EX-99.1

EXHIBIT 99.1


		Another step on the path to success

FOR IMMEDIATE RELEASE


Media Contact:		Cheryl Lipp
		(513) 979-5797
		cheryl.lipp@bankatfirst.com

Analyst Contact:		J. Franklin Hall
		(513) 979-5770
		frank.hall@bankatfirst.com

First Financial Bancorp Reports First Quarter 2007 Financial Results

	•		First quarter 2007 net earnings of $0.22 per diluted share versus $0.10 in first quarter 2006

	•		First Financial continues to expect full year 2007 net earnings of $1.00 to $1.10 per diluted share

	•		First Financial entered 2007 with its two-year corporate reorganization and restructure essentially complete

	•		Continued improvement in earning asset mix with stable net interest margin

	•		Year-over-year first quarter period-end growth in commercial, commercial real estate, and construction loans of $192.9 million or 15.2 percent, excluding the effects of the branch and loan sales

	•		Stabilizing credit quality metrics

HAMILTON, Ohio – April 20, 2007 — First Financial Bancorp (Nasdaq: FFBC) president and chief executive officer, Claude E. Davis, today announced first quarter 2007 earnings of $8,435,000 or 22 cents in diluted earnings per share, compared to $827,000 or 2 cents in diluted earnings per share last quarter and $3,967,000 or 10 cents in diluted earnings per share for the first quarter 2006.

Return on average assets for the first quarter 2007 was 1.04 percent compared to 0.10 percent last quarter and 0.45 percent for the same period in 2006. Return on average shareholders’ equity was 11.94 percent for the first quarter 2007 compared to 1.10 percent last quarter and 5.39 percent for the comparable period in 2006.

Unless otherwise noted, all amounts discussed are pre-tax except income or loss from continuing operations, net income, and per-share data which is presented after-tax.

Summary and Outlook of Key Drivers

Net interest margin increased to 4.12 percent in the first quarter 2007 from 4.04 percent for the first quarter 2006 and 3.95 percent for the linked-quarter (first quarter 2007 compared to fourth quarter 2006). The first quarter 2007 margin was positively impacted by the continued shift to higher yielding assets, favorable impact from pricing

changes in certain deposit products, combined with fewer days in the quarter. Approximately 10 basis points of the first quarter 2007 net interest margin increase was 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 normalized net interest margin, excluding the impact of this accrual, was 4.02 percent. The 2007 margin forecast remains within a range of 3.90 percent to 4.05 percent, dependent largely on First Financial’s ability to continue shifting its earning asset mix to higher yielding categories and its ability to execute deposit pricing changes in its highly competitive markets.

Noninterest income, excluding the effects of the first quarter 2007 $1.1 million gain on the sale of residential mortgage servicing rights, as well as the first quarter 2006 $476,000 loss on the sale of investment securities, remained relatively stable on a comparative quarter basis. On a linked-quarter basis, increases in trust and wealth management fees, along with higher earnings from bank-owned life insurance, helped offset lower service charge income on deposit accounts. The expectation for noninterest income growth in 2007 remains largely dependent on increased levels of fee income due to both expected growth in market value for assets under management in the Wealth Resource Group and deposit account growth in both commercial and retail areas. Management expects the full-year noninterest income annualized growth to be within a range of 7.0 to 13.0 percent.

Noninterest expense was significantly impacted during 2006 by the transition costs associated with the company’s execution of its Strategic Plan. The first quarter 2007 was less affected by similar transition costs. Severance expense of $933,000, which was primarily associated with First Financial’s previously announced plans to outsource the origination, technology, and servicing aspects of its mortgage product. Management expects that the 2007 efficiency ratio will be between 62 and 65 percent, but remains committed to the long-term goal of 55 to 60 percent.

Capital management efforts through share repurchase resulted in 244,000 shares repurchased in the first quarter 2007 at a cost of $3.9 million. First Financial expects to repurchase approximately 1,000,000 shares in 2007.

Credit quality remained stable as net charge-offs for the quarter were an annualized 22 basis points, and management is projecting a net charge-off level of between 30 and 40 basis points for the full year. First Financial maintained its allowance for loan and lease losses to period-end loans ratio at 1.10 percent, as compared to the fourth quarter 2006. During the first quarter 2007, First Financial completed the previously announced sale of approximately $15 million in commercial, commercial real estate, residential real estate, and related installment loans that had been moved to “loans held for sale” with the related write-down of approximately $4.4 million recognized in the fourth quarter 2006. The completion of the sale did not have a material financial impact on the first quarter.

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

Current Period Operating Results

NET INTEREST INCOME

First Quarter 2007 vs. First Quarter 2006

Net interest income for the first quarter 2007 was $30.4 million compared to $32.2 million in the first quarter 2006, a decrease of $1.8 million or 5.58 percent. This decrease is due to a net decline in the level of earning assets, resulting primarily from the balance sheet restructure completed in the first quarter 2006, the third quarter 2006 sale of ten branches and their associated loans and deposits, and continued effects of increased rates on deposits.

First Quarter 2007 vs. Fourth Quarter 2006

Net interest income on a linked-quarter basis increased from $30.1 million in the fourth quarter 2006 to $30.4 million in the first quarter 2007, a $299,000 or 3.97 percent annualized increase. First Financial continues to experience a positive impact from a continued shift in asset mix, favorable impact from pricing changes of certain deposit products, offset by lower earning asset levels.

NET INTEREST MARGIN

First Quarter 2007 vs. First Quarter 2006

First quarter 2007 net interest margin of 4.12 percent increased 8 basis points from 4.04 percent for the first quarter 2006. Excluding the effects of the interest accrual noted earlier, the first quarter net interest margin was 4.02 percent. The net interest margin remains relatively stable as the earning asset mix continues to shift from lower yielding indirect installment and conforming mortgage loans to higher yielding commercial and commercial real estate loans. These benefits were partially offset by the planned reduction in earning assets and an increase in deposit costs. On a tax equivalent basis, the first quarter 2007 adjusted net interest margin of 4.10 percent decreased 2 basis points from 4.12 percent for the first quarter 2006.

First Quarter 2007 vs. Fourth Quarter 2006

Linked-quarter adjusted net interest margin increased 7 basis points from 3.95 percent to 4.02 percent, reflecting the continuing asset mix shift and favorable deposit pricing changes. On a tax-equivalent basis, the first quarter 2007 adjusted net interest margin was 4.10 percent as compared to 4.05 for the fourth quarter 2006.

The primary risk to our margin remains unanticipated consumer and competitor behavior related to deposit products, specifically the consumer preference for higher-yielding money market accounts rather than more

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traditional transaction accounts, and the aggressiveness in market pricing for both transaction and certificate of deposit accounts.

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

BALANCE SHEET TRENDS

Loans

The overall decrease in the loan portfolio from 2006 is primarily due to the impact of several strategic decisions and sale transactions. In the third quarter 2005, management made the strategic decision to exit the indirect installment loan business resulting in approximately $164 million in runoff since this decision was made, with first quarter 2007 runoff of approximately $14 million. Additionally, during 2005 First Financial made the decision to sell most of its mortgage loan production into the secondary market rather than retain the loans in its portfolio. Approximately $102 million has run off since this decision was made, with first quarter 2007 runoff of approximately $24 million. This strategy will continue with First Financial’s recent strategic partnership with PHH Mortgage.

Since the third quarter 2005, as a result of First Financial’s decision to improve the Company’s asset mix and lower its risk profile, approximately $260 million of loans have been sold through various strategic transactions. Included in this amount was approximately $101 million of loans sold in the third quarter 2006 branch sales and a combined total of approximately $53 million of problem loans sold in the third quarter 2006 and the first quarter 2007. Management estimates the cumulative effect of these decisions to be approximately $526 million.

First Quarter 2007 vs. First Quarter 2006

Average total loans for the first quarter 2007 decreased $113 million or 4.4 percent from the comparable period a year ago. Period-end commercial, commercial real estate, and construction loans, excluding the effects of the branch and loan sales, increased from $1.27 billion in the first quarter 2006 to $1.46 billion in the first quarter 2007, an increase of approximately $192.9 million or 15.2 percent.

First Quarter 2007 vs. Fourth Quarter 2006

Average total loans for the first quarter 2007 decreased $14 million or 2.2 percent on an annualized basis from the fourth quarter 2006; however, average commercial, commercial real estate, and construction loans increased $39 million or 11.3 percent on an annualized basis from the fourth quarter 2006. Period-end commercial, commercial real estate, and construction loans increased from $1.40 billion in the fourth quarter 2006 to $1.46 billion in the first quarter 2007, an increase of approximately $66 million or 18.8 percent on an annualized basis.

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Investments

Securities available-for-sale were $325.8 million at March 31, 2007, compared to $344.1 million at March 31, 2006. The combined investment portfolio was 11.0 percent and 11.1 percent of total assets at March 31, 2007, and March 31, 2006, respectively.

Deposits

In total, deposit balances have remained relatively stable over the past year, excluding the branch and related deposit sale. Competition for low cost deposits remains intense, and First Financial continues to expand its product offerings, primarily in the interest-bearing checking and savings account categories, to address runoff and balance migration in the most cost efficient manner. Time deposits have remained relatively flat with most comparative fluctuations related to non-retail activity such as public funds.

First Quarter 2007 vs. First Quarter 2006

Average deposits for the first quarter 2007 decreased $94.8 million or 3.3 percent from the comparable period a year ago. The decrease was primarily a result of the previously mentioned sale of branches in the third quarter 2006 which included $108.6 million of actual deposit balances.

First Quarter 2007 vs. Fourth Quarter 2006

Average deposits for the first quarter 2007 remained relatively flat with the fourth quarter 2006, decreasing $1.5 million or 0.2 percent on an annualized basis. Average interest-bearing deposits increased $14.8 million or 2.5 percent and average noninterest-bearing deposits decreased $16.3 million or 15.6 percent, both on an annualized basis from the fourth quarter 2006. The linked-quarter increase in time deposits is primarily due to the fluctuation in a large public funds relationship.

NONINTEREST INCOME

First Quarter 2007 vs. First Quarter 2006

First quarter 2007 noninterest income was $14.7 million, an increase of $1.8 million or 13.7 percent from the first quarter 2006. When the first quarter 2007 and 2006 are adjusted for the items shown below, noninterest income increased $236,000 or 1.8 percent primarily due to higher earnings from bank-owned life insurance offset by lower service charge income on deposit accounts primarily as a result of the third quarter 2006 branch sales.


	1Q07			1Q06		$ Change			% Change
Total noninterest income	$	14,744		$	12,971	$	1,773			13.7	%
(Gain) on sale of mortgage servicing rights		(1,061	)		—		(1,061	)		—
Loss on sale of investment securities		—			476		(476	)		—

Adjusted total noninterest income	$	13,683		$	13,447	$	236			1.8	%

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First Quarter 2007 vs. Fourth Quarter 2006

On a linked-quarter basis, total noninterest income increased $1.8 million or 14.3 percent. When the first quarter 2007 is adjusted for the item shown below, noninterest income increased $779,000 or 6.0 percent primarily due to increases in trust and wealth-management fees as well as higher earnings from bank-owned life insurance, offset by the seasonal decline in service charge income on deposit accounts.


	1Q07			4Q06		$ Change			% Change
Total noninterest income	$	14,744		$	12,904	$	1,840			14.3	%
(Gain) on sale of mortgage servicing rights		(1,061	)		—		(1,061	)		—

Adjusted total noninterest income	$	13,683		$	12,904	$	779			6.0	%

NONINTEREST EXPENSE

First Quarter 2007 vs. First Quarter 2006

Total noninterest expense decreased $7.7 million or 19.7 percent during the first quarter 2007 as compared to the first quarter 2006. When the first quarter 2007 and 2006 are adjusted for the items shown below, noninterest expense decreased $3.8 million or 11.1 percent.


	1Q07			1Q06			$ Change			% Change
Total noninterest expense	$	31,210		$	38,877		$	(7,667	)		(19.7	)%
Debt extinguishment prepayment penalty		—			(4,295	)		4,295			—
Severance		(933	)		(155	)		(778	)		—
Losses on properties		—			(354	)		354			—

Adjusted total noninterest expense	$	30,277		$	34,073		$	(3,796	)		(11.1	)%

The following items contributed to the adjusted $3.8 million decrease in noninterest expense from the first quarter 2006:

	•		decreases in salaries and benefits, primarily due to the $1.0 million reduction in pension and other retirement-related expenses and the $734,000 reduction in salaries and incentive-based compensation

	•		decreases in data processing of $1.1 million primarily due to the impact of First Financial’s prior year technology upgrade in which the company moved from an out-sourced to an in-house data processing environment

	•		decreases in professional services of $584,000 primarily due to first quarter 2006 professional services as well as legal expenses incurred in conjunction with the corporate reorganization

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First Quarter 2007 vs. Fourth Quarter 2006

On a linked-quarter basis, noninterest expense was $6.6 million or 17.4 percent less than the fourth quarter 2006. When the first quarter 2007 and fourth quarter 2006 are adjusted for the items shown below, noninterest expense decreased $1.1 million or 3.6 percent.


	1Q07			4Q06			$ Change			% Change
Total noninterest expense	$	31,210		$	37,769		$	(6,559	)		(17.4	)%
Pension settlement and curtailment		—			(2,969	)		2,969			—
Technology consulting and early termination fee		—			(1,476	)		1,476			—
Severance		(933	)		(798	)		(135	)		—
Fixed asset signage disposal losses		(43	)		(835	)		792			—
Communication expense		—			(339	)		339			—

Adjusted total noninterest expense	$	30,234		$	31,352		$	(1,118	)		(3.6	)%

The following items contributed to the adjusted $1.1 million decrease in noninterest expense from the fourth quarter 2006:

	•		decreases in pension and other retirement-related expenses of $504,000, offset by increased salary and incentive-based compensation of $991,000

	•		decreases in data processing of $729,000 primarily due to the impact of First Financial’s prior year technology upgrade in which the company moved from an out-sourced to an in-house data processing environment

	•		decreases in various other miscellaneous expenses of $621,000 primarily due to declines in training, marketing, and other expenses, none of which are individually significant

INCOME TAXES

Income tax expense was $4.1 million and $1.6 million for the three months ended March 31, 2007, and 2006, respectively. The effective tax rate for the first quarter 2007 and 2006 was 33.0 percent and 28.4 percent, respectively. The estimated effective tax rate for 2007 remains 33 percent. First Financial adopted the provisions of FIN 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109,” effective January 1, 2007. FIN 48 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The adoption of FIN 48 did not have a material financial impact on the consolidated financial statements of First Financial.

CREDIT QUALITY

Credit quality remained stable in the first quarter 2007 as net charge-offs for the quarter were an annualized 22 basis points of average loans. First Financial maintained its allowance for loan and lease losses to period-end loans ratio at 1.10 percent, as compared to the fourth quarter 2006. During the first quarter, First Financial completed the

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previously announced sale of approximately $15 million in commercial, commercial real estate, residential real estate, and related installment loans with no impact on the first quarter.

First Quarter 2007 vs. First Quarter 2006

First quarter 2007 net charge-offs were $1.3 million, an annualized 22 basis points of average loans, compared to first quarter 2006 net charge-offs of $2.6 million, an annualized 40 basis points of average loans. This lower level of net charge-offs in the first quarter 2007 is primarily due to lower commercial loan charge-offs.

Total underperforming assets decreased $19.8 million from $33.9 million at the end of the first quarter 2006 to $14.1 million at the end of the first quarter 2007 primarily due to the impact of the problem loan sales. A large percentage of underperforming 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, 2007.

The ratio of nonperforming assets to ending loans decreased from 1.25 percent at the end of the first quarter 2006 to 0.56 percent at the end of the first quarter of 2007.

First Quarter 2007 vs. Fourth Quarter 2006

First quarter 2007 net charge-offs were $1.3 million, an annualized 22 basis points of average loans, compared to fourth quarter 2006 net charge-offs of $5.9 million excluding the $4.4 million impact from the transfer of approximately $15 million of loans to loans held for sale, an annualized 95 basis points of average loans. This lower level of net charge-offs in the first quarter is primarily due to lower commercial and commercial real estate loan charge-offs, excluding the impact of the loan sale.

Total underperforming assets increased $755,000 from $13.4 million at the end of the fourth quarter 2006 to $14.1 million at the end of the first quarter 2007 primarily due to one commercial real estate client relationship. The ratio of nonperforming assets to ending loans increased from 0.53 percent at the end of the fourth quarter 2006 to 0.56 percent at the end of the first quarter of 2007.

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

Earnings Conference Call and Webcast

On April 23, 2007, 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, senior vice president and chief financial officer. Anyone may participate in the conference call by calling 1-877-407-9210 (no

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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.

First Financial will file the SEC Form 10-Q by Friday, May 5, 2007.

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, 2006. 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, the ability of the company to implement its Strategic Plan, 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 2006 Form 10-K and other public documents filed with the SEC. These documents are available on our investor relations website at www.bankatfirst.com and on the SEC’s website at www.sec.gov.

FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS

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


	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
RESULTS OF OPERATIONS
Net interest income	$	30,403		$	30,104		$	30,823		$	31,947		$	32,199
Net earnings		8,435			827			12,119			4,358			3,967
Net earnings per common share — basic	$	0.22		$	0.02		$	0.31		$	0.11		$	0.10
Net earnings per common share — diluted	$	0.22		$	0.02		$	0.31		$	0.11		$	0.10
Dividends declared per common share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16


KEY FINANCIAL RATIOS
Return on average assets		1.04	%		0.10	%		1.40	%		0.51	%		0.45	%
Return on average shareholders’ equity		11.94	%		1.10	%		16.09	%		5.90	%		5.39	%
Return on average tangible shareholders’ equity		13.31	%		1.24	%		18.20	%		6.70	%		6.12	%

Net interest margin		4.12	%		3.95	%		3.93	%		4.11	%		4.04	%
Net interest margin (fully tax equivalent) ⁽¹⁾		4.20	%		4.05	%		4.01	%		4.20	%		4.12	%

Average shareholders’ equity to average assets		8.68	%		8.98	%		8.72	%		8.64	%		8.42	%
Tier 1 Ratio⁽²⁾		11.57	%		11.73	%		11.89	%		11.37	%		11.58	%
Total Capital Ratio⁽²⁾		12.64	%		12.81	%		13.14	%		12.52	%		12.83	%
Leverage Ratio⁽²⁾		9.08	%		9.02	%		8.85	%		8.72	%		8.47	%


AVERAGE BALANCE SHEET ITEMS
Loans less unearned income ⁽³⁾	$	2,490,252		$	2,497,389		$	2,580,005		$	2,614,598		$	2,596,755
Investment securities		367,407			381,985			370,095			380,532			497,528
Other earning assets		134,635			142,320			158,940			122,413			141,513

Total earning assets	$	2,992,294		$	3,021,694		$	3,109,040		$	3,117,543		$	3,235,796
Total assets		3,299,346			3,332,388			3,426,417			3,428,839			3,545,412
Noninterest-bearing deposits	$	401,698		$	418,009		$	401,685		$	424,227		$	417,061
Interest-bearing deposits		2,406,913			2,392,092			2,492,898			2,477,026			2,486,336

Total deposits	$	2,808,611		$	2,810,101		$	2,894,583		$	2,901,253		$	2,903,397
Borrowings		181,613			192,811			200,856			202,792			313,743
Shareholders’ equity		286,453			299,320			298,909			296,087			298,578


CREDIT QUALITY RATIOS
Allowance to ending loans		1.10	%		1.10	%		1.27	%		1.15	%		1.56	%
Allowance to nonperforming assets		195.42	%		208.01	%		143.94	%		199.38	%		123.93	%
Nonperforming assets to ending loans, plus OREO		0.56	%		0.53	%		0.88	%		0.58	%		1.25	%
Nonperforming assets to total assets, plus OREO		0.42	%		0.40	%		0.67	%		0.44	%		0.94	%
Net charge-offs to average loans (annualized)⁽⁴⁾		0.22	%		1.64	%		0.17	%		1.68	%		0.40	%


⁽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, 2007 regulatory capital ratios are preliminary.

⁽³⁾		Includes loans held for sale.

⁽⁴⁾		December 31, 2006 and June 30, 2006 charge-offs include $4,375 and $8,356, respectively, in loans held for sale write-downs to the lower of cost or estimated fair value.

FIRST FINANCIAL BANCORP.
CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in thousand)
(Unaudited)


				Three months ended,																Annualized
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,			% Change			% Change
	2007			2006			2006			2006			2006			Comparable Qtr.			Linked Qtr.
Interest income
Loans, including fees	$	45,064		$	44,972		$	45,484		$	44,386		$	42,857			5.1	%		0.8	%
Investment securities
Taxable		3,891			3,925			3,728			3,798			5,141			(24.3	%)		(3.5	%)
Tax-exempt		909			985			996			1,057			1,104			(17.7	%)		(30.9	%)

Total investment securities interest		4,800			4,910			4,724			4,855			6,245			(23.1	%)		(9.0	%)
Federal funds sold		1,756			1,894			2,116			1,500			1,582			11.0	%		(29.1	%)

Total interest income		51,620			51,776			52,324			50,741			50,684			1.8	%		(1.2	%)

Interest expense
Deposits		19,009			19,349			19,176			16,554			14,933			27.3	%		(7.0	%)
Short-term borrowings		996			1,027			953			892			896			11.2	%		(12.1	%)
Long-term borrowings		559			609			686			709			2,058			(72.8	%)		(32.8	%)
Subordinated debentures and capital securities		653			687			686			639			598			9.2	%		(19.8	%)

Total interest expense		21,217			21,672			21,501			18,794			18,485			14.8	%		(8.4	%)

Net interest income		30,403			30,104			30,823			31,947			32,199			(5.6	%)		4.0	%
Provision for loan and lease losses		1,356			5,822			2,888			360			752			80.3	%		(306.8	%)

Net interest income after provision for loan and lease losses		29,047			24,282			27,935			31,587			31,447			(7.6	%)		78.5	%

Noninterest income
Service charges on deposit accounts		4,744			5,766			5,672			5,431			5,089			(6.8	%)		(70.9	%)
Trust revenues		4,160			3,987			3,949			4,139			4,189			(0.7	%)		17.4	%
Bankcard income		1,240			1,126			1,023			1,165			1,123			10.4	%		40.5	%
Net gains from sales of loans		162			234			2,468			259			245			(33.9	%)		(123.1	%)
Gains on sales of branches		0			0			12,545			0			0			N/M			N/M
Losses on sales of investment securities		0			0			0			0			(476	)		N/M			N/M
Other		4,438			1,791			2,623			2,835			2,801			58.4	%		591.2	%

Total noninterest income		14,744			12,904			28,280			13,829			12,971			13.7	%		57.0	%

Noninterest expenses
Salaries and employee benefits		18,961			21,234			19,968			23,110			20,217			(6.2	%)		(42.8	%)
Net occupancy		2,807			2,699			2,802			2,698			2,839			(1.1	%)		16.0	%
Furniture and equipment		1,627			1,496			1,297			1,334			1,480			9.9	%		35.0	%
Data processing		845			1,574			3,058			3,393			1,944			(56.5	%)		(185.3	%)
Marketing		869			1,022			1,138			647			683			27.2	%		(59.9	%)
Communication		865			1,204			821			642			667			29.7	%		(112.6	%)
Professional services		1,006			2,074			2,342			1,829			1,590			(36.7	%)		(206.0	%)
Amortization of intangibles		199			213			220			224			217			(8.3	%)		(26.3	%)
Debt extinguishment		0			0			0			0			4,295			N/M			N/M
Other		4,031			6,253			5,539			4,807			4,945			(18.5	%)		(142.1	%)

Total noninterest expenses		31,210			37,769			37,185			38,684			38,877			(19.7	%)		(69.5	%)


Earnings before income taxes		12,581			(583	)		19,030			6,732			5,541			127.1	%		N/M
Income tax expense (benefit)		4,146			(1,410	)		6,911			2,374			1,574			163.4	%		N/M

Net earnings	$	8,435		$	827		$	12,119		$	4,358		$	3,967			112.6	%		N/M


ADDITIONAL DATA
Net earnings per common share — basic	$	0.22		$	0.02		$	0.31		$	0.11		$	0.10
Net earnings per common share — diluted	$	0.22		$	0.02		$	0.31		$	0.11		$	0.10
Dividends declared per common share	$	0.16		$	0.16		$	0.16		$	0.16		$	0.16
Book value per common share	$	7.29		$	7.27		$	7.58		$	7.37		$	7.50

Return on average assets		1.04	%		0.10	%		1.40	%		0.51	%		0.45	%
Return on average shareholders’ equity		11.94	%		1.10	%		16.09	%		5.90	%		5.39	%

Interest income	$	51,620		$	51,776		$	52,324		$	50,741		$	50,684			1.8	%		(1.2	%)
Tax equivalent adjustment		576			712			586			696			661			(12.9	%)		(76.4	%)

Interest income — tax equivalent		52,196			52,488			52,910			51,437			51,345			1.7	%		(2.2	%)
Interest expense		21,217			21,672			21,501			18,794			18,485			14.8	%		(8.4	%)

Net interest income — tax equivalent	$	30,979		$	30,816		$	31,409		$	32,643		$	32,860			(5.7	%)		2.1	%


Net interest margin		4.12	%		3.95	%		3.93	%		4.11	%		4.04	%
Net interest margin (fully tax equivalent) ⁽¹⁾		4.20	%		4.05	%		4.01	%		4.20	%		4.12	%

Full-time equivalent employees		1,166			1,214			1,226			1,365			1,467


⁽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 thousand)
(Unaudited)


													Annualized
	Mar. 31,			Dec. 31,			Mar. 31,			% Change			% Change
	2007			2006			2006			Comparable Qtr.			Linked Qtr.
ASSETS
Cash and due from banks	$	87,969		$	119,407		$	160,915			(45.3	%)		(105.3	%)
Federal funds sold		159,200			102,000			132,500			20.2	%		224.3	%
Investment securities held-to-maturity		7,769			7,995			10,232			(24.1	%)		(11.3	%)
Investment securities available-for-sale		325,755			324,259			344,136			(5.3	%)		1.8	%
Other investments		33,969			33,969			34,398			(1.2	%)		0.0	%
Loans
Commercial		682,117			673,445			596,936			14.3	%		5.2	%
Real estate — construction		107,867			101,688			84,958			27.0	%		24.3	%
Real estate — commercial		674,350			623,603			651,698			3.5	%		32.6	%
Real estate — retail		604,213			628,579			761,891			(20.7	%)		(15.5	%)
Installment		180,116			198,881			274,576			(34.4	%)		(37.7	%)
Home equity		228,660			228,128			218,950			4.4	%		0.9	%
Credit card		23,678			24,587			21,648			9.4	%		(14.8	%)
Lease financing		732			923			1,838			(60.2	%)		(82.8	%)

Total loans		2,501,733			2,479,834			2,612,495			(4.2	%)		3.5	%
Less
Allowance for loan and lease losses		27,407			27,386			40,656			(32.6	%)		0.3	%

Net loans		2,474,326			2,452,448			2,571,839			(3.8	%)		3.6	%
Loans held for sale		0			8,824			0			N/M			N/M
Premises and equipment		79,553			79,609			73,963			7.6	%		(0.3	%)
Goodwill		28,261			28,261			28,261			0.0	%		0.0	%
Other intangibles		1,195			5,842			7,408			(83.9	%)		(318.2	%)
Accrued interest and other assets		129,991			138,985			125,901			3.2	%		25.9	%

Total Assets	$	3,327,988		$	3,301,599		$	3,489,553			(4.6	%)		3.2	%


LIABILITIES
Deposits
Interest-bearing	$	627,996		$	667,305		$	725,049			(13.4	%)		(23.6	%)
Savings		564,340			526,663			539,779			4.6	%		28.6	%
Time		1,218,823			1,179,852			1,234,400			(1.3	%)		13.2	%

Total interest-bearing deposits		2,411,159			2,373,820			2,499,228			(3.5	%)		6.3	%
Noninterest-bearing		420,521			424,138			451,176			(6.8	%)		(3.4	%)

Total deposits		2,831,680			2,797,958			2,950,404			(4.0	%)		4.8	%
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		39,998			57,201			46,004			(13.1	%)		(120.3	%)
Other		52,246			39,500			47,000			11.2	%		129.1	%

Total short-term borrowings		92,244			96,701			93,004			(0.8	%)		(18.4	%)
Federal Home Loan Bank long-term debt		60,298			63,762			83,482			(27.8	%)		(21.7	%)
Other long-term debt		30,930			30,930			30,930			0.0	%		0.0	%
Accrued interest and other liabilities		28,481			26,769			35,119			(18.9	%)		25.6	%

Total Liabilities		3,043,633			3,016,120			3,192,939			(4.7	%)		3.6	%

SHAREHOLDERS’ EQUITY
Common stock		393,091			392,736			392,838			0.1	%		0.4	%
Retained earnings		73,505			71,320			72,986			0.7	%		12.3	%
Accumulated comprehensive income		(13,121	)		(13,375	)		(9,010	)		45.6	%		(7.6	%)
Treasury stock, at cost		(169,120	)		(165,202	)		(160,200	)		5.6	%		9.5	%

Total Shareholders’ Equity		284,355			285,479			296,614			(4.1	%)		(1.6	%)

Total Liabilities and Shareholders’ Equity	$	3,327,988		$	3,301,599		$	3,489,553			(4.6	%)		3.2	%

N/M = Not meaningful.

FIRST FINANCIAL BANCORP.
AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousand)
(Unaudited)


	Quarterly Averages
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	94,384		$	106,010		$	109,896		$	115,406		$	123,129
Federal funds sold		134,635			142,320			158,940			122,413			141,513
Investment securities		367,407			381,985			370,095			380,532			497,528
Loans
Commercial		679,342			664,476			642,378			626,912			580,681
Real estate — construction		100,192			96,280			94,135			83,719			85,672
Real estate — commercial		643,885			623,632			611,602			651,156			642,386
Real estate — retail		616,892			649,638			709,539			743,948			762,353
Installment		189,397			209,053			235,492			262,019			287,182
Home equity		229,112			229,900			229,583			222,878			214,675
Credit card		23,809			23,247			22,741			22,017			21,748
Lease financing		830			1,067			1,290			1,599			2,058

Total loans		2,483,459			2,497,293			2,546,760			2,614,248			2,596,755
Less
Allowance for loan and lease losses		27,770			30,894			30,284			40,445			42,402

Net loans		2,455,689			2,466,399			2,516,476			2,573,803			2,554,353
Loans held for sale		6,793			96			33,245			350			0
Premises and equipment		79,819			79,123			78,798			76,150			73,556
Goodwill		28,261			28,263			28,260			28,261			28,134
Other intangibles		5,464			6,261			6,721			7,214			7,703
Accrued interest and other assets		126,894			121,931			123,986			124,710			119,496

Total Assets	$	3,299,346		$	3,332,388		$	3,426,417		$	3,428,839		$	3,545,412


LIABILITIES
Deposits
Interest-bearing	$	646,548		$	669,076		$	724,253		$	702,138		$	726,700
Savings		545,101			526,550			536,534			540,242			517,603
Time		1,215,264			1,196,466			1,232,111			1,234,646			1,242,033

Total interest-bearing deposits		2,406,913			2,392,092			2,492,898			2,477,026			2,486,336
Noninterest-bearing		401,698			418,009			401,685			424,227			417,061

Total deposits		2,808,611			2,810,101			2,894,583			2,901,253			2,903,397
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		46,397			59,196			53,958			49,563			51,592
Federal Home Loan Bank short-term borrowings		0			0			0			0			0
Other		42,136			35,648			37,673			39,819			45,822

Total short-term borrowings		88,533			94,844			91,631			89,382			97,414
Federal Home Loan Bank long-term debt		62,150			67,037			78,295			82,480			185,399
Other long-term debt		30,930			30,930			30,930			30,930			30,930

Total borrowed funds		181,613			192,811			200,856			202,792			313,743
Accrued interest and other liabilities		22,669			30,156			32,069			28,707			29,694

Total Liabilities		3,012,893			3,033,068			3,127,508			3,132,752			3,246,834

SHAREHOLDERS’ EQUITY
Common stock		392,908			392,931			391,325			392,354			392,666
Retained earnings		74,497			78,162			77,487			73,237			73,710
Accumulated comprehensive income		(13,725	)		(8,768	)		(10,708	)		(9,999	)		(7,538	)
Treasury stock, at cost		(167,227	)		(163,005	)		(159,195	)		(159,505	)		(160,260	)

Total Shareholders’ Equity		286,453			299,320			298,909			296,087			298,578

Total Liabilities and Shareholders’ Equity	$	3,299,346		$	3,332,388		$	3,426,417		$	3,428,839		$	3,545,412

FIRST FINANCIAL BANCORP.
NET INTEREST MARGIN RATE/VOLUME ANALYSIS⁽²⁾


	Quarterly Averages
	Mar. 31, 2007						Dec. 31, 2006						Mar. 31, 2006						Linked Qtr. Income Variance									Comparable Qtr. Income Variance
	Balance			Yield			Balance			Yield			Balance			Yield			Rate			Volume			Total			Rate			Volume			Total
Earning assets
Investment securities	$	367,407			5.30	%	$	381,985			5.10	%	$	497,528			5.09	%	$	191		$	(301	)	$	(110	)	$	255		$	(1,700	)	$	(1,445	)
Federal funds sold		134,635			5.29	%		142,320			5.28	%		141,513			4.53	%		3			(141	)		(138	)		264			(90	)		174
Gross loans⁽¹⁾		2,490,252			7.34	%		2,497,389			7.14	%		2,596,755			6.69	%		1,225			(1,133	)		92			4,134			(1,927	)		2,207

Total earning assets		2,992,294			7.00	%		3,021,694			6.80	%		3,235,796			6.35	%		1,419			(1,575	)		(156	)		4,653			(3,717	)		936

Nonearning assets
Allowance for loan losses		(27,770	)					(30,894	)					(42,402	)
Cash and due from banks		94,384						106,010						123,129
Accrued interest and other assets		240,438						235,578						228,889

Total assets	$	3,299,346					$	3,332,388					$	3,545,412


Interest-bearing liabilities
Total interest-bearing deposits	$	2,406,913			3.20	%	$	2,392,092			3.21	%	$	2,486,336			2.44	%	$	(37	)	$	(303	)	$	(340	)	$	4,703		$	(627	)	$	4,076
Borrowed funds
Short-term borrowings		88,533			4.56	%		94,844			4.30	%		97,414			3.73	%		64			(95	)		(31	)		200			(100	)		100
Federal Home Loan Bank long-term debt		62,150			3.65	%		67,037			3.60	%		185,399			4.50	%		7			(57	)		(50	)		(390	)		(1,109	)		(1,499	)
Other long-term debt		30,930			8.56	%		30,930			8.81	%		30,930			7.84	%		(19	)		(15	)		(34	)		55			—			55

Total borrowed funds		181,613			4.93	%		192,811			4.78	%		313,743			4.59	%		52			(167	)		(115	)		(135	)		(1,209	)		(1,344	)

Total interest-bearing liabilities		2,588,526			3.32	%		2,584,903			3.33	%		2,800,079			2.68	%		15			(470	)		(455	)		4,568			(1,836	)		2,732
Noninterest-bearing liabilities
Noninterest bearing demand deposits		401,698						418,009						417,061
Other liabilities		22,669						30,156						29,694
Shareholders’ equity		286,453						299,320						298,578

Total liabilities & shareholders’ equity	$	3,299,346					$	3,332,388					$	3,545,412


Net interest income⁽²⁾	$	30,403					$	30,104					$	32,199					$	1,404		$	(1,105	)	$	299		$	85		$	(1,881	)	$	(1,796	)

Net interest spread⁽²⁾					3.68	%					3.47	%					3.67	%

Net interest margin⁽²⁾					4.12	%					3.95	%					4.04	%


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

⁽²⁾		Not tax equivalent.

FIRST FINANCIAL BANCORP.
CREDIT QUALITY

(Dollars in thousand)
(Unaudited)


	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period	$	27,386		$	31,888		$	30,085		$	40,656		$	42,485
Provision for loan losses		1,356			5,822			2,888			360			752
Gross charge-offs
Commercial		746			5,675			1,238			3,521			1,516
Commercial real estate		146			1,099			119			5,818			276
Retail real estate		116			2,729			111			1,910			202
Installment		741			776			391			562			891
Home equity		139			331			78			11			209
All other		265			306			220			189			171

Total gross charge-offs⁽¹⁾		2,153			10,916			2,157			12,011			3,265
Recoveries
Commercial		269			206			458			476			188
Commercial real estate		58			20			129			57			50
Retail real estate		18			4			130			78			10
Installment		346			292			315			425			350
Home equity		76			1			0			0			0
All other		51			69			40			44			86

Total recoveries		818			592			1,072			1,080			684

Total net charge-offs		1,335			10,324			1,085			10,931			2,581

Ending allowance for loan losses	$	27,407		$	27,386		$	31,888		$	30,085		$	40,656


NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)⁽¹⁾
Commercial		0.28	%		3.27	%		0.48	%		1.95	%		0.93	%
Commercial real estate		0.06	%		0.69	%		(0.01	%)		3.55	%		0.14	%
Retail real estate		0.06	%		1.66	%		(0.01	%)		0.99	%		0.10	%
Installment		0.85	%		0.92	%		0.13	%		0.21	%		0.76	%
Home equity		0.11	%		0.57	%		0.13	%		0.02	%		0.39	%
All other		0.70	%		0.78	%		0.60	%		0.54	%		0.31	%

Total net charge-offs⁽¹⁾		0.22	%		1.64	%		0.17	%		1.68	%		0.40	%



⁽¹⁾ December 31, 2006 and June 30, 2006 charge-offs include $4,375 and $8,356, respectively, in loans held for sale write-downs to the lower of cost or estimated fair market value.

COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial	$	2,529		$	2,610		$	8,056		$	4,301		$	6,325
Commercial real estate		4,947			4,102			4,487			3,107			9,605
Retail real estate		1,311			1,482			3,604			2,362			8,110
Installment		920			1,328			1,619			1,529			1,789
Home equity		1,038			698			854			831			747
All other		20			16			72			72			262

Total nonaccrual loans		10,765			10,236			18,692			12,202			26,838
Restructured loans		588			596			603			610			3,293

Total nonperforming loans		11,353			10,832			19,295			12,812			30,131
Other real estate owned (OREO)		2,672			2,334			2,859			2,277			2,675

Total nonperforming assets		14,025			13,166			22,154			15,089			32,806

Accruing loans past due 90 days or more		81			185			788			758			1,104

Total underperforming assets	$	14,106		$	13,351		$	22,942		$	15,847		$	33,910


CREDIT QUALITY RATIOS
Allowance for loan and lease losses to
Nonaccrual loans		254.59	%		267.55	%		170.60	%		246.56	%		151.49	%
Nonperforming assets		195.42	%		208.01	%		143.94	%		199.38	%		123.93	%
Total ending loans		1.10	%		1.10	%		1.27	%		1.15	%		1.56	%
Nonaccrual loans to total loans		0.43	%		0.41	%		0.74	%		0.47	%		1.03	%
Nonperforming assets to
Ending loans, plus OREO		0.56	%		0.53	%		0.88	%		0.58	%		1.25	%
Total assets, plus OREO		0.42	%		0.40	%		0.67	%		0.44	%		0.94	%

FIRST FINANCIAL BANCORP.
CAPITAL DATA

(Dollars in thousand)
(Unaudited)


	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2007			2006			2006			2006			2006
PER COMMON SHARE
Market Price
High	$	16.76		$	17.50		$	16.04		$	16.68		$	18.32
Low	$	14.83		$	15.52		$	14.20		$	14.63		$	15.88
Close	$	15.11		$	16.61		$	15.91		$	14.91		$	16.64

Average shares outstanding — basic		39,121,105			39,377,735			39,612,408			39,605,631			39,560,109
Average shares outstanding — diluted		39,135,637			39,395,456			39,619,786			39,619,729			39,612,496
Ending shares outstanding		39,001,843			39,245,407			39,507,716			39,660,341			39,562,350

REGULATORY CAPITAL	Preliminary
Tier 1 Capital	$	298,020		$	299,199		$	300,551		$	296,334		$	297,602
Tier 1 Ratio		11.57	%		11.73	%		11.89	%		11.37	%		11.58	%
Total Capital	$	325,550		$	326,779		$	332,302		$	326,464		$	329,897
Total Capital Ratio		12.64	%		12.81	%		13.14	%		12.52	%		12.83	%
Total Risk-Adjusted Assets	$	2,575,218		$	2,551,505		$	2,528,102		$	2,606,871		$	2,570,847
Leverage Ratio		9.08	%		9.02	%		8.85	%		8.72	%		8.47	%

OTHER CAPITAL RATIOS
Ending shareholders’ equity to ending assets		8.54	%		8.65	%		9.06	%		8.46	%		8.50	%
Ending tangible shareholders’ equity to ending tangible assets		7.73	%		7.69	%		8.09	%		7.52	%		7.56	%
Average shareholders’ equity to average assets		8.68	%		8.98	%		8.72	%		8.64	%		8.42	%
Average tangible shareholders’ equity to average tangible assets		7.86	%		8.04	%		7.79	%		7.69	%		7.76	%

REPURCHASE PROGRAM⁽¹⁾
Shares repurchased		244,000			252,000			152,000			0			0
Average share repurchase price	$	16.11		$	16.64		$	15.59			—			—
Total cost of shares repurchased	$	3,930,945		$	4,192,464		$	2,369,286			—			—


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