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): January 28, 2021

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 28, 2021, 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 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 January 28, 2020

    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 28, 2021

EX-99.1

Exhibit 99.1

First Financial Bancorp Announces Fourth Quarter and Full Year 2020 Financial Results and Quarterly Dividend

•Earnings per diluted share of $0.49; $0.51 on an adjusted(1) basis

•Return on average assets of 1.20%; 1.23% as adjusted(1)

•Net interest margin FTE(1) of 3.49%; 13 basis point increase from linked quarter

•Strong noninterest income driven by foreign exchange fees and mortgage production

•Announces $0.23 per share Quarterly Dividend

Cincinnati, Ohio - January 28, 2021- First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and twelve months ended December 31, 2020.

For the three months ended December 31, 2020, the Company reported net income of $48.3 million, or $0.49 per diluted common share. These results compare to net income of $41.5 million, or $0.42 per diluted common share, for the third quarter of 2020 and $48.7 million, or $0.49 per diluted common share, for the fourth quarter of 2019. For the twelve months ended December 31, 2020, First Financial had earnings per diluted common share of $1.59 compared to $2.00 for the same period in 2019.

Return on average assets for the fourth quarter of 2020 was 1.20% while return on average tangible common equity was 15.50%. These compare to returns on average assets of 1.04% and 1.34%, and returns on average tangible common equity of 13.61% and 15.84%, in the third quarter of 2020 and the fourth quarter of 2019, respectively.

Fourth quarter 2020 highlights include:

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

◦Net income of $0.51 per diluted common share

◦1.23% return on average assets

◦15.94% return on average tangible common equity

•Net interest margin of 3.49% on a fully tax-equivalent basis(1)

◦13 basis point increase driven by loan fees, which includes PPP forgiveness, and lower deposit costs

•Noninterest income of $61.5 million, or $48.1 million as adjusted(1)

◦Adjustments(1) include $13.4 million in gain recognized on class B Visa shares

◦Record foreign exchange income of $12.3 million; 16.9% increase from linked quarter

◦Mortgage income remains strong, despite decline from record third quarter production

•Noninterest expenses of $114.8 million, or $94.6 million as adjusted(1)

◦Adjustments(1) include:

▪$7.3 million of debt extinguishment costs

▪$5.1 million write down of a tax credit investment

▪$5.0 million contribution to First Financial Foundation

▪$2.9 million of costs directly related to COVID-19 and other nonrecurring costs such as merger-related and branch consolidation costs

◦Efficiency ratio of 63.8%; 56.8% as adjusted(1)

_________________________________________________________________________________________ (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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•Non-PPP loan balances were flat during the quarter

•Average transactional deposit balances grew $533.8 million compared to the linked quarter; 22.2% on an annualized basis

•Total Allowance for Credit Losses of $188.2 million; Total quarterly provision for credit losses of $11.5 million

◦Loans and leases - ACL of $175.7 million, 1.77% of total loans; 1.89% of loans excluding PPP

◦Unfunded Commitments - ACL of $12.5 million

◦Fourth quarter provision expense driven by COVID-19 uncertainty, partially offset by improvements in economic forecast, resulting in expected peak ACL as a percentage of loans

•Strong capital ratios

◦Total capital of 15.55%

◦Tier 1 common equity of 11.82%

◦Tangible common equity of 8.47%; 8.83% excluding PPP loans

◦Tangible book value per share of $12.93; $0.37 increase compared to linked quarter

Additionally, First Financial's board of directors has authorized a quarterly dividend of $0.23 per common share for the next regularly scheduled dividend, payable on March 15, 2021 to shareholders of record as of March 1, 2021.

Archie Brown, President and Chief Executive Officer, remarked, “When considering a year in which we encountered a global pandemic, experienced widespread government mandated business shutdowns and stay-at-home orders, and a reduction in the Fed Funds rate of 150 basis points, I am very pleased with our response to these challenges and our overall management of the company. On an adjusted(1) basis, we earned $1.66 per diluted share, achieved a 1.05% return on average assets, strengthened Tier 1 Common Equity and Total Capital, significantly bolstered our allowance for credit losses from 0.63% of loans to 1.77%, and experienced low levels of charge-offs.”

Mr. Brown continued, “Business conditions remained difficult in the fourth quarter; however, our core quarterly financial metrics were strong with adjusted(1) earnings per share of $0.51, adjusted(1) return on assets of 1.23%, and an adjusted(1) efficiency ratio of 56.8%. An increase in interest income, which includes PPP loan forgiveness fees, strong mortgage banking and record foreign exchange income drove our solid quarterly results. Our sub-60% efficiency ratio reflected our diligent expense management despite adapting to a remote working environment and continued investment in processes and technologies that position the Company for long-term success. Credit trends remain relatively stable; however, with COVID-19 cases in the Midwest remaining at peak levels, a slower than anticipated vaccine rollout and general economic uncertainty, we recorded $11.5 million of provision expense, resulting in an increase in our allowance for credit losses to 1.89% of total loans, excluding PPP. We believe the increase in our allowance has positioned us to absorb future losses anticipated by the pandemic or otherwise.”

Mr. Brown concluded, “I am most pleased by the response of our associates and their commitment to our clients and communities. They demonstrated amazing flexibility and resilience in pivoting from normal business activities and processes to working remotely or with significant changes to their in-office routines. From the beginning of the pandemic, we prioritized keeping our associates safe and engaged, which enabled them to support our clients in one of the most stressful and uncertain periods in our history. Our associates were constant stewards, embodying our organizational belief that banking is an essential function in the lives of consumers, businesses and our communities and were focused on ensuring that we remained faithful to our mission. Notably, our corporate-wide effort in granting approximately 7,000 PPP loans totaling over $900 million in a matter of months was something to remember. I am very proud of the effort and commitment of our First Financial Team.”

Full detail of the Company’s fourth quarter and full year 2020 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 29, 2021 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 10151308. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

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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.

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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;

•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 December 31, 2020, the Company had $16.0 billion in assets, $9.9 billion in loans, $12.2 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 $3.0 billion in assets under management as of December 31, 2020. The Company operated 143 full service banking centers as of December 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

December 31, 2020

(unaudited)

Contents	Page
Consolidated Financial Highlights	2
Consolidated Statements of Income	3
Consolidated Quarterly Statements of Income	4-5
Consolidated Statements of Condition	6
Average Consolidated Statements of Condition	7
Net Interest Margin Rate / Volume Analysis	8-9
Credit Quality	10
Capital Adequacy	11

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,															Twelve months ended,
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			December 31,
	2020			2020			2020			2020			2019			2020			2019
RESULTS OF OPERATIONS
Net income	$	48,312		$	41,477		$	37,393		$	28,628		$	48,677		$	155,810		$	198,075
Net earnings per share - basic	$	0.50		$	0.43		$	0.38		$	0.29		$	0.49		$	1.60		$	2.01
Net earnings per share - diluted	$	0.49		$	0.42		$	0.38		$	0.29		$	0.49		$	1.59		$	2.00
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.23		$	0.92		$	0.90
KEY FINANCIAL RATIOS
Return on average assets	1.20		%	1.04		%	0.96		%	0.79		%	1.34		%	1.00		%	1.39		%
Return on average shareholders' equity	8.52		%	7.40		%	6.88		%	5.21		%	8.60		%	7.02		%	9.11		%
Return on average tangible shareholders' equity	15.50		%	13.61		%	12.90		%	9.71		%	15.84		%	12.97		%	16.32		%
Net interest margin	3.45		%	3.32		%	3.38		%	3.71		%	3.84		%	3.46		%	3.95		%
Net interest margin (fully tax equivalent) (1)	3.49		%	3.36		%	3.44		%	3.77		%	3.89		%	3.51		%	4.00		%
Ending shareholders' equity as a percent of ending assets	14.29		%	14.11		%	13.99		%	14.47		%	15.49		%	14.29		%	15.49		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets	8.47		%	8.25		%	8.09		%	8.25		%	9.07		%	8.47		%	9.07		%
Risk-weighted assets	11.29		%	11.07		%	10.89		%	10.50		%	11.09		%	11.29		%	11.09		%
Average shareholders' equity as a percent of average assets	14.07		%	14.08		%	13.91		%	15.21		%	15.53		%	14.30		%	15.30		%
Average tangible shareholders' equity as a percent of
average tangible assets	8.26		%	8.18		%	7.94		%	8.79		%	9.07		%	8.28		%	9.16		%
Book value per share	$	23.28		$	22.94		$	22.66		$	22.25		$	22.82		$	23.28		$	22.82
Tangible book value per share	$	12.93		$	12.56		$	12.26		$	11.82		$	12.42		$	12.93		$	12.42
Common equity tier 1 ratio (2)	11.82		%	11.63		%	11.49		%	11.27		%	11.30		%	11.82		%	11.30		%
Tier 1 ratio (2)	12.20		%	12.02		%	11.87		%	11.66		%	11.69		%	12.20		%	11.69		%
Total capital ratio (2)	15.55		%	15.37		%	15.19		%	13.54		%	13.39		%	15.55		%	13.39		%
Leverage ratio (2)	9.55		%	9.55		%	8.98		%	9.49		%	9.58		%	9.55		%	9.58		%
AVERAGE BALANCE SHEET ITEMS
Loans (3)	$	10,127,881		$	10,253,392		$	10,002,379		$	9,220,643		$	9,149,222		$	9,902,656		$	8,948,535
Investment securities	3,403,839			3,162,832			3,164,243			3,115,723			3,102,867			3,212,051			3,288,875
Interest-bearing deposits with other banks	143,884			40,277			91,990			39,332			36,672			78,943			35,814
Total earning assets	$	13,675,604		$	13,456,501		$	13,258,612		$	12,375,698		$	12,288,761		$	13,193,650		$	12,273,224
Total assets	$	16,030,986		$	15,842,010		$	15,710,204		$	14,524,422		$	14,460,288		$	15,529,144		$	14,210,719
Noninterest-bearing deposits	$	3,720,417		$	3,535,432		$	3,335,866		$	2,643,240		$	2,638,908		$	3,310,483		$	2,524,011
Interest-bearing deposits	8,204,306			8,027,082			8,395,229			7,590,791			7,583,531			8,054,687			7,577,347
Total deposits	$	11,924,723		$	11,562,514		$	11,731,095		$	10,234,031		$	10,222,439		$	11,365,170		$	10,101,358
Borrowings	$	1,307,461		$	1,519,748		$	1,272,819		$	1,735,767		$	1,613,696		$	1,458,701		$	1,669,059
Shareholders' equity	$	2,256,062		$	2,230,422		$	2,185,865		$	2,209,733		$	2,245,107		$	2,220,645		$	2,174,679
CREDIT QUALITY RATIOS
Allowance to ending loans	1.77		%	1.65		%	1.56		%	1.55		%	0.63		%	1.77		%	0.63		%
Allowance to nonaccrual loans	217.55		%	216.28		%	233.74		%	296.51		%	119.69		%	217.55		%	119.69		%
Allowance to nonperforming loans	199.97		%	196.69		%	208.06		%	203.42		%	96.73		%	199.97		%	96.73		%
Nonperforming loans to total loans	0.89		%	0.84		%	0.75		%	0.76		%	0.65		%	0.89		%	0.65		%
Nonperforming assets to ending loans, plus OREO	0.90		%	0.86		%	0.77		%	0.78		%	0.67		%	0.90		%	0.67		%
Nonperforming assets to total assets	0.56		%	0.55		%	0.49		%	0.48		%	0.42		%	0.56		%	0.42		%
Classified assets to total assets	0.89		%	0.84		%	0.79		%	0.83		%	0.62		%	0.89		%	0.62		%
Net charge-offs to average loans (annualized)	0.26		%	0.21		%	0.12		%	(0.04)		%	0.15		%	0.14		%	0.33		%

(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) December 31, 2020 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

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FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three months ended,								Twelve months ended,
	December 31,								December 31,
	2020			2019			% Change		2020			2019			% Change
Interest income
Loans and leases, including fees	$	106,733		$	122,802		(13.1)	%	$	431,657		$	499,009		(13.5)	%
Investment securities
Taxable	18,402			20,137			(8.6)	%	73,789			90,168			(18.2)	%
Tax-exempt	4,839			4,545			6.5	%	19,242			17,596			9.4	%
Total investment securities interest	23,241			24,682			(5.8)	%	93,031			107,764			(13.7)	%
Other earning assets	55			167			(67.1)	%	275			805			(65.8)	%
Total interest income	130,029			147,651			(11.9)	%	524,963			607,578			(13.6)	%
Interest expense
Deposits	5,920			19,026			(68.9)	%	41,922			79,032			(47.0)	%
Short-term borrowings	30			5,430			(99.4)	%	6,442			25,235			(74.5)	%
Long-term borrowings	5,606			4,293			30.6	%	20,088			19,057			5.4	%
Total interest expense	11,556			28,749			(59.8)	%	68,452			123,324			(44.5)	%
Net interest income	118,473			118,902			(0.4)	%	456,511			484,254			(5.7)	%
Provision for credit losses-loans and leases (1)	13,758			4,629			197.2	%	70,796			30,598			131.4	%
Provision for credit losses-unfunded commitments (1)	(2,250)			177			N/M		(237)			(165)			43.6	%
Net interest income after provision for credit losses	106,965			114,096			(6.3)	%	385,952			453,821			(15.0)	%
Noninterest income
Service charges on deposit accounts	7,654			9,343			(18.1)	%	29,446			37,939			(22.4)	%
Trust and wealth management fees	4,093			3,913			4.6	%	16,531			15,644			5.7	%
Bankcard income	3,060			3,405			(10.1)	%	11,726			18,804			(37.6)	%
Client derivative fees	2,021			4,194			(51.8)	%	10,313			15,662			(34.2)	%
Foreign exchange income	12,305			6,014			104.6	%	39,377			7,739			408.8	%
Net gains from sales of loans	13,089			4,723			177.1	%	51,176			14,851			244.6	%
Net gains (losses) on sale of investment securities	4,618			(296)			N/M		4,563			(406)			N/M
Other	14,675			5,472			168.2	%	25,991			21,140			22.9	%
Total noninterest income	61,515			36,768			67.3	%	189,123			131,373			44.0	%
Noninterest expenses
Salaries and employee benefits	62,263			53,952			15.4	%	236,779			209,061			13.3	%
Net occupancy	6,159			6,334			(2.8)	%	23,266			24,069			(3.3)	%
Furniture and equipment	3,596			4,145			(13.2)	%	14,968			15,903			(5.9)	%
Data processing	7,269			5,996			21.2	%	27,514			21,881			25.7	%
Marketing	1,999			1,980			1.0	%	6,414			6,908			(7.2)	%
Communication	840			882			(4.8)	%	3,492			3,267			6.9	%
Professional services	3,038			2,192			38.6	%	9,961			11,254			(11.5)	%
Debt extinguishment	7,257			0			N/M		7,257			0			N/M
State intangible tax	1,514			1,767			(14.3)	%	6,058			5,829			3.9	%
FDIC assessments	1,065			1,055			0.9	%	5,110			1,973			159.0	%
Intangible amortization	2,764			3,150			(12.3)	%	11,126			9,671			15.0	%
Other	17,034			11,434			49.0	%	38,719			32,516			19.1	%
Total noninterest expenses	114,798			92,887			23.6	%	390,664			342,332			14.1	%
Income before income taxes	53,682			57,977			(7.4)	%	184,411			242,862			(24.1)	%
Income tax expense	5,370			9,300			(42.3)	%	28,601			44,787			(36.1)	%
Net income	$	48,312		$	48,677		(0.7)	%	$	155,810		$	198,075		(21.3)	%
ADDITIONAL DATA
Net earnings per share - basic	$	0.50		$	0.49				$	1.60		$	2.01
Net earnings per share - diluted	$	0.49		$	0.49				$	1.59		$	2.00
Dividends declared per share	$	0.23		$	0.23				$	0.92		$	0.90
Return on average assets	1.20		%	1.34		%			1.00		%	1.39		%
Return on average shareholders' equity	8.52		%	8.60		%			7.02		%	9.11		%
Interest income	$	130,029		$	147,651		(11.9)	%	$	524,963		$	607,578		(13.6)	%
Tax equivalent adjustment	1,613			1,630			(1.0)	%	6,529			6,328			3.2	%
Interest income - tax equivalent	131,642			149,281			(11.8)	%	531,492			613,906			(13.4)	%
Interest expense	11,556			28,749			(59.8)	%	68,452			123,324			(44.5)	%
Net interest income - tax equivalent	$	120,086		$	120,532		(0.4)	%	$	463,040		$	490,582		(5.6)	%
Net interest margin	3.45		%	3.84		%			3.46		%	3.95		%
Net interest margin (fully tax equivalent) (2)	3.49		%	3.89		%			3.51		%	4.00		%
Full-time equivalent employees	2,075			2,065
(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 QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2020
	Fourth			Third			Second			First			Year to			% Change
	Quarter			Quarter			Quarter			Quarter			Date			Linked Qtr.
Interest income
Loans and leases, including fees	$	106,733		$	103,249		$	105,900		$	115,775		$	431,657		3.4	%
Investment securities
Taxable	18,402			17,906			18,476			19,005			73,789			2.8	%
Tax-exempt	4,839			4,884			4,937			4,582			19,242			(0.9)	%
Total investment securities interest	23,241			22,790			23,413			23,587			93,031			2.0	%
Other earning assets	55			31			47			142			275			77.4	%
Total interest income	130,029			126,070			129,360			139,504			524,963			3.1	%
Interest expense
Deposits	5,920			7,886			11,751			16,365			41,922			(24.9)	%
Short-term borrowings	30			51			1,274			5,087			6,442			(41.2)	%
Long-term borrowings	5,606			5,953			4,759			3,770			20,088			(5.8)	%
Total interest expense	11,556			13,890			17,784			25,222			68,452			(16.8)	%
Net interest income	118,473			112,180			111,576			114,282			456,511			5.6	%
Provision for credit losses-loans and leases (1)	13,758			15,299			17,859			23,880			70,796			(10.1)	%
Provision for credit losses-unfunded commitments (1)	(2,250)			(1,925)			2,370			1,568			(237)			16.9	%
Net interest income after provision for credit losses	106,965			98,806			91,347			88,834			385,952			8.3	%
Noninterest income
Service charges on deposit accounts	7,654			7,356			6,001			8,435			29,446			4.1	%
Trust and wealth management fees	4,093			3,855			4,114			4,469			16,531			6.2	%
Bankcard income	3,060			3,124			2,844			2,698			11,726			(2.0)	%
Client derivative fees	2,021			2,203			2,984			3,105			10,313			(8.3)	%
Foreign exchange income	12,305			10,530			6,576			9,966			39,377			16.9	%
Net gains from sales of loans	13,089			18,594			16,662			2,831			51,176			(29.6)	%
Net gains (losses) on sale of investment securities	4,618			2			2			(59)			4,563			N/M
Other	14,675			3,835			3,542			3,939			25,991			282.7	%
Total noninterest income	61,515			49,499			42,725			35,384			189,123			24.3	%
Noninterest expenses
Salaries and employee benefits	62,263			63,769			55,925			54,822			236,779			(2.4)	%
Net occupancy	6,159			5,625			5,378			6,104			23,266			9.5	%
Furniture and equipment	3,596			3,638			3,681			4,053			14,968			(1.2)	%
Data processing	7,269			6,837			7,019			6,389			27,514			6.3	%
Marketing	1,999			1,856			1,339			1,220			6,414			7.7	%
Communication	840			855			907			890			3,492			(1.8)	%
Professional services	3,038			2,443			2,205			2,275			9,961			24.4	%
Debt extinguishment	7,257			0			0			0			7,257			N/M
State intangible tax	1,514			1,514			1,514			1,516			6,058			0.0	%
FDIC assessments	1,065			1,350			1,290			1,405			5,110			(21.1)	%
Intangible amortization	2,764			2,779			2,791			2,792			11,126			(0.5)	%
Other	17,034			6,845			6,640			8,200			38,719			148.9	%
Total noninterest expenses	114,798			97,511			88,689			89,666			390,664			17.7	%
Income before income taxes	53,682			50,794			45,383			34,552			184,411			5.7	%
Income tax expense	5,370			9,317			7,990			5,924			28,601			(42.4)	%
Net income	$	48,312		$	41,477		$	37,393		$	28,628		$	155,810		16.5	%
ADDITIONAL DATA
Net earnings per share - basic	$	0.50		$	0.43		$	0.38		$	0.29		$	1.60
Net earnings per share - diluted	$	0.49		$	0.42		$	0.38		$	0.29		$	1.59
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.92
Return on average assets	1.20		%	1.04		%	0.96		%	0.79		%	1.00		%
Return on average shareholders' equity	8.52		%	7.40		%	6.88		%	5.21		%	7.02		%
Interest income	$	130,029		$	126,070		$	129,360		$	139,504		$	524,963		3.1	%
Tax equivalent adjustment	1,613			1,628			1,664			1,624			6,529			(0.9)	%
Interest income - tax equivalent	131,642			127,698			131,024			141,128			531,492			3.1	%
Interest expense	11,556			13,890			17,784			25,222			68,452			(16.8)	%
Net interest income - tax equivalent	$	120,086		$	113,808		$	113,240		$	115,906		$	463,040		5.5	%
Net interest margin	3.45		%	3.32		%	3.38		%	3.71		%	3.46		%
Net interest margin (fully tax equivalent) (2)	3.49		%	3.36		%	3.44		%	3.77		%	3.51		%
Full-time equivalent employees	2,075			2,065			2,076			2,067
(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.

4

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

5

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		% Change		% Change
	2020		2020		2020		2020		2019		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	231,054	$	207,128	$	283,639	$	261,892	$	200,691	11.6	%	15.1	%
Interest-bearing deposits with other banks	20,305		38,806		38,845		71,071		56,948		(47.7)	%	(64.3)	%
Investment securities available-for-sale	3,424,580		3,004,963		2,897,413		2,908,688		2,852,084		14.0	%	20.1	%
Investment securities held-to-maturity	131,687		118,072		127,347		136,744		142,862		11.5	%	(7.8)	%
Other investments	133,198		118,292		132,366		143,581		125,020		12.6	%	6.5	%
Loans held for sale	41,103		69,008		43,950		27,334		13,680		(40.4)	%	200.5	%
Loans and leases
Commercial and industrial	3,007,509		3,292,313		3,322,374		2,477,773		2,465,877		(8.7)	%	22.0	%
Lease financing	72,987		74,742		80,087		82,602		88,364		(2.3)	%	(17.4)	%
Construction real estate	636,096		575,648		506,085		500,311		493,182		10.5	%	29.0	%
Commercial real estate	4,307,858		4,347,125		4,343,702		4,278,257		4,194,651		(0.9)	%	2.7	%
Residential real estate	1,003,086		1,027,702		1,043,745		1,061,792		1,055,949		(2.4)	%	(5.0)	%
Home equity	743,099		754,743		764,171		781,243		771,869		(1.5)	%	(3.7)	%
Installment	81,850		84,629		79,150		80,085		82,589		(3.3)	%	(0.9)	%
Credit card	48,485		43,907		42,397		45,756		49,184		10.4	%	(1.4)	%
Total loans	9,900,970		10,200,809		10,181,711		9,307,819		9,201,665		(2.9)	%	7.6	%
Less:
Allowance for credit losses (1)	175,679		168,544		158,661		143,885		57,650		4.2	%	204.7	%
Net loans	9,725,291		10,032,265		10,023,050		9,163,934		9,144,015		(3.1)	%	6.4	%
Premises and equipment	207,211		209,474		211,164		212,787		214,506		(1.1)	%	(3.4)	%
Goodwill	937,771		937,771		937,771		937,771		937,771		0.0	%	0.0	%
Other intangibles	64,552		67,419		70,325		73,258		76,201		(4.3)	%	(15.3)	%
Accrued interest and other assets	1,056,382		1,122,449		1,105,020		1,120,507		747,847		(5.9)	%	41.3	%
Total Assets	$	15,973,134	$	15,925,647	$	15,870,890	$	15,057,567	$	14,511,625	0.3	%	10.1	%
LIABILITIES
Deposits
Interest-bearing demand	$	2,914,787	$	2,632,467	$	2,657,841	$	2,498,109	$	2,364,881	10.7	%	23.3	%
Savings	3,680,774		3,446,678		3,287,314		2,978,250		2,960,979		6.8	%	24.3	%
Time	1,872,733		1,935,392		2,241,212		2,435,858		2,240,441		(3.2)	%	(16.4)	%
Total interest-bearing deposits	8,468,294		8,014,537		8,186,367		7,912,217		7,566,301		5.7	%	11.9	%
Noninterest-bearing	3,763,709		3,552,893		3,515,048		2,723,341		2,643,928		5.9	%	42.4	%
Total deposits	12,232,003		11,567,430		11,701,415		10,635,558		10,210,229		5.7	%	19.8	%
Federal funds purchased and securities sold
under agreements to repurchase	166,594		247,658		154,347		215,824		165,181		(32.7)	%	0.9	%
FHLB short-term borrowings	0		0		0		1,181,900		1,151,000		0.0	%	(100.0)	%
Total short-term borrowings	166,594		247,658		154,347		1,397,724		1,316,181		(32.7)	%	(87.3)	%
Long-term debt	776,202		1,341,164		1,285,767		325,566		414,376		(42.1)	%	87.3	%
Total borrowed funds	942,796		1,588,822		1,440,114		1,723,290		1,730,557		(40.7)	%	(45.5)	%
Accrued interest and other liabilities	516,265		521,580		508,342		519,336		323,134		(1.0)	%	59.8	%
Total Liabilities	13,691,064		13,677,832		13,649,871		12,878,184		12,263,920		0.1	%	11.6	%
SHAREHOLDERS' EQUITY
Common stock	1,638,947		1,637,489		1,635,070		1,633,950		1,640,771		0.1	%	(0.1)	%
Retained earnings	720,429		694,484		675,532		660,653		711,249		3.7	%	1.3	%
Accumulated other comprehensive income (loss)	48,664		42,266		36,431		11,788		13,323		15.1	%	265.3	%
Treasury stock, at cost	(125,970)		(126,424)		(126,014)		(127,008)		(117,638)		(0.4)	%	7.1	%
Total Shareholders' Equity	2,282,070		2,247,815		2,221,019		2,179,383		2,247,705		1.5	%	1.5	%
Total Liabilities and Shareholders' Equity	$	15,973,134	$	15,925,647	$	15,870,890	$	15,057,567	$	14,511,625	0.3	%	10.1	%
(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.

6

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,
	2020		2020		2020		2020		2019		2020		2019
ASSETS
Cash and due from banks	$	228,427	$	233,216	$	284,726	$	235,696	$	221,060	$	245,436	$	191,864
Interest-bearing deposits with other banks	143,884		40,277		91,990		39,332		36,672		78,943		35,814
Investment securities	3,403,839		3,162,832		3,164,243		3,115,723		3,102,867		3,212,051		3,288,875
Loans held for sale	42,402		45,186		36,592		13,174		21,050		34,390		14,774
Loans and leases
Commercial and industrial	3,182,749		3,299,259		3,058,677		2,450,893		2,469,810		2,999,223		2,505,615
Lease financing	74,107		78,500		81,218		85,782		91,225		79,882		92,902
Construction real estate	608,401		536,870		495,407		501,471		501,892		535,740		491,503
Commercial real estate	4,313,408		4,364,708		4,381,647		4,209,345		4,102,288		4,317,396		3,906,992
Residential real estate	1,022,701		1,041,250		1,052,996		1,055,456		1,053,707		1,043,040		1,010,620
Home equity	752,425		759,994		772,424		773,082		773,119		764,436		787,716
Installment	83,509		82,016		79,016		81,234		85,515		81,451		88,815
Credit card	48,179		45,609		44,402		50,206		50,616		47,098		49,598
Total loans	10,085,479		10,208,206		9,965,787		9,207,469		9,128,172		9,868,266		8,933,761
Less:
Allowance for credit losses (1)	172,201		165,270		155,454		121,126		56,649		153,596		58,504
Net loans	9,913,278		10,042,936		9,810,333		9,086,343		9,071,523		9,714,670		8,875,257
Premises and equipment	208,800		211,454		213,903		215,545		215,171		212,413		213,951
Goodwill	937,771		937,771		937,771		937,771		937,710		937,771		899,131
Other intangibles	66,195		69,169		72,086		75,014		78,190		70,600		51,884
Accrued interest and other assets	1,086,390		1,099,169		1,098,560		805,824		776,045		1,022,870		639,169
Total Assets	$	16,030,986	$	15,842,010	$	15,710,204	$	14,524,422	$	14,460,288	$	15,529,144	$	14,210,719
LIABILITIES
Deposits
Interest-bearing demand	$	2,812,748	$	2,668,635	$	2,602,917	$	2,418,193	$	2,373,962	$	2,626,252	$	2,326,193
Savings	3,547,179		3,342,514		3,173,274		2,976,518		2,995,395		3,260,882		3,027,725
Time	1,844,379		2,015,933		2,619,038		2,196,080		2,214,174		2,167,553		2,223,429
Total interest-bearing deposits	8,204,306		8,027,082		8,395,229		7,590,791		7,583,531		8,054,687		7,577,347
Noninterest-bearing	3,720,417		3,535,432		3,335,866		2,643,240		2,638,908		3,310,483		2,524,011
Total deposits	11,924,723		11,562,514		11,731,095		10,234,031		10,222,439		11,365,170		10,101,358
Federal funds purchased and securities sold
under agreements to repurchase	136,795		150,088		145,291		164,093		206,800		149,036		155,859
FHLB short-term borrowings	7,937		30,868		548,183		1,189,765		952,625		441,867		990,860
Total short-term borrowings	144,732		180,956		693,474		1,353,858		1,159,425		590,903		1,146,719
Long-term debt	1,162,729		1,338,792		579,345		381,909		454,271		867,798		522,340
Total borrowed funds	1,307,461		1,519,748		1,272,819		1,735,767		1,613,696		1,458,701		1,669,059
Accrued interest and other liabilities	542,740		529,326		520,425		344,891		379,046		484,628		265,623
Total Liabilities	13,774,924		13,611,588		13,524,339		12,314,689		12,215,181		13,308,499		12,036,040
SHAREHOLDERS' EQUITY
Common stock	1,638,032		1,636,107		1,634,405		1,638,851		1,640,066		1,636,850		1,629,434
Retained earnings	703,257		679,980		658,312		660,108		691,236		675,503		650,381
Accumulated other comprehensive loss	40,960		40,697		19,888		31,200		13,986		33,228		(6,480)
Treasury stock, at cost	(126,187)		(126,362)		(126,740)		(120,426)		(100,181)		(124,936)		(98,656)
Total Shareholders' Equity	2,256,062		2,230,422		2,185,865		2,209,733		2,245,107		2,220,645		2,174,679
Total Liabilities and Shareholders' Equity	$	16,030,986	$	15,842,010	$	15,710,204	$	14,524,422	$	14,460,288	$	15,529,144	$	14,210,719
(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.

7

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
	Quarterly Averages												Year-to-Date Averages
	December 31, 2020				September 30, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	Balance		Yield		Balance		Yield		Balance		Yield		Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities	$	3,403,839	2.71	%	$	3,162,832	2.86	%	$	3,102,867	3.16	%	$	3,212,051	2.90	%	$	3,288,875	3.28	%
Interest-bearing deposits with other banks	143,884		0.15	%	40,277		0.31	%	36,672		1.81	%	78,943		0.35	%	35,814		2.25	%
Gross loans (1)	10,127,881		4.18	%	10,253,392		4.00	%	9,149,222		5.33	%	9,902,656		4.36	%	8,948,535		5.58	%
Total earning assets	13,675,604		3.77	%	13,456,501		3.72	%	12,288,761		4.77	%	13,193,650		3.98	%	12,273,224		4.95	%
Nonearning assets
Allowance for credit losses	(172,201)				(165,270)				(56,649)				(153,596)				(58,504)
Cash and due from banks	228,427				233,216				221,060				245,436				191,864
Accrued interest and other assets	2,299,156				2,317,563				2,007,116				2,243,654				1,804,135
Total assets	$	16,030,986			$	15,842,010			$	14,460,288			$	15,529,144			$	14,210,719
Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	2,812,748	0.08	%	$	2,668,635	0.08	%	$	2,373,962	0.53	%	$	2,626,252	0.17	%	$	2,326,193	0.55	%
Savings	3,547,179		0.15	%	3,342,514		0.14	%	2,995,395		0.60	%	3,260,882		0.22	%	3,027,725		0.71	%
Time	1,844,379		0.86	%	2,015,933		1.20	%	2,214,174		2.03	%	2,167,553		1.39	%	2,223,429		2.02	%
Total interest-bearing deposits	8,204,306		0.29	%	8,027,082		0.39	%	7,583,531		1.00	%	8,054,687		0.52	%	7,577,347		1.04	%
Borrowed funds
Short-term borrowings	144,732		0.08	%	180,956		0.11	%	1,159,425		1.86	%	590,903		1.09	%	1,146,719		2.20	%
Long-term debt	1,162,729		1.91	%	1,338,792		1.76	%	454,271		3.75	%	867,798		2.31	%	522,340		3.65	%
Total borrowed funds	1,307,461		1.71	%	1,519,748		1.57	%	1,613,696		2.39	%	1,458,701		1.82	%	1,669,059		2.65	%
Total interest-bearing liabilities	9,511,767		0.48	%	9,546,830		0.58	%	9,197,227		1.24	%	9,513,388		0.72	%	9,246,406		1.33	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits	3,720,417				3,535,432				2,638,908				3,310,483				2,524,011
Other liabilities	542,740				529,326				379,046				484,628				265,623
Shareholders' equity	2,256,062				2,230,422				2,245,107				2,220,645				2,174,679
Total liabilities & shareholders' equity	$	16,030,986			$	15,842,010			$	14,460,288			$	15,529,144			$	14,210,719
Net interest income	$	118,473			$	112,180			$	118,902			$	456,511			$	484,254
Net interest spread			3.29	%			3.14	%			3.53	%			3.26	%			3.62	%
Net interest margin			3.45	%			3.32	%			3.84	%			3.46	%			3.95	%
Tax equivalent adjustment			0.04	%			0.04	%			0.05	%			0.05	%			0.05	%
Net interest margin (fully tax equivalent)			3.49	%			3.36	%			3.89	%			3.51	%			4.00	%
(1) Loans held for sale and nonaccrual loans are included in gross loans.

8

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	$	(1,195)	$	1,646	$	451	$	(3,496)	$	2,055	$	(1,441)	$	(12,508)	$	(2,225)	$	(14,733)
Interest-bearing deposits with other banks	(16)		40		24		(153)		41		(112)		(680)		150		(530)
Gross loans (2)	4,807		(1,323)		3,484		(26,383)		10,314		(16,069)		(108,942)		41,590		(67,352)
Total earning assets	3,596		363		3,959		(30,032)		12,410		(17,622)		(122,130)		39,515		(82,615)
Interest-bearing liabilities
Total interest-bearing deposits	$	(2,094)	$	128	$	(1,966)	$	(13,554)	$	448	$	(13,106)	$	(39,594)	$	2,484	$	(37,110)
Borrowed funds
Short-term borrowings	(13)		(8)		(21)		(5,190)		(210)		(5,400)		(12,734)		(6,059)		(18,793)
Long-term debt	502		(849)		(347)		(2,103)		3,416		1,313		(6,966)		7,997		1,031
Total borrowed funds	489		(857)		(368)		(7,293)		3,206		(4,087)		(19,700)		1,938		(17,762)
Total interest-bearing liabilities	(1,605)		(729)		(2,334)		(20,847)		3,654		(17,193)		(59,294)		4,422		(54,872)
Net interest income (1)	$	5,201	$	1,092	$	6,293	$	(9,185)	$	8,756	$	(429)	$	(62,836)	$	35,093	$	(27,743)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.

9

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Full Year			Full Year
	2020			2020			2020			2020			2019			2020			2019
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$	168,544		$	158,661		$	143,885		$	57,650		$	56,552		$	57,650		$	56,542
Day one adoption impact of ASC 326	0			0			0			61,505			0			61,505			0
Provision for credit losses	13,758			15,299			17,859			23,880			4,629			70,796			30,598
Gross charge-offs
Commercial and industrial	1,505			1,467			1,282			1,091			2,919			5,345			26,676
Lease financing	0			852			0			0			62			852			162
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	6,270			3,789			2,037			4			1,854			12,100			3,689
Residential real estate	203			22			148			115			167			488			677
Home equity	386			460			428			267			807			1,541			2,591
Installment	21			59			7			61			31			148			223
Credit card	169			171			234			311			319			885			1,547
Total gross charge-offs	8,554			6,820			4,136			1,849			6,159			21,359			35,565
Recoveries
Commercial and industrial	367			265			275			2,000			1,796			2,907			2,883
Lease financing	(6)			6			0			0			0			0			0
Construction real estate	3			0			14			0			0			17			68
Commercial real estate	844			760			424			234			439			2,262			1,113
Residential real estate	145			91			93			52			72			381			273
Home equity	428			209			156			339			243			1,132			1,335
Installment	65			35			27			31			49			158			251
Credit card	85			38			64			43			29			230			152
Total recoveries	1,931			1,404			1,053			2,699			2,628			7,087			6,075
Total net charge-offs	6,623			5,416			3,083			(850)			3,531			14,272			29,490
Ending allowance for credit losses	$	175,679		$	168,544		$	158,661		$	143,885		$	57,650		$	175,679		$	57,650
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.14		%	0.14		%	0.13		%	(0.15)		%	0.18		%	0.08		%	0.95		%
Lease financing	0.03		%	4.29		%	0.00		%	0.00		%	0.27		%	1.07		%	0.17		%
Construction real estate	0.00		%	0.00		%	(0.01)		%	0.00		%	0.00		%	0.00		%	(0.01)		%
Commercial real estate	0.50		%	0.28		%	0.15		%	(0.02)		%	0.14		%	0.23		%	0.07		%
Residential real estate	0.02		%	(0.03)		%	0.02		%	0.02		%	0.04		%	0.01		%	0.04		%
Home equity	(0.02)		%	0.13		%	0.14		%	(0.04)		%	0.29		%	0.05		%	0.16		%
Installment	(0.21)		%	0.12		%	(0.10)		%	0.15		%	(0.08)		%	(0.01)		%	(0.03)		%
Credit card	0.69		%	1.16		%	1.54		%	2.15		%	2.27		%	1.39		%	2.81		%
Total net charge-offs	0.26		%	0.21		%	0.12		%	(0.04)		%	0.15		%	0.14		%	0.33		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial	$	29,230		$	34,686		$	33,906		$	21,126		$	24,346		$	29,230		$	24,346
Lease financing	0			1,092			1,353			222			223			0			223
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	34,682			24,521			14,002			10,050			7,295			34,682			7,295
Residential real estate	11,601			12,104			12,813			11,163			10,892			11,601			10,892
Home equity	5,076			5,374			5,604			5,821			5,242			5,076			5,242
Installment	163			153			201			145			167			163			167
Nonaccrual loans	80,752			77,930			67,879			48,527			48,165			80,752			48,165
Accruing troubled debt restructurings (TDRs)	7,099			7,759			8,377			22,206			11,435			7,099			11,435
Total nonperforming loans	87,851			85,689			76,256			70,733			59,600			87,851			59,600
Other real estate owned (OREO)	1,287			1,643			1,872			1,467			2,033			1,287			2,033
Total nonperforming assets	89,138			87,332			78,128			72,200			61,633			89,138			61,633
Accruing loans past due 90 days or more	169			79			124			120			201			169			201
Total underperforming assets	$	89,307		$	87,411		$	78,252		$	72,320		$	61,834		$	89,307		$	61,834
Total classified assets	$	142,021		$	134,002		$	125,543		$	124,510		$	89,250		$	142,021		$	89,250
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	217.55		%	216.28		%	233.74		%	296.51		%	119.69		%	217.55		%	119.69		%
Nonperforming loans	199.97		%	196.69		%	208.06		%	203.42		%	96.73		%	199.97		%	96.73		%
Total ending loans	1.77		%	1.65		%	1.56		%	1.55		%	0.63		%	1.77		%	0.63		%
Nonperforming loans to total loans	0.89		%	0.84		%	0.75		%	0.76		%	0.65		%	0.89		%	0.65		%
Nonperforming assets to
Ending loans, plus OREO	0.90		%	0.86		%	0.77		%	0.78		%	0.67		%	0.90		%	0.67		%
Total assets	0.56		%	0.55		%	0.49		%	0.48		%	0.42		%	0.56		%	0.42		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.83		%	0.78		%	0.68		%	0.54		%	0.55		%	0.83		%	0.55		%
Total assets	0.51		%	0.50		%	0.44		%	0.33		%	0.35		%	0.51		%	0.35		%
Classified assets to total assets	0.89		%	0.84		%	0.79		%	0.83		%	0.62		%	0.89		%	0.62		%
(1) Nonaccrual loans include nonaccrual TDRs of $14.7 million, $29.3 million, $32.7 million, $18.4 million, and $18.5 million, as of December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019,, respectively.

10

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
																Twelve months ended,
	Dec. 31,			Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Dec. 31,			Dec. 31,
	2020			2020			2020			2020			2019			2020			2019
PER COMMON SHARE
Market Price
High	$	17.77		$	15.15		$	16.38		$	25.52		$	26.04		$	25.52		$	28.56
Low	$	12.07		$	11.40		$	11.52		$	12.67		$	23.24		$	11.40		$	22.16
Close	$	17.53		$	12.01		$	13.89		$	14.91		$	25.44		$	17.53		$	25.44
Average shares outstanding - basic	97,253,787			97,247,080			97,220,748			97,736,690			98,684,706			97,363,952			98,305,570
Average shares outstanding - diluted	98,020,534			98,008,733			97,988,600			98,356,214			99,232,167			98,093,098			98,851,471
Ending shares outstanding	98,021,929			97,999,763			98,018,858			97,968,958			98,490,998			98,021,929			98,490,998
Total shareholders' equity	$	2,282,070		$	2,247,815		$	2,221,019		$	2,179,383		$	2,247,705		$	2,282,070		$	2,247,705
REGULATORY CAPITAL	Preliminary															Preliminary
Common equity tier 1 capital	$	1,325,922		$	1,293,716		$	1,267,609		$	1,243,152		$	1,245,746		$	1,325,922		$	1,245,746
Common equity tier 1 capital ratio	11.82		%	11.63		%	11.49		%	11.27		%	11.30		%	11.82		%	11.30		%
Tier 1 capital	$	1,368,818		$	1,336,497		$	1,310,276		$	1,285,705		$	1,288,185		$	1,368,818		$	1,288,185
Tier 1 ratio	12.20		%	12.02		%	11.87		%	11.66		%	11.69		%	12.20		%	11.69		%
Total capital	$	1,744,802		$	1,708,817		$	1,676,532		$	1,493,100		$	1,475,813		$	1,744,802		$	1,475,813
Total capital ratio	15.55		%	15.37		%	15.19		%	13.54		%	13.39		%	15.55		%	13.39		%
Total capital in excess of minimum requirement	$	566,795		$	541,263		$	517,902		$	335,229		$	318,315		$	566,795		$	318,315
Total risk-weighted assets	$	11,219,114		$	11,119,560		$	11,034,570		$	11,027,347		$	11,023,795		$	11,219,114		$	11,023,795
Leverage ratio	9.55		%	9.55		%	8.98		%	9.49		%	9.58		%	9.55		%	9.58		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	14.29		%	14.11		%	13.99		%	14.47		%	15.49		%	14.29		%	15.49		%
Ending tangible shareholders' equity to ending tangible assets	8.47		%	8.25		%	8.09		%	8.25		%	9.07		%	8.47		%	9.07		%
Average shareholders' equity to average assets	14.07		%	14.08		%	13.91		%	15.21		%	15.53		%	14.30		%	15.30		%
Average tangible shareholders' equity to average tangible assets	8.26		%	8.18		%	7.94		%	8.79		%	9.07		%	8.28		%	9.16		%
REPURCHASE PROGRAM (1)
Shares repurchased	0			0			0			880,000			1,609,778			880,000			2,753,272
Average share repurchase price	N/A			N/A			N/A			$	18.96		$	24.13		$	18.96		$	24.05
Total cost of shares repurchased	N/A			N/A			N/A			$	16,686		$	38,846		$	16,686		$	66,218
(1) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

11

EX-99.2

® Earnings Presentation Fourth Quarter 2020 Exhibit 99.2

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

Forward Looking Statement 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, 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.

4Q 2020 Results 121st Consecutive Quarter of Profitability 4 EOP assets increased $47.5 million compared to the linked quarter to $16.0 billion EOP loans decreased $299.8 million compared to the linked quarter to $9.9 billion Average deposits increased $362.2 million compared to the linked quarter to $11.9 billion EOP investment securities increased $448.1 million compared to the linked quarter Balance Sheet Profitability Asset Quality Income Statement Capital Noninterest income = $61.5 million Noninterest expense = $114.8 million; $94.6 million as adjusted Efficiency ratio = 63.78%. Adjusted1 efficiency ratio = 56.78% Effective tax rate of 10.0%. Adjusted1 effective tax rate of 17.9% Net interest income = $118.5 million Net interest margin of 3.45% on a GAAP basis; 3.49% on a fully tax equivalent basis1 Net income = $48.3 million or $0.49 per diluted share. Adjusted1 net income = $49.7 million or $0.51 per diluted share2 Return on average assets = 1.20%. Adjusted1 return on average assets = 1.23% Return on average shareholders’ equity = 8.52%. Adjusted1 return on average shareholders’ equity = 8.76% Return on average tangible common equity = 15.50%1. Adjusted1 return on average tangible common equity = 15.94% Provision expense = $11.5 million. Net charge-offs = $6.6 million. NCOs / Avg. Loans = 0.26% annualized Nonperforming Loans / Total Loans = 0.89%. Nonperforming Assets / Total Assets = 0.56% ACL / Nonaccrual Loans = 217.55%. Classified Assets / Total Assets = 0.89% ACL / Total loans = 1.77%; 1.89% of loans excluding PPP Total capital ratio = 15.55% Tier 1 common equity ratio = 11.82% Tangible common equity ratio = 8.47%; 8.83% excluding PPP loans Tangible book value per share = $12.93 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 27 for Adjusted Earnings detail. 1

4Q 2020 Highlights Quarterly earnings bolstered by strong fee income; negatively impacted by provision expense Adjusted1 earnings per share - $0.51 Adjusted1 return on assets – 1.23% Adjusted1 pre-tax, pre-provision return on assets – 1.79% Adjusted1 return on average tangible common equity – 15.94% Loan balances flat, excluding PPP; strong core deposit growth Loan balances decreased $299.8 million compared to the linked quarter; PPP loan balances declined $291.5 million Average transactional deposit balances grew $533.8 million compared to the linked quarter; 22.2% on an annualized basis Noninterest bearing deposits were 30.8% of total deposits at December 31, 2020 Net interest margin (FTE) improved on a linked quarter basis 13 bp increase driven by higher loan fees and disciplined funding management Strong fee income Adjusted1 noninterest income of $48.1 million; Adjusted for $13.4 million of gains recognized on class B Visa stock Mortgage banking revenue remained elevated at $13.1 million, despite decline from record third quarter Record foreign exchange income of $12.3 million, representing a 16.9% increase from previous quarter Core expenses declined $0.7 million from the linked quarter, driven by decline in incentive compensation Adjusted1 noninterest expense of $94.6 million; Adjusted1 for $7.3 million of debt extinguishment costs, $5.0 million contribution to First Financial Foundation, $5.1 million tax credit investment write-down, $2.9 million of COVID-19 related expenses and other non-recurring costs Efficiency ratio of 63.8%; 56.8% as adjusted1 Allowance for credit loss (ACL) and provision expense reflects COVID-19 impact on expected lifetime losses Adopted CECL as of January 1 Loans and leases - ACL of $175.7 million; 1.77% of total loans, 1.89% excluding PPP; $13.8 million provision expense Unfunded Commitments - ACL of $12.5 million; $2.3 million provision recapture Effective tax rate of 10% positively impacted by recognition of tax credit investment; 17.9% as adjusted1 Strong Capital ratios and Liquidity Total capital of 15.55%; Tier 1 common equity of 11.82%; Tangible common equity of 8.47% Tangible book value increased by $0.37 to $12.93 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 1

Adjusted Net Income1 6 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 As Reported Adjusted Net interest income 118,473$ 118,473$ 112,180$ 112,180$ Provision for credit losses-loans and leases 13,758$ 13,758$ 15,299$ 15,299$ Provision for credit losses-unfunded commitments (2,250)$ (2,250)$ (1,925)$ (1,925)$ Noninterest income 61,515$ 61,515$ 49,499$ 49,499$ less: gains (losses) on investment securities - 196 A - 20 A - 13,397 A - - less: other - (157) A - Total noninterest income 61,515$ 48,079$ 49,499$ 49,479$ Noninterest expense 114,798$ 114,798$ 97,511$ 97,511$ less: severance and merger-related expenses - 29 A - 95 A less: tax credit investment - 5,071 A - - less: contribution to First Financial Foundation - 5,000 A - - less: debt extinguishment 7,257 A - less: COVID-19 and other - 2,877 A - 2,126 A Total noninterest expense 114,798$ 94,564$ 97,511$ 95,290$ Income before income taxes 53,682$ 60,480$ 50,794$ 52,995$ Income tax expense 5,370$ 5,370$ 9,317$ 9,317$ plus: after-tax impact of tax credit investment @ 21% - 4,005 - - plus: tax effect of adjustments (A) @ 21% statutory rate - 1,428 - 462 Total income tax expense 5,370$ 10,803$ 9,317$ 9,779$ Net income 48,312$ 49,677$ 41,477$ 43,216$ Net earnings per share - diluted 0.49$ 0.51$ 0.42$ 0.44$ Pre-tax, pre-provision return on average assets 1.62% 1.79% 1.61% 1.67% 4Q 2020 3Q 2020 less: gains from the redemption of Visa B shares

Profitability 7 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 $0.49 $0.42$0.38 $0.29 $0.49 $0.51  $0.44  $0.40  $0.31  $0.52  4Q203Q202Q201Q204Q19 Diluted EPS Adjusted EPS 1 1.20% 1.04%0.96% 0.79% 1.34% 1.23% 1.09% 1.00% 0.85% 1.41% 4Q203Q202Q201Q204Q19 ROA Adjusted ROA 1 15.50% 13.61%12.90% 9.71% 15.84% 15.94% 14.18%13.47% 10.41% 16.73% 4Q203Q202Q201Q204Q19 ROATCE Adjusted ROATCE 1 59.8% 59.9% 57.5% 60.3% 63.8% 56.4% 58.2% 56.1% 58.9% 56.8% 4Q19 1Q20 2Q20 3Q20 4Q20 Efficiency Ratio Adjusted Efficiency Ratio 1

Net Interest Income & Margin 8 Net Interest Margin (FTE) 4Q20 NIM (FTE) Progression Net Interest Income All dollars shown in millions 1 Includes impact of PPP $5.5$3.8$3.3 $3.1$4.5 $3.9$5.4$5.8 $4.9 $6.7 $12.5 $6.2$4.5 $118.5 $112.2$111.6 $114.3 $118.9 4Q203Q202Q201Q204Q19 Loan Fees Loan Accretion PPP Interest/Fees 3Q20 3.36% Asset Mix -0.05% Purchase Accounting -0.04% Loan fees 0.04% PPP fees 0.19% Other -0.01% 4Q20 3.49% 2.91%2.97% 3.09% 3.51%3.54% 0.15%0.11% 0.10% 0.10%0.14% 0.31% 0.12% 0.08% 0.12% 0.16% 0.17% 0.16% 0.21% 3.49% 3.36% 3.44% 3.77% 3.89% 4Q203Q202Q201Q204Q19 Basic Margin (FTE) Loan Fees PPP Fees Purchase Accounting

Average Balance Sheet 9 Average Loans Average Securities Average Deposits All dollars shown in millions 1 Includes loans fees and purchase accounting accretion $10,128$10,253$10,002$9,221$9,149 4.18%4.00% 4.25% 5.04%5.33% 4Q203Q202Q201Q204Q19 Gross Loans Loan Yield (Gross)1 $11,925$11,563$11,731$10,234$10,222 0.20% 0.27% 0.40% 0.64%0.74% 4Q203Q202Q201Q204Q19 Total Deposits Cost of Deposits $3,404$3,163$3,164$3,116$3,103 2.71% 2.86%2.97%3.04% 3.16% 4Q203Q202Q201Q204Q19 Average Investment Securities Investment Securities Yield

Loan Portfolio 10 Loan LOB Mix (EOP) Net Loan Change-LOB (Linked Quarter) 1 Net of unearned fees of $13.7 million All dollars shown in millions Total growth/(decline):    ($299.8) million $91.2 $26.4 ‐$25.0 ‐$11.9 ‐$25.9 ‐$24.5 ‐$27.9 ‐$291.5 ‐$10.7 ICRE Commercial Small Business Banking Consumer Mortgage Oak Street Franchise PPP Other ICRE $3,666  37% Commercial $1,687  17% Small Business  Banking $973  10% Consumer $835  8% Mortgage $1,074  11% Oak Street $584  6% Franchise $424  4% PPP $595  6% Other $63  1% Total $9.9 Billion 1

Deposits 11 Deposit Product Mix (Avg) 4Q20 Average Deposit Progression All dollars shown in millions Total growth/(decline):    $362.2 million $48.9 $172.8 $44.6 $104.6 ‐$95.9 ‐$69.0 $156.2 Interest‐bearing demand Noninterest‐bearing Savings Money Markets Retail CDs Brokered CDs Public Funds Interest‐bearing  demand $1,660  14% Noninterest‐ bearing $3,516  29% Savings $1,083  9% Money Markets $2,091  18% Retail CDs $1,138  10% Brokered CDs $614  5% Public Funds $1,823  15% Total $11.9 billion                                    

Noninterest Income 12 Noninterest Income 4Q20 Highlights All dollars shown in thousands Total fee income 34.2% of net revenue $13.1 million of mortgage origination income $13.4 million gain on Visa B shares $12.3 million of foreign exchange income; 16.9% increase from prior quarter Service charges increased $0.3 million, or 4.1%, to $7.7 million Trust and wealth management fees increased 6.2% to $4.1 million Service Charges $7,654  12% Wealth Mgmt $4,093  7% Bankcard $3,060  5% Client derivatives $2,021  3% Foreign exchange  income $12,305  20% Mortgage  origination  income $13,089  21% Gain on Visa B  shares $13,397  22% Other  $5,896  10% Total $61.5 million

Noninterest Expense 13 Noninterest Expense 4Q20 Highlights All dollars shown in thousands Core expenses declined $0.7 million from the linked quarter, driven by decline in incentive compensation $7.3 million of debt extinguishment costs $5.1 million tax credit investment write-down $5.0 million contribution to First Financial Foundation $2.9 million related to COVID-19 and other non-recurring expenses such as merger related and branch consolidation costs Salaries and  benefits $62,263  54% Occupancy and  equipment $9,755  9% Data processing $7,269  6% Professional  services $3,038  3% Intangible  amortization $2,764  2% Other $29,709  26% Total $114.8 million

Current Expected Credit Losses - Loans and Leases 14 ACL / Total Loans 4Q20 Highlights All dollars shown in thousands $175.7 million, or 1.77% of loan balances; 1.89% excluding PPP $13.8 million provision expense driven by expected economic impact of COVID-19, partially offset by improving economic conditions Utilized final December Moody’s baseline forecast in quantitative model $12.5 million ACL – unfunded commitments; $2.3 million provision recapture for this portion of the ACL due to improving economic conditions 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. ACL by Loan Type Adoption Impact $119.2 million, an increase of $61.5 million from 12/31/19 Day 1 increase driven by acquired loans and life of loan expectations compared to the incurred loss model $175.7$168.5 $158.7 $143.9 $119.2 $57.7 1.77% 1.65%1.56%1.55% 1.29% 0.63% 4Q203Q202Q201Q201/1/20204Q19 Allowance for Credit Losses ACL / Total Loans 1 1111 12/31/2019 1/1/2020 3/31/2020 6/30/2020 9/30/2020 12/31/2020 Loans Commercial and industrial 18,584$       28,485$       45,409$       50,421$       50,516$       51,454$       Lease financing 971              1,089           1,494           1,431           1,287           995              Real estate ‐construction 2,381           13,960         13,511         15,357         18,970         21,736         Real estate ‐ commercial 23,579         47,697         53,155         62,340         72,207         76,795         Real estate ‐ residential 5,299           10,789         11,284         10,581         9,286           8,560           Home equity 4,787           13,217         14,827         14,236         12,530         11,869         Installment  392              1,193           1,238           1,226           1,237           1,215           Credit card 1,657           2,726           2,967           3,069           2,511           3,055           ACL‐loan and lease losses 1 57,650$       119,155$     143,885$     158,661$     168,544$     175,679$         ACL‐unfunded commitments 1 585$            12,740$       14,308$       16,678$       14,753$       12,503$      

Asset Quality 15 Nonperforming Assets / Total AssetsClassified Assets / Total Assets Net Charge Offs & Provision Expense2 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 Provision includes both loans & leases and unfunded commitments All dollars shown in millions 1 $142.0$134.0 $125.5$124.5 $89.3 0.89% 0.84%0.79%0.83% 0.62% 4Q203Q202Q201Q204Q19 Classified Assets Classified Assets / Total Assets $89.1$87.3 $78.1 $72.2 $61.6 0.56%0.55%0.49%0.48%0.42% 4Q203Q202Q201Q204Q19 NPAs NPAs / Total Assets $3.5 ‐$0.9 $3.1 $5.4 $6.6 $4.8 $25.4 $20.2 $13.4 $11.5 0.26% 0.21% 0.12% ‐0.04% 0.15% 4Q19 1Q20 2Q20 3Q20 4Q20 NCOs Provision Expense NCOs / Average Loans 1 1 1 2020 NCOs = $14.3 million or  0.14% of avg. loans 1

Capital 16 Tier 1 Common Equity Ratio Total Capital Ratio Tangible Common Equity Ratio 12/31 Risk Weighted Assets = $11,219,114 1 Decline related to adoption of CECL during the quarter 2 Increased 165 basis points due to sub-debt issuance in beginning of second quarter All capital numbers are considered preliminary. Tier 1 Capital Ratio 2 8.47% 8.25%8.09%8.25% 9.07% 4Q203Q202Q201Q204Q19 Tangible Common Equity Ratio 11.82%11.63%11.49%11.27%11.30% 7.00% 4Q203Q202Q201Q204Q19 Tier 1 Common Equity Ratio Basel III minimum 12.20%12.02%11.87%11.66%11.69% 8.50% 4Q203Q202Q201Q204Q19 Tier 1 Capital Ratio Basel III minimum 15.55%15.37%15.19% 13.54%13.39% 10.50% 4Q203Q202Q201Q204Q19 Total Capital Ratio Basel III minimum 2 1

Capital Strategy 17 Strategy & DeploymentTangible Book Value Per Share 5.2% annualized dividend yield November 2020 stress testing indicates capital ratios above regulatory minimums in all modeled scenarios Dividend payout ratio to remain elevated in near-term, but is subject to change based on economic conditions and the Company’s financial performance No shares repurchased in fourth quarter; new share buyback plan authorized 1 1 Decline related to adoption of CECL during the quarter $12.93  $12.56  $12.26  $11.82  $12.42  4Q203Q202Q201Q204Q19 Tangible Book Value per Share 1

® COVID – 19 Related Information

Loan Concentrations 19 C&I Loans by Industry 1 CRE Loans by Collateral 2 1 Industry types included in Other representing greater than 1% of total C&I loans include Agriculture, Transportation & Warehousing, Public Administration, Arts & Recreation, Waste Management, Educational Services, and Management of Companies & Enterprises. Includes owner- occupied CRE. 2 Collateral types included in Other representing greater than 1% of total CRE loans include Warehouse, Medical Office, Student Housing, Real Estate IUB Other, and Vacant Land Not Held for Development. Finance &  Insurance 16% Manufacturing 15% Accommodation  & Food Services 12% Real Estate 11% Health Care 7% Construction 6% Professional &  Tech 5% Other Services 5% Retail Trade 5%Wholesale Trade 4% Other 14% C&I Loans: $4.0B Residential, Multi  Family 5+ 24% Retail 16% Office 14% Hotel/Motel 11% Strip Center 6% Nursing/Assisted  Living 5% Residential, 1‐4  Family 3% Industrial Facility 3% Restaurant 3% Other 15% CRE Loans: $3.9B

CARES Act Modifications as of 12/31/20 $29 million of full principal and interest deferrals $291 million of loan modifications making interest only payments $320 million of total active modifications $186 million, or 58% of total deferrals are hotel loans No material credit issues among loans that have exited deferral 20 All dollars shown in millions Active deferrals by round Active modifications by payment type Round 1 $18  6% Round 2 $55  17% Round 3 $247  77% Active modifications by category Hotel $186  58% Other $90  28% Franchise $44  14% Full Payment  deferral $29  9% Interest Only  Payments $291  91%

Area of Focus - Hotel Portfolio $433 million balance represents 5% of the total loan portfolio $186 million, or 43% of total hotel loans, making interest only payments as of 12/31/20 The overall health of the hotel portfolio was strong Pre-COVID with an average DSC of 1.58x. Limited deterioration in average LTV reflected in updated appraisals received 78% of the overall hotel portfolio is located within footprint, concentrated in Midwest Metro markets Overall, we have little exposure to large convention center hotels or fly-to-leisure destinations 21 All dollars shown in millions Hotels by Flag Hotels by Geography $337  78% $96  22% Footprint Out of Footprint $142  33% $154  35% $64  15% $34  8% $39  9% Marriott Hilton IHG Choice Other

Area of Focus - Franchise Portfolio $424 million in balances or 4% of total loans Drive thru and delivery are demonstrating strong performance while a portion of our sit- down book, particularly buffet style, has encountered pandemic related headwinds $44 million, or 10% of total franchise loans are in deferral as of 12/31/2020; all in sit down concepts $23 million, or 53% are making interest only payments $21 million, or 47% are full payment deferrals 22 Top 10 Concepts Sit-down ConceptsRestaurant Type All dollars shown in millions 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0 $20 $40 $60 $80 $100 $120 %  o f   Po rt fo lio Ba la nc es   Balances % of Portfolio Delivery $109  26% Drive Thru $195  46% Sit Down $120  28% $0 $5 $10 $15 $20 $25 $30 $35 $40 Denny's Golden Corral IHOP five guys Jersey Mike's Subway QDOBA Other B al an ce s Deferral Making full payments

Outlook Commentary1 Loan balances expected to remain flat in near term, excluding impact of PPP, with mid single digit growth for the year Deposit balances expected to increase further with additional stimulus activity 23 Expected to be approximately $88 - $92 million, but will fluctuate with fee income Continue to evaluate our distribution channel for opportunities to become more efficient Noninterest Expense Net Interest Margin Balance Sheet Credit Provision expense expected to moderately decline No further reserve build anticipated Noninterest income Continued strong mortgage originations, with seasonal declines in volume and lower premiums expected in 1Q Foreign exchange income expected to remain strong, but return to trend after record 4Q Deposit service charges expected to continue upward trend after a seasonal low in 1Q 1 See Forward Looking Statement Disclosure on page 2-3 of this presentation for a discussion of factors that could affect management’s expectations and results in future periods. Will be positively impacted by PPP forgiveness fees over first half of 2021 Margin expected to remain relatively stable, excluding loan fee volatility and purchase accounting Capital Board of Directors authorized 5,000,000 share repurchase program Share repurchases expected to resume in 1Q21

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 24 Appendix: Non-GAAP Measures

Appendix: Non-GAAP to GAAP Reconciliation 25 All dollars shown in thousands Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019 Net interest income 118,473$ 112,180$ 111,576$ 114,282$ 118,902$ Tax equivalent adjustment 1,613 1,628 1,664 1,624 1,630 Net interest income - tax equivalent 120,086$ 113,808$ 113,240$ 115,906$ 120,532$ Average earning assets 13,675,604$ 13,456,501$ 13,258,612$ 12,375,698$ 12,288,761$ Net interest margin1 3.45 % 3.32 % 3.38 % 3.71 % 3.84 % Net interest margin (fully tax equivalent)1 3.49 % 3.36 % 3.44 % 3.77 % 3.89 % 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 26 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) 2020 2020 2020 2020 2019 Net income (a) 48,312$ 41,477$ 37,393$ 28,628$ 48,677$ Average total shareholders' equity 2,256,062 2,230,422 2,185,865 2,209,733 2,245,107 Less: Goodwill (937,771) (937,771) (937,771) (937,771) (937,710) Other intangibles (66,195) (69,169) (72,086) (75,014) (78,190) MSR's (12,186) (11,274) (10,254) (10,608) (10,367) Average tangible equity (b) 1,239,910 1,212,208 1,165,754 1,186,340 1,218,840 Total shareholders' equity 2,282,070 2,247,815 2,221,019 2,179,383 2,247,705 Less: Goodwill (937,771) (937,771) (937,771) (937,771) (937,771) Other intangibles (64,552) (67,419) (70,325) (73,258) (76,201) MSR's (12,810) (12,011) (11,250) (10,278) (10,650) Ending tangible equity (c) 1,266,937 1,230,614 1,201,673 1,158,076 1,223,083 Total assets 15,973,134 15,925,647 15,870,890 15,057,567 14,511,625 Less: Goodwill (937,771) (937,771) (937,771) (937,771) (937,771) Other intangibles (64,552) (67,419) (70,325) (73,258) (76,201) MSR's (12,810) (12,011) (11,250) (10,278) (10,650) Ending tangible assets (d) 14,958,001 14,908,446 14,851,544 14,036,260 13,487,003 Risk-weighted assets (e) 11,219,114 11,119,560 11,034,570 11,027,347 11,023,795 Total average assets 16,030,986 15,842,010 15,710,204 14,524,422 14,460,288 Less: Goodwill (937,771) (937,771) (937,771) (937,771) (937,710) Other intangibles (66,195) (69,169) (72,086) (75,014) (78,190) MSR's (12,186) (11,274) (10,254) (10,608) (10,367) Average tangible assets (f) 15,014,834$ 14,823,796$ 14,690,093$ 13,501,029$ 13,434,021$ Ending shares outstanding (g) 98,021,929 97,999,763 98,018,858 97,968,958 98,490,998 Ratios Return on average tangible shareholders' equity (a)/(b) 15.50% 13.61% 12.90% 9.71% 15.84% Ending tangible equity as a percent of: Ending tangible assets (c)/(d) 8.47% 8.25% 8.09% 8.25% 9.07% Risk-weighted assets (c)/(e) 11.29% 11.07% 10.89% 10.50% 11.09% Average tangible equity as a percent of average tangible assets (b)/(f) 8.26% 8.18% 7.94% 8.79% 9.07% Tangible book value per share (c)/(g) 12.93$ 12.56$ 12.26$ 11.82$ 12.42$ Three months ended

Appendix: Non-GAAP to GAAP Reconciliation 27 Additional non-GAAP measures 4Q19 As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted As Reported Adjusted Net interest income (f) 118,473$ 118,473$ 112,180$ 112,180$ 111,576$ 111,576$ 114,282$ 114,282$ 118,902$ 118,902$ Provision for credit losses-loans and leases (j) 13,758 13,758 15,299 15,299 17,859 17,859 23,880 23,880 4,629 4,629 Provision for credit losses-unfunded commitments (j) (2,250) (2,250) (1,925) (1,925) 2,370 2,370 1,568 1,568 177 177 Noninterest income 61,515 61,515 49,499 49,499 42,725 42,725 35,384 35,384 36,768 36,768 less: gains (losses) on sale of investment securities 196 20 128 (157) (56) less: gains from the redemption of Visa B shares 13,397 less: other (157) Total noninterest income (g) 61,515 48,079 49,499 49,479 42,725 42,597 35,384 35,541 36,768 36,824 Noninterest expense 114,798 114,798 97,511 97,511 88,689 88,689 89,666 89,666 92,887 92,887 less: severance and merger-related expenses 29 95 35 329 693 less: tax credit investments 5,071 2,862 less: contribution to First Financial Foundation 5,000 less: debt extinguishment 7,257 less: COVID-19 and other 2,877 2,126 2,167 2,150 1,740 Total noninterest expense (e) 114,798 94,564 97,511 95,290 88,689 86,487 89,666 87,187 92,887 87,592 Income before income taxes (i) 53,682 60,480 50,794 52,995 45,383 47,457 34,552 37,188 57,977 63,328 Income tax expense 5,370 5,370 9,317 9,317 7,990 7,990 5,924 5,924 9,300 9,300 plus: tax effect of adjustments 1,428 462 436 554 377 plus: after-tax impact of tax credit investments @ 21% 4,005 2,261 Total income tax expense (h) 5,370 10,803 9,317 9,779 7,990 8,426 5,924 6,478 9,300 11,938 Net income (a) 48,312$ 49,677$ 41,477$ 43,216$ 37,393$ 39,031$ 28,628$ 30,710$ 48,677$ 51,390$ Average diluted shares (b) 98,021 98,021 98,009 98,009 97,989 97,989 98,356 98,356 99,232 99,232 Average assets (c) 16,030,986 16,030,986 15,842,010 15,842,010 15,710,204 15,710,204 14,524,422 14,524,422 14,460,288 14,460,288 Average shareholders' equity 2,256,062 2,256,062 2,230,422 2,230,422 2,185,865 2,185,865 2,209,733 2,209,733 2,245,107 2,245,107 Less: Goodw ill and other intangibles (1,016,152) (1,016,152) (1,018,214) (1,018,214) (1,020,111) (1,020,111) (1,023,393) (1,023,393) (1,026,267) (1,026,267) Average tangible equity (d) 1,239,910 1,239,910 1,212,208 1,212,208 1,165,754 1,165,754 1,186,340 1,186,340 1,218,840 1,218,840 Ratios Net earnings per share - diluted (a)/(b) 0.49$ 0.51$ 0.42$ 0.44$ 0.38$ 0.40$ 0.29$ 0.31$ 0.49$ 0.52$ Return on average assets - (a)/(c) 1.20% 1.23% 1.04% 1.09% 0.96% 1.00% 0.79% 0.85% 1.34% 1.41% Pre-tax, pre-provision return on average assets - ((a)+(j)+(h))/(c) 1.62% 1.79% 1.61% 1.67% 1.68% 1.73% 1.66% 1.73% 1.72% 1.86% Return on average tangible shareholders' equity - (a)/(d) 15.50% 15.94% 13.61% 14.18% 12.90% 13.47% 9.71% 10.41% 15.84% 16.73% Efficiency ratio - (e)/((f)+(g)) 63.8% 56.8% 60.3% 58.9% 57.5% 56.1% 59.9% 58.2% 59.7% 56.2% Effective tax rate - (h)/(i) 10.0% 17.9% 18.3% 18.5% 17.6% 17.8% 17.1% 17.4% 16.0% 18.9% (Dollars in thousands, except per share data) 4Q20 3Q20 2Q20 1Q20

® First Financial Bancorp First Financial Center 225 East Fifth Street Cincinnati, OH 45202

XML

Document and Entity Information Document	Jan. 28, 2021
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 28, 2021
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