assets	3,262			1,597			505			120			5,484
Total interest income	189,914			155,112			126,151			113,829			585,006

Interest expense
Deposits	16,168			6,386			2,963			2,623			28,140
Short-term borrowings	11,091			6,158			1,566			317			19,132
Long-term borrowings	4,759			4,676			4,612			4,544			18,591
Total interest expense	32,018			17,220			9,141			7,484			65,863
Net interest income	157,896			137,892			117,010			106,345			519,143
Provision for credit losses-loans and leases	8,689			7,898			(4,267)			(5,589)			6,731
Provision for credit losses-unfunded commitments	1,341			386			3,481			(226)			4,982
Net interest income after provision for credit losses	147,866			129,608			117,796			112,160			507,430

Noninterest income
Service charges on deposit accounts	6,406			6,279			7,648			7,729			28,062
Wealth management fees	5,648			5,487			6,311			6,060			23,506
Bankcard income	3,736			3,484			3,823			3,337			14,380
Client derivative fees	1,822			1,447			1,369			803			5,441
Foreign exchange income	19,592			11,752			13,470			10,151			54,965
Leasing business income	11,124			7,127			7,247			6,076			31,574
Net gains from sales of loans	2,206			3,729			5,241			3,872			15,048
Net gain (loss) on sale of investment securities	(393)			(179)			0			3			(569)
Net gain (loss) on equity securities	1,315			(701)			(1,054)			(199)			(639)
Other	4,579			4,109			5,723			3,462			17,873
Total noninterest income	56,035			42,534			49,778			41,294			189,641

Noninterest expenses
Salaries and employee benefits	73,621			66,808			64,992			63,947			269,368
Net occupancy	5,434			5,669			5,359			5,746			22,208
Furniture and equipment	3,234			3,222			3,201			3,567			13,224
Data processing	8,567			8,497			8,334			8,264			33,662
Marketing	2,198			2,523			2,323			1,700			8,744
Communication	690			657			670			666			2,683
Professional services	3,015			2,346			2,214			2,159			9,734
State intangible tax	974			1,090			1,090			1,131			4,285
FDIC assessments	2,173			1,885			1,677			1,459			7,194
Intangible amortization	2,573			2,783			2,915			2,914			11,185
Leasing business expense	6,061			5,746			4,687			3,869			20,363
Other	15,902			23,842			5,572			7,383			52,699
Total noninterest expenses	124,442			125,068			103,034			102,805			455,349
Income before income taxes	79,459			47,074			64,540			50,649			241,722
Income tax expense (benefit)	10,373			(8,631)			13,020			9,348			24,110
Net income	$	69,086		$	55,705		$	51,520		$	41,301		$	217,612

ADDITIONAL DATA
Net earnings per share - basic	$	0.74		$	0.60		$	0.55		$	0.44		$	2.33
Net earnings per share - diluted	$	0.73		$	0.59		$	0.55		$	0.44		$	2.30
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.92

Return on average assets	1.63		%	1.35		%	1.28		%	1.03		%	1.33		%
Return on average shareholders' equity	13.64		%	10.58		%	9.84		%	7.53		%	10.34		%

Interest income	$	189,914		$	155,112		$	126,151		$	113,829		$	585,006
Tax equivalent adjustment	1,553			1,712			1,625			1,467			6,357
Interest income - tax equivalent	191,467			156,824			127,776			115,296			591,363
Interest expense	32,018			17,220			9,141			7,484			65,863
Net interest income - tax equivalent	$	159,449		$	139,604		$	118,635		$	107,812		$	525,500

Net interest margin	4.43		%	3.93		%	3.41		%	3.11		%	3.73		%
Net interest margin (fully tax equivalent) (1)	4.47		%	3.98		%	3.45		%	3.16		%	3.77		%

Full-time equivalent employees	2,070			2,072			2,096			2,050

(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
	2023		2023		2023		2023		2022		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	213,059	$	220,335	$	217,385	$	199,835	$	207,501	(3.3)	%	2.7	%
Interest-bearing deposits with other banks	792,960		452,867		485,241		305,465		388,182		75.1	%	104.3	%
Investment securities available-for-sale	3,021,126		3,044,361		3,249,404		3,384,949		3,409,648		(0.8)	%	(11.4)	%
Investment securities held-to-maturity	80,321		81,236		82,372		83,070		84,021		(1.1)	%	(4.4)	%
Other investments	129,945		133,725		141,892		143,606		143,160		(2.8)	%	(9.2)	%
Loans held for sale	9,213		12,391		15,267		9,280		7,918		(25.6)	%	16.4	%
Loans and leases
Commercial and industrial	3,501,221		3,420,873		3,433,162		3,449,289		3,410,272		2.3	%	2.7	%
Lease financing	474,817		399,973		360,801		273,898		236,124		18.7	%	101.1	%
Construction real estate	564,832		578,824		536,464		525,906		512,050		(2.4)	%	10.3	%
Commercial real estate	4,080,939		3,992,654		4,048,460		4,056,627		4,052,759		2.2	%	0.7	%
Residential real estate	1,333,674		1,293,470		1,221,484		1,145,069		1,092,265		3.1	%	22.1	%
Home equity	758,676		743,991		728,711		724,672		733,791		2.0	%	3.4	%
Installment	159,078		160,648		165,216		204,372		209,895		(1.0)	%	(24.2)	%
Credit card	59,939		56,386		55,911		53,552		51,815		6.3	%	15.7	%
Total loans	10,933,176		10,646,819		10,550,209		10,433,385		10,298,971		2.7	%	6.2	%
Less:
Allowance for credit losses	(141,433)		(145,201)		(148,646)		(141,591)		(132,977)		(2.6)	%	6.4	%
Net loans	10,791,743		10,501,618		10,401,563		10,291,794		10,165,994		2.8	%	6.2	%
Premises and equipment	194,740		192,572		192,077		188,959		189,080		1.1	%	3.0	%
Operating leases	153,214		136,883		132,272		153,986		91,738		11.9	%	67.0	%
Goodwill	1,005,868		1,005,868		1,005,828		1,005,738		1,001,507		0.0	%	0.4	%
Other intangibles	83,949		86,378		88,662		91,169		93,919		(2.8)	%	(10.6)	%

Accrued interest and other assets	1,056,762		1,186,618		1,078,186		1,076,033		1,220,648		(10.9)	%	(13.4)	%
Total Assets	$	17,532,900	$	17,054,852	$	17,090,149	$	16,933,884	$	17,003,316	2.8	%	3.1	%

LIABILITIES
Deposits
Interest-bearing demand	$	2,993,219	$	2,880,617	$	2,919,472	$	2,761,811	$	3,037,153	3.9	%	(1.4)	%
Savings	4,331,228		4,023,455		3,785,445		3,746,403		3,828,139		7.6	%	13.1	%
Time	2,718,390		2,572,909		2,484,780		2,336,368		1,700,705		5.7	%	59.8	%
Total interest-bearing deposits	10,042,837		9,476,981		9,189,697		8,844,582		8,565,997		6.0	%	17.2	%
Noninterest-bearing	3,317,960		3,438,572		3,605,181		3,830,102		4,135,180		(3.5)	%	(19.8)	%
Total deposits	13,360,797		12,915,553		12,794,878		12,674,684		12,701,177		3.4	%	5.2	%


FHLB short-term borrowings	800,000		755,000		1,050,300		1,089,400		1,130,000		6.0	%	(29.2)	%
Other	137,814		219,188		165,983		128,160		157,156		(37.1)	%	(12.3)	%
Total short-term borrowings	937,814		974,188		1,216,283		1,217,560		1,287,156		(3.7)	%	(27.1)	%
Long-term debt	344,115		340,902		339,963		342,647		346,672		0.9	%	(0.7)	%
Total borrowed funds	1,281,929		1,315,090		1,556,246		1,560,207		1,633,828		(2.5)	%	(21.5)	%
Accrued interest and other liabilities	622,200		694,700		595,606		577,497		626,938		(10.4)	%	(0.8)	%
Total Liabilities	15,264,926		14,925,343		14,946,730		14,812,388		14,961,943		2.3	%	2.0	%

SHAREHOLDERS' EQUITY
Common stock	1,638,972		1,636,054		1,632,659		1,629,428		1,634,605		0.2	%	0.3	%
Retained earnings	1,136,718		1,101,905		1,060,715		1,016,893		968,237		3.2	%	17.4	%
Accumulated other comprehensive income (loss)	(309,819)		(410,005)		(353,010)		(328,059)		(358,663)		(24.4)	%	(13.6)	%
Treasury stock, at cost	(197,897)		(198,445)		(196,945)		(196,766)		(202,806)		(0.3)	%	(2.4)	%
Total Shareholders' Equity	2,267,974		2,129,509		2,143,419		2,121,496		2,041,373		6.5	%	11.1	%
Total Liabilities and Shareholders' Equity	$	17,532,900	$	17,054,852	$	17,090,149	$	16,933,884	$	17,003,316	2.8	%	3.1	%


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,
	2023		2023		2023		2023		2022		2023		2022
ASSETS
Cash and due from banks	$	214,678	$	211,670	$	221,527	$	218,724	$	218,216	$	216,625	$	233,925

Interest-bearing deposits with other banks	548,153		386,173		329,584		318,026		372,054		396,089		314,552
Investment securities	3,184,408		3,394,237		3,560,453		3,635,317		3,705,304		3,442,233		4,032,046
Loans held for sale	12,547		15,420		11,856		5,531		8,639		11,369		12,968
Loans and leases
Commercial and industrial	3,422,381		3,443,615		3,469,683		3,456,681		3,249,252		3,447,984		2,979,273
Lease financing	419,179		371,598		323,819		252,219		203,790		342,243		153,380
Construction real estate	540,314		547,884		518,190		536,294		501,787		535,715		476,597
Commercial real estate	4,060,733		4,024,798		4,050,946		4,017,021		4,028,944		4,038,457		4,040,365
Residential real estate	1,320,670		1,260,249		1,181,053		1,115,889		1,066,859		1,220,138		976,775
Home equity	750,925		735,251		726,333		728,185		735,039		735,236		721,048
Installment	160,242		164,092		172,147		205,934		208,484		175,447		159,807
Credit card	64,037		60,827		59,478		55,548		56,325		59,998		54,752
Total loans	10,738,481		10,608,314		10,501,649		10,367,771		10,050,480		10,555,218		9,561,997
Less:
Allowance for credit losses	(149,398)		(150,297)		(145,578)		(136,419)		(127,541)		(145,472)		(125,001)
Net loans	10,589,083		10,458,017		10,356,071		10,231,352		9,922,939		10,409,746		9,436,996
Premises and equipment	194,435		194,228		190,583		190,346		189,342		192,414		191,191
Operating leases	139,331		132,984		138,725		107,092		88,365		129,631		76,967
Goodwill	1,005,870		1,005,844		1,005,791		1,005,713		998,575		1,005,805		999,611
Other intangibles	85,101		87,427		89,878		92,587		95,256		88,724		99,081

Accrued interest and other assets	1,151,349		1,065,389		1,063,587		1,138,311		1,168,908		1,104,587		985,393
Total Assets	$	17,124,955	$	16,951,389	$	16,968,055	$	16,942,999	$	16,767,598	$	16,997,223	$	16,382,730

LIABILITIES
Deposits
Interest-bearing demand	$	2,988,086	$	2,927,416	$	2,906,855	$	2,906,712	$	3,103,091	$	2,932,477	$	3,158,560
Savings	4,235,658		3,919,590		3,749,902		3,818,807		3,943,342		3,932,100		4,049,883
Time	2,611,075		2,446,854		2,393,707		2,131,707		1,360,681		2,397,289		1,175,086
Total interest-bearing deposits	9,834,819		9,293,860		9,050,464		8,857,226		8,407,114		9,261,866		8,383,529
Noninterest-bearing	3,368,024		3,493,305		3,663,419		3,954,915		4,225,192		3,617,961		4,196,735
Total deposits	13,202,843		12,787,165		12,713,883		12,812,141		12,632,306		12,879,827		12,580,264
Federal funds purchased and securities sold
under agreements to repurchase	3,586		10,788		21,881		26,380		16,167		15,583		29,526
FHLB short-term borrowings	554,826		878,199		1,028,207		925,144		944,320		845,666		672,928
Other	185,221		175,682		132,088		139,195		184,439		158,221		115,041
Total short-term borrowings	743,633		1,064,669		1,182,176		1,090,719		1,144,926		1,019,470		817,495
Long-term debt	340,321		338,402		341,523		343,619		344,162		340,950		359,518
Total borrowed funds	1,083,954		1,403,071		1,523,699		1,434,338		1,489,088		1,360,420		1,177,013
Accrued interest and other liabilities	693,676		607,552		592,708		614,310		636,640		627,225		520,114
Total Liabilities	14,980,473		14,797,788		14,830,290		14,860,789		14,758,034		14,867,472		14,277,391

SHAREHOLDERS' EQUITY
Common stock	1,637,197		1,634,102		1,631,230		1,633,396		1,632,941		1,633,992		1,634,558
Retained earnings	1,111,786		1,076,515		1,034,092		989,777		941,987		1,053,441		887,826
Accumulated other comprehensive loss	(406,265)		(358,769)		(330,263)		(339,450)		(361,284)		(358,870)		(207,778)
Treasury stock, at cost	(198,236)		(198,247)		(197,294)		(201,513)		(204,080)		(198,812)		(209,267)
Total Shareholders' Equity	2,144,482		2,153,601		2,137,765		2,082,210		2,009,564		2,129,751		2,105,339
Total Liabilities and Shareholders' Equity	$	17,124,955	$	16,951,389	$	16,968,055	$	16,942,999	$	16,767,598	$	16,997,223	$	16,382,730


FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)

	Quarterly Averages																				Year-to-Date Averages
	December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023	December 31, 2022
	Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield				Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities	$	3,184,408	$	33,696	4.20	%	$	3,394,237	$	34,819	4.07	%	$	3,705,304	$	34,353	3.68	%			$	3,442,233	4.05	%	$	4,032,046	3.00	%
Interest-bearing deposits with other banks	548,153		7,325		5.30	%	386,173		5,011		5.15	%	372,054		3,262		3.48	%			396,089		5.00	%	314,552		1.74	%
Gross loans (1)	10,751,028		197,416		7.29	%	10,623,734		192,261		7.18	%	10,059,119		152,299		6.01	%			10,566,587		7.04	%	9,574,965		4.79	%
Total earning assets	14,483,589		238,437		6.53	%	14,404,144		232,091		6.39	%	14,136,477		189,914		5.33	%			14,404,909		6.27	%	13,921,563		4.20	%

Nonearning assets
Allowance for credit losses	(149,398)						(150,297)						(127,541)								(145,472)				(125,001)
Cash and due from banks	214,678						211,670						218,216								216,625				233,925
Accrued interest and other assets	2,576,086						2,485,872						2,540,446								2,521,161				2,352,243
Total assets	$	17,124,955					$	16,951,389					$	16,767,598							$	16,997,223			$	16,382,730

Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	2,988,086	$	14,480	1.92	%	$	2,927,416	$	12,953	1.76	%	$	3,103,091	$	5,195	0.66	%			$	2,932,477	1.45	%	$	3,158,560	0.28	%
Savings	4,235,658		26,632		2.49	%	3,919,590		19,853		2.01	%	3,943,342		4,819		0.48	%			3,932,100		1.73	%	4,049,883		0.22	%
Time	2,611,075		28,081		4.27	%	2,446,854		24,263		3.93	%	1,360,681		6,154		1.79	%			2,397,289		3.81	%	1,175,086		0.88	%
Total interest-bearing deposits	9,834,819		69,193		2.79	%	9,293,860		57,069		2.44	%	8,407,114		16,168		0.76	%			9,261,866		2.18	%	8,383,529		0.34	%
Borrowed funds
Short-term borrowings	743,633		10,277		5.48	%	1,064,669		14,615		5.45	%	1,144,926		11,091		3.84	%			1,019,470		5.24	%	817,495		2.34	%
Long-term debt	340,321		5,202		6.06	%	338,402		4,952		5.81	%	344,162		4,759		5.49	%			340,950		5.82	%	359,518		5.17	%
Total borrowed funds	1,083,954		15,479		5.67	%	1,403,071		19,567		5.53	%	1,489,088		15,850		4.22	%			1,360,420		5.38	%	1,177,013		3.20	%
Total interest-bearing liabilities	10,918,773		84,672		3.08	%	10,696,931		76,636		2.84	%	9,896,202		32,018		1.28	%			10,622,286		2.59	%	9,560,542		0.69	%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits	3,368,024						3,493,305						4,225,192								3,617,961				4,196,735
Other liabilities	693,676						607,552						636,640								627,225				520,114
Shareholders' equity	2,144,482						2,153,601						2,009,564								2,129,751				2,105,339
Total liabilities & shareholders' equity	$	17,124,955					$	16,951,389					$	16,767,598							$	16,997,223			$	16,382,730

Net interest income	$	153,765					$	155,455					$	157,896							$	627,770			$	519,143
Net interest spread					3.45	%					3.55	%					4.05	%					3.68	%			3.51	%
Net interest margin					4.21	%					4.28	%					4.43	%					4.36	%			3.73	%

Tax equivalent adjustment					0.05	%					0.05	%					0.04	%					0.04	%			0.04	%
Net interest margin (fully tax equivalent)					4.26	%					4.33	%					4.47	%					4.40	%			3.77	%


(1) Loans held for sale and nonaccrual loans are included in gross loans.


FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)


	Linked Qtr. Income Variance						Comparable Qtr. Income Variance							Year-to-Date Income Variance
	Rate		Volume		Total			Rate		Volume		Total			Rate		Volume		Total
Earning assets
Investment securities	$	1,097	$	(2,220)	$	(1,123)		$	4,855	$	(5,512)	$	(657)		$	42,530	$	(23,889)	$	18,641
Interest-bearing deposits with other banks	149		2,165		2,314			1,710		2,353		4,063			10,250		4,079		14,329
Gross loans (2)	2,818		2,337		5,155			32,412		12,705		45,117			215,229		69,799		285,028
Total earning assets	4,064		2,282		6,346			38,977		9,546		48,523			268,009		49,989		317,998

Interest-bearing liabilities
Total interest-bearing deposits	$	8,318	$	3,806	$	12,124		$	42,980	$	10,045	$	53,025		$	154,713	$	19,157	$	173,870
Borrowed funds
Short-term borrowings	99		(4,437)		(4,338)			4,732		(5,546)		(814)			23,671		10,575		34,246
Long-term debt	221		29		250			502		(59)		443			2,336		(1,081)		1,255
Total borrowed funds	320		(4,408)		(4,088)			5,234		(5,605)		(371)			26,007		9,494		35,501
Total interest-bearing liabilities	8,638		(602)		8,036			48,214		4,440		52,654			180,720		28,651		209,371
Net interest income (1)	$	(4,574)	$	2,884	$	(1,690)		$	(9,237)	$	5,106	$	(4,131)		$	87,289	$	21,338	$	108,627


(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)

	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Full Year			Full Year
	2023			2023			2023			2023			2022			2023			2022
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$	145,201		$	148,646		$	141,591		$	132,977		$	124,096		$	132,977		$	131,992

Provision for credit losses	8,804			12,907			12,719			8,644			8,689			43,074			6,731
Gross charge-offs
Commercial and industrial	6,866			9,207			2,372			730			334			19,175			5,899
Lease financing	4,244			76			90			13			0			4,423			152
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	1			6,008			2,648			66			245			8,723			3,667
Residential real estate	9			10			20			0			79			39			224
Home equity	174			54			21			91			72			340			160
Installment	2,054			1,349			1,515			1,524			717			6,442			1,549
Credit card	363			319			274			217			212			1,173			907
Total gross charge-offs	13,711			17,023			6,940			2,641			1,659			40,315			12,558
Recoveries
Commercial and industrial	459			335			631			109			293			1,534			939
Lease financing	52			1			1			1			0			55			49
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	93			39			153			2,238			1,327			2,523			4,304
Residential real estate	24			44			113			66			15			247			174
Home equity	178			125			232			80			88			615			898
Installment	210			87			90			54			68			441			165
Credit card	123			40			56			63			60			282			283
Total recoveries	1,139			671			1,276			2,611			1,851			5,697			6,812
Total net charge-offs	12,572			16,352			5,664			30			(192)			34,618			5,746
Ending allowance for credit losses	$	141,433		$	145,201		$	148,646		$	141,591		$	132,977		$	141,433		$	132,977

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.74		%	1.02		%	0.20		%	0.07		%	0.01		%	0.51		%	0.17		%
Lease financing	3.97		%	0.08		%	0.11		%	0.02		%	0.00		%	1.28		%	0.07		%
Construction real estate	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%
Commercial real estate	(0.01)		%	0.59		%	0.25		%	(0.22)		%	(0.11)		%	0.15		%	(0.02)		%
Residential real estate	0.00		%	(0.01)		%	(0.03)		%	(0.02)		%	0.02		%	(0.02)		%	0.01		%
Home equity	0.00		%	(0.04)		%	(0.12)		%	0.01		%	(0.01)		%	(0.04)		%	(0.10)		%
Installment	4.57		%	3.05		%	3.32		%	2.89		%	1.24		%	3.42		%	0.87		%
Credit card	1.49		%	1.82		%	1.47		%	1.12		%	1.07		%	1.49		%	1.14		%

Total net charge-offs	0.46		%	0.61		%	0.22		%	0.00		%	(0.01)		%	0.33		%	0.06		%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial	$	15,746		$	17,152		$	21,508		$	13,971		$	8,242		$	15,746		$	8,242
Lease financing	3,610			7,731			4,833			175			178			3,610			178
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	27,984			33,019			11,876			5,362			5,786			27,984			5,786
Residential real estate	14,067			12,328			11,697			11,129			10,691			14,067			10,691
Home equity	3,476			3,937			3,239			3,399			3,123			3,476			3,123
Installment	870			774			568			544			603			870			603
Nonaccrual loans	65,753			74,941			53,721			34,580			28,623			65,753			28,623
Accruing troubled debt restructurings (TDRs) (2)	N/A			N/A			N/A			N/A			10,960			N/A			10,960
Total nonperforming loans (2)	65,753			74,941			53,721			34,580			39,583			65,753			39,583
Other real estate owned (OREO)	106			142			281			191			191			106			191
Total nonperforming assets (2)	65,859			75,083			54,002			34,771			39,774			65,859			39,774
Accruing loans past due 90 days or more	2,028			698			873			159			857			2,028			857
Total underperforming assets (2)	$	67,887		$	75,781		$	54,875		$	34,930		$	40,631		$	67,887		$	40,631
Total classified assets (2)	$	140,995		$	140,552		$	138,909		$	158,984		$	128,137		$	140,995		$	128,137

CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	215.10		%	193.75		%	276.70		%	409.46		%	464.58		%	215.10		%	464.58		%
Nonperforming loans	215.10		%	193.75		%	276.70		%	409.46		%	335.94		%	215.10		%	335.94		%
Total ending loans	1.29		%	1.36		%	1.41		%	1.36		%	1.29		%	1.29		%	1.29		%
Nonperforming loans to total loans	0.60		%	0.70		%	0.51		%	0.33		%	0.38		%	0.60		%	0.38		%
Nonaccrual loans to total loans	0.60		%	0.70		%	0.51		%	0.33		%	0.28		%	0.60		%	0.28		%
Nonperforming assets to
Ending loans, plus OREO	0.60		%	0.71		%	0.51		%	0.33		%	0.39		%	0.60		%	0.39		%
Total assets	0.38		%	0.44		%	0.32		%	0.21		%	0.23		%	0.38		%	0.23		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.60		%	0.71		%	0.51		%	0.33		%	0.28		%	0.60		%	0.28		%
Total assets	0.38		%	0.44		%	0.32		%	0.21		%	0.17		%	0.38		%	0.17		%
Classified assets to total assets	0.80		%	0.82		%	0.81		%	0.94		%	0.75		%	0.80		%	0.75		%

(1) Nonaccrual loans include nonaccrual TDRs of $10.0 million as of December 31, 2022.
(2) Upon adoption of ASU 2022-02 as of January 1, 2023, the TDR model was eliminated. Prospectively, disclosures will include modifications of loans to borrowers experiencing financial difficulty (FDM). FDMs are excluded from nonperforming, underperforming and classified assets.


FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,															Twelve months ended,
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2023			2023			2023			2023			2022			2023			2022
PER COMMON SHARE
Market Price
High	$	24.28		$	24.02		$	22.27		$	26.24		$	26.68		$	26.24		$	26.73
Low	$	17.37		$	19.19		$	18.20		$	21.30		$	21.56		$	17.37		$	19.02
Close	$	23.75		$	19.60		$	20.44		$	21.77		$	24.23		$	23.75		$	24.23

Average shares outstanding - basic	94,063,570			94,030,275			93,924,068			93,732,532			93,590,674			93,938,772			93,528,712
Average shares outstanding - diluted	95,126,316			95,126,269			95,169,348			94,960,158			94,831,788			95,096,067			94,586,851
Ending shares outstanding	95,141,244			95,117,180			95,185,483			95,190,406			94,891,099			95,141,244			94,891,099

Total shareholders' equity	$	2,267,974		$	2,129,509		$	2,143,419		$	2,121,496		$	2,041,373		$	2,267,974		$	2,041,373

REGULATORY CAPITAL	Preliminary															Preliminary
Common equity tier 1 capital	$	1,568,815		$	1,527,793		$	1,481,913		$	1,432,332		$	1,399,420		$	1,568,815		$	1,399,420
Common equity tier 1 capital ratio	11.85		%	11.60		%	11.34		%	11.00		%	10.83		%	11.85		%	10.83		%
Tier 1 capital	$	1,613,480		$	1,572,248		$	1,526,362		$	1,476,734		$	1,443,698		$	1,613,480		$	1,443,698
Tier 1 ratio	12.19		%	11.94		%	11.68		%	11.34		%	11.17		%	12.19		%	11.17		%
Total capital	$	1,820,285		$	1,778,993		$	1,756,968		$	1,707,270		$	1,691,255		$	1,820,285		$	1,691,255
Total capital ratio	13.75		%	13.51		%	13.44		%	13.11		%	13.09		%	13.75		%	13.09		%
Total capital in excess of minimum requirement	$	430,482		$	396,083		$	384,735		$	339,585		$	334,316		$	430,482		$	334,316
Total risk-weighted assets	$	13,236,221		$	13,170,574		$	13,068,888		$	13,025,567		$	12,923,233		$	13,236,221		$	12,923,233
Leverage ratio	9.70		%	9.59		%	9.33		%	9.03		%	8.89		%	9.70		%	8.89		%

OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	12.94		%	12.49		%	12.54		%	12.53		%	12.01		%	12.94		%	12.01		%
Ending tangible shareholders' equity to ending tangible assets (1)	7.17		%	6.50		%	6.56		%	6.47		%	5.95		%	7.17		%	5.95		%
Average shareholders' equity to average assets	12.52		%	12.70		%	12.60		%	12.29		%	11.98		%	12.53		%	12.85		%
Average tangible shareholders' equity to average tangible assets (1)	6.57		%	6.69		%	6.57		%	6.21		%	5.84		%	6.51		%	6.59		%

REPURCHASE PROGRAM (2)
Shares repurchased	0			0			0			0			0			0			0
Average share repurchase price	N/A			N/A			N/A			N/A			N/A			N/A			N/A
Total cost of shares repurchased	N/A			N/A			N/A			N/A			N/A			N/A			N/A

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

N/A = Not applicable

earnings presentation • Fourth Quarter 2023 Exhibit 99.2

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

forward looking statements disclosure 3 • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale; • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses; • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and • our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2022, 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 2023 results 133rd Consecutive Quarter of Profitability 4 • EOP assets increased $478.0 million compared to the linked quarter to $17.5 billion • EOP loans increased $286.4 million compared to the linked quarter to $10.9 billion • Average deposits increased $415.7 million compared to the linked quarter to $13.2 billion • EOP investment securities decreased $27.9 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital • Noninterest income – $47.0 million; $47.6 million as adjusted1 • Noninterest expense – $119.1 million; $116.8 million as adjusted1 • Efficiency ratio – 59.3%. Adjusted1 efficiency ratio – 58.0% • Effective tax rate of 20.5%. Adjusted1 effective tax rate of 20.7% • Net interest income – $153.8 million • Net interest margin of 4.21% on a GAAP basis; 4.26% on a fully tax equivalent basis1 • Net income – $56.7 million or $0.60 per diluted share. Adjusted1 net income – $59.0 million or $0.62 per diluted share • Return on average assets – 1.31%. Adjusted 1 return on average assets – 1.37% • Return on average shareholders’ equity – 10.50%. Adjusted1 return on average shareholders’ equity – 10.91% • Return on average tangible common equity – 21.36%1. Adjusted1 return on average tangible common equity – 22.21% • Provision expense - $10.2 million • Net charge-offs – $12.6 million. NCOs / Avg. Loans – 0.46% annualized • Classified Assets / Total Assets - 0.80% • NPA / Total Assets – 0.38% • ACL / Total Loans – 1.29% • Total capital ratio – 13.75% • Tier 1 common equity ratio – 11.85% • Tangible common equity ratio – 7.17%. Adjusted1 Tangible common equity ratio – 9.05% • Tangible book value per share – $12.38 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation.

4Q 2023 highlights • Quarterly earnings driven by strong net interest margin • Adjusted1 earnings per share – $0.62 • Adjusted1 return on assets – 1.37% • Adjusted1 pre-tax, pre-provision return on assets – 1.96% • Adjusted1 return on average tangible common equity – 22.21% • Loan growth accelerated during the period, exceeding expectations • EOP loan balances increased $286.4 million compared to the linked quarter; 10.7% on an annualized basis • Growth included a $70.1 million increase in ICRE, $68.0 million increase in specialty finance, a $53.2 million increase in mortgage loans, and a $109.8 million increase in finance leases • Total average deposit balances increased $415.7 million, or 12.9% annualized • Growth in money market accounts, interest bearing checking accounts, retail CDs and brokered CD's offsetting declines in noninterest bearing checking and savings accounts • $284.4 million increase in money market accounts; $34.6 million increase in interest bearing checking; $89.1 million increase in retail CDs • Decline of $116.2 million in noninterest bearing deposit balances from linked quarter • Average noninterest bearing deposits were 25.5% of average total deposits at December 31, 2023 • Net interest margin (FTE) decreased 7 bps to 4.26%, exceeding expectations • Lower margin from third quarter driven by increased funding costs • 14 bp increase in earning asset yields partially offset 21 bp increase in cost of funds • Adjusted1 noninterest income of $47.6 million • Wealth management fees of $6.1 million • Foreign exchange income of $8.7 million; decline from linked quarter driven by $4.6 million loss on a trade • Leasing business revenue of $12.9 million, a decrease of $1.7 million, or 11.6%, compared to linked quarter • Adjusted1 $0.6 million for losses on investment securities and other items not expected to recur 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 5

4Q 2023 highlights • Adjusted1 noninterest expense of $116.8 million, a 3.9% decrease from third quarter • Adjustments1 include $0.9 million FDIC special assessment and other costs not expected to recur such as acquisition, severance and branch consolidation costs • Decrease driven by lower employee costs and marketing expenses • Efficiency ratio of 59.3%; 58.0% as adjusted1 • Allowance for credit loss (ACL) and provision expense increased compared to linked quarter • Total ACL of $159.9 million; provision expense of $10.2 million o Loans and leases - ACL of $141.4 million; 1.29% of total loans o Unfunded Commitments - ACL of $18.4 million • Stable provision expense driven by net charge-offs and loan growth • NPA to total assets of 0.38%; 6 bp, or 12% decline from linked quarter • $12.6 million in net charge-offs for the quarter; 46 bps as a percentage of loans on an annualized basis o $9.2 million charge-off resulting from a single fraudulent relationship that was previously reserved for • Classified assets remained stable at 0.80% of assets • Nonaccrual loans of $65.8 million; $9.2 million, or 12.3% decrease from the linked quarter primarily driven by previously mentioned charge-off • Capital ratios in excess of targets • Total capital ratio of 13.75% • Tier 1 common equity of 11.85%; 25 basis point increase from linked quarter • Tangible book value increased by $1.47, or 13.5%, to $12.38 due to increase in AOCI • Tangible common equity increased 67 bps to 7.17%; 9.05%1 excluding ($309.8) million of AOCI • 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. .

adjusted net income1 7 The table below lists certain adjustments that the Company believes are significant to understanding its quarterly performance. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts As Reported Adjusted 1 As Reported Adjusted 1 Net interest income 153,765$ 153,765$ 155,455$ 155,455$ Provision for credit losses-loans and leases 8,804$ 8,804$ 12,907$ 12,907$ Provision for credit losses-unfunded commitments 1,426$ 1,426$ (1,234)$ (1,234)$ Noninterest income 46,993$ 46,993$ 56,628$ 56,628$ less: gains (losses) on security transactions - (649) A - (58) A less: other - - A - (94) A Total noninterest income 46,993$ 47,642$ 56,628$ 56,780$ Noninterest expense 119,137$ 119,137$ 122,044$ 122,044$ less: FDIC special assessment - 925 A - - A less: online banking conversion costs - - A - 787 A less: other - 1,363 A - (291) A Total noninterest expense 119,137$ 116,849$ 122,044$ 121,548$ Income before income taxes 71,391$ 74,328$ 78,366$ 79,014$ Income tax expense 14,659$ 14,659$ 15,305$ 15,305$ plus: after-tax impact of tax credit investment @ 21% - 276 - 82 plus: tax effect of adjustments (A) @ 21% statutory rate - 423 - 136 Total income tax expense 14,659$ 15,358$ 15,305$ 15,523$ Net income 56,732$ 58,970$ 63,061$ 63,491$ Net earnings per share - diluted 0.60$ 0.62$ 0.66$ 0.67$ Pre-tax, pre-provision return on average assets 1.89% 1.96% 2.11% 2.12% 4Q 2023 3Q 2023

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 $0.60$0.66$0.69$0.74$0.73 $0.62 $0.67 $0.72 $0.76 $0.73 4Q233Q232Q231Q234Q22 Diluted EPS Adjusted EPS 1 1.31%1.48%1.55%1.69%1.63% 1.37%1.49%1.62% 1.72%1.63% 4Q233Q232Q231Q234Q22 ROA Adjusted ROA 1 21.36%23.60%25.27% 29.02%29.93% 22.21%23.76% 26.46% 29.64%29.86% 4Q233Q232Q231Q234Q22 ROATCE Adjusted ROATCE 1 58.2% 54.3% 56.8% 57.5% 59.3% 55.1% 53.3% 54.9% 57.3% 58.0% 4Q22 1Q23 2Q23 3Q23 4Q23 Efficiency Ratio Adjusted Efficiency Ratio 1

net interest income & margin 9 Net Interest Margin (FTE) 4Q23 NIM (FTE) Progression Net Interest Income All dollars shown in millions $147.7$150.9$154.2$155.0$152.9 $5.2 $4.5 $5.0$4.3$5.0 $153.8 $155.5 $159.2$159.3$157.9 4Q233Q232Q231Q234Q22 Basic NII Loan Fees 4.12%4.21%4.34%4.43%4.32% 0.14% 0.12% 0.14% 0.12% 0.15% 4.26% 4.33% 4.48% 4.55% 4.47% 4Q233Q232Q231Q234Q22 Basic Margin (FTE) Loan Fees 3Q23 4.33% Asset yields/mix 0.14% Deposit & funding costs/mix -0.21% Other 0.00% 4Q23 4.26%

average balance sheet 10 Average Loans Average Securities Average Deposits All dollars shown in millions 1 Includes loans fees and loan accretion $10,751$10,624$10,514$10,373$10,059 7.29%7.18%7.03% 6.63%6.01% 4Q233Q232Q231Q234Q22 Loans Loan Yield 1 $13,203$12,787$12,714$12,812$12,632 2.08% 1.77% 1.40% 1.00% 0.51% 4Q233Q232Q231Q234Q22 Deposits Cost of Deposits $3,184$3,394$3,560$3,635$3,705 4.20% 4.07% 4.01% 3.94% 3.68% 4Q233Q232Q231Q234Q22 Investment Securities Investment Securities Yield

liquidity and beta profile 11 1Historical data adjusted for the merger with MainSource Financial Group, Inc. using the sum of the individual components. Historical Deposit and Loan Betas1 Total Deposit Beta Loan Beta Liquidity Trends 72% 77% 79% 81% 82% 82% 82% 82% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Loans / Deposits Ratio 29% 28% 26% 25% 24% 24% 23% 24% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Cash + Securities / Assets 24% 33% 38% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-4Q23 Fed Cycle (+525bps) 53% 77% 67% 3Q15-2Q19 Fed Cycle (+225bps) 3Q19-4Q21 Fed Cycle (-225bps) 1Q22-4Q23 Fed Cycle (+525bps)

12 Borrowing Capacity • Interest-bearing deposits with other banks of $793 million • Investment securities portfolio: • 97.4% of investment portfolio classified as available-for-sale • $622.9 million of expected cash flow from securities portfolio in next 12 months • $533.3 million of floating rate securities with minimal losses • Portfolio duration of 4.6 years at December 31, 2023 borrowing capacity & cash/investment liquidity Cash/Investment Liquidity (dollars shown in thousands) FHLB borrowing availability 611,277$ Fed Discount Window availability 786,025 Brokered CDs/Deposit placement services 2,122,260 Fed funds 1,518,000 Total as of December 31, 2023 5,037,561$

loan portfolio 13 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) All dollars shown in millions Total growth/(decline): $286.4 million $70.1 -$28.2 $56.7 $11.3 $109.8 $13.6 $53.2 -$0.1 ICRE Commercial & Small Business Banking Oak Street Franchise Summit Consumer Mortgage Other ICRE $3,589 33% Commercial & Small Business Banking $3,287 30% Oak Street $738 7% Franchise $252 2% Summit $653 6% Consumer $954 9% Mortgage $1,459 13% Other $1 0% Total $10.9 Billion

loan concentrations 14 C&I and Owner Occupied CRE Loans by Sector1 Investor CRE Loans by Property Type All dollars shown in millions 1 Excludes Summit Funding Group NAICS Sector 12/31/23 % of Total Loans Finance and Insurance $834.6 7.6% Real Estate and Rental and Leasing 763.5 7.0% Manufacturing 557.2 5.1% Accommodation and Food Services 308.2 2.8% Health Care and Social Assistance 251.7 2.3% Professional, Scientific, and Technical Services 221.9 2.0% Construction 218.1 2.0% Other Services (except Public Administration) 167.1 1.5% Agriculture, Forestry, Fishing and Hunting 157.3 1.4% Retail Trade 157.1 1.4% Wholesale Trade 141.0 1.3% Transportation and Warehousing 121.6 1.1% Administrative and Support and Waste Manageme 96.9 0.9% Arts, Entertainment, and Recreation 83.4 0.8% Public Administration 57.6 0.5% Other 122.1 1.1% Grand Total $4,259.2 39.0% Property Type 12/31/23 % of Total Loans Residential Multi Family 5+ $1,114.9 10.2% Retail Property 764.4 7.0% Office 462.4 4.2% Industrial 393.5 3.6% Hospital/Nursing Home 323.1 3.0% Hotel 204.1 1.9% Land 100.1 0.9% Residential 1-4 Family 95.1 0.9% Industrial 57.8 0.5% Other 74.0 0.7% Grand Total $3,589.4 32.8%

area of focus - office portfolio (non-owner occupied) 15 Office Property Type All dollars shown in millions Office Property Market Office Risk Classification • $462 million balance represents 4.2% of total loan portfolio • 68% of portfolio is suburban • Average LTV of 61% • Majority of exposure is in our metro markets and secured by suburban Class A & Class B assets with recourse to the sponsor • No exposure to gateway cities • $23 million on nonaccrual status; 2 relationships • $19 million rated special mention; 3 relationships $375 81% $51 11% $28 6% $8 2% General Office Medical Mixed Use Other $378 82% $43 9% $22 5% $19 4% Pass Watch Special Mention SS/Nonaccrual $314 68% $137 30% $11 2% Suburban Urban Non-metro

deposits 16 Deposit Product Mix (Avg) 4Q23 Average Deposit Progression All dollars shown in millions Total growth/(decline): $415.7 million Noninterest- bearing $3,260 25% Interest-bearing demand $1,635 12% Savings $1,103 8% Money Markets $2,668 20% Retail CDs $1,253 10% Brokered Deposits $1,356 10% Public Funds $1,928 15% Total $13.2 billion -$116.2 $34.6 -$67.8 $284.4 $89.1 $68.5 $123.1 Noninterest-bearing Interest-bearing demand Savings Money Markets Retail CDs Brokered Deposits Public Funds

average deposit trends 17 All dollars shown in millions Business Public Funds Personal Uninsured Deposits $5,921$5,824$5,821$5,903$5,910$6,095 4Q233Q232Q231Q234Q223Q22 $3,913$3,789$3,664$3,881$4,133$4,052 4Q233Q232Q231Q234Q223Q22 $1,928$1,805$1,823$1,842$2,026$2,005 4Q233Q232Q231Q234Q223Q22 Uninsured deposits (per call report instructions) 5,628$ Less: Public funds 1,749 Less: Intercompany deposits 696 Adjusted uninsured deposits 3,183 Borrowing capacity 5,038 Borrowing capacity in excess of adjusted uninsured deposits $ 1,855 Borrowing capacity as a % of adjusted uninsured deposits 158.3% Adjusted uninsured deposits to total deposits 23.8%

noninterest income 18 Noninterest Income 4Q23 Highlights All dollars shown in thousands • Total fee income 23.4% of net revenue • Foreign exchange income of $8.7 million; decreased $4.7 million, or 34.8%, from the linked quarter due to $4.6 million loss on a trade • Leasing business income of $12.9 million; decreased $1.7 million, or 11.6%, from the linked quarter • Trust and wealth management fees of $6.1 million decreased $0.9 million, or 12.3%, from the linked quarter • Deposit service charge income of $6.8 million decreased $0.1 or 1.6% from the linked quarter • Mortgage banking income of $3.0 million; decreased $1.1 million, or 27.6%, from the linked quarter • Client derivative income of $0.7 million; decreased $0.9 million, or 55.9%, from the linked quarter Service Charges $6,846 15% Wealth Mgmt $6,091 13% Bankcard income $3,349 7% Client derivative fees $711 1% Foreign exchange income $8,730 19% Leasing business income $12,856 27% Mortgage banking income $2,957 6% Other $5,453 12% Total $47.0 million

noninterest expense 19 Noninterest Expense 4Q23 Highlights All dollars shown in thousands • Core expenses decreased $4.7 million, or 3.9%, primarily due to lower employee costs and marketing expenses • $2.3 million of adjustments include: • $0.9 million FDIC special assessment • Other costs not expected to recur such as acquisition, severance and branch consolidation costs Salaries and benefits $70,637 59% Occupancy and equipment $9,413 8% Data processing $8,488 7% Professional services $3,148 3% Intangible amortization $2,601 2% Leasing business expense $8,955 8% Other $15,895 13% Total $119.1 million

allowance for credit losses 20 ACL / Total Loans 4Q23 Highlights All dollars shown in millions • $159.9 million combined ACL; $10.2 million combined provision expense • $141.4 million ACL – loans and leases; increase driven by net charge-offs; 1.29% of loan balances • Utilized Moody’s December baseline forecast in quantitative model • $18.4 million ACL – unfunded commitments $133.0 $141.6 $148.6 $145.2 $141.4 $18.4 $20.2 $18.2 $17.0 $18.4 $151.4 $161.8 $166.9 $162.2 $159.9 1.29% 1.36% 1.41% 1.36% 1.29% 4Q22 1Q23 2Q23 3Q23 4Q23 ACL-loans and leases ACL-unfunded commitments ACL / Total Loans

asset quality 21 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 $141.0$140.6$138.9 $159.0 $128.1 0.80%0.82%0.81% 0.94% 0.75% 4Q233Q232Q231Q234Q22 Classified Assets Classified Assets / Total Assets $65.9 $75.1 $54.0 $34.8 $39.8 0.38% 0.44% 0.32% 0.21%0.23% 4Q233Q232Q231Q234Q22 NPAs NPAs / Total Assets $(0.2) $0.0 $5.7 $16.4 $12.6 $10.0 $10.5 $10.7 $11.7 $10.2 0.46% 0.61% 0.22% 0.00%-0.01% 4Q22 1Q23 2Q23 3Q23 4Q23 NCOs Provision Expense NCOs / Average Loans

capital 22 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 12/31 Risk Weighted Assets = $13,236,221 All capital numbers are considered preliminary. 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. Adjusted TCE excludes impact from AOCI Tier 1 Capital Ratio 11.85%11.60%11.34%11.00%10.83% 7.00% 4Q233Q232Q231Q234Q22 Tier 1 Common Equity Ratio Basel III minimum 12.19%11.94%11.68%11.34%11.17% 8.50% 4Q233Q232Q231Q234Q22 Tier 1 Capital Ratio Basel III minimum 13.75%13.51%13.44%13.11%13.09% 10.50% 4Q233Q232Q231Q234Q22 Total Capital Ratio Basel III minimum 5.95% 6.47% 6.56% 6.50% 7.17% 8.20% 8.54% 8.76% 9.07% 9.05% 4Q22 1Q23 2Q23 3Q23 4Q23 TCE ratio Adjusted TCE ratio 1

capital ratios, reflecting all unrealized losses1 23 Tier 1 Common Equity Ratio Total Capital Ratio 12/31 Risk Weighted Assets = $13,236,221 All capital numbers are considered preliminary. 1 Assumes Company holds cash proceeds of securities sales Tier 1 Capital Ratio 10.47% 9.62%9.48%9.37%8.93% 7.00% 4Q233Q232Q231Q234Q22 Tier 1 Common Equity Ratio Basel III minimum 1 10.83% 9.99%9.85%9.74%9.30%8.50% 4Q233Q232Q231Q234Q22 Tier 1 Capital Ratio Basel III minimum1 12.51% 11.72%11.73%11.64% 11.36% 10.50% 4Q233Q232Q231Q234Q22 Total Capital Ratio Basel III minimum 1

capital strategy 24 Strategy & DeploymentTangible Book Value Per Share • 3.9% annualized dividend yield • 38.6% of 4Q23 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 4Q23; no plans to repurchase shares in near- term; re-authorized share repurchase plan that had expired • 13.5% Increase in TBV per share driven by earnings and improvement in AOCI $12.38 $10.91 $11.02 $10.76 $9.97 4Q233Q232Q231Q234Q22 Tangible Book Value per Share

outlook commentary1 • Loan balances expected to grow mid single digits in near-term • Average deposit balances expected to be stable to slightly down in near-term due to seasonality • Investment portfolio expected to decline as cash flows fund loan growth 25 • Total noninterest expense expected to be $120 - 122 million • Incentive expense will fluctuate with fee incomeNoninterest Expense Net Interest Margin Balance Sheet Credit • Credit costs expected to remain flat in 1Q24 • Stable to slightly increasing ACL coverage as a percentage of loans expected Noninterest Income • Total expected fee income of $53 - 55 million 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. • Expected to be 4.05% - 4.15%; assumes no Fed cuts in the first quarter Capital • Expect to maintain dividend at current levels

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 26 appendix: non-GAAP measures

appendix: non-GAAP to GAAP reconciliation 27 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, 2023 2023 2023 2023 2022 Net interest income 153,765$ 155,455$ 159,232$ 159,318$ 157,896$ Tax equivalent adjustment 1,672 1,659 1,601 1,424 1,553 Net interest income - tax equivalent 155,437$ 157,114$ 160,833$ 160,742$ 159,449$ Average earning assets 14,483,589$ 14,404,144$ 14,403,542$ 14,326,645$ 14,136,477$ Net interest margin1 4.21 % 4.28 % 4.43 % 4.51 % 4.43 % Net interest margin (fully tax equivalent)1 4.26 % 4.33 % 4.48 % 4.55 % 4.47 % 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 28 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) 2023 2023 2023 2023 2022 Net income (a) 56,732$ 63,061$ 65,667$ 70,403$ 69,086$ Average total shareholders' equity 2,144,482 2,153,601 2,137,765 2,082,210 2,009,564 Less: Goodwill (1,005,870) (1,005,844) (1,005,791) (1,005,713) (998,575) Other intangibles (85,101) (87,427) (89,878) (92,587) (95,256) Average tangible equity (b) 1,053,511 1,060,331 1,042,097 983,910 915,733 Total shareholders' equity 2,267,974 2,129,509 2,143,419 2,121,496 2,041,373 Less: Goodwill (1,005,868) (1,005,868) (1,005,828) (1,005,738) (1,001,507) Other intangibles (83,949) (86,378) (88,662) (91,169) (93,919) Ending tangible equity (c) 1,178,157 1,037,263 1,048,929 1,024,589 945,947 Less: AOCI (309,819) (410,005) (353,010) (328,059) (358,663) Ending tangible equity less AOCI (d) 1,487,976 1,447,268 1,401,939 1,352,648 1,304,610 Total assets 17,532,900 17,054,852 17,090,149 16,933,884 17,003,316 Less: Goodwill (1,005,868) (1,005,868) (1,005,828) (1,005,738) (1,001,507) Other intangibles (83,949) (86,378) (88,662) (91,169) (93,919) Ending tangible assets (e) 16,443,083 15,962,606 15,995,659 15,836,977 15,907,890 Risk-weighted assets (f) 13,236,221 13,170,574 13,118,477 13,025,552 12,923,233 Total average assets 17,124,955 16,951,389 16,968,055 16,942,999 16,767,598 Less: Goodwill (1,005,870) (1,005,844) (1,005,791) (1,005,713) (998,575) Other intangibles (85,101) (87,427) (89,878) (92,587) (95,256) Average tangible assets (g) 16,033,984$ 15,858,119$ 15,872,386$ 15,844,699$ 15,673,767$ Ending shares outstanding (h) 95,141,244 95,117,180 95,185,483 95,190,406 94,891,099 Ratios Return on average tangible shareholders' equity (a)/(b) 21.36% 23.60% 25.27% 29.02% 29.93% Ending tangible equity as a percent of: Ending tangible assets (c)/(e) 7.17% 6.50% 6.56% 6.47% 5.95% Risk-weighted assets (c)/(f) 8.90% 7.88% 8.00% 7.87% 7.32% Ending tangible equity excluding AOCI as a percent of: Ending tangible assets (d)/(e) 9.05% 9.07% 8.76% 8.54% 8.20% Average tangible equity as a percent of average tangible assets (b)/(g) 6.57% 6.69% 6.57% 6.21% 5.84% Tangible book value per share (c)/(h) 12.38$ 10.91$ 11.02$ 10.76$ 9.97$ Three months ended,

appendix: non-GAAP to GAAP reconciliation 29 All dollars shown in thousands Additional non-GAAP measures 2Q23 1Q23 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 153,765$ 153,765$ 155,455$ 155,455$ 159,232$ 159,232$ 159,318$ 159,318$ Provision for credit losses-loans and leases (j) 8,804 8,804 12,907 12,907 12,719 12,719 8,644 8,644 Provision for credit losses-unfunded commitments (j) 1,426 1,426 (1,234) (1,234) (1,994) (1,994) 1,835 1,835 Noninterest income 46,993 46,993 56,628 56,628 53,258 53,258 55,543 55,543 less: gains (losses) on security transactions (649) (58) (466) 121 less: other - (94) 227 - Total noninterest income (g) 46,993 47,642 56,628 56,780 53,258 53,497 55,543 55,422 Noninterest expense 119,137 119,137 122,044 122,044 120,615 120,615 116,693 116,693 less: tax credit investment writedown - 104 984 104 less: FDIC special assessment 925 - - - less: Summit acquisition costs - 787 1,717 31 less: Other 1,363 (395) 1,044 2,000 Total noninterest expense (e) 119,137 116,849 122,044 121,548 120,615 116,870 116,693 114,558 Income before income taxes (i) 71,391 74,328 78,366 79,014 81,150 85,134 87,689 89,703 Income tax expense 14,659 14,659 15,305 15,305 15,483 15,483 17,286 17,286 plus: tax effect of adjustments 276 82 81 82 plus: after-tax impact of tax credit investments @ 21% 423 136 837 423 Total income tax expense (h) 14,659 15,358 15,305 15,523 15,483 16,401 17,286 17,791 Net income (a) 56,732$ 58,970$ 63,061$ 63,491$ 65,667$ 68,733$ 70,403$ 71,912$ Average diluted shares (b) 95,141 95,141 95,117 95,117 95,185 95,185 95,190 95,190 Average assets (c) 17,124,955 17,124,955 16,951,389 16,951,389 16,968,055 16,968,055 16,942,999 16,942,999 Average shareholders' equity 2,144,482 2,144,482 2,153,601 2,153,601 2,137,765 2,137,765 2,082,210 2,082,210 Less: Goodwill and other intangibles (1,090,971) (1,090,971) (1,093,271) (1,093,271) (1,095,669) (1,095,669) (1,098,300) (1,098,300) Average tangible equity (d) 1,053,511 1,053,511 1,060,331 1,060,331 1,042,097 1,042,097 983,910 983,910 Ratios Net earnings per share - diluted (a)/(b) 0.60$ 0.62$ 0.66$ 0.67$ 0.69$ 0.72$ 0.74$ 0.76$ Return on average assets - (a)/(c) 1.31% 1.37% 1.48% 1.49% 1.55% 1.62% 1.69% 1.72% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.89% 1.96% 2.11% 2.12% 2.17% 2.27% 2.35% 2.40% Return on average tangible shareholders' equity - (a)/(d) 21.36% 22.21% 23.60% 23.76% 25.27% 26.46% 29.02% 29.64% Efficiency ratio - (e)/((f)+(g)) 59.3% 58.0% 57.5% 57.3% 56.8% 54.9% 54.3% 53.3% Effective tax rate - (h)/(i) 20.5% 20.7% 19.5% 19.6% 19.1% 19.3% 19.7% 19.8% (Dollars in thousands, except per share data) 4Q23 3Q23

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

Document and Entity Information Document	Jan. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 25, 2024
Entity Registrant Name	FIRST FINANCIAL BANCORP.
Entity Incorporation, State or Country Code	OH
Entity File Number	001-34762
Entity Tax Identification Number	31-1042001
Entity Address, Address Line One	255 East Fifth Street, Suite 800
Entity Address, City or Town	Cincinnati,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	45202
City Area Code	877
Local Phone Number	322-9530
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000708955
Amendment Flag	false
NASDAQ/NMS (GLOBAL MARKET) [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, No par value
Trading Symbol	FFBC
Security Exchange Name	NASDAQ