First Financial Bancorp Reports First Quarter 2008 Financial Results

- First quarter 2008 net earnings of $0.20 per diluted share - Continued strong growth in average commercial, commercial real estate, and construction loans of 16.1 percent from first quarter 2007

- Allowance for loan and lease losses increased to 1.14 percent from 1.12 percent, with stable nonperforming assets

- Tangible equity ratio grows to 7.55 percent

- First quarter 2008 return on average assets of 0.89 percent and return on average shareholders' equity of 10.63 percent

CINCINNATI, April 29 /PRNewswire-FirstCall/ -- First Financial Bancorp (NASDAQ:FFBC) president and chief executive officer, Claude E. Davis, today announced first quarter 2008 net income of $7.3 million or 20 cents in diluted earnings per share, compared to $8.4 million or 22 cents in diluted earnings per share for the first quarter 2007. Net income was $10.7 million or 29 cents in diluted earnings per share in the fourth quarter 2007.

Davis said, "This is a unique and challenging time for the financial services industry, and it is likely to remain so for the foreseeable future. We continue to manage the company from a strong balance sheet and capital position, growing loans in a prudent fashion and proactively managing credit quality."

Return on average assets for the first quarter 2008 was 0.89 percent compared to 1.04 percent for the first quarter 2007 and 1.27 percent for the fourth quarter 2007. Return on average shareholders' equity was 10.63 percent for the first quarter 2008 compared to 11.94 percent for the same period in 2007 and 15.37 percent for the fourth quarter 2007.

Unless otherwise noted, all amounts discussed in the earnings release are pre-tax except net income and per-share data which are presented after-tax. Percentage changes are not annualized unless specifically noted.

NET INTEREST INCOME

First Quarter 2008 vs. First Quarter 2007

Net interest income in the first quarter 2008 was $28.2 million compared to $30.4 million in the first quarter 2007, a decrease of $2.2 million or 7.1 percent. First quarter 2008 net interest margin of 3.78 percent decreased 34 basis points from 4.12 percent for the first quarter 2007. The decline in net interest income and margin is primarily a result of actions by the Federal Reserve to address the weakening economy, including the consumer mortgage crisis, by lowering the federal funds rate by 300 basis points over the past seven months, and the resulting impact on our asset sensitive balance sheet. Earning asset growth, specifically growth in the commercial, commercial real estate, and construction loan portfolios, partially offset the effects of the decline in market interest rates.

Approximately 10 basis points of the first quarter 2007 net interest margin is due to the impact of an accrual of income to convert certain consumer loans from a cycle-date basis of income recognition to a calendar- month basis. The first quarter 2007 adjusted net interest margin, excluding the impact of this accrual, was 4.02 percent.

On a tax equivalent basis, the first quarter 2008 net interest margin of 3.85 percent decreased 35 basis points from 4.20 percent for the first quarter 2007. Excluding the impact of the previously mentioned accrual, first quarter 2007 net interest margin on a tax equivalent basis was 4.10 percent.

First Quarter 2008 vs. Fourth Quarter 2007

Net interest income on a linked-quarter (first quarter 2008 compared to fourth quarter 2007) basis decreased from $29.1 million in the fourth quarter 2007 to $28.2 million in the first quarter 2008, a $0.9 million or 11.4 percent annualized decrease. The decrease in net interest income is primarily due to a decline in market interest rates, including a 200 basis point reduction in the federal funds rate during the first quarter 2008, partially offset by stronger fee income and the continued mix shift in total earning assets. Linked-quarter net interest margin remained relatively flat, decreasing 1 basis point from 3.79 percent to 3.78 percent. On a tax- equivalent basis, the first quarter 2008 net interest margin was 3.85 percent as compared to 3.86 percent for the fourth quarter 2007.

For further details on the quarter-over-quarter and full year changes in the net interest margin, please see the attached Net Interest Margin Rate / Volume Analysis.

NONINTEREST INCOME

First Quarter 2008 vs. First Quarter 2007

First quarter 2008 noninterest income of $14.9 million remained relatively flat compared to the first quarter 2007. Noninterest income in the first quarter 2008 included a $1.6 million gain associated with the partial redemption of Visa Inc. common shares comprised of a $1.1 million gain on the share redemption and the reversal of the $0.5 million litigation reserve established in the fourth quarter 2007. The first quarter 2007 included a $1.1 million gain on the sale of the servicing rights for First Financial's residential real estate loans serviced for others. Excluding these items, first quarter 2008 noninterest income decreased $0.4 million or 2.9 percent from the first quarter 2007 primarily due to lower earnings from bank-owned life insurance offset by higher trust and wealth management fees.

First Quarter 2008 vs. Fourth Quarter 2007

On a linked-quarter basis, total noninterest income decreased $5.4 million or 26.6 percent. First quarter 2008 noninterest income included the previously mentioned $1.6 million effect of the Visa Inc. redemption, and the fourth quarter 2007 included a $5.5 million gain on the sale of First Financial's merchant payment processing portfolio. Excluding these items, first quarter 2008 noninterest income decreased $1.5 million or 10.0 percent from the fourth quarter 2007 primarily due to a seasonal decline in service charges on deposit accounts and lower market-value driven trust and wealth management fees, offset by higher bankcard income.

NONINTEREST EXPENSE

First Quarter 2008 vs. First Quarter 2007

Total noninterest expense decreased $2.2 million or 7.0 percent during the first quarter 2008 as compared to the first quarter 2007 primarily due to the following:

-- decreases in salaries and employee benefits of $1.9 million primarily
due to a $0.9 million reduction in severance costs, $0.5 million
reduction in salaries and incentive-based compensation as a result of
an overall reduction in staffing levels, and $0.2 million reduction in
pension and other retirement-related expenses
-- decreases in marketing related costs of $0.4 million primarily due to
the costs associated with the branding initiative in 2007

First Quarter 2008 vs. Fourth Quarter 2007

On a linked-quarter basis, noninterest expense decreased $2.4 million or 7.5 percent from the fourth quarter 2007. This decrease in noninterest expense was primarily due to the $2.2 million pension settlement charge which occurred in the fourth quarter 2007. The prior period pension settlement charge was an acceleration of costs that were previously deferred under pension accounting rules and would have been recognized in future periods.

INCOME TAXES

Income tax expense was $3.5 million and $4.1 million for the first quarters 2008 and 2007, respectively. The effective taxes rates for the first quarters 2008 and 2007 were 32.6 percent and 33.0 percent, respectively.

LOANS

First Quarter 2008 vs. First Quarter 2007

Loan growth continues to be driven by First Financial's efforts to deepen its market presence, primarily in its metropolitan markets, resulting in the mix shift from lower yielding consumer lending to higher yielding commercial loans. Average total loans during the first quarter 2008 increased $109.9 million or 4.4 percent from the comparable period a year ago. Average commercial, commercial real estate, and construction loans increased $228.7 million or 16.1 percent from the first quarter 2007.

During late 2005 and early 2006, management made a number of strategic decisions to realign its balance sheet and change its lending focus. These decisions included exiting indirect installment lending and no longer holding its residential real estate loan originations on the balance sheet. This has resulted in the cumulative reduction in indirect installment and residential real estate loan balances of $206 million and $194 million, respectively, since that time.

First Quarter 2008 vs. Fourth Quarter 2007

Average total loans for the first quarter 2008 remained relatively flat, increasing $8.1 million or 1.2 percent on an annualized basis from the fourth quarter 2007; however, average commercial, commercial real estate, and construction loans increased $28.6 million or 7.0 percent on an annualized basis from the fourth quarter 2007.

CREDIT QUALITY

While most market indicators point to a continued decline in the performance of certain real estate and consumer-based lending products as a result of the broad economic downturn, First Financial's overall credit quality remains stable. First Financial's total loan portfolio has, and continues to shift away from most consumer-based lending. As such, the expected effects on First Financial from such economic conditions, relative to the industry, should be less severe. Additionally, the mix of the total loan portfolio has shifted not only in product type, but in the risk profile of the borrowers due to the improvements in both underwriting and in the resolution strategies used for problem credits. However, there always remains the possibility of an unexpected event which could result in higher credit costs.

Total nonperforming assets have remained relatively consistent over the past four quarters, fluctuating less than 5 percent since the second quarter 2007. At the end of the first quarter 2008, total nonperforming assets were $17.6 million, an increase of $0.3 million from the end of the fourth quarter 2007. Compared to the end of the fourth quarter 2007, the ratio of nonperforming loans to total loans increased 2 basis points to 58 basis points at the end of the first quarter 2008, and the ratio of nonperforming assets to period-end loans, plus other real estate owned, remained consistent at 67 basis points at the end of the first quarter 2008.

First Financial's March 31, 2008, allowance for loan and lease losses to period-end loans ratio was 1.14 percent as compared to the March 31, 2007, and December 31, 2007, ratios of 1.10 percent and 1.12 percent, respectively. The increase in the allowance for loan and lease losses to period-end loans ratio is based on our estimate of potential losses inherent in the loan portfolio in today's economic environment, primarily driven by changes in consumer-based credit. First Financial's allowance for loan and lease losses to nonaccrual and nonperforming loan ratios have been stable since the second quarter 2007, and at March 31, 2008, were 202.29 percent and 194.83 percent, respectively. A large percentage of nonperforming assets are secured by real estate, and this collateral has been appropriately considered in establishing the allowance for loan and lease losses.

At March 31, 2008, the commercial real estate and real estate construction loan portfolio totaled $899.1 million, or 34.4 percent of total loans, including $130.2 million or 5.0 percent of total loans for commercial real estate construction, and $42.5 million or 1.6 percent of total loans, for residential construction, land acquisition, and development. First Financial believes its internal lending policies and extensive underwriting standards are key to limiting credit exposure from both the residential construction and land acquisition and development segments in any particular project.

First Financial continually evaluates the commercial real estate and real estate construction portfolio for geographic and borrower concentrations, as well as loan-to-value coverage, and believes its credit underwriting processes are producing a prudent and acceptable level of credit exposure.

Since the first quarter 2007, First Financial has experienced nearly 10 percent growth in its home equity loan portfolio average balances. First Financial believes its underwriting criteria coupled with the monitoring of a number of metrics including credit scores, loan-to-value ratios, line size, and usage, provides adequate oversight for the growth. First Financial maintains a strong pricing discipline for its home equity loan product and does not sacrifice loan quality for growth.

In the second quarter 2005, First Financial made the strategic decision to discontinue the origination of residential real estate loans for retention on its balance sheet. As a result, the residential real estate portfolio has declined $194 million, excluding the impact of the loan sales, since that time. In the first quarter 2007, First Financial sold the servicing of its remaining residential real estate portfolio and established an agreement to sell substantially all of its future originations to a strategic partner. Prior to this decision, First Financial was not a sub-prime lender, and the company does not originate sub-prime residential real estate loans in the current originate-and-sell model.

It is management's belief that the $29.7 million allowance for loan and lease losses at March 31, 2008, is adequate to absorb probable credit losses inherent in the portfolio.

First Quarter 2008 vs. First Quarter 2007

First quarter 2008 net charge-offs were $2.6 million, an annualized 40 basis points of average loans, compared to first quarter 2007 net charge-offs of $1.3 million, an annualized 22 basis points of average loans. Approximately $0.5 million or 8 basis points of the increase is due to the impact of four large home equity loan charge-offs. From an industry perspective, home equity lending may continue to experience stress, as borrowers come under continued pressure in the current economic environment. First Financial's overall credit quality metrics for its home equity loan portfolio continue to remain stable, as over the past eight quarters both the home equity net charge-off ratio and ratio of nonaccrual home equity loans to total home equity loans have consistently been below 50 basis points, when the previously mentioned first quarter 2008 home equity loan charge-offs are excluded. First Financial continues to actively monitor its home equity loan portfolio but may experience similar volatility in upcoming quarters.

Total nonperforming assets at the end of the first quarter 2008 were $17.6 million, an increase of $3.6 million from the end of the first quarter 2007 primarily due to a higher level of nonaccrual residential real estate loans. As a result, the ratio of nonperforming loans to total loans increased from 45 basis points at the end of the first quarter 2007 to 58 basis points at the end of the first quarter 2008. This 13 basis point increase in the ratio of nonperforming loans to total loans, combined with the recent developments in the overall consumer credit environment, have been the primary drivers for the increase in the allowance for loan and lease losses to total loans ratio from 1.10 percent to 1.14 percent. The ratio of nonperforming assets to period-end loans, plus other real estate owned, increased from 56 basis points at the end of the first quarter 2007 to 67 basis points at the end of the first quarter 2008.

First Quarter 2008 vs. Fourth Quarter 2007

First quarter 2008 net charge-offs were $2.6 million, an annualized 40 basis points of average loans or 32 basis points of average loans excluding the previously mentioned large home equity loan charge-offs, compared to fourth quarter 2007 net charge-offs of $1.7 million, an annualized 26 basis points of average loans.

Total nonperforming assets at the end of the first quarter 2008 were $17.6 million, an increase of $0.3 million from the end of the fourth quarter 2007. The ratio of nonperforming loans to total loans increased from 56 basis points at the end of the fourth quarter 2007 to 58 basis points at the end of the first quarter 2008, and the ratio of nonperforming assets to period-end loans, plus other real estate owned, remained consistent at 67 basis points at the end of the first quarter 2008 as compared to the end of the fourth quarter 2007.

For further details on the quarter-over-quarter changes in credit quality, please see the attached Credit Quality schedule.

INVESTMENTS

Securities available-for-sale were $345.1 million at March 31, 2008, compared to $325.8 million at March 31, 2007, and $306.9 million at December 31, 2007. The combined investment portfolio was 11.7 percent and 11.0 percent of total assets at March 31, 2008, and 2007, respectively, and 10.3 percent of total assets at December 31, 2007. The investment portfolio, as a percentage of total assets, remains low relative to our peers; however, First Financial is reviewing various portfolio strategies and expects to increase this percentage as opportunities present themselves. Among other factors, portfolio selection criteria avoid securities backed by sub-prime assets and also those containing assets that would give rise to material geographic concentrations. At March 31, 2008, First Financial held approximately 58 percent of its available-for-sale securities in mortgage related instruments, substantially all of which are held in highly rated agency pass-through residential mortgage instruments.

DEPOSITS

Total deposit balances, both average and period-end, were up slightly on a year-over-year basis and declined on a linked-quarter basis. The seasonal fluctuation from a large commercial noninterest-bearing account was the primary reason for the linked-quarter decline. Transaction account balances, both average and period-end, have grown over these comparative periods but this growth has been offset by the runoff of time and wholesale deposits as a result of our decision to maintain rational deposit pricing in a very competitive landscape. The consumer's preference for higher-yielding money market accounts and time deposits, rather than more traditional transaction accounts, continues to result in shifts in deposit mix and behavior-based margin compression.

First Quarter 2008 vs. First Quarter 2007

Average deposits for the first quarter 2008 increased $23.7 million or 0.8 percent from the comparable period a year ago. Average total interest-bearing deposits for the first quarter 2008 increased $46.1 million or 1.9 percent, and average noninterest-bearing deposits decreased $22.5 million or 5.6 percent, both from the first quarter 2007. Average transaction account balances increased approximately $41 million or 3.4 percent from the first quarter 2007.

First Quarter 2008 vs. Fourth Quarter 2007

Average deposits for the first quarter 2008 decreased $28.5 million or 4.0 percent on an annualized basis from the fourth quarter 2007. Average total interest-bearing deposits decreased $8.4 million or 1.4 percent, and average noninterest-bearing deposits decreased $20.1 million or 20.1 percent, both on an annualized basis from the fourth quarter 2007. Average transaction account balances increased approximately $22 million or 7.3 percent, offset by the runoff of time and wholesale account balances of approximately $31 million or 9.9 percent, both on an annualized basis from the fourth quarter 2007. Period-end noninterest-bearing deposits decreased $60.7 million from the fourth quarter 2007 primarily due to the seasonal deposit activity of large commercial clients.

CAPITAL

Regulatory capital ratios at March 31, 2008, included the leverage ratio of 8.32 percent, Tier 1 ratio of 10.20 percent, and total capital ratio of 11.31 percent. All regulatory capital ratios significantly exceeded the amounts necessary to be classified as "well capitalized" and total regulatory capital exceeded the "minimum" requirement by approximately $89 million. The tangible capital ratio increased to 7.55 percent at March 31, 2008, from 7.41 percent at December 31, 2007. The adoption of two new accounting standards effective January 1, 2008, had a combined negative impact of 12 basis points on the total capital ratio.

2008 Outlook

Based upon the overall economic outlook for the remainder of 2008, including but not limited to such factors as inflation, unemployment, growth, and forward market interest rates, management's 2008 outlook remains largely unchanged. We continue to anticipate low single digit growth in total loans, while total deposits are expected to experience a low single digit decline in balances with transaction deposits growing at a low single digit rate and time deposits declining at a similar pace. In addition to loan growth, earning assets are expected to increase by approximately $100 million to $150 million due to increased investment security purchases, supported by an increase in borrowings. The result of this strategy will be an increase in net interest income with a negative effect to our net interest margin. Total net interest income is expected to stabilize and grow for the remainder of 2008 and our full-year margin expectation is between 3.67 and 3.75 percent. Net charge-off levels are expected to remain between 30 and 40 basis points of average loans. Management does expect modest noninterest income growth and little to no growth in noninterest expense. A material change in economic conditions would have an impact on our expected 2008 performance. Please refer to the forward- looking statement found at the end of this release.

EARNINGS CONFERENCE CALL AND WEBCAST

On April 30, 2008, First Financial will host an earnings conference call that will be webcast live at 9:00 a.m. EDT. The presenters will be Claude E. Davis, president and chief executive officer, and J. Franklin Hall, executive vice president and chief financial officer. Anyone may participate in the conference call by calling 1-800-860-2442 (no passcode needed) or by logging on to the company's website (www.bankatfirst.com) for a live audio webcast of the call. Click on the Investor Relations link and then on Webcast. Listeners should allow an extra five minutes to be connected to the call or webcast. The event will be archived on the company's website for one year. Questions regarding this information should be directed to the Media Contact, Cheryl Lipp, or the Analyst Contact, J. Franklin Hall.

This release should be read in conjunction with the consolidated financial statements, notes, and tables attached and in the First Financial Bancorp Annual Report on Form 10-K for the year ended December 31, 2007. Management's analysis contains forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risk and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, management's ability to effectively execute its business plan; the risk that the strength of the United States economy in general and the strength of the local economies in which First Financial conducts operations may be different from expected, resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on First Financial's loan portfolio and allowance for loan and lease losses; the effects of and changes in policies and laws of regulatory agencies, inflation, and interest rates. For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2007 Form 10-K and other public documents filed with the SEC. These documents are available on the investor relations section of First Financial's website at www.bankatfirst.com and on the SEC's website at
FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share)
(Unaudited)

Three months ended,
Mar. 31, Dec. 31, Sep. 30,
2008 2007 2007

RESULTS OF OPERATIONS
Net interest income $28,249 $29,079 $29,417
Net income $7,338 $10,701 $8,373
Net earnings per common share - basic $0.20 $0.29 $0.22
Net earnings per common share - diluted $0.20 $0.29 $0.22
Dividends declared per common share $0.17 $0.17 $0.16

KEY FINANCIAL RATIOS
Return on average assets 0.89% 1.27% 1.00%
Return on average shareholders' equity 10.63% 15.37% 12.03%
Return on average tangible
shareholders' equity 11.87% 17.17% 13.44%

Net interest margin 3.78% 3.79% 3.88%
Net interest margin (fully tax
equivalent) (1) 3.85% 3.86% 3.95%

Average shareholders' equity to
average assets 8.39% 8.27% 8.34%
Tier 1 Ratio (2) 10.20% 10.29% 10.18%
Total Capital Ratio (2) 11.31% 11.38% 11.27%
Leverage Ratio (2) 8.32% 8.26% 8.21%

AVERAGE BALANCE SHEET ITEMS
Loans (3) $2,596,483 $2,588,985 $2,576,308
Investment securities 343,553 350,346 349,686
Other earning assets 65,799 106,922 81,669
Total earning assets $3,005,835 $3,046,253 $3,007,663
Total assets $3,298,663 $3,338,828 $3,309,800
Noninterest-bearing deposits $379,240 $399,304 $385,653
Interest-bearing deposits 2,453,028 2,461,464 2,450,830
Total deposits $2,832,268 $2,860,768 $2,836,483
Borrowings $157,899 $177,876 $176,528
Shareholders' equity $276,815 $276,269 $276,183

CREDIT QUALITY RATIOS
Allowance to ending loans 1.14% 1.12% 1.12%
Allowance to nonaccrual loans 202.29% 205.89% 221.70%
Allowance to nonperforming loans 194.83% 197.94% 212.42%
Nonperforming loans to total loans 0.58% 0.56% 0.53%
Nonperforming assets to ending loans,
plus OREO 0.67% 0.67% 0.65%
Nonperforming assets to total assets 0.53% 0.51% 0.51%
Net charge-offs to average loans
(annualized) 0.40% 0.26% 0.23%

Three months ended,
Jun. 30, Mar. 31,
2007 2007

RESULTS OF OPERATIONS
Net interest income $29,601 $30,403
Net income $8,172 $8,435
Net earnings per common share - basic $0.21 $0.22
Net earnings per common share - diluted $0.21 $0.22
Dividends declared per common share $0.16 $0.16

KEY FINANCIAL RATIOS
Return on average assets 1.00% 1.04%
Return on average shareholders'
equity 11.61% 11.94%
Return on average tangible
shareholders' equity 12.95% 13.31%

Net interest margin 3.97% 4.12%
Net interest margin (fully tax
equivalent) (1) 4.05% 4.20%

Average shareholders' equity to
average assets 8.58% 8.68%
Tier 1 Ratio (2) 11.13% 11.57%
Total Capital Ratio (2) 12.18% 12.64%
Leverage Ratio (2) 9.04% 9.08%

AVERAGE BALANCE SHEET ITEMS
Loans (3) $2,530,638 $2,490,252
Investment securities 364,050 367,407
Other earning assets 93,986 134,635
Total earning assets $2,988,674 $2,992,294
Total assets $3,291,756 $3,299,346
Noninterest-bearing deposits $405,179 $401,698
Interest-bearing deposits 2,403,919 2,406,913
Total deposits $2,809,098 $2,808,611
Borrowings $177,472 $181,613
Shareholders' equity $282,354 $286,453

CREDIT QUALITY RATIOS
Allowance to ending loans 1.10% 1.10%
Allowance to nonaccrual loans 194.92% 254.59%
Allowance to nonperforming loans 187.35% 241.41%
Nonperforming loans to total loans 0.59% 0.45%
Nonperforming assets to ending loans,
plus OREO 0.67% 0.56%
Nonperforming assets to total assets 0.52% 0.42%
Net charge-offs to average loans
(annualized) 0.23% 0.22%

(1) The tax equivalent adjustment to net interest income recognizes the
income tax savings when comparing taxable and tax-exempt assets and
assumes a 35% tax rate. Management believes that it is a standard
practice in the banking industry to present net interest margin and
net interest income on a fully tax equivalent basis. Therefore,
management believes, these measures provide useful information to
investors by allowing them to make peer comparisons. Management also
uses these measures to make peer comparisons.

(2) March 31, 2008 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

FIRST FINANCIAL BANCORP.
CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands)
(Unaudited)

2008 2007
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
Interest income
Loans, including fees $42,721 $45,709 $46,606 $45,291 $45,064
Investment securities
Taxable 3,521 3,641 3,667 3,762 3,891
Tax-exempt 791 859 863 911 909
Total investment
securities interest 4,312 4,500 4,530 4,673 4,800
Federal funds sold 565 1,224 1,048 1,241 1,756
Total interest income 47,598 51,433 52,184 51,205 51,620

Interest expense
Deposits 17,739 20,238 20,528 19,409 19,009
Short-term borrowings 792 1,211 1,041 984 996
Long-term borrowings 406 466 532 542 559
Subordinated debentures and
capital securities 412 439 666 669 653
Total interest expense 19,349 22,354 22,767 21,604 21,217
Net interest income 28,249 29,079 29,417 29,601 30,403
Provision for loan and
lease losses 3,223 1,640 2,558 2,098 1,356
Net interest income after
provision for loan and lease
losses 25,026 27,439 26,859 27,503 29,047

Noninterest income
Service charges on deposit
accounts 4,607 5,330 5,396 5,296 4,744
Trust and wealth management
fees 4,622 4,989 4,721 4,526 4,160
Bankcard income 1,298 1,165 1,422 1,424 1,240
Net gains from sales of
loans 219 295 203 184 162
Gain on sale of merchant
payment processing
portfolio 0 5,501 0 0 0
Gain on sale of mortgage
servicing rights 0 0 0 0 1,061
Gains on sales of
investment securities 1,585 0 367 0 0
Other 2,544 2,982 2,341 2,702 3,377
Total noninterest
income 14,875 20,262 14,450 14,132 14,744

Noninterest expenses
Salaries and employee
benefits 17,073 16,508 17,288 17,134 18,961
Pension settlement charges 0 2,222 0 0 0
Net occupancy 2,952 2,842 2,728 2,484 2,807
Furniture and equipment 1,653 1,742 1,684 1,708 1,627
Data processing 793 825 1,010 818 845
Marketing 517 523 407 642 869
Communication 805 903 664 798 865
Professional services 761 1,109 964 1,063 1,006
Other 4,466 4,698 3,980 4,793 4,230
Total noninterest
expenses 29,020 31,372 28,725 29,440 31,210
Income before income taxes 10,881 16,329 12,584 12,195 12,581
Income tax expense 3,543 5,628 4,211 4,023 4,146
Net income $7,338 $10,701 $8,373 $8,172 $8,435

ADDITIONAL DATA
Net earnings per common share
- basic $0.20 $0.29 $0.22 $0.21 $0.22
Net earnings per common share
- diluted $0.20 $0.29 $0.22 $0.21 $0.22
Dividends declared per common
share $0.17 $0.17 $0.16 $0.16 $0.16
Book value per common share $7.41 $7.40 $7.26 $7.18 $7.29

Return on average assets 0.89% 1.27% 1.00% 1.00% 1.04%
Return on average
shareholders' equity 10.63% 15.37% 12.03% 11.61% 11.94%

Interest income $47,598 $51,433 $52,184 $51,205 $51,620
Tax equivalent adjustment 514 561 564 580 576
Interest income - tax
equivalent 48,112 51,994 52,748 51,785 52,196
Interest expense 19,349 22,354 22,767 21,604 21,217
Net interest income - tax
equivalent $28,763 $29,640 $29,981 $30,181 $30,979

Net interest margin 3.78% 3.79% 3.88% 3.97% 4.12%
Net interest margin (fully
tax equivalent) (1) 3.85% 3.86% 3.95% 4.05% 4.20%

Full-time equivalent
employees 1,056 1,057 1,078 1,158 1,166

% Change % Change
Linked Qtr. Comparable Qtr.
Interest income
Loans, including fees (6.5%) (5.2%)
Investment securities
Taxable (3.3%) (9.5%)
Tax-exempt (7.9%) (13.0%)
Total investment securities
interest (4.2%) (10.2%)
Federal funds sold (53.8%) (67.8%)
Total interest income (7.5%) (7.8%)

Interest expense
Deposits (12.3%) (6.7%)
Short-term borrowings (34.6%) (20.5%)
Long-term borrowings (12.9%) (27.4%)
Subordinated debentures and capital
securities (6.2%) (36.9%)
Total interest expense (13.4%) (8.8%)
Net interest income (2.9%) (7.1%)
Provision for loan and lease losses 96.5% 137.7%
Net interest income after provision
for loan and lease losses (8.8%) (13.8%)

Noninterest income
Service charges on deposit accounts (13.6%) (2.9%)
Trust and wealth management fees (7.4%) 11.1%
Bankcard income 11.4% 4.7%
Net gains from sales of loans (25.8%) 35.2%
Gain on sale of merchant payment
processing portfolio N/M N/M
Gain on sale of mortgage servicing
rights N/M N/M
Gains on sales of investment
securities N/M N/M
Other (14.7%) (24.7%)
Total noninterest income (26.6%) 0.9%

Noninterest expenses
Salaries and employee benefits 3.4% (10.0%)
Pension settlement charges N/M N/M
Net occupancy 3.9% 5.2%
Furniture and equipment (5.1%) 1.6%
Data processing (3.9%) (6.2%)
Marketing (1.1%) (40.5%)
Communication (10.9%) (6.9%)
Professional services (31.4%) (24.4%)
Other (4.9%) 5.6%
Total noninterest expenses (7.5%) (7.0%)
Income before income taxes (33.4%) (13.5%)
Income tax expense (37.0%) (14.5%)
Net income (31.4%) (13.0%)

ADDITIONAL DATA
Net earnings per common share - basic
Net earnings per common share - diluted
Dividends declared per common share
Book value per common share

Return on average assets
Return on average shareholders'
equity

Interest income (7.5%) (7.8%)
Tax equivalent adjustment (8.4%) (10.8%)
Interest income - tax equivalent (7.5%) (7.8%)
Interest expense (13.4%) (8.8%)
Net interest income - tax
equivalent (3.0%) (7.2%)

Net interest margin
Net interest margin (fully tax
equivalent) (1)

Full-time equivalent employees

(1) The tax equivalent adjustment to net interest income recognizes the
income tax savings when comparing taxable and tax-exempt assets and
assumes a 35% 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.

N/M Not meaningful.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)
(Unaudited)

Mar. 31, Dec. 31, Sep. 30, Jun. 30,
2008 2007 2007 2007
ASSETS
Cash and due from
banks $102,246 $106,224 $92,414 $87,808
Federal funds sold 2,943 106,990 71,700 55,000
Investment securities
trading 3,820 0 0 0
Investment securities
available-for-sale 345,145 306,928 307,908 313,575
Investment securities
held-to-maturity 5,414 5,639 5,467 5,711
Other investments 34,293 33,969 33,969 33,969
Loans held for sale 4,108 1,515 5,763 0
Loans
Commercial 789,922 785,143 774,059 747,292
Real estate - construction 172,737 151,432 155,495 125,732
Real estate - commercial 726,397 706,409 684,931 676,679
Real estate - residential 519,790 539,332 556,255 580,005
Installment 126,623 138,895 149,881 162,506
Home equity 254,200 250,888 245,853 235,734
Credit card 25,528 26,610 24,904 24,488
Lease financing 258 378 500 608
Total loans 2,615,455 2,599,087 2,591,878 2,553,044
Less
Allowance for
loan and lease
losses 29,718 29,057 29,136 28,060
Net loans 2,585,737 2,570,030 2,562,742 2,524,984
Premises and
equipment 78,585 78,994 78,214 79,079
Goodwill 28,261 28,261 28,261 28,261
Other intangibles 659 698 828 1,003
Accrued interest and
other assets 132,054 130,068 141,890 143,277
Total Assets $3,323,265 $3,369,316 $3,329,156 $3,272,667

LIABILITIES
Deposits
Interest-bearing $610,154 $603,870 $611,764 $594,788
Savings 617,059 596,636 595,664 588,229
Time 1,206,750 1,227,954 1,253,383 1,211,182
Total interest- bearing
deposits 2,433,963 2,428,460 2,460,811 2,394,199
Noninterest-bearing 405,015 465,731 389,070 399,260
Total deposits 2,838,978 2,894,191 2,849,881 2,793,459
Short-term borrowings
Federal funds
purchased and
securities sold
under agreements
to repurchase 27,320 26,289 26,749 31,700
Federal Home Loan
Bank 6,500 0 0 0
Other 53,000 72,000 74,500 52,500
Total short-term
borrowings 86,820 98,289 101,249 84,200
Federal Home Loan
Bank long-term debt 42,380 45,896 55,317 59,021
Other long-term debt 20,620 20,620 20,620 30,930
Accrued interest and
other liabilities 56,698 33,737 30,386 25,831
Total Liabilities 3,045,496 3,092,733 3,057,453 2,993,441

SHAREHOLDERS' EQUITY
Common stock 389,986 391,962 391,355 390,545
Retained earnings 79,818 82,093 77,745 75,444
Accumulated other
comprehensive loss (3,800) (7,127) (7,569) (16,168)
Treasury stock, at
cost (188,235) (190,345) (189,828) (170,595)
Total Shareholders'
Equity 277,769 276,583 271,703 279,226
Total Liabilities
and Shareholders'
Equity $3,323,265 $3,369,316 $3,329,156 $3,272,667

% Change
Mar. 31, % Change Comparable
2007 Linked Qtr. Qtr.
ASSETS
Cash and due from banks $87,969 (3.7%) 16.2%
Federal funds sold 159,200 (97.2%) (98.2%)
Investment securities trading 0 N/M N/M
Investment securities available- for-sale 325,755 12.5% 6.0%
Investment securities held-to- maturity 7,769 (4.0%) (30.3%)
Other investments 33,969 1.0% 1.0%
Loans held for sale 0 171.2% N/M
Loans
Commercial 709,341 0.6% 11.4%
Real estate - construction 107,867 14.1% 60.1%
Real estate - commercial 647,126 2.8% 12.2%
Real estate - residential 604,213 (3.6%) (14.0%)
Installment 180,116 (8.8%) (29.7%)
Home equity 228,660 1.3% 11.2%
Credit card 23,678 (4.1%) 7.8%
Lease financing 732 (31.7%) (64.8%)
Total loans 2,501,733 0.6% 4.5%
Less
Allowance for loan and
lease losses 27,407 2.3% 8.4%
Net loans 2,474,326 0.6% 4.5%
Premises and equipment 79,553 (0.5%) (1.2%)
Goodwill 28,261 0.0% 0.0%
Other intangibles 1,195 (5.6%) (44.9%)
Accrued interest and other
assets 129,991 1.5% 1.6%
Total Assets $3,327,988 (1.4%) (0.1%)

LIABILITIES
Deposits
Interest-bearing $627,996 1.0% (2.8%)
Savings 564,340 3.4% 9.3%
Time 1,218,823 (1.7%) (1.0%)
Total interest-bearing
deposits 2,411,159 0.2% 0.9%
Noninterest-bearing 420,521 (13.0%) (3.7%)
Total deposits 2,831,680 (1.9%) 0.3%
Short-term borrowings
Federal funds purchased and
securities sold
under agreements to
repurchase 39,998 3.9% (31.7%)
Federal Home Loan Bank 0 N/M N/M
Other 52,246 (26.4%) 1.4%
Total short-term borrowings 92,244 (11.7%) (5.9%)
Federal Home Loan Bank long-term
debt 60,298 (7.7%) (29.7%)
Other long-term debt 30,930 0.0% (33.3%)
Accrued interest and other
liabilities 28,481 68.1% 99.1%
Total Liabilities 3,043,633 (1.5%) 0.1%

SHAREHOLDERS' EQUITY
Common stock 393,091 (0.5%) (0.8%)
Retained earnings 73,505 (2.8%) 8.6%
Accumulated other comprehensive
loss (13,121) (46.7%) (71.0%)
Treasury stock, at cost (169,120) (1.1%) 11.3%
Total Shareholders' Equity 284,355 0.4% (2.3%)
Total Liabilities and
Shareholders' Equity $3,327,988 (1.4%) (0.1%)

N/M Not meaningful.

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)
(Unaudited)

Quarterly Averages
Mar. 31, Dec. 31, Sep. 30,
2008 2007 2007
ASSETS
Cash and due from banks $86,879 $84,771 $85,576
Federal funds sold 65,799 106,922 81,669
Investment securities 345,303 350,346 349,686
Loans held for sale 3,122 3,689 2,245
Loans
Commercial 781,358 776,286 766,028
Real estate - construction 162,008 154,208 139,291
Real estate - commercial 708,779 693,038 681,920
Real estate - residential 530,567 542,204 566,618
Installment 132,876 145,787 155,478
Home equity 251,706 248,071 239,585
Credit card 25,745 25,271 24,586
Lease financing 322 431 557
Total loans 2,593,361 2,585,296 2,574,063
Less
Allowance for loan and lease
losses 28,860 29,503 28,278
Net loans 2,564,501 2,555,793 2,545,785
Premises and equipment 78,969 78,992 79,102
Goodwill 28,261 28,261 28,261
Other intangibles 680 749 915
Accrued interest and other assets 125,149 129,305 136,561
Total Assets $3,298,663 $3,338,828 $3,309,800

LIABILITIES
Deposits
Interest-bearing $623,206 $607,009 $632,890
Savings 610,449 604,063 586,065
Time 1,219,373 1,250,392 1,231,875
Total interest-bearing
deposits 2,453,028 2,461,464 2,450,830
Noninterest-bearing 379,240 399,304 385,653
Total deposits 2,832,268 2,860,768 2,836,483
Short-term borrowings
Federal funds purchased and
securities sold under
agreements to repurchase 26,261 28,952 29,385
Federal Home Loan Bank 614 0 0
Other 66,154 77,772 58,914
Total short-term borrowings 93,029 106,724 88,299
Federal Home Loan Bank long-term
debt 44,250 50,532 57,860
Other long-term debt 20,620 20,620 30,369
Total borrowed funds 157,899 177,876 176,528
Accrued interest and other
liabilities 31,681 23,915 20,606
Total Liabilities 3,021,848 3,062,559 3,033,617

SHAREHOLDERS' EQUITY
Common stock 391,079 391,606 390,898
Retained earnings 79,951 81,615 77,428
Accumulated other comprehensive
loss (4,977) (6,670) (15,097)
Treasury stock, at cost (189,238) (190,282) (177,046)
Total Shareholders' Equity 276,815 276,269 276,183
Total Liabilities and
Shareholders' Equity $3,298,663 $3,338,828 $3,309,800

Quarterly Averages
Jun. 30, Mar. 31,
2007 2007
ASSETS
Cash and due from banks $94,541 $94,384
Federal funds sold 93,986 134,635
Investment securities 364,050 367,407
Loans held for sale 162 6,793
Loans
Commercial 733,936 685,585
Real estate - construction 118,425 100,192
Real estate - commercial 657,959 637,642
Real estate - residential 592,811 616,892
Installment 170,748 189,397
Home equity 231,982 229,112
Credit card 23,944 23,809
Lease financing 671 830
Total loans 2,530,476 2,483,459
Less
Allowance for loan and
lease losses 27,482 27,770
Net loans 2,502,994 2,455,689
Premises and equipment 79,491 79,819
Goodwill 28,261 28,261
Other intangibles 1,096 5,464
Accrued interest and other
assets 127,175 126,894
Total Assets $3,291,756 $3,299,346

LIABILITIES
Deposits
Interest-bearing $606,320 $646,548
Savings 578,357 545,101
Time 1,219,242 1,215,264
Total interest-bearing
deposits 2,403,919 2,406,913
Noninterest-bearing 405,179 401,698
Total deposits 2,809,098 2,808,611
Short-term borrowings
Federal funds purchased and
securities sold under
agreements to repurchase 34,280 46,397
Federal Home Loan Bank 0
Other 52,849 42,136
Total short-term borrowings 87,129 88,533
Federal Home Loan Bank long-term
debt 59,413 62,150
Other long-term debt 30,930 30,930
Total borrowed funds 177,472 181,613
Accrued interest and other
liabilities 22,832 22,669
Total Liabilities 3,009,402 3,012,893

SHAREHOLDERS' EQUITY
Common stock 391,536 392,908
Retained earnings 74,049 74,497
Accumulated other comprehensive
loss (13,739) (13,725)
Treasury stock, at cost (169,492) (167,227)
Total Shareholders' Equity 282,354 286,453
Total Liabilities and
Shareholders' Equity $3,291,756 $3,299,346

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE / VOLUME ANALYSIS (1)

(Dollars in thousands)
(Unaudited)

Quarterly Averages
Mar. 31, 2008 Dec. 31, 2007
Balance Yield Balance Yield
Earning assets
Investment securities $343,553 5.03% $350,346 5.10%
Federal funds sold 65,799 3.44% 106,922 4.54%
Gross loans (2) 2,596,483 6.60% 2,588,985 7.00%
Total earning assets 3,005,835 6.35% 3,046,253 6.70%

Nonearning assets
Allowance for loan and lease losses (28,860) (29,503)
Cash and due from banks 86,879 84,771
Accrued interest and other assets 234,809 237,307
Total assets $3,298,663 $3,338,828

Interest-bearing liabilities
Total interest-bearing deposits $2,453,028 2.90% $2,461,464 3.26%
Borrowed funds
Short-term borrowings 93,029 3.41% 106,724 4.50%
Federal Home Loan Bank long-term
debt 44,250 3.68% 50,532 3.66%
Other long-term debt 20,620 8.01% 20,620 8.45%
Total borrowed funds 157,899 4.09% 177,876 4.72%
Total interest-bearing
liabilities 2,610,927 2.97% 2,639,340 3.36%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits 379,240 399,304
Other liabilities 31,681 23,915
Shareholders' equity 276,815 276,269
Total liabilities & shareholders'
equity $3,298,663 $3,338,828

Net interest income (1) $28,249 $29,079
Net interest spread (1) 3.38% 3.34%
Net interest margin (1) 3.78% 3.79%

Quarterly Averages
Mar. 31, 2007
Balance Yield
Earning assets
Investment securities $367,407 5.30%
Federal funds sold 134,635 5.29%
Gross loans (2) 2,490,252 7.34%
Total earning assets 2,992,294 7.00%

Nonearning assets
Allowance for loan and lease losses (27,770)
Cash and due from banks 94,384
Accrued interest and other assets 240,438
Total assets $3,299,346

Interest-bearing liabilities
Total interest-bearing deposits $2,406,913 3.20%
Borrowed funds
Short-term borrowings 88,533 4.56%
Federal Home Loan Bank long-term debt 62,150 3.65%
Other long-term debt 30,930 8.56%
Total borrowed funds 181,613 4.93%
Total interest-bearing liabilities 2,588,526 3.32%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits 401,698
Other liabilities 22,669
Shareholders' equity 286,453
Total liabilities & shareholders'
equity $3,299,346

Net interest income (1) $30,403
Net interest spread (1) 3.68%
Net interest margin (1) 4.12%

Linked Qtr. Income Variance
Rate Volume Total
Earning assets
Investment securities $(54) $(134) $(188)
Federal funds sold (296) (363) (659)
Gross loans (2) (2,643) (345) (2,988)
Total earning assets (2,993) (842) (3,835)

Nonearning assets
Allowance for loan and lease losses
Cash and due from banks
Accrued interest and other assets
Total assets

Interest-bearing liabilities
Total interest-bearing deposits $(2,242) $(257) $(2,499)
Borrowed funds
Short-term borrowings (292) (127) (419)
Federal Home Loan Bank long-term debt 3 (63) (60)
Other long-term debt (22) (5) (27)
Total borrowed funds (311) (195) (506)
Total interest-bearing liabilities (2,553) (452) (3,005)

Noninterest-bearing liabilities
Noninterest-bearing demand deposits
Other liabilities
Shareholders' equity
Total liabilities & shareholders'
equity

Net interest income (1) $(440) $(390) $(830)
Net interest spread (1)
Net interest margin (1)

Comparable Qtr. Income Variance
Rate Volume Total
Earning assets
Investment securities $(239) $(249) $(488)
Federal funds sold (613) (578) (1,191)
Gross loans (2) (4,541) 2,198 (2,343)
Total earning assets (5,393) 1,371 (4,022)

Nonearning assets
Allowance for loan and lease losses
Cash and due from banks
Accrued interest and other assets
Total assets

Interest-bearing liabilities
Total interest-bearing deposits $(1,795) $525 $(1,270)
Borrowed funds
Short-term borrowings (251) 47 (204)
Federal Home Loan Bank long-term debt 5 (158) (153)
Other long-term debt (42) (199) (242)
Total borrowed funds (288) (310) (598)
Total interest-bearing liabilities (2,083) 215 (1,868)

Noninterest-bearing liabilities
Noninterest-bearing demand deposits
Other liabilities
Shareholders' equity
Total liabilities & shareholders'
equity

Net interest income (1) $(3,310) $1,156 $(2,154)
Net interest spread (1)
Net interest margin (1)

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

FIRST FINANCIAL BANCORP.
CREDIT QUALITY

(Dollars in thousands)
(Unaudited)

Mar. 31, Dec. 31, Sep. 30, Jun. 30, Mar. 31,
2008 2007 2007 2007 2007
ALLOWANCE FOR LOAN AND LEASE
LOSS ACTIVITY
Balance at beginning of
period $29,057 $29,136 $28,060 $27,407 $27,386
Provision for loan and
lease losses 3,223 1,640 2,558 2,098 1,356
Gross charge-offs
Commercial 545 1,433 1,008 920 746
Real estate - commercial 806 465 76 176 146
Real estate - residential 39 33 49 57 116
Installment 564 522 471 604 741
Home equity 651 285 189 149 139
All other 498 304 304 224 265
Total gross charge-offs 3,103 3,042 2,097 2,130 2,153
Recoveries
Commercial 144 342 145 246 269
Real estate - commercial 3 632 124 48 58
Real estate - residential 11 3 25 10 18
Installment 315 242 263 288 346
Home equity 0 19 12 25 76
All other 68 85 46 68 51
Total recoveries 541 1,323 615 685 818
Total net charge-offs 2,562 1,719 1,482 1,445 1,335
Ending allowance for loan and
lease losses $29,718 $29,057 $29,136 $28,060 $27,407

NET CHARGE-OFFS TO AVERAGE LOANS
AND LEASES (ANNUALIZED)
Commercial 0.21% 0.56% 0.45% 0.37% 0.28%
Real estate - commercial 0.46% (0.10%) (0.03%) 0.08% 0.06%
Real estate - residential 0.02% 0.02% 0.02% 0.03% 0.06%
Installment 0.75% 0.76% 0.53% 0.74% 0.85%
Home equity 1.04% 0.43% 0.29% 0.21% 0.11%
All other 0.92% 0.48% 0.62% 0.44% 0.70%
Total net charge-offs 0.40% 0.26% 0.23% 0.23% 0.22%

COMPONENTS OF NONPERFORMING LOANS,
NONPERFORMING ASSETS, AND
UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial $3,952 $2,677 $3,782 $6,812 $2,529
Real estate - commercial 4,415 5,965 5,343 4,140 4,947
Real estate - residential 4,529 3,063 2,147 1,694 1,311
Installment 544 734 745 681 920
Home equity 1,221 1,662 1,117 1,048 1,038
All other 30 12 8 21 20
Total nonaccrual loans 14,691 14,113 13,142 14,396 10,765
Restructured loans 562 567 574 581 588
Total nonperforming loans 15,253 14,680 13,716 14,977 11,353
Other real estate owned
(OREO) 2,368 2,636 3,124 2,023 2,672
Total nonperforming
assets 17,621 17,316 16,840 17,000 14,025
Accruing loans past due 90
days or more 372 313 222 165 81
Total underperforming
assets $17,993 $17,629 $17,062 $17,165 $14,106
Total classified assets $55,302 $49,372 $53,997 $49,263 $50,364

CREDIT QUALITY RATIOS
Allowance for loan and lease
losses to
Nonaccrual loans 202.29% 205.89% 221.70% 194.92% 254.59%
Nonperforming loans 194.83% 197.94% 212.42% 187.35% 241.41%
Total ending loans 1.14% 1.12% 1.12% 1.10% 1.10%
Nonperforming loans to total
loans 0.58% 0.56% 0.53% 0.59% 0.45%
Nonperforming assets to
Ending loans, plus OREO 0.67% 0.67% 0.65% 0.67% 0.56%
Total assets 0.53% 0.51% 0.51% 0.52% 0.42%

FIRST FINANCIAL BANCORP.
CAPITAL ADEQUACY

(Dollars in thousands)
(Unaudited)

Mar. 31, Dec. 31, Sep. 30,
2008 2007 2007
PER COMMON SHARE
Market Price
High $13.81 $13.89 $15.12
Low $10.19 $10.12 $10.76
Close $13.45 $11.40 $12.78

Average shares outstanding - basic 37,066,754 37,370,618 38,383,228
Average shares outstanding - diluted 37,431,918 37,370,650 38,383,228
Ending shares outstanding 37,488,229 37,367,808 37,405,433

REGULATORY CAPITAL Preliminary
Tier 1 Capital $272,600 $274,046 $269,961
Tier 1 Ratio 10.20% 10.29% 10.18%
Total Capital $302,318 $303,103 $299,097
Total Capital Ratio 11.31% 11.38% 11.27%
Total Capital in
excess of minimum
requirement $88,539 $90,062 $86,857
Total Risk-Adjusted Assets $2,672,242 $2,663,007 $2,652,999
Leverage Ratio 8.32% 8.26% 8.21%

OTHER CAPITAL RATIOS
Ending shareholders' equity to ending
assets 8.36% 8.21% 8.16%
Ending tangible shareholders' equity
to ending tangible assets 7.55% 7.41% 7.35%
Average shareholders' equity to
average assets 8.39% 8.27% 8.34%
Average tangible shareholders' equity
to average tangible assets 7.58% 7.47% 7.53%

REPURCHASE PROGRAM (1)
Shares repurchased 0 34,300 1,469,700
Average share repurchase price $0.00 $13.52 $13.00
Total cost of shares repurchased $0 $464 $19,105

Jun. 30, Mar. 31,
2007 2007
PER COMMON SHARE
Market Price
High $15.72 $16.76
Low $14.43 $14.83
Close $14.99 $15.11

Average shares outstanding - basic 38,965,409 39,121,105
Average shares outstanding - diluted 38,967,061 39,135,637
Ending shares outstanding 38,883,083 39,001,843

REGULATORY CAPITAL
Tier 1 Capital $295,996 $298,020
Tier 1 Ratio 11.13% 11.57%
Total Capital $324,056 $325,550
Total Capital Ratio 12.18% 12.64%
Total Capital in
excess of minimum
requirement $111,263 $119,533
Total Risk-Adjusted Assets $2,659,915 $2,575,218
Leverage Ratio 9.04% 9.08%

OTHER CAPITAL RATIOS
Ending shareholders' equity to ending
assets 8.53% 8.54%
Ending tangible shareholders' equity
to ending tangible assets 7.71% 7.73%
Average shareholders' equity to
average assets 8.58% 8.68%
Average tangible shareholders' equity
to average tangible assets 7.76% 7.86%

REPURCHASE PROGRAM (1)
Shares repurchased 252,000 244,000
Average share repurchase price $15.07 $16.11
Total cost of shares repurchased $3,797 $3,931

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

First Call Analyst:
FCMN Contact:

Source: First Financial Bancorp

CONTACT: Media Contact: Cheryl Lipp, +1-513-979-5797,
cheryl.lipp@bankatfirst.com, or Analyst Contact: J. Franklin Hall,
+1-513-979-5770, frank.hall@bankatfirst.com, both of First Financial Bancorp

Web site: http://www.bankatfirst.com/

2008-04-29 18:27:16 0348452 PRNEWSWIRE