Exhibit 99.1

First Financial Bancorp Announces Third Quarter 2022 Financial Results

•Earnings per diluted share of $0.59; $0.61 on an adjusted(1) basis

•Return on average assets of 1.35%; 1.40% on an adjusted(1) basis

•Net interest margin on FTE basis(1) of 3.98%; 53 bp increase from linked quarter

•Loan growth of $377.0 million; 15.9% on an annualized basis

•Strong credit quality with declines in net charge-offs, classified and nonperforming assets from the linked quarter

Cincinnati, Ohio - October 20, 2022. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three and nine months ended September 30, 2022.

For the three months ended September 30, 2022, the Company reported net income of $55.7 million, or $0.59 per diluted common share. These results compare to net income of $51.5 million, or $0.55 per diluted common share, for the second quarter of 2022. For the nine months ended September 30, 2022, First Financial had earnings per diluted share of $1.57 compared to $1.64 for the same period in 2021.

Return on average assets for the third quarter of 2022 was 1.35% while return on average tangible common equity was 22.29%(1). These compare to return on average assets of 1.28% and return on average tangible common equity of 20.68%(1) in the second quarter of 2022.

Third quarter 2022 highlights include:

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

◦Loan balances increased $377.0 million compared to the second quarter

◦Growth of 15.9% on an annualized basis

◦Broad based portfolio growth

•Net interest margin of 3.93%, or 3.98% on a fully tax-equivalent basis(1), exceeded expectations

◦53 bp increase to 3.98% from 3.45% in the second quarter due to higher asset yields resulting from higher interest rates

◦89 bp increase in loan yields offset 11 basis point increase in cost of deposits

•Noninterest income of $42.5 million, or $43.4 million as adjusted(1)

◦Foreign exchange income of $11.8 million exceeded expectations; 12.8% decline from record second quarter

◦Leasing business income of $7.1 million; consistent with second quarter

◦Wealth management fees remained strong at $5.5 million

◦Mortgage banking revenue decreased $1.5 million; 28.8% decrease from the linked quarter

◦Other noninterest income decreased $1.4 million in current quarter due to elevated income from investments in limited partnerships in second quarter

◦Adjusted(1) for $0.9 million loss on investment securities

________________________________________________________________________________________

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

(2) The consolidated balance sheets at September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021 include assets acquired and liabilities assumed in the Summit Financial transaction. The fair value measurements of assets acquired and liabilities assumed are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available.

•Noninterest expenses of $125.1 million, or $106.1 million as adjusted(1)

◦Adjustments(1) include $17.2 million tax credit investment writedown and $1.4 million of severance costs

◦Increase driven by elevated incentive costs tied to Company performance and higher leasing business expenses during the period

◦Efficiency ratio of 69.3%; 58.5% as adjusted(1)

•Total Allowance for Credit Losses of $141.1 million; Total quarterly provision expense of $8.3 million

◦Loans and leases - ACL of $124.1 million, 1.27% of total loans

◦Unfunded Commitments - ACL of $17.0 million

◦Provision expense driven by loan growth and slower prepayment speeds

◦Net charge-offs declined slightly to 7 bps of average loans and leases

•Regulatory capital ratios remain in excess of internal targets

◦Total capital ratio of 13.73%

◦Tier 1 common equity decreased 9 bps to 10.82%

◦Tangible common equity of 5.79%(1); 8.07%(1) excluding impact from AOCI

◦Tangible book value per share of $9.48(1)

Archie Brown, President and CEO, commented on the quarter, “We are very excited about our third quarter performance. Adjusted earnings per share increased approximately 9% from the second quarter due to record revenue, which was driven by an 18% increase in net interest income. Recent rate increases continued to positively impact our asset sensitive balance sheet as our net interest margin accelerated by 53 basis points.”

Mr. Brown continued, “Credit trends remained stable across the portfolio with slight reductions in non-performing loan and net charge off ratios. Even with these improvements, our loan loss reserve grew modestly to account for loan growth and the intermediate economic outlook.”

Mr. Brown commented on loan growth, “We were very pleased with loan growth in the third quarter. Loan balances increased by $377 million or 15.9% on an annualized basis, which was driven by increases in C&I, Consumer and Residential Mortgage. Given our expectations for the economy in the near-term and moderating loan pipelines, we expect loan growth to ease in the coming months.”

Mr. Brown continued, “Non-interest income was once again negatively impacted by rising rates and changes made to our overdraft program. We also experienced an expected decline in foreign exchange income from a record second quarter and mortgage activity suffered from softening demand. While we expect headwinds in the fourth quarter, we anticipate that fee income will increase modestly to close the year.”

Mr. Brown concluded, "Our third quarter performance was strong and we are optimistic we can sustain this momentum over the remainder of 2022 and into the new year. Our balance sheet is well positioned for rising rates. In addition, with a loan to deposit ratio under 80%, strong liquidity and positive credit trends, we believe we are well situated to manage a potential economic downturn.”

Full detail of the Company’s third quarter 2022 performance is provided in the accompanying financial statements and slide presentation.

Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Friday, October 21, 2022 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (844) 200-6205 (U.S. toll free), (646) 904-5544 (U.S. local) or +1 (929) 526-1599 (International), access code 202818. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (866) 813-9403 (U.S. toll free), (929) 458-6194 (U.S. local) and +44 204 525-0658 (all other locations), access code 986167. The recording will be available until November 4, 2022. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

Press Release and Additional Information on Website

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

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

•the effect of changes in accounting policies and practices;

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

•changes in customers’ performance and creditworthiness;

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

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

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

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

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

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

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

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

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

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

Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2021, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. 

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of September 30, 2022, the Company had $16.6 billion in assets, $9.8 billion in loans, $12.3 billion in deposits and $2.0 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 September 30, 2022. The Company operated 134 full service banking centers as of September 30, 2022, primarily in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/AnalystsMedia

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Marketing Communications Manager

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

InvestorRelations@bankatfirst.commedia@bankatfirst.com

Selected Financial Information

September 30, 2022

(unaudited)

Contents	Page
Consolidated Financial Highlights	2
Consolidated Quarterly Statements of Income	3
Consolidated Quarterly Statements of Income	4-5
Consolidated Statements of Condition	6
Average Consolidated Statements of Condition	7
Net Interest Margin Rate / Volume Analysis	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,															Nine months ended,
	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,
	2022			2022			2022			2021			2021			2022			2021
RESULTS OF OPERATIONS
Net income	$	55,705		$	51,520		$	41,301		$	46,945		$	60,012		$	148,526		$	158,215
Net earnings per share - basic	$	0.60		$	0.55		$	0.44		$	0.51		$	0.64		$	1.59		$	1.65
Net earnings per share - diluted	$	0.59		$	0.55		$	0.44		$	0.50		$	0.63		$	1.57		$	1.64
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.23		$	0.69		$	0.69
KEY FINANCIAL RATIOS
Return on average assets	1.35		%	1.28		%	1.03		%	1.16		%	1.49		%	1.22		%	1.32		%
Return on average shareholders' equity	10.58		%	9.84		%	7.53		%	8.31		%	10.53		%	9.29		%	9.34		%
Return on average tangible shareholders' equity (1)	22.29		%	20.68		%	14.93		%	15.11		%	19.03		%	19.14		%	16.87		%
Net interest margin	3.93		%	3.41		%	3.11		%	3.19		%	3.28		%	3.49		%	3.30		%
Net interest margin (fully tax equivalent) (1)(2)	3.98		%	3.45		%	3.16		%	3.23		%	3.32		%	3.53		%	3.34		%
Ending shareholders' equity as a percent of ending assets	12.00		%	12.74		%	13.35		%	13.83		%	14.01		%	12.00		%	14.01		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	5.79		%	6.40		%	6.95		%	7.58		%	8.21		%	5.79		%	8.21		%
Risk-weighted assets (1)	7.21		%	8.09		%	8.85		%	9.91		%	10.76		%	7.21		%	10.76		%
Average shareholders' equity as a percent of average assets	12.75		%	12.97		%	13.75		%	13.98		%	14.14		%	13.15		%	14.09		%
Average tangible shareholders' equity as a percent of
average tangible assets (1)	6.49		%	6.62		%	7.44		%	8.20		%	8.35		%	6.85		%	8.32		%
Book value per share	$	21.03		$	21.90		$	22.63		$	23.99		$	23.85		$	21.03		$	23.85
Tangible book value per share (1)	$	9.48		$	10.27		$	10.97		$	12.26		$	13.09		$	9.48		$	13.09
Common equity tier 1 ratio (3)	10.82		%	10.91		%	10.87		%	10.85		%	11.55		%	10.82		%	11.55		%
Tier 1 ratio (3)	11.17		%	11.28		%	11.24		%	11.22		%	11.92		%	11.17		%	11.92		%
Total capital ratio (3)	13.73		%	13.94		%	13.97		%	14.11		%	14.97		%	13.73		%	14.97		%
Leverage ratio (3)	8.88		%	8.76		%	8.64		%	8.70		%	9.05		%	8.88		%	9.05		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)	$	9,597,197		$	9,367,820		$	9,266,774		$	9,283,227		$	9,502,750		$	9,411,807		$	9,760,545
Investment securities	4,003,472			4,118,287			4,308,059			4,343,513			4,189,253			4,142,157			4,035,639
Interest-bearing deposits with other banks	317,146			294,136			273,763			166,904			32,400			295,174			41,582
Total earning assets	$	13,917,815		$	13,780,243		$	13,848,596		$	13,793,644		$	13,724,403		$	13,849,138		$	13,837,766
Total assets	$	16,385,989		$	16,185,978		$	16,184,919		$	16,036,417		$	15,995,808		$	16,253,031		$	16,084,472
Noninterest-bearing deposits	$	4,176,242		$	4,224,842		$	4,160,175		$	4,191,457		$	3,981,404		$	4,187,145		$	3,942,210
Interest-bearing deposits	8,194,781			8,312,876			8,623,800			8,693,792			8,685,949			8,375,581			8,642,339
Total deposits	$	12,371,023		$	12,537,718		$	12,783,975		$	12,885,249		$	12,667,353		$	12,562,726		$	12,584,549
Borrowings	$	1,406,718		$	1,079,596		$	721,695		$	396,743		$	562,964		$	1,071,845		$	731,634
Shareholders' equity	$	2,089,179		$	2,099,670		$	2,225,495		$	2,241,820		$	2,261,293		$	2,137,615		$	2,265,868
CREDIT QUALITY RATIOS
Allowance to ending loans	1.27		%	1.25		%	1.34		%	1.42		%	1.59		%	1.27		%	1.59		%
Allowance to nonaccrual loans	339.95		%	302.87		%	273.09		%	272.76		%	225.73		%	339.95		%	225.73		%
Allowance to nonperforming loans	261.11		%	235.08		%	231.98		%	219.96		%	192.35		%	261.11		%	192.35		%
Nonperforming loans to total loans	0.49		%	0.53		%	0.58		%	0.65		%	0.83		%	0.49		%	0.83		%
Nonaccrual loans to total loans	0.37		%	0.41		%	0.49		%	0.52		%	0.70		%	0.37		%	0.70		%
Nonperforming assets to ending loans, plus OREO	0.49		%	0.53		%	0.58		%	0.65		%	0.83		%	0.49		%	0.83		%
Nonperforming assets to total assets	0.29		%	0.31		%	0.33		%	0.37		%	0.49		%	0.29		%	0.49		%
Classified assets to total assets	0.69		%	0.74		%	0.67		%	0.64		%	1.04		%	0.69		%	1.04		%
Net charge-offs to average loans (annualized)	0.07		%	0.08		%	0.10		%	0.32		%	0.10		%	0.08		%	0.24		%

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

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

(3) September 30, 2022 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

2

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three months ended,								Nine months ended,
	Sep. 30,								Sep. 30,
	2022			2021			% Change		2022			2021			% Change
Interest income
Loans and leases, including fees	$	122,170		$	96,428		26.7	%	$	306,443		$	292,853		4.6	%
Investment securities
Taxable	26,331			20,088			31.1	%	72,066			58,219			23.8	%
Tax-exempt	5,014			4,282			17.1	%	14,361			14,196			1.2	%
Total investment securities interest	31,345			24,370			28.6	%	86,427			72,415			19.3	%
Other earning assets	1,597			23			N/M		2,222			76			N/M
Total interest income	155,112			120,821			28.4	%	395,092			365,344			8.1	%
Interest expense
Deposits	6,386			3,320			92.3	%	11,972			11,346			5.5	%
Short-term borrowings	6,158			68			N/M		8,041			188			N/M
Long-term borrowings	4,676			4,023			16.2	%	13,832			12,498			10.7	%
Total interest expense	17,220			7,411			132.4	%	33,845			24,032			40.8	%
Net interest income	137,892			113,410			21.6	%	361,247			341,312			5.8	%
Provision for credit losses-loans and leases	7,898			(8,193)			(196.4)	%	(1,958)			(9,499)			(79.4)	%
Provision for credit losses-unfunded commitments	386			(1,951)			(119.8)	%	3,641			(896)			(506.4)	%
Net interest income after provision for credit losses	129,608			123,554			4.9	%	359,564			351,707			2.2	%
Noninterest income
Service charges on deposit accounts	6,279			8,548			(26.5)	%	21,656			23,231			(6.8)	%
Trust and wealth management fees	5,487			5,896			(6.9)	%	17,858			17,742			0.7	%
Bankcard income	3,484			3,838			(9.2)	%	10,644			10,698			(0.5)	%
Client derivative fees	1,447			2,273			(36.3)	%	3,619			5,624			(35.7)	%
Foreign exchange income	11,752			9,191			27.9	%	35,373			31,985			10.6	%
Leasing business income	7,127			0			100.0	%	20,450			0			100.0	%
Net gains from sales of loans	3,729			8,586			(56.6)	%	12,842			26,529			(51.6)	%
Net gain (loss) on sale of investment securities	(179)			(314)			(43.0)	%	(176)			(745)			(76.4)	%
Net gain (loss) on equity securities	(701)			108			N/M		(1,954)			381			N/M
Other	4,109			4,411			(6.8)	%	13,294			10,401			27.8	%
Total noninterest income	42,534			42,537			0.0	%	133,606			125,846			6.2	%
Noninterest expenses
Salaries and employee benefits	66,808			61,717			8.2	%	195,747			183,754			6.5	%
Net occupancy	5,669			5,571			1.8	%	16,774			16,810			(0.2)	%
Furniture and equipment	3,222			3,318			(2.9)	%	9,990			10,658			(6.3)	%
Data processing	8,497			7,951			6.9	%	25,095			23,102			8.6	%
Marketing	2,523			2,435			3.6	%	6,546			5,831			12.3	%
Communication	657			669			(1.8)	%	1,993			2,253			(11.5)	%
Professional services	2,346			2,199			6.7	%	6,719			5,678			18.3	%
State intangible tax	1,090			1,202			(9.3)	%	3,311			3,605			(8.2)	%
FDIC assessments	1,885			1,466			28.6	%	5,021			4,177			20.2	%
Intangible amortization	2,783			2,479			12.3	%	8,612			7,438			15.8	%
Leasing business expense	5,746			0			100.0	%	14,302			0			100.0	%
Other	23,842			10,051			137.2	%	36,797			27,901			31.9	%
Total noninterest expenses	125,068			99,058			26.3	%	330,907			291,207			13.6	%
Income before income taxes	47,074			67,033			(29.8)	%	162,263			186,346			(12.9)	%
Income tax expense (benefit)	(8,631)			7,021			(222.9)	%	13,737			28,131			(51.2)	%
Net income	$	55,705		$	60,012		(7.2)	%	$	148,526		$	158,215		(6.1)	%
ADDITIONAL DATA
Net earnings per share - basic	$	0.60		$	0.64				$	1.59		$	1.65
Net earnings per share - diluted	$	0.59		$	0.63				$	1.57		$	1.64
Dividends declared per share	$	0.23		$	0.23				$	0.69		$	0.69
Return on average assets	1.35		%	1.49		%			1.22		%	1.32		%
Return on average shareholders' equity	10.58		%	10.53		%			9.29		%	9.34		%
Interest income	$	155,112		$	120,821		28.4	%	$	395,092		$	365,344		8.1	%
Tax equivalent adjustment	1,712			1,434			19.4	%	4,804			4,705			2.1	%
Interest income - tax equivalent	156,824			122,255			28.3	%	399,896			370,049			8.1	%
Interest expense	17,220			7,411			132.4	%	33,845			24,032			40.8	%
Net interest income - tax equivalent	$	139,604		$	114,844		21.6	%	$	366,051		$	346,017		5.8	%
Net interest margin	3.93		%	3.28		%			3.49		%	3.30		%
Net interest margin (fully tax equivalent) (1)	3.98		%	3.32		%			3.53		%	3.34		%
Full-time equivalent employees	2,072			2,026
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

3

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2022
	Third			Second			First			Year to			% Change
	Quarter			Quarter			Quarter			Date			Linked Qtr.
Interest income
Loans and leases, including fees	$	122,170		$	97,091		$	87,182		$	306,443		25.8	%
Investment securities
Taxable	26,331			23,639			22,096			72,066			11.4	%
Tax-exempt	5,014			4,916			4,431			14,361			2.0	%
Total investment securities interest	31,345			28,555			26,527			86,427			9.8	%
Other earning assets	1,597			505			120			2,222			216.2	%
Total interest income	155,112			126,151			113,829			395,092			23.0	%
Interest expense
Deposits	6,386			2,963			2,623			11,972			115.5	%
Short-term borrowings	6,158			1,566			317			8,041			293.2	%
Long-term borrowings	4,676			4,612			4,544			13,832			1.4	%
Total interest expense	17,220			9,141			7,484			33,845			88.4	%
Net interest income	137,892			117,010			106,345			361,247			17.8	%
Provision for credit losses-loans and leases	7,898			(4,267)			(5,589)			(1,958)			(285.1)	%
Provision for credit losses-unfunded commitments	386			3,481			(226)			3,641			(88.9)	%
Net interest income after provision for credit losses	129,608			117,796			112,160			359,564			10.0	%
Noninterest income
Service charges on deposit accounts	6,279			7,648			7,729			21,656			(17.9)	%
Trust and wealth management fees	5,487			6,311			6,060			17,858			(13.1)	%
Bankcard income	3,484			3,823			3,337			10,644			(8.9)	%
Client derivative fees	1,447			1,369			803			3,619			5.7	%
Foreign exchange income	11,752			13,470			10,151			35,373			(12.8)	%
Leasing business income	7,127			7,247			6,076			20,450			(1.7)	%
Net gains from sales of loans	3,729			5,241			3,872			12,842			(28.8)	%
Net gain (loss) on sale of investment securities	(179)			0			3			(176)			(100.0)	%
Net gain (loss) on equity securities	(701)			(1,054)			(199)			(1,954)			(33.5)	%
Other	4,109			5,723			3,462			13,294			(28.2)	%
Total noninterest income	42,534			49,778			41,294			133,606			(14.6)	%
Noninterest expenses
Salaries and employee benefits	66,808			64,992			63,947			195,747			2.8	%
Net occupancy	5,669			5,359			5,746			16,774			5.8	%
Furniture and equipment	3,222			3,201			3,567			9,990			0.7	%
Data processing	8,497			8,334			8,264			25,095			2.0	%
Marketing	2,523			2,323			1,700			6,546			8.6	%
Communication	657			670			666			1,993			(1.9)	%
Professional services	2,346			2,214			2,159			6,719			6.0	%
State intangible tax	1,090			1,090			1,131			3,311			0.0	%
FDIC assessments	1,885			1,677			1,459			5,021			12.4	%
Intangible amortization	2,783			2,915			2,914			8,612			(4.5)	%
Leasing business expense	5,746			4,687			3,869			14,302			22.6	%
Other	23,842			5,572			7,383			36,797			327.9	%
Total noninterest expenses	125,068			103,034			102,805			330,907			21.4	%
Income before income taxes	47,074			64,540			50,649			162,263			(27.1)	%
Income tax expense (benefit)	(8,631)			13,020			9,348			13,737			(166.3)	%
Net income	$	55,705		$	51,520		$	41,301		$	148,526		8.1	%
ADDITIONAL DATA
Net earnings per share - basic	$	0.60		$	0.55		$	0.44		$	1.59
Net earnings per share - diluted	$	0.59		$	0.55		$	0.44		$	1.57
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.69
Return on average assets	1.35		%	1.28		%	1.03		%	1.22		%
Return on average shareholders' equity	10.58		%	9.84		%	7.53		%	9.29		%
Interest income	$	155,112		$	126,151		$	113,829		$	395,092		23.0	%
Tax equivalent adjustment	1,712			1,625			1,467			4,804			5.4	%
Interest income - tax equivalent	156,824			127,776			115,296			399,896			22.7	%
Interest expense	17,220			9,141			7,484			33,845			88.4	%
Net interest income - tax equivalent	$	139,604		$	118,635		$	107,812		$	366,051		17.7	%
Net interest margin	3.93		%	3.41		%	3.11		%	3.49		%
Net interest margin (fully tax equivalent) (1)	3.98		%	3.45		%	3.16		%	3.53		%
Full-time equivalent employees	2,072			2,096			2,050 (2)
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
(2) Includes 65 FTE from Summit acquisition.

4

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2021
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans and leases, including fees	$	92,682		$	96,428		$	97,494		$	98,931		$	385,535
Investment securities
Taxable	20,993			20,088			19,524			18,607			79,212
Tax-exempt	4,127			4,282			4,871			5,043			18,323
Total investment securities interest	25,120			24,370			24,395			23,650			97,535
Other earning assets	71			23			25			28			147
Total interest income	117,873			120,821			121,914			122,609			483,217
Interest expense
Deposits	3,089			3,320			3,693			4,333			14,435
Short-term borrowings	10			68			53			67			198
Long-term borrowings	3,968			4,023			4,142			4,333			16,466
Total interest expense	7,067			7,411			7,888			8,733			31,099
Net interest income	110,806			113,410			114,026			113,876			452,118
Provision for credit losses-loans and leases	(9,525)			(8,193)			(4,756)			3,450			(19,024)
Provision for credit losses-unfunded commitments	1,799			(1,951)			517			538			903
Net interest income after provision for credit losses	118,532			123,554			118,265			109,888			470,239
Noninterest income
Service charges on deposit accounts	8,645			8,548			7,537			7,146			31,876
Trust and wealth management fees	6,038			5,896			6,216			5,630			23,780
Bankcard income	3,602			3,838			3,732			3,128			14,300
Client derivative fees	2,303			2,273			1,795			1,556			7,927
Foreign exchange income	12,808			9,191			12,037			10,757			44,793
Leasing business income	0			0			0			0			0
Net gains from sales of loans	6,492			8,586			8,489			9,454			33,021
Net gain (loss) on sale of investment securities	(14)			(314)			(265)			(166)			(759)
Net gain (loss) on equity securities	321			108			161			112			702
Other	5,465			4,411			3,285			2,705			15,866
Total noninterest income	45,660			42,537			42,987			40,322			171,506
Noninterest expenses
Salaries and employee benefits	62,170			61,717			60,784			61,253			245,924
Net occupancy	5,332			5,571			5,535			5,704			22,142
Furniture and equipment	3,161			3,318			3,371			3,969			13,819
Data processing	8,261			7,951			7,864			7,287			31,363
Marketing	2,152			2,435			2,035			1,361			7,983
Communication	677			669			746			838			2,930
Professional services	5,998			2,199			2,029			1,450			11,676
State intangible tax	651			1,202			1,201			1,202			4,256
FDIC assessments	1,453			1,466			1,362			1,349			5,630
Intangible amortization	2,401			2,479			2,480			2,479			9,839
Leasing business expense	0			0			0			0			0
Other	17,349			10,051			12,236			5,614			45,250
Total noninterest expenses	109,605			99,058			99,643			92,506			400,812
Income before income taxes	54,587			67,033			61,609			57,704			240,933
Income tax expense (benefit)	7,642			7,021			10,721			10,389			35,773
Net income	$	46,945		$	60,012		$	50,888		$	47,315		$	205,160
ADDITIONAL DATA
Net earnings per share - basic	$	0.51		$	0.64		$	0.53		$	0.49		$	2.16
Net earnings per share - diluted	$	0.50		$	0.63		$	0.52		$	0.48		$	2.14
Dividends declared per share	$	0.23		$	0.23		$	0.23		$	0.23		$	0.92
Return on average assets	1.16		%	1.49		%	1.26		%	1.20		%	1.28		%
Return on average shareholders' equity	8.31		%	10.53		%	9.02		%	8.44		%	9.08		%
Interest income	$	117,873		$	120,821		$	121,914		$	122,609		$	483,217
Tax equivalent adjustment	1,386			1,434			1,619			1,652			6,091
Interest income - tax equivalent	119,259			122,255			123,533			124,261			489,308
Interest expense	7,067			7,411			7,888			8,733			31,099
Net interest income - tax equivalent	$	112,192		$	114,844		$	115,645		$	115,528		$	458,209
Net interest margin	3.19		%	3.28		%	3.27		%	3.35		%	3.27		%
Net interest margin (fully tax equivalent) (1)	3.23		%	3.32		%	3.31		%	3.40		%	3.31		%
Full-time equivalent employees	1,994			2,026			2,053			2,063
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

5

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		% Change		% Change
	2022		2022		2022		2021		2021		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	195,553	$	217,481	$	214,571	$	220,031	$	209,748	(10.1)	%	(6.8)	%
Interest-bearing deposits with other banks	338,978		270,042		243,004		214,811		29,799		25.5	%	1,037.5	%
Investment securities available-for-sale	3,531,353		3,843,580		3,957,882		4,207,846		4,114,094		(8.1)	%	(14.2)	%
Investment securities held-to-maturity	85,823		88,057		92,597		98,420		103,886		(2.5)	%	(17.4)	%
Other investments	138,767		132,151		114,563		102,971		97,831		5.0	%	41.8	%
Loans held for sale	10,684		22,044		12,670		29,482		33,835		(51.5)	%	(68.4)	%
Loans and leases
Commercial and industrial	3,139,219		2,927,175		2,800,209		2,720,028		2,602,848		7.2	%	20.6	%
Lease financing	176,072		146,639		125,867		109,624		67,855		20.1	%	159.5	%
Construction real estate	489,446		449,734		479,744		455,894		477,004		8.8	%	2.6	%
Commercial real estate	3,976,345		4,007,037		4,031,484		4,226,614		4,438,374		(0.8)	%	(10.4)	%
Residential real estate	1,024,596		965,387		913,838		896,069		922,492		6.1	%	11.1	%
Home equity	737,318		725,700		707,973		708,399		709,050		1.6	%	4.0	%
Installment	202,267		146,680		132,197		119,454		96,077		37.9	%	110.5	%
Credit card	52,173		52,065		50,305		52,217		47,231		0.2	%	10.5	%
Total loans	9,797,436		9,420,417		9,241,617		9,288,299		9,360,931		4.0	%	4.7	%
Less:
Allowance for credit losses	(124,096)		(117,885)		(124,130)		(131,992)		(148,903)		5.3	%	(16.7)	%
Net loans	9,673,340		9,302,532		9,117,487		9,156,307		9,212,028		4.0	%	5.0	%
Premises and equipment	189,067		191,099		190,975		193,040		192,580		(1.1)	%	(1.8)	%
Operating leases	84,851		82,659		61,927		60,811		0		2.7	%	100.0	%
Goodwill	998,422		999,959		999,959		1,000,749		937,771		(0.2)	%	6.5	%
Other intangibles	96,528		99,019		101,673		104,367		71,663		(2.5)	%	34.7	%
Accrued interest and other assets	1,280,427		995,091		901,842		940,306		953,358		28.7	%	34.3	%
Total Assets	$	16,623,793	$	16,243,714	$	16,009,150	$	16,329,141	$	15,956,593	2.3	%	4.2	%
LIABILITIES
Deposits
Interest-bearing demand	$	2,980,465	$	3,096,365	$	3,246,646	$	3,198,745	$	2,916,860	(3.7)	%	2.2	%
Savings	3,980,020		4,029,717		4,188,867		4,157,374		4,223,905		(1.2)	%	(5.8)	%
Time	1,242,412		1,026,918		1,121,966		1,330,263		1,517,419		21.0	%	(18.1)	%
Total interest-bearing deposits	8,202,897		8,153,000		8,557,479		8,686,382		8,658,184		0.6	%	(5.3)	%
Noninterest-bearing	4,137,038		4,124,111		4,261,429		4,185,572		4,019,197		0.3	%	2.9	%
Total deposits	12,339,935		12,277,111		12,818,908		12,871,954		12,677,381		0.5	%	(2.7)	%
Federal funds purchased and securities sold
under agreements to repurchase	3,535		0		0		51,203		81,850		100.0	%	(95.7)	%
FHLB short-term borrowings	972,600		896,000		185,000		225,000		107,000		8.5	%	809.0	%
Other	184,912		152,226		57,247		20,000		0		21.5	%	100.0	%
Total short-term borrowings	1,161,047		1,048,226		242,247		296,203		188,850		10.8	%	514.8	%
Long-term debt	355,116		358,578		379,840		409,832		313,230		(1.0)	%	13.4	%
Total borrowed funds	1,516,163		1,406,804		622,087		706,035		502,080		7.8	%	202.0	%
Accrued interest and other liabilities	773,563		491,129		430,710		492,210		540,962		57.5	%	43.0	%
Total Liabilities	14,629,661		14,175,044		13,871,705		14,070,199		13,720,423		3.2	%	6.6	%
SHAREHOLDERS' EQUITY
Common stock	1,631,696		1,637,237		1,634,903		1,640,358		1,637,065		(0.3)	%	(0.3)	%
Retained earnings	920,943		887,006		857,178		837,473		812,082		3.8	%	13.4	%
Accumulated other comprehensive income (loss)	(354,570)		(243,328)		(142,477)		(433)		14,230		45.7	%	N/M
Treasury stock, at cost	(203,937)		(212,245)		(212,159)		(218,456)		(227,207)		(3.9)	%	(10.2)	%
Total Shareholders' Equity	1,994,132		2,068,670		2,137,445		2,258,942		2,236,170		(3.6)	%	(10.8)	%
Total Liabilities and Shareholders' Equity	$	16,623,793	$	16,243,714	$	16,009,150	$	16,329,141	$	15,956,593	2.3	%	4.2	%

6

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Quarterly Averages										Year-to-Date Averages
	Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Sep. 30,		Sep. 30,
	2022		2022		2022		2021		2021		2022		2021
ASSETS
Cash and due from banks	$	228,068	$	248,463	$	241,271	$	253,091	$	245,212	$	239,219	$	238,531
Interest-bearing deposits with other banks	317,146		294,136		273,763		166,904		32,400		295,174		41,582
Investment securities	4,003,472		4,118,287		4,308,059		4,343,513		4,189,253		4,142,157		4,035,639
Loans held for sale	12,283		15,446		15,589		24,491		28,365		14,427		28,796
Loans and leases
Commercial and industrial	3,040,547		2,884,373		2,736,613		2,552,686		2,634,306		2,888,291		2,870,954
Lease financing	158,667		134,334		115,703		67,537		67,159		136,392		67,918
Construction real estate	469,489		460,609		474,278		460,588		567,091		468,108		614,737
Commercial real estate	3,969,935		4,025,493		4,139,072		4,391,328		4,413,003		4,044,214		4,375,280
Residential real estate	998,476		936,165		903,567		917,399		937,969		946,417		952,939
Home equity	728,791		716,219		703,714		709,954		710,794		716,333		714,723
Installment	164,063		140,145		125,579		106,188		93,937		143,403		86,740
Credit card	54,946		55,036		52,659		53,056		50,126		54,222		48,458
Total loans	9,584,914		9,352,374		9,251,185		9,258,736		9,474,385		9,397,380		9,731,749
Less:
Allowance for credit losses	(119,000)		(123,950)		(129,601)		(144,756)		(157,727)		(124,145)		(168,449)
Net loans	9,465,914		9,228,424		9,121,584		9,113,980		9,316,658		9,273,235		9,563,300
Premises and equipment	190,738		191,895		192,832		192,941		193,775		191,814		200,273
Operating leases	83,970		73,862		61,297		659		0		73,126		0
Goodwill	999,690		999,958		1,000,238		938,453		937,771		999,960		937,771
Other intangibles	97,781		100,354		103,033		71,006		72,529		100,370		74,335
Accrued interest and other assets	986,927		915,153		867,253		931,379		979,845		923,549		964,245
Total Assets	$	16,385,989	$	16,185,978	$	16,184,919	$	16,036,417	$	15,995,808	$	16,253,031	$	16,084,472
LIABILITIES
Deposits
Interest-bearing demand	$	3,105,547	$	3,180,846	$	3,246,919	$	3,069,416	$	2,960,388	$	3,177,253	$	2,961,043
Savings	4,036,565		4,076,380		4,145,615		4,195,504		4,150,610		4,085,787		4,021,895
Time	1,052,669		1,055,650		1,231,266		1,428,872		1,574,951		1,112,541		1,659,401
Total interest-bearing deposits	8,194,781		8,312,876		8,623,800		8,693,792		8,685,949		8,375,581		8,642,339
Noninterest-bearing	4,176,242		4,224,842		4,160,175		4,191,457		3,981,404		4,187,145		3,942,210
Total deposits	12,371,023		12,537,718		12,783,975		12,885,249		12,667,353		12,562,726		12,584,549
Federal funds purchased and securities sold
under agreements to repurchase	32,637		24,229		45,358		79,382		186,401		34,028		188,461
FHLB short-term borrowings	892,786		586,846		257,800		2,445		63,463		581,470		57,163
Other	131,237		109,353		33,297		654		0		91,654		0
Total short-term borrowings	1,056,660		720,428		336,455		82,481		249,864		707,152		245,624
Long-term debt	350,058		359,168		385,240		314,262		313,100		364,693		486,010
Total borrowed funds	1,406,718		1,079,596		721,695		396,743		562,964		1,071,845		731,634
Accrued interest and other liabilities	519,069		468,994		453,754		512,605		504,198		480,845		502,421
Total Liabilities	14,296,810		14,086,308		13,959,424		13,794,597		13,734,515		14,115,416		13,818,604
SHAREHOLDERS' EQUITY
Common stock	1,631,078		1,635,990		1,638,321		1,637,828		1,635,833		1,635,103		1,635,552
Retained earnings	899,524		866,910		841,652		822,500		783,760		869,574		755,066
Accumulated other comprehensive loss	(236,566)		(190,949)		(38,448)		8,542		36,917		(156,047)		34,981
Treasury stock, at cost	(204,857)		(212,281)		(216,030)		(227,050)		(195,217)		(211,015)		(159,731)
Total Shareholders' Equity	2,089,179		2,099,670		2,225,495		2,241,820		2,261,293		2,137,615		2,265,868
Total Liabilities and Shareholders' Equity	$	16,385,989	$	16,185,978	$	16,184,919	$	16,036,417	$	15,995,808	$	16,253,031	$	16,084,472

7

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
	Quarterly Averages																		Year-to-Date Averages
	September 30, 2022						June 30, 2022						September 30, 2021						September 30, 2022				September 30, 2021
	Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield		Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities	$	4,003,472	$	31,345	3.11	%	$	4,118,287	$	28,555	2.78	%	$	4,189,253	$	24,370	2.31	%	$	4,142,157	2.79	%	$	4,035,639	2.40	%
Interest-bearing deposits with other banks	317,146		1,597		2.00	%	294,136		505		0.69	%	32,400		23		0.28	%	295,174		1.01	%	41,582		0.24	%
Gross loans (1)	9,597,197		122,170		5.05	%	9,367,820		97,091		4.16	%	9,502,750		96,428		4.03	%	9,411,807		4.35	%	9,760,545		4.01	%
Total earning assets	13,917,815		155,112		4.42	%	13,780,243		126,151		3.67	%	13,724,403		120,821		3.49	%	13,849,138		3.81	%	13,837,766		3.53	%
Nonearning assets
Allowance for credit losses	(119,000)						(123,950)						(157,727)						(124,145)				(168,449)
Cash and due from banks	228,068						248,463						245,212						239,219				238,531
Accrued interest and other assets	2,359,106						2,281,222						2,183,920						2,288,819				2,176,624
Total assets	$	16,385,989					$	16,185,978					$	15,995,808					$	16,253,031			$	16,084,472
Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	3,105,547	$	2,404	0.31	%	$	3,180,846	$	842	0.11	%	$	2,960,388	$	446	0.06	%	$	3,177,253	0.16	%	$	2,961,043	0.07	%
Savings	4,036,565		2,199		0.22	%	4,076,380		1,003		0.10	%	4,150,610		938		0.09	%	4,085,787		0.13	%	4,021,895		0.11	%
Time	1,052,669		1,783		0.67	%	1,055,650		1,118		0.42	%	1,574,951		1,936		0.49	%	1,112,541		0.50	%	1,659,401		0.54	%
Total interest-bearing deposits	8,194,781		6,386		0.31	%	8,312,876		2,963		0.14	%	8,685,949		3,320		0.15	%	8,375,581		0.19	%	8,642,339		0.18	%
Borrowed funds
Short-term borrowings	1,056,660		6,158		2.31	%	720,428		1,566		0.87	%	249,864		68		0.11	%	707,152		1.52	%	245,624		0.10	%
Long-term debt	350,058		4,676		5.30	%	359,168		4,612		5.15	%	313,100		4,023		5.10	%	364,693		5.07	%	486,010		3.44	%
Total borrowed funds	1,406,718		10,834		3.06	%	1,079,596		6,178		2.30	%	562,964		4,091		2.88	%	1,071,845		2.73	%	731,634		2.32	%
Total interest-bearing liabilities	9,601,499		17,220		0.71	%	9,392,472		9,141		0.39	%	9,248,913		7,411		0.32	%	9,447,426		0.48	%	9,373,973		0.34	%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits	4,176,242						4,224,842						3,981,404						4,187,145				3,942,210
Other liabilities	519,069						468,994						504,198						480,845				502,421
Shareholders' equity	2,089,179						2,099,670						2,261,293						2,137,615				2,265,868
Total liabilities & shareholders' equity	$	16,385,989					$	16,185,978					$	15,995,808					$	16,253,031			$	16,084,472
Net interest income	$	137,892					$	117,010					$	113,410					$	361,247			$	341,312
Net interest spread					3.71	%					3.28	%					3.17	%			3.33	%			3.19	%
Net interest margin					3.93	%					3.41	%					3.28	%			3.49	%			3.30	%
Tax equivalent adjustment					0.05	%					0.04	%					0.04	%			0.04	%			0.04	%
Net interest margin (fully tax equivalent)					3.98	%					3.45	%					3.32	%			3.53	%			3.34	%
(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	$	3,338	$	(548)	$	2,790	$	8,430	$	(1,455)	$	6,975	$	11,789	$	2,223	$	14,012
Interest-bearing deposits with other banks	960		132		1,092		140		1,434		1,574		237		1,909		2,146
Gross loans (2)	20,863		4,216		25,079		24,540		1,202		25,742		24,945		(11,355)		13,590
Total earning assets	25,161		3,800		28,961		33,110		1,181		34,291		36,971		(7,223)		29,748
Interest-bearing liabilities
Total interest-bearing deposits	$	3,445	$	(22)	$	3,423	$	3,449	$	(383)	$	3,066	$	1,007	$	(381)	$	626
Borrowed funds
Short-term borrowings	2,587		2,005		4,592		1,388		4,702		6,090		2,605		5,248		7,853
Long-term debt	134		(70)		64		159		494		653		5,935		(4,601)		1,334
Total borrowed funds	2,721		1,935		4,656		1,547		5,196		6,743		8,540		647		9,187
Total interest-bearing liabilities	6,166		1,913		8,079		4,996		4,813		9,809		9,547		266		9,813
Net interest income (1)	$	18,995	$	1,887	$	20,882	$	28,114	$	(3,632)	$	24,482	$	27,424	$	(7,489)	$	19,935
(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)
																Nine months ended
	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
	2022			2022			2022			2021			2021			2022			2021
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$	117,885		$	124,130		$	131,992		$	148,903		$	159,590		$	131,992		$	175,679
Purchase accounting ACL for PCD	0			0			0			17			0			0			0
Provision for credit losses	7,898			(4,267)			(5,589)			(9,525)			(8,193)			(1,958)			(9,499)
Gross charge-offs
Commercial and industrial	1,947			773			2,845			1,364			2,617			5,565			14,256
Lease financing	13			8			131			0			0			152			0
Construction real estate	0			0			0			1,496			0			0			2
Commercial real estate	3			3,419			0			9,150			1,030			3,422			4,321
Residential real estate	119			4			22			6			74			145			121
Home equity	45			22			21			22			200			88			1,051
Installment	294			361			177			184			37			832			150
Credit card	237			212			246			149			230			695			631
Total gross charge-offs	2,658			4,799			3,442			12,371			4,188			10,899			20,532
Recoveries
Commercial and industrial	90			177			379			201			869			646			1,411
Lease financing	13			3			33			0			0			49			0
Construction real estate	0			0			0			0			0			0			3
Commercial real estate	561			2,194			222			4,292			223			2,977			493
Residential real estate	35			34			90			74			56			159			154
Home equity	185			360			265			303			426			810			920
Installment	29			47			21			27			53			97			124
Credit card	58			6			159			71			67			223			150
Total recoveries	971			2,821			1,169			4,968			1,694			4,961			3,255
Total net charge-offs	1,687			1,978			2,273			7,403			2,494			5,938			17,277
Ending allowance for credit losses	$	124,096		$	117,885		$	124,130		$	131,992		$	148,903		$	124,096		$	148,903
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.24		%	0.08		%	0.37		%	0.18		%	0.26		%	0.23		%	0.60		%
Lease financing	0.00		%	0.01		%	0.34		%	0.00		%	0.00		%	0.10		%	0.00		%
Construction real estate	0.00		%	0.00		%	0.00		%	1.29		%	0.00		%	0.00		%	0.00		%
Commercial real estate	(0.06)		%	0.12		%	(0.02)		%	0.44		%	0.07		%	0.01		%	0.12		%
Residential real estate	0.03		%	(0.01)		%	(0.03)		%	(0.03)		%	0.01		%	0.00		%	0.00		%
Home equity	(0.08)		%	(0.19)		%	(0.14)		%	(0.16)		%	(0.13)		%	(0.13)		%	0.02		%
Installment	0.64		%	0.90		%	0.50		%	0.59		%	(0.07)		%	0.69		%	0.04		%
Credit card	1.29		%	1.50		%	0.67		%	0.58		%	1.29		%	1.16		%	1.33		%
Total net charge-offs	0.07		%	0.08		%	0.10		%	0.32		%	0.10		%	0.08		%	0.24		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial	$	8,719		$	11,675		$	14,390		$	17,362		$	15,160		$	8,719		$	15,160
Lease financing	376			217			249			203			0			376			0
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	13,435			14,650			19,843			19,512			38,564			13,435			38,564
Residential real estate	10,250			8,879			7,432			8,305			9,416			10,250			9,416
Home equity	3,445			3,331			3,377			2,922			2,735			3,445			2,735
Installment	279			170			163			88			91			279			91
Nonaccrual loans	36,504			38,922			45,454			48,392			65,966			36,504			65,966
Accruing troubled debt restructurings (TDRs)	11,022			11,225			8,055			11,616			11,448			11,022			11,448
Total nonperforming loans	47,526			50,147			53,509			60,008			77,414			47,526			77,414
Other real estate owned (OREO)	22			22			72			98			340			22			340
Total nonperforming assets	47,548			50,169			53,581			60,106			77,754			47,548			77,754
Accruing loans past due 90 days or more	137			142			180			137			104			137			104
Total underperforming assets	$	47,685		$	50,311		$	53,761		$	60,243		$	77,858		$	47,685		$	77,858
Total classified assets	$	115,131		$	119,769		$	106,839		$	104,815		$	165,462		$	115,131		$	165,462
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	339.95		%	302.87		%	273.09		%	272.76		%	225.73		%	339.95		%	225.73		%
Nonperforming loans	261.11		%	235.08		%	231.98		%	219.96		%	192.35		%	261.11		%	192.35		%
Total ending loans	1.27		%	1.25		%	1.34		%	1.42		%	1.59		%	1.27		%	1.59		%
Nonperforming loans to total loans	0.49		%	0.53		%	0.58		%	0.65		%	0.83		%	0.49		%	0.83		%
Nonaccrual loans to total loans	0.37		%	0.41		%	0.49		%	0.52		%	0.70		%	0.37		%	0.70		%
Nonperforming assets to
Ending loans, plus OREO	0.49		%	0.53		%	0.58		%	0.65		%	0.83		%	0.49		%	0.83		%
Total assets	0.29		%	0.31		%	0.33		%	0.37		%	0.49		%	0.29		%	0.49		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.37		%	0.41		%	0.49		%	0.52		%	0.71		%	0.37		%	0.71		%
Total assets	0.22		%	0.24		%	0.28		%	0.30		%	0.42		%	0.22		%	0.42		%
Classified assets to total assets	0.69		%	0.74		%	0.67		%	0.64		%	1.04		%	0.69		%	1.04		%
(1) Nonaccrual loans include nonaccrual TDRs of $12.8 million, $9.5 million, $16.2 million, $16.0 million, and 20.3 million, as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

10

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
																Nine months ended,
	Sep. 30,			June 30,			Mar. 31,			Dec. 31,			Sep. 30,			Sep. 30,			Sep. 30,
	2022			2022			2022			2021			2021			2022			2021
PER COMMON SHARE
Market Price
High	$	23.75		$	23.03		$	26.73		$	25.79		$	24.06		$	26.73		$	26.40
Low	$	19.02		$	19.09		$	22.92		$	22.89		$	21.48		$	19.02		$	17.62
Close	$	21.08		$	19.40		$	23.05		$	24.38		$	23.41		$	21.08		$	23.41
Average shares outstanding - basic	93,582,250			93,555,131			93,383,932			92,903,900			94,289,097			93,507,831			95,752,759
Average shares outstanding - diluted	94,793,766			94,449,817			94,263,925			93,761,909			95,143,930			94,504,453			96,617,600
Ending shares outstanding	94,833,964			94,448,792			94,451,496			94,149,240			93,742,797			94,833,964			93,742,797
Total shareholders' equity	$	1,994,132		$	2,068,670		$	2,137,445		$	2,258,942		$	2,236,170		$	1,994,132		$	2,236,170
REGULATORY CAPITAL	Preliminary															Preliminary
Common equity tier 1 capital	$	1,348,413		$	1,307,259		$	1,272,115		$	1,262,789		$	1,316,059		$	1,348,413		$	1,316,059
Common equity tier 1 capital ratio	10.82		%	10.91		%	10.87		%	10.85		%	11.55		%	10.82		%	11.55		%
Tier 1 capital	$	1,392,565		$	1,351,287		$	1,316,020		$	1,306,571		$	1,359,297		$	1,392,565		$	1,359,297
Tier 1 ratio	11.17		%	11.28		%	11.24		%	11.22		%	11.92		%	11.17		%	11.92		%
Total capital	$	1,711,741		$	1,670,367		$	1,635,003		$	1,642,549		$	1,706,513		$	1,711,741		$	1,706,513
Total capital ratio	13.73		%	13.94		%	13.97		%	14.11		%	14.97		%	13.73		%	14.97		%
Total capital in excess of minimum requirement	$	402,662		$	412,167		$	405,931		$	420,118		$	509,579		$	402,662		$	509,579
Total risk-weighted assets	$	12,467,422		$	11,982,860		$	11,705,447		$	11,642,201		$	11,399,375		$	12,467,422		$	11,399,375
Leverage ratio	8.88		%	8.76		%	8.64		%	8.70		%	9.05		%	8.88		%	9.05		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	12.00		%	12.74		%	13.35		%	13.83		%	14.01		%	12.00		%	14.01		%
Ending tangible shareholders' equity to ending tangible assets (1)	5.79		%	6.40		%	6.95		%	7.58		%	8.21		%	5.79		%	8.21		%
Average shareholders' equity to average assets	12.75		%	12.97		%	13.75		%	13.98		%	14.14		%	13.15		%	14.09		%
Average tangible shareholders' equity to average tangible assets (1)	6.49		%	6.62		%	7.44		%	8.20		%	8.35		%	6.85		%	8.32		%
REPURCHASE PROGRAM (2)
Shares repurchased	0			0			0			0			2,484,295			0			4,633,355
Average share repurchase price	N/A			N/A			N/A			N/A			$	23.04		N/A			$	23.33
Total cost of shares repurchased	N/A			N/A			N/A			N/A			$	57,231		N/A			$	108,077
(1) Non-GAAP measure. For details on the calculation of these non-GAAP financial measures and a reconciliation to the GAAP financial measure, see the sections titled “Use of Non-GAAP Financial Measures” in this release and “Appendix: Non-GAAP to GAAP Reconciliation” in the accompanying slide presentation.
(2) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

11