First Financial Bancorp Announces Second Quarter Financial Results

CINCINNATI, July 18, 2019 /PRNewswire/ -- First Financial Bancorp. FFBC ("First Financial" or the "Company") announced financial results for the second quarter 2019 and an increase in the quarterly dividend from $0.22 to $0.23 per share, payable on September 16, 2019 to shareholders of record as of September 2, 2019.

For the three months ended June 30, 2019, the Company reported net income of $52.7 million, or $0.53 per diluted common share. These results compare to net income of $45.8 million, or $0.47 per diluted common share, for the first quarter of 2019 and $36.4 million, or $0.37 per diluted common share, for the second quarter of 2018. Second quarter 2019 income before taxes was negatively impacted by $5.2 million of severance and merger related costs. For the six months ended June 30, 2019, First Financial had earnings per diluted common share of $1.00 compared to $0.83 for the same period in 2018.

Return on average assets for the second quarter of 2019 was 1.50% while return on average tangible common equity was 17.33%. These compare to returns on average assets of 1.33% and 1.05%, and returns on average tangible common equity of 15.95% and 13.75%, in the first quarter of 2019 and the second quarter of 2018, respectively.

Second quarter 2019 highlights include:

After adjustments⁽¹⁾ for merger-related and nonrecurring items:

Net income of $0.58 per diluted common share
1.63% return on average assets
18.87% return on average tangible common equity

Loan balances grew 7.8% on an annualized basis

$171.6 million increase compared to the linked quarter

Net interest margin of 4.04% on a fully tax-equivalent basis⁽¹⁾

6 basis point reduction from the linked quarter driven by higher funding costs and day count

Noninterest income increased 29.1% compared to the linked quarter

Driven by record client derivative fees and solid mortgage banking activity combined with higher bankcard and service charge income

Noninterest expenses of $84.4 million, or $78.9 million as adjusted⁽¹⁾

Efficiency ratio of 53.8% for the second quarter; 50.3% as adjusted⁽¹⁾

Provision expense of $6.7 million; primarily impacted by additional reserves required for the franchise relationship discussed in the first quarter
Strong capital ratios

Total capital of 14.21%; Tier 1 common equity of 12.02%; Tangible common equity of 9.34%
Tangible book value increased to $12.79

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

Archie Brown, President and Chief Executive Officer, commented, "The second quarter of 2019 was another highly successful one for First Financial, and further demonstrates the consistency and capabilities of the Company. Loan growth, net interest margin, fee income and efficiency all met or surpassed our expectations resulting in adjusted⁽¹⁾ earnings per share of $0.58 and a top quartile adjusted⁽¹⁾ return on assets of 1.63%."

Mr. Brown continued, "We remain optimistic about the prospect of sustained success in the near term. We were particularly pleased with the level of loan growth during the quarter, in addition to record fee income and prudent expense management. While we face some pressure on the margin given the expected rate environment, we are working to mitigate the potential impact through disciplined deposit pricing initiatives. Aside from additional provision related to the workout of the franchise credit disclosed last quarter, credit costs were better than expectations and overall credit remains stable."

Mr. Brown concluded, "We were excited to announce the acquisition of Bannockburn Global Forex, LLC, which will enhance our capabilities to serve middle market clients, broaden our customer base and drive higher fee income. Additionally, we are pleased to announce an increase in the quarterly dividend to $0.23, reflecting our commitment to deploying capital in a way that sustains financial and operating success in addition to directly rewarding shareholders. While the announced acquisition impacted potential share repurchase activity during the quarter, our strong capital levels provide the flexibility for further additional capital deployment opportunities in the future."

Full detail of the Company's second quarter and year to date 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, July 19, 2019 at 8:30 a.m. Eastern Time. Members of the public who would like to listen to the conference call should dial (877) 506-6873 (U.S. toll free), (855) 669-9657 (Canada toll free) or +1 (412) 380-2003 (International) (no passcode required). The number should be dialed five to ten minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast via the Investor Relations section of the Company's website at www.bankatfirst.com. A replay of the conference call will be available beginning one hour after the completion of the live call at (877) 344-7529 (U.S. toll free), (855) 669-9658 (Canada toll free) and +1 (412) 317-0088 (International); conference number 10133133. 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 Statement

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

As with any forecast or projection, forward-looking statements are subject to inherent uncertainties, risks and changes in circumstances that may cause actual results to differ materially from those set forth in the forward-looking statements. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Important factors that could cause actual results to differ materially from those in our forward-looking statements include the following, without limitation: (i) economic, market, liquidity, credit, interest rate, operational and technological risks associated with the Company's business; (ii) 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; (iii) management's ability to effectively execute its business plans; (iv) mergers and acquisitions, including costs or difficulties related to the integration of acquired companies; (v) the possibility that any of the anticipated benefits of the Company's merger with MainSource Financial Group, Inc. will not be realized or will not be realized within the expected time period; (vi) the effect of changes in accounting policies and practices; (vii) changes in consumer spending, borrowing and saving and changes in unemployment; (viii) changes in customers' performance and creditworthiness; and (ix) the costs and effects of litigation and of unexpected or adverse outcomes in such litigation. 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, 2018, 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 June 30, 2019, the Company had $14.4 billion in assets, $9.0 billion in loans, $10.1 billion in deposits and $2.2 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 $2.8 billion in assets under management as of June 30, 2019. The Company operated 159 banking centers as of June 30, 2019, primarily in Ohio, Indiana and Kentucky, while the Commercial Finance business lends into targeted industry verticals on a nationwide basis. Additional information about the Company, including its products, services and banking locations, is available at www.bankatfirst.com.

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
(Unaudited)

	Three Months Ended,															Six months ended,
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			June 30,
	2019			2019			2018			2018			2018			2019			2018
RESULTS OF OPERATIONS
Net income	$	52,703		$	45,839		$	55,014		$	50,657		$	36,418		$	98,542		$	66,924
Net earnings per share - basic	$	0.54		$	0.47		$	0.56		$	0.52		$	0.37		$	1.01		$	0.84
Net earnings per share - diluted	$	0.53		$	0.47		$	0.56		$	0.51		$	0.37		$	1.00		$	0.83
Dividends declared per share	$	0.22		$	0.22		$	0.20		$	0.20		$	0.19		$	0.44		$	0.38

KEY FINANCIAL RATIOS
Return on average assets	1.50		%	1.33		%	1.59		%	1.45		%	1.05		%	1.42		%	1.18		%
Return on average shareholders' equity	9.85		%	8.88		%	10.68		%	9.94		%	7.36		%	9.37		%	9.19		%
Return on average tangible shareholders' equity	17.33		%	15.95		%	19.63		%	18.52		%	13.75		%	16.66		%	15.12		%

Net interest margin	3.99		%	4.05		%	4.16		%	4.06		%	4.10		%	4.02		%	3.98		%
Net interest margin (fully tax equivalent) ⁽¹⁾	4.04		%	4.10		%	4.21		%	4.12		%	4.15		%	4.07		%	4.03		%

Ending shareholders' equity as a percent of ending assets	15.16		%	15.14		%	14.86		%	14.70		%	14.46		%	15.16		%	14.46		%
Ending tangible shareholders' equity as a percent of:
Ending tangible assets	9.34		%	9.15		%	8.79		%	8.53		%	8.30		%	9.34		%	8.30		%
Risk-weighted assets	11.84		%	11.61		%	11.20		%	10.77		%	10.52		%	11.84		%	10.52		%

Average shareholders' equity as a percent of average assets	15.22		%	15.01		%	14.84		%	14.62		%	14.33		%	15.12		%	12.87		%
Average tangible shareholders' equity as a percent of
average tangible assets	9.26		%	8.95		%	8.66		%	8.42		%	8.16		%	9.11		%	8.24		%

Book value per share	$	22.18		$	21.60		$	21.23		$	20.79		$	20.56		$	22.18		$	20.56
Tangible book value per share	$	12.79		$	12.19		$	11.72		$	11.25		$	11.01		$	12.79		$	11.01

Common equity tier 1 ratio ⁽²⁾	12.02		%	12.03		%	11.87		%	11.52		%	11.15		%	12.02		%	11.15		%
Tier 1 ratio ⁽²⁾	12.42		%	12.43		%	12.28		%	11.93		%	11.55		%	12.42		%	11.55		%
Total capital ratio ⁽²⁾	14.21		%	14.24		%	14.10		%	13.77		%	13.36		%	14.21		%	13.36		%
Leverage ratio ⁽²⁾	10.02		%	9.84		%	9.71		%	9.41		%	9.06		%	10.02		%	9.06		%

AVERAGE BALANCE SHEET ITEMS
Loans ⁽³⁾	$	8,852,662		$	8,773,310		$	8,766,302		$	8,848,710		$	8,933,400		$	8,813,206		$	7,483,004
FDIC indemnification asset	—			—			—			—			—			—			747
Investment securities	3,408,994			3,355,732			3,204,758			3,168,044			3,157,339			3,382,510			2,603,139
Interest-bearing deposits with other banks	33,255			34,709			32,013			39,873			29,261			33,978			28,173
Total earning assets	$	12,294,911		$	12,163,751		$	12,003,073		$	12,056,627		$	12,120,000		$	12,229,694		$	10,115,063
Total assets	$	14,102,733		$	13,952,551		$	13,768,958		$	13,822,675		$	13,956,360		$	14,028,058		$	11,407,429
Noninterest-bearing deposits	$	2,484,214		$	2,457,587		$	2,476,773		$	2,388,976		$	2,421,230		$	2,470,974		$	1,998,251
Interest-bearing deposits	7,612,146			7,610,092			7,573,069			7,499,112			7,961,405			7,611,125			6,654,334
Total deposits	$	10,096,360		$	10,067,679		$	10,049,842		$	9,888,088		$	10,382,635		$	10,082,099		$	8,652,585
Borrowings	$	1,656,570		$	1,587,068		$	1,509,642		$	1,748,415		$	1,408,024		$	1,622,011		$	1,138,931
Shareholders' equity	$	2,146,997		$	2,094,234		$	2,042,884		$	2,021,400		$	2,000,093		$	2,120,762		$	1,467,741

CREDIT QUALITY RATIOS
Allowance to ending loans	0.69		%	0.64		%	0.64		%	0.65		%	0.61		%	0.69		%	0.61		%
Allowance to nonaccrual loans	119.86		%	95.40		%	79.97		%	136.22		%	133.65		%	119.86		%	133.65		%
Allowance to nonperforming loans	69.33		%	68.94		%	65.13		%	92.08		%	86.80		%	69.33		%	86.80		%
Nonperforming loans to total loans	0.99		%	0.93		%	0.98		%	0.71		%	0.70		%	0.99		%	0.70		%
Nonperforming assets to ending loans, plus OREO	1.00		%	0.95		%	1.00		%	0.73		%	0.72		%	1.00		%	0.72		%
Nonperforming assets to total assets	0.62		%	0.60		%	0.63		%	0.47		%	0.46		%	0.62		%	0.46		%
Classified assets to total assets	1.02		%	1.01		%	0.94		%	1.00		%	1.00		%	1.02		%	1.00		%
Net charge-offs to average loans (annualized)	0.08		%	0.64		%	0.29		%	(0.02)		%	0.18		%	0.36		%	0.16		%

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

(2) June 30, 2019 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	Three months ended,								Six months ended,
	June 30,								June 30,
	2019			2018			% Change		2019			2018			% Change
Interest income
Loans and leases, including fees	$	126,365		$	122,290		3.3	%	$	249,421		$	197,210		26.5	%
Investment securities
Taxable	23,616			20,844			13.3	%	47,851			34,514			38.6	%
Tax-exempt	4,336			4,068			6.6	%	8,594			5,725			50.1	%
Total investment securities interest	27,952			24,912			12.2	%	56,445			40,239			40.3	%
Other earning assets	206			177			16.4	%	416			284			46.5	%
Total interest income	154,523			147,379			4.8	%	306,282			237,733			28.8	%

Interest expense
Deposits	20,612			14,794			39.3	%	39,855			25,092			58.8	%
Short-term borrowings	6,646			4,132			60.8	%	12,606			6,795			85.5	%
Long-term borrowings	4,963			4,474			10.9	%	10,004			6,055			65.2	%
Total interest expense	32,221			23,400			37.7	%	62,465			37,942			64.6	%
Net interest income	122,302			123,979			(1.4)	%	243,817			199,791			22.0	%
Provision for loan and lease losses	6,658			3,735			78.3	%	20,741			6,038			243.5	%
Net interest income after provision for loan and lease losses	115,644			120,244			(3.8)	%	223,076			193,753			15.1	%

Noninterest income
Service charges on deposit accounts	9,819			9,568			2.6	%	18,722			14,607			28.2	%
Trust and wealth management fees	3,943			3,697			6.7	%	8,013			7,651			4.7	%
Bankcard income	6,497			5,343			21.6	%	12,083			8,737			38.3	%
Client derivative fees	4,905			1,463			235.3	%	6,609			3,220			105.2	%
Net gains from sales of loans	3,432			2,316			48.2	%	5,322			2,904			83.3	%
Net gains (losses) on sale of investment securities	(37)			(30)			23.3	%	(215)			(30)			616.7	%
Other	6,079			5,899			3.1	%	10,931			8,105			34.9	%
Total noninterest income	34,638			28,256			22.6	%	61,465			45,194			36.0	%

Noninterest expenses
Salaries and employee benefits	53,985			55,531			(2.8)	%	101,897			86,633			17.6	%
Net occupancy	5,596			6,631			(15.6)	%	12,226			11,128			9.9	%
Furniture and equipment	4,222			5,298			(20.3)	%	7,638			7,338			4.1	%
Data processing	4,984			14,304			(65.2)	%	10,111			17,976			(43.8)	%
Marketing	1,976			2,644			(25.3)	%	3,582			3,445			4.0	%
Communication	747			1,118			(33.2)	%	1,475			1,577			(6.5)	%
Professional services	2,039			5,659			(64.0)	%	4,291			7,857			(45.4)	%
State intangible tax	1,307			1,078			21.2	%	2,617			1,843			42.0	%
FDIC assessments	1,065			1,323			(19.5)	%	2,015			2,217			(9.1)	%
Intangible amortization	2,044			2,364			(13.5)	%	4,089			2,644			54.7	%
Other	6,413			6,805			(5.8)	%	12,936			12,385			4.4	%
Total noninterest expenses	84,378			102,755			(17.9)	%	162,877			155,043			5.1	%
Income before income taxes	65,904			45,745			44.1	%	121,664			83,904			45.0	%
Income tax expense	13,201			9,327			41.5	%	23,122			16,980			36.2	%
Net income	$	52,703		$	36,418		44.7	%	$	98,542		$	66,924		47.2	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.54		$	0.37				$	1.01		$	0.84
Net earnings per share - diluted	$	0.53		$	0.37				$	1.00		$	0.83
Dividends declared per share	$	0.22		$	0.19				$	0.44		$	0.38

Return on average assets	1.50		%	1.05		%			1.42		%	1.18		%
Return on average shareholders' equity	9.85		%	7.36		%			9.37		%	9.19		%

Interest income	$	154,523		$	147,379		4.8	%	$	306,282		$	237,733		28.8	%
Tax equivalent adjustment	1,416			1,420			(0.3)	%	2,939			2,138			37.5	%
Interest income - tax equivalent	155,939			148,799			4.8	%	309,221			239,871			28.9	%
Interest expense	32,221			23,400			37.7	%	62,465			37,942			64.6	%
Net interest income - tax equivalent	$	123,718		$	125,399		(1.3)	%	$	246,756		$	201,929		22.2	%

Net interest margin	3.99		%	4.10		%			4.02		%	3.98		%
Net interest margin (fully tax equivalent) ⁽¹⁾	4.04		%	4.15		%			4.07		%	4.03		%

Full-time equivalent employees	2,076			2,118

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management

believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful

information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	2019
	Second			First			Full			% Change
	Quarter			Quarter			Year			Linked Qtr.
Interest income
Loans and leases, including fees	$	126,365		$	123,056		$	249,421		2.7	%
Investment securities
Taxable	23,616			24,235			47,851			(2.6)	%
Tax-exempt	4,336			4,258			8,594			1.8	%
Total investment securities interest	27,952			28,493			56,445			(1.9)	%
Other earning assets	206			210			416			(1.9)	%
Total interest income	154,523			151,759			306,282			1.8	%

Interest expense
Deposits	20,612			19,243			39,855			7.1	%
Short-term borrowings	6,646			5,960			12,606			11.5	%
Long-term borrowings	4,963			5,041			10,004			(1.5)	%
Total interest expense	32,221			30,244			62,465			6.5	%
Net interest income	122,302			121,515			243,817			0.6	%
Provision for loan and lease losses	6,658			14,083			20,741			(52.7)	%
Net interest income after provision for loan and lease losses	115,644			107,432			223,076			7.6	%

Noninterest income
Service charges on deposit accounts	9,819			8,903			18,722			10.3	%
Trust and wealth management fees	3,943			4,070			8,013			(3.1)	%
Bankcard income	6,497			5,586			12,083			16.3	%
Client derivative fees	4,905			1,704			6,609			187.9	%
Net gains from sales of loans	3,432			1,890			5,322			81.6	%
Net gains (losses) on sale of investment securities	(37)			(178)			(215)			79.2	%
Other	6,079			4,852			10,931			25.3	%
Total noninterest income	34,638			26,827			61,465			29.1	%

Noninterest expenses
Salaries and employee benefits	53,985			47,912			101,897			12.7	%
Net occupancy	5,596			6,630			12,226			(15.6)	%
Furniture and equipment	4,222			3,416			7,638			23.6	%
Data processing	4,984			5,127			10,111			(2.8)	%
Marketing	1,976			1,606			3,582			23.0	%
Communication	747			728			1,475			2.6	%
Professional services	2,039			2,252			4,291			(9.5)	%
State intangible tax	1,307			1,310			2,617			(0.2)	%
FDIC assessments	1,065			950			2,015			12.1	%
Intangible amortization	2,044			2,045			4,089			0.0	%
Other	6,413			6,523			12,936			(1.7)	%
Total noninterest expenses	84,378			78,499			162,877			7.5	%
Income before income taxes	65,904			55,760			121,664			18.2	%
Income tax expense	13,201			9,921			23,122			33.1	%
Net income	$	52,703		$	45,839		$	98,542		15.0	%

ADDITIONAL DATA
Net earnings per share - basic	$	0.54		$	0.47		$	1.01
Net earnings per share - diluted	$	0.53		$	0.47		$	1.00
Dividends declared per share	$	0.22		$	0.22		$	0.44

Return on average assets	1.50		%	1.33		%	1.42		%
Return on average shareholders' equity	9.85		%	8.88		%	9.37		%

Interest income	$	154,523		$	151,759		$	306,282		1.8	%
Tax equivalent adjustment	1,416			1,523			2,939			(7.0)	%
Interest income - tax equivalent	155,939			153,282			309,221			1.7	%
Interest expense	32,221			30,244			62,465			6.5	%
Net interest income - tax equivalent	$	123,718		$	123,038		$	246,756		0.6	%

Net interest margin	3.99		%	4.05		%	4.02		%
Net interest margin (fully tax equivalent)⁽¹⁾	4.04		%	4.10		%	4.07		%

Full-time equivalent employees	2,076			2,087

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management

believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful

information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

	2018
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans and leases, including fees	$	126,580		$	123,397		$	122,290		$	74,920		$	447,187
Investment securities
Taxable	22,761			21,801			20,844			13,670			79,076
Tax-exempt	3,896			3,807			4,068			1,657			13,428
Total investment securities interest	26,657			25,608			24,912			15,327			92,504
Other earning assets	192			215			177			107			691
Total interest income	153,429			149,220			147,379			90,354			540,382

Interest expense
Deposits	17,198			14,672			14,794			10,298			56,962
Short-term borrowings	5,186			6,052			4,132			2,663			18,033
Long-term borrowings	5,086			5,011			4,474			1,581			16,152
Total interest expense	27,470			25,735			23,400			14,542			91,147
Net interest income	125,959			123,485			123,979			75,812			449,235
Provision for loan and lease losses	5,310			3,238			3,735			2,303			14,586
Net interest income after provision for loan and lease losses	120,649			120,247			120,244			73,509			434,649

Noninterest income
Service charges on deposit accounts	10,185			10,316			9,568			5,039			35,108
Trust and wealth management fees	3,703			3,728			3,697			3,954			15,082
Bankcard income	6,247			5,261			5,343			3,394			20,245
Client derivative fees	1,433			3,029			1,463			1,757			7,682
Net gains from sales of loans	1,428			1,739			2,316			588			6,071
Net gains on sale of investment securities	36			(167)			(30)			0			(161)
Other	6,472			4,778			5,899			2,206			19,355
Total noninterest income	29,504			28,684			28,256			16,938			103,382

Noninterest expenses
Salaries and employee benefits	51,505			50,852			55,531			31,102			188,990
Net occupancy	6,322			6,765			6,631			4,497			24,215
Furniture and equipment	3,498			4,072			5,298			2,040			14,908
Data processing	5,599			4,502			14,304			3,672			28,077
Marketing	1,651			2,502			2,644			801			7,598
Communication	805			785			1,118			459			3,167
Professional services	1,794			2,621			5,659			2,198			12,272
State intangible tax	1,086			1,223			1,078			765			4,152
FDIC assessments	1,018			734			1,323			894			3,969
Intangible amortization	2,229			2,486			2,364			280			7,359
Other	7,845			8,873			6,805			5,580			29,103
Total noninterest expenses	83,352			85,415			102,755			52,288			323,810
Income before income taxes	66,801			63,516			45,745			38,159			214,221
Income tax expense (benefit)	11,787			12,859			9,327			7,653			41,626
Net income	$	55,014		$	50,657		$	36,418		$	30,506		$	172,595

ADDITIONAL DATA
Net earnings per share - basic	$	0.56		$	0.52		$	0.37		$	0.49		$	1.95
Net earnings per share - diluted	$	0.56		$	0.51		$	0.37		$	0.49		$	1.93
Dividends declared per share	$	0.20		$	0.20		$	0.19		$	0.19		$	0.78

Return on average assets	1.59		%	1.45		%	1.05		%	1.40		%	1.37		%
Return on average shareholders' equity	10.68		%	9.94		%	7.36		%	13.31		%	9.85		%

Interest income	$	153,429		$	149,220		$	147,379		$	90,354		$	540,382
Tax equivalent adjustment	1,442			1,567			1,420			718			5,147
Interest income - tax equivalent	154,871			150,787			148,799			91,072			545,529
Interest expense	27,470			25,735			23,400			14,542			91,147
Net interest income - tax equivalent	$	127,401		$	125,052		$	125,399		$	76,530		$	454,382

Net interest margin	4.16		%	4.06		%	4.10		%	3.80		%	4.05		%
Net interest margin (fully tax equivalent)⁽¹⁾	4.21		%	4.12		%	4.15		%	3.84		%	4.10		%

Full-time equivalent employees	2,073			2,028			2,118			1,289

(1) The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a 21% tax rate. Management

believes that it is a standard practice in the banking industry to present net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful

information to investors by allowing them to make peer comparisons. Management also uses these measures to make peer comparisons.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)

	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		% Change		% Change
	2019		2019		2018		2018		2018		Linked Qtr.		Comp Qtr.
ASSETS
Cash and due from banks	$	169,694	$	169,004	$	236,221	$	193,288	$	216,667	0.4	%	(21.7)	%
Interest-bearing deposits with other banks	101,668		50,224		37,738		28,989		37,915		102.4	%	168.1	%
Investment securities available-for-sale	3,152,970		3,113,811		2,779,255		2,626,726		2,654,909		1.3	%	18.8	%
Investment securities held-to-maturity	154,327		158,305		429,328		434,369		443,957		(2.5)	%	(65.2)	%
Other investments	127,439		115,731		115,660		115,757		95,004		10.1	%	34.1	%
Loans held for sale	20,244		8,217		4,372		13,277		15,821		146.4	%	28.0	%
Loans and leases
Commercial and industrial	2,547,997		2,543,427		2,514,661		2,426,590		2,440,596		0.2	%	4.4	%
Lease financing	90,638		95,573		93,415		95,317		96,198		(5.2)	%	(5.8)	%
Construction real estate	497,683		458,113		548,935		565,077		555,468		8.6	%	(10.4)	%
Commercial real estate	3,903,654		3,802,179		3,754,681		3,868,143		3,888,993		2.7	%	0.4	%
Residential real estate	1,015,820		975,120		955,646		932,962		918,904		4.2	%	10.5	%
Home equity	787,139		797,118		817,282		816,133		835,031		(1.3)	%	(5.7)	%
Installment	89,149		90,689		93,212		97,413		100,726		(1.7)	%	(11.5)	%
Credit card	48,706		46,982		46,382		45,741		48,665		3.7	%	0.1	%
Total loans	8,980,786		8,809,201		8,824,214		8,847,376		8,884,581		1.9	%	1.1	%
Less:
Allowance for loan and lease losses	61,549		56,722		56,542		57,715		54,076		8.5	%	13.8	%
Net loans	8,919,237		8,752,479		8,767,672		8,789,661		8,830,505		1.9	%	1.0	%
Premises and equipment	211,313		210,676		215,652		219,940		223,950		0.3	%	(5.6)	%
Goodwill	879,727		879,727		880,251		881,033		883,025		0.0	%	(0.4)	%
Other intangibles	36,349		38,571		40,805		43,356		42,891		(5.8)	%	(15.3)	%
Accrued interest and other assets	664,695		577,518		479,706		496,271		475,523		15.1	%	39.8	%
Total Assets	$	14,437,663	$	14,074,263	$	13,986,660	$	13,842,667	$	13,920,167	2.6	%	3.7	%

LIABILITIES
Deposits
Interest-bearing demand	$	2,332,692	$	2,235,036	$	2,307,071	$	2,284,271	$	2,440,088	4.4	%	(4.4)	%
Savings	2,953,114		3,100,894		3,167,325		3,134,944		3,087,683		(4.8)	%	(4.4)	%
Time	2,321,908		2,309,810		2,173,564		1,957,574		2,104,044		0.5	%	10.4	%
Total interest-bearing deposits	7,607,714		7,645,740		7,647,960		7,376,789		7,631,815		(0.5)	%	(0.3)	%
Noninterest-bearing	2,501,290		2,488,157		2,492,434		2,375,845		2,471,932		0.5	%	1.2	%
Total deposits	10,109,004		10,133,897		10,140,394		9,752,634		10,103,747		(0.2)	%	0.1	%
Federal funds purchased and securities sold
under agreements to repurchase	260,621		95,015		183,591		123,452		88,070		174.3	%	195.9	%
FHLB short-term borrowings	1,052,700		952,400		857,100		1,170,800		1,100,233		10.5	%	(4.3)	%
Total short-term borrowings	1,313,321		1,047,415		1,040,691		1,294,252		1,188,303		25.4	%	10.5	%
Long-term debt	547,042		546,423		570,739		570,037		469,423		0.1	%	16.5	%
Total borrowed funds	1,860,363		1,593,838		1,611,430		1,864,289		1,657,726		16.7	%	12.2	%
Accrued interest and other liabilities	280,107		216,109		156,587		190,224		145,757		29.6	%	92.2	%
Total Liabilities	12,249,474		11,943,844		11,908,411		11,807,147		11,907,230		2.6	%	2.9	%

SHAREHOLDERS' EQUITY
Common stock	1,623,699		1,622,554		1,633,256		1,633,828		1,632,572		0.1	%	(0.5)	%
Retained earnings	657,730		626,408		600,014		564,545		533,319		5.0	%	23.3	%
Accumulated other comprehensive income (loss)	5,193		(19,635)		(44,408)		(52,897)		(43,008)		(126.4)	%	(112.1)	%
Treasury stock, at cost	(98,433)		(98,908)		(110,613)		(109,956)		(109,946)		(0.5)	%	(10.5)	%
Total Shareholders' Equity	2,188,189		2,130,419		2,078,249		2,035,520		2,012,937		2.7	%	8.7	%
Total Liabilities and Shareholders' Equity	$	14,437,663	$	14,074,263	$	13,986,660	$	13,842,667	$	13,920,167	2.6	%	3.7	%

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION
(Dollars in thousands)
(Unaudited)

	Quarterly Averages										Year-to-Date Averages
	Jun. 30,		Mar. 31,		Dec. 31,		Sep. 30,		Jun. 30,		June 30,
	2019		2019		2018		2018		2018		2019		2018
ASSETS
Cash and due from banks	$	173,278	$	181,695	$	213,927	$	199,843	$	224,824	$	177,463	$	170,760
Federal funds sold	0		0		0		0		786		0		395
Interest-bearing deposits with other banks	33,255		34,709		32,013		39,873		28,475		33,978		27,778
Investment securities	3,408,994		3,355,732		3,204,758		3,168,044		3,157,339		3,382,510		2,603,139
Loans held for sale	13,258		6,392		10,411		15,270		14,462		9,844		11,831
Loans and leases
Commercial and industrial	2,533,981		2,509,274		2,402,296		2,392,229		2,421,244		2,521,696		2,641,410
Lease financing	94,458		91,043		94,111		94,030		94,431		92,760		88,837
Construction real estate	457,962		496,153		567,086		570,125		577,883		476,952		510,949
Commercial real estate	3,834,404		3,762,314		3,793,376		3,887,748		3,923,784		3,798,558		2,772,050
Residential real estate	989,923		961,584		941,047		918,361		929,667		975,832		686,525
Home equity	789,087		807,768		813,779		822,834		825,236		798,376		629,998
Installment	89,778		91,270		95,779		99,907		99,896		90,520		93,818
Credit card	49,811		47,512		48,417		48,206		46,797		48,668		47,586
Total loans	8,839,404		8,766,918		8,755,891		8,833,440		8,918,938		8,803,362		7,471,173
Less:
Allowance for loan and lease losses	58,335		57,088		58,216		55,877		55,318		57,715		55,168
Net loans	8,781,069		8,709,830		8,697,675		8,777,563		8,863,620		8,745,647		7,416,005
Premises and equipment	211,714		213,208		218,430		222,718		230,475		212,457		178,534
Goodwill	879,726		878,541		878,669		882,917		883,179		879,137		545,507
Other intangibles	37,666		39,900		42,305		43,830		44,383		38,777		24,141
Accrued interest and other assets	563,773		532,544		470,770		472,617		508,817		548,245		429,339
Total Assets	$	14,102,733	$	13,952,551	$	13,768,958	$	13,822,675	$	13,956,360	$	14,028,058	$	11,407,429

LIABILITIES
Deposits
Interest-bearing demand	$	2,334,322	$	2,269,948	$	2,342,528	$	2,334,305	$	2,573,150	$	2,302,313	$	1,997,574
Savings	3,057,100		3,115,557		3,156,789		3,149,871		3,196,059		3,086,167		2,825,437
Time	2,220,724		2,224,587		2,073,752		2,014,936		2,192,196		2,222,645		1,831,323
Total interest-bearing deposits	7,612,146		7,610,092		7,573,069		7,499,112		7,961,405		7,611,125		6,654,334
Noninterest-bearing	2,484,214		2,457,587		2,476,773		2,388,976		2,421,230		2,470,974		1,998,251
Total deposits	10,096,360		10,067,679		10,049,842		9,888,088		10,382,635		10,082,099		8,652,585
Federal funds purchased and securities sold
under agreements to repurchase	126,872		103,147		65,805		112,308		97,708		115,075		85,355
FHLB short-term borrowings	982,993		913,974		873,533		1,076,106		818,909		948,674		743,693
Total short-term borrowings	1,109,865		1,017,121		939,338		1,188,414		916,617		1,063,749		829,048
Long-term debt	546,705		569,947		570,304		560,001		491,407		558,262		309,883
Total borrowed funds	1,656,570		1,587,068		1,509,642		1,748,415		1,408,024		1,622,011		1,138,931
Accrued interest and other liabilities	202,806		203,570		166,590		164,772		165,608		203,186		148,172
Total Liabilities	11,955,736		11,858,317		11,726,074		11,801,275		11,956,267		11,907,296		9,939,688

SHAREHOLDERS' EQUITY
Common stock	1,622,994		1,625,228		1,632,361		1,633,129		1,632,569		1,624,105		1,105,669
Retained earnings	635,629		610,737		576,145		542,835		517,548		623,252		510,384
Accumulated other comprehensive loss	(12,889)		(39,796)		(55,161)		(44,505)		(39,117)		(26,268)		(36,217)
Treasury stock, at cost	(98,737)		(101,935)		(110,461)		(110,059)		(110,907)		(100,327)		(112,095)
Total Shareholders' Equity	2,146,997		2,094,234		2,042,884		2,021,400		2,000,093		2,120,762		1,467,741
Total Liabilities and Shareholders' Equity	$	14,102,733	$	13,952,551	$	13,768,958	$	13,822,675	$	13,956,360	$	14,028,058	$	11,407,429

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS
(Dollars in thousands)
(Unaudited)

	Quarterly Averages												Year-to-Date Averages
	June 30, 2019				March 31, 2019				June 30, 2018				June 30, 2019				June 30, 2018
	Balance		Yield		Balance		Yield		Balance		Yield		Balance		Yield		Balance		Yield
Earning assets
Investments:
Investment securities	$	3,408,994	3.29	%	$	3,355,732	3.44	%	$	3,157,339	3.16	%	$	3,382,510	3.37	%	$	2,603,139	3.12	%
Interest-bearing deposits with other banks	33,255		2.48	%	34,709		2.45	%	29,261		2.43	%	33,978		2.47	%	28,173		2.03	%
Gross loans ⁽¹⁾	8,852,662		5.73	%	8,773,310		5.69	%	8,933,400		5.49	%	8,813,206		5.71	%	7,483,751		5.31	%
Total earning assets	12,294,911		5.04	%	12,163,751		5.06	%	12,120,000		4.88	%	12,229,694		5.05	%	10,115,063		4.74	%

Nonearning assets
Allowance for loan and lease losses	(58,335)				(57,088)				(55,318)				(57,715)				(55,168)
Cash and due from banks	173,278				181,695				224,824				177,463				170,760
Accrued interest and other assets	1,692,879				1,664,193				1,666,854				1,678,616				1,176,774
Total assets	$	14,102,733			$	13,952,551			$	13,956,360			$	14,028,058			$	11,407,429

Interest-bearing liabilities
Deposits:
Interest-bearing demand	$	2,334,322	0.60	%	$	2,269,948	0.50	%	$	2,573,150	0.36	%	$	2,302,313	0.55	%	$	1,997,574	0.37	%
Savings	3,057,100		0.78	%	3,115,557		0.76	%	3,196,059		0.54	%	3,086,167		0.77	%	2,825,437		0.58	%
Time	2,220,724		2.02	%	2,224,587		1.94	%	2,192,196		1.50	%	2,222,645		1.98	%	1,831,323		1.47	%
Total interest-bearing deposits	7,612,146		1.09	%	7,610,092		1.03	%	7,961,405		0.75	%	7,611,125		1.06	%	6,654,334		0.76	%
Borrowed funds
Short-term borrowings	1,109,865		2.40	%	1,017,121		2.38	%	916,617		1.81	%	1,063,749		2.39	%	829,048		1.65	%
Long-term debt	546,705		3.64	%	569,947		3.59	%	491,407		3.65	%	558,262		3.61	%	309,883		3.94	%
Total borrowed funds	1,656,570		2.81	%	1,587,068		2.81	%	1,408,024		2.45	%	1,622,011		2.81	%	1,138,931		2.28	%
Total interest-bearing liabilities	9,268,716		1.39	%	9,197,160		1.33	%	9,369,429		1.00	%	9,233,136		1.36	%	7,793,265		0.98	%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits	2,484,214				2,457,587				2,421,230				2,470,974				1,998,251
Other liabilities	202,806				203,570				165,608				203,186				148,172
Shareholders' equity	2,146,997				2,094,234				2,000,093				2,120,762				1,467,741
Total liabilities & shareholders' equity	$	14,102,733			$	13,952,551			$	13,956,360			$	14,028,058			$	11,407,429

Net interest income	$	122,302			$	121,515			$	123,979			$	243,817			$	199,791
Net interest spread			3.65	%			3.73	%			3.88	%			3.69	%			3.76	%
Net interest margin			3.99	%			4.05	%			4.10	%			4.02	%			3.98	%

Tax equivalent adjustment			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%
Net interest margin (fully tax equivalent)			4.04	%			4.10	%			4.15	%			4.07	%			4.03	%


⁽¹⁾ Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS ⁽¹⁾
(Dollars in thousands)
(Unaudited)


	Linked Qtr. Income Variance						Comparable Qtr. Income Variance						Year-to-Date Income Variance
	Rate		Volume		Total		Rate		Volume		Total		Rate		Volume		Total
Earning assets
Investment securities	$	(1,280)	$	739	$	(541)	$	977	$	2,063	$	3,040	$	3,200	$	13,006	$	16,206
Interest-bearing deposits with other banks	3		(7)		(4)		4		25		29		61		71		132
Gross loans ⁽²⁾	800		2,509		3,309		5,227		(1,152)		4,075		14,586		37,625		52,211
Total earning assets	(477)		3,241		2,764		6,208		936		7,144		17,847		50,702		68,549

Interest-bearing liabilities
Total interest-bearing deposits	$	1,137	$	232	$	1,369	$	6,764	$	(946)	$	5,818	$	9,753	$	5,010	$	14,763
Borrowed funds
Short-term borrowings	64		622		686		1,357		1,157		2,514		3,030		2,781		5,811
Long-term debt	76		(154)		(78)		(13)		502		489		(502)		4,451		3,949
Total borrowed funds	140		468		608		1,344		1,659		3,003		2,528		7,232		9,760
Total interest-bearing liabilities	1,277		700		1,977		8,108		713		8,821		12,281		12,242		24,523
Net interest income ⁽¹⁾	$	(1,754)	$	2,541	$	787	$	(1,900)	$	223	$	(1,677)	$	5,566	$	38,460	$	44,026


⁽¹⁾ Not tax equivalent.
⁽²⁾ Loans held for sale and nonaccrual loans are included in gross loans.

FIRST FINANCIAL BANCORP.
CREDIT QUALITY
(Dollars in thousands)
(Unaudited)

																Six months ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			June 30,			June 30,
	2019			2019			2018			2018			2018			2019			2018
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period	$	56,722		$	56,542		$	57,715		$	54,076		$	54,380		$	56,542		$	54,021
Provision for loan and lease losses	6,658			14,083			5,310			3,238			3,735			20,741			6,038
Gross charge-offs
Commercial and industrial	1,873			12,328			6,060			232			4,356			14,201			5,241
Lease financing	0			100			0			0			0			100			0
Construction real estate	0			0			0			0			0			0			0
Commercial real estate	86			1,214			1,679			902			78			1,300			2,254
Residential real estate	150			82			80			145			101			232			197
Home equity	689			468			747			351			385			1,157			627
Installment	78			49			158			43			218			127			234
Credit card	289			341			392			390			684			630			938
Total gross charge-offs	3,165			14,582			9,116			2,063			5,822			17,747			9,491
Recoveries
Commercial and industrial	291			240			485			627			518			531			954
Lease financing	0			0			0			0			1			0			1
Construction real estate	5			63			0			146			0			68			0
Commercial real estate	254			73			1,681			786			887			327			1,639
Residential real estate	101			36			44			71			70			137			96
Home equity	572			185			274			419			187			757			616
Installment	61			48			94			351			82			109			130
Credit card	50			34			55			64			38			84			72
Total recoveries	1,334			679			2,633			2,464			1,783			2,013			3,508
Total net charge-offs	1,831			13,903			6,483			(401)			4,039			15,734			5,983
Ending allowance for loan and lease losses	$	61,549		$	56,722		$	56,542		$	57,715		$	54,076		$	61,549		$	54,076

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial and industrial	0.25		%	1.95		%	0.92		%	(0.07)		%	0.64		%	1.09		%	0.33		%
Lease financing	0.00		%	0.45		%	0.00		%	0.00		%	0.00		%	0.22		%	0.00		%
Construction real estate	0.00		%	(0.05)		%	0.00		%	(0.10)		%	0.00		%	(0.03)		%	0.00		%
Commercial real estate	(0.02)		%	0.12		%	0.00		%	0.01		%	(0.08)		%	0.05		%	0.04		%
Residential real estate	0.02		%	0.02		%	0.02		%	0.03		%	0.01		%	0.02		%	0.03		%
Home equity	0.06		%	0.14		%	0.23		%	(0.03)		%	0.10		%	0.10		%	0.00		%
Installment	0.08		%	0.00		%	0.27		%	(1.22)		%	0.55		%	0.04		%	0.22		%
Credit card	1.92		%	2.62		%	2.76		%	2.68		%	5.54		%	2.26		%	3.67		%
Total net charge-offs	0.08		%	0.64		%	0.29		%	(0.02)		%	0.18		%	0.36		%	0.16		%

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans ⁽¹⁾
Commercial and industrial	$	18,502		$	19,263		$	30,925		$	4,310		$	3,448		$	18,502		$	3,448
Lease financing	295			301			22			0			0			295			0
Construction real estate	6			7			9			10			24			6			24
Commercial real estate	15,981			21,082			20,500			20,338			21,593			15,981			21,593
Residential real estate	11,627			13,052			13,495			11,365			9,278			11,627			9,278
Home equity	4,745			5,581			5,580			6,018			5,820			4,745			5,820
Installment	195			170			169			327			299			195			299
Nonaccrual loans	51,351			59,456			70,700			42,368			40,462			51,351			40,462
Accruing troubled debt restructurings (TDRs)	37,420			22,817			16,109			20,313			21,839			37,420			21,839
Total nonperforming loans	88,771			82,273			86,809			62,681			62,301			88,771			62,301
Other real estate owned (OREO)	1,421			1,665			1,401			1,918			1,853			1,421			1,853
Total nonperforming assets	90,192			83,938			88,210			64,599			64,154			90,192			64,154
Accruing loans past due 90 days or more	107			178			63			144			327			107			327
Total underperforming assets	$	90,299		$	84,116		$	88,273		$	64,743		$	64,481		$	90,299		$	64,481
Total classified assets	$	147,753		$	142,014		$	131,668		$	138,868		$	139,317		$	147,753		$	139,317

CREDIT QUALITY RATIOS
Allowance for loan and lease losses to
Nonaccrual loans	119.86		%	95.40		%	79.97		%	136.22		%	133.65		%	119.86		%	133.65		%
Nonperforming loans	69.33		%	68.94		%	65.13		%	92.08		%	86.80		%	69.33		%	86.80		%
Total ending loans	0.69		%	0.64		%	0.64		%	0.65		%	0.61		%	0.69		%	0.61		%
Nonperforming loans to total loans	0.99		%	0.93		%	0.98		%	0.71		%	0.70		%	0.99		%	0.70		%
Nonperforming assets to
Ending loans, plus OREO	1.00		%	0.95		%	1.00		%	0.73		%	0.72		%	1.00		%	0.72		%
Total assets	0.62		%	0.60		%	0.63		%	0.47		%	0.46		%	0.62		%	0.46		%
Nonperforming assets, excluding accruing TDRs to
Ending loans, plus OREO	0.59		%	0.69		%	0.82		%	0.50		%	0.48		%	0.59		%	0.48		%
Total assets	0.37		%	0.43		%	0.52		%	0.32		%	0.30		%	0.37		%	0.30		%
Classified assets to total assets	1.02		%	1.01		%	0.94		%	1.00		%	1.00		%	1.02		%	1.00		%

(1) Nonaccrual loans include nonaccrual TDRs of $11.0 million, $13.1 million, $22.4 million, $4.7 million, and $5.9 million, as of June 30, 2019, March 31, 2019, December 31, 2018, September 30, 2018, and June 30, 2018,

respectively.

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY
(Dollars in thousands, except per share data)
(Unaudited)
																Six months ended,
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			June 30,			June 30,
	2019			2019			2018			2018			2018			2019			2018
PER COMMON SHARE
Market Price
High	$	25.80		$	28.56		$	29.58		$	32.35		$	33.55		$	28.56		$	33.55
Low	$	22.16		$	23.02		$	22.40		$	29.40		$	28.10		$	22.16		$	26.40
Close	$	24.22		$	24.06		$	23.72		$	29.70		$	30.65		$	24.22		$	30.65

Average shares outstanding - basic	98,083,799			97,926,088			97,424,839			97,411,201			97,347,533			98,005,379			79,599,709
Average shares outstanding - diluted	98,648,384			98,436,311			98,468,237			98,484,228			98,432,072			98,542,947			80,629,495
Ending shares outstanding	98,647,690			98,613,872			97,894,286			97,914,526			97,904,897			98,647,690			97,904,897

Total shareholders' equity	$	2,188,189		$	2,130,419		$	2,078,249		$	2,035,520		$	2,012,937		$	2,188,189		$	2,012,937

REGULATORY CAPITAL	Preliminary															Preliminary
Common equity tier 1 capital	$	1,281,406		$	1,246,004		$	1,215,613		$	1,177,630		$	1,142,718		$	1,281,406		$	1,142,718
Common equity tier 1 capital ratio	12.02		%	12.03		%	11.87		%	11.52		%	11.15		%	12.02		%	11.15		%
Tier 1 capital	$	1,323,905		$	1,287,757		$	1,257,366		$	1,219,383		$	1,184,471		$	1,323,905		$	1,184,471
Tier 1 ratio	12.42		%	12.43		%	12.28		%	11.93		%	11.55		%	12.42		%	11.55		%
Total capital	$	1,515,382		$	1,474,723		$	1,444,146		$	1,407,252		$	1,369,231		$	1,515,382		$	1,369,231
Total capital ratio	14.21		%	14.24		%	14.10		%	13.77		%	13.36		%	14.21		%	13.36		%
Total capital in excess of minimum requirement	$	395,719		$	387,048		$	432,832		$	397,783		$	356,930		$	395,719		$	356,930
Total risk-weighted assets	$	10,663,459		$	10,358,805		$	10,241,159		$	10,222,466		$	10,251,147		$	10,663,459		$	10,251,147
Leverage ratio	10.02		%	9.84		%	9.71		%	9.41		%	9.06		%	10.02		%	9.06		%

OTHER CAPITAL RATIOS
Ending shareholders' equity to ending assets	15.16		%	15.14		%	14.86		%	14.70		%	14.46		%	15.16		%	14.46		%
Ending tangible shareholders' equity to ending tangible assets	9.34		%	9.15		%	8.79		%	8.53		%	8.30		%	9.34		%	8.30		%
Average shareholders' equity to average assets	15.22		%	15.01		%	14.84		%	14.62		%	14.33		%	15.12		%	12.87		%
Average tangible shareholders' equity to average tangible assets	9.26		%	8.95		%	8.66		%	8.42		%	8.16		%	9.11		%	8.24		%

View original content:http://www.prnewswire.com/news-releases/first-financial-bancorp-announces-second-quarter-financial-results-300887579.html

SOURCE First Financial Bancorp.

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