First Financial Bancorp.: First Financial Bancorp Announces Fourth Quarter and Full Year 2024 Financial Results

• Earnings per diluted share of $0.68; $0.71 on an adjusted⁽¹⁾ basis
• Return on average assets of 1.41%; 1.47% on an adjusted⁽¹⁾ basis
• Net interest margin on FTE basis⁽¹⁾ of 3.94%
• Noninterest income of $69.9 million ; $69.7 million on an adjusted⁽¹⁾ basis
• Loan growth of $208.7 million; 7.2% on an annualized basis
• Average deposit growth of $543.1 million; 15.7% on an annualized basis

CINCINNATI, Jan. 23, 2025 /PRNewswire/ -- First Financial Bancorp. (Nasdaq: FFBC) ("First Financial" or the "Company") announced financial results for the three and twelve months ended December 31, 2024.

For the three months ended December 31, 2024, the Company reported net income of $64.9 million, or $0.68 per diluted common share. These results compare to net income of $52.5 million, or $0.55 per diluted common share, for the third quarter of 2024. For the twelve months ended December 31, 2024, First Financial had earnings per diluted share of $2.40 compared to $2.69 for the same period in 2023.

Return on average assets for the fourth quarter of 2024 was 1.41% while return on average tangible common equity was 19.08%⁽¹⁾. These compare to return on average assets of 1.17% and return on average tangible common equity of 16.29%⁽¹⁾ in the third quarter of 2024.

Fourth quarter 2024 highlights include:

• Robust net interest margin of 3.91%, or 3.94% on a fully tax-equivalent basis⁽¹⁾
  • 14 bp decline from third quarter, in line with initial expectations
  • 13 bp decline in cost of deposits and favorable shift in funding mix offset by 37 bp decline in loan yields

• Noninterest income of $69.9 million, or $69.7 million as adjusted⁽¹⁾
  • Adjustments include $0.1 million gain on securities
  • Record wealth management income
  • Strong results from foreign exchange and leasing businesses

• Noninterest expenses of $147.9 million, or $130.9 million as adjusted⁽¹⁾; 5.0% increase from linked quarter
  • Fourth quarter adjustments⁽¹⁾ include $4.7 million of efficiency related costs, $14.3 million of tax credit writedowns, $1.0 million of state tax credits and $2.0 million of gains on the sale of previously closed branches
  • Increase from prior quarter driven by higher incentive compensation tied to increase in noninterest income and overall company performance
  • Efficiency ratio of 66.0%; 58.4% as adjusted⁽¹⁾

• Broad-based loan growth during the quarter
  • Loan balances increased $208.7 million compared to the linked quarter; 7% annualized growth
  • Growth driven by C&I, ICRE, leasing and mortgage

_________________________________________________________________________________________
⁽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.

• Average deposit growth surged during the quarter
  • Average deposits increased $543.1 million, or 15.7% on an annualized basis
  • Growth across most product types offset a decline in brokered CDs and savings

• Total Allowance for Credit Losses of $173.7 million; Total quarterly provision expense of $9.4 million
  • Loans and leases - ACL of $156.8 million; ratio to total loans of 1.33% declined 4 bps from third quarter
  • Unfunded Commitments - ACL of $16.9 million
  • Provision expense driven by net charge offs, slower prepayment rates and loan growth
  • Classified assets increased 7 bps to 1.21% of total assets
  • Annualized net charge-offs were 40 bps of total loans; 30 bps for full year

• Capital ratios stable and strong
  • Total capital ratio decreased 15 bps to 14.43%
  • Tier 1 common equity increased 12 bps to 12.16%
  • Tangible common equity of 7.73%⁽¹⁾; 9.39%⁽¹⁾ excluding impact from AOCI
  • Tangible book value per share of $14.15 ⁽¹⁾

Archie Brown, President and CEO, commented on the quarter, "I am very pleased with our fourth quarter performance. Adjusted⁽¹⁾ earnings per share were $0.71, leading to an adjusted⁽¹⁾ return on assets of 1.47%, and an adjusted⁽¹⁾ return on tangible common equity ratio of 19.90%. As expected, due to decreases in short term rates by the Fed, the decline in asset yields outpaced the decline in deposit costs, leading to a reduction in our net interest margin to 3.94%. Balance sheet trends were very strong for the quarter with loan growth exceeding 7% on an annualized basis and total deposits surging by approximately 16% on an annualized basis."

Mr. Brown continued, "Adjusted⁽¹⁾ noninterest income was robust in the fourth quarter with leasing, foreign exchange and wealth management income all increasing by double-digit percentages from the linked quarter. While adjusted⁽¹⁾ expenses increased by 5% from the linked quarter, the increase was driven by higher incentive compensation tied to the strong fee income and overall company performance. Our workforce efficiency initiative continued during the quarter, and we have eliminated 145 positions to date. We expect to complete this work in 2025."

Mr. Brown commented on asset quality, "Asset quality was relatively stable for the quarter. Nonperforming assets were flat compared to the linked quarter at 0.36%, while classified assets increased by 7 basis points to 1.21%. The increase in classified assets was driven by the mutually agreed upon termination of a foreign exchange trade, resulting in a $45 million obligation from the customer, which we believe is fully collateralized. We expect the customer to pay this obligation in 2025. Net charge-offs were slightly elevated due to the resolution of three loans that have been longer term workouts. We believe that overall credit trends are improving and, as a result, we anticipate lower credit costs going forward."

Mr. Brown highlighted full year results. "2024 was an excellent year for our Company. On an adjusted⁽¹⁾ basis, we earned $249 million, or $2.61 per share. Adjusted⁽¹⁾ return on assets was 1.40% and adjusted⁽¹⁾ return on tangible common equity was 19.9%. While the net interest margin declined from 4.40% to 4.05%, due to declining short-term rates, strong loan growth offset most of the impact with net interest income declining by only 2.5%. Noninterest income increased by 13.3% to a record $241.8 million, led by growth in leasing and wealth management income. The result was record revenue for the Company of $853.8 million, which was a 2% increase over 2023."

Mr. Brown continued, "I am very pleased with our balance sheet growth for the year. Total loans increased by 7.6% to $11.8 billion and total deposits increased by 7.2% to $14.3 billion. Additionally, tangible common equity increased by 56 basis points to 7.73% and tangible book value per share increased from $12.38 to $14.15, which was a 14.3% increase."

Mr. Brown commented on asset quality, "Similar to the fourth quarter, asset quality was relatively stable for the year. Net charge-offs as a percent of average loans declined 3 basis points to 0.30% and nonperforming assets as a percent of total assets declined by 2 basis points to 0.36%."

Mr. Brown concluded, "During the year, we were excited to add the Agile team and I want to thank them for making an immediate contribution to our Company. We continued to gain momentum in our expansion markets, Chicago, IL, Evansville, IN and Cleveland, OH and at the beginning of 2025, we expanded into Grand Rapids, MI with a commercial banking team. We look forward to the continued growth and success of our expansion strategies. Performing at a consistently high level requires an engaged team that is committed to its clients. This describes the team at First Financial. I want to thank our associates for their outstanding work in 2024."

Full detail of the Company's fourth quarter 2024 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 24, 2025 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial [phone] (U.S. toll free) or [phone] (U.S. local), access code 5048068. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at [phone] (U.S. toll free), [phone] (U.S. toll), access code 5048068. The recording will be available until February 7, 2025. 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, 2023, 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, 2024, the Company had $18.6 billion in assets, $11.8 billion in loans, $14.3 billion in deposits and $2.4 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 $3.7 billion in assets under management as of December 31, 2024. The Company operated 127 full service banking centers as of December 31, 2024, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,										Twelve months ended,
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		2024		2023
RESULTS OF OPERATIONS
Net income	$ 64,885		$ 52,451		$ 60,805		$ 50,689		$ 56,732		$ 228,830		$ 255,863
Net earnings per share - basic	$ 0.69		$ 0.56		$ 0.64		$ 0.54		$ 0.60		$ 2.42		$ 2.72
Net earnings per share - diluted	$ 0.68		$ 0.55		$ 0.64		$ 0.53		$ 0.60		$ 2.40		$ 2.69
Dividends declared per share	$ 0.24		$ 0.24		$ 0.23		$ 0.23		$ 0.23		$ 0.94		$ 0.92
KEY FINANCIAL RATIOS
Return on average assets	1.41 %		1.17 %		1.38 %		1.18 %		1.31 %		1.29 %		1.51 %
Return on average shareholders' equity	10.57 %		8.80 %		10.72 %		9.00 %		10.50 %		9.78 %		12.01 %
Return on average tangible shareholders' equity (1)	19.08 %		16.29 %		20.57 %		17.35 %		21.36 %		18.31 %		24.72 %
Net interest margin	3.91 %		4.05 %		4.06 %		4.05 %		4.21 %		4.02 %		4.36 %
Net interest margin (fully tax equivalent) (1)(2)	3.94 %		4.08 %		4.10 %		4.10 %		4.26 %		4.05 %		4.40 %
Ending shareholders' equity as a percent of ending assets	13.13 %		13.50 %		12.81 %		12.99 %		12.94 %		13.13 %		12.94 %
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)	7.73 %		7.98 %		7.23 %		7.23 %		7.17 %		7.73 %		7.17 %
Risk-weighted assets (1)	9.61 %		9.86 %		8.95 %		8.80 %		8.81 %		9.61 %		8.81 %
Average shareholders' equity as a percent of average assets	13.36 %		13.28 %		12.87 %		13.09 %		12.52 %		13.15 %		12.53 %
Average tangible shareholders' equity as a percent of average tangible assets (1)	7.87 %		7.64 %		7.15 %		7.25 %		6.57 %		7.48 %		6.51 %
Book value per share	$ 25.53		$ 25.66		$ 24.36		$ 23.95		$ 23.84		$ 25.53		$ 23.84
Tangible book value per share (1)	$ 14.15		$ 14.26		$ 12.94		$ 12.50		$ 12.38		$ 14.15		$ 12.38
Common equity tier 1 ratio (3)	12.16 %		12.04 %		11.78 %		11.67 %		11.73 %		12.16 %		11.73 %
Tier 1 ratio (3)	12.48 %		12.37 %		12.11 %		12.00 %		12.06 %		12.48 %		12.06 %
Total capital ratio (3)	14.43 %		14.58 %		14.47 %		14.31 %		14.26 %		14.43 %		14.26 %
Leverage ratio (3)	9.98 %		9.93 %		9.73 %		9.75 %		9.70 %		9.98 %		9.70 %
AVERAGE BALANCE SHEET ITEMS
Loans (4)	$ 11,687,886		$ 11,534,000		$ 11,440,930		$ 11,066,184		$ 10,751,028		$ 11,433,226		$ 10,566,587
Investment securities	3,372,539		3,274,498		3,131,541		3,137,665		3,184,408		3,229,577		3,442,233
Interest-bearing deposits with other banks	654,251		483,880		599,348		553,654		548,153		572,763		396,089
Total earning assets	$ 15,714,676		$ 15,292,378		$ 15,171,819		$ 14,757,503		$ 14,483,589		$ 15,235,566		$ 14,404,909
Total assets	$ 18,273,419		$ 17,854,191		$ 17,728,251		$ 17,306,221		$ 17,124,955		$ 17,792,014		$ 16,997,223
Noninterest-bearing deposits	$ 3,162,643		$ 3,106,239		$ 3,144,198		$ 3,169,750		$ 3,368,024		$ 3,145,646		$ 3,617,961
Interest-bearing deposits	11,177,010		10,690,265		10,486,068		10,109,416		9,834,819		10,617,427		9,261,866
Total deposits	$ 14,339,653		$ 13,796,504		$ 13,630,266		$ 13,279,166		$ 13,202,843		$ 13,763,073		$ 12,879,827
Borrowings	$ 855,083		$ 1,053,737		$ 1,171,246		$ 1,139,014		$ 1,083,954		$ 1,054,222		$ 1,360,420
Shareholders' equity	$ 2,441,045		$ 2,371,125		$ 2,281,040		$ 2,265,562		$ 2,144,482		$ 2,340,056		$ 2,129,751
CREDIT QUALITY RATIOS
Allowance to ending loans	1.33 %		1.37 %		1.36 %		1.29 %		1.29 %		1.33 %		1.29 %
Allowance to nonaccrual loans	237.66 %		242.72 %		249.21 %		243.55 %		215.10 %		237.66 %		215.10 %
Nonaccrual loans to total loans	0.56 %		0.57 %		0.54 %		0.53 %		0.60 %		0.56 %		0.60 %
Nonperforming assets to ending loans, plus OREO	0.56 %		0.57 %		0.54 %		0.53 %		0.60 %		0.56 %		0.60 %
Nonperforming assets to total assets	0.36 %		0.36 %		0.35 %		0.34 %		0.38 %		0.36 %		0.38 %
Classified assets to total assets	1.21 %		1.14 %		1.07 %		0.92 %		0.80 %		1.21 %		0.80 %
Net charge-offs to average loans (annualized)	0.40 %		0.25 %		0.15 %		0.38 %		0.46 %		0.30 %		0.33 %

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

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

⁽³⁾ December 31, 2024 regulatory capital ratios are preliminary.

⁽⁴⁾ Includes loans held for sale.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	Three months ended,						Twelve months ended,
	Dec. 31,						Dec. 31,
	2024		2023		% Change		2024		2023		% Change
Interest income
Loans and leases, including fees	$ 207,508		$ 197,416		5.1 %		$ 836,541		$ 743,770		12.5 %
Investment securities
Taxable	33,978		30,294		12.2 %		124,936		125,520		(0.5) %
Tax-exempt	2,423		3,402		(28.8) %		10,835		13,901		(22.1) %
Total investment securities interest	36,401		33,696		8.0 %		135,771		139,421		(2.6) %
Other earning assets	7,662		7,325		4.6 %		29,783		19,813		50.3 %
Total interest income	251,571		238,437		5.5 %		1,002,095		903,004		11.0 %
Interest expense
Deposits	85,441		69,193		23.5 %		331,092		202,010		63.9 %
Short-term borrowings	6,586		10,277		(35.9) %		38,856		53,378		(27.2) %
Long-term borrowings	5,145		5,202		(1.1) %		20,137		19,846		1.5 %
Total interest expense	97,172		84,672		14.8 %		390,085		275,234		41.7 %
Net interest income	154,399		153,765		0.4 %		612,010		627,770		(2.5) %
Provision for credit losses-loans and leases	9,705		8,804		10.2 %		49,211		43,074		14.2 %
Provision for credit losses-unfunded commitments	(273)		1,426		(119.1) %		(1,552)		33		N/M
Net interest income after provision for credit losses	144,967		143,535		1.0 %		564,351		584,663		(3.5) %
Noninterest income
Service charges on deposit accounts	7,632		6,846		11.5 %		29,279		27,289		7.3 %
Wealth management fees	7,962		6,091		30.7 %		28,720		26,081		10.1 %
Bankcard income	3,659		3,349		9.3 %		14,399		14,039		2.6 %
Client derivative fees	1,528		711		114.9 %		4,701		5,155		(8.8) %
Foreign exchange income	16,794		8,730		92.4 %		56,064		54,051		3.7 %
Leasing business income	19,413		12,856		51.0 %		67,641		51,322		31.8 %
Net gains from sales of loans	4,634		2,957		56.7 %		17,918		13,217		35.6 %
Net gain (loss) on investment securities	144		(649)		122.2 %		(22,575)		(1,052)		N/M
Other	8,088		6,102		32.5 %		27,421		22,320		22.9 %
Total noninterest income	69,854		46,993		48.6 %		223,568		212,422		5.2 %
Noninterest expenses
Salaries and employee benefits	80,314		70,637		13.7 %		304,389		292,731		4.0 %
Net occupancy	5,415		5,890		(8.1) %		23,050		22,990		0.3 %
Furniture and equipment	3,476		3,523		(1.3) %		14,427		13,543		6.5 %
Data processing	9,139		8,488		7.7 %		35,178		35,852		(1.9) %
Marketing	2,204		2,087		5.6 %		9,026		9,647		(6.4) %
Communication	767		707		8.5 %		3,229		2,729		18.3 %
Professional services	6,631		3,148		110.6 %		14,087		9,926		41.9 %
State intangible tax	(104)		984		(110.6) %		2,524		3,914		(35.5) %
FDIC assessments	2,736		3,651		(25.1) %		11,209		11,948		(6.2) %
Intangible amortization	2,395		2,601		(7.9) %		9,487		10,402		(8.8) %
Leasing business expense	12,536		8,955		40.0 %		44,317		32,500		36.4 %
Other	22,398		8,466		164.6 %		48,672		32,307		50.7 %
Total noninterest expenses	147,907		119,137		24.1 %		519,595		478,489		8.6 %
Income before income taxes	66,914		71,391		(6.3) %		268,324		318,596		(15.8) %
Income tax expense (benefit)	2,029		14,659		(86.2) %		39,494		62,733		(37.0) %
Net income	$ 64,885		$ 56,732		14.4 %		$ 228,830		$ 255,863		(10.6) %
ADDITIONAL DATA
Net earnings per share - basic	$ 0.69		$ 0.60				$ 2.42		$ 2.72
Net earnings per share - diluted	$ 0.68		$ 0.60				$ 2.40		$ 2.69
Dividends declared per share	$ 0.24		$ 0.23				$ 0.94		$ 0.92
Return on average assets	1.41 %		1.31 %				1.29 %		1.51 %
Return on average shareholders' equity	10.57 %		10.50 %				9.78 %		12.01 %
Interest income	$ 251,571		$ 238,437		5.5 %		$ 1,002,095		$ 903,004		11.0 %
Tax equivalent adjustment	1,274		1,672		(23.8) %		5,589		6,356		(12.1) %
Interest income - tax equivalent	252,845		240,109		5.3 %		1,007,684		909,360		10.8 %
Interest expense	97,172		84,672		14.8 %		390,085		275,234		41.7 %
Net interest income - tax equivalent	$ 155,673		$ 155,437		0.2 %		$ 617,599		$ 634,126		(2.6) %
Net interest margin	3.91 %		4.21 %				4.02 %		4.36 %
Net interest margin (fully tax equivalent) (1)	3.94 %		4.26 %				4.05 %		4.40 %
Full-time equivalent employees	2,064		2,129

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

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2024
	Fourth		Third		Second		First		Year to		% Change
	Quarter		Quarter		Quarter		Quarter		Date		Linked Qtr.
Interest income
Loans and leases, including fees	$ 207,508		$ 215,433		$ 211,760		$ 201,840		$ 836,541		(3.7) %
Investment securities
Taxable	33,978		32,367		30,295		28,296		124,936		5.0 %
Tax-exempt	2,423		2,616		2,704		3,092		10,835		(7.4) %
Total investment securities interest	36,401		34,983		32,999		31,388		135,771		4.1 %
Other earning assets	7,662		6,703		7,960		7,458		29,783		14.3 %
Total interest income	251,571		257,119		252,719		240,686		1,002,095		(2.2) %
Interest expense
Deposits	85,441		86,554		83,022		76,075		331,092		(1.3) %
Short-term borrowings	6,586		9,932		11,395		10,943		38,856		(33.7) %
Long-term borrowings	5,145		5,073		4,991		4,928		20,137		1.4 %
Total interest expense	97,172		101,559		99,408		91,946		390,085		(4.3) %
Net interest income	154,399		155,560		153,311		148,740		612,010		(0.7) %
Provision for credit losses-loans and leases	9,705		9,930		16,157		13,419		49,211		(2.3) %
Provision for credit losses-unfunded commitments	(273)		694		286		(2,259)		(1,552)		(139.3) %
Net interest income after provision for credit losses	144,967		144,936		136,868		137,580		564,351		0.0 %
Noninterest income
Service charges on deposit accounts	7,632		7,547		7,188		6,912		29,279		1.1 %
Wealth management fees	7,962		6,910		7,172		6,676		28,720		15.2 %
Bankcard income	3,659		3,698		3,900		3,142		14,399		(1.1) %
Client derivative fees	1,528		1,160		763		1,250		4,701		31.7 %
Foreign exchange income	16,794		12,048		16,787		10,435		56,064		39.4 %
Leasing business income	19,413		16,811		16,828		14,589		67,641		15.5 %
Net gains from sales of loans	4,634		5,021		4,479		3,784		17,918		(7.7) %
Net gain (loss) on investment securities	144		(17,468)		(64)		(5,187)		(22,575)		100.8 %
Other	8,088		9,974		4,448		4,911		27,421		(18.9) %
Total noninterest income	69,854		45,701		61,501		46,512		223,568		52.9 %
Noninterest expenses
Salaries and employee benefits	80,314		74,813		75,225		74,037		304,389		7.4 %
Net occupancy	5,415		5,919		5,793		5,923		23,050		(8.5) %
Furniture and equipment	3,476		3,617		3,646		3,688		14,427		(3.9) %
Data processing	9,139		8,857		8,877		8,305		35,178		3.2 %
Marketing	2,204		2,255		2,605		1,962		9,026		(2.3) %
Communication	767		851		816		795		3,229		(9.9) %
Professional services	6,631		2,303		2,885		2,268		14,087		187.9 %
State intangible tax	(104)		876		875		877		2,524		(111.9) %
FDIC assessments	2,736		3,036		2,657		2,780		11,209		(9.9) %
Intangible amortization	2,395		2,395		2,396		2,301		9,487		0.0 %
Leasing business expense	12,536		11,899		10,128		9,754		44,317		5.4 %
Other	22,398		8,938		7,671		9,665		48,672		150.6 %
Total noninterest expenses	147,907		125,759		123,574		122,355		519,595		17.6 %
Income before income taxes	66,914		64,878		74,795		61,737		268,324		3.1 %
Income tax expense (benefit)	2,029		12,427		13,990		11,048		39,494		(83.7) %
Net income	$ 64,885		$ 52,451		$ 60,805		$ 50,689		$ 228,830		23.7 %
ADDITIONAL DATA
Net earnings per share - basic	$ 0.69		$ 0.56		$ 0.64		$ 0.54		$ 2.42
Net earnings per share - diluted	$ 0.68		$ 0.55		$ 0.64		$ 0.53		$ 2.40
Dividends declared per share	$ 0.24		$ 0.24		$ 0.23		$ 0.23		$ 0.94
Return on average assets	1.41 %		1.17 %		1.38 %		1.18 %		1.29 %
Return on average shareholders' equity	10.57 %		8.80 %		10.72 %		9.00 %		9.78 %
Interest income	$ 251,571		$ 257,119		$ 252,719		$ 240,686		$ 1,002,095		(2.2) %
Tax equivalent adjustment	1,274		1,362		1,418		1,535		5,589		(6.5) %
Interest income - tax equivalent	252,845		258,481		254,137		242,221		1,007,684		(2.2) %
Interest expense	97,172		101,559		99,408		91,946		390,085		(4.3) %
Net interest income - tax equivalent	$ 155,673		$ 156,922		$ 154,729		$ 150,275		$ 617,599		(0.8) %
Net interest margin	3.91 %		4.05 %		4.06 %		4.05 %		4.02 %
Net interest margin (fully tax equivalent) (1)	3.94 %		4.08 %		4.10 %		4.10 %		4.05 %
Full-time equivalent employees	2,064		2,084		2,144		2,116

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

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
	2023
	Fourth		Third		Second		First		Full
	Quarter		Quarter		Quarter		Quarter		Year
Interest income
Loans and leases, including fees	$ 197,416		$ 192,261		$ 184,387		$ 169,706		$ 743,770
Investment securities
Taxable	30,294		31,297		32,062		31,867		125,520
Tax-exempt	3,402		3,522		3,513		3,464		13,901
Total investment securities interest	33,696		34,819		35,575		35,331		139,421
Other earning assets	7,325		5,011		3,933		3,544		19,813
Total interest income	238,437		232,091		223,895		208,581		903,004
Interest expense
Deposits	69,193		57,069		44,292		31,456		202,010
Short-term borrowings	10,277		14,615		15,536		12,950		53,378
Long-term borrowings	5,202		4,952		4,835		4,857		19,846
Total interest expense	84,672		76,636		64,663		49,263		275,234
Net interest income	153,765		155,455		159,232		159,318		627,770
Provision for credit losses-loans and leases	8,804		12,907		12,719		8,644		43,074
Provision for credit losses-unfunded commitments	1,426		(1,234)		(1,994)		1,835		33
Net interest income after provision for credit losses	143,535		143,782		148,507		148,839		584,663
Noninterest income
Service charges on deposit accounts	6,846		6,957		6,972		6,514		27,289
Wealth management fees	6,091		6,943		6,713		6,334		26,081
Bankcard income	3,349		3,406		3,692		3,592		14,039
Client derivative fees	711		1,612		1,827		1,005		5,155
Foreign exchange income	8,730		13,384		15,039		16,898		54,051
Leasing business income	12,856		14,537		10,265		13,664		51,322
Net gains from sales of loans	2,957		4,086		3,839		2,335		13,217
Net gain (loss) on investment securities	(649)		(58)		(466)		121		(1,052)
Other	6,102		5,761		5,377		5,080		22,320
Total noninterest income	46,993		56,628		53,258		55,543		212,422
Noninterest expenses
Salaries and employee benefits	70,637		75,641		74,199		72,254		292,731
Net occupancy	5,890		5,809		5,606		5,685		22,990
Furniture and equipment	3,523		3,341		3,362		3,317		13,543
Data processing	8,488		8,473		9,871		9,020		35,852
Marketing	2,087		2,598		2,802		2,160		9,647
Communication	707		744		644		634		2,729
Professional services	3,148		2,524		2,308		1,946		9,926
State intangible tax	984		981		964		985		3,914
FDIC assessments	3,651		2,665		2,806		2,826		11,948
Intangible amortization	2,601		2,600		2,601		2,600		10,402
Leasing business expense	8,955		8,877		6,730		7,938		32,500
Other	8,466		7,791		8,722		7,328		32,307
Total noninterest expenses	119,137		122,044		120,615		116,693		478,489
Income before income taxes	71,391		78,366		81,150		87,689		318,596
Income tax expense (benefit)	14,659		15,305		15,483		17,286		62,733
Net income	$ 56,732		$ 63,061		$ 65,667		$ 70,403		$ 255,863
ADDITIONAL DATA
Net earnings per share - basic	$ 0.60		$ 0.67		$ 0.70		$ 0.75		$ 2.72
Net earnings per share - diluted	$ 0.60		$ 0.66		$ 0.69		$ 0.74		$ 2.69
Dividends declared per share	$ 0.23		$ 0.23		$ 0.23		$ 0.23		$ 0.92
Return on average assets	1.31 %		1.48 %		1.55 %		1.69 %		1.51 %
Return on average shareholders' equity	10.50 %		11.62 %		12.32 %		13.71 %		12.01 %
Interest income	$ 238,437		$ 232,091		$ 223,895		$ 208,581		$ 903,004
Tax equivalent adjustment	1,672		1,659		1,601		1,424		6,356
Interest income - tax equivalent	240,109		233,750		225,496		210,005		909,360
Interest expense	84,672		76,636		64,663		49,263		275,234
Net interest income - tax equivalent	$ 155,437		$ 157,114		$ 160,833		$ 160,742		$ 634,126
Net interest margin	4.21 %		4.28 %		4.43 %		4.51 %		4.36 %
Net interest margin (fully tax equivalent) (1)	4.26 %		4.33 %		4.48 %		4.55 %		4.40 %
Full-time equivalent employees	2,129		2,121		2,193		2,066

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

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		% Change		% Change
	2024		2024		2024		2024		2023		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$ 174,258		$ 190,618		$ 193,794		$ 199,407		$ 213,059		(8.6) %		(18.2) %
Interest-bearing deposits with other banks	730,228		660,576		738,555		751,290		792,960		10.5 %		(7.9) %
Investment securities available-for-sale	3,183,776		3,157,265		3,036,758		2,850,667		3,021,126		0.8 %		5.4 %
Investment securities held-to-maturity	76,960		77,985		78,921		79,542		80,321		(1.3) %		(4.2) %
Other investments	114,598		120,318		132,412		125,548		129,945		(4.8) %		(11.8) %
Loans held for sale	13,181		12,685		16,911		11,534		9,213		3.9 %		43.1 %
Loans and leases
Commercial and industrial	3,815,858		3,678,546		3,782,487		3,591,428		3,501,221		3.7 %		9.0 %
Lease financing	598,045		587,415		534,557		492,862		474,817		1.8 %		26.0 %
Construction real estate	779,446		802,264		741,406		641,596		564,832		(2.8) %		38.0 %
Commercial real estate	4,061,744		4,034,820		4,076,596		4,145,969		4,080,939		0.7 %		(0.5) %
Residential real estate	1,462,284		1,422,186		1,377,290		1,344,677		1,333,674		2.8 %		9.6 %
Home equity	849,039		825,431		800,860		773,811		758,676		2.9 %		11.9 %
Installment	133,051		141,270		148,530		153,838		159,078		(5.8) %		(16.4) %
Credit card	62,311		61,140		59,477		60,939		59,939		1.9 %		4.0 %
Total loans	11,761,778		11,553,072		11,521,203		11,205,120		10,933,176		1.8 %		7.6 %
Less:
Allowance for credit losses	(156,791)		(158,831)		(156,185)		(144,274)		(141,433)		(1.3) %		10.9 %
Net loans	11,604,987		11,394,241		11,365,018		11,060,846		10,791,743		1.8 %		7.5 %
Premises and equipment	197,965		196,692		197,873		198,428		194,740		0.6 %		1.7 %
Operating leases	209,119		201,080		167,472		161,473		153,214		4.0 %		36.5 %
Goodwill	1,007,656		1,007,656		1,007,656		1,007,656		1,005,868		0.0 %		0.2 %
Other intangibles	79,291		81,547		83,528		85,603		83,949		(2.8) %		(5.5) %
Accrued interest and other assets	1,178,242		1,045,669		1,147,282		1,067,244		1,056,762		12.7 %		11.5 %
Total Assets	$ 18,570,261		$ 18,146,332		$ 18,166,180		$ 17,599,238		$ 17,532,900		2.3 %		5.9 %
LIABILITIES
Deposits
Interest-bearing demand	$ 3,095,724		$ 2,884,971		$ 2,922,540		$ 2,916,518		$ 2,993,219		7.3 %		3.4 %
Savings	4,948,768		4,710,223		4,628,320		4,467,894		4,331,228		5.1 %		14.3 %
Time	3,152,265		3,244,861		3,049,635		2,896,860		2,718,390		(2.9) %		16.0 %
Total interest-bearing deposits	11,196,757		10,840,055		10,600,495		10,281,272		10,042,837		3.3 %		11.5 %
Noninterest-bearing	3,132,381		3,107,699		3,061,427		3,175,876		3,317,960		0.8 %		(5.6) %
Total deposits	14,329,138		13,947,754		13,661,922		13,457,148		13,360,797		2.7 %		7.2 %
FHLB short-term borrowings	625,000		765,000		1,040,000		700,000		800,000		(18.3) %		(21.9) %
Other	130,452		46,653		139,172		162,145		137,814		179.6 %		(5.3) %
Total short-term borrowings	755,452		811,653		1,179,172		862,145		937,814		(6.9) %		(19.4) %
Long-term debt	347,509		344,086		338,556		343,236		344,115		1.0 %		1.0 %
Total borrowed funds	1,102,961		1,155,739		1,517,728		1,205,381		1,281,929		(4.6) %		(14.0) %
Accrued interest and other liabilities	700,121		592,401		660,091		649,706		622,200		18.2 %		12.5 %
Total Liabilities	16,132,220		15,695,894		15,839,741		15,312,235		15,264,926		2.8 %		5.7 %
SHAREHOLDERS' EQUITY
Common stock	1,642,055		1,639,045		1,635,705		1,632,971		1,638,972		0.2 %		0.2 %
Retained earnings	1,276,329		1,234,375		1,204,844		1,166,065		1,136,718		3.4 %		12.3 %
Accumulated other comprehensive income (loss)	(289,799)		(232,262)		(323,409)		(321,109)		(309,819)		24.8 %		(6.5) %
Treasury stock, at cost	(190,544)		(190,720)		(190,701)		(190,924)		(197,897)		(0.1) %		(3.7) %
Total Shareholders' Equity	2,438,041		2,450,438		2,326,439		2,287,003		2,267,974		(0.5) %		7.5 %
Total Liabilities and Shareholders' Equity	$ 18,570,261		$ 18,146,332		$ 18,166,180		$ 17,599,238		$ 17,532,900		2.3 %		5.9 %

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,
	2024		2024		2024		2024		2023		2024		2023
ASSETS
Cash and due from banks	$ 182,242		$ 179,321		$ 174,435		$ 204,119		$ 214,678		$ 185,006		$ 216,625
Interest-bearing deposits with other banks	654,251		483,880		599,348		553,654		548,153		572,763		396,089
Investment securities	3,372,539		3,274,498		3,131,541		3,137,665		3,184,408		3,229,577		3,442,233
Loans held for sale	17,284		16,399		14,075		12,069		12,547		14,967		11,369
Loans and leases
Commercial and industrial	3,727,549		3,723,761		3,716,083		3,543,475		3,422,381		3,677,979		3,447,984
Lease financing	587,110		550,634		509,758		480,540		419,179		532,212		342,243
Construction real estate	826,936		763,779		683,780		603,974		540,314		720,031		535,715
Commercial real estate	4,045,347		4,059,939		4,146,764		4,101,238		4,060,733		4,088,127		4,038,457
Residential real estate	1,442,799		1,399,932		1,361,133		1,336,749		1,320,670		1,385,351		1,220,138
Home equity	837,863		811,265		790,384		765,410		750,925		801,358		735,236
Installment	136,927		143,102		151,753		157,663		160,242		147,321		175,447
Credit card	66,071		65,189		67,200		65,066		64,037		65,880		59,998
Total loans	11,670,602		11,517,601		11,426,855		11,054,115		10,738,481		11,418,259		10,555,218
Less:
Allowance for credit losses	(161,477)		(159,252)		(147,666)		(143,950)		(149,398)		(153,126)		(145,472)
Net loans	11,509,125		11,358,349		11,279,189		10,910,165		10,589,083		11,265,133		10,409,746
Premises and equipment	197,664		197,881		199,096		198,482		194,435		198,278		192,414
Operating leases	202,110		180,118		156,457		154,655		139,331		173,432		129,631
Goodwill	1,007,658		1,007,654		1,007,657		1,006,477		1,005,870		1,007,363		1,005,805
Other intangibles	80,486		82,619		84,577		84,109		85,101		82,940		88,724
Accrued interest and other assets	1,050,060		1,073,472		1,081,876		1,044,826		1,151,349		1,062,555		1,104,587
Total Assets	$ 18,273,419		$ 17,854,191		$ 17,728,251		$ 17,306,221		$ 17,124,955		$ 17,792,014		$ 16,997,223
LIABILITIES
Deposits
Interest-bearing demand	$ 3,081,148		$ 2,914,934		$ 2,888,252		$ 2,895,768		$ 2,988,086		$ 2,945,315		$ 2,932,477
Savings	4,886,784		4,694,923		4,617,658		4,399,768		4,235,658		4,650,554		3,932,100
Time	3,209,078		3,080,408		2,980,158		2,813,880		2,611,075		3,021,558		2,397,289
Total interest-bearing deposits	11,177,010		10,690,265		10,486,068		10,109,416		9,834,819		10,617,427		9,261,866
Noninterest-bearing	3,162,643		3,106,239		3,144,198		3,169,750		3,368,024		3,145,646		3,617,961
Total deposits	14,339,653		13,796,504		13,630,266		13,279,166		13,202,843		13,763,073		12,879,827
Federal funds purchased and securities sold
under agreements to repurchase	2,282		10,807		750		4,204		3,586		4,522		15,583
FHLB short-term borrowings	415,652		626,490		669,111		646,187		554,826		588,987		845,666
Other	93,298		76,859		161,913		146,127		185,221		119,361		158,221
Total short-term borrowings	511,232		714,156		831,774		796,518		743,633		712,870		1,019,470
Long-term debt	343,851		339,581		339,472		342,496		340,321		341,352		340,950
Total borrowed funds	855,083		1,053,737		1,171,246		1,139,014		1,083,954		1,054,222		1,360,420
Accrued interest and other liabilities	637,638		632,825		645,699		622,479		693,676		634,663		627,225
Total Liabilities	15,832,374		15,483,066		15,447,211		15,040,659		14,980,473		15,451,958		14,867,472
SHAREHOLDERS' EQUITY
Common stock	1,640,280		1,637,045		1,634,183		1,637,835		1,637,197		1,637,343		1,633,992
Retained earnings	1,249,263		1,210,924		1,179,827		1,144,447		1,111,786		1,196,301		1,053,441
Accumulated other comprehensive loss	(257,792)		(285,978)		(341,941)		(319,601)		(406,265)		(301,167)		(358,870)
Treasury stock, at cost	(190,706)		(190,866)		(191,029)		(197,119)		(198,236)		(192,421)		(198,812)
Total Shareholders' Equity	2,441,045		2,371,125		2,281,040		2,265,562		2,144,482		2,340,056		2,129,751
Total Liabilities and Shareholders' Equity	$ 18,273,419		$ 17,854,191		$ 17,728,251		$ 17,306,221		$ 17,124,955		$ 17,792,014		$ 16,997,223

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
		Quarterly Averages																		Year-to-Date Averages
		December 31, 2024						September 30, 2024						December 31, 2023						December 31, 2024				December 31, 2023
		Balance		Interest		Yield		Balance		Interest		Yield		Balance		Interest		Yield		Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities		$ 3,372,539		$ 36,401		4.28 %		$ 3,274,498		$ 34,983		4.24 %		$ 3,184,408		$ 33,696		4.20 %		$ 3,229,577		4.20 %		$ 3,442,233		4.05 %
Interest-bearing deposits with other banks		654,251		7,662		4.65 %		483,880		6,703		5.50 %		548,153		7,325		5.30 %		572,763		5.20 %		396,089		5.00 %
Gross loans (1)		11,687,886		207,508		7.04 %		11,534,000		215,433		7.41 %		10,751,028		197,416		7.29 %		11,433,226		7.32 %		10,566,587		7.04 %
Total earning assets		15,714,676		251,571		6.35 %		15,292,378		257,119		6.67 %		14,483,589		238,437		6.53 %		15,235,566		6.58 %		14,404,909		6.27 %
Nonearning assets
Allowance for credit losses		(161,477)						(159,252)						(149,398)						(153,126)				(145,472)
Cash and due from banks		182,242						179,321						214,678						185,006				216,625
Accrued interest and other assets		2,537,978						2,541,744						2,576,086						2,524,568				2,521,161
Total assets		$ 18,273,419						$ 17,854,191						$ 17,124,955						$ 17,792,014				$ 16,997,223
Interest-bearing liabilities
Deposits:
Interest-bearing demand		$ 3,081,148		$ 15,092		1.94 %		$ 2,914,934		$ 15,919		2.17 %		$ 2,988,086		$ 14,480		1.92 %		$ 2,945,315		2.07 %		$ 2,932,477		1.45 %
Savings		4,886,784		33,924		2.75 %		4,694,923		34,220		2.89 %		4,235,658		26,632		2.49 %		4,650,554		2.81 %		3,932,100		1.73 %
Time		3,209,078		36,425		4.50 %		3,080,408		36,415		4.69 %		2,611,075		28,081		4.27 %		3,021,558		4.62 %		2,397,289		3.81 %
Total interest-bearing deposits		11,177,010		85,441		3.03 %		10,690,265		86,554		3.21 %		9,834,819		69,193		2.79 %		10,617,427		3.12 %		9,261,866		2.18 %
Borrowed funds
Short-term borrowings		511,232		6,586		5.11 %		714,156		9,932		5.52 %		743,633		10,277		5.48 %		712,870		5.45 %		1,019,470		5.24 %
Long-term debt		343,851		5,145		5.94 %		339,581		5,073		5.93 %		340,321		5,202		6.06 %		341,352		5.90 %		340,950		5.82 %
Total borrowed funds		855,083		11,731		5.44 %		1,053,737		15,005		5.65 %		1,083,954		15,479		5.67 %		1,054,222		5.60 %		1,360,420		5.38 %
Total interest-bearing liabilities		12,032,093		97,172		3.20 %		11,744,002		101,559		3.43 %		10,918,773		84,672		3.08 %		11,671,649		3.34 %		10,622,286		2.59 %
Noninterest-bearing liabilities
Noninterest-bearing demand deposits		3,162,643						3,106,239						3,368,024						3,145,646				3,617,961
Other liabilities		637,638						632,825						693,676						634,663				627,225
Shareholders' equity		2,441,045						2,371,125						2,144,482						2,340,056				2,129,751
Total liabilities & shareholders' equity		$ 18,273,419						$ 17,854,191						$ 17,124,955						$ 17,792,014				$ 16,997,223
Net interest income		$ 154,399						$ 155,560						$ 153,765						$ 612,010				$ 627,770
Net interest spread						3.15 %						3.24 %						3.45 %				3.24 %				3.68 %
Net interest margin						3.91 %						4.05 %						4.21 %				4.02 %				4.36 %
Tax equivalent adjustment						0.03 %						0.03 %						0.05 %				0.03 %				0.04 %
Net interest margin (fully tax equivalent)						3.94 %						4.08 %						4.26 %				4.05 %				4.40 %
(1) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
		Linked Qtr. Income Variance						Comparable Qtr. Income Variance						Year-to-Date Income Variance
		Rate		Volume		Total		Rate		Volume		Total		Rate		Volume		Total
Earning assets
Investment securities		$ 360		$ 1,058		$ 1,418		$ 674		$ 2,031		$ 2,705		$ 5,290		$ (8,940)		$ (3,650)
Interest-bearing deposits with other banks		(1,036)		1,995		959		(906)		1,243		337		783		9,187		9,970
Gross loans (2)		(10,657)		2,732		(7,925)		(6,541)		16,633		10,092		29,361		63,410		92,771
Total earning assets		(11,333)		5,785		(5,548)		(6,773)		19,907		13,134		35,434		63,657		99,091
Interest-bearing liabilities
Total interest-bearing deposits		$ (4,834)		$ 3,721		$ (1,113)		$ 5,988		$ 10,260		$ 16,248		$ 86,810		$ 42,272		$ 129,082
Borrowed funds
Short-term borrowings		(732)		(2,614)		(3,346)		(697)		(2,994)		(3,691)		2,190		(16,712)		(14,522)
Long-term debt		8		64		72		(110)		53		(57)		267		24		291
Total borrowed funds		(724)		(2,550)		(3,274)		(807)		(2,941)		(3,748)		2,457		(16,688)		(14,231)
Total interest-bearing liabilities		(5,558)		1,171		(4,387)		5,181		7,319		12,500		89,267		25,584		114,851
Net interest income (1)		$ (5,775)		$ 4,614		$ (1,161)		$ (11,954)		$ 12,588		$ 634		$ (53,833)		$ 38,073		$ (15,760)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Full Year		Full Year
	2024		2024		2024		2024		2023		2024		2023
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period	$ 158,831		$ 156,185		$ 144,274		$ 141,433		$ 145,201		$ 141,433		$ 132,977
Provision for credit losses	9,705		9,930		16,157		13,419		8,804		49,211		43,074
Gross charge-offs
Commercial and industrial	4,333		5,471		2,149		2,695		6,866		14,648		19,175
Lease financing	2,831		368		190		3		4,244		3,392		4,423
Construction real estate	0		0		0		0		0		0		0
Commercial real estate	5,051		261		2		5,319		1		10,633		8,723
Residential real estate	12		60		6		65		9		143		39
Home equity	210		90		122		25		174		447		340
Installment	1,680		1,510		2,034		2,236		2,054		7,460		6,442
Credit card	492		768		532		794		363		2,586		1,173
Total gross charge-offs	14,609		8,528		5,035		11,137		13,711		39,309		40,315
Recoveries
Commercial and industrial	1,779		434		236		162		459		2,611		1,534
Lease financing	17		11		1		59		52		88		55
Construction real estate	0		0		0		0		0		0		0
Commercial real estate	19		25		137		38		93		219		2,523
Residential real estate	23		22		37		24		24		106		247
Home equity	222		240		118		80		178		660		615
Installment	499		421		219		145		210		1,284		441
Credit card	305		91		41		51		123		488		282
Total recoveries	2,864		1,244		789		559		1,139		5,456		5,697
Total net charge-offs	11,745		7,284		4,246		10,578		12,572		33,853		34,618
Ending allowance for credit losses	$ 156,791		$ 158,831		$ 156,185		$ 144,274		$ 141,433		$ 156,791		$ 141,433
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.27 %		0.54 %		0.21 %		0.29 %		0.74 %		0.33 %		0.51 %
Lease financing	1.91 %		0.26 %		0.15 %		(0.05) %		3.97 %		0.62 %		1.28 %
Construction real estate	0.00 %		0.00 %		0.00 %		0.00 %		0.00 %		0.00 %		0.00 %
Commercial real estate	0.49 %		0.02 %		(0.01) %		0.52 %		(0.01) %		0.25 %		0.15 %
Residential real estate	0.00 %		0.01 %		(0.01) %		0.01 %		0.00 %		0.00 %		(0.02) %
Home equity	(0.01) %		(0.07) %		0.00 %		(0.03) %		0.00 %		(0.03) %		(0.04) %
Installment	3.43 %		3.03 %		4.81 %		5.33 %		4.57 %		4.19 %		3.42 %
Credit card	1.13 %		4.13 %		2.94 %		4.59 %		1.49 %		3.18 %		1.49 %
Total net charge-offs	0.40 %		0.25 %		0.15 %		0.38 %		0.46 %		0.30 %		0.33 %
COMPONENTS OF NONACCRUAL LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial and industrial	$ 6,641		$ 10,703		$ 17,665		$ 14,532		$ 15,746		$ 6,641		$ 15,746
Lease financing	6,227		11,632		5,374		3,794		3,610		6,227		3,610
Construction real estate	0		0		0		0		0		0		0
Commercial real estate	32,303		23,608		22,942		23,055		27,984		32,303		27,984
Residential real estate	16,700		14,596		12,715		12,836		14,067		16,700		14,067
Home equity	3,418		4,074		3,295		4,036		3,476		3,418		3,476
Installment	684		826		682		984		870		684		870
Total nonaccrual loans	65,973		65,439		62,673		59,237		65,753		65,973		65,753
Other real estate owned (OREO)	64		30		30		161		106		64		106
Total nonperforming assets	66,037		65,469		62,703		59,398		65,859		66,037		65,859
Accruing loans past due 90 days or more	361		463		1,573		820		2,028		361		2,028
Total underperforming assets	$ 66,398		$ 65,932		$ 64,276		$ 60,218		$ 67,887		$ 66,398		$ 67,887
Total classified assets	$ 224,084		$ 206,194		$ 195,277		$ 162,348		$ 140,995		$ 224,084		$ 140,995
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans	237.66 %		242.72 %		249.21 %		243.55 %		215.10 %		237.66 %		215.10 %
Total ending loans	1.33 %		1.37 %		1.36 %		1.29 %		1.29 %		1.33 %		1.29 %
Nonaccrual loans to total loans	0.56 %		0.57 %		0.54 %		0.53 %		0.60 %		0.56 %		0.60 %
Nonperforming assets to
Ending loans, plus OREO	0.56 %		0.57 %		0.54 %		0.53 %		0.60 %		0.56 %		0.60 %
Total assets	0.36 %		0.36 %		0.35 %		0.34 %		0.38 %		0.36 %		0.38 %
Classified assets to total assets	1.21 %		1.14 %		1.07 %		0.92 %		0.80 %		1.21 %		0.80 %

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended,										Twelve months ended,
	Dec. 31,		Sep. 30,		June 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
	2024		2024		2024		2024		2023		2024		2023
PER COMMON SHARE
Market Price
High	$ 30.34		$ 28.09		$ 23.78		$ 23.68		$ 24.28		$ 30.34		$ 26.24
Low	$ 23.98		$ 21.70		$ 20.79		$ 21.04		$ 17.37		$ 20.79		$ 17.37
Close	$ 26.88		$ 25.23		$ 22.22		$ 22.42		$ 23.75		$ 26.88		$ 23.75
Average shares outstanding - basic	94,486,838		94,473,666		94,438,235		94,218,067		94,063,570		94,404,617		93,938,772
Average shares outstanding - diluted	95,487,564		95,479,510		95,470,093		95,183,998		95,126,316		95,405,719		95,096,067
Ending shares outstanding	95,494,840		95,486,317		95,486,010		95,473,595		95,141,244		95,494,840		95,141,244
Total shareholders' equity	$ 2,438,041		$ 2,450,438		$ 2,326,439		$ 2,287,003		$ 2,267,974		$ 2,438,041		$ 2,267,974
REGULATORY CAPITAL	Preliminary										Preliminary
Common equity tier 1 capital	$ 1,709,422		$ 1,661,759		$ 1,626,345		$ 1,582,113		$ 1,568,815		$ 1,709,422		$ 1,568,815
Common equity tier 1 capital ratio	12.16 %		12.04 %		11.78 %		11.67 %		11.73 %		12.16 %		11.73 %
Tier 1 capital	$ 1,754,584		$ 1,706,796		$ 1,671,258		$ 1,626,899		$ 1,613,480		$ 1,754,584		$ 1,613,480
Tier 1 ratio	12.48 %		12.37 %		12.11 %		12.00 %		12.06 %		12.48 %		12.06 %
Total capital	$ 2,028,099		$ 2,012,349		$ 1,997,378		$ 1,940,762		$ 1,907,441		$ 2,028,099		$ 1,907,441
Total capital ratio	14.43 %		14.58 %		14.47 %		14.31 %		14.26 %		14.43 %		14.26 %
Total capital in excess of minimum requirement	$ 551,881		$ 563,273		$ 548,037		$ 516,704		$ 503,152		$ 551,881		$ 503,152
Total risk-weighted assets	$ 14,059,215		$ 13,800,728		$ 13,803,249		$ 13,562,455		$ 13,374,177		$ 14,059,215		$ 13,374,177
Leverage ratio	9.98 %		9.93 %		9.73 %		9.75 %		9.70 %		9.98 %		9.70 %
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	13.13 %		13.50 %		12.81 %		12.99 %		12.94 %		13.13 %		12.94 %
Ending tangible shareholders' equity to ending tangible assets (1)	7.73 %		7.98 %		7.23 %		7.23 %		7.17 %		7.73 %		7.17 %
Average shareholders' equity to average assets	13.36 %		13.28 %		12.87 %		13.09 %		12.52 %		13.15 %		12.53 %
Average tangible shareholders' equity to average tangible assets (1)	7.87 %		7.64 %		7.15 %		7.25 %		6.57 %		7.48 %		6.51 %
REPURCHASE PROGRAM (2)
Shares repurchased	0		0		0		0		0		0		0
Average share repurchase price	N/A		N/A		N/A		N/A		N/A		N/A		N/A
Total cost of shares repurchased	N/A		N/A		N/A		N/A		N/A		N/A		N/A

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

(2) Represents share repurchases as part of publicly announced plans.

N/A = Not applicable

SOURCE First Financial Bancorp.