Exhibit 99.1

First Financial Bancorp Announces First Quarter 2023 Financial Results

•Earnings per diluted share of $0.74; $0.76 on an adjusted(1) basis, 65% increase YoY

•Return on average assets of 1.69%; 1.72% on an adjusted(1) basis

•Record quarterly revenue of $214.9 million

•Net interest margin on FTE basis(1) of 4.55%; 8 bp increase from linked quarter

•Loan growth of $134.4 million; 5.3% on an annualized basis

•Record adjusted(1) fee income driven by foreign exchange, leasing, and wealth management

•Stable credit quality with de minimis net charge-offs

•Regulatory capital ratios increased and remain in excess of targets

Cincinnati, Ohio - April 20, 2023. First Financial Bancorp. (Nasdaq: FFBC) (“First Financial” or the “Company”) announced financial results for the three months ended March 31, 2023.

For the three months ended March 31, 2023, the Company reported net income of $70.4 million, or $0.74 per diluted common share. These results compare to net income of $69.1 million, or $0.73 per diluted common share, for the fourth quarter of 2022.

Return on average assets for the first quarter of 2023 was 1.69% while return on average tangible common equity was 29.02%(1). These compare to return on average assets of 1.63% and return on average tangible common equity of 29.93%(1) in the fourth quarter of 2022.

First quarter 2023 highlights include:

•Net interest margin of 4.51%, or 4.55% on a fully tax-equivalent basis(1)

◦8 bp increase to 4.55% from 4.47% in the fourth quarter due to higher asset yields

◦Higher loan balances and 62 bp increase in loan yields offset 49 bp increase in cost of deposits

◦Average deposit balances increased $179.8 million with growth in brokered and retail CDs offsetting declines in public funds and business balances

•Noninterest income of $55.5 million, or $55.4 million as adjusted(1)

◦Record leasing business income of $13.7 million; 22.8% increase from fourth quarter

◦Foreign exchange income of $16.9 million reflected continued strong demand

◦Record trust and wealth management fees of $6.3 million; 12.1% increase from fourth quarter

◦Adjusted(1) for $0.1 million gain on investment securities

•Noninterest expenses of $116.7 million, or $114.6 million as adjusted(1)

◦Adjustments(1) include $0.5 million of contract termination costs as well as $1.6 million of other costs not expected to recur such as acquisition, severance and branch consolidation costs

◦$7.7 million decline from fourth quarter driven by lower professional services, tax credit investment write-downs, charitable contributions, and incentive costs

◦Efficiency ratio of 54.3%; 53.3% 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 December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022 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. These fair value measurements were considered final as of December 31, 2022.

•Moderate loan growth during the quarter

◦Loan balances increased $134.4 million compared to the fourth quarter

◦Growth of 5.3% on an annualized basis

◦Residential mortgage, C&I, and equipment leases drove quarterly growth

•Total Allowance for Credit Losses of $161.8 million; Total quarterly provision expense of $10.5 million

◦Loans and leases - ACL of $141.6 million; increased 7 bps to 1.36% of total loans

◦Unfunded Commitments - ACL of $20.2 million

◦Provision expense driven by loan growth, slower prepayment speeds and economic forecasts

◦De minimis net charge-offs during the quarter

•Capital ratios remain solid

◦Total capital ratio of 13.66%

◦Tier 1 common equity increased 17 bps to 11.00%

◦Tangible common equity increased 52 bps to 6.47%(1); 8.54%(1) excluding impact from AOCI

◦Tangible book value per share of $10.76(1)

Mr. Brown, President and CEO, commented on the quarter, “The first quarter was a really strong quarter for First Financial and I am very pleased with our operating performance. The Company achieved record revenue of $215 million. Net income and total revenue increased 70% and 46%, respectively, from the same quarter last year, with both increasing slightly compared to the linked quarter. Our quarterly results were driven by strong net interest income, moderate loan growth, an 8 bp increase in our net interest margin, record leasing business income, another great quarter from Bannockburn and strong performance from our Yellow Cardinal Wealth Division.”

Mr. Brown continued, “We continue to manage the significant increase in short term rates effectively, and during the first quarter, the increase in our asset yields exceeded the increase in total funding costs by 4 bps. Average deposit balances increased slightly from the linked quarter as increases in brokered and retail CDs offset outflows in public funds and business deposits, which were primarily seasonal. The majority of these outflows occurred in the first two months of the quarter. The deposit beta from the first quarter of 2022 through the first quarter of 2023 was 21%. From a liquidity standpoint, our loan to deposit ratio was 82%, and we also maintain flexibility through our investment portfolio, 98% of which was classified as available-for-sale as of March 31."

Mr. Brown discussed asset quality, “Credit quality remained stable in the first quarter. Net charge-offs were de minimis and nonperforming assets declined slightly as a percentage of total assets from the linked quarter. Additionally, the ACL increased $8.6 million during the quarter, driven by loan growth, slower prepayments and changes in economic forecasts. As a result, the ACL was 1.36% as a percentage of total loan balances, which was a 7 basis point increase from the coverage ratio at year-end.”

Mr. Brown concluded, “We are very pleased with the strengthening of our capital ratios this quarter. Our strong profitability and recent decline in market rates led to a 52-basis point increase in our tangible common equity ratio. In addition, tangible book value per share increased 8% to $10.76. The quarter had its challenges for the industry and there is near-term uncertainty regarding the economy. We are extremely pleased with our results and how we have managed the challenges to date. We believe we remain well positioned to manage future uncertainty due to our profitability, net interest margin, ample liquidity, and strong levels of capital.”

Full detail of the Company’s first quarter 2023 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 21, 2023 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (833) 470-1428 (U.S. toll free) or (404) 975-4839 (U.S. local), access code 842558. 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 342184. The recording will be available until May 25, 2023. 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, 2022, 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, 2023, the Company had $16.9 billion in assets, $10.4 billion in loans, $12.7 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, 2023. The Company operated 130 full service banking centers as of March 31, 2023, located in Ohio, Indiana, Kentucky and Illinois, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

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, 2023

(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,
			2023						2022						2022						2022						2022
RESULTS OF OPERATIONS
Net income			$	70,403					$	69,086					$	55,705					$	51,520					$	41,301
Net earnings per share - basic			$	0.75					$	0.74					$	0.60					$	0.55					$	0.44
Net earnings per share - diluted			$	0.74					$	0.73					$	0.59					$	0.55					$	0.44
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23
KEY FINANCIAL RATIOS
Return on average assets			1.69		%				1.63		%				1.35		%				1.28		%				1.03		%
Return on average shareholders' equity			13.71		%				13.64		%				10.58		%				9.84		%				7.53		%
Return on average tangible shareholders' equity (1)			29.02		%				29.93		%				22.29		%				20.68		%				14.93		%
Net interest margin			4.51		%				4.43		%				3.93		%				3.41		%				3.11		%
Net interest margin (fully tax equivalent) (1)(2)			4.55		%				4.47		%				3.98		%				3.45		%				3.16		%
Ending shareholders' equity as a percent of ending assets			12.53		%				12.01		%				12.00		%				12.74		%				13.35		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets (1)			6.47		%				5.95		%				5.79		%				6.40		%				6.95		%
Risk-weighted assets (1)			7.87		%				7.32		%				7.21		%				8.09		%				8.85		%
Average shareholders' equity as a percent of average assets			12.29		%				11.98		%				12.75		%				12.97		%				13.75		%
Average tangible shareholders' equity as a percent of
average tangible assets (1)			6.21		%				5.84		%				6.49		%				6.62		%				7.44		%
Book value per share			$	22.29					$	21.51					$	21.03					$	21.90					$	22.63
Tangible book value per share (1)			$	10.76					$	9.97					$	9.48					$	10.27					$	10.97
Common equity tier 1 ratio (3)			11.00		%				10.83		%				10.82		%				10.91		%				10.87		%
Tier 1 ratio (3)			11.34		%				11.17		%				11.17		%				11.28		%				11.24		%
Total capital ratio (3)			13.66		%				13.64		%				13.73		%				13.94		%				13.97		%
Leverage ratio (3)			9.03		%				8.89		%				8.88		%				8.76		%				8.64		%
AVERAGE BALANCE SHEET ITEMS
Loans (4)			$	10,373,302					$	10,059,119					$	9,597,197					$	9,367,820					$	9,266,774
Investment securities			3,635,317						3,705,304						4,003,472						4,118,287						4,308,059
Interest-bearing deposits with other banks			318,026						372,054						317,146						294,136						273,763
Total earning assets			$	14,326,645					$	14,136,477					$	13,917,815					$	13,780,243					$	13,848,596
Total assets			$	16,942,999					$	16,767,598					$	16,385,989					$	16,185,978					$	16,184,919
Noninterest-bearing deposits			$	3,954,915					$	4,225,192					$	4,176,242					$	4,224,842					$	4,160,175
Interest-bearing deposits			8,857,226						8,407,114						8,194,781						8,312,876						8,623,800
Total deposits			$	12,812,141					$	12,632,306					$	12,371,023					$	12,537,718					$	12,783,975
Borrowings			$	1,434,338					$	1,489,088					$	1,406,718					$	1,079,596					$	721,695
Shareholders' equity			$	2,082,210					$	2,009,564					$	2,089,179					$	2,099,670					$	2,225,495
CREDIT QUALITY RATIOS
Allowance to ending loans			1.36		%				1.29		%				1.27		%				1.25		%				1.34		%
Allowance to nonaccrual loans			409.46		%				464.58		%				341.61		%				302.87		%				273.09		%
Allowance to nonperforming loans			409.46		%				335.94		%				262.09		%				235.08		%				231.98		%
Nonperforming loans to total loans			0.33		%				0.38		%				0.48		%				0.53		%				0.58		%
Nonaccrual loans to total loans			0.33		%				0.28		%				0.37		%				0.41		%				0.49		%
Nonperforming assets to ending loans, plus OREO			0.33		%				0.39		%				0.48		%				0.53		%				0.58		%
Nonperforming assets to total assets			0.21		%				0.23		%				0.28		%				0.31		%				0.33		%
Classified assets to total assets			0.94		%				0.75		%				0.69		%				0.74		%				0.67		%
Net charge-offs to average loans (annualized)			0.00		%				(0.01)		%				0.07		%				0.08		%				0.10		%

(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, 2023 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)
			2023						2022
			First						Fourth						Third						Second						First						Full
			Quarter						Quarter						Quarter						Quarter						Quarter						Year
Interest income
Loans and leases, including fees			$	169,706					$	152,299					$	122,170					$	97,091					$	87,182					$	458,742
Investment securities
Taxable			31,867						30,248						26,331						23,639						22,096						102,314
Tax-exempt			3,464						4,105						5,014						4,916						4,431						18,466
Total investment securities interest			35,331						34,353						31,345						28,555						26,527						120,780
Other earning assets			3,544						3,262						1,597						505						120						5,484
Total interest income			208,581						189,914						155,112						126,151						113,829						585,006
Interest expense
Deposits			31,456						16,168						6,386						2,963						2,623						28,140
Short-term borrowings			12,950						11,091						6,158						1,566						317						19,132
Long-term borrowings			4,857						4,759						4,676						4,612						4,544						18,591
Total interest expense			49,263						32,018						17,220						9,141						7,484						65,863
Net interest income			159,318						157,896						137,892						117,010						106,345						519,143
Provision for credit losses-loans and leases			8,644						8,689						7,898						(4,267)						(5,589)						6,731
Provision for credit losses-unfunded commitments			1,835						1,341						386						3,481						(226)						4,982
Net interest income after provision for credit losses			148,839						147,866						129,608						117,796						112,160						507,430
Noninterest income
Service charges on deposit accounts			6,514						6,406						6,279						7,648						7,729						28,062
Trust and wealth management fees			6,334						5,648						5,487						6,311						6,060						23,506
Bankcard income			3,592						3,736						3,484						3,823						3,337						14,380
Client derivative fees			1,005						1,822						1,447						1,369						803						5,441
Foreign exchange income			16,898						19,592						11,752						13,470						10,151						54,965
Leasing business income			13,664						11,124						7,127						7,247						6,076						31,574
Net gains from sales of loans			2,335						2,206						3,729						5,241						3,872						15,048
Net gain (loss) on sale of investment securities			(519)						(393)						(179)						0						3						(569)
Net gain (loss) on equity securities			640						1,315						(701)						(1,054)						(199)						(639)
Other			5,080						4,579						4,109						5,723						3,462						17,873
Total noninterest income			55,543						56,035						42,534						49,778						41,294						189,641
Noninterest expenses
Salaries and employee benefits			72,254						73,621						66,808						64,992						63,947						269,368
Net occupancy			5,685						5,434						5,669						5,359						5,746						22,208
Furniture and equipment			3,317						3,234						3,222						3,201						3,567						13,224
Data processing			9,020						8,567						8,497						8,334						8,264						33,662
Marketing			2,160						2,198						2,523						2,323						1,700						8,744
Communication			634						690						657						670						666						2,683
Professional services			1,946						3,015						2,346						2,214						2,159						9,734
State intangible tax			985						974						1,090						1,090						1,131						4,285
FDIC assessments			2,826						2,173						1,885						1,677						1,459						7,194
Intangible amortization			2,600						2,573						2,783						2,915						2,914						11,185
Leasing business expense			7,938						6,061						5,746						4,687						3,869						20,363
Other			7,328						15,902						23,842						5,572						7,383						52,699
Total noninterest expenses			116,693						124,442						125,068						103,034						102,805						455,349
Income before income taxes			87,689						79,459						47,074						64,540						50,649						241,722
Income tax expense (benefit)			17,286						10,373						(8,631)						13,020						9,348						24,110
Net income			$	70,403					$	69,086					$	55,705					$	51,520					$	41,301					$	217,612
ADDITIONAL DATA
Net earnings per share - basic			$	0.75					$	0.74					$	0.60					$	0.55					$	0.44					$	2.33
Net earnings per share - diluted			$	0.74					$	0.73					$	0.59					$	0.55					$	0.44					$	2.30
Dividends declared per share			$	0.23					$	0.23					$	0.23					$	0.23					$	0.23					$	0.92
Return on average assets			1.69		%				1.63		%				1.35		%				1.28		%				1.03		%				1.33		%
Return on average shareholders' equity			13.71		%				13.64		%				10.58		%				9.84		%				7.53		%				10.34		%
Interest income			$	208,581					$	189,914					$	155,112					$	126,151					$	113,829					$	585,006
Tax equivalent adjustment			1,424						1,553						1,712						1,625						1,467						6,357
Interest income - tax equivalent			210,005						191,467						156,824						127,776						115,296						591,363
Interest expense			49,263						32,018						17,220						9,141						7,484						65,863
Net interest income - tax equivalent			$	160,742					$	159,449					$	139,604					$	118,635					$	107,812					$	525,500
Net interest margin			4.51		%				4.43		%				3.93		%				3.41		%				3.11		%				3.73		%
Net interest margin (fully tax equivalent) (1)			4.55		%				4.47		%				3.98		%				3.45		%				3.16		%				3.77		%
Full-time equivalent employees			2,066						2,070						2,072						2,096						2,050
(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

3

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,						% Change						% Change
			2023						2022						2022						2022						2022						Linked Qtr.						Comp Qtr.
ASSETS
Cash and due from banks			$	199,835					$	207,501					$	195,553					$	217,481					$	214,571					(3.7)		%				(6.9)		%
Interest-bearing deposits with other banks			305,465						388,182						338,978						270,042						243,004						(21.3)		%				25.7		%
Investment securities available-for-sale			3,384,949						3,409,648						3,531,353						3,843,580						3,957,882						(0.7)		%				(14.5)		%
Investment securities held-to-maturity			83,070						84,021						85,823						88,057						92,597						(1.1)		%				(10.3)		%
Other investments			143,606						143,160						138,767						132,151						114,563						0.3		%				25.4		%
Loans held for sale			9,280						7,918						10,684						22,044						12,670						17.2		%				(26.8)		%
Loans and leases
Commercial and industrial			3,449,289						3,410,272						3,139,219						2,927,175						2,800,209						1.1		%				23.2		%
Lease financing			273,898						236,124						176,072						146,639						125,867						16.0		%				117.6		%
Construction real estate			525,906						512,050						489,446						449,734						479,744						2.7		%				9.6		%
Commercial real estate			4,056,627						4,052,759						3,976,345						4,007,037						4,031,484						0.1		%				0.6		%
Residential real estate			1,145,069						1,092,265						1,024,596						965,387						913,838						4.8		%				25.3		%
Home equity			724,672						733,791						737,318						725,700						707,973						(1.2)		%				2.4		%
Installment			204,372						209,895						202,267						146,680						132,197						(2.6)		%				54.6		%
Credit card			53,552						51,815						52,173						52,065						50,305						3.4		%				6.5		%
Total loans			10,433,385						10,298,971						9,797,436						9,420,417						9,241,617						1.3		%				12.9		%
Less:
Allowance for credit losses			(141,591)						(132,977)						(124,096)						(117,885)						(124,130)						6.5		%				14.1		%
Net loans			10,291,794						10,165,994						9,673,340						9,302,532						9,117,487						1.2		%				12.9		%
Premises and equipment			188,959						189,080						189,067						191,099						190,975						(0.1)		%				(1.1)		%
Operating leases			153,986						91,738						84,851						82,659						61,927						67.9		%				148.7		%
Goodwill			1,005,738						1,001,507						998,422						999,959						999,959						0.4		%				0.6		%
Other intangibles			91,169						93,919						96,528						99,019						101,673						(2.9)		%				(10.3)		%
Accrued interest and other assets			1,076,033						1,220,648						1,280,427						995,091						901,842						(11.8)		%				19.3		%
Total Assets			$	16,933,884					$	17,003,316					$	16,623,793					$	16,243,714					$	16,009,150					(0.4)		%				5.8		%
LIABILITIES
Deposits
Interest-bearing demand			$	2,761,811					$	3,037,153					$	2,980,465					$	3,096,365					$	3,246,646					(9.1)		%				(14.9)		%
Savings			3,746,403						3,828,139						3,980,020						4,029,717						4,188,867						(2.1)		%				(10.6)		%
Time			2,336,368						1,700,705						1,242,412						1,026,918						1,121,966						37.4		%				108.2		%
Total interest-bearing deposits			8,844,582						8,565,997						8,202,897						8,153,000						8,557,479						3.3		%				3.4		%
Noninterest-bearing			3,830,102						4,135,180						4,137,038						4,124,111						4,261,429						(7.4)		%				(10.1)		%
Total deposits			12,674,684						12,701,177						12,339,935						12,277,111						12,818,908						(0.2)		%				(1.1)		%
Federal funds purchased and securities sold
under agreements to repurchase			0						0						3,535						0						0						0.0		%				0.0		%
FHLB short-term borrowings			1,089,400						1,130,000						972,600						896,000						185,000						(3.6)		%				488.9		%
Other			128,160						157,156						184,912						152,226						57,247						(18.5)		%				123.9		%
Total short-term borrowings			1,217,560						1,287,156						1,161,047						1,048,226						242,247						(5.4)		%				402.6		%
Long-term debt			342,647						346,672						355,116						358,578						379,840						(1.2)		%				(9.8)		%
Total borrowed funds			1,560,207						1,633,828						1,516,163						1,406,804						622,087						(4.5)		%				150.8		%
Accrued interest and other liabilities			577,497						626,938						773,563						491,129						430,710						(7.9)		%				34.1		%
Total Liabilities			14,812,388						14,961,943						14,629,661						14,175,044						13,871,705						(1.0)		%				6.8		%
SHAREHOLDERS' EQUITY
Common stock			1,629,428						1,634,605						1,631,696						1,637,237						1,634,903						(0.3)		%				(0.3)		%
Retained earnings			1,016,893						968,237						920,943						887,006						857,178						5.0		%				18.6		%
Accumulated other comprehensive income (loss)			(328,059)						(358,663)						(354,570)						(243,328)						(142,477)						(8.5)		%				130.3		%
Treasury stock, at cost			(196,766)						(202,806)						(203,937)						(212,245)						(212,159)						(3.0)		%				(7.3)		%
Total Shareholders' Equity			2,121,496						2,041,373						1,994,132						2,068,670						2,137,445						3.9		%				(0.7)		%
Total Liabilities and Shareholders' Equity			$	16,933,884					$	17,003,316					$	16,623,793					$	16,243,714					$	16,009,150					(0.4)		%				5.8		%

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,
			2023						2022						2022						2022						2022
ASSETS
Cash and due from banks			$	218,724					$	218,216					$	228,068					$	248,463					$	241,271
Interest-bearing deposits with other banks			318,026						372,054						317,146						294,136						273,763
Investment securities			3,635,317						3,705,304						4,003,472						4,118,287						4,308,059
Loans held for sale			5,531						8,639						12,283						15,446						15,589
Loans and leases
Commercial and industrial			3,456,681						3,249,252						3,040,547						2,884,373						2,736,613
Lease financing			252,219						203,790						158,667						134,334						115,703
Construction real estate			536,294						501,787						469,489						460,609						474,278
Commercial real estate			4,017,021						4,028,944						3,969,935						4,025,493						4,139,072
Residential real estate			1,115,889						1,066,859						998,476						936,165						903,567
Home equity			728,185						735,039						728,791						716,219						703,714
Installment			205,934						208,484						164,063						140,145						125,579
Credit card			55,548						56,325						54,946						55,036						52,659
Total loans			10,367,771						10,050,480						9,584,914						9,352,374						9,251,185
Less:
Allowance for credit losses			(136,419)						(127,541)						(119,000)						(123,950)						(129,601)
Net loans			10,231,352						9,922,939						9,465,914						9,228,424						9,121,584
Premises and equipment			190,346						189,342						190,738						191,895						192,832
Operating leases			107,092						88,365						83,970						73,862						61,297
Goodwill			1,005,713						998,575						999,690						999,958						1,000,238
Other intangibles			92,587						95,256						97,781						100,354						103,033
Accrued interest and other assets			1,138,311						1,168,908						986,927						915,153						867,253
Total Assets			$	16,942,999					$	16,767,598					$	16,385,989					$	16,185,978					$	16,184,919
LIABILITIES
Deposits
Interest-bearing demand			$	2,906,712					$	3,103,091					$	3,105,547					$	3,180,846					$	3,246,919
Savings			3,818,807						3,943,342						4,036,565						4,076,380						4,145,615
Time			2,131,707						1,360,681						1,052,669						1,055,650						1,231,266
Total interest-bearing deposits			8,857,226						8,407,114						8,194,781						8,312,876						8,623,800
Noninterest-bearing			3,954,915						4,225,192						4,176,242						4,224,842						4,160,175
Total deposits			12,812,141						12,632,306						12,371,023						12,537,718						12,783,975
Federal funds purchased and securities sold
under agreements to repurchase			26,380						16,167						32,637						24,229						45,358
FHLB short-term borrowings			925,144						944,320						892,786						586,846						257,800
Other			139,195						184,439						131,237						109,353						33,297
Total short-term borrowings			1,090,719						1,144,926						1,056,660						720,428						336,455
Long-term debt			343,619						344,162						350,058						359,168						385,240
Total borrowed funds			1,434,338						1,489,088						1,406,718						1,079,596						721,695
Accrued interest and other liabilities			614,310						636,640						519,069						468,994						453,754
Total Liabilities			14,860,789						14,758,034						14,296,810						14,086,308						13,959,424
SHAREHOLDERS' EQUITY
Common stock			1,633,396						1,632,941						1,631,078						1,635,990						1,638,321
Retained earnings			989,777						941,987						899,524						866,910						841,652
Accumulated other comprehensive loss			(339,450)						(361,284)						(236,566)						(190,949)						(38,448)
Treasury stock, at cost			(201,513)						(204,080)						(204,857)						(212,281)						(216,030)
Total Shareholders' Equity			2,082,210						2,009,564						2,089,179						2,099,670						2,225,495
Total Liabilities and Shareholders' Equity			$	16,942,999					$	16,767,598					$	16,385,989					$	16,185,978					$	16,184,919

5

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)
						Quarterly Averages
						March 31, 2023																		December 31, 2022																		March 31, 2022
						Balance						Interest						Yield						Balance						Interest						Yield						Balance						Interest						Yield
Earning assets
Investments:
Investment securities						$	3,635,317					$	35,331					3.94		%				$	3,705,304					$	34,353					3.68		%				$	4,308,059					$	26,527					2.50		%
Interest-bearing deposits with other banks						318,026						3,544						4.52		%				372,054						3,262						3.48		%				273,763						120						0.18		%
Gross loans (1)						10,373,302						169,706						6.63		%				10,059,119						152,299						6.01		%				9,266,774						87,182						3.82		%
Total earning assets						14,326,645						208,581						5.90		%				14,136,477						189,914						5.33		%				13,848,596						113,829						3.33		%
Nonearning assets
Allowance for credit losses						(136,419)																		(127,541)																		(129,601)
Cash and due from banks						218,724																		218,216																		241,271
Accrued interest and other assets						2,534,049																		2,540,446																		2,224,653
Total assets						$	16,942,999																	$	16,767,598																	$	16,184,919
Interest-bearing liabilities
Deposits:
Interest-bearing demand						$	2,906,712					$	6,604					0.92		%				$	3,103,091					$	5,195					0.66		%				$	3,246,919					$	492					0.06		%
Savings						3,818,807						7,628						0.81		%				3,943,342						4,819						0.48		%				4,145,615						850						0.08		%
Time						2,131,707						17,224						3.28		%				1,360,681						6,154						1.79		%				1,231,266						1,281						0.42		%
Total interest-bearing deposits						8,857,226						31,456						1.44		%				8,407,114						16,168						0.76		%				8,623,800						2,623						0.12		%
Borrowed funds
Short-term borrowings						1,090,719						12,950						4.82		%				1,144,926						11,091						3.84		%				336,455						317						0.38		%
Long-term debt						343,619						4,857						5.73		%				344,162						4,759						5.49		%				385,240						4,544						4.78		%
Total borrowed funds						1,434,338						17,807						5.03		%				1,489,088						15,850						4.22		%				721,695						4,861						2.73		%
Total interest-bearing liabilities						10,291,564						49,263						1.94		%				9,896,202						32,018						1.28		%				9,345,495						7,484						0.32		%
Noninterest-bearing liabilities
Noninterest-bearing demand deposits						3,954,915																		4,225,192																		4,160,175
Other liabilities						614,310																		636,640																		453,754
Shareholders' equity						2,082,210																		2,009,564																		2,225,495
Total liabilities & shareholders' equity						$	16,942,999																	$	16,767,598																	$	16,184,919
Net interest income						$	159,318																	$	157,896																	$	106,345
Net interest spread																		3.96		%																4.05		%																3.01		%
Net interest margin																		4.51		%																4.43		%																3.11		%
Tax equivalent adjustment																		0.04		%																0.04		%																0.05		%
Net interest margin (fully tax equivalent)																		4.55		%																4.47		%																3.16		%
(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						$	2,458								$	(1,480)					$	978					$	15,342					$	(6,538)					$	8,804
Interest-bearing deposits with other banks						976									(694)						282						2,931						493						3,424
Gross loans (2)						15,924									1,483						17,407						64,421						18,103						82,524
Total earning assets						19,358									(691)						18,667						82,694						12,058						94,752
Interest-bearing liabilities
Total interest-bearing deposits						$	14,353								$	935					$	15,288					$	28,004					$	829					$	28,833
Borrowed funds
Short-term borrowings						2,805									(946)						1,859						3,678						8,955						12,633
Long-term debt						214									(116)						98						901						(588)						313
Total borrowed funds						3,019									(1,062)						1,957						4,579						8,367						12,946
Total interest-bearing liabilities						17,372									(127)						17,245						32,583						9,196						41,779
Net interest income (1)						$	1,986								$	(564)					$	1,422					$	50,111					$	2,862					$	52,973
(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,
			2023						2022						2022						2022						2022
ALLOWANCE FOR CREDIT LOSS ACTIVITY
Balance at beginning of period			$	132,977					$	124,096					$	117,885					$	124,130					$	131,992
Provision for credit losses			8,644						8,689						7,898						(4,267)						(5,589)
Gross charge-offs
Commercial and industrial			730						334						1,947						773						2,845
Lease financing			13						0						13						8						131
Construction real estate			0						0						0						0						0
Commercial real estate			66						245						3						3,419						0
Residential real estate			0						79						119						4						22
Home equity			91						72						45						22						21
Installment			1,524						717						294						361						177
Credit card			217						212						237						212						246
Total gross charge-offs			2,641						1,659						2,658						4,799						3,442
Recoveries
Commercial and industrial			109						293						90						177						379
Lease financing			1						0						13						3						33
Construction real estate			0						0						0						0						0
Commercial real estate			2,238						1,327						561						2,194						222
Residential real estate			66						15						35						34						90
Home equity			80						88						185						360						265
Installment			54						68						29						47						21
Credit card			63						60						58						6						159
Total recoveries			2,611						1,851						971						2,821						1,169
Total net charge-offs			30						(192)						1,687						1,978						2,273
Ending allowance for credit losses			$	141,591					$	132,977					$	124,096					$	117,885					$	124,130
NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial			0.07		%				0.01		%				0.24		%				0.08		%				0.37		%
Lease financing			0.02		%				0.00		%				0.00		%				0.01		%				0.34		%
Construction real estate			0.00		%				0.00		%				0.00		%				0.00		%				0.00		%
Commercial real estate			(0.22)		%				(0.11)		%				(0.06)		%				0.12		%				(0.02)		%
Residential real estate			(0.02)		%				0.02		%				0.03		%				(0.01)		%				(0.03)		%
Home equity			0.01		%				(0.01)		%				(0.08)		%				(0.19)		%				(0.14)		%
Installment			2.89		%				1.24		%				0.64		%				0.90		%				0.50		%
Credit card			1.12		%				1.07		%				1.29		%				1.50		%				0.67		%
Total net charge-offs			0.00		%				(0.01)		%				0.07		%				0.08		%				0.10		%
COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans (1)
Commercial and industrial			$	13,971					$	8,242					$	8,719					$	11,675					$	14,390
Lease financing			175						178						199						217						249
Construction real estate			0						0						0						0						0
Commercial real estate			5,362						5,786						13,435						14,650						19,843
Residential real estate			11,129						10,691						10,250						8,879						7,432
Home equity			3,399						3,123						3,445						3,331						3,377
Installment			544						603						279						170						163
Nonaccrual loans			34,580						28,623						36,327						38,922						45,454
Accruing troubled debt restructurings (TDRs) (2)			N/A						10,960						11,022						11,225						8,055
Total nonperforming loans (2)			34,580						39,583						47,349						50,147						53,509
Other real estate owned (OREO)			191						191						22						22						72
Total nonperforming assets (2)			34,771						39,774						47,371						50,169						53,581
Accruing loans past due 90 days or more			159						857						139						142						180
Total underperforming assets (2)			$	34,930					$	40,631					$	47,510					$	50,311					$	53,761
Total classified assets (2)			$	158,984					$	128,137					$	114,956					$	119,769					$	106,839
CREDIT QUALITY RATIOS
Allowance for credit losses to
Nonaccrual loans			409.46		%				464.58		%				341.61		%				302.87		%				273.09		%
Nonperforming loans			409.46		%				335.94		%				262.09		%				235.08		%				231.98		%
Total ending loans			1.36		%				1.29		%				1.27		%				1.25		%				1.34		%
Nonperforming loans to total loans			0.33		%				0.38		%				0.48		%				0.53		%				0.58		%
Nonaccrual loans to total loans			0.33		%				0.28		%				0.37		%				0.41		%				0.49		%
Nonperforming assets to
Ending loans, plus OREO			0.33		%				0.39		%				0.48		%				0.53		%				0.58		%
Total assets			0.21		%				0.23		%				0.28		%				0.31		%				0.33		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO			0.33		%				0.28		%				0.37		%				0.41		%				0.49		%
Total assets			0.21		%				0.17		%				0.22		%				0.24		%				0.28		%
Classified assets to total assets			0.94		%				0.75		%				0.69		%				0.74		%				0.67		%
(1) Nonaccrual loans include nonaccrual TDRs of $10.0 million, $12.8 million, $9.5 million, and $16.2 million, as of December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, respectively.
(2) Upon adoption of ASU 2022-02 as of January 1, 2023, the TDR model was eliminated. Prospectively, disclosures will include modifcations of loans to borrowers experiencing financial difficulty (FDM). FDMs are excluded from nonperforming, underperforming and classified assets.

8

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
			Mar. 31,						Dec. 31,						Sep. 30,						June 30,						Mar. 31,
			2023						2022						2022						2022						2022
PER COMMON SHARE
Market Price
High			$	26.24					$	26.68					$	23.75					$	23.03					$	26.73
Low			$	21.30					$	21.56					$	19.02					$	19.09					$	22.92
Close			$	21.77					$	24.23					$	21.08					$	19.40					$	23.05
Average shares outstanding - basic			93,732,532						93,590,674						93,582,250						93,555,131						93,383,932
Average shares outstanding - diluted			94,960,158						94,831,788						94,793,766						94,449,817						94,263,925
Ending shares outstanding			95,190,406						94,891,099						94,833,964						94,448,792						94,451,496
Total shareholders' equity			$	2,121,496					$	2,041,373					$	1,994,132					$	2,068,670					$	2,137,445
REGULATORY CAPITAL			Preliminary
Common equity tier 1 capital			$	1,432,332					$	1,399,420					$	1,348,413					$	1,307,259					$	1,272,115
Common equity tier 1 capital ratio			11.00		%				10.83		%				10.82		%				10.91		%				10.87		%
Tier 1 capital			$	1,476,734					$	1,443,698					$	1,392,565					$	1,351,287					$	1,316,020
Tier 1 ratio			11.34		%				11.17		%				11.17		%				11.28		%				11.24		%
Total capital			$	1,778,917					$	1,762,971					$	1,711,741					$	1,670,367					$	1,635,003
Total capital ratio			13.66		%				13.64		%				13.73		%				13.94		%				13.97		%
Total capital in excess of minimum requirement			$	411,234					$	406,032					$	402,662					$	412,167					$	405,931
Total risk-weighted assets			$	13,025,552					$	12,923,233					$	12,467,422					$	11,982,860					$	11,705,447
Leverage ratio			9.03		%				8.89		%				8.88		%				8.76		%				8.64		%
OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets			12.53		%				12.01		%				12.00		%				12.74		%				13.35		%
Ending tangible shareholders' equity to ending tangible assets (1)			6.47		%				5.95		%				5.79		%				6.40		%				6.95		%
Average shareholders' equity to average assets			12.29		%				11.98		%				12.75		%				12.97		%				13.75		%
Average tangible shareholders' equity to average tangible assets (1)			6.21		%				5.84		%				6.49		%				6.62		%				7.44		%
REPURCHASE PROGRAM (2)
Shares repurchased			0						0						0						0						0
Average share repurchase price			N/A						N/A						N/A						N/A						N/A
Total cost of shares repurchased			N/A						N/A						N/A						N/A						N/A
(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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