FIRST FINANCIAL BANCORP.

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

On January 20, 2004, First Financial Bancorp. issued its earnings press release that included the results of operations and financial condition for the fourth quarter of 2003. A copy of the earnings press release is attached as Exhibit 99.1.

The earnings press release includes two non-GAAP financial measures. The first non-GAAP financial measure appears in the table entitled “Consolidated Financial Data” under the section “Key Ratios.” The second appears in the table entitled “Additional Data – Fully Tax Equivalent Net Interest Income.” 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.

Below is a table showing “net interest income” calculated and presented in accordance with GAAP and the adjustments made to arrive at the non-GAAP financial measure “net interest income – tax equivalent.” The table also shows “net interest margin” calculated and presented in accordance with GAAP and the method used to arrive at the non-GAAP financial measure “net interest margin (fully tax equivalent).”

Margins are calculated using net interest income annualized divided by average earning assets.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

By:   /s/ C. Douglas Lefferson
          C. Douglas Lefferson
          Senior Vice President and
          Chief Financial Officer

EX-99.1 3 l05189aexv99w1.htm EXHIBIT 99.1 PRESS RELEASE EXHIBIT 99.1 PRESS RELEASE

HAMILTON, Ohio – First Financial Bancorp (Nasdaq: FFBC) chairman of the board and interim president and chief executive officer, Bruce E. Leep, today announced 2003 net earnings of $37,906,000 or 85 cents in diluted earnings per share, compared to $48,235,000 or $1.05 in diluted earnings per share for the same period in 2002. This represents a 19.05 percent decrease in earnings per share. Bancorp also announced fourth-quarter 2003 net earnings of $8,841,000 or 20 cents in diluted earnings per share, compared to $11,601,000 or 26 cents for the same period in 2002. This represents a 23.08 percent decrease in earnings per share from the fourth quarter of 2002.

“2003 was a challenging year for Bancorp,” said Leep. “In spite of these challenges, we completed initiatives that will strengthen the company and grow our customer base.”

Return on assets was 0.99 percent compared to 1.30 percent in 2002, while return on average shareholders equity decreased to 10.27 percent from 12.54 percent. Return on assets for the fourth quarter was 0.90 percent for 2003, compared to 1.25 percent for the same period in 2002. Return on average shareholders’ equity was 9.62 percent for the fourth quarter of 2003, versus 12.22 percent for the comparable period in 2002.

Net earnings for 2003 were lower than the prior year primarily as a result of lower net interest income due to the low interest rate environment and resulting net interest margin compression. To a lesser extent, higher provision for loan loss expense also contributed to lower earnings. These unfavorable variances were partially offset by higher noninterest income. Bancorp’s noninterest expenses remained flat year-over-year.

(The preceding overview of First Financial Bancorp’s earnings is supplemented with the following detail:)

Net interest income on a year-to-date basis decreased $17.9 million or 10.98 percent. Net interest income for the fourth quarter of 2003 was $5.4 million or 13.57 percent less than the fourth quarter of 2002. Bancorp’s net interest margin for 2003 was 4.06 percent compared to 4.71 percent in 2002. The net interest margin decreased to 3.74 percent in the fourth quarter of 2003 from 4.60 percent in the fourth quarter of 2002. As a result of the planned sale of $7 million of mobile home loans, Bancorp accelerated the amortization of $1.5 million in loan premiums in the fourth quarter. This acceleration negatively impacted the net interest margin for the fourth quarter and full year by 16 basis points and 4 basis points, respectively. The mobile home loan sale is expected to be completed in the first quarter of 2004, and Bancorp does not expect any significant additional credit loss or gain related to this transaction.

The major contributing factor to the decline in net interest income for the year was net interest margin compression due to the asset-sensitive position of Bancorp’s balance sheet. This margin compression was the result of the continued downward repricing of assets without a like decrease in deposit liability rates. The current low interest rate environment has continued to adversely affect net interest income.

In total, interest income declined by $32.7 million or 13.58 percent from 2002. A decline in total interest expense of $14.8 million or 18.97 percent in 2003 versus 2002 did not offset the decline in interest income.

Full year average outstanding loan balances were 0.64 percent higher than in the prior year. The primary area of loan growth has been in the residential real estate category. Total loans at year-end increased $51.1 million or 1.86 percent. This increase was achieved notwithstanding the $35 million of loans sold in December related to the sale of the Sunman, Indiana, banking center and the distressed loan sale as discussed in the Bancorp December 30, 2003 press release.

Deposit balances were relatively flat in 2003 compared to the prior year. The sale of a banking center in each of the third and fourth quarters of 2003 reduced deposit balances by $53 million. Bancorp also opened three new banking centers in 2003, two of which were opened in the fourth quarter. These branches have already exceeded deposit targets and are expected to contribute to deposit growth in 2004. Additionally, Bancorp plans to open three new banking centers in 2004 in growing markets.

The provision for loan loss expense for 2003 was $18.9 million or $2.8 million more than 2002. The provision expense for the fourth quarter of 2003 was $7.4 million compared to $1.9 million for the same

period in 2002. Net charge-offs of $8.3 million for the fourth quarter of 2003 were $5.6 million more than the $2.7 million in net charge-offs for the fourth quarter of 2002 due primarily to a single large recovery in the fourth quarter of 2002 and the approximately $3 million effect of the distressed commercial loan sale executed in the fourth quarter of 2003. Full year net charge-offs were $19.3 million in 2003, up $4.6 million from the $14.8 million recorded in 2002. The percentage of net charge-offs to average loans was 0.69 percent for 2003 compared to 0.53 percent for the same period in 2002. Approximately 10 basis points of the 69 basis point annual charge-off rate was attributable to the distressed commercial loan sale in 2003.

Bancorp continued to maintain appropriate reserves with an allowance to ending loans ratio of 1.71 percent at year-end versus 1.75 percent for the same period last year. It is management’s belief that the allowance for loan losses is adequate to absorb estimated probable credit losses. The nonperforming assets to ending loans ratio increased slightly to 1.18 percent as of December 31, 2003, from 1.08 percent as of year-end 2002. This marks an improvement, however, from the 1.34 percent level at the end of the third quarter of 2003.

Total nonperforming assets – which includes nonaccrual loans, restructured loans, and other real estate owned – increased to $33.0 million at year-end 2003 from $29.6 million at year-end 2002. Loans delinquent over 90 days decreased $4.9 million from year-end 2002 to 2003.

On a linked-quarter basis – fourth quarter 2003 compared to third quarter 2003 – total nonperforming assets decreased $5.0 million and loans delinquent over 90 days decreased by $1.3 million. This improvement is largely associated with the distressed commercial loan sale in the fourth quarter of 2003.

Bancorp’s level of nonperforming assets is reflective of the uncertain economy in the corporation’s primary markets in Ohio and Indiana. If the economic conditions decline, Bancorp could see a less-than-favorable impact on credit quality. Bancorp will continue to actively address its credit quality.

Noninterest income excluding security gains increased 9.85 percent for 2003. This increase was a result of approximately $5 million in gains from the sale of 2 banking centers. Included as a reduction in other income for 2003 were loan impairment charges of $1.7 million against the mortgage-servicing asset in a valuation reserve. This reduction to other income was $1.2 million higher than the $497,000 charge recorded in 2002. Also included in this increase was a non-recurring life insurance gain of approximately $1.5 million in the fourth quarter of 2003. Gains on the sale of mortgage loans accounted for $5.2 million in 2003 versus $4.4 million in 2002.

Fourth quarter 2003 noninterest income, excluding securities transactions, was $19,023,000, an increase of approximately $5.5 million from the fourth quarter of 2002. The “other” category of noninterest income increased $5.7 million from a year ago, due to a gain from the sale of the Sunman banking center and the non-recurring life insurance gain. Gains on the sale of mortgage loans were $0.7 million in the fourth quarter of 2003 versus $1.3 million in the fourth quarter of 2002. Impairment charges against the mortgage-servicing asset in the fourth quarter of 2003 were $24,000 versus $366,000 in the fourth quarter of 2002.

Total noninterest expense increased $283,000 or 0.21 percent over 2002. The single largest category of increase was salaries and employee benefits expense, up $4.9 million or 6.83 percent due primarily to a $3.1 million charge attributable to the Separation Agreement and Release for Bancorp’s former chief executive officer, Stanley N. Pontius. Pension expense for 2003 was $1 million higher than 2002. In 2002, Project Renaissance expenses impacted the noninterest expense categories of furniture and equipment, data-processing, and other noninterest expense for a total of approximately $4.1 million. As a result of these higher-than-normal 2002 expenses, 2003 furniture and equipment expense was down $628,000, data-processing expense was down $1,087,000 and other noninterest expense was down $2,509,000 from 2002.

Noninterest expenses for the fourth quarter of 2003 were $885,000 or 2.58 percent lower than the same period in 2002. Project Renaissance expenses for the fourth quarter of 2002 totaled approximately $1.9 million. There were no material Project Renaissance expenses in 2003. The lack of Project Renaissance expense in 2003 was partially offset by increased professional services related to non-recurring events in the fourth quarter.

Bancorp repurchased 1,230,700 shares of its common stock during 2003 under a previously approved and ongoing program for general corporate purposes.

A $3.9 billion publicly owned bank holding company with over 4,000 shareholders, First Financial Bancorp currently operates 8 banking affiliates in Ohio, Michigan, Kentucky, and Indiana with a total of 102 retail banking centers, as well as an investment-advisor affiliate and an operations affiliate.

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, 2002. Management’s analysis may contain 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, the strength of the local economies in which operations are conducted, 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 2002 Form 10-K.

First Financial Bancorp
P.O. Box 476
Hamilton, OH 45012
Analyst Contact: C. Douglas Lefferson
513-867-4993
doug.lefferson@ffbc-oh.com
Media Contact: Cheryl R. Lipp
513-867-4929
cheryl.lipp@comfirst.com


																Twelve months ended
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,			December 31,
	2003			2003			2003			2003			2002			2003			2002
EARNINGS
Net interest income	$	34,093		$	36,373		$	37,179		$	37,236		$	39,447		$	144,881		$	162,757
Net earnings		8,841			7,824			10,610			10,631			11,601			37,906			48,235
Net earnings per share — basic	$	0.20		$	0.18		$	0.24		$	0.24		$	0.26		$	0.85		$	1.05
Net earnings per share — diluted	$	0.20		$	0.18		$	0.24		$	0.24		$	0.26		$	0.85		$	1.05
KEY RATIOS
Return on average assets		0.90	%		0.80	%		1.11	%		1.16	%		1.25	%		0.99	%		1.30	%
Return on average shareholders’ equity		9.62	%		8.46	%		11.46	%		11.52	%		12.22	%		10.27	%		12.54	%
Average shareholders’ equity to average assets		9.38	%		9.42	%		9.66	%		10.03	%		10.26	%		9.62	%		10.34	%
Net interest margin		3.74	%		3.98	%		4.17	%		4.37	%		4.60	%		4.06	%		4.71	%
Net interest margin (fully tax equivalent)		3.84	%		4.08	%		4.28	%		4.48	%		4.72	%		4.16	%		4.83	%
COMMON STOCK DATA
Average basic shares outstanding		43,993,558			44,122,446			44,486,775			44,893,511			45,217,538			44,370,917			45,880,649
Average diluted shares outstanding		44,012,803			44,160,906			44,519,484			45,048,972			45,369,400			44,422,852			46,000,801
Ending shares outstanding		43,939,018			44,049,702			44,277,529			44,709,604			45,003,923			43,939,018			45,003,923
Market price:
High	$	16.92		$	16.60		$	17.00		$	17.19		$	18.87		$	17.19		$	20.31
Low	$	15.14		$	14.67		$	15.00		$	15.26		$	15.99		$	14.67		$	15.65
Close	$	15.95		$	14.75		$	15.83		$	15.86		$	16.39		$	15.95		$	16.39
Book value	$	8.34		$	8.34		$	8.40		$	8.34		$	8.39		$	8.34		$	8.39
Common dividend declared	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.60		$	0.60
AVERAGE BALANCE SHEET ITEMS
Loans less unearned income	$	2,805,667		$	2,829,582		$	2,811,848		$	2,765,970		$	2,751,664		$	2,803,448		$	2,785,717
Investment securities		798,727			778,365			747,090			650,619			605,729			744,201			627,824
Other earning assets		13,559			15,845			13,619			40,751			44,556			20,855			42,856

Total earning assets		3,617,953			3,623,792			3,572,557			3,457,340			3,401,949			3,568,504			3,456,397
Total assets		3,886,012			3,894,426			3,841,251			3,730,744			3,670,699			3,838,688			3,720,050
Noninterest-bearing deposits		399,611			392,862			406,730			416,824			410,568			403,929			406,639
Interest-bearing deposits		2,553,934			2,592,383			2,536,477			2,487,612			2,487,086			2,542,920			2,544,449

Total deposits		2,953,545			2,985,245			2,943,207			2,904,436			2,897,654			2,946,849			2,951,088
Borrowings		516,952			486,825			481,731			410,100			356,646			474,230			355,222
Shareholders’ equity		364,653			366,978			371,219			374,236			376,515			369,239			384,618
CREDIT QUALITY
Ending allowance for loan losses	$	47,771		$	48,680		$	48,876		$	48,305		$	48,177		$	47,771		$	48,177
Nonperforming assets:
Nonaccrual		25,980			28,374			28,210			24,276			21,456			25,980			21,456
Restructured		3,821			6,532			7,188			6,291			5,375			3,821			5,375
OREO		3,207			3,054			2,366			2,636			2,792			3,207			2,792

Total nonperforming assets		33,008			37,960			37,764			33,203			29,623			33,008			29,623
Loans delinquent over 90 days		1,872			3,186			3,490			3,575			6,818			1,872			6,818
Gross charge-offs:
Commercial real estate		(3,377	)		(300	)		(424	)		(112	)		(618	)		(4,213	)		(1,025	)
Commercial loans and leases		(3,650	)		(2,771	)		(1,800	)		(1,699	)		(1,669	)		(9,920	)		(8,952	)
Consumer		(2,447	)		(2,351	)		(1,957	)		(2,354	)		(2,844	)		(9,109	)		(9,698	)
All other		(8	)		(38	)		(18	)		0			(13	)		(64	)		(198	)

Total gross charge-offs		(9,482	)		(5,460	)		(4,199	)		(4,165	)		(5,144	)		(23,306	)		(19,873	)
Recoveries:
Commercial real estate		83			5			45			5			111			138			134
Commercial loans and leases		561			316			229			432			1,763			1,538			2,836
Consumer		498			576			553			642			567			2,269			2,013
All other		9			3			1			0			49			13			109

Total recoveries		1,151			900			828			1,079			2,490			3,958			5,092

Total net charge-offs		(8,331	)		(4,560	)		(3,371	)		(3,086	)		(2,654	)		(19,348	)		(14,781	)
CREDIT QUALITY RATIOS
Allowance to ending loans, net of unearned income		1.71	%		1.73	%		1.73	%		1.74	%		1.75	%		1.71	%		1.75	%
Nonperforming assets to ending loans, net of unearned income plus OREO		1.18	%		1.34	%		1.33	%		1.19	%		1.08	%		1.18	%		1.08	%
90 days past due to loans, net of unearned income		0.07	%		0.11	%		0.12	%		0.13	%		0.25	%		0.07	%		0.25	%
Net charge-offs to average loans, net of unearned income		1.18	%		0.64	%		0.48	%		0.45	%		0.38	%		0.69	%		0.53	%

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousands)
(Unaudited)


					Three months ended,							Twelve months ended,
	Dec. 31,		Sep. 30,		Jun. 30,			Mar. 31,		Dec. 31,		December 31,
	2003		2003		2003			2003		2002		2003		2002
Interest income
Loans, including fees	$	41,393	$	45,256	$	46,418		$	46,704	$	49,827	$	179,771	$	208,131
Investment securities
Taxable		6,060		5,263		5,220			5,258		5,505		21,801		24,871
Tax-exempt		1,555		1,579		1,632			1,664		1,740		6,430		7,172

Total investment securities interest		7,615		6,842		6,852			6,922		7,245		28,231		32,043
Interest-bearing deposits with other banks		36		26		28			51		42		141		340
Federal funds sold and securities purchased under agreements to resell		11		24		37			74		163		146		494

Total interest income		49,055		52,148		53,335			53,751		57,277		208,289		241,008
Interest expense
Deposits		10,214		10,692		11,396			12,084		13,580		44,386		62,096
Short-term borrowings		471		443		530			380		380		1,824		1,727
Long-term borrowings		4,130		4,161		4,112			3,931		3,731		16,334		14,289
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust		147		479		118			120		139		864		139

Total interest expense		14,962		15,775		16,156			16,515		17,830		63,408		78,251

Net interest income		34,093		36,373		37,179			37,236		39,447		144,881		162,757
Provision for loan losses		7,422		4,364		3,942			3,214		1,941		18,942		16,174

Net interest income after provision for loan losses		26,671		32,009		33,237			34,022		37,506		125,939		146,583
Noninterest income
Service charges on deposit accounts		4,917		4,984		4,923			4,598		4,980		19,422		19,565
Trust revenues		3,648		3,623		3,522			3,707		3,739		14,500		15,385
Investment securities gains (losses)		4		28		(36	)		28		80		24		89
Other		10,458		6,494		5,797			5,517		4,788		28,266		21,660

Total noninterest income		19,027		15,129		14,206			13,850		13,587		62,212		56,699
Noninterest expenses
Salaries and employee benefits		18,625		21,664		18,028			18,191		17,644		76,508		71,619
Net occupancy		1,872		1,899		1,816			2,078		2,139		7,665		7,973
Furniture and equipment		1,701		1,752		1,847			1,801		2,170		7,101		7,729
Data processing		2,037		1,690		1,516			1,487		1,630		6,730		7,817
Deposit insurance		140		147		150			100		137		537		609
State taxes		442		432		434			460		431		1,768		1,747
Amortization of intangibles		205		207		211			201		201		824		847
Other		8,458		7,948		7,815			7,441		10,013		31,662		34,171

Total noninterest expenses		33,480		35,739		31,817			31,759		34,365		132,795		132,512

Income before income taxes		12,218		11,399		15,626			16,113		16,728		55,356		70,770
Income tax expense		3,377		3,575		5,016			5,482		5,127		17,450		22,535

Net earnings	$	8,841	$	7,824	$	10,610		$	10,631	$	11,601	$	37,906	$	48,235

ADDITIONAL DATA — FULLY TAX EQUIVALENT NET INTEREST INCOME
Interest income	$	49,055	$	52,148	$	53,335		$	53,751	$	57,277	$	208,289	$	241,008
Tax equivalent adjustment		885		900		918			938		984		3,641		4,108

Interest income — tax equivalent		49,940		53,048		54,253			54,689		58,261		211,930		245,116
Interest expense		14,962		15,775		16,156			16,515		17,830		63,408		78,251

Net interest income — tax equivalent	$	34,978	$	37,273	$	38,097		$	38,174	$	40,431	$	148,522	$	166,865

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)
(Unaudited)


	Dec. 31,			Dec. 31,
	2003			2002
ASSETS
Cash and due from banks	$	183,612		$	181,839
Interest-bearing deposits with other banks		5,014			4,474
Federal funds sold and securities purchased under agreements to resell		607			28,291
Investment securities, held-to-maturity		18,399			21,571
Investment securities, available-for-sale		794,762			605,345
Loans
Commercial		666,315			690,656	*
Real estate-construction		73,260			89,674
Real estate-mortgage		1,466,153			1,368,207	*
Installment		560,061			556,975
Credit card		21,680			22,068
Lease financing		12,241			21,031

Total loans		2,799,710			2,748,611
Less
Unearned income		86			523
Allowance for loan losses		47,771			48,177

Net loans		2,751,853			2,699,911
Premises and equipment		59,050			56,348
Goodwill		27,379			27,379
Other intangibles		7,530			9,147
Deferred income taxes receivable		6,227			4,107
Other assets		101,629			91,540

Total Assets	$	3,956,062		$	3,729,952

LIABILITIES
Deposits
Noninterest-bearing	$	414,785		$	422,453
Interest-bearing		2,530,880			2,499,981

Total deposits		2,945,665			2,922,434
Short-term borrowings		258,909			95,180
Long-term borrowings		322,979			290,051
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust		30,000			10,000
Accrued interest and other liabilities		32,026			34,684

Total Liabilities		3,589,579			3,352,349
SHAREHOLDERS’ EQUITY
Common stock		395,752			396,252
Retained earnings		50,325			39,005
Accumulated comprehensive income		2,344			8,189
Restricted stock awards		(3,397	)		(4,022	)
Treasury stock, at cost		(78,541	)		(61,821	)

Total Shareholders’ Equity		366,483			377,603

Total Liabilities and Shareholders’ Equity	$	3,956,062		$	3,729,952

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


							Quarterly Averages										Year-to-Date Averages
	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,				December 31,
	2003			2003			2003			2003			2002				2003			2002
ASSETS
Cash and due from banks	$	117,810		$	129,005		$	127,405		$	140,351		$	141,484			$	128,582		$	131,730
Interest-bearing deposits with other banks		9,252			5,671			7,235			9,294			5,605				7,857			14,202
Federal funds sold and securities purchased under agreements to resell		4,307			10,174			6,384			31,457			38,951				12,998			28,654
Investment securities		798,727			778,365			747,090			650,619			605,729				744,201			627,824
Loans
Commercial		658,205			695,980			700,439			701,288			683,576		*		688,879			749,072
Real estate-construction		68,621			69,072			77,879			86,466			107,238				75,443			86,223
Real estate-mortgage		1,480,587			1,469,535			1,443,940			1,388,330			1,351,743		*		1,445,916			1,331,547
Installment		564,684			559,600			552,301			549,668			565,887				556,613			570,602
Credit card		20,402			20,169			20,077			20,692			20,973				20,334			21,089
Lease financing		13,276			15,405			17,488			19,911			22,862				16,499			28,295

Total loans		2,805,775			2,829,761			2,812,124			2,766,355			2,752,279				2,803,684			2,786,828
Less
Unearned income		108			179			276			385			615				236			1,111
Allowance for loan losses		48,754			48,849			48,168			48,625			50,101				48,600			48,341

Net loans		2,756,913			2,780,733			2,763,680			2,717,345			2,701,563				2,754,848			2,737,376
Premises and equipment		58,863			57,825			56,675			56,468			56,955				57,465			58,599
Deferred income tax		8,457			7,969			5,555			3,958			0				6,501			0
Other assets		131,683			124,684			127,227			121,252			120,412				126,236			121,665

Total Assets	$	3,886,012		$	3,894,426		$	3,841,251		$	3,730,744		$	3,670,699			$	3,838,688		$	3,720,050

LIABILITIES
Deposits
Interest-bearing	$	182,501		$	212,102		$	165,275		$	298,561		$	262,957				214,285			301,358
Savings		1,046,180			1,023,110			1,001,121			850,866			873,547				980,972			841,054
Time		1,325,253			1,357,171			1,370,081			1,338,185			1,350,582				1,347,663			1,402,037

Total interest-bearing deposits		2,553,934			2,592,383			2,536,477			2,487,612			2,487,086				2,542,920			2,544,449
Noninterest-bearing		399,611			392,862			406,730			416,824			410,568				403,929			406,639

Total deposits		2,953,545			2,985,245			2,943,207			2,904,436			2,897,654				2,946,849			2,951,088
Borrowed funds
Short-term borrowings		193,390			161,742			157,965			102,310			82,149				154,123			90,188
Long-term borrowings		323,562			325,083			323,766			307,790			274,497				320,107			265,034

Total borrowed funds		516,952			486,825			481,731			410,100			356,646				474,230			355,222
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust		30,000			26,956			10,000			10,000			10,002				19,315			2,658
Deferred income tax		0			0			0			0			2,019				0			1,426
Accrued interest and other liabilities		20,862			28,422			35,094			31,972			27,863				29,055			25,038

Total Liabilities		3,521,359			3,527,448			3,470,032			3,356,508			3,294,184				3,469,449			3,335,432
SHAREHOLDERS’ EQUITY
Common stock		395,808			395,894			395,916			396,033			396,257				395,912			396,417
Retained earnings		47,534			48,022			43,281			38,881			31,874				44,463			30,429
Accumulated comprehensive income		2,587			3,680			7,501			8,379			10,655				5,516			8,352
Restricted stock awards		(3,619	)		(4,969	)		(5,613	)		(5,625	)		(4,193	)			(4,951	)		(4,564	)
Treasury stock, at cost		(77,657	)		(75,649	)		(69,866	)		(63,432	)		(58,078	)			(71,701	)		(46,016	)

Total Shareholders’ Equity		364,653			366,978			371,219			374,236			376,515				369,239			384,618

Total Liabilities and Shareholders’ Equity	$	3,886,012		$	3,894,426		$	3,841,251		$	3,730,744		$	3,670,699			$	3,838,688		$	3,720,050

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Ohio	0-12379	31-1042001
(State or other jurisdiction	(Commission File	(IRS Employer
of incorporation)	Number)	Identification No.)

300 High Street
Hamilton, Ohio		45011
(Address of principal executive		(Zip Code)
offices)


Exhibit No.		Description

99.1		First Financial Bancorp. Press Release dated January 21, 2004.


	Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
	2003			2003			2003			2003			2002
Tier 1 Capital	$	358,616		$	358,292		$	338,933		$	341,739		$	344,090
Tier 1 Ratio		13.20	%		12.92	%		12.50	%		12.66	%		12.62	%
Total Capital	$	392,735		$	393,122		$	373,011		$	375,662		$	378,339
Total Capital Ratio		14.46	%		14.18	%		13.76	%		13.92	%		13.88	%
Total Risk-Adjusted Assets	$	2,715,858		$	2,772,571		$	2,711,426		$	2,699,431		$	2,726,025
Leverage Ratio		9.30	%		9.28	%		8.90	%		9.24	%		9.46	%


								Three
								months ended,
		Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			Dec. 31,
		2003			2003			2003			2003			2002

Net interest income		$	34,093		$	36,373		$	37,179		$	37,236		$	39,447
Tax equivalent adjustment			885			900			918			938			984

	Net interest income — tax equivalent	$	34,978		$	37,273		$	38,097		$	38,174		$	40,431

Average earning assets			3,617,953			3,623,792			3,572,557			3,457,340			3,401,949
Net interest margin*			3.74	%		3.98	%		4.17	%		4.37	%		4.60	%
Net interest margin (fully tax equivalent)*			3.84	%		4.08	%		4.28	%		4.48	%		4.72	%


Form 8-K		First Financial Bancorp


Form 8-K		First Financial Bancorp