Exhibit 99.1

First Financial Bancorp Announces First Quarter 2022 Financial Results

•Earnings per diluted share of $0.44; $0.46 on an adjusted(1) basis

•Return on average assets of 1.03%; 1.09% on an adjusted(1) basis

•Net interest margin on FTE basis of 3.17%; 12 bp increase excluding loan fees and accretion

•Net charge-offs declined 69.3%; Provision recapture of $5.8 million

Cincinnati, Ohio - April 21, 2022. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three months ended March 31, 2022.

For the three months ended March 31, 2022, the Company reported net income of $41.3 million, or $0.44 per diluted common share. These results compare to net income of $46.9 million, or $0.50 per diluted common share, for the fourth quarter of 2021 and $47.3 million, or $0.48 per diluted common share, for the first quarter of 2021.

Return on average assets for the first quarter of 2022 was 1.03% while return on average tangible common equity was 14.93%(1). These compare to returns on average assets of 1.16% and 1.20%, and returns on average tangible common equity of 15.11%(1) and 15.24%(1), in the fourth quarter of 2021 and the first quarter of 2021, respectively.

First quarter 2022 highlights include:

•Loan balances flat when compared to linked quarter2, excluding impact of PPP

◦Loan balances decreased $46.7 million compared to the linked quarter; PPP loan balances decreased $34.4 million

•Net interest margin of 3.17% on a fully tax-equivalent basis(1), exceeded expectations

◦6 basis point decrease to 3.17% from 3.23% in the linked quarter driven by PPP forgiveness and lower loan fees, which offset increase in asset yields during the period

◦12 basis point increase excluding loan fees and accretion

•Noninterest income of $41.3 million, or $41.5 million as adjusted(1)

◦Leasing business income of $6.1 million

◦Wealth management fees remained strong at $6.1 million

◦Foreign exchange income of $10.2 million; decline from record fourth quarter

◦Mortgage banking revenue declined $2.6 million, or 40.4% from fourth quarter

•Noninterest expenses of $102.8 million, or $100.0 million as adjusted(1)

◦Adjustments(1) include:

▪$0.3 million of acquisition related costs

▪$2.5 million of other costs not expected to recur such as severance and branch consolidation costs

◦Increase in expenses driven by $8.6 million of Summit expenses, higher healthcare costs and elevated payroll taxes

◦Efficiency ratio of 69.6%; 67.7% as adjusted(1)

________________________________________________________________________________________

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

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

•Total Allowance for Credit Losses of $137.3 million; Total quarterly provision recapture of $5.8 million

◦Loans and leases - ACL of $124.1 million, 1.34% of total loans

◦Unfunded Commitments - ACL of $13.2 million

◦Provision recapture driven by strong credit quality

◦Net charge-offs declined 69.3% to 0.10% of average loans and leases

•Regulatory capital ratios remain in excess of internal targets:

◦Total capital ratio of 13.97%

◦Tier 1 common equity increased 3 basis points to 10.87%

◦Tangible common equity of 6.95%(1); decrease from linked quarter driven by decline in AOCI

◦Tangible book value per share of $10.97(1)

Archie Brown, President and Chief Executive Officer, commented, “We are pleased to announce another solid quarter of financial results which were in line with expectations. While we encountered some challenges related to mortgage banking and the wind down of PPP, the first quarter was a good start to what we expect will be a very strong year for First Financial.”

Mr. Brown continued, “First quarter results included adjusted(1) earnings per share of $0.46, return on assets of 1.09% and return on tangible common equity of 15.75%. These results were driven by provision recapture of $5.8 million, resulting from strong credit quality trends and stable economic conditions, and prudent expense management."

Mr. Brown added, “Improvement in net interest margin highlighted the quarter, with basic net interest margin increasing 12 basis points. The margin benefited from the Fed rate hike and higher asset yields, which we expect to increase further as the year progresses given our asset sensitive balance sheet. In addition, credit quality trends remain excellent, evidenced by stable classified asset levels, lower net charge-offs and provision recapture."

Mr. Brown further stated, "We were also pleased with our ability to diligently manage expenses, which were in line with our expectations despite elevated heathcare costs. First quarter fee income was lower than we anticipated as rising rates negatively impacted mortgage banking revenue. While foreign exchange declined from fourth quarter levels, Bannockburn's income can vary from quarter to quarter, and we expect them to rebound in the near term."

On loan growth, Mr. Brown remarked, "Loan growth was muted in the first quarter as originations were slowed by the peak of Omicron in January and higher payoffs continued as many borrowers sold their business or underlying assets. Loan pipelines are strengthening and we are optimistic about improving loan trends as we move further into the year."

Regarding the Summit acquisition, Mr. Brown commented, "The integration of Summit continues to go as expected. Its first quarter financial performance was in line with our initial expectations, and the cultural fit has proven to be as we had hoped. Given the impact of acquisition accounting, our expectation remains that Summit's contributions will be neutral to overall 2022 financial results, and we remain bullish on the the future success of the Company."

Mr. Brown concluded, “Our first quarter results have laid a strong foundation and we believe our asset sensitive balance sheet is well-positioned for the rising rates that are expected over the course of 2022. We have made strategic efforts to diversify our product offerings in recent years, and we believe those efforts position us to deliver the industry leading services to our clients and returns our shareholders have come to expect.”

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

Teleconference / Webcast Information

First Financial’s executive management will host a conference call to discuss the Company’s financial and operating results on Friday, April 22, 2022 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (844) 200-6205 (U.S. toll free), (646) 904-5544 (U.S. local) or +1 (929) 526-1599 (International), access code 773559. The number should be dialed five to ten minutes prior to the start of the conference call. A replay of the conference call will be available beginning one hour after the completion of the live call at (866) 813-9403 (U.S. toll free), (929) 458-6194 (U.S. local) and +44 204 525-0658 (all other locations), access code 565117. The recording will be available until April 29, 2022. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company’s website at www.bankatfirst.com. The webcast will be archived on the Investor Relations section of the Company’s website for 12 months.

Press Release and Additional Information on Website

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

Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

•the effect of changes in accounting policies and practices;

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

•changes in customers’ performance and creditworthiness;

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

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

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

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

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

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

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

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

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

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

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

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

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati, Ohio based bank holding company. As of March 31, 2022, the Company had $16.0 billion in assets, $9.2 billion in loans, $12.8 billion in deposits and $2.1 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 $3.3 billion in assets under management as of March 31, 2022. The Company operated 135 full service banking centers as of March 31, 2022, primarily in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

Contact Information

Investors/Analysts Media

Jamie Anderson                        Tim Condron

Chief Financial Officer                    Marketing Communications Manager

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

InvestorRelations@bankatfirst.com media@bankatfirst.com

Selected Financial Information

March 31, 2022

(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			6-7
Credit Quality			8
Capital Adequacy			9

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,
			2022						2021						2021						2021						2021
RESULTS OF OPERATIONS
Net income			$	41,301					$	46,945					$	60,012					$	50,888					$	47,315
Net earnings per share - basic			$	0.44					$	0.51					$	0.64					$	0.53					$	0.49
Net earnings per share - diluted			$	0.44					$	0.50					$	0.63					$	0.52					$	0.48
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23
KEY FINANCIAL RATIOS
Return on average assets			1.03		%				1.16		%				1.49		%				1.26		%				1.20		%
Return on average shareholders' equity			7.53		%				8.31		%				10.53		%				9.02		%				8.44		%
Return on average tangible shareholders' equity (1)			14.93		%				15.11		%				19.03		%				16.31		%				15.24		%
Net interest margin			3.12		%				3.19		%				3.28		%				3.27		%				3.35		%
Net interest margin (fully tax equivalent) (1)(2)			3.17		%				3.23		%				3.32		%				3.31		%				3.40		%
Ending shareholders' equity as a percent of ending assets			13.35		%				13.83		%				14.01		%				14.15		%				13.97		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)			6.95		%				7.58		%				8.21		%				8.37		%				8.22		%
Risk-weighted assets (1)			8.85		%				9.91		%				10.76		%				11.12		%				11.02		%
Average shareholders' equity as a percent of average assets			13.75		%				13.98		%				14.14		%				13.96		%				14.17		%
Average tangible shareholders' equity as a percent of
average tangible assets (1)			7.44		%				8.20		%				8.35		%				8.23		%				8.38		%
Book value per share			$	22.63					$	23.99					$	23.85					$	23.59					$	23.16
Tangible book value per share (1)			$	10.97					$	12.26					$	13.09					$	13.08					$	12.78
Common equity tier 1 ratio (3)			10.87		%				10.84		%				11.54		%				11.78		%				11.81		%
Tier 1 ratio (3)			11.24		%				11.22		%				11.92		%				12.16		%				12.19		%
Total capital ratio (3)			13.97		%				14.10		%				14.97		%				15.31		%				15.41		%
Leverage ratio (3)			8.64		%				8.70		%				9.05		%				9.14		%				9.34		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)			$	9,266,774					$	9,283,227					$	9,502,750					$	9,831,965					$	9,951,855
Investment securities			4,308,059						4,343,513						4,189,253						4,130,207						3,782,993
Interest-bearing deposits with other banks			234,687						166,904						32,400						45,593						46,912
Total earning assets			$	13,809,520					$	13,793,644					$	13,724,403					$	14,007,765					$	13,781,760
Total assets			$	16,184,919					$	16,036,417					$	15,995,808					$	16,215,469					$	16,042,654
Noninterest-bearing deposits			$	4,160,175					$	4,191,457					$	3,981,404					$	4,003,626					$	3,840,046
Interest-bearing deposits			8,623,800						8,693,792						8,685,949						8,707,553						8,531,822
Total deposits			$	12,783,975					$	12,885,249					$	12,667,353					$	12,711,179					$	12,371,868
Borrowings			$	701,287					$	396,743					$	562,964					$	749,114					$	886,379
Shareholders' equity			$	2,225,495					$	2,241,820					$	2,261,293					$	2,263,687					$	2,272,749
CREDIT QUALITY RATIOS
Allowance to ending loans			1.34		%				1.42		%				1.59		%				1.68		%				1.71		%
Allowance to nonaccrual loans			273.09		%				272.76		%				225.73		%				184.77		%				199.33		%
Allowance to nonperforming loans			231.98		%				219.96		%				192.35		%				162.12		%				175.44		%
Nonperforming loans to total loans			0.58		%				0.65		%				0.83		%				1.03		%				0.97		%
Nonaccrual loans to total loans			0.49		%				0.52		%				0.70		%				0.91		%				0.86		%
Nonperforming assets to ending loans, plus OREO			0.58		%				0.65		%				0.83		%				1.04		%				0.98		%
Nonperforming assets to total assets			0.33		%				0.37		%				0.49		%				0.62		%				0.60		%
Classified assets to total assets			0.67		%				0.64		%				1.04		%				1.14		%				1.22		%
Net charge-offs to average loans (annualized)			0.10		%				0.32		%				0.10		%				0.23		%				0.38		%

(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) March 31, 2022 regulatory capital ratios are preliminary.

(4) Includes loans held for sale.

2

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
			2022						2021
			First						Fourth						Third						Second						First						Full
			Quarter						Quarter						Quarter						Quarter						Quarter						Year
Interest income
Loans and leases, including fees			$	87,182					$	92,682					$	96,428					$	97,494					$	98,931					$	385,535
Investment securities
Taxable			22,096						20,993						20,088						19,524						18,607						79,212
Tax-exempt			4,431						4,127						4,282						4,871						5,043						18,323
Total investment securities interest			26,527						25,120						24,370						24,395						23,650						97,535
Other earning assets			121						71						23						25						28						147
Total interest income			113,830						117,873						120,821						121,914						122,609						483,217
Interest expense
Deposits			2,623						3,089						3,320						3,693						4,333						14,435
Short-term borrowings			317						10						68						53						67						198
Long-term borrowings			4,544						3,968						4,023						4,142						4,333						16,466
Total interest expense			7,484						7,067						7,411						7,888						8,733						31,099
Net interest income			106,346						110,806						113,410						114,026						113,876						452,118
Provision for credit losses-loans and leases			(5,589)						(9,525)						(8,193)						(4,756)						3,450						(19,024)
Provision for credit losses-unfunded commitments			(226)						1,799						(1,951)						517						538						903
Net interest income after provision for credit losses			112,161						118,532						123,554						118,265						109,888						470,239
Noninterest income
Service charges on deposit accounts			7,729						8,645						8,548						7,537						7,146						31,876
Trust and wealth management fees			6,060						6,038						5,896						6,216						5,630						23,780
Bankcard income			3,337						3,602						3,838						3,732						3,128						14,300
Client derivative fees			799						2,303						2,273						1,795						1,556						7,927
Foreign exchange income			10,151						12,808						9,191						12,037						10,757						44,793
Leasing business income			6,076						0						0						0						0						0
Net gains from sales of loans			3,872						6,492						8,586						8,489						9,454						33,021
Net gain (loss) on sale of investment securities			3						(14)						(314)						(265)						(166)						(759)
Net gain (loss) on equity securities			(199)						321						108						161						112						702
Other			3,465						5,465						4,411						3,285						2,705						15,866
Total noninterest income			41,293						45,660						42,537						42,987						40,322						171,506
Noninterest expenses
Salaries and employee benefits			63,947						62,170						61,717						60,784						61,253						245,924
Net occupancy			5,746						5,332						5,571						5,535						5,704						22,142
Furniture and equipment			3,567						3,161						3,318						3,371						3,969						13,819
Data processing			8,264						8,261						7,951						7,864						7,287						31,363
Marketing			1,700						2,152						2,435						2,035						1,361						7,983
Communication			666						677						669						746						838						2,930
Professional services			2,159						5,998						2,199						2,029						1,450						11,676
State intangible tax			1,131						651						1,202						1,201						1,202						4,256
FDIC assessments			1,459						1,453						1,466						1,362						1,349						5,630
Intangible amortization			2,914						2,401						2,479						2,480						2,479						9,839
Leasing business expense			3,869						0						0						0						0						0
Other			7,383						17,349						10,051						12,236						5,614						45,250
Total noninterest expenses			102,805						109,605						99,058						99,643						92,506						400,812
Income before income taxes			50,649						54,587						67,033						61,609						57,704						240,933
Income tax expense (benefit)			9,348						7,642						7,021						10,721						10,389						35,773
Net income			$	41,301					$	46,945					$	60,012					$	50,888					$	47,315					$	205,160
ADDITIONAL DATA
Net earnings per share - basic			$	0.44					$	0.51					$	0.64					$	0.53					$	0.49					$	2.16
Net earnings per share - diluted			$	0.44					$	0.50					$	0.63					$	0.52					$	0.48					$	2.14
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23					$	0.92
Return on average assets			1.03		%				1.16		%				1.49		%				1.26		%				1.20		%				1.28		%
Return on average shareholders' equity			7.53		%				8.31		%				10.53		%				9.02		%				8.44		%				9.08		%
Interest income			$	113,830					$	117,873					$	120,821					$	121,914					$	122,609					$	483,217
Tax equivalent adjustment			1,467						1,386						1,434						1,619						1,652						6,091
Interest income - tax equivalent			115,297						119,259						122,255						123,533						124,261						489,308
Interest expense			7,484						7,067						7,411						7,888						8,733						31,099
Net interest income - tax equivalent			$	107,813					$	112,192					$	114,844					$	115,645					$	115,528					$	458,209
Net interest margin			3.12		%				3.19		%				3.28		%				3.27		%				3.35		%				3.27		%
Net interest margin (fully tax equivalent) (1)			3.17		%				3.23		%				3.32		%				3.31		%				3.40		%				3.31		%
Full-time equivalent employees			2,050 (2)						1,994						2,026						2,053						2,063
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.
(2) Includes 65 FTE from the Summit acquisition.

3

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,						% Change						% Change
			2022						2021						2021						2021						2021						Linked Qtr.						Comp Qtr.
ASSETS
Cash and due from banks			$	230,428					$	220,031					$	209,748					$	206,918					$	210,191					4.7		%				9.6		%
Interest-bearing deposits with other banks			227,147						214,811						29,799						38,610						19,180						5.7		%				N/M
Investment securities available-for-sale			3,957,882						4,207,846						4,114,094						3,955,839						3,753,763						(5.9)		%				5.4		%
Investment securities held-to-maturity			92,597						98,420						103,886						112,456						121,945						(5.9)		%				(24.1)		%
Other investments			114,563						102,971						97,831						129,432						131,814						11.3		%				(13.1)		%
Loans held for sale			12,670						29,482						33,835						31,546						34,590						(57.0)		%				(63.4)		%
Loans and leases
Commercial and industrial			2,800,209						2,720,028						2,602,848						2,701,203						3,044,825						2.9		%				(8.0)		%
Lease financing			125,867						109,624						67,855						68,229						66,574						14.8		%				89.1		%
Construction real estate			479,744						455,894						477,004						630,329						642,709						5.2		%				(25.4)		%
Commercial real estate			4,031,484						4,226,614						4,438,374						4,332,561						4,396,582						(4.6)		%				(8.3)		%
Residential real estate			913,838						896,069						922,492						932,112						946,522						2.0		%				(3.5)		%
Home equity			707,973						708,399						709,050						711,756						709,667						(0.1)		%				(0.2)		%
Installment			132,197						119,454						96,077						89,143						82,421						10.7		%				60.4		%
Credit card			50,305						52,217						47,231						46,177						44,669						(3.7)		%				12.6		%
Total loans			9,241,617						9,288,299						9,360,931						9,511,510						9,933,969						(0.5)		%				(7.0)		%
Less:
Allowance for credit losses			(124,130)						(131,992)						(148,903)						(159,590)						(169,923)						(6.0)		%				(26.9)		%
Net loans			9,117,487						9,156,307						9,212,028						9,351,920						9,764,046						(0.4)		%				(6.6)		%
Premises and equipment			190,975						193,040						192,580						192,238						204,537						(1.1)		%				(6.6)		%
Operating leases			87,432						73,857						0						0						0						18.4		%				100.0		%
Goodwill			999,959						1,000,749						937,771						937,771						937,771						(0.1)		%				6.6		%
Other intangibles			85,891						88,898						56,811						59,391						61,984						(3.4)		%				38.6		%
Accrued interest and other assets			892,119						942,729						968,210						1,021,798						935,250						(5.4)		%				(4.6)		%
Total Assets			$	16,009,150					$	16,329,141					$	15,956,593					$	16,037,919					$	16,175,071					(2.0)		%				(1.0)		%
LIABILITIES
Deposits
Interest-bearing demand			$	3,246,646					$	3,198,745					$	2,916,860					$	2,963,151					$	2,914,761					1.5		%				11.4		%
Savings			4,188,867						4,157,374						4,223,905						4,093,229						4,006,181						0.8		%				4.6		%
Time			1,121,966						1,330,263						1,517,419						1,548,109						1,731,757						(15.7)		%				(35.2)		%
Total interest-bearing deposits			8,557,479						8,686,382						8,658,184						8,604,489						8,652,699						(1.5)		%				(1.1)		%
Noninterest-bearing			4,261,429						4,185,572						4,019,197						3,901,691						3,995,370						1.8		%				6.7		%
Total deposits			12,818,908						12,871,954						12,677,381						12,506,180						12,648,069						(0.4)		%				1.4		%
Federal funds purchased and securities sold
under agreements to repurchase			0						51,203						81,850						255,791						181,387						(100.0)		%				(100.0)		%
FHLB short-term borrowings			185,000						225,000						107,000						217,000						0						(17.8)		%				100.0		%
Other			0						20,000						0						0						0						(100.0)		%				N/M
Total short-term borrowings			185,000						296,203						188,850						472,791						181,387						(37.5)		%				2.0		%
Long-term debt			379,840						409,832						313,230						313,039						583,722						(7.3)		%				(34.9)		%
Total borrowed funds			564,840						706,035						502,080						785,830						765,109						(20.0)		%				(26.2)		%
Accrued interest and other liabilities			487,957						492,210						540,962						476,402						502,951						(0.9)		%				(3.0)		%
Total Liabilities			13,871,705						14,070,199						13,720,423						13,768,412						13,916,129						(1.4)		%				(0.3)		%
SHAREHOLDERS' EQUITY
Common stock			1,634,903						1,640,358						1,637,065						1,635,470						1,633,137						(0.3)		%				0.1		%
Retained earnings			857,178						837,473						812,082						773,857						745,220						2.4		%				15.0		%
Accumulated other comprehensive income (loss)			(142,477)						(433)						14,230						30,735						18,101						N/M						N/M
Treasury stock, at cost			(212,159)						(218,456)						(227,207)						(170,555)						(137,516)						(2.9)		%				54.3		%
Total Shareholders' Equity			2,137,445						2,258,942						2,236,170						2,269,507						2,258,942						(5.4)		%				(5.4)		%
Total Liabilities and Shareholders' Equity			$	16,009,150					$	16,329,141					$	15,956,593					$	16,037,919					$	16,175,071					(2.0)		%				(1.0)		%

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,
			2022						2021						2021						2021						2021
ASSETS
Cash and due from banks			$	248,517					$	253,091					$	245,212					$	237,964					$	232,275
Interest-bearing deposits with other banks			234,687						166,904						32,400						45,593						46,912
Investment securities			4,308,059						4,343,513						4,189,253						4,130,207						3,782,993
Loans held for sale			15,589						24,491						28,365						28,348						29,689
Loans and leases
Commercial and industrial			2,736,613						2,552,686						2,634,306						2,953,185						3,029,716
Lease financing			115,703						67,537						67,159						66,124						70,508
Construction real estate			474,278						460,588						567,091						630,351						647,655
Commercial real estate			4,139,072						4,391,328						4,413,003						4,372,679						4,339,349
Residential real estate			903,567						917,399						937,969						940,600						980,718
Home equity			703,714						709,954						710,794						707,409						726,134
Installment			125,579						106,188						93,937						84,768						81,377
Credit card			52,659						53,056						50,126						48,501						46,709
Total loans			9,251,185						9,258,736						9,474,385						9,803,617						9,922,166
Less:
Allowance for credit losses			(129,601)						(144,756)						(157,727)						(169,979)						(177,863)
Net loans			9,121,584						9,113,980						9,316,658						9,633,638						9,744,303
Premises and equipment			192,832						192,941						193,775						200,558						206,628
Operating leases			81,907						801						0						0						0
Goodwill			1,000,238						938,453						937,771						937,771						937,771
Other intangibles			87,602						56,120						58,314						60,929						63,529
Accrued interest and other assets			893,904						946,123						994,060						940,461						998,554
Total Assets			$	16,184,919					$	16,036,417					$	15,995,808					$	16,215,469					$	16,042,654
LIABILITIES
Deposits
Interest-bearing demand			$	3,246,919					$	3,069,416					$	2,960,388					$	2,973,930					$	2,948,682
Savings			4,145,615						4,195,504						4,150,610						4,096,077						3,815,314
Time			1,231,266						1,428,872						1,574,951						1,637,546						1,767,826
Total interest-bearing deposits			8,623,800						8,693,792						8,685,949						8,707,553						8,531,822
Noninterest-bearing			4,160,175						4,191,457						3,981,404						4,003,626						3,840,046
Total deposits			12,783,975						12,885,249						12,667,353						12,711,179						12,371,868
Federal funds purchased and securities sold
under agreements to repurchase			45,358						79,382						186,401						194,478						184,483
FHLB short-term borrowings			257,800						2,445						63,463						40,846						67,222
Other			12,889						654						0						0						0
Total short-term borrowings			316,047						82,481						249,864						235,324						251,705
Long-term debt			385,240						314,262						313,100						513,790						634,674
Total borrowed funds			701,287						396,743						562,964						749,114						886,379
Accrued interest and other liabilities			474,162						512,605						504,198						491,489						511,658
Total Liabilities			13,959,424						13,794,597						13,734,515						13,951,782						13,769,905
SHAREHOLDERS' EQUITY
Common stock			1,638,321						1,637,828						1,635,833						1,633,950						1,636,884
Retained earnings			841,652						822,500						783,760						754,456						726,351
Accumulated other comprehensive loss			(38,448)						8,542						36,917						25,832						42,253
Treasury stock, at cost			(216,030)						(227,050)						(195,217)						(150,551)						(132,739)
Total Shareholders' Equity			2,225,495						2,241,820						2,261,293						2,263,687						2,272,749
Total Liabilities and Shareholders' Equity			$	16,184,919					$	16,036,417					$	15,995,808					$	16,215,469					$	16,042,654

5

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
						Quarterly Averages
						March 31, 2022																		December 31, 2021																		March 31, 2021
						Balance						Interest						Yield						Balance						Interest						Yield						Balance						Interest						Yield
Earning assets
Investments:
Investment securities						$	4,308,059					$	26,527					2.50		%				$	4,343,513					$	25,120					2.29		%				$	3,782,993					$	23,650					2.54		%
Interest-bearing deposits with other banks						234,687						121						0.21		%				166,904						71						0.17		%				46,912						28						0.24		%
Gross loans (1)						9,266,774						87,182						3.82		%				9,283,227						92,682						3.96		%				9,951,855						98,931						4.03		%
Total earning assets						13,809,520						113,830						3.34		%				13,793,644						117,873						3.39		%				13,781,760						122,609						3.61		%
Nonearning assets
Allowance for credit losses						(129,601)																		(144,756)																		(177,863)
Cash and due from banks						248,517																		253,091																		232,275
Accrued interest and other assets						2,256,483																		2,134,438																		2,206,482
Total assets						$	16,184,919																	$	16,036,417																	$	16,042,654
Interest-bearing liabilities
Deposits:
Interest-bearing demand						$	3,246,919					$	492					0.06		%				$	3,069,416					$	461					0.06		%				$	2,948,682					$	534					0.07		%
Savings						4,145,615						850						0.08		%				4,195,504						901						0.09		%				3,815,314						1,178						0.13		%
Time						1,231,266						1,281						0.42		%				1,428,872						1,727						0.48		%				1,767,826						2,621						0.60		%
Total interest-bearing deposits						8,623,800						2,623						0.12		%				8,693,792						3,089						0.14		%				8,531,822						4,333						0.21		%
Borrowed funds
Short-term borrowings						316,047						317						0.41		%				82,481						10						0.05		%				251,705						67						0.11		%
Long-term debt						385,240						4,544						4.78		%				314,262						3,968						5.01		%				634,674						4,333						2.77		%
Total borrowed funds						701,287						4,861						2.81		%				396,743						3,978						3.98		%				886,379						4,400						2.01		%
Total interest-bearing liabilities						9,325,087						7,484						0.33		%				9,090,535						7,067						0.31		%				9,418,201						8,733						0.38		%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits						4,160,175																		4,191,457																		3,840,046
Other liabilities						474,162																		512,605																		511,658
Shareholders' equity						2,225,495																		2,241,820																		2,272,749
Total liabilities & shareholders' equity						$	16,184,919																	$	16,036,417																	$	16,042,654
Net interest income						$	106,346																	$	110,806																	$	113,876
Net interest spread																		3.01		%																3.08		%																3.23		%
Net interest margin																		3.12		%																3.19		%																3.35		%
Tax equivalent adjustment																		0.05		%																0.04		%																0.05		%
Net interest margin (fully tax equivalent)																		3.17		%																3.23		%																3.40		%
(1) Loans held for sale and nonaccrual loans are included in gross loans.

6

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS (1)
(Dollars in thousands)
(Unaudited)
						Linked Qtr. Income Variance																		Comparable Qtr. Income Variance
						Rate									Volume						Total						Rate						Volume						Total
Earning assets
Investment securities						$	2,220								$	(813)					$	1,407					$	(356)					$	3,233					$	2,877
Interest-bearing deposits with other banks						17									33						50						(4)						97						93
Gross loans (2)						(3,404)									(2,096)						(5,500)						(5,304)						(6,445)						(11,749)
Total earning assets						(1,167)									(2,876)						(4,043)						(5,664)						(3,115)						(8,779)
Interest-bearing liabilities
Total interest-bearing deposits						$	(386)								$	(80)					$	(466)					$	(1,738)					$	28					$	(1,710)
Borrowed funds
Short-term borrowings						75									232						307						185						65						250
Long-term debt						(179)									755						576						3,153						(2,942)						211
Total borrowed funds						(104)									987						883						3,338						(2,877)						461
Total interest-bearing liabilities						(490)									907						417						1,600						(2,849)						(1,249)
Net interest income (1)						$	(677)								$	(3,783)					$	(4,460)					$	(7,264)					$	(266)					$	(7,530)
(1) Not tax equivalent.
(2) Loans held for sale and nonaccrual loans are included in gross loans.

7

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2022						2021						2021						2021						2021
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period			$	131,992					$	148,903					$	159,590					$	169,923					$	175,679
Purchase accounting ACL for PCD			0						17						0						0						0
Provision for credit losses			(5,589)						(9,525)						(8,193)						(4,756)						3,450
Gross charge-offs
Commercial and industrial			2,845						1,364						2,617						3,729						7,910
Lease financing			131						0						0						0						0
Construction real estate			0						1,496						0						0						2
Commercial real estate			0						9,150						1,030						2,041						1,250
Residential real estate			22						6						74						46						1
Home equity			21						22						200						240						611
Installment			177						184						37						77						36
Credit card			246						149						230						179						222
Total gross charge-offs			3,442						12,371						4,188						6,312						10,032
Recoveries
Commercial and industrial			379						201						869						205						337
Lease financing			33						0						0						0						0
Construction real estate			0						0						0						3						0
Commercial real estate			222						4,292						223						75						195
Residential real estate			90						74						56						54						44
Home equity			265						303						426						317						177
Installment			21						27						53						37						34
Credit card			159						71						67						44						39
Total recoveries			1,169						4,968						1,694						735						826
Total net charge-offs			2,273						7,403						2,494						5,577						9,206
Ending allowance for credit losses			$	124,130					$	131,992					$	148,903					$	159,590					$	169,923
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial			0.37		%				0.18		%				0.26		%				0.48		%				1.01		%
Lease financing			0.34		%				0.00		%				0.00		%				0.00		%				0.00		%
Construction real estate			0.00		%				1.29		%				0.00		%				0.00		%				0.00		%
Commercial real estate			(0.02)		%				0.44		%				0.07		%				0.18		%				0.10		%
Residential real estate			(0.03)		%				(0.03)		%				0.01		%				0.00		%				(0.02)		%
Home equity			(0.14)		%				(0.16)		%				(0.13)		%				(0.04)		%				0.24		%
Installment			0.50		%				0.59		%				(0.07)		%				0.19		%				0.01		%
Credit card			0.67		%				0.58		%				1.29		%				1.12		%				1.59		%
Total net charge-offs			0.10		%				0.32		%				0.10		%				0.23		%				0.38		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial			$	14,390					$	17,362					$	15,160					$	27,426					$	24,941
Lease financing			249						203						0						16						0
Construction real estate			0						0						0						0						0
Commercial real estate			19,843						19,512						38,564						45,957						44,514
Residential real estate			7,432						8,305						9,416						9,480						11,359
Home equity			3,377						2,922						2,735						3,376						4,286
Installment			163						88						91						115						146
Nonaccrual loans			45,454						48,392						65,966						86,370						85,246
Accruing troubled debt restructurings (TDRs)			8,055						11,616						11,448						12,070						11,608
Total nonperforming loans			53,509						60,008						77,414						98,440						96,854
Other real estate owned (OREO)			72						98						340						340						854
Total nonperforming assets			53,581						60,106						77,754						98,780						97,708
Accruing loans past due 90 days or more			87						137						104						155						92
Total underperforming assets			$	53,668					$	60,243					$	77,858					$	98,935					$	97,800
Total classified assets			$	106,839					$	104,815					$	165,462					$	182,516					$	196,782
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans			273.09		%				272.76		%				225.73		%				184.77		%				199.33		%
Nonperforming loans			231.98		%				219.96		%				192.35		%				162.12		%				175.44		%
Total ending loans			1.34		%				1.42		%				1.59		%				1.68		%				1.71		%
Nonperforming loans to total loans			0.58		%				0.65		%				0.83		%				1.03		%				0.97		%
Nonaccrual loans to total loans			0.49		%				0.52		%				0.70		%				0.91		%				0.86		%
Nonperforming assets to
Ending loans, plus OREO			0.58		%				0.65		%				0.83		%				1.04		%				0.98		%
Total assets			0.33		%				0.37		%				0.49		%				0.62		%				0.60		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO			0.49		%				0.52		%				0.71		%				0.91		%				0.87		%
Total assets			0.28		%				0.30		%				0.42		%				0.54		%				0.53		%
Classified assets to total assets			0.67		%				0.64		%				1.04		%				1.14		%				1.22		%
(1) Nonaccrual loans include nonaccrual TDRs of $16.2 million, $16.0 million, $20.3 million, $21.5 million, and $20.9 million, as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

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FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2022						2021						2021						2021						2021
PER COMMON SHARE
Market Price
High			$	26.73					$	25.79					$	24.06					$	26.02					$	26.40
Low			$	22.92					$	22.89					$	21.48					$	23.35					$	17.62
Close			$	23.05					$	24.38					$	23.41					$	23.63					$	24.00
Average shares outstanding - basic			93,383,932						92,903,900						94,289,097						96,123,645						96,873,940
Average shares outstanding - diluted			94,263,925						93,761,909						95,143,930						97,009,712						97,727,527
Ending shares outstanding			94,451,496						94,149,240						93,742,797						96,199,509						97,517,693
Total shareholders' equity			$	2,137,445					$	2,258,942					$	2,236,170					$	2,269,507					$	2,258,942
REGULATORY CAPITAL			Preliminary
Common equity tier 1 capital			$	1,272,115					$	1,262,789					$	1,316,059					$	1,333,209					$	1,334,882
Common equity tier 1 capital ratio			10.87		%				10.84		%				11.54		%				11.78		%				11.81		%
Tier 1 capital			$	1,316,020					$	1,306,571					$	1,359,297					$	1,376,333					$	1,377,892
Tier 1 ratio			11.24		%				11.22		%				11.92		%				12.16		%				12.19		%
Total capital			$	1,635,003					$	1,642,549					$	1,706,513					$	1,732,930					$	1,741,755
Total capital ratio			13.97		%				14.10		%				14.97		%				15.31		%				15.41		%
Total capital in excess of minimum requirement			$	406,011					$	419,754					$	509,536					$	544,478					$	554,834
Total risk-weighted assets			$	11,704,681					$	11,645,666					$	11,399,782					$	11,318,590					$	11,304,012
Leverage ratio			8.64		%				8.70		%				9.05		%				9.14		%				9.34		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets			13.35		%				13.83		%				14.01		%				14.15		%				13.97		%
Ending tangible shareholders' equity to ending tangible assets (1)			6.95		%				7.58		%				8.21		%				8.37		%				8.22		%
Average shareholders' equity to average assets			13.75		%				13.98		%				14.14		%				13.96		%				14.17		%
Average tangible shareholders' equity to average tangible assets (1)			7.44		%				8.20		%				8.35		%				8.23		%				8.38		%
REPURCHASE PROGRAM (2)
Shares repurchased			0						0						2,484,295						1,308,945						840,115
Average share repurchase price			N/A						N/A						$	23.04					$	25.11					$	21.40
Total cost of shares repurchased			N/A						N/A						$	57,231					$	32,864					$	17,982
(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

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