Exhibit 99.1

First Financial Bancorp Announces First Quarter 2021 Financial Results

•Earnings per diluted share of $0.48; $0.50 on an adjusted(1) basis

•Return on average assets of 1.20%; 1.24% as adjusted(1)

•Net interest margin FTE(1) of 3.40%

•Provision for credit losses of $4.0 million; $7.5 million decline from linked quarter

•Repurchased 840,115 shares during the quarter

Cincinnati, Ohio - April 22, 2021 First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three months ended March 31, 2021.

For the three months ended March 31, 2021, the Company reported net income of $47.3 million, or $0.48 per diluted common share. These results compare to net income of $48.3 million, or $0.49 per diluted common share, for the fourth quarter of 2020 and $28.6 million, or $0.29 per diluted common share, for the first quarter of 2020.

Return on average assets for the first quarter of 2021 was 1.20% while return on average tangible common equity was 15.24%. These compare to returns on average assets of 1.20% and 0.79%, and returns on average tangible common equity of 15.50% and 9.71%, in the fourth quarter of 2020 and the first quarter of 2020, respectively.

First quarter 2021 highlights include:

•After adjustments(1) for certain nonrecurring items:

◦Net income of $0.50 per diluted common share

◦1.24% return on average assets

◦15.80% return on average tangible common equity

•Net interest margin of 3.40% on a fully tax-equivalent basis(1) in line with expectations

◦9 basis point reduction from linked quarter driven by fewer fees related to loan prepayments, and lower volume of PPP forgiveness

•Noninterest income of $40.3 million, or $40.2 million as adjusted(1)

◦Foreign exchange income of $10.8 million remains strong despite decline from record fourth quarter

◦Mortgage income of $9.5 million in line with expectations given expected seasonal declines and lower premiums

•Noninterest expenses of $92.5 million, or $90.0 million as adjusted(1)

◦Adjustments(1) include:

▪$1.3 million of severance related costs

▪$1.3 million of other nonrecurring costs such as branch consolidation costs

◦Efficiency ratio of 60.0%; 58.4% as adjusted(1)

•Excluding PPP growth, loan balances declined slightly during the quarter driven primarily by a decline in consumer and mortgage loans

•Average transactional deposit balances grew $523.7 million compared to the linked quarter; 21.1% on an annualized basis

______________________________________________________________________________________

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

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•Total Allowance for Credit Losses of $183.0 million; Total quarterly provision for credit losses of $4.0 million

◦Loans and leases - ACL of $169.9 million, 1.71% of total loans; 1.84% of loans excluding PPP

◦Unfunded Commitments - ACL of $13.0 million

◦First quarter provision expense driven by net charge-offs, partially offset by improvements in economic conditions

•Strong capital ratios

◦Total capital of 15.41%

◦Tier 1 common equity of 11.81%

◦Tangible common equity of 8.22%; 8.62% excluding PPP loans

◦Tangible book value per share of $12.78; $0.15 decrease compared to linked quarter

◦Repurchased 840,115 shares during first quarter

Archie Brown, President and Chief Executive Officer, remarked, “While uncertainty remains due to the ongoing pandemic, the accelerated COVID-19 vaccine distribution, unprecedented fiscal stimulus, and an accommodative Federal Reserve have led to widespread optimism for our economy, which is in stark contrast to our sentiment at this time last year. Our first quarter operating performance reflects this change in sentiment and we have renewed optimism as a result of the improved business climate, despite an operating environment that presents challenges due to very low interest rates and muted loan demand.

Mr. Brown continued, “Our first quarter financial results once again reflect our earnings power and our consistent ability to deliver value to our shareholders. Our core quarterly financial metrics remained strong with adjusted(1) earnings per share of $0.50, adjusted(1) return on assets of 1.24%, and an adjusted(1) efficiency ratio of 58.4%. Net income was bolstered by lower expenses and significantly lower credit costs. Despite expected seasonal declines, noninterest income was strong due to healthy mortgage demand, robust foreign exchange activity and higher wealth management fees. In addition, adjusted(1) noninterest expenses declined $4.6 million from the linked quarter and resulted in a sub-60% efficiency ratio. As I mentioned, credit costs were low with $4.0 million of provision expense during the quarter, and resulted in an allowance for credit losses of 1.84% of total loans, excluding PPP. Classified assets increased during the quarter, however our overall credit outlook has improved significantly and our borrowers are seeing benefits from the various stimulus actions. While first quarter net charge-offs increased slightly from previous quarters, this was driven by a single customer relationship. Given our overall credit outlook, we expect the allowance for credit losses to continue to decline over the course of 2021.”

Mr. Brown commented on balance sheet trends and capital utilization, “Excluding PPP activity, loan balances declined slightly for the quarter due to accelerated mortgage and HELOC payoffs, increased borrower liquidity, and muted business loan demand. As a result of these trends, we anticipate slower growth in the near-term, with some acceleration in the second half of the year. As of March 31, consumers and businesses were holding record levels of deposits, with average balances increasing during the quarter as a result of the stimulus package approved by Congress last December. We anticipate further deposit balance growth in the second quarter after the passage of the most recent stimulus bill. This anticipated growth will likely suppress loan demand and service charge income in the near-term. From a capital standpoint, our ratios remained strong through the first quarter. The combination of our current capital levels and our improved credit outlook, prompted us to repurchase 840,115 shares during the quarter. Absent higher priority capital deployment alternatives, we anticipate additional buyback activity in the second quarter.”

Mr. Brown concluded, “We are pleased with our improved performance and outlook from this time last year. We have started to transition associates back into their physical office locations, and we look forward to implementing the lessons learned over the past year to create an efficient, safe, and collaborative workplace. As our local and national economies continue to improve, we believe we are well positioned to deliver industry leading services to our clients and returns to our shareholders.”

Full detail of the Company’s first quarter 2021 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, April 23, 2021 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required). The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section

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of the Company’s website at www.bankatfirst.com. A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10154329. 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.

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Forward-Looking Statement

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

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

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

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

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

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

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

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

•the effect of changes in accounting policies and practices;

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

•changes in customers’ performance and creditworthiness;

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

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

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

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

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

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

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

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

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

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

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Additional factors that may cause our actual results to differ materially from those described in our forward-looking statements can be found in our Form 10-K for the year ended December 31, 2020, as well as our other filings with the SEC, which are available on the SEC website at www.sec.gov. 

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2021, the Company had $16.2 billion in assets, $9.9 billion in loans, $12.6 billion in deposits and $2.3 billion in shareholders’ equity. The Company’s subsidiary, First Financial Bank, founded in 1863, provides banking and financial services products through its six lines of business: Commercial, Retail Banking, Investment Commercial Real Estate, Mortgage Banking, Commercial Finance and Wealth Management. These business units provide traditional banking services to business and retail clients. Wealth Management provides wealth planning, portfolio management, trust and estate, brokerage and retirement plan services and had approximately $3.1 billion in assets under management as of March 31, 2021. The Company operated 143 full service banking centers as of March 31, 2021, 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/Analysts Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Marketing Communications Manager

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

InvestorRelations@bankatfirst.com media@bankatfirst.com

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Selected Financial Information

March 31, 2021

(unaudited)

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

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)
			Three Months Ended,
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2021						2020						2020						2020						2020
RESULTS OF OPERATIONS
Net income			$	47,315					$	48,312					$	41,477					$	37,393					$	28,628
Net earnings per share - basic			$	0.49					$	0.50					$	0.43					$	0.38					$	0.29
Net earnings per share - diluted			$	0.48					$	0.49					$	0.42					$	0.38					$	0.29
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23
KEY FINANCIAL RATIOS
Return on average assets			1.20		%				1.20		%				1.04		%				0.96		%				0.79		%
Return on average shareholders' equity			8.44		%				8.52		%				7.40		%				6.88		%				5.21		%
Return on average tangible shareholders' equity			15.24		%				15.50		%				13.61		%				12.90		%				9.71		%
Net interest margin			3.35		%				3.45		%				3.32		%				3.38		%				3.71		%
Net interest margin (fully tax equivalent) (1)			3.40		%				3.49		%				3.36		%				3.44		%				3.77		%
Ending shareholders' equity as a percent of ending assets			13.97		%				14.29		%				14.11		%				13.99		%				14.47		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets			8.22		%				8.47		%				8.25		%				8.09		%				8.25		%
Risk-weighted assets			11.02		%				11.29		%				11.07		%				10.89		%				10.50		%
Average shareholders' equity as a percent of average assets			14.17		%				14.07		%				14.08		%				13.91		%				15.21		%
Average tangible shareholders' equity as a percent of
average tangible assets			8.38		%				8.26		%				8.18		%				7.94		%				8.79		%
Book value per share			$	23.16					$	23.28					$	22.94					$	22.66					$	22.25
Tangible book value per share			$	12.78					$	12.93					$	12.56					$	12.26					$	11.82
Common equity tier 1 ratio (2)			11.81		%				11.82		%				11.63		%				11.49		%				11.27		%
Tier 1 ratio (2)			12.19		%				12.20		%				12.02		%				11.87		%				11.66		%
Total capital ratio (2)			15.41		%				15.55		%				15.37		%				15.19		%				13.54		%
Leverage ratio (2)			9.34		%				9.55		%				9.55		%				8.98		%				9.49		%
AVERAGE BALANCE SHEET ITEMS
Loans (3)			$	9,951,855					$	10,127,881					$	10,253,392					$	10,002,379					$	9,220,643
Investment securities			3,782,993						3,403,839						3,162,832						3,164,243						3,115,723
Interest-bearing deposits with other banks			46,912						143,884						40,277						91,990						39,332
Total earning assets			$	13,781,760					$	13,675,604					$	13,456,501					$	13,258,612					$	12,375,698
Total assets			$	16,042,654					$	16,030,986					$	15,842,010					$	15,710,204					$	14,524,422
Noninterest-bearing deposits			$	3,840,046					$	3,720,417					$	3,535,432					$	3,335,866					$	2,643,240
Interest-bearing deposits			8,531,822						8,204,306						8,027,082						8,395,229						7,590,791
Total deposits			$	12,371,868					$	11,924,723					$	11,562,514					$	11,731,095					$	10,234,031
Borrowings			$	886,379					$	1,307,461					$	1,519,748					$	1,272,819					$	1,735,767
Shareholders' equity			$	2,272,749					$	2,256,062					$	2,230,422					$	2,185,865					$	2,209,733
CREDIT QUALITY RATIOS
Allowance to ending loans			1.71		%				1.77		%				1.65		%				1.56		%				1.55		%
Allowance to nonaccrual loans			199.33		%				217.55		%				216.28		%				233.74		%				296.51		%
Allowance to nonperforming loans			175.44		%				199.97		%				196.69		%				208.06		%				203.42		%
Nonperforming loans to total loans			0.97		%				0.89		%				0.84		%				0.75		%				0.76		%
Nonperforming assets to ending loans, plus OREO			0.98		%				0.90		%				0.86		%				0.77		%				0.78		%
Nonperforming assets to total assets			0.60		%				0.56		%				0.55		%				0.49		%				0.48		%
Classified assets to total assets			1.22		%				0.89		%				0.84		%				0.79		%				0.83		%
Net charge-offs to average loans (annualized)			0.38		%				0.26		%				0.21		%				0.12		%				(0.04)		%

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

(2) March 31, 2021 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

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FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
			2021						2020
			First						Fourth						Third						Second						First						Full
			Quarter						Quarter						Quarter						Quarter						Quarter						Year
Interest income
Loans and leases, including fees			$	98,931					$	106,733					$	103,249					$	105,900					$	115,775					$	431,657
Investment securities
Taxable			18,607						18,402						17,906						18,476						19,005						73,789
Tax-exempt			5,043						4,839						4,884						4,937						4,582						19,242
Total investment securities interest			23,650						23,241						22,790						23,413						23,587						93,031
Other earning assets			28						55						31						47						142						275
Total interest income			122,609						130,029						126,070						129,360						139,504						524,963
Interest expense
Deposits			4,333						5,920						7,886						11,751						16,365						41,922
Short-term borrowings			67						30						51						1,274						5,087						6,442
Long-term borrowings			4,333						5,606						5,953						4,759						3,770						20,088
Total interest expense			8,733						11,556						13,890						17,784						25,222						68,452
Net interest income			113,876						118,473						112,180						111,576						114,282						456,511
Provision for credit losses-loans and leases			3,450						13,758						15,299						17,859						23,880						70,796
Provision for credit losses-unfunded commitments			538						(2,250)						(1,925)						2,370						1,568						(237)
Net interest income after provision for credit losses			109,888						106,965						98,806						91,347						88,834						385,952
Noninterest income
Service charges on deposit accounts			7,146						7,654						7,356						6,001						8,435						29,446
Trust and wealth management fees			4,398						4,093						3,855						4,114						4,469						16,531
Bankcard income			3,128						3,060						3,124						2,844						2,698						11,726
Client derivative fees			1,556						2,021						2,203						2,984						3,105						10,313
Foreign exchange income			10,757						12,305						10,530						6,576						9,966						39,377
Net gains from sales of loans			9,454						13,089						18,594						16,662						2,831						51,176
Net gains (losses) on sale of investment securities			(166)						4,618						2						2						(59)						4,563
Unrealized gain (loss) on equity securities			112						8,975						18						150						(98)						9,045
Other			3,937						5,700						3,817						3,392						4,037						16,946
Total noninterest income			40,322						61,515						49,499						42,725						35,384						189,123
Noninterest expenses
Salaries and employee benefits			61,253						62,263						63,769						55,925						54,822						236,779
Net occupancy			5,704						6,159						5,625						5,378						6,104						23,266
Furniture and equipment			3,969						3,596						3,638						3,681						4,053						14,968
Data processing			7,287						7,269						6,837						7,019						6,389						27,514
Marketing			1,361						1,999						1,856						1,339						1,220						6,414
Communication			838						840						855						907						890						3,492
Professional services			1,450						3,038						2,443						2,205						2,275						9,961
Debt extinguishment			0						7,257						0						0						0						7,257
State intangible tax			1,202						1,514						1,514						1,514						1,516						6,058
FDIC assessments			1,349						1,065						1,350						1,290						1,405						5,110
Intangible amortization			2,479						2,764						2,779						2,791						2,792						11,126
Other			5,614						17,034						6,845						6,640						8,200						38,719
Total noninterest expenses			92,506						114,798						97,511						88,689						89,666						390,664
Income before income taxes			57,704						53,682						50,794						45,383						34,552						184,411
Income tax expense (benefit)			10,389						5,370						9,317						7,990						5,924						28,601
Net income			$	47,315					$	48,312					$	41,477					$	37,393					$	28,628					$	155,810
ADDITIONAL DATA
Net earnings per share - basic			$	0.49					$	0.50					$	0.43					$	0.38					$	0.29					$	1.60
Net earnings per share - diluted			$	0.48					$	0.49					$	0.42					$	0.38					$	0.29					$	1.59
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23					$	0.92
Return on average assets			1.20		%				1.20		%				1.04		%				0.96		%				0.79		%				1.00		%
Return on average shareholders' equity			8.44		%				8.52		%				7.40		%				6.88		%				5.21		%				7.02		%
Interest income			$	122,609					$	130,029					$	126,070					$	129,360					$	139,504					$	524,963
Tax equivalent adjustment			1,652						1,613						1,628						1,664						1,624						6,529
Interest income - tax equivalent			124,261						131,642						127,698						131,024						141,128						531,492
Interest expense			8,733						11,556						13,890						17,784						25,222						68,452
Net interest income - tax equivalent			$	115,528					$	120,086					$	113,808					$	113,240					$	115,906					$	463,040
Net interest margin			3.35		%				3.45		%				3.32		%				3.38		%				3.71		%				3.46		%
Net interest margin (fully tax equivalent) (1)			3.40		%				3.49		%				3.36		%				3.44		%				3.77		%				3.51		%
Full-time equivalent employees			2,063						2,075						2,065						2,076						2,067
(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.

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FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,						% Change						% Change
			2021						2020						2020						2020						2020						Linked Qtr.						Comp Qtr.
ASSETS
Cash and due from banks			$	210,191					$	231,054					$	207,128					$	283,639					$	261,892					(9.0)		%				(19.7)		%
Interest-bearing deposits with other banks			19,180						20,305						38,806						38,845						71,071						(5.5)		%				(73.0)		%
Investment securities available-for-sale			3,753,763						3,424,580						3,004,963						2,897,413						2,908,688						9.6		%				29.1		%
Investment securities held-to-maturity			121,945						131,687						118,072						127,347						136,744						(7.4)		%				(10.8)		%
Other investments			131,814						133,198						118,292						132,366						143,581						(1.0)		%				(8.2)		%
Loans held for sale			34,590						41,103						69,008						43,950						27,334						(15.8)		%				26.5		%
Loans and leases
Commercial and industrial			3,044,825						3,007,509						3,292,313						3,322,374						2,477,773						1.2		%				22.9		%
Lease financing			66,574						72,987						74,742						80,087						82,602						(8.8)		%				(19.4)		%
Construction real estate			642,709						636,096						575,648						506,085						500,311						1.0		%				28.5		%
Commercial real estate			4,396,582						4,307,858						4,347,125						4,343,702						4,278,257						2.1		%				2.8		%
Residential real estate			946,522						1,003,086						1,027,702						1,043,745						1,061,792						(5.6)		%				(10.9)		%
Home equity			709,667						743,099						754,743						764,171						781,243						(4.5)		%				(9.2)		%
Installment			82,421						81,850						84,629						79,150						80,085						0.7		%				2.9		%
Credit card			44,669						48,485						43,907						42,397						45,756						(7.9)		%				(2.4)		%
Total loans			9,933,969						9,900,970						10,200,809						10,181,711						9,307,819						0.3		%				6.7		%
Less:
Allowance for credit losses			169,923						175,679						168,544						158,661						143,885						(3.3)		%				18.1		%
Net loans			9,764,046						9,725,291						10,032,265						10,023,050						9,163,934						0.4		%				6.5		%
Premises and equipment			204,537						207,211						209,474						211,164						212,787						(1.3)		%				(3.9)		%
Goodwill			937,771						937,771						937,771						937,771						937,771						0.0		%				0.0		%
Other intangibles			61,984						64,552						67,419						70,325						73,258						(4.0)		%				(15.4)		%
Accrued interest and other assets			935,250						1,056,382						1,122,449						1,105,020						1,120,507						(11.5)		%				(16.5)		%
Total Assets			$	16,175,071					$	15,973,134					$	15,925,647					$	15,870,890					$	15,057,567					1.3		%				7.4		%
LIABILITIES
Deposits
Interest-bearing demand			$	2,914,761					$	2,914,787					$	2,632,467					$	2,657,841					$	2,498,109					0.0		%				16.7		%
Savings			4,006,181						3,680,774						3,446,678						3,287,314						2,978,250						8.8		%				34.5		%
Time			1,731,757						1,872,733						1,935,392						2,241,212						2,435,858						(7.5)		%				(28.9)		%
Total interest-bearing deposits			8,652,699						8,468,294						8,014,537						8,186,367						7,912,217						2.2		%				9.4		%
Noninterest-bearing			3,995,370						3,763,709						3,552,893						3,515,048						2,723,341						6.2		%				46.7		%
Total deposits			12,648,069						12,232,003						11,567,430						11,701,415						10,635,558						3.4		%				18.9		%
Federal funds purchased and securities sold
under agreements to repurchase			181,387						166,594						247,658						154,347						215,824						8.9		%				(16.0)		%
FHLB short-term borrowings			0						0						0						0						1,181,900						0.0		%				(100.0)		%
Total short-term borrowings			181,387						166,594						247,658						154,347						1,397,724						8.9		%				(87.0)		%
Long-term debt			583,722						776,202						1,341,164						1,285,767						325,566						(24.8)		%				79.3		%
Total borrowed funds			765,109						942,796						1,588,822						1,440,114						1,723,290						(18.8)		%				(55.6)		%
Accrued interest and other liabilities			502,951						516,265						521,580						508,342						519,336						(2.6)		%				(3.2)		%
Total Liabilities			13,916,129						13,691,064						13,677,832						13,649,871						12,878,184						1.6		%				8.1		%
SHAREHOLDERS' EQUITY
Common stock			1,633,137						1,638,947						1,637,489						1,635,070						1,633,950						(0.4)		%				0.0		%
Retained earnings			745,220						720,429						694,484						675,532						660,653						3.4		%				12.8		%
Accumulated other comprehensive income (loss)			18,101						48,664						42,266						36,431						11,788						(62.8)		%				53.6		%
Treasury stock, at cost			(137,516)						(125,970)						(126,424)						(126,014)						(127,008)						9.2		%				8.3		%
Total Shareholders' Equity			2,258,942						2,282,070						2,247,815						2,221,019						2,179,383						(1.0)		%				3.7		%
Total Liabilities and Shareholders' Equity			$	16,175,071					$	15,973,134					$	15,925,647					$	15,870,890					$	15,057,567					1.3		%				7.4		%

4

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Quarterly Averages
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2021						2020						2020						2020						2020
ASSETS
Cash and due from banks			$	232,275					$	228,427					$	233,216					$	284,726					$	235,696
Interest-bearing deposits with other banks			46,912						143,884						40,277						91,990						39,332
Investment securities			3,782,993						3,403,839						3,162,832						3,164,243						3,115,723
Loans held for sale			29,689						42,402						45,186						36,592						13,174
Loans and leases
Commercial and industrial			3,029,716						3,182,749						3,299,259						3,058,677						2,450,893
Lease financing			70,508						74,107						78,500						81,218						85,782
Construction real estate			647,655						608,401						536,870						495,407						501,471
Commercial real estate			4,339,349						4,313,408						4,364,708						4,381,647						4,209,345
Residential real estate			980,718						1,022,701						1,041,250						1,052,996						1,055,456
Home equity			726,134						752,425						759,994						772,424						773,082
Installment			81,377						83,509						82,016						79,016						81,234
Credit card			46,709						48,179						45,609						44,402						50,206
Total loans			9,922,166						10,085,479						10,208,206						9,965,787						9,207,469
Less:
Allowance for credit losses			177,863						172,201						165,270						155,454						121,126
Net loans			9,744,303						9,913,278						10,042,936						9,810,333						9,086,343
Premises and equipment			206,628						208,800						211,454						213,903						215,545
Goodwill			937,771						937,771						937,771						937,771						937,771
Other intangibles			63,529						66,195						69,169						72,086						75,014
Accrued interest and other assets			998,554						1,086,390						1,099,169						1,098,560						805,824
Total Assets			$	16,042,654					$	16,030,986					$	15,842,010					$	15,710,204					$	14,524,422
LIABILITIES
Deposits
Interest-bearing demand			$	2,948,682					$	2,812,748					$	2,668,635					$	2,602,917					$	2,418,193
Savings			3,815,314						3,547,179						3,342,514						3,173,274						2,976,518
Time			1,767,826						1,844,379						2,015,933						2,619,038						2,196,080
Total interest-bearing deposits			8,531,822						8,204,306						8,027,082						8,395,229						7,590,791
Noninterest-bearing			3,840,046						3,720,417						3,535,432						3,335,866						2,643,240
Total deposits			12,371,868						11,924,723						11,562,514						11,731,095						10,234,031
Federal funds purchased and securities sold
under agreements to repurchase			184,483						136,795						150,088						145,291						164,093
FHLB short-term borrowings			67,222						7,937						30,868						548,183						1,189,765
Total short-term borrowings			251,705						144,732						180,956						693,474						1,353,858
Long-term debt			634,674						1,162,729						1,338,792						579,345						381,909
Total borrowed funds			886,379						1,307,461						1,519,748						1,272,819						1,735,767
Accrued interest and other liabilities			511,658						542,740						529,326						520,425						344,891
Total Liabilities			13,769,905						13,774,924						13,611,588						13,524,339						12,314,689
SHAREHOLDERS' EQUITY
Common stock			1,636,884						1,638,032						1,636,107						1,634,405						1,638,851
Retained earnings			726,351						703,257						679,980						658,312						660,108
Accumulated other comprehensive loss			42,253						40,960						40,697						19,888						31,200
Treasury stock, at cost			(132,739)						(126,187)						(126,362)						(126,740)						(120,426)
Total Shareholders' Equity			2,272,749						2,256,062						2,230,422						2,185,865						2,209,733
Total Liabilities and Shareholders' Equity			$	16,042,654					$	16,030,986					$	15,842,010					$	15,710,204					$	14,524,422

5

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
						Quarterly Averages
						March 31, 2021												December 31, 2020												March 31, 2020												Linked Qtr. Income Variance																		Comparable Qtr. Income Variance
						Balance						Yield						Balance						Yield						Balance						Yield						Rate						Volume						Total						Rate						Volume						Total
Earning assets
Investments:
Investment securities						$	3,782,993					2.54		%				$	3,403,839					2.71		%				$	3,115,723					3.04		%				$	(1,488)					$	1,897					$	409					$	(3,892)					$	3,955					$	63
Interest-bearing deposits with other banks						46,912						0.24		%				143,884						0.15		%				39,332						1.45		%				33						(60)						(27)						(118)						4						(114)
Gross loans (1)						9,951,855						4.03		%				10,127,881						4.18		%				9,220,643						5.04		%				(3,815)						(3,987)						(7,802)						(23,094)						6,250						(16,844)
Total earning assets						13,781,760						3.61		%				13,675,604						3.77		%				12,375,698						4.52		%				(5,270)						(2,150)						(7,420)						(27,104)						10,209						(16,895)
Nonearning assets
Allowance for credit losses						(177,863)												(172,201)												(121,126)
Cash and due from banks						232,275												228,427												235,696
Accrued interest and other assets						2,206,482												2,299,156												2,034,154
Total assets						$	16,042,654											$	16,030,986											$	14,524,422
Interest-bearing liabilities
Deposits:
Interest-bearing demand						$	2,948,682					0.07		%				$	2,812,748					0.08		%				$	2,418,193					0.45		%
Savings						3,815,314						0.13		%				3,547,179						0.15		%				2,976,518						0.45		%
Time						1,767,826						0.60		%				1,844,379						0.86		%				2,196,080						1.88		%
Total interest-bearing deposits						8,531,822						0.21		%				8,204,306						0.29		%				7,590,791						0.86		%				$	(1,661)					$	74					$	(1,587)					$	(12,467)					$	435					$	(12,032)
Borrowed funds
Short-term borrowings						251,705						0.11		%				144,732						0.08		%				1,353,858						1.51		%				9						28						37						(4,723)						(297)						(5,020)
Long-term debt						634,674						2.77		%				1,162,729						1.91		%				381,909						3.96		%				2,509						(3,782)						(1,273)						(1,134)						1,697						563
Total borrowed funds						886,379						2.01		%				1,307,461						1.71		%				1,735,767						2.05		%				2,518						(3,754)						(1,236)						(5,857)						1,400						(4,457)
Total interest-bearing liabilities						9,418,201						0.38		%				9,511,767						0.48		%				9,326,558						1.08		%				857						(3,680)						(2,823)						(18,324)						1,835						(16,489)
Noninterest-bearing liabilities
Noninterest-bearing demand deposits						3,840,046												3,720,417												2,643,240
Other liabilities						511,658												542,740												344,891
Shareholders' equity						2,272,749												2,256,062												2,209,733
Total liabilities & shareholders' equity						$	16,042,654											$	16,030,986											$	14,524,422
Net interest income						$	113,876											$	118,473											$	114,282											$	(6,127)					$	1,530					$	(4,597)					$	(8,780)					$	8,374					$	(406)
Net interest spread												3.23		%										3.29		%										3.44		%
Net interest margin												3.35		%										3.45		%										3.71		%
Tax equivalent adjustment												0.05		%										0.04		%										0.06		%
Net interest margin (fully tax equivalent)												3.40		%										3.49		%										3.77		%
(1) Loans held for sale and nonaccrual loans are included in gross loans.

6

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2021						2020						2020						2020						2020
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period			$	175,679					$	168,544					$	158,661					$	143,885					$	57,650
Day one adoption impact of ASC 326			0						0						0						0						61,505
Provision for credit losses			3,450						13,758						15,299						17,859						23,880
Gross charge-offs
Commercial and industrial			7,910						1,505						1,467						1,282						1,091
Lease financing			0						0						852						0						0
Construction real estate			2						0						0						0						0
Commercial real estate			1,250						6,270						3,789						2,037						4
Residential real estate			1						203						22						148						115
Home equity			611						386						460						428						267
Installment			36						21						59						7						61
Credit card			222						169						171						234						311
Total gross charge-offs			10,032						8,554						6,820						4,136						1,849
Recoveries
Commercial and industrial			337						367						265						275						2,000
Lease financing			0						(6)						6						0						0
Construction real estate			0						3						0						14						0
Commercial real estate			195						844						760						424						234
Residential real estate			44						145						91						93						52
Home equity			177						428						209						156						339
Installment			34						65						35						27						31
Credit card			39						85						38						64						43
Total recoveries			826						1,931						1,404						1,053						2,699
Total net charge-offs			9,206						6,623						5,416						3,083						(850)
Ending allowance for credit losses			$	169,923					$	175,679					$	168,544					$	158,661					$	143,885
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial			1.01		%				0.14		%				0.14		%				0.13		%				(0.15)		%
Lease financing			0.00		%				0.03		%				4.29		%				0.00		%				0.00		%
Construction real estate			0.00		%				0.00		%				0.00		%				(0.01)		%				0.00		%
Commercial real estate			0.10		%				0.50		%				0.28		%				0.15		%				(0.02)		%
Residential real estate			(0.02)		%				0.02		%				(0.03)		%				0.02		%				0.02		%
Home equity			0.24		%				(0.02)		%				0.13		%				0.14		%				(0.04)		%
Installment			0.01		%				(0.21)		%				0.12		%				(0.10)		%				0.15		%
Credit card			1.59		%				0.69		%				1.16		%				1.54		%				2.15		%
Total net charge-offs			0.38		%				0.26		%				0.21		%				0.12		%				(0.04)		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial			$	24,941					$	29,230					$	34,686					$	33,906					$	21,126
Lease financing			0						0						1,092						1,353						222
Construction real estate			0						0						0						0						0
Commercial real estate			44,514						34,682						24,521						14,002						10,050
Residential real estate			11,359						11,601						12,104						12,813						11,163
Home equity			4,286						5,076						5,374						5,604						5,821
Installment			146						163						153						201						145
Nonaccrual loans			85,246						80,752						77,930						67,879						48,527
Accruing troubled debt restructurings (TDRs)			11,608						7,099						7,759						8,377						22,206
Total nonperforming loans			96,854						87,851						85,689						76,256						70,733
Other real estate owned (OREO)			854						1,287						1,643						1,872						1,467
Total nonperforming assets			97,708						89,138						87,332						78,128						72,200
Accruing loans past due 90 days or more			92						169						79						124						120
Total underperforming assets			$	97,800					$	89,307					$	87,411					$	78,252					$	72,320
Total classified assets			$	196,782					$	142,021					$	134,002					$	125,543					$	124,510
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans			199.33		%				217.55		%				216.28		%				233.74		%				296.51		%
Nonperforming loans			175.44		%				199.97		%				196.69		%				208.06		%				203.42		%
Total ending loans			1.71		%				1.77		%				1.65		%				1.56		%				1.55		%
Nonperforming loans to total loans			0.97		%				0.89		%				0.84		%				0.75		%				0.76		%
Nonperforming assets to
Ending loans, plus OREO			0.98		%				0.90		%				0.86		%				0.77		%				0.78		%
Total assets			0.60		%				0.56		%				0.55		%				0.49		%				0.48		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO			0.87		%				0.83		%				0.78		%				0.68		%				0.54		%
Total assets			0.53		%				0.51		%				0.50		%				0.44		%				0.33		%
Classified assets to total assets			1.22		%				0.89		%				0.84		%				0.79		%				0.83		%
(1) Nonaccrual loans include nonaccrual TDRs of $20.9 million, $14.7 million, $29.3 million, $32.7 million, and $18.4 million, as of March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

7

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2021						2020						2020						2020						2020
PER COMMON SHARE
Market Price
High			$	26.40					$	17.77					$	15.15					$	16.38					$	25.52
Low			$	17.62					$	12.07					$	11.40					$	11.52					$	12.67
Close			$	24.00					$	17.53					$	12.01					$	13.89					$	14.91
Average shares outstanding - basic			96,873,940						97,253,787						97,247,080						97,220,748						97,736,690
Average shares outstanding - diluted			97,727,527						98,020,534						98,008,733						97,988,600						98,356,214
Ending shares outstanding			97,517,693						98,021,929						97,999,763						98,018,858						97,968,958
Total shareholders' equity			$	2,258,942					$	2,282,070					$	2,247,815					$	2,221,019					$	2,179,383
REGULATORY CAPITAL			Preliminary
Common equity tier 1 capital			$	1,334,882					$	1,325,922					$	1,293,716					$	1,267,609					$	1,243,152
Common equity tier 1 capital ratio			11.81		%				11.82		%				11.63		%				11.49		%				11.27		%
Tier 1 capital			$	1,377,892					$	1,368,818					$	1,336,497					$	1,310,276					$	1,285,705
Tier 1 ratio			12.19		%				12.20		%				12.02		%				11.87		%				11.66		%
Total capital			$	1,741,755					$	1,744,802					$	1,708,817					$	1,676,532					$	1,493,100
Total capital ratio			15.41		%				15.55		%				15.37		%				15.19		%				13.54		%
Total capital in excess of minimum requirement			$	554,834					$	566,795					$	541,263					$	517,902					$	335,229
Total risk-weighted assets			$	11,304,012					$	11,219,114					$	11,119,560					$	11,034,570					$	11,027,347
Leverage ratio			9.34		%				9.55		%				9.55		%				8.98		%				9.49		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets			13.97		%				14.29		%				14.11		%				13.99		%				14.47		%
Ending tangible shareholders' equity to ending tangible assets			8.22		%				8.47		%				8.25		%				8.09		%				8.25		%
Average shareholders' equity to average assets			14.17		%				14.07		%				14.08		%				13.91		%				15.21		%
Average tangible shareholders' equity to average tangible assets			8.38		%				8.26		%				8.18		%				7.94		%				8.79		%
REPURCHASE PROGRAM (1)
Shares repurchased			840,115						0						0						0						880,000
Average share repurchase price			$	21.40					N/A						N/A						N/A						$	18.96
Total cost of shares repurchased			$	17,982					N/A						N/A						N/A						$	16,686
(1) Represents share repurchases as part of publicly announced plans.
N/A = Not applicable

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