8-K

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): April 20, 2020

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 April 20, 2020, First Financial Bancorp. (the "Company") issued its earnings press release that included its results of operations and financial condition for the first three months of 2020. 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 April 20, 2020

99.2 First Financial Bancorp. presentation materials

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:	April 20, 2020

EX-99.1

Exhibit 99.1

First Financial Bancorp Announces First Quarter 2020 Financial Results

• Earnings per Diluted Share of $0.29; $0.31 on an Adjusted Basis

• 4.6% Loan Growth on an Annualized Basis

• 3.77% Fully Tax Equivalent Net Interest Margin

• $25.4 million total provision for credit losses

Cincinnati, Ohio - April 20, 2020 - First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the first quarter 2020. In addition, the Company has highlighted client and associate outreach initiatives related to the COVID-19 pandemic.

For the three months ended March 31, 2020, the Company reported net income of $28.6 million, or $0.29 per diluted common share. These results compare to net income of $48.7 million, or $0.49 per diluted common share, for the fourth quarter of 2019 and $45.8 million, or $0.47 per diluted common share, for the first quarter of 2019.

Return on average assets for the first quarter of 2020 was 0.79% while return on average tangible common equity was 9.71%. These compare to returns on average assets of 1.34% and 1.33%, and returns on average tangible common equity of 15.84% and 15.95%, in the fourth quarter of 2019 and the first quarter of 2019, respectively.

First quarter 2020 highlights include:

• After adjustments⁽¹⁾ for merger-related, nonrecurring and certain COVID-19 related items:

◦ Net income of $0.31 per diluted common share

◦ 0.85% return on average assets; 10.41% return on average tangible common equity

• Adjustments⁽¹⁾ to net income include:

◦ $1.0 million contribution to First Financial Foundation for COVID-19 relief

◦ $1.5 million of other nonrecurring costs such as branch consolidation costs

• Total Allowance for Credit Losses of $158.2 million; Total quarterly provision for credit losses of $25.4 million

◦ Adopted CECL as of January 1

◦ Loans and leases - ACL of $143.9 million, 1.55% of total loans; $23.9 provision expense

◦ Unfunded Commitments - ACL of $14.3 million; $1.6 million provision expense

◦ Substantially all of first quarter provision expense related to expected economic impact from COVID-19

• Loan balances grew 4.6% on an annualized basis

◦ $106.2 million increase compared to the linked quarter driven by commercial real estate

• Net interest margin of 3.77% on a fully tax-equivalent basis⁽¹⁾ 

◦ 12 basis point reduction from the linked quarter

◦ Impact of lower interest rates on asset yields, lower loan fees and lower purchase accounting accretion partially offset by funding cost reductions

• Noninterest income of $35.4 million

◦ $4.0 million, or 65.7% increase in foreign exchange income

◦ Continued strong client derivative fee income

◦ Record trust and wealth management fees; increased $0.6 million, or 14.2%

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

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• Noninterest expenses of $89.7 million, or $87.2 million as adjusted⁽¹⁾

◦ Efficiency ratio of 59.9%; 58.2% as adjusted⁽¹⁾

◦ $1.0 million contribution to First Financial Foundation for COVID-19 relief

◦ Elevated healthcare costs, seasonal increases in payroll taxes and incentive compensation related to the increase in foreign exchange income drove higher salary and benefits expense

• Strong capital ratios

◦ Total capital of 13.54%; Tier 1 common equity of 11.27%; Tangible common equity of 8.25%

◦ Tangible book value per share of $11.82

To date, the Company has performed the following In response to COVID-19:

• Introduced hardship relief programs that include payment deferrals, fee-waivers and suspension of foreclosures

◦ Processed modifications for over $950 million, or 10% of total loans

◦ Successfully modified over $45 million in consumer loans

• Participant in CARES Act SBA Paycheck Protection Program

◦ Received in excess of 5,700 PPP applications; over $1 billion in requests

◦ Approximately 3,600 PPP requests, or 63% of applicants, approved by SBA

• Accelerated adoption of new processes and technologies to ease customer access to banking services

Archie Brown, President and Chief Executive Officer, commented, “The first quarter of 2020 proved to be one of the most unique and challenging quarters in our industry's history. While the first half of the quarter was marked by strong financial performance, March was characterized by economic, logistical and social upheaval. In a rapidly changing operational and economic landscape, we successfully implemented a comprehensive business continuity plan without sacrificing the performance and service our borrowers and shareholders have come to expect and were pleased that pre-provision financial results exceeded our expectations, despite a 150 basis point drop in interest rates."

Mr. Brown continued, “First quarter earnings were solid, although they were obviously negatively impacted by COVID's influence on our CECL model. To date, credit stress on the loan portfolio has been limited, evidenced by net recoveries during the period, however the quarterly provision expense reflects our expectation for that to change during the remainder of the year. We were pleased with our ability to manage the margin despite strong interest rate headwinds, as we successfully lowered deposit costs to help alleviate the pressure from declining asset yields, fewer loan fees and lower purchase accounting accretion. In addition, a record quarter from Bannockburn combined with a relatively flat expense base to offset expected seasonal declines in noninterest income to result in a sub-60% adjusted efficiency ratio."

Mr. Brown further remarked, "We began monitoring the pandemic early and preparing in the event it affected our markets. As a result, in response to the pandemic, our executive committee was able to immediately shift to crisis management, working to develop plans and products to assist our clients and communities in a meaningful way. This included the development of our Hardship Relief program, which includes various payment deferral options for borrowers, as well as making a $1.0 million contribution to help fund COVID-19 relief efforts in communities throughout our footprint. We are also actively engaged in extending loans under the U.S. Government's Paycheck Protection Program to our loan and deposit customers. We continue to actively monitor the actions of the federal and state governments, and are proactively assisting our clients to ensure they are aware of every program and level of financial assistance available to them."

Mr. Brown concluded, "The end of the first quarter was certainly unprecedented, and one we will never forget. Our agile response to these trying circumstances has truly highlighted our strength as a Company. In the face of a pandemic, we were able to deliver solid financial performance while maintaining focus on our customers and communities. Although certain performance metrics are difficult to forecast for the remainder of the year, we pledge to remain diligent and manage the Company in a way that continues to deliver maximum shareholder value while prioritizing the physical and financial well-being of our clients and associates."

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

Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Tuesday, April 21, 2020 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required). The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10141642. 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

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comparable GAAP financial measure, can be found in the section titled “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.

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Forward-Looking Statement

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

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

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

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

• the effect of and changes in policies and laws or regulatory agencies, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and other legislation and regulation relating to the banking industry; (iv) management’s ability to effectively execute its business plans;

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

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

• the effect of changes in accounting policies and practices;

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

• changes in customers’ performance and creditworthiness;

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

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

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

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

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

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

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

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

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

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

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Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2019, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. 

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2020, the Company had $15.1 billion in assets, $9.3 billion in loans, $10.6 billion in deposits and $2.2 billion in shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $2.6 billion in assets under management as of March 31, 2020. The Company operated 145 full service banking centers as of March 31, 2020, primarily in Ohio, Indiana and Kentucky, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/AnalystsMedia

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Marketing Communications Manager

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

InvestorRelations@bankatfirst.commedia@bankatfirst.com

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Selected Financial Information

March 31, 2020

(unaudited)

Contents	Page
Consolidated Financial Highlights	2
Consolidated Quarterly Statements of Income	3
Consolidated Statements of Condition	4
Average Consolidated Statements of Condition	5
Net Interest Margin Rate / Volume Analysis	6
Credit Quality	7
Capital Adequacy	8

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2020			2019			2019			2019			2019
RESULTS OF OPERATIONS
Net income	$	28,628		$	48,677		$	50,856		$	52,703		$	45,839
Net earnings per share - basic	$	0.29		$	0.49		$	0.52		$	0.54		$	0.47
Net earnings per share - diluted	$	0.29		$	0.49		$	0.51		$	0.53		$	0.47
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.22		$	0.22
KEY FINANCIAL RATIOS
Return on average assets	0.79		%	1.34		%	1.41		%	1.50		%	1.33		%
Return on average shareholders' equity	5.21		%	8.60		%	9.13		%	9.85		%	8.88		%
Return on average tangible shareholders' equity	9.71		%	15.84		%	16.15		%	17.33		%	15.95		%
Net interest margin	3.71		%	3.84		%	3.91		%	3.99		%	4.05		%
Net interest margin (fully tax equivalent) (1)	3.77		%	3.89		%	3.96		%	4.04		%	4.10		%
Ending shareholders' equity as a percent of ending assets	14.47		%	15.49		%	15.62		%	15.16		%	15.14		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets	8.25		%	9.07		%	9.17		%	9.34		%	9.15		%
Risk-weighted assets	10.50		%	11.09		%	11.34		%	11.82		%	11.61		%
Average shareholders' equity as a percent of average assets	15.21		%	15.53		%	15.43		%	15.22		%	15.01		%
Average tangible shareholders' equity as a percent of
average tangible assets	8.79		%	9.07		%	9.35		%	9.26		%	8.95		%
Book value per share	$	22.25		$	22.82		$	22.59		$	22.18		$	21.60
Tangible book value per share	$	11.82		$	12.42		$	12.33		$	12.79		$	12.19
Common equity tier 1 ratio (2)	11.27		%	11.30		%	11.52		%	12.00		%	12.03		%
Tier 1 ratio (2)	11.66		%	11.69		%	11.91		%	12.40		%	12.43		%
Total capital ratio (2)	13.54		%	13.39		%	13.62		%	14.20		%	14.24		%
Leverage ratio (2)	9.49		%	9.58		%	9.75		%	10.02		%	9.84		%
AVERAGE BALANCE SHEET ITEMS
Loans (3)	$	9,220,643		$	9,149,222		$	9,014,092		$	8,852,662		$	8,773,310
Investment securities	3,115,723			3,102,867			3,290,666			3,408,994			3,355,732
Interest-bearing deposits with other banks	39,332			36,672			38,569			33,255			34,709
Total earning assets	$	12,375,698		$	12,288,761		$	12,343,327		$	12,294,911		$	12,163,751
Total assets	$	14,524,422		$	14,460,288		$	14,320,514		$	14,102,733		$	13,952,551
Noninterest-bearing deposits	$	2,643,240		$	2,638,908		$	2,513,458		$	2,484,214		$	2,457,587
Interest-bearing deposits	7,590,791			7,583,531			7,504,708			7,612,146			7,610,092
Total deposits	$	10,234,031		$	10,222,439		$	10,018,166		$	10,096,360		$	10,067,679
Borrowings	$	1,735,767		$	1,613,696		$	1,816,983		$	1,656,570		$	1,587,068
Shareholders' equity	$	2,209,733		$	2,245,107		$	2,210,327		$	2,146,997		$	2,094,234
CREDIT QUALITY RATIOS
Allowance to ending loans	1.55		%	0.63		%	0.62		%	0.69		%	0.64		%
Allowance to nonaccrual loans	296.51		%	119.69		%	93.18		%	119.86		%	95.40		%
Allowance to nonperforming loans	203.42		%	96.73		%	71.46		%	69.33		%	68.94		%
Nonperforming loans to total loans	0.76		%	0.65		%	0.87		%	0.99		%	0.93		%
Nonperforming assets to ending loans, plus OREO	0.78		%	0.67		%	0.89		%	1.00		%	0.95		%
Nonperforming assets to total assets	0.48		%	0.42		%	0.56		%	0.62		%	0.60		%
Classified assets to total assets	0.83		%	0.62		%	0.92		%	1.02		%	1.01		%
Net charge-offs to average loans (annualized)	(0.04		)%	0.15		%	0.45		%	0.08		%	0.64		%

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

(2) March 31, 2020 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

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FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2020			2019
	First			Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans and leases, including fees	$	115,775		$	122,802		$	126,786		$	126,365		$	123,056		$	499,009
Investment securities
Taxable	19,005			20,137			22,180			23,616			24,235			90,168
Tax-exempt	4,582			4,545			4,457			4,336			4,258			17,596
Total investment securities interest	23,587			24,682			26,637			27,952			28,493			107,764
Other earning assets	142			167			222			206			210			805
Total interest income	139,504			147,651			153,645			154,523			151,759			607,578
Interest expense
Deposits	16,365			19,026			20,151			20,612			19,243			79,032
Short-term borrowings	5,087			5,430			7,199			6,646			5,960			25,235
Long-term borrowings	3,770			4,293			4,760			4,963			5,041			19,057
Total interest expense	25,222			28,749			32,110			32,221			30,244			123,324
Net interest income	114,282			118,902			121,535			122,302			121,515			484,254
Provision for credit losses-loans and leases (1)	23,880			4,629			5,228			6,658			14,083			30,598
Provision for credit losses-unfunded commitments (1)	1,568			177			(216		)	(132		)	6			(165		)
Net interest income after provision for credit losses	88,834			114,096			116,523			115,776			107,426			453,821
Noninterest income
Service charges on deposit accounts	8,435			9,343			9,874			9,819			8,903			37,939
Trust and wealth management fees	4,469			3,913			3,718			3,943			4,070			15,644
Bankcard income	2,698			3,405			3,316			6,497			5,586			18,804
Client derivative fees	3,105			4,194			4,859			4,905			1,704			15,662
Foreign exchange income	9,966			6,014			1,708			17			0			7,739
Net gains from sales of loans	2,831			4,723			4,806			3,432			1,890			14,851
Net gains on sale of investment securities	(59		)	(296		)	105			(37		)	(178		)	(406		)
Other	3,939			5,472			4,754			6,062			4,852			21,140
Total noninterest income	35,384			36,768			33,140			34,638			26,827			131,373
Noninterest expenses
Salaries and employee benefits	54,822			53,952			53,212			53,985			47,912			209,061
Net occupancy	6,104			6,334			5,509			5,596			6,630			24,069
Furniture and equipment	4,053			4,145			4,120			4,222			3,416			15,903
Data processing	6,389			5,996			5,774			4,984			5,127			21,881
Marketing	1,220			1,980			1,346			1,976			1,606			6,908
Communication	890			882			910			747			728			3,267
Professional services	2,275			2,192			4,771			2,039			2,252			11,254
State intangible tax	1,516			1,767			1,445			1,307			1,310			5,829
FDIC assessments	1,405			1,055			(1,097		)	1,065			950			1,973
Intangible amortization	2,792			3,150			2,432			2,044			2,045			9,671
Other	8,200			11,434			8,020			6,545			6,517			32,516
Total noninterest expenses	89,666			92,887			86,442			84,510			78,493			342,332
Income before income taxes	34,552			57,977			63,221			65,904			55,760			242,862
Income tax expense (benefit)	5,924			9,300			12,365			13,201			9,921			44,787
Net income	$	28,628		$	48,677		$	50,856		$	52,703		$	45,839		$	198,075
ADDITIONAL DATA
Net earnings per share - basic	$	0.29		$	0.49		$	0.52		$	0.54		$	0.47		$	2.01
Net earnings per share - diluted	$	0.29		$	0.49		$	0.51		$	0.53		$	0.47		$	2.00
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.22		$	0.22		$	0.90
Return on average assets	0.79		%	1.34		%	1.41		%	1.50		%	1.33		%	1.39		%
Return on average shareholders' equity	5.21		%	8.60		%	9.13		%	9.85		%	8.88		%	9.11		%
Interest income	$	139,504		$	147,651		$	153,645		$	154,523		$	151,759		$	607,578
Tax equivalent adjustment	1,624			1,630			1,759			1,416			1,523			6,328
Interest income - tax equivalent	141,128			149,281			155,404			155,939			153,282			613,906
Interest expense	25,222			28,749			32,110			32,221			30,244			123,324
Net interest income - tax equivalent	$	115,906		$	120,532		$	123,294		$	123,718		$	123,038		$	490,582
Net interest margin	3.71		%	3.84		%	3.91		%	3.99		%	4.05		%	3.95		%
Net interest margin (fully tax equivalent) (2)	3.77		%	3.89		%	3.96		%	4.04		%	4.10		%	4.00		%
Full-time equivalent employees	2,067			2,065			2,064			2,076			2,087
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.
(2) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

3

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			% Change		% Change
	2020			2019			2019			2019			2019			Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	261,892		$	200,691		$	242,482		$	169,694		$	169,004		30.5	%	55.0	%
Interest-bearing deposits with other banks	71,071			56,948			39,669			101,668			50,224			24.8	%	41.5	%
Investment securities available-for-sale	2,908,688			2,852,084			2,850,502			3,152,970			3,113,811			2.0	%	(6.6	)%
Investment securities held-to-maturity	136,744			142,862			148,778			154,327			158,305			(4.3	)%	(13.6	)%
Other investments	143,581			125,020			124,965			127,439			115,731			14.8	%	24.1	%
Loans held for sale	27,334			13,680			23,528			20,244			8,217			99.8	%	232.7	%
Loans and leases
Commercial and industrial	2,477,773			2,465,877			2,470,017			2,547,997			2,543,427			0.5	%	(2.6	)%
Lease financing	82,602			88,364			92,616			90,638			95,573			(6.5	)%	(13.6	)%
Construction real estate	500,311			493,182			515,960			497,683			458,113			1.4	%	9.2	%
Commercial real estate	4,278,257			4,194,651			4,015,908			3,903,654			3,802,179			2.0	%	12.5	%
Residential real estate	1,061,792			1,055,949			1,055,007			1,015,820			975,120			0.6	%	8.9	%
Home equity	781,243			771,869			776,885			787,139			797,118			1.2	%	(2.0	)%
Installment	80,085			82,589			88,275			89,149			90,689			(3.0	)%	(11.7	)%
Credit card	45,756			49,184			49,010			48,706			46,982			(7.0	)%	(2.6	)%
Total loans	9,307,819			9,201,665			9,063,678			8,980,786			8,809,201			1.2	%	5.7	%
Less:
Allowance for credit losses (1)	143,885			57,650			56,552			61,549			56,722			149.6	%	153.7	%
Net loans	9,163,934			9,144,015			9,007,126			8,919,237			8,752,479			0.2	%	4.7	%
Premises and equipment	212,787			214,506			213,681			211,313			210,676			(0.8	)%	1.0	%
Goodwill	937,771			937,771			937,689			879,727			879,727			0.0	%	6.6	%
Other intangibles	73,258			76,201			79,506			36,349			38,571			(3.9	)%	89.9	%
Accrued interest and other assets	1,120,507			747,847			812,519			664,695			577,518			49.8	%	94.0	%
Total Assets	$	15,057,567		$	14,511,625		$	14,480,445		$	14,437,663		$	14,074,263		3.8	%	7.0	%
LIABILITIES
Deposits
Interest-bearing demand	$	2,498,109		$	2,364,881		$	2,316,301		$	2,332,692		$	2,235,036		5.6	%	11.8	%
Savings	2,978,250			2,960,979			2,924,200			2,953,114			3,100,894			0.6	%	(4.0	)%
Time	2,435,858			2,240,441			2,308,617			2,321,908			2,309,810			8.7	%	5.5	%
Total interest-bearing deposits	7,912,217			7,566,301			7,549,118			7,607,714			7,645,740			4.6	%	3.5	%
Noninterest-bearing	2,723,341			2,643,928			2,534,739			2,501,290			2,488,157			3.0	%	9.5	%
Total deposits	10,635,558			10,210,229			10,083,857			10,109,004			10,133,897			4.2	%	5.0	%
Federal funds purchased and securities sold
under agreements to repurchase	215,824			165,181			85,286			260,621			95,015			30.7	%	127.1	%
FHLB short-term borrowings	1,181,900			1,151,000			1,128,900			1,052,700			952,400			2.7	%	24.1	%
Total short-term borrowings	1,397,724			1,316,181			1,214,186			1,313,321			1,047,415			6.2	%	33.4	%
Long-term debt	325,566			414,376			498,778			547,042			546,423			(21.4	)%	(40.4	)%
Total borrowed funds	1,723,290			1,730,557			1,712,964			1,860,363			1,593,838			(0.4	)%	8.1	%
Accrued interest and other liabilities	519,336			323,134			422,311			280,107			216,109			60.7	%	140.3	%
Total Liabilities	12,878,184			12,263,920			12,219,132			12,249,474			11,943,844			5.0	%	7.8	%
SHAREHOLDERS' EQUITY
Common stock	1,633,950			1,640,771			1,639,333			1,623,699			1,622,554			(0.4	)%	0.7	%
Retained earnings	660,653			711,249			685,368			657,730			626,408			(7.1	)%	5.5	%
Accumulated other comprehensive income (loss)	11,788			13,323			15,450			5,193			(19,635		)	(11.5	)%	160.0	%
Treasury stock, at cost	(127,008		)	(117,638		)	(78,838		)	(98,433		)	(98,908		)	8.0	%	28.4	%
Total Shareholders' Equity	2,179,383			2,247,705			2,261,313			2,188,189			2,130,419			(3.0	)%	2.3	%
Total Liabilities and Shareholders' Equity	$	15,057,567		$	14,511,625		$	14,480,445		$	14,437,663		$	14,074,263		3.8	%	7.0	%
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.

4

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Quarterly Averages
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2020			2019			2019			2019			2019
ASSETS
Cash and due from banks	$	235,696		$	221,060		$	191,000		$	173,278		$	181,695
Interest-bearing deposits with other banks	39,332			36,672			38,569			33,255			34,709
Investment securities	3,115,723			3,102,867			3,290,666			3,408,994			3,355,732
Loans held for sale	13,174			21,050			18,197			13,258			6,392
Loans and leases
Commercial and industrial	2,450,893			2,469,810			2,509,782			2,533,981			2,509,274
Lease financing	85,782			91,225			94,858			94,458			91,043
Construction real estate	501,471			501,892			509,742			457,962			496,153
Commercial real estate	4,209,345			4,102,288			3,925,028			3,834,404			3,762,314
Residential real estate	1,055,456			1,053,707			1,035,975			989,923			961,584
Home equity	773,082			773,119			781,340			789,087			807,768
Installment	81,234			85,515			88,760			89,778			91,270
Credit card	50,206			50,616			50,410			49,811			47,512
Total loans	9,207,469			9,128,172			8,995,895			8,839,404			8,766,918
Less:
Allowance for credit losses (1)	121,126			56,649			61,911			58,335			57,088
Net loans	9,086,343			9,071,523			8,933,984			8,781,069			8,709,830
Premises and equipment	215,545			215,171			215,671			211,714			213,208
Goodwill	937,771			937,710			899,888			879,726			878,541
Other intangibles	75,014			78,190			51,365			37,666			39,900
Accrued interest and other assets	805,824			776,045			681,174			563,773			532,544
Total Assets	$	14,524,422		$	14,460,288		$	14,320,514		$	14,102,733		$	13,952,551
LIABILITIES
Deposits
Interest-bearing demand	$	2,418,193		$	2,373,962		$	2,325,405		$	2,334,322		$	2,269,948
Savings	2,976,518			2,995,395			2,945,076			3,057,100			3,115,557
Time	2,196,080			2,214,174			2,234,227			2,220,724			2,224,587
Total interest-bearing deposits	7,590,791			7,583,531			7,504,708			7,612,146			7,610,092
Noninterest-bearing	2,643,240			2,638,908			2,513,458			2,484,214			2,457,587
Total deposits	10,234,031			10,222,439			10,018,166			10,096,360			10,067,679
Federal funds purchased and securities sold
under agreements to repurchase	164,093			206,800			185,156			126,872			103,147
FHLB short-term borrowings	1,189,765			952,625			1,112,091			982,993			913,974
Total short-term borrowings	1,353,858			1,159,425			1,297,247			1,109,865			1,017,121
Long-term debt	381,909			454,271			519,736			546,705			569,947
Total borrowed funds	1,735,767			1,613,696			1,816,983			1,656,570			1,587,068
Accrued interest and other liabilities	344,891			379,046			275,038			202,806			203,570
Total Liabilities	12,314,689			12,215,181			12,110,187			11,955,736			11,858,317
SHAREHOLDERS' EQUITY
Common stock	1,638,851			1,640,066			1,629,286			1,622,994			1,625,228
Retained earnings	660,108			691,236			662,899			635,629			610,737
Accumulated other comprehensive loss	31,200			13,986			11,985			(12,889		)	(39,796		)
Treasury stock, at cost	(120,426		)	(100,181		)	(93,843		)	(98,737		)	(101,935		)
Total Shareholders' Equity	2,209,733			2,245,107			2,210,327			2,146,997			2,094,234
Total Liabilities and Shareholders' Equity	$	14,524,422		$	14,460,288		$	14,320,514		$	14,102,733		$	13,952,551
(1) Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology.

5

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
	Quarterly Averages
	March 31, 2020					December 31, 2019					March 31, 2019					Linked Qtr. Income Variance									Comparable Qtr. Income Variance
	Balance			Yield		Balance			Yield		Balance			Yield		Rate			Volume			Total			Rate			Volume			Total
Earning assets
Investments:
Investment securities	$	3,115,723		3.04	%	$	3,102,867		3.16	%	$	3,355,732		3.44	%	$	(934	)	$	(161	)	$	(1,095	)	$	(3,368	)	$	(1,538	)	$	(4,906	)
Interest-bearing deposits with other banks	39,332			1.45	%	36,672			1.81	%	34,709			2.45	%	(33		)	8			(25		)	(86		)	18			(68		)
Gross loans (1)	9,220,643			5.04	%	9,149,222			5.33	%	8,773,310			5.69	%	(6,661		)	(366		)	(7,027		)	(14,108		)	6,827			(7,281		)
Total earning assets	12,375,698			4.52	%	12,288,761			4.77	%	12,163,751			5.06	%	(7,628		)	(519		)	(8,147		)	(17,562		)	5,307			(12,255		)
Nonearning assets
Allowance for credit losses	(121,126		)			(56,649		)			(57,088		)
Cash and due from banks	235,696					221,060					181,695
Accrued interest and other assets	2,034,154					2,007,116					1,664,193
Total assets	$	14,524,422				$	14,460,288				$	13,952,551
Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	2,418,193		0.45	%	$	2,373,962		0.53	%	$	2,269,948		0.50	%
Savings	2,976,518			0.45	%	2,995,395			0.60	%	3,115,557			0.76	%
Time	2,196,080			1.88	%	2,214,174			2.03	%	2,224,587			1.94	%
Total interest-bearing deposits	7,590,791			0.86	%	7,583,531			1.00	%	7,610,092			1.03	%	$	(2,497	)	$	(164	)	$	(2,661	)	$	(3,017	)	$	139		$	(2,878	)
Borrowed funds
Short-term borrowings	1,353,858			1.51	%	1,159,425			1.86	%	1,017,121			2.38	%	(1,026		)	683			(343		)	(2,180		)	1,307			(873		)
Long-term debt	381,909			3.96	%	454,271			3.75	%	569,947			3.59	%	241			(764		)	(523		)	523			(1,794		)	(1,271		)
Total borrowed funds	1,735,767			2.05	%	1,613,696			2.39	%	1,587,068			2.81	%	(785		)	(81		)	(866		)	(1,657		)	(487		)	(2,144		)
Total interest-bearing liabilities	9,326,558			1.08	%	9,197,227			1.24	%	9,197,160			1.33	%	(3,282		)	(245		)	(3,527		)	(4,674		)	(348		)	(5,022		)
Noninterest-bearing liabilities
Noninterest-bearing demand deposits	2,643,240					2,638,908					2,457,587
Other liabilities	344,891					379,046					203,570
Shareholders' equity	2,209,733					2,245,107					2,094,234
Total liabilities & shareholders' equity	$	14,524,422				$	14,460,288				$	13,952,551
Net interest income	$	114,282				$	118,902				$	121,515				$	(4,346	)	$	(274	)	$	(4,620	)	$	(12,888	)	$	5,655		$	(7,233	)
Net interest spread				3.44	%				3.53	%				3.73	%
Net interest margin				3.71	%				3.84	%				4.05	%
Tax equivalent adjustment				0.06	%				0.05	%				0.05	%
Net interest margin (fully tax equivalent)				3.77	%				3.89	%				4.10	%
(1) Loans held for sale and nonaccrual loans are included in gross loans.

6

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2020			2019			2019			2019			2019
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period, prior to adoption of ASC 326	$	57,650		$	56,552		$	61,549		$	56,722		$	56,542
Impact of adopting ASC 326	61,505			0			0			0			0
Provision for credit losses	23,880			4,629			5,228			6,658			14,083
Gross charge-offs
Commercial and industrial	1,091			2,919			9,556			1,873			12,328
Lease financing	0			62			0			0			100
Construction real estate	0			0			0			0			0
Commercial real estate	4			1,854			535			86			1,214
Residential real estate	115			167			278			150			82
Home equity	267			807			627			689			468
Installment	61			31			65			78			49
Credit card	311			319			598			289			341
Total gross charge-offs	1,849			6,159			11,659			3,165			14,582
Recoveries
Commercial and industrial	2,000			1,796			556			291			240
Lease financing	0			0			0			0			0
Construction real estate	0			0			0			5			63
Commercial real estate	234			439			347			254			73
Residential real estate	52			72			64			101			36
Home equity	339			243			335			572			185
Installment	31			49			93			61			48
Credit card	43			29			39			50			34
Total recoveries	2,699			2,628			1,434			1,334			679
Total net charge-offs	(850		)	3,531			10,225			1,831			13,903
Ending allowance for credit losses	$	143,885		$	57,650		$	56,552		$	61,549		$	56,722
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	(0.15		)%	0.18		%	1.42		%	0.25		%	1.95		%
Lease financing	0.00		%	0.27		%	0.00		%	0.00		%	0.45		%
Construction real estate	0.00		%	0.00		%	0.00		%	0.00		%	(0.05		)%
Commercial real estate	(0.02		)%	0.14		%	0.02		%	(0.02		)%	0.12		%
Residential real estate	0.02		%	0.04		%	0.08		%	0.02		%	0.02		%
Home equity	(0.04		)%	0.29		%	0.15		%	0.06		%	0.14		%
Installment	0.15		%	(0.08		)%	(0.13		)%	0.08		%	0.00		%
Credit card	2.15		%	2.27		%	4.40		%	1.92		%	2.62		%
Total net charge-offs	(0.04		)%	0.15		%	0.45		%	0.08		%	0.64		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial	$	21,126		$	24,346		$	28,358		$	18,502		$	19,263
Lease financing	222			223			284			295			301
Construction real estate	0			0			5			6			7
Commercial real estate	10,050			7,295			14,889			15,981			21,082
Residential real estate	11,163			10,892			11,655			11,627			13,052
Home equity	5,821			5,242			5,427			4,745			5,581
Installment	145			167			75			195			170
Nonaccrual loans	48,527			48,165			60,693			51,351			59,456
Accruing troubled debt restructurings (TDRs)	22,206			11,435			18,450			37,420			22,817
Total nonperforming loans	70,733			59,600			79,143			88,771			82,273
Other real estate owned (OREO)	1,467			2,033			1,613			1,421			1,665
Total nonperforming assets	72,200			61,633			80,756			90,192			83,938
Accruing loans past due 90 days or more	120			201			287			107			178
Total underperforming assets	$	72,320		$	61,834		$	81,043		$	90,299		$	84,116
Total classified assets	$	124,510		$	89,250		$	132,500		$	147,753		$	142,014
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	296.51		%	119.69		%	93.18		%	119.86		%	95.40		%
Nonperforming loans	203.42		%	96.73		%	71.46		%	69.33		%	68.94		%
Total ending loans	1.55		%	0.63		%	0.62		%	0.69		%	0.64		%
Nonperforming loans to total loans	0.76		%	0.65		%	0.87		%	0.99		%	0.93		%
Nonperforming assets to
Ending loans, plus OREO	0.78		%	0.67		%	0.89		%	1.00		%	0.95		%
Total assets	0.48		%	0.42		%	0.56		%	0.62		%	0.60		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.54		%	0.55		%	0.69		%	0.59		%	0.69		%
Total assets	0.33		%	0.35		%	0.43		%	0.37		%	0.43		%
Classified assets to total assets	0.83		%	0.62		%	0.92		%	1.02		%	1.01		%
(1) Nonaccrual loans include nonaccrual TDRs of $18.4 million, $18.5 million, $21.5 million, $11.0 million, and $13.1 million, as of March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019, and March 31, 2019, respectively.

7

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2020			2019			2019			2019			2019
PER COMMON SHARE
Market Price
High	$	25.52		$	26.04		$	25.49		$	25.80		$	28.56
Low	$	12.67		$	23.24		$	22.37		$	22.16		$	23.02
Close	$	14.91		$	25.44		$	24.48		$	24.22		$	24.06
Average shares outstanding - basic	97,736,690			98,684,706			98,517,025			98,083,799			97,926,088
Average shares outstanding - diluted	98,356,214			99,232,167			99,077,723			98,648,384			98,436,311
Ending shares outstanding	97,968,958			98,490,998			100,094,819			98,647,690			98,613,872
Total shareholders' equity	$	2,179,383		$	2,247,705		$	2,261,313		$	2,188,189		$	2,130,419
REGULATORY CAPITAL	Preliminary
Common equity tier 1 capital	$	1,243,152		$	1,245,746		$	1,253,803		$	1,281,406		$	1,246,004
Common equity tier 1 capital ratio	11.27		%	11.30		%	11.52		%	12.00		%	12.03		%
Tier 1 capital	$	1,285,705		$	1,288,185		$	1,296,399		$	1,323,905		$	1,287,757
Tier 1 ratio	11.66		%	11.69		%	11.91		%	12.40		%	12.43		%
Total capital	$	1,493,100		$	1,475,813		$	1,482,708		$	1,515,382		$	1,474,723
Total capital ratio	13.54		%	13.39		%	13.62		%	14.20		%	14.24		%
Total capital in excess of minimum requirement	$	335,229		$	318,315		$	339,935		$	394,571		$	387,048
Total risk-weighted assets	$	11,027,347		$	11,023,795		$	10,883,554		$	10,674,393		$	10,358,805
Leverage ratio	9.49		%	9.58		%	9.75		%	10.02		%	9.84		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	14.47		%	15.49		%	15.62		%	15.16		%	15.14		%
Ending tangible shareholders' equity to ending tangible assets	8.25		%	9.07		%	9.17		%	9.34		%	9.15		%
Average shareholders' equity to average assets	15.21		%	15.53		%	15.43		%	15.22		%	15.01		%
Average tangible shareholders' equity to average tangible assets	8.79		%	9.07		%	9.35		%	9.26		%	8.95		%
REPURCHASE PROGRAM (1)
Shares repurchased	880,000			1,609,778			1,143,494			0			0
Average share repurchase price	$	18.96		$	24.13		$	23.94		N/A			N/A
Total cost of shares repurchased	$	16,686		$	38,846		$	27,372		N/A			N/A
(1) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

8

EX-99.2

Exhibit 99.2 Earnings Presentation First Quarter 2020

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

Forward Looking Statement Disclosure • financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; • the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale; • the effect of a fall in stock market prices on our brokerage, asset and wealth management businesses; • a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; • the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; and • our ability to develop and execute effective business plans and strategies. Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2019, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements included in this filing are made as of the date hereof and are based on information available at the time of the filing. Except as required by law, the Company does not assume any obligation to update any forward-looking statement. 3

1Q 2020 Results 118th Consecutive Quarter of Profitability Net income = $28.6 million or $0.29 per diluted share. Adjusted1 net income = $30.7 million or $0.31 per diluted share2 Profitability Return on average assets = 0.79%. Adjusted1 return on average assets = 0.85% Return on average shareholders’ equity = 5.21%. Adjusted1 return on average shareholders’ equity = 5.59% Return on average tangible common equity = 9.71%1. Adjusted1 return on average tangible common equity = 10.41% Net interest income = $114.3 million Net interest margin of 3.71% on a GAAP basis; 3.77% on a fully tax equivalent basis1 Noninterest income = $35.4 million Income Statement Noninterest expense = $89.7 million; $87.2 million1 as adjusted Efficiency ratio = 59.91%. Adjusted 1 efficiency ratio = 58.19% Effective tax rate of 17.1%. Adjusted 1 effective tax rate of 17.4% EOP assets increased $545.9 million compared to the linked quarter to $15.1 billion EOP loans increased $106.2 million compared to the linked quarter to $9.3 billion Balance Sheet Average deposits increased $11.6 million compared to the linked quarter to $10.2 billion EOP investment securities increased $69.0 million compared to the linked quarter Provision expense = $23.9 million. Net charge-offs = ($0.9) million. NCOs / Avg. Loans = (0.04%) annualized Asset Quality Nonperforming Loans / Total Loans = 0.76%. Nonperforming Assets / Total Assets = 0.48% ACL / Nonaccrual Loans = 296.51%. ACL / Total Loans = 1.55%. Classified Assets / Total Assets = 0.83% Total capital ratio = 13.54% Tier 1 common equity ratio = 11.27% Capital Tangible common equity ratio = 8.25% Tangible book value per share = $11.82 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. 2 See Slide 6 for Adjusted Earnings detail. 4

1Q 2020 Highlights Quarterly earnings impacted by elevated provision expense Adjusted1 earnings per share - $0.31 Adjusted1 return on assets – 0.85% Adjusted1 return on average tangible common equity – 10.41% Loan and deposit growth in line with expectations Loan balances increased $106.2 million compared to the linked quarter; 4.6% on an annualized basis; no material increase in line utilization Average checking deposit balances increased 7.1% year over year Net interest margin (FTE) stronger than expected given 150 bp decline in interest rates 12 bp decline driven by declining asset yields, fewer loan fees and lower purchase accounting accretion; partially offset by favorable shift in funding costs Strong fee income Strong performance from Bannockburn resulted in $10.0 million of foreign exchange income Record trust and wealth management fees Core expenses in line with expectations Adjusted1 noninterest expense of $87.2 million; adjusted for $1.0 million contribution to fund COVID-19 relief in our footprint and approximately $1.5 million of other non-recurring costs such as merger-related and branch consolidation costs Higher salaries and benefits driven by seasonal tax expense, elevated healthcare costs and incentive compensation related to foreign exchange and client derivative income Elevated Allowance for credit loss (ACL) and provision expense reflects adoption of CECL and COVID-19 impact on expected lifetime losses Adopted CECL as of January 1 Loans and leases - ACL of $143.9 million or 1.55% of total loans; $23.9 provision expense Unfunded Commitments - ACL of $14.3 million; $1.6 million provision expense Substantially all of first quarter provision expense related to expected economic impact from COVID-19 Strong Capital ratios and Liquidity Total capital of 13.54%; Tier 1 common equity of 11.27%; Tangible common equity of 8.25% Tangible book value decreased to $11.82 primarily due to the adoption of CECL Repurchased 880,000 shares during the quarter; suspended share buybacks on March 13th Ample liquidity, with $4.6 billion of funding capacity 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. 5

Adjusted1 Net Income The table below lists certain adjustments that the Co quarterly performance. 1Q 2020 4Q 2019 As Reported Adjusted As Reported Adjusted Net interest income$ 114,282 $ 114,282 $ 118,902 $ 118,902 Provision for credit losses-loans and leases$ 23,880 $ 23,880 $ 4,629 $ 4,629 Provision for credit losses-unfunded commitments$ 1,568 $ 1,568 $ - $ - Noninterest incomempany $believes 35,384 are$ 35,384signific $ 36,768 $ 36,768 less: gains (losses) on investment securities - (157) A - (56) A Total noninterest income$ 35,384 $ 35,541 $ 36,768 $ 36,824 Noninterest expense$ 89,666 $ 89,666 $ 93,064 $ 93,064 less: severance and merger-related expenses - 329 A ant to understanding - our 693 A less: historic tax credit investment write-down - - - 2,862 A less: COVID-19 donations and costs - 1,011 A - - less: other - 1,139 A - 1,740 A Total noninterest expense$ 89,666 $ 87,187 $ 93,064 $ 87,769 Income before income taxes$ 34,552 $ 37,188 $ 57,977 $ 63,328 Income tax expense$ 5,924 $ 5,924 $ 9,300 $ 9,300 less: tax effect of executive compensation - - - 747 plus: after-tax impact on of historic tax credit write-down @ 21% - - - 2,261 plus: tax effect of adjustments - 1,124 (A) @ 21% statutory rate - 554 Total income tax expense$ 5,924 $ 6,478 $ 9,300 $ 11,938 Net income $ 28,628 $ 30,710 $ 48,677 $ 51,390 Net earnings per share - diluted$ 0.29 $ 0.31 $ 0.49 $ 0.52 Pre-tax, pre-provision return on average assets 1.66% 1.73% 1.72% 1.86% 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliations. All dollars shown in thousands, except per share amounts 6

Profitability Diluted EPS Return on Average Assets 1.63% 1.54% $0.58  $0.56  1.38% 1.41% $0.52  $0.48  0.85% $0.31  1.50% 1.41% $0.53 1.33% 1.34% $0.47 $0.51 $0.49 0.79% $0.29 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 1 Diluted EPS Adjusted EPS 1 ROA Adjusted ROA Return on Avg Tangible Common Equity Efficiency Ratio 18.87% 17.67% 59.8% 59.9% 16.45% 16.73% 58.2% 55.7% 56.4% 52.9% 53.8% 52.0% 51.7% 50.3% 10.41% 15.95% 17.33% 16.15% 15.84% 9.71% 1Q19 2Q19 3Q19 4Q19 1Q20 1 1Q19 2Q19 3Q19 4Q19 1Q20 ROATCE Adjusted ROATCE Efficiency Ratio Adjusted Efficiency Ratio 1 1 Non-GAAP financial measure which management believes facilitates a better understanding of the Company’s financial condition. See Appendix for Non-GAAP reconciliation. 7

Net Interest Margin Net Interest Margin (FTE) 1Q20 NIM (FTE) Progression 4Q19 3.89% Asset yield -0.16% 4.10% 4.04% 3.96% Asset mix 0.01% 0.23% 3.89% 0.23% 0.21% 3.77% 0.11% Loan fees -0.04% 0.12% 0.21% 0.15% 0.16% 0.14% 0.10% Funding costs 0.13% 3.76% 3.69% 3.60% Purchase accounting -0.05% 3.54% 3.51% Funding mix -0.01% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q20 3.77% Basic Margin (FTE) Loan Fees Purchase accounting 8

Average Balance Sheet Average Loans Average Deposits 5.69% 5.73% 5.58% 0.82% 0.78% 0.80% 0.74% 5.33% 0.64% 5.04% $8,853 $9,014 $9,149 $9,221 $8,773 $10,068 $10,096 $10,018 $10,222 $10,234 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 1 Gross Loans Loan Yield (Gross) Total Deposits Cost of Deposits Average Securities 3.44% 3.29% 3.21% 3.16% 3.04% $3,356 $3,409 $3,291 $3,103 $3,116 1Q19 2Q19 3Q19 4Q19 1Q20 Average Investment Securities Investment Securities Yield All dollars shown in millions 1 Includes loans fees and purchase accounting accretion 9

Loan Portfolio Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) Total $9.3 Billion ICRE $115.1 $457  Commercial $4.7 $609  5% 7% Small Business Banking ‐$25.2 $1,129  $3,466  12% 37% Consumer $3.1 Mortgage $8.8 $868  9% Oak Street $14.4 $1,063  Franchise ‐$11.0 11% $1,716  19% Other ‐$3.7 ICRE Commercial Small Business Banking Consumer Mortgage Oak Street Total growth/(decline):  Franchise $106.2 million All dollars shown in millions 10

Deposits Deposit Product Mix (Avg) 1Q20 Average Deposit Progression Total $10.2 billion                                     Interest‐bearing demand $26.9 Noninterest‐bearing $22.0 $1,602  $1,394  16% 13% Savings $12.4 $703  7% Money Markets ‐$11.4 $2,497  $1,401  24% Retail CDs ‐$37.4 14% Brokered CDs $20.6 $1,744  $893  17% 9% Public Funds ‐$21.5 Interest‐bearing demand Noninterest‐bearing Savings Money Markets Total growth/(decline):    $11.6 million Retail CDs Brokered CDs Public Funds All dollars shown in millions 11

Noninterest Income Noninterest Income 1Q20 Highlights Total $35.4 million $10.0 million of foreign exchange income; $3,880  a $4.0 million, or 65.7%, increase from 11% $8,435  4Q19 24% $2,831  8% Continued momentum with $3.1 million of client derivative fees Record trust and wealth management fees $4,469  of $4.5 million 13% $9,966  28% $2,698  7% $3,105  9% Service Charges Wealth Mgmt Bankcard Client derivatives Foreign exchange income Gains from sales of loans Other All dollars shown in thousands 12

Noninterest Expense Noninterest Expense 1Q20 Highlights Total $89.7 million Includes $1.0 million contribution to First Financial Foundation for COVID-19 relief $13,231  15% $1.5 million related to other non-recurring expenses such as merger related and $2,792  3% branch consolidation costs $2,275  3% $6,389  Salaries and benefits impacted by seasonal 7% payroll tax increase, elevated healthcare costs and incentive compensation related $54,822  $10,157  61% to foreign exchange and client derivative 11% income Salaries and benefits Occupancy and equipment Data processing Professional services Intangible amortization Other All dollars shown in thousands 13

Current Expected Credit Losses – Loans and Leases ACL/Total Loans 1Q20 Highlights 1.55% 1.29% Adoption impact $143.9 $119.2 million, an increase of $61.5 $119.2 0.64% 0.69% 0.62% 0.63% million from 12/31/19 $61.5 Day 1 increase driven by acquired loans $56.7 $56.6 $57.7 and life of loan expectations compared 11 to the incurred loss model 1Q19 2Q19 3Q19 4Q19 1/1/2020 1Q20 Allowance for Credit Losses ACL / Total Loans March 31 CECL highlights: $143.9 million, or 1.55% of loan ACL by Loan Type balances $23.9 million provision expense 12/31/2019 1/1/2020 3/31/2020 substantially driven by expected Loans Commercial and industrial $       18,584  $       28,485  $       45,409  economic impact of COVID-19 Lease financing 971  1,089  1,494  Real estate ‐construction 2,381  13,960  13,511  Utilizes final March Moody’s baseline Real estate ‐ commercial 23,579  47,697  53,155  forecast in quantitative model, which Real estate ‐ residential 5,299  10,789  11,284  considers both COVID-19 and the Home equity 4,787  13,217  14,827  Installment  392  1,193  1,238  economic stimulus Credit card 1,657  2,726  2,967  $14.3 million ACL – unfunded 1 ACL‐loan and lease losses  $       57,650  $     119,155  $     143,885  commitments; $1.6 million provision ACL‐unfunded commitments 1 $            585  $       12,740  $       14,308  expense 1 Beginning January 1, 2020, calculation is based on current expected credit loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology. All dollars shown in thousands 14

Asset Quality Classified Assets / Total Assets Nonperforming Assets / Total Assets 1.01% 1.02% 0.92% 0.60% 0.62% 0.56% 0.83% 0.42% 0.48% 0.62% $142.0 $147.8 $132.5 $124.5 $90.2 $83.9 $80.8 $72.2 $89.3 $61.6 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Classified Assets Classified Assets / Total Assets NPAs NPAs / Total Assets Net Charge Offs & Provision Expense 0.64% $23.9 0.45% $13.9 $14.1 0.15% 0.08% $10.2 $6.7 $5.2 $4.6 $1.8 $3.5 ‐0.04% ‐$0.9 1 1Q19 2Q19 3Q19 4Q19 1Q20 NCOs Provision Expense NCOs / Average Loans 1 Beginning January 1,2020, calculation is based on current expected loss methodology. Prior to January 1, 2020, calculation was based on the incurred loss methodology. All dollars shown in millions 15

Capital Tier 1 Common Equity Ratio Tier 1 Capital Ratio 12.03% 12.00% 11.52% 11.30% 11.27% 12.43% 12.40% 11.91% 11.69% 11.66% 7.00% 8.50% 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Tier 1 Common Equity Ratio Basel III minimum Tier 1 Capital Ratio Basel III minimum Total Capital Ratio Tangible Common Equity Ratio 9.34% 14.24% 14.20% 9.15% 9.17% 9.07% 13.62% 13.39% 13.54% 8.25% 10.50% 1 1Q19 2Q19 3Q19 4Q19 1Q20 1Q19 2Q19 3Q19 4Q19 1Q20 Tangible Common Equity Ratio Total Capital Ratio Basel III minimum 3/31 Risk Weighted Assets = $11,027,347 1 Decline related to adoption of CECL during the quarter All capital numbers are considered preliminary. 16

Capital Strategy Tangible Book Value Per Share Strategy & Deployment $12.79  Repurchased 880,000 shares in first $12.33  $12.42  $12.19  quarter; suspended share buybacks on th $11.82  March 13 6.2% annualized dividend yield Stress testing indicates sufficient capital to absorb elevated credit losses and remain above regulatory minimums Targeted dividend payout ratio remains 40 - 45% over the long term, but is 1 1Q19 2Q19 3Q19 4Q19 1Q20 subject to change based on economic conditions and Company’s financial performance Tangible Book Value per Share 1 Decline related to adoption of CECL during the quarter 17

COVID – 19 Related Information

Leading our Response We were prepared to immediately implement our Pandemic Plan and adapt our business continuity planning to navigate the evolving circumstances of our associates, clients and communities. 19

Relief Program Overview 20

Loan Portfolio C&I Loans by Industry 1 CRE Loans by Collateral 2 C&I Loans: $3.6B CRE Loans: $3.7B Real Estate Office 12% 14% Hotel/Motel Accommodation  Nursing/Assisted  11% & Food Services Living 6% 13% Manufacturing 12% Residential, 1‐4  Family Retail 3% Health Care 23% Finance &  6% Industrial Facility Insurance 3% 18% Retail Trade 5% Restaurant 3% Student Housing Agriculture 2% 5% Residential, Multi  Other Other Family 5+ 15% Other Services 16% 20% 5% Professional &  Wholesale Trade Tech 4% 4% 1 Industry types included in Other representing greater than 1% of total C&I loans include Construction, Transportation & Warehousing, Public Administration, Arts & Recreation, Waste Management, Management of Companies & Enterprises, and Educational Services. Includes owner- occupied CRE. 2 Collateral types included in Other representing greater than 1% of total CRE loans include Medical Office, Warehouse, Mini Storage, Real Estate IUB Other, and Vacant Land Not Held for Development. 21

Asset Classes – Areas of Focus Loans (EOP) Areas of Focus Total $9.3 Billion Asset classes with areas of focus $455  5% Franchise: $455 million in balances, or $401  5% of total loans 4% Hotels: $401 million in balances, or 4% of total loans $846  9% Retail CRE: $846 million in balances, or 9% of total loans $7,606  82% Initiated conversations with all borrowers of size to assess immediate impact to them from COVID-19 Franchise Hotels Retail CRE All other loans All dollars shown in millions 22

Areas of Focus - Franchise Portfolio $455 million in balances or 5% of total loans Top 10 Concepts $100 25% 69% or $312 million of the portfolio has $90 secured either a payment deferral through the $80 20% $70 FFB COVID-19 relief program or a PPP loan $60 15% approval $50 Balances $40 10% % of Portfolio $30 93% of portfolio was pass rated at 3/31 (pre- $20 5% COVID-19) $10 $0 0% Domino's Burger Denny's Golden Arby's Jamba Wendy's Papa Dunkin' IHOP 9 of top 10 largest relationships include at King Corral Juice John's Donuts least some real estate collateral Balances % of Portfolio Restaurant Type Geography $155  34% Ohio Georgia New Mexico New Jersey North Carolina $138  30% Virginia $162  36% Florida Texas California Delivery Drive Thru Sit Down 0% 5% 10% 15% 20% 25% All dollars shown in millions 23

Areas of Focus - Hotel Portfolio Flag $401 million in balances or 4% of total loans $44  11% $30  $110  96% or $387 million of the portfolio has secured 8% 27% either a payment deferral through the FFB COVID-19 relief program or a PPP loan approval $69  17% Majority concentrated in Midwest Metro markets reliant on business travel vs. convention business $148  100% of portfolio was pass rated at 3/31 (pre- 37% COVID-19) Marriot Hilton IHG Choice Other Geography The current portfolio has an average LTV of 61% Underwriting practices and historical experience $92  indicate that the portfolio performs at 50% 23% occupancy rates and above $309  77% All dollars shown in millions Footprint Out of Footprint 24

Areas of Focus – Retail CRE Portfolio State $846 million in balances or 9% of total loans $250 30% 25% 52% or $437 million of the portfolio has $200 secured either a payment deferral through the 20% $150 FFB COVID-19 relief program or a PPP loan 15% Balances $100 approval 10% % of Portfolio $50 100% of portfolio was pass rated at 3/31 (pre- 5% COVID-19) $0 0% OH IN KY NY SC NC NE IL MDWVMO PA MI FL VA AL TN MS RI KS OK GA AZ MNWA Bank has focused on strong locations with Balances % of Portfolio adequately capitalized sponsors, which is essential in right sizing deals that do not Retail Properties >$3 million rebound to pre-pandemic levels. $300 75% $250 70% $200 $150 65% $100 60% $50 $0 55% Power Anchored Unanchored Other Single Lifestyle Center Strip Strip Tenant Center Balances LTV All dollars shown in millions 25

Outlook Commentary1 Loan growth expected to be in low single digits, excluding impact of PPP Balance Sheet Deposit growth expected to be in mid single digits Expected to decline due to impact of Fed rate cuts and gradually declining LIBOR Net Interest Margin NIM (FTE) expected to decline 6 - 8 bps for each 25 bps decline in rates Does not include impact of PPP Elevated provision expense expected in near term Credit Credit stress expected in back half of the year, impacted by COVID-19 Near-term fee income expected to increase due to higher mortgage revenues driven by refinance activity Noninterest income Headwinds to deposit overdraft, service charge and interchange revenues Wealth, foreign exchange and client derivative fees uncertain due to business/market disruptions Expected to be consistent with the last two quarters Noninterest Expense Near-term pause in discretionary expenditures and significant investments except where critical PPP Approved approximately $750 million of PPP loans with average fees of 3%; Incremental expenses related to the PPP program to be determined 2020 PTPPI Full year pre-tax, pre-provision earnings expected to be between $220 – $240 million, does not include impact of PPP 1 See Forward Looking Statement Disclosure on page 2 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. 26

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

Appendix: Non-GAAP to GAAP Reconciliation Net interest income and net interest margin - fully tax equivalent Three months ended Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, 2020 2019 2019 2019 2019 Net interest income $ 114,282 $ 118,902 $ 121,535 $ 122,302 $ 121,515 Tax equivalent adjustment 1,624 1,630 1,759 1,416 1,523 Net interest income - tax equivalent $ 115,906 $ 120,532 $ 123,294 $ 123,718 $ 123,038 Average earning assets $ 12,375,698 $ 12,288,761 $ 12,343,327 $ 12,294,911 $ 12,163,751 Net interest margin1 3.71 % 3.84 % 3.91 % 3.99 % 4.05 % Net interest margin (fully tax equivalent)1 3.77 % 3.89 % 3.96 % 4.04 % 4.10 % 1 Margins are calculated using net interest income annualized divided by average earning assets. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons. All dollars shown in thousands. 28

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP ratios Three months ended Mar. 31, Dec. 31, Sep. 30, June 30, Mar. 31, (Dollars in thousands, except per share data) 2020 2019 2019 2019 2019 Net income (a)$ 28,628 $ 48,677 $ 50,856 $ 52,703 $ 45,839 Average total shareholders' equity 2,209,733 2,245,107 2,210,327 2,146,997 2,094,234 Less: Goodwill (937,771) (937,710) (899,888) (879,726) (878,541) Other intangibles (75,014) (78,190) (51,365) (37,666) (39,900) MSR's (10,608) (10,367) (10,118) (9,906) (9,896) Average tangible equity (b) 1,186,340 1,218,840 1,248,956 1,219,699 1,165,897 Total shareholders' equity 2,179,383 2,247,705 2,261,313 2,188,189 2,130,419 Less: Goodwill (937,771) (937,771) (937,689) (879,727) (879,727) Other intangibles (73,258) (76,201) (79,506) (36,349) (38,571) MSR's (10,278) (10,650) (10,293) (10,086) (9,891) Ending tangible equity (c) 1,158,076 1,223,083 1,233,825 1,262,027 1,202,230 Total assets 15,057,567 14,511,625 14,480,445 14,437,663 14,074,263 Less: Goodwill (937,771) (937,771) (937,689) (879,727) (879,727) Other intangibles (73,258) (76,201) (79,506) (36,349) (38,571) MSR's (10,278) (10,650) (10,293) (10,086) (9,891) Ending tangible assets (d) 14,036,260 13,487,003 13,452,957 13,511,501 13,146,074 Total average assets 14,524,422 14,460,288 14,320,514 14,102,733 13,952,551 Less: Risk-weighted assets (e) 11,027,347 11,023,795 10,883,554 10,674,394 10,358,805 Goodwill (937,771) (937,710) (899,888) (879,726) (878,541) Other intangibles (75,014) (78,190) (51,365) (37,666) (39,900) MSR's (10,608) (10,367) (10,118) (9,906) (9,896) Average tangible assets (f)$ 13,501,029 $ 13,434,021 $ 13,359,143 $ 13,175,435 $ 13,024,214 Ending shares outstanding (g) 97,968,958 98,490,998 100,094,819 98,647,690 98,613,872 Ratios Return on average tangible shareholders' equity (a)/(b) 9.71% 15.84% 16.15% 17.33% 15.95% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 8.25% 9.07% 9.17% 9.34% 9.15% (b)/(f) 8.79% 9.07% 9.35% 9.26% 8.95% Risk-weighted assets (c)/(e) 10.50% 11.09% 11.34% 11.82% 11.61% Tangible book value per share (c)/(g)$ 11.82 $ 12.42 $ 12.33 $ 12.79 $ 12.19 Average tangible equity as a percent of average tangible assets All dollars shown in thousands. 29

Appendix: Non-GAAP to GAAP Reconciliation Additional non-GAAP measures 1Q20 4Q19 3Q19 2Q19 1Q19 (Dollars in thousands, except per share data) As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f)$ 114,282 $ 114,282 $ 118,902 $ 118,902 $ 121,535 $ 121,535 $ 122,302 $ 122,302 $ 121,515 $ 121,515 Provision for credit losses-loans and leases (j) 23,880 23,880 4,629 4,629 5,228 5,228 6,658 6,658 14,083 14,083 Provision for credit losses-unfunded commitments (j) 1,568 1,568 Noninterest income 35,384 35,384 36,768 36,768 33,140 33,140 34,638 34,638 26,827 26,827 less: gains (losses) on sale of investment securities (157) (56) 208 52 (34) Total noninterest income (g) 35,384 35,541 36,768 36,824 33,140 32,932 34,638 34,586 26,827 26,861 Noninterest expense 89,666 89,666 93,064 93,064 86,226 86,226 84,378 84,378 78,499 78,499 less: severance and merger-related expenses 329 693 5,192 5,187 1,734 less: historic tax credit write-down @ 21% 2,862 less: COVID-19 costs 1,011 less: other 1,139 1,740 711 336 78 Total noninterest expense (e) 89,666 87,187 93,064 87,769 86,226 80,323 84,378 78,855 78,499 76,687 Income before income taxes (i) 34,552 37,188 57,977 63,328 63,221 68,916 65,904 71,375 55,760 57,606 Income tax expense 5,924 5,924 9,300 9,300 12,365 12,365 13,201 13,201 9,921 9,921 plus: tax effect of adjustments 554 377 926 785 388 plus: after-tax impact of historic tax credit write-down @ 35% 2,261 Total income tax expense (h) 5,924 6,478 9,300 11,938 12,365 13,291 13,201 13,986 9,921 10,309 Net income (a)$ 28,628 $ 30,710 $ 48,677 $ 51,390 $ 50,856 $ 55,625 $ 52,703 $ 57,389 $ 45,839 $ 47,297 Average diluted shares (b) 98,356 98,356 99,232 99,232 99,078 99,078 98,648 98,648 98,436 98,436 Average assets (c) 14,524,422 14,524,422 14,460,288 14,460,288 14,320,514 14,320,514 14,102,733 14,102,733 13,952,551 13,952,551 Average shareholders' equity 2,209,733 2,209,733 2,245,107 2,245,107 2,210,327 2,210,327 2,146,997 2,146,997 2,094,234 2,094,234 Less: Goodwill and other intangibles (1,023,393) (1,023,393) (1,026,267) (1,026,267) (961,371) (961,371) (927,298) (927,298) (928,337) (928,337) Average tangible equity (d) 1,186,340 1,186,340 1,218,840 1,218,840 1,248,956 1,248,956 1,219,699 1,219,699 1,165,897 1,165,897 Ratios Net earnings per share - diluted (a)/(b) $ 0.29 $ 0.31 $ 0.49 $ 0.52 $ 0.51 $ 0.56 $ 0.53 $ 0.58 $ 0.47 $ 0.48 Return on average assets - (a)/(c) 0.79% 0.85% 1.34% 1.41% 1.41% 1.54% 1.50% 1.63% 1.33% 1.38% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.66% 1.73% 1.72% 1.86% 1.90% 2.05% 2.06% 2.22% 2.03% 2.08% Return on average tangible shareholders' equity - (a)/(d) 9.71% 10.41% 15.84% 16.73% 16.15% 17.67% 17.33% 18.87% 15.95% 16.45% Efficiency ratio - (e)/((f)+(g)) 59.9% 58.2% 59.8% 56.4% 55.7% 52.0% 53.8% 50.3% 52.9% 51.7% Effective tax rate - (h)/(i) 17.1% 17.4% 16.0% 18.9% 19.6% 19.3% 20.0% 19.6% 17.8% 17.9% 30

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XML

Document and Entity Information Document	Apr. 20, 2020
Cover page.
Document Type	8-K
Document Period End Date	Apr. 20, 2020
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