EX-99.1

EXHIBIT 99.1

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 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, Ohio — April 29, 2008 — 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.

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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.

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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.

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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.

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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.

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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.

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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

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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 www.sec.gov.

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FIRST FINANCIAL BANCORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS

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


	Three months ended,
	Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Mar. 31,
	2008			2007			2007			2007			2007
RESULTS OF OPERATIONS
Net interest income	$	28,249		$	29,079		$	29,417		$	29,601		$	30,403
Net income	$	7,338		$	10,701		$	8,373		$	8,172		$	8,435
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

KEY FINANCIAL RATIOS
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	%
Return on average tangible shareholders’ equity		11.87	%		17.17	%		13.44	%		12.95	%		13.31	%

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	%

Average shareholders’ equity to average assets		8.39	%		8.27	%		8.34	%		8.58	%		8.68	%
Tier 1 Ratio⁽²⁾		10.20	%		10.29	%		10.18	%		11.13	%		11.57	%
Total Capital Ratio⁽²⁾		11.31	%		11.38	%		11.27	%		12.18	%		12.64	%
Leverage Ratio⁽²⁾		8.32	%		8.26	%		8.21	%		9.04	%		9.08	%

AVERAGE BALANCE SHEET ITEMS
Loans ⁽³⁾	$	2,596,483		$	2,588,985		$	2,576,308		$	2,530,638		$	2,490,252
Investment securities		343,553			350,346			349,686			364,050			367,407
Other earning assets		65,799			106,922			81,669			93,986			134,635

Total earning assets	$	3,005,835		$	3,046,253		$	3,007,663		$	2,988,674		$	2,992,294
Total assets	$	3,298,663		$	3,338,828		$	3,309,800		$	3,291,756		$	3,299,346
Noninterest-bearing deposits	$	379,240		$	399,304		$	385,653		$	405,179		$	401,698
Interest-bearing deposits		2,453,028			2,461,464			2,450,830			2,403,919			2,406,913

Total deposits	$	2,832,268		$	2,860,768		$	2,836,483		$	2,809,098		$	2,808,611
Borrowings	$	157,899		$	177,876		$	176,528		$	177,472		$	181,613
Shareholders’ equity	$	276,815		$	276,269		$	276,183		$	282,354		$	286,453

CREDIT QUALITY RATIOS
Allowance to ending loans		1.14	%		1.12	%		1.12	%		1.10	%		1.10	%
Allowance to nonaccrual loans		202.29	%		205.89	%		221.70	%		194.92	%		254.59	%
Allowance to nonperforming loans		194.83	%		197.94	%		212.42	%		187.35	%		241.41	%
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	%
Nonperforming assets to total assets		0.53	%		0.51	%		0.51	%		0.52	%		0.42	%
Net charge-offs to average loans (annualized)		0.40	%		0.26	%		0.23	%		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			% Change			% Change
	Quarter			Quarter			Quarter			Quarter			Quarter			Linked Qtr.			Comparable Qtr.
Interest income
Loans, including fees	$	42,721		$	45,709		$	46,606		$	45,291		$	45,064			(6.5	%)		(5.2	%)
Investment securities
Taxable		3,521			3,641			3,667			3,762			3,891			(3.3	%)		(9.5	%)
Tax-exempt		791			859			863			911			909			(7.9	%)		(13.0	%)

Total investment securities interest		4,312			4,500			4,530			4,673			4,800			(4.2	%)		(10.2	%)
Federal funds sold		565			1,224			1,048			1,241			1,756			(53.8	%)		(67.8	%)

Total interest income		47,598			51,433			52,184			51,205			51,620			(7.5	%)		(7.8	%)

Interest expense
Deposits		17,739			20,238			20,528			19,409			19,009			(12.3	%)		(6.7	%)
Short-term borrowings		792			1,211			1,041			984			996			(34.6	%)		(20.5	%)
Long-term borrowings		406			466			532			542			559			(12.9	%)		(27.4	%)
Subordinated debentures and capital securities		412			439			666			669			653			(6.2	%)		(36.9	%)

Total interest expense		19,349			22,354			22,767			21,604			21,217			(13.4	%)		(8.8	%)

Net interest income		28,249			29,079			29,417			29,601			30,403			(2.9	%)		(7.1	%)
Provision for loan and lease losses		3,223			1,640			2,558			2,098			1,356			96.5	%		137.7	%

Net interest income after provision for loan and lease losses		25,026			27,439			26,859			27,503			29,047			(8.8	%)		(13.8	%)

Noninterest income
Service charges on deposit accounts		4,607			5,330			5,396			5,296			4,744			(13.6	%)		(2.9	%)
Trust and wealth management fees		4,622			4,989			4,721			4,526			4,160			(7.4	%)		11.1	%
Bankcard income		1,298			1,165			1,422			1,424			1,240			11.4	%		4.7	%
Net gains from sales of loans		219			295			203			184			162			(25.8	%)		35.2	%
Gain on sale of merchant payment processing portfolio		0			5,501			0			0			0			N/M			N/M
Gain on sale of mortgage servicing rights		0			0			0			0			1,061			N/M			N/M
Gains on sales of investment securities		1,585			0			367			0			0			N/M			N/M
Other		2,544			2,982			2,341			2,702			3,377			(14.7	%)		(24.7	%)

Total noninterest income		14,875			20,262			14,450			14,132			14,744			(26.6	%)		0.9	%

Noninterest expenses
Salaries and employee benefits		17,073			16,508			17,288			17,134			18,961			3.4	%		(10.0	%)
Pension settlement charges		0			2,222			0			0			0			N/M			N/M
Net occupancy		2,952			2,842			2,728			2,484			2,807			3.9	%		5.2	%
Furniture and equipment		1,653			1,742			1,684			1,708			1,627			(5.1	%)		1.6	%
Data processing		793			825			1,010			818			845			(3.9	%)		(6.2	%)
Marketing		517			523			407			642			869			(1.1	%)		(40.5	%)
Communication		805			903			664			798			865			(10.9	%)		(6.9	%)
Professional services		761			1,109			964			1,063			1,006			(31.4	%)		(24.4	%)
Other		4,466			4,698			3,980			4,793			4,230			(4.9	%)		5.6	%

Total noninterest expenses		29,020			31,372			28,725			29,440			31,210			(7.5	%)		(7.0	%)


Income before income taxes		10,881			16,329			12,584			12,195			12,581			(33.4	%)		(13.5	%)
Income tax expense		3,543			5,628			4,211			4,023			4,146			(37.0	%)		(14.5	%)

Net income	$	7,338		$	10,701		$	8,373		$	8,172		$	8,435			(31.4	%)		(13.0	%)


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			(7.5	%)		(7.8	%)
Tax equivalent adjustment		514			561			564			580			576			(8.4	%)		(10.8	%)

Interest income — tax equivalent		48,112			51,994			52,748			51,785			52,196			(7.5	%)		(7.8	%)
Interest expense		19,349			22,354			22,767			21,604			21,217			(13.4	%)		(8.8	%)

Net interest income — tax equivalent	$	28,763		$	29,640		$	29,981		$	30,181		$	30,979			(3.0	%)		(7.2	%)


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

⁽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 income on a fully tax equivalent basis.
Therefore, management believes, these measures provided 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,			Mar. 31,			% Change			% Change
	2008			2007			2007			2007			2007			Linked Qtr.			Comparable Qtr.
ASSETS
Cash and due from banks	$	102,246		$	106,224		$	92,414		$	87,808		$	87,969			(3.7	%)		16.2	%
Federal funds sold		2,943			106,990			71,700			55,000			159,200			(97.2	%)		(98.2	%)
Investment securities trading		3,820			0			0			0			0			N/M			N/M
Investment securities available-for-sale		345,145			306,928			307,908			313,575			325,755			12.5	%		6.0	%
Investment securities held-to-maturity		5,414			5,639			5,467			5,711			7,769			(4.0	%)		(30.3	%)
Other investments		34,293			33,969			33,969			33,969			33,969			1.0	%		1.0	%
Loans held for sale		4,108			1,515			5,763			0			0			171.2	%		N/M
Loans
Commercial		789,922			785,143			774,059			747,292			709,341			0.6	%		11.4	%
Real estate — construction		172,737			151,432			155,495			125,732			107,867			14.1	%		60.1	%
Real estate — commercial		726,397			706,409			684,931			676,679			647,126			2.8	%		12.2	%
Real estate — residential		519,790			539,332			556,255			580,005			604,213			(3.6	%)		(14.0	%)
Installment		126,623			138,895			149,881			162,506			180,116			(8.8	%)		(29.7	%)
Home equity		254,200			250,888			245,853			235,734			228,660			1.3	%		11.2	%
Credit card		25,528			26,610			24,904			24,488			23,678			(4.1	%)		7.8	%
Lease financing		258			378			500			608			732			(31.7	%)		(64.8	%)

Total loans		2,615,455			2,599,087			2,591,878			2,553,044			2,501,733			0.6	%		4.5	%
Less
Allowance for loan and lease losses		29,718			29,057			29,136			28,060			27,407			2.3	%		8.4	%

Net loans		2,585,737			2,570,030			2,562,742			2,524,984			2,474,326			0.6	%		4.5	%
Premises and equipment		78,585			78,994			78,214			79,079			79,553			(0.5	%)		(1.2	%)
Goodwill		28,261			28,261			28,261			28,261			28,261			0.0	%		0.0	%
Other intangibles		659			698			828			1,003			1,195			(5.6	%)		(44.9	%)
Accrued interest and other assets		132,054			130,068			141,890			143,277			129,991			1.5	%		1.6	%

Total Assets	$	3,323,265		$	3,369,316		$	3,329,156		$	3,272,667		$	3,327,988			(1.4	%)		(0.1	%)


LIABILITIES
Deposits
Interest-bearing	$	610,154		$	603,870		$	611,764		$	594,788		$	627,996			1.0	%		(2.8	%)
Savings		617,059			596,636			595,664			588,229			564,340			3.4	%		9.3	%
Time		1,206,750			1,227,954			1,253,383			1,211,182			1,218,823			(1.7	%)		(1.0	%)

Total interest-bearing deposits		2,433,963			2,428,460			2,460,811			2,394,199			2,411,159			0.2	%		0.9	%
Noninterest-bearing		405,015			465,731			389,070			399,260			420,521			(13.0	%)		(3.7	%)

Total deposits		2,838,978			2,894,191			2,849,881			2,793,459			2,831,680			(1.9	%)		0.3	%
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		27,320			26,289			26,749			31,700			39,998			3.9	%		(31.7	%)
Federal Home Loan Bank		6,500			0			0			0			0			N/M			N/M
Other		53,000			72,000			74,500			52,500			52,246			(26.4	%)		1.4	%

Total short-term borrowings		86,820			98,289			101,249			84,200			92,244			(11.7	%)		(5.9	%)
Federal Home Loan Bank long-term debt		42,380			45,896			55,317			59,021			60,298			(7.7	%)		(29.7	%)
Other long-term debt		20,620			20,620			20,620			30,930			30,930			0.0	%		(33.3	%)
Accrued interest and other liabilities		56,698			33,737			30,386			25,831			28,481			68.1	%		99.1	%

Total Liabilities		3,045,496			3,092,733			3,057,453			2,993,441			3,043,633			(1.5	%)		0.1	%

SHAREHOLDERS’ EQUITY
Common stock		389,986			391,962			391,355			390,545			393,091			(0.5	%)		(0.8	%)
Retained earnings		79,818			82,093			77,745			75,444			73,505			(2.8	%)		8.6	%
Accumulated other comprehensive loss		(3,800	)		(7,127	)		(7,569	)		(16,168	)		(13,121	)		(46.7	%)		(71.0	%)
Treasury stock, at cost		(188,235	)		(190,345	)		(189,828	)		(170,595	)		(169,120	)		(1.1	%)		11.3	%

Total Shareholders’ Equity		277,769			276,583			271,703			279,226			284,355			0.4	%		(2.3	%)

Total Liabilities and Shareholders’ Equity	$	3,323,265		$	3,369,316		$	3,329,156		$	3,272,667		$	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,			Jun. 30,			Mar. 31,
	2008			2007			2007			2007			2007
ASSETS
Cash and due from banks	$	86,879		$	84,771		$	85,576		$	94,541		$	94,384
Federal funds sold		65,799			106,922			81,669			93,986			134,635
Investment securities		345,303			350,346			349,686			364,050			367,407
Loans held for sale		3,122			3,689			2,245			162			6,793
Loans
Commercial		781,358			776,286			766,028			733,936			685,585
Real estate — construction		162,008			154,208			139,291			118,425			100,192
Real estate — commercial		708,779			693,038			681,920			657,959			637,642
Real estate — residential		530,567			542,204			566,618			592,811			616,892
Installment		132,876			145,787			155,478			170,748			189,397
Home equity		251,706			248,071			239,585			231,982			229,112
Credit card		25,745			25,271			24,586			23,944			23,809
Lease financing		322			431			557			671			830

Total loans		2,593,361			2,585,296			2,574,063			2,530,476			2,483,459
Less
Allowance for loan and lease losses		28,860			29,503			28,278			27,482			27,770

Net loans		2,564,501			2,555,793			2,545,785			2,502,994			2,455,689
Premises and equipment		78,969			78,992			79,102			79,491			79,819
Goodwill		28,261			28,261			28,261			28,261			28,261
Other intangibles		680			749			915			1,096			5,464
Accrued interest and other assets		125,149			129,305			136,561			127,175			126,894

Total Assets	$	3,298,663		$	3,338,828		$	3,309,800		$	3,291,756		$	3,299,346


LIABILITIES
Deposits
Interest-bearing	$	623,206		$	607,009		$	632,890		$	606,320		$	646,548
Savings		610,449			604,063			586,065			578,357			545,101
Time		1,219,373			1,250,392			1,231,875			1,219,242			1,215,264

Total interest-bearing deposits		2,453,028			2,461,464			2,450,830			2,403,919			2,406,913
Noninterest-bearing		379,240			399,304			385,653			405,179			401,698

Total deposits		2,832,268			2,860,768			2,836,483			2,809,098			2,808,611
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		26,261			28,952			29,385			34,280			46,397
Federal Home Loan Bank		614			0			0			0			0
Other		66,154			77,772			58,914			52,849			42,136

Total short-term borrowings		93,029			106,724			88,299			87,129			88,533
Federal Home Loan Bank long-term debt		44,250			50,532			57,860			59,413			62,150
Other long-term debt		20,620			20,620			30,369			30,930			30,930

Total borrowed funds		157,899			177,876			176,528			177,472			181,613
Accrued interest and other liabilities		31,681			23,915			20,606			22,832			22,669

Total Liabilities		3,021,848			3,062,559			3,033,617			3,009,402			3,012,893

SHAREHOLDERS’ EQUITY
Common stock		391,079			391,606			390,898			391,536			392,908
Retained earnings		79,951			81,615			77,428			74,049			74,497
Accumulated other comprehensive loss		(4,977	)		(6,670	)		(15,097	)		(13,739	)		(13,725	)
Treasury stock, at cost		(189,238	)		(190,282	)		(177,046	)		(169,492	)		(167,227	)

Total Shareholders’ Equity		276,815			276,269			276,183			282,354			286,453

Total Liabilities and Shareholders’ Equity	$	3,298,663		$	3,338,828		$	3,309,800		$	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						Mar. 31, 2007						Linked Qtr. Income Variance									Comparable Qtr. Income Variance
	Balance			Yield			Balance			Yield			Balance			Yield			Rate			Volume			Total			Rate			Volume			Total
Earning assets
Investment securities	$	343,553			5.03	%	$	350,346			5.10	%	$	367,407			5.30	%	$	(54	)	$	(134	)	$	(188	)	$	(239	)	$	(249	)	$	(488	)
Federal funds sold		65,799			3.44	%		106,922			4.54	%		134,635			5.29	%		(296	)		(363	)		(659	)		(613	)		(578	)		(1,191	)
Gross loans⁽²⁾		2,596,483			6.60	%		2,588,985			7.00	%		2,490,252			7.34	%		(2,643	)		(345	)		(2,988	)		(4,541	)		2,198			(2,343	)

Total earning assets		3,005,835			6.35	%		3,046,253			6.70	%		2,992,294			7.00	%		(2,993	)		(842	)		(3,835	)		(5,393	)		1,371			(4,022	)

Nonearning assets
Allowance for loan and lease losses		(28,860	)					(29,503	)					(27,770	)
Cash and due from banks		86,879						84,771						94,384
Accrued interest and other assets		234,809						237,307						240,438

Total assets	$	3,298,663					$	3,338,828					$	3,299,346


Interest-bearing liabilities
Total interest-bearing deposits	$	2,453,028			2.90	%	$	2,461,464			3.26	%	$	2,406,913			3.20	%	$	(2,242	)	$	(257	)	$	(2,499	)	$	(1,795	)	$	525		$	(1,270	)
Borrowed funds
Short-term borrowings		93,029			3.41	%		106,724			4.50	%		88,533			4.56	%		(292	)		(127	)		(419	)		(251	)		47			(204	)
Federal Home Loan Bank long-term debt		44,250			3.68	%		50,532			3.66	%		62,150			3.65	%		3			(63	)		(60	)		5			(158	)		(153	)
Other long-term debt		20,620			8.01	%		20,620			8.45	%		30,930			8.56	%		(22	)		(5	)		(27	)		(42	)		(199	)		(242	)

Total borrowed funds		157,899			4.09	%		177,876			4.72	%		181,613			4.93	%		(311	)		(195	)		(506	)		(288	)		(310	)		(598	)

Total interest-bearing liabilities		2,610,927			2.97	%		2,639,340			3.36	%		2,588,526			3.32	%		(2,553	)		(452	)		(3,005	)		(2,083	)		215			(1,868	)

Noninterest-bearing liabilities
Noninterest-bearing demand deposits		379,240						399,304						401,698
Other liabilities		31,681						23,915						22,669
Shareholders’ equity		276,815						276,269						286,453

Total liabilities & shareholders’ equity	$	3,298,663					$	3,338,828					$	3,299,346


Net interest income⁽¹⁾	$	28,249					$	29,079					$	30,403					$	(440	)	$	(390	)	$	(830	)	$	(3,310	)	$	1,156		$	(2,154	)

Net interest spread⁽¹⁾					3.38	%					3.34	%					3.68	%

Net interest margin⁽¹⁾					3.78	%					3.79	%					4.12	%

⁽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,			Jun. 30,			Mar. 31,
	2008			2007			2007			2007			2007
PER COMMON SHARE
Market Price
High	$	13.81		$	13.89		$	15.12		$	15.72		$	16.76
Low	$	10.19		$	10.12		$	10.76		$	14.43		$	14.83
Close	$	13.45		$	11.40		$	12.78		$	14.99		$	15.11

Average shares outstanding — basic		37,066,754			37,370,618			38,383,228			38,965,409			39,121,105
Average shares outstanding — diluted		37,431,918			37,370,650			38,383,228			38,967,061			39,135,637
Ending shares outstanding		37,488,229			37,367,808			37,405,433			38,883,083			39,001,843

REGULATORY CAPITAL	Preliminary
Tier 1 Capital	$	272,600		$	274,046		$	269,961		$	295,996		$	298,020
Tier 1 Ratio		10.20	%		10.29	%		10.18	%		11.13	%		11.57	%
Total Capital	$	302,318		$	303,103		$	299,097		$	324,056		$	325,550
Total Capital Ratio		11.31	%		11.38	%		11.27	%		12.18	%		12.64	%
Total Capital in excess of minimum requirement	$	88,539		$	90,062		$	86,857		$	111,263		$	119,533
Total Risk-Adjusted Assets	$	2,672,242		$	2,663,007		$	2,652,999		$	2,659,915		$	2,575,218
Leverage Ratio		8.32	%		8.26	%		8.21	%		9.04	%		9.08	%

OTHER CAPITAL RATIOS
Ending shareholders’ equity to ending assets		8.36	%		8.21	%		8.16	%		8.53	%		8.54	%
Ending tangible shareholders’ equity to ending tangible assets		7.55	%		7.41	%		7.35	%		7.71	%		7.73	%
Average shareholders’ equity to average assets		8.39	%		8.27	%		8.34	%		8.58	%		8.68	%
Average tangible shareholders’ equity to average tangible assets		7.58	%		7.47	%		7.53	%		7.76	%		7.86	%

REPURCHASE PROGRAM⁽¹⁾
Shares repurchased		0			34,300			1,469,700			252,000			244,000
Average share repurchase price	$	0.00		$	13.52		$	13.00		$	15.07		$	16.11
Total cost of shares repurchased	$	0		$	464		$	19,105		$	3,797		$	3,931

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