Unassociated Document

Exhibit 99.1

First Financial Bancorp Reports Second Quarter 2009

Earnings & Financial Results

Net income available to common shareholders of $0.5 million and earnings per diluted common share of $0.01

Credit quality experiencing some stress but remains relatively strong

–

Provision expense exceeded net charge-offs by 27% and increased $6.1 million over first quarter 2009

–

Three significant charge-offs totaling $5.1 million or 75 basis points of average loans and leases

–

Nonperforming loans to total loans of 1.31% remains below peers

Capital and liquidity positions remain strong

–

Successfully completed a public offering of 13.8 million shares of common stock resulting in approximately $98.0 million of additional common equity

–

Total risk-based capital ratio of 16.02%, tangible common equity ratio of 9.06%

Continued growth in commercial lending

–

Second quarter 2009 average commercial loans increased $239.4 million from the second quarter of 2008 and $44.1 million from the first quarter of 2009

Accelerating growth strategy in key metropolitan markets

Cincinnati, Ohio – August 3, 2009 – First Financial Bancorp (Nasdaq: FFBC) today reported second quarter and year-to-date results for the period ended June 30, 2009. Second quarter 2009 net income was $1.5 million, net income available to common shareholders was $0.5 million and earnings per diluted common share were $0.01. This compares with net income of $7.8 million and earnings per diluted common share of $0.21 for the second quarter of 2008, and net income of $5.7 million, net income available to common shareholders of $5.2 million and earnings per diluted common share of $0.14 for the first quarter of 2009. Year-to-date 2009 net income was $7.2 million, net income available to common shareholders was $5.6 million, and earnings per diluted common share were $0.14. This compares with year-to-date 2008 net income of $15.1 million and earnings per diluted common share of $0.40.

Claude Davis, First Financial Bancorp’s president and chief executive officer, said, “It is important to note that despite the higher provision expense and charge-offs this quarter, First Financial remains strong. Our track record of profitability and disciplined credit processes, combined with the healthy capital and liquidity levels we have maintained throughout this recessionary period, has afforded us the flexibility to capitalize on opportunities in the marketplace.

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“During the quarter, we took advantage of opportunities to invest in and grow our business,” added Mr. Davis. “On Friday of last week, we announced the purchase of loans and the assumption of deposits at 19 Peoples Community Bank banking centers in an FDIC assisted transaction and in July we announced plans to purchase 3 banking centers from Irwin Union Bank and Trust Company. The addition of the Peoples banking centers gives us a strong position as a key player in the greater Cincinnati market, and the Irwin banking centers take us into affluent and fast-growing markets surrounding the Indianapolis metropolitan area. By year-end, we plan to operate over 100 First Financial Bank banking centers and ATMs in 9 regional markets and 63 communities in Ohio, Kentucky and Indiana.”

Second quarter 2009 results, when compared with the first quarter of 2009 were impacted by a $6.1 million increase in provision expense and a higher level of net charge-offs. The higher level of net charge-offs was primarily the result of two separate and unrelated vehicle floor plan relationships totaling approximately $3.8 million. Recently, the company discovered unusual activity related to these relationships resulting in violations of the terms of the loan agreements. These activities adversely impacted the borrowers’ abilities to repay their loans and given current market conditions, the market value of related collateral was not sufficient to remedy the situations. The involvement of federal law enforcement agencies and the resultant investigations of the borrowers are ongoing. First Financial has undertaken a complete review of its floor plan lending and audit procedures and has made appropriate changes that it believes will help prevent similar situations in the future. The financial impact of the charge-offs related to these floor plan relationships was a decrease to second quarter 2009 net income and earnings per diluted common share on an after-tax basis of $2.4 million, or $0.06 per diluted common share, respectively. The company’s vehicle floor plan lending portfolio totaled $25.0 million at June 30, 2009. Also during the quarter, First Financial charged off $1.3 of a million commercial real estate construction relationship, which represented the first charge-off in this particular loan category in six quarters.

Other significant items impacting second quarter earnings included elevated FDIC deposit insurance expense of $3.4 million, including a $1.7 million special FDIC assessment, a $3.3 million gain on the sale of investment securities, $0.4 million of acquisition-related expenses and a $0.3 million increase in professional services related to loan collection and resolution efforts. These items also had an impact on the company’s performance metrics during the quarter, specifically return on average assets and return on average common equity.

The following tables present First Financial’s earnings excluding provision expense and other significant items impacting the company’s performance. The company believes that excluding these items presents a more representative comparison of operational performance for each period without the volatility of credit quality that is typically present in times of economic stress, as well as other significant items not related to the company’s core business.

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Table I	($ in thousands, excluding per share data)
	2009									2008
	Year-to- Date				2Q			1Q		Full-Year				4Q			3Q			2Q			1Q

Gain (Loss) on FHLMC shares1	$	123		$	112		$	11		$	(3,738	)	$	(137	)	$	(3,400	)	$	(221	)	$	20

Increase in Loan Loss Reserve & Higher Charge-offs		-			-			-			(7,539	)		(7,539	)		-			-			-

Higher Charge-offs Related to Floor Plan Relationships		(3,752	)		(3,752	)		-			-			-			-			-			-

Gain on Sale of Property & Casualty Portion of Insurance Business		574			-			574			-			-			-			-			-

Gains on Sales of Investment Securities (CPP 2009; VISA 2008)		3,349			3,349			-			1,585			-			-			-			1,585

FDIC Special Assessment		(1,737	)		(1,737	)		-			-			-			-			-			-

FDIC Expense - Other		(1,969	)		(1,687	)		(282	)		(521	)		(158	)		(115	)		(121	)		(127	)

Acquisition-Related Expenses		(426	)		(426	)		-			-			-			-			-			-

Severance Costs Related to Sale of Property & Casualty Insurance Business		(232	)		-			(232	)		-			-			-			-			-

Liability for Retiree Medical Benefits		-			-			-			1,285			-			-			1,285			-

Impact to Pre-Tax Net Income	$	(4,070	)	$	(4,141	)	$	71		$	(8,928	)	$	(7,834	)	$	(3,515	)	$	943		$	1,478
After-Tax Impact to Earnings Per Diluted Common Share	$	(0.06	)	$	(0.07	)	$	0.00		$	(0.15	)	$	(0.14	)	$	(0.06	)	$	0.02		$	0.03

1 Gain (Loss) related to the company's investment in 200,000 Federal Home Loan Mortgage Corporation (FHLMC) perpetual preferred series V shares.

Table II	($ in thousands)
	Quarter						Year-to-Date
		2Q-09		1Q-09		2Q-08	June 30, 2009		June 30, 2008

Pre-Tax Income	$	2,152	$	8,768	$	11,700	$	10,920	$	22,581
Excluding Provision Expense		10,358		4,259		2,493		14,617		5,716
Pre-Tax, Pre-Provision Income	$	12,510	$	13,027	$	14,193	$	25,537	$	28,297

Significant Items 1		1,298		353		1,064		1,651		2,669
Pre-Tax, Pre-Provision Income, excluding Significant Items	$	11,212	$	12,674	$	13,129	$	23,886	$	25,628

1 Includes significant items summarized in Table I, with the exception of FDIC Expense - Other and provision-related items.

For additional information on First Financial’s comparable financial results, please refer to the discussions that follow detailing revenue and expense fluctuations.

DETAILS OF RESULTS

Unless otherwise noted, all amounts discussed in this 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. In some instances, financial data may not add up due to rounding.

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UPDATE ON STRATEGIC TRANSACTIONS

Peoples Community Bank Purchase

As announced in a July 31, 2009 press release, First Financial Bank, N.A. has acquired substantially all the assets and assumed substantially all the liabilities of Peoples Community Bank through the receivership and resolution process of the FDIC.

This acquisition, in its expanded form, remains a significant addition to the advancement of the company’s growth strategy in the Greater Cincinnati region. In addition to the original 17 offices, 2 additional offices are located in the Lebanon, Ohio market and will mark First Financials entry into that desirable community.

First Financial paid a 1.5% premium for all deposits and acquired substantially all the assets at a $42 million discount. Total deposits are approximately $538 million and total loans are estimated at $436 million based on gross loans from the seller’s records. Losses incurred from the loan portfolio will be partially absorbed by the FDIC under a loss sharing agreement whereby 80% of losses up to $190 million, and 95% of losses beyond $190 million, are covered by the FDIC. This loss sharing agreement provides First Financial with total loss protection on 88.5% of the $436 million loan portfolio and gives the company assurance that this transaction, despite the purchase of nonperforming loans, is conservative and will create added value to shareholders.

Under the accounting rules for business combinations, all assets and liabilities will be recorded at fair value. The final fair value determinations will be made throughout the third quarter.

The risk-weighting of the covered assets is 20% for regulatory capital calculations. The result is a comparative reduction of risk-weighted assets and an increase in earning assets from the previously announced transaction.

First Financial also has the opportunity under the FDIC agreement to modify pricing on existing deposits. The company is evaluating the appropriate strategy for deposit pricing and will likely modify pricing for high-cost, long-term deposits under this FDIC option. Furthermore, First Financial has a 90-day option to determine which banking centers it will purchase, or leases it will assume, from the FDIC as receiver.

First Financial expects to convert all offices purchased to a single data processing platform in the fourth quarter of 2009.

The incremental benefit relative to the incremental risk is substantial and is expected to generate between $0.08 and $0.11 per share on a cash basis in 2010.

Irwin Union Bank Loan Purchase and Branch Purchase

Loan Purchase – First Financial completed a purchase of $145.1 million in performing commercial loans on June 30, 2009. This transaction was discussed in greater detail in an 8-K dated July 6, 2009.

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Branch Purchase – First Financial entered into a Branch Purchase Agreement on July 1, 2009, whereby it has agreed to purchase 3 branches from Irwin Union Bank in the Indiana cities of Carmel, Greensburg and Shelbyville. Approximately $143 million of deposits will be assumed at that time at par. The company also expects to purchase an additional $50 million in select performing commercial and consumer loans from Irwin in the third quarter when the acquisition of the 3 branches is expected to close.

The branch purchase remains scheduled to close late in the third quarter of 2009, subject to regulatory approval.

The Peoples Community Bank and Irwin Union transactions are expected to add a combined $0.16 to $0.19 per share on a cash basis in their first full year of operation.

CREDIT QUALITY

The following table presents First Financial’s key credit quality metrics.

Table III	($ in thousands)
	Three Months Ended															Year-to-Date
	June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008			June 30, 2008			June 30, 2009			June 30, 2008
Total Nonperforming Loans	$	37,790		$	24,892		$	18,185		$	14,038		$	15,366		$	37,790		$	15,366
Total Nonperforming Assets	$	42,956		$	28,405		$	22,213		$	18,648		$	19,129		$	42,956		$	19,129

Nonperforming Assets as a % of:
Period-End Loans, Plus Other Real Estate Owned		1.48	%		1.04	%		0.83	%		0.70	%		0.71	%		1.48	%		0.71	%
Total Assets		1.14	%		0.75	%		0.60	%		0.53	%		0.55	%		1.14	%		0.55	%

Nonperforming Loans as a % of Total Loans		1.31	%		0.91	%		0.68	%		0.53	%		0.57	%		1.31	%		0.57	%

Allowance for Loan & Lease Losses	$	38,649		$	36,437		$	35,873		$	30,353		$	29,580		$	38,649		$	29,580

Allowance for Loan & Lease Losses as a % of:
Period-End Loans		1.34	%		1.33	%		1.34	%		1.14	%		1.11	%		1.34	%		1.11	%
Nonaccrual Loans		102.8	%		147.6	%		199.5	%		219.5	%		199.7	%		102.8	%		199.7	%
Nonperforming Loans		102.3	%		146.4	%		197.3	%		216.2	%		192.5	%		102.3	%		192.5	%

Total Net Charge-Offs	$	8,146		$	3,695		$	4,955		$	2,446		$	2,631		$	11,841		$	5,193
Annualized Net Charge-Offs as a % of Average Loans & Leases		1.19	%		0.55	%		0.73	%		0.36	%		0.40	%		0.88	%		0.40	%

While the economies in most of the markets the company serves are well diversified and economic deterioration has been less severe compared with other parts of the United States, the prolonged downturn and near record unemployment levels have begun to negatively affect clients who just a short time ago were not impacted by these adverse conditions.

The overall credit quality of the commercial lending portfolios has remained relatively strong throughout the economic downturn. Late in the fourth quarter of 2008 and continuing into the first half of 2009, First Financial has seen a higher level of borrower stress related to the prolonged weak economic conditions.

Prior to and throughout the economic downturn, the company has maintained strong underwriting policies, originated loans within its footprint and proactively managed its credit portfolio and worked with clients on loan resolution issues. However, in a continued effort to strengthen its loan underwriting standards and improve its management of potential problem credits, First Financial conducted an extensive review of its lending strategies, policies and procedures during the recent quarter. Lending officers met face-to-face with substantially all clients whose lending relationship exceeded $0.5 million to obtain an update on each borrower’s current situation, including updating financial information. As a result of this review, the company enhanced a number of its existing procedures and implemented some new lending strategies, including revising underwriting standards for larger commercial real estate construction loans, placing further restrictions on automotive industry lending and discontinuing commercial and residential real estate development lending.

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The second quarter 2009 provision expense represented approximately 127% of second quarter 2009 total net charge-offs. Total net charge-offs increased $4.5 million from the first quarter of 2009 and $5.5 million from the second quarter of 2008. This increase was primarily related to the aforementioned floor plan relationships totaling approximately $3.8 million, or 55 basis points of average loans and leases, and the commercial real estate construction relationship of $1.3 million, or 20 basis points of average loans and leases. As previously discussed, these floor plan relationships remain the subject of ongoing federal investigations.

Second quarter 2009 nonperforming loans increased to $37.8 million from $24.9 million in the first quarter of 2009 and $15.4 million in the second quarter of 2008. Both the linked-quarter and year-over-year increases were primarily attributable to continued deterioration within the commercial lending portfolios. During the quarter, an $8.2 million commercial real estate construction loan participation was placed in nonaccrual.

Similar to the first quarter of 2009, the higher level of nonperforming loans in the second quarter of 2009 continued to adversely impact the company’s nonperforming loan coverage ratios. The second quarter 2009 allowance for loan and lease losses as a percent of nonaccrual and nonperforming loans was 102.8% and 102.3%, respectively, compared with 147.6% and 146.4%, respectively, in the first quarter of 2009, and 199.7% and 192.5%, respectively, in the second quarter of 2008. Although the allowance for loan and lease losses as a percent of nonaccrual and nonperforming loans has declined over the past several quarters, based on historical information available, the company believes that it continues to compare favorably with the industry and its peers on these and most other key credit ratios and metrics. First Financial expects that the challenging economic conditions will continue to persist over the coming quarters, and as a result, anticipates that credit costs may remain volatile during this uncertain period.

Total loans 30 to 89 days past due at June 30, 2009 were $20.5 million, or 0.71% of period end loans, compared with $20.4 million, or 0.75% at March 31, 2009, and $22.1 million, or 0.83% at June 30, 2008. Management closely monitors these trends and ratios and considers the level of delinquent loans consistent with its expectation of the total loan portfolio’s behavior.

The allowance for loan and lease losses increased to $38.6 million at June 30, 2009, from $36.4 million at March 31, 2009, and $29.6 million at June 30, 2008. The higher reserve reflects the impact from the addition of $145.1 million in performing commercial and consumer loans that were purchased from Irwin on June 30, 2009, as well as the continued weak economic environment, near record levels of unemployment and the uncertainty surrounding the timing of a recovery. The growth in period end loans as a result of the loan purchase reduced the allowance for loan and lease losses as a percent of period-end loans at June 30, 2009, by 5 basis points. The company believes that the $38.6 million allowance for loan and lease losses at June 30, 2009, or 1.34% of period end loans, is adequate to absorb probable credit losses inherent in its lending portfolio.

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Other real estate owned increased to $5.2 million at June 30, 2009, from $3.5 million at March 31, 2009, and $3.8 million at June 30, 2008. The linked quarter and year-over-year increases were primarily the result of commercial real estate additions, specifically, collateral related to the previously mentioned vehicle floor plan relationships that were charged-off during the quarter. Balances related to residential real estate experienced a net decline during the second quarter of 2009.

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

CAPITAL MANAGEMENT

On June 8, 2009, First Financial completed a public offering of 13.8 million shares of its common stock adding approximately $98.0 million of additional common equity, after offering related costs. As a result of the capital raised during the quarter, the company's already strong capital ratios further improved and continued to significantly exceed the amounts necessary to be classified as well-capitalized. In addition, total regulatory capital exceeded the “minimum” requirement by $246.6 million, on a consolidated basis. Based on historical information available, First Financial’s capital and liquidity levels continue to compare favorably with the industry and its peers.

The following table presents regulatory capital ratios at June 30, 2009.

Table IV	FFBC			Regulatory "well-capitalized" minimum
Leverage Ratio		12.02	%		5	%
Tier 1 Capital Ratio		14.77	%		6	%
Total Risk-Based Capital Ratio		16.02	%		10	%
EOP Tangible Equity / EOP Tangible Assets		11.14	%		N/A
EOP Tangible Common Equity / EOP Tangible Assets		9.06	%		N/A
N/A = not applicable

The $145.1 million loan portfolio purchased from Irwin reduced the Tier 1 Capital and Total Risk-Based Capital ratios by 57 and 62 basis points, respectively, at June 30, 2009.

U.S. TREASURY CAPITAL PURCHASE PROGRAM

In October 2008, First Financial was encouraged by banking regulators to participate in the U.S. Treasury’s Capital Purchase Program (CPP), a component of the Troubled Asset Relief Program (TARP). On December 23, 2008, the company completed the sale of $80.0 million in perpetual preferred securities to the U.S. Treasury under the CPP.

First Financial designated an investment portfolio specifically supported by the CPP capital. This investment portfolio, referred to as the CPP Investment Portfolio, totaled $59.8 million at June 30, 2009, compared with $225.4 million at March 31, 2009, and $121.9 million at December 31, 2008. During the second quarter of 2009, the company sold $149.4 million of CPP Investment Portfolio securities to fund the $145.1 million loan purchase from Irwin. Additional details on this redeployment strategy are discussed beginning on page 11, in the Investments section of this news release.

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Many financial institutions that elected to participate in the CPP have now redeemed the preferred shares they issued to the Treasury and repaid the Treasury in full. First Financial’s board of directors continues to evaluate the company’s capital plan and structure, including the merits of continued participation in the CPP after having successfully raised approximately $98.0 million in common equity. At this time a decision on First Financial’s continued participation in the CPP has not been made.

NET INTEREST INCOME & NET INTEREST MARGIN

Table V	($ in thousands)
	Quarter									Year-to-Date
		2Q-09			1Q-09			2Q-08		June 30, 2009			June 30, 2008
Net Interest Income	$	31,209		$	30,928		$	28,414		$	62,137		$	56,663
Net Interest Margin		3.60	%		3.61	%		3.72	%		3.62	%		3.75	%
Net Interest Margin
(fully tax equivalent)		3.64	%		3.65	%		3.78	%		3.65	%		3.81	%

Second quarter 2009 net interest income increased $2.8 million from the second quarter of 2008 and $0.3 million from the first quarter of 2009. The second quarter 2009 net interest margin declined 12 basis points from the second quarter of 2008 and 1 basis point from the first quarter 2009. Year-to-date 2009 net interest income increased $5.5 million from 2008’s comparable period, and the net interest margin declined 13 basis points.

The year-over-year quarter, linked quarter and year-to-date increases in net interest income were due to higher balances in average total loans primarily driven by higher commercial lending volume, as well as an increase in lower-cost transaction deposit accounts. Second quarter and year-to-date 2009 net interest income were also positively impacted by growth in the investment securities portfolio.

The year-over-year quarter and year-to-date net interest margin declines were primarily related to the lower overall market interest rate environment. However, this was partially offset by growth in average total loans and the continued mix shift in the loan portfolio from consumer to commercial, growth in the investment portfolio, as well as increased average total deposits, including the continued transition in the deposit mix from time to transaction deposits.

The linked quarter net interest margin benefited from stabilization of overall market interest rates over the past six months and increased average total loans and deposits combined with the continued transitions in the mix of these portfolios. However, this was offset by monthly cash flows from the investment portfolio that were not reinvested into securities.

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

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NONINTEREST INCOME

The following table presents a summary of items impacting noninterest income.

Table VI	($ in thousands)
	Quarter							Year-to-Date
		2Q-09		1Q-09		2Q-08		June 30, 2009		June 30, 2008
Gain (Loss) on FHLMC shares	$	112	$	11	$	(221	)	$	123	$	(201	)

Gain on Sale of Property & Casualty Portion of Insurance Business		-		574		-			574		-

Gain on Sales of Investment Securities (CPP 2Q-09; VISA 1Q-08)		3,349		-		-			3,349		1,585

Impact to Noninterest Income	$	3,461	$	585	$	(221	)	$	4,046	$	1,384

Second quarter 2009 noninterest income was $14.1 million, an increase of $0.3 million from the second quarter of 2008, and an increase of $2.1 million from the first quarter of 2009. Excluding the items disclosed in the table, second quarter 2009 noninterest income declined $3.3 million from the second quarter of 2008 and $0.8 million from the first quarter of 2009. The year-over-year decline was due to lower service charges on deposit accounts, decreases in bankcard income, lower trust and wealth management fees and a decline in other noninterest income. The decline in other noninterest income was related to lower revenue from bank-owned life insurance, brokerage and the property and casualty liability portion of the company’s insurance business that was sold during the first quarter of 2009. Market-based revenues such as bank-owned life insurance and trust fees are reflective of the overall market conditions from which these revenues are derived. The linked quarter benefited from increases in service charges on deposit accounts and bankcard income, but was also negatively impacted by lower fee income from the client derivative program and a decrease in trust and wealth management fees.

Year-to-date 2009 noninterest income was $26.1 million, a decline of $2.5 million from $28.6 million in 2008’s comparable period. Excluding the items disclosed in the table, year-to-date 2009 noninterest income declined $5.2 million from 2008’s comparable period. This decline was primarily due to lower service charges on deposit accounts, decreases in bankcard income and lower trust and wealth management fees as well as a decline in income from bank-owned life insurance.

For the past several quarters, most fee income components of noninterest income have been negatively impacted by the declining economic conditions and their impact on consumer spending, while trust and wealth management fees were negatively impacted by volatility in the investment and equity markets. In the second quarter of 2009, a number of deposit and consumer-based fee income categories realized some improvement over the first quarter of 2009. Total service charges on deposit accounts increased $0.2 million, and bankcard income increased $0.1 million. Trust and wealth management fees were down slightly from the first quarter of 2009; however, the decline was not as severe as it had been over the past several quarters.

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The following table presents overdraft/non-sufficient funds fees and trust and wealth management fees.

Table VII	($ in thousands)
	Quarter						Year-to-Date
		2Q-09		1Q-09		2Q-08	June 30, 2009		June 30, 2008

Overdraft/Non-Sufficient Fund Fees	$	3,003	$	2,791	$	3,628	$	5,794	$	6,968
Other		1,286		1,288		1,323		2,574		2,590
Total Service Charges on Deposit Accounts	$	4,289	$	4,079	$	4,951	$	8,368	$	9,558

Trust Fees		2,944		2,946		3,967		5,890		7,880
Investment Advisory Fees		309		343		687		652		1,396
Total Trust & Wealth Management Fees	$	3,253	$	3,289	$	4,654	$	6,542	$	9,276

Since June 30, 2008, assets under management by the company’s wealth management division have declined by $366.4 million or 18% to $1.7 billion at June 30, 2009, primarily as a result of equity market declines.

NONINTEREST EXPENSE

The following table presents a summary of items impacting noninterest expense.

Table VIII	($ in thousands)
	Quarter							Year-to-Date
		2Q-09		1Q-09		2Q-08		June 30, 2009		June 30, 2008

FDIC Special Assessment	$	1,737	$	-	$	-		$	1,737	$	-

FDIC Expense - Other		1,687		282		121			1,969		248

Acquisition-Related Expenses (other noninterest expense)		426		-		-			426		-

Severance Costs Related to Sale of Property & Casualty Insurance Business (salaries and employee benefits)		-		232		-			232		-

Liability for Retiree Medical Benefits (salaries and employee benefits)		-		-		(1,285	)		-		(1,285	)
Impact to Noninterest Expense	$	3,850	$	514	$	(1,164	)	$	4,364	$	(1,037	)

Second quarter 2009 noninterest expense was $32.8 million, an increase of $4.8 million from the second quarter of 2008, and an increase of $2.9 million from the first quarter of 2009. Excluding the items disclosed in the table, second quarter 2009 noninterest expense decreased $0.2 million from the second quarter of 2008 and $0.5 million from the first quarter of 2009. The year-over-year quarter and linked quarter declines in noninterest expense were primarily related to lower salaries and benefits due to lower incentive based pay, partially offset by increased marketing costs as well as higher professional services and other noninterest expenses related to loan collection and resolution efforts.

Year-to-date 2009 noninterest expense increased $5.7 million to $62.7 million from $57.0 million in 2008’s comparable period. Excluding the items disclosed in the table, year-to-date 2009 noninterest expense increased $0.3 million from 2008’s comparable period. This increase was primarily related to higher professional services and other noninterest expenses related to loan collection and resolution efforts, as well as increased marketing and furniture and equipment costs, partially offset by lower salaries and benefits due to lower incentive based pay. The higher marketing and furniture and equipment costs were related to First Financial’s market expansion efforts, as the company opened two new banking centers in late 2008 and one new banking center in the Cincinnati market earlier this year.

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The second quarter 2009 FDIC special assessment was applicable to all insured financial institutions. The FDIC is currently evaluating further increases in deposit insurance premiums for all insured institutions later in 2009, including a second possible special assessment later in the year. In addition, regularly assessed FDIC insurance premiums increased significantly industry-wide due to the current funded status of the deposit insurance fund.

INCOME TAXES

Income tax expense was $0.7 million and the effective tax rate was 32.6% for the second quarter of 2009, compared with income tax expense of $3.9 million and an effective tax rate of 33.3% for the second quarter of 2008, and income tax expense of $3.0 million and an effective tax rate of 34.6% for the first quarter of 2009. Year-to-date 2009 income tax expense was $3.7 million with an effective tax rate of 34.2% compared with income tax expense of $7.4 million and an effective tax rate of 32.9% for 2008’s comparable period.

LOANS

Second Quarter 2009 versus Second Quarter 2008

Average total loans increased $92.8 million or 3.5%.

Average commercial, commercial real estate and construction loans increased $239.4 million, or 13.8%.

Second Quarter 2009 versus First Quarter 2009

Average total loans increased $26.1 million, or 3.9% on an annualized basis.

Average commercial, commercial real estate and construction loans increased $44.1 million, or 9.2% on an annualized basis.

Year-to-Date 2009 versus Year-to-Date 2008

Average total loans increased $105.8 million, or 4.0%.

Average commercial, commercial real estate and construction loans increased $257.0 million, or 15.2%.

INVESTMENTS

In anticipation of the receipt of the $80.0 million in CPP capital, the company began purchasing agency-guaranteed, mortgage backed securities during the fourth quarter 2008. It was expected that as additional organic lending opportunities became available, the cash flows from the CPP Investment Portfolio would provide sufficient liquidity and capital support for redeployment into loans. This investment portfolio was specifically designated as the CPP Investment Portfolio.

As a result of the June 30, 2009 purchase of the $145.1 million loan portfolio from Irwin, the company executed a strategy to restructure the CPP Investment Portfolio to fund this purchase. During the second quarter of 2009, $149.4 million of CPP Investment Portfolio securities, with an effective yield of 4.67%, were sold resulting in an aggregate pre-tax gain of $3.3 million. The CPP Investment Portfolio totaled $59.8 million at June 30, 2009, compared with $225.4 million at March 31, 2009.

- 11 -

Securities available-for-sale at June 30, 2009, totaled $528.2 million, compared with $421.7 million at June 30, 2008, and $732.9 million at March 31, 2009. The total investment portfolio represented 14.8% and 13.4% of total assets at June 30, 2009 and 2008, respectively, and 20.1% of total assets at March 31, 2009.

At June 30, 2009, the company held 82.3% of its available-for-sale securities in residential mortgage-related investments, substantially all of which are held in highly-rated, agency-backed pass-through instruments, including collateralized mortgage obligations (CMO’s). All CMO’s held by the company are AAA rated by Standard & Poor’s Corporation or similar rating agencies. First Financial does not own any interest-only, principal-only, or other high-risk securities.

The company has recorded, as a component of equity in accumulated other comprehensive income, an unrealized after-tax gain on the investment portfolio of approximately $7.5 million at June 30, 2009, compared with an unrealized after-tax loss of $0.9 million at June 30, 2008, and an unrealized after-tax gain of $10.6 million at March 31, 2009.

The following table presents a summary of the total investment portfolio at June 30, 2009.

Table IX

($ in thousands, excluding book price and market value)

												Base
	% of			Book		Book		Book		June 30, 2009		Gain/
	Total			Value		Yield		Price		Market Value		(Loss)
Agencys		7.3	%	$	41,145		5.31		99.79		102.69	$	1,162
CMOs (Agency)		11.8	%		65,879		4.71		100.44		103.50		1,950
CMOs (Private)		0.0	%		77		1.60		100.00		97.94		(2	)
MBSs (Agency)		69.8	%		391,667		4.72		100.94		103.24		8,709
Agency Preferred		0.0	%		184		-		0.92		0.92		-
Subtotal		88.9	%	$	498,952		4.76		100.74		102.18	$	11,819

Municipal		5.4	%	$	30,085		7.16		99.12		100.36	$	376
Other *		5.7	%		31,839		4.47		101.17		100.90		(87	)
Subtotal		11.1	%	$	61,924		5.78		100.18		100.64	$	289

Total Investment Portfolio		100.0	%	$	560,876		4.87		100.68		102.03	$	12,108

				Net Unrealized Gain/(Loss)								$	12,108
				Aggregate Gains								$	13,072
				Aggregate Losses								$	(964	)

				Net Unrealized Gain/(Loss) % of Book Value									2.16	%

* Other includes $28.0 million of regulatory stock

- 12 -

DEPOSITS

Second Quarter 2009 compared with Second Quarter 2008

Average total deposits increased $38.1 million, or 1.4%.

Average transaction and savings deposits increased $99.6 million, or 6.2%.

Average time deposits declined $61.5 million, or 5.2%.

Second Quarter 2009 compared with First Quarter 2009

Average total deposits increased $11.5 million, or 1.6% on an annualized basis.

Average transaction and savings deposits increased $21.8 million, or 5.2% on an annualized basis.

Average time deposits declined $10.3 million, or 3.6% on an annualized basis.

Year-to-Date 2009 versus Year-to-Date 2008

Average total deposits increased $13.9 million, or 0.5%.

Average transaction and savings deposits increased $83.2 million, or 5.2%.

Average time deposits declined $69.3 million, or 5.7%.

First Financial experienced growth in average total deposit balances during the second quarter of 2009, particularly in savings and lower-cost average transaction deposits. This growth is a result of deposit-pricing strategies and other initiatives that the company implemented over the past several quarters in an effort to grow and retain more low-cost transaction-based retail and commercial deposits. One new initiative recently launched is a retail sales program that comprehensively tracks client contacts as well as calling efforts, actual product sales and client service metrics. The declines in average time deposits are attributable to a decrease in average total interest-bearing deposits primarily due to the runoff of time deposits resulting from disciplined pricing and the company’s strategy to generate lower-cost transaction-based accounts.

Conference Call & Webcast

As previously announced, a conference call and webcast to discuss First Financial’s second quarter 2009 financial results will be held on Tuesday, August 4, 2009, at 8:30 a.m. ET with Claude E. Davis, president and chief executive officer, and J. Franklin Hall, executive vice president and chief financial officer. To access the conference call, dial 800-860-2442 (passcode not required). The webcast will be available at First Financial’s website (www.bankatfirst.com/Investor). Participants should join the live conference call and webcast 5 to 10 minutes before its scheduled start. A replay of the call and webcast will be available approximately one hour after the live call has ended. To access the replay, dial 877-344-7529 (passcode 432795).

Forward-Looking Statements

This news release should be read in conjunction with the consolidated financial statements, notes and tables in First Financial Bancorp’s most recent Annual Report on Form 10-K for the year ended December 31, 2008. 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 continue to deteriorate, 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, allowance for loan and lease losses and overall financial purpose; the ability of financial institutions to access sources of liquidity at a reasonable cost; the impact of recent upheaval in the financial markets and the effectiveness of domestic and international governmental actions taken in response, such as the U.S. Treasury’s TARP and the FDIC’s Temporary Liquidity Guarantee Program, and the effect of such governmental actions on First Financial, its competitors and counterparties, financial markets generally and availability of credit specifically, and the U.S. and international economies, including potentially higher FDIC premiums arising from participation in the Temporary Liquidity Guarantee Program or from increased payments from FDIC insurance funds as a result of depository institution failures; the effects of and changes in policies and laws of regulatory agencies, inflation, and interest rates; technology changes; mergers and acquisitions; including our ability to successfully integrate the Peoples Community Bank banking centers, and the banking centers which are being acquired from Irwin Union Bank and Trust Company; the effect of changes in accounting policies and practices; adverse changes in the securities and debt markets; First Financial’s success in recruiting and retaining the necessary personnel to support business growth and expansion and maintain sufficient expertise to support increasingly complex products and services; the cost and effects of litigation and of unexpected or adverse outcomes in such litigation; uncertainties arising from First Financial’s participation in the TARP, including impacts on employee recruitment and retention and other business practices, and uncertainties concerning the potential redemption of the U.S. Treasury’s preferred stock investment under the program, including the timing of, regulatory approvals for, and conditions placed upon, any such redemption; and First Financial’s success at managing the risks involved in the foregoing. For further discussion of certain factors that may cause such forward-looking statements to differ materially from actual results, refer to the 2008 Form 10-K and other public documents filed with the Securities and Exchange Commission (SEC), as well as the most recent Form 10-Q filing for the quarter ended March 31, 2009. These documents are available at no cost within the investor relations section of First Financial’s website at www.bankatfirst.com/investor and on the SEC's website at www.sec.gov. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended June 30, 2009, which will be filed with the SEC no later than August 10, 2009.

- 13 -

About First Financial Bancorp

First Financial Bancorp is a Cincinnati, Ohio based bank holding company with $3.8 billion in assets. Its banking subsidiary, First Financial Bank, N.A., founded in 1863, provides retail and commercial banking products and services, and investment and insurance products through its 82 retail banking locations in Ohio, Kentucky and Indiana. The bank’s wealth management division, First Financial Wealth Resource Group, provides investment management, traditional trust, brokerage, private banking, and insurance services, and has approximately $1.7 billion in assets under management. Additional information about the company, including its products, services, and banking locations, is available at www.bankatfirst.com/investors.

Additional Information

Investors/Analysts

Patti Forsythe

Vice President, Investor Relations

513-979-5837

patti.forsythe@bankatfirst.com

Media

Cheryl Lipp

First Vice President, Marketing Director

513-979-5797

cheryl.lipp@bankatfirst.com

- 14 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share)

(Unaudited)

							Three months ended,									Six months ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
RESULTS OF OPERATIONS
Net interest income	$	31,209		$	30,928		$	30,129		$	29,410		$	28,414		$	62,137		$	56,663
Net income	$	1,450		$	5,735		$	2,084		$	5,732		$	7,808		$	7,185		$	15,146
Net income available to common shareholders	$	450		$	5,157		$	2,084		$	5,732		$	7,808		$	5,607		$	15,146
Net earnings per common share - basic	$	0.01		$	0.14		$	0.06		$	0.15		$	0.21		$	0.14		$	0.41
Net earnings per common share - diluted	$	0.01		$	0.14		$	0.06		$	0.15		$	0.21		$	0.14		$	0.40
Dividends declared per common share	$	0.10		$	0.10		$	0.17		$	0.17		$	0.17		$	0.20		$	0.34

KEY FINANCIAL RATIOS
Return on average assets		0.15	%		0.62	%		0.23	%		0.66	%		0.93	%		0.38	%		0.91	%
Return on average shareholders' equity		1.53	%		6.63	%		2.89	%		8.24	%		11.26	%		3.96	%		10.96	%
Return on average common shareholders' equity		0.60	%		7.67	%		2.97	%		8.24	%		11.26	%		3.93	%		10.96	%
Return on average tangible common shareholders' equity		0.66	%		8.57	%		3.32	%		9.21	%		12.57	%		4.37	%		12.24	%

Net interest margin		3.60	%		3.61	%		3.67	%		3.68	%		3.72	%		3.62	%		3.75	%
Net interest margin (fully tax equivalent) (1)		3.64	%		3.65	%		3.71	%		3.73	%		3.78	%		3.65	%		3.81	%

Ending equity as a percent of ending assets		11.81	%		9.29	%		9.42	%		7.89	%		7.96	%		11.81	%		7.96	%
Ending common equity as a percent of ending assets		9.74	%		7.24	%		7.31	%		7.89	%		7.96	%		9.74	%		7.96	%
Ending tangible common equity as a percent of:
Ending tangible assets		9.06	%		6.54	%		6.57	%		7.13	%		7.18	%		9.06	%		7.18	%
Risk-weighted assets		11.05	%		8.38	%		8.37	%		8.86	%		8.97	%		11.04	%		8.97	%

Average equity as a percent of average assets		10.04	%		9.29	%		8.04	%		7.96	%		8.29	%		9.67	%		8.34	%
Average common equity as a percent of average assets		7.98	%		7.22	%		7.82	%		7.96	%		8.29	%		7.60	%		8.34	%
Average tangible common equity as a percent of average tangible assets		7.27	%		6.51	%		7.05	%		7.18	%		7.50	%		6.89	%		7.54	%

Book value per common share	$	7.16		$	7.36		$	7.21		$	7.40		$	7.34		$	7.16		$	7.34
Tangible book value per common share	$	6.61		$	6.59		$	6.43		$	6.62		$	6.57		$	6.61		$	6.57

Tier 1 Ratio (2)		14.77	%		12.16	%		12.38	%		9.80	%		9.99	%		14.77	%		9.99	%
Total Capital Ratio (2)		16.02	%		13.39	%		13.62	%		10.89	%		11.06	%		16.02	%		11.06	%
Leverage Ratio (2)		12.02	%		9.51	%		10.00	%		7.95	%		8.21	%		12.02	%		8.21	%

AVERAGE BALANCE SHEET ITEMS
Loans (3)	$	2,744,063		$	2,717,097		$	2,690,895		$	2,709,629		$	2,648,327		$	2,730,654		$	2,622,405
Investment securities		731,119			758,257			574,893			467,524			422,463			744,613			383,883
Other earning assets		0			0			1,737			3,137			4,095			0			34,947
Total earning assets	$	3,475,182		$	3,475,354		$	3,267,525		$	3,180,290		$	3,074,885		$	3,475,267		$	3,041,235
Total assets	$	3,784,458		$	3,777,510		$	3,566,051		$	3,476,648		$	3,361,649		$	3,781,002		$	3,330,156
Noninterest-bearing deposits	$	425,330		$	416,206		$	412,644		$	402,604		$	394,352		$	420,793		$	386,796
Interest-bearing deposits		2,408,054			2,405,700			2,367,121			2,380,037			2,400,940			2,406,883			2,426,984
Total deposits	$	2,833,384		$	2,821,906		$	2,779,765		$	2,782,641		$	2,795,292		$	2,827,676		$	2,813,780
Borrowings	$	542,578		$	566,808		$	474,655		$	394,708		$	256,409		$	554,626		$	207,154
Shareholders' equity	$	379,944		$	350,857		$	286,582		$	276,594		$	278,803		$	365,480		$	277,809

CREDIT QUALITY RATIOS
Allowance to ending loans		1.34	%		1.33	%		1.34	%		1.14	%		1.11	%		1.34	%		1.11	%
Allowance to nonaccrual loans		102.81	%		147.57	%		199.51	%		219.47	%		199.70	%		102.81	%		199.70	%
Allowance to nonperforming loans		102.27	%		146.38	%		197.27	%		216.22	%		192.50	%		102.27	%		192.50	%
Nonperforming loans to total loans		1.31	%		0.91	%		0.68	%		0.53	%		0.57	%		1.31	%		0.57	%
Nonperforming assets to ending loans, plus OREO		1.48	%		1.04	%		0.83	%		0.70	%		0.71	%		1.48	%		0.71	%
Nonperforming assets to total assets		1.14	%		0.75	%		0.60	%		0.53	%		0.55	%		1.14	%		0.55	%
Net charge-offs to average loans (annualized)		1.19	%		0.55	%		0.73	%		0.36	%		0.40	%		0.88	%		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) June 30, 2009 regulatory capital ratios are preliminary.

(3) Includes loans held for sale.

- 15 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands)

(Unaudited)

	Three months ended,									Six months ended,
	Jun. 30,									Jun. 30,
	2009			2008			% Change			2009			2008			% Change
Interest income
Loans, including fees	$	33,978		$	39,646			(14.3	)%	$	67,635		$	82,367			(17.9	)%
Investment securities
Taxable		8,023			4,387			82.9	%		16,713			7,908			111.3	%
Tax-exempt		386			792			(51.3	)%		820			1,583			(48.2	)%
Total investment securities interest		8,409			5,179			62.4	%		17,533			9,491			84.7	%
Federal funds sold		0			40			(100.0	)%		0			605			(100.0	)%
Total interest income		42,387			44,865			(5.5	)%		85,168			92,463			(7.9	)%

Interest expense
Deposits		9,080			14,635			(38.0	)%		18,883			32,374			(41.7	)%
Short-term borrowings		527			1,130			(53.4	)%		1,034			1,922			(46.2	)%
Long-term borrowings		1,251			384			225.8	%		2,557			790			223.7	%
Subordinated debentures and capital securities		320			302			6.0	%		557			714			(22.0	)%
Total interest expense		11,178			16,451			(32.1	)%		23,031			35,800			(35.7	)%
Net interest income		31,209			28,414			9.8	%		62,137			56,663			9.7	%
Provision for loan and lease losses		10,358			2,493			315.5	%		14,617			5,716			155.7	%
Net interest income after provision for loan and lease losses		20,851			25,921			(19.6	)%		47,520			50,947			(6.7	)%

Noninterest income
Service charges on deposit accounts		4,289			4,951			(13.4	)%		8,368			9,558			(12.5	)%
Trust and wealth management fees		3,253			4,654			(30.1	)%		6,542			9,276			(29.5	)%
Bankcard income		1,422			1,493			(4.8	)%		2,713			2,791			(2.8	)%
Net gains from sales of loans		408			188			117.0	%		792			407			94.6	%
Gains on sales of investment securities		3,349			0			N/M			3,349			1,585			111.3	%
Income (loss) on preferred securities		112			(221	)		150.7	%		123			(201	)		161.2	%
Other		1,264			2,683			(52.9	)%		4,243			5,207			(18.5	)%
Total noninterest income		14,097			13,748			2.5	%		26,130			28,623			(8.7	)%

Noninterest expenses
Salaries and employee benefits		16,223			15,895			2.1	%		33,876			32,968			2.8	%
Net occupancy		2,653			2,510			5.7	%		5,470			5,462			0.1	%
Furniture and equipment		1,851			1,617			14.5	%		3,653			3,270			11.7	%
Data processing		794			814			(2.5	)%		1,612			1,607			0.3	%
Marketing		700			474			47.7	%		1,340			991			35.2	%
Communication		669			749			(10.7	)%		1,340			1,554			(13.8	)%
Professional services		1,254			1,061			18.2	%		2,207			1,822			21.1	%
State intangible tax		648			688			(5.8	)%		1,316			1,374			(4.2	)%
FDIC expense		3,424			121			2729.8	%		3,706			248			1394.4	%
Other		4,580			4,040			13.4	%		8,210			7,693			6.7	%
Total noninterest expenses		32,796			27,969			17.3	%		62,730			56,989			10.1	%
Income before income taxes		2,152			11,700			(81.6	)%		10,920			22,581			(51.6	)%
Income tax expense		702			3,892			(82.0	)%		3,735			7,435			(49.8	)%
Net income		1,450			7,808			(81.4	)%		7,185			15,146			(52.6	)%
Dividends on preferred stock		1,000			0			N/M			1,578			0			N/M
Income available to common shareholders	$	450		$	7,808			(94.2	)%	$	5,607		$	15,146			(63.0	)%

ADDITIONAL DATA
Net earnings per common share - basic	$	0.01		$	0.21					$	0.14		$	0.41
Net earnings per common share - diluted	$	0.01		$	0.21					$	0.14		$	0.40
Dividends declared per common share	$	0.10		$	0.17					$	0.20		$	0.34

Return on average assets		0.15	%		0.93	%					0.38	%		0.91	%
Return on average shareholders' equity		1.53	%		11.26	%					3.96	%		10.96	%

Interest income	$	42,387		$	44,865			(5.5	)%	$	85,168		$	92,463			(7.9	)%
Tax equivalent adjustment		307			510			(39.8	)%		670			1,024			(34.6	)%
Interest income - tax equivalent		42,694			45,375			(5.9	)%		85,838			93,487			(8.2	)%
Interest expense		11,178			16,451			(32.1	)%		23,031			35,800			(35.7	)%
Net interest income - tax equivalent	$	31,516		$	28,924			9.0	%	$	62,807		$	57,687			8.9	%

Net interest margin		3.60	%		3.72	%					3.62	%		3.75	%
Net interest margin (fully tax equivalent) (1)		3.64	%		3.78	%					3.65	%		3.81	%

Full-time equivalent employees		1,048			1,058

(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.

- 16 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands)

(Unaudited)

	2009
	Second			First						% Change
	Quarter			Quarter			Year-to-date			Linked Qtr.
Interest income
Loans, including fees	$	33,978		$	33,657		$	67,635			1.0	%
Investment securities
Taxable		8,023			8,690			16,713			(7.7	)%
Tax-exempt		386			434			820			(11.1	)%
Total investment securities interest		8,409			9,124			17,533			(7.8	)%
Federal funds sold		0			0			0			N/M
Total interest income		42,387			42,781			85,168			(0.9	)%

Interest expense
Deposits		9,080			9,803			18,883			(7.4	)%
Short-term borrowings		527			507			1,034			3.9	%
Long-term borrowings		1,251			1,306			2,557			(4.2	)%
Subordinated debentures and capital securities		320			237			557			35.0	%
Total interest expense		11,178			11,853			23,031			(5.7	)%
Net interest income		31,209			30,928			62,137			0.9	%
Provision for loan and lease losses		10,358			4,259			14,617			143.2	%
Net interest income after provision for loan and lease losses		20,851			26,669			47,520			(21.8	)%

Noninterest income
Service charges on deposit accounts		4,289			4,079			8,368			5.1	%
Trust and wealth management fees		3,253			3,289			6,542			(1.1	)%
Bankcard income		1,422			1,291			2,713			10.1	%
Net gains from sales of loans		408			384			792			6.3	%
Gains on sales of investment securities		3,349			0			3,349			N/M
Income on preferred securities		112			11			123			918.2	%
Other		1,264			2,979			4,243			(57.6	)%
Total noninterest income		14,097			12,033			26,130			17.2	%

Noninterest expenses
Salaries and employee benefits		16,223			17,653			33,876			(8.1	)%
Net occupancy		2,653			2,817			5,470			(5.8	)%
Furniture and equipment		1,851			1,802			3,653			2.7	%
Data processing		794			818			1,612			(2.9	)%
Marketing		700			640			1,340			9.4	%
Communication		669			671			1,340			(0.3	)%
Professional services		1,254			953			2,207			31.6	%
State intangible tax		648			668			1,316			(3.0	)%
FDIC expense		3,424			282			3,706			1114.2	%
Other		4,580			3,630			8,210			26.2	%
Total noninterest expenses		32,796			29,934			62,730			9.6	%
Income before income taxes		2,152			8,768			10,920			(75.5	)%
Income tax expense		702			3,033			3,735			(76.9	)%
Net income		1,450			5,735			7,185			(74.7	)%
Dividends on preferred stock		1,000			578			1,578			73.0	%
Income available to common shareholders	$	450		$	5,157		$	5,607			(91.3	)%

ADDITIONAL DATA
Net earnings per common share - basic	$	0.01		$	0.14		$	0.14
Net earnings per common share - diluted	$	0.01		$	0.14		$	0.14
Dividends declared per common share	$	0.10		$	0.10		$	0.20

Return on average assets		0.15	%		0.62	%		0.38	%
Return on average shareholders' equity		1.53	%		6.63	%		3.96	%

Interest income	$	42,387		$	42,781		$	85,168			(0.9	)%
Tax equivalent adjustment		307			363			670			(15.4	)%
Interest income - tax equivalent		42,694			43,144			85,838			(1.0	)%
Interest expense		11,178			11,853			23,031			(5.7	)%
Net interest income - tax equivalent	$	31,516		$	31,291		$	62,807			0.7	%

Net interest margin		3.60	%		3.61	%		3.62	%
Net interest margin (fully tax equivalent) (1)		3.64	%		3.65	%		3.65	%

Full-time equivalent employees		1,048			1,063

(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.

- 17 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED QUARTERLY STATEMENTS OF INCOME

(Dollars in thousands)

(Unaudited)

	2008
	Fourth			Third			Second			First			Full
	Quarter			Quarter			Quarter			Quarter			Year
Interest income
Loans, including fees	$	37,864		$	39,754		$	39,646		$	42,721		$	159,985
Investment securities
Taxable		6,697			5,349			4,387			3,521			19,954
Tax-exempt		519			631			792			791			2,733
Total investment securities interest		7,216			5,980			5,179			4,312			22,687
Federal funds sold		6			22			40			565			633
Total interest income		45,086			45,756			44,865			47,598			183,305

Interest expense
Deposits		12,015			13,608			14,635			17,739			57,997
Short-term borrowings		1,186			1,720			1,130			792			4,828
Long-term borrowings		1,395			707			384			406			2,892
Subordinated debentures and capital securities		361			311			302			412			1,386
Total interest expense		14,957			16,346			16,451			19,349			67,103
Net interest income		30,129			29,410			28,414			28,249			116,202
Provision for loan and lease losses		10,475			3,219			2,493			3,223			19,410
Net interest income after provision for loan and lease losses		19,654			26,191			25,921			25,026			96,792

Noninterest income
Service charges on deposit accounts		4,752			5,348			4,951			4,607			19,658
Trust and wealth management fees		3,745			4,390			4,654			4,622			17,411
Bankcard income		1,457			1,405			1,493			1,298			5,653
Net gains from sales of loans		321			376			188			219			1,104
Gains on sales of investment securities		0			0			0			1,585			1,585
Income (loss) on preferred securities		(137	)		(3,400	)		(221	)		20			(3,738	)
Other		2,510			2,359			2,683			2,524			10,076
Total noninterest income		12,648			10,478			13,748			14,875			51,749

Noninterest expenses
Salaries and employee benefits		17,015			16,879			15,895			17,073			66,862
Net occupancy		2,635			2,538			2,510			2,952			10,635
Furniture and equipment		1,748			1,690			1,617			1,653			6,708
Data processing		840			791			814			793			3,238
Marketing		935			622			474			517			2,548
Communication		704			601			749			805			2,859
Professional services		912			729			1,061			761			3,463
State intangible tax		435			697			688			686			2,506
FDIC expense		158			115			121			127			521
Other		4,465			3,678			4,040			3,653			15,836
Total noninterest expenses		29,847			28,340			27,969			29,020			115,176
Income before income taxes		2,455			8,329			11,700			10,881			33,365
Income tax expense		371			2,597			3,892			3,543			10,403
Net income		2,084			5,732			7,808			7,338			22,962
Dividends on preferred stock		0			0			0			0			0
Net income available to common shareholders	$	2,084		$	5,732		$	7,808		$	7,338		$	22,962

ADDITIONAL DATA
Net earnings per common share - basic	$	0.06		$	0.15		$	0.21		$	0.20		$	0.62
Net earnings per common share - diluted	$	0.06		$	0.15		$	0.21		$	0.20		$	0.61
Dividends declared per common share	$	0.17		$	0.17		$	0.17		$	0.17		$	0.68

Return on average assets		0.23	%		0.66	%		0.93	%		0.89	%		0.67	%
Return on average shareholders' equity		2.89	%		8.24	%		11.26	%		10.66	%		8.21	%

Interest income	$	45,086		$	45,756		$	44,865		$	47,598		$	183,305
Tax equivalent adjustment		360			424			510			514			1,808
Interest income - tax equivalent		45,446			46,180			45,375			48,112			185,113
Interest expense		14,957			16,346			16,451			19,349			67,103
Net interest income - tax equivalent	$	30,489		$	29,834		$	28,924		$	28,763		$	118,010

Net interest margin		3.67	%		3.68	%		3.72	%		3.78	%		3.71	%
Net interest margin (fully tax equivalent) (1)		3.71	%		3.73	%		3.78	%		3.85	%		3.77	%

Full-time equivalent employees		1,061			1,052			1,058			1,056

(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.

- 18 -

FIRST FINANCIAL BANCORP.

CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			% Change			% Change
	2009			2009			2008			2008			2008			Linked Qtr.			Comparable Qtr.
ASSETS
Cash and due from banks	$	80,938		$	79,563		$	100,935		$	90,341		$	106,248			1.7	%		(23.8	)%
Federal funds sold		0			0			0			0			4,005			N/M			(100.0	)%
Investment securities trading		184			72			61			198			3,598			155.6	%		(94.9	)%
Investment securities available-for-sale		528,179			732,868			659,756			492,554			421,697			(27.9	)%		25.3	%
Investment securities held-to-maturity		4,536			4,701			4,966			5,037			5,316			(3.5	)%		(14.7	)%
Other investments		27,976			27,976			27,976			34,976			34,632			0.0	%		(19.2	)%
Loans held for sale		6,193			6,342			3,854			2,437			2,228			(2.3	)%		178.0	%
Loans
Commercial		876,730			850,111			807,720			819,430			814,779			3.1	%		7.6	%
Real estate - construction		266,452			251,115			232,989			203,809			186,178			6.1	%		43.1	%
Real estate - commercial		988,901			859,303			846,673			814,578			769,555			15.1	%		28.5	%
Real estate - residential		337,704			360,013			383,599			424,902			499,002			(6.2	)%		(32.3	)%
Installment		88,370			91,767			98,581			106,456			115,575			(3.7	)%		(23.5	)%
Home equity		307,749			298,000			286,110			276,943			263,063			3.3	%		17.0	%
Credit card		27,023			26,191			27,538			27,047			26,399			3.2	%		2.4	%
Lease financing		25			45			50			92			111			(44.4	)%		(77.5	)%
Total loans		2,892,954			2,736,545			2,683,260			2,673,257			2,674,662			5.7	%		8.2	%
Less
Allowance for loan and lease losses		38,649			36,437			35,873			30,353			29,580			6.1	%		30.7	%
Net loans		2,854,305			2,700,108			2,647,387			2,642,904			2,645,082			5.7	%		7.9	%
Premises and equipment		86,216			85,385			84,105			81,989			79,380			1.0	%		8.6	%
Goodwill		28,261			28,261			28,261			28,261			28,261			0.0	%		0.0	%
Other intangibles		465			500			1,002			872			641			(7.0	)%		(27.5	)%
Accrued interest and other assets		166,100			143,420			140,839			132,107			128,874			15.8	%		28.9	%
Total Assets	$	3,783,353		$	3,809,196		$	3,699,142		$	3,511,676		$	3,459,962			(0.7	)%		9.3	%

LIABILITIES
Deposits
Interest-bearing	$	599,365		$	622,263		$	636,945		$	580,417		$	575,236			(3.7	)%		4.2	%
Savings		657,300			705,229			583,081			608,438			615,613			(6.8	)%		6.8	%
Time		1,111,399			1,137,398			1,150,208			1,118,511			1,167,024			(2.3	)%		(4.8	)%
Total interest-bearing deposits		2,368,064			2,464,890			2,370,234			2,307,366			2,357,873			(3.9	)%		0.4	%
Noninterest-bearing		423,781			427,068			413,283			404,315			419,045			(0.8	)%		1.1	%
Total deposits		2,791,845			2,891,958			2,783,517			2,711,681			2,776,918			(3.5	)%		0.5	%
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		206,777			162,549			147,533			45,495			25,932			27.2	%		697.4	%
Federal Home Loan Bank		125,000			160,000			150,000			215,000			237,900			(21.9	)%		(47.5	)%
Other		25,000			40,000			57,000			53,000			54,000			(37.5	)%		(53.7	)%
Total short-term borrowings		356,777			362,549			354,533			313,495			317,832			(1.6	)%		12.3	%
Long-term debt		135,908			136,832			148,164			152,568			41,263			(0.7	)%		229.4	%
Other long-term debt		20,620			20,620			20,620			20,620			20,620			0.0	%		0.0	%
Accrued interest and other liabilities		31,567			43,477			43,981			36,092			28,039			(27.4	)%		12.6	%
Total Liabilities		3,336,717			3,455,436			3,350,815			3,234,456			3,184,672			(3.4	)%		4.8	%

SHAREHOLDERS' EQUITY
Preferred stock		78,173			78,075			78,019			0			0			0.1	%		N/M
Common stock		490,292			394,887			394,169			391,249			390,545			24.2	%		25.5	%
Retained earnings		74,285			77,695			76,339			80,632			81,263			(4.4	)%		(8.6	)%
Accumulated other comprehensive loss		(10,700	)		(8,564	)		(11,905	)		(6,285	)		(8,236	)		(24.9	)%		(29.9	)%
Treasury stock, at cost		(185,414	)		(188,333	)		(188,295	)		(188,376	)		(188,282	)		1.5	%		1.5	%
Total Shareholders' Equity		446,636			353,760			348,327			277,220			275,290			26.3	%		62.2	%
Total Liabilities and Shareholders' Equity	$	3,783,353		$	3,809,196		$	3,699,142		$	3,511,676		$	3,459,962			(0.7	)%		9.3	%

N/M = Not meaningful.

- 19 -

FIRST FINANCIAL BANCORP.

AVERAGE CONSOLIDATED STATEMENTS OF CONDITION

(Dollars in thousands)

(Unaudited)

	Quarterly Averages															Year-to-Date Averages
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
ASSETS
Cash and due from banks	$	81,016		$	85,650		$	87,307		$	89,498		$	81,329		$	83,320		$	84,104
Federal funds sold		0			0			1,737			3,137			4,095			0			34,947
Investment securities		731,119			758,257			574,893			467,524			422,463			744,613			383,883
Loans held for sale		5,942			5,085			1,876			2,080			3,034			5,516			3,078
Loans
Commercial		843,183			825,399			809,869			819,199			805,122			834,340			793,240
Real estate - construction		257,487			242,750			220,839			192,731			179,078			250,159			170,543
Real estate - commercial		869,985			858,403			830,121			797,143			747,077			864,226			727,928
Real estate - residential		348,834			372,853			417,499			490,089			508,837			360,777			519,702
Installment		89,857			94,881			102,814			110,933			121,000			92,355			126,938
Home equity		302,159			291,038			280,900			270,659			257,954			296,629			254,830
Credit card		26,577			26,641			26,902			26,692			26,043			26,609			25,894
Lease financing		39			47			75			103			182			43			252
Total loans		2,738,121			2,712,012			2,689,019			2,707,549			2,645,293			2,725,138			2,619,327
Less
Allowance for loan and lease losses		36,644			37,189			29,710			29,739			29,248			36,915			29,054
Net loans		2,701,477			2,674,823			2,659,309			2,677,810			2,616,045			2,688,223			2,590,273
Premises and equipment		85,433			84,932			83,307			81,000			78,933			85,184			78,951
Goodwill		28,261			28,261			28,261			28,261			28,261			28,261			28,261
Other intangibles		489			982			613			639			652			734			666
Accrued interest and other assets		150,721			139,520			128,748			126,699			126,837			145,151			125,993
Total Assets	$	3,784,458		$	3,777,510		$	3,566,051		$	3,476,648		$	3,361,649		$	3,781,002		$	3,330,156

LIABILITIES
Deposits
Interest-bearing	$	630,885		$	642,934		$	611,129		$	609,992		$	590,464		$	636,876		$	606,835
Savings		645,197			620,509			604,370			611,713			617,029			632,921			613,739
Time		1,131,972			1,142,257			1,151,622			1,158,332			1,193,447			1,137,086			1,206,410
Total interest-bearing deposits		2,408,054			2,405,700			2,367,121			2,380,037			2,400,940			2,406,883			2,426,984
Noninterest-bearing		425,330			416,206			412,644			402,604			394,352			420,793			386,796
Total deposits		2,833,384			2,821,906			2,779,765			2,782,641			2,795,292			2,827,676			2,813,780
Short-term borrowings
Federal funds purchased and securities sold under agreements to repurchase		176,592			127,652			98,690			36,476			25,771			152,257			26,016
Federal Home Loan Bank		169,341			218,100			150,867			206,741			114,654			193,586			57,634
Other		39,836			56,078			53,044			53,836			53,758			47,912			59,956
Total short-term borrowings		385,769			401,830			302,601			297,053			194,183			393,755			143,606
Long-term debt		136,189			144,358			151,434			77,035			41,606			140,251			42,928
Other long-term debt		20,620			20,620			20,620			20,620			20,620			20,620			20,620
Total borrowed funds		542,578			566,808			474,655			394,708			256,409			554,626			207,154
Accrued interest and other liabilities		28,552			37,939			25,049			22,705			31,145			33,220			31,413
Total Liabilities		3,404,514			3,426,653			3,279,469			3,200,054			3,082,846			3,415,522			3,052,347

SHAREHOLDERS' EQUITY
Preferred stock		78,126			78,038			7,805			0			0			78,082			0
Common stock		418,086			394,500			391,601			390,861			390,237			406,358			390,658
Retained earnings		78,296			77,317			81,932			82,636			81,045			77,809			80,498
Accumulated other comprehensive loss		(7,936	)		(10,677	)		(6,462	)		(8,594	)		(4,211	)		(9,299	)		(4,594	)
Treasury stock, at cost		(186,628	)		(188,321	)		(188,294	)		(188,309	)		(188,268	)		(187,470	)		(188,753	)
Total Shareholders' Equity		379,944			350,857			286,582			276,594			278,803			365,480			277,809
Total Liabilities and Shareholders' Equity	$	3,784,458		$	3,777,510		$	3,566,051		$	3,476,648		$	3,361,649		$	3,781,002		$	3,330,156

- 20 -

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE / VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

	Quarterly Averages																		Year-to-Date Averages
	Jun. 30, 2009						Mar. 31, 2009						Jun. 30, 2008						Jun. 30, 2009						Jun. 30, 2008
	Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield			Balance			Yield
Earning assets
Investment securities	$	731,119			4.61	%	$	758,257			4.88	%	$	422,463			4.93	%	$	744,613			4.75	%	$	383,883			4.99	%
Interest-bearing deposits with other banks
Federal funds sold		-			N/M			-			0.00	%		4,095			3.93	%		-			N/M			34,947			3.49	%
Gross loans (2)		2,744,063			4.97	%		2,717,097			5.02	%		2,648,327			6.02	%		2,730,654			4.99	%		2,622,405			6.33	%
Total earning assets		3,475,182			4.89	%		3,475,354			4.99	%		3,074,885			5.87	%		3,475,267			4.94	%		3,041,235			6.13	%

Nonearning assets
Allowance for loan and lease losses		(36,644	)					(37,189	)					(29,248	)					(36,915	)					(29,054	)
Cash and due from banks		81,016						85,650						81,329						83,320						84,104
Accrued interest and other assets		264,904						253,695						234,683						259,330						233,871
Total assets	$	3,784,458					$	3,777,510					$	3,361,649					$	3,781,002					$	3,330,156

Interest-bearing liabilities
Total interest-bearing deposits	$	2,408,054			1.51	%	$	2,405,700			1.65	%	$	2,400,940			2.45	%	$	2,406,883			1.58	%	$	2,426,984			2.69	%
Borrowed funds
Short-term borrowings		385,769			0.55	%		401,830			0.51	%		194,183			2.34	%		393,755			0.53	%		143,606			2.70	%
Long-term debt		136,189			3.68	%		144,358			3.67	%		41,606			3.71	%		140,251			3.68	%		42,928			3.71	%
Other long-term debt		20,620			6.22	%		20,620			4.66	%		20,620			5.89	%		20,620			5.45	%		20,620			6.98	%
Total borrowed funds		542,578			1.55	%		566,808			1.47	%		256,409			2.85	%		554,626			1.51	%		207,154			3.34	%
Total interest-bearing liabilities		2,950,632			1.52	%		2,972,508			1.62	%		2,657,349			2.49	%		2,961,509			1.57	%		2,634,138			2.74	%

Noninterest-bearing liabilities
Noninterest-bearing demand deposits		425,330						416,206						394,352						420,793						386,796
Other liabilities		28,552						37,939						31,145						33,220						31,413
Shareholders' equity		379,944						350,857						278,803						365,480						277,809
Total liabilities & shareholders' equity	$	3,784,458					$	3,777,510					$	3,361,649					$	3,781,002					$	3,330,156

Net interest income (1)	$	31,209					$	30,928					$	28,414					$	62,137					$	56,663
Net interest spread (1)					3.37	%					3.37	%					3.38	%					3.37	%					3.39	%
Net interest margin (1)					3.60	%					3.61	%					3.72	%					3.61	%					3.75	%

(1) Not tax equivalent.

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

- 21 -

FIRST FINANCIAL BANCORP.

NET INTEREST MARGIN RATE / VOLUME ANALYSIS (1)

(Dollars in thousands)

(Unaudited)

	Linked Qtr. Income Variance									Comparable Qtr. Income Variance									Year-to-Date Income Variance
	Rate			Volume			Total			Rate			Volume			Total			Rate			Volume			Total
Earning assets
Investment securities	$	(499	)	$	(216	)	$	(715	)	$	(320	)	$	3,550		$	3,230			(452	)	$	8,494		$	8,042
Interest-bearing deposits with other banks
Federal funds sold		-			-			-			-			(40	)		(40	)		-			(605	)		(605	)
Gross loans (2)		(383	)		704			321			(6,853	)		1,185			(5,668	)		(17,413	)		2,681			(14,732	)
Total earning assets		(882	)		488			(394	)		(7,173	)		4,695			(2,478	)		(17,865	)		10,570			(7,295	)

Interest-bearing liabilities
Total interest-bearing deposits	$	(832	)	$	109		$	(723	)	$	(5,582	)	$	27		$	(5,555	)	$	(13,333	)	$	(158	)	$	(13,491	)
Borrowed funds
Short-term borrowings		36			(16	)		20			(865	)		262			(603	)		(1,545	)		657			(888	)
Long-term debt		5			(60	)		(55	)		(2	)		869			867			(7	)		1,774			1,767
Other long-term debt		79			4			83			18			-			18			(157	)		-			(157	)
Total borrowed funds		120			(72	)		48			(849	)		1,131			282			(1,709	)		2,431			722
Total interest-bearing liabilities		(712	)		37			(675	)		(6,431	)		1,158			(5,273	)		(15,042	)		2,273			(12,769	)

Net interest income (1)	$	(170	)	$	451		$	281		$	(742	)	$	3,537		$	2,795		$	(2,823	)	$	8,297		$	5,474
Net interest spread (1)
Net interest margin (1)

(1) Not tax equivalent.

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

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FIRST FINANCIAL BANCORP.

CREDIT QUALITY

(Dollars in thousands)

(Unaudited)

	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
	2009			2009			2008			2008			2008

ALLOWANCE FOR LOAN AND LEASE LOSS ACTIVITY
Balance at beginning of period	$	36,437		$	35,873		$	30,353		$	29,580		$	29,718
Provision for loan and lease losses		10,358			4,259			10,475			3,219			2,493
Gross charge-offs
Commercial		4,707			2,521			2,168			1,568			946
Real estate - construction		1,340			0			0			0			0
Real estate - commercial		1,351			382			2,083			48			589
Real estate - residential		351			231			47			335			227
Installment		304			400			493			424			482
Home equity		332			218			238			135			525
All other		386			308			374			426			426
Total gross charge-offs		8,771			4,060			5,403			2,936			3,195
Recoveries
Commercial		333			60			165			179			166
Real estate - construction		0			0			0			0			0
Real estate - commercial		14			16			40			37			19
Real estate - residential		20			2			5			4			5
Installment		203			254			189			225			246
Home equity		1			0			0			0			30
All other		54			33			49			45			98
Total recoveries		625			365			448			490			564
Total net charge-offs		8,146			3,695			4,955			2,446			2,631
Ending allowance for loan and lease losses	$	38,649		$	36,437		$	35,873		$	30,353		$	29,580

NET CHARGE-OFFS TO AVERAGE LOANS AND LEASES (ANNUALIZED)
Commercial		2.08	%		1.21	%		0.98	%		0.67	%		0.39	%
Real estate - construction		2.09	%		0.00	%		0.00	%		0.00	%		0.00	%
Real estate - commercial		0.62	%		0.17	%		0.98	%		0.01	%		0.31	%
Real estate - residential		0.38	%		0.25	%		0.04	%		0.27	%		0.18	%
Installment		0.45	%		0.62	%		1.18	%		0.71	%		0.78	%
Home equity		0.44	%		0.30	%		0.34	%		0.20	%		0.77	%
All other		5.00	%		4.18	%		4.79	%		5.66	%		5.03	%
Total net charge-offs		1.19	%		0.55	%		0.73	%		0.36	%		0.40	%


COMPONENTS OF NONPERFORMING LOANS, NONPERFORMING ASSETS, AND UNDERPERFORMING ASSETS
Nonaccrual loans
Commercial	$	8,100		$	8,412		$	5,930		$	5,194		$	4,957
Real estate - construction		11,936			240			240			0			490
Real estate - commercial		10,130			9,170			4,779			3,361			3,592
Real estate - residential		4,897			4,724			5,363			3,742			4,461
Installment		394			464			459			417			438
Home equity		2,136			1,681			1,204			1,084			866
All other		0			0			6			32			8
Total nonaccrual loans		37,593			24,691			17,981			13,830			14,812
Restructured loans		197			201			204			208			554
Total nonperforming loans		37,790			24,892			18,185			14,038			15,366
Other real estate owned (OREO)		5,166			3,513			4,028			4,610			3,763
Total nonperforming assets		42,956			28,405			22,213			18,648			19,129
Accruing loans past due 90 days or more		318			255			138			241			245
Total underperforming assets	$	43,274		$	28,660		$	22,351		$	18,889		$	19,374
Total classified assets	$	106,315		$	79,256		$	67,393		$	58,284		$	54,511

CREDIT QUALITY RATIOS
Allowance for loan and lease losses to
Nonaccrual loans		102.81	%		147.57	%		199.51	%		219.47	%		199.70	%
Nonperforming loans		102.27	%		146.38	%		197.27	%		216.22	%		192.50	%
Total ending loans		1.34	%		1.33	%		1.34	%		1.14	%		1.11	%
Nonperforming loans to total loans		1.31	%		0.91	%		0.68	%		0.53	%		0.57	%
Nonperforming assets to
Ending loans, plus OREO		1.48	%		1.04	%		0.83	%		0.70	%		0.71	%
Total assets		1.14	%		0.75	%		0.60	%		0.53	%		0.55	%

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FIRST FINANCIAL BANCORP.

CAPITAL ADEQUACY

(Dollars in thousands)

(Unaudited)

																Six months ended,
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,			Jun. 30,			Jun. 30,
	2009			2009			2008			2008			2008			2009			2008
PER COMMON SHARE
Market Price
High	$	11.92		$	12.10		$	14.30		$	14.80		$	13.88		$	12.10		$	13.88
Low	$	7.35		$	5.58		$	10.81		$	8.10		$	9.20		$	5.58		$	9.20
Close	$	7.53		$	9.53		$	12.39		$	14.60		$	9.20		$	7.53		$	9.20

Average common shares outstanding - basic		40,734,254			37,142,531			37,133,725			37,132,864			37,114,451			38,928,557			37,090,603
Average common shares outstanding - diluted		41,095,949			37,840,954			37,567,032			37,504,231			37,524,789			39,458,443			37,478,353
Ending common shares outstanding		51,434,346			37,474,422			37,481,201			37,476,607			37,483,384			51,434,346			37,483,384

REGULATORY CAPITAL	Preliminary															Preliminary
Tier 1 Capital	$	454,243		$	358,834		$	356,307		$	274,513		$	274,372		$	454,243		$	274,372
Tier 1 Ratio		14.77	%		12.16	%		12.38	%		9.80	%		9.99	%		14.77	%		9.99	%
Total Capital	$	492,696		$	395,271		$	392,180		$	304,866		$	303,952		$	492,696		$	303,952
Total Capital Ratio		16.02	%		13.39	%		13.62	%		10.89	%		11.06	%		16.02	%		11.06	%
Total Capital in excess of minimum requirement	$	246,613		$	159,133		$	161,896		$	80,806		$	84,147		$	246,613		$	84,147
Total Risk-Weighted Assets	$	3,076,042		$	2,951,721		$	2,878,548		$	2,800,753		$	2,747,559		$	3,076,042		$	2,747,559
Leverage Ratio		12.02	%		9.51	%		10.00	%		7.95	%		8.21	%		12.02	%		8.21	%

OTHER CAPITAL RATIOS
Ending shareholders' equity to ending
assets		11.81	%		9.29	%		9.42	%		7.89	%		7.96	%		11.81	%		7.96	%
Ending common shareholders' equity
to ending assets		9.74	%		7.24	%		7.31	%		7.89	%		7.96	%		9.74	%		7.96	%
Ending tangible shareholders' equity
to ending tangible assets		11.14	%		8.60	%		8.70	%		7.13	%		7.18	%		11.14	%		7.18	%
Ending tangible common shareholders'
equity to ending tangible assets		9.06	%		6.54	%		6.57	%		7.13	%		7.18	%		9.06	%		7.18	%
Average shareholders' equity to
average assets		10.04	%		9.29	%		8.04	%		7.96	%		8.29	%		9.67	%		8.34	%
Average common shareholders' equity
to average assets		7.98	%		7.22	%		7.82	%		7.96	%		8.29	%		7.60	%		8.34	%
Average tangible shareholders' equity
to average tangible assets		9.35	%		8.59	%		7.28	%		7.18	%		7.50	%		8.97	%		7.54	%
Average tangible common shareholders'
equity to average tangible assets		7.27	%		6.51	%		7.05	%		7.18	%		7.50	%		6.89	%		7.54	%

- 24 -